by Bill Holter
For many years we have warned of the dangers of derivatives. We were laughed at leading up to the 2008 financial debacle when Lehman broke and nearly took the entire system down. That turned out to be no laughing matter and here we are again at exactly the same situation where derivatives threaten to melt the financial system again. The difference now of course is the “saving ammunition” has already been spent where sovereign treasuries and central banks have destroyed their own balance sheets.