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

Asheron

"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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purch

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.

treliac

If it were true, I'd go for the 3 years.... give the next generation a chance.

StevieJ

Asheron wrote: »

"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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I watched that live and the fellow interviewee, a Yank on there gave him short shrift

Jonbvn

purch wrote: »

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.

lostinrates

treliac wrote: »

If it were true, I'd go for the 3 years.... give the next generation a chance.

One wonders if there is not a halfway option...say, seven years of strife but with hope?

1984ReturnsForReal_2

treliac wrote: »

If it were true, I'd go for the 3 years.... give the next generation a chance.

You remind me of Bruce Willis in Armageddon.

:A


:rotfl:

tomterm8

I watched the bloke on TV last night. A real nutbar type. Came to the conclusion he hadn't a clue.

Spartacus_Mills

StevieJ wrote: »

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.

tomterm8

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.

Spartacus_Mills

tomterm8 wrote: »

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.