Weekly Perma-Rosiness From Erik Nielsen

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Sun, 12/12/2010 - 19:05 | 800584 A Man without Q...
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Bond holders to take losses on any future Eurozone bailouts.  Not sure how the Irish will take this news, maybe the vote against the bailout plan on the 15th?


Sun, 12/12/2010 - 19:24 | 800605 ZeroPower
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Nice gap lower testing just below 1.3199 lets hope for the best (worst:))

Sun, 12/12/2010 - 19:27 | 800607 Sudden Debt
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average inflation numbers for the EU are 2,72%

Let's hope we can keep up this steady pace for the next 5 years and hope it don't accelerate.

Sun, 12/12/2010 - 19:29 | 800608 MountainHawk
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If theres' a dip....BUYYYY IT! g

Sun, 12/12/2010 - 19:40 | 800621 smeagol
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bit of a dip in eur/usd but not much to get excited about. Do you think eur/usd at 1.3028 is a buy? if so, why?

Sun, 12/12/2010 - 20:18 | 800662 erik
erik's picture

as long as Spain bond yields continue to rise (as they have once again the last 5 days, after a 3 day hiatus) then I don't want any part of the EUR-USD.

i don't expect to see the same time space between Greece and Ireland crisis.  i expect that space will shrink notably, and we'll see Portugal and Spain on the front page once again very soon.

Sun, 12/12/2010 - 19:31 | 800612 Mr.Kowalski
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There was one European nation who has failed to prop up their banks and let them fail in 2008. They were also TBTF. Interestingly enough, The End failed to materialize. Indeed, next year they expect a budget surplus: 



Sun, 12/12/2010 - 20:07 | 800654 erik
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Iceland does not use the Euro, thus they had complete autonomy over their decision-making.  They have made the right choice so far.

What I don't understand is why weren't the politicians in Iceland controlled by their bankers considering banks made up nearly the entire economy in Iceland during the boom?

That's what is different in Iceland.  Leadership not beholden to bank interests.

Sun, 12/12/2010 - 20:47 | 800700 dnarby
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What was different in Iceland, he asks...


Yeah, I'd have voted no too.

Mon, 12/13/2010 - 01:45 | 801062 M.B. Drapier
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The biggest single difference was apparently that the Icelandic banks were so banjaxed that not even a politician could dream of bailing them out.

Sun, 12/12/2010 - 19:56 | 800636 Jason T
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Irish children digging threw dumpsters for food now.


Sun, 12/12/2010 - 19:56 | 800638 Jason T
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through...  : ) 

Sun, 12/12/2010 - 20:14 | 800658 TexDenim
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The phrase he uses about "the permanent rescue mechanism" says it all.

What sort of animal or country needs a "permanent rescue mechanism"? Rescue usually occurs once and rarely, and once rescued, the party rescued starts functioning again. A "permanent rescue mechanism" is something out of George Orwell.

This is GS bullshit at its best.

Sun, 12/12/2010 - 22:14 | 800796 JohnG
JohnG's picture

Is "permanent rescue mechanism" a euphemism for Life Support? 

This Franco-German tax deal gives me the creeps a bit.  Longstanding hatred between the two peoples has, and will, end badly

Judging from the incredible sunshine and light that's been spewing forth from Goldman of late, I think they have a few things to sell. 

Sun, 12/12/2010 - 20:28 | 800676 Ricky Bobby
Ricky Bobby's picture

Does he open with "It’s a beautiful winter day here in Chiswick today:"

I don't believe it. Really?  Give me the link I just don't believe it. I think I am going to puke.

Sun, 12/12/2010 - 21:13 | 800730 tom a taxpayer
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Every day is a beautiful day when you are a member of the ruling class where you privatize profits and socialize losses.

Every day is a beautiful day when you are in the Goldman Sachs gang which has Parliaments, Congresses, governments at all levels, and central banks do its bidding.

Every day is a beautiful day when you are in the Goldman Sachs gang which has a license to kill any investor, any pension fund, any market, any municipality, and any sovereign government.

Every day is a beautiful day when you are in the Goldman Sachs gang and only have to pay an occasional speeding ticket, but otherwise are above the criminal law and need never fear criminal prosecution. 

"Erik is Chief European Economist at Goldman Sachs where he joined in 1996. He became a Managing Director in 2002. Prior to Goldman Sachs, Erik worked in Washington DC, at the IMF and later for the World Bank. Before leaving Denmark, Erik was an Economist at the Central Bank, and he taught at the Copenhagen School of Economics and Business Administration. Erik graduated from the University of Copenhagen in 1981."



Sun, 12/12/2010 - 22:01 | 800786 Biggus Dickus Jr.
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If you can't beat them, join them!

Sun, 12/12/2010 - 21:23 | 800746 DisparityFlux
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I cannot help but see his observations as a compendium of dispatches received from Goldman's agent provocateurs scattered among the European central banks and government offices.

Sun, 12/12/2010 - 21:59 | 800780 Biggus Dickus Jr.
Biggus Dickus Jr.'s picture

China is also saying they are going to concentrate on internal demand and move away from a mercantilist policy on their next five year plan.  Maybe the world leaders have seen the abyss and now they are going to play nice for the common good?  wouldn't it be crazy if Harry Wanger ended up with all the money and the rest of us are sitting on a pile of 35 dollar silver in 2015?  And still bitching about the same ponzi and those darn criminals who are ruining it for us virtuous types?

Mon, 12/13/2010 - 01:40 | 801051 Coldfire
Coldfire's picture

It's a beautiful winter day here in Chiswick today....

Precious much? Also, to forsake credibility, there has to be some credibility to forsake. Subjective churn-side love butter - especially of the artisanal Chiswickian variety - hardly counts. Thanks for the laffs, TD.

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