Jim Grant, publisher of Grant’s Interest Rate Observer, was interviewed by Steve Forbes. Grant gives a grim overview of the economy, saying that the Federal Reserve’s suppression of interest rates and the creation of “unimaginable amounts of digital money” since 2007 have caused major distortions. He argues that economic intervention leads to more economic intervention until the “the patient is over-medicated.” This is the same argument that Peter Schiff has made for years.
“Inflation is too much money and credit. That’s the cause. The symptoms are variable. The word for inflation is: bull market…
Gold is a universal currency. People recognize it at sight. The derivation of the term ‘sound money’ is – [Clang! He drops a gold American Eagle coin on the table]. Isn’t that lovely?”
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