No metal content (other than gold and silver).
Far larger than chickens are the off-the-books emus crash landing at the banks as they come home to roost [and poop].
The recent troubles with the GSEs Freddie and Sally have flushed other real estate related debt to the surface. One bank [Citigroup] has 1.1 Trillion [with a T] $US of off-the-books/off budget debt about to crash through the ceiling.
========= "Citigroup's $1.1 Trillion of Mysterious Assets Shadows Earnings
By Bradley Keoun Enlarge Image/Details
July 14 (Bloomberg) --
At an investor presentation in May, Citigroup Inc. Chief Executive Officer Vikram Pandit said shrinking the bank's $2.2 trillion balance sheet, the biggest in the U.S., was a cornerstone of his turnaround plan.
Nowhere mentioned in the accompanying 66-page handout were the additional $1.1 trillion of assets that New York-based Citigroup keeps off its books: trusts to sell mortgage-backed securities, financing vehicles to issue short-term debt and collateralized debt obligations, or CDOs, to repackage bonds. "
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Unka' George [George McDuffee]
------------------------------------------- He that will not apply new remedies, must expect new evils: for Time is the greatest innovator: and if Time, of course, alter things to the worse, and wisdom and counsel shall not alter them to the better, what shall be the end?
Francis Bacon (1561-1626), English philosopher, essayist, statesman. Essays, "Of Innovations" (1597-1625).