December 28, 2007 (LPAC)--Multiple sources have told Lyndon LaRouche and LPAC that the collapse of the monetary-financial system will enter a new, massive stage after January 3. The New York Times financial columnist Floyd Norris weighs in on the issue today, noting that the corporate bond market was as insane as the subprime binge over the past several years, but far larger. Now that the bond insurance industry is collapsing, according to Ted Seides of Protege Partners: "The severity of the subprime debacle may be only a prologue to the main act, a tragedy on the grand stage in the corporate credit markets." Seides calls the credit default swap (CDS) market an "insurance market with no reserves," and puts the total in CDS's at $45 trillion (!), noting that this is almost five times the U.S. national debt.