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Article posted May 30 2010, 9:54 AM Category: Economy Source: Zero Hedge Print

Hugh Hendry on Banking Crisis: "I Would Recommend You Panic"



BBC Newsnight held another great financial round table discussion (why do these occur only in Canada and across the Atlantic? Is it so difficult to have 20 minutes of commercial free debate here in the US where people can actually tell the truth?) which brought together Hugh Hdenry, Gillian Tett and Jeffrey Sachs. As usual, Hendry takes it odd with a bang: "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." Of course, the Columbia professor, is completely against purging the system: how else can US higher "educators" continue to indoctrinate generation after generation with the flawed principles of a bankrupt ideology, and continue getting getting paid handsomely if there is an global reset? Even funnier, Jeffrey Sachs loses it when Hendry calls him out on his BS at 5 minutes into the clip. The ensuing smackdown is worth the price of admission alone.

h/t Kevin





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Comments Add Comment Page 1 of 1
Sweet peaches

Posted: May 31 2010, 10:17 PM

Link
119224 So Greece can spend forever servicing its enormous debt rather than getting rid of it?

Sounds like your typical debt-enslaved third world country.

Greece would be better off defaulting and moving on.


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