Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.

Debtors will seek to cancel their debts. Creditors will try to collect, and the more they succeed, the more they will impoverish the economy.

You'll have to have the governments sell off all of their public domains; sell off their railroads, sell off their public land. You'll essentially have to introduce neo-feudalism. You'll have to roll the clock of history back a thousand years, and reduce the European population to debt slavery. It's as simple a solution as the Eurozone has imposed on Greece. And it's a solution that the leaders and the banks are urging for responsible economists to promote for the population at large.

To the deficit commission, a depression is the solution to the problem, not a problem.

Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent can't pay the health care if they get sick. Seventy-nine percent don't have enough money to live when they retire. So, already, we're having a whole generation that's coming on, not only here but also in Europe, that isn't able to get good-paying jobs.

When they say inflation is bad, deflation is good, what they mean is, more money for us 1% is good; we're all for asset price inflation, we're all for housing prices going up, and we're all for our stock and bonds prices going up. We're just against you workers getting more income.

No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately it can't be saved, because of the mathematics that are involved.