Doug Casey of Casey Research had another interesting discussion with Louis James. As the blog post title suggests, they did speak about the upcoming presidential election and of course recommended not voting. However, Casey also reiterated his thoughts about the ongoing depression. “I’m convinced the Greater Depression has started. We’ve gone through the leading half of the storm. Obama got the eye of the storm, and now we’re headed into the trailing edge of the storm, which is going to be even worse than what we saw in 2008-2009.”
Casey has repeatedly made the point that the economic turmoil of 2008 that still lingers to this day is but a precursor to even more horrible economic conditions. His main argument is firmly in the Austrian tradition: the malinvestments of the past, caused by an increase in fiduciary media, have not been liquidated. Not only have they not been liquidated, they have been made worse by continued money printing by central banks worldwide. Thus, the inevitable day of reckoning, while postponed, will be worse when it arrives.
I encourage readers to read the interview. Casey is a perceptive man who provides good insights and food for thought.