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"The New Depression: The Breakdown of the Paper Money Economy," by Richard Duncan

By Jeff Glor

August 30, 2012 / 4:04 PM EDT / CBS News

Jeff Glor talks to Richard Duncan about, "The New Depression: The Breakdown of the Paper Money Economy"

Jeff Glor: What inspired you to write the book?

Richard Duncan: I was inspired when I read Irving Fisher's "The Purchasing Power of Money" (1912) which discusses The Quantity Theory of Money.

JG: What surprised you the most during the writing process?

RD: This is my third book. It surprised me that it does not get any easier.

JG: What would you be doing if you weren't a writer?

RD: If I could do anything, I would be Treasury Secretary. Realistically, I would be a strategist in the investment industry. I would also like to be a professor.

JG: What else are you reading right now?

RD: Peter Watson's "The German Genius" and Caro's latest volume on President Johnson.

JG: What's next for you?

RD: More book promotion for this book. Then, more writing more books

MORE VIDEO:

Economist Richard Duncan explains how going from a gold-based monetary system to paper-based system led to an explosion of credit over the last 40 years.

Richard Duncan talks about what he calls "a broadly held misconception" - that the U.S. has a capitalist economy. Duncan calls the American system "creditism."

Economist Richard Duncan is optimistic that the U.S. can have an unassailable lead in 21st century industries if the government takes advantage of a once-in-a-lifetime opportunity.

Richard Duncan maps out a plan to end American dependence on foreign oil and generate 30 years of prosperity.

For more on "The Great New Depression," visit his website.