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Uri Dadush Of The Carnegie Endowment: "It Is Virtually Inevitable That Greece Will Default Or Need A Bailout"
Some amusing headlines appearing elsewhere today, proclaiming the Greek crisis is over. Hardly: Uri Dadush of the Carnegie Endowment, and formerly of the World Bank, says that "it is virtually inevitable that Greece will either default or need a bailout of some sort." Dadush, who a week ago wrote a provocative op-ed in the FT titled "End this inflation fundamentalism", in which he noted that "what happens in Greece will not stay in Greece" also says that "over and beyond the Greek bailout we have to do some thinking about our approach to overall fiscal and monetary approach in Europe." What? Visiting Ben Bernanke every 6 months is no longer sufficient? Oh wait, when everyone is undergoing austerity measures (now coming to Portugal, soon Italy, UK, Germany, Japan, and, lastly the, US), just who is it that will import everyone else's exports? Why China of course. But hold on, isn't China a net exporter? Oh who cares about facts...The market's mind is already made up. Uri's conclusion will make Hugh Hendry proud: "I think under any circumstance we are going to see a significantly lower euro. I think we are going to see slower growth in Europe over several years, and I think there is a serious risk that the eurozone will implode unless there is a sea-change in the way fiscal and monetary policies are conducted."
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Didn't this guy win an oscar last night in the "well, duh!!" Category?
Fiscal expansion yes but please no more monetary crap which does nothing for demand or investment that has the ability to earn revenue into the future.
These banks are preprogrammed to provide credit for more wasteful consumption - let them store more government debt on their balance sheets but please please do not allow these institutions the ability to create more and more bloody mortgages.
Why do you guys like Hugh Hendry so much, the guy is a douche. He used to work here and we love watching him be douchey on TV. Boy are we glad he isn't around anymore.
Apart from talking his own book, he adds the sum total of fuck all to fuck all.
No, he is a dadouche.
OP humour is priceless...
How much must the Greek budget be cut and how long should it take to get there to brings things back into equilibrium? This is the same question for most of the developed world. How much needs to be done in total and how much will the people stand in any one year.........this will not be a V shape anything anymore than Japan or the US was in the 1930's.
The bailout of Greece has already occurred. Does anyone believe that sane investors bought Greek 10 year bonds yielding 6.5% without some sort of guarantee? Let's see, I can get 6.5% lending to a bankrupt socialist government with a restive population. Meanwhile global stock markets are returning about 5% a month.
The chance of Greece paying off that debt on its own is nil. The bonds sold, therefore the bailout has occurred.
Haha, Americans are still desperately angling for a Greece-Bailout . LOL.
Werner
This is news?
Amusing headlines, indeed, if one considers also what goes on here in Athens: the government printing office and general accounting office are occupied (still no austerity plan in force); tax collectors (!) and municipal landfills' employees (!!) on strike; sit-ins in universities ; riots on Friday afternoon and Saturday night; beginning today, judges walk out 3 hours' daily; truck drivers, gas stations, and port authority employees might also strike the next few days. Aren't we lucky that the Commission and Ms. Merkel are monitoring the situation?
"significantly lower euro"
Well, if Amerika can print it's way out of the problem and now Japan... why not the EU?
Apparently no one thinks inflation is the problem.
Yes the air mattress has holes in it but if you can blow more air in than air that escapes no one will know the difference.
QE is out of question for Europe. There is no common taxation policy and pool.
The jet fighter chick in the next clip is hawt...because she flies a jet.
Professor Obvious!
Good thing there's tenure, dude.
Safest thing's to hide now.
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