The entire financial system is built on fraudulent activity. HSBC started by laundering money for opium drug dealers into China, regular scandals, revolving door regulators, etc. The biggest surprise is how the system has not collapsed yet. It would not surprise me if the can is kicked further down the road after some people get a hair cut. It would also not surprise me if the multi polar world goes back to commodity backed currencies...e.g. gold & oil.