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Transcript
00:00Each and every one of these pillars represents what allowed the Japanese carry trade to exist.
00:06Like for example, Japan's low interest rate and the declining yen in the 1990s combined
00:12to make this little foundation everything was built on top of. Because on top of that,
00:18we built some interesting things like we added some investor confidence and then we added some
00:23global financial liquidity. There we go. And on top of that, we added another foundation,
00:29which represented all the countries in the world that wanted to get yields from their cheap loans.
00:34Creates a beautiful little pyramid. But here's where it gets interesting. We get this very
00:40interesting effect to happen. Then we start to remove other things like investor confidence,
00:46for example. Kind of interesting. And then of course, we remove other things like global liquidity.
00:53And that's a visual analogy of the stock market as it is today.
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