"...I talked about the hyperdeflation scenario. Brought about by the collapse of the Eu and European countries defaulting on their debt and the Unites States like california collapsing defaulting on their debt and a trillion dollars worth of mortgages that are going to reset over the next two years. Forcing housing crises ...as the homeowners walk away from those mortgages. Now yesterday China announced that they've decreased their treasuries that they're holding. Those treasuries were not sold in the open market. There was a conference call between China and the Federal Reserve saying that we're going to unload these treasuries. We don't want to sell them in the open market. That will destroy the price we'll get on these treasuries and the Federal Reserve calling Japan and asking them to buy those treasuries and I think the Federal Reserve printed the money for Japan to buy them. Essentially monetising the debt which is what they have done in the past through backdoor channels like this one. But it's still monetisation of the debt. We just saw the collapse of the Euro or at least their decline. As the Greek government started to collapse. And eventually those other countries are going to collapse as well over the next two years. Spain Ireland Greece and Portugal. All going to default. Here's what concerns me: I said we'd be on a rocky road of deflation followed by inflation. Hyperdeflation hyperinflation. This stuff is happening too fast. We've got the convergence of hyperdeflation and hyperinflation happening at the same time. That's like matter and anti-matter colliding. Now when that happens, folks, we implode and explode concurrently. Turning into a huge black hole. Frankly I don't know what to do. Do I buy the dollar or short the dollar. I don't know. I really don't know. I don't know what's going to happen to commodities in the crisis and I don't know what's going to happen to the stock market. Will interest rates go up or will they go down? I don't know folks. We've never been down this road before. I don't know what to tell you. You're on your own!" **
Viewed tonight (22nd February 2010). I don't know who this guy is but I like the way his face contorts!