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Iamp;#39;ve used this line so many times before I really think itamp;#39;s appropriate what weamp;#39;re seeing here is the bursting of the last great bubble so the next phase of this really isnamp;#39;t Japan itamp;#39;s not so much about the end youamp;#39;ve already opened open the Pandoraamp;#39;s Box the next phase of this has to be a repricing of default risk in corporate credit which by the way is completely consistent with what you see entering recession we have the yield curve inversion yeah it looks like itamp;#39;s finally coming or if not already here thatamp;#39;s why I keep saying I think the bigger event the bigger main event is still coming in you know maybe a few weeks here Michael Gad is back heamp;#39;s a publisher of the lead leg report he was on the show well several times this year and last year but heamp;#39;s been calling for the reversal of the Yen carry trade itamp;#39;s finally happening itamp;#39;s been happening for quite a number of weeks now