Saturday, February 15, 2014

Paul Craig Roberts on the US economy and paper versus physical gold

From Boom Bust

Erin Ade conducts a wide-ranging interview with economist Paul Craig Roberts, an Assistant Secretary of the Treasury in the Reagan Administration and a co-founder of Reaganomics. He has voiced his concerns about the strength of the US economy, US politics, and US civil liberties. Roberts also believes the US is playing fast and loose with the monetary system and the value of the dollar. He speculates that, as the German Bundesbank has begun repatriating its gold from overseas out of storage in places like the Federal Reserve, the Fed will not be able to make delivery because it doesn't physically possess the gold. Similarly, Roberts does not believe Gold ETF funds have enough physical gold to back their exchange traded fund shares.