Watch the full 24-minute video at http://www.goldmoney.com/polleit-turk-interview. Thorsten Polleit, http://thorstenpolleit.com, and James Turk, Director of the GoldMoney Foundation, talk about how the fiat money system has encouraged a build up of debt. Thorsten explains that there are only three ways out of debt: write it down, inflate or grow out of it. They are both sceptical that it will be possible to grow out of it this time and therefore expect money printing and inflation to be chosen by governments, despite the horrible consequences of inflation.
James explains the importance of sound money in allowing people to interact on a level playing field. Thorsten also explains how people catch on to the inflationary policies and react with increased inflation expectations causing the policy to have diminishing returns, eventually spiralling out of control.
This interview was recorded on October 1st 2011 in Vienna.