So I think Mike Maloney is right in principle. What nobody knows is is where we are in the "dance". He's alluding to the fact that there is something blowing up under the hood of the world economy - who knows. The thing about these things - as he points out - is that nobody knows about it until it's arrived because if "they" told us anything meaningful they'd just be bringing about a self fulfilling prophecy triggered by massive bank runs so no official pronouncements can ever afford to tell the truth.