as a leveraged buyout in other words greek greece before the collapse it was roughly a four hundred billion dollar economy and you had a collision and cooperation amongst amongst others goldman sachs john paulson has fund manager pappa dreyer the former head of grace to essentially borrow a lot of money to take the country over and now they're selling off the assets to pay back part of that loan and then most of the income producing assets will go in the hands of foreigners and overseas bankers now for that's a to make sense even need interest rates to do what they've been doing for thirty years that is to say go down interest rates have been going down for thirty years as part of a secular bond market bull market in bonds so two questions number one is the secular bull market in bonds over because it appears as though interest rates are now starting to move up and maybe we're at the beginning of a secular bear market in bonds and so the second question is will this rising interest rate environment complicate an already complicated situation in greece yanis. well you will question i

you know a lot of people would describe what happened in greece as a leveraged buyout in other words greek greece before the collapse was roughly a four hundred billion dollar economy and you had a collision in cooperation amongst amongst others goldman sachs john paulson has fund manager pappa j.-o. the former head of grace to essentially borrow a lot of money to take the country over and now they're selling off the assets to pay back part of that loan and then most of the income producing assets will go into the hands of foreigners and overseas bankers now for that's a to make sense either interest rates to do what they've been doing for thirty years that is to say go down interest rates have been going down for thirty years as part of a secular bond market bull market in bonds so two questions number one is the secular bull market in bonds over because it appears as though interest rates are now starting to move up and maybe we're at the beginning of a secular bear market in bonds and so the second question is will this rising interest rate environment complicate an already compli

and your question is much more broad and it's not doesn't just but again to greece i think that we are probably going to have to see a very low liquidity and upper level interest rates for a long wired to go because these global crisis is creating a dearth of aggregate demand worldwide so i'm not particularly wired about the increase in interest rates i know that this is a talk in the united states with the better one gets of announcing that he is pulling the plug from to eat but they've got to be a premise max we've got to agree whether it was a levered buyout or not i wish it where i wish there was a conspiracy there was no conspiracy made it was estimates spontaneous disorder was happening in the years up before and let it be fed up and they're oh my no personally he came in in two thousand and nine after the colby's us that had already happened and he was criminally negligent in the way he had to be but he was not about the conspiracy to sell out because i don't believe that and i need to state that and i didn't think there was a conspiracy what was going on between two thousand in

and your question is much more broad and it's not doesn't just but again to greece i think that we are probably going to have to see a very low liquidity trap level interest rates for a long wired to go because these global crisis is creating a dearth of aggregate demand worldwide so i'm not particularly worried about the increase in interest rates i know that this is the talk of the united states with ben bernanke is sort of announcing that he is pulling the plug from to eat but they've got to be a premise max with regard to grief whether it was a lever to buy out or not i wish it where i wish there was a conspiracy there was no conspiracy i mean if it was estimates spontaneous disorder was happening in your day years of if i had let me be fed up on their home i know personally if he came in in two thousand and nine after the whole these us that had already happened and he was criminally negligent in the way he handled it but he was not about a conspiracy to sell out because i don't believe that and i need to state that and i didn't think there was a conspiracy what was going on betwe

detroit jefferson county greece harvard's endowment although in the u.k. there's dozens of businessmen who have been solved these credit default swaps as a way to enhance their bottom lines knowingly by his b.c. barclays royal bank of scotland and the other for. banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just starve everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years just to wall street for underwriting these new bonds to pay back the old bonds th

detroit jefferson county greece harvard's endowment all of the new caterers dozens of business men who have been solved these credit default swaps as a way to enhance their bottom lines knowingly by his b.c. barclays royal bank of scotland and the other for. banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just starve everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the old bonds that they have almost defaul

detroit jefferson county greece harvard's endowment all of that in the u.k. there are dozens of businessmen who have been sold these credit default swaps as a way to enhance their bottom lines knowingly by his b.c. barclays royal bank of scotland and the other for. banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just starve everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't really just debt they were just conjuring up debt putting into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the old bonds

and their preferred clients were able to profit knowing that these things would blow up knowing that greece would blow up the same thing here is they control twenty five percent of this market the storage market so because the price of storage is baked into the aluminum cake then they are able to know whether the prices are going to rise or fall and they could they could easily make it faster delivery so that they know that the price will collapse but now the article then goes on to note that by controlling warehouses pipelines imports banks gain valuable market intelligence investment analysts say that in turn can give them an edge when trading commodities in the stock market such an arrangement might be seen as a conflict of interest or even insider trading but in the commodities market it is perfectly legal insider trading it's overtly insider trading and of course they also have the ability to create indexes around this inside information and data that they then manipulate with another layer of financialization so all the commodities would go to create five or ten or fifteen new indexes

and their preferred clients were able to profit knowing that these things would blow up knowing that greece would blow up the same thing here is they control twenty five percent of this market the storage market so because the price of storage is baked into the aluminum cake then they are able to know whether the prices are going to rise or fall and they couldn't they could easily make it faster delivery so that they know that the price will collapse but now the article then goes on to note that by controlling warehouses pipelines imports banks gain valuable market intelligence investment analysts say that in turn can give them an edge when trading commodities in the stock market such an arrangement might be seen as a conflict of interest or even insider trading but in the commodities market it is perfectly legal it is insider trading it's overtly insider trading and of course they also have the ability to create indexes around this inside information and data that they then manipulate with another layer of financialization so all the commodities would then go create five or ten or fifteen

detroit jefferson county greece harvard's endowment although in the u.k. there's dozens of businessmen who have been solved these credit default swaps as a way to enhance their bottom lines knowingly by his b.c. barclays royal bank of scotland and the other for. banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just start everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the old b

and their preferred clients were able to profit knowing that these things would blow up knowing that greece would blow up the same thing here is they control twenty five percent of this market the storage market so because the price of storage is baked into the aluminum cake then they are able to know whether the prices are going to rise or fall and they can they could easily make it faster delivery so that they know that the price will collapse but now the article then goes on to note that by controlling warehouses pipelines imports banks gain valuable market intelligence investment analysts say that in turn can give them an edge when trading commodities in the stock market such an arrangement might be seen as a conflict of interest or even insider trading but in the commodities market it is perfectly legal it is insider trading it's overtly insider trading and of course they also have the ability to create indexes around this inside information and data that they then manipulate with another layer of financialization so all the commodities would then go create five or ten or fifteen new i

preferred clients were able to profit knowing that these things would blow up knowing that greece would blow up the same thing here is they control twenty five percent of this market the storage market so because the price of storage is baked into the aluminum cake then they are able to know whether the prices are going to rise or fall if they can they could easily make it faster delivery so that they know that the price will collapse but now the article then goes on to note that by controlling warehouses pipelines and ports banks gained valuable market intelligence investment analysts say that in turn can give them an edge when trading commodities in the stock market such an arrangement might be seen as a conflict of interest or even insider trading but in the commodities market it is perfectly legal insider trading it's overtly insider trading and of course they also have the ability to create indexes around this inside information and data that they then manipulate with another layer of financialization so all the commodities would then go create five or ten or fifteen new indexes ba

detroit jefferson county greece harvard's endowment of the new k. there are dozens of businessmen who have been solved these credit default swaps as a way to enhance their bottom lines knowingly by his b.c. barclays royal bank of scotland and the other for the banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just start everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the

detroit jefferson county greece harvard's endowment all of the new caterers dozens of businessmen who have been solved these credit default swaps as a way to enhance their bottom lines knowingly by his b.c. barclays royal bank of scotland and the other for me to talk the banking criminality and they've all explode in their face so yeah detroit is america's gaza basically and look for that trend to continue they're going to wall that city and just start everyone to death and try to make a few bucks as a prison operator well speaking of the counterfeiting however these are this was counterfeiting payments to the pension fund because it wasn't real it's just debt they were just conjuring up debt putting it into the pension fund and saying they had met their obligations but then what happened is they got into a cycle of having to ever go back and repackage and borrow more money from wall street accumulating c.f. to feed they've paid over five hundred million dollars in the last few years in just fees to wall street for underwriting these new bonds to pay back the old bonds that they have

join the mastery treaty and join the euro and that's an instruction to the kind of problems it's not greece and or. the various countries italy entering the euro they cooked the books they juggle the definitions they decide that inflation means that it doesn't mean that they're exactly look at the money supply or go look at my spy wages you know we've got about a minute left i want to touch on something which i think is kind of interesting and that is that in the u.s. when they report c.p.i. they do so in a way that goes to the said donnegan just went where they were for example say that well going to substitute a hamburger for steak you know that's the price of the hamburger is less than steak inflation is cheaper or they'll say this computer has twice the the processing capacity therefore it's half as expensive as the. i talked about this and you're saying no we don't do that here what we use is geometric mean so geometric means. is roughly the equivalent of how the u.k. government gets away with scamming the public by misreporting inflation geometric means is just a different way using t

all join the mastery treaty and join the euro and that's just wrong to the kind of problems it's not greece and or. the various countries and italy entering the euro they cooked the books they juggle the definitions they decide that inflation means that it doesn't mean that they're exactly look at the money supply or go look at my spy wages you know we've got about a minute left i want to touch on something which i think is kind of interesting and that is that in the u.s. when they report c.p.i. they do so in a way that goes through these have donek adjustments where they were for example say that well going to substitute a hamburger for steak you know that's the price the hamburger is less than steak inflation is cheaper or they'll say this computer has twice the the processing capacity therefore it's half as expensive these adonikam and i talked about this and you're saying no we don't do that here what we use is geometric mean so geometric means. is roughly the equivalent of how the u.k. government gets away with scamming the public by misreporting inflation geometric means is just a dif

the way to keep the peace america is selling to china their income producing assets the same way the greece and ireland have sold to the troika or the private equity groups their income producing assets to. same mentality it's a financial muckraking marauding that goes on well also this whole fiasco empire run by the us has always been the argument always this is that we can run this forever because china has nowhere else to spend all the treasury bonds they buy and that inflation we can print as much as we want because that inflation will never come back here well this is exactly the scenario where people were projecting where when the inflation will happen as once they start bringing that all those trillions of dollars printed back into the u.s. economy to buy those assets and it could be one reason why you are seeing booms across america in various mortgage markets housing markets and things like that so in california for example seventy percent of chinese buyers of property there are paying all cash so here's that cash from from china coming back into the u.s. and will it cause inflatio

we could all join the mastery treaty and join the euro and that's to the kind of problems it's not greece and or. the various countries and italy entering the euro they cook the books they juggle the definitions they decide that inflation means that it doesn't mean that they're exactly look at the money supply or go look at my spy wages you know we've got about a minute left i want to touch on something which i think is kind of interesting and that is that in the u.s. when they report c.p.i. they do so in a way that goes to the said donnegan just went where they were for example say that well going to substitute a hamburger for steak you know as the price the hamburger is less than steak inflation is cheaper or they'll say this computer has twice that the processing capacity therefore is half as expensive as the these are hit on a good job and i talked about this and you were saying no we don't do that here what we use is geometric mean so to metric means. is roughly the equivalent of how the u.k. government gets away with scamming the public by misreporting inflation geometric means it's

could all join the mastery treaty and join the euro and this is wrong to the kind of problems it's not greece and or. the various countries and italy entering the euro they cooked the books they juggle the definitions they decide that inflation means that it doesn't mean that they're exactly look at the money supply or go look at my spy wages you know we've got about a minute left i want to touch on something which i think is kind of interesting and that is that in the u.s. when they report c.p.i. they do so in a way that goes to the said donnegan just went where they were for example say that well going to substitute a hamburger for steak you know as the price the hamburger is less than steak inflation is cheaper or they'll say this computer has twice that the processing capacity therefore is half as expensive the donica john and i talked about this and you were saying no we don't do that here what we use is a geometric mean so to metric means. is roughly the equivalent of how the u.k. government gets away with scamming the public by misreporting inflation geometric means is just a different