Prechter's a smart guy. CMHC's 600 billion IOU's are the legacy that Dodge and Carney have strapped us with in the form of MBS' described as 'equity in Canada' among other explosive debt laden derivatives and I'm pretty sure Canada is not alone or leading the pack.

His thesis is what the central banks around the world are attempting to cover up. An engineering feet of monumental proportions which includes a tight wire act of deflating the markets in real terms without letting the cat out of the bag. Much more difficult than hanging a VW off the Iron Worker's Bridge.