"In the 1880s, total UK bank assets were equal to 5% of GDP. At the bubble peak they were 500%. As to consolidation, the assets of the UK's three biggest banks at the start of the 20th Century were 7% of GDP. By the end of it they were 75% and by 2007 -- astonishingly -- 200%. Leverage climbed from 3 - 4 times in the19th Century to 30 times in the bubble. And return on equity -- unsurprisingly -- went from modest single figures to 30% at the peak."
- From a 6th November article by Tony Jackson in the Financial Times, by way of Don Coxe's "Basic Points" letter.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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