Transcript of “3rd Quarter Wrap-up” is now available to Subscribers!

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From the transcript:

Our theme tonight is the planetary debt-to-equity swap. We are moving into an unprecedented change from government to private enterprise and from financing with debt towards equity. This is a very long-lived trend. It’s not going to be simple or short, but there’s a significant movement underway. As Tina Turner says, “We can do this nice or rough.”

A debt-to-equity swap that’s rough is a pretty ugly looking thing. Let’s hope we can do it in a way that is nicer, perhaps, through the equity markets rising, but we’ll talk about that when we get to the financial markets section.

In one sense there’s a world that’s fading away and a world that’s emerging. To a certain extent the world that’s fading away has been financed with government debt and that government debt has created a significant amount of wealth including much which has been stolen. Now that money is being transferred to reinvest in a world in which private equity reigns supreme, and that’s part of what we’re watching.