To my London friends,
Don't miss this one.
The London Metal Exchange has announced that Philippa Malmgren, president and founder of the Conbury Group and Principalis Asset Management, will be the keynote speaker at its upcoming Metals Seminar.
Malmgren, as I have pointed out before is the ultimate insider. She was a member of the plunge protection team, and every global corporation is using her as a consultant. What's more she tends to provide very useful, insightful information when she speaks. In her last speech, she warned about stealth taxes and future price inflation because of climbing Chineese labor costs.
Here's a bit more info on the event:
October 11, 2010
LME Metals Seminar 2010 - London
Building on last year's record attendance with over 500 delegates from around the world, the 2010 LME Metals Seminar will be held on Monday 11 October 2010 at the Queen Elizabeth II Conference Centre, Westminster, London.
This year’s event includes the following presentations:
8.30am Registration and Refreshments
9.00am Welcome, Review and Look Forward: Martin Abbott, Chief Executive,
London Metal Exchange
9.10am Metals and the Global Economy: Dr Philippa Malmgren, President and
Founder of the Canonbury Group and Principalis Asset Management
10.00am Refreshment Break
The Outlook for LME Metals:
10.20am Aluminium: Ed Meir, Senior Commodity Analyst, MF Global UK Limited
10.40am Copper: Daniel Brebner, Head of Metals Research, Deutsche Bank AG
11.00pm Nickel, Tin, Zinc and Lead: Josh Crumb, Senior Metals Strategist,
Global Investment Research, Goldman Sachs International
11.20pm Refreshment Break
11.40pm Steel: Colin Hamilton, Senior Analyst, Commodities Research,
Macquarie Bank Limited
12.00pm Cobalt and Molybdenum: Catherine M Virga, Director of Research,
CPM Group
12.20pm Question and Answer Panel Session
12.45pm Close / Drinks Reception
Tickets
Tickets cost £150 + VAT and are available for purchase through the LME online store .
Showing posts with label Philppa Malmgren. Show all posts
Showing posts with label Philppa Malmgren. Show all posts
Wednesday, July 21, 2010
Saturday, July 10, 2010
Major Insider: It's Going to Be a Great Environment for Monoplies and Stealth Taxes
I have featured former Plunge Protection Member, Philippa Malmgren, before. She is on the payroll of just about every elite organization in the world. Thus, it always pays to keep an eye on her thoughts.
She recently discussed her current views in writing. Unless you are an insider that can buy up monopolies, her views will not make you happy. Right now, she is talking up higher costs, higher taxes and success only for monopolies and near monopolies.
The higher tax talk shouldn't come as a surprise, that's the elites new mantra.
Specifically on the tax front, she, accurately, sees not only regular taxes climbing but "stealth" taxes. She uses, as an example, the recent banning, by NYC officials, of homeowners who rent out their apartments to short-term vacationers. She points out that the ban is an effort to drive these vacationers into traditional hotels, which are easier to ta in full.
Another example of a stealth tax, she points out, is traffic regulation fines. In the future, they will be designed more and more based on the revenue they generate rather than for traffic control purposes. She reports that in her London neighborhood a 20 mile per hour speed limit was just approved.
What is most noteworthy is her warning on higher costs and her advice to OWN monopolies.
I haven't seen this from any other elites. She sees food costs rising. And most interesting she sees major increases in labor costs in China. She reports that the Chinese are allowing North Koreans to sneak over the border because China needs the cheap labor.
What's her current advice to the elite? Own monopoly businesses, she says. Also, bottlenecks, she says, will be good for businesses that can get in the middle of the mess. Her advice, which makes a lot of sense if you know what you are doing, is that this is NOT a time to be liquid, but it is the time to be locking down illiquid monopoly, near monopoly businesses and businesses that can get in the middle of bottlenecks.
Of course, if you don't have the money to buy a monopoly, you better get real creative, or get ready for peasant status.
She recently discussed her current views in writing. Unless you are an insider that can buy up monopolies, her views will not make you happy. Right now, she is talking up higher costs, higher taxes and success only for monopolies and near monopolies.
The higher tax talk shouldn't come as a surprise, that's the elites new mantra.
Specifically on the tax front, she, accurately, sees not only regular taxes climbing but "stealth" taxes. She uses, as an example, the recent banning, by NYC officials, of homeowners who rent out their apartments to short-term vacationers. She points out that the ban is an effort to drive these vacationers into traditional hotels, which are easier to ta in full.
Another example of a stealth tax, she points out, is traffic regulation fines. In the future, they will be designed more and more based on the revenue they generate rather than for traffic control purposes. She reports that in her London neighborhood a 20 mile per hour speed limit was just approved.
What is most noteworthy is her warning on higher costs and her advice to OWN monopolies.
I haven't seen this from any other elites. She sees food costs rising. And most interesting she sees major increases in labor costs in China. She reports that the Chinese are allowing North Koreans to sneak over the border because China needs the cheap labor.
What's her current advice to the elite? Own monopoly businesses, she says. Also, bottlenecks, she says, will be good for businesses that can get in the middle of the mess. Her advice, which makes a lot of sense if you know what you are doing, is that this is NOT a time to be liquid, but it is the time to be locking down illiquid monopoly, near monopoly businesses and businesses that can get in the middle of bottlenecks.
Of course, if you don't have the money to buy a monopoly, you better get real creative, or get ready for peasant status.
Sunday, April 4, 2010
Former Plunge Protection Team Member Warns on Coming Inflation
Recently, I posted a short profile on Philippa Malmgren and the remarkable list of clients she has gained since leaving government.
There is no question that word is out among insiders that she is an up and coming player. Take a look at the client list again. Everyone who is an inside player is sending her a check.
Below is a one hour, eleven minute youtube video of a speech she gave recently. I highly recommend that you find the time to listen to the entire video right through to the last question, which was about whether insiders saw the subprime crash coming.
Keep in mind while you are watching this tape that this is a very connected and powerful woman who could very well become a future Treasury Secretary or Federal Reserve chairman. In the world of realeconomiks, I would be happy with her selection (although it's not going to happen in an Obama Administration).
The first item that should be noted about her approach is that she is looking at the economy from a qualitative angle versus a quantitative approach. In the examples she uses, it almost appears that she looks at the economy in much the same way that I outlined the economy should be watched, when I wrote, How to Monitor the Economy.
That said, she gives no indication she understands business cycle theory. Further, although it is clear she understands that default or inflation are two of the ways by which the debt problem can be resolved, she also lists devaluation of the currency as a separate method, when it is really not different from an inflation. I have no idea how you would get a devaluation of the dollar without inflation being the cause.
She also talks somewhat in code, toward the end it becomes clear she is very critical of Obama but she takes a tact that Mises often took, i.e. criticizing a concept or a period in history rather than current players. She talks about FDR instead of Obama. She means Obama. She is also bullish on commodities, and this might also include gold, but as a former member of the plunge protection team, she is not going to say so outright.
The most remarkable part of the clip is her warnings on inflation, which starts roughly at the 20 minute mark. This is no ordinary analyst making this warning. This is a person who was a key member of the Plunge Protection Team, which means her warning about inflation and her very bullish stance on commodities is a quite remarkable thing to hear.
I should point out that she is probably talking long-term here and not anything that will occur, say, over the next six months or so. Thus, there is no conflict with my own short-term bearish view on gold (and most other commodities ) and my long-term bullish view.
There are a lot of insights in this speech. I don't agree with everything she says, especially her occasional nation/macro thinking, but overall it is a remarkably open speech from someone who is a major player.
There is no question that word is out among insiders that she is an up and coming player. Take a look at the client list again. Everyone who is an inside player is sending her a check.
Below is a one hour, eleven minute youtube video of a speech she gave recently. I highly recommend that you find the time to listen to the entire video right through to the last question, which was about whether insiders saw the subprime crash coming.
Keep in mind while you are watching this tape that this is a very connected and powerful woman who could very well become a future Treasury Secretary or Federal Reserve chairman. In the world of realeconomiks, I would be happy with her selection (although it's not going to happen in an Obama Administration).
The first item that should be noted about her approach is that she is looking at the economy from a qualitative angle versus a quantitative approach. In the examples she uses, it almost appears that she looks at the economy in much the same way that I outlined the economy should be watched, when I wrote, How to Monitor the Economy.
That said, she gives no indication she understands business cycle theory. Further, although it is clear she understands that default or inflation are two of the ways by which the debt problem can be resolved, she also lists devaluation of the currency as a separate method, when it is really not different from an inflation. I have no idea how you would get a devaluation of the dollar without inflation being the cause.
She also talks somewhat in code, toward the end it becomes clear she is very critical of Obama but she takes a tact that Mises often took, i.e. criticizing a concept or a period in history rather than current players. She talks about FDR instead of Obama. She means Obama. She is also bullish on commodities, and this might also include gold, but as a former member of the plunge protection team, she is not going to say so outright.
The most remarkable part of the clip is her warnings on inflation, which starts roughly at the 20 minute mark. This is no ordinary analyst making this warning. This is a person who was a key member of the Plunge Protection Team, which means her warning about inflation and her very bullish stance on commodities is a quite remarkable thing to hear.
I should point out that she is probably talking long-term here and not anything that will occur, say, over the next six months or so. Thus, there is no conflict with my own short-term bearish view on gold (and most other commodities ) and my long-term bullish view.
There are a lot of insights in this speech. I don't agree with everything she says, especially her occasional nation/macro thinking, but overall it is a remarkably open speech from someone who is a major player.
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