Goldman's Jim O'Neill: "Let's Worry About Everything"

Tyler Durden's picture

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knukles's picture

What the Fuck is Wrong With You?

Spastica Rex's picture

I heard that some of the ZH readership are planning on disrupting the NYC protests using camels and riding crops.

Bicycle Repairman's picture

I didn't like ABBA in the 70s and I sure as hell do not like them now.

Fukushima Sam's picture

Jim, WTF?

Not only does ABBA suck, but you forgot about Fukushima in your little "analysis" of "the Japanese situation".

Read this, first person point of view from an American living in Japan for many years:

"We in Otsu-City, Shiga Prefecture, 311 miles (500 km) from Fukushima, are seeing readings around 0.15 microsieverts on average, which is around five times what the Japanese government is reporting. My wife and children will leave Japan as early as possible because I perceive a growing exodus will come and it might become hard to place kids in schools."

Popo's picture

An extremely large part of Japan (including Tokyo), has for all intents and purpsoses -- been destroyed.  That is not an overstatement when one considers that the irradiated areas will remain radioactive for the next several centuries -- and the irradiated areas extend hundreds (if not thousands) of kilometers in all directions.   Just because the television isn't showing us scenes of mass exodus with the population fleeing overnight -- does not make the destruction of the capitol any less real.

The damage has already been done to the nation -- and with every day that passes -- it is being done far more brutally and insidiously, to the Japanese citizenry.  As this catastrophic human damage begins to manifest itself -- and it is profoundly sad to say that it will and must -- the existential truth about Japan's very survival will become clear.

That is most assuredly, not "priced in" to markets.  

Jim lives in an ivory tower, dining on government-sanctioned data and bank-massaged balance sheets.   And no doubt,  he's paying close attention to those "official" Japanese government radiation reports which tell us that everything in Nippon is "normal".  

Poor Jim.  He failed to predict any of the recent collapses -- and continues to ask cluelessly, where all the "gloom" is coming from as he eats his sandwich in the park.   That Category 6 shit-storm heading towards you is going to be such an awful surprise for you, Jim.   You'll probably wonder where on Earth it came from -- if you even notice it with Abba playing, and all...




knukles's picture

Absolute Clarity.
I salute you.

zorba THE GREEK's picture

I believe that people can withstand much higher radiation levels than is now believed.

Where are the reports of people getting radiation sickness in Japan. Even in Gernoble (misspelled)

there have been far fewer deaths from radiation than expected. A lot of the radiation fears are

overblown. I wouldn't be surprised if Fossil Fuel Backers have something to do with spreading fears

in order to turn people against nuclear reactors. I'm not saying that prolonged exposure to high

radiation doesn't do any harm. It is clear that it causes birth defects and weakens the immune

system, but what I am saying is that people can withstand brief exposure to high radiation and

prolonged exposure to mild radiation without being harmed. If this were not so, those men who

have been working around the power plant in Japan would be dropping like flies now and that is

not the case. Twentysome years ago, there was a guy who for decades went around and publicly

drank highly radioactive water from nuclear power plants and exposed himself to extremely high

amounts of radiation with no visible signs of harm. I am not saying that any level of radiation is

safe or that prolonged exposure to moderate amounts won't cause cancer in 20 years or so.

What I am saying is that there is much evidence that people may have a much higher threshold

to radiation exposure than is commonly believed. 

Vlad Tepid's picture

Thanks for the post. I'm going to follow your posts posts in the future as Otsu is the cradle of my personal civilization.

Forgive me though if I mistake his concern for a bias, as he also apparently believes that the Prius car is going to give drivers cancer.

I have been deeply disturbed by the fact that Fukushima and "affected area" produce has been showing up gleefully on the shelves as potentially tainted beef is stripped off the shelves with a lot of pomp.  The quoted source is much mistaken if he believes that Japanese people are not discussing this (they are), and he also appears to misinterpret the cultural phenomenon of "gaman" and "shikatta ga nai" for a collective avoidance syndrome.

I did not have any device for measuring radiation this summer but I will be using one to check the very area discussed above at the end of the year and in June.

rocker's picture

Remember the Goldman manta, "Someone has to take the opposite side of the trade. 

knukles's picture

Ya know, this thing could very very easily get way the hell out of control.  Too many people of too many different backgrounds all there protesting for something which they all very seriously believe in but probably cannot elucidate amongst themselves well but understand amongst themselves quite intimately...
And only takes one bad ass screw up or agent provocateur (hint hint) to ignite the tender ...and BANG!...  it'll be off and running.

This is another demonstration (no pun intended) identical to all of the others surfacing about the globe regardless of the powers or ideologies inspiring such....
Simple Disenfranchisement.
And it's growing. 
In an electronic age, spreading at the speed of light so to speak.
The frequency of these displays of restlessness, irritability and discontentment are increasing as are the magnitude and amplitude if you will.  They're becoming bigger and bigger, each within the context of it's very own cultural, social, economic and political habitat.

And is it all truly circumstantial that in most cases there is an accompaniment such as in this one by the Mayor warning of popular troubles just days prior?  I am not suggesting in any way shape or form that there is even any conspiracy theory warranted.  It is just odd...  Like military drills coinciding with accidents....

I'm getting a funny feeling that something's happening. I can't put my finger on it.  I cannot describe it.  I cannot find the appropriate terms, so disenfranchisement will simply have to do for the moment.  And it will spread... that I got a funny, strange feeling about.

Spastica Rex's picture

The con isn't holding everybody's attention like it always has. The grifters might have to change their tactics to engender fear, if the marks don't play the game like they're supposed to.

Comay Mierda's picture

There will be plenty of agent provocateurs causing violence on the streets, the real protesters are peaceful and know that violence plays into the police state agenda

kaiserhoff's picture

Zeitgeist - It's untranslatable, but you did pretty well.

Piranhanoia's picture

I remember a story about a group of men and boys that said goodbye to their families one morning to protect a route that they thought the British might take to harm their neighbors and themselves.  They stopped at the bridge.  The boys dressed in red fired upon those guys at Concord bridge.  Another chapter is about to be written.

Dick Fitz's picture


That is the best name EVER!

I agree- there is an inchoate, undefined, and ineffable...feeling. Fear. Paranoia. Uncertainties with myriad names.

I was at a large wedding tonight, and talked to a variety of people, and whenever "the state of the world" came up (and I made sure to bring it up!) their responses were VERY different from a year ago. Everyone had some sense that things were "wrong", but no words to describe it.

This was a diverse group of 20-50 somethings, and when I brought up Ron Paul more than half knew who he was, and at least a quarter were ready to hear me talk about his plans. That's a BIG change from 4 years ago.

The US is ready for a radical, even if he's old, "crazy" and "unelectable" in the eyes of the MSM.

data_monkey's picture

Many sheeple will lose their minds in their own households before they even make it to the streets.

scatterbrains's picture

If these kids want to see shit get real there going to have to provoke an escalation of the "use of force" they have in their numbers the ability to fight batons with batons, mace with Greek style cocktails and when the 1st protestor gets gunned down shit goes national!... just saying.. I'm sure no one wants to see shit escalate but the cops don't have the upper hand here..the commish is shitting his pants hoping it don't escalate.

These "kids" dont forget, have been raised on Ultimate fighting and Call of Duty etc.  so yea, I'd say it's a tinder box out there.

Are you kidding's picture's too early.  People aren't ready yet...not desperate enough. 

Comay Mierda's picture

How does goldman rule the world when they are full of retards?

mahalopamala's picture

Oh no he didn't. Yes, he went full retard. (movie with jack black, ben stiller, and robert downey jr) hee hee- Comay thanks for the laugh in this grim time.



daily bread's picture

They bought Con-gress and the Adminstration.  Is it that hard to see?

Also, I wonder how many on the Supreme Court got law school scholarships funded by the squid.

citrine's picture

daily bread,

you reminded me of the article by Michael Lewis "Bashing Goldman Sachs is simply game for fools", and in particular the following part:

Rumor No. 1: “Goldman Sachs controls the U.S. government.”Every time we hear the phrase “the United States of Goldman Sachs” we shake our heads in wonder. Every ninth-grader knows that the U.S. government consists of three branches. Goldman owns just one of these outright; the second we simply rent, and the third we have no interest in at all. (Note there isn’t a single former Goldman employee on the Supreme Court.). What small interest we maintain in the U.S. government is, we feel, in the public interest. Our current financial crisis has its roots in a single easily identifiable source: the envy others felt toward Goldman Sachs.

combatsnoopy's picture

The NYPD are Wall Street's mercenaries.  Dimon bought them off for $4.6 million. Little did the NYPD think that Dimon only got that money from the taxpayers.  And that the taxpayers were robbed to salvage their pensions when Wall Street LOST it by selling uncollateralized "collateralized" debt obligations.

Thugs are thugs because they're not the sharpest tools in the shed.  It's unfortunate that "democracy" gives that much power to dummies.  But then again, look at what our lobbyists did to this country.  


DeadFred's picture

Wow! Talk about rose colored glasses, I gotta score me some of those for when things look really down.

mfoste1's picture

im pretty sure he was drunk/high when he wrote this

Taint Boil's picture

Let it go ... everyone has a say here.

Freedom ..... great country and a great blog. Water always finds it's own level.

Rum and Coke kicking in on this end probably the same on that end .....

Dick Fitz's picture

1- I hope they lock you up in Guantanamo for that name. EVIL! Boils hurt, and I can't imagine one...there.

2- free country? Well, unless they disagree with you, then they kill you, no trial, no jury, just BOOM to the head.

3- Rum? Vodka is much better!

gangland's picture

fubar i hate posting links so here's mine excerpts from suskind's  new book till i get sued

Taint Boil's picture

Ok here is mine too. Real estate links, Rent vs Buy, etc, A good guy and NO ads ..100% legit

Arius's picture

w/ all due respect to GS not sure this guy has his priorities quite right ... russia before china in his list of priorities ???  thats the old rule ... perhaps he could try to project whats coming not talking about what already happened .... china is the new world like it or not ...

knukles's picture

Not only the hierarchical ranking, but expressing anything other than a recognition of business as normal with the Return of RasPutin is just so fucking naive.

Absalon's picture

Dear Mr. O'Neill:  You don't understand why people are negative?  I'm negative about the markets because I think the financial statements of all the major banks in the United States, Europe and China are works of fiction.

DeadFred's picture

Why weren't we elated with the Chicago numbers? because we didn't believe them. You only get to lie so many times and then your cred is gone.

mendigo's picture

He ate lunch while listening to ABBA!
Speaks volumes.

knukles's picture

Wow.... time dilation

Piranhanoia's picture

Well, he said it was an Abba cover band, so maybe he saw two guys and two girls.  Knowing that he thought this was lunchtime, and the guy is chemically challenged based on what he writes on happy talk...  He might have been seeing double and watching a Sonny and Cher cover band?  What the hell would he know?   It was probably the Salvation Army lady and her trombone player and he was working his 4th vodka and glass. 

max2205's picture

He must be gay and btw we only go up on real bad news. Sorry Jim.

Oh and go fuck yourself GS!!

Pretorian's picture

It is astonishing how fast this man forgot save haven position on CHF trade.  Now since CHF is draining  slowly, unfed from the Goldman UBS blood ... now it can provide some energy to heavenly damaged sovereign countries at least until Jim comes back with more poetry. Fuck off bitch go to your bankrupt nation which funeral have been arranged by you and you partners at Goldman so you can sleep well at night.

tom a taxpayer's picture


O'Neill is lost in Deep Thoughts.

Hey, O'Neill, why don't you and your sandwich take a lunchtime stroll up to Tottenham, North London and cogitate on the "surreal" riots and arson of August. Maybe do a little pro bono work for the less fortunate lads and lower class criminals.

buzzsaw99's picture

the only thing surreal for jim is why his bonus is in gs stock and not cash.

CrashisOptimistic's picture

He doesn't understand oil geology and as long as that remains true, he'll be delusional.

tom a taxpayer's picture


Yep, and it's O'Neill's fault. Everything he says is a lode of schist. He should have paid attention to his Auntie Klein. He's a dip with no core values.


tawdzilla's picture

time to play...let's follow the logic:

ABBA played music in the 70's, when the stock market was down

The stock market recovered in the 80's after ABBA stopped playing.

The ABBA tribute band is playing music in the 10's when the stock market is down,

Therefore...the market will recover after the ABBA tribute band stops playing?????

DormRoom's picture

First, unemployment is not a leading indicator, if an economy is heading into recession.  So why  put so much emphasis.


Second, 1982 was the start of the debt bubble, culminating in the S&L crisis, which created the moral hazard, that generated our 30 year debt bubble.

Thirdly, JGB buying is likely from yen carry trade unwind.  //sign hedgefunds are deleveraging.

Fourth, USD surge likely due to USD carry trade unwind.  //sign hedgefunds are deleveraging.

Fifth, Putin would like to see the end of the EU; NATO for that matter. No help from Russia.

Sixth, Germany passed the EFSF, but it can go no further.   probability of Germany leaving EZ.  Why else would all the high ranking Germans leave the ECB.  They may help plan the German exit.  Thus no conflict of interest.

Lastly, EZ goes down, China goes down harder, since most of Chinese exports go to the EU.  Chinese cannot offest lost exports with domestic demand in time.  Huge cultural friction to domestic consumption. poor social services, which incentivizes people to save.  Asymmetry at play.  Export demand collapse faster than Domestic consumption gains.  Its economy is already overheated.  More stimulus risk pushing it into runaway inflation, and more bad loans. Hard landing vs. hyperinflation.

Cursive's picture

there was an Abba tribute band entertaining lunchtime workers in this gorgeous Summer sunshine we are enjoying.

Markets being rational reacting to sovereigns on the very of default?  Not surreal.  Abba tribute band? Very surreal.  Jim O'Neil lives in the La La Land of textbook economics.  Jim, get your head out of Paul Krugman's ass.  You might realize that Fall has begun and Summer is in the rear view mirror.