Claudio Grass is the managing director of Global Gold, a Swiss bullion depository. Acting Man is an affiliate of Global Gold (here is our landing page at Global Gold, where you can get additional information about the service).

Ronald-Peter Stoeferle is a managing partner and investment manager of Incrementum AG. Together with Mark Valek, he manages a global macro fund, which is based on the principles of the Austrian School of Economics. He previously worked for Vienna-based Erste Group Bank where he wrote extensive reports on gold and oil. His benchmark reports titled 'In Gold we Trust' have drawn international coverage, inter alia by CNBC, Bloomberg, the Wall Street Journal and the Financial Times. Aside from his work at Incrementum, he is a lecturing member of the Institute of Value based Economics and a lecturer at the Academy of the Vienna Stock Exchange.

A Fragile System

Claudio Grass, Global Gold: Ronald, it is a pleasure to have the opportunity to speak with you. We've known each other for a very long time, both on a personal and professional level. Because of our central banks, we find our economies today operating on artificial stimulus and negative interest rates. How would you summarize the consequences of this policy?