Money and Finance
- Richard Duncan Quotes
Longer excerpt from The New Depression (taken from my Kindle highlights, so the excerpts aren't necessarily the paragraphs I have put them in below, and there may be things in between that I didn't highlight). “The amount...
- Richard Duncan Quotes
Longer excerpt from The New Depression (taken from my Kindle highlights, so the excerpts aren’t necessarily the paragraphs I have put them in below, and there may be things in between that I didn’t highlight). “As central banks accumulate foreign...
- Dundee 2011 Annual Report
We have been living through such a time as we witness the financial markets ebb and flow based on not totally understood macroeconomic events. The world remains in a major financial crisis and central bankers are taking extreme gambles which could have...
- Robert Huebscher Talks With Bruce Greenwald
Which countries are in a position to play a leadership role in solving the crisis? There is one iron rule that must hold, which is that the sum of all the surpluses and the deficits across all countries has to be zero. Somebody has to eat the surpluses....
- Sprott September Comment: Safe Harbour No More
The US dollar (USD) is the world’s “reserve currency”. This status is arguably the greatest privilege enjoyed by the US as an economic entity. Most people don’t appreciate its significance. As the world’s reserve currency, the USD is used by...
Money and Finance
Richard Duncan quotes
“Before 1971, currencies were pegged either directly or indirectly to gold. Therefore, there was nothing to be gained by creating fiat money in order to buy any other country’s currency. When the fixed exchange rate system ended with the collapse of the Bretton Woods system, however, that changed. Gradually, it became apparent that a country could gain an export advantage if its central bank created fiat money and used it to buy the currencies of its trading partners.”
“Fed Chairman Ben Bernanke blamed the flood of foreign capital entering the country on a global savings glut. That is nonsense….The glut that inundated the United States was a glut of fiat money created by central bankers intent on manipulating their currency in order to boost their countries’ exports.”
“Never before has a country incurred current account deficits on the enormous scale that the United States has experienced in recent years. The reason the dollar does not depreciate enough to correct the U.S. trade deficit is because many of the countries that the United States trades with are manipulating the currency’s value by creating fiat money and buying dollars.”
“While fiat money created for this purpose is not solely responsible for bringing about the global economic crisis, it has been one of the leading culprits.”
–Richard Duncan, The New Depression
- Richard Duncan Quotes
Longer excerpt from The New Depression (taken from my Kindle highlights, so the excerpts aren't necessarily the paragraphs I have put them in below, and there may be things in between that I didn't highlight). “The amount...
- Richard Duncan Quotes
Longer excerpt from The New Depression (taken from my Kindle highlights, so the excerpts aren’t necessarily the paragraphs I have put them in below, and there may be things in between that I didn’t highlight). “As central banks accumulate foreign...
- Dundee 2011 Annual Report
We have been living through such a time as we witness the financial markets ebb and flow based on not totally understood macroeconomic events. The world remains in a major financial crisis and central bankers are taking extreme gambles which could have...
- Robert Huebscher Talks With Bruce Greenwald
Which countries are in a position to play a leadership role in solving the crisis? There is one iron rule that must hold, which is that the sum of all the surpluses and the deficits across all countries has to be zero. Somebody has to eat the surpluses....
- Sprott September Comment: Safe Harbour No More
The US dollar (USD) is the world’s “reserve currency”. This status is arguably the greatest privilege enjoyed by the US as an economic entity. Most people don’t appreciate its significance. As the world’s reserve currency, the USD is used by...