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And Now, For Some Semblance Of Sanity, Here Is One Hour Of Hugh Hendry

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Thu, 10/27/2011 - 16:37 | 1818627 speconomist
speconomist's picture

Finally! Couldn't attent the conference, so glad it's on Youtube!!!


Panic recommended to all of you!

Thu, 10/27/2011 - 16:41 | 1818642 bernorange
bernorange's picture

What, me worry?

Thu, 10/27/2011 - 16:55 | 1818682 DormRoom
DormRoom's picture

Hugh Hendry should be worried.  He owned a lot of European Soverign CDS in his portfolio

Thu, 10/27/2011 - 17:01 | 1818695 Ahmeexnal
Ahmeexnal's picture

A couple days ago Merkel threatened europe with war if her europroject was not bailed out.
When will the enlightened democracies of europe learn that appeasement does not work with the dark lord of Mordor?
J.R.R. Tolkien warned us about germany in his epic Lord of the Rings. Sadly, few readers are able to understand his true message and can't get past the elves and hobbits.

Thu, 10/27/2011 - 17:21 | 1818751 knukles
knukles's picture

He has elves and hobbits in the story?  I gotta think deeper...

Thu, 10/27/2011 - 21:17 | 1819417 anynonmous
anynonmous's picture

no knuckles, there is  no need to think deeper

you might injure yourself

Thu, 10/27/2011 - 22:35 | 1819590 franzpick
franzpick's picture

On the contrary: you may injure yourself by not thinking deeper about today's upward explosion in equities, PMs and materials (see XLB for one example), which together may be viewing the 50% greek haircut as the beginning of the end of wasteful government taxing, borrowing and non-productive spending.

My screens say today's upside markets may be abruptly discounting the potential employment and earnings gains that may result from getting government out of the way of a business recovery.

Today's euro bad-greek-debt haircut principles may soon be seen to apply to worldwide legacy debt hangovers in piigs, u.s. and all countries whose bankers and administrators willingly fell victim to decades of unsustainable credit-binge debt-growth economics.

DJIA, SPX and NAZ stock indices heading to 15,000, 1500 and 3000, and metals recovering to AU $2000, AG $50 and Dr. COPPER 4.50, and higher, will confirm the upcoming power of a business recovery freed from decades old tax-borrow-spend government regulatory interference.

Anticipating such a business recovery, in the face of crushing legacy debt and failing top and bottom line business revenues, is certainly a stretch, but discounting is what equity markets do best, if not wisely, but too well.

Thu, 10/27/2011 - 23:29 | 1819768 steve from virginia
steve from virginia's picture


Are you drunk?

Fri, 10/28/2011 - 00:36 | 1819893 Oh regional Indian
Oh regional Indian's picture

I think Hopium is the new high. In a few months, Hohohopium.

The downer is called NoHopium.


An Indian Tries the Blues

Fri, 10/28/2011 - 00:45 | 1819908 The Big Ching-aso
The Big Ching-aso's picture

Cut back some on the peyote dosage.   Either that or just take a break entirely.

Fri, 10/28/2011 - 04:14 | 1820041 Non-Zero
Non-Zero's picture


I gave you a +1 for this, but you need to make it clearer that the money to prop up the stock market, PMs and commodities will come from bonds, otherwise people will not understand why it's happening.

e.g. People lose faith in governments, so they shift money out of bonds and into private assets (especially gold, silver and the stock market).

If the governments can arbitrarily cut your bond value in half, and you can't insure it with CDS, you're going to want to put it somewhere they can't touch it.

Thu, 10/27/2011 - 22:37 | 1819597 gangland
gangland's picture


Neoliberalism has failed even to come close to, let alone achieve, the
growth rates of the golden age of Keynesianism in the 1960s (Harvey 2006).

Thu, 10/27/2011 - 22:39 | 1819607 gangland
gangland's picture


"which raises
a serious question about how it has maintained legitimacy in the
face of its own failed raison d’être – to ensure wealth for all through
market efficiency.


Thus it is pertinent to consider the core contradiction
underpinning the seeming collapse of neoliberalism:


extent to which the current crisis is tied to the very foundations on
which neoliberalism was built,


namely the expansion of finance
capital and the associated housing and stock market booms of
the 1990s and 2000s."



Thu, 10/27/2011 - 22:41 | 1819609 gangland
gangland's picture


"There is a terrible irony in the fact that neoliberal policies of
privatization, marketization and liberalization over the last 30+

have produced proceeds with a monetary value (€1.3 trillion)
that is only twice the recent bank bail-outs by the US and European
governments (see Hall 2008: 6)."

Thu, 10/27/2011 - 22:43 | 1819619 gangland
gangland's picture


"Who then benefited from this economic order?

We can
point fingers at the bankers, as government have found it politically
expedient to do, but


we have also to acknowledge that the
financialization of the global economy has gone hand in hand with
property booms that have effectively enrolled citizens in the
expansion of neoliberalism –

a windfall largely limited to citizens in
the Global North, it must be stressed.

For example, Matthew
Watson (2008) argues that as individuals have been incorporated
into the British housing market, which was (and still is) dependent
upon ever-increasing house prices, they have been remade politically
as ‘monetary conservatives’, (TEA PARTY) more concerned with inflation than
welfare spending. More generally, Stuart Hall (2003: 10) argues that
‘a new neoliberal common-sense’ has ‘colonized’ civil society."

Thu, 10/27/2011 - 22:45 | 1819632 gangland
gangland's picture

"What is evident in this mess is that the conceit at the heart of
neoliberal thought has been exposed.

The very idea that markets are
self-organizing, efficient and liberating is no longer credible, but
illustrates the extent to which neoliberalism

– as shorthand for
market-like rule –

is an economic, political and ideological project
pursued by certain groups (such as governments and corporations)

to construct a reality that is perceived to be founded in the inherent
properties of economic markets.

This circular reasoning has
replaced any sense of what we ought to do to achieve democratic
goals and ambitions with a logic built on the perception of the
inherently good and essential qualities of markets.

Thus morality
and ethics have been turned right way up in response to the ‘natural
law’ of economic exchange in which the rich can buy more freedom
than the poor."

Thu, 10/27/2011 - 22:44 | 1819627 akak
akak's picture

I have to disagree with you.

Thu, 10/27/2011 - 22:45 | 1819634 akak
akak's picture

And so do I.

Thu, 10/27/2011 - 22:46 | 1819636 akak
akak's picture

And me too!

Thu, 10/27/2011 - 22:46 | 1819640 akak
akak's picture

You've really hit the nail on the head there Akak!

Thu, 10/27/2011 - 22:47 | 1819645 akak
akak's picture

We concur as well.

Thu, 10/27/2011 - 22:48 | 1819650 akak
akak's picture

I think that settles the issue.

Thu, 10/27/2011 - 23:48 | 1819801 Calmyourself
Calmyourself's picture

I do not always agree with you but no one can doubt your entertainment value.  I will drink beer with you and buy! 

Fri, 10/28/2011 - 00:16 | 1819854 akak
akak's picture

Thanks for the thumbs-up CY!

I does what I cans.

Fri, 10/28/2011 - 00:17 | 1819856 akak
akak's picture

So do I!

Fri, 10/28/2011 - 00:18 | 1819860 akak
akak's picture

And me too!

Thu, 02/23/2012 - 02:17 | 2188007 haibop
haibop's picture

me too silver

Fri, 11/11/2011 - 00:37 | 1868971 haibop
haibop's picture

New theory man... memory foam

Thu, 10/27/2011 - 17:21 | 1818752 Josh Randall
Josh Randall's picture

Blood in the streets in the town of New Haven

Thu, 10/27/2011 - 18:34 | 1818931 NotApplicable
NotApplicable's picture

That's just how he rolls.

Thu, 10/27/2011 - 21:02 | 1819378 rocker
rocker's picture

 Speaking of rolling as the article says, 'After today's ridiculous move in the market' one can surely say it was to burn shorts. Still 100% Cash.

 Patience is a good thing in crooked markets. About 15 years ago I took a free 2 day class about markets and how stocks work and why.

Actually they wanted to sell me their stuff. Did not buy. But they did offer some great fundamentals that are almost certain.

They taught stuff like principals, one being that the market will cause as much pain and take as much money as it can.

Another thing they taught was how to not be caught in a market trap. It focused on "Gaps".  They said that almost all the time the market

will return to the level where a "Gap" is and it is a good way to protect yourself and use them for opportunities.

Well today, I ask, did the market burn any shorts and cause any pain?  And in the ramp up, how many stocks were gapped up?

That is why, as tempting as it was I bought shit from Goldman's HFT machines ramp job. Almost every stock that I would consider buying was

gapped up.  To me, from that class years ago, this market will cover all those gaps.

Heed the warning that the market on a day like this is a fools rally if your sucked in to the sucking sound of the Squid, Goldman Sachs.

Fri, 10/28/2011 - 17:14 | 1822684 morkov
morkov's picture

on video 2 :   

real estate is not THE ONE market return on China's books

Mon, 11/14/2011 - 21:05 | 1877722 haibop
haibop's picture


Sat, 12/24/2011 - 03:16 | 2008930 haibop
Thu, 10/27/2011 - 17:24 | 1818759 Börjesson
Börjesson's picture

"As for any inner meaning or 'message', it has in the intention of the author none. It is neither allegorical nor topical. [...] The real war does not resemble the legendary war in its process or its conclusion. If it had inspired or directed the development of the legend, then certainly the Ring would have been seized and used against Sauron; he would not have been annihilated but enslaved, and Barad-dûr would not have been destroyed but occupied. Saruman, failing to get possession of the Ring, would in the confusion and treacheries of the time have found in Mordor the missing links in his own researches into Ring-lore, and before long he would have made a Great Ring of his own with which to challenge the self-styled Ruler of Middle-earth. In that conflict both sides would have held hobbits in hatred and contempt: they would not long have survived even as slaves."

- J.R.R. Tolkien, Foreword to The Lord of the Rings, second edition

Thu, 10/27/2011 - 18:03 | 1818860 Bring the Gold
Bring the Gold's picture

I had this precise passage in mind when I read that silly tripe from the caveman above. What's funny is I've seen Ax go after both Jews and the Germans. Lol. Tolkein's forward is so spot on it's amazing. Hobbit genocide/ (debt) enslavement would have definitely been discussed at the council of Elrond lol.

Thu, 10/27/2011 - 22:53 | 1819666 Crisismode
Crisismode's picture

That is an amazing capture of information from J.R.R.T.



Sun, 12/11/2011 - 20:00 | 1968565 haibop
haibop's picture

fully agree... electric fireplace

Sat, 10/29/2011 - 10:56 | 1824150 Davilis
Davilis's picture

Hobbits are the 99%.

Thu, 10/27/2011 - 17:29 | 1818769 spartan117
spartan117's picture

But the germans build such cool cars. 

Thu, 10/27/2011 - 17:31 | 1818777 knukles
knukles's picture

Talking about allegories, I once bought a BMW which had tires made in Israel. 

Thu, 10/27/2011 - 18:15 | 1818894 Pladizow
Pladizow's picture

Did you hear about the new Israeli tires called Firestein's?

They stop on a dime and pick it up!


What's the diffrence between a cactus and a BMW?

A cactus has its pricks on the outside!

Thu, 10/27/2011 - 21:56 | 1819493 Rome is burining
Rome is burining's picture

The Jews have two things going for them: they are thrifty and there's Genesis 12. Yes, I have some Cohen a few generations back!

Thu, 10/27/2011 - 23:02 | 1819690 LasVegasDave
LasVegasDave's picture

why cant they keep Jews in jail?

They eat lox

And for all the latent and patent anti-semites on the board, feel free to substitute "Wall Street Bankers"  for "Jews"

Sat, 11/19/2011 - 14:33 | 1894302 haibop
haibop's picture

and great quality too walk in freezer

Thu, 10/27/2011 - 18:46 | 1818958 spankfish
spankfish's picture

I want to get invaded by big breasted beer garden maidens.

Thu, 10/27/2011 - 18:58 | 1819006 Freddie
Freddie's picture

Amazing that idiots junked you. 

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