When I refer to repression I do not mean the psycho-babble word: nor Assad politics; rather, econogibber.

In plain English, it represents robbery. By manipulating financial markets in ways which would get me fined and/or struck off for 'market abuse', savers and retirees are robbed to prop up the imprudent, reckless, greedy and stupid. This is lauded by many commentators. Many, if not all, of these are themselves very comfortably off and do not take the severe hit which affects large numbers of folks with small savings. A hundred years ago (before the FED came into being) insolvents typically went bust. Dodgy debt went to money heaven. And then life went on. Living standards continued their climb. But no longer.

A few numbers to update you:

A graph on central bank balance sheets is shown below.

There has never been anything like it in history. It shows the explosion in central bank balance sheets. Even the conservative Bundesbank has been dragged into this mess.

In six years, the big eight central bank balance sheets have tripled to $15 trillion. (A few more p than currently I hold in my wallet.) Take the USA. At the beginning of the 1980s when the inflation explosion was being squashed by that great chairman of the FED, Paul Volcker, the US government deficit was $197 Bn in today's money. Currently, $1.1 trillion. Nevertheless, debt service (interest cost) is 1% of GDP vs about 3% then. How come? Partly, this is the luck of a generation of generally falling interest rates but it also part comprises the massacre of savers. The 'interest cost' is, of course, normally their reward for saving. This is disgracefully 'repressed'.

David Fuller's view I have had the pleasure of knowing Peter Bennett since the early 1970s. Veteran subscribers may recall his name because I have posted some of his reports in the past. For a long while these could only be circulated privately, for the most tedious of 'regulatory' reasons but have blossomed once again following his move to Walker Crips. I commend Peter's report to all investors.

He is one of the smartest people I know and also a gent in the finest sense of the word. Peter has been in the financial industry even longer than I have and for extra excitement has taken up flying lessons in the last year. I have always paid close attention to his market views, but I would decline any invitation to join one of his flights as a passenger. There are enough thrills and spills for me in the markets.