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Roubini, Malpass Discuss The Race To The Bottom In The Sovereign Arena As Pessimism Intensifies
Perspectives on the the sovereign crisis and bond markets from Roubini, Malpass and some other talking heads. The ever optimistic David Malpass sees no fear of a failed bond auction. Roubini on the other hand, and quite logically, compares the European peripheral crisis with what is happening in California and all the other bankrupt US states. To which Malpass changes the subject to gold and jumps on our bandwagon which sees gold, not the dollar, as the ultimate fiat currency alternative. To be fair Malpass does say: "Europe is actually further down the line to a debt crisis than we are, but we are getting there very fast right now... The Federal government will have to decide how much to bail out California. That creates a lot of social tensions." Ironically, Liesman nails it: "Isn't the difference between Greece and the U.S. that the U.S. has a printing press and Greece doesn't. At some point it is no longer any good for Greece to be part of a union where it can't have any control over its monetary policy." The tide is again turning: isn't it time for Roubini to turn just a little bearish?
Oh, A.R.S. is there too.
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Tyler, I thought this was a very good segment ... but for pure chewing satisfcation watching Roubini destroy Liesman was more satisfying.
http://www.fundmymutualfund.com/2010/02/video-nouriel-roubini-crushes-kool-aid.html
I was also a bit taken back that ARS is as much of a Kool Aid drinker as he showed. It shows me the group think is so pervasive.
I posted that link on the previous post, sorry for the repost...
Thats whats going to happen.. All nations will print their way out of this.. Rally on
So currencies like US dollar, Euro, etc goes down in value and physically holding gold/silver should go up.
Got gold?
Remember: If you do not physically hold it you do not own it.
And of course, this isn't already priced in to the gold price or anything.
Haha they made a roubini sandwitch on rye. I love split screens.
Wow, he finally gave it liesman, inflation (printing) is also default.lol
The Talking Head-in-Chief
http://www.businessweek.com/magazine/content/10_08/b4167032896448.htm
The worst thing for the US right now is if Europe gets its house in order. If the path is played out as envisioned, all the debt crisis in Europe ex UK should be "done with" in about 3 years. That will leave the UK and US as targets. (Japan I am boggled by)
It would have been much better in the long run for Portugal, Greece, and eventually Spain to be allowed to fall apart now because they would do their little defaults, give their bond holders haircuts and then the problem would be "done with". Ireland seems to actually take austerity seriously so they still have a chance.
If mainland Europe got all their pain out of the way in next 3-4 years, UK, US would stick out like sore thumbs and the "race to the bottom" would be done with in Euro currency. The Euro would be seen as a currency of strength and discipline if they allowed those states to fail, and have a much better chance of taking a good shot at reserve currency status.
I think Germany made a mistake here... granted the bank exposure to the debt loads in these debt laden EU countries might have given them no choice but....if Germany was a stand alone country outside the EU the old school mark would be sucking in ton of this capital flowing into the US right now as the "best of the worst" currency.
TM, what is the incentive for the EU politicians to get the pain 'out of the way?' What do they gain from that, a nice footnote in the history books?
The countries that now see they have sugar daddies in Germany and France have zero incentive now, unfortunately.
If I were France and Germany, I'd be very worried about the political backlash from their citizens if there is any money inside the "bazooka" that goes directly to the Club Med countries. Because once you open that genie's bottle...
I don't know if things can hold together for 3-4 years.
Definitely not enough Becky.
Becky was to busy playing under the desk with her Chinese made, authentic, replica Buffet dildo to join in.
When will the investment community begin to demand yields that compensate for risk instead of enabling the crack heads. It's like a childhood nightmare where the boogey-man can't see me/get me if I cover my eyes.
All signs are starting to point south. Just look at the bond markets...
Wow Roubini seems to be getting more and more pissed off with these human turds - maybe he did not score over the weekend..
Or maybe he realised that he should not have listened to Soros and play down the barbaric metal , his reputation could be ruined if there is a surge in PMs over the next couple of years.
Shame I like the fella but it would take huge balls to go against that cabal.
Everyone is cheering the bailout but no matter what is decided, an austerity plan will be put in place.
Austerity means less spending. Less spending means les profits. And one country after another will be forced into an austerity plan.
Since equities are still priced for growth, how can they go up in an austerity environment?.
The whole thing is a total farce.
severe devaluation is nothing more than default, partial default at its best, so in this sense he's doing nothing more than splitting hairs.
Roubini having a doomsday scenario and bearish? Never saw THAT before.
Does the guy EVER say anything positive?
Oh no... here comes sqworl... "I blew Nouriel when I was drunk! He's my best friend in the world. ZHers, thanks for getting my back!"
Have we really sunk to the point where I have to remind registered members on a regular basis that personal attacks are frowned upon?
It's called 'the bravery of being out of range'.
Should we try to find him some alternative squirrel?
http://i14.photobucket.com/albums/a308/jq_tan/Misc/sqlgrl5.jpg
Actually, if Nouriel & a fellow ZH'er are still good friends then you have managed to render your remarks even more worthless. Especially since your entire premise is that one of those mentioned persons manages to keep her pictures parallel and the other can appreciate it, as if it matters at all to the rest of us.
MB - Try living your own life and concern yourself with keeping your own score since keeping score is what floats your boat.
I am starting an ETF that shorts Sorkin.
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