The current financial crisis was brought about by the collapse of the mortgage backed securities bubble bursting leading to the bankruptcy of many of the Trillion Dollar Asset sheet banks around the world requiring the bailout from central governments across the world. You know the odd trillion dollars here, trillion dollars there.

This wasn't the only bubble out there in the financial world, there was the Credit Card Bubble and then there is the Derivatives bubble which equates to around $190,000 per person on the face of the planet, which you can imagine dwarfs both the Credit Card bubble and the Mortgage backed securities bubble. The Derivatives bubble is essentially just future bets placed on future bets based on the premise that Mortgage backed securities and Credit Card bubbles will grow ever bigger and better.

Looks like the start of the beginning for the end of the Credit Card bubble. Round 2 ding ding.