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WATCH RICHARD DUNCAN’S SPEECH: How Capitalism Died & Where That Leaves Us

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Capitalism died during the two World Wars.

In this speech, I discuss the transformation of our economic system from Capitalism to Creditism during the Twentieth Century.

I also describe what may come next, highlighting the extraordinary possibilities Creditism presents, as well as the catastrophic consequences that would follow from its collapse.

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Macro Watch is a video-newsletter that analyzes trends in credit growth, liquidity and government policy in order to anticipate their impact of economic growth and asset prices.

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I would like to thank Dan Denning and all my friends at Port Phillip Publishing for inviting me to speak at their terrific “World War D” conference in Melbourne this year, and also for producing such a high quality video recording of my talk.

To watch the speech, click here:


Richard Duncan


  1. Richard,

    Thank you for sharing your talk. I have read your books, among many others, and think you have the deepest insight into the imbalances that have created the global economic problems.

    It’s like the economy is like an elephant, and economists are only allowed to touch but not look. One talks about the trunk, another about the leg etc., but only your books seem to describe the whole animal.

    Thanks, Yuan

  2. Richard,

    The fact that “Economics” completely ignores the growth in credit as the primary driver of “growth” is a matter of enduring astonishment to me.

    My question: why don’t you ever address the ownership/control of the US Federal Reserve? Surely the fact that it is the shareholders of the Fed who are in receipt of the freshly printed dollars at negative real interest rates is fundamental to understanding the fraud at the heart of the system?

    You seem to ignore this aspect of the story.

  3. Great info, presented in mostly layman’s language, so it was relatively easy to understand. I am surprised he did not offer even one suggestion for personal strategy. I mean, it’s rather obvious that the Fed is backed into a corner and will likely maintain current course. Therefore, how can we (the viewers) best profit from this?

  4. “It never returned to normal!” ??? 4:59
    If communism is a highest stage of the capitalism we would try to think as communists (Robin Hood )) )
    The question is… to WHOM such enormous debt?

    1. In contrast to the way that money used to work – there being a counterparty to any transaction; a deposit offsetting a mortgage, modern finance involves printing the money to lend. For a simple explanation of the dynamics of the global financial system, you can read “The Goldsmith’s Tale” in about 10 minutes here: http://www.manfriday.com.au

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