"Raoul Pal expects a series of sovereign defaults, the "biggest banking crisis in world history", and asserts that we don't have many options to stop it." (Business Insider)
Here are interesting quotes from the slides:
"The problem is not Government debt per se. The real problem is that the $70 trillion in G10 debt is the collateral for $700 trillion in derivatives..."
"Yes, that equates to 1200% of Global GDP and it rests on very, very weak foundations."
"From an EU crisis, we only have to join one dot for a UK crisis of equal magnitude."
"And then do you think Japan and China would not be next?"
"And then do you think the US would survive unscathed?"
"That is the end of the fractional reserve banking system and of fiat money."
"It is the big RESET."
"From a timing perspective, I think 2012 and 2013 will usher in the end."
"The markets are at the frankly terrifying point of realising that LTRO, EFSF, QE etc are not going to prevent this collapse."
"Bonds will be stuck at 1% in the US, Germany, UK and Japan (for this phase)."
"We have around 6 months left of trading in Western markets to protect ourselves or make enough money to offset future losses."
Read the rest to see what he thinks about the Dollar and gold. So he's in the global zero bound camp too it looks like, interesting. Good luck people! Is it time for business schools to offer bartering majors? Business Insider posted a similar report by Raoul Pal in 2010 with some 1929 comparisons. So this appears to be an all in doomsday call for the great reset to occur. I see GMI has an iPad app.