Do all realize that this discussion was nearly three years ago…?
Stiglitz calls absurd Hendry’s prediction (more of an assessment of the facts.) Go back in History, as far back as Mo Tze and Confucious, bad ideas are rewarded and good ideas are marginalized. States need bad ideas to flourish. The state itself is a bad idea, and there is no good form of it. Just less bad. Stiglitz was touting his book back then, and has another out now, just as delusional.
Hendry’s body language is delightful, a man who sees the wickedness for what it is, but also knows it is tradable. “What you are doing is wrong, I am making money off of it.” He and the shortsellers are necessary and sufficient regulation of the financial markets.
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