Interview with Detlev Schlichter
In January Jan Skoyles from The Real Asset Co interviewed Detlev Schlichter, an Austrian economist and author of Paper Money Collapse: The Folly of Elastic Money and The Coming Monetary Breakdown. Prior to writing his debut novel Mr Schlichter worked in international finance for nearly twenty years which included periods at Merrill Lynch and J.P. Morgan.
In this series of interviews with The Real Asset Co Mr Schlichter discusses his book, the Austrian School of Economics and his views on the on-going financial crisis.
Mr Schlichter is frequently invited to talk at events and on news items which highlight the current monetary crisis such as; Sky News, Radio 4, Reuters and the Adam Smith Institute. He is credited with writing a book which cuts through the myths of the banking and paper money system whilst presenting a good introduction to Austrian thinking.
Part 2: Austrian Economics
The Real Asset Co first met Mr Schlichter at an All Party Parliamentary Group on Economics, Banking and Money, in October 2011. At the time he spoke alongside Steve Baker MP, who we also interviewed in 2011. This growing group of increasingly high profile people are at the forefront of the drive for a sound monetary system in the United Kingdom. Many believed gold should be returned to the monetary system. The meeting had a particularly Austrian approach.
In the segment below, Mr Schlichter discusses the school of economic thought which is the Austrian School. His book, which is discussed above, is an excellent introduction to Austrian economics. Mr Schlichter explains why he thinks the current monetary collapse will cause more people to look for answers elsewhere and many of them are turning to the Austrian School. For him, as economists, we cannot look at Keynesian economics at conclude that permanently debasing the currency is beneficial.
Part 3: The current economic situation
Mr Schlichter believes that no paper money system will avoid an inevitable collapse brought about by monetary expansion. For him, he sees a return to some modern form of a gold standard as the most beneficial monetary standard for today. However he does not believe this will come about by choice. In the segment below we discuss the current financial situation.
In the segment below Mr Schlichter explains why he believes hyperinflation is far more likely to occur than deflation. He believes that a deflationary correction is necessary, but would not be a ‘happy event’. He goes onto discuss the possibilities of the introduction of a sound monetary system, he states that he does not believe it will come about through the will of government.
Mr Schlichter also discusses the current eurozone crisis, the moves by Republican candidates towards sound money and he gives his prediction for how long the current paper money system will last.
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