I missed it earlier this week, but Kyle Bass of Hayman Capital put out his most recent letter to investors. The pdf (courtesy of Zero Hedge) is here. Bass made $500 million betting against subprime in 2007, so his opinions are worth careful consideration.

While most stories about the letter focus on the its last page, where Bass notes his “mortgage position” now accounts for nearly 50% of assets under management, some of the most interesting reading is earlier in the letter. Bass is clearly in the hyperinflationary camp, seeing paper currencies as highly risky what with governments worldwide financing huge deficits with the printing press.

Lots more in the letter.