A speech by my colleague Richard Duncan explains how the economy and the financial markets work today by describing how we got here. It describes the events and pressures that brought Capitalism to an end and that gave rise to its replacement, Creditism.
Once it is understood how Creditism works, the world begins to make sense again. The massive government budget deficits, money creation by central banks on a multi-trillion-dollar scale, the absence of high rates of inflation and the forces that drive the financial markets are then all easily understood.
Duncan’s speech took place at an event hosted by Port Phillip Publishing in Melbourne in 2014. It is by no means out of date. In fact, the passage of time actually adds to its value in that the economic developments during the years that have followed have largely validated the expectations expressed then concerning the future.
Creditism requires Credit Growth to survive. The years since 2014 have demonstrated the lengths to which governments and central banks will go to ensure that it does.
After watching this speech, if you have not yet subscribed to Macro Watch, I hope you will. Macro Watch will show you how the economy and the financial markets really work in the 21st Century. Use the code “Flows” for a special Gordon T Long 55% discount