http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4361057
Joanne98 Donating Member (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 08:11 AM
Original message
Euro Plan ‘B’ Currency Would Save Greece, Hedge Manager Says
Source: Bloomberg
April 29 (Bloomberg) -- An alternative to the euro is needed to let Greece and other European nations devalue their way to financial health, according to Sudeep Singh, a hedge fund manager who has traded in emerging markets for 17 years.
European nations are constrained by the euro because they can’t reduce the costs of their goods and services with a cheaper currency, part of the solution in at least five major emerging-market crises that Singh said he’s traded through. The credit ratings of Spain and Portugal were cut this week amid concern Greece’s difficulty to pay its debt will spill over to Spanish and Portuguese markets.
Europe should split the euro into two classes to provide an alternative to struggling nations, said Singh, 41. He proposes calling the new currency the “sestertii†after the Roman Empire coin once used across southern Europe.
“You have to view this crisis through an emerging-market prism, where we’ve seen this movie before,†said Singh, a veteran of hedge fund firms Caxton Associates LLC and SAC Capital Advisors LP, who this month started a new hedge fund firm in London called Redux Research Ltd. “In every other emerging-market crisis there’s been a currency devaluation, a debt restructuring and tighter new fiscal policy. Greece and the others can’t become competitive without a cheaper currency.â€
Read more: http://www.businessweek.com/news/2010-04-29/euro-plan-b...
You know how the America-trashers always loved to point out that the Euro was rising and the dollar falling when GW was President? Made me curious as to what they're saying in the land-of-no-brain-cells now that the Euro is tumbling (last I checked, the exchange rate was 1 Euro = 1.27 US).
Stella_Artois (785 posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 08:21 AM
Response to Original message
1. Yeah whatever...
He's just offering friendly advice. He's not standing to make a fortune if this does happen. Sure.
Parasites like him are not blameless in this long running financial mess.
So the first thing of importance to Stella here is to blame someone interviewed, just because he's a hedge fund trader. Bloomberg should undoubtedly have interviewed a doctor, or a construction worker, or a receptionist, with all their financial expertise.
AngryAmish Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 08:56 AM
Response to Reply #1
2. George Soros is a parasite?
"Oh, c'mon man, you can't mean
our ruthless moneybags?"
PSPS (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 09:34 AM
Response to Reply #2
6. Frankly, yes.
Anyone who deposits billions of dollars a year into their personal bank account could accurately be called a parasite.
Right conclusion, wrong reasons. But--holy cow! Is this not libot apostasy?
nyy1998 (357 posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 10:25 AM
Response to Reply #6
10. So anyone who makes a lot of money is automatically a parasite?
bemildred Donating Member (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 10:33 AM
Response to Reply #10
11. I think it's the billions per year in a personal bank account that makes you a parasite.
Not just "a lot of money", "a lot of money" could be $150K per year to some people, and that would be chump change to others.
So the upper limits are decided...
Vilis Veritas (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 10:40 AM
Response to Reply #10
12. No. A parasite does not care if the host dies or suffers.
Parasitic financial behavior is that practiced by the VERY wealthy in order to bring about shifts in economic patterns on a global basis. They are those who are GENERATIONALLY rich. The very large banks that are preying on the current markets in order to bring about huge shifts in economic patterns on a global basis are parasites and they are well known for their vast meddling in the world's economies.
This IS NOT about the average businessman who makes a very decent living and makes money and takes care of his workers. If however, you make a lot of money at the expense of a moral and ethical bond towards your fellow man who is your host and patron, then yes you are a parasite.
Well, Villis, that's yer bud Soros in spades.
dotymed Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 09:11 AM
Response to Original message
3. Instead. Updated at 10:50 AM
I think we should outlaw hedge funds or at least greatly limit their profits. Isn't this the real reason Greece is in such a terrible economic situation? I am not a "literalist" Christian. I believe in a "higher power", as they call it in 12 step programs..anyway. I think that the original intent of the holy books was to pass along wisdom. (before they were so corrupted, King James..et al..) But when it says "throw the money changers out of the temple." I think those are words of wisdom. For-huge-profit making anything, are usurious to mankind. Now the SCOTUS is allowing these elite entities to own our government...
Restoring free speech, according to the First Amendment, and not just any speech, but POLITICAL speech--that was equivalent to giving the government to huge corporations. Clearly, only DUers, ACORN, and illegal aliens have any right of free speech. How silly of me to think otherwise.
Oh, and hedge funds caused the Greek economic meltdown.
And God said to throw the money changers out of the banks....uh...wait a minute...
I can see why dotymed here seems to be so knowledgeable about 12-step programs. Time for doty to take his/her meds.
naaman fletcher (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 01:24 PM
Response to Reply #3
16. nope..
"I think we should outlaw hedge funds or at least greatly limit their profits. Isn't this the real reason Greece is in such a terrible economic situation?"
Greece's financial situation is caused, like almost all financial problems, by borrowing lots more money than they can afford to repay. The hedge funds simply saw this coming and bet on the coming problem. You could argue that they helped speed up the problem by shorting greek debt, but the alternative would have been simply for the problem to be delayed in which case it would have gotten worse.
Warning! Sane person alert! Sane person alert!
dotymed Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 04:14 PM
Response to Reply #16
18. lol Who lent them the money? Updated at 10:50 AM
The same banksters who wrapped them them all together, sold them as safe, and promised the hedgefunds great returns, while placing bets against the "toxic assets" they sold. Yes, the hedgefunds were playing both sides also. Buying toxic junk for one fund, and betting against it. "Hedgefunds" make money on both ends. The firms are not taking risks but their "investors" are. Fi
Finish the rethug "talking point", the banks were forced to make bad loans....B.S....It's all gambling with the firms being the house.
But
forcing the
American taxpayer to buy all that toxic junk was just fine by you, eh, dots? Did you find your Clozaril yet?
Thor_MN (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 09:17 AM
Response to Original message
4. Oh god!!! They are not planning on airdropping Bush on Greece!!?!!?
Plan B can destroy a country in as little as 8 years!!!
kirby (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 12:59 PM
Response to Reply #4
15. Actually, that is plan "W". n/t
Requisite Bush's fault(s).
salib Donating Member (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 09:27 AM
Response to Original message
5. Disaster Capitalism in Action Once Again
Create a mess and take advantage of desperate people. Amazing what people will "accept" if expectations are low enough.
Or, just deregulate/disempower people enough so that other can screw things up, and take advantage then. Plausible deniability, ya know.
It wasn't capitalism that did Greece in, it was socialism, you clueless nitwit. Capitalism is the only system that was able to pay socialism's bills, scheisskopf.
dixiegrrrrl Donating Member (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 09:43 AM
Response to Original message
8. Remember they can plan that for OUR currency too.
IN plain English, he is talking about currency devaluation, which is often used when a countries'
debt becomes impossibly excessive.
We are fast heading for the same debt problem.
Ya think, Dix? And just
who might be making us "fast head" into the same debt problem? Who just created the biggest-spending budgets--and also largest entitlement program--in American history?
JCMach1 Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 10:19 AM
Response to Original message
9. This crisis is not a mistake... banks, institutions, and corporations are sitting on piles Updated at 3:03 PM
or dollars right now...
Think of the instant profits to be made by NOT financing profligate and marginal European economies and sitting on your U.S. $$$.
Follow the money flow and ask yourself who is profiting here.
Right, right, banks and financial institutions
love stock market crashes and governments defaulting on debt.
Still, I'd be willing to bet every last penny I have that George Soros IS profiting like a...a...a Soros on this.
But wait! Do I read an acknowledgement that the dollar is strong and powerful, and still the currency of choice among those who really know money? Be still my heart. Still, naturally our US financiers want to sit on their piles and not invest. Because of all the money to be made in
not investing.
JCMach1 Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Thu Apr-29-10 02:45 PM
Response to Reply #14
17. Worse than that... the Conservative gov. bailed out the banks, a left goverment gets elected Updated at 3:03 PM
and behold... the books were cooked and now the IMF wants to cut social services to finance a bailout given to the banks...
Greece is soooo screwn...
Because now, the bankers want a pound of flesh on the back of the Euro.
Translation: banks who invested in Greece, and have a financial and legal duty to shareholders, would like their money back--never mind interest, they'd like their principal back. And this makes them Shylocks. Hoooo boy.
