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Jim O'neill Says The Euro Faces 'black Swan' Moment

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8164914/Jim-ONeill-says-the-euro-faces-black-swan-moment.html

The new chairman of Goldman's Asset Management division said that "very extreme outcomes" were possible if Europe's political leaders did not come together and "sing from the same hymn sheet".

In an interview with The Sunday Telegraph, Mr O'Neill also revealed that the euro should carry a "risk premium" and that it was over-valued by at least 10pc.

He said that the only reason it was not weaker was because many of the eurozone's problems were being masked by events in America and worries about weaknesses in the US economy.

Goldman Sachs Asset Management (GSAM) manages $823bn (£528bn) in funds that invest in equities, debt and currencies worldwide. Mr O'Neill said he wanted that figure to double in the next five years.

He said that looking at traditional debt fundamentals "you wouldn't want to touch" any of the debt in developed-world members of the G20. There were better opportunities in emerging market economies.

Goldman Sachs bringing more debt to the emerging nations.

If the emerging nations had any sense they would tell the bankers bringing debt to feck off.

Clearly this is what gods wants everyone to be in debt, Jesus clearly made a mistake when he warned about bankers. God must have given him one hell of a bitch slap when he returned to be by his side.

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Man 'predicts Black Swan'.

Can he not see the irony?

indeed. having debt you cant repay always has the same results...

maybe the ECB could win the Euromillions triple rollover.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8164914/Jim-ONeill-says-the-euro-faces-black-swan-moment.html

Goldman Sachs bringing more debt to the emerging nations.

If the emerging nations had any sense they would tell the bankers bringing debt to feck off.

Clearly this is what gods wants everyone to be in debt, Jesus clearly made a mistake when he warned about bankers. God must have given him one hell of a bitch slap when he returned to be by his side.

Er no, in every revelation going usury was strictly forbidden. http://en.wikipedia.org/wiki/Usury#Torah and http://en.wikipedia.org/wiki/Loans_and_interest_in_Judaism for a starter on the subject. Forbidden for the reasons that are now clear for all to see. Historically the Jews have been oft accused of circumventing scripture perhaps thinking themselves cleverer than god when it comes to semantics, and here we look at all the major players in this and find them stinking rich off the usury based banking system forbidden in their religion.

For interest the all pervasiveness of usury (really quite a recent thing though ask anyone if they think it would be possible to live without it and they would think not) does not surprise Muslims as it was prophesied that it would be like this: Narrated AbuHurayrah: The Prophet (peace_be_upon_him) said: A time is certainly coming to mankind when only the receiver of usury will remain, and if he does not receive it, some of its vapour will reach him. Ibn Isa said: Some of its dust will reach him. (Book #22, Hadith #3325)

It really is the root of all this as without it there would be no interest in getting people in debt they couldn't repay as the lender would also lose. "Shorting" is also specifically forbidden in Islam, not sure if it's specified in the others.

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Er no, in every revelation going usury was strictly forbidden. http://en.wikipedia....iki/Usury#Torah and http://en.wikipedia....rest_in_Judaism for a starter on the subject. Forbidden for the reasons that are now clear for all to see. Historically the Jews have been oft accused of circumventing scripture perhaps thinking themselves cleverer than god when it comes to semantics, and here we look at all the major players in this and find them stinking rich off the usury based banking system forbidden in their religion.

For interest the all pervasiveness of usury (really quite a recent thing though ask anyone if they think it would be possible to live without it and they would think not) does not surprise Muslims as it was prophesied that it would be like this: Narrated AbuHurayrah: The Prophet (peace_be_upon_him) said: A time is certainly coming to mankind when only the receiver of usury will remain, and if he does not receive it, some of its vapour will reach him. Ibn Isa said: Some of its dust will reach him. (Book #22, Hadith #3325)

It really is the root of all this as without it there would be no interest in getting people in debt they couldn't repay as the lender would also lose. "Shorting" is also specifically forbidden in Islam, not sure if it's specified in the others.

High interest rates are not the problem, which I understand is the Usury.

Its the fraud of securitising debt that is the problem. It was not possible for MBS to offer better and safer returns than Gilts as there were so many fingers in the pie between borrower and bondholder....the margins in between were MORE than the sums extracted from the loans.

This is clear Fraud.

And The LORD also said...Though Shalt Not Steal.

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Man 'predicts Black Swan'.

Can he not see the irony?

Correct. A black swan event is one that is so unlikely that no one considers it. People seem to take it to mean an extremely negative outcome.

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Correct. A black swan event is one that is so unlikely that no one considers it. People seem to take it to mean an extremely negative outcome.

Who gives a $**t...stop clutching at straws!

To 99% of the worlds population a currency collapse is a 'black swan' event.

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Who gives a $**t...stop clutching at straws!

To 99% of the worlds population a currency collapse is a 'black swan' event.

Why comment if you don't understand the concept?

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Er no, in every revelation going usury was strictly forbidden. http://en.wikipedia.org/wiki/Usury#Torah and http://en.wikipedia.org/wiki/Loans_and_interest_in_Judaism for a starter on the subject. Forbidden for the reasons that are now clear for all to see. Historically the Jews have been oft accused of circumventing scripture perhaps thinking themselves cleverer than god when it comes to semantics, and here we look at all the major players in this and find them stinking rich off the usury based banking system forbidden in their religion.

For interest the all pervasiveness of usury (really quite a recent thing though ask anyone if they think it would be possible to live without it and they would think not) does not surprise Muslims as it was prophesied that it would be like this: Narrated AbuHurayrah: The Prophet (peace_be_upon_him) said: A time is certainly coming to mankind when only the receiver of usury will remain, and if he does not receive it, some of its vapour will reach him. Ibn Isa said: Some of its dust will reach him. (Book #22, Hadith #3325)

It really is the root of all this as without it there would be no interest in getting people in debt they couldn't repay as the lender would also lose. "Shorting" is also specifically forbidden in Islam, not sure if it's specified in the others.

Islam, along with just about every about other major religion got this one bang on the nail. I say that as a complete atheist.

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Who gives a $**t...stop clutching at straws!

To 99% of the worlds population a currency collapse is a 'black swan' event.

Not if it is expected. It is a specific term that describes a specific type of event. Namely, one that is not predictable. If you can predict the actual event itself, it isn't one.

Edited by tallguy

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Usury was originally any lending at interest. It was punishable by death in the Christian religion.

It was not banned under the Jewish religion. It was merely banned to lend to a fellow Jew at interest. Lending to Gentiles was fine.

Plenty of reason to believe it was banned in the religion as revealed but this law was not fully implemented by the Jews. The Christians inherited the greater part of the bible from the Torah (translated means simple "The Law") which included the ban on usury. This was the Jewish Law. The fact that they followed it as far as not ripping off other Jews is testament to it being recognised by them as a "bad thing", they simply didn't have a problem ripping off everyone else which has been winning them friends for thousands of years till this day.

The Muslims essentially inherited the Christian doctrine in this but never 'modernised'.

The Quran does not have an inheritance in the same way as the bible does with the old testament being the Torah, the similarities are down to the revelation being the same and again and again being ignored by man, many of whom would rather follow their greed than do the better thing. It hasn't modernised in the sense of being watered down by man over time until it says what the bankers want it to say.

From what i understand securitisation of debt as we saw would also not have been legal in Islamic finance though i don't know the intricacies of that personally.

This really is a worthwhile point to consider as the Islamic banking system is still intact and able to be learned from if only the people in control decide they want a fair and just system of banking rather than an all out profit and gambling system.

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Islam, along with just about every about other major religion got this one bang on the nail. I say that as a complete atheist.

+1

They also get Gold/Silver.

I wonder if reraise is going to say I don't understand that concept either.

Half of you on this board often sound like the sheeple arguing who should go off the x factor.

The disinformation is deafening at times.

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Not if it is expected. It is a specific term that describes a specific type of event. Namely, one that is not predictable. If you can predict the actual event itself, it isn't one.

Not quite how Talab described it in his book, he did advocate that a black swan can be when the majority don't see it coming.

To be honest the idea that it can't be predicted is a slight misnomer. 911 cannot be a black swan because I'd frequently had the thoughts about what would happen in Terrorists hijacked a plane and flew them into buildings, however I had no idea when it was ever going happen or even if it would. I'm sure other people contemplated the same, similarly for those organising the event "they knew" what was going to happen and could have benefited accordingly, so even that black swan can be viewed as a "non black swan event" if you really want to be pedantic.

Would aliens landing be a black swan or not?

It's not something that can be predicted, but the possibility exists no matter how remote that it could happen.

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To be honest the idea that it can't be predicted is a slight misnomer.

That's a misapprehension. Your use of misnomer is a misnomer.

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That's a misapprehension. Your use of misnomer is a misnomer.

http://en.wikipedia.org/wiki/Misnomer

A misnomer is a term which suggests an interpretation that is known to be untrue. Such incorrect terms sometimes derive their names because of the form, action, or origin of the subject becoming named popularly or widely referenced—long before their true natures were known."]A misnomer is a term which suggests an interpretation that is known to be untrue. Such incorrect terms sometimes derive their names because of the form, action, or origin of the subject becoming named popularly or widely referenced—long before their true natures were known.

http://www.thefreedictionary.com/misapprehension

misapprehension - an understanding of something that is not correct; "he wasn't going to admit his mistake"; "make no mistake about his intentions"; "there must be some misunderstanding--I don't have a sister"

Probably neither in reality.

Isn't the English language fun.

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These guys have reasons to give exaggerated statements, namely that it might generate business for them.

Also, if it doesnt happen, then not many will remember it, but if it does happen he can spend the rest of his career discussing, writing books and lecturing about it a la Taleb.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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