Combined Assets of the 6 Biggest Banks Equals 63% of US GDP

Zero Hedge has been pumping out the anti-fascist agitprop as of late.

George Washington reports:

Fifteen years ago, the combined assets of our six biggest banks totaled 17 percent of our GDP. By 2006, that number was 55 percent. Right now, it stands at 63 percent.

Johnson also points out that:

The big four have half of the market for mortgages and two-thirds of the market for credit cards. Five banks have over 95 percent of the market for over-the-counter derivatives. Three U.S. banks have over 40 percent of the global market for stock underwriting.

As I’ve previously noted, the government created the mega-giants (they are not the product of free market competition), and their very size destroys the real economy like a massive black hole destroys the matter around it.

He’s absolutely right.

The mega-banks are not a natural product of the free market.  They are creatures of government and the largest shareholders of our criminal private banking cartel you call the Federal Reserve system.

The black hole of the 1.5 quadrillion dollar derivatives market is coming to swallow us all.