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  #41  
Old 27.09.2011, 18:05
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Re: Global Economic Crisis : Is he telling the truth ?

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There are countries in the EU, e.g. Sweden and the UK, who kept their own currency so why is it such a bad thing if Germany dumps the Euro and what's preventing them from doing so? It seems the longer these resentments towards Greece and other countries are allowed to fester, the stronger the nationalism grows. Also, if/when the Euro really does collapse, what happens to the Schengen agreement? That surely could get messy, couldn't it?

on the whole, Germany benefits from having a weaker currency - courtesy duds like Greece and Portugal. Sure the German taxpayers may have to spare a few billion every so often to bail out the reckless peripheral Europeans, but Germany earns hundreds of billions from exports - which are competitive in large part due to the weak Euro...
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  #42  
Old 27.09.2011, 18:06
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Re: Global Economic Crisis : Is he telling the truth ?

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Wow, Axel Weber was at your boss' place? You are well connected. Weber being the ex President of the Bundesbank should know a thing or two...!
Im not well connected. Im just an analyst. My boss has a good reputation in the investment world.
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  #43  
Old 27.09.2011, 18:07
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Re: Global Economic Crisis : Is he telling the truth ?

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Wow, Axel Weber was at your boss' place? You are well connected. Weber being the ex President of the Bundesbank should know a thing or two...!

... and as the next Chairman of UBS, he BETTER know a thing or two
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  #44  
Old 27.09.2011, 18:18
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Re: Global Economic Crisis : Is he telling the truth ?

So what does an Average Joe do to protect themselves?
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  #45  
Old 27.09.2011, 18:28
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Re: Global Economic Crisis : Is he telling the truth ?

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on the whole, Germany benefits from having a weaker currency - courtesy duds like Greece and Portugal. Sure the German taxpayers may have to spare a few billion every so often to bail out the reckless peripheral Europeans, but Germany earns hundreds of billions from exports - which are competitive in large part due to the weak Euro...
I read a very good piece of research a few weeks back that showed German exports vs. the currency. During times of a higher currencies they actually INCREASED exports (because of quality products) rather than being punished. Same was true with Japan in the 1990's.

So I guess they benefit, but since the majority of their exports go to other EU nations its not made as big of a difference as one might think.

The bigger issue is allowing these PIIGS to borrow money in order to keep their demand for German goods elevated. So the Germans are a bit stuck.
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  #46  
Old 27.09.2011, 19:01
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Re: Global Economic Crisis : Is he telling the truth ?

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Funny how we're so conditioned to the usual media stories that when someone tells it like it is, folks think it's a hoax....
Maybe that's because he looked like he'd just stepped out of central casting for supporting actor to Gordon Gekko. His carefully scripted soundbites could certainly have been written by a Wall Street movie scriptwriter.

Truth is, it doesn't really matter if it's a hoax or not, except for the embarrassment to the BBC if it is. For all the sensational soundbites, there's no shortage of people who are predicting an imminent financial cataclysm so what Rastani said wasn't particularly new or insightful.

Bear in mind anybody call themselves an "independent trader." Whatever he is, he didn't sound like a seasoned pro to me.
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  #47  
Old 27.09.2011, 19:14
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Re: Global Economic Crisis : Is he telling the truth ?

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I am on monthly savings plans in Euro with Skandia and Generali, small amounts. They have lost a lot all the value over the last one year. The plans are 10 and 15 year ones.Indeed, what does an average Joe do?
this is my opinion/plan:

1. don't panic
2. educate yourself financially - i don't save anything in these (offshore) plans that you often get cold called about - i'm sure they make more money for the promoters than you
3. be financially disciplined, understand what the minimum amount you need each month to live modestly and/or survive. understand what you can cut down and how quickly
4. develop multiple alternative streams of income to cover these survival/basic living scenarios - in the economic turbulence ahead, you can easily lose your job. switzerland does provide some safety net with RAV, but if you have alternative sources, then you can keep going
5. develop your career business
6. keep your eye open for opportunities
7. keep good relations with your friends and family. they are ultimately the ones who will help you out if all else fails.
8. you probably should already do this regardless of economy: be insured to be able to withstand external shocks. health/disability insurance and life assurance are vital to look after your wife/children should the worst happen and help you absorb unexpected health/external shocks.
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  #48  
Old 27.09.2011, 19:16
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Re: Global Economic Crisis : Is he telling the truth ?

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Maybe that's because he looked like he'd just stepped out of central casting for supporting actor to Gordon Gekko. His carefully scripted soundbites could certainly have been written by a Wall Street movie scriptwriter.
True, his candor was a bit raw. If he would have said "Greed. Is. Good." I would have started laughing. Still, the lack of anyone stepping up and picking him apart is a bit telling. We live in interesting times. I just wish whatever is going to happen, happens, so things can start getting back to 'normal'...of course, who knows what that means anymore.
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  #49  
Old 27.09.2011, 19:23
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Re: Global Economic Crisis : Is he telling the truth ?

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be insured to be able to withstand external shocks. health/disability insurance and life assurance are vital to look after your wife/children should the worst happen and help you absorb unexpected health/external shocks.
Fair enough, but you don't seriously think insurance policies would survive the sort of financial and/or economical armageddon described by the doom-mongers?
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  #50  
Old 27.09.2011, 19:55
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Re: Global Economic Crisis : Is he telling the truth ?

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this is my opinion/plan:

1. don't panic
2. educate yourself financially - i don't save anything in these (offshore) plans that you often get cold called about - i'm sure they make more money for the promoters than you
3. be financially disciplined, understand what the minimum amount you need each month to live modestly and/or survive. understand what you can cut down and how quickly
4. develop multiple alternative streams of income to cover these survival/basic living scenarios - in the economic turbulence ahead, you can easily lose your job. switzerland does provide some safety net with RAV, but if you have alternative sources, then you can keep going
5. develop your career business
6. keep your eye open for opportunities
7. keep good relations with your friends and family. they are ultimately the ones who will help you out if all else fails.
8. you probably should already do this regardless of economy: be insured to be able to withstand external shocks. health/disability insurance and life assurance are vital to look after your wife/children should the worst happen and help you absorb unexpected health/external shocks.
9. Lose fat so you can outrun Adrianlondon and his arrow

Last edited by sun&rain; 27.09.2011 at 21:36.
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  #51  
Old 27.09.2011, 19:56
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Re: Global Economic Crisis : Is he telling the truth ?

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Fair enough, but you don't seriously think insurance policies would survive the sort of financial and/or economical armageddon described by the doom-mongers?
do you seriously think if you fell ill tomorrow, or got into an accident that the insurance wouldn't pay out?
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  #52  
Old 27.09.2011, 20:51
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Re: Global Economic Crisis : Is he telling the truth ?

Wooeee, that was a load of bull... (No phun intended)
Yeah right, U.S dollar is a safe currency... NOT...
Is it going to get worse? Well, yeah probably...
But will it get better later? For sure...
Markets go up, markets go down...
And so the story goes...
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  #53  
Old 27.09.2011, 20:57
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Re: Global Economic Crisis : Is he telling the truth ?

Why eat your dog when there are plenty of cows around, a stash of good weapons, warm clothes, a reliable water source and plenty of dry stock foods enough to last a good six months and a clean energy source in a remote location should see the party out....

Not that I'm a pessimistic just hunting and living wild is a passion of mine
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  #54  
Old 27.09.2011, 21:00
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Re: Global Economic Crisis : Is he telling the truth ?

Will we be allowed to hunt on Sundays?
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  #55  
Old 27.09.2011, 21:07
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Re: Global Economic Crisis : Is he telling the truth ?

If your hungry I don't think what day it is matters, but if you are a religious type you have to ask yourself first is Sunday the real sabbath, if you believe it is try extra hard on Saturday so Sunday roast and all the tendrils are all ready
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  #56  
Old 27.09.2011, 23:02
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Re: Global Economic Crisis : Is he telling the truth ?

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Will we be allowed to hunt on Sundays?
Obviously only in tourist resorts, petrol stations and Zurich Shopville...
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  #57  
Old 27.09.2011, 23:07
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Re: Global Economic Crisis : Is he telling the truth ?

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do you seriously think if you fell ill tomorrow, or got into an accident that the insurance wouldn't pay out?
Accident insurance often pays some sort of annuity. For how long? What if you claim after financial armageddon (if it were to happen)? Would the insurer still be around?
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  #58  
Old 27.09.2011, 23:59
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Re: Global Economic Crisis : Is he telling the truth ?

BBC says it wasn't a hoax, http://uk.news.yahoo.com/bbc-rejects...165109645.html
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  #59  
Old 28.09.2011, 00:30
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Re: Global Economic Crisis : Is he telling the truth ?

Was the BBC victim of a hoax? No, say the Yes Men
By Dylan Stableford | The Cutline – 6 hrs ago
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(BBC)
"Governments don't rule the world, Goldman Sachs rules the world."
That's what a purported London-based independent trader named Alessio Rastani told the BBC on Monday in a jaw-dropping interview that quickly went viral.
But just as quickly, rumors swirled that Rastani was actually a member of the Yes Men, a loose-knit group of merry pranksters and imposters that attempt to manipulate the media with the goal of exposing the dubious conduct of big corporations.
The Yes Men publicly denied that Rastani is a member. And the BBC said in a statement that it doesn't think he is, either: "We've carried out detailed investigations and can't find any evidence to suggest that the interview with Alessio Rastani was a hoax. He is an independent market trader and one of a range of voices we've had on air to talk about the recession."
"We've never heard of Rastani," the group said in a statement of its own. "He isn't a Yes Man. He's a real trader who is, for one reason or another, being more honest than usual."
Rastani has an active Twitter feed, Facebook account and blog--all consistently updated. And Rastani gave an extensive interview to Forbes insisting he is who he says he is--an independent trader who works from his South London home.
Felix Salmon of Reuters has another theory: that Rastani, who bears a striking resemblance to a member of the Yes Men, is both a trader and member of the troupe.
"Independent traders are, well, independent," Salmon noted. "You don't need to spend very much time hanging around the comments section at Zero Hedge to discern a strong nihilistic and even anti-capitalist strain to much of the thinking in that community. Independent traders are often men in their 20s and 30s who inherited a substantial sum of money and who for whatever reason don't have a more attractive opportunity in the regular workforce. They work from home, they tend to have a strong contrarian streak, and they have a lot of time on their hands.
"All of which is entirely consistent with the profile of the kind of people who might join or become the Yes Men," Salmon added.

For his part, Rastani says he was simply misunderstood.
"I have no idea why I'm getting this attention," Rastani told Forbes. "I don't think it was news. For someone to say what I said, I thought everybody already knew this kind of stuff. The big players of funds rule the world, I don't think that was news. And what I said about making money from a crash, obviously not everybody knows about that, you can make money from a downward market."
Rastani added: "A lot of people just got the wrong end of the foot, misunderstood what I was saying. They thought I was joyful or licking my lips about the idea of making money from people's miseries. That's probably the way it looked on the video. But if they watch the whole video, what I was really trying to say is people need to educate themselves about how to do that ... what I was trying to say was, look, everyone should basically prepare. I was trying to be the good guy. If this market's going to crash, then you've got to prepare yourself."
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  #60  
Old 28.09.2011, 09:44
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Re: Global Economic Crisis : Is he telling the truth ?

One thing that stand out to me regardless of the content of the interview is how refreshingly honest this guy was, and how much BS is being fed to us on a daily basis by politicians.

Good luck to him I say, time to stock up the cellar I think!
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