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Total publicity is given at $121 billion, with the biggest chunk being within the fingers of European banks with $eighty four billion, with Société Générale on prime of the list ($21 billion), adopted by Paribas ($3 billion), Credit Suisse ($1.7 billion), Deutsche Bank ($1.5 billion). No much less a financial institution than JPMorgan Chase, the most important within the United States, was expressing in the next week, by means of its world commodities chief, great anxiety in regards to the bank’s exposure as a counterparty to all these companies. “When the West sanctions the single largest commodity producer of the world, which sells just about every thing,” he wrote, the following is going to happen: non-Russian commodities are getting costlier because of the brand new scarcity; traders have to borrow more however is there enough collateral around? With this prelude, the hyperinflationary shock which propagated from the week of March 7 blew a lot of the liquidity out of the sphere of producing, distributing, and buying and selling the many commodities indicated above. That led to a liquidity crisis and the unprecedented involvement of the Federal Reserve secretly pumping trillions of dollars into the megabanks on Wall Street and their foreign derivative counterparties.

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