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Richemont Chairman Warns Global Economy Is "Very Precarious... There Will Be Tears"
While most of the world's elites are bathing in a sea of liquidity and propagandizing the status quo to keep the dream alive, Richemont Chairman Johann Rupert has unleashed a torrent of uncomfortable truthiness this morning:
- *REMGRO CHAIRMAN RUPERT 'VERY CONCERNED' ABOUT GLOBAL ECONOMY
- *GLOBAL ECONOMY 'VERY, VERY PRECARIOUS,' RUPERT SAYS
- *WORLD HEADING FOR 'BIG INFLATION' OR `BIG DEPRESSION': RUPERT
- *GLOBAL ECONOMY HEADED FOR 'TEARS': REMGRO, RICHEMONT CHAIRMAN
- *RUPERT SAYS HIS BIGGEST CONCERN IS JOBLESS GROWTH
And while things are good now, the owner of the Cartier brand warned if the global economy doesn’t do well, Richemont is not well positioned.
Via Bloomberg,
"It is very, very precarious," Rupert said at the annual general meeting in Cape Town of Remgro Ltd., where he is also chairman.
"There will be tears, but we don’t know when, and we don’t know whether it’s going to be a big inflation or whether it’s going to be a depression. Just hedge your bets."
...
"The luxury goods market is very cyclical and relies on consumers discretionary spend,” Rey Wium, an analyst at Renaissance Capital in Johannesburg, said by telephone. "When times are tough, consumers will tighten their belts."
Perhaps it is time to book at ticket on the Freedom Ship?
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Oh there will be tears alright. Crocodile tears. Inflation, or depression? What ever happened to the third choice, prosperity? Oh yeah the managers of Coconut Isle who promised us all more Coconut output if they could just create more pieces of paper squandered it all away...
Meanwhile silver just broke $19.
"I'm crying"
The Walrus
http://viphealthyleadership.files.wordpress.com/2012/03/tears1.gif
"What ever happened to the third choice, prosperity?"
Do you think prosperity is likely given the leadership we currently have in place both in the US and around the rest of the developed world?
THIER prosperity, sure. Not yours.
I recently saw the new line of BassMaster Cartier watches - their value line - that are made in China, at Warren Buffet owned Zale's Jewellers, and now sold on a 30 year installment plan or rented by the week.
...Good stuff.
Looks like Monsieur Rupert will be sitting at the little kiddies' table back in the kitchen at the Rothschild Christmas fete... so sad
The Rothschilds celebrate Christmas?
CEO................only just realising.................been known for five years this would happen.
Now where is my big fat CEO salary and pension??
And for those in PM's it will be TEARS OF JOY EVENTIALY
eventually : you mean at the end of the time line?
@Falak pema
within two years ...........the PM landscape will look alot brighter
I don't know guys, Cramer is still saying buy buy buy. Whom to trust?
My grandson will never cry, he is living high. He graduated from HS with a C average as a loner. He is now in college with a C- average without a major taking the minimum easiest courses on full financial aid. He rarely goes to class and sleeps till noon after playing latest xbox violent video games all night smoking weed with his college friends. He has the latest iphone, xbox, HD TV and eats out all the time. He qualifies free Obama healthcare and food stamps. He never expects to have a full time job or repay the large student loan. He expects to move back home where his Mom works two part time jobs w/o any benefits. This is the new America where young men are told they are special, entitled and taught how to "milk" the system and abuse adults.
Good for him.
@tempo
Because of your age I wish to respect you,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,but am I in GroundHog Day?
Why are you SPAMMING a shitty story about your grandson. My grandson's mom makes $3769 a week from home.
is that from sucking dick...or working 6 hrs a week on the internets...
god i miss those days.....
I am not in the market for goods marked up 500%...sorry
500% ???? ... So are you a wholesaler. Try more like 2000%
"If you want to keep your Masseratti, you can keep your Masseratti."
Tears? I think Mr. Chairman is a bit too optimistic.
Blood, maybe.
pods
Iceberg, meet Freedom Ship Hull.
Fuck you Bernanyellen......
Wait what? I thought we had a "global recovery". Tears? don't think so, Pods is correct.
Same as it ever was...
being that I'm not independently wealthy, or the owner of a private island outside the reach of a government, and I don't have my own farm.... I consider my situation to be very 'precarioius' as well.
Fuck you Fed, and Government.
End in tears? Have you seen the black Friday savages fighting over a teevee? Wait until the food supply is cut off. There will be a lot more than tears.
Pays to have a bug-out plan. Guns, ammo and food not a bad idea either.
I'm not going anywhere. My house. My land. No way I'm walking/running away from it. Defense of home and family is still legal (I think).
Nothing is legal anymore...
I'm not going anywhere. My house. My land. No way I'm walking/running away from it. Defense of home and family is still legal (I think).
Still legal?, BS, you just think it is.
Hint from an old man,whatever YOU think you have set back, get something BIGGER,more lethal,and surpise elements, and think outside the box.Because when the BHO army comes you will need some real surprises.
Pays to have a bug-out plan. Guns, ammo and food not a bad idea either
Bro, while I agree with your premise, the ONLY true escape from this is to BUG out of the US.
That is sadly the truth of it. Neo feudalism is coming more slowly to many of the "lesser developed" countries so at least some good years can be had there still...
Heading for?
The 99.999% have been and are still living in the Greater Depression
Will you sell your soul? What price can cover something that is 'priceless?'
Hyperinflation or Depression. They don't call it ZeroHedge , for nothing.
Fathom this: Freedom versus Fish Bait a mere 100 feet apart.
How come Louis Vuitton builds a huge trunk in Moscow and this guy, their competitor, cries "I'm scared, freedom dies" in Cape Town?
Is it Freedom Fries or Freedom Dies?
These Oligarchs play both sides of the table.
Wait till Putin hits the slopes of Sotchi in Feb. Will there be snow or blood on the jumps?
Its a worry alright will those Saudi scum come good with their threats who knows?
We know there will be a crash...bubbles in stocks and real estate always burst.
We also know that the financial sector is so politically powerful that they have managed to avoid the necessary reforms that were needed...the kinds of regulations that limited the criminality after the Great Depression are not even being discussed. Corruption in today's campaign finance system guarantees that no reforms move forward.
Isn't today a POMO day? Why are the markets down?
Afternoon POMO, market ready for a good rally...I mean this down stuff is just too scary, so Daddy (Bernanke) and Mommy (Yellen) need to hold us.
No one gets out of this alive.