Baires,

Yes Puplava does subscribe to this theory. He has mentioned it a couple times on the radio show.

Check this past week 3/15 3rd hr. part 2 during the interview with Eric King at 54:00 minutes.

He uses the GM analogy when people were selling credit default swaps and then hedging by shorting GM stock. He understands their concept but thinks it is stupid. At GM it all went rather badly.

P.