Maybe those who say that the derivatives market is so huge, into the scores of trillions, it really is like a giant pyramid which once it starts to fall must totally collapse. If so, then the 8 trillion committed so far won't be enough to stop total systemic failure.

The loss of confidence may do it, but the lawsuits and rich screaming about the fortunes they are losing will lead eventually to congressional hearings and investigationgs, finger pointing etc. It will consume the americans, as did McCarthy, watergate, OJ Simpson and Enron.

THe real question is when and if the foreigners stop buyin us debt. They must reduce their apetite due to their own economic woes. So that only leaves massive printing of cash. It must lead to a devaluation of the dollar.

So as much as today's SP performance in TDC is annoying, as I want to see it walk it's way back up to a rational leve, the long term for gold is great.

Patience.

SKELEG