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"But what is striking about the current debate is how relatively small the (Fiscal Cliff) numbers are compared to those associated with the greater problems of systemic risk that could precipitate a financial collapse:

•The U.S. Government bond market bubble that has grown 55% to $16.38 trillion in the first 4 years of the Obama administration, a sum which is now 107% of U.S. GDP and equals the entire debt accumulated in the first 225 years of America’s history.

•The $220 trillion in U.S. derivatives exposure held by JP Morgan, Bank of America, Citibank and Goldman Sachs, a sum which amounts to 3.3 times the entire world Gross Domestic Product."