of the problem we have this true or nouriel roubini the problem i had there was that he clearly had not read the book and i don't if you read the book you disagree that's fine i'm always ready to have that debate but he said doesn't jim rickards understand that goes contributed to the great depression well of course when it was tim that i wrote about in the book i said gold was part of the. cause of the great depression but as you say laurent it was not the goal itself was the price in one thousand twenty five the comedian countries of the world went back to gold back to a gold standard at the pre world war one price which was about twenty dollars an ounce the problem is they had doubled the paper money supply to fight world war one so if you're going to go back to the old price with twice as much paper you have to cut the paper in half that was very deflationary it didn't contribute to the great depression winston churchill was the major architect of that he said later in his memoirs as one of the greatest mistakes he'd ever made. and i put out the book that if we go into gold in one t

roubini, asian economies accounted for 59% of the gross demand for oil in 2004.now when gerald ford was faced with a potentially catastrophic increase in oil prices in 1976, he turned to the saudi's for help, as every other president has done since that time. on occasion, with their own national interest aligned with those of the united states, the saudi's will disregard the risk of the opec cartel. they will preach their production quota and they will pump enough surplus crude into the system to try and flood the market with cheap oil. flooding the market is supposed to pull prices in place or force them back down. a flooded oil market offers a spike for economies and takes the strain off badly overloaded financial networks. so you may ask, why don't we ask the saudi's to flood the market now? but if they are our allies when they step up to the plate? they are our allies in a sense but it is not as simple as that. conditions have changed. in recent years, real doubts have emerged in the minds of many analysts about the ability of the saudi's to influence the oil