Monday’s Discussion with Chris
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Yep, Chris is a good guy!
Great interview! Thanks Chris.
My pleasure!
Chris, what do you think is going to happen in September-October China Launch the CIPS system against the SWIFT system?
Peter, I think that launch will simply be the latest in a long line of steps that will make the yuan a regional (at first) reserve/trading currency. I don’t expect fireworks of any kind necessarily. This will simply be one of the bigger developments on the way to having global dollar competition. The trend will remain toward a world moving away from dollar hegemony, and using other currencies and “closer to home” clearing regimens.
If no one has seen this video of the Greek Finance Minister it is worth watching from about 38 minutes in to get an idea about his thought processes re a possible, sudden and unexpected Greek default.
He basically says that you cannot announce it in advance. It has too be done by surprise.
Easter is coming.
You should watch I think he had a message about the subject using his middle finger
Could be, F%#@ you to ECB?
Surprise!!
Middle finger?
There is an alleged fake version of the above video doing the rounds Al where the Greek finance minister sticks his finger up on camera when he talks about Germany.
It is a fake as you will see in the above video.
It is worth watching the entire video if you have time as it is interesting from a historical financial perspective – he knows his stuff – and gives a very good indication of how he is thinking re defaulting.
Whether Varoufakis flipped the bird or not, the fact remains that it’s a practical and mathematical impossibility for Greece to service its debts, let alone pay them off. At least now he and Tsipras can honestly say that they tried to work with their masters, but to no avail…and can leave the euro scheme with clean consciences, and having kept their promise to voters to only do so as a last measure.
So when Greece defaults it will come ouf of the blue – they will just wake up one day and announce it… and it will take the markets by complete surprise.
Could well be, Bob — and right now the markets seem to have completely removed such a possibility from their thoughts
Good macro thoughts from Chris. Good to hear his voice this again this week.
Thanks Al, Cory, and Chris!