Terry Smith: 'there haven't really been any cuts yet'

BBC Radio 4 (The Today Show) - 29 July 2011
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Terry Smith, the CEO of Tullett Prebon stock brokers, spoke on Radio 4 about the eurozone crisis and UK austerity. Much of what he said echoed the libertarian agenda of the government. Remarkably, he suggested that there "haven't really been any cuts yet". At the end of the interview, he lists his own assets, which suggest a contradiction with his statement that "we will all be significantly poorer than we thought we were in the last 20 years".

Other statements of his were:
- "the size of the public sector will have to shrink";
- "we have absolutely unsupportable pension liabilities";
- "I think one thing is worse than fear and that is living in fantasy. Sooner or later you have to grasp reality".

He tells the interviewer that his own finances are in equities which are "in very big safe companies that sell our everyday luxuries and necessities", gold, and "currencies of countries which are very safe".

The interview is yet another example of treating a guest with a predetermined ideology as an expert. Smith faces no challenging on any of his opinions from the interviewer.

Listen to the audio clip from 29 July 2011:

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