Commentary on Political Economy

Saturday 6 August 2011

El-Erian Is A Miserable PIMCO Moron!

I found it! Here is what I wrote about El-Erian and the then possible S&P downgrade of US debt in the FT only a few weeks ago:

joseph belbruno | April 18 4:17pm | Permalink

PPS: Look! I am utterly ecstatic at the averment of all my prophecies!! Please bear with me an instant more. Just read and reflect on the profound imbecillity of even the finest "analysts" - the sheer, cosmical, unutterable "Powerlessness" (Nietzschean "Ohnmacht") of none other than Mohammed El-Erian in the FT today!! Listen all! Listen all!!

"The US also risks eroding its standing at the core of the global monetary system.

The world looks to America for a range of “global public goods” — including the reserve currency, the deepest and most liquid government debt markets, and the “risk free” standard. With no other country able and willing to step into this role, the result would be global efficiency losses and a higher risk of economic and financial fragmentation.

S&P’s warning should be heard loud and clear in Washington DC, hopefully acting as a catalyst for faster convergence on a credible medium-term fiscal package. It is also a reminder of risk to the global economy, as well as the generalized deterioration in the sovereign credit quality of several advanced economies."

IN OTHER WORDS!! What El-Erian is saying is that "THE WARNING" from S&P to the United States is in fact "A PLEA FOR HELP"!! A plea to help ensure that the Administration (please! please!) DO SOMETHING to rescue "the global economy" (read, "the capitalist world market") from complete, total, annihilation and destruction and implosion - call it what you will!! So the people who need help are not the US Administration or the US economy, but rather that system of "abuse" named "the public good" of the US providing a "world currency" for the capitalist world market and for the entire capitalist economy!!
That's all, folks!!

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