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Uri Dadush Of The Carnegie Endowment: "It Is Virtually Inevitable That Greece Will Default Or Need A Bailout"

Tyler Durden's picture


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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Mon, 03/08/2010 - 11:27 | Link to Comment MsCreant
MsCreant's picture

Removed comment.

Mon, 03/08/2010 - 11:19 | Link to Comment 10044
10044's picture

Didn't this guy win an oscar last night in the "well, duh!!" Category?

Mon, 03/08/2010 - 11:24 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

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.

Mon, 03/08/2010 - 11:20 | Link to Comment Anonymous
Mon, 03/08/2010 - 11:57 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

the guy is a douche.

No, he is a dadouche.

Mon, 03/08/2010 - 11:21 | Link to Comment Anonymous
Mon, 03/08/2010 - 11:57 | Link to Comment Hondo
Hondo's picture

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.

Mon, 03/08/2010 - 12:08 | Link to Comment Anonymous
Mon, 03/08/2010 - 12:10 | Link to Comment Anonymous
Mon, 03/08/2010 - 12:15 | Link to Comment fox
fox's picture

This is news?

Mon, 03/08/2010 - 12:19 | Link to Comment Anonymous
Mon, 03/08/2010 - 12:52 | Link to Comment bugs_
bugs_'s picture

"significantly lower euro"

Mon, 03/08/2010 - 13:19 | Link to Comment carbonmutant
carbonmutant's picture

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.

Mon, 03/08/2010 - 13:28 | Link to Comment Anonymous
Mon, 03/08/2010 - 13:24 | Link to Comment BlackBeard
BlackBeard's picture

The jet fighter chick in the next clip is hawt...because she flies a jet.

Mon, 03/08/2010 - 13:51 | Link to Comment knukles
knukles's picture

Professor Obvious!
Good thing there's tenure, dude.

Safest thing's to hide now.   

Thu, 04/15/2010 - 10:41 | Link to Comment mark456
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