Thursday, April 9, 2009

A Night With The Bears - Part II, Roubini says No Inflation.

The night with the bears in Toronto was covered live over Twitter by the Globe and Mail. Twitter is a fabulous tool that has many business uses.

The event was also for chocolate lovers. Sprott have all attendees a chocolate bar with the words Sprott Gold Bullion Fund written across the gold wrapping. SAM's new fund's launched investment objective "is to seek to provide a secure, convenient alternative for investors seeking to hold gold".


Roubini pays no attention to those who argue inflation will return. He says the collapse of global demand, the continuing growth in global supply means that prices and labour costs have nowhere to go except lower. "Deflation is the story we will have to worry about," he said.

Some Twitter highlights:

Reporter asks if Roubini is ever happy with life in general. He says yes, and then glares at reporter.
Sprott sees economy bottoming in 10 to 20 years.

Whitney: banking system sounded fabulous when she started career. But, not so much now.
Whitney: shadow banks! Trillions in loans! And that's saying nothing about credit cards. To get out - break market share of 5 big lenders.

Whitney: you will see credit ripped out of people's wallets. 10 million more will lose homes.
Whitney: Credit card $4.2 trillion outstanding. If you cut credit, it is a pay cut. Everyone this room will have credit reduced. Bearish!

Roubini: forget v recovery. Maybe a U. Or an L. Only thing certain - optimists are knuckleheads
Roubini: only thing not collapsing is government spending.
Roubini: this a bear market rally. Market has predicted six of the last zero recoveries, he says.
Roubini: half of hedge funds go bust by next year.
Roubini jokes about light at end of tunnel... And hopefully it is not the train (har har)

Gordon: Depression! Depression! Also, this is a depression.
Gordon has called for so many things to collapse
Summary: everything will collapse. Everything!
There we go: Gordon calls for Dow 1000, says to buy gold.
Sprott: I don't know if I can take any more of this. His good news: after QA, bar will be open.

Sprott: capital ratios aren't worth anything. Ignore that noise. It is not a depression, it is a collapse.
Sprott: derivatives will melt the system.
Sprott: how to survive. Short market. Buy bullion. Look at agriculture.
Roubini would buy china etf. Gordon buy japan. Sprott south africa. Whitney says any mineral rich, politcally stable country.

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