Introducing the Not So Stylish Portuguese Haircut

Reggie Middleton's picture

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sun's picture

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sun's picture

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Notenpresse's picture

"America has heard the bugler call--and you know it involves us one and all"

iLivedINhaitiOnce's picture

Thanks ATM, good link.

Temporalist's picture

That's a nice watch you got on there Reggie.  Does it have any precious metal in it or is it made of plastic?  I don't think you have to answer that one.

Maybe got some diamonds on it?  I wonder if diamonds have any value?  I wonder if it is because they are scarce?


U.S. faces crisis in rare earth materials

Published: April 16, 2010 at 10:31 AM

You are siding with a guy that just said if you don't do what the U.S. says they'll kick your ass?  I guess it's a good thing that Obama just won the preace prize.

FRNs or die!  or  Give me liberty or give me death!

dumpster's picture

Reggie,  good stuff .. was not looking for typos

no red pencil here.  

and who really cares ,, lol

its the effort the content and overall direction and information that is important

QQQBall's picture



Hire a young hottie to proof your stuff. Good analysis can sometimes get lost in silly typos.


Thanks for the article

ATM's picture

This is an excellent, concise and completely accurate depiction of the current European soveriegn problem and it's simple solutions. Enjoy.


M.B. Drapier's picture

Mr. Middleton: have you considered taking a close look at the balance sheet of the Eurosystem (ie. the ECB and friends) itself, to follow up on the concerns expressed by for example Willem Buiter (or more recently Der Spiegel)? Of course one can't trade ECB shares, but I think there might be some actionable intelligence in there nonetheless...

(Sorry if this is something you've already covered.)

dumpster's picture

how to support these paper currencies


you got it..... gold coming soon .for the brain washed cant eat it crowd

 .. even dennenger the great pile .

dumpster's picture

The Spanish, Portuguese, and Italian banks will next go belly up and quickly, as they sink with PIGS debt and other credit assets tied to fallen property. Spain will make the most shrill sounds, for a simple reason. They were the worst offender in holding onto mindless unreasonable lofty property values. Their bank books have the biggest drop to realize, after re-entry to reality. The crises underway in the remainder of PIGS nations will continue unabated, and usher in magnificent events where a legitimate

 gold-backed currency arrives

, urgently needed to provide stability.

 more willie

dumpster's picture

Those who feared a continental Amero currency for North American usage, a sustained Euro currency for European usage, and an emerging Yuan currency for Asian usage, must go back to the drawing board or replace the perceptual prisms. Prepare for several gold-backed new currencies. China is talking of a gold component to the Yuan currency. So is Russia. My hunch is that Russia will either participate in the new gold-backed Northern Euro currency or launch its own gold-backed Ruble currency.

willie    johnny bravo  800 gold on a pigs eye

Kina's picture

excellent stuff

Jake Lamotta's picture

Haircut?  No sir, it is an iroquois scalping with fresh blood still on the canvas of hair! 

Rick64's picture

I really trust those people doing the restructuring/bailouts they always get the numbers right. Can anybody tell me the last time this kind of thing worked, not sustained but really worked? Haircuts? they are gonna get scalped eventually.

dumpster's picture

not worked lately 


try a gold backed currency,, coming to a country near you

these will be the go to areas .. backed by gold ,

the british and US fraud fiat last to come to their senses


bingaling's picture

I think that article was very good thanks for posting it -

ZackAttack's picture

But we'll call our secret police against anybody who dares stand against our *God Given Right* to roll over debt in perpetuity at interest rates that bear no relationship to the risk of our country's finances.

Diogenes's picture

I like the part where he said the debt crisis was hardly a surprise as it had been coming for 30 years. Is this the first time a TV pundit admitted that the crisis was totally man made and predictable?

Paul E. Math's picture

You know, I thought Crescenzi was going to go in the opposite direction in answering his question of gold v. fiat.  I still think the answer is obvious and can't believe this he went the other way.

Gold is such a limited finite resource that you can fit all that has ever been mined in the world into just 2.5 olympic sized swimming pools!

But this guy would rather trust the 'hegemony' of USD?? 

Crescenzi puts his faith in the US military.  How's that working out in Afghanistan?  How is that working out in Iraq?  How did that work out in Vietnam?

Augustus's picture

Afghanistan - Better than Taliban

Iraq - Better than Saddam

Vietnam - Better than what befell the poor souls when the Democrats abandonded them leading to 3,000,000 dead.

dumpster's picture

still thinking like a two year old

it depends on the value of the gold .

such mindless .. gold grows at 2% a year

value the gold to match the liabilities of nations .

plenty of gold ,, that it is a limited resource is good .. as it limits the governments to create new fiat to wage war ,, . if the international balance gets out of hand . nations would take gold to satisfy the debt of nations .


or did i read you wrong



Paul E. Math's picture

I think you read me wrong. 

I'm saying that 2.5 swimming pools is actually a very small amount.  Especially when compared with the infinite ability (and propensity) of central banks to print fiat.  Especially considering the ability and propensity of governments to increase their liabilities.

Supply and demand.  The supply of gold is very limited whereas the supply of fiat is infinite.

Gold has value.  Fiat, you just don't know.

nuinut's picture

I don't consider 5.3 billion ounces of gold to be a small amount.

Except when you compare them with how many $FRNs? I can't keep up.

dumpster's picture

10-4  nice come back  lol

will erase the bad print

mynhair's picture

Restructuring 5:  Stick it all on US taxpayers, in the guise of 'making the world safe from bazookas'.

Proof:  See US.

Nice work, Reggie, thanks.

percolator's picture

I'll take gold and Tony can have dollars.

Reggie Middleton's picture

Go to the 5:10 mark, or so abouts, and answer the quiz about Gold and swimming pools: CNBC's Worldwide Exchange with Nicole Lapin: The Cost of Debt Default

Goldbugs, UNITE :-)

nuinut's picture


I respect the fact that you have obviously taken the current financial system as you found it, and worked it to your best advantage. Kudos to you. Seriously. You are clearly successful.

I have prepared a response to this interview, as I found it to be so much propaganda, and anyone who wishes to do so can view it here.

The video should be viewed in it's entirety, by everyone. To direct viewers only to the segment mentioning gold is condescending.

It is perfectly understandable that you should want the current financial arrngements of the world to continue, and obviously gold is a direct threat to that.

But, Reggie, just as King Cnut found, you cannot hold back the tide.


p.s. Your other analysis is first class. The gold blurb was a good way to get more traffic.



RockyRacoon's picture

What's the point again?  Swimming pools and U. S. military might?  Some comparison there, Leo.  And yes, I'm being obtuse.   Crescenzi doesn't really offer a valid alternative to gold.  Having a chunk of the 2.5 olympic pools full of all the gold ever mined, or having a Federal Reserve Note that is being debased daily, well, you know my choice by now. He avoids the money printing frenzy debate.  All he offers is a verbal smirk.   I think "disingenuous" is the word I'm looking for.  If he is the best Pimco has to offer then they are going down.

sheep92's picture

A few questions about your model assumptions:

1. are the haircuts which you posit off of current bond prices?

2. I can't find your assumption for nominal gdp growth.  What are these numbers and how did you arrive at them?

3. Do you do any sort of monte carlo simulation where you pull forward refi rates and nominal gdp growth from some distribution?

Thanks for your efforts