Thorsten Polleit discusses 'collective corruption'

Subscribe to our newsletter at http://www.goldmoney.com/goldresearch. Episode 84: Andy Duncan talks to "Austrian" economist, Professor Thorsten Polleit, about a recent speech he gave entitled "What Do Bankers Know About Money and Banking?" Dr Polleit is Chief Economist for Degussa Goldhandel in Germany, and for 12 years until April of 2012 was the Chief German Economist for Barclays Capital. He lectures in Economics at the Frankfurt School of Finance and Management, and the universities of Bayreuth and Duisburg-Essen.

Andy and Thorsten discuss the latter's monetary theory of how fiat currency tends to result in "collective corruption" in societies, and how this then leads to hyperinflation, despite the dangers to society that hyperinflation always brings. They also debate the development of global fiat currency over the last 40 years, and how increasing levels of debt may mark its terminal decline. Governments may plan for this decline by re-introducing gold-backing to Western currencies.

You can watch Dr Polleit's speech "What Do Bankers Know About Money and Banking?" at this link. For more information about Dr Polleit and his work visit http://www.thorsten-polleit.com.

This podcast was recorded on 2 January 2013.

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