Kyle Bass: “Right After Monkeys Fly Out of My Ass”

Dec 9, 2011
J. Webster
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In Michael Lewis’s new book, Boomerang: Travels in the New Third World, Kyle Bass, the trader who bet correctly on the real estate collapse, and is now betting on a European collapse, has a zinger of a line. He has a brief but powerful entry in the introduction of the book and that zinger comes when he’s talking about just how likely it is for some countries to overcome their indebtedness:

The numbers added up to astonishing totals: Ireland, for instance, with its large and growing annual deficits, had amassed debts of more than twenty five times its annual tax revenues. Spain and France had accumulated debts of more than ten times their annual revenues. Historically, such levels of government indebtedness had led to government default. “Here’s the only way I think things can work out for these countries,” Bass said. “If they start running real budget surpluses. Yeah, and that will happen right after monkeys fly out of my ass.”

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