I'm long almost everything buffet is myself but that was not until yesterday and today. I am very cynical of what has occurred and I'm just trying to earn a living to survive if the present model holds (Our financial system - I have no choice - we have to hope)
However I am realistically in the position to beleive that the World's financial system is caput. In effect the $50 Trillion of World Wealth is leveraged 10x still. $500 Trillion in outstanding bets!
This will run for sometime I mean really is the work you put in to earn $1 and different than anyone else in any other country? No? It soon will be but not for the next 5 years or so when this all comes home to roost.
I say print money baby, print money however it will end dramatically 1 of 2 ways.
1. A new global financial system is established with a global currency that everyone respects and acknowledges OR
2. War. Only way to cleanse any system of mankind. Sad.
This is one of the most realistic predictions I've come across.