Defaulting banks - where will it stop?

[Peter Presland]

.... Why should bankers care if the casino in which they play might go bust again? That's not their problem. All they want are their share of the chips and free access to to the tables. The bottom line is that it's not their money they're playing with - it's other people's money, from which they can leverage out their own personal fortunes, so why care?

Precisely.

The big danger for me, is if and when the reserve currency status of the dollar comes to a close - and I think it is certain it's a when rather an if. That will be the economic end to the US, when the time arrives for all those chips to be paid. It will be an equivalent of a nuclear explosion in NYC and Washington.

... Which is PRECISELY why our connected Deep Establishments will do absolutely anything they judge may prevent - or at least delay - that happening. The big question for me is: when will the current perception of a commonality of interest among those Establishments fragment into the behaviour of rats on a sinking ship? - because sure as hell that is what we are inevitably faced with.