Jeffrey Sachs is an embarrassment. Hugh Hendry is talking common sense; 20% down on a loan (equity held by bank) versus rampant speculative 40 to 1 leveraging - and if the idiot banksters lose let them FAIL.
Dr. Sachs can't seem to connect the dots between governments using taxpayer money to bail out malfeasant banks and "austerity" foisted upon the same citizens by said governments.
Well here we are 18 months later and clearly Hendry was right and Sachs was wrong. This has officially become a default because it was clear that austerity would never get Greece solvent.
Maybe this is being done to distract us from our own economic crises, to keep us from panicking about our own govt. losing their credit rating as they did a few weeks ago, that we have no income but a huge deficit building every day, so like the war misdirection lies, this could just be another way to keep us from paying attention to what's happening HERE. They may fail because WE are failing.
Everyone in this discussion has different incentives and nothing unexpected really except from Hugh's pretty aggressive attacks on Sachs ("skiing", wtf, something personal or an earlier discussion before the camera switched on?). Admittedly, I'm no fan of academic economists and especially not Western central bankers, so this is oddly humorous!
Can I just make a point, this is a year old, a fucking year, and this argument is still relevant NOTHING has changed over that year other than we're in a heap load of new debt.
@IsItRepeatable - Yep, and Hendry was right and clowns like Sachs should be homeless and begging for change on the corner just to get a bite to eat......
My first task as prime minister of Greece would be to sell off land on some of their many desolated islands. There are 6000 islands in Greece, only 227 of them have any inhabitants and only 78 are inhabited by over 100 people.
There is HUGE demand for those islands. And who buys those kind of property, wealthy americans, arabs etc. What do they do, they build mansions on it, this creates jobs and pays property tax and real estate tax,
My goal is prime minister would be pay all debt in 15 years.
Its now a year later and the situation in Greece is much worse, Hendry was right,
All they've managed to do is to kick the can down the road. Now when Greece falls it will take the French and German banks with it and the rest of Europe.
The American nailed the pair. They main problem of Europe is we have hysterical morons like these two running around causing a panic, which is CAUSING THE PROBLEM. Greece can EASILY service its debt. 100% debt vs GDP can be turned to a surplus in 20 years. Many families have debt of 1000% vs their annual salary(mortgages, car loans, credit card debt etc).
Idiots like henry have invested heavily on betting against the euro and now he is trying to play you guys for fools for his own profit.
Secondly, European states have vast oportunities to scale down their debts. European states are extremley rich in assets. They have stakes in energy companies, telephone, insurance, banking sectors, radio and television, transportation like railway, shipping, airlines, defense companies.
All these industries are almost exclusively private in the US, plus Europe has much greater assets in foreign reserves and gold than the US.
I would be surprised if Greece's net debt was more than 30%
@FreddieBambino Your talking about the theoretical precisely like the professor. And it's amazing that you are able to respond in this manner despite recent news. If the answer is just to lumber a country with more debt - look what has occured... You are certainly correct - privatisations are an option for the governments to raise capital to help address it's deficit in a given year.. the problem is the growth prior was imaginary - fiction - and lots of borrowed money - and lies.
@FreddieBambino What remains is a political situation - that is a situation where a government has to cut a tremendous amount to balance the books so to speak. And cutting can only go so far - after a certain point there is not enough political will to cut further. At that point - a haircut becomes inevitable. Your not being realistic about the political situation on the ground. The greek people will only take so much. The politicians will only be able to do so much.
@FreddieBambino Oh I get it. You want to service your debt and never repay your debt. So you're happy to be under austerity measures in order to infinitely service debt. Good for you.
Dont be a moron mate. Who is talking about just service the debt and never start paying up on the capital?
Greece can pay its debt in 10 years if it wants. The problem is the economic model of Southern Europen countries not being internationally competitive.
People talk about "hard austerity" in Greece, which is totally laughable. For example, everything went crazy when the state raised the retirement age to 63, the retirement age in Germany is 67.
Black market activity in Greece is much much much higher than in Anglo-Saxon economies, triple or 4 times greater than in English speaking nations. Greece just found out many thousands of people are still collecting pensions, AFTER they are dead. Labour cost(salaries) in Greece rose many times faster than in Germany for the last 10 years.
Plus Greece has more assets than they owe. The real estate company of the greek state is worth 300 billion 300 billion euros.
@FreddieBambino According to Sachs, it's not about paying its debt, its about servicing its debt. Retirement age is irrelevant, unless of course you want them to continue to service the debt. Why would the Greeks continue under austerity measures when they can simply say fuck off and walk away? I would do the same. The situation is bad either way, so why service debt when you don't have to? They're going to default. That's the best course of action for the general population.
Its this kind of clueless reasoning that is distorting the debate. Do you think it is irrelevent if the state needs to not only pay people pension for 5 extra years but also not take in the tax revenue the state would have earned otherwise if those 63-67 year old people were still on the market?
I think you dont know what servicing a debt means, at least your comment about it doesnt make any sense.
Greece needs budget surplus to start paying down the debt, more revenue than cost. Raising retirment age, cracking down on black market activity, paying only pension that are still alive etc all helps to turn a deficit over to a surplus.
Many households owe 300% or more of their yearly income, do they go and panick, crying like little girls that the debt is too much, they need to dump the debt and say fuck off, no they pay up like they should.
@FreddieBambino The only reason people work longer is because they have to. If you want to work longer, or you're compelled to, go ahead. I won't be. The only thing you can do is claim I'm a clueless moron, but I've given some good reasoning and you've given us nothing, except to tell us we should work longer to service debt. The greeks have been given money, and yet more money, with measures meant to ensure they repay, and they didn't pay. Who's the clueless moron? Are you buying greek bonds?
Its almost impossible to argue with you, you dont seem to know anything about economics, then claim I havent "given you nothing". I have been giving stats here back and forth and trying to explain to you the situation, you are just throwing some nonsense back and forth and calling it reasoning.
"The only reason people work longer is because they have to". Yes and whats your point? People work because they have too, period. If you want to pay me for sitting on my ass, go ahead.
Greece doesnt have to pay, therefore it shouldnt pay. Greece should not tackle the budget deficit because to do that, people need to work to pay taxes. Therefore Greece should borrow indefinitely and never pay(since budget deficit causes the state always to add on its debt, MORE COST than Revenue).
In other words: people in germany should CHOOSE(according to you) to work so they can pay taxes which can be loaned to Greece which shouldnt pay because it doesnt need to. Moron.
I cant invest oversees since Iceland has capital controls. But if I could, then yes, I would buy greek bonds, they can be had for excellent price, with around 50% discount since the yield to maturity is much higher now than it was before.
Unless it is in Iceland, I cant buy it, sorry, we have a crap currency and we have capital controls now so it is illegal to invest oversees. The real estate I will be buying will be in Denmark and that wont be until in about 2-3 years.
Plus, according to your reasoning, if I bought it, I wouldnt need to pay you back, I would just tell you to fuck off as you put it.
You are assuming Greece will service the debt by fetching money from the market, which they wont you stupid cunt. Greece can easily service its debt but the hysteria in the market is making it more difficult for them.
I can only laugh at the "hard austerity" measures in Greece now. Iceland took 5 times more austerity measures than this with our currency collapse and we are doing fine. Raising retirement age in Greece to 63 causes mass protests while it is ALREADY 67 in Germany.
The fact of the matter is investors are better off with Greek government bonds than US treasury bonds because of the lose monetary policy of the Federal reserve. If you look at the dollar vs Euro, the dollar crashed 40% against the Euro for the last 10 years. Thats a 40% haircut for investors on treasury bonds.
Greece needs austerity measures because it was living way too high in the boom time, South Europe labour cost(salaries) rose up 35% in last 10 years while they rose only 5% in Germany.
No Iceland did not default on its debt. The cost was huge for the state though, only the Irish crisis has cost more for the state(The Irish government guaranteed not just all deposits, but all liabilities of the banks which was a crazy move). The Icelandic state owed only around 35% of GDP in public debt before the crisis(brutto debt, excludiing assets like currency reserve, real estate, stocks, bonds etc). But now our public debt has risen to almost 100%.
Notice though that all talk of public debt is only mentioning brutto debt. All European countries, even Greece have more assets than debt. European countries are much much richer in assets than the USA. Governments in Europe own stakes in telecommunications, shipping, airlines, railway, insurance, banking, pharmacueuticals, defence industry, gambling(lotteries etc, massively valuable companies), just name the industry and EU countries own a share in it.
The problem with European politics is that there is no leadership. If all the Greek political parties would agree to take the labour cost of Greece to the same as it was 10 years ago, raise the retirement age to the same as in Germany and Iceland, 67. Then Greece would probably turn 10-15% budget surplus. Labour cost rose way to high for Greece so now its not as competitive as Germany, so they need to backtrack it, people talk of that like the end of the world. Greece was fine 10 years ago.
The academic, the politician, and the actual buisinessman, for all to see. This is what they teach in Ivy league schools and colleges across the nation. I attended a state college and took a macro economics course and can attest to it being one drawn out Kenyesian propaganda crash course. It was truely an unsettling experience and left me wondering about the whole, "spending shit-ton of money on college thing". Fucking wankers
@TehFlamingLipz Well my college course was Monetarism/Ratex/Neo-classical propaganda crash course. Which left me wondering how people could seriously suggest that that stuff related to anything outside the lecture theatre.
@TehFlamingLipz excuse me........ but i do believe that you do not know what the fuck youre talking about.... you took one course ? which one was that intro or int macro ? guess what, i took them and the advanced level econ econometrics courses and now im doing a masters in econ and i can attest to you not knowing what the fuck you are talking about. Also seeing how a person can take one course in econ and having him believe he now has a valid opinion on the topic is greatly unsettling.
Dont be a fucking twat. Nobody is talking of buying Greek bonds at face value. Banks were selling greek bonds with 50% discount. Thats a great value. In fact the ECB should buy ALL greek bonds it can find on that price. Even if there would be 20% haircut on Greece government bonds, the ECB would still cash in a handsome profit. Obviously it should simply buy these bonds and voluntarily write the bonds off by whatever discount they bought it on.
@mfl002 Greece will default, they can't increase the taxes any further, and even if they could collect their wishful thinking figures, it's mathematically impossible at this point to circumvent the 1 yr @ 121% currently, which was 140% a week ago.
Russia defaulted back in '98 with the short-term bond yields shooting to 140+%.
Wow, it's nice to revise my comments in retrospect. I'll have to make an addendum: the EUR will survive by sacrificing the peripheral states - Portugal, Ireland, Greece & Spain via debt restructuring (default).
A strong Euro with further interest rate hikes by the ECB will kill off what remains of the $DXY.
The Euro was only created to bring most European country under the control of the Bankers. They know that by making government borrow at higher rate they will enslave the people of that country by controlling all the taxes collected by that government. We are all screw by the Banker through our government. Wait til you are call to work until you are 95 years old and your kids start work at the age of 10 years old.
Hendry was wrong, Columbia guy was right. No European major bank will collapse, mark my words. Today is January 23 2011, come back in 2 years to this video. I hope I will have some thumbs up by then.
Jeffrey Sachs is a dirty globalist lapdog for the "money powers", whose major influence is Keynes. Keynes, an economist and former chairman of the World Bank wrote in his book, The Economic Consequences of the Peace - "Our system is nothing less than a carefully laid out plan to fleece the American people of their hard earned money."
The central banks around the world, along with corrupt gov'ts and big corp. are in collusion to enslave the people of every nation for their own selfish purposes!
Austerity measures are the result of the looting of people and governments by these corporate banks. Enormous wealth was transferred to these crooks through TARP, and now the whole world is footing the bill in the form of, "Austerity Measures". This professor from Columbia is just another shill for corporate and private interests. Don't think for a second that he is not fully aware of what he is saying, he knows very well what the truth is. He is just doing his job protecting his own friends.
Not only is that columbian professor wrong, he is arrogant beyond belief. He's also in denial. No fool like an old economic professor fool. I hope his students can see past his ignorance and learn something.
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hendry is a typical expensively educated arrogant twat, his fund is a below average performer and he fancies himself as a celebrity..fuck him, if he spoke to me like that i'd drop him on the spot......
@dikkydoo1 their absolute return funds have outperformed every other fund in their class, by a hefty margin. including during the 08-09 period, when he actually made money. you probably couldn't drop anyone 'on the spot', much less Hendry.
The Professor thinks Greece could in three years become a normal reasonable country and service its debt. That is because he does not know the reality there. Greece is Greece and stays Greece. Google the Vanity Fair article "Beware of Greeks Bearing Bonds"...
see at time 3:20 when he stutters hes lying!! how does a guy with a suit and obviously alot of economics knowledge fff fff iinn dd iiiittt hard to talk about something as simple as not paying back banks who have stupidly lent out money to people who cannot afford to pay it back??? they arn't going to get it anyway???
the simple solution is , " if I lend someone money they can't pay me back, THEN I LOSE MY MONEY. I HAVE TO WRITE IT OFF. It's as simple as that. That's capitalism, you made a bad loan. Why are dumb down peasants keeping these shiny faced, suit wearing, lying, swindling, cheating, scum-bags in a top paying job; where they don't even produce anything (APART FROM MORE DEBT). Let them join the dole queue and things will start moving for the bankers do not want to become POOR. PERIOD.
When idiots like Jeffrey Sachs toss around the word 'austerity', do they understand what it means?
The US and UK "need an austerity program". This is RESPONSIBLE POLICY???
The distrastrous Fed policy has been going on for YEARS. Now it's Austerity time. F*** you, Fed. I vote 'No Confidence'--more gold and silver for fiat.
I saw an add for a new hedge fund. They were looking for investors and already they said they had so many investors they were going to have the leading investment fund in the world. The only thing they were investing in was re manufactured guillotines from the french revolution.
@gauharjk we are going thru it right now cant you see it? housing market is collapsing people loosing their jobs with U6 unemployment at around 17% people don't have jobs they don't have money to spend. The only reason prices are holding is because of all the money printing and stimulus. Last I heard from the feds the inflation is no where what they want it to be. Get ready for more quantitative easing AKA inflation. We are heading for a hyperinflation. The government will not allow deflation.
what a complete prick Hendry is he's a real mega self serving parasite who because he has got lucky thinks everyone should jump to his tune,sadly the morons in power listen to tossers like this.Speculators are ultra parsasites who short-change everyone to line their own pockets
@trotter23 No they dont - they listen to choppers like stiglitz who recommend that greece can pay its debts. Hedge fund managers are hated, everywhere. "Speculators are ultra parasites" - central banking is the ultimate titsuckler....your encrouched, daily media mind isn't capable of a life where you don't reward incompetence. Listen to Sachs .... Greece can pay its debts...no it couldnt...the ECB bailed it out. Hugh was fundamentally right.
Sachs doesn't WANT Greece to repay its debt; he only wants it to pay the interest, so the banks can suck out the profits of Greece forever, a perpetual parasite on its economy. Greece should default. Now. Hugh is right.
true, Tett comes across as a journo whose read her own paper but doesn't really have any personal views. Not sure thats fair as I've read her column but thats how she comes across.
And of course we *are* in a banking crisis. The politicians almost certainly *are* trying to paper over the cracks as the system is insolvent. This explains it pretty well to the leyman: google greg pytel.
Sachs got his derrière handed to him. Hugh never once turned to argue with him. The convincing rhetoric in my book is that Hugh noted he works for a living and subject to bankruptcy if he is wrong. On the other hand, Prof. Sachs won't lose his job if he's wrong.
So austerity program will come, which means, another deflation, which means slow but secure death of the system and slow and deathly desease for the middle class. What I mean is that the cancer is not being removed ontime and that will kill the current markets. Hugh sees what is going on and by whom. Do you?
respectfully.... professor Sachs comes off as almost overly confident...even if one were to agree with all his points....at least that's what I get from his body language and way of speaking....
It's now almost certain that Greece will default on its bonds, possibly prompting another banking crisis from a sovereign debt crisis. Hendry is likely to be proved right, and Sachs to be proved a clueless fool - how much is this 'professor' getting paid?
If the banks can repo someone's house when they get into financial trouble and can't service their debts, why should governments bail out those banks when they run into the same problems? Are banks greater than the people they serve?
Here we see how it is, one law for the rulers and another law for the ruled.
@enjerth The banks have been assured, they haven't just been given a bucket load of cash; some banks have been recapitalised but in so doing the government has become a major shareholder. The question should be asked why the rest of the Eurozone should bail out a thriftless Greek government....
@djsmurfie I never said that they got a bucket load of cash. What they did get was leniency while they're ruthlessly foreclosing. How is that justice for the families that those otherwise-would-be insolvent banks kicked out of their homes for being... insolvent? One law for the rulers.
@enjerth The logic behind the recapitalisation was the possibility of subsequent default for other financial institutions that held certain financial instruments; the defaulting of sub-prime mortgage holders and their loss of homes is justified: there is a contract between the bank lending the money and the recipient, if the later defaults then they forfeit their house which is held as collateral for said contract. This is a standard transaction.
@djsmurfie Unjust is ...taking taxpayer money, which belongs to homeowners as much as it belongs to banks, and supporting the banks while leaving homeowners out in the cold, literally. ...is saying that the banks need bailed out when the homeowners are not. Defaulting homeowners is the root of the cause, and you defend stemming defaults only when it comes to industry giants who should know better than anyone what the consequence of foolish investment is. Take from the poor and give to the rich.
The banks create the con game that buries the governments in debt.Then the people are forced to have their pay,pensions and services cut while the banks get bailed out.Of course all the politicians are bought off to make sure if happens this way.
This is happening all around the world and most people know it`s a con game yet nothing happens.
@freebird100 You are making the classic error of overstating the size of the bailout and understating the size of increases in public spending aside from the recent crisis.
We don't need to go all the way to the great armageddon but "forcing" companies/banks to fail. But, we need to let them fail. It is the only way to wipe the debt off the balance sheets. Cascading failure will bring leverage down to a reasonable level - after this type of recession people will be reluctant to leverage to such irresponsible levels again. It is the honest way forward - this is why no politician or Greek who consumes more than he/she produces will suggest it.
My God, I'm ashamed of my professors. This is sickly retardation. Hugh has it right, this Keynesian has it wrong. Too bad we are all screwed because of the views of Jeffrey.
The Federal Reserve system must be resisted and must be defeated once and for all. Nothing will ever change until the fed is removed from power and the member owner families are held accountable for fraud against humanity. All this dancing around is pointless and a waste of time.
All big banks are regulated by the Federal Reserve. That is the core issue. The federal reserve system committed fraud by selling liars loans for the last decade. That's what caused this, not the people, They allowed the banks to spends to much cash and credit . But this is a stated issue the elite have said that they want to destroy the financial system of the world. So they can come in and buy up the planet under the control of a world government.
i find it interesting how all 3 guests are trying to sell their own philosophy on banking. there's a reason why the banking system is so fucked up. these three show us why.
i never borrowed a penny in my life, do not use credit cards, owe no one & have little to do with "banks" ........ why must I live in "austerity" due to the banks idiocy in lending too much money & now they are broke ! sick of the damn banks, pull all your money out of banks & hold whatever you have in cash, after all, no one is earning any money on their deposits, what's the point ! .......... rotten banks.........
As Hendry and Nassim Taleb point out, the suits(profs,politico's etc) don't work in the real world where they must suffer their mistakes. Sach's is a kook, as we say in the culinary profession those that can't do Teach. 70 years of false economic teaching/ignorance bought us to this point. Armageddon is here, we don't have to go anywhere Mr Sachs!
A Bank Tax or do you mean Launder an Excess of Printed Money, Balance the Banks Books...Just like the Tobacco Scam to clean the Drug Money of the 70's and the 80's...damn I do Feel Old....hahahaha
Jeffrey Sachs? lol as in GOLDMAN SACHS? HA I'd change my name if I were him.Then again haling from Columbia U it's probably appropriate he continue to display that spelling proudly on his lapel. PUKE. Sachs spews what any typical keynesian NWO FREAK would... sanguine, lukewarm, he your own vomit Mr. SACHS.
The Austrian school says 2 - 3 yrs max for a sound solution, ie intrinsically backed currency, no more entitlements, no income tax on average citizens etc yet the keyensians continue in LIES.
LOL Sachs says "regulators have a lot of authority when banks are undercapitalized..." blah blah THE REGULATORS ARE THE BANKSTERS you LIAR, you SHILL, you NWO FREAK!!
I think people have to realize that you can't get something out of nothing. Free Health, free schooling, "social upliftment" etc. has to be paid by someone somewhere i.e by either more tax or debt. If you tax tax and tax, no one will have any incentive to do any work in that country and the economy collapses.
Sachs represents the 'party line', which is to continue to bailout bad bank behavior. He represents 'crony capitalism', which will undo the Anglo-Saxon economies.
Sachs represents the 'party line', which is to continue to bailout bad bank behavior. He represents 'crony capitalism', which will undo the Anglo-Saxon economies.
Sachs represents the 'party line', which is to continue to bailout bad bank behavior. He represents 'crony capitalism', which will undo the Anglo-Saxon economies.
Hugh Hendry is a dick. I agree with some of his view points, but it's really not going to help that he is attacking other panelists... including my very own economics professor - who I also disagree with!
The broader problem can be summarized as one where an anointed class sets all the ever-changing and proliferating rules, frame all the discussions, and pay no penalty for being wrong.
Guys like Hendry make them pay SOMETHING, i.e., facing public scorn. If we were a nation of Hendry's, then we wouldn't be shackled by the merciless, narcissistic scum who've bankrupted humanity by government force and with the approvals of such professors.
Excerpt from a MUST-READ online article on the broader problem . . .
"
Not just their Big Fat Greek Funeral
Traditionally, a bank is a means by which old people with capital lend to young people with ideas. But the advanced democracies with their mountains of sovereign debt are in effect old people who’ve blown through their capital and are all out of ideas looking for young people flush enough to bail them out.
If cutting taxes for rich people, and having higher VAT,paid by poor people is such a great idea why is it Greece did that and has ended up nearly bankrupt..
I said 3 years ago, why are the banks giving couples mortgages of 5 times their joint income?.....This is beyond madness and can only end in a massive collapse. Little did I know that this was a deliberate ploy, knowing they would be bailed out by the taxpayers.............Bankers=Scumbags.
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Jeffrey Sachs is an embarrassment. Hugh Hendry is talking common sense; 20% down on a loan (equity held by bank) versus rampant speculative 40 to 1 leveraging - and if the idiot banksters lose let them FAIL.
Dr. Sachs can't seem to connect the dots between governments using taxpayer money to bail out malfeasant banks and "austerity" foisted upon the same citizens by said governments.
A lot of good his PhD did him.
ebworthen 1 day ago
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ebworthen 1 day ago
This vid went viral on Tokyo
eddyallen615 1 month ago
MY BIRTHDAY XD !!!!!!!!!!!!!!!
MultiPJman 2 months ago
Well here we are 18 months later and clearly Hendry was right and Sachs was wrong. This has officially become a default because it was clear that austerity would never get Greece solvent.
habraify 3 months ago
Service its debt, meaning continue with the payments and stay in perpetual debt. Austerity for people but not for the banks.
MysticPotato68 4 months ago
Draconion!?! What is austerity then?
MysticPotato68 4 months ago
I do NOT trust anybody with SACHS name. Did his dad open up goldman sachs?
ssg10 5 months ago
Maybe this is being done to distract us from our own economic crises, to keep us from panicking about our own govt. losing their credit rating as they did a few weeks ago, that we have no income but a huge deficit building every day, so like the war misdirection lies, this could just be another way to keep us from paying attention to what's happening HERE. They may fail because WE are failing.
gmj2012 5 months ago
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utubesqueeze 5 months ago
It's like watching 3 players in an option market:
Gillian: long vol.
Sachs: short vol.
Hugh: long gamma - yeah, baby!
Everyone in this discussion has different incentives and nothing unexpected really except from Hugh's pretty aggressive attacks on Sachs ("skiing", wtf, something personal or an earlier discussion before the camera switched on?). Admittedly, I'm no fan of academic economists and especially not Western central bankers, so this is oddly humorous!
utubesqueeze 5 months ago
sept 6 2011
...
europe is crumbling
greece is beyond hope..
long silver
gold to 2000.$ soon ..
chena3 5 months ago
@chena3 Really?
marcusliciniusad 5 months ago
Sachs got spanked recognised it and then started agreeing with Hendry towards the end of the interview. Sachs looked completely out of his depth.
ginfan1234 5 months ago
Over 1 year after this discussion...
STILL THE SHIT KEEPS HITTING THE FAN.
Where does this end?
bertyUK 5 months ago
He's not the only one from Columbia University that got it completely wrong.
RedNeckEDU 6 months ago
Can I just make a point, this is a year old, a fucking year, and this argument is still relevant NOTHING has changed over that year other than we're in a heap load of new debt.
IsItRepeatable 7 months ago 7
@IsItRepeatable
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The only thing that is different is that we are speeding up, headed into the wall at the speed of light.
Knepperify1 7 months ago
@IsItRepeatable And Jefferry Sachs looks like even more of an arrogant cunt =)
TehFlamingLipz 4 months ago
@IsItRepeatable - Yep, and Hendry was right and clowns like Sachs should be homeless and begging for change on the corner just to get a bite to eat......
dink65 3 months ago
My first task as prime minister of Greece would be to sell off land on some of their many desolated islands. There are 6000 islands in Greece, only 227 of them have any inhabitants and only 78 are inhabited by over 100 people.
There is HUGE demand for those islands. And who buys those kind of property, wealthy americans, arabs etc. What do they do, they build mansions on it, this creates jobs and pays property tax and real estate tax,
My goal is prime minister would be pay all debt in 15 years.
FreddieBambino 8 months ago
Gillian Tett is an IDIOT! Wow, Jeffrey Sachs is an EVEN BIGGER IDIOT!!!
TheTopBloke 8 months ago
Gillian Tett is an IDIOT!
TheTopBloke 8 months ago
Its now a year later and the situation in Greece is much worse, Hendry was right,
All they've managed to do is to kick the can down the road. Now when Greece falls it will take the French and German banks with it and the rest of Europe.
tenchama7 8 months ago
The euro experiment have failed and the cost of it is growing every day, it needs to be abolished, GET OVER IT.
The undemocratic, plutocratic EU needs to be abolished.
Banks failed by their own crookery must be nationalised!
Fridaey13txhOktober 9 months ago
The American nailed the pair. They main problem of Europe is we have hysterical morons like these two running around causing a panic, which is CAUSING THE PROBLEM. Greece can EASILY service its debt. 100% debt vs GDP can be turned to a surplus in 20 years. Many families have debt of 1000% vs their annual salary(mortgages, car loans, credit card debt etc).
Idiots like henry have invested heavily on betting against the euro and now he is trying to play you guys for fools for his own profit.
FreddieBambino 9 months ago
Secondly, European states have vast oportunities to scale down their debts. European states are extremley rich in assets. They have stakes in energy companies, telephone, insurance, banking sectors, radio and television, transportation like railway, shipping, airlines, defense companies.
All these industries are almost exclusively private in the US, plus Europe has much greater assets in foreign reserves and gold than the US.
I would be surprised if Greece's net debt was more than 30%
FreddieBambino 9 months ago
@FreddieBambino Your talking about the theoretical precisely like the professor. And it's amazing that you are able to respond in this manner despite recent news. If the answer is just to lumber a country with more debt - look what has occured... You are certainly correct - privatisations are an option for the governments to raise capital to help address it's deficit in a given year.. the problem is the growth prior was imaginary - fiction - and lots of borrowed money - and lies.
ChristopherAdderley 9 months ago
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"privatisations are an option for the governments to raise capital to help address it's deficit in a given year.."
You mean, like yeltsin and hgis cronies did?
Fridaey13txhOktober 9 months ago
@FreddieBambino What remains is a political situation - that is a situation where a government has to cut a tremendous amount to balance the books so to speak. And cutting can only go so far - after a certain point there is not enough political will to cut further. At that point - a haircut becomes inevitable. Your not being realistic about the political situation on the ground. The greek people will only take so much. The politicians will only be able to do so much.
ChristopherAdderley 9 months ago
@FreddieBambino Oh I get it. You want to service your debt and never repay your debt. So you're happy to be under austerity measures in order to infinitely service debt. Good for you.
TheTopBloke 8 months ago
@TheTopBloke
Dont be a moron mate. Who is talking about just service the debt and never start paying up on the capital?
Greece can pay its debt in 10 years if it wants. The problem is the economic model of Southern Europen countries not being internationally competitive.
People talk about "hard austerity" in Greece, which is totally laughable. For example, everything went crazy when the state raised the retirement age to 63, the retirement age in Germany is 67.
FreddieBambino 8 months ago
Black market activity in Greece is much much much higher than in Anglo-Saxon economies, triple or 4 times greater than in English speaking nations. Greece just found out many thousands of people are still collecting pensions, AFTER they are dead. Labour cost(salaries) in Greece rose many times faster than in Germany for the last 10 years.
Plus Greece has more assets than they owe. The real estate company of the greek state is worth 300 billion 300 billion euros.
FreddieBambino 8 months ago
@FreddieBambino According to Sachs, it's not about paying its debt, its about servicing its debt. Retirement age is irrelevant, unless of course you want them to continue to service the debt. Why would the Greeks continue under austerity measures when they can simply say fuck off and walk away? I would do the same. The situation is bad either way, so why service debt when you don't have to? They're going to default. That's the best course of action for the general population.
TheTopBloke 8 months ago
Retirment age is irrelevent? lol.
Its this kind of clueless reasoning that is distorting the debate. Do you think it is irrelevent if the state needs to not only pay people pension for 5 extra years but also not take in the tax revenue the state would have earned otherwise if those 63-67 year old people were still on the market?
I think you dont know what servicing a debt means, at least your comment about it doesnt make any sense.
FreddieBambino 8 months ago
To keep it simple for you.
Greece needs budget surplus to start paying down the debt, more revenue than cost. Raising retirment age, cracking down on black market activity, paying only pension that are still alive etc all helps to turn a deficit over to a surplus.
Many households owe 300% or more of their yearly income, do they go and panick, crying like little girls that the debt is too much, they need to dump the debt and say fuck off, no they pay up like they should.
FreddieBambino 8 months ago
@FreddieBambino The only reason people work longer is because they have to. If you want to work longer, or you're compelled to, go ahead. I won't be. The only thing you can do is claim I'm a clueless moron, but I've given some good reasoning and you've given us nothing, except to tell us we should work longer to service debt. The greeks have been given money, and yet more money, with measures meant to ensure they repay, and they didn't pay. Who's the clueless moron? Are you buying greek bonds?
TheTopBloke 8 months ago
@TheTopBloke
Its almost impossible to argue with you, you dont seem to know anything about economics, then claim I havent "given you nothing". I have been giving stats here back and forth and trying to explain to you the situation, you are just throwing some nonsense back and forth and calling it reasoning.
"The only reason people work longer is because they have to". Yes and whats your point? People work because they have too, period. If you want to pay me for sitting on my ass, go ahead.
FreddieBambino 8 months ago
Your reasoning is:
Greece doesnt have to pay, therefore it shouldnt pay. Greece should not tackle the budget deficit because to do that, people need to work to pay taxes. Therefore Greece should borrow indefinitely and never pay(since budget deficit causes the state always to add on its debt, MORE COST than Revenue).
In other words: people in germany should CHOOSE(according to you) to work so they can pay taxes which can be loaned to Greece which shouldnt pay because it doesnt need to. Moron.
FreddieBambino 8 months ago
@FreddieBambino LMAO! You didn't answer the question. Are you buying greek bonds?
TheTopBloke 8 months ago
@TheTopBloke
I cant invest oversees since Iceland has capital controls. But if I could, then yes, I would buy greek bonds, they can be had for excellent price, with around 50% discount since the yield to maturity is much higher now than it was before.
So yes, I would buy greek bonds if I could.
FreddieBambino 8 months ago
@FreddieBambino I have some real estate you might be interested in.
TheTopBloke 8 months ago
@TheTopBloke
Unless it is in Iceland, I cant buy it, sorry, we have a crap currency and we have capital controls now so it is illegal to invest oversees. The real estate I will be buying will be in Denmark and that wont be until in about 2-3 years.
Plus, according to your reasoning, if I bought it, I wouldnt need to pay you back, I would just tell you to fuck off as you put it.
FreddieBambino 8 months ago
@FreddieBambino Uhh, actually. You have already done that. You're either as dumb as a brick, or you're the best troll I've ever seen.
TheTopBloke 8 months ago
@TheTopBloke
Done what? What the hell are you on about now you mindless zombie?
FreddieBambino 8 months ago
@FreddieBambino Are you a truck driver?
TheTopBloke 8 months ago
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mfl002 5 months ago
@mfl002
You are assuming Greece will service the debt by fetching money from the market, which they wont you stupid cunt. Greece can easily service its debt but the hysteria in the market is making it more difficult for them.
I can only laugh at the "hard austerity" measures in Greece now. Iceland took 5 times more austerity measures than this with our currency collapse and we are doing fine. Raising retirement age in Greece to 63 causes mass protests while it is ALREADY 67 in Germany.
FreddieBambino 5 months ago
The fact of the matter is investors are better off with Greek government bonds than US treasury bonds because of the lose monetary policy of the Federal reserve. If you look at the dollar vs Euro, the dollar crashed 40% against the Euro for the last 10 years. Thats a 40% haircut for investors on treasury bonds.
Greece needs austerity measures because it was living way too high in the boom time, South Europe labour cost(salaries) rose up 35% in last 10 years while they rose only 5% in Germany.
FreddieBambino 5 months ago
Comment removed
mfl002 4 months ago
@mfl002
No Iceland did not default on its debt. The cost was huge for the state though, only the Irish crisis has cost more for the state(The Irish government guaranteed not just all deposits, but all liabilities of the banks which was a crazy move). The Icelandic state owed only around 35% of GDP in public debt before the crisis(brutto debt, excludiing assets like currency reserve, real estate, stocks, bonds etc). But now our public debt has risen to almost 100%.
FreddieBambino 4 months ago
Notice though that all talk of public debt is only mentioning brutto debt. All European countries, even Greece have more assets than debt. European countries are much much richer in assets than the USA. Governments in Europe own stakes in telecommunications, shipping, airlines, railway, insurance, banking, pharmacueuticals, defence industry, gambling(lotteries etc, massively valuable companies), just name the industry and EU countries own a share in it.
FreddieBambino 4 months ago
The problem with European politics is that there is no leadership. If all the Greek political parties would agree to take the labour cost of Greece to the same as it was 10 years ago, raise the retirement age to the same as in Germany and Iceland, 67. Then Greece would probably turn 10-15% budget surplus. Labour cost rose way to high for Greece so now its not as competitive as Germany, so they need to backtrack it, people talk of that like the end of the world. Greece was fine 10 years ago.
FreddieBambino 4 months ago
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mfl002 5 months ago
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mfl002 5 months ago
Hugh Hendry is a freak
stevenrhcp 9 months ago
@stevenrhcp
I agree
FreddieBambino 9 months ago
The academic, the politician, and the actual buisinessman, for all to see. This is what they teach in Ivy league schools and colleges across the nation. I attended a state college and took a macro economics course and can attest to it being one drawn out Kenyesian propaganda crash course. It was truely an unsettling experience and left me wondering about the whole, "spending shit-ton of money on college thing". Fucking wankers
TehFlamingLipz 10 months ago 7
@TehFlamingLipz Well my college course was Monetarism/Ratex/Neo-classical propaganda crash course. Which left me wondering how people could seriously suggest that that stuff related to anything outside the lecture theatre.
AnniesEggs 4 months ago
@TehFlamingLipz excuse me........ but i do believe that you do not know what the fuck youre talking about.... you took one course ? which one was that intro or int macro ? guess what, i took them and the advanced level econ econometrics courses and now im doing a masters in econ and i can attest to you not knowing what the fuck you are talking about. Also seeing how a person can take one course in econ and having him believe he now has a valid opinion on the topic is greatly unsettling.
uRbattyboy 1 month ago
@uRbattyboy
Ok you have the credentials to spend us into oblivion great !
BarelyScientist 1 day ago
Although, it is still possible to get every single cent of debt re-payed by the Irish, Greece is past the Event Horizon with 2yr at 22% plus. #LOL
Republica Banana.
z0nt21 10 months ago
Comment removed
mfl002 5 months ago
@mfl002
Dont be a fucking twat. Nobody is talking of buying Greek bonds at face value. Banks were selling greek bonds with 50% discount. Thats a great value. In fact the ECB should buy ALL greek bonds it can find on that price. Even if there would be 20% haircut on Greece government bonds, the ECB would still cash in a handsome profit. Obviously it should simply buy these bonds and voluntarily write the bonds off by whatever discount they bought it on.
FreddieBambino 5 months ago
Comment removed
mfl002 4 months ago
@mfl002 Greece will default, they can't increase the taxes any further, and even if they could collect their wishful thinking figures, it's mathematically impossible at this point to circumvent the 1 yr @ 121% currently, which was 140% a week ago.
Russia defaulted back in '98 with the short-term bond yields shooting to 140+%.
z0nt21 4 months ago 2
Wow, it's nice to revise my comments in retrospect. I'll have to make an addendum: the EUR will survive by sacrificing the peripheral states - Portugal, Ireland, Greece & Spain via debt restructuring (default).
A strong Euro with further interest rate hikes by the ECB will kill off what remains of the $DXY.
z0nt21 10 months ago
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simplechocolatediet 10 months ago
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truehealthyproducts 10 months ago
He'll be first up against the wall.
CelticReject 1 year ago
The Euro was only created to bring most European country under the control of the Bankers. They know that by making government borrow at higher rate they will enslave the people of that country by controlling all the taxes collected by that government. We are all screw by the Banker through our government. Wait til you are call to work until you are 95 years old and your kids start work at the age of 10 years old.
JWestler 1 year ago
@JWestler The European currency would be an effective instrument in lowering the standard of living and energy consumption to that of a Chinese.
Ireland has printed 50 bn with the the nod from Germany a few days ago. Won't be much longer now. :)
z0nt21 1 year ago
Hendry was wrong, Columbia guy was right. No European major bank will collapse, mark my words. Today is January 23 2011, come back in 2 years to this video. I hope I will have some thumbs up by then.
49fiori 1 year ago
@49fiori Of course they won't collapse, you ass. The Euro currency will instead.
Joke's on you.
z0nt21 1 year ago
@z0nt21 Euro will not collapse. You are wrong. Check this comment 2 years from now.
49fiori 1 year ago
@49fiori The Euro could be the least of your worries, you'll be yelling SIEG HEIL in two years time.
z0nt21 1 year ago
@z0nt21 oh sorry, I just noticed, you are right.... have a nice life!
49fiori 1 year ago
Jeffrey Sachs is a dirty globalist lapdog for the "money powers", whose major influence is Keynes. Keynes, an economist and former chairman of the World Bank wrote in his book, The Economic Consequences of the Peace - "Our system is nothing less than a carefully laid out plan to fleece the American people of their hard earned money."
The central banks around the world, along with corrupt gov'ts and big corp. are in collusion to enslave the people of every nation for their own selfish purposes!
1776SonofLiberty 1 year ago
Austerity measures are the result of the looting of people and governments by these corporate banks. Enormous wealth was transferred to these crooks through TARP, and now the whole world is footing the bill in the form of, "Austerity Measures". This professor from Columbia is just another shill for corporate and private interests. Don't think for a second that he is not fully aware of what he is saying, he knows very well what the truth is. He is just doing his job protecting his own friends.
synthdood 1 year ago
Not only is that columbian professor wrong, he is arrogant beyond belief. He's also in denial. No fool like an old economic professor fool. I hope his students can see past his ignorance and learn something.
Search4truthfulness 1 year ago
boy was that columbia university guy wrong these so called experts with the ivy league educations are so fucked
RunsWitGuns 1 year ago
If you can, you do...if you can't, you teach!
rwbrowncfi 1 year ago
This comment has received too many negative votes show
hendry is a typical expensively educated arrogant twat, his fund is a below average performer and he fancies himself as a celebrity..fuck him, if he spoke to me like that i'd drop him on the spot......
dikkydoo1 1 year ago
@dikkydoo1 their absolute return funds have outperformed every other fund in their class, by a hefty margin. including during the 08-09 period, when he actually made money. you probably couldn't drop anyone 'on the spot', much less Hendry.
acp6s 1 year ago
The Professor thinks Greece could in three years become a normal reasonable country and service its debt. That is because he does not know the reality there. Greece is Greece and stays Greece. Google the Vanity Fair article "Beware of Greeks Bearing Bonds"...
1040655 1 year ago
love hendry
ibm0026 1 year ago
hendry = cooool
weixiaotiffy 1 year ago
Hendry is brilliant.
tomperanteau 1 year ago
Just wait till all of the fraud is exposed. Rats scurrying all over the place. I suggest that NOW you panic.
PrepareForChaos 1 year ago
@PrepareForChaos Problem is that the rats are the ones that run the world. I think that the rest of us need to be ready to scurry away from the mess.
tomperanteau 1 year ago
see at time 3:20 when he stutters hes lying!! how does a guy with a suit and obviously alot of economics knowledge fff fff iinn dd iiiittt hard to talk about something as simple as not paying back banks who have stupidly lent out money to people who cannot afford to pay it back??? they arn't going to get it anyway???
Elvensteel0 1 year ago
"please watch your language" ??? ...asshole, he's a grown ass man, fukk you!
TinQuasimodo 1 year ago
the simple solution is , " if I lend someone money they can't pay me back, THEN I LOSE MY MONEY. I HAVE TO WRITE IT OFF. It's as simple as that. That's capitalism, you made a bad loan. Why are dumb down peasants keeping these shiny faced, suit wearing, lying, swindling, cheating, scum-bags in a top paying job; where they don't even produce anything (APART FROM MORE DEBT). Let them join the dole queue and things will start moving for the bankers do not want to become POOR. PERIOD.
k9slayer 1 year ago
When idiots like Jeffrey Sachs toss around the word 'austerity', do they understand what it means?
The US and UK "need an austerity program". This is RESPONSIBLE POLICY???
The distrastrous Fed policy has been going on for YEARS. Now it's Austerity time. F*** you, Fed. I vote 'No Confidence'--more gold and silver for fiat.
tyronebiggums3 1 year ago
I saw an add for a new hedge fund. They were looking for investors and already they said they had so many investors they were going to have the leading investment fund in the world. The only thing they were investing in was re manufactured guillotines from the french revolution.
CJBnow 1 year ago
Mr Hendry, where is your mega-deflation? The Fed is printing money like its going out of fashion.
gauharjk 1 year ago
@gauharjk we are going thru it right now cant you see it? housing market is collapsing people loosing their jobs with U6 unemployment at around 17% people don't have jobs they don't have money to spend. The only reason prices are holding is because of all the money printing and stimulus. Last I heard from the feds the inflation is no where what they want it to be. Get ready for more quantitative easing AKA inflation. We are heading for a hyperinflation. The government will not allow deflation.
TheCashistrash 1 year ago
I would prefer to panic now. When the majority of people panic, I would just sit and enjoy the whole scene.
sdgsdf45 1 year ago
what a complete prick Hendry is he's a real mega self serving parasite who because he has got lucky thinks everyone should jump to his tune,sadly the morons in power listen to tossers like this.Speculators are ultra parsasites who short-change everyone to line their own pockets
trotter23 1 year ago
@trotter23 what a load of bullshit , he didnt get lucky, he was RIGHT
speculator keep the markets honest
danbuck333 1 year ago
@trotter23 No they dont - they listen to choppers like stiglitz who recommend that greece can pay its debts. Hedge fund managers are hated, everywhere. "Speculators are ultra parasites" - central banking is the ultimate titsuckler....your encrouched, daily media mind isn't capable of a life where you don't reward incompetence. Listen to Sachs .... Greece can pay its debts...no it couldnt...the ECB bailed it out. Hugh was fundamentally right.
Boabywankenobi 1 year ago
" I recommend you panic"
No truer words have ever been spoken from Economics to Political aspects.
Listen to Hugh and then listen to the mainstream plant of Sachs who is reliant upon the central banks and the continued socialism of bank losses.
JohnnyMac2237 1 year ago 15
Sach's a carbon based life form disconnected with reality!!
marketsdata 1 year ago
I like this guy
zeusvalentine 1 year ago
Sachs doesn't WANT Greece to repay its debt; he only wants it to pay the interest, so the banks can suck out the profits of Greece forever, a perpetual parasite on its economy. Greece should default. Now. Hugh is right.
ItsFazsha 1 year ago
@ItsFazsha
i don't think greece can repay its debts.
it can only service them and maybe pay them down over a very long period of time.
orangedac 1 year ago
true, Tett comes across as a journo whose read her own paper but doesn't really have any personal views. Not sure thats fair as I've read her column but thats how she comes across.
And of course we *are* in a banking crisis. The politicians almost certainly *are* trying to paper over the cracks as the system is insolvent. This explains it pretty well to the leyman: google greg pytel.
PoGGiE06 1 year ago
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PoGGiE06 1 year ago
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PoGGiE06 1 year ago
Sachs=Ruling class
tphillips68 1 year ago
Sachs got his derrière handed to him. Hugh never once turned to argue with him. The convincing rhetoric in my book is that Hugh noted he works for a living and subject to bankruptcy if he is wrong. On the other hand, Prof. Sachs won't lose his job if he's wrong.
chrikac 1 year ago 9
"If Suchs is wrong, he survives with tenure. If I'm wrong, I go bankrupt"
przem23 1 year ago 5
And the money quote is "It's not repay it's debt, it's service it's debt, it's become a normal market participant again"
That right there folks, is the thought process for a bankster who only wants to steal as much money from the Greek economy as possible.
FrreeeBird 1 year ago 3
Hendry is the Francis Begbie of economics.
bankger2 1 year ago
Incompetence from the politicians is what caused the 30's depression...hello 2008!! Idiots!
campeona5 1 year ago 2
"Purging the banking system" sounds like Andrew Mellon. It caused the Great Depression. Even Freidman found that too extreme.
vikramkrishnan 1 year ago
Use taxpayers money to pay for their theft.
SilverRose09 1 year ago
So austerity program will come, which means, another deflation, which means slow but secure death of the system and slow and deathly desease for the middle class. What I mean is that the cancer is not being removed ontime and that will kill the current markets. Hugh sees what is going on and by whom. Do you?
SilverRose09 1 year ago
gillian tett is cool
sroh98 1 year ago
respectfully.... professor Sachs comes off as almost overly confident...even if one were to agree with all his points....at least that's what I get from his body language and way of speaking....
willw2 1 year ago
It's now almost certain that Greece will default on its bonds, possibly prompting another banking crisis from a sovereign debt crisis. Hendry is likely to be proved right, and Sachs to be proved a clueless fool - how much is this 'professor' getting paid?
djsmurfie 1 year ago
I would recommend you panic
KiddJesus 1 year ago
This is preposterous!
neshy00 1 year ago
Bring the fractional reserve system under control or abolish it. Why does nobody talk about this fundamental issue?
MrNoonpig 1 year ago
@MrNoonpig Because it would deprive Ron Paul supporters of their raison d'etre.
JasonRadley 1 year ago
If the banks can repo someone's house when they get into financial trouble and can't service their debts, why should governments bail out those banks when they run into the same problems? Are banks greater than the people they serve?
Here we see how it is, one law for the rulers and another law for the ruled.
enjerth 1 year ago
@enjerth The banks have been assured, they haven't just been given a bucket load of cash; some banks have been recapitalised but in so doing the government has become a major shareholder. The question should be asked why the rest of the Eurozone should bail out a thriftless Greek government....
djsmurfie 1 year ago
@djsmurfie I never said that they got a bucket load of cash. What they did get was leniency while they're ruthlessly foreclosing. How is that justice for the families that those otherwise-would-be insolvent banks kicked out of their homes for being... insolvent? One law for the rulers.
enjerth 1 year ago
@enjerth The logic behind the recapitalisation was the possibility of subsequent default for other financial institutions that held certain financial instruments; the defaulting of sub-prime mortgage holders and their loss of homes is justified: there is a contract between the bank lending the money and the recipient, if the later defaults then they forfeit their house which is held as collateral for said contract. This is a standard transaction.
djsmurfie 1 year ago
@djsmurfie Unjust is ...taking taxpayer money, which belongs to homeowners as much as it belongs to banks, and supporting the banks while leaving homeowners out in the cold, literally. ...is saying that the banks need bailed out when the homeowners are not. Defaulting homeowners is the root of the cause, and you defend stemming defaults only when it comes to industry giants who should know better than anyone what the consequence of foolish investment is. Take from the poor and give to the rich.
enjerth 1 year ago
Thanks for uploading this very interesting video. ;)
rorygirl 1 year ago 2
The banks create the con game that buries the governments in debt.Then the people are forced to have their pay,pensions and services cut while the banks get bailed out.Of course all the politicians are bought off to make sure if happens this way.
This is happening all around the world and most people know it`s a con game yet nothing happens.
freebird100 1 year ago 8
@freebird100 Sadly I think you're right.
Sw1ssB0b 1 year ago
@freebird100 You are making the classic error of overstating the size of the bailout and understating the size of increases in public spending aside from the recent crisis.
ChristopherAdderley 8 months ago
If you all study an MBA things will get a lot better. Check out my videos to see why. I'm serious!
collegeisascam 1 year ago
We don't need to go all the way to the great armageddon but "forcing" companies/banks to fail. But, we need to let them fail. It is the only way to wipe the debt off the balance sheets. Cascading failure will bring leverage down to a reasonable level - after this type of recession people will be reluctant to leverage to such irresponsible levels again. It is the honest way forward - this is why no politician or Greek who consumes more than he/she produces will suggest it.
Wayno2010 1 year ago 3
My God, I'm ashamed of my professors. This is sickly retardation. Hugh has it right, this Keynesian has it wrong. Too bad we are all screwed because of the views of Jeffrey.
"Watch your rhetoric."
Screw your austerity measures, you wanker.
Juvebeck10 1 year ago 31
@Juvebeck10 Austerity measures are Keynesian?
JasonRadley 10 months ago
The Federal Reserve system must be resisted and must be defeated once and for all. Nothing will ever change until the fed is removed from power and the member owner families are held accountable for fraud against humanity. All this dancing around is pointless and a waste of time.
mjs1231 1 year ago 2
All big banks are regulated by the Federal Reserve. That is the core issue. The federal reserve system committed fraud by selling liars loans for the last decade. That's what caused this, not the people, They allowed the banks to spends to much cash and credit . But this is a stated issue the elite have said that they want to destroy the financial system of the world. So they can come in and buy up the planet under the control of a world government.
mjs1231 1 year ago
What gov't has not defaulted after restructuring....
PTTurboe 1 year ago 2
i find it interesting how all 3 guests are trying to sell their own philosophy on banking. there's a reason why the banking system is so fucked up. these three show us why.
pixID4 1 year ago
Never heard of Hugh Hendry before, but he's a pimp.
ephesus 1 year ago 2
listen to a man named sachs?
anyonefindAMERICA 1 year ago
i never borrowed a penny in my life, do not use credit cards, owe no one & have little to do with "banks" ........ why must I live in "austerity" due to the banks idiocy in lending too much money & now they are broke ! sick of the damn banks, pull all your money out of banks & hold whatever you have in cash, after all, no one is earning any money on their deposits, what's the point ! .......... rotten banks.........
lynnybee888 1 year ago 2
@lynnybee888 Don't hate the players, hate the game.
danhaw1213 1 year ago
@lynnybee888 I agree with your philosophy. I would just add convert the cash into precious metals since a currency crisis is on the menu.
iFreedom4ever 1 year ago
Sachs is one of the mega crimnals who engineered the theft of the Rusian economy to 7 Jewish oligarchs
eric144144 1 year ago
Well, the guy without the British accent, can eat my shit. I like "draconian" responses. Draconian responses solve issues quick!
PatriotMuscle 1 year ago
As Hendry and Nassim Taleb point out, the suits(profs,politico's etc) don't work in the real world where they must suffer their mistakes. Sach's is a kook, as we say in the culinary profession those that can't do Teach. 70 years of false economic teaching/ignorance bought us to this point. Armageddon is here, we don't have to go anywhere Mr Sachs!
kumanari 1 year ago
This has been flagged as spam show
If you cant trust a Jew, who can you trust?
Jeff Sachs, Professor at Columbia is a Lying Jew
Surprise, surprise
StSimonOfTrent 1 year ago
A Bank Tax or do you mean Launder an Excess of Printed Money, Balance the Banks Books...Just like the Tobacco Scam to clean the Drug Money of the 70's and the 80's...damn I do Feel Old....hahahaha
texture6 1 year ago
IMF = Greedy self serving malevolent parasite, with aspirations of looting the galaxy's resources and enslaving humanity forever.
finefilth 1 year ago
The issue wasn't on the table two months ago? It wasn't on the table two decades ago? Five decades ago?
bttalbot 1 year ago 2
Jeffrey Sachs? lol as in GOLDMAN SACHS? HA I'd change my name if I were him.Then again haling from Columbia U it's probably appropriate he continue to display that spelling proudly on his lapel. PUKE. Sachs spews what any typical keynesian NWO FREAK would... sanguine, lukewarm, he your own vomit Mr. SACHS.
The Austrian school says 2 - 3 yrs max for a sound solution, ie intrinsically backed currency, no more entitlements, no income tax on average citizens etc yet the keyensians continue in LIES.
anyusmoon1 1 year ago
@anyusmoon1 *eat your own vomit Mr. Sachs.
LOL Sachs says "regulators have a lot of authority when banks are undercapitalized..." blah blah THE REGULATORS ARE THE BANKSTERS you LIAR, you SHILL, you NWO FREAK!!
anyusmoon1 1 year ago
I think people have to realize that you can't get something out of nothing. Free Health, free schooling, "social upliftment" etc. has to be paid by someone somewhere i.e by either more tax or debt. If you tax tax and tax, no one will have any incentive to do any work in that country and the economy collapses.
Kalyfatic 1 year ago
Hell yeah Mr. Hugh Hendry! Ground Zero!
stegre 1 year ago
This has been flagged as spam show
Sachs represents the 'party line', which is to continue to bailout bad bank behavior. He represents 'crony capitalism', which will undo the Anglo-Saxon economies.
PetTheHorses 1 year ago
This has been flagged as spam show
Sachs represents the 'party line', which is to continue to bailout bad bank behavior. He represents 'crony capitalism', which will undo the Anglo-Saxon economies.
PetTheHorses 1 year ago
Sachs represents the 'party line', which is to continue to bailout bad bank behavior. He represents 'crony capitalism', which will undo the Anglo-Saxon economies.
PetTheHorses 1 year ago
Hugh Hendry is a dick. I agree with some of his view points, but it's really not going to help that he is attacking other panelists... including my very own economics professor - who I also disagree with!
naynerz 1 year ago
@naynerz
How does it not help?
The broader problem can be summarized as one where an anointed class sets all the ever-changing and proliferating rules, frame all the discussions, and pay no penalty for being wrong.
Guys like Hendry make them pay SOMETHING, i.e., facing public scorn. If we were a nation of Hendry's, then we wouldn't be shackled by the merciless, narcissistic scum who've bankrupted humanity by government force and with the approvals of such professors.
TylerNull 1 year ago
Excerpt from a MUST-READ online article on the broader problem . . .
"
Not just their Big Fat Greek Funeral
Traditionally, a bank is a means by which old people with capital lend to young people with ideas. But the advanced democracies with their mountains of sovereign debt are in effect old people who’ve blown through their capital and are all out of ideas looking for young people flush enough to bail them out.
"
- Mark Steyn
TylerNull 1 year ago
You have to be educated into stupidity to think that the solution for stupidity is to reward it.
RodneyAHampton 1 year ago 3
If cutting taxes for rich people, and having higher VAT,paid by poor people is such a great idea why is it Greece did that and has ended up nearly bankrupt..
Kensingtonroyal 1 year ago
I said 3 years ago, why are the banks giving couples mortgages of 5 times their joint income?.....This is beyond madness and can only end in a massive collapse. Little did I know that this was a deliberate ploy, knowing they would be bailed out by the taxpayers.............Bankers=Scumbags.
movement26 1 year ago