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=Richard Duncan=

Richard Duncan is an American economist creator of the "Quantity Theory of Credit", as opposed to the more commonly accepted "Quantity Theory of Money" (QTM).

He authored the following books:


 * The Dollar Crisis: Causes, Consequences, Cures, published 2003.
 * The Corruption Of Capitalism: A strategy to rebalance the global economy and restore sustainable growth, published 2009.
 * The New Depression: The Breakdown Of The Paper Money Economy, published 2012.

Quantity Theory of Credit
Duncan outlines his Quantity Theory of Credit adapting Irving Fisher’s equation relating money supply and prices. Instead of MV=PT (the money supply times the velocity of circulation equals the price level times the number of transactions), he suggests CV=PT. The C stands for the total credit in the economy, while V is the turnover of credit. Thus according to Duncan, "more credit, extended more often, means higher asset prices".