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No real solution in sight for the eurozone, markets close to a crash, trader tells BBC
Posted on 27 September 2011 with 4 comments from readers
With refreshing candour market trader Alessio Rastani shocked the BBC with his predictions of an imminent implosion of global financial markets. Yet this is only what the majority of traders believe and it is an honest view uncoloured by the need to be politically correct.
What Mr. Rastani says is like the story of the emperor who wore no clothes and only a child would tell him that he was naked. There is no proposal or plan for a $2 trillion bailout of the eurozone. It is pure fantasy and European finance ministers said as much today.
Posted on 27 September 2011
Categories: Banking & Finance, Bond Markets, Hedge Funds, Investment Gurus, US Stocks, Video Channel
4 Comments posted by readers:
er, your editors might care to check out …
http://www.guardian.co.uk/media/2011/sep/27/trader-goldman-sachs-bbc-hoax
Both my financial advisor and my dentist promptly committed suicide as a result of your article! Messrs Sue, Grabbitt & Runne have been alerted to seek substantial damages on my behalf for pain and suffering at my loss resulting from your news item!
However, in settlement of my claim, I will relent and settle for the proceeds of an ingot or 2 of gold – please post same to my usual Cayman Islands Post Office Savings account.
Thank you
It won’t happen. It reminds me of Meredith Whitney a year ago saying the municipal bond market in the USA was going to implode. It hasn’t. Just like she was wrong, this guy is wrong. Governments will do whatever is necessary to protect the super rich that control them with their vast wealth. Wealth on a level that the average citizen of the Western democracies literally can’t comprehend. (That is why David Faber’s CNBC TV special ‘Untold Wealth: The Rise of the Super Rich’ disappeared from the CNBC web site. The elite don’t want how rich they are, spread around to the people living from paycheck to paycheck, while raising their retirement age and cutting Medicare is being discussed by governments.) They will create as much money as necessary to keep the market from imploding, no matter how much inflation results a couple of years down the road.
He is talking his short book. I want to see him interviewed a year from now explaining why he was wrong. You won’t. Europe won’t collapse, at least not for a few more years. They will create a lot of new debt that might eventually blow up, but not next year. The citizens of Europe, like those in the USA in 2008, are about to find out who really runs their governments, the bankers and billionaires. It could be a boost for gold.
There will be no pain-free, clean “solutions”. It’s a mess and will get bigger, until it stops being treated as a mess.
Humanity goes through these things from time to time. It’ll weed out the weak.
There’s some speculation as to whether the featured trader is genuine or not. apropos this I read an interesting article/interview on Forbes dot com:
“Trader Or Prankster? We Called Alessio Rastani And Asked”
http://www.forbes.com/sites/emilylambert/2011/09/27/trader-or-prankster-we-called-alessio-rastani-and-asked/
Also check out:
http://www.forbes.com/sites/emilylambert/2011/09/28/did-the-bbc-trader-seem-cartoonish/