Several people have asked me that question today. My answer is “I don’t know.”
The problem is it will take a government agency to declare them bankrupt.
Credit Suesse and UBS will require the government of Switzerland to do so and they won’t because to do so would be to declare themselves bankrupt as well.
The three Too Big Banks will require this same move from the Corp. U. S. Government. Both countries would be telling the world that they cannot keep their promises, thus they are out of the game.
So it will be just like Europe at the end of WWII. There will be a lot of rotting corpses laying around smelling up the country’s for the survivors to have to endure. Someday they will forget the government and just bulldoze the remains and bury them in history.
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