For Part 1 of this interview, CLICK HERE
John Williams, founder of ShadowStats, discusses with David Lin, anchor for Kitco News, why the U.S. is headed towards hyperinflation. Williams, who calculates the inflation rate using methodology the U.S. government used in the 1980s before revisions, estimated that the current rate of inflation is already 13.5 %, much higher than the 5.4% that the Bureau of Labor Statistics reported for June.
0:00 - Is inflation only transitory?3:20 - Hyperinflation threat7:40 - Maintaining standard of living10:32 - Gold as inflation hedge12:47 - Other inflation hedges15:04 - Causes of hyperinflation21:08 - John Williams' background
Walter J. "John" Williams has been a private consulting economist and a specialist in government economic reporting for more than 30 years. His economic consultancy is called Shadow Government Statistics (shadowstats.com). He tracks and reports economic data using the methodologies formerly used by government agencies prior to changes being made to make the reported data look more favorable, and estimates the true, real inflation rate to be significantly higher than the reported rate. He received a bachelor's degree in economics, cum laude, from Dartmouth College in 1971, and was awarded a master's degree in business administration from Dartmouth's Amos Tuck School of Business Administration in 1972, where he was named an Edward Tuck Scholar.