New Interview: Highly Recommended
Posted April 13, 2021
I was recently interviewed by Patrick Donohoe for The Wealth Standard Podcast.
If you want to understand how our economic system evolved into what it is today, what drives it now, and what opportunities it creates for our society and for us as individuals, then you need to listen to this interview.
Patrick begins the conversation by pointing out the huge sums of money the government is currently spending and the extraordinary amounts of money that the Fed is creating ($120 billion a month), and asks:
“Is this just all too easy?” “Is this simply too good to be true?” “What could the unintended consequences be?”
My reply is: “This is the greatest economic experiment in history.”
From there, we discuss:
- Economic history and the forces that caused our economic system to evolve from one driven by investment and savings to one fueled by credit creation and consumption.
- Modern Monetary Theory and to what extent my views are compatible with it.
- Is it really necessary to raise taxes?
- Why US productivity plunged in recent decades.
- How easy it would be for the US government to finance a multi-trillion-dollar investment in the Industries of the Future in coordination with the private sector, the world-changing benefits that would result from such a large-scale investment program, and the grave danger to US national security if our society fails to take advantage of this once-in-history opportunity.
- The advice Winston Churchill would give US policymakers today given the likelihood that China will soon overtake the United States economically, technologically, and militarily unless the US radically increases its investment in Research and Development.
- The two big forces that affect economic growth and wealth creation: Credit Growth and Liquidity.
- The origin of the tidal wave of Liquidity that is now flooding into the financial markets and driving stock prices and property prices to new record highs.
- How high are the odds that the stock market will fall sharply as the result of a panic attack brought on by inflation worries?
- And the reason why the Fed may be less inclined to bail out investors this time should asset prices begin to tumble.
I strongly suggest that you listen to this interview now.
After you do, I hope you will consider subscribing to my video-newsletter, Macro Watch, if you have not already done so. You will find all of these topics and many more analyzed in much greater detail there.
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Click HERE to listen to this interview on The Wealth Standard Podcast now.
Finally, for a list of great books that I recommend, click HERE.
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