Richard Duncan's Solution to our Current Worldwide Debt Crisis
If you are curious, please listen to this hour-long interview. It will get you thinking and you will learn a lot about many aspects of today's economic conundrum. However, in my opinion, Mr. Duncan errs in believing that it is possible to stave off catastrophe.
Here is the interview:
Richard Duncan interview
He is basically recommending that the developed world throw gasoline on the fire of fiat money creation. He says we must maintain the current level of world GDP through enormous debt creation (i.e. more QEs) and through government investment in infrastructure and technological projects. By doing this he hopes that the resulting advances will somehow allow us to avoid a worldwide crisis that would take the form of either a world war or a global depression like none we have ever seen.
His solution completely flies against all of my own economic theories–indeed against common sense itself. He sounds to me like Louis XV with his "après moi le déluge" (after me the deluge).
|[Thanks to Wikipedia]|
Yet he seems to think catastrophe can be staved off, and that the politicians will try this because they have no other choice. About that he is surely right, but is he right that the times have changed and we must modify our thinking? Or is this just putting off judgment day?
Please let me have your thoughts.