OK, I am sitting in the Hong Kong airport, where I have just scanned two reports from McKinsey on deleveraging. The first is a summary of the second, longer piece. I attach both, as some of you will want the entire report (which has its own executive summary) and others the shorter version. I am reading both, as this is at the heart of the problems we face. You simply cannot understand the economic environment without understanding deleveraging. Is this a cool world or what? I can sit and post, read and work anywhere. And now to Tokyo and Dallas and writing my letter in 12 time zones.