The Mises Institute has released the second part of an exclusive interview between its President Jeff Deist and Patrick Barron, a private banking industry consultant. Find the first part of this engrossing interview here. In this second half, Deist and Barron discuss:
- How US dollar supremacy might come to an end with a whimper, instead of a bang.
- How the Bundesbank is a potential savior for the world monetary order, while the IMF is a paper tiger.
- How elites will have an increasingly hard time denying gold its role in the global monetary system.
- How America’s fiat dollar corrupts cultures, as well as economies.
Here’s a partial transcript of Barron’s responses:
If there is some kind of a shock – and it could be something that we don’t think is all that important at the time… Whatever breaks the confidence in the monetary order, it could resort in an attempt at financial fascism. The IMF would order us around and the Fed and the Bank of England and the European Central Bank would go along with this. But that would not really be an answer. It might push us down the road even further, but it would not really solve any fundamental problems. It would just mean that we push the whole inflation problem from a handful of central banks that are inflating their own currencies to one international central bank that engages in complete, worldwide monetary inflation. That’s not an answer. That is just continuing the same rot. I don’t think that will solve anything, but it could happen that would be the next step instead of returning to a more liberal (with a small “lâ€) order of sound money, sound national currencies that are exchanged for gold and or silver. That, to me, is the answer…
…Ron Paul was telling us all along that we were going down the wrong path, and that we have to return to sound money. It’s only sound money that can allow us to have a sound economy. And that’s what we all want – peace and prosperity. We can’t have peace and prosperity if we don’t have sound money. That’s what we’re seeing right now…
