The voice is saying "X, Y, Z"; that's "zee", not "zed".
2:14 - Backmasked speech from the 1978 film "Shipwreck!" (also titled "The Sea Gypsies")
"[Well, what are you going to] do?"
"Stick with the boat 'til it reaches China, then I'm gonna be a pirate and get lots of money!"
"Sam, lunch is ready!"