BBC Newsnight held another great financial round table discussion which brought together Hugh Hdenry, Gillian Tett and Jeffrey Sachs.
Hugh Hendry is a Scottish fund manager who has become prominent in the UK for his commentary on the financial crisis and is known as the most high-profile Scot in the controversial Hedge Fund sector.
His take on what is going on in Europe? "I would recommend you panic. The European banking system is in a crisis... Let's purge this system of its rottenness. Let's take on a recession. It's going to be tough, people are gonna lose their jobs. They are going to lose their jobs anyway. We can spread this over 20 years, or we can get rid of it over 3 years."
You can see the full segment here.
Speaking of banks, Murray Dobbin has another excellent post on his blog about the Canadian banking system which you can see in it's entirety here (hattip to the faithful reader who posted the link in the comments section).
Dobbin succinctly summarizes how Canada has subsidized it's banking system making Canada the third worst of the G7 countries (behind the US and Britain) in terms of financial stabilization costs.
I highly encourage you to read Dobbin's article.
It outlines exactly why Canada has a housing bubble and shows how we are simply a pinprick away from it all blowing up.
As Hugh Hendry says, I would recommend you panic.
Time is running out to prepare for what is coming.
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