7: Richard Duncan | Economics and Predictions
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 28 November 2014
⏱️ 37 minutes
🧾️ Download transcript
Summary
#7: Get Rich Education’s inaugural interview is with world-renowned economist, author, consultant, and speaker Richard Duncan.
He informs us that economic growth is no longer driven by production expansion, but rather by credit expansion.
Richard looks into his crystal ball. He tells us what to expect for 2015 and 2016 with respect to the stock market and the economy.
Richard has kindly provided Get Rich Education listeners with a 50% discount to his Macro Watch video newsletter. Use the Coupon Code “gre”.
Learn more about Richard Duncan and subscribing to his video newsletter, Macro Watch,at: www.richardduncaneconomics.com
00:50 Keith will tell us how to avoid directly paying Private Mortgage Insurance on your home in the next episode.
03:52 Richard Duncan interview begins.
06:31 Today’s economy works completely different than what is in our textbooks.
07:34 Economic growth is no longer driven by investment and savings, but rather credit creation and consumption.
09:56 Since 1952, 2%+inflation-adjusted credit growth is necessary in the US to avoid recession.
12:20 If you want to invest wisely, you have to understand that the government now manages our economy.
13:56 Prospects for inflation and deflation.
19:48 Richard provides his economic outlook for 2015 and 2016. It includes predictions about the stock market and quantitative easing.
22:30 Opinion and commentary about real estate and real assets as investment. Why homes with land are better investments than condominiums.
24:40 Richard discusses how a 25-year-old investing enthusiast should think and act today.
31:31 U.S. government money could be better used on new industries and technologies.
www.richardduncaneconomics.com
Transcript
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| 0:00.0 | Welcome to Get Rich Education with Keith Winehold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires than anything else and can provide you with more wealth |
| 0:22.7 | and happiness than you ever thought possible. |
| 0:25.6 | Now, here's your host, investor, entrepreneur, business owner and educator, Keith Weinhold. |
| 0:37.1 | Welcome to the Get Rich Education podcast show number seven. |
| 0:41.5 | I am your host, Keith Weinhold. |
| 0:43.7 | In the last episode, I spoke about how home equity is not the good investment that some people think it is. |
| 0:50.4 | Since last week, I had questions from two listeners, in fact, basically asking me, |
| 0:55.8 | don't you have to pay a private mortgage insurance premium PMI, |
| 1:00.2 | which is usually hundreds of dollars a month if you have less than a 20% down payment or 20% equity on your primary residence? |
| 1:09.1 | The good news is I'm here to tell you that no. I don't make any |
| 1:14.2 | direct PMI payments on my primary residence and I only made a 5% down payment at purchase, |
| 1:21.5 | yet I still got a great conventional 30-year fixed amortizing interest rate of 3.5%. I will tell you exactly how I did that at the |
| 1:30.8 | beginning of the next episode. It's a creative strategy with conventional financing that has really |
| 1:36.8 | surprised some people. I'm sorry to tease that for next week, but for this week, I want to devote time |
| 1:43.1 | to our first guest. Yeah, after you listen to our |
| 1:46.9 | first guest, you will want to consider what amount of leverage is right for you. So yeah, I'm appreciative |
| 1:54.5 | that in the first six get rich education episodes, you let me do all the talking in order to lay the foundation and set the tone |
| 2:02.5 | for the show. Well, the monologue streak has been broken. Our first guest is here to talk about |
| 2:10.1 | global economics. This is important. Before we go ahead in the future and drill down into specific geographic markets in those future episodes, |
| 2:21.0 | it helps to understand economic dynamics from a global perspective before we put our head down |
| 2:27.6 | into whatever national, regional, or local market that we choose to invest in. |
| 2:33.1 | One reason that our guest is here is because, frankly, |
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