Paul Tudor Jones sees the possibility of the U.S. experiencing a sovereign credit crisis similar to what Europe is experiencing.
The founder of Tudor Investment Corp and the Robin Hood Foundation recently gave an interview to the Memphis Daily News about spending his college days working as a newspaper editor, but he also spoke about his view on the state of the economy.
The economic future is “going to be bleak for some period of time, unfortunately.”
“We are at the beginning of a major deleveraging process when it comes to all types of credit – private, corporate, financial and most importantly governmental.”
“We saw the same thing happen in the ’30s and ’40s, and it took the country a long time before the economy really began to recover from the credit boom of the 1920s. … Personally, I think there is a decent probability that at some point we will experience a sovereign credit crisis similar to what Europe is experiencing.”
The “macro situation” won’t be fixed for several more years.
One bright spot he believes in however, according to Andy Meek, who interviewed Jones, is the country’s innate ability to right itself via “the power of American ingenuity.”
We also learn that when he worked at the newspaper, he enjoyed “smelling the ink off of the old linotype type machines that were used to print papers once upon a time.”
And that he instituted a “bygone days” type of column at the newspaper, much like the “Today in History” columns you see in so many of today’s news outlets.
In his bygone days, PTJ’s parents instilled in him compassion and the desire to give. Now he is active through the Robin Hood Foundation and supports efforts to increase conversation. He’s currently Chairman of the Everglades Foundation.
He told the Daily News:
“The service that I have engaged in on both humanitarian and conservation initiatives is simply the extension of the Christian upbringing I had as a child.”
“Like anyone from a good family, probably nobody was more important in my life than my parents who were very compassionate people in their own right and passed that gift of giving on to both me and my brother. Little did I know, that is the secret of true happiness in life.”
The article also has a brief interview with Jones’ half brother, Peter Schutt, the CEO of the Daily News Publishing Company, who has some lovely things to say about him: “I am not surprised at his fame and fortune, as he was always a tenacious and focused fellow. And I am most proud of the fact that, unlike many people who achieve great wealth, Paul has kept his priorities straight and, to his old friends and family, is still a very down-to-earth, compassionate guy.”
Jones is working to instill in his children those priorities, though he can’t say the same for the leaders of the institutions in Greenwich, CT –
“Going to a very religious school like Presbyterian Day School that was steeped in Christian principle went a long way towards teaching me the importance of both service and selflessness. I see a stark contrast of that very nurturing environment with the secular environment in which my children are being brought up in Greenwich, Connecticut. Hopefully I can fill in as a parent where many of the institutions have failed in my children’s lives.”
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