Critical Mass-Definition #1. An amount of material (such as plutonium) that is large enough to allow a nuclear reaction to occur.
Definition #2: The size, number, or amount of something that is needed to cause a particular result.
The media has used the term 'Lehman Event' when discussing the concept. Lehman event is far from descriptive and thus falls short for what will be so vitally important in the years to come. The term systemic is also used, and while this more accurately describes a self-perpetuating default it is usually used to describe general risk rather than a single event.
Most of my readers already fully understand this concept, but for more information read the full post here.
Manipulative policy makers and economists were successful in changing the term inflation to mean price increases instead of increases in the money supply. They replaced the more descriptive term panic, that would result from credit expansion, booms, and busts, with recession and depression. They change definitions and use perplexing terms and phrases to confuse the public. When a default sets off a chain reaction that reverberates throughout the economy, bringing it to its knees, the phrase used to describe it needs to be crystal clear. Critical mass default fits the bill perfectly.
Venezuela, Deutsche Bank, and the shale oil drilling industry as a whole are currently good candidates for a critical mass default.