Arthur Hayes

Yeah, when that sort of kind of blew up, what happens?

The Fed, the ECB, they all have to print money to make sure that the capital that's leaving because that carrier trade unwinds doesn't destroy their bond and equity markets.

And so we know what happens when there is financial disturbance.

The Western authorities print money.

When the Japanese Inc.

removes their money to repatriate it to Japan to build back better in Japan, the West will print money to plug the hole.

So there might be a bit of sort of market dysfunction for a while, but it won't take much.

The authorities will say, okay, cool, we're just going to print the money.

Yeah, Japanese investors, we get it.

You got to leave.

Yeah, it's got to appreciate.

All that's cool.

And the Fed's just going to print the money.

There's 27 members of the Euro.

Are you saying that there is one monetary policy that's right for 27 different nations, 27 different cultures, 27 different desires?

We have one monetary policy for 50 states.

Well, it used to be 12, right?

There used to be 12 federal reserve banks that had different discount rates in every district, right?

Again, I think that decentralization is better than centralization.

The euro is a centralized monster.