Embry: “We are living through the most dangerous period in financial history. The entire world financial system is horrifically over-leveraged. It’s not just the several hundred trillion dollars of debt, which is more than 3-times the world’s GDP, it’s also the incalculable amount of unfunded liabilities which nobody talks much about.. “And then we have the completely insane amount of derivates that your friend, Andrew Huszar, mentioned yesterday, which is well north of one quadrillion dollars of notional value. The majority of these derivatives are interest-rate related. We have never seen a situation like this in the world. This far exceeds the problem at the outset of the global financial crisis in 2007. And most of the central banks and the government’s fiscal and monetary ammunition has already been utilized in the interim in order to prevent a global collapse. This all begs the question of what happens when the next crisis is inevitably triggered?
Posted on: Tue, 05 Aug 2014 19:47:31 +0000
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