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BBC Newsnight: Hugh Hendry: "I Would Recommend You Panic"

Asheron
Posts: 1,229 Forumite
"I would recommend you panic. The European banking system is in a crisis."
He continues:
"Let's purge this system of its rottenness. Let's take on a recession. It's going to be tough, people are gonna lose their jobs. They are going to lose their jobs anyway. We can spread this over 20 years, or we can get rid of it over 3 years."
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He continues:
"Let's purge this system of its rottenness. Let's take on a recession. It's going to be tough, people are gonna lose their jobs. They are going to lose their jobs anyway. We can spread this over 20 years, or we can get rid of it over 3 years."
Read More
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Comments
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I guess Newsnight is on after your bedtime.
It was shown yesterday, most people wouldn't need to find out about it from that pathetic website.'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
If it were true, I'd go for the 3 years.... give the next generation a chance.0
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"I would recommend you panic. The European banking system is in a crisis."
He continues:
"Let's purge this system of its rottenness. Let's take on a recession. It's going to be tough, people are gonna lose their jobs. They are going to lose their jobs anyway. We can spread this over 20 years, or we can get rid of it over 3 years."
Read More
I watched that live and the fellow interviewee, a Yank on there gave him short shrift'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
It was shown yesterday, most people wouldn't need to find out about it from that pathetic website.
With your disdain for ZH & Moneyweek you'd be really popular on HPC.
Mind you even they were extracting the urine about MW's comparison of house and gold prices.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
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I watched the bloke on TV last night. A real nutbar type. Came to the conclusion he hadn't a clue.“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
I watched that live and the fellow interviewee, a Yank on there gave him short shrift
That does not mean he is not right though."There's no such thing as Macra. Macra do not exist."
"I could play all day in my Green Cathedral".
"The Centuries that divide me shall be undone."
"A dream? Really, Doctor. You'll be consulting the entrails of a sheep next. "0 -
Spartacus_Mills wrote: »That does not mean he is not right though.
However, the fact he proposed that letting the entire banking system fail, and everyone be wiped out would lead to a 3 year recession, and then everyone would be fine, makes him wrong.
Very wrong.“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
However, the fact he proposed that letting the entire banking system fail, and everyone be wiped out would lead to a 3 year recession, and then everyone would be fine, makes him wrong.
Very wrong.
I am not saying he is right or wrong. I do not know and I suspect most of us do not know however just because someone disagreed with him on Newsnight as SteveJ seemed to hang his hat on means nothing.
We do not know if Hendry is right or wrong, I suspect most of us (myself included) hope he is wrong.
I also hope that there is too much political capital invested in the Euro to allow it to fail and, unlike the early thirties, there is far more will to act in a co-ordinated manner for the global economy although I do believe we are seeing the migration of the global economic powerhouse from the west to China and India at the moment.
The harbingers of doom like Hendry, Peter Schiff, Ron Paul and that Jim chap who is now in the Far East are useful to have around. People can dismiss them as loons if they like but it is worth having their views aired."There's no such thing as Macra. Macra do not exist."
"I could play all day in my Green Cathedral".
"The Centuries that divide me shall be undone."
"A dream? Really, Doctor. You'll be consulting the entrails of a sheep next. "0
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