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Roubini On 2013's "Global Perfect Storm" And Greedy Bankers "Hanging In The Streets"

Tyler Durden's picture





 

In an extended interview with Bloomberg TV, Nouriel Roubini lives up to his doom-saying reputation and goes where few have as he opines on Lieborgate that: "bankers are greedy and have been for 1000 years" and "nothing is going to change" unless there are criminal sanctions; to which he follows up - briefly silencing the interviewer, "If some people end up in jail, maybe that will teach a lesson to somebody - or somebody will hang in the streets". The professor goes on to note that the EU "summit was a failure" since markets were expecting much more and warns that without full debt mutualization, debt monetization by the ECB, or a quadrupling of the EFSF/ESM 'bazooka'; Italian and Spanish spreads will continue to blow out day after day - leading to a crisis "not in six months but in two weeks". The only entity capable of stopping this is the ECB which needs to do outright unsterilized monetization in unlimited amounts which is 'politically incorrect' to talk about and claimed to be constitutionally illegal. 2013 will be a very difficult year to find shelter as policy-makers ability to kick-the-can runs out of steam as he sees the possibility of a 'Global Perfect Storm' of a euro-zone collapse, a US double-dip, a China & EM hard-landing, and a war in the Middle East. Dr. Doom is back.

Must watch 9 minutes of reality:

On Lieborgate:

Nothing has changed since the financial crisis. The incentives of the banks is to cheat - doing things that are either illegal or immoral. The only way to avoid that is to break up these financial supermarkets. There are no chinese walls and massive conflicts of interest.

On Greed:

Bankers are greedy - they have been for 1000 years.

On Sanctions:

There should be criminal sanctions. Noone has gone to jail since the global financial crisis. The banks do things that are illegal and at best they get a slapped with a fine. If some people end up in jail, maybe that will teach a lesson to somebody - or somebody will hang in the streets.

On TBTF banks:

There are more conflicts of interest today than four years ago. The banks that were too big to fail and now they are even bigger. Things are worse - not better.

On The EU Summit:

The summit was a failure. The markets were expecting much more.

Either you have debt mutualization (to reduce the spread), or you have debt monetization by the ECB, or the bazooka of the EFSF/ESM has to be quadrupled - otherwise the spreads on Italy and Spain are going to blow up day after day. Otherwise you will have another bigger crisis not in six months from now but in the next two weeks.

On The ECB saving the world:

The only entity capable of stopping this is the ECB which needs to do outright unsterilized monetization in unlimited amounts which is 'politically incorrect' to talk about and claimed to be constutionally illegal.

On Debt mutualization:

It is not just Germany that is resistant but other core nations including The Netherlands, Austria, and Finland. Finland doesn't even want to accept the recent indirect mutualization of the summit liabilities (of the EFSF/ESM).

On kicking the can:

By 2013, the ability of policy makers to kick the can down the road is going to run out of steam, and in the euro zone the slow motion train wreck will become a fast motion train wreck. The US seems close to stall-speed and an economic recession. The landing of China is becoming harder and EM nations (and BRICs) are sharply slowing down. And finally the potential for war between Israel, the US, and Iran - which will double oil prices overnight.

On 2013 being worse than 2008:

Worse because like 2008 you will have an economic and financial crisis but unlike 2008, you are running out of policy bullets. In 2008, you could cut rates; do QE1, QE2; you could do fiscal stimulus; you could backstop/ringfence/guarantee banks and everybody else. Today, more QEs are becoming less and less effective because the problems are of solvency not liquidity. Fiscal deficits are already so large and you cannot bail out the banks because 1) there is a political opposition to it; and 2) governments are near-insolvent - they cannot bailout themselves let alone their banks. The problem is that we are running out of policy rabbits to pull out of the hat!

 


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Sun, 07/08/2012 - 20:21 | Link to Comment Apostate2
Apostate2's picture

H5N1. It's the birds that are getting a major culling. Viruses can mutate to become virulent as well as the opposite.

Sun, 07/08/2012 - 20:32 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

meh. With all that caesium 137 and xenon from Fukushima, why worry about silly microbes? Nothing like hard gamma radiation to finish them off.

Oh ya, and us.

The entire northern hemisphere may become off-limits with combined leakage from the 3/4 ton plutonium melt-down in reactor 3 and the combined reactor 4 cooling pond if it fails to cool - 4000 rods all rolling into each other - could create nuclear fire & explosions the likes of which would be seen from VERY FAR away in space.

Sun, 07/08/2012 - 21:14 | Link to Comment michael_engineer
michael_engineer's picture

No explosions really. Just a hot burning slag with byproducts in the smoke.

Tue, 07/10/2012 - 07:21 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

the melted pool that will form could hit criticality, that would chain reaction into an explosion.

Sun, 07/08/2012 - 19:52 | Link to Comment blindman
blindman's picture

soft metal rock and hard place. if the euro heads toward
parity the dollar strength should create a huge
btfd situation in pms. if it doesn't happen
watch out, if it does happen, watch out. if you can't find supply when the price in dollars collapses
watch out. if the premium spikes or creeps up
steady ....
thank god for the pleasures of boating.
.
and another thing.... all these experts talking
about regulation talk past the word "regulation"
and its meaning. it is not about stuffing pork
into a regulatory bill over 2000 pages. it is about
rules that fucking apply at all times, period. these
clowns today want to play baseball with no bases,
no foul line, no strike zone and no score keeper;
all so they can basically dictate what the score is
whenever they need some money. please, let us get
with the game and program someday. oops, too late

Sun, 07/08/2012 - 23:42 | Link to Comment Seer
Seer's picture

I think that it's about MORE than just "regulation."  We've had PLENTY Of "regulation."  What's been missing is ENFORCEMENT!  Sadly, as the importance of energy goes (battling entropy and all), the more energy we put into tracking and clamping down on all these ever-increasing hocus-pocus-producing clowns the less energy we have for actually living!  Although I'd feel better to see the clowns whacked good and hard, I'm afraid that EROEI is going to push us toward systems that have no capacity to even think about such complexities ("derivatives" etc.).

Sun, 07/08/2012 - 20:10 | Link to Comment q99x2
q99x2's picture

Not enough policy bullets left to shoot the policy rabbits that jump out of the policy hats.

I've liked listening to him since 2008. When he was pushing the sale of his company he wasn't as interesting. But he is definitely back.

Sun, 07/08/2012 - 20:11 | Link to Comment RobotTrader
RobotTrader's picture

Roubini has just assured that a massive rally is in front of us.

 

Just like Meridith Whitney in 2010.

Sun, 07/08/2012 - 20:29 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Ya, this rally

dow price prediction ivars zerohedge and tfmetals, adjusted by goldpricemodel

Only after the big smash-down of course.

Sun, 07/08/2012 - 20:13 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

well maybe there will be a crisis next year, who knows?

at least he didn't predict one for 2012

he agrees with slewie on that!
i'll get to next year when it gets closer

Sun, 07/08/2012 - 20:13 | Link to Comment LMAOLORI
LMAOLORI's picture

I'm all for public hangings let's start though with the ALL PAID OFF politicians who allow all the crimes to happen 

 

Countrywide issued hundreds of VIP loans to buy influence, report says

http://money.cnn.com/2012/07/05/real_estate/countrywide-mortgage/index.htm

Wall Street still giving to Obama

http://www.cbsnews.com/8301-503544_162-57465854-503544/wall-street-still-giving-to-obama/

 

 

Sun, 07/08/2012 - 20:29 | Link to Comment Let The Wurlitz...
Let The Wurlitzer Play's picture

Exactly, It is the politicians that have the power to reign in the banker idiots and they choose NOT to.  It is the politicians that should "hang" (I say this only to paraphrase Roubini, I would NEVER want to harm a politician, but if someone did harm a politician I would understand) first.

Sun, 07/08/2012 - 22:29 | Link to Comment my puppy for prez
my puppy for prez's picture

Where are the Jacksons, Jeffersons, Garfields, Lindberghs, McFaddens, etc. of our time?

Mon, 07/09/2012 - 07:44 | Link to Comment Disenchanted
Disenchanted's picture

 

 

 

Jackson's hole is supposed to be important this summer...

 

/s

 

"bankers have been greedy for a 1000 years"

 

try 3 - 5000 years.

Mon, 07/09/2012 - 03:25 | Link to Comment Lore
Lore's picture

Don't joke about this. There are rumors of lists being drawn up by some "Eastern Coalition," whatever that means.

Sun, 07/08/2012 - 20:27 | Link to Comment riley martini
riley martini's picture

 The banksters already have a got out of jail free plan . The banksters will have governments pass new laws making LIBOR fraud a criminal offense . The implication LIBOR fraud wasn't a crime before the new law . Like robbing plebs in a barrel . Watch for political slogans like; We need strong legislation with stiff penalties  to make sure this doesn't happen again .

Sun, 07/08/2012 - 20:56 | Link to Comment JR
JR's picture

Again, this is classic Roubini: one of the most dramatic chroniclers of current crisis and future catastrophe….and with the worst possible solutions.

He may be Dr. Doom, which is good, but he ain’t Dr. Fix It.

Sun, 07/08/2012 - 21:40 | Link to Comment Tom Green Swedish
Tom Green Swedish's picture

Dr. Doom Baby.  100 Year Anniversary of the FED. Party Time.

Sun, 07/08/2012 - 21:47 | Link to Comment JustACitizen
JustACitizen's picture

Hey now - even the liberals are getting hip to the fact that B.O. and co. have not prosecuted anyone - now that's what I call progress!

It won't change a thing - but it is strangely satisfying to see...

Sun, 07/08/2012 - 22:17 | Link to Comment tongue.stan
tongue.stan's picture

Clawbacks! I want Clawbacks! Not just hangings, not just jailings. Clawbacks.

I have a vision of a bunch of .0001 percenters driving around america throwing money out the windows as the mob chases them into the cul de sacs.

 

 

Sun, 07/08/2012 - 23:52 | Link to Comment Seer
Seer's picture

Claw-backs?  Worthless fiat?  Unsustainable crap?

I think that it should be like it's always been: bury them with a bunch of their precious junk (no PMs this time though).

About the only thing of value that "they" could "give" would be debt jubilee.  And when the dust settles we'll still be looking at a way of life that's not sustainable.

Mon, 07/09/2012 - 19:30 | Link to Comment tongue.stan
tongue.stan's picture

You underestimate the emotional and psychological value of restitution even if in worthless fiat.

Sun, 07/08/2012 - 22:27 | Link to Comment monopoly
monopoly's picture

Spot on. Reality for sure.

Sun, 07/08/2012 - 22:30 | Link to Comment 3.7.77
3.7.77's picture

Bankers hangin' in the streets.
We can only hope.

Sun, 07/08/2012 - 23:56 | Link to Comment Seer
Seer's picture

Keep Rope Alive!

Mon, 07/09/2012 - 00:00 | Link to Comment Savyindallas
Savyindallas's picture

I like Vlad the Impaler's solution better. If you impale them properly, they will linger on in agony for several days before they die.

Sun, 07/08/2012 - 22:40 | Link to Comment JR
JR's picture

“The only entity capable of stopping this (Global Perfect Storm) is the ECB which needs to do outright unsterilized monetization in unlimited amounts which is 'politically incorrect' to talk about and claimed to be constitutionally illegal.” –  Roubini summarized

Roubini’s problem is, that like Keynes, he is an elitist. He believes the great unwashed are not important except as pieces of the economic puzzle. It’s not like they are people; they are just part of the human picture. And he is able to stand back and look at all this economic sound and fury and comment on it.

Both he and Keynes divorced themselves from the people. It’s like the rest of us are in a petri dish and they’re poking us to see how we’re going to react. And then they go off to lunch.

Interestingly G. Edward Griffin had one of the clearest, most fundamental explanations of how monetizing works with the Fed that includes foreign IOUs and now will soon relate accordingly to the ECB if all goes according to script.

Said Griffin in a speech: The U.S. Federal Reserve is The Creature from Jekyll Island:

“The Monetary Control Act of 1980 has made it possible for the Creature (the Federal Reserve) to monetize virtually any debt instrument, including IOUs from foreign governments. The apparent purpose of this legislation is to make it possible to bail out those governments which are having trouble paying the interest on their loans from American banks. When the Fed creates fiat American dollars to give foreign governments in exchange for their worthless bonds, the money path is slightly longer and more twisted, but the effect is similar to the purchase of U.S. Treasury Bonds. The newly created dollars go to the foreign governments, then to the American banks where they become cash reserves. Finally, they flow back into the U.S money pool (multiplied by nine) in the form of additional loans. The cost of the operation once again is born by the American citizen through the loss of purchasing power. Expansion of the money supply, therefore, and the inflation that follows, no longer even require federal deficits. As long as someone is willing to borrow American dollars, the cartel will have the option of creating those dollars specifically to purchase their bonds and, by so doing, continue to expand the money supply.”

Mon, 07/09/2012 - 00:00 | Link to Comment Seer
Seer's picture

I wonder if this is what Cheney had in mind when he defended the idea/notion that "debts don't matter?"

Sun, 07/08/2012 - 23:14 | Link to Comment malek
malek's picture

Isn't that the same guy who 2 years ago said we had turned the corner and everything was getting better again?

Mon, 07/09/2012 - 00:09 | Link to Comment Seer
Seer's picture

Spelling error...

"Isn't that the same guy who 2 years ago said HE had turned the corner and everything was getting better again?"

Fixed!

I haven't followed this, but is he still trying to sell his company?  Note the "predictions." 40%! revenue growth for 2013!

From http://www.businessinsider.com/nouriel-roubinis-research-firm-will-hit-t...

Nouriel Roubini's Trying To Sell His Firm (And It's Losing Money)

Roubini Global Economics — the global investment research firm begun and chaired by economist Nouriel Roubini — is up for sale.

RGE has been losing money, despite the popularity of its namesake.

CNBC cites sources who had been approached by an investment bank conducting an auction for the firm. Potential bidders were evidently asked to submit a range that they were willing to pay.

Sources also said that the company will lose about $2 million this year, with revenue of about $14 million. It is unclear who would want to purchase RGE.

Roubini, who is currently in Korea, did not immediately confirm or deny this report.

A few more facts on RGE:

- It has 85 employees.

- Its primary customers are corporations.

- It predicts 8% revenue growth next year and 40% revenue growth in 2013.

Sun, 07/08/2012 - 23:14 | Link to Comment silverdragon
silverdragon's picture

Silver, Silver, Silver!

Sun, 07/08/2012 - 23:19 | Link to Comment All Risk No Reward
All Risk No Reward's picture

The problem is a criminal international banking cartel and their fraudulent Debt Money Tyranny and their criminal Weapons of Mass Debt bubble / bust operation.

Debt Money Tyranny

http://www.keepandshare.com/doc/3325954/debt-dollar-tyranny-2-54k?tr=77

Weapons of Mass debt

http://www.keepandshare.com/doc/3324744/wmdebt-graph-3-79k?tr=77

Come on Roubini - you are smart enough to figure this out now that is has all been graphed out for ya, aren't you?

 

 

Mon, 07/09/2012 - 00:05 | Link to Comment honestann
honestann's picture

Human beings need predators DBA governments like they need holes in their heads.

Human beings need predators DBA banksters like they need holes in their heads.

Eliminate predators... and life could be good.

To attempt to come to terms with predators never works, but human beings today are too braindamaged and detached from reality to distinguish up versus down, much less predator versus benevolent collaborator.

The fundamental story of human history is predators versus producers.  The predators won.  Humans are finished.

Mon, 07/09/2012 - 00:17 | Link to Comment Seer
Seer's picture

The "problem" is that there aren't enough PHYSICAL resources to be had to support exponential growth.

Watch animals when they start to sense that there's not enough food available.  My wife put out a bird feeder (had some wild bird food that she thought would be a "treat" for the chickens- not! so we had to use it up) and I was amazed to see how the birds would fight for plentiful food even!

My point is that it's human nature.  However, it's not like humans are totally all about competition, as I doubt that we'd have gotten to a population size of 7+ billion if we were more competitive than cooperative.

All that we're seeing is quite predictable as a population overruns its resource base.  At the micro level everyone plays deceptively and the REAL macro level is never discussed.  Yeah, nothing like being able to comprehend one's death: most life forms don't possess this "luxury."

Mon, 07/09/2012 - 03:26 | Link to Comment AnAnonymous
AnAnonymous's picture

I was amazed to see how the birds would fight for plentiful food even!

_________________________

They probably do not fight for plentiful food. They want to spend the less time possible eating as eating is one of the vulnerable moments a predator could choose to swoop in. A lone bird shall display the same behaviour.

US citizen comprehension of nature. It has to be human nature, not US citizen nature.

Mon, 07/09/2012 - 04:41 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous squawked:

US citizen comprehension of nature. It has to be human nature, not US citizen nature.

Bird brain.

Mon, 07/09/2012 - 13:04 | Link to Comment AnAnonymous
AnAnonymous's picture

Bird brain would be enough to comprehend US citizen nature...

Mon, 07/09/2012 - 13:28 | Link to Comment akak
akak's picture

Which is apparently why you (and only you) can comprehend and accept your extreme and nonsensical wild flights of bigotry under your self-made label of 'US Citizenism'.

Is your brain of the dodo variety, or more of the chicken?  I am guessing the latter, given how frequently you squawk gibberish in this forum and then run away after having your virulent and retarded bigotry challenged as if your head had just been cut off.

Mon, 07/09/2012 - 13:29 | Link to Comment AnAnonymous
AnAnonymous's picture

But if you do not understand it, how do you know it is bigotry against 'Americans'?

Playing the prejudice card is so US citizen...

Mon, 07/09/2012 - 13:38 | Link to Comment akak
akak's picture

Playing the totalitarian-blobbing-uppers-as-victims card is so Chinese Citizenismish.

Mon, 07/09/2012 - 14:17 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous self indicted when he said:

Playing the prejudice card is so US citizen...

...which explains why it is your favorite trick.

Mon, 07/09/2012 - 14:22 | Link to Comment AnAnonymous
AnAnonymous's picture

That is gross.

Self indiction? Is it not something I am not supposed to do?

No, no, no. No connection between the current state of the world and the fact US citizens are ruling the world.

It is guaranteed. By US citizens.

Mon, 07/09/2012 - 15:18 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous, confusing even himself, said:

That is gross.

Self indiction? Is it not something I am not supposed to do?

Yes the no, it isn't not unnecessarily required of not making the double negative to contribute in no small manner to your lack of coherence.

Mon, 07/09/2012 - 10:58 | Link to Comment All Risk No Reward
All Risk No Reward's picture

The two biggest drivers of exponential growth are:

1) A debt based fraudulent Ponzi monetary system

2) And ignorant and apathetic populace that lets the human predator class set up tyrannical systems and then ignorantly support said systems.

My mind is blown now that "liberals' support and defend international war crimes (Libya, Syria), funding al Qaeda (Libya, Syria), covering up gun running to Mexican drug cartels ("OBama has to teacdh th eRepbulcians a lesson for not playing ball" - I kid you not, that was the response), etc.

I find it awful hard to believe in population wide mind control, but...

Tue, 07/10/2012 - 17:34 | Link to Comment honestann
honestann's picture

In case you hadn't noticed, the volume of earth and universe are BIG --- as in "chock full of resources".  I suspect the "resources" you refer to are those resources that must be produced to exist in sufficient quantity [and quality] to support 7 billion hungry human monkeys.

But produced is exactly the relevant concept in this conversation, whether anyone chooses to notice or not.  The FACT is, the natural non-human processes of nature lead to sufficient food, fresh water and other goods to support 10s of millions of humans on planet earth.

To create enough for 7 billion hungry human apes requires production.  That is a simple, fundamental, inescapable fact.  Given productive behavior and the absence of human predators, planet earth has sufficient resources to support 10 billion humans in relative luxury.  If and when humans get their sorry butts off this planet, it is absolute, completely, utter insanity to even utter the phrase "insufficient resources".  What is insufficient is productive behavior, not resources.

I keep saying these words - produce, produced, production, productive. because they are the fundamental issue, and the single most fundamental story of mankind.  Because we all must return to the following core, crucial, fundamental fact:

option #1: The actions of predators is compatible with the survival of tens of millions of humans.

option #2: The actions of producers is compatible with many billions of humans living well on planet earth, and with unlimited googleplex of humans living extraordinary lives in the universe.

The human population of earth only grew beyond a few 10s of millions when significant numbers of humans started to be producers, not predators.  This is the most fundamental fact of the story of mankind, whether anyone chooses to notice or not.

But predators have taken over and now utterly dominate human behavior, and honest, productive, benevolent humans are getting increasingly unwilling to risk their time, effort and wealth just to be told they are evil, then get fed upon.

The revoltingly sick part of the situation is this.  The predators would have no power if the producers simply refused to submit.  However, the producers submitted enough, and for long enough, that the predators set up a scam wherein they braindamaged and corrupted the vast majority of human beings, and set up a system in which they steal and distribute enough of the wealth created by producers to a [near] majority of the population in exchange for votes and sanction.

So now the predators have taken control, but such a system inherently cannot surive for the reasons specified above (see the options).  As producers slowly give up, and become less productive, the quality of life for all but the high-level predators will decline markedly... until finally humans will start dying off in droves.  Watch for that in the next couple decades.

Why producers cannot organize, withdraw their support, and set up a voluntary collaborative is beyond me.  Perhaps they will, eventually, but so far signs are few and far between.

Human beings are finished.  Good riddens - the vast majority of them deserve it.

Mon, 07/09/2012 - 00:32 | Link to Comment Lost Wages
Lost Wages's picture

If bankers are greedy, then what does that make Roubini? Even more of a useless middleman?

Mon, 07/09/2012 - 03:23 | Link to Comment AnAnonymous
AnAnonymous's picture

Bankers might have been greedy for 1000 years but US citizens for sure have been profiting for selective disrespect of their own laws for 236 years and five days. And there wont be a change in the trend.

US citizens busy at obscurating.

Mon, 07/09/2012 - 13:01 | Link to Comment akak
akak's picture

Is 'obscurating' similar to 'offuscating', or is it more along the lines of 'monolizing of the speeching means'?

Mon, 07/09/2012 - 13:05 | Link to Comment AnAnonymous
AnAnonymous's picture

Monopolizing the speech means?

Mon, 07/09/2012 - 13:14 | Link to Comment akak
akak's picture

Hey, it was originally YOUR autistic and retarded (Chinese citizenism) phrase, not mine.

But if the Tibetan oppressing and sweatshop shoe fits ....

Mon, 07/09/2012 - 13:29 | Link to Comment AnAnonymous
AnAnonymous's picture

Original sentence?

Typo...

But hey, you have to build on what you have.

Mon, 07/09/2012 - 13:36 | Link to Comment akak
akak's picture

Literally EVERY post and comment of yours is a typo, both mental and semantic.

But that is just an integral component of the Chinese Citizenism comedy stylings of AnAnnoyingMouse that we have all come to know and loathe.

Mon, 07/09/2012 - 14:20 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

AnAnonymous blames the typo, again:

Original sentence?

Typo...

But hey, you have to build on what you have.

Based on your throating of mind, you don't have much to build on.

Mon, 07/09/2012 - 14:25 | Link to Comment AnAnonymous
AnAnonymous's picture

By all measures, it yields enough for US citizens to feel the urge of mediating it through fantasy.

Which is not itself a criterion since they do it anytime they have to cope with reality.

Mon, 07/09/2012 - 14:37 | Link to Comment akak
akak's picture

Ah, the supersonic opium-fueled flights of fancy on the endless Mobius Strip of hypocrisy, bigotry, denialism and insanitation of AnAnnoyingMouse.

Make me laugh!

Mon, 07/09/2012 - 06:53 | Link to Comment TWSceptic
TWSceptic's picture

"On Greed:

 

Bankers are greedy - they have been for 1000 years."

 

 

I seriously hate it when people (or the media) portrays greed as something "evil". We are ALL greedy, there is NOTHING wrong with greed. It's as human desire as eating or sex. Without greed there would be no capitalism, without capitalism there would be no economy. Greed is NOT the problem! A fucked up system where the balance is distorted is.

 

 

Mon, 07/09/2012 - 07:47 | Link to Comment Disenchanted
Disenchanted's picture

 

 

 

there's greed, then there's criminal, immoral greed.

Mon, 07/09/2012 - 11:04 | Link to Comment All Risk No Reward
All Risk No Reward's picture

"Greed" is too general a term that essentially lacks meaning.

There is the kind of "greed" where one wants to work hard to feed one's family.

There is another kind of "greed" where one has a lot of stuff and political influence and views everyone else as a threat to their position of power, so they create a fraudulent money system to impoverish the threat, they dumb down their schooling, the put neurotoxins in the water and pesticides in their food, etc...

Clearly, the latter is not "good" for the majority of humanity. Of course, these criminals at the top, whose greed and narcissism knows no bounds, controlled your education system and conflated normal, less destructive, greed with their level of psychopathic, murder, steal, oppress, dumb down, destroy kind of greed. The Ultimate History Lesson:   http://www.youtube.com/playlist?list=PL463AA90FD04EC7A2

The Ultimate history Lesson Commentary: https://www.tragedyandhope.com/th-films/the-ultimate-history-lesson/comm...
Mon, 07/09/2012 - 14:10 | Link to Comment blunderdog
blunderdog's picture

Does everyone realize they're listening to the views of a Marxist with Keynesian influences?

http://live.wsj.com/video/nouriel-roubini-karl-marx-was-right/

Sun, 07/15/2012 - 11:06 | Link to Comment AGORACOM
AGORACOM's picture

We've had so many potential perfect storms over the last 12 years that most simply don't give them much weight anymore.  Even I find myself now doubting them given governments and banks ability to change the rules at will.

As such, after years of holding off building a dream home, I'm now in the process and scheduled to complete by later summer 2013.

I still fear the worst but life is life and how many more years can I hold off?

Thoughts?  Wish me luck.

George ... The Greek ... From Canada 

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