Hugh Hendry 3 of 3

Taxes won't go higher , Gov will resort to what they have done for the last 20 years - BORROW .

The scary thing about socialism is its attitude toward debt. Obama's budget will run a deficit of over 1 trillion dollars!! Margaret Thatcher once said And I will go on criticising Socialism, and opposing Socialism because it is bad for Britain—and Britain and Socialism are not the same thing. (...) Its the Labour Government that have brought us record peace-time taxation. Theyve got the usual Socialist disease—theyve run out of other peoples money.

Hugh Hendry is a legend, shame someone like him wasnt on the MPC at the height of the bubble as we may have been able to avoid this mess. Instead we are left with the inflation targeting dinosaurs that have always been behind the curve. Thanks MPC I'm off to New Zealand to avoid the riots that are inevitably on their way!

Brilliant - Hugh is one of the few financial experts worth listening to now. His analysis of the bailouts and the underlying causes of this recession is compelling. Excellent clips - thanks for posting "Dispatches".

Erm - I'm sure it wasnt 'everybody' who got up to their eyeballs in debt to purchase consumer goods. Why should those who didnt now shell out to buy the plasma TV's, cars and designer-wear the irresponsible now get to keep? And if 2% interest rates arent going to save us, why try and reinflate at all - isnt it cheap money that caused the problem in the first place? How're we going to claw our way back to being fiscally responsible with this?

Hugh is one of the few honest people around.

It is telling that there are so few responses to this brilliant evaluation by Mr. Hendry. "A prophet is not without honour, save in his own country, and in his own house." Unfortunately, if we don't listen to his jeremiad now, it will be too late for the next generation. They will only know want and hopelessness.