The global banking system is at risk of crashing due to the collapse of US government bonds, known as Treasuries, which were previously thought to be entirely risk-free. The bond market is worth $128 trillion, and last year it suffered its biggest crash since 1949, with bonds losing up to a quarter of their value. As a result, the value of all the bonds that banks were ordered to buy as a cushion against risks elsewhere collapsed, potentially leaving half of all US banks insolvent. Any shock could trigger a full-blown banking crisis. #BankingCrisis