Summary: Credit is the new money, get used to it<br> Creditism can only survive if we keep borrowing trillions<br> Duncan sees the only utopian hope is through credit<br> <br> About this week's guest: Richard Duncan is the author of three books on the global economic crisis. The Dollar Crisis: Causes, Consequences, Cures (John Wiley & Sons, 2003, updated 2005), predicted the global economic disaster that began in 2008 with extraordinary accuracy. It was an international bestseller. His second book was The Corruption of Capitalism: A strategy to rebalance the global economy and restore sustainable growth. It was published by CLSA Books in December 2009. His latest book is The New Depression: The Breakdown Of The Paper Money Economy (John Wiley & Sons, 2012).<br> <br> Since beginning his career as an equities analyst in Hong Kong in 1986, Richard has served as global head of investment strategy at ABN AMRO Asset Management in London, worked as a financial sector specialist for the World Bank in Washington D.C., and headed equity research departments for James Capel Securities and Salomon Brothers in Bangkok. He also worked as a consultant for the IMF in Thailand during the Asia Crisis.<br> <br> richardduncaneconomics.com<br> <br> <br> <br> The McAlvany Weekly Commentary<br> with David McAlvany and Kevin Orrick<br> <br> Richard Duncan: It’s Too Late To Turn Back Now… So Borrow More!<br> August 12, 2020 <br> <br> “We’ve had the longest economic expansion in history through can-kicking. I think it’s a great alternative to depression and war. So if we can kick this can down the road for another 30 years, marvelous, I’m all for it. By then we’ll have artificial intelligence and quantum computing and the next generation, if they can’t solve their own problems with those sorts of tools at their disposal, then they deserve the calamity that befalls them.”<br> <br> – Richard Duncan<br> <br> Kevin: David, we talked about the last two weeks as being sort of combined. We talked last week to Doug Noland and he basically says, yes, we’re past the point of no return. Kicking the can down the road is just going to end badly. Today we’re going to have an alternative viewpoint that, yes, we’re past the point of no return, and kicking the can down the road may be the only hope for utopia. I think you love putting these types of things out there for people to think about. It will create some tension. There will be disagreement in the minds of our listeners, but that’s the idea.<br> <br> David: I’ve loved getting to know Richard Duncan over the years and will always remember sitting at dinner with him at a hotel in Denver many years ago, my wife and I were there, and to this day he asks, “How is Mary Katharine?” He knows her by name. I appreciate who he is. I appreciate how he thinks about things. I appreciate how he analyzes information and the conclusions that he comes to. Many times I find myself in agreement with him, and sometimes I don’t. But it’s always a good idea to mix with people that you not only have intellectual respect for but who challenge your thinking. And Richard Duncan continues to be one of these additive factors, as we assess the world of money and credit, of asset prices, and of where we go next.<br> <br> David: And both of these men individually have come up with a way of redefining money. What happened in the redefinition of money when we went from 1968 to 1971, that period of time where money was backed by gold and then all of a sudden, money became credit. Now Doug Nolan coined the phrase, the moneyness of credit. That’s almost exactly like what Duncan said when he redefined capitalism as creditism. Both of those guys are looking at the same things. Duncan would say borrow more money and use it wisely. That’s the only hope.<br> <br> David: Like I said last week, there is a healthy tension between these two points of view,
