"...We are not reading history: we are living it. The global banking system has run out of capital and is in ruins, bringing the world to the brink of abyss.

Remember the great antagonists at CMRE dinners of old: Hans Sennholz and John Exter? Sadly, they are no longer with us. Their endless debates centered on the question whether it will all end in a hyper-inflation or a hyper-deflation. Now we know: we are going to have the worst of both worlds. The global banking system is disintegrating in hyper-deflation; the irredeemable dollar will survive only to succumb to hyperinflation later. In the meantime, it will be depression that may eclipse the Great Depression of the 1930’s..."

http://www.financialsense.com/editor...