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Hugh Hendry Makes Rare Media Appearance, Discusses Greece And Other Cheap Folding Suits

Tyler Durden's picture


The man who singlehandedly took "I would recommend you panic" and made it into one of the catch phrases of the year (if not decade), and who has recently been in a self-imposed media blackout, had a rare media appearance when late last week he appeared on the BBC show The Bottom Line Evan together with Guy Berruyer, chief executive of global business software supplier Sage Group; and internet entrepreneur Brent Hoberman, founder of online interior decoration business Obviously we were mostly interested in what Hugh would say, and luckily he did say quite a lot, if nothing too shocking for those familiar with his generally cheery outlook on the world.  Among the snazzy soundbites was his explanation that the UK is not in a recession, but a depression, something Zero Hedge has been saying about the entire, never mind England, for the past 2.5 years, and the proceeds to give the rational breakdown of the Greek situation, which as everyone knows is that it is purely due to political power grabbing and banker greed and financial innovation allowing the masking of reality. As for the outcome, we all know it: Greece defaults, creditors take major haircuts, speculators get blamed, etc.

Fast forward to 6:30 into the clip for the primary part of Hendry's expostulation.

Bottomline 20110922-2100a by user5452365

And here is another link for those who can not open the SoundCloud rip:

And while he may not have had anything new to add to our outlook on the world, he did have some very entertaining suggestions on grooming for hedge fund managers. Watch those in the clip below.


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Sun, 09/25/2011 - 18:57 | 1708767 lynnybee
lynnybee's picture

O.M.G. !   MY FAVORITE GUY !     ..... if i was just not so old .    

Sun, 09/25/2011 - 19:59 | 1708912 Michael
Michael's picture

You'll never be to old Lynnybee.

Sun, 09/25/2011 - 20:31 | 1708942 sqz
sqz's picture


Sun, 09/25/2011 - 20:29 | 1708972 Silver Bug
Silver Bug's picture

Wow the Globe and Mail is up to their garbage again, David Berman a so called "Journalist" writes a pure hit piece on Gold. It is laughable to say the least, and utterly filled with holes. You can see this nonsense linked:

When clowns like this start touting Gold, that is your que to get out of dodge!

Sun, 09/25/2011 - 20:39 | 1709010 DormRoom
DormRoom's picture

his main argument is that people like yourself, say you should buy gold as a hedge against risk, and a stock market crash.  But recently gold has been highly correlated with  declines in equities, and shown to be inconsistent with the aforementioned investment thesis.  So if  gold is no longer  a hedge against risk, why own it.

Sun, 09/25/2011 - 20:51 | 1709033 Spitzer
Spitzer's picture

Gold shot from 1580 to 1900 while world stock markets tumbled. It shot even higher in most other currencies and has not fallen anywhere near those levels even now.

Where you awake that week ?

Gold was up $25 the day of the flash crash on may 6th 2010.

Sun, 09/25/2011 - 21:56 | 1709150 DormRoom
DormRoom's picture

all true, but based on the assumption of the Bernanke put, ie QE infinity.  That assumption has been weakened, and we are now facing a huge prolonged deflationary period, not inflationary.  Gold--being an asset class--will depreciate, like all other asset classes during a deflationary period.


Also, Operation Twist is until June 2012, so you may not see QEx for another year.  Gold & silver will retrace to their 200 weekly DMA-- gold 1200, silver 21, and possibly a lotlower, if it is the case that their price appreciation was due to a speculative-bubble

Sun, 09/25/2011 - 22:06 | 1709164 Whalley World
Whalley World's picture

Have you heard of Exter's deflationary debt pyramid? 

And why again did gold rise from $20 to $35 in the deflationary 30's?

Mon, 09/26/2011 - 18:42 | 1713152 Diogenes
Diogenes's picture

It was manipulated. Franklin D. Roosevelt personally set the price of gold each day, and decided to peg it at $35 up from a starting point of $20.67.

He was deliberately devaluing the US dollar. Since the US was on the gold standard, this meant devaluing against gold.

The result was a flood of gold into the US Treasury from American sellers and gold miners and also foreign sellers especially as Europe ramped up into WW2.

The huge supply of gold amassed by the US between 1933 and 1945, allowed them to inflate the currency with impunity until the gold nearly ran out in 1971.

They did not run out of gold in 71, but at the rate it was leaving it would have been completely gone in another 2 or 3 years.

Sun, 09/25/2011 - 22:13 | 1709172 Dingleberry
Dingleberry's picture

Depends on if you are a trader or long termer, for whatever reason.  This appears to be about holding longer term, so I'll make a case for gold. QE or not, that isn't important. What IS important is whether or not uncle Ben will keep interest rates negative (in my view about minus 5% currently).  Lots of folk say that gold isn't a good inflation hedge because while inflation went on thru the 80' and 90's before gold started to pop, I will remind those folks (BECAUSE I WAS THERE), that you GOT PAID REAL INTEREST on your savings back then.  What do you get now? What will you get next year? How about the next???  Gold has been incredibly volatile, but as long as interest rates are this negative, gold has a much more solid floor that anything else you are putting your cash in. Everyone (including widows and orphans) are gamblers now, whether they want to be or not. The days of just stashing cash are over.

Sun, 09/25/2011 - 22:11 | 1709178 Crisismode
Crisismode's picture

Your assumptons are completely fallacious.


As are you.

Mon, 09/26/2011 - 01:59 | 1709593 ManufacturedOpinion
ManufacturedOpinion's picture

More like FELLATIOUS.  He's too busy sucking cock in the dormroom to have anything REAL to say.

Sun, 09/25/2011 - 22:19 | 1709194 reader2010
reader2010's picture

Comments like yours reflect the lack of basic understanding of gold, and the basic defnition of inflation and deflation. 

Sun, 09/25/2011 - 22:28 | 1709211 DormRoom
DormRoom's picture

all you gold bugs assume gold to be currency reserve candidate, but never talk about the high probability of SDRs (Special Drawing Rights), that likely will be rebalanced with a basket of current account surplus currencies, taking on that role.


In such a world, gold is a still a barbaric relic (has little use-value, and exchange-value).

Sun, 09/25/2011 - 23:50 | 1709345 Spitzer
Spitzer's picture

The world monetary order has gone from gold to paper back to gold now paper again. Paper produces the typical result which forces gold back into the equation again, for the 7000th year.

Sun, 09/25/2011 - 23:52 | 1709349 reader2010
reader2010's picture

Fuck their SDR or any other paper sheme. The value of gold doesn't go up or go down because it's measured in content purity and weight. Unless someone discovers a technology that can turn ocean waves into gold without any cost at all, there is no inflation in gold. For those that are too ignorant to understand this basic fact,  they think of gold measured in any fiat. That's their ignorance and illusion. Again, don't value your wealth in any meaningless fiat because the right way is to value that in troy ounces or kilos of gold. 

Sun, 09/25/2011 - 22:59 | 1709269 mfoste1
mfoste1's picture

gold isnt a hedge against risk.....its a hedge against inflation. In a deflationary environment gold gets hammered.


EDIT: i read through the rest of your post and you dont have any clue what youre talking about. You sound like youre just spewing some keynesian bs that a prof taught you.

Mon, 09/26/2011 - 01:44 | 1709560 ItsDanger
ItsDanger's picture

A large portion of gold's gains over the past number of yrs is directly due to the USD drop.  Once that has shaken out, gold will resume its climb.  But large gains may be elusive until inflation hits the #'s fed to the sheep.

Mon, 09/26/2011 - 02:07 | 1709585 ManufacturedOpinion
ManufacturedOpinion's picture

Good fucking Christ dormroom dumbfuck.  Are you really that stupid ???

Let's see ...

2007 Dow 14000, today 11000

2007 Gold 600, today 1600.

Or does 4 years (out of a 5000 year history as money) not count as "recently" to your idiotic pea-brain?

Just how much fiat are your (also stupid) parents paying for your "education" ??

Pull your fucking head out of your asshole before speaking to the grownups you idiot.

Mon, 09/26/2011 - 04:56 | 1710195 Bartanist
Bartanist's picture

Please explain gold in the years surrounding 1980? How is this different? ... this time? I go under the assumption that there are no free markets and everything is manipulated by those who have the power to create fiat. That manipulation will only go away when their power ceases. Can their power really be taken away or would they take your gold first as they have done before?

Mon, 09/26/2011 - 08:45 | 1710509 BigJim
BigJim's picture

Their manipulation relies on having PMs to manipulate with. As the supply dwindles, their paper games get harder and harder to sustain. We can argue 'when' the games will end, but not 'if'.

As for confiscation - as all money was gold, and the vast majority of citizen's money was in bank vaults, the confiscation was easily effected - the government just seized the contents of bank vaults. Different story now, bucko.

Mon, 09/26/2011 - 18:49 | 1713170 Diogenes
Diogenes's picture

Gold will become obsolete when one or more governments turns honest.

If any country had an honest currency without swindles, games or manipulation the world would flock to it. And say, to hell with gold.

For a while it looked like the swiss franc filled the bill. Before that it was the US dollar, and before that the British pound  which was remarkably stable for 100 years between the Napoleonic Wars and WW1.

The last 2 were backed by gold but that is not absolutely necessary. All that is necessary is for the currency to maintain its purchasing power.

Sun, 09/25/2011 - 20:37 | 1709000 ReallySparky
ReallySparky's picture

I think he is hot too, in that nerdy kinda way. Yup this chick digs him!

Sun, 09/25/2011 - 22:13 | 1709184 Crisismode
Crisismode's picture

He only wants women who are of his class.


Anyone with a name of ReallySparky doesn't fit that bill.



Sun, 09/25/2011 - 22:35 | 1709228 RSloane
RSloane's picture

Yup, he is definately hot.

Sun, 09/25/2011 - 21:32 | 1709117 Id fight Gandhi
Id fight Gandhi's picture

Wow deja vu. 2008 all over again.

Sun, 09/25/2011 - 19:00 | 1708768 hungrydweller
hungrydweller's picture

Sheesh.  Good thing he doesn't make many media appearances.  Get that man an avatar bag.

Sun, 09/25/2011 - 19:01 | 1708781 Spitzer
Spitzer's picture

Just another Hedgy getting his timing right. The John Paulson of 2011. He is not much of an economist, neither was Paulson.

Lets see how he does in 2014.....

Sun, 09/25/2011 - 19:13 | 1708807 HitTheFan
HitTheFan's picture

Is being an economist a factor in investment success then? Every time I look, economists are miles wide of the mark on every measure. Maybe you are an economist?

Nah, Hendry gets it: the world is bust, short the shit out of it.

And buy gold (that is my little tip, for free).

Sun, 09/25/2011 - 19:37 | 1708868 Spitzer
Spitzer's picture

Knowing something about how the economy actually works does go a long way. Warren Buffet knows nothing about economics and he would have went broke in 2008 without the bailouts. Judging by his latest moves, he will go broke anyway.

How many Austrian economists are miles wide?  Marc Faber ? Jim Rogers ?

The world was bust in 2009 and anyone who shorted the shit out of it (Mish Shedlock) got their head knocked off. For all we knew, China could have revalued the RMB and Hendry would have been down 70% rather then up 40.

And buy gold.... I agree, I wonder if Hew does. I have never heard anything Austrian come out of his mouth.

Sun, 09/25/2011 - 22:16 | 1709188 Crisismode
Crisismode's picture

Spitzer, sometimes you say things that are insightful.


Sometimes you say things that are foolish.


This time . . . .




You are wrong.

Mon, 09/26/2011 - 18:52 | 1713177 Diogenes
Diogenes's picture

Apparently if you want to be large you have to be batshit crazy and a total asshole.

Sun, 09/25/2011 - 19:22 | 1708833 snowball777
snowball777's picture

Let's see how your zooro long malarkey is in 2014....that is if the currency lasts until then. LOL

Sun, 09/25/2011 - 19:42 | 1708884 Spitzer
Spitzer's picture

Lets see what the dollar looks like in 2014.

The US has 50 billion in forex reserves. Enough to cover one months trade deficit. California is in the same shape as Greece, the only diffrence is California is the biggest state in the dollar bloc.

And they say "the USD is the least worst of the fiat currencies" hahaha.

Sun, 09/25/2011 - 21:13 | 1709076 snowball777
snowball777's picture

Lets see what the Drachma looks like in 2014.

Some other "differences":

- California has a $2T SDP to Greece's GDP of $0.3T and dropping

- California has 2X the GDP per capita of Greece

- California UE 12.1% Greece? 16.6% and climbing

- California 30yr bond yields 5.25%, Greece? 9.75%

"Same shape"? Hahaha. Have some more ouzo!


Sun, 09/25/2011 - 22:21 | 1709199 Spitzer
Spitzer's picture

The US numbers are cooked big-time compared to EuroStat yet that ^ is the best you could come up with ?


So Greece is liquidating debt, cutting spending and the ECB is raising interest rates. While Calerfornia is running up the US trade deficit, increasing spending and adding debt while the FED cuts interest rates.

Greece and the Euro are miles ahead of the Cali and the dollar.


Mon, 09/26/2011 - 01:30 | 1709540 snowball777
snowball777's picture

"Raising" huh?

Jan. 1.00 2.00 - 3.00

Jul. 0.75 1.50 - 2.25

"Increasing spending" huh?

2009 $446B

2010 $403B

2011 $404B

"Liquidating debt" huh?

"Greece’s debt is forecast to peak at 161 percent of gross domestic product next year, according to European Commission data released on July 4.

Venizelos said the economy will shrink more than 4.5 percent this year."

You're a funny guy, Spitz. I'll give you that much.

Sun, 09/25/2011 - 19:01 | 1708782 DormRoom
DormRoom's picture

Hugh, "I shorted your grandchildren's future" Hendry.  His fund is up 40% yoy, from his Chinese CDS plays.  But you shouldn't short a country that has more PHds working in its federal government, particularly the finance dept, than most of the world combine.

Sun, 09/25/2011 - 19:28 | 1708845 snowball777
snowball777's picture

"Piled higher and deeper", as they say in academia.

Sun, 09/25/2011 - 19:36 | 1708866 agent default
agent default's picture

"But you shouldn't short a country that has more PHds working in its federal government, particularly the finance dept, than most of the world combine."

No, that's exactly the thing you want to short the hell out of.  It is the country that is run by people who had to run a small business that you DO NOT want to short.  An elusive entity these days unfortunately.

Sun, 09/25/2011 - 19:40 | 1708877 snowball777
snowball777's picture

Because everyone knows huge economies are exactly like selling retail goods at a mark-up, performing a well-defined service for a small set of customers, or doing ridiculously simple books with Quicken.


Mon, 09/26/2011 - 06:06 | 1710269 DrunkenMonkey
DrunkenMonkey's picture

You miss the point that as they are closer to their customers, they understand human nature / behaviour better.

Mon, 09/26/2011 - 09:52 | 1710886 snowball777
snowball777's picture

No, I get that, it's the applicability of that knowledge beyond their tiny sphere of influence that makes the logic completely flawed. And there's more to human behavior than business (although not for many small business owners).

Sun, 09/25/2011 - 21:49 | 1709138 bankruptcylawyer
bankruptcylawyer's picture

he's trying to say jim chanos is smarter shorting china or other brics in a strategic manner than the  mohammed el arian, oh i'm sorry bill gross, is shorting treasuries. 


and.........i think he was right. 


he's talking about shorting bonds when he says countries ....NOT .....equities per se. dummy. 


and he's been right. because developing countries alrready printed their way into this mess and are now paying for it ( russia, argentina, mexico---yes they ALL had inflation crisis in the past 10 years)----brazil might be different, but the phd countries of the u.s. and germany ---their yields have only gone down. 

and i think he's correct in saying they will continue to print ( yields go down ) their debt (treasuries) into becoming equities ( cash money supply yielding zero perpetually)

( bonds yielding zero percent indefinitley are dollars---and if you think of the money supply as the main asset of the central bank, then cash is the equity side of the asset and bonds the debt side. , of course precious meetals would be the negative interest side of the asset  unless you could figure out a way to make the metals pay you interest (enough to cover cost of warehousing plus  interest profit--- by lending them out multiple times to CME primary dealer warehouses that will then financialize them in a paper confetti market 99% never delivered ( futures.) ---- ) . 

Sun, 09/25/2011 - 22:08 | 1709171 1984
1984's picture

>"But you shouldn't short a country that has more PHds working in its federal government, particularly the finance dept, than most of the world combine."

>>No, that's exactly the thing you want to short the hell out of.  It is the country that is run by people who had to run a small business that you DO NOT want to short.  An elusive entity these days unfortunately.


Bbbbzzzzz!  All wrong.


But you shouldn't short a country that has more PEOPLE working in its government, particularly the finance dept, than most of the world combined.


There.  Fixed it for you.

Sun, 09/25/2011 - 20:49 | 1709031 Wannabee
Wannabee's picture

PhD's ???

Ask LTCM how the PhD's worked out for 'em.

Sun, 09/25/2011 - 21:51 | 1709143 chindit13
chindit13's picture

Don't confuse PhDs with Nobel Prize winners.  It's an easy mistake to make.  The first are merely conventional weapons, though if attacking en masse, can do a good deal of damage.  The second, though limited to a yearly production of two or three, are truly weapons of mass destruction.

LTCM had both.  They were simply too much to overcome, even for a tough guy raised on the south side of Chicago like John Meriwether.

Sun, 09/25/2011 - 22:18 | 1709193 Crisismode
Crisismode's picture

Having a PHd. is simply a matter of proving what a fool you were with the years at your disposal.


You WASTED them.

Mon, 09/26/2011 - 00:28 | 1709449 Not For Reuse
Not For Reuse's picture

don't have one myself, but sorry to hear you equate intensive study with wasted time. I know it must be shocking to realize that some people care more about learning than they do about making money

Mon, 09/26/2011 - 02:10 | 1709634 ManufacturedOpinion
ManufacturedOpinion's picture

Learning WHAT ???

How to spout keynesian poopoo drivel out of your mouth ??

Seems like a COMPLETE waste of time to me.

Mon, 09/26/2011 - 08:58 | 1710551 Not For Reuse
Not For Reuse's picture

you're right. That's the only thing anyone studies in a PhD program. Idiot

Sun, 09/25/2011 - 19:01 | 1708783 lynnybee
lynnybee's picture

who needs a fancy suit when you've got such a big happy smile ! 

Sun, 09/25/2011 - 21:36 | 1709122 slewie the pi-rat
slewie the pi-rat's picture

don't stop now!

Sun, 09/25/2011 - 19:04 | 1708788 carbonmutant
carbonmutant's picture

The problem with ties in this market is that one risks getting hung by them...

Sun, 09/25/2011 - 19:29 | 1708850 John Wayne
John Wayne's picture

Imagine the chaos if a group of people waited outside 200 West Street for work to let out. Writing down physical descriptions, license plate numbers. Maybe followed a few of them home and noted the address. If information like that was complied online and distributed, there's no telling what could happen. The world is bubbling.

Sun, 09/25/2011 - 19:10 | 1708796 fightthepower
fightthepower's picture

The clip I linked to was 1:05 of him talking about buying a suit.  Is this all there is?

Sun, 09/25/2011 - 19:22 | 1708829 Lord Welligton
Lord Welligton's picture

Here is the link to BBC Radio 4.

Sun, 09/25/2011 - 19:10 | 1708797 DosZap
DosZap's picture


Link must be down, I do not need a new Tie.

Sun, 09/25/2011 - 19:10 | 1708798 RS2OOO
RS2OOO's picture

Much of the argument directed towards Hugh surrounded the dangers of short selling and how rumours can unfairly damage a solid company by encouraging short selling.


His response was good, but he should have argued that exactly the same applies to unfounded rumours surrounding take overs etc that wrongly increase the value of a companies shares.

Surely, the argument stands both ways.

Sun, 09/25/2011 - 19:11 | 1708800 HitTheFan
HitTheFan's picture

Has ZH been QEd?

Typos galore, and then a link to a random trading broadcast, and a 1 minute clip of Hendry discussing his dress sense?

Where's the financial video that I start at 6:30?

Is it me?

Or is ZH employing  bunch of 16 year old work experience guys who ar emaking it up as they go along?

It's not the place it used to be, just headline grabbing crap mostly these days.

Sun, 09/25/2011 - 19:18 | 1708821 Tyler Durden
Tyler Durden's picture

Ah yes, the great American pursuit for instant gratification. Did it cross your mind there may be a technical glitch? Why no. So what then? Why you make up an entire theory of what is actually happening, that is predicated by your goalseeked conclusion, and while at it, bitch and complain about getting, wait for it... free stuff (because free means no charge to pay for such things as copy editing... but somehow we are confident that didnt cross your mind either...)

Ever wonder what is wrong with this country? Look in the mirror.

And please don't let the door hit you on your way to the Oxford English Dictionary.

Sun, 09/25/2011 - 19:32 | 1708856 MsCreant
MsCreant's picture

I hate to pile on, (no I love it), but what a tight assed little pris. We adore you and appreciate all you do. Forget the little "S"Hit the Fan.

It's hard to do all you do with the random dumbassed entitled little shits bitching and moaning. We get to come and read, learn, play, but are responsible for nothing.


Sun, 09/25/2011 - 20:09 | 1708936 gmrpeabody
gmrpeabody's picture

Well said..

Sun, 09/25/2011 - 21:53 | 1709147 slewie the pi-rat
slewie the pi-rat's picture

i may not make it into the we adore tyler queue

but he's not too shabby, is he?


Sun, 09/25/2011 - 22:28 | 1709208 X.inf.capt
X.inf.capt's picture

hey, pi-rat, is it just me, or is there alot of 'stirring' going on here today, or just fustration?

oh well, back to lurkin'

NOTE TO TYLER, even though the boys here nailed me to a cross in the comment section on 'disapointment with the fed' when i heard people were selling phyisical at $39 last weds, i find this ZH a real eye opener.

DONATIONS, things are tight out here, but i still think i should help, what would the minimum you accept without feeling insulted...

Sun, 09/25/2011 - 22:58 | 1709272 MsCreant
MsCreant's picture

I am sure anything would help. I do a chunk (for me), about once a year. I think others do all kinds of things. I think donations helped Tyler get on to new servers so that this site could handle the traffic. I could be wrong. I doubt there is an insulting donation. 

Sun, 09/25/2011 - 23:02 | 1709279 X.inf.capt
X.inf.capt's picture

thanks, mscreant, point taken.

i remember you telling me about the rabbit holes when i first got here ,but, girl, i had no idea....

Mon, 09/26/2011 - 00:39 | 1709470 chindit13
chindit13's picture

I doubt there is an insulting donation.

As one who loves puzzles and intractable math problems, I think I've got an answer to this:

tungsten-filled gold bars

Mon, 09/26/2011 - 00:41 | 1709473 X.inf.capt
X.inf.capt's picture


thats just WRONG!

Mon, 09/26/2011 - 02:14 | 1709645 ManufacturedOpinion
ManufacturedOpinion's picture

Send all the tungsten filled gold bars you can find right over here.

I'm sure I could separate the wheat from the chaff.

Mon, 09/26/2011 - 18:58 | 1713189 Diogenes
Diogenes's picture

I was feeling there was a lack of stirring lately. No survivalist goons, no anti Semitic and racist rants. I always figured they were disinfo, the fact that they all faded at once tends to confirm it.

Sun, 09/25/2011 - 22:11 | 1709180 JW n FL
JW n FL's picture



MsCreant ,

Tyler doesnt want your money.. he wants pics.. and you know what I mean..

be a team player, hook a brother up! LOL


Sun, 09/25/2011 - 22:22 | 1709202 Crisismode
Crisismode's picture



MsCreant is a GUY!


Do you REALLY want to see the pics???


Sun, 09/25/2011 - 23:22 | 1709311 MsCreant
MsCreant's picture

You have 5 posts on this thread. All of them are insults, most of them say nothing. That means you want some attention and by gosh, you shall have it.

Pucker up baby. What currency would you like to be "pegged" to?

For those easily (and not so easily) offended, don't click the link, just move on.

Mon, 09/26/2011 - 00:44 | 1709479 Crisismode
Crisismode's picture

Not only a guy, but a guy unsure about his sexuality.



Mon, 09/26/2011 - 01:42 | 1709555 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Stop hitting the green button on your posts.  It just makes you look lonely.

Mon, 09/26/2011 - 09:44 | 1710823 X.inf.capt
X.inf.capt's picture


that thing looks PAINFUL...

Sun, 09/25/2011 - 23:53 | 1709352 Cake Please
Cake Please's picture

Took your suggestion and made a donation using PayPal. 

My receipt says:

Zero Hedge, LLC

Want a real laugh?

Google this phone number.


Mon, 09/26/2011 - 19:06 | 1713207 Diogenes
Diogenes's picture

"Land line, New York New York, Unpublished"

Ya a riot WTF??? are you laughing at?

Mon, 09/26/2011 - 20:54 | 1713507 Cake Please
Cake Please's picture

It's one digit away from Goldman Sacks' main number 212-902-1000.

One might reasonably assume it's a Goldman number. 

I thought that was funny.  Excuse the fuck out of me.


Sun, 09/25/2011 - 19:39 | 1708875 freeasabee1
freeasabee1's picture

hear, hear

Sun, 09/25/2011 - 19:40 | 1708880 HitTheFan
HitTheFan's picture

Just go read any of your posts, you guys jump to conclusions all of the time. Me, I will apologise for this one (you never do).

As for free content, I assume you charge your advertisers, and my viewing helps your revenue, no need to thank me?

And I'm British, so goalseek yourself.

Sun, 09/25/2011 - 19:52 | 1708896 Lord Welligton
Lord Welligton's picture

And I'm British

And a former member of Fight Club.

Get over yourself you silly girl.

Sun, 09/25/2011 - 20:21 | 1708962 hungrydweller
hungrydweller's picture

OK, I won't thank you.  Get lost.

Sun, 09/25/2011 - 20:36 | 1708999 Campagnolo
Campagnolo's picture

hey yo British I wonder how your teeth looks like...

Sun, 09/25/2011 - 21:05 | 1709062 Jendrzejczyk
Jendrzejczyk's picture

Incorrectly funny as shit.

Sun, 09/25/2011 - 23:11 | 1709300 MsCreant
MsCreant's picture

I thought it, then chastized myself.

Sun, 09/25/2011 - 21:29 | 1709111 Larry Dallas
Larry Dallas's picture

Tyler could charge for this and make money, just like some of the trolls to by linking their to their continuity blogs. if you know anything about internet marketing (I do), I'm sure Tyler's not making more that $2000 a month. Don't think anyone on this site is clicking on Jim Cramer's face, but I could be wrong.

He could be making more, but don't look a gift horse in the mouth. Comments like that ruin it for everybody.

Sun, 09/25/2011 - 23:32 | 1709315 theotheri
theotheri's picture

Like your style Hit.

Sun, 09/25/2011 - 20:32 | 1708989 Campagnolo
Campagnolo's picture

Ever wonder what is wrong with this country? 

That's a key question Tyler, what is wrong with this country is the fact that people have had too much for too long, life has been too easy and now all that is about to change and changing already. Most American people in the end of this cycle will be not only one of poorest but one of the dumest and most ignorant in the new world.

Sun, 09/25/2011 - 21:32 | 1709118 o_rly
o_rly's picture

I could care less about such errors, BUT, ZH does like to call out errors the Fed releases. Then again, the federal government should have enough money to make sure that kind of stuff does not squeak through. Also, free content equals more ad money. I'm not sure which model works best. If ZH were to go for a paid subscription, I'm sure many people would sign up, but then again, ZH would be going against its mission statement, and it certainly wouldn't have the influence which it very clearly has.

Also, if anyone has noticed that ZH has always been pretty riddled with typos, but the content is still good, and you get info here that if I'm not mistaken, you can't get anywhere else. The occassional typo or error is really not that big a deal.

And Tyler, touchy touchy. While his complaining may have been a little over the top, I think your response was also a little over the top.

Sun, 09/25/2011 - 19:46 | 1708890 LeonardoFibonacci
LeonardoFibonacci's picture

@Hitthefan- are you a Bank of America infiltrator?  Cause you sure behave like one!

Sun, 09/25/2011 - 20:22 | 1708964 Lord Welligton
Lord Welligton's picture

No. He is the precursor of "Hit the Fan".


Just another Government employee..

Sun, 09/25/2011 - 20:01 | 1708917 Earl of Chiswick
Earl of Chiswick's picture

HitTheFan - too much conspiracy granola. Don't bite the ZH that feeds you.

the real conspiracy is called geoblocking (BBC is big on that)

look it up as in the coming years it will evolve to the local level impacting all manner of media, news, blogs etc.

In fact blocking hybrids e.g. cell, texting etc are  already being utilized in places like NYC (the Wall St Protest) and SF bay area and the recent BART protests

Sun, 09/25/2011 - 23:30 | 1709314 theotheri
theotheri's picture

Tyler Hedgehog lost his whole pile buying yellow metal at $1900/oz. He's not in a good mood these days and is very distracted by his huge losses.

Mon, 09/26/2011 - 02:19 | 1709663 ManufacturedOpinion
ManufacturedOpinion's picture

Yeah - from $400 to $1900 to $1600.

Huge losses.

You're a huge moron.

Sun, 09/25/2011 - 19:15 | 1708814 Going Loco
Going Loco's picture

I listemed to this live on the wonderful BBC Radio 4.  Hendry did his usual thing (nothing new so far as I could tell). Berruyer said something interesting. For those who don't know Sage's business it is a very large seller of packages that do things like payroll and accounting for small and medium sized businesses, with backup when the effing software fails to do what you want it to do (which it does as I can testify from personal experience); anyway he pointed out that Sage has thousands of customers all over the world and they polled them recently. About 40% are optimistic about global economic conditions. Just under half are optimistic about local economic conditions. But 58% are optimistic about their own companies. This mirrors my experience. I read ZH and Denninger and Martinson and I am as gloomy and pessimistic an old bugger as you will find anywhere but my own businesses (I am involved with two) are doing OK. One of them is UP siginificantly this year. It's becoming a bit easier to explain to those around me that the global economy is totally screwed, and why this should be so, but the evidence for this is just not obvious on the ground where I am (England). I suspect the truth will hit home next year some time, so I am making sure we can survive a downturn, but it isn't here yet.

Sun, 09/25/2011 - 20:07 | 1708926 Lord Welligton
Lord Welligton's picture

You fail to point out that Hendry eat Berruyer for breakfast.

He accused SAGE of being a protection racket.

"Give us €500  a year or you won't make the States deadline"

SAGE are shit.


Mon, 09/26/2011 - 09:01 | 1710560 BigJim
BigJim's picture

SAGE really are shit. Using a spreadsheet for your accounts is faster.

Sun, 09/25/2011 - 19:18 | 1708820 fightthepower
fightthepower's picture

Link is down.

Sun, 09/25/2011 - 19:21 | 1708827 moriarty
moriarty's picture

full clip here.

you may need to download BBC iPlayer

Sun, 09/25/2011 - 19:23 | 1708834 BurningFuld
Sun, 09/25/2011 - 19:44 | 1708887 manodedios
manodedios's picture

out of the bunch, he's the only one you can listen to while having sex. being a scot is a bonus ;-)

Sun, 09/25/2011 - 19:59 | 1708913 Lord Welligton
Lord Welligton's picture

Fast forward to 6:30 into the clip for the primary part of Hendry's expostulation.
Hate to disagree old chap.

I suggest that listeners begin @ 3:38.

You will find there the reason that Hendry is not giving interviews.

“My CEO has banned me from media ........ “

Sun, 09/25/2011 - 20:16 | 1708953 Schmuck Raker
Schmuck Raker's picture

“My CEO has banned me from media ........ “

All the good ones are taken. [sigh]

Sun, 09/25/2011 - 20:24 | 1708969 PulauHantu29
PulauHantu29's picture
Bank lobby rejects reopening of Greek rescue deal Head of bank lobbying group rejects push for Greece's private investors to take larger losses


Sun, 09/25/2011 - 20:27 | 1708978 ArsoN
ArsoN's picture

Always interesting to listen to.  I like how he hired an "adult" to run the company and suddenly he can't do media anymore.  

Sun, 09/25/2011 - 20:33 | 1708991 Lord Welligton
Lord Welligton's picture

Well obviously the adult told him to shut up.

He was giving the entire research and view away for nothing.

If I were him I would have hired an adult to stop me.

Sun, 09/25/2011 - 20:28 | 1708981 Robslob
Robslob's picture



In my attempts to identify if a poster is "shit" ,  "fan" or "shill"  I usually look at how long they have been a member...

Sun, 09/25/2011 - 20:45 | 1709017 THE DORK OF CORK
THE DORK OF CORK's picture

You have got to love the Home service - Larry Summers a respected economist !!!!

Its the most effective propoganda outfit in the world - the shipping forecast for instance is my all time favourite piece of scientific poetry.

Anyway I think something very strange is happening between London & Paris - the high speed rail link is creating weird symbiotic connections - in many ways like the London / New York Concorde connection - but the links between the 2 European capitals runs very deep also.




Sun, 09/25/2011 - 20:57 | 1709045 Lord Welligton
Lord Welligton's picture

Larry Summers a respected economist !!!!

Hendry didn't say that.

Who did and at what time in the program?

Sun, 09/25/2011 - 21:57 | 1709154 THE DORK OF CORK
THE DORK OF CORK's picture

I seem to recall the interviewer alluded to the intellectual colossus in those terms.

Sun, 09/25/2011 - 21:13 | 1709079 Ostapuk Ivano
Ostapuk Ivano's picture

I am not worried. Bill Miller says that a Greek default will not result in a Lehman event..


Sun, 09/25/2011 - 21:24 | 1709091 RobotTrader
RobotTrader's picture

Euro, Asian stocks, gold, Aussie dollar getting some more selling pressure now.

Everyone flying back into USDX and U.S. Bonds.

Another big gap up in UUP tomorrow.

Sun, 09/25/2011 - 22:29 | 1709216 slewie the pi-rat
slewie the pi-rat's picture

not too much negativity right now on the screens

wouldn't a roaring risk on for a coupla dazs be a hoot?

time to start shopping for cheap calls?


Sun, 09/25/2011 - 21:31 | 1709114 contrarianz
contrarianz's picture

I wish he did more interviews.

Sun, 09/25/2011 - 21:57 | 1709152 The Axe
The Axe's picture

Dear Tyler,

after reading some dumbass complain about his free content, provided by a crazy genius of stout heart, and sick wit. I protest and confess. I to have waited to long to throw tribute upon the ZH, for this I ask your humble forgiviness.(ps..on my way after this post)  And though , ZH fans have told me that my mother smells of yelderberry wine and my father sleeps with hampsters,,,,because I shorted SILVER at the perfect, most beatiful top(thats you TMOSELY) I have learned much from you Tyler,,,and some of the posters...that don't sleep with their gold and silver coins, or live in their mothers baesments...This site is by far the greatest on the web....

Mon, 09/26/2011 - 02:01 | 1709597 Peter K
Peter K's picture

The world looks a lot different outside the basement:)

Sun, 09/25/2011 - 22:07 | 1709167 Earl of Chiswick
Earl of Chiswick's picture

Well the new media phrases for the week have been issued from command and control: "ring fence" and "fire wall"; expect the automatons of Bloomberg and CNBS to repeat these about every 90 seconds.

Sun, 09/25/2011 - 22:12 | 1709182 chump666
chump666's picture

Good stuff! 

Hugh Hendry is a legend.

Sun, 09/25/2011 - 22:18 | 1709192 chump666
chump666's picture

"rumors"  If your business is sh*t it's sh*t. 


Sun, 09/25/2011 - 22:32 | 1709220 RSloane
RSloane's picture

"Pull the ripcord."

Sun, 09/25/2011 - 22:47 | 1709250 khakuda
khakuda's picture

Thanks for posting this.  This guy is one of the few sane thinkers out there.

Sun, 09/25/2011 - 22:59 | 1709274 Caviar Emptor
Caviar Emptor's picture

For the record: the reason gold will keep rising in relation to the dollar? Quite simple. The answer is because the dollar's buying power will continue to shrink..and shrink. For 3 years now the 'professors' have been stumped why there's not much inflation and not much deflation. But there's just enough of both to crush the buying power of middle class consumers and small business, but large businesses have not escaped either. We tracked the numbers that support this claim here on ZH for a long time, and they speak for themselves: despite an anemic expansion in 09-11 there was a substantive rise in input costs across the board. And at the same time, there has been an epic decline in incomes, net worth, retirement assets, employment and advancement opportunities. The squeeze is on. 

Gold remains the only clear way to hedge biflation and protect your buying power. People of means and central banks all over the world have jumped on this bandwagon and the trend is accelerating. Paper gold, like stocks, is a trading vehicle. Do people book profits, sell winners to cover losers, get shaken out? Of course. And this movie has been played and relayed over and over since the crisis. When gold first hit $1,000 the CNBS crowd was saying exactly what it's saying now. And then it nearly doubled. Keep in mind they're a 24/7 infomercial for financial services companies, not a think tank. But gold is not a get rich quick scheme. It's a real store of buying power. It's doing what stocks did once upon a time in a golden age far, far away that ended. Gold has never lost it's buying power through centuries. 

Sun, 09/25/2011 - 23:10 | 1709298 Caviar Emptor
Caviar Emptor's picture

WSJ: Pivot Point: Investors Lose Faith in Stocks

Investors are abandoning the time-tested "stocks for the long run" optimism that dominated since the late 1980s. Instead, there is a widening belief that the mess left behind by the housing bubble and financial crisis will be a morass to contend with for years.

Sun, 09/25/2011 - 23:36 | 1709327 goldenagehorde
goldenagehorde's picture

Greece will not default. Germany will not let it default.  The whole idea of the EU zone is on stakes.

Mon, 09/26/2011 - 00:16 | 1709404 chump666
chump666's picture

The global economy is about to go into a sync-depression from Greece through to China, you wanna be worried - China.  Copper smashed, Silver SMASHED, indust metals get killed, a major slowdown is unfolding in China.  HK was the bellweather last mth or so when the property market begun to implode.

This is real bad...worst than 2008.  No one gets away from this one.  Indexes will be a shorting fest. 

Mon, 09/26/2011 - 00:24 | 1709441 goldenagehorde
goldenagehorde's picture

China GDP still will continue to grow at 5% - 6%.

Let's wait until  US EU Japan stocks crash and start the party then,
buying the cheap stocks!

Mon, 09/26/2011 - 00:42 | 1709475 chump666
chump666's picture

Nah China is done, once the money lending blackmarket collpases, plus the housing bubble explodes, + inflation goes up a gear for food.

Total FUBAR.

Mon, 09/26/2011 - 02:01 | 1709599 dark pools of soros
dark pools of soros's picture

true -  sell the 401k and take out a loan and buy anything that doesn't lose value

Mon, 09/26/2011 - 01:58 | 1709588 Peter K
Peter K's picture

Hugh and the sheeple. I love the bit about how Euroland makes the largest advances through crisis. Reminds me of the "continuous revolution" that the Marxists used to promote. In Socialist Europe, what is needed is a continuous crisis to make the Euro work. Love:)

Mon, 09/26/2011 - 02:04 | 1709608 ghostzapper
ghostzapper's picture

Bobby D:  "Say hello to Henry yous are going to be working together"

Little Pesci:  "How you doing Hendry" 

Classic.  Classic.

Liotta(later in the flick just felt like posting it):  "They must really feed each other to the lions down here . . . "

Bobby D (scene where Liotta discusses the heists): "You might know who we are . . . but we KNOW who you are"


Haha kinda sounds like all these drunk on Kool Aid fuckfaces thinking they can get out of this mess. 

Mon, 09/26/2011 - 02:06 | 1709612 ghostzapper
ghostzapper's picture

I thought you had one of your bitchezz in here.

man I did where the fuck did she go?

I don't know you got all these hot books. 

Mon, 09/26/2011 - 02:07 | 1709622 ghostzapper
ghostzapper's picture

Yo, Stacks, Open Up!

Mon, 09/26/2011 - 02:11 | 1709637 ghostzapper
ghostzapper's picture

Wrap it around your hand.

Come on you throw a punch like you take it up the ass.

Mon, 09/26/2011 - 02:14 | 1709646 ghostzapper
ghostzapper's picture

yeah I got the ole good news, bad news story.  You want the bad news?

the good news is you're gonna get a shot at the title.  the bad news is you gotta take the old dive.

what else is new?

well you win some you lose some.

well, this one you lose.

Mon, 09/26/2011 - 02:15 | 1709650 TonyForesta
TonyForesta's picture

When the world as we know it goes pearshaped, - and it will - gold or silver, or any other socalled commodity or currency, or current investment product will be relatively valueless, as such things as water, food, liquor, tabacco, drugs (choose your poison) batteries, working means of transportation, cargo transport, communication devices, (barring any EMPlike events), wood, bricks, stones, and guns and ammo will be the primary trading and bargaining elements of the newworldorder.    

When that day comes, - and it may be closer than any of the mastersoftheuniverse realize - the world will be a far more equal place, and it truly will be a question of survival of the fittest, smartest, most capable, and most innovative.   

And for all those ruthless sociopaths imaging, they can simply control or buy their way to survival, - they will run hard and fast into the most fundamental biological and environmental derivatives, and learn very painfully that societies prosper and benefit most, when the larger population shares in the fruits of labor and sharing.   

There will be a balancing and a reckoning.


Mon, 09/26/2011 - 02:17 | 1709652 TonyForesta
TonyForesta's picture

When the world as we know it goes pearshaped, - and it will - gold or silver, or any other socalled commodity or currency, or current investment product will be relatively valueless, as such things as water, food, liquor, tabacco, drugs (choose your poison) batteries, working means of transportation, cargo transport, communication devices, (barring any EMPlike events), wood, bricks, stones, and guns and ammo will be the primary trading and bargaining elements of the newworldorder.    

When that day comes, - and it may be closer than any of the mastersoftheuniverse realize - the world will be a far more equal place, and it truly will be a question of survival of the fittest, smartest, most capable, and most innovative.   

And for all those ruthless sociopaths imaging, they can simply control or buy their way to survival, - they will run hard and fast into the most fundamental biological and environmental derivatives, and learn very painfully that societies prosper and benefit most, when the larger population shares in the fruits of labor and innovation.   

There will be a balancing and a reckoning.


Mon, 09/26/2011 - 03:29 | 1709840 che
che's picture


Q: what is the most dangerous job in London?

A: the one that incurs standing between hugh hendry and a camera!

Mon, 09/26/2011 - 04:46 | 1710151 Lester
Lester's picture

Seen the price of fuel depreciate since it's gross cost of WTI has been down $10-$15 for the last week or two?  Ah, but the vendors jack the price every afternoon there is WTI upward movement....

Get it?
There will be inflation forever in the things you gotta have, gotta pay for, and the stuff that there is demand for like all the survival gear necessities.  Fiat can't appreciate, but those who're selling remnant junk and crap no one wants will drop price to whatever to dump their stuff off.

Not cheaper to buy imports, transport shippers ain't dropping rates just because they might pay a few bucks less for fuel this week.  They're gonna recoup some of the losses they've incurred not fight to be low-bidder on x number of containers of widgets for you...

Food ain't going down.  This year is a terribly poor harvest.  If I made a good crop on my 5K acres while others didn't, am I gonna sell at a lower price because some asshole mutters something about deflation?  None of the wholesalers are going to sell their inventory at discount; supply/demand 7 Billion hungry people and chance to profit highly from having inventory others can't deliver...

Figure your electric and water bills are going down?  Really? 
How about your property taxes, which should've been dropping 50% over the past 4 years, but are likely up that much instead.  Deflation matters there?  You pay or lose your house, they don't need to track no stinkin' market!

You will pay more for what is in demand, what is in short supply, and for the necessities.  Crap no one wants will be cut in price until someone buys.

Nobody settles debt with cash anymore, so hoarding cash or failure to print cash and maintain ratio of cash in circulation to M3  does not increase demand for cash or apply deflationary pressure or appreciation of fiat.  Deflation cannot occur in a fiat system because there is no intrinsic value underlying the fiat to appreciate.

Nobody who has valuable goods will be affected by so-called deflation or trends thereof.

Do NOT follow this link or you will be banned from the site!