You keep using the government issued money that is designed to enslave you, and I will be living the good life. You're so deeply damaged if you think the government has to be the source of your currency.
This has been addressed like 42 trillion times. Lehman bankruptcy had no losses for their counterparties. netting, collateral postings reduce the total exposure to mere billions. And firms that have exposure are able to novate trades to other banks.
Believing this nonsense is holding you back, enslaving your mind. Once you figure out how you will buy bitcoin without any government created money let me know.
Basic economics teach if someone exchanges money, of any type, for something else it is because they value that something else more than the money.
And you are in fact enslaved by the same money you are defending. Think about it. Government forces you to use a money that they just print. Everything gets more expensive, so you are forever in debt just to survive. On the flip side, they print money under the guise of helping you, but it all goes to the rich and makes assets more expensive. Who, other than rich people and asset owners, are better off now than 20 years ago? You need to do research on how bitcoin is produced and then you will understand that it will all work just fine. Before government money, people used to just barter, and then it switched to using gold as the intermediary. People knew gold maintained value because it was difficult to dig up. Did anyone have to buy gold from the government? No way. Governments received gold in the form of taxes. Everyone else had to either mine gold themselves, or trade stuff they made for gold from the miners. You are so brainwashed and enslaved by the system that you are like a prisoner fighting to protect your captor.
Smart money will have bailed out at the top. Do you really believe smart money will be bag holders when the top collapses. And that's where the money comes from....
What a silly way to view things. The counterparties didn't think they had no losses. "Lehman had more thanTHE LEHMAN CASE 200 registered subsidiaries in 21 countries, and the insolvency laws of more than 80 jurisdictions were implicated during the settlement of contracts. To fully settle its OTC derivative obligations, the authorities needed to reconcile the universe of transactions, value each underlying transaction and agree on a net settlement amount. Overall, it was a long and complex process lasting several years that included lawsuits concerning “egregious and commercially unreasonable” calculation statements by some counterparties." https://ccp-global.org/the-lehman-case/ As of 2022, Lehman's bankruptcy still hadn't fully resolved. The issue is still ongoing with the SDNY as far as I can see. And of course you ignored the obvious, Lehman's shareholders lost everything. People invested in other companies that invested in Lehman also lost substantial amounts of money. And you ignored the effect on asset prices. The way you are treating it, a bunch of big banks could fail, the stock market could fall by 40% and you would be acting as if no one lost anything because they still have the same number of shares. That's silly. If the market drops by 40% that is a big deal. I'm not worried about DB because I'm stupid enough to have an account there. I'm worried because just like Lehman, their failure would have a major effect on the markets.
those who invested in Lehman lost everything: bond holders and stock holders. But that’s different from the massive derivatives notional you cited. the derivatives counterparties (the 44 trillion you mentioned about DB) lost almost nothing. your own link shows how over 99percent of the contracts valuations were resolved within two weeks of the bankruptcy. Lehman had 30 trillion of notional then (your site references this). Pretty much any counterparty will have a CSA which will require all the derivatives between counterparties to net and collateral be posted if the value difference is more than 5mm. I bet JPM had 5 trillion of derivatives notional with Lehman at the time and it netted to 5 million economic exposure.