Not exactly what will happen it may be big, so governments will likely try to do extraordinary I.e. extralegal, measures.

As far as white hats I think it may be part of plan to take down the central banks and reinstitute sound money silver and gold as per the constitution. In theory money may come from clearing houses. Dominoes are like this: hedge funds go under they are backed by clearing houses who backed by prime brokers who are backed by large banks who are backed by the Fed. I may have gotten order wrong as going off my memory. But it is like a set of dominoes. Each gets margin called until they are cleared out and then the next one falls. If all the dominoes fall it will be something big.