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The EFSF and fiscal sovereignty

Watch the full 42-minute video at http://www.goldmoney.com/rickards-tur.... James G. Rickards (http://www.tangentcapital.com) and James Turk, Director of the GoldMoney Foundation, talk about the differences between the euro and the dollar and how the US has a common fiscal policy, whereas the EU doesn't. Rickards sees this changing over time, among other things through the EFSF, as EU fiscal sovereignty concentrates in Brussels. He sees European institutions taking advantage of the crisis to push forward their integration agenda. They talk about how the current currency war, characterised by competitive devaluations, is a disastrous zero-sum game. They discuss the problems for Brazil and Switzerland as their currencies appreciate and what these countries might do to stem the tide. This interview was recorded on August 4 2011 in London.