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    aid that never before has our financial system been so mired in both public and private debt. Further he has stated that never before has any civilization in history escaped from such levels of debt without dire conseque
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    It seems that with every significant market swoon, commentators come out of the woodwork on financial television and speak of systemic risk to the financial markets, often from hedge fund or complex derivative blow ups, or events from China. I think there is always the risk, however small, that such an event could occur and cause a meltdown, and we would be foolhardy to say this would never happen.

    But really, is there such a catalyst now for a catastrophic market event? I think the catalyst could be either caused by one or more of four factors: a hedge fund (s) seizing up, a derivatives transaction gone seriously awry, the level of our public and private debt, or events from Asia, specifically China.

    The first risk factor to the soundness of the financial markets is excessive debt. Sir John Templeton, perhaps the greatest global investor of our time, has said that never before has our financial system been so mired in both public and private debt. Further he has stated that never before has any civilization in history escaped from such levels of debt without dire consequen

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    r events from China. I think there is always the risk, however small, that such an event could occur and cause a meltdown, and we would be foolhardy to say this would never happen.

    But really, is there such a catalyst now for a catastrophic market event? I think the catalyst could be either caused by one or more of four factors: a hedge fund (s) seizing up, a derivatives transaction gone seriously awry, the level of our public and private debt, or events from Asia, specifically China.

    The first risk factor to the soundness of the financial markets is excessive debt. Sir John Templeton, perhaps the greatest global investor of our time, has said that never before has our financial system been so mired in both public and private debt. Further he has stated that never before has any civilization in history escaped from such levels of debt without dire conseque

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    st now for a catastrophic market event? I think the catalyst could be either caused by one or more of four factors: a hedge fund (s) seizing up, a derivatives transaction gone seriously awry, the level of our public and private debt, or events from Asia, specifically China.

    The first risk factor to the soundness of the financial markets is excessive debt. Sir John Templeton, perhaps the greatest global investor of our time, has said that never before has our financial system been so mired in both public and private debt. Further he has stated that never before has any civilization in history escaped from such levels of debt without dire conseque

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    d private debt, or events from Asia, specifically China.

    The first risk factor to the soundness of the financial markets is excessive debt. Sir John Templeton, perhaps the greatest global investor of our time, has said that never before has our financial system been so mired in both public and private debt. Further he has stated that never before has any civilization in history escaped from such levels of debt without dire conseque

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    aid that never before has our financial system been so mired in both public and private debt. Further he has stated that never before has any civilization in history escaped from such levels of debt without dire consequences for its citizens and the society. We will be faced with a lower standard of living for all our people if we do not soon address the budget deficit and reform the level of future Medicare and Social Security obligations.

    When Sir John was alive I imagine he was vividly impressed with the catastrophic stock market crash of 1929 and the deflationary unwinding that occurred for more than a decade afterward. He has said that another crash will certainly happen, but that we cannot know what it will strike. Chairman Bernanke, a student of the Great Depression, that era’s moniker, has been reported to believe that the Fed could drop money from helicopters in order to stem off a deflationary spiral such as what happened during the collapse of the 1930’s. (which would be a rather interesting spectacle). A deflationary collapse such as happened in the thirties is possibly t

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