Bob Chapman : Greece default could bring down the entire world banking system

Bob Chapman on Liberty Round Table - June 20, 2011

Bob Chapman : what they are not telling you is the American banks wrote credit default swaps on the debt that have been encored by the European banks not all of it but part of it , and the American banks if Greece would default are on the hook for 120 billion ...this is some real serious stuff if Greece defaults and probably they will and that's the right thing for them to do and they will be followed by others the other PIGS countries , that means losses between 4 and 6 trillion dollars that means if that happens the entire world banking system going down