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There is today an incredibly speculative financial sector hell bent on sustaining Credit and asset Bubbles – and perfectly content to adulterate our functional system of "money" in the process. The Federal Reserve is perceived to condone the whole affair and is openly willing to employ all measures to avoid bursting Bubbles. And in a contemporary world of Acutely Fragile Finance Structures, this ensures that bust avoidance translates briskly to Bubble Perpetuation and speculator delight.

And there are, let there be no doubt, prominent Financial Structures – from the gargantuan GSEs and the securitization marketplace; to the ultra-powerful Wall Street investment bankers and money fund complex; to a "banking" community willing to partner with the leveraged speculating community; to the opaque "repo" and "Fed funds" markets; to the ballooning markets in Credit and market risk derivatives; and to the bulging global central banks and sovereign wealth funds – virtually all working to profit from the perpetuation of Bubble excess. And there’s surely nothing like record global equities prices to embolden. Meanwhile, back in reality, the stage is being set for one or both of the following: an eventual run on today’s (ballooning) perceived "money-like" debt instruments and a run on our currency.

Doug Noland is a market strategist at Prudent Bear Funds. Their website is www.prudentbear.com.