Richard Duncan on Riding out this Depression on a Deflationary Debt Raft!

Welcome to Capital Account. As the economic crisis unfolds, and we see evidence of 'crony-capitalism' and 'corportasim', we wonder if capitalism even still exists. Our guest, Richard Duncan, believes we live in a system he calls 'creditism.' He has flown half-way around the world from Thailand, to explain to us why he fears civilization could not survive a true crisis of 'creditism'. Also, billionaires George Soros and John Paulson have increased their holdings of the largest gold-backed exchange-traded fund, according to an SEC filing yesterday. We talk to Richard Duncan, Chief Economist for Blackhorse Asset Management, about the future of gold as a monetary metal and how the abandonment of the gold standard has fostered a boom in credit and debt that may not longer be sustainable. The choice could be one of devastating inflationary fires, or freezing deflationary ice! And as the US continues to run trillion-dollar-plus budget deficits, the question remains how long can this continue? While China has slowly unloaded US debt, Japan has stepped in as a creditor. We discuss this with Richard Duncan, author of "The New Great Depression, The Breakdown of the Paper Money Economy."