The recent three-part interview of Detlev by Jan Skoyles of the Real Asset Company. Their review of Detlev’s book can be found at http://therealasset.co.uk/paper-money-collapse/
Part One: Paper Money Collapse
Part Two: Austrian Economics
Part Three: The current economic situation.
11 Responses to Video: Detlev’s interview with The Real Asset Company
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{ How's that prediction turn out for ya? } – May 17, 4:53 PM
{ It is simple. Everyone should be free to choose as money whatever they want. No... } – May 11, 2:11 PM
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Detlev, great video and much more attractive interviewer than Mad Max! So, the tipping point will only come once severe inflation undermines confidence in the currency, which you think may be 2 to 5 years out. Is that correct or would negative real interest rates be enough to undermine the confidence? Az
In my view, the tipping point comes either when concern about inflation or concern about sovereign solvency (in major countries) reaches a certain point. When people sell bonds and demand higher yields we are in the endgame.
When people do start selling bonds and demanding higher yields, what do you think the response from sovereign states will be? Print ever more money to buy up their own bonds?
Yes. Central banks are already doing it. The Fed, the BoE, the Bank of Japan and the ECB have already adopted an official policy of manipulating longer term bond yields to achieve, what they consider, sustainable levels, or levels that are more conducive to growth, which means more conducive to additional borrowing and debt accumulation.
look at this Deltlev
http://www.youtube.com/watch?feature=player_embedded&v=iab3Ak8c0-I
Hi Detlev, looking forward to your next article! In the mean time, id be interested in your opinion on silver, if you think it has more upside potential than gold. I cant get my head round the conflicting trends of collapsing industrial activity and poor mans gold. Also, do you think its better to buy and hold or trade on peaks and troughs?
I don’t believe that silver will do better than gold. I expect gold to go much higher, of course. Silver will probably follow in gold’s wake but I cannot see why, over time, it should outperform. Gold and silver are both monetary assets but gold more so than silver. Gold is still THE eternal form of money, and as we are going through a major monetary crisis (one of the biggest in human history), my number one choice remains gold. — No, you should not trade it, you should accumulate it.
An interesting quote:
“”Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some… Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
Who said that?
Friedman, Hayek, Von Mises, Rothbard?
Absolutely not!
Surprise! It was J.M. Keynes!!!
Detlev,
What do you think of Bernanke’s so-called “exit policy?” Do you think Bernanke will stand up to the politicians and not continue to monetize debt by either reducing the monetary base or raising interest rates on excess reserves?
If he doesn’t believe he will do this, then he must necessarily think he is going to destroy the dollar, considering the monetary base has gone from 800 billion to about 2.7 trillion in the matter of 4 years and will need to continue to increase to pay for increasing debt. Do you think Bernanke secretly thinks the dollar will be destroyed?
I don’t think the man has an exit strategy. With all their QE and ever larger money injections into the banking system they are making the entire system progressively more addicted to ongoing policy support. Bernanke will never get out of this. What he is thinking I have no idea. I can only speculate. My guess is that he believes 100-percent in his weird and failed macro-economics. He really thinks that with the help of his policy the economy will be mended and that, when everything will be fine again, he can gradually remove the policy-stimulus! Every day that he continues with his policies that will be a less likely outcome.—Well, let me correct that last sentence: it is already a completely unrealistic outcome. The man is completely deluded. Of course, the dollar will be destroyed. That is the endgame and it is fast approaching.
Maybe, Bernake has embraced the new “revolutionary” MMT theory!
“…money for nothing and chicks for free…”