As an aside - a Collateralized Debt Obligaton is when I lend £10 to Alex who then lends £10 to Spinnaker. I then sell the right to collect my £10 debt from Alex to helimutt. As long as helimutt is paid £10 by Spinnaker then the whole system is fine.
A Credit Default Swap is when Grass Strip Basher bets £100 with 99jolegg that Alex won't pay me back my £10.
Multiply all that by a billion over 5 or so years, 30 currencies and 40 countries and you're still not close to the complexity of what will have to be undone. This isn't even the Ladybook level one of high finance and yet 98% of the population wouldn't have a clue about this sort of thing.
The world is not as you know it.
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