"Mr Stockman must be reading my bulletins. Obviously I think he is about bang on. Mr Krugman is considered in many places as a .......... I have not noticed him myself. His piece that you put up verges on the fraudulent. For starters most of the bond (not bill, nor note) issue is nowadays held by the Fed. The "public" figure is straight datamining of a plausible but misleading statistic. Furthermore, conveniently omitted from the debt profile is the some 115% of GDP BORROWINGS OF THE PERSONAL SECTOR. This trick is the stock salesman's blarney. I SEE IT REPEATEDLY from debt deniers. The corporate sector has cash but financed by about record net gearing. You will, I hope see the Congressional Budget Office graph of the Fed Govt DEBT and projections in the bulletin- of which I have just read the 10th or 11th draft!"

David Fuller's view Thank you for your thoughts and I look forward to seeing your next bulletin. Most investors, I suspect, have only a passing interest in the battle of analytical egos. Instead, I suggest, they are more interested in how they can adapt to the global financial circumstances in which we find ourselves… and invest sensibly.