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Roubini And Jim O'Neill Spar On Greece, China And Man U

Submitted by Tyler Durden on 03/27/2010 18:53 -0400

If there is one topic that has been beaten to death, reincarnated, then Friend-o'ed three more times by everyone in desperate need of a Google hit or a TV appearance, it is Greece and China (and also Manchester United if you live in the UK). This will not stop us from presenting this FT clip, in which Goldman's Jim O'Neill and Nouriel Roubini spar over the Greek bailout and the Chinese economy (and, you guess it, Man U). Guess who is the optimist and who is the pessimist. For the most part a bland recreation of each pundit's party line, although we do appreciate Roubini's reminder that the immediate catalyst responsible for the 20% Black Monday drop (at a time when the market was poised on a precipice much as it is today) was a topic near and dear to everyone: the announcement of a trade war.

"20 years ago we had a large trade deficit with Japan and Germany. The dollar was weakening but the Germans and Japanese were resisting, and the US got angry. And the US Secretary of the Treasury Baker got on TV on Sunday and said if you don't let if move we are going to retaliate. The next day the stock market crashed 20%."

Are the starts aligning for a repeat appearance of just such a crash, especially as the US has mere days left in which to brand China a currency manipulator?

Full clip after the jump.

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Sat, 03/27/2010 - 20:05 | 278326 lawton

I like the GS guy " It is a symptom of this post crisis fear " - maybe he thinks its not that big of deal since GS is too big to fail. I agree with Roubini on most of that stuff. I am surprised Roubini isnt calling for a double dip officially as of now and is sticking with the slow U-shaped recovery because many things are starting to point to one in Q3 of 2010.

Sat, 03/27/2010 - 21:32 | 278369 merehuman

Lawton, i have a bridge i would like to sell you.

Sun, 03/28/2010 - 09:44 | 278618 TheMacroView

U-Shape or double-dip, either way things aren't looking good. O'Neill is also consistently wrong, but that may be just because his boys at GS are doing the opposite of what he says...

The Macro View

http://themacroview.wordpress.com

Sat, 03/27/2010 - 20:17 | 278328 Sqworl

Thank you Tyler....:-) Reinfeld O'Neill of the Vampire Squid is saying Greece is of no consequence to EU??

Sat, 03/27/2010 - 20:25 | 278332 tip e. canoe

sorry for the OT, but an 'oh shit' via jesse:

http://jessescrossroadscafe.blogspot.com/2010/03/whistleblower-in-silver...

buckle your seat belts

Sat, 03/27/2010 - 20:28 | 278333 Tyler Durden

http://www.zerohedge.com/article/whistleblower-exposes-jp-morgans-silver-manipulation-scheme

Sat, 03/27/2010 - 20:31 | 278334 Sqworl

Back on topic, Reinfeld has to take that position on Greece, they did the damage that got them here!

Sat, 03/27/2010 - 20:55 | 278347 tip e. canoe

sorry, i promise to be more organized next time ;)

Sat, 03/27/2010 - 20:31 | 278335 lawton

Those stories are true I guess about not crossing the bankers.

Sat, 03/27/2010 - 20:48 | 278343 Rick64

I guess that was a warning. Too coincidental.

Sat, 03/27/2010 - 20:43 | 278338 doggis

WTF......has reality been suspended for a movie script of godfather proportions:

Whistleblower to CFTC in JPM Silver Manipulation Struck by Hit and Run Car

I am glad that although Mr. Maguire and his wife are shaken they will apparently be all right.

The related story on his allegations regarding manipulation in the silver market is here.

I hesitate to say anything more at this point, except curiouser and curiouser.

As reported by Adrian Douglas, the Director of GATA who has been the contact for Mr. Andrew T. Maguire, and on the GATA website

"On March 25th at the CFTC Public Hearing on Precious Metals GATA made a dramatic revelation of a whistleblower source, Andrew Maguire, who has first hand evidence of gold and silver market manipulation by JPMorganChase, and who had tipped off the CFTC in advance of manipulation in gold and silver some months ago.

On March 26th while out shopping with his wife in the London area, Mr. Maguire's car was hit by a car careening out of a side road. The driver of the vehicle then tried to escape.

When a pedestrian eye-witness attempted to block the driver's escape he accelerated at him and would have hit him had the pedestrian not jumped out of the way. The car then hit two other cars in escaping. The driver was apprehended by the police after police helicopters were called in and following a high speed chase.

Andrew and his wife were hospitalized with minor injuries. They were discharged from hospital today and should make a full recovery."

http://jessescrossroadscafe.blogspot.com/2010/03/whistleblower-in-silver-manipulation.html

Sat, 03/27/2010 - 21:19 | 278363 b_thunder

Timmy ain't got Baker's balls and everyone knows it. No chance of anything meaningful taking place as long as this Beavis-looking joke is in DC.

Sat, 03/27/2010 - 22:49 | 278406 Comrade de Chaos

Well, the situation was a bit different because there was a certain parity in between the wages of Japanese / German workers & the US workers. In addition all of those countries had similar environmental regulations (or lack of thereof) and labor codes. And while it might be true that stock market has dropped, the Japanese and Germans on the other hand cooled the government interference / subsidies when it came to the trade.

Most of the trade economic models are like a snap shot of the present, however they are static while economy and human society are dynamic (constantly changing.) It does not mean that those models do not work, however it means that there is always possibility for those models to fail, especially when it comes to long run analysis vs short run prediction.

Sat, 03/27/2010 - 22:52 | 278410 Comrade de Chaos

"Human progress (science) moves forward one death a a time."

N. Bohr. ( i think.)

Sun, 03/28/2010 - 00:39 | 278507 whatsinaname

in unrelated news, check the correlation between M3 money supply since Fed went away from gold standard in 1971 and the curve for percentage of Americans in prisons between 1971-2009. 100 % correlation.

http://en.wikipedia.org/wiki/File:Incarceration_rate_of_inmates_incarcerated_under_state_and_federal_jurisdiction_per_100,000_population_1925-2008.png

Sun, 03/28/2010 - 13:30 | 278779 laughing_swordfish

+ 1

Mon, 03/29/2010 - 13:20 | 279786 Sqworl

Happy Birthday Nouriel...xox

Tue, 04/13/2010 - 05:57 | 297739 mark456

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Roubini And Jim O'Neill Spar On Greece, China And Man U

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