That’s hedge fund manager Hugh Hendry talking to Nobel-prize winning economist Joseph Stiglitz, as quoted in this Financial Times article.

See the exchange here. It gets interesting around 7 minutes for sure where Hendry suggests Greece will have to default or give creditors a “haircut” as it recognizes that it has unsustainable levels of debt.

But, back the FT piece, Hendry thinks we are on the verge of financial anarchy, that France will nationalize its banks, that China is hosed, that Japan is in trouble, and that the global debt situation is so dire that “the scale and the magnitude of the problem is greater than their (read: governments’) ability to respond.” He concludes that we are within ten years of an epic financial collapse reminiscent of the 1930s.

The good news?

The US isn’t as bad off as Brazil, India, Russia, and China. And that the financial collapse will create investment opportunities of a lifetime.

Have a good weekend.