Today Jim Sinclair warned King World News that something clearly has Western central banks terrified right now. Below is what Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had to say.
Eric King: “Jim, Bloomberg had a story headlining on their site over the weekend claiming that depositors may lose as much as 60% on deposits in Cyprus.”
Sinclair: “This is all because of the one quadrillion dollars in derivatives that are in the financial system. Six years ago the Bank for International Settlements (BIS) at that time reported that the amount of derivatives already outstanding exceeded one quadrillion dollars. This number is unimaginable to most human beings.”
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