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Newsnight 26Th May

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I am surprised this hasn't been posted before as it is a bear’s wet dream of a conversation. Sacs the bull on the show doesn't seem to think anyone has been warning of the sovereign debt crisis that has been discussed to death for the last 12 months by anyone with any clue. He is one of these people - and unfortunately a leading IMF advisor - who will turn around and say how completely ‘unexpected’ the next crisis was and how no-one could possibly have foreseen it. He is in denial that there was anyone pointing out the current sovereign debt crisis more than 2 months ago. Oh dear.

Edited by MinceBalls

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hendry is spot on.Paxman gets it.

'they've turned a banking crisis into a sovereign debt crisis,haven't they?'

where do they find these academics?

Yes, Paxman gets it. Paul Mason does too.

Hendry's "you must have been skiing: we were working" insult was superb.

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where do they find these academics?

...no need to be an academic ...this is common sense and a face saving attempt by the Germans.....Europe has never really come clean on it's banks....frightening ....lot more to come..... :rolleyes:

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Just one thing. According to Sachs "there's a reasonable chance that Greece will be able to service their debts in three years time."

I wonder why he expects the Greeks to do this whereas his fellow Americans find it easy to walk away from debt even if the become homeless as a result. Maybe he knows something about the Greeks that we don't....maybe they are genetically suited to debt slavery or something. I don't think so...they won't pay.

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Great discussion. I really like Hugh Hendry.

I really like Gillian Tett as well. Smart and quite lovely too.

Gillian came accross reasonably measured. The other two seemed like peacocks showing their tail feathers at each other.

Hugh has an especially resplendent tail, but these days the more resplendent the plumage the less substance and conviction I expect to find behind it.

At one point, he said a 21st century version of 'let them eat cake'.

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Hugh has a fund to sell.

If that was his prime motivation I don't think he would behave the way he does.

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OK.

I want to like,Hendry, I broadly agree with him, but he's a twit, isn't he?

Gillian should stick to reportage, not opinion.

It was actually hard to disagree with Sachs - you don't encourage sovereign fedault lightly just to boost your position, a more measured approach is sensible and will be closer to the actual out-turn.

If anything, I think HH will have gone away wondering if his positions are too aggressive.

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I want to like,Hendry, I broadly agree with him, but he's a twit, isn't he?

If anything, I think HH will have gone away wondering if his positions are too aggressive.

I think he's a likable twit :-)

You're probably right, but I think he is just mad at the amount of BS being spewed out. The complacency that is being promoted is going to hurt a lot of people.

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OK.

I want to like,Hendry, I broadly agree with him, but he's a twit, isn't he?

Gillian should stick to reportage, not opinion.

It was actually hard to disagree with Sachs - you don't encourage sovereign fedault lightly just to boost your position, a more measured approach is sensible and will be closer to the actual out-turn.

If anything, I think HH will have gone away wondering if his positions are too aggressive.

Sachs blew it when he said "we've only been concerned about this for a couple of months". Made him look totally out of touch.

Hendry also didn't interrupt him, but he interrupted Hendry. You'd expect the reverse, given their jobs.

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Sachs blew it when he said "we've only been concerned about this for a couple of months". Made him look totally out of touch.

+1

This is absolutely the crux of why Sachs and many others like him keep trotting out, at every predictable crisis that is was so 'unexpected'. Just because they are not smart enough to see the train crash down the line doesn’t mean ANYONE else didn't see it coming. Their arrogance that because they didn't see it, no one else did is staggering.

Edited by MinceBalls

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They are all bonkers.

Hendry is proposing a 20% capital adequacy for banks and proposes total armageddon for 3yrs ....... Tett denies there is a banking crisis (yet)...... and the prof reckons Greece only came on the radar 10 weeks ago !

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I've just stumbled upon this link in ZeroHedge.

In the Newsnight video (see post 1 for link) Sachs asks "How long has this Greek question been on the table. About 10 weeks maybe?"

This is a Jan 2009 video in which Hendry points out the possibility of a Euro collapse.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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