birdwatcher (birdwatcher) wrote,


Griffin cautioned that he’s managing his fund for the next economic downturn. “My position today is very much focused on managing the tail risks” for that, he said. The hedge fund manager said his biggest concern is the European Union, because individual nations like Italy and Spain can’t print euros to rescue their own economies. “Every crisis in the West for the last 50 years has been ultimately solved by intervention of governments,” he said. “There has been a huge sea change that has taken place, which is in the EU, the individual governments can no longer issue debt in their own currency.” The ability of “those countries as sovereigns to rescue their financial system in the next crisis is greatly diminished or not even there,” he said --

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