Turning Hard Times Into Good Times

Richard Duncan appears here for the first time to tell us that our current global economic malaise was caused by America shutting down the international gold standard in 1971. He believes we are facing the potential for a depression a magnitude worse than that of the 1930s because the entire world has gone onto fiat money rather than gold. That resulted in rapid growth we would not otherwise have enjoyed, but it has also resulted in an instability that is posed to destroy the existing financial system. Duncan’s economic views are distinctly Austrian until he provides his prescription. The worst policy would be austerity because we would immediately head over the cliff. Not as bad would be a continuation of current policies since that would postpone catastrophe a bit longer. The best policy would be for government to deficit spend for cutting edge technologies that he believes can enable future debt service. Chen Lin will also talk about a couple of his favorite oil and gold stocks.