Hugh Hendry 1 of 3

thanks for posting !

Except for Hugh, most of these people are totally insane! Most problems can be stopped by elimination of one inherently criminal activity - the ability of certain companies to lend more money than they have in deposits AKA FractionalReserveBanking.

The real crime is that 95% of "money" in our economy is created as debt by private banks. They CREATE the money they lend out of thin air (based on nothing more than the borrower's promise to repay). They charge interest on the loan, and they keep that interest.

Now, they create the capital they lend, but not the interest. By design, there is never enough money in the economy to repay the debt. Bubbles are REQUIRED every 14 years.

Govt should issue it's own money, interest free.

The media LIE to the public by implying that the banks have to borrow the money that they lend to the public, from the wholesale money markets. That is a fundamental LIE. They CREATE the money by an accounting entry.

The wholesale money markets are used merely to borrow enough to maintain their fractional reserve requirements, in line with the Bank of International Settlements' (BIS) Basel accords.

Read Web of Debt by Ellen Brown, or Creature from Jekyll Island by G Edward Griffin.

Unless there is a fundamental change to the way money is created then I guarantee that the next bubble will peak in 2026 and the next crash will occur in 2028. If you want the 300 year data to prove that trend read "Boom Bust" by Fred Harrison.

The system is designed to create booms and busts, and each time there is a transfer of wealth to the oligarchs, and the ordinary people's standard of living is degraded.

We haven't seen the worst of this by a long way. 2010 will be the real crash.

hugh hendry and philip manduca  the few smart people on cnbc