Watch Hedge Funder Hugh Hendry Fight WIth Joe Stiglitz And Say He Wants Greece To Collapse

Joe Stiglitz and Hugh Hendry duked it out last night on BBC’s Newsnight.

Stiglitz says that betting on a default is absurd. Hendry is betting on exactly that happening in Greece.

From Hendry’s opening line you can tell this is going to be a good fight:

“Um hello? Can I tell you about the real world?”

Then the BBC anchor asks (at 7:28): “So you want to see Greece tumble and the Euro currency tumble?”

Hendry: “Absolutely.”

He goes on to say that it’s recognising the unsustainable debt and then Stiglitz cuts him off:

“That’s absurd.”

Watch the video after the jump. Here’s a bit more transcribed:

BBC anchor (around 5:00): “But isn’t the truth, Hugh Hendry, that if Greece defaults, that you, that hedge funds like you, make millions?”

“…Some hedge funds make millions. Yeah, the hedge funds who – hedge funds, speculators, and independent central banks are what stands between an economy and hyper-inflation.

“It’s very hard to create inflation when you have free markets. When you have the discourse and dissemination of information.

“Look what happens – you get into difficulty and these guys over here [pointing at Stiglitz and Spanish Ambassador to the UK, Carles Casajuana] say, “hey we don’t like it.”

“Suddenly the truth hurts! Suddenly we want to abandon the truth. Suddenly speculation becomes a pejorative term!”

Casajuana: “No no no, we don’t want to abandon the truth. We admit we have a problem…”


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