Kyle Bass Un-Edited: "Buying Gold Is Just Buying A Put Against The Idiocy Of The Political Cycle. It's That Simple!"
If the abridged summary from BBC's Hardtalk interview with Kyle Bass that we published yesterday was not enough for those seeking sense, truth, and direction, then (as promised) the full 24'30" interview will quench that desire. Reflecting on the similarities of his subprime perspective, he provides a crucial context for the debt-laden world of sovereign debt that he is now hedging. Shrugging off the somewhat snarky 'nefarious short-sellers' angle of questioning (and insuring the uninsured prod), he simply and elegantly points out how massively asymmetric the bet was, how the asymmetry in Europe has disappeared now, and all the asymmetry lies in Japan. From the 14-minute mark, describes the demographic disaster, destroys the savings myth of the land of the rising sun, and brings into focus how Italy's rapid demise should be a forewarning for the debt-servicing of Japan.
Ending up on the Fed's printing and the need for guns and gold, there's a little here for everyone!
"Buying gold is just buying a put against the idiocy of the political cycle. It's That Simple"
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priceless!
I always thought it was buying a call for the idiocy of the political system
No Way... Im Sticking with the tried and true...
Rozengreen, Greensapn, Guythiner and Bennankie.
They will save us.
Have faith.
Give them a chance.
Just give them a chance...
Burp...
Bass was telling the host what went wrong in the world economy and yet all she cared was how much money Bass made.
After he stated over and over again that he was majority long on everything, He bought $99 worth of stuff and a $1 lottery ticket. Typical hate the player, not the game.
The name of this show should be "HARD to Talk". She's worse than Jim Cramer. Ask a stupid question, then shut the fuck up. Kyle handles her pretty well, but she should have one of those rubber ball gag things in her dumb ass mouth.
I wish she had asked one question, "Kyle tell us what you think of the current world economy and how are you investing and preparing for the future?" Then let Kyle talk for 30 minutes straight.
"You can't hate the mirror cause you're ugly" fucking classic!!!
I dont think he would need 30 minutes. Back to my gambling analogy, I think he would say.
Kyle: The store advertized they would raffle off a car every hour on the last and first days of the month. If you buy a $100s worth of goods you are entered in the drawing. I need to buy stuff just like everybody else. I know that people get paid on midnight of those two days. I will show up at 23:01. Leisurely buy my $100 of goods and win the car because my entry will be the only one in the hat.
MSM talking head: HOW DO YOU KNOW THAT!!!!!!!
Kyle: The folks that saved will have started chasing the prize at 00:01 of the first day. The folks that did not save, or read the adverts will not have any money till 00:01 of the 2nd day.
MSM talking head: WELL .... HURRUMPH .... I SEE IT IS GOOD YOU BROUGHT A BODY GAURD!!!!!
Kyle: Thats Jeff Bridges. he is a pacifist. he is here to drive the other car home.
MSM talking head: WHAT YOU ARE DOING IS WRONG!
Kyle: What kind of car do you drive?
MSM talking head: I dont own a car. I use the service or call the Hackney whenever I need to go somewhere unannounced.
Kyle: You see in Texas ....
MSM talking head: You are going to have to change your attitude if you ever want to be on this program again!
Hyle: Okay. So now can we talk about why the ECB cant really issue bonds that anyone but themselves will buy?
MSM talking head: "NO. I WANT YOU .... TO TELL ME .... what you are going to do about the 47 other people who won a car but did not think to bring Jeff Bridges to drive it home for them!!!!!!!"
Kyle: You see in Texas ....
Bass kicks ass. He has a real gift for distilling topics so that the lay person can understand them. I always enjoy listening to him talk.
www.pmbug.com
Hard Talk should be Its hard to think because I'm a shill for the status quo
I would take her on the blue billiard table.
Her hatred for men couldn't have been more obvious. Sign of the times.
PIIGS+France+UK yell "print, Trichet, print!"
Germans say "not happening"
What will the ECB, Sarkozy, the IMF do?
Will Timmay & The Bernank intervene?
Will generations of Germans be sacrificed in order to kick the PIIGS+France+UK free-rider can down the road for a few more years?
Will the EU tear apart at the seams?
What would Adam Smith, Keynes or Ludwig von Mises do?
Stay tuned for the dramatic conclusion of "As The EU Burns, Bitchez"
I actually thought she was thinking of jumping him. She couldn't get him on any angle she threw...probably liked being dominated in the conversation.
This is typical of the BBC in general. It's a completely leftist organization which is like a broken record. Totally out of touch with reality and business / finance illiterate.
"You can't hate the mirror because you're ugly." And I thought it couldn't get any better than the quote about the German pope and Italian Central Banker....Dude would get my vote for most anything.
I want to buy a share of that fort in texas. I will supply my own guns
+ 1
Me too! I'll bring my own guns and ammo as well.
She wasn't attacking him, idiots. She was giving him time to answer his most shrill critics. She kept going back to short selling because he wasn't defending it well enough to flush them entirely.
The last thing the statist BBC wants to hear is that it's our beloved governments that have brought all this shit down on our heads.
The last thing the beeb wants to hear is that it's the bank employees, better known as "government," that have brought this shit upon us.
Exactly, maniac, but even moreso she wanted to say HE was part of the problem creating instability. Firing back with the Greek bank CDS stuff was fantastic but she insisted on just talking over him. She was a perfect example of somebody relatively poorly informed talking to a true financial genius and being too damned stupid to recognize and listen. In some ways she is representative of our idiot governments. She didn't even understand some of the things he said about trading.
I really like how she mentioned naked shorts and CDS bets as taking insurance on things they don't own. I wanted to scream at her that we all own shares in the stupidity of our governments and suffer from their stupid decisions. We are in fact buying insurance on our own financial lives. That's what hedges, gold and even guns are...insurance for ourselves from our own idiot governments.
This Kyle Bass is one of my new heroes. I love this guy! More videos!
Aye, hats of to Mr. Bass for keeping things classy.
I would love to see this Gem interview Celente...now that would be quite a show lolz
The aggressive tone and stupid questions are what the show's producers (BBC) want based on the audience's beliefs. One of those beliefs is 'making money is bad' when the reality they can't face is 'I didn't make any money because I couldn't recognize the facts.'
We really don't know if she is really that poorly informed or just acting, although I concede she may be.
yeah that's boring plus need a clip for the promo.
will the end tonight? find out in special report at 11...
It's the BBC, see. They charge an annual fee and, if you don't pay, you go to prison. Period.
So that's a lot more ethical than someone going out and making their own money, don't you think?
no, I don't think so
the BBC charges you according to a law made in parliament - it's a kind of tax - and the law could be changed
the interview was very good - for all her faults she handled her point badly:
the CDS market is smaller - that's the point - it's a tail that can be used to wag the dog
he is right by pointing that derivatives are legal since 40 years
the point there is that they were outlawed between the thirthies and the sixties for a reason (that should become more clear now)
BAN CDS
no. the point is options are *listed*, so you have somewhat of a clue as to volumes, volatility, and pricing,
and (usually) there is no naked shorting so there is some skin the game with margin calls. Nothing wrong
with a regulated, listed CDS market with central clearing. which is what they're trying to fix, imho.
Ghordius, while your English is very good, you made a very common mistake here that many, many other non-native English speakers often also make. However, you should know that it makes no sense in English to say "since (a certain period of time)" by itself.
What you are actually trying to say should be phrased as "since 40 years ago", or preferably, "For the last 40 years" (although usually when one uses the word "since", they reference a particular point in the past --- as in "since last November", or "since 1971"). Please learn to use the word "ago" --- I've noticed that many non-native speakers (or writers, in this case) seem to have a very hard time with that word, but its use is essential when talking about time in the past in English.
Carry on!
Amen... Or even better:
... he is right by pointing out that derivatives have been legal for 40 years
-1000 BBC hardtalk. don't interrupt a speaker when his point is cogent and not redundant.
I'm a huge BBC fan but I'm extremely disappointed by this rude and badgering interviewer.
Stay put then
Current Status:
Drinking a 40oz. Stack of cash and some gold coins on my desk. I feel nervous, yet secure because of the AR and shotgun in my closet. Have 3 screens..........porn, currently on two of them.
Outlook:
Deflation will get pretty wild. It will be choas before people start getting jobs and 'recreating' society. My objective is to have a store of Cash, bullion, and weapons to ride out the fall. It is only a matter of time before the current governments of the world collapse. Think about it! I would guess 80% of US Senators grew up before the internet. Times change. But change creates opportunity.
With a store of wealth (not money, but wealth) you will be ready to ride out a deflationary, macroeconomic collapse.
At the end of the day, this story has a happy ending. Governments WILL change, policies WILL change, people WILL change, and life will return to a stable cycle. However, as always, we will be a capitalist society. I think, that if you are prepared, the coming apaocalypse is the OPPORTUNITY of a lifetime.
Cheers Ass Holes
This stuff is sometimes called economic porn so you have porn on three screens.
When are you going to buy a real rifle like an FN-FAL?
+ 1 "Cash and gold is good."
Drinking my ice-cold raspberry vodka mixed with absinthe combo now myself. My cash and PMs, while not on my desk are pretty close at hand (some anyway). My 9 mm and AK are a little further away (as my wife does not want them in the house), but I feel OK about that part of the plan.
Cheers back at ya!
btfd, ysfb.
"Capitalism without bankruptcy is like Christianity without hell"
great simile, great interviewee
crappy interviewer (populist/sensationalist)
strannick remarked:
Buying gold is just buying a TDS (truthfulness default swap) on politicians in general.
yes but this is ruthless antisocial speculation. sure wealth preservation turns out real well for gold buyers (and they make a name for self, get invited on tv, etc) -- but does this not risk a self fulfilling prophecy vis-a-vis decline in currencies and political systems?
specious reasoning lesson courtesy of bbc. a taste of what is comes in the finger pointing stage...
Yeap, there is their reasoning for what they will ultimately do in desperation: these people buying insurance for themselves and families were taking part in destroying the currency and central government - that is, they are trrrrsts and their financial assests have been frozen/taken.
this man is my hero.
That stupid woman could not keep her moutn shut for more than 60 seconds...too annoying.
Dead on right!
I have not heard anyone put it so succinctly. He knows of what he speaks.
If I had a million liquid, I'd call him in the morning.
Damn! I was thinking the same thing. This guy could manage all my money. He should be advising governments. Actually, he has been on some panels but gets ignored.
Bass has been wrong for 3 yrs now. He makes great speeches but his advice yields no returns. Gold will never be currency because you cannot digitize it. Same with silver, just ain't gonna happen. Euro will be 1.40 in a week, take that to the bank.
You are so right!!! We can digitize paper currency and coins, but not gold and silver. That really makes sense!
Jewelry is impossible to digitize into currency. Remember, gold & silvers' true worth derives in the fact it is beautiful jewelry. Not that it can be traded for useful living staple, in that case ammo and medical supplies would be worth much more than a Rolex or gold ring. For a situation to get to that point, none of us blogging on this site would still be alive anyway. I suggest investing in Euro and make a ton if money befor Chistmas! Enjoy America!
Shouldn't you be watching a rerun of Jim Cramer's "Mad Money" on CNBC?
PS: Yes, I did give you a red arrow --- asshole.
Managing tones of money in a safe manner is not that easy. Even if he is not doing well lately he is not losing and he is balanced.
His thesis of where we are headed is what one admires and the courage to tell the truth as he sees it. As opposed to many hedge fund and mutual fund managers who are co-opted by the banksters and are talking trash.
The exorbitant bonuses in banks and funds are there to discourage whistle blowers.
try harder please
Y'all cut 1000pips (Member for 1 week 6 days) a little slack, ok?
After all, with that NSA Lapel Pin avatar and the stealth program of one operative equals 1,000 social network accounts, it obvious that 'pips' is a military anacronym for 'Persistant Individual Personality Storage'.
1000pips most probably is a Corporal or Sargeant equivalent just cutting his teeth after advanced training in PPP (Pentagon Propaganda Programming).
Length of membership to a doomsday blog has no merit. Check out my call of Euro at 1.40 in a week, when I am correct you will perhaps look at the macro economic situation for what it really is- a head fake for armchair novice rookies, who constantly invest with herd mentality, in this case the 'dooms dayer's ', who so despartly wish the world would crumble, it will not, too much retail Christmas sales to report!!! Enjoy America!
You conflate predicting something with wishing it to happen.
Looks like you have a margin call sir. Can you pay or would you like to double up again with some co-mingled funds?
NEWSFLASH!! Gold is already digitized at GoldMoney.com
Your shenanigans are tragic.
100pips,
How the hell do you know that? He said many times he was long, so he would have to be stupid to not make money the last three years, so are you guessing?
1000pips stunned us with this piercing analysis:
You're no million dollar bonus.
No we are f*cking doomed. In a week the market will panic making Lehman look like nothing. The EZ bond market is c-hair from a total collpase with or without the ECB all in BS.
Prepare.
...or die
Complete nonsense, pips. You can't digitize anything, unless you have a transporter beam like me. If you would like, I could arrange a demonstration by beaming a 400 oz bar of tungston up your ass.
Bass has been wrong for 3 yrs now. He makes great speeches but his advice yields no returns. Gold will never be currency because you cannot digitize it. Same with silver, just ain't gonna happen. Euro will be 1.40 in a week, take that to the bank.
they'll just steal it anyway
dulce est desipere in loco
what bank?
sweet finally on ground floor for one of those asymmetric things...
1000pips...someone obviously trades forex......unfortunately for you the people that do believe gold is and will be a currency, control the central banks around the world....wake up before you lose your grubstake
"You can't hate the mirror because you're ugly."
Quote of the decade.
Nah, quote of the crisis......"That is a great question does Europe have listed options markets on all of their equities and equity indexes?...they do dont they...?" Why would you ever argue with a hedge fund manager?.....
Wow, this woman is annoyingly stupid. She'd do us all a favor if she would just STFU and learn something.
.
Horribly prejudice interview by the *cough* 'fair and balanced' BBC!
Kudos to Kyle for remaining calm and trying to explain to the bimbo journo of how things work in the real world.
It proves once again, that the MSM is nothing more than a government propaganda mouthpiece.
The lady was a bimbo? At least ours are easy on the eyes.
“A nickel ain't worth a dime anymore.”
it's worth $0.065
Mr Bass bought $1MM of nickels several months ago. When Micheal Lewis quizzed him on that, he said, "...a nickel is worth $0.068. That's why I bought them, as they will be reminted to be worth less within a year or so. And I had a hard time convincing the Dallas Fed to do the transaction."
That be 20 million nickels. Wow.
Ultimately, I'd rather have Bass offer a PM backed alternative currency in a free market than getting Sanduskied like in the current situation.
I didn't realize this was the 20 million nickels guy!
Dow to 15,000
Gold blows past $2,000, maybe even $2,500
Why not cheer for higher stock prices?
That's what they said in Weimar.....
1922: German stock market at 743 in January, rose to 8981 in December, and 26,890,000 at the peak in late 1923.
I'm sure they were "cheering" as the Mark became worthless at 4 Trillion to the dollar and crime was rampant
That's what they said in Weimar.....
1922: German stock market at 743 in January, rose to 8981 in December, and 26,890,000 at the peak in late 1923.
I'm sure they were "cheering" as the Mark became worthless at 4 Trillion to the dollar and crime was rampant
Clear this up for me - did they also have a welfare underclass whose only source of sustanence was .gov provided bennies, with a propensity to riot over the least provocation?
Clear this up for me - did they also have a welfare underclass whose only source of sustanence was .gov provided bennies, with a propensity to riot over the least provocation?
Far worse. Hitler's party was the only thing that prevented a communist revolution. That's why he was backed early by Germany's elite industrialists, wealthy and old guard nobility. In Bavaria, communism was the form of governemnt after a successful local revolution. It was called The Bavarian Soviet Republic (1918-1919).
http://en.wikipedia.org/wiki/Bavarian_Soviet_Republic
RoboMomoChaserPaperTraderUltimateFader asks "why not cheer for higher stock prices?"
Spoken like the true, fundamental imbecile that he is and represents.
That's it. That last number, that's where Bernanke wants the Russell 2000. How did the Germans do that again?
gold teeth hedge fund
I collected stamps as a youth in the late 50s-early 60s. One of them is a red and white 75 mark stamp re-cancelled in black for 2MM marks. That's the good ol' 50s Everette Dirksen real $$$ (remember, a billion here and there, and you're finally talking about real money in Washington).
My mom's stamp collection I inherited has many of these stamps. They are not really cancelations, but over-printing in black ink. They did not have time to do nice engravings for the higher valuations, instead they just over-printed the new value on existing stamps.
It happened in Zimbabwe over the past decade or so.
read the coming of the third reich by richard evans. it's written for the layman but i found it a more informative read than many other books on the topic. you'll find the answer to your question and a lot more that will clear up many questions you may have about germany at that time. quite a good read if you're interested in putting all the pieces together.
Follow the BloodMoney
Massive investment in Hitler's Nazi Germany was made by the ameriKlan ruling class while the USSA itself languished in Great Depression and tens of millions of Americans were unemployed and losing their homes, farms and businesses to the banks owned by the Rockefellers and all their clubmates.
After the Nazis seize power in Germany with arms and financing supplied by the Rockefellers, the Harrimans, the Duponts and other members of the U.S. ruling class, with the help of their minions such as the Bush family, the Nazis begin their "Aryanization" program under which Jews are forced to sell their business assets for a small percentage of their true value to "Aryans".
Many American corporations were quick to cash in their markers with the Nazis by sticking their snouts in the "Aryanization" trough, none more avidly so than the Ford Motor Company under one the world's most rabid anti-Semites, Henry Ford.
The Bank of International Settlements ...BIS... is created by a group of the world's major central banks. The ostensible purpose of the BIS, established under J.P. Morgan banker Owen D. Young's so-called Young Plan, is to provide the Allies with German reparations for World War I.
Strangely enough, the BIS soon turns itself to exactly the opposite purpose, siphoning money from the U.S. to the Nazis to build the Hitler war machine.
The structure of the BIS, safely tucked away in war-free Basle, Switzerland, is inspired by none other than Hjalmar Schacht, who will shortly become Nazi Germany's Minister of Economics and president of the Reichsbank, a man with powerful Wall Street connections.
Even before Hitler rose to political power, Schacht had pushed for an institution which would maintain channels of communication and collusion between the world's financial leaders in the event of a world war.
By its very structure, agreed to by the governments of all participating nations, the BIS is the perfect instrument for the boys in the back room. Written into the BIS charter is total immunity from closure, seizure or censure, regardless of who is at war with who. How convenient.
By 1939, the BIS will have invested millions in Nazi Germany while the Nazis, in turn, will have deposited vast sums looted from various groups of "subhumans" into the BIS.
From laundering Nazi loot, the BIS grew to be a supranational club with membership restricted to the handful of families who have defacto control of much of the global economy.
There is a floating theory out there that the US will sink Europe and literally buy all the depressed assets for a few songs, since the dollar will strengthen and is also the worlds reserve currency and can be printed almost to infinity.
Does anyone have anything on that?