August 1, 2012

The Financial Times Book Review Of The New Depression

The New Depression was reviewed by Samuel Brittan in The Financial Times on July 30th. Please find the link below:

July 28, 2012

Glenn Beck Interviews Richard Duncan: And keeps an open mind!

On Tuesday July 17th I was invited to appear on Glenn Beck’s show. This came about because of my CNBC Squawk Box Europe interview the day before. Honestly, I was not sure about what kind of reception I would be given by Glenn, but I wanted the chance to present his audience with a different…
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July 25, 2012

How Close Are We to New Great Depression?

Last week I was in London to promote The New Depression: The Breakdown Of The Paper Money Economy. The week began at 7:30 Monday morning on Squawk Box Europe. Please find the link below. I was told this clip was the most watched segment that day AND the following day.

July 8, 2012

The New Depression Reviewed In THE ECONOMIST

This week my book, The New Depression: The Breakdown Of The Paper Money Economy, was reviewed in the Buttonwood column of The Economist. Please find the review copied below. The Economist Buttonwood Duncan dough notes A thought-provoking analysis of the debt crisis Jul 7th 2012 | from the print edition FEW can claim to have…
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May 18, 2012

The Policy Options

From Chapter 9 of The New Depression: The Breakdown Of The Paper Money Economy – Capitalism was an economic system in which the private sector drove the economic process through saving, capital accumulation and investment. The government’s role was very limited. The United States has not had that kind of economic system for decades. Today,…
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May 11, 2012

The McAlvany Weekly Commentary: An Interview With Richard Duncan

This week David McAlvany interviewed me for his program, The McAlvany Weekly Commentary. We discussed the crisis in the global economy, the risk of a new great depression and the dilemma we must now face as a democratic society. I strongly encourage you to listen to this 50 minute conversation. Here’s the link:

May 4, 2012

VoiceAmerica Interview: The New Depression

I was recently Jay Taylor’s guest on Turning Hard Times Into Good Times. We discussed the evolution of Capitalism into Creditism, The Quantity Theory Of Credit and the outlook for the global economy. Please find here the link to this 50 minute radio interview:

April 20, 2012

The New Depression: The Breakdown Of The Paper Money Economy

My third book on the global economic crisis is now in print and available on Kindle. It’s called The New Depression: The Breakdown Of The Paper Money Economy. Please find its Preface copied below: Preface When the United States removed the gold backing from the dollar in 1968, the nature of money changed. The result…
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March 9, 2012

Asia's Economic Outlook In Light Of The Global Economic Crisis

Below, please find a link to a speech I made before the CFA Institute in Hong Kong on March 7, 2012. I discuss the outlook for Asia in light of the deepening global economic crisis. Asia’s Era of Export-Led growth is over. A much more difficult environment lies ahead. [My talk begins in minute 9…
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August 4, 2011

A “Deer In The Headlights” Policy Freeze?

The agreement reached to raise the US government debt ceiling may mark the beginning of the kind of “deer in the headlights” policy freeze described in the last chapter of The Dollar Crisis. If that agreement is fully implemented, this depression is going to become considerably worse. The excerpts below are taken from The Dollar…
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July 18, 2011

The Ten Trillion Dollar Milestone

A milestone on the road to economic ruin was reached last week. Total Foreign Exchange Reserves topped $10 trillion. That means central banks have created the equivalent of $10 trillion of fiat money that they have used to buy the currencies of other countries. That figure does not include the money central banks have created…
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June 30, 2011

Helicopter Money

A great deal can be learned about the government’s response to this crisis, as well as the mistaken policies that necessitated it, by analysing a speech delivered by Ben Bernanke on 21 November 2002. At that time, Bernanke was a Governor of the Federal Reserve. The speech, to the National Economists Club, was titled “Deflation:…
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June 16, 2011

The Corruption Of Capitalism, Preface to the 2011 Edition

Preface to the 2011 Edition of The Corruption of Capitalism [Now available on Kindle and NOOK] From the early 1980s, debt-fuelled consumption in the United States drove global economic growth and facilitated the spread of globalization. Economic policy was formulated based upon the belief that markets are most efficient when left unregulated. Exchange rates floated,…
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June 1, 2011

An Interview with Richard Duncan on China, Europe, & QE3

The following interview was published in THE EDGE SINGAPORE on May 30, 2011 By ASSIF SHAMEEN Richard Duncan, author of the seminal The Dollar Crisis: Causes, Consequences, Cures, an international bestseller that predicted the recent global economic crisis with extraordinary accuracy, commands a lot of respect among Asian policymakers. Armed with a Master’s degree in…
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May 19, 2011

Credit Growth Drives Economic Growth, Until It Doesn’t

The single most important thing to understand about economics in the age of paper money is that credit growth drives economic growth. Before the breakdown of the Bretton Woods international monetary system in 1971, there was a difference between money and credit. There no longer is. Paper dollars and US treasury bonds denominated in paper…
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May 3, 2011

China: Every Boom Busts

Since the beginning of the Industrial Revolution, every economic boom has been followed by an economic bust. The bigger the boom, the bigger the bust. Over the past 20 years, China has experienced the greatest economic boom in history. It is only a matter of time before the great Chinese bubble pops. China’s economic model…
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April 26, 2011

Birth Of The Debt Culture

Once US dollars ceased to be convertible into gold at the beginning of the 1970s, there was no longer any constraint on the amount of dollar-denominated debt that could be created by the Federal Reserve system or the Treasury Department, or, for that matter, the private sector. For the next decade, fear of inflation and…
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April 19, 2011

A New Economic Paradigm

Since the 1980s, a culture of debt has arisen in the United States. That change was the consequence of a misguided trade policy that gave rise to a current account deficit of unprecedented size. Between 1982 and 2008, the United States imported $7.4 trillion more than it exported. It financed the shortfall on credit. That…
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April 9, 2011

The Loose Cannon Credit Crisis

Starting in the 1970s, international credit flows began to destabilize the global economy. One country after another was plunged into crisis as dollar-denominated credit from abroad produced short-term booms followed by longer-lasting busts. Each crisis threatened the solvency of the international financial system; and in each crisis the large international banks that had made the…
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April 4, 2011


There should be no confusion as to the origins of the global economic crisis that began in 2008. This crisis was set in motion in the 1960s, when policymakers in the United States abandoned the core principles of economic orthodoxy: balanced government budgets and sound money backed by gold. Large budget deficits and the possibility…
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