The Horror….The Horror…Banks Crank Up Doomsday Machine.

Banks increased total outstanding derivatives by a record $107 Trillion in 6 Months. The grand total has reached over $708 Trillion.

This number represents the latest total amount of all notional Over The Counter (read unregulated) outstanding derivatives reported by the world’s financial institutions to the BIS for its semi-annual OTC derivatives report titled “OTC derivatives market activity in the first half of 2011.” Indicatively, global GDP is about $63 trillion.

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