Where the problems were hatched

H/T to NII for this.
This was sent to me by a friend who reads newsletters. Emboldening added by me.

Some you know who Harry Schultz is and some don’t. After a remarkable 45 year period of publishing the international Harry Schultz Letter he is retiring at 86 . His final letter, just out, included this warning.
“Roughly speaking, the mess we are in is the worst since the 17^th century financial collapse. Comparisons with the 1930’s are ludicrous. We have gone far beyond that. And, alas, the courage & political will to recognize the mess & act wisely to reverse gears, is absent in the U.S. leadership, where the problems were hatched & where the rot is by far the deepest”.
To put into context what is currently going on in the United States, Schultz wrote in his final letter about former Regan Office of Management and Budget Director David Stockman:
“Stockman replied, Get some gold, beans, water, anything that Bernanke can’t destroy.
Schultz went on to say what is and isn’t a bubble.
“ For gold to match the growth in US M1,M2,public debt and budget deficit, gold will have to reach 1,800, 2,400.7,800,& 13,200, respectively. While I can’t imagine gold going to 13k, these numbers tell me that calling gold a bubble is a bit premature. In my view, money supply, public debt and the budget deficit are in a bubble, not gold, not yet.”
Harry Schultz’s final words in his final newsletter : “Good luck to us all”