"Do we have a better understandin of what money is compared to past generations?" asks Gonçalo Moreira to Martin Arsmtrong. His answer is direct: "No, we still haven't made that final leap to understand what money is."
"We have to go back further," says the economist, back to the debate between the Physiocrats in France and Adam Smith. "The idea of money of the Physiocrats is that it was agriculture. So the more land you have, the wealthier you are." While for Adam Smith, "the wealth of a nation is the total productivity of its people, which I think is correct."
Martin Armstrongs argues by taking the example of Japan and China. "Both have risen without gold, without resources, from the ashes. Japan became the second-largest economy without any of that commodity-base and had to import everything. And you have China that will now overtake the United States."
Watch our full 1-hour interview with Martin Armstrong.
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