1. This image accompanies the podcast recorded
January 10, 2012
Part 2
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
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

2. This chart accompanies the podcast recorded
January 10, 2012
Eurozone 10-Year Yields Deposits at ECB
Commercial Paper Markets are Closed
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

3. This chart accompanies the podcast recorded
January 10, 2012
Classic Bank Runs
PIIGS M1 Deposits (Annualized 6-Month Change)
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

4. This chart accompanies the podcast recorded
January 10, 2012
Prime Money Market Funds’ Exposure to European Banks
Aka Bank Runs
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

5. This chart accompanies the podcast recorded
January 10, 2012
Collateral Damage - Banks borrowed against anything
they could in 2011, now the cupboard is bare
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

6. This chart accompanies the podcast recorded
January 10, 2012
The Financial System of Europe has WALKED the Plank
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

7. This chart accompanies the podcast recorded
January 10, 2012
Instruments on ECB eligible collateral list (by country) - added at Year End
Making Trash Eligible for Fresh Cash…Can you say Euro-Tarp?
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

8. This chart accompanies the podcast recorded
January 10, 2012
Instruments on ECB eligible collateral list (by country)
No Collateral? No Problem, just redefine it!
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

9. This chart accompanies the podcast recorded
January 10, 2012
Avalanche Alert – EU27 bank bonds, $bn
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

10. This chart accompanies the podcast recorded
January 10, 2012
$259 billion - Payback Time – Will these borrowers roll from
government-guaranteed debt and become unsecured borrowers?
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

11. This chart accompanies the podcast recorded
January 10, 2012
Global Schedule for Maturing Corporate Debt
750 billion of Bank Debt Must Roll
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

12. This chart accompanies the podcast recorded
January 10, 2012
3-Month US LIBOR
Announcement of
Coordinated Central
Bank Swaps.
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

13. This chart accompanies the podcast recorded
January 10, 2012
Risk perceptions in the financial sector are on the rise
Bank credit default swap rates, basis points
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

14. This chart accompanies the podcast recorded
January 10, 2012
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
Scoreboard:
Politicians Markets
0 5
It is Already Failing.
Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm
The 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.

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THE CONTENT OF THIS SLIDE PRESENTATION AND ITS ACCOMPANYING RECORDED AUDIO DISCUSSION ARE
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This slide presentation and its accompanying recorded audio discussion are not a solicitation to trade or invest, and
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Listen to the original podcast for this slide at http://www.traderview.com/globalInsights.htm