The Deep Dive, Released on 1/5/23
Joining us on The Daily Dive today is Doug Casey, world-renowned resource speaker, New York Times best-selling author, and founder of Casey Research. Doug returns to share his POV on some of the past year’s big events, as well as the future of uranium, and gold’s price action. He also gives us his insights on the Fed and inflation, and talks about how he’s preparing for what he calls “The Greater Depression.”
00:00 Introduction
00:36 Meme stocks — is the party over?
02:02 FTX — what were institutional investors thinking?
03:15 Massive tech layoffs — what does it mean?
04:33 Where is the Fed going in 2023?
07:46 “The Greater Depression”
09:49 The coming uranium bull market
12:33 Russian gold supply’s impact on prices
14:45 2023 gold price action
Doug Casey is an American-born libertarian economist and advocate of the free market. He is a bestselling financial author, international investor, entrepreneur, and the founder and chairman of Casey Research, a provider of subscription financial analysis about specific market verticals including natural resources/metals/mining, energy, commodities, and technology. Since 1979 he has written or co-written the monthly metals-and-mining-focused investment newsletter The International Speculator. He has authored four books, including Crisis Investing
How To Prepare for “The Greater Depression” — w/ Doug Casey added by Herman James on
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“The us fed and other central banks around the world have created trillions and trillions of new currency units. That’s the cause of inflation; solely and exclusively the cause of inflation.” Wait a minute, what?
I’ve followed Doug for decades, and rightly so. He’s brilliant. That’s the good news.
The bad news is he’s lost a few steps due to aging. Happens to everyone, no exceptions. This is understandable and so not really a big deal.
The problem I have is with the above quote taken at the 5:13 mark. And why is that you may ask? First, let’s get our definitions straightened out. His reference to inflation must be interpreted as “price inflation” otherwise his sentence structure is incorrect. Therefore I do not think he is referring to actual “monetary inflation.”
The annoying aspect of the quote is due to (1) his statement is only partially true and (2) he left out his other claim of inflation which he has repeated many many times in the past. And that is a big deal.
Although inflation’s most common & major cause is in fact an increase in the supply of money (translation: counterfeiting by the FED), the other factor he leaves out is scarcity &/or destruction of goods & services. A lack of goods & services will drive up prices faster than a toupee disappearing in a hurricane.
He also left out FRB (fractional reserve banking) as a secondary cause which he has repeatedly claimed, and which almost everyone else is guilty of who opines on the subject. It’s not. Now it is true that FRB will exacerbate price inflation but it is not the cause of inflation. Money printing & low productivity/scarcity are the only true causes.
My comments may sound a little pedantic, but because Doug has such a huge following a little slip of the tongue can send out a shockwave of confusion if you’re not careful. Otherwise this is a pretty good interview.