Maud Gilson
Independent Analyst
"We have progressed technology-wise, but we haven't progressed economically," says Martin Armstrong at the beginning of this excerpt of our interview.
"If money is basically the productivity of the people [...] and not something that governments create, then in a fact, we really do not need taxation," believes the analyst.
"We needed taxes when money was tangible, gold coins or something, because the government had to have some back to respend," states the analyst who has througly study the history of economies. But now, he explains, "about 40% on average of the cost of governments is for paying to collect money. We have so much over head!"
"Then you take debt. Before 1971 under Bretton Woods, it was different: if you borrowed, it was less inflationary because it was illegal to borrow on advance.
After 1971, if you wanted to trade foreign exchange, you put your money in Treasury bills and you post the Treasury bills. Now, debt is money that just pays interests, there is no distinction anymore. So why are we borrowing? We don't have any intention paying anything off! It's ironic they yelling now at Greece to pay its debt when nobody else pays. We're not even thinking about what's happened here!" concludes the analyst.
Watch our full 1-hour interview with Martin Armstrong.
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