An new superconducting hamiltonian is introduced for which the exact ground state is the Anderson resonating valence bond. It differs from the t-J and hubbard hamiltonians in possessing a powerful attractive force. Its superconducting state is characterized by a full and intact d-wave tunneling gap, quasiparticle photoemission intensities that are strongly suppressed, a suppressed superfluid density, and an incipient Mott-Hubbard gap.PACS numbers: 74.20.Mn, 71.10.Fd, 71.10.Pm It has been known since the early work of Uemura 1 that the superfluid density and transition temperature of underdoped cuprate superconductors both vanish more-orless linearly with doping and are proportional. The constant of proportionality is consistent with the transition being an order-parameter phase instability analogous to the Kosterlitz-Thouless transition in 2 dimensions 3 . This idea is supported by numerous other experiments, including the optical sum rule studies of Uchida 2 , the giant proximity effect reported by Decca et al 4 , and the recent heat-transport measurements of Wang et al 5 showing superconducting vortex-like effects above the transition temperature. The transport trends continue into the insulator, where Ando 6 reports that high-temperature hall effect consistent with a carrier density roughly proportional to doping. At the same time, however, the d-wave gap in the quasiparticle spectrum grows monotonically as the doping decreases and saturates at a value of about 0.3 eV 7,8,9,10 . This has led to speculations that the tunneling pseudogap is the energy to make a pre-formed Cooper pair, which then condenses into a superfluid at a lower temperature. There is no direct evidence that the d-wave nodal structure survives into the insulator, but there is circumstantial evidence for this, notably the observation in La 2−x Sr x CuO 4 by Yoshida et al 11 of dispersing quasiparticle bands near the d-wave node that become fainter as doping is reduced but do not shift or change their velocity scale. These bands are also detached from the lower Hubbard band, and simply materialize in mid-gap as the doping is increased from zero.All of this behavior is consistent with the idea that the superconductivity persists deep into the "insulating" state, coexists with antiferromagnetism there, and fails to conduct only because its long-range order is disrupted, presumably on account of its low superfluid density 12 . There are many ways the latter could occur, including impurity localization or crystallization of the order parameter, for such a gossamer superconductor is physically equivalent to a dilute gas of bosons and thus highly unstable.The idea that the "insulator" might actually be a thin, ghostly superconductor is implicit in the mathematics of the Anderson resonating valence bond (RVB) 13 worked out by various authors in the late 1980s 14,15,16 and further extended recently by Paramehanti, Randeria, and Trivedi 17 . Unfortunately, this idea has always run afoul of a basic premise of RVB theory that superconductivity shoul...