Eric King: “Jim, Bloomberg had a story headlining on their site over the weekend claiming that depositors may lose as much as 60% on deposits in Cyprus.”
Sinclair: “This is all because of the one quadrillion dollars in derivatives that are in the financial system. Six years ago the Bank for International Settlements (BIS) at that time reported that the amount of derivatives already outstanding exceeded one quadrillion dollars. This number is unimaginable to most human beings.
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