The End Of Global Banking Or Worse?

by John Galt June 23 2013 05:00 ET In a fascinating report by the McKinsey Global Institute, “Financial Globalization: Retreat or Reset?” , the details of just how isolationist the international financial system has become could be a leading indicator as to why the burgeoning regional currency war could erupt into a global monetary conflict as it appears that cross border banking has crawled to a halt in the wake of the great crash and deleveraging started in 2008. The figures from this report are supported by one series of charts which terrify the banksters of the world and should keep the unprepared thinking about “what if” the system seizes up. This week was a brief, albeit serious, preview of what a total economic system collapse begins to look like to the average soul. The first chart which is only updated through 2012 from the Bank for International Settlements (BIS) displays the total notional amount of derivatives outstanding in the over the counter market (OTC): (Source: BIS Quarterly Report) That’s right my fellow travelers, that total does in fact read: $632,579,000,000,000 + Yes, seriously, $632 trillion plus.



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