G. Edward Griffin on Glenn Beck
0 (0 Likes / 0 Dislikes)
translation project
www.mustwatch.eu
Get involved and help us out!
main let's talk about something really depressing were willing and sells them i it's the fed
uh... all it's gonna be spooky
um...
during the financial crisis most americans have heard a lot about the federal reserve
but most americans don't know anything about it
how it works what it is true even runs it or how it's run
you know
that advise our debt
sets up interest rates
has a lot to do with the
economic well-being of our nation
tuesday
where did it come from
tonight is uh... part of our key four focus this year we're going to delve into t_-two
and get educated on the fed
g edward griffin he is the author of this book and
if one more person has been this book
i really i mean is that because i'd get this from so many guy glum people alike
how do you read this book yes i have
may i recommend
have you read this book
if not read it
it is the creature from jekyll island it is eighty-five
fascinating book on the fat
the author is one of our guests tonight
where to start at the beginning or to talk a little bit about what they're doing out
but i
i want to know
we're just gonna start at the beginning and really
we're up we're going to give the history of the fed
as told by the fat
the happy tail on the air
on that website
are you ready for this is great area
uh... here is what's this
quote on their website
after alexander hamilton spearheaded a movement
advocating the creation of a central bank the first bank of the united states was established
in seventeen ninety one you see how great listens
the ferry was started by our founding father i think the whole no no it wasn't
the first bank
isn't the
so what does that have to do with anything
nothing
but they just wanted to throw a founding fathers name in there
the banks charter ran for about twenty years and because it took about twenty years before
imperatives realized defense that bank of america died as our get out they've got way
too much power and influence just like all the other founders said
a proposal to renew it
how packed happy story
from the fed's website
the situation deteriorated to
such an extent that in eighteen sixty a bill to charter a second bank of the united states
was introduced in congress
the second bank was very much like the first except beggar about three and a half times
bigger
in so is there a way isn't it
anyway the charter also lasted about twenty years before people way
what are we doing it
americans realize that wielded too much power and influence
and a proposal to renew in it
also failed
then according to the fed's website
they got rid of that nasty charter thing in the will of the people
in nineteen oh seven a severe financial panic jolted wall street and forced to several banks
into failure
many americans thought their banking structure was sadly out of date and needed major reform
the first draft of the federal reserve act was called the aldrich bill because
bob well the guy who wrote it was named aldrin
and it failed
president after refused to support it and he remembered he was so fat they had to have
a special backed up for him
then it underwent some surgery in a relation as the
glass elin bill and of course it got a signature from
progressive woodrow wilson in nineteen thirty
wall that's the fed's story
bill was introduced in nineteen oh seven
and in nineteen thirteen it finally came to be
isn't everything pretty concerned generali pop world
the federal reserve act wasn't drafted in congress
it was drafted
on a private island off the coast of georgia in nineteen ten
here is
jekyll island
and it was drafted under great
secrecy
jekyll island was the retreat for billionaire slyck william rockefeller j_p_ morgan
and in nineteen ten senator nelson aldrich
the republican whip whip
in the senate and the chair
of the national monetary commission
his private railroad car to the new jersey railroad station
where he and five other men were instructed to come one of the time and everybody pretend
they just didn't know each other
aldrich
who is the guy remember he wrote the original
he was uh... a business associate of
j_p_ morgan
all in the father in law to john the rockefeller junior
so there's no special-interest happening there
there was also abram fiat andrew assistant secretary of the treasury
frank vanderloo
uh... representing william rockefeller henry davidson and benjamin strong would j_p_ morgan
and
paul warburg
uh... he is a partner he was a partner at um... at cool old and company
he was representing the rock trial banking family
uh... who's going to talk about the rule
trial well
he actually is an interesting character uh... if you ever saw a little orphan annie daddy
warbucks was named
after warburg
these are the man that represented ones
fourth of the in
tire wealth
of the world
you think we got a problem with uh... wealth now
those guys
quarter
of all of the money in the world
morgans the proper colors
world args
all in one room
backup when they start sacrificing chechans
doesn't happen
that i'll tell you
um... these guys were all competitors according to uh... g edward griffin who will talk to
in a minute they all had come together to form of banking cartel so they didn't have
to compete against each other
he says it was like a boil cartel or a shorter cartel but this cartel actually went in the
partnership with the government they have great is that a
it's kinda like the drug cartels in mexico
way down and say that allowed it either
sold for more than a week
these men sat around
and they sat around this big table and they hammered out all the details of what became
the federal reserve system with
five objectives
how many of these do you agree with
to stop the uh... growing competition from the nation's newer banks
and understand that
to obtain from franchise to create money out of nothing for the purpose of landing
haven't really doesn't sound that either
to get control of the reserves of all of the banks so the reckless ones wouldn't be exposed
to currency drains are bankrupt
well that's the care iti are
bali she'd be thank you so much
to shift the losses
from the bank on a risk
to the taxpayers
huffington's getting better and better for you and me
knowledge in the answer is no
and then finally to convince congress that the purpose was to protect the public
they started the federal reserve
with no money
just a checkbook
the government could go to the fed and obtain instant money without having to consult the
taxpayer one that country
money created out of nothing and then given to the government
is flown by the banks to you and me
and then we pay interest on it and it goes to them
interest on nothing
again the fed is nothing more than a cartel like opec except
it's a money cartel
this cartel
that brought the federal government into a partnership
where you and i have to answer to it
and is only too
enforce the rules of the cartel
you know to bring those into agreement with the federal laws to protect you
operates under the protection of the federal government
and the government has virtually given a monopoly
to create the nation's money supply
their are
no elected officials
there virtually no accountability
to anyone the president doesn't listen i'm gonna name glenn beck is ahead of the fat
which
over leaves
sarah when you're in
i'm available
or did i think that would amount to
um...
the fed gives the president to list to choose from
really
thank you chairman mao
the fed is privately owned
but by whom
good question
no one knows
we can to open their books and we don't know who owns
now here's an interesting spin from the federal reserve board website
although they're set up like private corporations and member banks hold their stock
the federal reserve bank so their existence to an act of congress and have a mandate to
serve the public
therefore
really private companies
a rather owned
by the citizens of the united states
plus fantastic
let's all go to the bank
atmega withdrawal
or how about we lower the interest rates at the bank we
own
the next question
and the answer on the site is
our federal reserve bank employees considered government employees
employees of the federal reserve banks are not government employees their page is part
of their expenses of their employees reserve bank
also it's like jerry
that's interesting
so it's not really private is our really public assistance
mysterious magic money dispenser
the advise all our own death sets are interest rates
sets our economic policy loans billions of dollars to other countries
houses borrow billions of dollars for other countries and prince money out out of free
i'm just on the thing there and there's no tried for window
but everything else sounds
magical as an act
news for you
there's a lot of people you start talking about the federal reserve they start going
into and then
deliberate along with colonel sanders got together and they start going down crazy roads
but there's no reason to do it
it's crazy enough
let's talk about just the facts
let me introduce you to a couple of our guests because i've been
i think we have um...
and we have some interesting
times ahead of us
feeling the audiences
house
edward uh... g edward griffin is the author of the creature from jekyll island
and uh... my kala at calabria is the uh... director of financial regulation
uh... at the cato institute
powers or doing well thank you
delegate right the president sir
but uh...
address that would in effect that he said michael bowen started like my brother will
be to the so park what do i get it right yes he did okay
uh... let me go to now took place
or to make sure i get g
jean-michel eugene or do i call you edward
orgy at edward will work just ok g elegy money
yeah
uh... edward uh... did i get the story right and
what'd i miss
you've got the story is very very right
a lot of very interesting details of course we don't have time for it in a program like
this but the essence of it you've got exactly right
what did i miss that is important attack let me let me go here
clear i'm a show you this timeline
um... and this timeline shows all of the crash is not the panics
but the crashes in the in the uh... united states
a crash in thirty five one in eighteen eighty then it kinda picks up
eighteen eighty eighteen ninety six nineteen hundred nineteen oh three nineteen oh seven
then nothing collecting twenty-nine than thirty seven thirty eight forty six sixty two eighty
seven
there seems to do this clump of crashes
it is there anything in this nefarious about those crashes or is this just
policy and and everything else
well there are two things at first of all you asked if there is anything that uh...
it was left out
uh... as i said the important items were there but there's one thing you might want to
explained to the audience and that the reason for the secrecy that you mentioned
why would they concealing their identities why did they denied that they went to this
meeting
and the answer is because of the american people had no
that this bill which was supposed to protect the american people from the big bad bankers
was actually written by those same bankers weather in the scam would have been out in
the open and that's why they had to keep the whole thing secret so many years after the
meeting took place just on the internet houses that
we just uh... justice a story this week
where the unions and all these people are saying the big bag banks are getting all of
our money
and i thought to myself one of the unions are the ones that racquetball this that
then the government takes the money from the taxpayers
and then has given it to the banks the banks of the ones that are thus through the central
banks
causing all this problem
marquis help me on this i mean it's moved very much semi what we've seen is the central
bank push in all this money into the system
by the federal reserve very much please key role in creating the housing bubble to begin
with and you might remember after the dot-com bubble burst
right after nine eleven
we cut the rates the fed coverage free speech with them to support worlds the mortgage market
the housing market
took off
uh... and eventually the bubble was going to burst into burst in two thousand six minutes
had started raising rates
so they played a very big role in this and they're trying to create bubbles today if
you look at what the quantitative easy's doing you look at the interest rates we see now
is would you agree with me is the last one it's the last but like i think i've done this
in two thousand
five i think i said housing bubble
uh... and then
we're going to have the last one the money bubble yes
it is the last one with while let's hope it's the last one i suspect that after this bubble
burst the fed's gonna look for waited for a great another bubble will try to make us
forget about the last bubble
and that's really the way they were doing and there's a very conscious attitude
in two thousand three two thousand four to say okay we're coming in there is off this
recession because of the dot com mobile what do you make people for wealthier what we need
to get to go out and spend and what they decided to do was let's jump the housing market everybody
will feel like to have a lot of money to help people will people ought to go to work
uh... and so what are they trying to do now
let's jump stock market solely in there really is creating one bubble to try to offset the
effect allows terrible
so uh...
edward let me go back to you we see the way they're working the bubbles now but let me
go back into the past
we see this column
of crashes here
and i know incorrectly if i'm wrong i think it's like a panic in the
eighteen ninety z the eighteen ninety two eighty ninety six
where i believe it was deeply morgan
that loaned money to the united states he came in a personally bailed out and said i'll
lend you money
then another one happening like all three
and he said you know i can do this anymore you guys are on your own
i'll get my friends together and bill you guys out one more time and they did
and that's what kind of led to this
well that's exactly the historic origin of it but i think
underlying this that we have to recognize the principal of the ponzi scheme
the system really is a ponzi scheme as we're living through it right now
it works as long as the uh... money supply continues to expand and expand and expand
like any ponzi scheme
you pay off the first investors so there's a very happy
they bring in the the new investors
as long as it expands it works but when it finally stops the whole thing comes to an
end that's why they have to keep expanding the money supply
well when you create money out of nothing you also face the fact that money goes back
into nothing so this kind of a system makes the expansion and contraction inevitable
the booms and the busts are inevitable
if the money were back by something solid like gold or silver that you just couldn't
create out of thin air
well then there wouldn't be these contractions or its all time to do would be a nice even
playing field most people think that we are money is kind of backed by something important
knox
uh... who have asked to go see the golden fort knox
they can go see the golden fort knox
uh... pat so you know some surprising because when we think that congressman and so i don't
understand why they might know what you see it might wanna take something out with me
fully the the largest collection of gold is here at the federal reserve the right akeli
and that's not
american money
that's the feds
that's the fed's in a lot of what the fed for new york fed reserve keeps his gold for
other people
right like there might be goal for the bank of england here in new york that they're keeping
i'm a quite often just put on the card moving from one person's account to another
ever do you believe we have golden for not coming allot of golden for knots still there
i think it's very naive to think that we have an equal there for the reason you said
if they have it
they would show it
it's a simple is that ok but they don't have any guilt
back in just a sec
dont
interdisciplinary gas the deanne regrets that he is the author of the creature from jekyll
island which is a book
you must
and then mark la brea he is the director of financial regulation studies at the cato institute
let me go to uh... edward here for this question uh...
e whenever you go and talk about the fat
it immediately goes
into crazy town dot
it immediately goes to
and then
full wrongs piles took a bottle of wine and kept little orphan children in there while
they were sacrificing virgins involved you know
then
do you hear this crazy stuff
the truth
is scary enough
witnesses come from or when you look at what the people feel compelled to go down into
crazy town
when
just sticking to these facts alone should petrified people
or do you believe it is a very well the answer to that
well i don't know the answer to that i do know that what you say is uh... true although
i find it less and less true
i think in the beginning when i first began to research this
the reliable information on the fed was pretty hard to find
so all you really had was this kind of garbage to choose from a lot of speculation a lot
of fairy lot of fantasy
but now there's quite a bit of hardcore information out there and i see that less and less of
that is uh... in the way you think the report do you think this remember you're talking
to the chief conspiracy theorist on planet earth i believe i bid up now
um... the um...
do you believe
that this actually kind of works too
their advantage you can
you can just dismiss people well that's crazy when you say
i want to look at the books of the fed i want to know who owns them explained to me who
is the owner of the fed who is issuing all of this debt
who's making all of these decisions or money
um... and
and show me your books
they immediately etc and say all really
gaidar novels is right woohoo
well know that that was a fact
budgeting that works to their advantage either of you thought about i think it very much
does what they're trying to give you the perception is minutes monetary policy and we need to
have a bunch of p_h_d_'s right it was this is just too complicated for you understand
don't worry yourself trust us
you know wall get it right we are you know we've got the public interest at heart how
frightening were you when you heard greenspan in an interview say
their stuff the c_b_o_'s and everything else that i don't even understand
want that's one of the reasons for the secrecy
i they or
exterior to death
that we will figure out that they don't know what they're doing
and and and the whole gains the whole show will be up
we will figure out that
they don't know how to run economy they don't honor on monetary policy might help in all
the secret you know it's not right
that they haven't figured out that they they still think they've got a snug
uh... edward
the uh...
when you look at the uh... of the fed
uh...
new
any idea who's getting rich other i do they walk away at the end
piles of money
if we all lose the date are they still
they're fine who was walking away with it
i don't see it that way i think these people already have about as much money as they could
possibly span
they started off with that so much wealth in another mansion another jet another yacht
doesn't make that much difference
i think what these people are doing planets are taking the leverage of this powered this
financial power
and they're converting that into
political power
their vision now is much bigger than just making money
there's a jimmy is really in terms of controlling nations any controlling society and control
in the world
we've all heard that freed famous phrase a new world order
they use this phrase over and over again it's their phrase
and they are really serious about it they're taking the money and they're buying up
political leaders are buying up media outlets that buying up large organizations italy willingly
breeze militias and so forth tell me how that cecil give me an example of where they're
from buying up media organizations or aurelia brians
all right here's here's how it works you know
the human being is uh... uh...
occurred animal
we have following groups we followed leaders
and so
all that anybody needs to do to control the society is to control the leadership of that
society through
with these people call the power centers goes to the large organizations another
the things that people belong to when they have leaders and they follow
they respect their leaders were talking about
political parties are labor union job search organizations
obvious things
so they know that if they can't dominate just the heads of these organizations that
half of one percent of the population that isn't role
of the power centers
they've got the masses on the line it's so when you look at the tops of these organizations
role in line with the federal reserve for the new world order
and that sort of thing ok it is the membership it's at the top
it's the cell inskeep principal of organized
the organized
welcome back bodies questions and then i'll ask you mark about
about ronald reagan's is story is is that ronald reagan
was kind of taken on that
fed unraveling the cages and that fed taught him a lesson and he kinda went back in the
line will get into that the same
park uh... tell every ui
edward is the author of a creature from jekyll island if you haven't read this book you into
it
um...
are you surprised
uh... edward on how many people are reading this book that's gotta be i mean
hello you write this
how long ago who has published in nineteen ninety five nineteen ninety four was the first
year
and i'm totally surprised because it's the big thick book as you know
i thought to be good for door stop
uh... amazingly him
people that really had taken an interest and that's gotta be flying up ourselves 'cause
i mean i don't mean this sincerely
i probably have a hundred copies of my this myself because people come up to me
haim
and say
gotta read this book and what do i have no
no you carry this but i have no way
and so i just i just take it um... and uh... it so that it's a bit
it's an amazing read that
you know most people have never taken this journey down
uh... ought to go to ronald reagan here for singing with you market and and ask you because
i've always heard that ronald reagan
uh... you know after the nineteen seventies and and jimmy carter which was kind of a mild
version of what i think we're
foreign now
uh...
while it's still in it
uh... and he came in and he wanted to change some things and the fed story is is that the
fed taught him a lesson
there's a lot of push back on the regulatory side and
that's the reason if you remember that reagan apo reappoint volcker one time but he did
not report in the second time in because at that point they were not getting along all
that well by and they were pretty big differences policy this is a spike reagan was very supportive
of voters efforts to bring inflation down most of the disagreements were really on the
regulatory side uh... reagan in this treasure par but wanted to redo banking regulation
awaited volker did not agree with as well as you main may or may not know that the regional
presidents have to be approved by the federal reserve here in washington and so there were
a number of people that what that reagan one to get appointed uh... to regional breeze
peta reserve banks and these were hard money people these are people who were inflation
fighters in uh... vocal vetoed them so he kept
reagan's people out of the federal reserve system
if people have been no one's story
of the federal reserve that would turn their uh... error of the color of mine
what would it be
that would be what i call
the mandrake mechanism
that's the
process by which money is created out of nothing input into the economy and withdrawn from
the economy
but that doesn't call cut your hair to turn white i don't know what it is when they said
simple pitched
when they said on capitol hill when burning he said
we will not monetize our debt i got on the air that night said
these already lying
um... but it
it you know what i do
that's all i know how to do
right and the modifies the debt but they're still claiming i don't know if they are now
but they were
few months back that there's uh... they are still clinical say we're not gonna mantra
for what the pic are but they they get away with saying we're not printing money were
just digitizing
you might remember uh...
there is that big interview with an acting he said they're right out well you know we're
not creating the money
they physically were pretty money but of course if i took something of bank account just here
we're in the computer input no money in your county feel like you have more money so they
were creating money electronically so he very nearly said we're not free more money and
it was absolutely disingenuous me of course they're created more money if they work reveals
a leave that we are uh...
uh... headed for
uh...
i think real tough talk i think we're headed for for real tough time and i think we can
potentially you mentioned
you know um... bad version of car do it we have the potentially be back in the seventies
sort of situation and reversed the word stagflation went away for a while what we might be looking
at situation again we are happy to
higher inflation and high unemployment amity how many people here with
would just well with
would be like the manna from heaven if we only hit the nineteen seventy two fifty
could be like a hall how it's all ears but that is jimmy carter years
that's fantastic
your opinion on
uh...
can we get read of the
possible
technically possible because the federal reserve was
created by an act of congress and it can be abolished by an act of congress
what must happen before congress has the backbone to do that
has to be a complete change in washington because by and large the people that are in
office today
very much beholden to this creature well but i'm not going to do it so if they have political
agenda here if you have people who like you say ken
can control for monetary policy
you'll never get those people you'll never make that change
they would control too much of the money i mean they could make the pain
enormous
and my wrong woman that that know you're quite right in fact we have the precedent for that
during the
their fight between uh... president jackson
and the second bank of the united states the head of the uh...
of the central bank which was that version of the federal reserve
whose name is nicholas biddle
and he fought back exactly that way when jackson tried to agenda rate
support for getting rid of the second bank
he said i will pull the country down he said the nation will fall the people will fall
but the bank will not
fall that would
his exact quote
and uh... he practically succeeded in doing that so you can be sure
in a contest of this kind
challenging the federal reserve power
there's no question in my mind that they will pull up all the stocks
and trying ruin the economy and then blame it on the fact
w were challenging the federal answer uh... let me ask this
one question from you market we have to take a break and that is
uh...
how much
uh... how connected
are the central banks
how connected i mean
how much
when i saw them say you know what we're gonna be value everybody's money here for a while
to help japan outlet wait wait
don't you really couldn't talk to maybe i don't know
the people of the world
and they're just moving together as one central bank the central bank there really is a deep
makers called that's been there since the beginning of for instance what they mean even
among mainstream economists as gently recognized
that the federal reserve new york's efforts to support
british pound support the bank of england in the nineteen twenties
help cause the stock market bubble here
in you see that this be continued ever since we we want tens of money during the crisis
two other central banks
this is the problem is that they talk to each other
you know so their constituencies protecting each other
and make each other will good not
essential listened with american public wants
so i do think there's a real problem that they're not looking out for our interests
as much as they look in a few inches for each other
back in just the same
dost system and we're back with g edward griffin and mark elaborate uh... and
who will win one of the audience here receptive to leon
and uh... a lesser would nicole
uh... in your question about that
enders on our public
they
flooded the
time u_s_ currency tooling jump-started
how much
money it would have to be
played into our economy there and like dollars their persons that g_a_t_t_
to have that same situation as they had in than our public
the inflation rate she saw him in germany and that in the twenties were till off the
charts i mean literally people were getting paid twice a day so that you can go to the
grocery store before prices doubled
uh... and uh... you know it literally be their cup of coffee and by the time you got your
next couple coffee was more expensive the last couple coffee
so we're talking eagles interest rates inflation
double digits over the course of the day we have subah blake exams arms about what
was very
so it's certainly very feasible we or a long ways away from that i mean i think worst-case
scenario for the united states is
we're gonna start to see inflation in the high single digits i think that that's important
because even at a two percent rate inflation which the federal reserve tells us price stability
attitude percent rate of inflation over thirty years half of the value of the acid is wiped
out
so you know this sounds slowly erodes over time now obviously when you get to something
like ten or twenty percent inflation
you just rerun of the stay ahead keep to protect their wealth you have edward do you do you
have any uh...
uh...
uh... point of context here on on the printing of money there now talking seriously
about printing money
as a way out of this
unsustainable debt
well that's always been there theory and they're just talking about it more openly now
and uh... that's as i said a moment ago that starr only trek
and uh... so we can anticipate fest tricks are going to to play
but in terms of inflation high and not quite as uh... optimistic about the inflation rate
and the horrors for
has impressed by this two percent of three percent figure
i believe that the the government is not telling us the truth about the true inflation rate
and a lot of things you know thinkers
i don't think i'm alone in this uh... obviously but what is the true rate
i believe from what i can see that it's up
clips pushing up to about twenty percent right now maybe not be that hard
but that certainly is the rate at which gold is expanding and historically that's always
been a very accurate measure
over a long period of time but true inflation
well you know that our connect over i don't know well here is that there is a thing everybody
blow all the experts will tell me
because they digitize the money
and and most of the money is sitting in banks
uh...
uh... the you know these people these they're trying to clap serikandi they say we they
got the banks have the money we want that money what the experts will tell you is well
no we're not we're not gonna cause inflation because that banks the banks have that money
and so it's not in the system
italy is a problem with it
pushed out into the system
well the problem is
not just inflation but if you are poor that money back you have to pull it back by half
higher interest rates
so how high do the interest rates have to be let's not talk about inflation
let's talk about i'm going in to get a loan how high do the interest rates have to be
too
hole inside all of that money back in
to the federal reserve
do you ever been knighted during the early eighties and the prime rate got over it
by twenty one percent right
uh... insult one should start with we're going to see higher interest rates
either because of inflation indoor the fed having to raise rates to fight inflation so
i will tell you that i talk to art laffer
uh... this is through years ago and i said art how high do they have to be any single
and i'm not gonna give you number
substantially
than what we saw in the nineteen seventies and eighties
my question again was
how do you not stop the heart of the economy
if you've got
let's just say twenty five percent interest rate
but nobody has an answer on that one
so i would just i i wouldn't yet used you throw the economy the recession that's what
happened in the early eighties we had a very deep
fortunately it was a relatively short recession but is a very deep in painful recession we
have in the early eighties and that was what the federal funds rate of just around twenty
one first only works if you have a free market system of people who know who are willing
to experience the pain and know how to go out and start business back in just a second
just told reporters
and twenty three
iclicker um... and um... you just ask the question in the break
i don't have anything
right what order rightly do flannel comes crashing down if you haven't
if you don't have anything isn't just starting out
but i think you do need to be concerning fortunately for good or bad you're not too bad shape is
people who are savers mean people we're really getting hit the worst by this
are people who've been saved all their lives to renew your retirement but you hopefully
have not enough time to plan against this
you need to put your site in the first the most immediate thing you can do is build your
own human capital because labor always be were something and brains will always be worth
something
uh... and hopefully they can if we can point out a way abutting a physical wealth is going
to be something that you gotta find a way to protect yourself in hedge it fine you can
look at a variety of commodities whether it's over a cold or whether it's
even fit foodstuff three minutes land to the old days think ten to hold their value inflation
women buckle up
ness men buckle up
whether there was a deleterious tv s_ t_
really is gold
backs
d_t_s_
not
that's out there that is the electron address for a ride
of the less the gold
that's debacles
the operative word i guess there is back
uh... in on the federal reserve started out
nineteen thirteen it had to have
forty cents and gold for every dollar that they they issued
we're not even at a one cents for every dollar that's issued so in in no way could you going
to go on for your dollar bills
now i think it important part we talked earlier about what would be people's change their
mind about the fed i think a lot of people for dotnet up until nineteen seventy one when
nixon took a softy international gold standard
there was an anchor that kept that they kept the dollar so much stable and you really didn't
see a burst of inflation history into a after that happened
so if we did nothing but went back on a cold some sort of standard internationally
you get a really big concern with it is about let's go back there kazan
they had had a question here about the gold standard rate understand there is a fill in
the north carolina house
uterus real one
to create a state
based karan singh backed by gold and silver and
utah
just backed the just passed a bill the governor signed it
saying we'll accept gold
now
or u_s_ dollars i don't know how they're going to get away with it but i want to go there
and any to get back to
a gold standard without massive pain
goal that the state so one of the old standard
like utah
that idea bad i don't think it's absolutely great idea let me we can trust me can win
the federal government to fix this the interest not come from someone who come from the states
and let me give you the center of the it's even smaller than that they've gotten the
answer is gonna come from you so many of the audience that will tease if we don't have
anything what women do
pioneers
look at the
pilgrims on the mayflower they had nothing
they not only survive they thrive because they had a souther and they had gone
what too
somebody who actually
has some answers for the answer
not the federal reserve
about america
brunner