Hugh Hendry simply gives a lesson to Joe Stiglitz who proves that he does not understand debt. Hendry suggests that the only way out is through debt default or debt forgiveness. Yes, he is 100% correct, everything else is simply debt shuffling, and yes, that would whack the banks. Just ignore the Spanish Ambassador, he has no clue and a very biased outlook. Stiglitz, however, has no excuse and clearly does not understand debt saturation.
Freedom’s Vision is the right course of action, not only for the United States, but also Greece and most of the world. (ht JB)