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How Could The "Greek Experts" Be So Wrong?
With Greece disintegrating before our very eyes, here are some recent blasts from the recent and not so recent past, showing just how clueless some of the most and least respected, strategists, bureucrats, drama majors, and former Goldman employees have been when it comes to Greece.
First, here is Tom Lee, best known for predicting in August 2008 that stocks will rise "much higher" by the end of 2008, with the S&P expected to rise to 1450, instead of plunging some 40% lower and wiping out countless people who listened to Lee. From June 23, 2015:
The Greek debt drama is a "sideshow" for U.S. investors, who should be encouraged by signs of a stronger American economy, longtime stock market bull Thomas Lee said Tuesday.
"Greece isn't the systemic risk that it was three years ago," he told CNBC's"
"Focus on U.S. fundamentals, which have been really good."
Then here is Dennis Gartman, telling what little viewers CNBC has left, that he wants to be a "buyer of European stocks."
Going further back in time, how can one possibly forget Jean-Claude "When it is serious you have to lie" Juncker's premature victory lap from October 2014, best summarized in the tweet below:
I say to all those who bet against Greece and against Europe: You lost and Greece won. You lost and Europe won. http://t.co/F3EtHLG3km
— Jean-Claude Juncker (@JunckerEU) May 19, 2014
Oops.
There was, of course, this humorous interlude:
Congrats to Greece on its triumphant return.
— Joseph Weisenthal (@TheStalwart) April 10, 2014
But the single, most glorious example of clueless punditry comes from none other than Mario Draghi himself who back on April 4, 2013 lied to everyone's face with the following:
Scott Solano, DPA: Mr Draghi, I've got a couple of question from the viewers at Zero Hedge, and one of them goes like this: say the situation in Greece or Spain deteriorates even further, and they want to or are forced to step out of the Eurozone, is there a plan in place so that the markets don't basically collapse? Is there some kind of structural system, structural safety net, especially in the area of derivatives? And the second questions is: you spoke earlier about the Emergency Liquidity Assistance, and what would have happened to the ELA in Cyprus, the approximately €10 billion, if the country had decided to leave the Eurozone?
Mario Draghi, ECB: Well you really are asking questions that are so hypothetical that I don't have an answer to them. Well, I may have a partial answer. These questions are formulated by people who vastly underestimate what the Euro means for the Europeans, for the Euro area. They vastly underestimate the amount of political capital that has been invested in the Euro. And so they keep on asking questions like: "If the Euro breaks down, and if a country leaves the Euro, it's not like a sliding door. It's a very important thing. It's a project in the European Union. That's why you have a very hard time asking people like me "what would happened if." No Plan B.
Yes, they "really" are asking questions like "if a country leaves the Euro" because someone had to. Perhaps the fate of millions of Greeks would have been different if more had the balls to ask just this one most crucial question.
As for the Euro's "political capital", it just ran out.
But fear not: as Goldman laid out the script last week, and as we warned all readers, the political capital is about to be replenished with a boost to the ECB's QE. And all that will take to send European stocks in one last gasp surge higher, is the sacrifice of several million Greek pensioners, coming to a PIIG country near you next.
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Cluelessness is what happens when you believe in the BS you're taught in school and told in the media. Study the globalist agenda and you'll know what's really going on.
But,... but,... the experts were certain it was all fixed...
Whocouldanode???
Americans will be just as surprised (unprepared).
It´s going to be a worldwide surprise. The small fraction of the world who won´t be surprised are the stackers.
oh yes, splatter a han's face (of all "experts") is...
a signal for the China-led BRICS that the clueless experts may guide them to a surprise?
Wouldn't it be "coming soon to a PII country" now that Greece is pretty much a cooked PIIG?
… can’t you see?
They’re not wrong, they’re
The European side show will precede the American one. Bitchez!
By six hours.
No - first Germany (because of Dooshbank) then Japan (reality bites - hard) then USA! USA! USA!
Then it gets really interesting... 2015.75
As an American, I can tell you people here are absolutely clueless. The majority of this country seems to be mired in a slovenly, half conscious twilight zone of reality shows and socialite gossip. I can't even fathom something like a true banking crisis engulfing this country; people wouldn't have the faintest clue on how to cope.
Most 'Experts' are vetted, mainstream careerists.
They engage in either PR for TPTB, or are their Controlled Opposition. The former uses the Mushroom Principle (feed them BS and keep them in the dark), and the latter gets you to look and think in the wrong direction.
They get paid because it works, and it works because people are sheeple.
That's why.
Hey! They left out Krugman! Damn, I was so looking forward ....
It's a good thing deficits don't matter.
Greece isnt leaving the euro the banks closeing is just a show of force to break the Greek people and force them to submit.
Greece's finance ministry has announced that the strict withdrawal limits will not apply to holders of credit or debit cards issued in foreign countries.
The closeing of banks only effects the Greek people. Its the last depreate move to force poverty on Greece. The euro cant afford to have any country leave. It really is just a side show.
Watch a deal wil be made either forceing full complience for Greece or forceing Germany to backtrack.
Facisnating on the real purpose of Jade Helm - global governance - must listen: https://www.youtube.com/watch?v=oJsKM-zGqys
Tom Lee wasn't wrong. He was lying. There's a difference.
He seemed so cocksure of himself in that interview.
Tom Lee is the illegitimate child of who flung dung and a $5 hooker from Vietnam!
BUY NEGATIVE YIELDING EURO DENOMINATED GERMAN BUNDS AND BUY THEM NOWWWWWWWW!!!!
Seems the "experts" are wrong on most issues. They still make $9000 a week doing just that.
The same "experts" who missed the recession and market crash are STILL selling their market expertise to the masses.
If the Greece situation does start a domino-like systemic collapse it will be the first time that an event everyone has been watching intently for years that might cause such an event, actually causes such an event.
When Ricky Martin left Menudo comes to mind. I am still in therapy.
Damn what a list of stupid mother fuckers, what did that anti southern flag cock in the mouth queer Obama have to flap teleprompt gums on the matter?
When my paycheck depends on pumping Greek, or any other stocks, that's what I do baby!
I'm sure the Athens Stock Exchamge will open right back up honey bun...
Bad day at the VA, vet?
The Russians offred the Greeks a deal that would have ended the crisis, but as always the West scuttled it because of the CONFLICT with RUSSIA.
https://biblicisminstitute.wordpress.com/2015/03/17/the-truth-about-the-...
Exspurts...there are NO experts.
Everyone in a position to make decisions ('experts') is a pathological liar, serial manipulator and greedy fucking scumbag. If their decisions do not make sense to you, count yourself as blessed......
Ich bien en Greek(taking it in the rear)
Greece hasn't left the Euro, and Greece won't leave the Euro. Nothing has changed, except we're one step closer to the inevitable Greek default – inside the Euro.
Wrong? These guys?
They're always wrong. They're paid to be wrong. They hand guys like Krugman Nobels in economics so that the estamblishment can trot around his batshit ideas and have liberal minded folk say, "Well he's smarter than me so I'll belive what he says."
They pay these guys to be wrong so that when SHTF everybody was on the wrong side of the trade. Just look at gold!
Gold opened up much higher and the Dow Jones is down hundreds of points. Does it matter if the dollar is up a little when it too will have a bank holiday and will be confiscated? NO!
Fiat money is dead, long live gold.
This just requires the BARE MINIMUM of critical thinking skills dude.
I mean seriously..."no I'm not going to buy negative yielding euro denominated German Bunds" is not that difficult to understand is it?
"Having the Germans post 7000 tons of gold as collateral because they're in even greater need of the Fed opening up some dollar swap lines" on the other hand...
Concepts like "right" and "wrong" are obsolete. Hadn't you heard? No? I sense a re-education camp in your future.
"Speaking lie inn pubic costs extra."
Ain't that right Television Man?
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
- Upton Sinclair
"Germany said they could buy he entire country of Greece for five billion euro's."
That was in 2008/9.
Apparently a lot of folks still believe that to be true because they keep buying up worthless German paper at nosebleed prices.
The fact that lots of people happen to believe something at some given moment in time does not make it true however.
Indeed usually the exact opposite is true...
So GS is wrong everywhere but oil Tyler? LOL
Goldman Sachs isn't just broke...they're ruined.
Time for that bucket shop to close down...
Gartman looks like he tried to iron his shirt with his face still attached to it, after a 5th of McClelland's single malt, and a couple of crossdressing circus midgets dressed him.
Guy is a wreck; probably sleeps in the greenroom with his bottle and has interns wake him with street cart egg n cheese on a roll...
That was really funny, but part of me wants to cry knowing that some uneducated souls are still buying his snake-oil.
I'm pleasantly long 1 unit of douche bags , while maintaining 3 units of used condoms short of chf/jpy vs copper hedged with a little 3x Greek bonds ETF's.
lol - thanks for that YC. i remember the days when as a naive trading-desk intern i lusted after copies of his 'newsletters' that floated around by the copy machines. they made for good reading in the can, though in hindisight i realize they would have been better just to wipe with.
Thomas Lee; what a fucking assclown. "Reflation....The good kind of rising prices".
"Thank God this loaf of bread costs $4 instead of $3. Wow, this happy meal tastes a lot better at $10"......
SAID NO ONE, EVER.
Also, is it me or does it look like his face is melting, like its made of wax or something.
Psychotropics.
Jeez, I didn't see that coming.
"I was wondering why the frisbee keeps getting bigger ... then it hits me."
Where is that woman when you need her?...She'd have ol mario shakin in his boots!
c'mon let's bail her out...it'll be worth it
Sorry. At least partially not correct because Greek ATMs are not dispensing money to foreigners as well.
"There are none so blind, as those who will not see"!
Jean Claude Juncker does his best talk the talk.
Wow, Did we get a Grexit over the weekend then?
Ahhh, I thought not.
Bank holiday? Sure, it's a fractional reserve system, so they'll run out of money if there is run on folks wanting to get lots of cash out........
A mate of mine just went to Corfu yesterday, he has plenty of bitcoin on his phone though so he will be OK without cash. The Greeks love their bitcoin.
Cheers!
"How Could The "Greek Experts" Be So Wrong?" Maybe 'cause they weren't? Maybe, like the rest of the "offalcial" talkers, they just lied.
"Grexperts"
Sorry, I couldn't help it.