I have just finished his book (Debt: The First 5,000 Years) on a history of debt and this is a subject that I have been intellectually exploring for almost a decade now. Having read many booking on theories on the nature of money, wealth and banking. I have a coffee table book called “The origins of value”, yes I know, just what you want to see on a coffee table. When I heard about this book, I realized that I didn’t have a history book on debt so I had to grab a copy and read.
Wow, is what I have to say after reading through it. He really hit at some very interesting and quite core points. I will be re-reading the book soon because I need to contempt these concepts some more and I have a few books that have now been elevated on my reading list so I can read some more facts and opinions. Here is a nice video with the author talking about the book and its concepts. I believe he really hit a “home run” with this book and if you see the amount of notes and the bibliography, you can tell he did his homework. I will end with my mind is not made up yet but he has been very persuasive so it has now put the ball back in my court to accept or contradict, he has set the bar high so I will see what I can come up with and write some thoughts in a later post.
Direct Link (Youtube)
Granted RT (Russia Today) has its own slant and take on geo-politics. With that aside, they have been much more “hard-hitting” on tackling economic issues and asking questions that sadly, the American mainstream media fail to ask. It is a sad account on our part. RT has really upgraded their status with getting such an esteemed guest such as Jim Grant of “Grant’s Interest Rate Observer“. It is an usually long interview (almost 30 mins) with a guest that has so much say. He even mentioned how he enjoy being able to convey complete thoughts during this interview.
Hopefully RT will kick start more media outlets to take these economic mis-steps and crimes more serious and start digging deep to get answers and ask questions that have been cast aside because they are not popular topics. Enjoy the Video.
I love James Grant (Interest Rate Observer), not that I agree with everything he says (but I usually do), but the respect I believe he gives the people that listen to him in the form of not pulling punches just because it coudl offend someon. One of the only serious, consistent and truthful (truth to power) commentators we have discussing financial, economic and monetarial issues today. Here is a treasure in my opinion and I hope even if you don’t agree with him, you respect that he is trying to give you the not so popular but much closer to actually truths then we usually get ever. This one of those cases where “you don’t know what you have til its gone”.
P.S. Jim, I didn’t know Bernanke was a spelling B champ, thanks for a little more depth into the man outside the basics. Kudos
Mr. Rogers ain’t no slouch when it comes to banking matters. He made the very astute comment that regardless if we have QE3 or not, the Federal Reserve has been in the market all this time. When the Fed wants to lower interest rates, the actual method they use to accomplish this is by purchasing agency securities and that pushing yields lowers because of the artificial but very real demand created in that market. They continue to do this until they get to the desired interest rate.
Jim also understands how to handle an excessive debt problem. You have to let them fail so they bad (excessive) debt can be defaulted. Until we get this point and act on it, we will continue to see more disastrous policies and uncertain markets that could spike or crash on a dime and down the road, who knows? We just need to own up to the problem and see how we can fix it and learn.
He hits it on the head. I like his poise during the interview when CNBC kept peppering him with questions that try and get him to say something cheery and happy. WE ARE PAST THAT, ALL OPTIONS WILL BE PAINFUL. We just need to do it now and work through it and be happy in a decade once the structure issues have been fixed and we can see a sustainable and durable recovery. Or in short, a real recovery.