23 Jun 2011
Steffen Krug Interview with James Turk
Steffen Krug (IFAAM) talks to James Turk (GoldMoney Foundation) about the reasons that he founded the Institute for Austrian Asset Management to combine value investing techniques with knowledge of Austrian Business Cycle Theory. They talk about the dangers of fiat currency, inflation and how difficult economic calculation is when the unit of account is unstable and the price of money, interest rates, are distorted and centrally planned, not reflecting real free market supply and demand. They move on to discuss the monetary history of Hamburg and its 250 years of 100% reserve silver banking with the Mark Banco until Bismarck replaced it with the Goldmark in 1873. They then discuss the Euro and how it is almost taboo in Germany to discuss the monetary system. They talk about how the Euro is subject to political influence, as witnessed with its buying of Greek bonds. Steffen explains that despite the taboo, some discontent is starting to show. The interview was recorded on 14 May 2011 in Hamburg, Germany.