He explains that the ECB is likely to print money and purchase Italian government bonds. It called that the ECB's MF Global trade.
He then talks about the federal reserve and also says to avoid farmland (in the US) as it is now overpriced some places and gives an example where farmland rental yields around 2 to 2.5%, the lowest in 40 years.
This debt crisis may turn to a currency crisis very soon. However, all major currencies (USD, EUR, JPY and GBP) are racing to the bottom and it's difficult to see which one will get there first. Even though the Euro is currently in the spotlight, it's amazingly still very strong against the dollar and the British pound although it may change with the new ECB president who has already lowered the interest rate to 1.25% at his first meeting.