America’s banks are more exposed to a downturn than they appear

The earliest depiction of the ouroboros—a serpent coiled in a circle, consuming its personal tail—was discovered within the tomb of Tutankhamun, a pharaoh who dominated Egypt round 1320BC. It was utilized in his funerary texts to depict the infinite nature of time, and later cropped up all over. In Historical Rome it signified the seasonal cycle of the calendar yr; in Norse mythology the snake was giant sufficient to encircle the world. The thought can be an allegory for the trendy monetary system. It depicts how credit score threat has been cycled out of banks, solely to be devoured up by them as soon as extra.