Asociación Española de Metales Preciosos

G. Edward Griffin, author of "The Creature from Jekyll Island", talks about fiat money, inflation and gold in Madrid.

He likens the debt and fiat economy to a drug addict and warns that the visible positive impact of stimulus is just a temporary fix that will eventually kill the patient.

He also explains that the monetary aspect is inextricably linked to human liberty and that economic distress will have far reaching social consequences.

He discusses inflation and deflation, explaining that new money creation is being offset at the moment by money destruction from deflating asset prices, but that eventually the economic "bucket" will overflow into massive inflation. He explains that inflation --that is the creation of new money- has redistributive effects and that the middle class is being hit the hardest in their loss of purchasing power and their savings.