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Kyle Bass Best Summarizes The "Profligate Idiots" In Europe: "They Have A German Pope And An Italian Central Banker"
Anyone needing a quick summary of the main tension lines in Europe as they currently stand can probably not do any better than the attached 3 minute explanation by Kyle Bass. And while he just participated in a far longer Q&A with BBC's Hardtalk program, which we will bring to you shortly, the attached video explains more in 150 seconds than a full day of watching the financial funny channel from basic cable. In a nutshell: Europe is about to see trillions in debt written down (the only mathematical explanation which makes sense, as presented for the nth time earlier by Charles Hugh Smith), the "profligate idiot" spenders of Southern Europe are not going to be bailed out by Germany, which has decided it has had enough of the "Mexican standoff" within the Eurozone, and will not be held by the short hairs any longer. And as for the quote that captures the total and utter chaos in Europe: "they have a German pope and an Italian central banker." Nuf said.
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no, it's the british who renegged on their debt to germany.
zh had a post about netting european debt a while back.
you'll see that the uk is the biggest net debtor.
http://www.zerohedge.com/news/european-sovereign-debt-cant-we-all-just-n...
"Don't blame the mirror if you're ugly"
When Kyle said that*, appropriately considering the faux righteous indignation coming from the BBC interviewer, the woman appeared to take it personally.
The whole interview is classic Bass, good ole boy humor wrapped around well-thought out points and undeniable reality.
=======
*Bass used this in response to the woman trying to blame him for "taking insurance out on someone else's house burning down" (CDSs). Bass used that quaint retort, then reminded the woman that she has been welcome to buy put options of British equities for the last four decades without being required to own the underlying stock.
Easily one of the brightest minds on the planet. This is why I do in fact check in Tyler(s). Keep this shit coming!
Fuck the Germans - I don't need no Fucking BMWs
I can survive on Milk & Spuds.
Cut the bastards Loose and if not cut them down.
They are a mercantile nation in a depression - their battleship can be sunk in these economic sea conditions.
They did create the Phd program. Spawned so may "evil genius's" we're still counting their accomplishments. Some should be forgotten of course...unfortunately the temptation for some is just...too much. "Must have evil...must have evil" and all....
In addition, it's a communist country being the main creditor of the biggest capitalist country. That certainly makes the world up side down.
Print! Print! and Print some more!
See where that gets you!
The focus today as it has been for weeks and many months is Europe. Greece is already gone, Italy has 10 year rates stuck over 7% and French and Spanish rates making new highs. The picture...sovereign paper...not so safe after all.
France is definitely showing early "flu symptoms" as their yield spreads over German bunds has reached a "double", 1.75% vs. 3.5%. The "end" of the Eurozone will come once the market realizes that France IS caught in the vortex thus leaving Germany on it's own to save the world. Germany will leave the Eurozone ...there are already reports they are printing D Marks in preparation for this... and go it alone.
It makes sense, how do you save wild spending derelicts from themselves AFTER they've maxxed out their credit cards?
The "saviour"...EFSF... first pulled an auction then lowered the offer to 4 Billion Euros which was not received well when it came. THIS 4 Billion was the first tanche of a supposed 1 Trillion!!!
WHERE IS THE MONEY GOING TO COME FROM?
We all know the answer, it will be printed, either by the ECB ...currently illegal or The Fed. Either way, it does not currently exist in the market place and even if it did, would private investors lock in bond yields under the common sense rate of inflation?
The entire Global Depression has morphed from a currency crisis/deleveraging into a sovereign debt crisis.
Of course the "last sovereign standing" is going to be The U.S.. which would have already collapsed some 2-3 years ago were The Fed not there to buy U.S. debt. Surely that would have had many failed auctions and "The End" would have arrived.
CNBC has recently had Warren Buffett and Larry Fink on espousing that "long term investing"...in particular U.S. large cap stocks is where to be, the only way they can be correct is if the global bond markets regurgitate massive capital and hyperinflation sets in. For "core" type equities to perform, it will require massive capital that is not being generated by weak economies. This, during a period where sovereign government borrowing needs are going exponential.
Do you see the problem here?
There is not enough money!
Actually, that is wrong, there is too much DEBT that is squeezing/siphoning capital away from the economy and equity markets. The response as is and will be, to simply print, print and print more, PERIOD!
There is no other mathematical solution because governments tried to overwhelm Mother Nature's solution to a bursted bubble by picking up the slack in borrowing. Now, 3 years down the line, the sovereigns have BECOME the problem and no longer can be the solutions that John Maynard Keynes told us there were.
Keynesian economics has now been shown to be the fairy tale hocus pocus that it was when it began.
Monetarism and Keynesian economics can only have positive effect when the system still has the ability to leverage up further. The only school of economics no longer taught in universities is the Austrian School of Economics.
The funny thing about this is that Austrian economics is nothing more than the laws of Mother Nature and good old common sense street smarts, period. This is because it is the only school of economics that has been correct.
The world is now headed for a complete and system wide "RE SET" valuation of everything financial.
You don't believe it? You should, ... Austrian economists told you over 10 years ago where this was going. We said to buy Gold and Silver when they were "laughable" investments. We told you about the 2000 NASDAQ stock bubble and the housing and mortgage bubbles. We told you that the banking sector would collapse and that sovereign governments would be next because they were fighting the laws of Mother Nature.
Now, we are at the END OF THE LINE and the only possible response by governments is to print, print and print more.
As the ramifications of this are felt and whatever confidence that is still left is lost, we WILL have a massive RE SET of valuations for everything. This is merely common sense!
Please ignore the "tin foil hat"... don't ignore the message!
Everything financial on the planet will be re set "against" Gold and Silver as they are fixed in weight and purity.
GOLD AND SILVER are the constants, everything else "floats" around them!
www.lemetropolecafe.com
+ $55,000
Tinfoil Hat Brigade member (Lunatic Fringe Batallion) Private Bearing agrees the best solution for personal financial security is to hold physical gold and silver in your own possession.
ignore this man at your own peril
Must be the US looking in the mirror.
We're on the verge of war, it must be, world can not tolerate those two opposite views of the world - Kenyan Prez+Jewish CB against German Pope+Italian CB
germany is zog. like all of the eu. they are hostage to the imf . everyone is except maybe 3 countries in this world right now, at this writing. but this too shall pass. the imf is a front organisation for the rothschilds in the city of london. they say what will be done and what will not be done. any discussion of independent thought by anyone in europe or anywhere else in the world simply betrays, a willful ignorance and it must be said, that the lips on these "leaders " move and their arms and legs move when the strings are pulled by the puppeteers.......its all bullshit and not one person has the balls to say it because they all know it and they are afraid for their jobs and their livlihoods and their lives for that matter.......case closed..........what happens in europe will happen because it is what the rothschilds want to happen . nothing more. nothing less. i wish it were different. but its not. and it will never be until white people take care of long overdue business...........or else........
which would make Goldman Sachs "the evil planet thingy." sounds about right. Or is that Zorg?
The Poop is German? Not like I'd know, being a true Atheist.
Your beliefs matter not to me, unless you are Muslim, cuz that is a system.
Shove Sharia. As far as you can. And don't give me the BS that the 2 are different.
"He returned to Germany." There's no such thing as an "atheist"...just the fact of you writing proves that.
This one is for you Tyler! Kudos on the reporting! What in the heck am I going to proxy the counter side of AUD with, now that the USD is the medium term play? Aud has been pegged to the SPX. Enjoy all! http://www.youtube.com/watch?v=iU3u5UDjYeY
Lol, and I thought you had a clue. Try the INRAUD cross.
Ok ya got me!? I'm clueless. The correlation between equities and commodities may be on the verge of a breakdown.
Meaning a strong USD , and strong equity market. just a thought as europe ( eur), falls over the next " Headline" .
By the way... I didn't junk you M/H.
Didn't think you junked me, that's just a clueless MW marker. I thought you wanted moves between commodity currentseas (what commodity does India have?)
Strong $ = low equities, and lower commods
But fights always break out on commod currentseas...
Not currently in the Rupee, got out of HUF some minutes ago, and went long EUR.
RMB , would be the currency of India. Personally I would stay away from it. The BoI is much firther away from inflation control than china is.
Mynhair, I have been in meetings for the better part of the day. Might I suggest you meet us all back here @ 08:30 gmt for the European calendar? Thanks for your input.
Geez, where the hell are you, Yen? Make me do math with GMT.
Oh, that 12:30 my time local.
12:30 a.m. or p.m. ? If in N.Y. GMT is currently +5 your time.
Hey... You two!
Get a room!
http://www.flickr.com/photos/schnarf78/5525136193/sizes/m/in/photostream/
David Pierre? Done any time @ " Penn State"?
And they may not even be German and Italian.
the german constitutional court? man that is a joke isn't it? german constitution? their consitution is worth about as much as our is. doesn't mean shit and never has. the germans will do what they are told like the rest of the slaves. you just watch and see what transpires...........this show is boring and stupid...........to those who are awake because this show plays on and on and the stupid goyim make comments and watch it and laugh about it as they are screwed royally and nobody, not one person stands up for the white anglo western european man. not one ........for the few shekels they receive in payoff money, they turn their backs on their children and sell out their nations , traitors they are to a man. this is why i hate politicians mainly because of their deceit to their own people and their violation of their sacred oaths and their fudiciary duty and their lack of honor and integrity.........where is george or thomas or samuel or patrick when you need them. was the mold broke when they died?
they call it a "Basic Law" actually. I'm sure it not only sounds better but is better in German. We Americans have forgotten what freedom actually is. If it doesn't include the life you and i actually live then the legal basis for any right is NULL AND VOID. Doesnt' the fact that "you need to lawyer up" say it all?
the common law is dead. it died under lincoln. jesse ventura got pissed off because he took his case to federal court and pled a 4th ammendment issue with unreasonable search and seizure matters due to his experience at the airport. the court said they did not have jurisdiction and dismissed his case. his lawyer should have told him about this. courts do not have any jurisdictions on constitutional matters because the laws of agency have replaced the constitution. jesse should have known this. yet he is young in the faith perhaps and has a long way to go on his knowledges........the constitution is dead......
George Carlin put this in perspective:
http://www.youtube.com/watch?v=kQ7XFvniWWE
Please pay attention to Obama killing the Pan Canadian Pipeline that would carry secure oil sand crude to refineries in the Gulf Coast, create 20,000 shovel ready jobs, and reduce our purchases of middle east oil. No, Obama wants green jobs for his bankster/politically connected friends. He say the right thing but does the exact opposite.
$TRP paying you to post, much?
Build a refinery in Alberta and pipe out refined products. There is zero reason to move that heavy sludge all the way down here. That is, of course, unless the Kyoto Protocol makes it beneficial to produce the emissions as far from Canada as possible.
Another fucking Party Pussy!
And when the "oil" runs out and we've got an even BIGGER infrastructure that's dependent on a finite resource that's not available?
No thanks, your plan equates to speeding up the train heading over the cliff, it's NOT a change in direction. More status quo, two-dimensional thinking.
another thing that is funny is all of this talk about gold that these countries supposedly own. where is that gold located? hmmm? i bet you it is not in continental europe..........
great comment HPD. Best I can tell, all the {xau} is scattered across the Gobi Desert! ( Head scratches), http://www.dailymail.co.uk/sciencetech/article-2061424/Google-Maps-satel...
well we are told we have all of this gold at ft knox, yet they won't let anyone see it? gold and silver are of no importance until a country is told that it has some and the idiots that run that country want to see it. then there is a problem because in reality it is ours only on paper and in reality it does not belong to us. paper is paper and gold and silver are money. real money. the owners own the real money. they are my enemy. i don't hate them for it. they do whatever we let them do and they are clever and smart. its nothing personal. but it is just business. we just have to take care of business.
for the BIS (look at the history of that organization and it's French Flag after French Flag after French Flag btw) that's Switerland. Of course you can always ask a Frenchman "where is your gold" and see if he tells you! My recommendation is "do you know where your gold is?" and i think you will get an answer to that. What kind of person asks "where is your gold" and expects an answer anyways?/??????????
the trouble is, in reality all countries of the world are technically broke and none of them have any gold because all of their wealth has been stolen...........i have heard it said that fiat countries never last more than a hundred years. it looks like to me we are the end of the line and those who run things know this full well. but there is this small matter and a loose end if you will. somewhere along the lines during our times of slavery in this country, the men and women here were always told they are free (which of course we never have been) but nevertheless they think it. the mind is a weapon. when a man thinks he is free, it is difficult to change this mindset. however, it must be said, that during the times of this country's existence, such matters were allowed because it was felt , perhaps , that such things were difficult and unwanted but necessary byproducts of our encroaching enslavement , over time.
by the way sir, when jefferson said he feared central banks more than standing armies he was not kidding or making a joke............
Given that everything is an illusion I'd have to say that none of what the illusionists offer can be trusted.
This financial mess looks like a loaded oxcart being pushed uphill, in a foot of snow, by the Jamaican bobsled team.
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
We could only hope... At least an oxcart, snow and the Jamaican bobsled team (still exist?) are REAL.
Kyle mentioned that German debt/GDP and lack of bank recap makes them vulnerable. German worker cost basis is also twice as high as a US worker. Not much room for flexibility
Probably the funniest/most insightful title yet on Zero hedge:
Kyle Bass Best Summarizes The "Profligate Idiots" In Europe: "They Have A German Pope And An Italian Central Banker"thanks for the laugh - I needed it.
Hey! Europe doesn't have a monopoly on profligate idiots. We have lots of them here in the US. And Japan also has their fair share.
It amazes me that people are running for the "safety" of the dollar, when the US debt/GDP ratio isn't very much lower than Italy's. (Give us a couple of years to catch up.)
Oh, but the US could never be like Greece and Italy because we control our own currency and can print as many dollars as we need. What a relief! We just need to have a decade or two of 10-20% inflation and everything will be fine.
we're definitely the clear winner on that one aren't we...is it Pancho Mr Villa or is it just Mr Villa? "How do they do it?" is what i want to know. I mean i love a good story where "the criminal gets away with it"...but no one wants that "criminal" to be the government! "It just doesn't sell well...
Why be formal? (Especially on ZH.) Pancho is just fine.
Cumon, GS. Pump that EUR.
The few privileged enjoy a ( bloomberg terminal). Here is a fantastic link, I enjoyed last night on my flight. Some may like the ( Apple Cult). I am a open platform fan.
This link will give you credit swaps, bond spreads, general yields, ( government), ect... It's SPOT! Thanks God Father!
http://tickerforum.org/akcs-www?post=135432 ENJOY!
To whom is all this "debt" owed? Is it owed to the private banks that printed it out of thin air and are charging interest on it?
You’ve a point; as Greenspan said: the “shabby secret” of the proponents of big government and paper money is that deficit spending is simply nothing more than a “scheme for the hidden confiscation of wealth.”
As of April of 2011, according to the UK Guardian Datablog, U.S. Treasury bonds owned overseas accounted for $4.5tn of the national debt, up 10% on June last year. The major holders of US debt are (in billions) Mainland China $1,152.50; Japan $906.90; U.K. $333.00; Oil Exporters $221.50; All other $199.00; Brazil, $206.90; Carib Bnking Ctrs $138.10; Hong Kong $122.40; Taiwan $154.50; Russia $125.40; Switzerland $112.40; Canada $87.70, etc.
The US national debt has grown from $7.8tn in 2005 to $14.294tn this year.
The main issue regarding default, according to some economists “comes down to the proportion of foreign debt a country dominates in its own currency … countries such as the US and Japan can reduce their foreign debt by engineering a devaluation of their currency… without needing to go as far as a default.” However, I say, there is no free lunch. Debauching the currency fosters corporatism, a poorer nation that cannot pay its bills with taxation, monetization of the federal debt, inflation, and currency destruction which if not checked inevitably leads to tyranny.
Here is The Economist’s view of government debt in “Debt, deficits and the markets” Sep 21st 2011, I take issue with its conclusion regarding growth via inflation and devaluation; the US and Japan both cases in point, IMO. Also, inflation, even at the Fed’s touted 2%, is robbery.
“AS THE euro area’s sovereign-debt crisis has gone from bad to worse, financial tensions now pose a grave threat not just to the European economy but beyond. Yet there is no simple gauge that explains why investors fret about some euro-zone economies while keeping faith with others that retain their own currencies. Judged by its towering gross sovereign-debt burden and its primary budget deficit (ie, excluding interest payments), as shown in IMF figures published on September 21st, Japan should be in the firing line. Instead its government continues to be able to borrow at extraordinarily low interest rates. One reason is that very little of the debt is held by foreign investors. Another is that, unusually, the government has big offsetting financial assets that bring down net debt to a more manageable 130% of GDP. Despite a relatively small primary deficit projected for this year, Greece is peculiarly vulnerable because of the scale of its indebtedness and the fact that so big a chunk of it is held abroad, a characteristic also shared by Ireland and Portugal, the two other bailed-out countries. As important, in joining the single currency, these economies lost the ability to reduce debt by inflation and to spur growth and competitiveness through devaluation. That makes investors fear that the only way to relieve oppressive debt burdens is through default…”
http://www.economist.com/blogs/dailychart/2011/09/government-debt?page=1
http://www.guardian.co.uk/news/datablog/2011/jul/15/us-debt-how-big-who-owns
Sound money and economic freedom are inseparable. Devaluation represents a default against the average citizen. As Prudent Investor asks, “If devaluation causes economic growth, then why has Zimbabwe’s massive devaluation (hyperinflation) not spurred her economy into the stratosphere?”
"Economic growth" means what?
And, for how long and at what rates of growth?
Listen, this shit SOUNDS good, but when rubber meets the road it's the same path to destruction, doesn't matter who is DRIVING the bus!
The parasite class (TPTB) REQUIRE growth, as it is THEY who stay in power because of it!
P < P + I (where P = Principle; I = Interest [Interest = Growth])
"I" will cease growing when physical resources can no longer supply the desired (demands by the parasite class) rates of growth.
Are people starting to see why most of the major religions (originally) warned of usury?
Fade the trade , or make the sell low ( Mistake)?
This guy is one smart SOB.
I think the Pope is Polish. No jokes please.
The Euro is fluxing on the space-time continuum.
Dance
http://www.youtube.com/watch?v=ahvAqsps0TA#t=06m01s
Hello 2012
http://www.youtube.com/watch?v=AXS8P0HksQo
Think about something everyone. If Europe goes broke, which countries are going to be the first that world visitors are going to want to go to? The warm ones? The ones with the great beaches that don't have big waves? Where the wines are made? The Med folks, the Med.
So which countries are going to turn around the fastest due to tourism? Tourists go for a bargain but they don't necessarily recognize one.
Agreed! But wait until the riots and bank runs subside before planning your vacation.
Hasn't that BEEN the case? Seems that a lot of the big "America First" folks have property over there...
Who is the US going to sell to when the EU collapses? Equities are looking a bit weak.
ot lnkd shorts anyone? cuz that wedge looks broken...
lnkd
anyone?
anyone want to trade?
If the liquidity in Europe seizes up, the US might be in a world of hurt as well. US exposure is much larger than people think according to reports here and elsewhere. I'm just wondering whether this will affect people's bank accounts in the near future if the house of cards collapses suddenly, namely not being able to withdraw your duckets. Was MF Global the canary?
Now Benny and the Kraut-controlled ECB will eventually print, but there may be some resistance to it in the short term.
Some of us don't have the bunker set up yet. But I'm seriously getting the feeling it's time to draw down on the bank accounts before the SHTF.
You mention some GREAT points! The end result is ( LOWERING), of euro rates, and massive euro printing.
That translates into a stronger, ( ponzi) usd , and 100$ crude, and a spread tightening! And so on...
"If the liquidity in Europe seizes up, the US might be in a world of hurt as well. US exposure is much larger than people think according to reports here and elsewhere."
As I noted above, the threat is also to US equities. If Europe seizes up then it matters little how far down the USD is driven- can't push on a string.
The German pope is called progress. I'm not so sure about the Italian banker though:)
I got it the first time! #'s please?
What about all the M/E sovereigns diversifying? Lot's of OIL $ @ 100 $?
false flag terrorist.....http://www.nbcwashington.com/news/breaking/Bullet-hits-White-House-13393...
OMG OMG! A BULLET! DEFCON 1 EVERYONE GRAB THE PARTY HATS AND HAND GRENADES TERAHN IS TOAST BABY!
No need to panic, panic would be reserved for instances in which box-cutters were being tossed.
Is Bass still short JGBs and the yen? How's that working out for him?
Bass is a horrible macro investor.
Lets hope Kyle doesn't wear a big ol Texas belt buckle when he's tourin the isles of Santorini an all!
Unrelated worthy of posting.
NEWS FLASH
Celente's gold seized in MF Global bankruptcy.
http://www.infowars.com/gerald-celentes-gold-account-was-emptied-by-mf-global/
You went to drudge to look up the bullet story too eh?
Yup! but I only open when their links are to Infowars. LOL
again, if you don't hold it, you don't own it. (i'm looking at you, GoldMoney).
quite the egg on Celente's face, considering how anti-establishment he is.
http://heavenbounf.blogspot.com/2011/11/gerald-celente-alleges gold bug cleaned out by Corsine??? and he says 150,000 other people were also while Corsine played politics , same old same old from Washington..
Trading Live at C3X. This room is becoming among the best on Net
http://capital3x.com/trades/c3x-live-trading-room/
Tell em' Yen? Sent ya! Nice novice work! sarc/ON Catch ya in a few clicks.
I just wanne see if the ECB go insane and print like they have never printed before, will the 1st molotov be thrown in Germany of Italy?
Inflation baby...Take the pain European banks!!! Or you'll have your old school upheavel kick in...
Technocrat ruling Italy??? haha, Italy is about to erupt.
After the second viewing, the telling part of the video is actually the question the BBC babette asks, implying that the Germans can solve the entire problem by backstopping the PIIGS. It's the way the supposed "smart" people think:)
Tyler posted this somewhere else....you must watch this interview with Kyle. I think it was back in 2010...about 1 hour. still just as fresh and relevant today.
http://www.youtube.com/watch?v=WWgtzwqWh60
Sell Twinkies! And offer up trucks!
An awesome "occupy" in the heart of APEC, the invited musician writes and keeps replaying an Occupy protest song to Obama and 20 leaders of the Asian region, on a 72 acres highly fortified military installation in Waikiki. Cool! This Occupy song is getting a ton of downloads, but if you let it load and hit replay you can view it in proper speed. steveo
http://oahutrading.blogspot.com/2011/11/makana-hawaiian-slack-key-guitar...
THE : " WORLD is YOURS" , Tyler!
The Dead don't walk! Look @ the credit spreads into London. Better yet !
BONDS, Cramer style....>
{ PUSSIES} Stay aWAKE. < mONEY DOeSN'T SLEeP! >
i CAN NOT WAIT TO SEE THE eur SPREADS! tIGHT!
good tunes
ZEP
good luck everyone
DUPE, Me Retarded! AUD has value-vs USD! I'M blind!
http://www.opensecrets.org/news/2011/11/congress-enjoys-robust-financial...
7 to 11 bitchez
Well Heck? My CORE TRADE is Built! Earth to { J.R. } ? The trade come's to you! Yen
New shorter term EURUSD prediction chart here:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=35172#p35172
.
"they have a German pope and an Italian central banker."
That's racist.
FULL 30 MINUTE INTERVIEW AVAILABLE HERE
http://www.tickbytick.co.uk/home/kyle-bass-interview-on-bbcs.html
FULL 30 MINUTE INTERVIEW AVAILABLE HERE
http://www.tickbytick.co.uk/home/kyle-bass-interview-on-bbcs.html
Thanks Jeff the Gorilla. Unfortunately it doesn't look like that's available outside the UK. Does anyone know if it's available via another site? (I couldn't find it...)
is he going to get totally screwed with those greek cds contracts?
I think that Clarke and Dawe do a better job of explaining the mess:
http://www.youtube.com/watch?v=5D0VhS8qXT0
Takes real talent to put all this to "music" (humor)!
Kyle(?) Bass, Taleb, Roubini, Schiff... who are these people?
Note: at this moment gold is at $1,776; which I find a bit symbolic :-) (where's good old Nouriel these days with his "gold will never hit $1,200?")
Well the guru just got caught with his pants down going long on paper gold, i.e. Gerald Celente and, presumably, thousands of other gold bugs who never took possession of the physical in anything, which includes all "futures traders" in anything from pork bellies to flies crawling up walls, i.e. the Wall Street version of Las Vegas.
Meanwhile I pick up on "clawfoot tub" who asked, "To whom is all this "debt" owed? Is it owed to the private banks that printed it out of thin air and are charging interest on it?"
Libertarians I going to hate this - along with all those who rant about "fiat currency" - but take the trouble to watch and listen to this: http://www.youtube.com/watch?v=McVjdNnbEM0&feature=channel_video_title
It is Ellen Brown on the "Web of Debt".
Libertarians will hate it because Ellen accepts the necessity of governments, in the modern world.
"Fiators" will hate it, because they cannot accept that paper(sic) is a legitimate means of exchange, essentially the same as coinage stamped with a nominal value, regardless of the commodity value of the metal involved.
And don't imagine that Kyle Bass is any kind of hero. He will get caught with his pants down too ... on a long enough time frame, which is clearly speeding up in many contexts.
Anyhow: http://www.youtube.com/watch?v=McVjdNnbEM0&feature=channel_video_title
"And don't imagine that Kyle Bass is any kind of hero."
He's no hero & probably talks his book. But the analysis that's gone into that book seems very good & he expresses it very clearly.
Does anyone know where the full interview can be seen?
On the BBC website it's only avaliabe to people in the UK:
http://www.bbc.co.uk/iplayer/episode/b01771pd/HARDtalk_Kyle_Bass_Founder_Hayman_Capital_Hedge_Fund/
What's with all the Kyle Bass worship?
He's "one of them" ("if you took all the income from the top 1% it wouldn't pay off the debt"... so it makes no sense to raise my taxes) and he'd sell you all down the river for a buck.
Oh, and ya think he might just have a few PIG default CDSs he'd like to collect on!