A GLOBAL MARGIN CALL | Bill Holter

``We have seen unprecedented volatility over the last 2 months, in particular the last 3 weeks. This is highly unusual as most year ends and beginnings are calm with very little news... someone is already "very dead" ...we just don't know "who"... What I think we are seeing [are] early yet clear glimpses of are the short positions being unwound. Remember, we showed you a few months back evidence of a "long Nikkei-short gold" trade. This looks to be unwinding along with several other "schemes". When all is said and done, the unwind will take everything "defaultable" with it. ''