IMF Chief Shares Concerns About The Economy, Excess Liquidity, The Sino-US Coupling, And Wall Street Compensation

Tyler Durden's picture

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trx's picture

Thanks for the translation !



lsbumblebee's picture

CNBC does she suck?

faustian bargain's picture

held by the goatee. nice.

Anonymous's picture

All talk to buy time. He is part of the whole equation. And what does he plan to do with the proceed of the goldsale?. TG said back in MAR "the IMF could sell gold" if they needed capital. So is the recent spike in gold related to their sale(as odd as it sounds)?are they are suckering up the new riches with gold only to later hit it hard(of course, I also realize the fundi beneath gold)?but

Blankfiend's picture

What's up with Greece?

WaterWings's picture

I would splash my glass of Cristal in his face and retort, most contemptuously:

"Vous etes une petite merde ennuyante. Merde! Merde! Merde!"

Anonymous's picture

fantastic die hard reference

cubanonradar's picture

This recent unopposed rise in gold does seem to eerily correlate with the IMF's upcoming sale! So maybe after that, gold has a nice correction....just another opportunity for us to trade in the green toilet paper for more shiny stuff.

overbet's picture


Gluskin Sheff’s David Rosenberg (formerly chief economist with Merrill Lynch) recently told Barron's he's not sure we're better off than we were after Lehman. Here's just some of the reasons why:
  • Since Lehman, we have lost 6.2 million jobs
  • The unemployment rate is 10.2% now, versus 6.2% the day before Lehman collapse
  • Real gross domestic product is still down 3% since the summer of 2008
  • Housing starts are down 30%
  • Auto sales are down 23%
  • Bank credit has contracted by $500 billion, or 8%
  • Household net worth is down $7 trillion
  • Home prices are down an average of 10%
  • Apartment-vacancy rates are up a percentage point to 11.1%
  • Consumer confidence is down 11 points
  • The budget deficit has tripled
It's hard to argue with these facts.  But allow me to play devil's advocate. A few of the most important economic metrics are headed in the right direction. Yes, job losses have ballooned since Lehman. However, the pace of job losses is slowing.  Today's initial job claims proves this point: The four-week moving average fell below 500,000 for first time since the week of Nov. 7, 2008. On the housing front, the Case-Shiller home price index for September rose for the fifth straight month. And, while not as robust as first reported, GDP was positive for the third quarter. But, as Aaron and Henry point out, the banks are still the key to our fate.  Until they feel comfortable enough to lend it's hard to imagine we're in the midst of a V-shaped recovery, at least one that will last.  


SayTabserb's picture

It would be interesting if you ran your devil's advocacy past Rosie. Just as one note, I'm not sure that the banks' refusal to lend is related to their "comfort level," but to their solvency and the lack of qualified borrowers.

delacroix's picture

job loss figures, case schiller figures, are now as credible as political campaign promises.