  In this paper we study arbitrage theory of financial markets in the absence
of a num\'eraire both in discrete and continuous time. In our main results, we
provide a generalization of the classical equivalence between no unbounded
profits with bounded risk (NUPBR) and the existence of a supermartingale
deflator. To obtain the desired results, we introduce a new approach based on
disintegration of the underlying probability space into spaces where the market
crashes at deterministic times.
