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Willem "Gold-Is-A-6000-Year-Bubble" Buiter Says A New Greek Currency "Would Be Rubbish"
Having shown his true colors in recent months by embarking not just on an anti-gold crusade, but more recently on an anti-cash mission, Citi's Willem Buiter has once again exposed his newly minted CFR status-quo-embracing status this morning. During an appearance on CNBC, Buiter notes that there would be "havoc" if Greece left the euro zone and adopted an alternative currency; but then he went on the pre-prescription blasting that any kind of alternative currency tied to the euro "would be rubbish." These comments come just hours after German FinMin Schaeuble raised the possibility that Greece may need a parallel currency alongside the euro if the country’s talks with creditors fail.
German Finance Minister Wolfgang Schaeuble raised the possibility that Greece may need a parallel currency alongside the euro if the country’s talks with creditors fail, people familiar with his views told Bloomberg...
Schaeuble mentioned the idea of parallel currencies at a recent meeting without endorsing it, according to two people who attended and asked not to be identified because the gathering was private. He also cited the example of Montenegro, which uses the euro but isn’t a member of the currency union, one person said.
The comments suggest that some in Germany are preparing for the worst amid a standoff with Greece that has dragged on since February.
While Chancellor Angela Merkel and her finance minister say the goal is to keep Greece in the euro, Schaeuble has also said he wouldn’t rule out a Greek exit from the 19-nation currency.
Germany is “ready to take this brinkmanship very far,” with Schaeuble in the role of “attack dog,” Jacob Funk Kirkegaard, senior fellow at the Peterson Institute for International Economics in Washington, said by phone.
But Citi's Willem Buiter is less than exuberant about the success of that plan...
There would be "havoc" if Greece left the euro zone and adopted an alternative currency, Willem Buiter, global chief economist at Citi, told CNBC.
"I really think the notion that Greece exits with or without a shadow currency or a proper currency (is ridiculous). Greece has not, historically, been good at managing an independent currency. This time, if they were to move towards that from a situation of extreme weakness it would be havoc for Greece so I wouldn't recommend that."
Asked whether Greece could exit the 19-country single currency group with some kind of alternative currency tied to the euro, Buiter rebuffed the notion, saying "that would be rubbish."
* * *
Once again we leave it to Jacob Funk Kirkegaard, senior fellow at the Peterson Institute for International Economics in Washington to conclude...
“We’re in this game of chicken... the problem is that Alexis Tsipras is riding a scooter and Wolfgang Schaeuble is driving an armored BMW.”
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JWO stooge
Oh fuck this man.
So:
- if gold is in a 6,000 year BUBBLE
- & assuming that that BUBBLE is 'valued/priced' in fiat dollars
- what was gold VALUED/PRICED in 6,000 years ago?
The guy ^^^ up top is correct ~ another JWO stooge...
Slave-hours.
...which is what the Dollar denominates.
You know what the wise folks say about one man's trash ...
Regards,
Cooter
'Slave Hours' ~ perfect!
It's all well documented in the BIBLE itself how jew masters were instructed to treat their slaves vs. goy, animals, women, & such...
FFS ~ Most of the attitude hasn't even changed...
https://www.youtube.com/watch?v=98GIXA1IxJM
And so since it would be "havoc" of Greece left the EuroZOne (fuck paying their debts off, a consideration of whether the banking system remains afloat on a sea of sophistry, or are we confusing things here) it cannot happen, right?
Bzzzzzzzzzzzt Oh, we're so sorry Wim, but behind door #3 is a large pile of emptiness.
More Impeccable Logictm
Money is debt that the elite never intend to repay..... (Get real people)
Market & Bank Apocalypse in 3...., 2...., 1.....
Preface it by Citi Bank plead guilty to the following and has a paid executive who has in the past made unsubstantiated claims has a new claim.
What happened to the blue Ford tracter...?
Every currency denominates slave hours.
In the US a piece of iCrap costs about 100 slave hours, and an ounce of gold costs about 165 slave hours (both pre-tax)
Whereas in China that same piece of iCrap costs about 465 slave hours and the single ounce of gold costs 750 slave hours.
'Muricans are going to LOVE those future prices when USD hegemony dies...
Of course sellers will also face a conundrum, to live in the worse shithole and get moar slave hours per ounce, or to move to greener pastures and accept fewer slave hours per ounce and a lower standard of living... I think we've all noticed what the Chinese chose...
R.I.P fat lazy stupid entitled 'muricans (even if it feels more like rotting in hell).
Gold was valued/priced in dragons and virgins 6,000 years ago, good luck finding either nowadays.
Unicorn skittles!
Thanks,,, My laugh for the day,,, Not only funny but unfortunately true.
never trust anyone wearing a necktie...
He gets his daily talking points from the Rothschild Group.
Also cereal boxes full of cash for being a good goyim programming shill, just like Keynes.
jwo stoogge, more like willem buiter is a classinc nazi name.
I smell desperation.
And flop sweat, the man appears to be choking on propaganda.
The guy is a dissembling cunt.
And that is an embarrassment not just for himself, but for all men.
This guy's got sweat pouring down his back. Outragous statement. His 60+ years of economic experience verses Golds 6000 years of money. What a loser.
Well a gold coin would purchase a good toga back in roman times, if gold was valued properly it would buy the same thing today... however I believe the 'togas' would valued the same as these suits:
http://www.therichest.com/luxury/most-expensive/10-most-expensive-mens-s...
peak fiat
Douche vomits nonsense on channel nobody watches. Riveting.
Somebody should point out that '6000 years' and ' bubble' are an oxymoron.
And speaking of Morons...
Preface: i think Greece should leave the Euro because I think every country should leave the Euro. There.
Having said that, it will be incredibly disruptive for the Greek people to leave the euro. Forget the hundreds of Billions the government owes.
Every single cross border Accounts Receivable and Accounts Payable is in Euro's. That's going to be loads of billions which are also in jeopardy.
At a personal level...every credit card, mortgage, car loan, etc...denominated in Euro's now, unpayable with the new Greek currency. That will be more stacks of billions.
This is why there is fear. The government debt is easily calculated...and more easily disolved. Everything else gets messy and the potential for Euro Bank write-offs is MUCH larger than the Greek Gov Debt burden. It will set off a cascading domino effects show like we haven't seen in a LONG time. I got my popcorn, but it will not be a cake walk for the Greeks.
sounds like a bitter old man
Doodie bubble.
Is that his head or his neck blowing bubbles?
The real "havoc" that Buiter warns of would be seen on the balance sheets of European banks, not just in the streets of Athens. I wish the MSM would stop pretending this is about "saving Greece."
duplicate
Citi stock is only down 96% from ts its 2007 high. Gold is up roughly 300% in the same time period. So Gold owners have outperformed Citi stock by a measley 7500%.
"Asked whether Greece could exit the 19-country single currency group with some kind of alternative currency tied to the euro, Buiter rebuffed the notion, saying "that would be rubbish"
Buiter, let me help you out, here ... rubbish best served - warm
CFR is a collection of Thieves, Knaves, Aristocrats, and Bankers (which is to say more thieves and knaves).
Nothing they prescribe will be of benefit to humanity, only to themselves.
Just like Soros's statements, you have to look for their angle.
"Willem-Is-A-60-IQ-Moron"
He is a classic bell end.
Isn't this guy from the Netherlands ? He should be familiar with his own countries' history and know what a tulip bubble is.
He only speaks for his own benefit, i.e. banker
Nazi-Keynesian douche fraud.
What a bilthering fuckng idiot!
Someone actually listens to the tripe rolling out of his mouth?
First class douchebag, for assholes!
Not only is Montenegro using the Euro, w/o being a member, but it used whatever useful currency was available during its post-Yugoslavia era. They used the DEM, CHF, USD, GBP.
So it will always be: Currency Substitution. Use whatever works.
Sorry, king fiat. You're only king as long as others actually believe or accept you as one. Nice Jedi Mind Trick, as long as it works.
Fiat is a Con game. And being King Fiat is the King of Con games. Alas, all games are a... Bubble. A bubble that lasts a lot less than 6000 years -- Buiter, you asshat.
Plan accordingly.
Only two types of anti-gold folks: Fools and Zionist shills. And fools generally don't have noiZ-media soapboxes.
Liberty is a demand. Tyranny is submission..
Your house of cards is coming down on your head, Buiter.
An alternative currency tied to the euro would be rubbish of course, because what Gr needs is a weaker currency.
I'd like to kick him in his "Leno" chin real hard.
Even former Fed Chair Alan Greenspan understood that gold was Constitutional protection again the seizure of personal property. On of the best essays ever written on the importance of a hard asset to back up paper money was written by him...
http://www.globaldeflationnews.com/what-caused-a-brilliant-young-economi...
Didn't read this particular article, but from the headline it appears as the author based it upon the false premise that Greenspan didn't destroy the dollar on purpose. Based upon his discussion with Ron Paul about his 1966 article, The Maestro understood the ramifications of his actions fully the entire time.
6000 years? Isn't he spewing the Jew Buybull fairytale hoax?
The scooter analogy is missing the key piece, the fact that Tsipras is carrying a Molotov Cocktail which can burn down the entire Western banking system with a wildfire of cascading cross-defaults.
I love the smell of banker fear in the morning.
I'm sure this POS is buying with both hands open.
Fuck him
COMMENTS such as the one you quoted from Buiter make me SERIOUSLY DOUBT that there is a responsible person left in the Global Banking System. These people are all playing a CON Game.
OF COURSE Greece has to create an independent currency if it leaves the Eurozone. This is so mind-numbingly obvious, even a 5'th grader can understand it.
OF COURSE the new Greek currency will plummet in value immediately ... until it takes 1,000,000 New Drachmas to buy a role of toilet paper in Greece!
NO there is no such thing as a "parallel currency". Are these people idiots?? Greece is either IN, or its OUT. The country of Greece is not "half-in" the financial system of Europe.
The GREAT CON GAME is slowly collapasing, Mr. Buiter. Better get your LearJet fueled up and ready to go.
" OF COURSE the new Greek currency will plummet in value immediately ... until it takes 1,000,000 New Drachmas to buy a role of toilet paper in Greece! "
ASSUMING you find it on the market. RIGHT?
What if the new Currency the Drachma OR the Phoenix [Originaly minted by the Murdered (What a surprise) 1st Governor Kapodistrias] IS NOT AVAILABLE
WHAT THEN ??
Of course a parrallel currency would be rubbish, but Greece's choices are to A.) throw money down a rat hole that is a wholly owned subsidiary of (shh) The Troika or B.) take their Spanikopita and marginally sandy beaches elsewhere. Greece is faced with a Hobson's Choice, and I defy anyone, including Ferris Buiter, to properly ajudicate which is the better choice. I certainly have my bias.
As for Ferris and his staggering lack of insight on gold, he might as well have said humanity is in a six thousand year bubble, because gold and (the welfare) of humanity are, irrespective of the last forty four years of misbegotten monetary experimentation, inextricably bound up with one another. This is so for excellent reasons. The superorganism, of which Buiter is, lamentably, a member, have chosen it as the result of applying the most rigourous test avaiable, that would be the test of time, wherein all human experience is properly weighed. Gold's singularly enormous stock to flow profile is the result of the aforesaid multi-millenial experiment. It's humanity rendering a verdict that is resolutely thumbs up. Gold's a Giffen good for very good reason.
None of these developments occurred because of a bubble mentality, but, rather, through cold, hard, experience. People like Ferris, and humanity's unerring tendency to replicate people like Ferris througout human history, are exactly what has led to gold being gold.
Certainly portability, fungibility, virtual indestrictibility, malleability, and divisibility, helped a great deal, but if people didn't need a place to save (their purchasing power), well, all those marvelous aforesaid attributes wouldn't mean much. But folks do need, that's right, need to hoard something that maintains purchasing power, because, guess what, they get sick, and/or hurt, and even if they manage to avoid illness and/or injury, they damn sure get old and require something for that inevitability.
Saving in debt has so much to say about where we are as a species, and if Ferris honestly looked into it, he would understand and acknowledge that as an intergenerational store of value gold's reputation is very well earned. Those who man the controls at the world's central banks agree with this assessment. Which leads me to the inevitable conclusion that while Ferris may be profoundly lacking in insight, he might also simply be another stooge spreading misinformation. In the meantime, as we are left to wonder if Ferris is more idiot than mountebank, it must be noted that his attack on the existence of cash is every bit as deplorable as his views on gold.
"People like Ferris, and humanity's unerring tendency to replicate people like Ferris throughout human history, are exactly what has led to gold being gold."
Words of wisdom. Exactly right!
Mewling quim.