Doug Casey on how to Hedge Against Political Risk in the Greater Depression

from CapitalAccount

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Welcome to Capital Account. Tonight, Mitt Romney and Barack Obama meet for their final Presidential debate, amid tightening polls. While the candidates face off on foreign policy, we talk to our guest, Doug Casey of Casey Research, about his own foreign policy strategy: the strategy of “the international man.” We talk to Doug Casey about the increasing number of Americans who are moving their money and property off-shore, and about a smaller, albeit growing number of Americans choosing to renounce their citizenship entirely. What are these people afraid of, and who or what are they trying to hide from?

Plus, Caterpillar, an industrial economic bellwether, cut its forecast for 2012 for the second time this year. The world’s largest maker of construction and mining equipment warned that the global economy was slowing faster than it had expected. Meanwhile Japan’s exports fell the most since the aftermath of the earthquake last year, according to Bloomberg. We talk to Doug Casey, Chairman for Casey Research, about who will be hit hardest by this slowdown. We also ask him what countries he believes offer the best economic opportunities for young entrepreneurs and recent college graduates who may be looking not only to make money, but for an adventure as well. He mentions the continent of Africa, as a place that will see vast economic opportunity in the years to come. He also talks to us about Latin America, specifically Argentina, a country that he calls home for a good half of the year.

Plus, in 2009, after AIG was bailed out by taxpayers, AIG CEO Edward Liddy admitted to congress that “mistakes were made at AIG on a scale few could have ever imagined possible.” Now, CEO Robert Benmosche seems to think AIG’s “stellar” record deserves a thank you from his cronies at the Fed and the Treasury. In a recent New York magazine article, Benmosche said “The fact, is we now have succeeded in getting the Fed all of their money, and we’re just close to getting the Treasury paid back, and do you know, neither of them have ever said, ‘Thank you?’ Somebody should shout, ‘By golly, those AIG people made a promise, and they are living up to a promise!’” Lauren and Demetri discuss how the backdoor bailout of wall street through AIG was one of the most egregious rescues of the financial crisis.

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