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Hard Money - the Road to Recovery

Avoiding another Crisis

The current economic recovery - and accompanying rally in US share prices - is built on dangerously shaky foundations, or at least that's the view of respected independent economist Andrew Smithers. In his latest book The Road to Recovery Andrew warns that debt levels at many leading US corporations are in fact increasing at a rapid rate, driven in large part by senior management's pay and incentive structures which encourage extra borrowing in order to fund share buybacks. This frenzy of share buying is pushing US equities into expensive territory with potentially disastrous results if the US Federal Reserve does eventually start to aggressively taper its money market interventions. A new model for economic governance is desperately needed if the West isn't to sleepwalk into another global financial crisis.

Date: Thursday 16th of January 2014


Duration: 32:34



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