One consequence of the Obama administration is the takeover of our economy by the banking industry. Six banks have accomplished the mission initially planned on Jekyll Island. These banks cannot be allowed to fail without our economy collapsing. But as outlined below, their exposure to high risk derivatives by four of these banks is over $216 trillion. Goldman Sachs only has 0.0025% of assets to cover their “fair share” of $43 trillion. Who do you think will get stuck with debt?
Our financial experts quickly dismiss this issue by stating that most of these derivatives are solid: they will not fail. So let’s assume that only 5% of this credit derivative exposure goes into default. That means that the following banks are “bankrupt” and that the government will make the people pay approximately $6.5 trillion. At that point, what do you think will happen to the remaining 95% of credit derivatives owned by an insolvent bank? At 10 cents on the dollar, that will leave us a debt of approximately $185 trillion. But that is only the exposure of the four banks below. Then true exposure is over $450 trillion.
I guarantee that the people responsible for this collapse have already planned to have their assets covered. So we can divide people into two classes: those who understand and those who hide their heads in the sand.
Posted below are the figures for the four banks that I am talking about. I have written about this in the past, but in this article I have included the very latest updated numbers from the U.S. government. I think that you will agree that these numbers are absolutely staggering…
Total Assets: $1,947,794,000,000 (nearly 1.95 trillion dollars)
Total Exposure To Derivatives: $71,289,673,000,000 (more than 71 trillion dollars)
Total Assets: $1,319,359,000,000 (a bit more than 1.3 trillion dollars)
Total Exposure To Derivatives: $60,398,289,000,000 (more than 60 trillion dollars)
Bank Of America
Total Assets: $1,429,737,000,000 (a bit more than 1.4 trillion dollars)
Total Exposure To Derivatives: $42,670,269,000,000 (more than 42 trillion dollars)
Total Assets: $113,064,000,000 (just a shade over 113 billion dollars – yes, you read that correctly)
Total Exposure To Derivatives: $43,135,021,000,000 (more than 43 trillion dollars)
Please don’t just gloss over those huge numbers.
Let them sink in for a moment.