At this website, we have been sharing with our readers the problem of the unregulated credit default swaps (CDS), aka financial instruments of mass destruction. As of December, 2010, the total of CDS stood at $29.9 Trillion according to the Bank of International Settlements (BIS). See: http://www.bis.org/publ/otc_hy1105.pdf These unregulated instruments are embedded in bank balance sheets around the world and politicians have no idea what the impact would be if institutions started defaulting on their debt. It’s like flying a B-1 bomber fully loaded with live nuclear bombs blindfolded and without an autopilot. Man’s greed has brought us to the edge of the financial cliff. As always, American Network television fails to report the impending financial disaster so we must go to Europe to get some details. The Fed will only tell us of the disaster after the crash occurs so nobody will be prepared and protected.