Arthur Hayes

But again, it's fatally flawed, and France is –

Horribly in debt and very unproductive with that debt.

They just spend it at the government level.

That's coming home to roost because the United States and Japan will no longer fund them and Germany for that matter.

So Germany and Japan are the largest funders of governments and assets globally.

They have combined something like eight or nine trillion of net portfolio assets.

A lot of that went to Japan.

And essentially, they made that money off the back of the United States.

The United States said, hey, you host our military to contain communism, a.k.a.

Russia and China.

We will let you export to our market and we'll let you restrict our companies from going into your markets.

And that essentially gave them an $8 trillion wealth bucket, which they then bought U.S.

stocks, U.S.

bonds.

And in the European example, Germany funded France.

And so as it unwinds, as everybody tries to go their own way because the population is like, hold on a minute.

We created all this wealth and I'm still fucking broke.

Fuck this.

Print the money.

Give me health care.