Goldman sachs rule the world

Richard tea

Very interesting vid from a market trader on bbc news today.

You have to love his honesty.

Mods please embed as im to dumb to figure it out even though it has been explained to me before.

http://www.youtube.com/watch?v=aC19fEqR5bA&feature=player_embedded


IMO we really are Fu*ked. Im sick of listening to the Gov telling us everything is ok, we will get through this crap.:eek:

Gumbo

https://www.youtube.com/watch?v=aC19fEqR5bA

beeftotheheels

OP - what is the point of this thread?

That man is one independent trader with a bearish portfolio and a vested interest in talking down the global economy (from what he said).

While I don't think that I could find any one saying that the global economy is in rude health I suspect I could find many who are not trying to frighten pensioners into hiding all of their money under their mattress or investing it with him.

It should go without saying that economics and finance constitute self-fulfilling prophecies. Everyone believes that house prices are going up, they go up. Everyone believes that they will fall further and they will fall further. Everyone believes a bank is safe (like Barclays) and it is safe. Everyone believes that a bank like BNP Paribas is at risk then it is at risk, despite the fact that fundamentals and core tier one equity suggest BNPP is in better health than Barclays.

So it is quite possible for the Government's position to be right as at a moment in time e.g. the day we post growth in GDP/ GNP/ domestic economy and are seeing our bond yield's retreat while being completely wrong weeks/ months later when Greece defaults. That does not mean that they were wrong at the time, the Irish government cannot control the global economy, they cannot even control the Irish economy especially when people insist on believing every bad news story, regardless of how biased and outlandish it is.

We were on track, and absent Greece we might still be on track. But no one knows how Greece will turn out. No one knows what the German's are capable of finally delivering. What we do know is that Goldman Sachs do not rule the world, if they did then the US would be able to balance their budget, if they did then Germany would have signed up to Eurobonds months ago when they might have helped, and if they did then Silvio would be looking for a new job.

irishh_bob

its fair to say that the bank in question is decidedley anti german and would love to see germanys dream of a federal europe crash and burn

Richard tea

The point of this thread is to give people a refreshing change to the usual spin about keeping our heads down and it will be ok on the night clap trap. The chap in the video is a trader who is telling it like it is and I wish there was more like him.

I understand what you are saying about '' Everyone believes that house prices are going up, they go up. Everyone believes that they will fall further and they will fall further'' but thats the kind of clap trap that we have been told since the crash. What are we, 3 or 4 years into this recovery? how many more years 5, 8, 15 or more. Prehaps this thread is better suited in AH?

beeftotheheels wrote: »

OP - what is the point of this thread?

That man is one independent trader with a bearish portfolio and a vested interest in talking down the global economy (from what he said).

While I don't think that I could find any one saying that the global economy is in rude health I suspect I could find many who are not trying to frighten pensioners into hiding all of their money under their mattress or investing it with him.

It should go without saying that economics and finance constitute self-fulfilling prophecies. Everyone believes that house prices are going up, they go up. Everyone believes that they will fall further and they will fall further. Everyone believes a bank is safe (like Barclays) and it is safe. Everyone believes that a bank like BNP Paribas is at risk then it is at risk, despite the fact that fundamentals and core tier one equity suggest BNPP is in better health than Barclays.

So it is quite possible for the Government's position to be right as at a moment in time e.g. the day we post growth in GDP/ GNP/ domestic economy and are seeing our bond yield's retreat while being completely wrong weeks/ months later when Greece defaults. That does not mean that they were wrong at the time, the Irish government cannot control the global economy, they cannot even control the Irish economy especially when people insist on believing every bad news story, regardless of how biased and outlandish it is.

We were on track, and absent Greece we might still be on track. But no one knows how Greece will turn out. No one knows what the German's are capable of finally delivering. What we do know is that Goldman Sachs do not rule the world, if they did then the US would be able to balance their budget, if they did then Germany would have signed up to Eurobonds months ago when they might have helped, and if they did then Silvio would be looking for a new job.

beeftotheheels

Richard tea wrote: »

The point of this thread is to give people a refreshing change to the usual spin about keeping our heads down and it will be ok on the night clap trap. The chap in the video is a trader who is telling it like it is and I wish there was more like him.

I understand what you are saying about '' Everyone believes that house prices are going up, they go up. Everyone believes that they will fall further and they will fall further'' but thats the kind of clap trap that we have been told since the crash. What are we, 3 or 4 years into this recovery? how many more years 5, 8, 15 or more. Prehaps this thread is better suited in AH?

My mind boggles. Where did the notion that we could recover from 2007 in 3 or 4 years come from? 2007 was comparable to the Japanese bubble bursting at best, and to 1929 at worst. There was never going to be a 3/4 year cure. Lost decades per the Japanese is not the worst case scenario here, we're into a decades long bear market and depression, the only question is how bad it gets. Anyone who says otherwise needs to step away from the cool aid.

The chap in the video is not "telling it like it is", he's "telling it like he sees it" which is not the same thing at all. It is his view, his opinion, it is not fact. He's saying it is 1929 when it could be Japan if policy makers make the right decisions, he is saying that there is nothing policy makers can do to affect the outcome which is clearly not true - look at how the actions of the central bankers managed to stave off the worst until now when it became apparent they weren't going to be backed by the politicians who didn't understand the scale of the problem? If the policy makers step up we could avoid Armageddon, and they won't step up until the realize that they have no other options.

What it clearly is not is a repeat of the dot com bubble where the global economy will recover in a couple of years, indeed that recovery led to these problems.

Richard tea

im not going pretend I understand the markets and how they work. I just think its good that he makes such a statement on the MSM.

''If the policy makers step up we could avoid Armageddon, and they won't step up until the realize that they have no other options''

Maybe, just maybe when people make such bold statements in the msm the ptb will get the kick up the arse they need to to make policies that could avoid armageddon

beeftotheheels

Richard tea wrote: »

im not going pretend I understand the markets and how they work. I just think its good that he makes such a statement on the MSM.

A hack, voices his opinion that we are all doomed and there is nothing any of us can do about it, on the mainstream media, and you think this is a good thing? You don't understand what he's talking about but you think it is a good thing that he said it?

Richard tea wrote: »

Maybe, just maybe when people make such bold statements in the msm the ptb will get the kick up the arse they need to to make policies that could avoid armageddon

Yes, because Angela from Berlin will be watching the Beeb and not the flashing red Reuters screens!

Dr Merkel seems to have finally realized that she cannot continue to ignore those flashing red Reuters screens, hell she's even managed to tell her colleagues to think before they open their mouths to the press.

Now I agree that the Irish coverage has been poor, RTE earlier was calling a market rally when the FT was calling a dead cat bounce. But posting videos full of doom and gloom with no consideration or application to anything, confusing opinion with fact, well that is exactly what got us into this mess when all the news was good (but never properly interrogated which might have proven that the news wasn't as good as we first thought) and the opinion of almost anyone on the Irish property or banking miracle was fact.

Debtocracy

beeftotheheels wrote: »

What we do know is that Goldman Sachs do not rule the world, if they did then the US would be able to balance their budget, if they did then Germany would have signed up to Eurobonds months ago when they might have helped, and if they did then Silvio would be looking for a new job.

There is a revolving door between Goldman Sachs and the U.S. government. If it wasn't for Paulson, Wall Street would not have gotten the scale of the bailout they did. Goldman bet against its own customers and the U.S. govenrment actually funded the profits of this scheme. By trying to protect the EU banking system which is insured by Wall Street, Geithner is showing the same love for his former employers.

If Goldman did have direct control over the U.S. government, why would they be concerned about balancing the budget? The whole point in trading and banking is to make the highest fees/bonuses as possible, there is no responsibility to do this in a prosocial way. Goldman would devise some scheme like diverting as much government money as possible towards Wall Street and then using this money to bet against the credit starved real economy. Goldman are market makers and can create and destroy markets for profit.

20Cent

That guy doesn't seem right.
Could he be a scammer?
Looks like the guy from the yes men.
Look about 2.17 in.


http://www.youtube.com/watch?v=0lScyQYUHLA&feature=results_main&playnext=1&list=PL6A6728A4FF0BC6B0

washman3

[QUOTE=beeftotheheels;746071
the Irish government cannot control the global economy, they cannot even control the Irish economy especially when people insist on believing every bad news story, regardless of how biased and outlandish it is.

We were on track, and absent Greece we might still be on track. What we do know is that Goldman Sachs do not rule the world, if they did then the US would be able to balance their budget, if they did then Germany would have signed up to Eurobonds months ago when they might have helped, and if they did then Silvio would be looking for a new job.[/QUOTE]


the irish government cannot control the car park at Dublin Airport.
We are on track?? on track for what?? total b###sh1t
On track to have 500,000 people on the dole and another 500,000
scattered to the 4 corners of the globe.
the guy in the clip calls it as HE sees it, i did'nt hear any of the vested interests here lambasting his opinions when things were on the up..:mad:

irishh_bob

his cynicism is delightfull , i dont care about rescessions , i see them as an opportunity to make some serious money

Peanut

20Cent wrote: »

That guy doesn't seem right.

Agreed - something is off, and probably the line about dreaming of a recession suggests this most.

To admit that your sentiment is hugely influenced by a perceived money making opportunity instead of a more sober analysis doesn't inspire a lot of confidence.

Sand

He's just an overconfident chap loving the chance to blag on live TV. What he says isnt really new, blogs are full of it - if anyone is shocked that investors honestly couldnt care less about anything other than making money, then you've led a sheltered life. It does show the amusing nature of the claims we had to make friends with the market, or that the market would take "revenge" on us should we dare to represent our own interests.

The odd thing this highlights is that media outlets still feel the best people to ask to advise on what ought to be done to "fix" things are traders and bankers, who are blatantly on the payroll of organisations with significant financial interests or themselves, personally, have a significant financial interest. The most honest thing this guy said was that he didnt know or care what had to be done to "fix" things - he just needed to make money from it. The interests of investors/markets and the taxpayer can and do diverge, especially in the current context where investors are rushing for the exits and with the taxpayers being left to carry their losses.

Knowing that, why do media organisations persist on bringing on these people and offer them a platform? At best they dont know or care, at worst they take the opportunity to sell a line beneficial to their interests...

Good loser

He doesn't impress me at all.

He's too young and superficial.

He didn't give any facts to support his opinions and when he was asked how the crisis could be headed off he had no ideas - that didn't stop him blustering.

The interviewer was lightweight too.

Surely, as a trader, he should be able to make as much money on a rising as on a falling market, as long as he was able to call it.

Anyway those guys' horizons extend to minutes and hours, rather than the longer terms where political and economic policies can be effective.

Peanut

Sand wrote: »

He's just an overconfident chap loving the chance to blag on live TV. What he says isnt really new, blogs are full of it - if anyone is shocked that investors honestly couldnt care less about anything other than making money, then you've led a sheltered life.

Hey greed is good and all that, but most at least have the decency to pretend to give a crap about the negative ramifications to Joe & Jane public (especially if you're going on international TV).

This guy is practically wetting himself thinking about it.

foxyboxer

The moment you hear people making predictions about markets, prices, whatever, then you should take it with a serious pinch of salt.

Remember in early 1995, that the financial world was going to collapse. Cue, one of the biggest bull markets in history.

He's making predictions. And if he's right, then he hailed as a genius. If he wrong, they'll do some "analysis" showing why they were wrong. Pure BS.

Donal Og O Baelach

beeftotheheels wrote: »

OP - what is the point of this thread?

It's a topical news clip well worthy of discussion on an Economics forum. Discussion is too often stifled here by comments like yours. You get livelier and more inclusive Economic debate on After Hours - and that is saying something!

beeftotheheels

FTAlphaville feel the need to comment.

http://ftalphaville.ft.com/blog/2011/09/27/686391/do-traders-dream-of-defaulting-greeks/

And if you read through the comments you'll see that Neil can't find him on the FSA register - truely shocked!

I.S.T.

It could be a hoax

http://www.guardian.co.uk/media/2011/sep/27/trader-goldman-sachs-bbc-hoax?newsfeed=true

bnt

It's not a hoax: Forbes called the guy up and spoke to him. First correction: he's an independent institutional trader based in London, not a "Wall Street" trader.

Scofflaw

bnt wrote: »

It's not a hoax: Forbes called the guy up and spoke to him. First correction: he's an independent institutional trader based in London, not a "Wall Street" trader.

They did speak to him, but if you read the whole article you'll note that they also suggested to him that he might be a member of the Yes Men, and the same one who posed as a "Dow Chemicals" spokesman in a very similarly controversial interview about Bhopal. His denial isn't terribly convincing, I have to say, while the similarity (the other video is also available on Youtube) is quite striking.

cordially,
Scofflaw

Icepick

So that's how you troll BBC.

Robbo

This is why I only trust Guy Goma for all my economic advice, that dude's credentials are impeccable.

Sand

It might be a hoax, but the two guys only look fairly similar - they arent dead ringers and they speak differently. And the FT have noted that Rastaini has been active for more than 18 months on Twitter and blogging, with relatively sensible comments/interaction.

Also, the key thing about the Bhopal impression was that when called on it he didnt have any problem with admitting it was a hoax and actually gave another interview explaining his reasoning for the hoax. If its another hoax, it doesnt seem clear why they would deny this one.

Also - as I said, theres nothing particularly novel or odd about his views. He doesnt really care about "fixing" things, he just wants to make money. The only odd thing is that he actually said those things on TV - no Goldman Sachs employee would ever, ever, ever say something like "Goldman Sachs rules the world!" in a BBC interview because an immense amount of bricks would descend on them from high up in Goldman Sachs whod be furious that such reckless words might lead to another "Main Street" revolt against "Wall Street". This doesnt mean that Goldman Sachs might not hold similar views to this guy - its just they would never, ever, ever say so on live TV. They are there to simply to sell a story beneficial to Goldman Sachs, not to soapbox.

This guy however is an independant - so he can run his mouth, entirely without fear of consequences. If anything it will be good for his profile because he will always be "that trader guy on the BBC" and will be good for invites onto talk shows and media appearances where theyll love a bit of controversy.

If he's coy about his trading activity it could be very simply explained by him not being a very good trader - all talk, but no end product. "Independant" trader might simply be "Unemployed" trader.

The only mystery is why the BBC interviewed him, and why media outlets in general still think that investors compromised by their own interests or the interests of the institutions they work for can offer any useful input into "fixing" things. Their idea of a solution is simply to take all the profits, and shove all the losses onto the taxpayers...which works for them, but not for us.

Scofflaw

Sand wrote: »

It might be a hoax, but the two guys only look fairly similar - they arent dead ringers and they speak differently. And the FT have noted that Rastaini has been active for more than 18 months on Twitter and blogging, with relatively sensible comments/interaction.

Have to agree - had a look, and there's nothing out of place there. Does seem a bit too deep for a created record. And as you say, the speech is different - I'd only glanced at the second video earlier.

Sand wrote: »

Also, the key thing about the Bhopal impression was that when called on it he didnt have any problem with admitting it was a hoax and actually gave another interview explaining his reasoning for the hoax. If its another hoax, it doesnt seem clear why they would deny this one.

Also - as I said, theres nothing particularly novel or odd about his views. He doesnt really care about "fixing" things, he just wants to make money. The only odd thing is that he actually said those things on TV - no Goldman Sachs employee would ever, ever, ever say something like "Goldman Sachs rules the world!" in a BBC interview because an immense amount of bricks would descend on them from high up in Goldman Sachs whod be furious that such reckless words might lead to another "Main Street" revolt against "Wall Street". This doesnt mean that Goldman Sachs might not hold similar views to this guy - its just they would never, ever, ever say so on live TV. They are there to simply to sell a story beneficial to Goldman Sachs, not to soapbox.

This guy however is an independant - so he can run his mouth, entirely without fear of consequences. If anything it will be good for his profile because he will always be "that trader guy on the BBC" and will be good for invites onto talk shows and media appearances where theyll love a bit of controversy.

If he's coy about his trading activity it could be very simply explained by him not being a very good trader - all talk, but no end product. "Independant" trader might simply be "Unemployed" trader.

The only mystery is why the BBC interviewed him, and why media outlets in general still think that investors compromised by their own interests or the interests of the institutions they work for can offer any useful input into "fixing" things. Their idea of a solution is simply to take all the profits, and shove all the losses onto the taxpayers...which works for them, but not for us.

Sure - it's kind of hilarious that media outlets are going for analysis from someone who explicitly says:

What you could say, I’m mostly a technical trader. I look at charts. I’m not a big, huge fan of funny analysis, you know, fundamentals.

The Goldman Sachs and other institutional analysts, on the other hand, offer 'analysis' that improves their chosen position.

cordially,
Scofflaw

cc4life

it would appear beyonce was wrong after all

bnt

Now I think about it further, I can see where the confusion is coming from. I was focusing on what the guy was saying, not who he is, and what he was saying is totally consistent with what I'm hearing and reading from other traders. There really are traders out there taking short positions on anything and everything, and saying so publicly.

There was very little jargon in there - I don't think I heard the word "short", for example - but that is not significant in itself. Any hoaxer could spout jargon, but explaining things without jargon is a useful skill. So: even if he is a hoaxer, his message is not a hoax. He didn't say anything I haven't heard elsewhere already. I'm surprised this is news at all.

books4sale

Goldman sachs rule the world :D:D,

These are the same guys that had the bailout one time, I guess they never understand the quote ...don't sh*t on the hand that feed!

THese threads really do bring tears to dude's eyeballs.

'Da man' watching and listening now Goldman Sachs and be waitin in da long grass.... :cool:

Scofflaw

bnt wrote: »

Now I think about it further, I can see where the confusion is coming from. I was focusing on what the guy was saying, not who he is, and what he was saying is totally consistent with what I'm hearing and reading from other traders. There really are traders out there taking short positions on anything and everything, and saying so publicly.

There was very little jargon in there - I don't think I heard the word "short", for example - but that is not significant in itself. Any hoaxer could spout jargon, but explaining things without jargon is a useful skill. So: even if he is a hoaxer, his message is not a hoax. He didn't say anything I haven't heard elsewhere already. I'm surprised this is news at all.

I think it's only news because of the trend where the media bring in traders and members of trading houses as 'market analysts' as if they did the same work as 'political analysts'.

cordially,
Scofflaw

uncle_sam_ie

This guys is nuts too I suppose. http://www.zerohedge.com/news/step-aside-bbc-trader-head-unicredit-securities-predicts-imminent-end-eurozone-and-global-finan

Scofflaw

uncle_sam_ie wrote: »

This guys is nuts too I suppose. http://www.zerohedge.com/news/step-aside-bbc-trader-head-unicredit-securities-predicts-imminent-end-eurozone-and-global-finan

It's not really a question of whether he's nuts, but of whether he's right. We've had plenty of "euro only has days to live" warnings over the last couple of years (and a ZH prediction of default nearly weekly), but a lot of them seem to be based on taking whatever the current political state of play is and assuming it won't change while the economic picture will.

On balance, I'd tend more towards Geithner's view that the eurozone countries do have the capacity and, increasingly, the will to deal with the crisis: http://newsfeedresearcher.com/data/articles_b38/geithner-europe-financial.html#hdng0

cordially,
Scofflaw

opinion guy

This may amuse you all


http://www.telegraph.co.uk/finance/economics/8792829/BBC-financial-expert-Alessio-Rastani-Im-an-attention-seeker-not-a-trader.html

uncle_sam_ie

Scofflaw wrote: »

It's not really a question of whether he's nuts, but of whether he's right. We've had plenty of "euro only has days to live" warnings over the last couple of years (and a ZH prediction of default nearly weekly), but a lot of them seem to be based on taking whatever the current political state of play is and assuming it won't change while the economic picture will.

On balance, I'd tend more towards Geithner's view that the eurozone countries do have the capacity and, increasingly, the will to deal with the crisis: http://newsfeedresearcher.com/data/articles_b38/geithner-europe-financial.html#hdng0

cordially,
Scofflaw

Well, I tend more toward Martin Armstrong and that it's not all grand. http://www.10sigma.com/files/The%20Immediate%20Outlook%20%2009-25-2011.pdf

Richard tea

opinion guy wrote: »

This may amuse you all


http://www.telegraph.co.uk/finance/economics/8792829/BBC-financial-expert-Alessio-Rastani-Im-an-attention-seeker-not-a-trader.html

Good find but it changes very little. He stands by what he said. And he is right in what he said. Bye bye euro, I enjoyed you during the boom:P

Scofflaw

uncle_sam_ie wrote: »

Well, I tend more toward Martin Armstrong and that it's not all grand. http://www.10sigma.com/files/The%20Immediate%20Outlook%20%2009-25-2011.pdf

I think I can safely say that the links speaks for itself.

amused,
Scofflaw

beeftotheheels

Scofflaw wrote: »

I think I can safely say that the links speaks for itself.

amused,
Scofflaw

Did you read his wiki page? If anything it is even better!

zenno

most people are just afraid to admit that this trader is right. and he is right. sticking your head in the ground is not going to do you any favours.

and he is right in saying it's like a cancer as it will be the body/euro that dies for not cutting off the leg as per say.

uncle_sam_ie

lol,
So, you're shooting the messenger again. I knew you would that's why I brought him up. Here are more of his writings you will never bother to read.
http://www.martinarmstrong.org/economic_projections.htm

Scofflaw

uncle_sam_ie wrote: »

lol,
So, you're shooting the messenger again. I knew you would that's why I brought him up. Here are more of his writings you will never bother to read.
http://www.martinarmstrong.org/economic_projections.htm

I've been told several times that the end of the world is coming by wild-eyed and dishevelled men on street corners.* Would you suggest that ignoring the message because it is delivered in an incoherent way by a visibly disturbed messenger is: (a) sensible; or (b) clearly a case of shooting the messenger?

even more amused,
Scofflaw

*what can I say? I'm obviously just a people magnet...

Scofflaw

zenno wrote: »

most people are just afraid to admit that this trader is right. and he is right. sticking your head in the ground is not going to do you any favours.

and he is right in saying it's like a cancer as it will be the body/euro that dies for not cutting off the leg as per say.

I don't think people are "afraid to admit this trader is right" - I think they're quite sensibly disinclined to take seriously the analysis of someone who admits he doesn't do analysis, and for whom trading is a hobby. The guy is, as he says himself, an attention seeker and a good public speaker. What he says has no bearing on whether the euro will or won't collapse, and he's added exactly nothing to the debate on it.

cordially,
Scofflaw

Mr Trade In

Just goes to show, Cartman was right all along. It is the covetous Gews fault, now all we have to do is find their cave and get the Gold for ourselves.

uncle_sam_ie

Scofflaw wrote: »

I've been told several times that the end of the world is coming by wild-eyed and dishevelled men on street corners.* Would you suggest that ignoring the message because it is delivered in an incoherent way by a visibly disturbed messenger is: (a) sensible; or (b) clearly a case of shooting the messenger?

even more amused,
Scofflaw

*what can I say? I'm obviously just a people magnet...

I'm amused you have to make stuff up to get your point across.

zenno

Scofflaw wrote: »

I don't think people are "afraid to admit this trader is right" - I think they're quite sensibly disinclined to take seriously the analysis of someone who admits he doesn't do analysis, and for whom trading is a hobby. The guy is, as he says himself, an attention seeker and a good public speaker. What he says has no bearing on whether the euro will or won't collapse, and he's added exactly nothing to the debate on it.

cordially,
Scofflaw

this reminds me of the time before the recession when people like this bloke were trying to get across the message that we where heading into a recession and every single person was annoyed and slagging off these people and look what happened, they were right but people didn't want to believe the truth.

better safe than sorry the way I look at it, but slagging this guy off and assuming that he is an attention seeker reminds me of the time as said above.

MeisterG

Just because a stopped clock was recently right does not make it always so. A lot of people have gained fame from predicting the GFC. A better way of adjusting whether the claims of imminent doom have subtsance would be to look at those who got it right last time. What are they saying?

Icepick

zenno wrote: »

this reminds me of the time before the recession when people like this bloke were trying to get across the message that we where heading into a recession and every single person was annoyed and slagging off these people and look what happened, they were right but people didn't want to believe the truth.

better safe than sorry the way I look at it, but slagging this guy off and assuming that he is an attention seeker reminds me of the time as said above.

He offered zero advice. He bragged how he can make money, but his girlfriend's 200k house is all he has to show for it.

zenno

Icepick wrote: »

He offered zero advice. He bragged how he can make money, but his girlfriend's 200k house is all he has to show for it.

ok, we'll soon see if he was right won't we. don't fool yourself though he's not the only one that see's it this way. how can you say that his girlfriends house is all he has ?, it's his girlfriends house not his own, odd comment.

beeftotheheels

zenno wrote: »

ok, we'll soon see if he was right won't we. don't fool yourself though he's not the only one that see's it this way. how can you say that his girlfriends house is all he has ?, it's his girlfriends house not his own, odd comment.

It will be warm and barmy on the 27th of July 2016, at least 25 degrees c.

I may well turn out to be right. But if I am, I can claim no prescience or particular knowledge of weather forecasting. I'm just stating how I hope that the world will be.

Kind of like this "trader". He's expressing his opinion which may well turn out to be right, but that doesn't actually render more informed opinions, expressed in the past, wrong (as the OP suggested by stating that this individual was being honest and thus implying that our politicians were being dishonest). This one individual, with no credible track record, is stating his views on the world economy.

So let's act like grown ups here. If an individual states his "opinion" on breaking a currency and his surname is "Soros" we should give weight to that opinion. If an individual expresses his thoughts on safe assets and his name is Paddy Donoghue from Lanesborough who believes that "turf" is the new "risk off" asset and we don't have to assume that he is wrong, but neither should we assume that his views mean anything more than his views.

This trader may well turn out to be right, but as much by luck as by anything else as he shows no understanding of what is actually going on in the world economy, hell he can't even afford to play with the big boys he puts on pedestals since he cannot afford to trade the S&P future market.

I'm not saying that he is wrong, I'm just certain that people should be relying on information from better sources. Just as we should have been relying on better sources than FF when it came to explaining our "economic miracle".

The lesson that we should have learned was that "sometimes the experts can get it wrong (so question the experts), rather than "sometimes the muppets can get it right (so accept everything that muppets say) (sic)"

Amberman

Debtocracy wrote: »

There is a revolving door between Goldman Sachs and the U.S. government. If it wasn't for Paulson, Wall Street would not have gotten the scale of the bailout they did. Goldman bet against its own customers and the U.S. govenrment actually funded the profits of this scheme. By trying to protect the EU banking system which is insured by Wall Street, Geithner is showing the same love for his former employers.

If Goldman did have direct control over the U.S. government, why would they be concerned about balancing the budget? The whole point in trading and banking is to make the highest fees/bonuses as possible, there is no responsibility to do this in a prosocial way. Goldman would devise some scheme like diverting as much government money as possible towards Wall Street and then using this money to bet against the credit starved real economy. Goldman are market makers and can create and destroy markets for profit.

Absolutely not surprised this has been ignored.

Also, Goldman are the #1 primary dealers to the Fed...and they contribute significantly to policy.

People who deny Goldman's incredible political capital and economic leverage, backstopped by the worlds lender of last resort...over whom they have more leverage than anyone else...and how skillfully they use these assets are simply ill-informed or don't really understand how things work in the real world.

Do they run the world?

I'd say Goldman has become more influential on world economic events that Von Rumpoy, Sarkozy, Merkel and Obama put together...but thats just my opinion.

Economics always trumps politics in the long run.

zenno

beeftotheheels wrote: »

It will be warm and barmy on the 27th of July 2016, at least 25 degrees c.

I may well turn out to be right. But if I am, I can claim no prescience or particular knowledge of weather forecasting. I'm just stating how I hope that the world will be.

Kind of like this "trader". He's expressing his opinion which may well turn out to be right, but that doesn't actually render more informed opinions, expressed in the past, wrong (as the OP suggested by stating that this individual was being honest and thus implying that our politicians were being dishonest). This one individual, with no credible track record, is stating his views on the world economy.

So let's act like grown ups here. If an individual states his "opinion" on breaking a currency and his surname is "Soros" we should give weight to that opinion. If an individual expresses his thoughts on safe assets and his name is Paddy Donoghue from Lanesborough who believes that "turf" is the new "risk off" asset and we don't have to assume that he is wrong, but neither should we assume that his views mean anything more than his views.

This trader may well turn out to be right, but as much by luck as by anything else as he shows no understanding of what is actually going on in the world economy, hell he can't even afford to play with the big boys he puts on pedestals since he cannot afford to trade the S&P future market.

I'm not saying that he is wrong, I'm just certain that people should be relying on information from better sources. Just as we should have been relying on better sources than FF when it came to explaining our "economic miracle".

The lesson that we should have learned was that "sometimes the experts can get it wrong (so question the experts), rather than "sometimes the muppets can get it right (so accept everything that muppets say) (sic)"

Kind of like this "trader". He's expressing his opinion which may well turn out to be right, but that doesn't actually render more informed opinions, expressed in the past

so does our Irish government or brussels at the moment render more informed opinions ? well yes they do but it's all clap-trap garbage from them so far. so in that case then everyone should believe the ****e the government and brussels are saying every day in the media and tabloid newspapers that it will be all ok on the day/days Going forward ? I don't think so, I'd believe this guy before i'd believe a bloody word from brussels or our government.

this trader may well turn out to be right, but as much by luck as by anything else as he shows no understanding of what is actually going on in the world economy

how do you personally know this ? have you spoke to this trader or have you ever had dealings with this trader or also do you even know anything about this trader personally ? you are speculating on a trader you know nothing about.

I'm not saying that he is wrong, I'm just certain that people should be relying on information from better sources.

better sources, who like our own corrupt government ?.

just say if this guy is correct in what he is saying, then would it not be prudent to examine his remarks and be aware that maybe he is dead right in what he is saying ?. or maybe you have the answers to whats going to happen next, making people aware of the possibility that worse could happen in the not too distant future will at least make them think about their own monies and be ready in case it does go tits up. and right now things are looking this way.

Boskowski

On another note some German media (telepolis - heise.de) has picked up on the guy and apparently he is not a 'trader' but an attention seeker who does a bit of speculating privately and it seems he is not even particularly good at that as his record seems to be a £10,000 loss over four years. The guy has about a £1,000 to his name right now.

The most amazing thing about the whole thing is to me that BBC gave him a forum when he seems nothing more than a little wannabe on steroids.

I'd expect that from the likes of SkyNews or so, but BBC?