March 19—To put it mildly, banking hours the last two weekends have been extended. The “Everything Bubble” is now everywhere. The deadly fear amongst the central bankers is that on Monday morning in Tokyo, the Asian markets will no longer be drinking the Kool-Aid,’ that the parties on both sides of the $2 quadrillion notional worth of derivative contracts will show up. So, from the close of markets on Friday afternoon, a marathon of intense negotiations set in these days. This weekend, the show was, how to stop an implosion at Credit Suisse from spreading, triggering a collapse of the intricate web of derivative bets from unraveling, as fast as a nuclear chain reaction.
