http://kingworldnews.com/the-bis-is-trying-to-hide-the-terrifying-nightmare-that-is-going-to-collapse-the-global-financial-system/
On the heels of the historic Greek vote rejecting more European austerity, the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events spoke with King World News about how the BIS is trying to hide a terrifying nightmare that is going to send the world into a full-blown panic.
Egon von Greyerz: “The derivative position of US banks for Q1 2015 has just been published and the reading is more frightening than ever….
“The top 5 US banks have total a derivative exposure of $247 trillion. This is 3.5 times world GDP. Total derivatives for all banks in the world are just over $600 trillion. But these figures are less than half of the real exposure. A few years ago the BIS in Basel changed the basis of valuation of derivatives to “Value to Maturity.”
This $1.5 Quadrillion Nightmare That Will Collapse The Global Financial System
This basically halved the value of outstanding derivatives overnight. Based on the old and proper valuation, the total outstanding today would probably be at least $1.5 quadrillion. And remember, when a counterparty fails, notional value is the real value that will be lost.
It is absolutely guaranteed that this $1.5 quadrillion will implode in the next few years and drag the whole financial system with it. But before that process has finished, central banks worldwide will print a few quadrillion dollars, euros and yen in their desperate attempt to prevent an unsalvageable tragedy.
Subject: BIS is trying to hide a terrifying nightmare that is going to send the world into a full-blown panic. 
Mon Jul 06, 2015 10:56 am
