Sick money, sick world

Watch the full 25-minute video at http://www.goldmoney.com/hochreiter-turk-interview. Gregor Hochreiter, Author of “Krankes Geld, Kranke Welt”, and James Turk, Director of the GoldMoney Foundation, talk about his book and how it explains that the lack of hard money not only impacts economics but also morality and values. Gregor explains that institutions impact individual behaviour and that fiat money encouraged debt and provokes short term mentality and speculation throughout society. Gregor uses the term “inflation” in the strict and original definition: an increase in the money supply. Rising prices are a consequence of inflation, a mere symptom. They discuss how to transition from sick money to sound money, highlighting the importance of ideas in ensuring the sustainability of any reform.

This interview was recorded on September 30th 2011 in Vienna.