we are more familiar with the notion of "re-distribution of income" than the notion of "re-distribution of risk". Without taking risk there is no income/loss. i.e "no risk, no glory". In this document we will discuss the issues of what type of macro risks do exist, which groups in society are creating these risks and which groups are taking these risks? The analyse (see the big picture framework) is broader that the view that banks are creating risk and the taxpayer is taking the losses. There is more at stake and with many more players!