This is the recent newsletter from Kyle Bass and his team, and it is a very deep, well-thought-through piece, starting with why these crises always seem to happen so fast when you can see it coming from miles away, and then on to some more thoughts about Japan. They think Japan could start to come apart next year. As I have written, Japan is not Greece. It will make a real difference. Lots of great graphs, and at the end are some news pieces that are for the information junkies among us. Read this.