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The BBC has an
excellent interview with Kyle Bass -
Founder, Hayman Capital Hedge Fund on Europe, mortgages, monetary printing, "gold
and guns" and Japan.
At times the interviewer is openly hostile to Bass, blaming him for making
money on the US mortgage mess, then again when Greece blew up.
Bass defends himself quite nicely.
His latest play is an asymmetric bet on Japan, based on demographics,
interest rates, and ability to service debt. I happen to agree with Bass,
that it is just a matter of time before the Yen blows up. I must also point
out people have been predicting this for a decade.
Bass finishes on a strong note "Buying gold is just buying a put on the
idiocy of the political cycle. ... Capitalism without failure is like
Christianity without Hell. You have to have atonement for ridiculous levels
of spending both the US and Europe have gone
through. The spending idiocy of the world is going to catch up to itself. And
that's where we are today."
It's an excellent but lengthy interview (about 23 minutes), well worth a
play.
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