Can anyone tell me what this squealing noise is on my moon dog?? (See link to video)

The chain is almost as tight as it will go. Have you also had the problem of the (pot metal) screws stripping when you try and take them out? Can you also go a little more in depth about how to elogate those holes? Is this exactly what yours sounded like, and does it decrease performance significantly because the bike itself doesnt go very fast under power. Thanks for your help!!
 
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