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Paging Jim O'Neill: It Is Time To Revise The N-11
About half a year ago, after it became painfully clear that the BRIC concept was dead (which has since become quite obvious with surging inflation and liquidity tightening across the board, and markets in China, India and Brazil reacting appropriately), the man who was subsequewntly sent to exlie to manage Goldman's cloaca division, the GSAM which carries about the same clout on Wall Street as Bank of Lynch, penned the term "N-11." Supposedly, these were the countries that were expected to carry the world to the next massive leverage induced consumption boom. As a reminder: here are the countries: Bangladesh, Vietnam, Egypt, Iran, Pakistan, Indonesia, Nigeria, Philippines, Mexico, Turkey, Korea. Well... make that N-10 now... And soon to be N-0, as the policies of Jim's drinking buddy, Gen(ocide) Ben, become fully transparent to the developing world. That said, the N-11 list (RIP) is a great indicator of where speculator should be bidding all CDS to the limit up hilt (we jest... obviously CDS has no limit up locks... Unlike rice - which just hit one).
For those who enjoy an after martini lunch laugh, here is our then take on Jim's most original contraption.
Now That Jim O'Neill's BRICs Are A Dud, Here Comes Goldman's Next Straw Man: The N-11
Earlier we reported that
Jim O'Neill has finally capitulated on his China uberalles prediction.
Not a few hours pass, and Goldman is already back to spinning the great
illusory strawman of the next growth "dynamo" - enter the N-11, or the
"the ‘next 11’ emerging economies that—after the BRICs—have the
potential to rival the G7 as a source of global demand and sustained
growth." Because Goldman knows all too well that two wrongs make a much
bigger right. As to which bottom dwellers are supposed to pull America
and the insolvent developed world, prepare to be regaled with the
following brilliant selection of N-11 participants: Bangladesh, Vietnam,
Egypt, Iran, Pakistan, Indonesia, Nigeria, Philippines, Mexico, Turkey,
Korea. Good luck with that Jim: we cant wait for the Non-Ch 11 200
next, or all the countries in the world that don't have a debt/GDP ratio
of over 100%. We are sure that the entire world, ex the developed and
BRIC countries, will pretty soon serve as the economic dynamo to push
the world forward, and beyond the bankruptcy of your heretofore
favorites. We promise that the bears you so enjoy taunting are rolling
in fear at the N-11 onslaught.
From the report:
The
N-11 economies vary significantly in terms of financial development.
Hence, we have constructed a simple ‘financial development’ score, made
up of seven financial indicators, which suggests a positive relation
with income per capita. Vietnam and Egypt show high levels of financial
development given their income per capita, whereas Mexico and Turkey
(although financially more developed than the smaller N-11 economies)
have the potential to become even stronger in terms of the size, depth
and efficiency of their financial markets. There are important caveats
to bear in mind when interpreting these results, in the form of the many
country-specific factors that have contributed to where these economies
find themselves today compared with their peers.The N-11 have a
great deal of potential, both collectively and individually. Their pace
of development over the previous decades suggests that they are in a
strong position to capitalise on both market-based and bank based
systems of finance.
For all who have too much free
time on their hands, and can't wait to get their hands on some hot
Iranian assets (and no, no Geiger counter pun here), feel free to read the full report.
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With the exception of Turkey , that list is a beginners guide to "How to get fked and poor in 3 easy steps"
Jimmy is an idiotic bulltard when it comes to things high beta and emerging.
what is the exception of Turkey?
better be careful holding on to your long Turkey position, you can get fked in less than 2 steps.. that is the EM which was most hardly smacked in 2008..
I have zero exposure but its a country that has demographics and progressive capitalism on its side. The caveat is obviously that land mass South East of it. I would wait for the mass sell of in global risk over the next few years and then pile into a market like Turkey however.
No more Long Turkey? But that is my Wife's favorite position....
The air is now thicker than ever with bankster talking head/pundit BS; must be a result of Gobal (s)Warming aka contagion.
Papua New Guinea is the next 'Tiger' economy according to Goldman Sachs, and will replace incremental lost consumption of developed nations for the next 50 years.
I hear "long pig" is making a comeback.
'Long pork' is stringy and chewy, according to fine young cannibals everywhere.
woohoo!! Bring it on
coconuts
banana
amazons
gold
coca
yup they have it all
Maybe N-11 was a hit list.
From Ransquawk:
"US Judge issues ruling health care lawsuit against the Obama health-care reform act unconstitutional"
so the lawsuit is unconstitutional?
Ben Shalom Bernanke is only the lastes jew commiting crimes against humanity
http://www.vanguardnewsnetwork.com/v1/mjc1b.htm (read hier for other examples)
you can't make this stuff up
http://www.spacetelescope.org/news/heic1011/
Re Jim O'Neill's call on Nigeria -
He probably got some of those e-mails we get here in Europe directly from the 'Central Bank of Nigeria', who apparently have lots of cash in some accounts, they just need some help transferring it ... that's maybe why they're only in the N-11 and not the G-20.
Here's one of the most inspiring advisors to those Central Bank of Nigeria people - singing star Uzodinma Okpechi, and his hit song, 'I Go Chop Your Dollar' -
Hilarious, great fun, catchy tune - this is what some Nigerians play when they send those '419' e-mails (419 is the relevant Nigerian law code section related to e-mails and getting money):
http://www.youtube.com/watch?v=f1nKR3gYRY8
Nigeria has civilization's alpha asset.
Nothing else matters.
Jim who?
We can put prospects for future real growth to sleep.... pun intended.
I think we're dealing with Mathusian central planners.
Why print twice as much money when you can just get rid of half the people?
I don't think TPTB like us and this is just their way of telling us to get off the planet.
I'll be backing up the truck on the BRICs after this shit blows up.
Good luck affording the gas for that truck...
Owning something in Iran or North Korea wouldn't be such a bad idea if your allocation to those spots is below 1%, Egypt along with Iraq, Afghanistan and Somalia don't seem to be crazy ideas either, just a matter whether you have enough patience to wait for things to settle, 10, maybe 20 years from now.
I'm no fan of Jim O'Niell, he's over rated and over paid, however he got the BRIC'S call right several years ago and a lot of people made a lot of money off it. The fact that ZH is now crowing that he is wrong is typical of the BS that has ruined this site.
By several years ago, you mean before the 2008 market collapse which caused the Russian, Indian and Chinese stock markets to plunge by far over 50%, correct? Furthermore, we are fairly confident that anyone telling people to buy anything during the bubble rage period made other people money.
Just got a free nerf basketball from Allianz with a card attached. Card reads, "As of 9/30/2010, total cash on the sidelines equaled approximately $9.4 trillion. Get your clients back in the game."
Wonder what part of that $9.4T is offset by debt? Did they say?
Didn't think so.
Man, any index that includes Pakistan isn't worthy of even being defined. I visited the country a few years ago when it was actually reasonable, coincidentally also the peak of the Global Bull run. Now it's just a complete mess, even the remaining educated Pakistanis are looking for the exit(s). GSAM = 'tards, liars or both
Jim O'Neill is a ham, a wanna-be actor. He thinks he is Clive Owen. Alas, poor schmuck, he could never be an actor, he would neither be able to memorize lines, nor stick to them. He simply makes up shit as he goes, and, delusionally, thinks his garbage is great. Fuck Jim O'Neill.
"Goldman's cloaca division"
funny stuff
It's basically a list of countries with the biggest populations with high birth rates. The guy is totally braindead.
Remember a few years ago when CDS swaps were proved worthless against banks when the FED/Treasurery suspending shorts. I wonder if the same thing will happen to sovereigns.