Hugh.... when Greece default, there's great potential a windfall... and you know it. Your interests lie in the ability for markets and economies to do well so that money can be made and in times of financial difficulty, your interests again lie in opportunities when money can be made.
You ask a great question. It is the difference between notional value and actual value. One dollar in real life can become 40 dollars in finance. Technically the procedure is correct, banks can leverage your money quite a bit (though legally they are meant to hold 10% as reserves at all times to cover what they owe...).
I think you *could* calculate what the real debt is and it would as you say be a lot less than that $3billion. The question then is what's the rest...
Hugh Hendry is always a great debater! Of course he's cynical about the answers of Stiglitz who has more of an academic view on economics, while Hendry is actually standing on the tradingfloor. Stiglitz needs to get his head round the fact that Europe is at the very end of its Keynesian welfare state model. Hendry predicted the fall of the euro, but he also foresees "the great unwinding" of the worlds' strongest economies in 2012...
With the luxury of hindsight Hugh Hendry looks mighty prescient and Stiglitz looks like a statu quo fool. Guess whose predictions have proven to be right?
@kaunas888 your wrong, hendry stated that hedge funds prevent hyperinflation but what he never tells you is that his hedge fund borrows money on leverage (inflation) to place bets on the euro collapse. just as mf global, the euro is still standing and mf global has long gone under, hendry will be next, he will loose his shirt, pants and even his shoes. he who laughs last laughs longest. do you think a small time pimp will blow the germans over? no chance. take him out the back and shoot him in
You are right in some respects. Those who support the ‘European social model’ have a distrust of financial markets. Keynes said that the market can remain irrational longer than you can remain solvent and speculators who bet against the sovereigns got hit hard. But the euro is a flawed currency that relies on political cohesion across the Euro area to work. Ultimately even the Germans must realize change is needed.
The project will go on like you say. But there is a price to be paid.
I dont understand one thing - the society which taught basic lesson of Capitalism are now listening to people like Stiglitz !! - What's wrong with you Guys ??
I am the one who grew up admiring the western world and its ability to take truth head on ,but now it seems they lost their way and need guidance from say China !!
@turbomango You are right,he was the advisor of our former prime minister george papandreou...(his party is still gorvement)and our prime minister was happy with him and potreid him as a good think...fucking retards both of them that brought us in to this place...thats what i said a damn crook,i searched for him when i heard him and now i can see where all these bright ideas come from for our country(greece),absolute nonsense...until now people think that the americans and eu is to blame...only
@DoelGr get out of the EU. The international central bankers are behind the EU and UN.And when you get out of the EU, do not allow the foreign central bankers to own the Drahmae. Make Greek sovereign Drahmae. Greece never had sovereign currency. Since 1900s the drahmae is owned by KSENOUS! You can't become free and profitable when the central bankers are enslaving you.
This is the problem in almost every country today. The central bankers have taken over the world and now are BEASTS.
@turbomango i know my friend,im a logistic accountant but the problem is that its not in my powers almost noone knows about such thinks here only a few economologist,and frankly right now i dont think that anyone has the power,our prime minister is just put there by EU and he was a central greek banker and later in ecb board.drachma was controled by the politicians i know some schemes they did in the 20's30's and late 80's90s but they used to destroy it with printing(inflation)...
@turbomango you have to understand that he does not want the euro to collapse and all the problems will arise, it is not that he is a fool, it is just that what is going to happen is really bad and that it all has to do with how people think, if people believed that there was no problem it would actually help the interest rates the countries pay and might save the euro, as the thinking changes, so does the danger, it is that I think he is trying to avoid because it is bleak.
Yes Stiglitz clearly mentioned the need to keep the cost of borrowing - the interest rate - low. As long as that happened there would have been no problem. However it's a BIG RISK. If the rate is artificially kept too low for too long then a bubble can occur at the sovereign level. This is exactly what happened. So I do think Stiglitz is right but he turned out to be wrong. The countries should have taken austerity sooner rather than later and support could have been given.
Think about it. If the Euro collapses in a disorderly way there will be definite death spread across the continent. It will also directly lead to the Great Depression part 2 (we never really left part 1).
The answer has to be to hold 'it' together. Notice I did not mention the Euro in that last sentence. Maybe I did fall more on Stiglitz's side on this occassion. But that's not because he is right, it is because he is less wrong.
@RussMaxable Which ever what it's done, it's going to be bad. A State of Debt KILLS societies countries, people. They had no business lying to the European countries about the endgame intentions. Europeans joined as a Free Trade incententive, not to lose their sovereignty! Only Socialist Communism and Fascism (Totalitarian) regimes Socialize corporate debt while Privatizing Profits. They don't care if they go bankrupts. They make up their losses from our taxes. They keep profits.
My definition of modern banking is after 1700, though you could possibly go back to the Italian merchanting and banking groups in the 13th and 14th centuries. Central banks certainly did not exist back in the Athenian times.
You could take it back all the way to the Romans if your definition of money and banking includes coinage (gold, silver, tin, copper & bronze). One day when I have a bit more time to spare I may read into it.
Thank you for providing me with your links. I am not oblivious to how Jewish financiers have pushed for financial innovation throughout history. My own limited knowledge comes from reading about the Rothschilds.
To answer your question, my family is originally from Bangladesh/India/Pakistan. But I think you already knew that.
It's interesting - until you came into the picture this video was focused on financial matters. You had to bring race / religion into it. If there is one thing I despise more than anything it is the reluctance to sort out the problems in your own back yard. Isn't it very convenient when you have A,B,C and X,Y,Z to blame for your problems?
...with every passing week, Stiglitz's words become more incredulous. Nobel Laureate, Nobel Peace Prize Winner........Albert Nobel would be horrified....
Some one get rid of that horrible man...Yes I mean the speculator cunt, the same one who never got back to Question Time because the all country turned against him. Yes, I'm talking about YOU, Hugh "Knobead " Henry.
To be fair Stiglitz has been hugely critical of free markets and their role in the crisis. I have updated an earlier entitled ‘Joseph Stiglitz on Market Fundamentalism’.
But yes I think he was naive here. He didn't understand how powerful the market is and how quickly it can overcome the ability of governments. Free markets are both a benefit as well as a curse for the state. It's hard to say you're for both sides. Economists are guilty of this in my view.
if you look at his actual quotes, read his books and actually listen to his interviews youd realize that isn't true and he's spoken against Greenspan, wall street and the mismanagement of the financial sector and the fed for a long, long time.
not sure where you get your info, but I think you just had a knee-jerk reaction to him, like most people do for no reason at all
@richard1829 You have nothing to say about Stiglitz saying USA will not default its bonds because it can print money. Paying with inflated currency IS default. Then there is the slippery diplomat who is nice and polite - the way you like it - and has nothing truthful to say. It is not the hedge funds that have brought about this crisis: it is people like you who are all presentation but no content. You have never been in a discussion or a debate. If you had, you would not write such drivel.
@richard1829 I don't think you are a good score keeper. Arrogance and a bullying attitude lose points with people accustomed to discussion and debate. Hendry is arrogant plain and simple. His obnoxious attacking style says volumes about his character. Hedge fund managers should be brought before the world court and tried for the crimes they are guilty of, gaming the global economy for selfish gain. Many of them are nothing less than sociopaths.
@wjksea hendry was accurate with his assesment of the greek situation , stiglitz as we can see now was completely naive...guess its the difference between academia and actually having some skin in the game.
Stiglitz is a fucking moron.
ericclaptonismygod31 2 weeks ago
Nobel lauriate!...all you need to know!
theMAXILOPEZpsycho 1 month ago
Stiglitz - another idiot who thought he could tell the markets what to do.
Wolfe3001 1 month ago
Hugh.... when Greece default, there's great potential a windfall... and you know it. Your interests lie in the ability for markets and economies to do well so that money can be made and in times of financial difficulty, your interests again lie in opportunities when money can be made.
saitzyhorng 1 month ago
@BSNCPA
You ask a great question. It is the difference between notional value and actual value. One dollar in real life can become 40 dollars in finance. Technically the procedure is correct, banks can leverage your money quite a bit (though legally they are meant to hold 10% as reserves at all times to cover what they owe...).
I think you *could* calculate what the real debt is and it would as you say be a lot less than that $3billion. The question then is what's the rest...
MrNChoudhury 2 months ago
MORE solidarity?! Voice from the north: F*** OFF!
MILMAG1 2 months ago
Hendry 5 - 0 Stiglitz
ginfan1234 2 months ago 2
Hugh Hendry is always a great debater! Of course he's cynical about the answers of Stiglitz who has more of an academic view on economics, while Hendry is actually standing on the tradingfloor. Stiglitz needs to get his head round the fact that Europe is at the very end of its Keynesian welfare state model. Hendry predicted the fall of the euro, but he also foresees "the great unwinding" of the worlds' strongest economies in 2012...
ThisTimeOfGrace 2 months ago
Stiglitz is not an economist.
tothemax01 3 months ago
With the luxury of hindsight Hugh Hendry looks mighty prescient and Stiglitz looks like a statu quo fool. Guess whose predictions have proven to be right?
kaunas888 3 months ago 4
@kaunas888 your wrong, hendry stated that hedge funds prevent hyperinflation but what he never tells you is that his hedge fund borrows money on leverage (inflation) to place bets on the euro collapse. just as mf global, the euro is still standing and mf global has long gone under, hendry will be next, he will loose his shirt, pants and even his shoes. he who laughs last laughs longest. do you think a small time pimp will blow the germans over? no chance. take him out the back and shoot him in
iglwy 1 month ago
@iglwy
You are right in some respects. Those who support the ‘European social model’ have a distrust of financial markets. Keynes said that the market can remain irrational longer than you can remain solvent and speculators who bet against the sovereigns got hit hard. But the euro is a flawed currency that relies on political cohesion across the Euro area to work. Ultimately even the Germans must realize change is needed.
The project will go on like you say. But there is a price to be paid.
MrNChoudhury 1 month ago
Comment removed
1dtbimp 3 months ago
He's like Bruce Lee in Fund Management.
rtsang1008 3 months ago
I dont understand one thing - the society which taught basic lesson of Capitalism are now listening to people like Stiglitz !! - What's wrong with you Guys ??
I am the one who grew up admiring the western world and its ability to take truth head on ,but now it seems they lost their way and need guidance from say China !!
kuldeepsinghk 4 months ago
Stiglitz is such a crook. He advised Greece. That tells you plenty as to his competence. Damn crook!
turbomango 4 months ago 6
@turbomango You are right,he was the advisor of our former prime minister george papandreou...(his party is still gorvement)and our prime minister was happy with him and potreid him as a good think...fucking retards both of them that brought us in to this place...thats what i said a damn crook,i searched for him when i heard him and now i can see where all these bright ideas come from for our country(greece),absolute nonsense...until now people think that the americans and eu is to blame...only
DoelGr 3 months ago
@DoelGr get out of the EU. The international central bankers are behind the EU and UN.And when you get out of the EU, do not allow the foreign central bankers to own the Drahmae. Make Greek sovereign Drahmae. Greece never had sovereign currency. Since 1900s the drahmae is owned by KSENOUS! You can't become free and profitable when the central bankers are enslaving you.
This is the problem in almost every country today. The central bankers have taken over the world and now are BEASTS.
turbomango 2 months ago
@turbomango i know my friend,im a logistic accountant but the problem is that its not in my powers almost noone knows about such thinks here only a few economologist,and frankly right now i dont think that anyone has the power,our prime minister is just put there by EU and he was a central greek banker and later in ecb board.drachma was controled by the politicians i know some schemes they did in the 20's30's and late 80's90s but they used to destroy it with printing(inflation)...
DoelGr 2 months ago
@turbomango you have to understand that he does not want the euro to collapse and all the problems will arise, it is not that he is a fool, it is just that what is going to happen is really bad and that it all has to do with how people think, if people believed that there was no problem it would actually help the interest rates the countries pay and might save the euro, as the thinking changes, so does the danger, it is that I think he is trying to avoid because it is bleak.
RussMaxable 1 month ago
@RussMaxable
Yes Stiglitz clearly mentioned the need to keep the cost of borrowing - the interest rate - low. As long as that happened there would have been no problem. However it's a BIG RISK. If the rate is artificially kept too low for too long then a bubble can occur at the sovereign level. This is exactly what happened. So I do think Stiglitz is right but he turned out to be wrong. The countries should have taken austerity sooner rather than later and support could have been given.
MrNChoudhury 1 month ago
@MrNChoudhury You are SO misguided! Why should people be enslaved to debt they did not incur? WHat the F is wrong with your mind?????????
turbomango 1 month ago
@turbomango
Do you really think I support the Euro?
Think about it. If the Euro collapses in a disorderly way there will be definite death spread across the continent. It will also directly lead to the Great Depression part 2 (we never really left part 1).
The answer has to be to hold 'it' together. Notice I did not mention the Euro in that last sentence. Maybe I did fall more on Stiglitz's side on this occassion. But that's not because he is right, it is because he is less wrong.
MrNChoudhury 1 month ago
@RussMaxable Which ever what it's done, it's going to be bad. A State of Debt KILLS societies countries, people. They had no business lying to the European countries about the endgame intentions. Europeans joined as a Free Trade incententive, not to lose their sovereignty! Only Socialist Communism and Fascism (Totalitarian) regimes Socialize corporate debt while Privatizing Profits. They don't care if they go bankrupts. They make up their losses from our taxes. They keep profits.
turbomango 1 month ago
@TheSpeckofdust
My definition of modern banking is after 1700, though you could possibly go back to the Italian merchanting and banking groups in the 13th and 14th centuries. Central banks certainly did not exist back in the Athenian times.
You could take it back all the way to the Romans if your definition of money and banking includes coinage (gold, silver, tin, copper & bronze). One day when I have a bit more time to spare I may read into it.
MrNChoudhury 4 months ago
@TheSpeckofdust
Thank you for providing me with your links. I am not oblivious to how Jewish financiers have pushed for financial innovation throughout history. My own limited knowledge comes from reading about the Rothschilds.
MrNChoudhury 4 months ago
@TheSpeckofdust
To answer your question, my family is originally from Bangladesh/India/Pakistan. But I think you already knew that.
It's interesting - until you came into the picture this video was focused on financial matters. You had to bring race / religion into it. If there is one thing I despise more than anything it is the reluctance to sort out the problems in your own back yard. Isn't it very convenient when you have A,B,C and X,Y,Z to blame for your problems?
MrNChoudhury 4 months ago
@TheSpeckofdust : criticise his ridiculous answers, no need for the sectarian slurs.
Boabywankenobi 4 months ago
@TheSpeckofdust
I don't believe in prizes nowadays. Look at Obama. They gave him a Nobel.
Back in the day people actually got rewarded for their effort and their effort alone. That happens very rarely now.
*Btw could you try to keep the discussion civil please. There are good and bad people in all races and religions.
MrNChoudhury 4 months ago
Never has someone so quickly made me want to insert my fist into their mouth, such as Huge Hendry has just managed. Impressive.
ubernaffa 4 months ago
...with every passing week, Stiglitz's words become more incredulous. Nobel Laureate, Nobel Peace Prize Winner........Albert Nobel would be horrified....
Boabywankenobi 4 months ago
I think Hugh is a realist he may very well be a predator eg eg.But who would you rather trust your money with Stiglitz or Hugh Hendry.
davecampbell1000 4 months ago
@davecampbell1000
That really is the ultimate test isn't it. Let's give both these guys $1million and see who is left standing at the end.
MrNChoudhury 4 months ago
Some one get rid of that horrible man...Yes I mean the speculator cunt, the same one who never got back to Question Time because the all country turned against him. Yes, I'm talking about YOU, Hugh "Knobead " Henry.
Time to sharpen the guillotine!
theH0UNDSofD00M 4 months ago
why is hendry so bad at arguing
warwize 4 months ago
To be fair Stiglitz has been hugely critical of free markets and their role in the crisis. I have updated an earlier entitled ‘Joseph Stiglitz on Market Fundamentalism’.
But yes I think he was naive here. He didn't understand how powerful the market is and how quickly it can overcome the ability of governments. Free markets are both a benefit as well as a curse for the state. It's hard to say you're for both sides. Economists are guilty of this in my view.
MrNChoudhury 5 months ago
What a goon Stiglitz is - reputation should be in tatters.
ginfan1234 5 months ago
stiglitz is a wall street whore
optionsupdate 7 months ago
@optionsupdate
why do you think stiglitz is a wall street guy?
warwize 4 months ago
@warwize becuase he is quoted and well known, if you are an enemy of wall street people in public would never hear about u.
optionsupdate 4 months ago
@optionsupdate
if you look at his actual quotes, read his books and actually listen to his interviews youd realize that isn't true and he's spoken against Greenspan, wall street and the mismanagement of the financial sector and the fed for a long, long time.
not sure where you get your info, but I think you just had a knee-jerk reaction to him, like most people do for no reason at all
warwize 4 months ago
@warwize sorry for my ignorant comments
optionsupdate 4 months ago
@richard1829 You have nothing to say about Stiglitz saying USA will not default its bonds because it can print money. Paying with inflated currency IS default. Then there is the slippery diplomat who is nice and polite - the way you like it - and has nothing truthful to say. It is not the hedge funds that have brought about this crisis: it is people like you who are all presentation but no content. You have never been in a discussion or a debate. If you had, you would not write such drivel.
tigranvartanovitch 7 months ago
Lady is good and takes control of the situation in a clever manner.
xfile780 7 months ago
Hendry 1 Stiglitz 0
richard1829 7 months ago
@richard1829 I don't think you are a good score keeper. Arrogance and a bullying attitude lose points with people accustomed to discussion and debate. Hendry is arrogant plain and simple. His obnoxious attacking style says volumes about his character. Hedge fund managers should be brought before the world court and tried for the crimes they are guilty of, gaming the global economy for selfish gain. Many of them are nothing less than sociopaths.
wjksea 7 months ago
@wjksea hendry was accurate with his assesment of the greek situation , stiglitz as we can see now was completely naive...guess its the difference between academia and actually having some skin in the game.
richard1829 7 months ago