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 mainstream economics and how it informs policy. Increases in the money supply lead to redistribution of wealth. James explains that the quality of bad debt does not improve just because it is bought by central banks. The damage has been done; it’s just a question of who is going to pay for it.
They comment the ECB’s debt purchases and the dangerous consequences of this decision, how it is against its own rules and how it bodes ill for the future of the euro.
This interview was recorded on October 1st 2011 in Vienna.