FedUpUSA

An Empire of Debt Leading to a “Crack-up” in the Global Monetary System

Wlliam Bonner

Lauren Lyster sits down with Bill Bonner of Agora Financial.

As we head into the last few days of the presidential race, we ask Bill Bonner, bestselling author and founder of Agora financial what he thinks the biggest issues on the electoral agenda should be. Considering the problems facing the country took decades to form, can they be easily resolved by the casting of a vote? And what about the debt and the deficit? Both presidential candidates express some concern about the debt, but are either really going to act on those concerns in meaningful ways?

Also, better-than-estimated US economic data, including initial jobless claims and consumer confidence, pushed stocks higher, according to the Financial Times. What exactly do the numbers mean? People look at indicators ranging from payroll numbers to the stock market, to get a sense of the health of the economy; today we talk to Bill Bonner, author of Empire of Debt, about other litmus tests that might give us a better sense of where the US is headed. What does he look at, and how important is an indicator like GDP in telling us how well our economy is doing?

And prices for gasoline, soda, hotel rooms, and batteries have risen sharply in areas affected by Superstorm Sandy. In some areas of New Jersey, residents waited on line for hours to buy gasoline. New Jersey Governor Chris Christie and New York Governor Andrew Cuomo have stepped up efforts to crack down on retailers looking to make increased profits on the storm. With inefficiencies created by long lines, Lauren and Demetri discuss if there is a case for price gouging, even during the aftermath of a storm like Hurricane Sandy, in today’s “Loose Change.” Demetri thinks that the very term “gouging” is pejorative, and that trying to regulate what price is exorbitant, instead of letting the market determine that, is asking for trouble.

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