Comments on: Global crisis politics – A Davos debate with Nouriel Roubini and Ian Bremmer

By: McGregor

McGregor — Mon, 02 Feb 2009 04:18:46 +0000

MY SEVEN STEPS TO SAVING AMERICATaking toxic waste (In this case loans that are never going to be paid) and moving that waste to another county (in this case the US Treasury), then shipping it back 5 years later to the county it came from miraculously making potable soil is irresponsible dreaming!STEP 1 (STOP FEEDING THE LIES)The first thing that the President can do is stop the phoney-baloney that the Treasury Secretary, Federal Reserve Chairman, and people of the ilk of Robert Rubin, and the Media Like the New York Times are serving up to the public. ALL OF IT to date is complete and utter hogwash. The public can smell a rotten egg and if Obama doesn\’t come to terms with that fact quickly, then he will not spend more than one short term in office.STEP 2 (BECOME REALISTIC)All of this nonsense about the Government taking the failed debts of the banks \”temporarily\” to be repaid later is an effort to hide the fact that the Plutocracy of America is more important than the rest of the American People and as they all run for cover the rest of us will be left holding nothing.STEP 3 (STOP PRINTING MONEY)As the Goverment continues to print new currency at an alarming rate (that I might add is no longer reported due to M3 no longer being published), we risk Weimarian inflation. We will be carrying 100 Billion US Dollar Notes in the next 5 years at the current rate of inflationary dollar creation.STEP 4(REVITALIZE MODERN FED.RES.GOLD CERT. RATIO)There is no solution to the current financial problem that we face, other than creating \”The Revitalized and Modernized Federal Reserve Gold Certificate Ratio\” as per Sinclair.STEP 5 (HIRE RON PAUL AS SPECIAL ADVISER)Obama should also make Ron Paul his Special Advisor to work with Volker.STEP 6 TELL THE ENTIRE COUNTRY THE ABOVE AND EXPLAIN TO THEM WHY IT IS NECESSARY.Let the Bankers and the Motor companies and any other company that has failed, to fail. Then you will have the trust of the people and other Nations.STEP 7 (USE THE BIBLE AS YOUR GUIDE)That’s my solution and it will work if Obama tries it.

By: heathershap

heathershap — Mon, 02 Feb 2009 02:36:42 +0000

Interesting that nobody asks Nouriel’s PR agent to show where he predicted the credit market collapse which is what shut off funding for housing. He had been saying since 2004 that the rash was going to be driven by trade imbalances ( http://pages.stern.nyu.edu/~nroubini/pap ers/Roubini-Setser-US-External-Imbalance s.pdf ) and he even said that housing was not going to crash but fizzle and only then in the formerly fast appreciating markets. He didn’t call it, or I should say, he called it for all the wrong reasons and annually until he got it right. Do a google news search for 2004, 2005, 2006 and see for yourself. A FALSE CLAIM from a self promoter who pays for a PR firm to promote his claims.

By: Shalom Freedman

Shalom Freedman — Sun, 01 Feb 2009 12:26:16 +0000

I do not see any sign of optimism in Roubini and Brenner’s remarks. Now we seem to be in a stage where Decline is full- steam ahead. The Housing market, the Credit markets, the Equities markets, all are problematic. Americans need to save more, but we are told that at this time they need to spend more also. America’s trade- balance and foreign- debt weaken it, but it seems there are no new American products and productivity which are going to right this. All signs are that this is going to go on, and even get worse for a long time.I personally have been a big fool in all of this, and have hung on to my few assets and watch them decline. Now I am waiting for Inflation to do the rest. I hope I am a little wiser ahead. But neither for myself as an individual or for the United States, and in fact the world as a whole do I see a very bright near- future.

By: Greg

Greg — Sun, 01 Feb 2009 07:04:20 +0000

The present financial crisis requires a co-ordinated response on a global scale.The real risk to the world economy is the temptation to revert to protectionism by each individual country in order to solve their own domestic problems.ie job losses etc.In the short term this policy will help to stabilise individual country’s economies, however it will be like a domino effect as each country turns to protectionism.The result will be a more painful and drawn out economic recovery that will drag on for years and create untold misery.We have now entered a window were we have a chance to work together for once on a global scale to fix financial systems world wide.The outcome will drive a faster recovery and restore vital confidence in the financial system world wide.The other alternative is to continue to work as individuals and not take into account the effects further on down the track.Economic stimulus can aid recovery however the risk is that in about 1 to 2 years we will enter a dangerous point were the economic stimulus causes hyper inflation.Once hyper inflation takes over we will all be in trouble.We have a chance to fix this problem now, lets work together as a global village.

By: Eric Smithson

Eric Smithson — Sun, 01 Feb 2009 05:41:45 +0000

All you guys are thanking Roubini for getting you out of the market. That’s pretty funny… You really should be checking out Peter Schiff. He could have told you what to do in 2008 back in 2006. I can’t believe these guys are still talking deflation in 2010. You guys only think demand-driven “price inflation.” Central banking “printing press inflation” will put incredible pressure on the dollar and it will slide after two years of trillion dollar deficits and no more takers for US debt.

By: RMG

RMG — Sat, 31 Jan 2009 13:30:32 +0000

I have been following the comments and conclusions of Nouriel Roubini for three years. His comments of Feb 2008 spurred me to action – getting all of my assets out of the markets, which I did in the spring of 2008. To say I’m grateful would be an understatement. There are really tough times ahead and the way forward will be difficult, no doubt with potential danger. Calamaties, financial or otherwise, can influence normal people to do abnormal things.The IMF just revised their 2009 global growth forecast two days ago – now .5%. Some three months ago they were forecasting global growth of 2.2% with further financial losses of $2.2 trillion. Roubini’s numbers are negative global growth for 2009 with further financial losses of $3.6 trillion – guess who’s advice I’m taking.

By: Michelle Fordham

Michelle Fordham — Fri, 30 Jan 2009 22:52:40 +0000

Who in the world would have thought it would come down to this just a couple of years ago when everything seemed to be constantly rising. I and my husband saved and invested our money through the so-called ‘Safe’ brokerages. What a disaster as we have lost almost 65% of our twenty years of combined retirement investments.We won’t be going to Canada even if we could stand the cold weather because we just can’t afford to go anywhere and now to top it off our financial services jobs are also looking quite a bit less secure. We need some real help soon with rising costs and expenses.

By: Charles H. Townsend

Charles H. Townsend — Fri, 30 Jan 2009 16:09:56 +0000

The Canadian Geezer has it about right we are into this for about a quarter century and will likely see major upheavals in all corners of the globe. Hope I and my children survive the mess that has been served up by corporate greed. I am seriously looking into relocating to Canada as from what we have been studying it does seem to be the most stable of the western democracies I just wish it was not so cold!

By: So Cal Surveyor

So Cal Surveyor — Fri, 30 Jan 2009 08:35:56 +0000

Methinks I agree with the gurus and hope we recover from this debacle. Yes Bank Reo the greenback should be back { you tube zeitgeist}. I wish to be more like the Canuck Geezer as beer is the most important commodity. Being unemployed now for 9 months has cut into my consumption and I’ll probably have to learn the brewing trade for my next career after thirty years in ihe land survey business.

By: Anonymous

Anonymous — Fri, 30 Jan 2009 05:58:24 +0000

Davos 2009 Conference Shows The World At An Economic Crossroads……http://wcgfairfield.blogspot .com/2009/01/davos-2009-conference-shows -world-at.html