Speaking on the BBC news this morning, stock market trader Alessio Rastani left the studio open mouthed as he laid out his version of the world’s current economic crisis to the watching public. A view that many would wholeheartedly agree with.
First Alessio said (video below) that the market would crash as it was now ruled by fear and that all the big players in the field know that the market was toast.
It was at this stage that you got the feeling that he was going to give out a bit more information than the BBC was prepared for.
He then said that those major players also do not care about the state of the European or world’s economies, they were moving their money into the safe havens of all denominations of US Treasuries and the dollar.
When asked to pin down the things that would keep investors happy in today’s economic climate Alessio just said very candidly that he was a trader and, like most traders, didn’t care as long as he made money. In fact he said that he had always dreamt of a recession because of the money making opportunities that recessions offer.
You could almost hear the researcher who had recommended Alessio to the news team chewing his/her knuckles as the transmission went out.
He also said that anyone could make money in this environment and pointed to hedging strategies and buying Treasuries. ‘I go to bed every night, I dream of another recession,’ he said
He then said that it wasn’t governments that rule the world, ‘Goldman Sachs rules the world’ he said. And Goldman Sachs doesn’t care, he added.
Likening the financial crisis to a cancer he said that action was needed now or it would be too late. He then predicted that within 12 months millions of people would see their savings devastated and that this was ‘just the beginning’.