The Bank for International Settlements has discovered over $13 trillion of unreported derivatives contracts captured only in the footnotes of bank reports. The practice of keeping derivatives exposure “off-balance sheet” is designed to hide the monstrous liabilities of banks, which in a crisis scenario would blow up the entire financial system, as Australian Alert Service has long exposed. In the 20 September AAS Robert Barwick reports on the latest revelations, while concerns that the scheduled tapering of Quantitative Easing may spell disaster for banks and corporations are addressed in accompanying articles. Executive Intelligence Review‘s Paul Gallagher reports on recent financial warnings, including the latest BIS analysis of “zombie companies” on both sides of the Atlantic which will default in large number with any significant interest rate rise. “Ten years on: What might a post-QE financial crisis look like?” is a reminder of what was happening ten years ago as the global financial system began to unravel, and examines how much worse a new crash would be given the saturation levels of central bank money pumping.