Charlie Rose

Dan  10/18/2008 04:38 PM Report

Mr. Wolf you are an economist? How can it be that you did not see what could happen to any economy as soon as the flow of credit stops in any economy relying on debt. Especially if it is based on phony repackaging. Just look at the numbers, i.e. debt pile supporting GDP growth (even worst if GDP is inflated). Mr. Wolf in all due respect, but you are just a joke repeating what we all know by now! What is the purpose of this interview?

joan breibart  10/15/2008 06:28 PM Report

One advantage we have over the last Depression is that Americans have 5 billion pounds in their person banks ( bodies) so these stored up meals will tide them over if they lose their jobs or can't afford much due to higher food prices.

Ricardo C. Amaral  10/15/2008 04:13 AM Report

Mr. Wolf and Mr. Roubini if you enjoy reading about the Brazilian economy and China then you are going to enjoy reading the following:

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Brazzil Magazine – October 2007

The Smartest Thing China Could Do Right Now: Invest US$ 200 Billion in Brazil - Written by Ricardo C. Amaral

…The final conclusion is: It's imperative that China move forward in an aggressive fashion and implement with Brazil the plan described in this four-part series of articles. And China should look at it as a matter of national security and future survival.

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Monday, 01 October 2007 - Part 1 of 4

http://www.brazzil.com/component/content/article/184-october-2007/9977.html

Friday, 05 October 2007 - Part 2 of 4

http://www.brazzil.com/component/content/article/184-october-2007/9979.html

Thursday, 11 October 2007 - Part 3 of 4

http://www.brazzil.com/component/content/article/184-october-2007/9983.html

Tuesday, 16 October 2007 - Part 4 of 4

http://www.brazzil.com/component/content/article/184-october-2007/9985.html

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Brazzil Magazine - March 2, 2007

“Here Is Why Brazil Should Adopt the New Asian Currency”

Written by Ricardo C. Amaral

http://www.brazzil.com/component/content/article/177-march-2007/9821.html

…Since December of 1998 I have been advocating and writing many articles saying that Brazil should adopt the euro as its new currency. But the world has been changing at the speed of light since then and everything is evolving very fast today.

In the last two years I have changed my mind regarding Brazil adopting the euro as its new currency, because the entire ball game has changed from the Brazilian perspective in the last few years, and in my opinion, in the near future, Brazil should adopt instead the "New Asian Currency," a new currency similar to the euro on its effort to adapt to the new global economic reality.

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Brazzil Magazine - Wednesday, September 06, 2006

“While the American Dream Is Outsourced Brazil Drives the World into the Future”

Written by Ricardo C. Amaral

http://www.brazzil.com/component/content/article/171-september-2006/9684.html

Technology Changed Everything - Right now, we are in the middle of a historical turning point. In the last few years we had a revolution in technology, and today we can do things that were not viable only two years ago. … Article about John Maynard Keynes and Joseph A. Schumpeter.

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“While China Rises the US Falls in Brazil and Latin America”

By: Ricardo C. Amaral

Published on June 2, 2005

http://www.brazzil.com/2005-mainmenu-79/152-june-2005/9296.html

…China's Rising Influence - In a very short period of time China is becoming the most important business partner of Brazil. China has been quickly replacing the United States' influence in Brazil - and that is also happening in other South American countries

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Ricardo C. Amaral  10/15/2008 04:11 AM Report

Here are 3 articles about Brazil that both of you (Mr. Wolf and Mr. Roubini) might enjoy reading it.

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Brazzil Magazine – July 2008

Why Brazilians Should Demand the Renationalization of Petrobras

Written by: Ricardo C. Amaral

http://www.brazzil.com/articles/194-july-2008/10079-why-brazilians-should-demand-the-renationalizatio n-of-petrobras.html

…Brazil has a very short window of opportunity to implement the renationalization of Petrobras and also implement the enclosed economic development plan since competition from other countries it would make impossible for Brazil to find the necessary technical people and the materials available to build the nuclear reactors and the other parts of this plan.

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Brazil: How to Reduce Unemployment

By: Ricardo C. Amaral

Brazzil Magazine – October 2003

http://www.brazzil.com/component/content/article/20-october-2003/1073.html

…To improve the unemployment rate in Brazil overnight, the Brazilian government should adopt the same system of counting the unemployed as the system being used by the United States government today. It is a simple method of counting the unemployed, massaging the figures and various modern techniques, such as:

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If you enjoyed reading the above articles, then you would also enjoy reading the following about how distorted the US GDP has become and nothing more than a meaningless information. October 7, 2008 CNBC and Economic Damage Control

http://www.elitetrader.com/vb/showthread.php?s=&postid=2110803&highlight=US+real+GDP#post2110803

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The US government claims a GDP of around $ 14 trillion dollars, if we adjust it for the Fairy Tale figures added to this number – Paul Krugman calculates that it is at least 15 percent = $ 2.1 trillion – and if we adjust the financial services section for the current deleveraging that is underway in the US financial sector then that number probably will be closer to $ 1 trillion dollars worth of GDP.

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If we make the following adjustments and don’t even consider that the rest of the U.S. economy it is shrinking by the day and is getting into a very deep recession (and the real estate sector of the economy which has represented a real engine of US economic growth for many years is no longer there, since the US has a very large inventory of available real estate around the country – then we come to the conclusion that the U.S. GDP should be lower than $ 10 trillion dollars and still declining even further. And I would not be surprised to find out that today after all these adjustments are taken in consideration the real U.S. GDP is around $ 9 trillion dollars.

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And these guys at CNBC are talking about a U.S. GDP that is going to grow on top of the Phantom number of $ 14 trillion dollars.

Talking about misinformation: The Financial mainstream media makes Americans and investor think that the U.S. economy is at least 40 percent bigger than the U.S. economy really is.

No wonder the entire U.S. financial system is collapsing and completely out of touch with reality.

Then if you adjust the earnings and its potential for the future then the entire financial system in the United States is inflated by at least another 30 percent, even if the market is already pricing earnings from future years on today’s prices.

Today all the U.S. stock market averages still are inflated by at least 30 percent or even more.

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Ricardo C. Amaral  10/15/2008 04:07 AM Report

Great show Charlie you interviewed 2 of my favorite economists on the same show Mr. Wolf, and Mr. Roubini. Mr. Wolf I have been reading his column on the FT for many years, but Mr. Roubini caught my attention a little over a year ago when I heard him being interviewed on Bloomberg radio.

I have been writing about this coming economic crisis for many years and I even gave the exact location of what was going to trigger this massive meltdown.

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Mr.Wolf in case you decide to read some of my articles, this particular article I wrote in November 2004 from the perspective of one week before the presidential election in 2008. I am sure that you are going to enjoy reading at least this article.

It’s 2008. The US Has Dragged the World into a Depression.

Written by Ricardo C. Amaral

Brazzil Magazine - Saturday, 12 February 2005

http://www.brazzilmag.com/content/view/1424/49/

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…The world lost its confidence in the US economy because they realized that the US economy was over leveraged, and would not have the necessary cash flow to pay its bills in the future…. The First Great Depression of the New Millennium During the second term of George W. Bush’s presidency, finally all the American mismanagement and mistakes did catch up with the American economy, and a number of trends merged into a perfect storm causing the final meltdown of the US economy.

There is discussion about this article also at:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=124509&perpage=6&pagenumber=14

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Mr. Wolf I was surprised to hear you saying that you had not realized how fragile the entire monetary system was. I have been writing about that for the last ten years, how easy it is to destroy the economy of any country including the United States, and how vulnerable most countries have been regarding the flow of hot money. Here is what I said on an article from 9 years ago. This article was published on "The Brasilians," July 1999 and Reprinted on Brazzil Magazine June 2003.

Should Brazil Adopt a New Currency? By: Ricardo C. Amaral

http://www.brazzil.com/component/content/article/16-june-2003/564.html

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Quoting from this article: …Today the amount of money that international speculators have under their management is becoming mind-boggling.

The amount of daily currency transactions in global markets is over $ 1.5 trillion dollars.

The magnitude of daily currency transactions is a major contributing factor for many countries losing their capability to defend their weak currencies from foreign attack of these international money speculators.

These countries don't have the economic reserves necessary to defend their currencies from foreign speculative attacks. It is getting easier for these international speculators to destroy the entire economy of countries such as Russia, Indonesia, Malaysia, Thailand, South Korea, and Brazil.

All they have to do is destroy their currency and the economies undergo a complete collapse. It is a form of modern economic warfare.

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Anton Grambihler  10/15/2008 03:09 AM Report

When John Reed and Sandy Weill announced on television that Travelers and Citibank were going to merge even though they knew it was illegal, the Federal Reserve said they would be given up to 2 years to get congress to change the law so they would not be in violation. Illegal activity by this new entity called Citicorp was partially responsible for the Enron Default. John Reed was later rewarded by being made chairman of the New York Stock Exchange to help boost investor confidence in the Stock Market.

Now the Financial institutions are going for the juggler to bankrupt the United States.

STOP THE FINANCIAL APPEASEMENTS AND BEGIN PROSECUTIONS.

sock puppet  10/15/2008 01:23 AM Report

Debasement of the currency by bailouts for banks, people, cats and dogs concerns me, but in a eureka moment it hit me that that is indeed intended. They can make a fictive value of homes increase through inflation. And alls right with the world - unless you're hungry due to high food prices. But, alas, I'm sure the financial wise-guys think they can fine tune any troublesome little problems. Targeted subsidies here, tax breaks there, voila problem solved. On to the next BUBBLE.

sock puppet  10/15/2008 12:34 AM Report

HOLY FECES! - 2 trillion in Europe with suggestion that USA will be larger since started here. If so doesn't this debase our currency to a near unmanageable degree?

RE Mant  10/15/2008 12:08 AM Report

It would be far better if Americans actually did save, since it implies working first, as opposed to hoarding, which is just an attempt to avoid depreciation, or consumption, since most of what the avg American buys comes from overseas, where they don't need the money. The rich can still afford to consume, which will sustain those businesses (too many IMHO) dependent on them. Some kind of enforced savings program might be highly beneficial. Better leadership with clear goals communicated the American people would also be very helpful. In retrospect I think the fragility of the system really should not have surprised anyone. What do you expect out of a bunch of drunks?