â€œConfoundingly to me, people have come to be quite accepting of the value attached by fiat to these pieces of paper we call currency,â€ says Jim Grant, whoâ€™s the editor of Grantâ€™s Interest Rate Observer and the author of The Forgotten Depression: The Crash That Cured Itself.
â€œAre prices meant to be imposed from on high, or discovered by individuals acting spontaneously in markets? The readers and viewers of Reason know the answer to that but theyâ€™re regrettably in the minority."
Grant sat down with Reason magazine editor-in-chief Matt Welch on Tuesday to discuss the underlying causes of the recent market turbulence, why we donâ€™t really â€œhave interest rates anymore,â€ and how the classic jazz song â€œItâ€™s Only a Paper Moonâ€ provides a fitting metaphor for the equities market.
Shot by Jim Epstein and Anthony Fisher. Edited by Epstein.
Scroll down for downloadable versions and subscribe to Reason TVâ€™s YouTube Channel to receive automatic updates when new stories go live.