AC2011 Session 1.2 Come Undone: Kyle Bass redux

[RTC1655]

Kyle Bass makes Peter Schiff look like a jr analyst. Even the brilliant Jim Rodgers pales when compared to this guy.

[TheDonster666]

the whole system IS going to crash. The FIAT bankers will see to it. This whole video is a crock of shit.

St. Louis Federal Reserve Bank,

Review, Nov. 1975, p.22 "The decrease in purchasing power incurred by holders of money due to inflation imparts gains to the issuers of money--."++

[urbanblissed]

Did Mr Bass lose a significant amount of weight? He looks sooooo much better.

[TimothyADonaghue]

Good tunes.

[sang3Eta]

On the subject of housing and he doesn't see housing prices falling much more, through history I see bond markets collapsing and interest rates rise first before putting in the real bottom in housing prices.

[gladiator1010]

Come out of Babylon or partake in the coming plagues.

Why do we feel the need to "change" the "system" that clearly does not belong to us. We have the right to create our own nation...either men are kings, agents of kings or slaves...slaves will have their gold-silver confiscated eventually if not sooner

Freedom requires total response-ability

[xpressurs]

the UK is fucked

[xpressurs]

ron paul 2012.

the solutions he is making is what ron paul is talking about and no one appears to be listening.

GOD HELP US.

[TimothyADonaghue]

I've watched 10 minutes so far - does that guy on the right ever put his glasses down? Just wondering...

[seanincali1]

does the volume have to be so low? no. it can be louder. yes. i'm answering my own question. yes on youtube. (i was answering my chair.)

[larry185]

"all of the business is FHA" is incorrect; most of the business is still gse. Does bass mean secondary market? mtg is not the smartest way to play mi market.



[SLVBULL]

Invest in physicals gold and silver.

[SLVBULL]

Great interview however I have to agree with pastor Williams that if you hold any paper assets they will be worth the paper they are written on.

[wingrovedl]

Smart guy this Kyle Bass is. Up front with his perspective. +1 to Kyle for that.

[danno321s]

The FED caused the exporting of jobs by allowing the US government to borrow cheap in return for the favor of US citizens buying products from Japan, Mexico, and now China. Meanwhile, as Kyle pointed out, we have permanent job loss.  Those housing jobs are not coming back nor the jobs in the feeder industries to the house construction and decorating. Sears just announced massive closings; a judgement on the housing sector.

[fazole]

The thing about Japan, and asian society in general is family funded social security. 3 generations will live together, work hard and save. In some ways, Japan is probably the best place to be in an economic melt-down, since they don't riot and loot. As far as food and natural resources go; its bad for them if they can't import.

[flipflopmojo1]

What a shame that such a bright man doesn't apply his admirable talents to solving the concrete problems that average people face in the US. People need jobs, food, health care, and education. The econ stance presumes that these cannot be provided without constant economic growth, when in reality this is impossible. Nothing he said would contradict the position that taxing the one percent would ease the pain of whatever readjustment is coming. But his ethos is about keeping the rich rich.

[dmimcg]

Dat dude is right on. I make a good living growing herbs that I sell to high end eating places that feed the 1%. I produce!

[GreshamsLaw]

45:10 - "capitalism without bankruptcy is like christianity without hell"

[Mattthemangler]

What about Antarctica will they be O.K?

[MISTY1770]

@Mattthemangler Yes. If Global Warming is real, then it may reverse itself from the population loss. If GW is not real, then nothing changes in Antartica so it's still OK. You win either way :)

[dovbearbarleib]

People who tell the Truth are not wicked. They don't lie about housing statistics and claim that the building of five to ten unit complexes are the start of some sort of boom. Kyle tells the Truth. An honest man is rare these days.

[marinello6]

Is Kyle Bass basically saying that paper gold...GLD could run into trouble? Is he advocating PHYSICAL GOLD? Someone please help me, I am bright but not that bright. I, as others, are interested in where he is putting his investments. Sorry guys, I am desperate...I have been reading until my eyes bleed. I think I have a clue but that is still too clueless. 

[onassi]

@marinello6

Hey there. Yes he is saying to avoid paper gold. Avoid ETFs in general like GLD and SLV because based on what kyle has learned (and many other wise economists), these guys sell more gold and silver in the paper form than they actually have. At JPMorgan for example, they sell 100 paper promises for silver for every one ounce of silver they actually have. So essentially, 100 people own the same ounce of silver. This is why the price of silver (and gold) is so low

[rsaathoff]

@marinello6 Payoff debt. Get a house paid for. have just enough cash on hand and in banks to cover bills. Paper assets will be destroyed. All suplus should be held in physical precious metals (in hand) and tangibles that can either generate revenue or a liquidated easy. At least that is what I am doing. But I am not rich.

[richd305]

In Layman's terms, WE ARE SO FUCKED!!!

[brandon3586]

Kyle Bass is wicked smart.

[dovbearbarleib]

@brandon3586 People who tell the Truth are not wicked. They don't lie about housing statistics and claim that the building of five to ten unit complexes are the start of some sort of boom. Kyle tells the Truth. An honest man is rare these days.

[aznsnipa]

lol @ 46:40

[finnraft]

46.42 "I think we just continue to print money, that's the answer." "And then what?" "Then you're in big trouble." You mean WE are in big trouble. The systemic solution to exponentional debt growth is full reserve. US Constitution, Article 1, Sec. 8: 'Congress alone shall have the power to coin and regulate money and the value thereof, because only Congress is subject to the vote of the people.' The reform Bill is HR 2990, NEED Act.

[casper1918]

Pretty much along the same lines as another economist I follow. I think Bass this year was trying not to be as negative about the future even though he painted a bleak picture. Really, what can the average Joe do in the big scheme of things. It's gonna be a rough ride.

I really do appreciate the post eurocatalyst.

[radlerjr]

Hope he is a supporter of Run Paul. The only candidate that has the platform to help us get us out of this mess and the integrity to stick to it!

[Bunderstated]

Sorry for the ignorance, but what did Kyle mean by the on balance sheet actual cost of capital for Greece being 4.4%? How did he get that? And what is the significance?

[mamis62]

@Bunderstated - I assume he means that the weighted cost of coupon payments is 4.4%, but I don't know for sure.

[navyblue12]

@Bunderstated How much interest the country pays to service its debt.That's a combination of the carryover low interest of the previous decade for that part of the debt that's still under service plus the new reduced interest rate it gets for servicing the troika loans.

[Davethe56]

Instead of letting the supercommittee making across-the-board cuts in every department and agency, I would suggest looking at where the biggest increases in spending have occurred in the last, say, 10 years, and have weighted average cuts for each department or agency. smaller agencies that haven't had a budget increase in 10 years, would be exempt, or not have a large cut. Big agencies like TSA would experience the biggest cuts -- and they seriously need defunding, in my opnion.

[tesskansas]

"Removing the music can come later. I'm tired"

Thanks for uploading this video!

[UGFront]

A few people have asked about the investment Hayman Capital made:

The ticker is MTG (Mgic Investments Corp) At the time this was recorded, MTG was @ 2.50...as of today it's @ 3.50

[dink65]

@26:10 - Bass is wrong about Housing. I needs to fall another 50 to 70%. He gets so much wrong, but for some reason can't get the math right here. His 6 year "thesis" is faulty because this isn't an ordinary housing "bust". Easy credit is over and people will have to save and pay CASH for housing in the future. Thus, it will have to fall - A LOT MORE!

[sptrob]

He forgets Jap debt is mainly internally orientated compared to other jurisdictions where they borrow externally. The Jap people will happily write off the debt to help and the JCB has not asked them yet to do that.

[blythebaby777]

Marc Faber and Kyle Bass = two world's greatest economists

[mikebanderson]

I think Mr Bass underestimates the power of the ECB's printing press and the probability of Euro leaders willingness to allow it to happen. It is inconceivable that the Euro zone leaders would allow the collapse of their currencies and economies. They are already in the process of monetizing their debts.

[dink65]

@mikebanderson - BUNK! That's what everyone thinks. You OVER-ESTIMATE what the monetary clowns will actually be capable of. It won't be anything good they accomplish, unless they kill themselves......

[richardfrederickson]

@mikebanderson I'm not sure if its Kyles argument but as I see it in the last 10 years or so we have had huge amounts of printing in the form of a credit bubble, causing massive house price inflation. The deflationists would say that even with most Sovereign nations currently printing money, its still not enough to offset the collapse in demand for credit (because we have reached saturation point) or the deleveraging coming due to defaults building in the system, they cant print fast enough!

[wakeboarder1616]

what is MIGIX?? the ticker he referred too. Never heard of it.

[vansemail21]

@wakeboarder1616 MGIC (mtg)

[dink65]

@wakeboarder1616 - He's talking about MTG. I think he's nuts to buy that. IMO - It's more likely a ZERO longer term.

[UGFront]

@wakeboarder1616 MTG (Mgic Investments Corp)...I guess it's Property & Casualty Insurance...at time this was recorded it was @ 2.50...now @ 3.50! So far so good!

[butopiatoo]

Great stuff. THx for posting. Where can a person get a copy of ALL of the slides? Thanks in advance.

[veritaze]

Bass's explanation of the creation of the IMF through a partnership of Keynes and White is very interesting, especially the part about White being a Russian spy who gave the USSR dollar printing plates so that they could, basically, engage in economic warfare by debasing our currency through flooding the market with illicit dollars. I've heard that North Korea does this on a regular basis.  Anyway, Bass just kinda slips that in there like it's nothing, lol.

[NP9105]

Great conference. My take on this...When the euro crashes, and world money flows into us treasuries, ride the market for the short term, then get out.

[blackswanflea]

Kyle Bass - a member of my personal Olympus.

[dimahot777]

Thanks for posting!

[mbrasher11]

Wow. Interesting video.

[whiskerchild]

We're 28 minutes in, and he hasn't addressed the fraud issue- the banks need to clear their balance sheets, and they're NOT doing it!!

[limittester]

Thank you for posting this video.

[pashasurf]

No comments? After that discussion...Really?

[jreeve0805]

31,000+ views and zero comments?

[boobtubereborn]

bass is absolutely brilliant. enough said.

[rusty2b]

At 59 min and 30 sec Kyle makes a illuminates a very interesting element of a private Swiss banks construction. He says officers and directors of private banks have personal liability to the assets of the bank.

[prayfortruejustice]

Why disable embed code? Your credits are all over the video -- I would think you would want it in from of like minded people to promote your conference and offerings.

[RBB76]

Receiving a diploma does not signify the completion of an education . . . but the beginning.

Thanks for contributing to life's path of continual education.

[fernandodiake]

Thank you so much for uploading video, I was looking forward to the follow up after last years great interview.

[lightleague]

oh dear...

[hamsackbag]

please listen at 47:00 he says he spoke to a senior member of the Obama administration...the plan is to kill the dollar. please prepare accordingly, for your needs.

[DisentDesign]

So much time and human effort seems to be wasted simply trying to analyse this thing we call money or debt. At the end of the day it's an outdated means of trade, we need to put more effort into creating a better world and society and less into trying to keep this corrupt system of word wide debt and inequality in place. Start by removing money, then politicians then the most outdated and socially crippling human phenomenon; organised religion. The monetary system will break itself inevitably...

[mike29571]

Kill the dollar 47:36

[mu5icaddict2]

46:20 - 46:55

[drumsnbass]

One of the brightest guys on the planet. Don't ignore what he discusses...

[qaqapoo]

Hmmm ... someone should really comment on this very interesting video!

[spamthaman]

That intro music is a disaster. A must see interview though! Valuable info to position yourself in what is to come.

[truefictions]

5 star video.

[bluenoseyachts]

So, why don't we have a global grand default. All debts are erased. Who loses?

[kwamejh]

46:40 - 46:50

Chilling...

[jghancockjr]

Can you please turn up the volume?

[Sojournia]

"Return OF capital is much more important in the next few years than return ON capital." - Kyle Bass

Bingo. Last one out is a rotten egg.

[outherree]

Watch from 42 minutes on, Kyle talks about the comex gold market being fractional reserve.

[theinfamousjohnnyv]

which version of "This time its Different" are they taking about? I see 3 versions on amazon. Help Please.

[ILLct]

If the U.S. is on the hook for Switzerland's banking system's assets, shouldn't the bar for Switzerland be added onto the U.S. bar, pushing U.S. up near Japan and Ireland?

[mcat111111]

Kyle Bass gets it. I would really like to hang out at his ranch for a weekend. I am just surprised nobody has muzzled him as he goes about exposing the flawed system.

[gwynedd1]

When debt grows faster than GDP then it means one of two things. Its ending up on the public expense account or we are not taxing the rent seeker enough and forcing them into productive loans. The public expense is just as much an act of fiat. A bridge isn't production? Japan has no problem. All it means is Japanese don't carry personal debt. The government debt is their national savings rate. Debt is credit and credit is money. Just tax the free ride and add public assets to GDP to better see

[diesel6514]

Hecouldnt answer the question How short and how much pain. Its so easy to talk smack but if you were in the big chair you would be doing the same thing what cowards!

[MrHCify]

Bass for President.

[dr88ought]

there is a continued confusion that there are countries. countries are an illusion created by the singular BANK at the top of the organization chart. this singular BANK is creating a story inside which you think you live. recognition of this as the "matrix" and that all of the topics discussed here are framed within that limited universe is recognition that the experience is larger that what "we" see within the illusion of countries, debt, troika, globalization, etc.

[kwan0052]

kyle bass is the gandalf-yoda -ninja grandmaster of finance

[vomit55]

thx

[mardukreturns]

King Kyle!

[MrSeriouslynot]

Pain now or apocalyptic PAIN later..

When I was young I hate taking medicine so 1 time my dad gave me a choice: Take the medicine in 1 shot or take it in several smaller doses. So I choose the later thinking it would be much easier. Turns out to be the several times worst and the lingering bad taste in my mouth was even longer. Learnt my lesson from that day on...

[MrDierenees]

The protocols of the learned elders of Zion are unfolding.

[Izznogood63]

It is always a pleasure listening to KB and his laid back, matter-of-fact humorous style. However, there is too much repetition of the content of the AmeriCatalyst 2010 interview, which is quite disappointing as I was hoping for fresh insights. Of course, the world has not changed much since a year ago, but still, even good jokes grow old and tired.

[PhilipLismore]

Guns 'n' gold.

[scaracom9]

This man is a genius and surprisingly humble. Had a chance to meet him after one of these conferences.. he was incredibly informative and kind

[macflyz8]

Great talk, wish I was working with him!

[richardfrederickson]

Bass is a legend!

[OzClawhammer]

Forcrissakes, take those spectacles off Todd.

[2vintage68]

Indeed.....I don't have to read the book to KNOW all the devils are here, but I will. Thanks Kyle, for your penetrating insights.  Actionable they are as Yoda would have stated.

[anwarmehdi786]

wow - great talk.

[gavinjengel]

Is it possible to download Kyle Bass' presentation?

[alidcan]

I admire Kyle Bass immensely. Brilliant man.

[dishesdealer417]

How can anybody invest when there is no more rule of law & markets are controlled by the whim of the bankster elite? Whe Corzine can steal billions & no paper assets held by a 3rd party are safe from theft with no recourse from the continued predation by the big boys like JP Morgan & their bought & paid for judges & regulators? America is dead & there are no more markets free from manipulation & theft.

[VyseLegend]

The 'give is a shit factor' is quite high on this one!

[donsmithtm]

This should be required viewing for everyone! Wake up people we are in for some interesting times!

[TinFoilAddict]

Kyle Bass 2012

[TelfLad]

shit bro

[JWnFL]

Kyle Bass is a God among insects.

ZeroHedge (dot) com was here!

[nikchess2]

I love this guy! Awesome Video! Keep them coming!

[Treadlightlyful]

get on with already , the introducer :you've said "running out of road" 5 seperate times

(hes going to drop those glasses too )

[moderndarkage]

eurocatalyst, Thanks for the upload. Do you know what day this conference was held?

[sonofbrocklanders]

at the 46:50 mark is the scary exchange. he expects them to just print money and he expects big trouble. wake up sheeple.

[Truthpolice9698]

End the Fed.

[BrotherJohnF]

WOW, blogged

[utubesqueeze]

@eurocatalyst

Thanks for this vid!

I recommend you make it clear in the video description that this AmeriCatalyst 2011 event took place on Nov 6 - 8, 2011.

[mtmcc1]

Fascinating guy, great insights.

[P51Russell]

This is great stuff!

[onecoolstorybro]

Amazing insight as usual, thanks for the HQ

[MortgageRefinance]

Love it

[chefnnnn]

Great watch, Kyle Bass brilliant as per usual

[truthinourtime]

Let us embed!!!

[Powdermonkey99]

Thanks for posting

[Kaiser333333]

awesome video thank you!

[myusernameisluc]

"Their giving-a-shit-factor is a lot higher."

Going to remember that one.

[agibsonallan]

fantastic 

[TheDeperu]

46:45 - 48:30 the solution

[alligatortramp]

Kyle Bass should give a TED Talk so he reaches a wider audience. Or you could just share this link with friends.

[frenchy137]

Zerohedge brought me here.

[fonz20088]

Ron Paul 2012

[tekewintube]

Awesome video.  Great numbers, great discussion of psychology.

[Nnatere]

I disagree with him at 8:30. Most of the "higher cost of living" in westernized countries is due to government regulation domestically. If international free trade were accompanied by a truly free market at home, the "deflation" would be healthy, and allow people to start businesses and build factories.

He is right that free trade agreements hurt the most-regulated countries, such as the US. But that is not solved by tariffs.

[88aaaa88]

Volume! Turn up the VOLUME! Dude - nearly impossible to hear this....

[hiphopsocnroc]

 thanks for the post!

[88aaaa88]

Volume!  Turn up the VOLUME!

[hela113]

strange choice of music.

[bcohen004]

Thanks for posting! Kyle thinks the pavlovian response after EUR & Yen defaults will be a rush to the USD which makes the $ a “conservative” investment in the short-medium term. While this could be true, isn't it dangerous to recommend to hold more cash when at the same time admitting the gov't will continue to print? If Kyle is right, the US will be the last standing but not for long -> medium-term & worthlessness will be blurred. The safer choice is gold, which people will rush to, not the USD

[Robbeii]

Between 50-54 min Kyle Bass is talking about an investment that Hayman capital made recently. Since I'm not American nor familiar with all the terms, abbreviations and companies on the American indices I can't distinguish what he's talking about. Did anyone get the name?

[timob12]

I have a man crush on Kyle Bass, he is awesome

[LotharStreetJustice]

Knowledge is power

[Newager23]

I like Bass and agree with most of what he has to say, but housing is not going to rebound. As much as he does analysis, I'm not sure he has spent enough time on peak oil. What is going to kill the economy is both debt and high energy prices. This will create incredibly high unemployment and a housing crash. I expect another 30-50% drop. Not the 10% he expects.

Also, he thinks Japan will lead the way in the debt default. I don't agree. I think it will be the European and American bond market.

[xiangyang99]

Kyle Bass is great! He's grounded in reality.

[lowslowflyer77]

Thank you for this ;-)

[miasma1616]

Fiat will never go away. Just revamped. Rinse and repeat. Luckily, our generation will learn from this to teach future generations what to watch out for (as many in the older generation have taught many of us, though some have not listened at all)

[dwilcox70um]

don't remove the audio soundtrack... best Duran Duran song ever. Thanks for posting the presentation! I've shared with many already.

[abuafak]

Thanks Euro/Ameri-Catalyst for Bass.

2010 And now 2011.

[DHTex11]

More good information from KB. We all need to see it.