"We at Euro Pacific Capital avoid investing in the UK"The Duke talks about Wall St's excitement about consumer spending increases, and its convenient memory-hole ignorance of the drops in savings rates. He argues that it's only when consumers stop consuming and start saving, that capital can be used to re-grow the economy. But with zero-percent savings rates, there's no point to anyone saving, which is depleting capital as people feed their non-accumulating savings into consumption (think: eating seed-corn). He then moves into Fannie and Freddie, plus AIG, and their re-passing out of the federal begging bowl for yet more bailout money (despite paying their executives gargantuan bonuses). He then talks about how the global debt crisis is swinging up into the UK, but how it will finally find its real home in the US. Heading into Mogambo Guru territory, Der SchiffMeister then talks about how all fiat currencies are rapidly dwindling against gold and oil (the Emperor Mogambo will be upset that he didn't mention silver!)
I don't know how he does these breathless monologues straight to camera, without apparently looking at any notes (unless these notes are on the screen of his Mac), but The Duke then finishes off with a little discussion on the 'jobless' recovery, which leads him nicely into an update about his current political experiences in Connecticut.