Sep 09

You can’t make this stuff up.


Buiter: Only “Helicopter Money” Can Save The World From The Next Recession (ZeroHedge, Sep 9, 2015):

It is to be expected that economists – even economists working for the same team – have different views about the likelihood of different future outcomes. Economics isn’t rocket science, and even rockets frequently land in the wrong place or explode in mid-air.

That rather hilarious characterization of the pseudoscience that is economics comes from the desk of Citi’s Chief Economist Willem Buiter and it’s apparently evidence that even if you don’t think too much of his views on “pet rocks” (gold is a 6,000 year-old bubble) or on the efficacy and/or utility of physical banknotes (ban cash), you’d be hard pressed to disagree with him when it comes to critiquing his profession. Of course we don’t want to give Buiter too much credit here because the quote shown above could simply be an attempt to stamp a caveat emptor on his latest prediction in case, like his predictions on when Greece would ultimately leave the euro, it turns out to be wrong.  Continue reading »

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Feb 09


Here Is What Happens After Greece Defaults (ZeroHedge, May 21, 2011):

What happens when Greece defaults. Here are a few things:

  • Every bank in Greece will instantly go insolvent.
  • The Greek government will nationalise every bank in Greece.
  • The Greek government will forbid withdrawals from Greek banks.

Greek Euro Exit: 60% Currency Devaluation, Default, Banking Sector Collapse (Forbes, Sep. 06, 2011)

How can the Greek people protect themselves?

Belarus Devalues Its Currency By 56% Overnight, Against Every Currency Out There (ZeroHedge, May 23, 2011):

Luckily for those who held their “money” in the form of gold and silver, they just got an instantaneous 56% value preservation and a relative boost in their purchasing power with just one central bank announcement.


If Greece Exits, Here Is What Happens (Redux) (ZeroHedge, Feb 8, 2015):

Now that the possibility of a Greek exit from the euro is back to being topic #1 of discussion, just as it was back in the summer of 2012 and the fall of 2011, and investors are propagandized by groundless speculation posited by journalists who have never used excel in their lives and are merely paid mouthpieces of bigger bank interests, it is time to rewind to a step by step analysis of precisely what will happen in the moments before Greece announces the EMU exit, how the transition from pre- to post- occurs, and the aftermath of what said transition would entail, courtesy of one of the smarter minds out there at the time (before his transition to a more status quo supportive tone), Citi’s Willem Buiter, who pontificated precisely on this topic previously. Three words: “not unequivocally good.” Continue reading »

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Dec 09

Willem “Gold-Is-A-6000-Year-Bubble” Buiter Joins Council on Foreign Relations As Senior Fellow (ZeroHedge, Dec 9, 2014):

Less than two weeks after penning his “gold-is-a-6000-year-old bubble” propaganda, which understandably did not include the following chart…


… Citigroup’s Willem Buiter was just made an honorary member of the Council of Foreign Relations.

Distinguished Economist Willem Buiter Joins CFR as Senior Fellow

December 9, 2014—Willem H. Buiter, a renowned macroeconomist and global chief economist at Citigroup, has joined the Council on Foreign Relations (CFR) as an adjunct senior fellow. His work will focus on geoeconomics, deglobalization, international financial institutions, and global economic governance.

“We are thrilled to have someone of Willem Buiter’s experience and reputation joining CFR,” said CFR President Richard N. Haass. “His presence will make an already strong economics program that much stronger.” Continue reading »

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Jul 21

Must see:

– Former governor Jesse Ventura Conspiracy Theory: ‘Worldwide Water Conspiracy’ (FULL LENGTH)

Citi’s Top Economist Says The Water Market Will Soon Eclipse Oil (Business Insider, July 21, 2011):

Citi economist Willem Buiter tells clients to invest in the water industry which will soon become hotter than oil (via FT Alphaville):

I expect to see in the near future a massive expansion of investment in the water sector, including the production of fresh, clean water from other sources (desalination, purification), storage, shipping and transportation of water. I expect to see pipeline networks that will exceed the capacity of those for oil and gas today.

I see fleets of water tankers (single-hulled!) and storage facilities that will dwarf those we currently have for oil, natural gas and LNG. I see new canal systems dug for water transportation, similar in ambition and scale to those currently in progress in China, linking the Yangtze River in the South to the Yellow River in the arid north.

I also hope and expect that these new canal ventures will be designed and implemented with a greater awareness of the environmental and social impact of such mega-projects. India will have to engage in investment on a scale comparable to that seen today in China to produce clean water in the best locations and transport it to where the household, industrial and agricultural users are. Continue reading »

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