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"Give Everyone A Check For $10 Million, It Will Create Inflation": Albert Edwards First TV Interview In 20 Years
In his first TV interview in 20 years, SocGen's Albert Edwards unleashes his brutal honesty on Raoul Pal in this excellent RealVisionTV discussion. From "what Japan is doing is absolutely off the scale," warnings about money-printing to the awkward reality that "policy makers cannot eliminate the business cycle," warnings instead that "they will make the eventual downturn far worse than it otherwise would be..." Edwards' discussion ranges from the UK and US "choosing lunatic policies" to describing Alan Greenspan as "a prospective economic war criminal," the SocGen strategist concludes, rather ominously, if policy-makers keep handing out free money, it will create massive problems, "there is a trigger point where you can create inflation. I don't know where that is. The central banks don't know where that is."
Some additional soundbites of note:
"The skill and the secret I found was being able to hang on to your job by not annoying the clients so much that they ask the head of research to boot you out…and that being the greatest skill I’ve acquired over the years!”
“I think the pinnacle was when the “Maestro” book came out about Alan Greenspan…and at the same time I was writing that he was a prospective economic war criminal for what he was doing”
“If you give everyone a cheque for $1m, $2m, $10M…it will create inflation. There is a trigger point where you can create inflation. I odnt know where that is. The central banks dont know where that is.”
“Pepe Grillo was quote as saying, we are not at war with Russia or ISIS, we are at war with the ECB scum”.
“The policy makers cannot eliminate the business cycle…they will make the eventual downturn far worse than it otherwise would be…
“I think a part of the problem has been appointing academics to the head of the central banks…Academics have great certainty of view, that their view of the world… their models are correct and that everyone else is an idiot”.
“What Greenspan did was quite clear… it was midnight and everyone wanted to go home, he bolted the doors and he was forcing peoples heads in to the punch bowl!”
“If there is any economy where its going to go horribly, horribly wrong…it is Turkey”
“I think German ends up in the deepest recession in the Eurozone”
“What happened in the Eurozone was large extent not of their own making….if you are locked into this monetary regime you are locked into the wrong monetary polciy…but the UK and US chose these lunatic policies”
click image below for interview...
* * *
Real Vision Television is the worlds only Video on Demand channel for finance. Its aim is to counterbalance the dumbed-down approach of the main stream media and offer a platform for high quality, in depth, unbiased, independent and unfiltered economic and financial analysis utilising the brightest minds in the world. It is the brain child of Raoul Pal, publisher of The Global Macro Investor (www.globalmacroinvestor.com) and Grant Williams of Things That Make You Go Hmmm.. (www.ttmygh.com). It was launched in September 2014 and now features subscribers in over 100 countries worldwide. New videos are added almost on a daily basis and the library in content now features over 150 interviews, think pieces and presentation from some of the worlds great minds such as Kyle Bass, Albert Edwards, Mike Novogratz, Bill Fleckenstein, John Burbank, Dylan Grice, John Mauldin, Ben Hunt, Rick Rule, etc)
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Give every Obama voter 10 million!
But if you print 10 million budget each person to fund job and production, then there will be no inflation.
Stop dreaming. The government will only give big bucks to billionaires. Haven't the last twenty years taught you anything?
That was the whole idea behind dropping free moolah from helicopters, BTW. The plebes would spend it and ..... never-mind. It was never meant to be 0% risk free no penalty money for bankers.
In other news, some American Indians are asking that Buffalo NY change its name because it's racist.
Have a great day.
Dropping Mullah's from helicopters? Would you call that the Free Shi'ite Army?
LO spit on desk L
PRICELESS
That's funny.
I am for dropping bankers from Helicopters with money....no parachute or rope!
Yet another misplaced anecdote from your decrepit west-coast retiree...
Got dust coming from your faucet yet, grandpa? LOL.
Love me some www.realvisiontv.com !!!!!
There will never be a helicopter.
New money only goes to governments and the banksters.
Exactly. This guy came out of a 20 year hiatus to say THIS? As if Central Banks ever had any intention of creating actual production/prosperity/whatever. I tell you what guys, Imma go into a 20 year hiatus and wake up to tell you that my pubes still dont grow past my belly button
Yours don't?
Mine do quite a nice belly button and ass-crack comb over.
Some of you folks are rather odd.
I saw that joke and restrained myself. I went after your Mullah, instead.
Dontchu bring my mullah into this.
Many moons ago, I read that you only regret the things you didn't do.
Since then, I've tried to minimize regrets;)
Careful that you don't create a pile of regrets caused by not refraining from doing some of those things.....
Didn't Zimbabwe try that?
Yes, and it did create inflation, so thats ok i suppose.CB's count that as a success prolly.
People tend to think that things which haven't happened recently can't happen.
We underestimate the long tail events.
Not really, They printed the money and gave it only to themselves and their cronies. Everyone else had to sell their land and property to gain the inflated Zs necessary to buy food and pay taxes.
Speaking of the “massive problems” here’s Dr. Roberts to discuss the underlying massive lies…
Shadow Of Truth: Dr. Paul Craig Roberts Unscripted | Video - Investment Research Dynamics
March 7, 2015
“The question that nobody ever thinks about is ‘why is a reserve currency necessary and why would China want to be it?’ I think the future is likely to be no reserve currency” - Dr. Paul Craig Roberts, Shadow of Truth
The Government’s employment report released on Friday, March 6 was quite possibly the most absurd economic report on record. With all of the oil industry and retail industry layoffs that have been occurring since the end of 2014, how is it at all possible that these two sectors of the economy were the primary foundation for what the Government reports as 295,000 jobs created in February and a 5.5% unemployment rate? It’s not possible. In fact it’s absurd that the Government had the fortitude to release a report like that:
“I wonder if these guys are laughing when they put these numbers together before they release them” – Dave Kranzler, Shadow of Truth
The Fed has been threatening to raise interest rates ever since Bernanke’s infamous “taper” speech in May 2013. And yet, despite the incessant and repetitive “good cop/bad cop” routine with regard to “should we/shouldn’t we” raise rates, the FOMC’s zero interest rate policy remains as stalwart as the Great Pyramid of Giza. Part of this routine involves the Fed narrative that the economy and job market is improving.
With that in mind, yesterday’s employment report – prima facie – should be enough evidence of a “booming economy” for the Fed to begin raising rates. But if this is the case, why wait until the June meeting as stated by the “bad cop” narrative? Why not raise rates in two weeks at the March FOMC meeting? It’s because the Fed cannot and will not raise rates (unless it wants to collapse the financial system).
In connection with this incessant fraud and market manipulation – i.e. global financial terrorism – being conducted by the U.S. Government and the Federal Reserve, China and Russia have been openly and vocally implementing a shift in the global monetary system. One of the steps in this direction is China’s announcement of establishing a yuan-denominated gold price fix mechanism in Shanghai. ...
Presented below is Shadow of Truth’s Part 1 of an incredible two-part ad-lib conversation with Dr. Roberts:
http://investmentresearchdynamics.com/shadow-of-truth-dr-paul-craig-roberts-unscripted/
<<“The question that nobody ever thinks about is ‘why is a reserve currency necessary and why would China want to be it?’ I think the future is likely to be no reserve currency” - Dr. Paul Craig Roberts, Shadow of Truth>>
Thank you, Dr. Roberts. From your lips to the ears of the general public.
Although I will say, Dr. Roberts, that it is more than "nobody" who questions the idiocy of submitting to a World Reserve Currency system at all, for any country. It's astounding to me that another "reserve currency" can even be discussed these days by anyone informed, while keeping a straight face.
Who the hell wants to sign their country up for what is happening to the American population, and especially, what is coming next for them.
The US was the first victim of the Globalist Banker Cabal, the first to be looted and drained via "reserve currency" status while its population traded i-junk and cheap plastic toys from China in exchange for their wealth and resources, for their manufacturing base and labour economy, for their property and civil rights, their culture and their country. Fastest slide in history from richest country in the world, to insolvency - shirtsleeves to shirtsleeves in 3 generations, on a national scale, except the Americans have lost even the ability to feed themselves.
And people still think the World Reserve Currency is a national ADVANTAGE?? Just bizarre. (Unless you're a nationless, globalist bankster, in which case it is of course a personal advantage.) Although I guess for a population that willingly trades its rights for second-rate Chinese i-junk, wal-mart, and politican promises, maybe "reserve currency" seems like a fair trade to them.
Israeli Police say 40k people are at the rally to oust Netanyahu http://bit.ly/1GtH2sm
Net-a-yahoo!
They called Winston Churchill "WC", an abbreviation for Water Closet, but eventually realized that he had been preaching the hard truth of urgent and necessary repentance to a nation that wished to wallow in decadent pleasure.
I hope you are enjoying your weekend.
No doubt "encouraged" by some of Obama's former staff who are in Israel right now to make sure that happens.
Hmmm, that big V in that logo reminds me of something...
https://en.wikipedia.org/wiki/File:Ingsoc_logo_from_1984.svg
As long as I get to spend mine first, BRING IT......
hyperinflation WILL NEVER happen so long as the banks are willing to canibalize their own like lehman. what will happen is continued boom busts.
every time inflation gets bad enough, just have a lehman event, let the market crash.
problem with that is, you MIGHT JUST LOSE CONTROL OVER YOUR OWN CENTRAL BANK ---IN FAVOR OF THE U.S. CONGRESS .
i'm not saying i favor the fed, but consider that BUSTS are what lead to political crying out by socialists for the CONGRESS TO PRINT MONEY to shower on the people instead of the banks.
in fact, money should NOT BE SHOWERED ON ANYONE, AND CREDIT SHOULD ONLY BE EXTENDED WHEN THE ECONOMY HAS BEEN SUFFICIENTLY DELEVERAGED THROUGH LEGAL MEANS SUCH AS ---BANKRUPTCY----glass steagal---liquidation of banks----liquidation of insurance companies-------prohibitions on usury and consumer debt -------
you can just as easily fuck up EVERYTHING with government in charge of the money supply ,----as with the fed.
the question is WHO AND FOR END ARE YOUR ELECTED REPRESENTATIVES WORKING.
i don't trust the govermnent to NOT fuck things up. because so long as the banks are in charge behind the scenes , the government is not trustworthy.
until bankers are put in jail ,and lobbying is made mostly illegal---------and MANY LEGISLATORS ARE ALSO SENT TO JAIL ------ i don't trust the government.
1) It would not be possible for Congress to do worse than Central Bankers.
2) The power to coin money belongs to Congress only.
3) That power is constrained by the legal proscription as to what can be used as money.
Our failures are very simple:
We have stopped paying attention to the directions printed in the American Government Instruction Manual and think we can figure it out for ourselves.
We will pay the price for our density and then we will return to the system bequeathed to us, their posterity, by the Founders of the Great Republic
Really 2 Million covers my needs for the next 5 years at current spending levels.
O/C this kind of announcement that everyone would get a 1,000,000 $ in a few days, would equate to a mad - dash to the bank to take out a loan and spend the money before its worth - less by the intelligent people in the population. . . first one to spend new currency into circulation wins the game of inflation.
Given a few million I would use it to extinguish debt and buy bullion ASAP. . .
Best thing to do would be to write off debt instead of give everyone $$$$$ just wake up one morning and boom president on TV saying everyones debts are wiped by filling out an IRS form and filling . . . the economic recovery would actually be real at that point . . . you would have mass debt liquidation, and everyone would spend money on home improvements / appliances / swimming pools / gardening / eating out / you name it . . . it might actually be what the economy needs . . .
Right now the economy is running on like . . . dead batteries . . . it needs a "boost" . . . but giving money / liquidity to banks has proven to be a fruitless act . . . as the banks just sit on the money and dole it out as bonuses to execs. . . . so you could hand 1000,000,000,000,000$ to banks and the banks would just . . . sit on it and continue to sue and litigate the economy into a deeper black hole.
All the bailouts should of been forced by law to off-set consumer debts and mortgages . . . after-all the people paying the taxes . . . that went to bailouts . . . are the same people with the mortgages . . . so the banks pretty much are "double dipping" by foreclosing on homes after getting massive bailouts and tarp funds . . . (just saying)
And to people who talk about the "moral hazard" of writing down mortgage debt/extinguishing it . . . I find it funny how you are OK with giving corrupt criminal banks trillions of dollars and how you think all of the sudden simply forcing banks to do "the right thing" is a "moral hazard". . . lol
The moral hazard ship has sailed, its time for the country to force the banks to do the right thing. . . and if they refuse, liquidate them and break them up because they are a fucking monopoly at this point . . . no free market principles apply to these organizations anymore. . . its time to shrink them down to size.
Banks are always going to be the problem. . . they create the problems through counterfeiting.... and when you create a problem with counterfeiting, the only way to correct that problem without changing the system is to paper over the counterfeit debt and write it off. . . the policy banks have been pursuing of counterfeiting money, loaning it out, demanding 110% back and then when inevitable happens and the loans go bad . . . demanding bailouts and tax payer $$$$ to keep themselves alive so they can further pillage the economy by collecting collateral . . . is probably the most absurd "growth" policy you could ever sell to the public.
Forcing banks to write down debt is the only way the current paradigm can continue to exist indefinitely. . . if they don't write down debt, they are going to hang themselves with their own rope. . . and there will come a point where all the trillions in back-door funding will not save them because of a break down of confidence in the units themselves.
In the end, the outcomes are the same, banks lose , its only a matter of time.
Those of us who save are fucked bad by this. I'd still be okay with it if it was a plan that prevented the real problem, collapse, where supply lines are disrupted and people die. And if productive activity happened afterwards, that part is cool.
They won't do it. It will be a disorganized collapse with everyone in court and no one trusting anyone for a long fucking time. And supply lines disrupted because no one knows who owns anything!
Logically any "savers" that have any meaningful amount of money should spend that money or convert it (Exchange it to another currency or gold or something) prior to the transition / as soon as any kind of announcement.
But I get you . . . savers get the shaft. . . but in my eyes . . . the savers have already been shafted . . . by the day to day operation of our monetary system anyway . . . the inflation is there . . . your savings are already de-valued . . . you just have not seen the adjustment take place because the banks are sitting on the inflation until the opportune moment (they will only dump$$$ into circulation when it suites them) . . . and when you least expect it.
http://postimg.org/image/3lelguc63/
Everything is already fucked. . . people just have not taken the hit yet.
Also, wiping the debt (instead of just printing money and handing it to people to spend) is a better solution.
1) Wiping debt is deflationary (so savings actually rise in value)
2) No new money is created to wipe the debt out with.
3) Money that would of gone to monthly debt payments now goes to the productive economy every month. . . or people save, invest, and spend to upgrade things.
This boosts everything.
Opposed to bailout of banks
1) Everyone gets forclosed
2) Banks get free money forever to gamble with
3) Everyone losses their job because everyone is in debt and has no $$$ to spend to keep people productive.
John Paulson, Geithner, Summers, Greenspan, Dimon and Blankfein have on thing in common beyond the obvious. They're all UNINDICTED CRIMINALS, like the two Bushes and Cheney! The US will go the way of ROME and take the interconnected EU and INCIDIOUS ISRAEL with it.
" if there's any economy where it will all go terribly wrong, it is Turkey"
Turkey plans to be the manufacturing supplier for all of Europe, they work hard and most of the population are religious moderates. The only way Turkey's economy should collapse is by external influence.
Giving every American a one or two million Dollar bonus would let then buy off their debt but would not help their Industry. The same what happened in Australia when the Government handed Money out. Most was spend on Goods imported as it's Government policy to close any Industry that works and have it send to China. The ones that will gain from this is China for all the Crap they sell you and also Germany for the real Cars they make, not those crap Cars from Government Motors. From my understanding the only Industry the US has is Bars and fast Food outlets. Any other Industry? Guns, very needed.
Grant Williams started to charge for is rather amusing --- but not particularly useful - newsletter.... and that was the end of that for me.
Likewise with finance channel --- why would I bother to pay $400 for someone to tell me that:
1. Governments are lying about everything
2. Central banks are full of shit
And when I see that most hedge funds are unable to beat the index what use are financial insights from this TV channel? 400 bucks to be amused - I don't think so...
As for investing --- two options --- buy gold/silver and just wait for everything else to go to zero..... or if you prefer to dance then just park your cash in an index fund --- watch the value go up until the point when it collapses to zero.
Sorry Grant --- no value proposition here --- I am sure I get everything from your TV channel for free right here on ZH.