Bullet Points:
- solvency of Greece (interest payments over 10% of central government revenue = insolvency)
- origins of IMF and White being Russian spy who gave U. S. printing plates to Russians
- U. S. losing veto power in IMF
- Barney Frank comment about funding IMF
- we need to reduce spending by 5% and increase revenue around 2.5%
- long-term housing market projection (around 27 minute mark)
- GFEs didn't charge enough points for risk taken (after 28 minute mark)
- what does actual Greek default look like (don't know if Greece already received tranche of bailout funds to cover payments from Dec. 19 - Dec. 30 mentioned in video clip; Japanese are going to lose 1/3 of their savings) (30 minute mark)
- his Japan scenario, including how U. S. benefits from both legal and illegal immigration (~ 34 minute mark)
"Unlike Italy where foreign bondholders would pay for a default, Japan can't allow itself to default. A steep price will nevertheless be exacted from the Japanese people. It will come in form of higher taxes on income and consumption (in the works), higher costs (happening), and lower wages (continuing). Entitlements will be whittled down. Some will disappear. Meanwhile, companies will be subsidized or get bailed out (happening). But these measures will only kick the can down the road—though kicking a can on the road is precisely what you don't do in Japan."
http://www.testosteronepit.com/home/2011/9/21/how-long-can-japan-play-the-endgame.html
- owning physical gold (42 minute mark)
- social unrest / Occupy Wall Street comments (around 44:50 mark)
- killing the dollar (around 47:40 point)
"The cost would be inflation and devaluation. As in the US, inflation would fluctuate between 2-5% a year, or 30-50% every decade. As in the US over the last twelve years, it would entail the gradual impoverishment of the middle class whose wages would rise more slowly than inflation. So that governments could fund their deficits with free money, the ECB, just like the Fed, would force yields below the rate of inflation. This form of financial repression would devastate fixed-income investors, pension funds, and savers. By taking control of the credit markets through printing money, the ECB would shield Eurozone governments from the harsh discipline that markets can impose. Unrestrained, deficits would skyrocket."
http://www.testosteronepit.com/home/2011/11/21/euro-schizophrenia-in-germany.html
- more Freddie / Fannie / GSE comments - raise basis points from 20 to 70 to pay back government (around 52 minute mark)
- we should try
Switzerland private bank model LOL!
(if you are an officer or director of private bank in Switzerland, you have
personal liability for assets of banks, so once cap structure of bank is exhausted, you are on hook) start around 59 minute mark