From the link:
Specifically, he is very worried about a world that is sustained by American consumer spending which is in turn 1/4 sustained by a property bubble. He predicts that 20 million people could lose their homes once the property bubble bursts.
...
They have now consolidated power and money on the planet to the maximum extent possible. The planet's net liquidity, that is its net free cash flow is now a negative number. The planet is not simply sinking into a sea of red ink; it is already sunk. The people just don't realize it yet," he said.
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