Is This It?

But you don't understand my point of view
I suppose there's nothing I can do
--The Clash

It's hard not to wonder whether we're witnessing the end of the debt Ponzi. A couple years back the world began transferring private debt and leverage to an already overleveraged public sector. The private sector doesn't appear to want the debt back, as evidenced by Iceland and now Greece (and Spain, Ireland, Italy, et al). The State has no one to hand the debt to.

If this game's over, then can bureaucrats devise another one to extend the fantasy? The only one that comes to mind involves a printing press and a whole lot of confetti.

Gold may be sniffing this out.

position in gold