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Richemont Chairman Warns Global Economy Is "Very Precarious... There Will Be Tears"

Tyler Durden's picture





 

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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Tue, 12/03/2013 - 11:12 | Link to Comment Dear Infinity
Dear Infinity's picture

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.

Tue, 12/03/2013 - 11:12 | Link to Comment Newsboy
Newsboy's picture

"I'm crying"

 

The Walrus

Tue, 12/03/2013 - 11:42 | Link to Comment NoDebt
NoDebt's picture

"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.

Tue, 12/03/2013 - 13:21 | Link to Comment TruthInSunshine
TruthInSunshine's picture

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.

Tue, 12/03/2013 - 11:40 | Link to Comment aint no fortuna...
aint no fortunate son's picture

Looks like Monsieur Rupert will be sitting at the little kiddies' table back in the kitchen at the Rothschild Christmas fete... so sad

Tue, 12/03/2013 - 17:03 | Link to Comment mkhs
mkhs's picture

The Rothschilds celebrate Christmas?

Tue, 12/03/2013 - 11:39 | Link to Comment XAU XAG
XAU XAG's picture

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

Tue, 12/03/2013 - 11:43 | Link to Comment falak pema
falak pema's picture

eventually : you mean at the end of the time line?

Tue, 12/03/2013 - 11:50 | Link to Comment XAU XAG
XAU XAG's picture

@Falak pema

 

within two years ...........the PM landscape will look alot brighter

 

 

Tue, 12/03/2013 - 11:44 | Link to Comment azzhatter
azzhatter's picture

I don't know guys, Cramer is still saying buy buy buy. Whom to trust?

Tue, 12/03/2013 - 11:55 | Link to Comment tempo
tempo's picture

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.

Tue, 12/03/2013 - 11:56 | Link to Comment 10mm
10mm's picture

Good for him.

Tue, 12/03/2013 - 11:58 | Link to Comment XAU XAG
XAU XAG's picture

@tempo

 

Because of your age I wish to respect you,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,but am I in GroundHog Day?

Tue, 12/03/2013 - 12:01 | Link to Comment HulkHogan
HulkHogan's picture

Why are you SPAMMING a shitty story about your grandson. My grandson's mom makes $3769 a week from home.

Tue, 12/03/2013 - 12:56 | Link to Comment smlbizman
smlbizman's picture

is that from sucking dick...or working 6 hrs a week on the internets...

Tue, 12/03/2013 - 14:44 | Link to Comment sandiegoman
sandiegoman's picture

god i miss those days.....

Tue, 12/03/2013 - 11:14 | Link to Comment max2205
max2205's picture

I am not in the market for goods marked up 500%...sorry

Tue, 12/03/2013 - 11:31 | Link to Comment Seasmoke
Seasmoke's picture

500% ???? ... So are you a wholesaler. Try more like 2000%

Tue, 12/03/2013 - 11:16 | Link to Comment CheapBastard
CheapBastard's picture

"If you want to keep your Masseratti, you can keep your Masseratti."

Tue, 12/03/2013 - 11:19 | Link to Comment pods
pods's picture

Tears?  I think Mr. Chairman is a bit too optimistic.

Blood, maybe.

pods

Tue, 12/03/2013 - 11:19 | Link to Comment frankTHE COIN
frankTHE COIN's picture

Iceberg, meet Freedom Ship Hull.

Tue, 12/03/2013 - 11:19 | Link to Comment Truther
Truther's picture

Fuck you Bernanyellen......

Tue, 12/03/2013 - 11:19 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Wait what?  I thought we had a "global recovery".  Tears?   don't think so, Pods is correct.

Same as it ever was...

Tue, 12/03/2013 - 11:23 | Link to Comment madcows
madcows's picture

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.

Tue, 12/03/2013 - 11:27 | Link to Comment Dr. Engali
Dr. Engali's picture

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.

Tue, 12/03/2013 - 11:41 | Link to Comment dontgoforit
dontgoforit's picture

Pays to have a bug-out plan.  Guns, ammo and food not a bad idea either.

Tue, 12/03/2013 - 11:47 | Link to Comment NoDebt
NoDebt's picture

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).

Tue, 12/03/2013 - 11:55 | Link to Comment Cannon Fodder
Cannon Fodder's picture

Nothing is legal anymore...

Tue, 12/03/2013 - 11:57 | Link to Comment DosZap
DosZap's picture

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.

Tue, 12/03/2013 - 11:54 | Link to Comment DosZap
DosZap's picture

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.

Tue, 12/03/2013 - 14:17 | Link to Comment Nostradumbass
Nostradumbass's picture

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...

Tue, 12/03/2013 - 11:31 | Link to Comment Racer
Racer's picture

Heading for?

The 99.999% have been and are still living in the Greater Depression

Tue, 12/03/2013 - 11:41 | Link to Comment dontgoforit
dontgoforit's picture

Will you sell your soul?  What price can cover something that is 'priceless?'

Tue, 12/03/2013 - 11:31 | Link to Comment Seasmoke
Seasmoke's picture

Hyperinflation or Depression. They don't call it ZeroHedge , for nothing.

Tue, 12/03/2013 - 11:39 | Link to Comment SunRise
SunRise's picture

Fathom this:  Freedom versus Fish Bait a mere 100 feet apart.

Tue, 12/03/2013 - 11:41 | Link to Comment falak pema
falak pema's picture

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? 

Tue, 12/03/2013 - 20:14 | Link to Comment thestarl
thestarl's picture

Its a worry alright will those Saudi scum come good with their threats who knows?

Tue, 12/03/2013 - 12:15 | Link to Comment novictim
novictim's picture

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.

Tue, 12/03/2013 - 12:19 | Link to Comment Caracalla
Caracalla's picture

Isn't today a POMO day?  Why are the markets down?

Tue, 12/03/2013 - 14:51 | Link to Comment TrustWho
TrustWho's picture

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.

Tue, 12/03/2013 - 13:25 | Link to Comment joego1
joego1's picture

No one gets out of this alive.

Do NOT follow this link or you will be banned from the site!