This image accompanies the podcast recordedJanuary 18, 2012

Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htmThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

Man vs. Markets

The Battle of Politicians Against the Markets

“It’s a battle of politicians against

the markets. But I’m determined to win

the battle.”- Angela Merkel, May 6, 2010

This chart accompanies the podcast recordedJanuary 18, 2012

Fragile EconomyNo Growth

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This chart accompanies the podcast recordedJanuary 18, 2012

Total Global Debt and Global Debt/GDP

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This chart accompanies the podcast recordedJanuary 18, 2012

Annual Consumer Inflation – Official SGS (1980-based) Alternate

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This chart accompanies the podcast recordedJanuary 18, 2012

G-7 Aggregate Debt Principal and Interest (USD equiv.)2012 – 2022 - UK, US, Italy, Germany, Canada, Japan & France

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This chart accompanies the podcast recordedJanuary 18, 2012

G-7 Aggregate Debt Principal and Interest (USD equiv.)2012 (by month) UK, US & Japan

Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htmThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart accompanies the podcast recordedJanuary 18, 2012

Classic Bank RunsPIIGS M1 Deposits (Annualized 6-Month Change)

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This chart accompanies the podcast recordedJanuary 18, 2012

Eurozone 10-Year Yields Deposits at ECBCommercial Paper Markets are Closed

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This chart accompanies the podcast recordedJanuary 18, 2012

Global Schedule for Maturing Corporate Debt750 billion of Bank Debt Must Roll

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This chart accompanies the podcast recordedJanuary 18, 2012

The Financial System of Europe has WALKED the Plank

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This chart accompanies the podcast recordedJanuary 18, 2012

December 1st Coordinated Central Bank Swaps AnnouncementThis is the launch of QE III

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Dec 1st Coordinated Central Bank Swaps Announcement• Fed Funding the world for financial stability• ECB, federal reserve, Swiss National Bank, Bank of England, Bank of Japan, Canadian Central

Bank

ECB Announcement of Unlimited 36 Month Lending Facility• Monetary Bazooka in disguise• Widened eligible securities accepted. AAA to B; anything but junk• Reduced reserve requirements from 2% to 1% = doubled leverage• Guaranteed carry trade to recapitalize banks & fund sovereigns

“The weapon in question is unlimited three-year lending to banks as planned by the European Central Bank. Match it against three-year Eurozone government bonds used as security for the loan and you the have the ‘repo-to-maturity’ trade beloved of Mr. Corzine. The ECB lending will be at the average of its short-term rates over the period, currently 1 per cent. Use €10bn of ECB loans to buy Italian debt, at 6.18 per cent, and a bank could pocket a cool €518m in three years. Not bad for zero risk, and of course great for Italy – and France, whose President Nicolas Sarkozy praised the idea on Friday.”

- James Mackintosh Financial Times December 12th

This chart accompanies the podcast recordedJanuary 18, 2012

Global Reflation Underway

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QE III has set sail

This chart accompanies the podcast recordedJanuary 18, 2012

The Battle of Politicians Against the Markets

Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htmThe content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

It is Already Failing.

“It’s a battle of politicians against the markets. But I’m determined to win the battle.”

- Angela Merkel, May 6, 2010

Scoreboard:

Politicians

0Markets

5

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Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm