OILMAGEDDON Begins

Oilmageddon begins. Banks have been hiding their exposure, and losses, in the energy sector for over a year. That is now coming to an end, as hundreds of billions will not be paid back and banks will suffer enormous losses.This week we've seen four big energy companies declare bankruptcy.
2016 already has almost as many bankruptcies as 2009, the previous record holder, and it has barely begun. The following few weeks will see energy companies lose their credit lines and be forced to scale back and lay off workers, if not declare bankuptcy outright.
We are now in the destruction phase of this cycle, where energy firms will not be permitted to continue, using credit, which is all that has kept them afloat.
Smaller lenders will not survive the coming weeks and months, and when they fall, they will start the domino process, which, unlike 2008, will take down the entire financial system. There will be no bailout this time, no Federal Reserve stepping in to save the world, though it will try, its efforts will fail.
Oilmageddon has begun, barely. Within 3 months the world will truly know the word's meaning. Workers in the energy industry think times are hard now, they have seen nothing yet. The pain has barely begun and will now grow many times greater.
This will lead to houses and cars being repossessed , lines of credit defaulted on, and a domino effect worldwide, as the energy industry is the world's largest industry.