Perhaps it shouldn't come as a surprise. After all, during the first quarter of this year, several key banks announced they had had enough. Goldman Sachs (GS), Nomura (NMR), Credit Suisse (CS), as well as others, they all broadcast cuts to key operations. The FICC stuff, or bond trading to put it euphemistically. The very place the world actually gets dollars.
Only, they aren't dollars so much as shadow dollars or eurodollars. A credit-based global currency therefore requires a credit base, meaning bank balance sheet capacity. If banks aren't interested in bond trading or money