The Phaserl


Billionaire Sprott Warns – This Will Crash The Financial System

from KingWorldNews:

Eric King: “Eric, Egon von Greyerz was saying in his KWN interview they have already revealed that Italy has lost about 30% of its entire position in derivatives. He overlaid that (30%) number on the over one quadrillion dollars of derivatives that exist globally, and came up with a (total) number of $300 trillion (of derivatives losses). Obviously that’s a staggering number. It’s unimaginable. But it does fly in the face of central planners saying they are going to taper back on QE or things of that nature.”

Sprott: “When you have a notional (one) quadrillion dollars of derivatives and they change by 1% on one quadrillion, that’s 10 trillion dollars right there. It’s just incredible. It would wipe out the (entire) banking system.

It’s a zero sum game, except the guy who’s losing can’t pay. Then of course they whole system comes crashing down because everyone worries about counterparties.

Eric Sprott continues @

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