Alasdair Macleod talks to James Turk – Central bank interest rate manipulation distorts the economy
Alasdair Macleod, of financeandeconomics.org, and James Turk, Director of the GoldMoney Foundation, talk about about the importance of savings and how currency debasement destroys savings and the middle class, killing growth.
They talk about the sovereign, the gold standard and price stability. How long term growth is compatible with a stable money supply and even with prolonged deflation.
They explain how central bank interest rate manipulation through credit creation creates the business cycle and misdirect investment. Alasdair explains how in British history, absent the central bank, continuous growth and sound money helped create the most prosperous nation in the world. James explains the importance of the Rule of Law for stability and prosperity.
This interview was recorded on August 5 2011 in London.