Jim Grant At CFA Conference: “Europe Has Become Japan”


Jim Grant: Conference Welcome and Opening Address: The Policy Problem

H/T CliffKule 

“From this perspective of the bond market, Europe has become Japan … There is an inconsistency in my mind between a path of forward interest rates that Europe that reflects such slow economic growth that interest rates never get off zero-bound… that there will be enough growth to enable high-debt countries to delever safely is a complete inconsistency.” .. next on the video is James Grant* who covers price discovery & inflation – “Ladies and gentlemen, we have no interest rates. We used to have them and they were swell. Some of your parents may have lived off them .. Interest rate suppression is price control by another name .. Can prices even be measured?” .. Grant on gold: “Gold is the anti-debt. It is money that cannot be conjured on a computer screen. It is that money that has no counterpart on the balance sheet of a central bank indicating that it’s a liability. It’s money pure. It’s out of favor. So we at Grant’s continue to carry a torch for gold.”

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