Bob Janjuah Chimes In Next

Tyler Durden's picture

Following up on his note from last week (posted here), Nomura's Bob Janjuah shares the following observations on today's market moving event.

Glad I put my note out last week. Folks way too focused on eurozone, where ORDERLY restructuring of greece and maybr too ireland and port, and meaningful fiscal adjustment, are both part of the l-t credible solution and where acceptance of this is a good thing in the long run as it means the euro and ECB are credible and not at risk of fiat money printing.

At the other end we have the US where the mrkt is way way too complacent abt the fast deteriorating credit risk of USA Inc., and where the hope for credible and meaningful fiscal adjustments are a mere dream, and where we have a central bank that knows only 1 (failed) trick - money debasement.


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FOC 1183's picture

bob's abbrvtns are crping bck in

Dick Darlington's picture

Finally! This new style does not suit him well.

oogs66's picture

So are the self congratulations and back patting :)

SheepDog-One's picture

Its 3 freakin sentences Bob, do you REALLY need to abbreviate??

Wolf in the Wilds's picture

Nice one Bob... but we knew that already...:)

BrobamaReds's picture

from the Bernak: Free Base, Debase - it's all good.

JailBank's picture

A chic in a bar I was drinking in summed the US economy up nicely this weekend.

"I am going to buy a new iPad2 when my student loans come in."


That is all you need to hear.

Clueless Economist's picture

Hey that "chic" is my daughter!  I taught her borrow spend repaet at an early age.

treemagnet's picture

Wonder when the headline scanning momo HFT's algos start playing leap-frog on the...down.

TooBearish's picture

weak tell us sompin we dont know

TooBearish's picture

weak tell us sompin we dont know

rsi1's picture

Please tell us something we do not know some day.

milanitaly's picture

The market seems not believe euro as credible.

Look at euro/us$ - negative outlook is better than restructuring of greece probably.

savagegoose's picture

lemme fix that


pls tll us smpn we dnt knw

Josh Randall's picture

"it means the euro and ECB are credible and not at risk of fiat money printing."  LOL -- ya, Anglo-Irish was already caught printing money 2 months ago

Horatio Beanblower's picture

**Pedant Alert**


It was the Irish Central Bank, not Anglo-Irish.

Josh Randall's picture

Anglo-irish was nationalized - thus they are the Central Bank's tentacles (officially) now

However if i am miss interpreting this Irish example, then I would argue that there are other examples of the papering over these huge bailouts

SheepDog-One's picture

Same as the 'ORDERLY' evacuation of the Titanic...where 1st class passengers went 10 into 50 man lifeboats, while the rest were told 'nothing to see here, all is well, go back to your steerage' and left to die plunging into icy N Atlantic. Cheers. 

treemagnet's picture

Its like nothing is new anymore - everybodys just waiting for the dam to break.  Once you get past the incredulous phase at ZH, the rest is various stages of "big deal".

Silverhog's picture

well, at least he got the second half right.

long juan silver's picture

The EU is safe? Really.

equity_momo's picture

Bobs bullish on the Eurozone over the Fed because the Eurozone is upfront about their debt monetization.....

Bobs finally capitulated. He should follow Rosie and stick to his fundamental guns. Being a bear (deflationist) and then capitulating (talking about melt-ups and hyperinflation) as risk assets are painting a major top wont look good on his resume but then again , thats what strategists do , talk a good game without ever having to goto bat. 


trav7777's picture

so the German banks lent the Greeks money to buy German products, maintaining Germany's high employment and SoL and now the Greeks can no longer credibly borrow money but the Germans do not want to let go of their export ponzi?  WTF.

The message from the exporter mercantilists is "god dammit, EARN MORE and BORROW MORE."

sbenard's picture

"where we have a central bank that knows only 1 (failed) trick - money debasement"

Reminds me of the aphorism describing the Fed that "when the only tool you have is a hammer, everything looks like a nail."

Prepare quickly, my friends. Calamity is certainty!

jmc8888's picture

Orderly? That's what all the needless austerity is? That's what walking a marathon from the start yet claiming you're going to #win it is considered?

Wow, he must believe that turtles beat rabbits in races and such.

Well at least he realizes printing isn't working. But I doubt he understands why.


Grand Supercycle's picture

'COPPER has ignored the recent equity bounce. Daily and weekly are not bullish' ~ March 31, 2011.

'When the sell off does occur, it won’t be pretty. As mentioned earlier, this market behaviour is similar to 2007 / 2008' ~ April 6, 2011.

'DOW/S&P500 is tracking sideways once again suggesting that short covering rally has lost momentum' ~ April 7, 2011.