A trillion here, a trillion there...
More and more economist are forecasting more than a $1 trillion in losses in housing. Frank Veneroso has added his voice to the estimates, $2 trillion in his case.
I had the opportunity to have a very small group economic question period with Frank Veneroso at the Cambridge investment conference in Vancouver in 2007. Frank does a lot of work on base metal commodites and predicts a nuclear melt down in them.
I do not find it easy to find 20 years warehouse supply charts for base metals, and you really do have to look at very long term graphs to appreciate how quickly base metals can change. It is as if when the market goes to over supply, it is never gradual, but straight up, like nickle appears to be doing. Frank showed quite a few of these graphs.