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ECU Group's Philip Manduca "We Are At A Tipping Point" And The Only Thing That May Save The Euro Is A Collapse Of The US

Tyler Durden's picture




 

For once, some actually good insight from a CNBC guest. Philip Manduca, Head of Investment of the ECU Group, discusses Greece and the very severe implications of what the final outcome will look like. "Trichet said the Greeks are crooks, and they've been lying about the numbers. There is a deeply embedded corruption within the Eurozone. Combined with the endemic European socialism and there is just no way you are going to get spending cuts and tax raises and maintain a GDP that makes any sense of the percentage aspect of debt to GDP. So the whole show is wrong. This is an intractable situation, this is going to continue on and on. The onle hope for the Eurozone, and the Euro as a currency, is that sameone takes the spotlight soon, and that may be the United States." Watch the rest as Philip's perspective is spot on...Not to mention that he sees gold as the only alternative to the fiat bonfire soon to engulf the western world.

 

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Thu, 03/25/2010 - 16:34 | 276064 Gimp
Gimp's picture

Guess who is not getting invited back to CNBS.

Cheerleading squad totally depressed.

Thu, 03/25/2010 - 16:44 | 276071 AnonymousAnarchist
AnonymousAnarchist's picture

I haven't seen Jim Grant on CNBC since this but, then again, I guess I don't watch CNBC.

Thu, 03/25/2010 - 18:06 | 276189 Rick64
Rick64's picture

Good video.

Thu, 03/25/2010 - 19:07 | 276261 Rusty Shorts
Rusty Shorts's picture

AnonymousAnarchist,

 

Hey, thanks for the link to Jim Grant, I was looking for it earlier today.

 

Thanks again !!

Fri, 03/25/2011 - 22:12 | 1101967 Rusty Shorts
Rusty Shorts's picture

Holy shit, there I am

03/25/22:11

Fri, 03/26/2010 - 07:04 | 276673 monkeyshine
monkeyshine's picture

They probably didn't bring Jim Grant back because he isn't very exciting.  He speaks softly and academically, he makes dry sarcastic comparisons between the US and Zimbabwe (which no one on the panel seemed to get was sarcasm, which he later called a "linguistic flourishment" or something like that).

Hey I like the Jim Grant he is exactly the kind of guy you learn a lot from.  But on scale, the guy who bites the heads off of rubber bears and screams at the TV monitor gets his own show, but the guy who can recite the name of the Zimbabwean Central Bank Chairman doesn't get invited back.  It doesn't make good TV.

And that's what that channel is - TV.  Make it exciting and fun.  John Stewart didn't do enough to hold their feet to the fire (not that it is a comedian's job to do it, but damn if nobody else even thought to do what he did) in their absolute failure to identify the systemic risks, or to even understand them.  Wall Street burned and Jim Cramer fiddled.

Thu, 03/25/2010 - 17:48 | 276162 Lux Fiat
Lux Fiat's picture

Manduca has been a regular on the European version of CNBC, CNBC World, which I watch on those occassions when I wake up in the middle of the night, or am a night owl.  He calls it as he sees it.  That show provided a fair number of guest commentators who presented a much more candid and realistic assessment of the global situation heading into the fall of 2007 and the summer/fall of 2008.  It was a far cry from the mostly mindless blather on the US daytime show, pardon, the goldilocks scenario.  CNBC World has had a bit of a drift towards the cheerleading side in more recent times, but it's still hasn't stooped to the levels of the US regular hours CNBC programming.

Thu, 03/25/2010 - 22:17 | 276436 colonial
colonial's picture

overnight bloomberg and cnbc world are vastly superior to us cnbs.  Considering the global system has been on the brink these past few years I too get up in the night, check my quote screen and watch bleary eyed.

Thu, 03/25/2010 - 22:31 | 276447 Par Contre
Par Contre's picture

Yep!  I've watched CNBC Europe off and on over the years. If I could, I'd subscribe to the London team and blow off the bimbos in NY. But apparently the London bureau goes off the air when NY comes in. So I don't watch at all, except for overnight when it's available on the internet. Actually, I sold off my TV years ago, only watch it now when I'm on the treadmill at the gym, and every time I do it reminds me how much better my life is without the boob tube.

Thu, 03/25/2010 - 22:54 | 276460 knukles
knukles's picture

Gotta love the guy's sarcasm.  EU survival is predicated on America's demise.  

Bloody spirited!  Fuckin' optimists, what's got us here in the first place, it'n'dit?  Like that I do, optimism!.  Sunshine, birdies, rainbows, bunny rabbits, 4 leafed clovers, 12 step meetings, AAA rated out of the money CDO equity layers, tungsten bars, nanotechnological foodstuff additives, universal mental care, a veritable front row seat on the destruction of civilisation as we know it.  Whata rush.  Makes my nads shrivel and 'roids burn.  

Thu, 03/25/2010 - 21:11 | 276367 Reggie Middleton
Reggie Middleton's picture

Well I disagree. There is no corruption in the Eurozone! Just people who make very bad guesses...


Then tend to change their minds about those bad guesses - a lot. Revisions-R-US!

and the EU on goverment balance??? How could they every be wrong???!!! 

And if the guys over at the EU are never to be corrupted with their easy bake numbers, Greece is as about as farthest from corrupt as can be. After all, they take those incorruptible numbers and add even more "uncorruptness" to them! As excerpted from the blog post "Greek Crisis Is Over, Region Safe", Prodi Says - I say Liar, Liar, Pants on Fire!...

How darest thou even dare to utter the word corrupt with these oh so honest mathematicians?

Sat, 03/27/2010 - 18:43 | 278288 makeyoumiss
makeyoumiss's picture

Right on!

Thu, 03/25/2010 - 16:47 | 276067 hedgeless_horseman
hedgeless_horseman's picture

How many long-winded ways can someone say that we are all in a race to the bottom? 

My short, medium, and longterm call? 

Four words:  race.to.the.bottom.

Of course, as with many races, there will be several pit stops, allowing plenty of opportunities for all to buggar thy neighbor.

 

Thu, 03/25/2010 - 21:49 | 276409 pawninthegame
pawninthegame's picture

you're one of my favorites.

 

i just want you to know, i'd vote hedgeless in 2010.

Thu, 03/25/2010 - 16:44 | 276073 Gimp
Gimp's picture

BTW - At least this guest is a straightshooter, worth the watch.

Thu, 03/25/2010 - 16:49 | 276080 Crook County
Crook County's picture

Greece kinda sounds like Cook County, Illinois.

Thu, 03/25/2010 - 16:56 | 276092 huggy_in_london
huggy_in_london's picture

yeah except there's no Jake and Elwood to pay the bill .....

Thu, 03/25/2010 - 18:28 | 276218 OCTOPVS
OCTOPVS's picture

HAHAHA.

Thu, 03/25/2010 - 18:59 | 276253 Mercury
Mercury's picture

Washington DC now IS Cook County, Illinois.

Thu, 03/25/2010 - 19:22 | 276272 Gargoyle
Gargoyle's picture

Just got done with "The Outfit" by Gus Russo. History of the Chicago mob from before Capone.  Gives amazing historical perspective to the mob's partnership with government.

Thu, 03/25/2010 - 16:52 | 276086 Shameful
Shameful's picture

So what I'm hearing is we will take turns in the spotlight all the better for the insiders to trade our currencies at profit.  Super.  I hope we dress snappy while the world watches us squirm.

Thu, 03/25/2010 - 16:55 | 276089 huggy_in_london
huggy_in_london's picture

Producer: "Bearish equities?  Huh?  I thought you said he was positive the USD .... Quick, get this guy off....Cut to a break....."

Thu, 03/25/2010 - 16:58 | 276095 Sudden Debt
Sudden Debt's picture

Russian roulette!

1 gun

1 bullet

2 economies

and only one get's to go home! :)

COCK IT BABY!! YEAH!!

Thu, 03/25/2010 - 17:07 | 276109 Shameful
Shameful's picture

You need to explain the rules to them again.  I looks like they fully loaded the gun...

Thu, 03/25/2010 - 21:50 | 276413 pawninthegame
pawninthegame's picture

shit we are dark MFs around here

 

i call aisle in the cattle car

Thu, 03/25/2010 - 21:50 | 276414 pawninthegame
pawninthegame's picture

shit we are dark MFs around here


i call aisle in the cattle car

Thu, 03/25/2010 - 16:59 | 276098 DonnieD
DonnieD's picture

Somebody call security, how'd this guy get on air?

Thu, 03/25/2010 - 17:03 | 276104 deadparrot
deadparrot's picture

So was he asking the US to look weak to take the pressure off? The US could start enforcing realistic mark-to-market accounting on the banks. Would that do the trick?

Oops, sorry. You wanted the EUR at 1.4? I thought you said 2.4.

Thu, 03/25/2010 - 18:31 | 276222 gmrpeabody
gmrpeabody's picture

+1

Thu, 03/25/2010 - 17:03 | 276105 deadparrot
deadparrot's picture

So was he asking the US to look weak to take the pressure off? The US could start enforcing realistic mark-to-market accounting on the banks. Would that do the trick?

Oops, sorry. You wanted the EUR at 1.4? I thought you said 2.4.

Thu, 03/25/2010 - 17:05 | 276107 BlackBeard
BlackBeard's picture

WELL! Someone's a bumber.  Obviously he's too pessimistic to get any of Maria's vag.

Thu, 03/25/2010 - 17:38 | 276150 Rick64
Rick64's picture

Does he have a jet? Maria is part of the mile high club.

Thu, 03/25/2010 - 17:09 | 276111 w a l k - a w a y
w a l k - a w a y's picture

He said he sent notes to Maria prior to this interview. I think they probably knew what he would say.

Thu, 03/25/2010 - 17:47 | 276115 Segestan
Segestan's picture

An honest man.... only question left.....Got Gold?

 

http://www.youtube.com/watch?v=Whpe0aCLAKc

Thu, 03/25/2010 - 18:38 | 276232 Master Bates
Master Bates's picture

Don't want to lose my money, so... NOPE!

Thu, 03/25/2010 - 18:59 | 276254 Attitude_Check
Attitude_Check's picture

MB,

 

Yes equities is the way to go to make money  BUY BUY BUY!

 

Are you really this much of a tool, or is your shtick this a inside joke?

Thu, 03/25/2010 - 19:15 | 276266 whacked
whacked's picture

AC

 

Yes an insider joke.

 

Mind you tools are useful ...

 

Thu, 03/25/2010 - 22:41 | 276453 knukles
knukles's picture

Inside joke.  Get it?  Hahahahahahaha.

Thu, 03/25/2010 - 19:35 | 276283 Sabremesh
Sabremesh's picture

You obviously don't have a clear understanding of what's happening around you. Sooner or later you will. Eventually even the really stupid will get it.

Thu, 03/25/2010 - 19:45 | 276291 Mr Creosote
Mr Creosote's picture

Never underestimate stupidity.

Fri, 03/26/2010 - 05:47 | 276651 Frankie Carbone
Frankie Carbone's picture

Are you short on equities? If so then you should be cheering the MB's of the world on. 

Encourage MB to go long, long, long, long. Pump that price.

Then short the hell out of it. 

Face it, this market is a zero sum game. Without Master Bates, where are you going to find a pigeon?

In times of great economic upheaval, true wealth is not destroyed. It is merely transferred. 

Take MB's wealth and be happy about it. 

Thu, 03/25/2010 - 19:48 | 276298 DoChenRollingBearing
DoChenRollingBearing's picture

I always value your comments even when I think you are wrong. 

Some days I bet you, Mr Wanker, feel like you are the Last of the Mohicans.

Try and squeeze some time into reading history, unless, of course, you are making the big buckaroos trading...

Thu, 03/25/2010 - 17:19 | 276125 TooBearish
TooBearish's picture

CNBS producers in Europe clearly not hamstrung by the Wall St cabal that pays their advertising like the US counterpart is.  Refreshing to have some one come one and not tout their mutual fund or love of APPL, GOOG or RIMM.  Musta really blown Marias mind when he pointed out the recent rise in rates was indeed not technical, as the money honey had hoped, but lack of demand....o woe

Thu, 03/25/2010 - 17:24 | 276131 Crab Cake
Crab Cake's picture

We are at a tipping point. The only thing that may save humanity is a collapse of the central banks, the corporate system, and the thoroughly corrupted governments around the world.

Thu, 03/25/2010 - 21:54 | 276418 pawninthegame
pawninthegame's picture

or more hopeless romanticism

 

get on your horse and warn the village

Thu, 03/25/2010 - 17:23 | 276132 fUny1
fUny1's picture

If the Europeans think that the United States will stand around and allow them to destroy the dollar, they are mistaken.

It is the Euro that is going to be broken down.

If the European FED owners try to pull off any Hanky Panky with the worthless thin air monetary unit that is the Dollar, it will be back to a post WWII economy for them.

Some may scoff but this must be stated regardless:

The United States has been pumping that massive defense budged deficit into hyper dimensional technology and any future conflict use of that stated technology will look like a UFO invasion and the intended target will be disintegrated.

Knowing who's been the root cause of the mess that has left millions dead and billions in poverty, the intended target is extremely wealthy money printers and industry controlling monarchists.

There was a reason why Dresden was pulverized near the end of WWII. The US is the 4th Reich.

Let's see Goldman Sachs trade their way out of a literal dimensional liquidation.

http://funy1.blogspot.com/2010/03/goldman-back-to-being-levered-high.html

http://funy1.blogspot.com/2010/03/if-federal-reserve-note-ceases-to-exis...

 

 

Fri, 03/26/2010 - 09:20 | 276748 gmak
gmak's picture

Bernanke has been doing enough to destroy the USD on his own. He doesn't need Europe's help.

Thu, 03/25/2010 - 17:25 | 276135 KingTrader
KingTrader's picture

EU Socialism is corrupt while U.S. capitalism isn't.

Thu, 03/25/2010 - 17:36 | 276147 Crab Cake
Crab Cake's picture

What US capitalism?  You mean the corporate banker backed oligopoly?

Thu, 03/25/2010 - 17:46 | 276160 steelhead23
steelhead23's picture

You're kidding, right?  Capitalism?  Pray tell, what part of capitalism involves bailing out failed banks?  Oh yeah, and what part of democracy allows money to vote?

Thu, 03/25/2010 - 17:50 | 276166 Crab Cake
Crab Cake's picture

Corporations are people too....

Thu, 03/25/2010 - 19:05 | 276259 Shameful
Shameful's picture

If only.  They have way more rights then me and they are immortal.  If there is such thing as reincarnation I want to come back as an investment bank!

Thu, 03/25/2010 - 19:47 | 276294 Mr Creosote
Mr Creosote's picture

Would you settle for a bailed out investment bank?

Thu, 03/25/2010 - 19:55 | 276303 Shameful
Shameful's picture

Is there any other kind?!?!  I certainly wouldn't want to work for a living when I can get money for nothing and chicks for free!

Thu, 03/25/2010 - 22:03 | 276427 Mr Creosote
Mr Creosote's picture

Mark Knopfler would be proud of you.

Thu, 03/25/2010 - 19:50 | 276299 Zina
Zina's picture

Stop whining like girls blaming "socialism" for the current global economic collapse. This scapegoat of "socialism" is getting ridiculous. Socialism has ceased to exist in 1989, more than 20 years ago.

The U.S. is capitalist, Europe is capitalist, Japan is capitalist, China is capitalist (now more than ever) and there is no such thing as "socialism" to blame. France's Nicolas Sarkozy is not socialist, as well as Italy's Silvio Berlusconi is not. Both Sarkozy and Berlusconi are two conservatives whose voters are not very different from any mad Republican with a rifle in the mountains.

Seek the true roots of the collapse where it really are: in corporate greed, financial deregulation and oil prices. Stop with this ridiculous scapegoat of "socialism".

Thu, 03/25/2010 - 20:45 | 276348 velobabe
velobabe's picture

What is socialism? In its purest form, socialism is government ownership and control of the means of production. Ownership of anything implies the right to the income produced by that thing.

While you might say that “FedEx costs so much more than the post office, why would we want to get rid of the USPS?”, be reminded that the feds prop up the USPS through subsidies and by restricting who can deliver first-class mail to only the post office. Heck, FedEx and UPS aren’t even allowed to place parcels into your mailbox as it’s reserved only for the USPS! In private industry, we would call that a monopoly.

 

licked a stamp lately?

Thu, 03/25/2010 - 20:59 | 276357 G. Marx
G. Marx's picture

Try cracking open a dictionary and checking defintions before you claim you know what a word means.

Thu, 03/25/2010 - 21:13 | 276370 faustian bargain
faustian bargain's picture

LOL, good one.

Thu, 03/25/2010 - 21:59 | 276423 pawninthegame
pawninthegame's picture

he's just reading out of the pamphlets he got at the TeaBagging party.

Thu, 03/25/2010 - 17:35 | 276144 Postal
Postal's picture

If we continue with our current financial situation, the US will collapse, just not in time to save the Euro.

Thu, 03/25/2010 - 17:36 | 276146 Rick64
Rick64's picture

The onle hope for the Eurozone, and the Euro as a currency, is that sameone takes the spotlight soon, and that may be the United States."

 No keep it over there. This ought to be good for a couple more UST auctions. So if the spread continues they can't let equities fall. GS fire up those extra computers.

China come back please we were just jokin about that currency manipulation thing.

Thu, 03/25/2010 - 17:39 | 276151 KingTrader
KingTrader's picture

The Fed can print money and support U.S. lifestyles long after your beer buzz has worn off.

Thu, 03/25/2010 - 18:38 | 276234 wake the roach
wake the roach's picture

Ah, no... Well that is unless the inflated price of oil can be kept below the inflation rate in the price of goods and services in the real economy but unfortunately, that is impossible. Even the temporary effectiveness of so called "fiat" money creation has real world limits, but besides, unless uncle Ben is actually going to drop it from helicopters, no new money will ever make it into the real economy anyway. The only thing keeping this party going is the financial economy and the PPT, nuff said ;-)

Thu, 03/25/2010 - 17:52 | 276168 buzzsaw99
buzzsaw99's picture

It ain't hard you bunch of Euro-pussies!

 

Step 1) Turn on printing press

Step 2) Turn up printing press

Step 3) Stand back mofos

Thu, 03/25/2010 - 18:55 | 276250 Mr Creosote
Mr Creosote's picture

Do you have a passport, Buzz?
Trichet could use someone with seeds like you rather than whining that outside aid is 'very, very bad'.

Thu, 03/25/2010 - 18:24 | 276213 non-anon
non-anon's picture

As sands through the hour glass, so are the days of our lives.

 

http://www.youtube.com/watch?v=D4G1lr30bzc

Do you feel like your living in a soap opera land?

Thu, 03/25/2010 - 18:29 | 276219 Miles Kendig
Miles Kendig's picture

"The bears couldn't explain their position to me so I thought I would present it for them".  WhoT!

Thu, 03/25/2010 - 18:32 | 276221 wang
wang's picture

CNBS - zh you should bite the bullet and cut CNBS off cold turkey even though they have a gem every once and a while - They should be as clupable as the banksters in the creation and continuation of the financial crisis - the sooner CNBS producers and their lame reporters are replaced by a team that is interested in facts instead of propaganda the better, by linking to them you inadvertently  perpetuate their status quo.

 

Note that Ritholtz who has a vested interest in playing ball with them decided instead to terminate his relationship with CNBS including guest appearances.

 

 

http://www.ritholtz.com/blog/2010/02/persona-non-grata-at-cnbc/

Thu, 03/25/2010 - 20:50 | 276352 velobabe
velobabe's picture

barney frank, too. he said he was never going to appear again (last summer).

i don't watch it any more to see if BF kept his word, bet ya he didn't†

barry has conviction.

Thu, 03/25/2010 - 18:36 | 276230 lance_manion
lance_manion's picture

The Euro was created to, through its eventual distress and collapse, extend the reign of the frail USD.

Thu, 03/25/2010 - 19:51 | 276300 three chord sloth
three chord sloth's picture

Nah. The euro was supposed to be The Global Currency... you know, the one some folks think has to replace the dollar.

Speaking of Global Currency... you don't here much about that anymore. Just a few months ago Russia and China were hinting that there needed to be a new, global currency... not tied to any nation, to move the world forward.

Its funny... since the EU can't handle a piddling li'l mess like Greece, you don't hear about that UN currency anymore...

Thu, 03/25/2010 - 18:40 | 276236 RobotTrader
RobotTrader's picture

Euro still getting sold hard.

Despite the jawboning by the ECB and IMF.

Why is that?

Because there are hordes of action junkies in the bucket shops leveraged 400:1 which need to be liquidated.

 

 

Thu, 03/25/2010 - 19:46 | 276293 SV
SV's picture

Step 1) Collect Underpants.

Step 2) ?

Step 3) Profit!

Thu, 03/25/2010 - 19:08 | 276262 Belrev
Belrev's picture

For there to be a tipping point you need to have something to tip into. 
What is it going to be?

Yen, Euro, Swiss Frank, British Pound?

When yields soar and equities tumble you have a massive deflationary collapse.That means dollars evaporating, and the remaining dollars becoming more valuable.

Don't forget that the whole world has been issuing their debts in dollars in recent years thanks to low interest rate environment in USA.

So when they begin to repay or to default the dollar will soar even more.

Everyone is too US focused while ignoring problems in many other parts of the world. Problems that are much worse.

Thu, 03/25/2010 - 22:19 | 276279 nikku
nikku's picture

What will they tip into? What will be the CURRENCY that will get most valuable because of a deflationary deppression?... That would be gold... Because it's a currency--not just a commodity!

Thu, 03/25/2010 - 19:52 | 276302 EscapeKey
EscapeKey's picture

Agreed. The Pound Sterling is next on the chopping block.

 

Thu, 03/25/2010 - 19:10 | 276263 carbonmutant
carbonmutant's picture

Like the man said, the Greeks have a long history of "...deeply embedded corruption".

That will not change overnight. Which means that the banks that underwriting this bailout will lose their money. And the Greeks will be looking for QE2 before the end of the year.

Thu, 03/25/2010 - 19:17 | 276267 Ripped Chunk
Ripped Chunk's picture

WW III????

Thu, 03/25/2010 - 19:31 | 276280 1fortheroad
1fortheroad's picture

Gridbot, bought to you by Goldbot Slacks. 

Disclaimer: The only Guarantee is that your credit card will be debited twice in

advance. 

Thu, 03/25/2010 - 19:36 | 276286 1fortheroad
1fortheroad's picture

When yields soar and equities tumble you have a massive deflationary collapse.That means dollars evaporating, and the remaining dollars becoming more valuable.

 

Now that I understand. 

Thu, 03/25/2010 - 19:43 | 276289 Arthur Two Shed...
Arthur Two Sheds Jackson's picture

HaHa!!

I thought Gridbot was some clever, RobotTrader joke!

I checked it out...

People buy this stuff?

I must admit,"Donald"'s testimonial was compelling!

Thu, 03/25/2010 - 20:05 | 276320 Buck Johnson
Buck Johnson's picture

Yea Gridbot, what?  Anyway Philip Manduca shot straight from the hip in regard to what is going on in the markets.  He's not the only one that has made comment about the state of affairs in the US compared to the Eurozone.  It's as if our media is ignoring the issues of the US and keeping everybody's mind overseas and on happy thoughts.  He basically told her that we are having a meltup where the market is going up not because of demand but by market pros chasing performance for a quick buck.  I have this feeling that they are allowing this to continue because when the pain starts to set in from their "cure" and other liabilities and mark to make believe isn't working anymore, it will take the market back down to the level it was at over a year ago which was 6 thousand and change.  They don't want the market to be at 7 or 8 thousand and have this issue happen, because then we would be considered in a depression and the pundits couldn't lie their way out of it.

Mark to Make Believe, extend and pretend, etc., thats what the US and the world is doing right now in order to keep this financial machine "solvent".  The big problem is that the weaker states and countries are cracking because they where the ones that go first in a ponzi scheme when the game finally starts to come apart.

Thu, 03/25/2010 - 21:34 | 276393 twotraps
twotraps's picture

well said.  what can we do to preserve capital?  I also think there is a move lower coming, a re-pricing well through the March lows.  Not saying it crashes, the tougher trade is just a move lower.  Its sinister in that it never looks like enough to actually liquidate and always seems tempting to add to longs.  The very fat part of the curve has retirement money in funds holding stocks, can't imagine what that will look like when people see those balances dwindling.

Thu, 03/25/2010 - 20:16 | 276331 Stuart
Stuart's picture

Very good interview with Philip.  Did he ever nail it out of the park.  Exactly.

Thu, 03/25/2010 - 20:20 | 276336 virgilcaine
virgilcaine's picture

Greece needs to fall on the sword.. for all of Europe. Then Portugal, Ireland, Spain..

Thu, 03/25/2010 - 21:11 | 276365 Crime of the Century
Crime of the Century's picture

Hah! You want world class corruption? Italia baby! Check out the movie "Gomorra" - the underground is the economy.

Thu, 03/25/2010 - 20:30 | 276341 10044
10044's picture

UN-FCKING-BELIEVABLE!!!

10000000% right on, this guy is amazingly and scarily correct, specially when it comes to gold; "The ultimate currency"

Thu, 03/25/2010 - 20:42 | 276345 KingTrader
KingTrader's picture

The hat-tip to gold was the only bogus part of this interview.

Thu, 03/25/2010 - 22:03 | 276426 Reese Bobby
Reese Bobby's picture

Gold is a currency of limited supply.  That is simply a fact.  I wonder about people who look around today and don't want to own some physical gold in a safe place.  It's nice to know you will never wake up one morning and be entirely without. No?

Fri, 03/26/2010 - 00:07 | 276536 saulysw
saulysw's picture

I think gold is likely to fall quite hard with equities - for a while - then it will stabilize while equities will keep falling. That is, initially people will liquidate speculation gold position for cash to pay off losses elsewhere.

Not long after that though it'll rise as the dollar finally cracks and falls. At least, that's my murky view of the crystal ball.

For maximum profit then, if you have the courage, it's one giant game of chicken to pick the bottom for gold. You may only have days when the time comes, and it will be physical only at that stage and shortages will be the norm. So.. I'm happy to lose some gain now in exchange for not having to panic buy then.

Thu, 03/25/2010 - 20:59 | 276359 bugs_
bugs_'s picture

KING DOLLAR.

Thu, 03/25/2010 - 22:05 | 276429 Reese Bobby
Reese Bobby's picture

The tallest paper midget...

Thu, 03/25/2010 - 21:28 | 276371 caconhma
caconhma's picture

Socialism is all about corruption and a ruling oligarchy.

Corruption is like a cancer:

- it is invisible at a beginning

- but if it is not caught very early and surgically removed, it will kill

Socialism is not viable if it does not use totalitarian means. But in any case, socialism is never an effective economic system.

 

The case and a point: Soviet socialism has collapsed after it lost its brutality but Chinese socialism is still there and doing very well after using tanks to squash a decent.

PS

Speaking about Greece.  France lent to much money to Greece and now France wants Germany to guarantee that Greece pays back. WOW. The bottom line: Never trust to French.

Thu, 03/25/2010 - 22:14 | 276432 pawninthegame
pawninthegame's picture

you might want to tell your boyfriends at the TeaBagging party that what you're referring to is communism.

heaven help us should you open an encyclopedia or worse, take a political theory class or two..

Thu, 03/25/2010 - 23:29 | 276494 caconhma
caconhma's picture

pawinthegame, you are an illiterate and stupid bum.

Communism, fascism, its., are just different varieties of socialism. Do you know that

  1. The Soviet Communist Party was founded as Socialist Worker Party of Russia and brought to power in 1917 by Lenin.
  2. Nazi or National Socialist German Workers' Party, founded in Germany in 1919 and brought to power in 1933 under Adolf Hitler,
  3. Italian Fascism term comes from the Italian fascio, derived from Latin fasces that symbolizes the sovereignty and authority of the Roman Republic.  From 1870s, the term fascio was used in Italy by radical socialist social and political organizations.
So a smart-ass, did you get the message? As for political science classes, they are taught in the US universities by lying  left-wing Jews.

 

Thu, 03/25/2010 - 22:18 | 276437 Mr Creosote
Mr Creosote's picture

In the 21st century, it is possible to live with some cancers without early surgical removal. I'm afraid the same is presently possible with corruption.

Thu, 03/25/2010 - 21:19 | 276377 Kreditanstalt
Kreditanstalt's picture

This guy is always spot-on!  My favourite analyst.  Notice he said gold "for the long term" and notice he said the paper dollar can fall "within a week".  Or, did he use the word "crash"?  Or was it "plunge"?

Interestingly, he said he expects the yen to soar if stocks turn down and yields rise!  The day AFTER I went into YCS short yen...obviously I'll have to be nimble with yen...

Thu, 03/25/2010 - 21:50 | 276411 Double down
Double down's picture

Read ZH and the great comments and you can sound like this guy too.

Everything he said I have read here.

 

ZH kicks   

Thu, 03/25/2010 - 21:52 | 276417 THE DORK OF CORK
THE DORK OF CORK's picture

This is a epic battle of the currencies - there can only be one ........ hmmmmm

reminds me of something

http://www.youtube.com/watch?v=VOIllBWuu9M

 

Thu, 03/25/2010 - 22:42 | 276454 colonial
colonial's picture

what struck me about this interview were the blase statements that Eurozone nation/states have been lying about their economies for years.  And that shrewd investors know this. 

Manduca then goes on to say that, even given current levels, no one in Europe has the stomach to raise taxes or cut services.  Sound familiar?  Basically Manduca says socialism is completely dysfunctional.  Yet what have we done since Obama took office? 

We gave GM and Chrysler to the unions, enacted a string of bail-outs, and have just created the single largest socialist program in the history of the US. 

The tipping point for Manduca comes when the realization hits that the massive US debt will have to be floated with a T-note in the 4.10 to 4.20 range. 

Lastly it also once again demonstrates that any buy-and-hold investor does not have a chance. 

What have we done? 

Thu, 03/25/2010 - 23:38 | 276509 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Tell us something we don't know. Fingerpointing...BS...fingerpointing....Hegel, Hegel, Hegel.....
Really I am a little upset everybody is catching on outside of America. wake up America!

Fri, 03/26/2010 - 00:05 | 276535 DoChenRollingBearing
DoChenRollingBearing's picture

+50,000

Your fault!  No it's yours!  No, your's!

Hegel, Jesus absolutely unreadable.  Like our tax code?  Like Obamacare?

At the risk of a M.B. (Mr Wanker) swat, I suggest to everyone that they get 5% - 15% into gold or other PMs before it's too late.

Buying lead and lead delivery systems might improve the quality of your life as well.  My new products from Mr. Beretta and Mr. Kalashnikov have made me much more tranquil should our beloved USA turn into the USSA (insert "Socialist").

Thu, 03/25/2010 - 23:54 | 276526 JacksWastedLife
JacksWastedLife's picture

It is a good point about moving spotlight. All that Greece/EURO buzz was about moving the spotlight from US system crisis (housing, jobs, California, dollar, etc.) to some place far away. "Look, they got a lot of shit too!" And now, we can see the new normal - at least in USD/EUR. But it is the same inflated and unsupported by real economy USD as a year ago. No systemic changes were made in US to reflect this picture. No real improvements, shifts or turnovers. So, it just the spotlight.

Fri, 03/26/2010 - 02:00 | 276601 Hunch Trader
Hunch Trader's picture

EU authorities are making their best to look incompetent, unhelpful and unsympathetic for Greece. This is their first shot in 4 years to try to talk EUR down seriously. Strong Euro has been hurting eurozone exports seriously.

 

While Greece is suffering, EU exporters are dancing. They will milk the Greece 'catastrophe' for all it's worth. In reality, Greece hardly matters in EU. More important is, is this proof of EU being completely unable to keep its finances in order. They have let several nations break the EU budget deficit limit of 3% ever since they joined EU...this cannot go on or the EU is doomed.

 

Fri, 03/26/2010 - 11:57 | 276991 Anton LaVey
Anton LaVey's picture

+100 "Hunch Trader" - I have been saying this again and again and again.

About a year ago, one Euro was worth US$ 1.52+ and Sarkozy, that ridiculous megalomaniac dwarf, was saying a strong Euro was strangling exports (and he was right, as much as I hate saying this).

Now, one Euro is worth US$ 1.32 and falling fast and everyone in Europe is busy counting the dough as it rolls in. The Greek will pay for the rest of Europe. Bless their souls.

On the other hand 3% deficits are a ridiculous limit, and one limit that even mighty Germany has broken again and again. I don't expect Europe to implode anytime soon.

Fri, 03/26/2010 - 06:13 | 276663 Instant Karma
Instant Karma's picture

Revolt by the Fed? Just a thought. Let's say there is some will at the Fed for some independence of "Print and Spend" official policy. Let's say they want to pull back from Quantitative Easing, 0% interest rates, and out of control Federal Spending and out of control Federal Debt. How could the Fed make their point? Assert themselves?

"Allow" the bond market to start falling apart, and shrug their shoulders, and say to our crazy politicians, "I guess we might have to spend a little less" as our deficit is no longer fundible at low interest rates. To which our crazy politicians will no doubt say, "taxes are too low, then, raise them."

Yikes. It's not good.

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mark456's picture

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Thu, 02/24/2011 - 01:19 | 991868 shawnlee
shawnlee's picture

CNBS - zh you should bite the bullet and cut CNBS off cold turkey even though they have a gem every once and a while - They should be as clupable as the banksters in the creation and continuation of the financial crisis - the sooner CNBS producers and their lame reporters are replaced by a team that is interested in facts instead of propaganda the better, by linking to them you inadvertently perpetuate their status quo.

Note that Ritholtz who has a vested interest in playing ball with them decided instead to terminate his relationship with CNBS including guest appearances.

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Tue, 03/22/2011 - 03:14 | 1085096 shawnlee
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Thu, 03/24/2011 - 05:29 | 1094224 shawnlee
shawnlee's picture

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Thu, 03/24/2011 - 05:29 | 1094225 shawnlee
shawnlee's picture

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Thu, 03/24/2011 - 14:00 | 1096076 carbonmutant
carbonmutant's picture

" There is deeply imbedded corruption throughout the public sector and indeed through out most of the Eurozone ... which allied itself to the very deep socialism that's endemic to the Eurozone.

There is no way you're going to get any spending cuts or GDP that makes any sense. The one big problem in the Eurozone amidst the debt crisis is that they don't have fiscal unity.

This is an intractable situation." - Manduca

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