Capital Account -- 12/14/11
The Euro hits an 11-month low after a selloff as euro officials warn their crisis solution may be tougher to commit to than thought…the US says it will top producing one dollar presidential coins in order to save money – it has a bunch just sitting around. But how is money really created or destroyed? How is the money supply expanded, and debt financed? Is our fiat money system of exponential credit market growth sustainable or is a breakdown on the horizon? And with OPEC reaching a deal on oil producing, the US auctioning off the first offshore oil leases since Deep Horizon's spill in the Gulf of Mexico, and the extension of the Kyoto protocol…do global leaders and politicians really understand what the stakes are in global economy, the environment and the energy picture? Are all three of these "E's" coming to a point where something has "gotta give?" We speak to resource specialist, retired scientist, and popular lectureer Chris Martenson, about these very issues. Chris Martenson is also author of the popular book and web series The Crash Course. Also, at the end of our show, we talk, among other things, about Nouriel Roubini's latest gaff on twitter and his continued hostility towards gold and people who have the audacity to believe that gold is not in a bubble. Nouriel Roubini said, back in 2009, that gold was in a bubble. He has constantly been wrong, and now that gold has dropped about 200 dollars, he is rolling around like a pig in the mud.