This bust will be one that involves untold trillions of dollars, and will directly affect the value of every house in America

Fun read by the ultimate bear and gold bug - here's highlights - enjoy:

And this will not be just any old ordinary bust! No, sir! This bust will be one that involves untold trillions of dollars, and will directly affect the value of every house in America, because if you think that YOUR charming house will retain its over-inflated value while, all around you, house prices are falling and people are crying and wailing "The Mogambo was right! We're freaking doomed!", then you obviously do not understand the first damned thing about economics or real estate, and I feel sorry for you.

What's the worst news? If you are the government, for instance, that relies on the receipt of property taxes, sales taxes, taxes on gains, and all the documentary stamps and endless, expensive rigamarole involved with buying (and then again when selling) property, not to mention the income of realtors and title companies and lawyers and banks and mortgage companies and on and on and on, then THAT'S the bad news.

If, on the other hand, NMB also means less borrowing against the increased equity in your house, because there is not going to BE any more appreciation in the value of your house. This means aggregate, economy-wide spending of borrowed money will decrease, and the American economy will slow. By how much? Well, last year, GDP was boosted by something like $600 billion or so of additional spending, thanks to people increasing their mortgage debt. Hahahaha!

This means THAT particular stupid, childish, immediate-gratification insanity will soon stop, too. So, if you are a person whose standard of living depends on constantly extracting equity from the apparent appreciation in the "value" of your house during a seemingly-endless inflation in prices, then oops! Hahaha! The cruel joke's on you! This is how Father Nature takes care of the business side of life.

Equity withdrawal is, in bare essence, nothing more than increasing the absolute level of your mortgage debt and negating the entire gain in your equity. Hahaha! They ought to give the Anti-Nobel Prize for Sheer Economic Stupidity for these people, but there isn't one.

So, my Sweet Mogambo Cuties (SMCs), keep buying gold and silver, as they will rise in price for years and years and years to come