The head of Odey Asset Management is warning that the U.K. is in danger of becoming little better than impoverished Zimbabwe. In an interview with the Daily Mail, Crispin Odeyânewly appointed co-treasurer of Britainâs right-leaning Conservative Partyâblasted the Labour Party government of Prime Minister Gordon Brown. He also colorfully expressed his distaste for the proposed hedge fund regulations offered up by the European Union and the United States. âWe have got a budget deficit which aims to be 12% of gross domestic product and we have a savings rate of 4%,â Odey said of the British economy under Brown. âIt means you need to attract foreigners to buy 8% of your bonds every year, and you are offering them a tepid drink,â he told the tabloid. âForeigners have been busy selling gilts and the Bank of England busy buying them. The answer is that if you carry on, that is called Zimbabwean and that is monetization. Probably, we are going to have a visit to the [International Monetary Fund].â But he saves his greatest fury for the regulatory fervor seizing lawmakers in Brussels and Washington. âWe are resistant because it is a lot of rubbish,â he said. The European Commission directive that proposes strict rules for hedge funds âis borne of the Germans hating Deutsche BÃ¶rse and the âlocustâ attacks, the French hating Madoff and what he did, and the Danes hating private equity because they took over TeleDenmark and turned it into a junk bond.â And he warned that âvisceral legislation is a dangerous thing to do.â In particular, he took aim at the idea that hedge fund are overlevered. âIf your fund is two-times leveraged, you are not allowed to have that. But if the company you invest in happens to be five-times leveraged, that is fine,â he said. âYou cannot say lending to a company is a good thing, but lending to a hedge fund is a bad thing.â He, like many of his peers, also objects to the idea that hedge funds are responsible for the global economic crisis. He is especially peeved by the blaming of short-selling for all of the marketâs ails. âWhat hurt the banks is what the banks did to themselves,â Odey said. âNot what we did to them.â âThe idiotic thing is why did anyone want to own a bank share before?â http://www.finalternatives.com/node/8345 Ha, ha, ha ! Crispin, youÂ´re my man !