Recent developments highlight the extent to which the banking system as a whole lacks sufficient capital to comfortably navigate this period of sharp deleveraging.(Mohamed El-Erian, co-CEO of Pacific Investment Management Co (Pimco).)I don't know about you, but when the chief of the largest fixed-income asset manager in the world ($812 billion) says things like that I tend to get really, really concerned. The amplitude and frequency of the waves in the financial pond are both increasing, causing the keepers of the public purse (Paulson, Bernanke & Co.) serious nausea. It is time to "get off the boat". The real possibility of a total wipeout should bring people to their senses, sharply reducing their expectations for what they will be left with after the ongoing credit contraction.