http://www.businessinsider.com/hugh-hendry-vs-jeffrey-sachs-2010-5
The European banking system is in crisis, says Hendry.
“I would recommend you panic.”
The hedge fund manager of Eclectica Management went on BBC Newsnight last night to play pessimist against Jeffrey Sachs, an economist from Columbia University.
Of course the two get into a fight. It’s awesome.
At first Hendry is talking quietly and his manner is worryingly subdued but wait just a minute. He starts going after Sachs at 2:38.
“When you bring on a professor and when you bring on a politician, they are unaccountable. Jeffrey’s wrong, you know what? He’ll survive and tenure. I’m wrong, I go bankrupt.”
Then Jeffrey defends himself a little bit, says no one should jump to the conclusion that all is lost, and Hendry literally jumps on him. (4:50)
“I don’t know,” says Hendry, “because, was Jeffrey skiing two months ago? I was working, Gillian (Tett, who was also on the show) was working. So we can tell you about the real world.”
I totally agree with Hendry. First will be terrible deflation. Then we’ll have hyperinflation. After that, it’s anybody’s guess. In the long run, we are all dead anyways. What ever the future holds, try to be prepared.
http://www.zerohedge.com/article/quick-post-script-mr-jeffrey-sachs
We apologize in advance for harping back on this issue, but it is pretty damn hilarious. In the BBC Newsnight interview with Hendry, Tett and Sachs, the esteemed Columbia professor, at 4:50 into the clip, asks “How long has this Greek question been on the table. Ablout 10 weeks maybe?” A rather violent explosion from Sachs follows when Hendry calls him out on his tenured stupidity. All this was discussed yesterday. However, we wanted to provide a response to the Ivy League professor, as he did pose a legitimate question. In the following FT interview from January 2009, Hugh Hendry discussed the future of the eurozone and the PIIGS, and at 24 seconds into it, he provides the response Sachs is seeking: “I fear [the collapse of the Eurozone] is becoming more likely.” He follows “If we saw parity with the euro, my goodness, that would be deemed to be unthinkable.” And concludes, “There is a shortage of dollars. People think I’m crazy – they are printing billions, trillions of dollars. But keep in mind America has $50 trillion of debt outstanding. And that was fine because they thought it had $50 trillion of assets.
