Breaking:5 Major US banks face massive (trillions) default on credit default swaps within weeks

[stockholmer]

9. the creditors (just about every conceivable type, including massive pension funds, etc) are balking

to an extreme level that this new drop from 50% to 30% will NOT be voluntary. The banksters and their bought-and-paid for governments are trying to strongarm all on this losing side of the trade (including all the other 'non CDS-issuing' banks such as the already collapsed Dexia, etc) into taking yet another stab to gut, even though this will wipe out millions of people's entire savings, and cause other secondary and tertiary debt spirals/economic contractions.

I call it the accordian push-pull collapse matrix. The bellows pulls out (ie quantitative easing and massive bailouts) to stave of the banks collapse, then that action sucks other entities into the air chamber, till it becomes too full, and a violent expulsion of air is let out in a sudden, destructive inward contraction. With each accordian manoeuvre, the notes become more shrill, more bellicose, and more sour. Eventually, the elasticity of the bellows is exhausted, and the instrument is rendered utterly dysfunctional.

You have a command of the issues greater than literally 99.99% of people, btw. In other words, the average person has NO clue what is about to hit them over the next several months, and especially (as I eleobarated in my relies in this thread) what life will be like by 2015 to 2017.