John,

Always enjoy your insight and information that you post.

I thought you might be interested in an upcoming book but you have probably already heard about it on how leverage and cheap money will destroy the world.

I found it interesting that the article references "The seventy trillion dollar figure in the fourth row is an estimate of total dollar-denominated claims." Yet in a post below on NAT we see BOA has a 75 trillion derivative exposure all by itself. 

I'm beginning to think we have already went over the cliff and the PTB are madly flapping their arms in a Wile E. Coyote moment to avoid the harsh reality of gravity taking effect.

I know I get tagged as doom and gloom for my views on this but the mathematical facts are not wrong. This ponzi scheme being played in everything cannot continue albeit they have had success in kicking the can down the road for far longer than I thought possible. All that  really guarantees is that the resulting pain will be even more severe  and disorderly than if we had taken it now while we had a little control over how it happens.

The federal reserve has devalued the money since it's inception by nearly 100% and is to blame for most of this aided and abetted by the leaders on both sides.

The feds dual mandate is described in this article

The Fed's large, and sufficient, original mission was to maintain price stability - to preserve the currency as a store of value. "Mission creep" usually results from a metabolic urge of government agencies. The Fed, however, had institutional imperialism thrust upon it when Congress - forgetting, not for the first or last time, its core functions - directed the Fed "to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates."

Now to most ordinary folks stable prices mean zero inflation. However look at the cost of everything and you see increases all the time and continuously. Not so much as a result of real increased cost to produce items but by the constant and insidious policies of the federal reserve that devalue the money by printing and QE, and ZIRP policies. It's theft from the citizens just the same as robbing someone at gunpoint.

Folks simply do not understand exponents and the doubling time of things which lead to things spiraling out of control which is where we are today.  We constantly hear about modest 2% inflation. 2% if left unchecked will eventually run away and out of control. Here are several commentaries on this phenomenon that describe and illustrate the issue much more clearly and precisely than I am able.