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Matterhorn's von Greyerz Explains Why The Apocalypse Is Nigh
A few days ago we presented the most recent investor letter by Egon von Greyerz of Matterhorn, whose pessimism makes David Rosenberg seem like a CNBC staple cheerleader. Today, CNBC invited the hyperinflationist to its European studio where von Greyerz engaged in some entertaining sparring with the anchor over two totally different worldviews. Those who have read the letter previously, and have followed the inflationist side of the argument, will not be surprised by any of the disclosures: decades of debt fueled prosperity, $20 trillion backstop of financial institutions, deteriorating fundamentals, reckless money printing, and gold as the only real store of value: in other words - all the things that those who see no treasury bubble will close their eyes to and quickly walk away from.
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Matterhorn, Bitches!
(obligatory)
http://www.youtube.com/watch?v=-z3Y4ZAtV1E
http://www.youtube.com/watch?v=hCw_cZqPjtM
Armageddon never had a more genial prophet
At 5:00 Ergan says there are only 2 alternatives:
1- Austerity and collapse of asset prices and the banking system
2-Hyperinflation
Nice but there is another view:
http://www.youtube.com/watch?v=hz1YgOZaDFw
Open general question: What the hell is with ALL the English trash all over CNBC whats up with that? Is it because they believe an English accent sounds more credible or something? Only thing I can figure.
And whats with that street person in rags at 8:00?
Seeing the major role the Bank of England played in the first Revolution, I find it fitting CNBC (the financial arm of the corporate ran government propaganda machine) would be bringing in English shills to dole out financial advice to the American sheeple.
Actually I'm pretty sure this guy is Swiss.
It's the CNBC World Channel for those of us with cable TV. The street person at 8:00 is Cramer.
Back to his comfort zone of livin in his car.
Sheep - you are obviously very new to this game...
Yes on the first question and the woman at 8min has been the European market correspondent for years...
It's no wonder, with this knowledge, the majority of your comments here on ZH are useless.
There was a time when Time itself ticked-on unabated, and length was as ridgid as a measuring rod...and then along came Einstein and destroyed everything we desperately clung-to for reasurance that the world was real.
Historically, this economic situation has never been seen before, to everybody, so there are no experts, there are no wise old men...or wise old bag-ladies for that matter.
Egon is from Sweden (where they teach British English) and has lived for 17 years (or so) in London. Hence the British-Swedish accent.
British-English, lol
"Two nations separated by a common language."
The same reason they like to use english on infomercials. To sell trash.
Doesn't Egon moonlight as a ghost buster?
You're right and it all makes sense now. They were trying to tell us something back then: http://www.youtube.com/watch?v=zjzZhTS_xa0
LOL!!!
by Chris1
on Mon, 08/16/2010 - 09:48#523719
Matterhorn Asset Management? Come on. An asset management group specialised in gold might be considered biased.
- reply
- flag as junk (23)
Biased yet oddly sensible...+1
Gold bugs beware:
http://i36.tinypic.com/2moy0i9.jpg
Wow, ticker, that's some pretty impressive TA. Did you draw those lines all by yourself or did a kindergartner help you with your crayons? What's next, fingerpaint?
Even more alarming:
Buying Gold Is a Mistake, James Altucher Says
You've been warned. :P
Hypocrite Alert:
I realize that I complain all the time about people attacking the messenger and not the message. In this case, however, I'm going to do it anyway.
WHAT A FUCKING STUPID LOOKING MORON! I ACTUALLY LAUGHED OUT LOUD WHEN HE APPEARED ON THE SCREEN. HOW CAN ANYONE TAKE ALTUCHER SERIOUSLY? HE LOOKS LIKE GILBERT GOTTFRIED AFTER A WEEK LONG BENDER.
But what does Cramer say?
He usually says something like "Booyah!"
I saved this for future reference:
09/04/2009 on CNBC
James Altucher: SPX will not see 900 ever again.
+1000
Plus Gilbert gets laid evry once in a while.
If you call humping an inflatable woman getting laid.
My thought was that Gilbert went on a seven day drunk, fucked Austin Powers, and this dick pimple was the offspring.
I am not sure if you have bested yourself with this avatar, or not. This one can be glanced at and taken as abstract art of some kind. The other one was quite clear what it was.
No, ad hominem attacks are really not the way to go, but the Gilbert Gottfried comparison was too funny!
Hilarious... they have to create a paper gold market, just to met demand.. i.e. a Hoax... and still the paper price is $1200.
Morons. Who latter should face criminal charges for destroying many lives.
You show us some ETF chart?
I prefer this one:
http://www.kitco.com/charts/popup/au3650nyb_.html
Exactly. Broaden your timeframe and relax. It's a fairly perfect exponential curve.
lol yes because stupid technical analysis crayon drawings really capture the essence of a multi-year manipulation scam coming apart at the scenes :- /
muppet.
(moved)
Dude Pitches Gold Bitchez
Dude scares ya Bitchez
Dude earns money on fear Bitchez
Probably Right...Maybe Bitchez
Got the math question wrong twice Bitchez
Just twice? The biggest pain in the ass captcha site!!!
i use a calculator
That's cheating. If you are not smart enough to work it out in your head, then you shouldn't be posting.
You're pretty bitchy today...
You'd be bitchy too if you were a cyclops.
CNBC European studios. Far far away from the delicate brains of Joe Kernan, Becky Quick and Carl Quintanilla.
Cnbc. What a bunch of wankers.
Stupid question about Gold. Gold is money. Nothing else.
Must have been junked by a fan of silver.
But I wanna be a fan of both.
What I heard from this interview is that we are all going to take a huge haircut no matter what you invest in when trying to hedge against the dollar. This is in line with my thinking as well. No one will win in the end. NO ONE!
Kyle Bass said just recently, as he did, "Where is the money going to come from"?
Freaking crooks!
It's amazing how easy a concept this is. Even a mush-mouth like this guy can grasp it.
The real problem however, isn't the printing of money (although truly a crime as well)...it is the nature of fractional reserve banking. The Fed, short of handing out tens of thousands to every man, woman and child couldn't print enough to account for the contraction of banking structure that has been happening for the last couple of years. So what is left is debt without any money to roll over the debt once again. The can sooner or later can't be kicked further down the road.
LOL nice avatar!!
At 5:00 Ergan says there are only 2 alternatives:
1- Austerity and collapse of asset prices and the banking system
2-Hyperinflation
Nice but there is another view:
http://www.youtube.com/watch?v=hz1YgOZaDFw
Proper management at the top (ie Obama) would have the US leading the recovery charge out of this hell-hole monetary system and the world will follow us again.
The only real choice appears to be to renege on all debts and back the currency with Gold or Silver.
there is no treasury bubble...until there is :-)18
What an idiot, this CNBC guy. To paraphrase what he says:
1). Where do you see United Stated, or the world in whole going on a diet?
2). The patient has already suffered a massive heart attack, and probably wont recover, even if he does stop smoking and goes on a diet to loose his 300 lbs of excess fat.
Were stuck in an Keynesian nightmare that wont go away.
He makes it so easy for Rosenberg to slay him.
Yep. Lotsa fat people know they're fat yet fail to do shit about it.
Since the moronic CNBC guy is British, maybe he has seen the Monty Python sketch where Terry Jones plays the enormous fat guy in a restaurant and it all comes to a climax when John Cleese as a waiter offers him a thin mint.
Our economy is one thin mint away from exploding and this is the guy he wants "to go on a diet." Imbecile.
The problem is, is that the fat guy is paying for 12 servings of foie gras over bacon with his overextended credit card.
lol, 2nd time I've seen this compared to obesity & mr creosote in 2 days
Behold, Mr Creosote
http://www.youtube.com/watch?v=BlK62rjQWLk
I heard him as being in the Elizabeth Kubler Ross "bargaining stage." When you hear you are going to die, you say, "Well can't I lose the weight? Can't I work on my health?" There is a pleading with reality. "Can't it just be a couple of recessions? Does it have to be a depression?"
On a long enough time line, all fractional reserve lending systems will collapse and a small group of lenders will end up owning everything. The question is will the people extract justice from the small group, or not.
BTW, happy birthday and I really like your bag, dude.
8 minute mark: "Gold is as speculative as you can get".
What an idiot comment.
HA!
Confirms his idoicy!
LDK!
yuck-yuck-yuck
CNBC talking about buying Muni bonds opportunity..jeeezus. Yeah everyone buy munis because they are about to lay off have the county to service debt. Have they know shame. Tells me that those are about to go kaput.
Come on. You think the Feds will let the States go belly-up? Get real.
They will buy everything in sight -- including munis.
It's already happening sans the tax-exempt cherry on top.
Exactly, there would be riots in the streets if the Feds let a state default on its GOs. Save the banks but not the states - yeah right...
Albeit the rioters would most likely be wealthy 70 year old retirees /s
Obama's economic strategy is based on a one-armed paper hanger with crabs.
2 years after saving the banking crooks and forcing an ill-timed health care monster onto the nation, they have discovered there is an unemployment problem ???
The teleprompter kid has not one clue about how to fix this broken nation.
...and your fix would be, what?
M. McCloy:
Old habits die hard. Munis have been a fantastic place to park and live off wealth for what - 50 years now? Get rich or semi-rich once, plow it into munis and hold until maturity. Then live/play off the income tax free, not caring whether the market goes up or down - hell, even vote liberal too if you want.
That was truly one of the greatest, easily accessible trades of the second half of the 20th century. Soon to be all gone. C'est La vie.
Or worse, lay-off half of the county and still default on the debt, due to declining revenues.
At least the munis are insured (though I'm not so sure the insurers are any more solvent than AIG ever was).
The new Build America Bonds however, are backed by the IRS. Which will probably mean that failed local governments will become federal protectorates, further undermining efforts of local governing.
No matter what though, it seems that the private non-Federal non-Reserve will own everything.
'Threats of a double dip recession"? Never got out of the 2008 DEPRESSION! Only added trillions more debt and about 30 million more unemployed.
It seems the CNBC european staff is already being paid in Zimbabwe currency.
Yes, and they are of equal value.
If theres anything at all positive about Zimbabwe currency, is that 2 euros worth is enough to stuff your mattress to capacity.
what passes for a 'money honey' in Europe is terrifying.
What did they offer her a cup of soup to come on in Frankfurt and talk about shiny coins? Youre right! Cant they even get some mildly hot chicks to babble inanities instead of some toothless street person in rags? Whats that she's wearing, and old cleaning cloth?
she a premonition: the quintessential hyper-inflationary babe! oh yeah!
Passengers, we've just lost cabin pressure.
You guys know that Apocalypse does not mean end of the world or major battle between good and evil... right?
It just means to reveal.
like revealing of the hidden.
It goes with the whole 2012, new age, raising of consciousness, spiritual enlightenment, we know the feds screwing us and were going to be sex slaves to reptilian aliens,... thing.
Sex slaves to reptilians? You wish.
Get a job - you have far too much time on your hands
Iridium, bitchez!
Screw gold.
Good point, I was looking into this the other day. Anyone know how you can buy Iridium?
I found this place. Is that a typo, "0.2mm thick"? Sounds pretty thin to me. 0.4 of an ounce (assuming weight listed is in g) for $2238. Hmmmmm....
Look into "Rare Element Resources"
http://www.resourceinvestor.com/News/2010/8/Pages/Ancient-Gold-Modern-Va...
what about this.....incredible if true.
South Africa’s leading mining corporation, the Anglo-American Corporation, in the 1970s engaged archaeologists to look for such ancient mines. Published reports (Optima) detail the discovery in Swaziland and other sites in South Africa of extensive mining areas with shafts to depths of fifty feet. Stone objects and charcoal remains established dates of 35,000, 46,000, and 60,000 B.C. for these sites. The archaeologists and anthropologists who joined in dating the finds believed that mining technology was used in southern Africa “during much of the period subsequent to 100,000 B.C.”
Ancient Human Metropolis Found in Africa « Indigenous People’s Literature Weblog
...and the coin had a likeness of Noah stapmed on the obverse? :)
World's Worst Rug v Spit Curl ?
The German Hun-lady was a waste of time and bandwidth. "So, you advocate a gold standard?" No, mud-for-brains, he didn't say that. Pay attention.
I'm not a absolutely sure but I think that we just got a confirmation of the Hindenberg Omen today.
Maybe, but do we really need an omen to tell us we have a 25% chance of going up in flames?
I love it: CNBC hack While interrupting, "You've covered alot of history, 200 years ,very quickly, thank you for that" (smug expression). Now I get it, worrying about history is sooooo 2007-2008.
Reminds me of the Airplane scene:
Steve McCroskey: Jacobs, I want to know absolutely everything that's happened up till now.
Jacobs: Well, let's see. First the earth cooled. And then the dinosaurs came, but they got too big and fat, so they all died and they turned into oil. And then the Arabs came and they bought Mercedes Benzes. And Prince Charles started wearing all of Lady Di's clothes. I couldn't believe it.
Your right! Anyone who would take CNBC seriously would not have the attention span for a short history lesson.
Do you like gladiator movies?
It's unfortunate that when anyone tries to talk fundamentals they always get baited away with questions about investments. That's the basic problem here. If hedge funds and all other pool investors were forced to invest 10% pof their capital a year for five years in a row into new business creation that would slove it. Put some of that brainpower to constructive use. Waht do you want to do? Make the roads double as solar pannels? Huge market if you can solve the technical problems. Solve the power storage problem? Huge market and so on. As it is nobody is developing anything becasue they are too busy "investing" or more properly gambling. That's our basic problem.
slove waht?
"goldswitzerland.com: papermoney has lost its value"
haha Hilarious. Why listen to a guy who is peddling gold bars?
Who do YOU listen to? Some fella named Cramer?
Not eating for a while after oveating is not the issue.
Trying to pay the bill after ordering all that food is the problem. Not eating for awhile isn't going to pay off the tab, you moron.
That is a fascinating video...what a doofus the dude is with "how about we just shed a few pounds, like a diet"
Denial buddy, not just a river in Egypt.
I have one to show you guys on how people think as well. I run a trend anaytics program called the Internet Time Machine that looks at what people are talking about from around the world. Inflation is still monster, with deflation talk missing.
I will give all people reading this far down on the comments access to see what I mean....
1. Go to www.TheInternetTimeMachine.com (sorry, have to put an email in)
2. Login with test10 and password test1010 as a test account with full access...
3. Click on software button.
4. Go to right side there the filter button is and type in "inflation" and hit "core trends" and look at the conversations going on...
5. Now, repeat step #4 and put in "deflation" and hit the core trends button again...
Crickets...
Unreal.
Long Live Zero Hedge.
Save some spam and gatorade in the bunker for me.
spam - check!
what's the shelf-life of gaterade?
very impressive. thank you. what an excellent business concept. I hope you are successful.
Just for kicks, here's some results from google:
Basic search results:
deflation 17,700,000 results
inflation 38,200,000 results
Google trends:
http://www.google.com/trends?q=inflation%2C+deflation
Long term, inflation is more actively trending according to the graphs. Interesting stuff.
I wouldn't necessarily be so sure that bonds are in bubble territory and even if they are that need not stop them rallying further. You may be right, i don't pretend to know with certainty. We are talking about a deleveraging of the last 15 years or more of excess credit creation. All bond buyers are saying is that it's likely that this deleveraging won't occur in a small period of time and in fact, it will take a long period of no growth, high unemployment, and lower living standards to return to some form of health.
If you are actually right on your "the world is doomed" scenario then the first order effect IS for a deflation and the bond market to rally. The hyper inflation scenario ONLY comes about if and only if central banks print a greater amount than the deleverage AND that money actually finds its way out of reserves. That looks like it might happen, but it is not certain. Perhaps the fed come under resistence and are not permitted to just print money? It's a possibility (whether or not is probable is another issue).
But my point is don't assume bonds are in a bubble, cause that right now is not clear. Plenty of market gurus have lost their shirts trying to short jgb's cause they were supposedly in a bubble. And as the famous quote goes, the market can stay "irrational" for longer than most of us can stay solvent.
Good points to think about. Thanks.
He said, "gold has no value", 7:28 I couldn't believe my ears. Seemed sort of flustered after that gaff.
Yes, he did. But, upon reflection, he is right - gold has no value beyond itself. An oz of gold is an oz of gold. It is the fiat currencies that do a frantic dance around it, that try to impart a 'value' to it via their gyrations.
All the dancing brings the speculator/investors looking for the skim and making all the chatter.
Gold just sits there, ready to go home with the highest bidder.
@ 5:00 on the two alternatives
1. Austerity measures that will lead to a deflationary collapse with banks collapsing as no loans get paid
or
2. Ben prints money
The Ben prints money was nice for a dead cat bounce from March '09 now it's time to DO OUR PATRIOTIC DUTY and austerity our way into a deflationary collapse......we'll talk more about Zimbabwe in chapter 3 BITCHEZ!
PATRIOTIC DUTY! http://www.youtube.com/watch?v=UCqgNWRjmAc
PLENTY RICH PEOPLE OUT THERE http://www.youtube.com/watch?v=u1Mazjm_A5k&feature=related
sylvia ist wunderbar, na klar!
strange guy but why cant the let him finish his thought process?
Helicopter Ben is coming to save us, headfake on EUR / USD to 1.12 before $ burns into oblivion
Paraphrasing: "OK. Why do we need a depression? Imagine you are some guy who ways, oh say, 1200 to 1500 lbs: Why can't we just go on a diet and drop 1000 lbs over a protracted period?
In your analogy fat is to debt
as liposuction is to debt default.
Imagine that big sucking sound when everyone defaults on their debt at the same time.
what passes for a 'money honey' in Europe is terrifying.
she a premonition: the quintessential hyper-inflationary babe! oh yeah!
Passengers, we've just lost cabin pressure.You guys know that Apocalypse does not mean end of the world or major battle between good and evil... right?
It just means to reveal.
like revealing of the hidden.
It goes with the whole 2012, new age, raising of consciousness, spiritual enlightenment, we know the feds screwing us and were going to be sex slaves to reptilian aliens,... thing.
Sex slaves to reptilians? You wish.World's Worst Rug v Spit Curl ?
World's Worst Rug v Spit Curl ?
I'm not a absolutely sure but I think that we just got a confirmation of the Hindenberg Omen today.
Maybe, but do we really need an omen to tell us we have a 25% chance of going up in flame
Do you like gladiator movies?
...OK! This has HAD to be one of the funniest threads on ZH to date! "she's a premonition"! FUNNY! In the future, when I'm working the night shift at a robotic Suncor plant in northern Alberta, I'll fondly recall moments like this... ZH rocks!"Workin on mysteries without any clues
Working on our night moves"
http://www.youtube.com/watch?v=GTgLQgpwRvQ
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somebody ban this fucking spammer ASAP.
this is pure SEO linkspam.
MODS!! is there such a thing here? you'll be over-run with this shit if you dont sort it out.
I hear ya dood.
emale abuse [ at ] zerohedge [ dot ] com,
because the "junk" flags after the posts have been so repeatedly abused, that ZH mods ignore them.
How ironic...ZH will not be stopped by the black helicopters, or men in black, or special forces....
ZH will be stopped by eager Chinese capitalist spammers, overrunning the servers.
ZH...done in by capitalism???
(stay tuned!)
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Gold is not the solution . The present financial situation seems to evolve exactly as in the thirties . When the American government suddenly decide to confiscate all the gold detained by the American citizens, as Roosevelt did in the thirties to prevent the country from bailing out, all the gold buyers will lose everything . Nobody seems to remember
The Gold Confiscation Of April 5, 1933 From: President of the United States Franklin Delano RooseveltTo: The United States Congress
Dated: 5 April, 1933
Presidential Executive Order 6102
The financial situation of the country is much the same . Beware of the gold confiscation act !
There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest.
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