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wonderpup

Mints With A Hole?

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Anyone noticed how serial acronym coiner and ex sqiud 'Guru' Jim O'neill has gone quiet on his latest theory regarding the new BRIC contenders- the MINTS?

Jim O'Neill has hailed Mexico, Indonesia, Nigeria, and Turkey (Mint) as the new frontier of the global economy, which that could replace his well-coined acronym for the emergent Bric economies of Brazil, Russia, India and China.

According to O'Neill, who first referred to Bric economies in 2001, as the new economic powerhouses will typically be Mexico, Nigeria, Indonesia and Turkey.

O'Neill, who is presenting a four part series for the BBC Radio 4 that profiles each of these new countries, said that Mints had a number of advantages which would bring them to the top of the economic table if they reached their potential.
Nigeria and Turkey had the best chance of surprising the world according to O'Neill as many of their problems are already known while Mexico might disappoint due to the high expectations of it.

http://www.ibtimes.co.uk/ex-goldman-guru-jim-oneill-says-mints-are-new-brics-1431171

Well he was right about Turkey being a surprise- but not in the way he intended;

Turkey’s finance minister knows his country is in the cross-hairs as the US and China tighten the liquidity spigot, viewed by many as the most vulnerable of the big emerging market states, and potentially the detonator of a broader global crisis. Mehmet Simsek is a poacher turned game-keeper. He used to work for Merrill Lynch and is a well-known face in London. Indeed, he is a British citizen.

“We are aware it’s going to be tough,” he said, admitting that the government woke up to a “changed world” last year as US Federal Reserve turned hawkish. “We are not going to fight the markets because we know we can’t win. We’ll let the adjustment take place, as it already has with the currency,” he said.

Everything has gone wrong at once. Hedge funds are closing in on those countries with the worst current account profiles, and Turkey is looking naked with a deficit of 7.6% of GDP. Foreign reserves have fallen to two months import cover. The International Monetary Fund issued a blistering report in December, warning that Turkey is on an “unsustainable” path, with gross external financing requirements above 25% of GDP per year. It said monetary and fiscal policy were both too loose.

There has been a chronic erosion of Turkey’s net foreign asset position since 2008 to minus 53% of GDP. Investment in factories and plant (FDI) has dried up, replaced by hot money. The IMF said Turkey risks a “sudden stop” in capital flows that could trigger recession. The country has been skating on thin ice ever since mass protests last June, put down by police with live ammunition. This took a turn for the worse with the eruption of a bitter power-struggle within the Islamist movement of premier Tayyip Recep Erdogan, the “events of December 17″.

It was triggered by corruption probes against party elites, including three children of cabinet ministers. Mr Erdogan responded with a purge of the judiciary and police, claiming that a “parallel state” was orchestrating a judicial coup. “This has gone beyond tinkering and become really serious: Erdogan can’t just roll up democratic institutions,” said one diplomat. “Fund managers who thought Turkey was stable tell us they now have to worry about political risk, or even whether contracts will be enforced.”

Turkey has little safety margin. A report by UBS said Turkey is almost as vulnerable as Thailand before it set off the Asian crisis in 1997, and worse in key respects. Its savings rate is 12.6% compared to 33% in Thailand then. Short-term foreign debt has jumped five-fold to $90bn since 2007, according to S&P. This has to be rolled over continuously. Much of the dollar debt is “unhedged” and has fuelled a construction boom. Borrowers face a triple squeeze from rising rates, a 22% fall in the lira over the last year, and a slump in growth. The IMF says the era of Chinese-style growth rates of 9% will never return.

So in the blink of an eye this future 'economic powerhouse' is revealed as a corrupt quasi oligarchy whose economic strength was a hologram fueled by hot money printed up by the US FED and China's shadow banking system.?

At what point does the credibility of people like O'neill become subject to any degree of critical analysis?- or will he just pop up again in six months with a new acronym to peddle on the BBC?

No wonder the Squid needs a rigged market to play in- if it had to make it's own way based on the insights of it's analysts it would surely fail.

It's bad enough that the bankers have utterly debased our monetary system- but they have also debased the tools used to analyse it. Why do the BBC and others keep giving airtime to people who not only failed to detect the incoming meltdown of the entire global economy- but continue to present such facile and shallow contrivances as 'the MINTs' as serious analysis?

I swear to god I get better quality of insight and analysis on this site from a bunch of anonymous posters with silly names than I get from the National Broadcaster of the UK- how is that even possible? :angry:

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Bah these people have something to sell - lets bunch up some up coming countries and hey presto - a new acronym!

GOLD - Germany, Oman, Luxembourg, Denmark!

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Bah these people have something to sell - lets bunch up some up coming countries and hey presto - a new acronym!

GOLD - Germany, Oman, Luxembourg, Denmark!

Pakistan Egypt Nepal India Sudan :D

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I swear to god I get better quality of insight and analysis on this site from a bunch of anonymous posters with silly names than I get from the National Broadcaster of the UK- how is that even possible? :angry:

Not only is it possible, it's by design. The BBC was stripped of any credibility it might once have had in the 1990s. There are no mainstream broadcasters left who will disseminate the truth. The truth simply doesn't serve the interests of the ruling kleptocracy.

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Anyone noticed how serial acronym coiner and ex sqiud 'Guru' Jim O'neill has gone quiet on his latest theory regarding the new BRIC contenders- the MINTS?

http://www.ibtimes.c...w-brics-1431171

Well he was right about Turkey being a surprise- but not in the way he intended;

So in the blink of an eye this future 'economic powerhouse' is revealed as a corrupt quasi oligarchy whose economic strength was a hologram fueled by hot money printed up by the US FED and China's shadow banking system.?

At what point does the credibility of people like O'neill become subject to any degree of critical analysis?- or will he just pop up again in six months with a new acronym to peddle on the BBC?

No wonder the Squid needs a rigged market to play in- if it had to make it's own way based on the insights of it's analysts it would surely fail.

It's bad enough that the bankers have utterly debased our monetary system- but they have also debased the tools used to analyse it. Why do the BBC and others keep giving airtime to people who not only failed to detect the incoming meltdown of the entire global economy- but continue to present such facile and shallow contrivances as 'the MINTs' as serious analysis?

I swear to god I get better quality of insight and analysis on this site from a bunch of anonymous posters with silly names than I get from the National Broadcaster of the UK- how is that even possible? :angry:

The academic economists are scientific illiterates, the city economists are commercial shills, and the media economists political hacks.

Jeem O'neill qualifies in all three categories!

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The Masked Tulip, on 17 February 2014 - 09:49 PM, said:

Columbia Uruguay Chile & Kazakhstan

Uruguay??????

Oman you got that wrong.

It's probably the auto-censor on this site. Very clever!

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