``Somewhat ironically, the collapse of the mortgage/Wall Street Bubble incited "the gilded age in global leveraged speculation." The critical issue now is whether this Bubble has been pierced - or just suffered a setback. My view is that it has likely burst. There is today great uncertainty - a global crisis of confidence in policymaking, financial institutions, and the markets -- and it will be no easy task to restore confidence. Once the forces of de-leveraging are unleashed, there is powerful momentum toward system instability. I expect this momentum will be especially difficult for policymakers to quell in a sovereign debt crisis backdrop.'' -- As usual, scroll down for the commentary.

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