George has very quickly become a bit of a youtube legend in my book and this video you shared is one of his best. I had already circulated it a bit myself before I saw your post.
My mind got blown just after the 3:30 mark. It sure looks like the FED is setting itself up to be the bag holder for a lot of bad collateral. This will get passed on to the American people broadly by currency debasement to cover for it.
I also got the impression that the end is very close now the way the collateral shifts are escalating.