The devil is losing and at the end will be judged for all the crimes. Live at the full in the freedom of GOD (praying in a right form, following the INSTRUCTIONS in the Bible - keeping the 10 commandments - including keeping the Saturday as the 7th day etc.) instead of in the incapacity and deception of devil. Jesus Christ is the savior, love and hope.
But of course here we are 18 months later and Hendry is 100% correct and Stiglitz is 100% incorrect. The haircuts have already happened and the crisis still persists!
Its interesting because they're both right. Stiglitz is right in that if there is market confidence, the interest would go back down to below 2% and Greece would likely be able to service that and Hendry is right in that the 2% rate is what investors are willing to accept for a stable solvent economy not what they're willing to to accept for a country in financial situation of Greece. Definitely chicken and egg problem....
@habraify The biggest problem is that even if the rest of the EU got behind Greece, why would it suddenly become fiscally responsible? And even if it did, it would come at a significant cost to the rest of the world. The most likely scenario would be for Greece just to keep promising it will follow Austerity measures to gain more capital - spend it without changing anything - and keep coming back for more.
@DinaStrange because it is not about the Greek economy. It is about loans to the Greek government made by French and German banks. Ironically this it not the main problem. The loans are underwritten by Credit Default Swaps (CDS). The CDS will only pay out if the interest rate on payments on the loans (Greek bonds) rise. No one knows the extent of so called counter party risk. Also, Goldman Sachs actively short Greek Bonds driving interests up so that the state defaults and the CDS pay out.
hugh hendry is a shameless advertiser working on behalf of financial speculation. notice how his fiery rhetorical confidence if stunted by the moderator when she asks whether or not hedge-fund managers will make millions from the greek default. 5:04. "well... uhh... some of them will..." hendry and his disciples of austerity cooks are pursuing irrational, pro-cyclical policies that will plummet the strength of the eurozone.
@1stGenRefugee : That's absolute nonsense, a short bond position or long cds would benefit, but many hf's have nothing to do with those instruments. If Hugh has taken such a position and is wrong, he will lose his own and his investors $. Wake up, the big banks hold the very same trades, and when they are wrong they come after tax payer funds via bailouts. If Hugh wants to short Greek bonds and there truly is nothing wrong with Greece's finances, then shouldn't that just make them a cheaper buy?
Hendry bears the mark of a man who has recently taken a massive bear position on the euro and is furious that its not working out for him!!! He can bearly control his anger...at being wrong! (prolly to the tune of many millions of $). Even if he gets it right now and then, I dont think i would ever use him as my fund manager. He just lacks the ability to be neutral - a perma bear is no use as a manager. you need to be able to buy and sell to be effective...
Its amazing how badly informed Hugh Hendry is... he is just clearly, obviously wrong about germans not holding any euros printed outside of germany. the man is obviously smoking crack.
@Moragauth Hi Moragauth - he seems to be speaking about currency, and this silly notion that German citizens wont accept Euro that have been minted outside of Germany (all Euro coins show which country they come from). I am half German, I live in London and I travel to Germany quite often. I can categorically tell you that Hugh Hendry is talking total nonsense. He is either just plain stupid and badly informed (badly informed about a matter which would be very easy to verify) or a liar.
@mwmolloy Then Germans aren't as intelligent as he makes them out to be. :) Sucks to be them all the same. If he is lying or "badly" informed about this, how much worse are Stiglitz or his little buddy, who are lying and/or misinformed about the entire economy?
@mwmolloy Absolutely right. The ECB issues all € notes, made in Switzerland, national central banks mint coinage (which does not have serial numbers), but only on the instructions of the ECB. National minting has a denominational say - €1,000,000 - but with an emphasis on say 1€ and 2€ coins, another country might want 0.5€ weightingand so on.
Hendry is also a member of UKIP and that is why he says some unfounded anti-€ things.
Fraudulent and irresponsible currency being promoted by fraudulent and irresponsible central banks, which are being protected by fraudulent and irresponsible governments. The depth of austerity it will take to cure this will teach everyone about the fundamental goodness of anarchy and the sheer phoniness and the incurably oppressive nature of the current oligarchic statist systems that we all live under. People good, governments bad.
@satintypes Refute his logic, then. I find Stiglitz, an economist on the US government's payroll (how supremely sleazy) and some Spanish politico (even more sleaze) by far worse. So please, don't go calling others tools by recourse to ad hominem arguments. It's pathetic.
@Moragauth Hahaha. Fine go ahead and trust him. I'm a CEO I don't care? I know his "logic" and it helps people like me, not people like you. Stay on his balls, you pathetic little runt.
@satintypes You're more idiot than anything else, and please don't try sell me hazy bullshit based on pseudo-Marxian class interest analysis - class interests, I might add, which are best served by the likes of Bernanke propping up the stock market with his quantitative easing measures (which this guy opposes.) Try harder.
The weakest part of Euro project is to be ruled only one central bank in europe. European Central Bank. There are more than 20 countries are using euro currency but all of their fiscal policies are ruled by european central bank. This is the cause of problem. These 20 countries have different economies than each other. You can't use same fiscal policy to Germany and Greece, to France and Portugal. Think about it.
Stiglitz has been proven one hundred percent right, the Euro has not been dragged down by the fall of such economic minnows as Ireland and Greece. One year on and look the Euro is stronger than ever!
The German Economy is now growing faster than even in the late 1980’s, booming at close to 4 percent per year. Even the Swiss are talking about joining the Euro or at least pegging to it, they are already signed up to Schengen.
@Englishgrammar, stiglitz is 100% right because his prophetical deceptions stems from him being part of the same family of crooks, murderers & liars responsible for the engineered global castastrophe. stiglitz is your typical nurse injecting poison in patients, and triumphally & heroically comes up with the right antidote. The Day of THE MOST HIGH YHWH is at hand exposing and putting an end to all of these punzi schemers. Blessings, Peace & Shalom,
@Englishgrammar that is an interesting point. The euro has not crumbled. The dollar is the currency with the loosest monetary policy, the biggest QE scheme, the highest current account borrowing and the largest unfunded obligations. they simply dwarf anything over here in Europe. They have printed a Tsunami of money which as swamped the commodities markets and caused all sorts of problems all over the globe.
Economies Do not Work.To many variable parts and they all rely on another or many other functioning variable parts.With a corrupt government & a Fed res. bank and you have the biggest mult trillion dollar theft ring known to man.Paid by the middle class workers whom they are trying to destroy as well as the dollar.With The middle class vanquished-then We Ain't paying.Nobody to steal from then?Bust the dollar-We Ain't paying
Odius Debt-WE Ain't paying.Bail Out=Oxy Moron .A Prime Time 4 NWO Help
Intriguing that a greater degree flamboyance and ostentatious superciliousness now counts as cogent opinion and 'sense'.
Regarding the austerity measures being propounded by the political and financial othordoxy: has the accounting identity that, in a closed economic system, income is equal to debt and if all agents simultaneously pay off that debt the economy contracts, thus achieving nothing positive as regards to ones debt ever been adressed in their quasi-economic postulations?
@wanderlei83 The economic system is neither closed nor static, so neither presumption is particularly relevant. Moreover, who is failing to exhibit cogent opinion and sense? Surely Stiglitz and his buddy. The debt is essentially future debt, to be financed by future taxpayers, whose productivity will never suffice to service it. Any "growth" based on it is therefore entirely artificial. In a debt-based economy where the debtor cannot possibly pay up, the creditor is being ripped off.
The globalised world economy is by definition closed. I see you avoided the central point : these austerity measures are increasing unemployment, aggregate demand and tax revenues therefore diminishes - this reduces debt how?
@wanderlei83 Define "closed". I see you avoided my central point: that this debt is unsustainable. The opposite of austerity measures is profligacy measures, thereby adding to it. Unemployment will -not- go away by just spending more, except through makeshift work that has no proven usage to consumers, that must be paid for and that will drain resources further. Aggregate demand is suffering because confidence in the economy has sunk and wealth has been destroyed due to massive malinvestment.
@Moragauth What you propose is that, magically, by merely creating -more- debt (like a person in severe debt going on a spending binge with a credit card backed by no real production whatsoever) will somehow fix economic woes and redirect resources to their most efficient uses. The debt cannot be repaid. Your proposition? Pile more on it (thereby exacerbating interest to be repaid and/or further flooding the system with cheap credit.) How moronic.
@Moragauth BTW are you getting this "accounting identity" from Krugman? You're going to need to explain how more artificial debt, backed by nothing whatsoever but the government's ability to tax in the future, is going to fix any current economic woes, when tremendous stimulus packages have done fuck-all for unemployment and growth (even by the flawed measure of GDP) and served to create a massive inflationary threat. So get to it.
I can't pull up the comment you're referring to...Youtube might be doing some maintenance at the moment...don't call me a liar-you don't fucking know me. I was and still am totally in support of Mr Hendry's point of view. If you're against that then you're the one who needs to stop lying to yourself and wake the fuck up!
@andyeza - you misunderstand!!! I didnt call you a liar...I called Hendry a liar (when he states that germans wont accept euro coins minted outside germany, just back this week from berlin and the man is talking total nonsense). so calm down andyeza, calm down.
@mwmolloy So you think he was being 'polite'? Or was he simply ignorant and spouting off BS? Spain, the UK and the US are all bankrupt. Better prepare for what is coming....
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@tothemax01 I mean deflation of our dollar. The value of our currency is "deflating" actually. It's worth less and less every year. This can CAUSE inflation in commodities and goods because it takes more and more of our money to buy imported goods.
@aurzada thats a very odd way of putting it - that inflation is deflating your currency. Economists would say 'inflation devalues your currency'. becuase deflation is used to describe something very different - the falling prices of assets and commodities. inflation is being used by the USA and UK (to a lesser extent the euro) to hide the underlying deflation of our assets.
@mwmolloy I think it's just another way of looking at it. Like interest rates and price on bonds, there is an inverse relationship. Devaluing/deflating dollar creates an inflationary asset. Likewise a strong currency decreases asset prices.
Retard Stiglitz talks about 'assex' and 'united stakes'. One of the many Keynesian imbeciles with a Nobel prize unable to properly pronounce. It is a must see video!
While true that a low value currency means you will sell more, it makes energy more expensive and shipping more expensive. The net net is usually neutral. Except all the savers are robbed.
The weirdest thing about the economic meltdown of the last couple of years is that the very people that created it, are responsible for it, the deregulators who have had the ear of governments over the last 30 years are the ones making the most capital out of it. They see it as justification for even less regulation. If this is how human thought processes work these days then we are all fucked. The loud, stupid and proudly strutting right wing mindset appears too attractive to the dumb majority.
Hendry is short sighted. He's right up there with George Soros. As a trade, he was right. Although debt always looks terrible during a recession and when the value of your currency is dropping. We should know. That's what happened to our currency from 2002 to 2010. We dropped it's value by 50%. Even the Euro hasn't come close to that.
@aurzada Not sure who you mean by 'we'. While I don't like what Hugh Hendry stands for, his point is government has been fiscally irresponsible to borrow heavily way beyond the ability of the tax payer base to pay it back. Key government 'ministers' have been seduced by so call investment banking community into loans that have insurance contracts that only pay out when the value of the underlying asset -ie currency- fails! Thus Hendry is betting on failure.
haha a nobel laureate saying: 'what is needed is for all european governments to say they believe in solidarity with the greek government'
unbelievable. If you are paid by the mafia, you have to defend all mafia across the globe.
That there are no voluntary takers of these debts, show that there is a problem. That a plan is presented and there are still no takers, shows the plan is bogus. Sure, gvts can point a gun at their tax slaves and then you have takers of the debt..solidarity/=robbery
This comment has received too many negative votesshow
This reptile Hendry is talking down Greece in order to talk up his and other hedge funds positions. These are the people we should be going after. Sickening display of arrogance.
@2legs2armsetc Hendry didn't force Greece to spend *arrogantly* like the prodigal son. This is a mess of Greece's own making. Hendry may indeed be talking his book, but he has put his money where his mouth is, which is more than anyone else on this panel can say. In the end, the international bond market will decide Greece's fate, not Hendry or anyone else on this panel, and if Hendry is wrong he will be taking far more pain than anyone else as well. That's balls, son.
You call it "balls", anyone with sense would call it dangerous opportunism. People that see everything in terms of markets are threatening global stability, be it commodity prices of foodstuffs, energy prices or currency. The system needs a massive overhaul so that such practise can be stamped out. Those that cheer them on a suffering from some form of malicious nihilistic personality disorder. How can you cheer on a hedge fund manger over a nation state? What is the motivation?
Spain ~1 trillion; Italy ~1 trillion; Greece ~800 billion; Portugal ~ 300 billion; Ireland ~800 billion. A total of ~4 billion euros. Who in Europe will land that money? Germany? France? . The only way to deal with this means, PRINT,PRINT and more PRINTing . The more they print, the less the value of the Euro. And I say; if PRINT,PRINT,PRINT then SELL,SELL,SELL!!!
Malinvestment & unsustainable debt. That's the story of not just Greece but most of Europe and definitely the USA. Hendry and Americans who say much the same thing as him (such as Peter Schiff) are ignored by the Establishment hacks. Meanwhile government/banks take us all down the tubes. These fiat currencies will ultimately fall, as they should since they are based on nothing and back by nothing other than promises of more debt.
"That's absurd"---What is? Saying that bad investments should not continue to be propped up by false bailouts, or by papering currency---we're heading into, at best, a period of stagnation, at worst, a world wide collapse in fiat. We can't hide from the fact that a large portion of the growth that's happened over the last 50 years, and the majority of the financial sector growth in the last 20 years has been utterly fraudulent. Pieces of paper won't fix that
Stiglitz let the cat out of the bag when he said the solution is "greater solidarity" between countries. Codeword for New World Order Communism. Financed of course by the hard working average joe.
Yup. I love his trying to draw a meaningful distinction between the U.S. formally defaulting on its debt and the U.S. inflating it away. What's the net result either way? The bonds are worthless, the bondholders are out their money and the U.S. has trouble getting anyone to buy debt it issues in the near future. I think the phrase is "a distinction without a difference".
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And once again you can trust someone who puts his money where is mouth is but you can't trust politicians (and yes, joe stiglitz is now more a politician than an economist).
Well as soon as I saw the Dow Jones Industrial drop 998.5 points on May 6, 2010, I knew the Euro was screwed. Prepare for the little remainder of the stock market to collapse, because it's coming quick, fast, an in a hurry. Save your money, and always prepare for the worst case scenario.
@eatandtravel Settle and estimated $T200 - $1Q in CDS losses ?? My guess is the world will stop exporting to the Untied States driving up the price of food and energy beyond prices all but the super wealthy can afford, while debt backed asset prices (eg house's) continue to decline.
Hugh Henry is killing everyone in this debate! Greece needs to suffer, for the first time in a long time, and accept their responsibility in the mess that exists there.
Knew that bearded twat was a jew just by looking at his egg-shaped head. and what planet is he living on... Planet greed and corruption. it's in thier book that it is OK TO STEAL aslong as it is'nt from other jews. He's quite happy to sit there and argue black is white. And the dollar WILL collapse in the near future, it is a certainty.
Just cook the books, flush/conceal the bad debt, as the USA has done. No need to print money, it's digital, just add digits. Mark to market... It's just the nature of the beast. Debt resolved....
euro-currency of losers, european union-failed political experiment government of losers, wine-drink of losers, soccer-sport of losers, political correctness-ideology of losers, socialism-policy of losers, trying to hold talks with muslim dictatorships-foreign policy of losers, lax immigration laws-legislation of losers, europe-continent of losers
euro---failed experiment, European union---failed experiment, soccer---sport of losers, Europeans---lazy fools who think a society can function if people only work 35 hours a week, NATO---failed experiment, political correctness---failed ideology, IMF---failed experiment, World Bank---failed experiment, the United Nations---failed experiment, trying to hold talks with Middle Eastern/African/Central Asian Islamofanatics---failed policy, Europe---failed continent
euro---failed experiment, European union---failed experiment, soccer---sport of losers, Europeans---lazy fools who think a society can function if people only work 35 hours a week, NATO---failed experiment, political correctness---failed ideology, IMF---failed experiment, World Bank---failed experiment, the United Nations---failed experiment, trying to hold talks with Middle Eastern/African/Central Asian Islamofanatics---failed policy, Europe---failed continent
When a Jew talks about 'more solidarity' we all know what does it mean. I never had a high opinion of Stiglitz but this interview clearly shows how limited mental capacity he has.
Stiglitz talks bullshit. It is a bailout. European politicians who are in the back pocket of banksters are going to bail out their failed companies by our money.
That irish guy has to much of his own money on the line he's just putting up a show to influences the markets. He's just do whatever he can to get you to sell the Euro
We need bankers though without them we'd never get the money to develope the third world. Ironically greece was built off of banking. It''s gdp increased almost ten fold in a 30 year period all to you guess it banks.
European Union is dead. Portugal and Spain are the next. And this will have consequences will be catastrophic for the euro.Germany has a serious problem, wants to be a world power at the expense of other European countries and has the move gone wrong. I'm ashamed of the mediocrity of my ambassador!. Adiós!
I have been living in Greece for 5 years(I am English)..Greeks cant and wont pay thier way ..it is against everything they believe to pay Tax!..they are typical Socialist parasites who expect hard Working people to pay for them and their 'easy way of life'
Let them go Bankrupt or they will drag everyone down!
Stiglitz pawned! Did anyone take the that Clown the Ambassador seriously? Greece can be loaned 30-40$ billion more and it wouldn't help, they still can't pay the debt they owe already. TANSTAAFL
Hugh comes across as angry, unpragmatic and as nuts as a "teapartier". Wanting the Euro to collapse....think of the consequences to all the regular people.
@ramses4321 You are typical of why we are not coming out of this recession for donkeys years yet. You look at the way the message is wrapped up instead of listening to the message. As it happens, I found this discussion hilarious. It was one sane man up against two people who were talking out of their asses. Hendry is an expert on bonds, and it is clear he is not going to touch Greek government bonds with a ten foot pole. Neither am I.
The true enemies are bankers who create money out of thin air by issuing loans..Greece, Spain, Portugal, UK, California, the US, etc...all in debt, debt that is getting more difficult to refinance, debt that is growing, debt that is becoming a social cohesion risk-hey..who owns the debt?Someone must be on the receiving end of this debt, right?? Who are they?? Unlike the countries, they are never mentioned. In default, those invisible men are bailed out by you & me via taxes.Therein lies the sin.
@beltane3 Don't forget, it is the governments that have also colluded with the bankers. Many countries made "fiscal stimulus", many like the UK using money that they magic'd out of thin air, and smashed savers cash in the process. You MUST blame your own government as well.
@beltane3 It is the govts and their endless welfare creation to buy elections (and printing massive money to pay for it all) that are the cause of all this. Banks have little to do with it, they are simply profiting from the game the govts have created.
@beltane3 I wish there was a nicer way to say this, but.... you are an idiot. The true enemies are the countries, states and cities who over-extended themselves in order to spend in ways they could never afford. If you took your credit card and went on a spending spree so large and sustained that you couldn't even meet your minimum monthly payments, is the credit card company "the true enemy"? Of course not. The enemy is you.
You are the idiot. People like Hendry are in the business of gaming markets and gaming money, their only real purpose is to illustrate where there are loopholes are in legislation, when this becomes clear the loopholes should be closed. The gaming of money is consuming everything for the benefit of idiots like Hendry to live luxury lifestyles and if you support that you either have a hidden agenda or are as thick as shit.
Well don't change your opinion, because 'PIGS' comes from the investment community, not the general public. We say 'I'm going on holiday to Portugal' not 'I'm going on holiday to one of the PIGS'
"I still don't understand what are doing british in EU if we all are moving in one direction and they are simply pushing to the other, only for sabotage our work. Is not time for them to leave EU? i think it is. "
I totally agree with what you are saying, And they make it look far worse than it is, Greece is only 3% of the Eurozone,s GDP, and the dept of Greece is dept to other European Union members, not to a partie outside the Eurozone.
At 4:55 she asks the hedge funds guy: "isnt it true that if Greece defaults you and hedge funds like you make millions". This bastard hesitates and then says with a cynical smile in this face "...some hedge funds make millions". he thinks we are all stupid. Why no answering I WILL MAKE MILLIONS?
Get to know Hugh Hendry before you call him a bastard...he is defending his wealth against uncontrolled negligent government behavior, and if you want to protect your wealth you'd do well to listen to him. What do you expect him to do with the wealth his is entrusted with, buy Greek government bonds?? He's not paid to be irresponsible. He didn't create this situation. Shed the envy.
We all should be defending our wealth and i'm happy with that. What i can't stand is people treating other's like they are idiots. We can defend our positions without those irritating body languages he uses and givigin proper answers. Why couldn't he just say YES, I WILL WIN MILLIONS. In the end we all know how the game is.
..... And what about this idiot story about people in Germany cheking if their Euro was issued by the Bundesbank or not, its complete nonsense. Maybe he has a stupid friend who does that in Germany and just thought it would help him on his cruzade trying to spread this idiot thing live on TV.
I follow Hugh on a regular basis, and I can understand if this is a first impression for you it's not his best. However, during the 2008 meltdown he was so angry, so upset to the point he was calling gvt & bankers at that time 'children'-after that event he has become very cynical and untrusting of the types across the table from him here. I admit, the German/Euro comment was strange, but he has gotten so fed up with the crap that he's throwing in the towel and betting against their stupidity.
This Hugh Hendry is a total croc, a third rate shill. No one in Germany checks if their Euro was issued by the Bundesbank or not, its complete nonsense.
I bet a few years ago this Hendry was buying and selling securitized mortgages like crazy. Looks exactly the type to me.
i agree, i live in germany and never heard of this story. however he says that the banks do that, not the common people. it could be true, might wanna look into it, I however doubt it.
watch out. The shill has bet millions of dollars via some sort of credit derivative that the the Greek government will default on it's debt- he will get a bonus big time as a result
Anyone who tries to tell people what is really going on like
Hugh Hendry will be hounded out by both the left and right wing because they are two hands of the same corrupt system.
You need two legs to walk and that's exactly the same as the left and right wing they are the two legs or two hands of the same corrupt body. The body that wants to rule over you by any means and control your life.
People need to wake up and start talking control of their own destiny instead of being slaves.
Hugh Hendry is the pimp, he has been right more times than most he shouldn't of bothered turning up to the BBC though, it is just a set up and show trail organisation for the left wing to ambush and shout down any dissents or people trying to tell you the truth.
Look at how all three gang up on the guy just cause he lays down the truth to the masses.
That is what we are up against people, left/right wing both are corrupt establishment & power hungry failed ideas.
Hugh is the plastic bag maker who doesn't care if people use it to carry drugs around. In fact, he's indignant that police are bringing him in for investigation after a drug bust.
The devil is losing and at the end will be judged for all the crimes. Live at the full in the freedom of GOD (praying in a right form, following the INSTRUCTIONS in the Bible - keeping the 10 commandments - including keeping the Saturday as the 7th day etc.) instead of in the incapacity and deception of devil. Jesus Christ is the savior, love and hope.
diptdipt 6 days ago
so this is where the smart youtube comments are
rohmeh90 1 month ago
But of course here we are 18 months later and Hendry is 100% correct and Stiglitz is 100% incorrect. The haircuts have already happened and the crisis still persists!
habraify 3 months ago 2
Its interesting because they're both right. Stiglitz is right in that if there is market confidence, the interest would go back down to below 2% and Greece would likely be able to service that and Hendry is right in that the 2% rate is what investors are willing to accept for a stable solvent economy not what they're willing to to accept for a country in financial situation of Greece. Definitely chicken and egg problem....
habraify 3 months ago
@habraify The biggest problem is that even if the rest of the EU got behind Greece, why would it suddenly become fiscally responsible? And even if it did, it would come at a significant cost to the rest of the world. The most likely scenario would be for Greece just to keep promising it will follow Austerity measures to gain more capital - spend it without changing anything - and keep coming back for more.
diurdi 2 months ago
This has been flagged as spam show
Stiglitz and his ilk are totally nuts. Off with their heads.
SaneSaver 3 months ago
Quote Stiglitz 'The issue isn't a bailout' Where Does The Greek Bailout Money Go? tinyurl . com / d7l94dt
DavidAKZ 3 months ago
Debt forgiveness - Spot on Hugh Hendry.
AnniesEggs 4 months ago 2
poor guys, they take this shit so seriously
TheMagicEast 4 months ago
Nobel laureate and "professor" Stiglitz makes a fool out of himself. What a worthless eCONomists.
ADONISindeed 8 months ago
Why can't Greece default? Why not!
DinaStrange 9 months ago 2
@DinaStrange It's not Greece it's the French and German banks who hold the government debt that would default. The Greek economy is destroyed anyway.
DavidAKZ 4 months ago
@DinaStrange because it is not about the Greek economy. It is about loans to the Greek government made by French and German banks. Ironically this it not the main problem. The loans are underwritten by Credit Default Swaps (CDS). The CDS will only pay out if the interest rate on payments on the loans (Greek bonds) rise. No one knows the extent of so called counter party risk. Also, Goldman Sachs actively short Greek Bonds driving interests up so that the state defaults and the CDS pay out.
DavidAKZ 3 months ago
Comment removed
ChristopherAdderley 9 months ago
hugh hendry is a shameless advertiser working on behalf of financial speculation. notice how his fiery rhetorical confidence if stunted by the moderator when she asks whether or not hedge-fund managers will make millions from the greek default. 5:04. "well... uhh... some of them will..." hendry and his disciples of austerity cooks are pursuing irrational, pro-cyclical policies that will plummet the strength of the eurozone.
1stGenRefugee 9 months ago
@1stGenRefugee : That's absolute nonsense, a short bond position or long cds would benefit, but many hf's have nothing to do with those instruments. If Hugh has taken such a position and is wrong, he will lose his own and his investors $. Wake up, the big banks hold the very same trades, and when they are wrong they come after tax payer funds via bailouts. If Hugh wants to short Greek bonds and there truly is nothing wrong with Greece's finances, then shouldn't that just make them a cheaper buy?
ADONISindeed 8 months ago
@ADONISindeed why are people rioting then ? Because it's their day off ?
DavidAKZ 3 months ago
Hendry bears the mark of a man who has recently taken a massive bear position on the euro and is furious that its not working out for him!!! He can bearly control his anger...at being wrong! (prolly to the tune of many millions of $). Even if he gets it right now and then, I dont think i would ever use him as my fund manager. He just lacks the ability to be neutral - a perma bear is no use as a manager. you need to be able to buy and sell to be effective...
mwmolloy 9 months ago
Printing money is, essentially a default. Kinda common sense. Politicians are whores pimped by their central bank overlords.
n66178 11 months ago
Long live the Welfare State and the financial sector that feeds it!
n66178 11 months ago
Its amazing how badly informed Hugh Hendry is... he is just clearly, obviously wrong about germans not holding any euros printed outside of germany. the man is obviously smoking crack.
mwmolloy 11 months ago
@mwmolloy He is probably speaking of his clients...
Moragauth 11 months ago
@Moragauth Hi Moragauth - he seems to be speaking about currency, and this silly notion that German citizens wont accept Euro that have been minted outside of Germany (all Euro coins show which country they come from). I am half German, I live in London and I travel to Germany quite often. I can categorically tell you that Hugh Hendry is talking total nonsense. He is either just plain stupid and badly informed (badly informed about a matter which would be very easy to verify) or a liar.
mwmolloy 11 months ago
@mwmolloy Then Germans aren't as intelligent as he makes them out to be. :) Sucks to be them all the same. If he is lying or "badly" informed about this, how much worse are Stiglitz or his little buddy, who are lying and/or misinformed about the entire economy?
Moragauth 11 months ago
@mwmolloy Absolutely right. The ECB issues all € notes, made in Switzerland, national central banks mint coinage (which does not have serial numbers), but only on the instructions of the ECB. National minting has a denominational say - €1,000,000 - but with an emphasis on say 1€ and 2€ coins, another country might want 0.5€ weightingand so on.
Hendry is also a member of UKIP and that is why he says some unfounded anti-€ things.
parabat7 9 months ago
Fraudulent and irresponsible currency being promoted by fraudulent and irresponsible central banks, which are being protected by fraudulent and irresponsible governments. The depth of austerity it will take to cure this will teach everyone about the fundamental goodness of anarchy and the sheer phoniness and the incurably oppressive nature of the current oligarchic statist systems that we all live under. People good, governments bad.
teerexness 11 months ago
You all trust this greasey hedge fund manager? I have a word to perfectly describe what you are: T-O-O-L.
satintypes 11 months ago
@satintypes Refute his logic, then. I find Stiglitz, an economist on the US government's payroll (how supremely sleazy) and some Spanish politico (even more sleaze) by far worse. So please, don't go calling others tools by recourse to ad hominem arguments. It's pathetic.
Moragauth 11 months ago
@Moragauth Hahaha. Fine go ahead and trust him. I'm a CEO I don't care? I know his "logic" and it helps people like me, not people like you. Stay on his balls, you pathetic little runt.
satintypes 11 months ago
@satintypes You're more idiot than anything else, and please don't try sell me hazy bullshit based on pseudo-Marxian class interest analysis - class interests, I might add, which are best served by the likes of Bernanke propping up the stock market with his quantitative easing measures (which this guy opposes.) Try harder.
Moragauth 11 months ago
@Moragauth Pseudo-Marxian class interest analysis….HAHAHAHAHAHAHAHAHAHAHHAHA. HAHAHAHAHAHAHAHAHAA. Get off my dick ya little hoe!
satintypes 11 months ago
@satintypes When you get off Stiglitz's and Bernanke's, sure.
Moragauth 11 months ago
@Moragauth Get off it! It's not a lolipop!
satintypes 11 months ago
@Moragauth ad hominem arguments? by recourse hahahaha. please. stay the hell away from my comments you little troll.
satintypes 11 months ago
The weakest part of Euro project is to be ruled only one central bank in europe. European Central Bank. There are more than 20 countries are using euro currency but all of their fiscal policies are ruled by european central bank. This is the cause of problem. These 20 countries have different economies than each other. You can't use same fiscal policy to Germany and Greece, to France and Portugal. Think about it.
atimetowork 1 year ago
The UK should the join the Euro before our mismanaged economy falls further behind Europe’s and not just Italy's, but some day soon Spain's!
Englishgrammar 1 year ago
@Englishgrammar What a blitheringly idiotic comment.
Maino88 1 year ago
Stiglitz has been proven one hundred percent right, the Euro has not been dragged down by the fall of such economic minnows as Ireland and Greece. One year on and look the Euro is stronger than ever!
The German Economy is now growing faster than even in the late 1980’s, booming at close to 4 percent per year. Even the Swiss are talking about joining the Euro or at least pegging to it, they are already signed up to Schengen.
Englishgrammar 1 year ago
@Englishgrammar, stiglitz is 100% right because his prophetical deceptions stems from him being part of the same family of crooks, murderers & liars responsible for the engineered global castastrophe. stiglitz is your typical nurse injecting poison in patients, and triumphally & heroically comes up with the right antidote. The Day of THE MOST HIGH YHWH is at hand exposing and putting an end to all of these punzi schemers. Blessings, Peace & Shalom,
ednoisin 11 months ago
@Englishgrammar that is an interesting point. The euro has not crumbled. The dollar is the currency with the loosest monetary policy, the biggest QE scheme, the highest current account borrowing and the largest unfunded obligations. they simply dwarf anything over here in Europe. They have printed a Tsunami of money which as swamped the commodities markets and caused all sorts of problems all over the globe.
mwmolloy 11 months ago
Economies Do not Work.To many variable parts and they all rely on another or many other functioning variable parts.With a corrupt government & a Fed res. bank and you have the biggest mult trillion dollar theft ring known to man.Paid by the middle class workers whom they are trying to destroy as well as the dollar.With The middle class vanquished-then We Ain't paying.Nobody to steal from then?Bust the dollar-We Ain't paying
Odius Debt-WE Ain't paying.Bail Out=Oxy Moron .A Prime Time 4 NWO Help
PQXLR 1 year ago
This bitch needs to stfu and let people talk
phaetion 1 year ago
Intriguing that a greater degree flamboyance and ostentatious superciliousness now counts as cogent opinion and 'sense'.
Regarding the austerity measures being propounded by the political and financial othordoxy: has the accounting identity that, in a closed economic system, income is equal to debt and if all agents simultaneously pay off that debt the economy contracts, thus achieving nothing positive as regards to ones debt ever been adressed in their quasi-economic postulations?
wanderlei83 1 year ago
@wanderlei83 The economic system is neither closed nor static, so neither presumption is particularly relevant. Moreover, who is failing to exhibit cogent opinion and sense? Surely Stiglitz and his buddy. The debt is essentially future debt, to be financed by future taxpayers, whose productivity will never suffice to service it. Any "growth" based on it is therefore entirely artificial. In a debt-based economy where the debtor cannot possibly pay up, the creditor is being ripped off.
Moragauth 11 months ago
@Moragauth
The globalised world economy is by definition closed. I see you avoided the central point : these austerity measures are increasing unemployment, aggregate demand and tax revenues therefore diminishes - this reduces debt how?
wanderlei83 11 months ago
@wanderlei83 Define "closed". I see you avoided my central point: that this debt is unsustainable. The opposite of austerity measures is profligacy measures, thereby adding to it. Unemployment will -not- go away by just spending more, except through makeshift work that has no proven usage to consumers, that must be paid for and that will drain resources further. Aggregate demand is suffering because confidence in the economy has sunk and wealth has been destroyed due to massive malinvestment.
Moragauth 11 months ago
@Moragauth What you propose is that, magically, by merely creating -more- debt (like a person in severe debt going on a spending binge with a credit card backed by no real production whatsoever) will somehow fix economic woes and redirect resources to their most efficient uses. The debt cannot be repaid. Your proposition? Pile more on it (thereby exacerbating interest to be repaid and/or further flooding the system with cheap credit.) How moronic.
Moragauth 11 months ago
@Moragauth BTW are you getting this "accounting identity" from Krugman? You're going to need to explain how more artificial debt, backed by nothing whatsoever but the government's ability to tax in the future, is going to fix any current economic woes, when tremendous stimulus packages have done fuck-all for unemployment and growth (even by the flawed measure of GDP) and served to create a massive inflationary threat. So get to it.
Moragauth 11 months ago
Take that Stiglitz you keynesian twat. Wrong, you were. Defaulted greece did.
tothemax01 1 year ago
Carles Casajuana @ 4:51 "This is the first time I'm hearing this" That cracked me up.
andyeza 1 year ago
@andyeza yes, he was being polite. what he meant was you are a total liar and living in your own dream world.
mwmolloy 11 months ago
@mwmolloy
I can't pull up the comment you're referring to...Youtube might be doing some maintenance at the moment...don't call me a liar-you don't fucking know me. I was and still am totally in support of Mr Hendry's point of view. If you're against that then you're the one who needs to stop lying to yourself and wake the fuck up!
andyeza 11 months ago
@andyeza - you misunderstand!!! I didnt call you a liar...I called Hendry a liar (when he states that germans wont accept euro coins minted outside germany, just back this week from berlin and the man is talking total nonsense). so calm down andyeza, calm down.
mwmolloy 9 months ago
@mwmolloy I'm calm...and you're right; he should have said "some Germans...."
andyeza 9 months ago
@mwmolloy So you think he was being 'polite'? Or was he simply ignorant and spouting off BS? Spain, the UK and the US are all bankrupt. Better prepare for what is coming....
andyeza 11 months ago
lol, 'um....some hedge funds make millions' 4:55
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ManufactureBelief 1 year ago
Expert, eh? LOL
pepintheshort100 1 year ago
Hugh Hendry is enjoying this :)
imigrantpunk 1 year ago
By "we" I stated the "US" who has a monetary policy of deflation cooked in to make our exports competitive.
aurzada 1 year ago
@aurzada Wha? Don't you mean 'inflation'?
tothemax01 1 year ago
@tothemax01 I mean deflation of our dollar. The value of our currency is "deflating" actually. It's worth less and less every year. This can CAUSE inflation in commodities and goods because it takes more and more of our money to buy imported goods.
aurzada 1 year ago
@aurzada thats a very odd way of putting it - that inflation is deflating your currency. Economists would say 'inflation devalues your currency'. becuase deflation is used to describe something very different - the falling prices of assets and commodities. inflation is being used by the USA and UK (to a lesser extent the euro) to hide the underlying deflation of our assets.
mwmolloy 11 months ago
@mwmolloy I think it's just another way of looking at it. Like interest rates and price on bonds, there is an inverse relationship. Devaluing/deflating dollar creates an inflationary asset. Likewise a strong currency decreases asset prices.
aurzada 11 months ago
The Euro is higher against the pound than it was when it started in 1999, so surely the UK should have joined?
christhemountain 1 year ago
uh uhu h uh uhuhhhhu uh uhhhh....uhhh uh uhhhhh....uh jesus stiglitz
LibertySole 1 year ago
'Interest rakes'... Stiglitz obviously wants to confuse us...
SvrchovaneCechy 1 year ago
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Retard Stiglitz talks about 'assex' and 'united stakes'. One of the many Keynesian imbeciles with a Nobel prize unable to properly pronounce. It is a must see video!
SvrchovaneCechy 1 year ago
FOR THOSE OF YOU WHO STILL DON'T "GET" HUGH HENDRY'S BRILLIANCE AND JOSEPH STIGLITZ's IDIOCY, JUST LOOK WHAT HAPPENED TO GREECE.
JusticeJapan1 1 year ago
Joseph Stiglitz is a idiot!
bluzy25 1 year ago
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ulived1969 1 year ago
Only 11% well i think NO DEBT would be the way to go, no more spending money on politicians wages, they should make minimum pay.
They travel, they eat and they have been doing nothing.
EU IS NAZI IDEA.. STOP THE DESTRUCTION OF NATIONS!!
iTeaze888 1 year ago
While true that a low value currency means you will sell more, it makes energy more expensive and shipping more expensive. The net net is usually neutral. Except all the savers are robbed.
aurzada 1 year ago
The weirdest thing about the economic meltdown of the last couple of years is that the very people that created it, are responsible for it, the deregulators who have had the ear of governments over the last 30 years are the ones making the most capital out of it. They see it as justification for even less regulation. If this is how human thought processes work these days then we are all fucked. The loud, stupid and proudly strutting right wing mindset appears too attractive to the dumb majority.
2legs2armsetc 1 year ago
Hendry is short sighted. He's right up there with George Soros. As a trade, he was right. Although debt always looks terrible during a recession and when the value of your currency is dropping. We should know. That's what happened to our currency from 2002 to 2010. We dropped it's value by 50%. Even the Euro hasn't come close to that.
aurzada 1 year ago
So a low currency in this environment is quite beneficial, it makes your exports more attractive.
NJRocks281 1 year ago
@aurzada Not sure who you mean by 'we'. While I don't like what Hugh Hendry stands for, his point is government has been fiscally irresponsible to borrow heavily way beyond the ability of the tax payer base to pay it back. Key government 'ministers' have been seduced by so call investment banking community into loans that have insurance contracts that only pay out when the value of the underlying asset -ie currency- fails! Thus Hendry is betting on failure.
DavidAKZ 1 year ago
Hugh Hendry is great. The idea that you solve a debt problem with more debt is absurd.
Has anyone noticed how Stiglitz and Krugman get really mad as soon as anyone disagrees with them?
reniam 1 year ago
haha a nobel laureate saying: 'what is needed is for all european governments to say they believe in solidarity with the greek government'
unbelievable. If you are paid by the mafia, you have to defend all mafia across the globe.
That there are no voluntary takers of these debts, show that there is a problem. That a plan is presented and there are still no takers, shows the plan is bogus. Sure, gvts can point a gun at their tax slaves and then you have takers of the debt..solidarity/=robbery
modelmark 1 year ago
i wish we had intelligent talk shows like this in the us, other than charlie rose
fdoo17 1 year ago
Stiglitz is an idiot... even worse than Krugman. That is what happens when you politicize the nobel prices
siul128 1 year ago
@siul128
Yes, he is an idiot, and you, who cannot spell "prize", are the genius.
christhemountain 1 year ago
Comment removed
siul128 1 year ago
Hugh Hendry ought to be a tabloid editor. Silly man.
conjoly 1 year ago
these two statist shills on the left make me want to regurgitate my dinner.
tradertype 1 year ago
This comment has received too many negative votes show
This reptile Hendry is talking down Greece in order to talk up his and other hedge funds positions. These are the people we should be going after. Sickening display of arrogance.
2legs2armsetc 1 year ago
@2legs2armsetc Hendry didn't force Greece to spend *arrogantly* like the prodigal son. This is a mess of Greece's own making. Hendry may indeed be talking his book, but he has put his money where his mouth is, which is more than anyone else on this panel can say. In the end, the international bond market will decide Greece's fate, not Hendry or anyone else on this panel, and if Hendry is wrong he will be taking far more pain than anyone else as well. That's balls, son.
dasmoove11 1 year ago 2
@dasmoove11
You call it "balls", anyone with sense would call it dangerous opportunism. People that see everything in terms of markets are threatening global stability, be it commodity prices of foodstuffs, energy prices or currency. The system needs a massive overhaul so that such practise can be stamped out. Those that cheer them on a suffering from some form of malicious nihilistic personality disorder. How can you cheer on a hedge fund manger over a nation state? What is the motivation?
2legs2armsetc 1 year ago
@dasmoove11 It's not balls when you loose your means to earn a living and your house through no fault of your own.
DavidAKZ 1 year ago
man is it ever amazing the difference between who is deceiving and who is honest, Thank you Hugh
KiddJesus 1 year ago 2
I notice euro is getting low. I would advise to invest on metals like gold.
TheIxtlan 1 year ago
Spain ~1 trillion; Italy ~1 trillion; Greece ~800 billion; Portugal ~ 300 billion; Ireland ~800 billion. A total of ~4 billion euros. Who in Europe will land that money? Germany? France? . The only way to deal with this means, PRINT,PRINT and more PRINTing . The more they print, the less the value of the Euro. And I say; if PRINT,PRINT,PRINT then SELL,SELL,SELL!!!
Ishayau 1 year ago
Malinvestment & unsustainable debt. That's the story of not just Greece but most of Europe and definitely the USA. Hendry and Americans who say much the same thing as him (such as Peter Schiff) are ignored by the Establishment hacks. Meanwhile government/banks take us all down the tubes. These fiat currencies will ultimately fall, as they should since they are based on nothing and back by nothing other than promises of more debt.
RedShirtArmy 1 year ago
what an idiot hendry is, i cant believe it....
lalaladiana 1 year ago
this shit would never happen if we had a commodity based currency
RIEKSONE 1 year ago
"That's absurd"---What is? Saying that bad investments should not continue to be propped up by false bailouts, or by papering currency---we're heading into, at best, a period of stagnation, at worst, a world wide collapse in fiat. We can't hide from the fact that a large portion of the growth that's happened over the last 50 years, and the majority of the financial sector growth in the last 20 years has been utterly fraudulent. Pieces of paper won't fix that
Mises85 1 year ago
Stiglitz let the cat out of the bag when he said the solution is "greater solidarity" between countries. Codeword for New World Order Communism. Financed of course by the hard working average joe.
Kalyfatic 1 year ago
how can Hendry even sit around the table with these 2 bafoons
rootytooty23 1 year ago 4
Stiglitz is a Keynesian idiot.
chuckyfunk1 1 year ago
@chuckyfunk1
Yup. I love his trying to draw a meaningful distinction between the U.S. formally defaulting on its debt and the U.S. inflating it away. What's the net result either way? The bonds are worthless, the bondholders are out their money and the U.S. has trouble getting anyone to buy debt it issues in the near future. I think the phrase is "a distinction without a difference".
EdwardWLynn 1 year ago
oh, hedge funds are making money on greece's debt...
megawavez 1 year ago
this is the debate bewteen speculator vs people XD
iaf000 1 year ago
How is it possible for say, China to print chinese currency and then lend it to the USA at interest by purchasing bonds ?
MrMick73 1 year ago
Comment removed
SvrchovaneCechy 1 year ago
The professor is an IDIOT! He lives in Mickey Mouse land.
The Euro is in free fall wake up. FINITO LA COMEDIA!
Ishayau 1 year ago 8
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i0am0a0daytrader 1 year ago
HHHHHHHHHHHAAAAAAAAAAAAAAAAA
Death to Eu!
A Dictatorship!
cornwallgeezer 1 year ago
Hendry proved to be right (again).
And once again you can trust someone who puts his money where is mouth is but you can't trust politicians (and yes, joe stiglitz is now more a politician than an economist).
YTfcuk 1 year ago 2
Well as soon as I saw the Dow Jones Industrial drop 998.5 points on May 6, 2010, I knew the Euro was screwed. Prepare for the little remainder of the stock market to collapse, because it's coming quick, fast, an in a hurry. Save your money, and always prepare for the worst case scenario.
poopingeneral 1 year ago
I want to know how they are going to settle CDS if the US defaults on its obligations? Gold, wheat, silver? Any thoughts?
eatandtravel 1 year ago
@eatandtravel Settle and estimated $T200 - $1Q in CDS losses ?? My guess is the world will stop exporting to the Untied States driving up the price of food and energy beyond prices all but the super wealthy can afford, while debt backed asset prices (eg house's) continue to decline.
DavidAKZ 1 year ago
hendry 1 stiglitz 0
arielagor 1 year ago
Govt overspending is the problem and these guy like to bury their heads in the sand and find someone else to blame. Pathetic.
pismo10 1 year ago
Hugh Henry is killing everyone in this debate! Greece needs to suffer, for the first time in a long time, and accept their responsibility in the mess that exists there.
manuchop1 1 year ago
Knew that bearded twat was a jew just by looking at his egg-shaped head. and what planet is he living on... Planet greed and corruption. it's in thier book that it is OK TO STEAL aslong as it is'nt from other jews. He's quite happy to sit there and argue black is white. And the dollar WILL collapse in the near future, it is a certainty.
rivercarper01 1 year ago
Just cook the books, flush/conceal the bad debt, as the USA has done. No need to print money, it's digital, just add digits. Mark to market... It's just the nature of the beast. Debt resolved....
LoneOarman 1 year ago
euro-currency of losers, european union-failed political experiment government of losers, wine-drink of losers, soccer-sport of losers, political correctness-ideology of losers, socialism-policy of losers, trying to hold talks with muslim dictatorships-foreign policy of losers, lax immigration laws-legislation of losers, europe-continent of losers
IowaArmen 1 year ago
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euro---failed experiment, European union---failed experiment, soccer---sport of losers, Europeans---lazy fools who think a society can function if people only work 35 hours a week, NATO---failed experiment, political correctness---failed ideology, IMF---failed experiment, World Bank---failed experiment, the United Nations---failed experiment, trying to hold talks with Middle Eastern/African/Central Asian Islamofanatics---failed policy, Europe---failed continent
IowaArmen 1 year ago
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euro---failed experiment, European union---failed experiment, soccer---sport of losers, Europeans---lazy fools who think a society can function if people only work 35 hours a week, NATO---failed experiment, political correctness---failed ideology, IMF---failed experiment, World Bank---failed experiment, the United Nations---failed experiment, trying to hold talks with Middle Eastern/African/Central Asian Islamofanatics---failed policy, Europe---failed continent
IowaArmen 1 year ago
When a Jew talks about 'more solidarity' we all know what does it mean. I never had a high opinion of Stiglitz but this interview clearly shows how limited mental capacity he has.
SvrchovaneCechy 1 year ago
@SvrchovaneCechy Stiglitz won a Nobel Prize for economics - 'nuff said
lagrangian0309 1 year ago
@lagrangian0309 Obama won the Nobel Prize for promising peace. Nuff said.
cherylwens 1 year ago
Stiglitz talks bullshit. It is a bailout. European politicians who are in the back pocket of banksters are going to bail out their failed companies by our money.
SvrchovaneCechy 1 year ago 2
That irish guy has to much of his own money on the line he's just putting up a show to influences the markets. He's just do whatever he can to get you to sell the Euro
We need bankers though without them we'd never get the money to develope the third world. Ironically greece was built off of banking. It''s gdp increased almost ten fold in a 30 year period all to you guess it banks.
MikDonsen 1 year ago
@MikDonsen which Irish guy? there is no Irish guy on the screen. I assume you mean the Scottish guy.
mwmolloy 11 months ago
European Union is dead. Portugal and Spain are the next. And this will have consequences will be catastrophic for the euro.Germany has a serious problem, wants to be a world power at the expense of other European countries and has the move gone wrong. I'm ashamed of the mediocrity of my ambassador!. Adiós!
rengelx 1 year ago
The smart ones make money in the private sector. Those that can't hack it end up in academia and win Nobel prizes.
TheMobocracy 1 year ago
I have been living in Greece for 5 years(I am English)..Greeks cant and wont pay thier way ..it is against everything they believe to pay Tax!..they are typical Socialist parasites who expect hard Working people to pay for them and their 'easy way of life'
Let them go Bankrupt or they will drag everyone down!
WOODENTOP7 1 year ago
Stiglitz pawned! Did anyone take the that Clown the Ambassador seriously? Greece can be loaned 30-40$ billion more and it wouldn't help, they still can't pay the debt they owe already. TANSTAAFL
amleko 1 year ago
I can't believe Stiglitz 'does anybody seriously believe the US will default? The US will print money' LOL
That's the same as a default in reality
Seano71 1 year ago 3
@Seano71
I know.
These clowns are going to make the Weimar Republic look like childs play.
eatandtravel 1 year ago
The world needs more ethical egoists like Hugh Hendry. Man is something that shall be overcome. What have you done to overcome him?
cherylwens 1 year ago 8
A Nobel price for a financial terrorist and a peace Nobel price for a war supporter? Who thinks thats worth something?
Stigliz is a clown.
qminusis 1 year ago 2
Hugh comes across as angry, unpragmatic and as nuts as a "teapartier". Wanting the Euro to collapse....think of the consequences to all the regular people.
Irondukesteve 1 year ago
It's going to happen anyway, might as well happen now
davyjames 1 year ago
I'd be angry too if a bunch of useless politicians were trying to scapegoat me and close down my business.
davyjames 1 year ago 2
Are you projecting ?
DavidAKZ 1 year ago
@ramses4321 You are typical of why we are not coming out of this recession for donkeys years yet. You look at the way the message is wrapped up instead of listening to the message. As it happens, I found this discussion hilarious. It was one sane man up against two people who were talking out of their asses. Hendry is an expert on bonds, and it is clear he is not going to touch Greek government bonds with a ten foot pole. Neither am I.
recessionlover 2 years ago
The true enemies are bankers who create money out of thin air by issuing loans..Greece, Spain, Portugal, UK, California, the US, etc...all in debt, debt that is getting more difficult to refinance, debt that is growing, debt that is becoming a social cohesion risk-hey..who owns the debt?Someone must be on the receiving end of this debt, right?? Who are they?? Unlike the countries, they are never mentioned. In default, those invisible men are bailed out by you & me via taxes.Therein lies the sin.
beltane3 2 years ago 7
@beltane3 Don't forget, it is the governments that have also colluded with the bankers. Many countries made "fiscal stimulus", many like the UK using money that they magic'd out of thin air, and smashed savers cash in the process. You MUST blame your own government as well.
liarpoliticians 1 year ago 11
yes, I agree - they are one and the same. Torries, Labour, Republican, Democrat...all distractive labels. It's easier to work when you are invisible.
beltane3 1 year ago
@beltane3 It is the govts and their endless welfare creation to buy elections (and printing massive money to pay for it all) that are the cause of all this. Banks have little to do with it, they are simply profiting from the game the govts have created.
pismo10 1 year ago
Comment removed
dasmoove11 1 year ago
@beltane3 I wish there was a nicer way to say this, but.... you are an idiot. The true enemies are the countries, states and cities who over-extended themselves in order to spend in ways they could never afford. If you took your credit card and went on a spending spree so large and sustained that you couldn't even meet your minimum monthly payments, is the credit card company "the true enemy"? Of course not. The enemy is you.
dasmoove11 1 year ago 10
@dasmoove11
You are the idiot. People like Hendry are in the business of gaming markets and gaming money, their only real purpose is to illustrate where there are loopholes are in legislation, when this becomes clear the loopholes should be closed. The gaming of money is consuming everything for the benefit of idiots like Hendry to live luxury lifestyles and if you support that you either have a hidden agenda or are as thick as shit.
2legs2armsetc 1 year ago
Well don't change your opinion, because 'PIGS' comes from the investment community, not the general public. We say 'I'm going on holiday to Portugal' not 'I'm going on holiday to one of the PIGS'
stonebridgeboy86 2 years ago
Why? Because the BBC report news on Greece that happens to not be very nice? You think we don't report bad news for our own economy?
stonebridgeboy86 2 years ago
I do not censor people's posts. If people don't like the post you make, they are free to mark it as spam or give thumbs down.
liarpoliticians 2 years ago 4
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@MBarroso75 has right:
"I still don't understand what are doing british in EU if we all are moving in one direction and they are simply pushing to the other, only for sabotage our work. Is not time for them to leave EU? i think it is. "
Montenegro7970 2 years ago
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@MBarroso75
I totally agree with what you are saying, And they make it look far worse than it is, Greece is only 3% of the Eurozone,s GDP, and the dept of Greece is dept to other European Union members, not to a partie outside the Eurozone.
TheDutchDanceEffect 2 years ago
At 4:55 she asks the hedge funds guy: "isnt it true that if Greece defaults you and hedge funds like you make millions". This bastard hesitates and then says with a cynical smile in this face "...some hedge funds make millions". he thinks we are all stupid. Why no answering I WILL MAKE MILLIONS?
ramses4321 2 years ago
Get to know Hugh Hendry before you call him a bastard...he is defending his wealth against uncontrolled negligent government behavior, and if you want to protect your wealth you'd do well to listen to him. What do you expect him to do with the wealth his is entrusted with, buy Greek government bonds?? He's not paid to be irresponsible. He didn't create this situation. Shed the envy.
beltane3 2 years ago 2
We all should be defending our wealth and i'm happy with that. What i can't stand is people treating other's like they are idiots. We can defend our positions without those irritating body languages he uses and givigin proper answers. Why couldn't he just say YES, I WILL WIN MILLIONS. In the end we all know how the game is.
ramses4321 2 years ago
..... And what about this idiot story about people in Germany cheking if their Euro was issued by the Bundesbank or not, its complete nonsense. Maybe he has a stupid friend who does that in Germany and just thought it would help him on his cruzade trying to spread this idiot thing live on TV.
ramses4321 2 years ago
I follow Hugh on a regular basis, and I can understand if this is a first impression for you it's not his best. However, during the 2008 meltdown he was so angry, so upset to the point he was calling gvt & bankers at that time 'children'-after that event he has become very cynical and untrusting of the types across the table from him here. I admit, the German/Euro comment was strange, but he has gotten so fed up with the crap that he's throwing in the towel and betting against their stupidity.
beltane3 2 years ago
Because the truth is jarring to the ear. People refuse to accept that they all wanna make money for themselves.
cherylwens 1 year ago
This Hugh Hendry is a total croc, a third rate shill. No one in Germany checks if their Euro was issued by the Bundesbank or not, its complete nonsense.
I bet a few years ago this Hendry was buying and selling securitized mortgages like crazy. Looks exactly the type to me.
NorceCodine 2 years ago
i agree, i live in germany and never heard of this story. however he says that the banks do that, not the common people. it could be true, might wanna look into it, I however doubt it.
poorcku 2 years ago
watch out. The shill has bet millions of dollars via some sort of credit derivative that the the Greek government will default on it's debt- he will get a bonus big time as a result
DavidAKZ 2 years ago
Anyone who tries to tell people what is really going on like
Hugh Hendry will be hounded out by both the left and right wing because they are two hands of the same corrupt system.
You need two legs to walk and that's exactly the same as the left and right wing they are the two legs or two hands of the same corrupt body. The body that wants to rule over you by any means and control your life.
People need to wake up and start talking control of their own destiny instead of being slaves.
Cuss100 2 years ago 2
Hugh Hendry is the pimp, he has been right more times than most he shouldn't of bothered turning up to the BBC though, it is just a set up and show trail organisation for the left wing to ambush and shout down any dissents or people trying to tell you the truth.
Look at how all three gang up on the guy just cause he lays down the truth to the masses.
That is what we are up against people, left/right wing both are corrupt establishment & power hungry failed ideas.
We're being lied to by both!
Cuss100 2 years ago
yeap. Hugh is the drug dealer who doesn't care of the drug is penicillin or crack cocaine. As long as he gets his taste
DavidAKZ 2 years ago
Hugh is the plastic bag maker who doesn't care if people use it to carry drugs around. In fact, he's indignant that police are bringing him in for investigation after a drug bust.
cherylwens 1 year ago 2
Hello Einstein, greece does not pay 1-2% interest rate.
Ha Ha AH
deenriqo 2 years ago
How much?
komninosm 2 years ago
I love watching politicians and economists trying to figure their way out of a hole. What idiots
Radnally 2 years ago