- Former White House Official Warns Of Terrifying Cyprus-Style Global Endgame!
Today a former White House official and Plunge Protection Team member warned King World News about a terrifying Cyprus-style global endgame. Former presidential adviser and member of the U.S. President’s Working Group on Financial Markets, Dr. Philippa Malmgren, also discussed how corrupt governments will steal money from their citizens in a coming Armageddon scenario.
Eric King: “There is this ongoing fear that another derivatives crisis will unfold, similar to the one which led to the 2008 – 2009 collapse. Things can go sideways in the derivatives market very quickly.”
Dr. Malmgren: “Absolutely.”
Eric King: “Is that the ticking time bomb for 2015?”
Dr. Malmgren: “Let’s look at the facts: The value of global derivatives contracts now exceeds more than one quadrillion dollars. People can’t even understand the magnitude of it. One of the reasons regulators everywhere have been so insistent that banks raise their capital or liquid cash on their balance sheets is to try to be prepared for the next derivatives crisis.
So the question is: Is there enough cash and liquid assets on banks’ balance sheets to deal with that kind of a derivative crisis? The size of the derivatives market is so massive that banks could be overrun if things got out of control….