Hedge funder Kyle Bass of Hayman Capital was just on CNBC
Here are some key points he's making:
The European stress tests were a joke because there were so many regulators self-grading.
The European banking system is "infinitely" more leveraged than the US, by virtue of the fact that the banking system is so much larger compared to European GDP.
Governments in Europe will definitely have to restructure there debt, which makes the fact that the stress tests didn't take into account sovereign debt.
Japan is toast due to their massive debt and changing demographics. For a long time, Japan has been self-funding, but that's coming to an end.
While most of his bets are actually long-US, these are all special situations. His basic gist on stocks: Given my outlook on the world, I don't know how you can be long stocks.
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