Basel, Switzerland -- The Bank of International Settlements (BIS) has announced that the Derivatives market dropped for the first time in History.
The amount of outstanding contracts linked to bonds, currencies, commodities, stocks and interest rates fell 13.4 percent to $592 trillion, the Basel, Switzerland-based bank said yesterday. That’s the first decline in 10 years of compiling the data.
This is the surest sign yet that a massive financial collapse is on the way because the big shots are refusing to go out on a limb for "notional" profits or insure such contracts with credit default swaps.
They know the system is melting down and they're getting out while they can.