"I hope this email finds you in good health and that you and your family are well.

"As a keen market analyst and follower of Socionomics, I am always looking out for signs that may indicate things to come. Back in the middle of the naughties (2000 - 2010) I couldn't help notice how several of the top football clubs in the premiership were sponsored by betting/gambling firms. This at the time prompted me to think that maybe we are in the middle of a big betting culture bubble, maybe we are experiencing a form of casino capitalism?

"Fast-forward a few years later and that seemed not a bad insight as the banks unearthed huge schemes of crazy risk taking and terrible practices.

"In the last few days, it has been reported that one of the Premiership's club, although now relegated, is in administration with much worse debts than originally thought. From the BBC website "Portsmouth's administrators have revealed the relegated Premier League club's debts are £119m"

"I realise Football doesn't accurately reflect the general economy, as their primary motive is success on the field and not on the balance sheet and furthermore it has a very loyal customer base that rarely goes elsewhere for the product. However as the sport is so popular and followed by the masses it is worth taking note of what is happening.

"I fear the case of Portsmouth could be the Canary in the coalmine and others will likely follow?

"Looking at the bigger picture, is this a precursor for what is to come with deflation taking hold as bad debts rise and have to be written off? from individuals to businesses and entire states..

"The inflation/deflation debate continues?"

David Fuller's view All are well on the personal front, thank you, and reporting for duty.

I loved this insightful email and I do think that you have identified an excellent metaphor (should we call it vanity football?) for what ails the west today.

The young footballers are spoiled because they are worshiped by the masses and paid too much money. The owners are nouveau riche and indulge their players because they love fellow narcissists. The owners bid up the price for talent which they often cannot afford, in the long-shot gamble that they will win lucrative league and championship trophies, of which there are few relative to the number of clubs.

Portsmouth was the most recent football club to declare bankruptcy and like Greece or dodgy banks with offshore sinkholes, they considerably understated the extent of their indebtedness.