Agree with most of what you write.

Here in US, today, announcements are flowing from our news media that many folk are spending money they do not have by using credit cards.

Nothing wrong with that if you pay your monthly balances off, but people who can't do that continue to spend using credit.

Now compare that to what we just went through. Some called it a "subprime crunch."

Well, isn't someone using a credit card, who can't pay off that credit card "a subprime borrower?"

Do credit card companies recognize that this debt mountain, based upon fundamentals you discuss above, is about to collapse?

Financial pundits are talking about "asset backed debt insurance!" But isn't that just a compex way of saying "savings?" What other way does one "insure debt" absent collateral?

Or is anchor Cheney right: "deficits no longer matter?" If that is so, then "money no longer matters," and many of you have been saying so by calling paper money "fiat." I agree!

All I can say is watch out, and like Curt says above, if you can... 'buy metals' -- take physical delivery -- and hang on to them.

Platinum is rallying nicely now. Plausibly Au will follow and Ag is apparently in a real shortage...

Best,

Doug.