Barry Ritholtz, CEO of Fusion IQ, economist David Rosenberg, and Anatole Kalestky, editor at The Times, are speaking at the CFA Institute Annual Conference today which is being moderated by John Mauldin.
At the conference on the “World Debt Crisis” Ritholtz tweeted that Rosenberg said: “World coming to an end Tuesday, year end the latest.” Of course this was a joke.
Rosenberg had said that even if half of next years fiscal restraint is pushed into the future GDP growth next year would be flat. In response Ritholtz said he doesn’t worry about things that Rosenberg worries about because they are out of his control.
Photo: Barry Ritholtz via Twitter
Meanwhile, Charles Rotblutt of the American Association of Individual Investors tweets…
On EuropeJohn Mauldin: “Only good thing to come out of the debt crisis is that the French are finally going to get theirs. …They are so superriaarr” he joked.
In two or three years it will be all France all the time. France is one of the real problems – “when we get to France there will be nothing”. The Bundesbank is a toothless Tiger.
French banks are incredibly important to the world and world trade. Singapore and Hong Kong are worried about who is going to finance world trade because Paribas etc are having to pull back
Barry Ritholtz: The reason the French and Greeks are angry is not just austerity – the French, Irish, Greeks are saying we guaranteed debts of inept banker. “There’s been socialism but for a select group. The joke is it’s capitalism for the masses and socialism for the bankers.“
Barry Ritholtz: For about five years I’ve been constructive on the dollar. The only currency with size and depth are the euro and yen.
Speaking on the U.S. dollar versus the Yen and Euro he said, “In the land of the blind, the one-eyed man is king.”
Anatole Kaletsky: said the U.S. dollar wins the “ugly contest” because the other major currencies are worse (via Charles Rotblut).
Outlook on Gold
David Rosenberg: You have to normalize gold against something. It’s complexion has changed over time and it is trading less as a commodity and more as a currency.
The peak in gold will peak at $3,000 per ounce before the cycle is out or until the time I change my name from Rosenberg to Goldberg. He said the biggest determining factor of gold prices is short-term interest rates.
John Mauldin: China had its hard-landing in 1982 but that they will have a recession and they can’t escape the business cycle. “China as smart as your are you haven’t got rid of the business cycle. Get over it.” (via Jay McCormick)
Barry Ritholtz: I’m going to tweet Mauldin says China – central planned communists with huge balance of trade surplus is greatest economic system ever.