Care to be shocked?
Egon von Greyerz tells King World News:
"... The US, like many parts of the world, has had a false prosperity built on debt. The total debt including government, private, banking, etc., is at least $60 trillion. When you add to that the unfunded liabilities, together they will be at least $70 trillion. So now you are up to $130 trillion of debt and liabilities.
"US derivatives, the official figures for the largest banks in the US, the total is roughly $250 trillion. If the numbers were correctly reported, I believe the derivatives figure would be closer to $400 trillion.
"So when you add in derivatives, the US has over a staggering $500 trillion of risk. You have to remember that’s at zero interest rates. Just look at the recent JP Morgan fiasco, the enormous risk that these derivatives represent. So you are talking about $500 trillion against a GDP of around $15 trillion.
"The leverage and debt in the US system is absolutely massive. The risk is enormous. The US has just been fortunate to have the focus be on Europe for quite some time. Soon the US will have the spotlight shined on it, and one day these derivatives will unravel. ..."
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