Here are some notes from Goldman’s Jim O’Neill, appearing on CNBC….
0:20 — Even the U.S. is now surprising and showing a V, along with the world
“At the margin, the bit that is becoming more interesting is that the developed world is looking like it is having a V-shaped recovery as well”
“The big place we are concerned is the U.S., but if we look at the ongoing indicators, they’re stronger than we’re forecasting… if you look at the U.S. consumer evidence lately… it is coming through stronger than we thought.”
“If you look at the ongoing evidence of Chinese growth, domestic demand is growing somewhere between 15 – 20%, and Chinese is importing like there’s no tomorrow… trade surplus to date is at 1.5% of GDP at best and yet Congress is acting like they did with Japan 20 years go.”
2:50 — Germany needs China more than Europe
“It’s increasingly clear that the boom going on in China and some other emerging market countries is like a godsend for them (Europe).”
3:40 — There’s no euro crisis
“The Euro is trading at $1.34 [that’s still 10% above fair value and not that low really]… I think the Germans have finally found a way to get the Euro to go down without going begging to Beijing. Just make a few unpleasant noises about the Greek fiscal situation every now and then, and the Euro goes down”
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