Wednesday, Dec 10, 2008
As the financial crisis deepens, civil liberties are curtailed by governments eager to put an end to falls in share prices and economies, Hugh Hendry, chief investment officer and partner at Eclectica told CNBC.
“The government has gone to war, it is an economic war. And in a war the government takes a larger and larger role in the society. That’s fine, you have to accept that,” Hendry said. “What is concerning is the erosion of civil liberties.”
The ban on short-selling financial securities in the UK is one example of erosion of civil liberties, another is a statement made in parliament last week which opens the way to silencing the press during financial crises.
The Treasury Select Committee said that it will look at the role of the media in financial stability and whether financial journalists “should operate under any form of reporting restrictions during banking crises”.
“We’re only a year into this and suddenly, already, our liberties are being brought back, brought in,” Hendry said.