When the United States stopped backing dollars with gold in 1968, the nature of money changed, becoming the fiat currency system that has now put the world into an unprecedented recession. Jason Hartman is joined by returning guest, Richard Duncan, to talk about how we are in danger of a global Great Depression and how we can stop it. Richard’s previous book talked about the inevitable collapse of the dollar, and his new book discusses “a new theoretical construct, The Quantity Theory of Credit, that is the key to understanding not only the developments that led to the crisis, but also to understanding how events will play out in the years ahead.” Richard explains how the expansion of credit eventually implodes and the dangers of the contraction of credit. Richard Duncan is the author of three books on the global economic crisis. The Dollar Crisis: Causes, Consequences, Cures (John Wiley & Sons, 2003, updated 2005), predicted the current global economic disaster with extraordinary accuracy. It was an international bestseller. His second book was The Corruption of Capitalism: A strategy to rebalance the global economy and restore sustainable growth. It was published by CLSA Books in December 2009. His latest book is The New Depression: The Breakdown of the Paper Money Economy (John Wiley & Sons, 2012). Since beginning his career as an equities analyst in Hong Kong in 1986, Richard has served as global head of investment strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok. He also worked as a consultant for the IMF in Thailand during the Asia Crisis. He is now chief economist at Blackhorse Asset Management in Singapore.
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