Friday, November 11, 2011

Well, look who is back

Isn't it our "friend", former Estonia-critic Lars Christensen giving interview to Postimees' economy news section?

Danske Banki peaanalüütik Lars Christensen peab praegustes sündmuste keerises tõdema: jumal lõi ökonomistid ja eriti pangaanalüütikud vaid ilmaennustajate rõõmuks – et keegi teeks neist veel ebatäpsemaid prognoose.
Lars Christensen: Euroopa saatus sõltub suuresti USA Keskpanga otsustest (28)
11.11.2011 08:40
This is my question:

Could you explain what happened to Estonian currency devaluation, which you have so well predicted back in the days, on absurdity of which this blog had commented a few years ago?

I can't see whether this question has been posed in this fresh exposee of Mr Christensen's mindwork as the online edition is cut and the paper has to wait till tomorrow, but in a previous opinion from January this year, also referred, Mr Christensen was so kind or so smart as to burst in praising the Estonian economy. And that is the whole story, there's nothing else what matters, but a commentary.

Now I am able to offer two possibilities why the analyst's mood turned from so sour in 2007 to so sweet in 2011: First option is that he is just a snake very flexible person and his answers depend on who's asking or, more likely, what his bosses expect him to say as dictated by the current strategy. Second option is that he actually put the years which passed from his previous entree into the Baltic world to good use and grew himself some baggage of useful skills.

In the half of the today's inverview that I can still see our good "friend" from Danske bank explains how much easier his job was in 2007 as "big risks over Estonian economy" were visible to "every taxi driver". Now, he goes on to admit, predicting the state of the economy is impossible. But this is just God's will that analysts' prognosis, especially those in the banking, are so bad. You see, dear reader, Mr Christensen admits - jokingly - that the sole usefulness of having analysts is that "weathermen feel better".

I am not sure though if I agree with the good mister. He outdid most of the analysts and surely all of the weathermen in his attacks on Estonia's economy. With our credit rating sky high, much higher now, in the midst of World crisis than it used to be in the "booming years", the true resolve of our working people and businesses became yet more apparent on the background of cheating and lying politicians, bankers and analysts across the globe.

It seems that in this story Mr Christensen has nothing better to offer than to explain that his job is completely useless as nothing can be predicted anymore. Well, Mr Christensen, I have some news: for you nothing really changed.