Watch the full 25-minute video at http://www.goldmoney.com/hochreiter-turk-interview. , talk about the 3 elements that make our current monetary system so unstable and credit creation so out of control. They explain that fiat money, fractional reserve banking and central banking are the three basic enablers of inflation. Gregor explains that without fractional reserve banking, central banks would be unnecessary to backstop the banking system. He mentions Jesus Huerta de Soto’s “Money, bank credit and economic cycles”.

This interview was recorded on September 30th 2011 in Vienna.