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00:00ECONOMIC POLICY. DAVID: HOW DO YOU SEE THE ECONOMY RIGHT NOW? YOU ' RE MAKING INVESTMENTS ACROSS THE BOARD, ARE YOU WORRIED ABOUT THE ECONOMY, DCA RECESSION COMING? PAUL: I WILL PREFACE MY ANSWER BY SAYING, I HAVE STRONG VIEWS ABOUT CERTAIN ASPECTS OF THE MACRO ENVIRONMENT. BUT I DO NOT LET THESE VIEWS AFFECT MY DESIRE TO BE HEDGED ALL THE TIME. WE NEVER MAKE MASSIVE TIMING BETS ON THE TIMING OF BEAR MARKETS OR DOWNTURNS. I AM VERY CONCERNED ABOUT WHERE WE ARE, IN TERMS OF THE FINANCIAL SYSTEM, THE AMERICAN ECONOMY, GLOBAL ECONOMY. AFTER NINE YEARS OF WHAT I CONSIDER TO BE DISTORTED SET OF POLICIES, COMPLETELY ORIENTED TOWARDS WHAT I REGARD AS MONETARY EXTREMISM, THE QUANTITATIVE EASING, WHICH HAS PUT ABOUT $15 TRILLION OF BONDS AND STOCKS ON THE BOOKS OF THE DEVELOPED COUNTRIES. CENTRAL BANKS, 0% AND NEGATIVE INTEREST RATES. EMERGENCY MONETARY POLICY PERSISTING FOR EIGHT YEARS AFTER THE EMERGENCY IS OVER, COMBINED WITH WHAT I CONSIDER TO BE GROWTH-SUPPRESSIVE FISCAL POLICIES, REGULATORY TAX -- I THINK IT HAS CREATED A DISTORTED RECOVERY. IT HAS BEEN PARTIALLY RESPONSIBLE FOR THIS AUGMENTATION, EXACERBATION OF INEQUALITY, THAT HAS CAUSED A COMBINATION OF THAT AND THE INCOMPLETE RECOVERY HAS CAUSED THIS MIDDLE-CLASS STRESS. AND EDGINESS AROUND THE WORLD, WHICH HAS LED TO POLLUTED, FRINGE PARTIES AND FRIENDSHIP THOUGHTS, -- AND FRINGE THOUGHTS , POPULISM. AFTER THIS ARTICLE ABOUT FINANCIAL AXIS, HIGH-END REAL ESTATE, ART, THE THINGS RICH PEOPLE BY -- BUY, WHAT WE HAVE TODAY IS A GLOBAL FINANCIAL SYSTEM THAT IS JUST ABOUT AS LEVERAGED, AND IN MANY CASES, MORE LEVERAGED THAN BEFORE 2008. I DO NOT THINK THE FINANCIAL SYSTEM IS MORE SOUND. I DO THINK THE FIXES THAT HAVE BEEN PUT INTO PLACE HAVE ACTUALLY CREATED A SOUND FINANCIAL SYSTEM. I DO NOT BELIEVE THAT CONFIDENCE IS JUSTIFIED IN POLICYMAKERS AND THE CENTRAL BANKERS. THE FACT THAT CONFIDENCE HAS NOT BEEN LOST UP TO NOW, IS OBVIOUS. BUT IF AND WHEN CONFIDENCE IS LOST, I THINK IT COULD BE LOST IN A VERY ABRUPT FASHION, CAUSING CONCEIVABLY A RUCKUS IN

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Paul Singer Says System May Be More Leveraged Than 2008

Billionaire investor Paul Singer, Elliott Management Corp. founder, sits down with Carlyle Group co-founder and Co-CEO David Rubenstein, host of "The David Rubenstein Show: Peer-to-Peer Conversations," at the Bloomberg Invest New York summit. (Source: Bloomberg)

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