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Why, Despite Its Failure, Abenomics Is "Still Working" For These People, In Quotes
If you were forced to admit that everything you believed about markets and monetary policy was in fact completely fallacious, as this week's Japanese GDP collapse proved of Abenomics and devaluing yourself to prosperity, could you do it? Or would you stick to your blinkered views of the world... The following characters continue to have faith in the self-proclaimed ponzi scheme...
Yesterday’s [GDP] report “is a small setback, but it should be viewed as a buying opportunity,” John Praveen, chief investment strategist at Prudential International Investments Advisers LLC
...
“There’s no reason to be depressed,” Audrey Kaplan, the head of international equities for Federated Investors Inc., which oversees about $350 billion, said by phone from New York. “It’s just pushing the recovery back a bit. We look at Abe trying to break the cycle of deflation and from the top down they’re doing the right things.”
...
“When you boil it all down, at least near-term, a weakening currency is helpful for the economy and the drop in GDP is backward-looking,” said Wayne Lin, a fund manager at QS Investors,
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“It’s binary -- you either believe in the market or you don’t,” said Luschini, who helps oversee $67 billion including Japanese stocks. “We aren’t taking a secular view that the Japanese market looks great because the economy looks great. We view this as tactical. If investors do warm to the fact that market could respond favorably to these positives, that’s a tactical reason to own it.”
...
“On the question of whether Abenomics is working or not, it’s kind of working but we need to do more of it,” said Stewart Richardson, who helps oversee $180 million at RMG Wealth Management LLP in London. “It’s just not wise to bet against a central bank when it has such deep pockets.”
But there are some voices of reason - that are not buying into the self-proclaimed Ponzi scheme...
“A lot of people will say he has tons of rope, he can keep weakening the yen -- those aren’t sustainable,” said Gareth Watson, vice president of investment management and research at Richardson GMP Ltd. in Toronto. The firm manages about C$29 billion. “Longer term, it doesn’t solve the structural issues.”
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And as a reminder, here is what Abenomics architect Hamada said about the cult...
Mr Hamada agreed that Japan had created a "mild ponzi game", he also said it was a "feasible" one because of Japan's huge foreign reserves.
“In a Ponzi game you exhaust the lenders eventually, and of course Japanese taxpayers may revolt. But otherwise there are always new taxpayers, so this is a feasible Ponzi game, though I'm not saying it's good.”
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I reject your reality and substitute my own.
I'll drink to that! BTW you have a great username.
just make sure the drink isn't the RED koolaid.
A MILD ponzi game? As in mildly crushing the generationally accumulated wealth of the Japanese citizens? Or mild, meaning it's still in the "everything's fine on the way up" phase?
Or maybe it just doesn't have Wasabi in it.
I was gonna say something of that sort...basically theres no such thing as a mild ponzi...i never heard of a mild rape either.
...or a little pregnant......just a little bit.....
Thank the Lord that these delusional people aren't in charge...oh wait.
Edit: They aren't delusional. They are just liars and damn good con-men.
"this is a feasible Ponzi game...I'm not saying it's good."
What?! The definition of a ponzi scheme is that it's not feasible, not sustainable, illegal, etc. Where do they come off saying this crap?
just make sure the drink isn't the RED koolaid.
Jim Jones lives!... And he will be anointed again for serving another batch of that "RED koolaid" soon!!!!
Its working a little bit! What we need is MOAR!
Of course, if we admit its NOT working, then MOAR is WRONG. Vewwy vewwy wong.
we finally came to the conclusion: hey, it's just money. the more, the merrier, right?
"It’s just not wise to bet against a central bank when it has such deep pockets.”
Deep Pockets actually have something in them or they don't. In Japans case a ball of lint, a grain of rice and two ticket stubs to Madame Butterfly is enough to convince the Stawk Farcet.
Bang Ding Ow...coming soon
Worst Ponzi scheme ever invented: Homo erectus.
The markets will keep on rising until all the shorts who are clinging on have been crushed
Fucking Yahoo! business section had some asshole on this AM saying that now is a good time to buy Japanese stocks - BECAUSE THEIR ECONOMY IS IN A RECESSION.
What.The.Fuck.
Crazy argument in Yahoo!. Because what do Japanese stawks have to do with the Japanese economy? He should be touting an insane Keynsian PM for support of the Japanese stawk market (but can you predict the implosion date?) Woohoo - the one end of the Titanic went REALLY HIGH - until it sunk! What's that I hear - Nearer My God to Thee? Let me we-awwange the deck chairs...
We sure are in strange times..
probably fair to say all those quoted earn in the top 1% ... of course, they love it
It will be really interesting to read the autopsy report on why this patient died.
Mr Hamada agreed that Japan had created a "mild ponzi game", he also said it was a "feasible" one because of Japan's huge foreign reserves.
“In a Ponzi game you exhaust the lenders eventually, and of course Japanese taxpayers may revolt. But otherwise there are always new taxpayers, so this is a feasible Ponzi game, though I'm not saying it's good.”
WTF!!!!!!!!!!!!!!!!
"there are always new taxpayers"
Really??
The replacement fertility rate is roughly 2.1 births per woman for most industrialized countries (2.075 in the UK, for example), but ranges from 2.5 to 3.3 in developing countries because of higher mortality rates. Taken globally, the total fertility rate at replacement is 2.33 children per woman.
Japan's total fertility rate (TFR) in 2012 was estimated at 1.41 children per woman, increasing slightly from 1.32 in the 2001–05 period. In 2012, the highest TFR was 1.90, in Okinawa, and the lowest was 1.09, in Tokyo.
There may be NEW taxpayers, but just not enough of them.
Fook yu recession! I raff at yu with more fresh-ree pwinted yen! see!
Might want to separate those cliff(s) in that picture by at least another 100 '!...
I am so glad we now have grades of PONZI schemes.
Which ones are "investment grade"?
Depends on what sort of fee you're willing to offer S&P / Moody's / Fitch after you create the ponzi.
I'm sure they'll grade 'em AAA (for the right price)!
The thing about 'tons of rope' is that sooner or later it hangs one. Unfortunately, due to the collaboration of a co-opted media and the lying sociopaths that choose politics as a career, it seems to be always later.