The United States and the European governments will default on their debt, eventually – dixit Marc Faber. [PREDICTIONS]

Singapore is the safest.

2:15 into

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Via Joe Weisenthal

How Paul Volcker will save the world

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Paul Volcker:

The specific points at issue are ownership or sponsorship of hedge funds and private equity funds, and proprietary trading — that is, placing bank capital at risk in the search of speculative profit rather than in response to customer needs. Those activities are actively engaged in by only a handful of American mega-commercial banks, perhaps four or five. Only 25 or 30 may be significant internationally.