I wrote the following note to Dylan Grice upon reading his latest at lunch today. Stop what you are doing, relax, and enjoy. The Edelweiss Journal is a must-read.

Dylan,

This read so pure and profound as to make me weep, on one hand for the pleasure of reading your prose and on the other hand for not having written it myself – or maybe more precisely, for not having the skill to write with such beautiful style and clarity. Those sitting around me at lunch here in Cleveland must wonder at my composure and beatitude as I sit over sushi and peruse your latest. This may be your finest composition; it's at least the best thing of yours I have read. And with such a body of impressive work, that is saying something.

This is a briefer and far more eloquent statement of the driver behind Code Red, that central banks are indeed steering us ever closer to a "monetary trap," an alley, if you will, in which we are very likely to be mugged. This way there be dragons.