Welcome to Capital Account. As the economic crisis unfolds, and we see evidence of ‘crony-capitalism’ and ‘corportasim’, we wonder if capitalism even still exists. Our guest, Richard Duncan, believes we live in a system he calls ‘creditism.’ He has flown half-way around the world from Thailand, to explain to us why he fears civilization could not survive a true crisis of ‘creditism’.
Also, billionaires George Soros and John Paulson have increased their holdings of the largest gold-backed exchange-traded fund, according to an SEC filing yesterday. We talk to Richard Duncan, Chief Economist for Blackhorse Asset Management, about the future of gold as a monetary metal and how the abandonment of the gold standard has fostered a boom in credit and debt that may not longer be sustainable. The choice could be one of devastating inflationary fires, or freezing deflationary ice!
And as the US continues to run trillion-dollar-plus budget deficits, the question remains how long can this continue? While China has slowly unloaded US debt, Japan has stepped in as a creditor. We discuss this with Richard Duncan, author of “The New Great Depression, The Breakdown of the Paper Money Economy.”
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Richard Duncan’s new book, The New Great Depression, The Breakdown of the Paper Money Economy should be required reading for every member of Congress. Seriously, everyone should read this book. Duncan’s explanation of how we got to where we are now and how the nature of money changed since coming off the gold standard in the early 70′s is the best you will read anywhere. There used to be a difference between money and credit, but no longer. Now money equals credit. And with the fiat debt based you cannot reduce the supply of available credit without risking collapse. He explains why the central banks and the gov’ts have done what they did. And offers a sharp forecast for 2013. But, stop there. His solutions are pie in the sky.
This guest is a little spooky.
He flew from Asia just to be on. One of his main points was against protectionism, due to it hurting everyone, especially China. Earlier he mentioned the “giant sucking sound” yet his idea for jobs was the Fed to print trillions to put all of us to work building green solar plants and developing more and better nano-tech and genetically engineered ‘products’ (monsters that nobody wants to buy or eat), to become some weird ultra technological science-fiction land.
We’ll draft Sheldon Cooper for president.
The last time I heard globalism defended this way the wonks told us industrial types we could all go become software developers. Then the H1b visas brought in all those $12 engineers and shot that one in the butt.
Not that I agree with Duncan’s globalist views, but his book reveals how the globalists’ think and why they think the way they do. Good information being that they are running things.
A little different view on the mess that were all in. A new word creditism(that my spell check wants to fix) is spot on in my opinion.
Another thing I got from it is there ain’t no easy way out. Not that I thought that any way.
ps. And one more thing…Lauren is still smoken.
This guy’s resume is ridiculous. I’m sure he has a lot more to say than he can publish in his books.
I suspect books like this have to be framed from a globalist/elitist viewpoint, otherwise it probably wouldn’t be published. The key is to strip away the crap you know is included to get the book published, and relish the rest.
His solutions are global eliteist. When he mentions solar, he doesn’t say lets put solar panals on the roof of every home in the country and let peolpe break free of Duke, GE or other energy corporations. He wants the money to go to the electric companies and then sell it to us, when we paid for all to begin with! We have a problem with no good solutions. All scenarios lead to massive global depression!
Gold is not on the raft. Gold and silver are their OWN raft. Nixon moved our money to the other raft.
The guy is very text book knowledgeable. We’re beyond the text book now, though. I once heard someone say we have to have 10+ years at 10%+ GDP to start getting a handle on the spiraling debt. If you think we got a chance at that, leave your money in the market. If not, get 100% physical like I did in 2001. And going from flat broke, to retired in 11 years ain’t too shabby. I done good.