Not tempted yet? Well, let me supply a little taster (my highlighting):
It is now commonly accepted that the magnitude of the financial problems confronting the world economy are so great that in all likelihood we will be confronted by a hyperinflation allowing sovereign debts to be paid off in worthless fiat currency. Just like the Bolsheviks in 1918 and 1919, the machine-gun of the Commissariat of Finance will pour fire into the rear of the bourgeois system. We do not dispute this outcome.Hendry, in short, is shorting China.
However, it remains our contention that policy makers can only gain the political legitimacy for such extreme behaviour if the world is once more confronted by a profound and debilitating deflationary event. We therefore find it a more profitable exercise to envisage what such a catastrophic event might look like.
It would be interesting to lock Mr Hendry and Mr Schiff in a fight cage together to see which one comes out breathing.
Eclectica Letter May 2010
(Here's a PDF link, if you would prefer that.)