The Phaserl


It Starts With Johnny and Ends With Sam

by Bill Holter,

I know you are wondering about my title but it is really quite simple. The debt (currency and derivatives) bubble starts with Johnny (and industry) on the street when he borrows for anything from a house, car, school loan or even a Mickey D’s hamburger on his credit card and will end with Uncle Sam. Everyone everywhere is a part of the current debt/derivatives bubble. Even if you have no debt, no credit cards or even no bank account…you will be affected in some way once the great unwind is over.

The “great unwind” is happening right now and right before your eyes. Emerging markets and currencies are imploding as a result of the “carry trade” unwinding. One of the most important of these “unwinds” and forced liquidations is occurring in Japan because it is so large in size. Art Cashin put it this way, “The carry trade is unwinding upon speculators who have little or even zero equity as margin.” In a nutshell he is absolutely correct on a micro basis, I wonder if he realizes how correct he is on a macro or systemic basis?

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