The latest Barron's has a letter from a reader pointing out something Marc Faber stated in the Mid-Year Roundtable earlier this month.
Here's what Faber said:
The U.S. stock market measured in Swiss francs, Australian dollars, Japanese yen or gold or silver is already down by 50% to 80% from a 2007 peak.
That's a devastating fact. And an even more devastating indictment of the American Political Class -- which includes members of the media and crony capitalists as well as politicians.
BTW, I linked to the Barron's Mid-Year Roundtable through RealClearMarkets.com, so a Barron's subscription shouldn't be needed to read it. It really is something worth printing out and reading. And re-reading over time.