'We Are All Going to Be Very Significantly Poorer'

It appears that not all members of the financial establishment are uncomfortable with the truth.

In “Terry Smith Says the World Is Living in a Fantasy,” FT Alphaville highlights 10 bleak — and unusually blunt — comments on the European sovereign debt crisis, the financial system, and our future economic prospects by the British CEO of Tullett Prebon, one of the world‟s largest inter-dealer brokers, taken from a BBC radio interview. Here are three of them:

• We are all going to be very significantly poorer than we thought we were over the last 20 years, because we just simply won’t have the same standard of living.
• From the government’s point of view, they should have fessed up at the outset, treated people as adults and told people the truth — that we are going to see a major shrinkage of the public sector and an awful lot of things are going to be worse than we thought they would be, including our pension entitlements.
• There’s only one thing worse than living in fear, and that’s living in fantasy like we are now.

To see the rest, click here.

To listen to the recorded interview, click here.