Michael Snyder writes new article detailing the “financial armageddon” hitting America.
Snyder, an economic expert, recently posted an article on his website about the upcoming “financial armageddon” that is poised and ready to hit our country. It’s yet another reason why we should be prepared for a potential collapse in 2016.
Did you know that there are 5 “too big to fail” banks in the United States that eachhave exposure to derivatives contracts that is in excess of 30 trillion dollars? Overall, the biggest U.S. banks collectively have more than 247 trillion dollarsof exposure to derivatives contracts. That is an amount of money that is more than 13 times the size of the U.S. national debt, and it is a ticking time bomb that could set off financial Armageddon at any moment. Globally, the notional value of all outstanding derivatives contracts is a staggering 552.9 trillion dollarsaccording to the Bank for International Settlements. The bankers assure us that these financial instruments are far less risky than they sound, and that they have spread the risk around enough so that there is no way they could bring the entire system down. But that is the thing about risk – you can try to spread it around as many ways as you can, but you can never eliminate it. And when this derivatives bubble finally implodes, there won’t be enough money on the entire planet to fix it.