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McKinsey Releases 72 Page Paperweight On "Greece In 10 Years"
Just because bailing out the ECB is not enough for Europe's (and now America's) long-suffering taxpayers, it also makes sense to throw in the occasional McKinsey paperweight in there, in this case the following 72 page behemoth titled "Greece 10 Years Ahead" which was issued in March 2010. Where does it come from - it "was jointly sponsored by McKinsey & Company, the Hellenic Bank Association (HBA) and the Hellenic Federation of Enterprises (SEV)." Translated: thank you taxpayers. Unfortunately, since the study "took place between December 2010 and October 2011" it is hopelessly wrong, inaccurate, and outright misleading. But at least it provides a pretty brochure to throw around around conference tables when eurocrats decide how to best spend even more taxpayer cash.
A sample well-organized, colorful, pretty, if completely worthless, chart from the report. Thank you taxpayer euros. And dollars.
Full thoroughly meaningless report below (pdf).
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Look on the bright side, McKinsey will still be there.
Exercise for the class: determine the net present value of their future consultations about the past.
We don't know where Greece will be in 10 days much less 10 years, lol.
Insert the 'Mother Fucker, please' where ever you wish.
I've known many McKinsey "consultants". They're mostly fresh out of b-school (or an Ivy) and are hopelessly naive and inexperienced. But after "cultivation" (their term, not mine: I'm serious) they honestly believe that they have something to offer despite their rather horrific lack of actual skills, knowledge, experience and often general intelligence. (But hey, why wouldn't a fresh-faced kid with 4 years spent at college in Jersey and a couple years after that in Pennsylvania know how to solve Greece's problems despite his/her total lack of experience? Did you not see the pedigree?)
McKinsey is a very, very scary organization. Not just for it's global reach and influence -- but for it's ability to convince those with the shiniest degrees that they actually know what they're talking about when it's quite obvious (as this report illustrates so clearly) that they do not.
The charts are quite pretty though. I bet these guys can put together one hell of a Powerpoint.
Yeah - they excel at borrowing your watch to tell you the time, getting it wrong and then charging you an arm & a leg for the privilege.
Apart from that, they're some of the most pain-in-the-ass stuffed-shirts Ive ever had the misfortune to meet - buncha faggots.
Investment consultants "Cambridge Associates" are like that. They do more or less the same due diligence and hand holding as everybody else but their marketing special sauce is that they hire a lot of Ivy Leaguers, piccolo players and other gee-whiz resume types to class up the joint and make the fees seem really worth while.
What's amazing is, they got PAID to write this shit.
And we post replies for free.... Unless your name is robo.... Than you get a penny per post... Where is robo these days actually?
Done and gone. http://www.zerohedge.com/users/robottrader
I don't know . I asked that same question the other day. His mom probably couldn't pay the internet bill.
It is pretty good comedy. Buzzwords abound. "cooperation" "pro-growth"
All to show that central planning doesn't work.
Really it is simple:
Just quit the euro, default on the debt, repeal legal tender laws, default on every pension in sight, fire the majority of government employees (retain half the police and a quarter of the army), ban fractional reserve banking, and adopt unilateral free trade. Get Greek gold back in Greece.
Who am I kidding? Take every cent of bailout you can get, buy a reelection, show the German tax collectors the door.
I could have saved him a lot of paper. Greece in 10 years : Another default and more impoverished debt serfs with a higher burden. The bankers will be begging for a bail out again.
Greece can begin manufacturing and exporting Molotov cocktails.
The American Taxpayer is the Krill at the bottom of the food chain.
Long live the whales...
Was this researched by Jeffrey Skilling?
OT: BBG woke up to the student loan bubble.
http://www.bloomberg.com/news/2012-03-21/student-borrowers-lack-understa...
Thank God no bankers were injured in the making of that report.
Nobody cares. Enough about Greece. This story is a waste of space.
what an exciting science fiction novel.Zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
With quality paper, can a 72 page McKinsey report fuel a gyro broiler for a long enough timeline ?
I have yet to see a McKinsey study that isn't horribly misleading. I've used their research before, but you always have to look at the fine lines, and see how they calculated the data, and what they left out. I have seen "industry" reports with operational definitions that resulted in excluding 50% of the industry from the analysis.
Also, data often seems closely aligned with the interests of their corporate clients, no surprise there.
McKinsey = McBullsh!t
I was able to read section 3, the five pillars for National Growth Model in this report. Had a good laugh.
The only growth Greece will see is the length of it's soup kitchen lines. No guarantee of soup at the end, either.
Mark my words, those shitty consulting firms, lawyers accountants, bankers and private equity firms in London, the so called "Invisibles", are looking at all of this crap as a panacea to their stagnating business models
The Hellenic Bank Association association sponsoring a report about greece? Sounds unbiased to me......
The Wall Street Ranter
Ivy league diploma = lipstick
McKinsey Consultant = pig
This report is an update to a version that was published last year. Very little was done to bring it up to date. I hope the price reflected that!
A year later, it seems even more distant from the truth.
/sarc
Either
a) The analysts had group study / stag weekends for the past 1.5 year in the Aegean Islands. It was very entertaining and somehow productive. Came back with a bag of memos from SEV, a bronze tan, and a secret tatoo. All expenses covered.
b) They did all the study based in London. Then it is as accurate as looking at the moon with binoculars and advising the astonauts where to land and build their your moon base.
I vote for b. Typical (lounge) couch analysis based on hard (government reported) facts, in depth (google) views, and inovative ideas.
/sarc
I jumped to the key sectors. Investing in Retail amidst the recession. Great idea.
As for the optimistic 2/3 increase in tourism, last week there was a report that summer vacations reservations are down 10% from last year: north africa is settling down, Greeks got a very bad rep thanks to their own PM/MoF, pictures of riots went around the world (though they only happened in Syntagma square and a few blocks up the road people were living their peaceful lives, as for the main destination, the islands, never had any kind of problems).
The Greek lack of development will be a good thing if we get a larger breakdown crisis - for instance their smaller farms will perhaps be more suitable for a world with less energy.
Read another weak Mckinsey report yesterday - they mentioned that Australia is now deleveraging but never mentioned it was on the back of China Leveraging - very weak lazy understanding of things.
They seem to put a lot of emphasis on decapitalizing systems even more then they are now - through Labour market reforms................and the like - no real organic capital growth is considered , just extraction rates.
No wealth is actually created under this Greedy Eye understanding of the Labour / capital interaction.
If it was soft I guess I could wipe me hole with it.
You gotta love their nice bar chart . And they are colored, too!
McKinsey is doing a good job here - demonstrating the value of a well executed business plan.
Only by taking advantage of the opportunities of future soverign crisis can future consultancy fees be generated and grown.
Therefore, the key business driver is to ensure these future crisis happen and make sure that the "Emporers new clothes" effect on happless leaders and politicians is fully leverages to maximum fee generating effect.
Thus, ensuring highly polished, but out of date and wrong policy analysis is essential to a) Sow the seeds for the crisis of the future, only bigger b) Faciliate the covering up of politicians / leaders embarrisment by, once again, "calling in the experts" forfilling the essential goal of all consultants - REPEAT BUSINESS