Exclusive Interview With Diapason's Sean Corrigan

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Sun, 10/23/2011 - 13:32 | 1802137 X.inf.capt
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+1 

great article

ZH'ers are the fringe....

hell, they been pretty close to calling it all along...

its been a pretty good crystal ball, in my opinion...the comment section has some sharp people in it...

once you get past the disinformation trolls..or at least identify them...

but it is good to see what worries TPTB...

Sun, 10/23/2011 - 13:42 | 1802198 navy62802
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I don't consider myself especially astute when it comes to economics (I'm an engineer by education). But the things that we talk about here seem like they should be common sense sort of things. ZH'ers are fringe according to the establishment business/financial media. However, I think what makes ZH different and "fringe" is that ZH's writers (the Durderns, Reggie Middleton, Bruce Krasting, et al) discuss reality and the truth. Sadly, reality and the truth are fringe in our contemporary political and economic environment.

Sun, 10/23/2011 - 13:47 | 1802211 X.inf.capt
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.

+1

Sun, 10/23/2011 - 13:28 | 1802150 buzzsaw99
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wordy and pointless

Sun, 10/23/2011 - 13:33 | 1802169 Corn1945
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Agreed. This guy said nothing.

Sun, 10/23/2011 - 15:00 | 1802354 Max Fischer
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On Occupy Wall Street:

....nor have they been educated in a rich enough vocabulary in which to properly articulate their dissent and so there is a distinct possibility....

OH BARF!

Give me a break, Mr. Corrigan!  That is absolutely ridiculous.  Typical elitist shit.  Of all the ZH contributors, only YOU could possibly say something that pompous.  

While you have thoughtful and interesting things to say, you're so full of yourself and so overly pompous in your dialect (combination of Old English/Anglo Saxon and puke-worthy Ivory Tower), that it distracts from any message you're trying to make.  By the time I'm done reading any of your commentary, I typically feel exhausted - and not in a good way.  

You're discounting the effectiveness of OWS because their vocabulary isn't rich enough?  

Jeepers Creepers!

Max Fischer, Civis Mundi 

 

Sun, 10/23/2011 - 17:24 | 1802663 Major Priapus
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"Ridiculous?!"  I beg to differ - Corrigan's "

....nor have they been educated in a rich enough vocabulary in which to properly articulate their dissent and so there is a distinct possibility....

...is if anything understated!

I refer everyone to The G&M's Slavoj Zizek: Superstar of the Occupy movement

http://www.theglobeandmail.com/news/world/americas/slavoj-zizek-superstar-of-the-occupy-movement/article2209984/

The Occupy Movement may be incohate - Zizek is incoherent but attaining Messianic adolation with nihil obstats from less-than-luminaries such as Michael Moore & imprimaturs from Hollywood intellectual lite-weights such as Susan Sarandon...  you know the kind I mean - cretins who think they can understand Kaballah from a book with pictures thereby making them so spiritual dontchya know!

Tue, 10/25/2011 - 01:21 | 1807181 francis_the_won...
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"You're discounting the effectiveness of OWS because their vocabulary isn't rich enough?"

And you just discounted his points because his vocabulary was too rich?

OWS is correct when they point out that Wall Street's entitlements are a huge issue.  They are incorrect when they refuse to consider why this is so (hint: Washington DC?).

As for their effectiveness, I'd ask what they are trying to be effective at?  Are they trying to change a corrupt system?  If so, they need to go after the other part of the equation as well....which would make sense unless they were "orgnized" by someone with a different agenda......do the math.

Sun, 10/23/2011 - 15:32 | 1802437 pgarner
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On the contrary, intelligent and insightful. Quite a relief, in fact, and in contrast to the frequent hyperbole and self-promotion we encounter here.

Sun, 10/23/2011 - 13:30 | 1802158 Belarus
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Good luck with the challenge!

In other words, if you have any money left at all, you will be totally fucked trying to manage it. 

Sun, 10/23/2011 - 13:32 | 1802161 Corn1945
Corn1945's picture

This guy says a lot but says nothing at the same time. The entire "interview" is just a long stream of meaningless jibber jabber.

Sun, 10/23/2011 - 14:35 | 1802321 Kayman
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Quixotic_Not

1. And in being consistent with your prior stated position that math trumps politics, where pray tell does Hegel's mushy philosophy become constrained by arithmetic ?

2. Marx and his patriarch Engels shamelessly borrowed concepts from the Utopians, abundant in industrialized Britain.

Communism, as practised by the 20th century czars, was but a repeat of the benefit to the few at the expense of the many. Same as our Crony Capitalism today.

Sun, 10/23/2011 - 15:08 | 1802365 falak pema
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To his credit Marx was a 19 th century philosopher who understood before any body else what the industrial revolution entailed for human society; an acceleration of productive wealth accumulation as never seen before. He analysed its social consequences identifying correctly it base weaknesses, the inexorable impulse amongst the uber-class to concentrate wealth by milking the labour component. So he diagnosed its ills but proposed a totalitarian, utopic solution which has proved in reality to be worse than the evil it was supposed to correct. 

He was a philosopher not a political Oligarch. Don't blame him for EXECUTING his dream, he just dreamt it. Period. He died impoverished. 

Sun, 10/23/2011 - 16:07 | 1802499 Kayman
Kayman's picture

 

Falak

Far from recognizing before anyone else... Marx piggybacked on to the prior work of big "L" liberalism and enlightened Industrialists. 

He and Engels recognized the growing power of a class of Industrialists, starting to exceed that of the land-owning class (the source of most previous power dominated by the titled royalty).

Taking class division and adding violence, Marx begat the Communist Manifesto.

He started as a beggar, lived off the good graces of Engel and died a beggar.  Spending your adult life in the London Library can weaken your health, physical and mental. 

Just saying...

Best regards

K

Sun, 10/23/2011 - 17:07 | 1802608 falak pema
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you forget he did write a book called 'das kapital', totally unreadable, as wading through it is like walking in heavy  winter fog; but considered by many as a water shed. Also, the notion of class struggle, as sociological concept, was original and like psycho analysis and Freud, was a new water shed. Now, belittling him is ok, if you don't agree with his philosophy; like psycho analysis it isn't exact science. But he did change the course of economic thinking, of philosophy and of politics. Big time.

Sun, 10/23/2011 - 17:26 | 1802670 Kayman
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I did not forget.  Das Kapital, like Mein Kampf, is good for bedtime reading.  Guaranteed to put you out faster than Propanol.

From the Manifesto, "The bourgeoisie, during its scarce 100 years, has created more colossal productive forces than have all preceding generations together."

Adam Smith couldn't have said it better.

Regards

K

Mon, 10/24/2011 - 06:31 | 1803661 falak pema
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adam smith and marx were on the opposite sides of the philosophical divide. That fact that you prefer Smith to Marx is probably a reflection of how events have played out. But Marx's critique of capitalism stays relevant, even if you don't buy his solution like most of us. He marked his age. Its not about being right or wrong, its about having brought original thoughts to the philosophical table. Thats the sense of the dialectical, Hegelian debate. We all progress when there is thesis and antithesis. Let the chips fall and history decide subsequently. Both Smith and Marx played very prominent parts in the 19 th century.

Mon, 10/24/2011 - 13:03 | 1804879 Kayman
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I am only saying Marx helped himself to ideas that were the ideas of others.  He wasn't housed in the London Library courting librarians.

Further Marx as a Philosopher, Sociologist, and Political Scientist.... maybe. But as an Economist ?  The Labor Theory of Value is a distant cousin to the Market Theory of Value.

Sun, 10/23/2011 - 19:24 | 1802906 Billy Bob
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Quixotic

I do agree with your basic insight.. as I also agree with the Hegelian dialectic.

My experience is that there are a number of ways to understand the dialectic..... Jung, and then others, talked about "Holding the Tension of the Opposites"

In terms of the dialectic, it is a matter of being able to hold two opposing ideas in suspense, while waiting for the third way to become obvious.

Or something like that.... but that idea has worked for me whenver I have found myself confused about which path to take.. bottom line, don't take either of the paths that seems like the only possible choices.. if you can hold the "tension of the opposites" an other choice will appear.

In a spiritual realm, consideration is often the "dualistic" choice...Either/Or.  However, there is still the "dialectic" choice.....  And/Both

 

Bill

 

3

Sun, 10/23/2011 - 13:32 | 1802165 Snakeeyes
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As an Austrian Economist myself at George Mason University, I have warning about the fallout of the Austrian Credit Bubble (government stimulated and selectively monitored/enforced). Or just read Von Hayek's "The Road to Serfdom."

This Week’s Reports: 3Q Real GDP Expected to Grow at +2.5%! (Or Is It Down -5.5%?), Case-Shiller Up +0.2%! (Or Is It Really Down 0.8%?)

http://confoundedinterest.wordpress.com

 

Sun, 10/23/2011 - 13:34 | 1802172 Wolferl
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Moron, we say "Daumen drücken" on both sides of the Rhine. Because only the stupid French and some of their friends are unable to look at a map.

Sun, 10/23/2011 - 16:09 | 1802503 Kayman
Kayman's picture

How long are you guys going to argue over Alsace-Lorraine ?

Sun, 10/23/2011 - 13:36 | 1802177 Harbourcity
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Was disappointed with the article as nothing new here.  I agree with it all, don't get me wrong, I just didn't read anything... new.

Sun, 10/23/2011 - 15:06 | 1802383 defencev
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 I would disagree with that. While the author has a well-determined view-point ,he at leat wise enough (unlike what it pushed on this website) to indicate that various outcomes of the current crisis are possible. Therefore (unless one makes one concrete bet) the right way to invest is through portfolio which takes into consideration a variety of outcomes with probabilities based on concrete individual beliefs. Therefore, the idea that hoarding PM is the only way to go is a dangerous, simplistic nonsense which may lead to total lost of investment. My own approach is to choose the set of probabilities  of someone who has a proven investment record (like Marc Faber) rather than idiotic, based on prejudices and misconceptions, hysterical predictions promoted by this website.

Sun, 10/23/2011 - 16:10 | 1802506 DCFusor
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New is a rather bizzarre demand to make. 

Let's suppose there were some absolute truths.  And someone said them.  Unless there is a new creation, those old truths are still the truth, and pretty much all there is to say on the subject.

Sure, one could elaborate endlessly, and even give examples of specific cases, which would of course limit the understanding to those cases alone.  I suppose you might call that "new".  But it wouldn't be, just specific (and therefore very limited) examples of the big basic truths.  My point is that even an endless stream of specific examples doesn't convey the overall truth very well, and that thinking that understanding all the simplistic given examples gives you the overview is probably an error.  It depends on how good the teller is at parables, and how good the listener is at extrapolating them - correctly.  No small trick.

I'm not saying that is the case here -- just sayin that demanding "new" all the time might prompt someone to invent some "new pure bullshit" and you'd be buying it because it was "new".

Sun, 10/23/2011 - 13:37 | 1802186 Piranhanoia
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I wonder if we can pick and choose what will hold over after the chaos?   Aren't there too many variables to be able to do more than theorize using imperfect models and assumptions?  The deterioration that will cause the masses to leave their homes seeking sustenance for their familes and blood from their enemies never seems to be factored in. Is it too horrible for someone that knows a haircut is in their future to imagine?  Must it be ignored at all costs to make the models work?

Because in chaos we will find order.  (Ray Nitschke, as he separated an opponent from his consciousness) 

Sun, 10/23/2011 - 22:08 | 1803229 Milestones
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Green Bay fan.       MIlestones

Sun, 10/23/2011 - 13:40 | 1802191 vast-dom
vast-dom's picture

Fantastic post.

 

Prepare for: a) CRASH b) CRASH c) CRASH

 

 

Sun, 10/23/2011 - 13:44 | 1802202 bigwavedave
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We speculate that part of what the monetary authorities in the developed world are trying to do is create a soft landing for western countries living standards, we wonder if this is a possible or even probable outcome?

And that is exactly how it will be. A rebalancing of living standards between the developed and the developing world that continues for another 10-20 years. Simple. 

Sun, 10/23/2011 - 16:31 | 1802545 lincolnsteffens
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Maybe they are trying to manage a soft landing but in the end though we may be nearer to the landing strip it will still be a hard landing. Per usual the manipulators are doing the best to prop up their favorites while the rest will just have to do their best  by making frequent trips to grocery store dumpsters (when the guards are asleep).

Sun, 10/23/2011 - 13:45 | 1802203 Joebloinvestor
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OBS ?

Gee whiz, I thought all that stuff ended with ENRON.

If you want to hide debt, you might as well learn from the experts.

 

Sun, 10/23/2011 - 13:48 | 1802217 whoisjohngalt11
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Peter Schiff  pointing out the insanity and utter uslessness of listening to the new Nobel laureates from Princeston who are speechless on current economic issues hahaha  http://heavenbounf.blogspot.com/ like how to fix the us economy.......

Sun, 10/23/2011 - 13:48 | 1802218 falak pema
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an academic's view of the world. Its coherent as it is self serving. FDR was an admirer of Mussolini...in 1940? 

The market economy described will never exist in reality. The political construct always pushes to dominant position and biases market function completely, time and again. WIthout strong governance/regulation the markets cannot function to serve the small entrepreneurs, the common man. Which leads us into the paradox of Charybdis/statism and Scylla/Corporate Oligarchy.

Human nature is a bitch. And tends to take the line of least resistance, not the hard steady virtuous climb up. Entropy's arrow then brings us down the slope. Only very rarely do we find the logic of power in tune with the logic of efficient progress, to serve humanity.

We had 30 years of war...1915-1945, then 30 years of progress, then 30 years of corruption. Now its payup time for those who live in first world, as rulers of planet. Reset coming fast by the looks of it.

Sun, 10/23/2011 - 18:51 | 1802873 topcallingtroll
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You forget that the dollar is the rock of Gibralter.

The euro looks like it might be a big pile of mud. Not very safe to stand on when the tide comes in.

Thanks to mercantilist philosophy the dollar will remain the major world currency and the third world will subsidize americans a while longer.

The world doesnt even dare let america catch a cold.......cuz they know what happens next to them.

We are so special. It will last a bit longer than you think, your wishful thinking notwithstanding.

Sun, 10/23/2011 - 14:26 | 1802257 PulauHantu29
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Thank you. It will take me a year to absorb ....a lifetime to understand your article...but I''ll definitely try. At least I now have the raw material to work with and ponder...

...as you state, the web is flooded with misinformation--some plain stupid but some intentionally misleading (like much of MSM).

...thanks again for sharing your insight!

Sun, 10/23/2011 - 14:42 | 1802332 Hulk
Hulk's picture

Try the Kyle Bass interview, Confessions of a Dangerous Mind" for a much more concrete view of things

based on solid, real world data analysis

http://www.youtube.com/watch?v=WWgtzwqWh60

Sun, 10/23/2011 - 15:10 | 1802268 TheSilverJournal
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"the scenario to which I would attach the greatest probability to is the one under which we slowly and successively ratchet ourselves up from one level of underemployment and overinflation to the neat, much as we did in the period from 1965-1983. This implies we become locked into a dreadful hysteresis of ever more desperate monetary fixes for wilfully unaddressed real-side problems and that this does then end up teaching people to anticipate the price inflationary side effects and to ignore the transient growth impulses at an earlier and earlier stage in each cycle of ‘stimulus’ to the point at which it is their own attempt at self-preservation which delivers all but the lucky or politically sheltered few into the jaws of this vast meat-grinder of wealth."

 

Our situation is much different from 1965-1983. The US economy is in much worse shape. Entitlements are much larger. Taxes are much steeper. Regulation is much more burdensome. The trade deficit is much higher. The public is much larger amount of bank's bad assets. The economy today is 70% service sector. Many more people are dependent on the government. The unfunded liabilities are much larger. 1965-1983, Interest rates were raised to get ahead of inflation and through that period, gold and silver had immense gains and at the same time, unemployment rose drastically. Unemployment today is pretty high already. If rates are raised enough to get ahead of inflation now, unemployment would soar much higher and gold and silver would rocket up from here..I have serious doubts that the dollar would survive through a Volcker-like process. I only see hyperinflation as a realistic outcome.

Sun, 10/23/2011 - 18:57 | 1802880 topcallingtroll
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Hyperinflation is not the only outcome but I agree with your view of monetary policy. It is the perfect time for a contrarian.

If europe gets their shit together prepare for an amazing bull market to start the next cycle.

It is important to try to survive this as the few who maintain and grow theie wealth through this series cycles.

Sun, 10/23/2011 - 19:42 | 1802951 TheSilverJournal
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The only other outcome is to allow depositors to lose their money. That's it. Either continue QE and hyperinflate and all dollar holder's lose their purchasing power or stop QE, leaving all depositors to lose their money, but allowing physical cash to maintain some purchasing power.

I agree with the bull run, but only in nominal terms, not real terms. I think when Europe solves their problems, the Euro will rise which will sink the dollar. In addition, the Fed is preparing more QE with purchasing MBS (it's actually doing more QE than it saying right now), which will further sink the dollar and boost stocks. Overall, I expect it to be much more of a story about a falling dollar.

Sun, 10/23/2011 - 14:18 | 1802293 Kayman
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Worthwhile and priceless.

Sun, 10/23/2011 - 14:27 | 1802305 unununium
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"Contrary to popular belief, there is no need for a fiscal transfer union, much less an overarching political supersovereignty, to guarantee the viability of a currency union."

Bingo.  The existence of bailouts is the only reason the lack of fiscal union poses a problem.

Without bailouts, bailouts cannot possibly benefit the wrong countries.

Sun, 10/23/2011 - 15:02 | 1802374 hourglass86
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Im exaclty 25 years. Thank you Zero Hedge! You have changed my life in a positive way. Thank you. 

Sun, 10/23/2011 - 15:35 | 1802445 Monedas
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Happy Birthday ! 25 years would be your Silver Anniversary of yourself ? Monedas 2011 Comedy Jihad Fishing Expedition

Sun, 10/23/2011 - 15:14 | 1802398 Monedas
Monedas's picture

I used to enjoy saying House of Cards when refering to the Worldwide Fiat Ponzi ! After observing the EU....I find that cliche is totally inadequate ! We are dealing with a House of Snowflakes ! We are one, hot bean fart away from meltdown ! Monedas 2011 Comedy Jihad Continental, Cosmopolitan, Chic Flatulescence

Sun, 10/23/2011 - 15:38 | 1802452 RiverRoad
RiverRoad's picture

We will still be decades away from the resolution of Financial WW3 here unless and until a financial atomic bomb of some type is dropped, whereupon a new financial Marshall Plan can then be drawn up for the world.  It is futile to hope that the present world leaders who serve and are controlled by the world's banksters will ever responsibly address the issues here on the own volition.  But the plane carrying that bomb has taken off, and hopefully for the rest of us, the drop will be sooner rather than later. 

Sun, 10/23/2011 - 16:12 | 1802509 Kayman
Kayman's picture

Uhh... sorry.  We couldn't afford the bomb.  But we packaged up a nice IOU to go with the plane.

Sun, 10/23/2011 - 15:59 | 1802484 CrashisOptimistic
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An article / post about "things" without a single mention of oil depletion = worthless.

 

Greece burns 400,000 barrels a day and produces zero.  At $110 Brent, that's 

FIVE PERCENT OF GDP THIS YEAR SENT ELSEWHERE.

How in God's name do these alleged pundits talk about solving problems without seeing what's heppening.

Mon, 10/24/2011 - 03:02 | 1803585 malek
malek's picture

You should read the post completely.

All I can say is that, despite the age-old Malthusian pessimism which is currently enjoying such a vogue, I doubt we will run out of energy

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