This image accompanies the podcast recordedJanuary 6, 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.

Part 1Man 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 6, 2012

Fragile Economy

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This chart accompanies the podcast recordedJanuary 9, 2012

Commercial and Industrial Loans

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This chart accompanies the podcast recordedJanuary 6, 2012

The Crisis Cast

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This chart accompanies the podcast recordedJanuary 6, 2012

Total Global Debt and Global Debt/GDP

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This chart accompanies the podcast recordedJanuary 6, 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 6, 2012

EUR billions outstanding

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This chart accompanies the podcast recordedJanuary 6, 2012

Global Reflation Underway

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QE III has set sail

This chart accompanies the podcast recordedJanuary 6, 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 6, 2012

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

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This chart accompanies the podcast recordedJanuary 6, 2012

ECB Balance SheetBig Money Panics

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This chart accompanies the podcast recordedJanuary 6, 2012

Country Credit RatingsMoody’s versus the Market

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This chart accompanies the podcast recordedJanuary 6, 2012

Time Bombs2.7 Trillion Euros Must Roll in 2012

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DISCLOSURE STATEMENT AND TERMS OF USE

THE CONTENT OF THIS SLIDE PRESENTATION AND ITS ACCOMPANYING RECORDED AUDIO DISCUSSION ARE INTENDED FOR EDUCATIONAL PURPOSES ONLY.

This slide presentation and its accompanying recorded audio discussion are not a solicitation to trade or invest, and any analysis is the opinion of the author and is not to be used or relied upon as investment advice. Trading and investing can involve substantial risk of loss. Past performance is no guarantee of future returns/results. Commentary is only the opinions of the authors and should not to be used for investment decisions. You must carefully examine the risks associated with investing of any sort and whether investment programs are suitable for you. You should never invest or consider investments without a complete set of disclosure documents, and should consider the risks prior to investing. This slide presentation and its accompanying recorded audio discussion are not in any way a substitution for disclosure. Suitability of investing decisions rests solely with the investor. Your acknowledgement of this Disclosure and Term of Use Statement is a condition of access to it. Furthermore, any investments you may make are your sole responsibility.

THERE IS RISK OF LOSS IN TRADING AND INVESTING OF ANY KIND. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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