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Under Water, Under Collateralized and Under God!

This report was presented in one of Addison Wiggin's great financial letters:

By Frederick Sheehan
North Weymouth, Massachusetts

"The world is undercollateralized. This is the single most important feature of the 2011 economy. Sixty years ago, if assets were worth less than loans, it was possible to work our way into the black. In 1950, 59% of US corporate profits were from manufacturing; 9% were from finance. The roles of manufacturing and finance have reversed. Thus, we witness the desperate attempts to forestall what cannot be prevented. Yet, the world must deleverage. Banks must write off loans. Loans to bankrupt developers and companies must be called. Living standards must fall."

And now for the bad news ... we're apparently all post-rapturously still here! So buy gold and cover your butt, 'cause next time might not be a fire drill!


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