John Rubino and Alasdair Macleod discuss the US economy

John Rubino — co-author with James Turk of the book The Collapse of the Dollar (2004) and a current writer for CFA Magazine — and Alasdair Macleod of the GoldMoney discuss the serious economic problems facing the United States and Europe.

Rubino and Macleod start the discussion noting how the gravity of the European crisis has diverted attention away from the financial dangers that America is facing. The euro crisis has had the side effect of boosting “safe haven” demand for the US dollar. This allows the US government to continue racking up irresponsible amounts of debt, and drastically increasing the risk of a dollar crisis. Washington is thus playing with fire. Many Americans as well as overseas holders of dollars and US bonds could end up getting seriously burnt. Rubino also discusses the possibility of a deflationary outcome to America’s debt crisis.

Robino and Macleod conclude that the safest way for people to protect their capital is by moving out of long-term bonds and paper currencies, and into precious metals and other commodities.

This podcast was recorded on 10 July 2012.

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Alasdair started his career as a stockbroker in 1970 on the London Stock Exchange. In those days, trainees learned everything: from making the tea, to corporate finance, to evaluating and dealing in equities and bonds. They learned rapidly through experience about things as diverse as mining shares and general economics. It was excellent training, and within nine years Alasdair had risen to become senior partner of his firm. Subsequently, Alasdair held positions at director level in investment management, and worked as a mutual fund manager. He also worked at a bank in Guernsey as an executive director. For most of his 40 years in the finance industry, Alasdair has been de-mystifying macro-economic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman’s terms what governments do with money and how to protect themselves from the consequences.

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