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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Gimp's picture

Guess who is not getting invited back to CNBS.

Cheerleading squad totally depressed.

AnonymousAnarchist's picture

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

Rusty Shorts's picture



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


Thanks again !!

Rusty Shorts's picture

Holy shit, there I am


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.

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.

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.

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.

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.  

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?

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:

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


pawninthegame's picture

you're one of my favorites.


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

Gimp's picture

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

Crook County's picture

Greece kinda sounds like Cook County, Illinois.

huggy_in_london's picture

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

Mercury's picture

Washington DC now IS Cook County, Illinois.

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.

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.

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....."

Sudden Debt's picture

Russian roulette!

1 gun

1 bullet

2 economies

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


Shameful's picture

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

pawninthegame's picture

shit we are dark MFs around here


i call aisle in the cattle car

pawninthegame's picture

shit we are dark MFs around here

i call aisle in the cattle car

DonnieD's picture

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

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.

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.

BlackBeard's picture

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

Rick64's picture

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

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.

Segestan's picture

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

Master Bates's picture

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

Attitude_Check's picture



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?

whacked's picture



Yes an insider joke.


Mind you tools are useful ...


knukles's picture

Inside joke.  Get it?  Hahahahahahaha.

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.

Mr Creosote's picture

Never underestimate stupidity.

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. 

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...

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

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.

pawninthegame's picture

or more hopeless romanticism


get on your horse and warn the village

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.



gmak's picture

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

KingTrader's picture

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

Crab Cake's picture

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

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?