The Final Solution For CDS?

A fascinating article from The International Risk Analyst. Thanks to Fullermoney for pointing out this article and how scary this could be. I have traded derivatives for over 20 years and CDS are the scariest thing I have seen. No one in his right mind should make a habit of selling these things.
This article is very interesting and discusses a possible looming implosion in the CDS market triggered in Europe. Plus I love this quote:

"I believe that banking institutions are more dangerous than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and the corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."

Thomas Jefferson
Letter to the Secretary of the Treasury Albert Gallatin
(1802)