Last week, we presented a table showing what 26 centuries of global financial innovation, which incidentally is the main reason why the Fed is now stuck in a corner and forced to keep the system from collapsing using every possible means, looked like. The source of the table, Deutsche Bank, had this to say: "financial innovation is a major positive driver of the money multiplier as it determines, among other things, the amount of leverage the banking system runs." It is indeed a positive driver until the point when the leverage in the system becomes unsustainable, and in the absense of yet another paradigm step function in innovation, leads to such catastrophic events as the Great Financial Crisis of 2008, whose aftermath is still very tangible today, five years later. We concluded our post with a question directed to readers: "we ask: what is the next, perhaps final, can-kicking "financially innovative" milestone? If any." Overnight the answer appears to have presented itself.