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| Roubini Gets Caught in forum [Market-Ticker]
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Lemonaid
Posts: 9879
Incept: 2008-01-20
Metro Detroit
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Roubini is a tool.
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"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." Ludwig von Mises
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Trades50
Posts: 4217
Incept: 2007-10-30
Land of Tax and Spend
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Just before Obama announced his cabinet it seemed like Roubini was trying to get into a White House cabinet position.
Guess it didn't work out for him so he reverted back.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Genesis
Posts: 130773
Incept: 2007-06-26
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Well, no, he was all over the Europe bailout thing all the way through 2011, advocating more and more ECB involvement.
Now it appears he's trying to quietly change his position.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Dramsey
Posts: 79
Incept: 2009-03-16
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Oh he's flip-flopping but I think he rationalizes it and I draw that from this sentence:
"If a gradual process of disintegration eventually makes a eurozone breakup unavoidable..."
It looks (to me) like Roubini originally believed the actions he advocated would have helped at that time. Now he's coming to believe that a Eurozone breakup is "inevitable" so piling on debt now would be bad.
I'd say his outlook is even worse than you suggest, Karl, because he apparently still believes there is a place for such massive interventions, just not with the Euro anymore, which means he may next advocate it for the US and the dollar.
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Genesis
Posts: 130773
Incept: 2007-06-26
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One of the problems I have with guys like him is that they never explain how the numbers are going to work.
But if you can't make simple arithmetic work then the more-complicated stuff is an instant fail. I had lunch with a guy that had that problem recently too, and it's rather appalling to see it displayed by someone who has formal education and claims advanced degrees.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Yaldor
Posts: 2687
Incept: 2008-05-17
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For every crash the probability of someone showing that he predicted it is near 1 .
For every prediction of an imminent crash the probability of it being correct is almost zero
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Gen_maximus57
Posts: 4580
Incept: 2007-09-03
Tampa
Online
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So, again and again follow the money, key bankers werent ready for breakup in 08 until now, they became really fat at the free money trough and now its time to force austerity so they can buy greek islands on the cheap.
Roubini another tool for bankers
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Jstanley01
Posts: 8182
Incept: 2008-07-30
San Antonio, Texas
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"Say what, Denninger?"... 
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You can't cheat an honest man. ~P.T. Barnum
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Jal
Posts: 512
Incept: 2009-03-25
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I hope you send him a copy of this blog. It wouldn't hurt to include a picture of him with his pants down.  |
Fedwatcher
Posts: 137
Incept: 2009-04-07
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Perhaps Roubini is just responding to the political constraints and realities here and not what should be the obvious path “economically” speaking.
Politics and Economics cannot be separated. Economists have long ignored Money & Banking in their ‘models’ of the economy and thus have failed. Roubini could just be waking up to the fact that you cannot separate them.
All of these “macro-economists” have had to deal with what has happened so far. One by one they are backtracking. Suddenly the “Chicago Plan of 1933 that advocated 100% reserve is seen as ‘workable’.
It was anathema only a month ago! Are they all waking up? No, but they have to recognize the evidence staring them in the face.
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Yaldor
Posts: 2687
Incept: 2008-05-17
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How do we get the world wide consumer to starve the beast and bring about deflation ?
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For every crash the probability of someone showing that he predicted it is near 1 .
For every prediction of an imminent crash the probability of it being correct is almost zero
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Mannfm11
Posts: 3549
Incept: 2009-02-28
DFW, Tx
Online
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I think it might have sunk into his head what I have been saying for a good while, that the ECB or the Fed could go broke. Think what a time they would have selling this crap if they had to defend the currency? Bennie keeps twisting, he might have the same problem. These banks deal in t-bills instead of longer term debt for a reason, it is liquid, it expires in a few months and they don't take a huge haircut. Mish had something about the ECB buying bonds when rates go up, What are they going to do when rates start rising because they are unrolling Charmin? Germany will find itself paying 10%.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Mannfm11
Posts: 3549
Incept: 2009-02-28
DFW, Tx
Online
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Fed, that might be the only thing that could work. Buy it all up an raise the reserve requirement to 100%.
Yaldor, nice post. I have been reading Rothbards Americas' Great Depression and the reason we had a depression was because the Fed spent 10 years screwing with the money, like Greenspan and Bernanke have and Wall Street was peddling, with the aid of Herbert Hoover at the Commerce department, crap securities to finance trade. There was also a lot of bailing out European money problems, just like Bernanke has been doing with the banks in Europe the past couple of years. The Fed caused the depression, not by keeping money too tight, but by continually attempting to solve problems with liquidity. The whole pile of central banks pretty much went broke. The bad debt is piled up in the banks, due to continual inflations. It just doesn't earn much that what they call stability in prices leaves room only for prices to rise. They throw in the kitchen sink to make sure no one takes a pay cut, which in this debt infested world, would probably put it in a depression.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Steelhead23
Posts: 2043
Incept: 2008-09-09
Portland OR
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Hmm. Might I assume for a moment that Roubini is Machiavellian? Then I would assume that way back in Aug of 2011, Roubini was purchasing or had purchased peripheral debt at a discount and was egging the ECB to make the value of his investment go up. Now, he's sold or is perhaps short peripheral debt and wants that value to decline. Its all perfectly logical - if one assumes he is touting his own book (or account).
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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
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