Titled The End of Leverage. Money quote:

An enormous hoax has been perpetrated on global financial markets during the past 10 years. An American economy based on opening containers from China and selling the contents at Wal-Mart, or trading houses back and forth, provides scant profitability. Where the underlying profitability of the American economy was poor, financial engineering managed to transform thin profits into apparently fat ones through the magic of leverage.

This paragraph illustrates why I am such a bear.

In 1929, the US was an energy exporter, and the most robust manufacturer in the world.

Today, it’s all arbitrage with other people’s money….We have nothing left to fall back on.

Go read it.