Take a little trip with me…
Ben Bernanke finally prints A Dollar Too Far. Or the bond vigilantes have their day. Or various foreign countries begin to dump their Treasuries en masse one Wednesday morning. Or Fraudclosure pitches the TBTF banks (and mortgage insurers, et alia) into a hole too deep for any bailout. Or oil producing nations decide to cut back exports by 20% when it becomes apparent that some of their largest fields are well past peak and starting down the steeper part of the back side of the curve.
You can pick one of any number of liminal events, or more likely several of them will make up the Family-Size Valu-Pak o'Doom. But it's obvious to me that El Ponzo Grande is beginning to develop a mortal wobble. Like the top in the last shot of "Inception," it only continues to spin endlessly in a world of illusion. In the real world we inhabit, wobble indicates the top is getting ready to fall.
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