The Creature from Jekyll Island with G. Edward Griffin (WiM401)

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so if we falsify our contract or don’t live up to it just like breaking any other contract and that’s where the government steps in because now we’re stealing from other people and that is where government should have a voice in protecting us from theft of our property but not to force us to accept any particular kind of money right yeah that’s quite the the Paradox isn’t it that we want government to protect our property but government is monopolizing money to violate our property that’s what always happens with [Music] government hey everybody Welcome to the what is money show I am thrilled to have you here joining me on my mission to help shine light on the corruption of money now if this is your first time listening to the what is money show I strongly recommend that you go back to episodes 1-9 first which lat a lot of the groundwork from any of the concepts that we explore on the show these first Nine episodes are my series with Michael sailor and thousands of people have told me that this is the best podcast series they’ve ever heard hands down and that it was instrumental to their understanding of money in Bitcoin so if you’re looking to start uh a deep dive into the nature of money I don’t think there’s any place better that you can start other than episode one of this show now a little bit about this show and how it makes money what is money show is 100% sponsor based so all of our revenues are derived from direct sponsorships and I strive to be very selective about the sponsors that I work with specifically only using sponsors that I use personally and also choosing sponsors that have values which are well aligned to the values expressed on this show such as Freedom education self- sovereignty Etc so what I’m going to do now is a few ad reads right at the top of the show and then I’ll do a few more ad reads s in the middle and I hope you’ll take the time to listen to them as again these are hand selected sponsors and I think you’ll like what they have to offer today’s podcast is brought to you by in Wolf’s clothing wolf is the first startup accelerator dedicated exclusively to the Bitcoin lightning Network four times per year wolf brings teams from around the world to New York City to work with like-minded entrepreneurs pushing the boundaries of what’s possible with Bitcoin and lightning the program is designed to help early stage companies achieve product Market fit develop their brand secure early stage funding and grow businesses that help fuel the global adoption of Bitcoin so go to Wolf nc.com to learn more about the program or apply again that’s wolf NC w lfc.com g Edward Griffin welcome to the what is money show well thank you for for inviting me Robert it’s a pleasure uh it’s a real honor to have you here as I was just telling you offline um you are the man that inspired me I think to originally start investigating the nature of money I read the creature from Jackal Island the book which you an author of almost 20 years ago and I think you definitely planted the seed with me uh of the question what is money you have a sub chapter in your book by that very title so I think first I need to just thank you for writing the book and inspiring my work well thank you very much you know as we mentioned just before going onto the recording when I wrote that book years ago I had no idea that uh very many people would read it I thought well this is just for the record maybe someday in the future somebody will want to know what happened yeah but uh to my amazement people have read it and so I’m very grateful for you Robert and thanks for inv invting me because it’s it’s part of my uh my dream that we could build some kind of an awareness and a crusade to uh to purify the system of corrupt banking so thank you for that well thank you sir and I think the Crusade is now well underway um seems like in the digital age people are asking more questions people are having more peer-to-peer conversations truth seems to be coming to the surface more quickly in different domains I think Bitcoin has energized the conversation around money and um the scam that is Central Banking is is definitely having some light thrown on it so I think that is a good thing um I thought we would start today actually at the conclusion of your book um many people in my audience are familiar with a creature from Jackal Island they’re familiar with Central Banking um we talk a lot about Central Banking we talk a lot about the nature of money um but I wanted to just read some excerpts from the conclusion to your book and then ask you a really broad question about the overall thesis so at the end of your book you enumerate seven reasons we should abolish the Federal Reserve System which are it is incapable of accomplishing its stated objectives it is a cartel operating against the public interest it is the Supreme instrument of Usery it generates our most unfair attacks it encourages War it destabilizes the economy and it is an instrument of totalitarianism and as you conclude the book you write the creature has grown large and Powerful since its conception on Jackal Island it now roams across every continent and compels the masses to serve it feed it obey it worship it if it is not slain it will become our Eternal Lord and Master can it be slain yes it can how will it be slain by piercing it with a mil million lances of Truth who will slay it a million Crusaders with determination and courage Crusade has already begun so I want to ask you just a very broad question about the book uh given that conclusion what is the creature from jaal Island why is it malevolent to the core and what can be done about it well basically those all three questions were answered to some extent by the list that you just reviewed we the core to the answer of what it is is an understanding of what a cartel is yeah a lot of people today think that a cartel is well that that’s the uh the drug cartel that’s they associate that word with drug cartel today and but of course the word cartel is a a long-term legitimate word to describe a grouping of commercial interests any kind could be drug but mostly in the real world drug cartel is a relatively minor player compared to banking for example it’s a conglomeration or grouping of of of Independent Business Enterprises which have decided to stop competing with each other and join together and cooperate to control their Mutual Market to eliminate competition so that um they can increase their profits and not have to worry about um competing with newcomers and so forth in other words to improve their profits and to eliminate the choice of the consumer so uh cartels are logical evolution of business enterprises as long as Government stays out of it they don’t last very long because competition always Creeps in and somebody else wants to be the the U Chief dog and and so first thing you know they have another competitor and another one and finally you’re back to the free market again but when government steps in because members of the cartel are very wise in this regard they spend a tremendous amount of their profit money to buy politicians and they buy the politicians who write laws which u sound to the public like they’re wonderful because they’re protecting the people and and uh assisting the economy and and um you know improving a standard of living and all that sort of propaganda but in reality it’s just to u to prevent the public from having a choice in these matters and so cartels always get together and they they fix prices and share markets and so forth to the detriment of the consumer and um so the Federal Reserve in answer to the first question is what it is it’s a cartel it’s no different than a banana cartel a drug cartel um an oil cartel it happens to be a banking cartel so that’s what it is and people understood that and they understood that it is not not repeat not an agency of the federal government it is a private organization which is a stunning reality it certainly was to me most people find that hard to believe but the Federal Reserve is a conglomerate or a cartel of private Banks and these Banks were so or the bankers were so uh wise in their actions that they back in 19 or yeah 1910 they began the propaganda campaign to draft and create the Federal Reserve and then in 1913 they actually passed it into law it meaning the Federal Reserve cartel agreement and there’s a little history involved there it’s why I call my book The Creature From jaal Island is because U it’s not because Jackal island has a creature that comes out of the slimy Lagoon or anything like that it’s worse it’s because Federal Reserve comes out of the this private very secret meeting that took place on Jackal Island which is a real island off the coast of Georgia back in 1910 uh and it’s made up of Representatives of the largest banks in the United States with their connections their Brotherhood in the big Banks in Europe as well so it was done in secret private organization of Bankers coming together agreeing not to compete with each other anymore and to form like a a labor union for for plumbers or something like that they going to regulate their economy so make it cushy for the plumbers that you got to pay the same rate to all plumbers or they have to charge the same rate and so forth and so you can’t have any plumbers coming in so well I can do that cheaper because it’s he gets drum out of the out of the Union if he does that he’s not in the Union in the first place so so they formed this this banking cartel on jaal island and uh that was the beginning of it all and then then they took this cartel agreement that they drafted among themselves to benefit themselves in the economy they took it to Washington and they took three years to convince the congressman there and the Senators that this would be a great opportunity for them to become Statesmen and vote for it and stabilize the economy and all that sort of thing but in fact it was a private cartel agreement and I don’t think many of those congressmen and Senators really understood that at the time they just thought it was a piece of legislation that they didn’t understand but surely the bankers understood it and so they just eventually all buckled under and they voted for it into law in 193 so coming to the conclusion of this long ladder of information is that um they have a cartel agreement to preserve and expand the power of the banks a private agreement they take it to Washington they convince the the politicians to pass the private agreement into law called the Federal Reserve Act Now a private agreement suddenly becomes law of the land and so if you and I do not abide by the terms of the private agreement we can go to prison but it’s not a government creation it’s a private creation but the government just was stupid enough these congressmen were idiots enough to sign it into law to give it the power of the government so it was a partnership in another way of looking at it between the the uh politicians the political scientists and the monetary scientists the that’s what the Federal Reserve is a cartel and a partnership between the bankers and the politicians so that probably tells you enough right there if you understand what’s going on in the world but um the details beyond that are extremely fascinating so the other parts of your question is what can be jumping to the end what can be done about it I use the metaphor of a thousand uh Spears or what was the word I use knives or something to cut it a million lances of Truth lances of Truth Yeah well yeah but takes more than truth Robert you know there’s an old saying which I used to use a lot and then I began to realize there was a bunch of bunk the old saying is that truth will ultimately Prevail if enough um energy is spent to bring it to light and that’s not true because Truth by itself has a great deal of power but if men are cowardly to stick to the truth it fails so it takes courage besides truth it takes um manly action it takes it takes a strong stance it takes organization it takes it takes the acquisition of political power because you’re fighting political power and Truth by itself is not strong enough um you have to take that truth and convert it into action and this is something that took me a long time to realize over the years that we’ve had the truth we’ve been people like me long before me have been yelling the truth screaming it from the from the housetops but nobody heard it because it was banned in a way it was not popular so most people including myself never heard the truth you got to hear the truth and then know we see today people know a lot of Truth truth but they’re afraid to act on it I I’ll just take a moment and say take a look at what’s happening in our health field right now with this this this thing this nontruth called Co covid the official story of that is so so different than what most people think and anybody stands up and say but wait a minute that’s not true and they want to tell the truth they’re banned from the internet and so forth so the truth by itself is is powerless well not powerless but it’s it’s not enough it’s not the complete story so we get back to the question what can be done about it not only do we have to write books about it not only do we have to talk about it hold lectures on it and and send emails on it and and hold meetings and so forth like that we have to require and and re reacquire I should say the political power influence over writing the laws first thing that has to be done is to is to abolish the Federal Reserve System because that’s the instrument of this this monster as long as that is a stride and as long as it has the power over our economy the power of of issuing our money and we can’t do anything about it except complain it’s like being in a prison we’re all prisoners and we can get together and complain all we want to about the food and we have the truth that the food is lousy or the truth is out there the food is lousy the guards are cruel they they take all the good stuff and take an OM and we get the garbage it’s the truth everybody knows the truth but we’re still prisoners because they’ve got the guns and we’re behind the bars so that’s the reality that we face today people know the truth increasingly but it’s not enough we have to get out of the prison wow that’s uh brilliantly said um also talk about truth a lot on this show but that’s a a great point that it needs to be acted upon otherwise it’s just not worth yeah it’s worthless if it’s not acted upon Bic it’s not enough to know yeah it’s it’s not really worthless but it’s pretty close to it because uh the truth is easy to overcome if people are afraid to step up and speak it right pretend like they uh like they don’t know it uh some years ago I did an interview with um a KGB Defector by the name of Yuri bof and um he defected from the Soviet Union and uh at Great risk to his life by the way and we had a I had a chance to catch him when he was in the United States for a little while and I interviewed him and I asked him actually not on camera I wish I had but off the Record we were having lunch or something I said I said Yuri to to the people in this this was back in the in the day of the Soviet Union and it was you know really full-blown communism in Russia I said to the people living there in the Soviet Union today did they really believe all this nonsense about Marxism leninism and you know the people’s uh um this and the people’s that and evil capitalism and Marxism and socialism being the ideal when they can see it’s not working as it do they really believe that and he said of course not but they pretend to because first of all if they don’t they’re in deep deep trouble and secondly it’s easier and they can usually get a little better living by pretending than if they spoke the truth they would be they would be cut off from their food their they wouldn’t have their food coupons they wouldn’t have a place to live they’d have be downgraded in their job and they would just not be able to live very well so everybody’s afraid to speak the truth I’ve often thought about that because increasingly in the rest of the world and increasingly here in the United States we are now living under the Soviet system that he was talking about yeah it’s well said that lying is often a path of least resistance and that’s that’s another aspect of Truth is that it’s it’s hard right um it’s hard when you’re in the minority yes yeah and um what what is that saying that a lie can make its way around the world while the truth is still putting on its shoes you know the the the lying seems to be an expeditious thing but it always leads to catastrophic consequences yeah and um the Soviet Union is an interesting one because they were they were living a lie as you just described there was another saying that was popular there that uh because the money was so broken Soviet said something like they pretend to pay us and we pretend to work you know the incentives were so broken inside of Communism that it wasn’t even an economy it was actually a dis economy like yeah it was all theater everybody’s doing what they were expected to do and said what they were expected to say and they kept everything else secret yes to their inner thoughts afraid in many cases even to talk to their to their close love ones in their family because they never knew who was going to betray them yes I think it’s worth mentioning here too that um Central Banking is basically monetary Marxism right this was uh measure number five and Marx’s Manifesto to the Communist Party in 1848 he called he demanded um the need for a central bank basically to implement Marxism so there’s there’s deep connections between these false ideologies and and Central Banking itself um so back to what you were saying earlier so cartels groups of competitors that come together that decide to stop competing with one another for their Collective benefit right so they can move towards an oligopoly or Monopoly perhaps charge higher prices deliver lower quality services um but that doesn’t work in a free market because as you said in a Cel there are incentives to defect right if everyone’s price fixing well then I have an incentive to go and charge a lower price and therefore get more market share so it it the cartel needs some kind of government intervention or violent intervention to persist it does yeah to to preserve it because otherwise there’ll be Mavericks that will break away yes yeah so cartels always seek legislation to support their their our cartel agreement to make it sound good so the gum chewing public won’t know any better say oh yeah well that’s good you know like we have a new law that uh that fixes the price of milk so that everyone can afford milk you we need milk for little babies and so we need we need the government to fix the law to guarantee that everybody can have I mean the prices so that everybody can afford milk well that’s the way it’s sold but it turns out the other way around that the law makes sure that the milk producers can’t reduce the price of their milk lower than a certain level that’s what the law actually does but the people don’t know it and so all the the dairies are required to charge at least this amount and that amount for their milk even though they would be prepared to go lower in a competitive market so it’s all a lie excellently said and then also something that’s important here I think the American Revolution was largely an escape from the bank of England right to a large extent so we were trying to get out from under the Central Bank of England at the time the US was founded as a constitutional republic without a central bank where this decentralized governance model that did not have a central bank had no anticipation of having a central bank and the Federal Reserve was actually the third attempt right they they had tried to implement a central bank twice before I think they had one temporary Central Bank during uh maybe it was the the um uh Civil War uh the American Civil War I think we had a bank for a span of 25 years and Andrew Jackson didn’t renew it I might be wrong on my history there well yeah Andrew Jackson was slay the the the bank the central bank at that time you that was a big big event in history yes and and so I guess part of this narrative right that we the US was set up to be without a central bank it resisted the implementation of a central bank twice successfully on the third attempt we got the creature from Jackal Island so part of these this first step toward successfully implementing the US Central Bank or the Federal Reserve System as you write in your book was to scramble The public’s understanding of the nature of money itself and so if you don’t mind I’ll read a brief excerpt here and this is from the subsection in your book titled what is money and you wrote that the first step to this maneuver was to scramble the definition of money itself for example the July 20th 1975 issue of the New York Times in an article entitled money supply a growing muddle begins with a question what is money nowadays the Wall Street Journal of August 29th 1975 comments the men and women involved in this Arcane exercise of watching the money supply aren’t exactly sure what the money supply consists of and in its September 24th 1971 issue the same paper said a pro- international monetary fund seminar of eminent economists couldn’t agree on what money is or how Banks create it even the government cannot Define money some years ago Mr AF Davis mailed a $10 Federal Reserve Note to the treasury Department in his letter of transmittal he called attention to the inscription on the bill which said that it was redeemable in lawful money and then requested that such money be sent to him in reply the treasury merely sent two $5 bills from a different printing series bearing the similar bearing a similar promise to pay Mr Davis to pay Mr Davis responded Dear Sir receipt is hereby acknowledged of $2 $5 US states notes United States notes which we interpret from your letter are to be considered as lawful money are we to infer from this that the Federal Reserve notes are not lawful money I am enclosing one of the $5 notes which you sent to me I note that it states on the face the United States of America will pay to he the bearer on demand $5 I am hereby demanding $5 one week later Mr Davis received the following reply from acting treasur Treasurer M slendy Dear Mr Davis receipt is acknowledged of your letter of December 23rd transmitting one $5 bill United States note with a demand for payment of $5 you are advised that the term lawful money has not been defined in federal legislation the term lawful currency no longer has such special significance the $5 United States note which received with your letter of December 2 3rd is returned herewith the phrases will pay to the bearer on demand and is redeemable and lawful money were deleted from our currency altogether in 1964 so what can we just talk about that little exchange and then maybe you could go into the differences as you do in your book between commodity money receipt money Fiat money and fractional money yeah that’s so fundamental and I’m glad that you picked up on that uh Robert because that’s the reason I I put that section in the book Because unless people had a understanding of what money is it’s all the rest is just hopeless we’re talking about something we haven’t defined the topic yet and um interestingly enough even though there’s a a great void of understanding of what money is it’s not complicated really it’s pretty simple no and um as I went back over the historic records back all the way back to the beginning of the founding of the United States it was pretty clear to me that people in those days had no trouble understanding what money was everybody understood what it was and they used it and it didn’t come from the government in many cases in fact the word dollar comes from I think it’s the Dutch word ther because it was a piece of private it was private money issued by fell by the name of ther and he just said hey guys I I can make these little round nuggets of gold and stamp them and they’re they’re I guarantee you they got this very pure gold in them and sure enough everybody who tested them said these thers are really what they say they are and it didn’t take a government to endorse them the word went around and people all over the world were say hey do you have any thers I’d rather be paid in a ther because they had confidence that it’s purity and gold was reliable and so thers were greatly used in the United States when it came time to put a word to the American currency they just took the word ther and said that’s good we’re going to use that we’re going to use that temporarily in the beginning and we we identify that as our currency so ther became the dollar and so even the origin of the United States dollar comes from a private mint so the idea and people understood this is that you could use anything as money so long as the person with whom you’re dealing agreed with you that it was something of value so now we get into the question well why did certain things end up being accepted by the populations without laws requiring them to do it why did they voluntarily all eventually agree that this is what we will use as our preferred money supply and now we get into some very interesting stuff what is the nature of money what should it be what is the difference between good money and weak money or bad money and that’s where it gets really interesting and as I said before not too complicated I think a a grade school or a high school kid for sure could understand the principles so back to the question what is money the dictionaries have a little different definitions depending on which dictionary you use but they all sort of agree on the concept the central idea which is that money is a medium of exchange now the active word there is medium it’s it’s not the exchange it’s not the goods of the service that you exchange if you if you exchange goods or services directly between one person and another like I’m going to trade my uh my Model T Ford for your grand piano or something like that that’s called barter that’s a direct exchange but if you have an intermediary it’s like well I’ve got the grand piano and and you want you want my piano but you don’t have anything I really want a model T4 as a collector and you said well I don’t have a model T4 and so forth well what have you got that I could maybe give to somebody that does have a Model T Ford I said well I got this block of gold here it’s in fact I got 27 here is that of interest to you oh yeah that’s of interest because I the guy that owns the Model T Ford will probably take the thers because he knows that he can pass them to almost anybody else so all of a sudden the ther or the gold pieces or buckets of wheat or jars of jelly or something um um Disneyland ride coupons or whatever people say oh yeah I can use this for I know people who take this it’s a medium of Exchange the direct exchange so it’s a very simple concept you don’t have to give the other person exactly what they want but you have something that they will take because they can pass it along to somebody that has exactly what they want yeah so that’s that’s simple so what is the medium of exchange it over over centuries Millennia actually uh all acceptable medium or media media of exchange that have into popular use have had to have one well actually several qualities to them but the one that most people don’t like to talk about is that it has to have intrinsic value for something other than money otherwise it’s it’s not going to last historically if it has no value for anything other than money then what if you got enough money you know I don’t want that it’s just paper or who knows there might be a war come along or the power might go out and nobody will be able to use this stuff anyway so you it has to be fungible it has to you know it can’t Decay and all these things has to be rare there are a lot of qualities that are assigned to it not all money of the ages has had all of those qualities but the ones that have had all of those qualities are the ones that have survived the longest and been most useful and has not harmed anybody has been beneficial and the the items that always wind up as being used and meeting all the requirements of good money are um Metals precious metals it doesn’t make any difference where you look in what continent what age what culture uh where there’s been a long enough time for people to experiment with different forms of money always it evolves well I shouldn’t say always there are a few exceptions in in the in the U in the islands and so forth um the anyway in in all the major continents and all the major civilizations it always evolved into gold and silver not because somebody said you will take gold and silver we we are hereby writing a law that gold and silver are going to be our money it’s because people chose it by popular demand and experience so that’s really the bottom line lesson of all of this is that money is a medium of exchange and that to be good money it should be something of intrinsic value for something other than money and the reason for that as I think it’s important to explore is because something of intrinsic value for something other than money means that it takes human effort there to produce just like what you’re exchanging it for right goods or services take human effort if you exchange a piece of paper that takes no effort except to run it through a printing press and you exchange it for the Model T Ford it was a bad a bad exchange because you’re something that took human effort on one side yes and took nothing but political resolve on the other side somebody’s going to get cheated on this deal in the long term so that in a nutshell you could actually talk for days about the importance of all those other elements of what is a good money and so forth but uh you always come back to the understanding that something of intrinsic value now that’s something that people people don’t like to talk about today who are really deeply into cryptos cryptocurrencies or digital currencies because they do not well they’ll argue that it has intrinsic value because people accept it and you can use it for certain accounting transactions that you can’t do well with other forms but I’m not talking about that that’s that’s not the definition of intrinsic value that takes human effort to produce so um it’s it’s a question that that even brings into question how how really valuable the the digital currencies are that we’re talking about because that it just takes political will it just takes a group of politicians raising their hand I vote for this and then that money comes into creation and you expect that to compete on an even scale with something that takes human effort to produce it’s a dream it won’t happen it w it will persevere over time if you are a business owner or manager you should know these three numbers 36,000 25 and 1 36,000 is the number of businesses that have upgraded to netsuite by Oracle netsu is the number one Cloud Financial system which allows you to streamline accounting financial management human resources and more netsuite turns 25 years old this year that’s 25 years of helping businesses do more with less close their books in days rather than weeks and to drive down cost and finally one because your business is one of a kind so with net Suite you get a customized solution for all your key performance indicators in one efficient system with one source of Truth netsuite is everything you need all in one place right now you can download Nets su’s popular kpi checklist designed to give you consistently 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Hardware wallet so yeah now if you want to go into the history of it I’ll try and make that very very simple in the beginning the natural money was um those things of intrinsic value that in the very beginning I believe as discovered in those the clay tablets they found and when they were digging through the ancient civilizations in ninba and so forth they came across this this huge Storehouse of clay tablets underneath some Temple that ah here’s the history of the pre of the prehist historic World we’re going to find out what already happened well it turned out that most of them were um accounting records of jars of wheat Ahab gets seven jars of wheat when anytime he wants it we’re storing it and so forth and that’s what most of those records were there were some very interesting historic records too like the Epic of Gilgamesh which is the world’s first true story in it and that’s where you find the story of Noah’s Arc Act written thousands of years before the Bible and so forth It’s the origin of the story of Noah’s Arc but the point really is that all of these most of these these historic records were jars of wheat so that was what they were using as money in the very beginning if you had wheat excess wheat put it in a jar and boy you anybody would take it and in exchange for their services or something else that they had and then later on um they would exchange cattle and other livestock uh in fact the word pecunia we use it in our language today a pecuniary transaction means a monetary transaction and I’m told that the origin of that word ponia is Latin for cow so PE a pecuniary transaction is a transaction using cows as something of intrinsic value and then finally the development of metals came along and that now that was really a intrinsic value uhuh because you needed metals like iron and eventually steel for weapons now there’s nothing more vital in A Primitive Society than a weapon to defend yourself and if of you have a more aggressive mind a weapon to steal your neighbor’s stuff and a weapon to for a sword and I mean metal for a sword and metal for a shield to protect yourself against the other guy’s sword and finally you know metal for guns and of and running so metal made its debut as the first uh deviation of money away from livestock and and living things and finally the development of precious metals introduced an element of of scarcity which is a very important ingredient of good money whereas it turned out that eventually iron and copper were not so scarce after all after the refinement tech techniques were improved so there’s the history of it you go from one item of intrinsic value to another and end up with precious metals now maybe someday in the future that Evolution will go into something like like uh uranium or something like that because of the energy comp component but that hasn’t happened whatever it is it will be something that’ll be scarce and it’ll have great value for something other than money no that’s that’s excellent overview and um the term so the term actually I prefer for intrinsic value is industrial use value as determined from monetary use so gold for instance say 20% of its market cap is for demand for gold as uh use in electronics Dentistry Etc then 80% of its market cap is demand for gold is money and I think the the example of pecuniary that you cited there and the jws of wheat are very telling because money in this way it’s kind of like a form of stored energy right a stored potential energy like that’s what one of the original monies was food itself which is just b a store of human energy it’s already been expended right yeah it’s already in part of what you are looking at it’s already in it yes so the proof of work right and this is so essential right the proof of work that’s uh imbued or represented by that money is so important because back to your other point if money is that instrument that we use to acquire goods and services and all goods and services require human energy doesn’t it only make intuitive and obvious sense that the money itself should also require energy to produce otherwise someone can just if you can produce the money for free and use it to acquire things that are costly then you have this asymmetric relationship that you can just you know quote unquote print money and steal from the providers of goods and services exactly yeah and that’s the system we live under today yes that’s precisely what we’re talking about when we speak of the Federal Reserve System and all the other central banks of the world yes and so back to like this notion of maybe a relationship between money and truth it’s that money that has the greatest Integrity or the greatest Fidelity to you know human time and energy the proof of work in it which is that the money is what it says it is right as you were talking about the the private mentor of the dollar right when he certified this thing had one ounce of gold in it well he was telling the truth so that instrument became favored on the free market as money and I guess the one point of of possible disagreement between us would be just on bitcoin specifically I know that Bitcoin doesn’t serve any industrial use but it does have proof of work built into it so we actually you have to expend energy to create Bitcoin and so I do think that it could serve the role of money and my thinking there is is looking at the properties of gold itself you mentioned a few of them though I usually narrow it down to divisibility durability recognizability portability and scarcity I think gold was basically the best tool for the job historically it’s satisfying those five properties that that people seek in money and Bitcoin does that job even better um but it does and this gets this is like mis’s regression theorem right where he says money has to start as some commodity and have an industrial use before it can become money Bitcoin does violate that in a way so it’s it’s I guess an interesting outstanding debate but in my mind people are ultimately going to seek out those properties and I don’t see any technology that better satisfies those those desired properties of money other than Bitcoin well I certainly agree with you there’s a there I don’t want to get into a debate as as to bitcoin’s merits because I I’m a Bitcoin fan myself I uh I have some I don’t have a lot but I look at it mostly as a speculative investment that is probably going to go up in value I don’t know whether it’ll be around a thousand years from now or anything like that like gold probably will be but uh also you’re right it takes human it takes effort takes energy to produce it but it’s lacking another element of good money and that is it’s indestructibility yeah uh if power goes out it’s gone of course people will say well that’s true of American dollars right now the power goes out the banks close down well that’s true that’s one of the problems with the American system right now it’s one of the weaknesses so Bitcoin adopts that weakness and says well it’s got to be okay because see the Dollar’s got the same weakness and look how well the dollar did right and of course the dollar is going to collapse as we know yes no I I think it’s a fair point you know there’s definitely strengths and weaknesses to each technology and gold certainly has the longest track record um you know there are people out there today I’ve gotten quite involved with some of them who claim that they are on to a technology where you can extract gold from almost anything they say and it’s pretty convincing what they how they demonstrate that is that gold is one of the most prevalent um minerals in the in the earth it’s everywhere except we don’t measure it because it’s what they call monatomic it has it’s the gold that exists in such great quantity is single atoms and they’re not bound together and I forgotten the number but the gold that we are used to holding in our hand and making jewelry out of is not monatomic it’s multi-atomic and they formed into molecules or clusters I guess is the word they use and now all of a sudden it becomes visible and becomes testable and you can weigh it and use it but in the monatomic form it’s you don’t even see it it doesn’t show up so their technology is how do you get those those atoms of um gold to be so to speak to join together and they say they’re hot on it they’re on on the trail of it and some of them even say well we got the secret but we’re not telling anybody I don’t know but the reason I mentioned is because if if the day should come that somebody will figure out how to to create Gold without mining it and they can just extract it out of the sea water for example like they claim uh then all of a sudden gold will no longer longer be a a suitable basis for money because it’ll be too easy to get right that’s an excellent point and I guess the subtlety here is and a good thing really we don’t have to choose the winner right you don’t have to put all your eggs in one basket necessarily no you can hold hold some gold hold some Bitcoin hold dollars if you believe in dollars I suppose um but they all have there’s trade-offs right and this is the nature of of Economics electricity might be a weak point of Bitcoin but as you just said gold could also get disrupted by some Innovation theoretically yeah theoretically so then if that happens there will be something else yes there’s got to be something else I can’t imagine take a hypothetical situation if if technology advances to the point where it would be possible to produce anything that exists on our planet in an easy way simply by adjusting frequencies or something like that yes then we would be in a hard spot uh it would have to be something I suppose that grows like timber tree or something right um but if technology could reproduce it it would eventually become unuseful as as a monetary base yeah it’s a it’s an interesting uh thing to ponder but uh again I guess the we should just spread our bets and um constantly pay attention to innovation um I do want to ask you something here so there’s the printing of money right there seems to be this common misconception that the printing of money somehow creates more wealth and this is a very simplistic um thing to debunk yet it still is a very popular misconception and so and I’m going to cite something here in your book but like when you we’re looking at the prices of goods in labor or goods and services expressed let’s say in something like gold which we would call true money versus something like Fiat which would be a lawful money we see that the and you you go through this history in your book that the only real changes in price occur through advances in technology right as technology becomes better productivity improves and real prices go down but obviously in a regime where we’re printing money we’re accustomed to prices going up over time this is something that’s been normalized and so this is from page 144 in your book he wrote that with gold as the monetary base we would expect that improvements in manufacturing technology would gradually reduce the cost of production causing not stability but a downward movement of all prices that downward pressure however is partially offset by an increase in the cost of the more sophisticated tools that are required furthermore similar technological efficiencies are being applied in the field of of mining so everything tends to balance out history has shown that changes in this natural equilibrium are minimal and occur only gradually over a long period of time for example in 1913 the year the Federal Reserve was enacted into law the average annual wage in America was $633 the exchange value of gold that year was $20.67 cents that means that the average worker earned the equivalent of 30.6 ounces of gold per year in 1990 the average annual wage had risen to $2,468 that is a whopping increase of 3233 an average rise of 42% per year for 77 years but the exchange value of gold in 1990 had also risen it was $386 190 per ounce so the average worker therefore was earning the equivalent of 52.9 ounces of gold per year that is an increase increase of only 73% a rise of less than 1% per year over that same period it is obvious that the dramatic increase in the size of the paycheck was meaningless to the average American the reality has been a small but steady increase in purchasing power about 1% per year that has resulted from the gradual Improvement in technology this and only this has improved the standard of living and brought down real prices as revealed by the relative value of gold so my question is this this it’s such a pernicious problem because people want their wages to go up they want the value of their portfolios to go up they want to see nominal values increase it has like kind of what I call this cognitive optical illusion you think you’re getting richer right if you have number of dollars go up in your account even if purchasing power of dollar go down so is has this been the the primary way that the public has been misled into believing that the expansion of the money supply is in some way beneficial and if so what can we do to wake people up from this this cognitive optical illusion well I think it is one of the two reasons one is because it feels good oh yeah uh I got a I got a 5% increase in Pay Myrtle let’s go out and have dinner and celebrate well yeah so it’s it feels good that’s is it seems sensory it appeals to our senses we get more money going into the bank account and the other part is that the general public is ignorant or prefers to be not mindful of the fact that inflation at the same time is eating away the purchasing power so he didn’t really get an increase in wage at all in terms of standard of living but it feels good to go out and say we did we got a great it’s better to receive a 5% increase in your pay when the economy is eating away 5% of your money is better than not to get that increase in Pay of course because it’s better to stay even than to lose ground but I think the two reasons people either do not understand this relationship that we’re discussing or they choose not to think about it because it’s unpleasant and they don’t think there’s anything they can do about it so they choose to remain willfully ignorant of the problem and go about their daily lives blissfully ignorant and and not not distress themselves with these unpleasant thoughts because that leads to the to the conclusion that maybe I better do something about it and that’s Troublesome to people that being taught in the school systems as I was that you don’t have to do anything just depend on your Good Old Government they’ll take care of you right so just if you got a problem with the money supply write to your Congressman yeah now it’s a tricky problem and I wonder if you have any simplistic analogies that you’ve used to convey this to people uh one that I’ve I’ve heard is like if we could decrease you know the actual size of an inch for instance well you could increase the square footage on your house right by by decree effectively but the actual size of your house is unchanged and that’s sort of what we’re doing when we debase money right we’re just saying oh we nomally have more money but we haven’t created any wealth so are there are certain ways or approaches you’ve taken to delivering this insight to people in a simplistic way well I think that is the simplistic way if you just say you measure everything with the art stick okay you your the art stick and U say j i uh I want to buy a let’s see some Lumber I want to buy a a piece of 2×4 that’s uh 12T long okay that’s a 2×4 we got a measurement there we got 12T long and the price on that you know used to be $3 let’s say and now it’s $6 but it’s still it’s still the same piece of lumber so what happened well the trouble is that the dollar also is a yard stick right and it shrunk now this Lumber didn’t shrink because that took human energy to produce but the dollar was made up out of thin air out of the out of some calculations by politicians and bankers and so now they y stick of money that were going out there to measure that piece of wood is smaller it’s just it’s instead of three feet it’s a foot and a half look this yard stick doesn’t look as big as it was takes more of them now to buy that piece of lumber but it’s the same analogy it’s if you if the unit of measurement that you use to determine value if the unit of measure itself changes then it’s useless it becomes a scam it’s like somebody like the butcher putting his finger on the scale to make the the meet way more yeah it’s a great point I I think these these analogies are hopefully useful to people um that get mystified by money and and why printing money is not not good it’s good to understand another another analogy just occurred to me my wife was always talking about the fact that size seven dress now they call it size [Laughter] three just making you feel better about your dress may you feel better about it yeah I’m not getting fat anymore I used to wear a seven now I’m down to a three honey look at this that’s funny yeah um okay yeah it’s we need we need simple analogies because people get mystified by printing money um so I think standards of measurement is definitely a useful one um I want to ask you another question here so this is on page 146 in your book and you’re talking about like we mentioned portability of money being a useful property uh also concealability was pretty important right people needed to be able to conceal their wealth and move it around so they you know obviously wouldn’t get robbed and um coinage the standardization of coinage too well coinage was coins were concealable but they were also standardized that sort of uh helped lubricate uh the wheels of trade and so on I’ll read a quick excerpt here this is from page 146 in your book you wrote that as a concept of money was slowly developing in the mind of Ancient Man it became obvious that one of the advantages of using gold or silver as the medium of exchange was that because of their Rarity as compared to Copper or iron Great Value could be represented by small size tiny ingots could be carried in a pouch or fastened to a belt for ease of transportation and of course they could be more readily hidden for safekeeping goldsmiths then began to Fashion them into round disc and and to put their stamps on them to attest to Purity and weight in this way the world’s first coins began to make their appearance It is believed that the first precious metal coins were minted by the lydians in Asia Minor which is now Northwest turkey in about 600 BC the Chinese used gold cubes as early as 2100 BC but it wasn’t until the king stepped into the picture that true coinage became a reality it was only when the State Certified the tiny disc that they became widely accepted and it is to the Greeks more than anyone that we owe this development so I’m just curious here and I know I I don’t want to get into a debate either but I’m just curious your thoughts about if we look at something like Bitcoin that is a non-corporeal money it’s totally weightless so any value it has it’s almost by definition highly concealable right it’s just information and then also because it’s just information it’s very portable so this is two domains where I think it’s it’s a very useful money right for people that are maybe trying to flee an oppressive regime etc etc um would you expect free like I would you expect free market actors to favor these properties of of a digital money in certain circumstances and could you see I guess operating side by side with something like gold I would like to see it yes first of all I can visualize that and secondly I would like to see it operating side by side with gold because that’s the only way we’ll have to judge which is the best let them operate side by side see how they perform yeah I don’t think any of us are smart enough to predict all these these multifaceted forces interacting with each other right who knows what the technology what the political environment is what the culture will change a opinions will change uh economic scarcity will change people will be starving and desperate what kind of a system are they going to be living under are they free to make choices or are they all going to be enslaved all these issues let them exist in fact I I’m a strong opponent of the uh the gold standard for that reason at first I thought it was a great idea I think gold or silver should be standard money but then I got to realizing well what I think is not important what do you think and everybody else why should I impose my will on other people if they think something else is better why should I force them to accept the thing that I think is better if I already believe in freedom of choice I have to give it to others as well so then it’s finally dawned on me that will why just back away and not force anybody to take anything let them choose let the free market act on this just like you can choose what kind of a car you want to drive right or what kind of a what kind of um piano you want to buy I guess I’m into pianos today or in cars anyway yeah let the free market decide I think that is the solution so the idea of of state sponsored money is a big mistake in my view I think the state’s role is perhaps to certify that certain coins or certain bullion pieces are what they say because now we’re in a different realm it’s not just that they’re gold or silver it’s that they’re a contract they claim that this is what they are and the contract they claim to delivery 1 ounce of 999 gold if if you accept it that’s the contract so if we falsify our contract or don’t live up to it just like breaking any other contract and that’s where the government steps in because now we’re stealing from other people and that is where government should have a voice in protecting us from theft of our property but not to force us to accept any particular kind of money right yeah that’s quite the the Paradox isn’t it that we want government to protect our property but government is monopolizing money to violate our property that’s what always happens with government yes we want government to protect our houses and our our uh any our property anything we have and the first thing you know they’re telling us what we can pay for it how we can use it and whether we can even own it yes we we hire we hire a patrolman to patrol the neighborhood against Crooks and the first thing you know the patrolman is telling us what school we have to send our kids to and what he has to learn in school and and what we have to pay our employees and all the rest the guy we hired becomes our Master yes one of my highest health priorities is keeping my brain in top shape to take care of my brain power I do many things such as striving to read write exercise and meditate daily one of the 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together with btcpay server users or treaser sweet users for BTC pay server users they can make payments directly inside of a coin join and for Treasure Suite users you can make coin joins directly on a hardware wallet these features result in the fee savings and security improvements for both sets of users so go to Wasabi wallet.io today to download the state-of-the-art Bitcoin privacy wallet yeah it’s a very very uh tenous relationship without a doubt I think that’s a great segue actually into the next thing I wanted to ask you about you have a section titled in your book Gold is the enemy of the welfare state in which you write in more modern times rulers of Nations have become more sophisticated in the methods by which they debase currency instead of clipping coins it is done through the banking system the consequences of that process were summarized in 1966 by Allan Greenspan who a few years later would become chairman of the board of governors of the Federal Reserve greenpan wrote the abandonment of the gold standard made it possible for the welfare statist to use the banking system as a means to an unlimited expansion of credit the law of supply and demand is not to be conned as the supply of money of claims increases relative to the supply of tangible Assets in the economy prices must eventually rise thus the earnings saved by the productive members of the society lose value in terms of goods when the economy’s books are finally balanced one finds that this loss and value represents the goods purchased by the government for for welfare or other purposes in the absence of the gold standard there is no way to protect savings from confiscation through inflation there is no safe store of value if there were the government would have to make its holding illegal as was done in the case of gold the financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves this is the shabby secret of the welfare status TI raides against gold deficits spending is simply a scheme for the hidden confiscation of wealth gold stands in the way of this Insidious process it stands as a protector of property rights and that’s the end of Greenspan’s excerpt and then back to your writing you conclude unfortunately when Greenspan was appointed as chairman of the Federal Reserve System he became silent on the issue of gold once he was seated at the control panel which holds the lovers of power he served the status well as they continued to confiscate the people’s wealth through the hidden tax of inflation even the wisest men can be corrupted by power and wealth so I couple of things I’d like to add here and then I want to ask you a question I think it’s important that we first acknowledge that the welfare state and the Warfare state are two sides of the same coin so when we’re talking about the welfare state we’re also talking about the Warfare State and it’s also important to mention which we just alluded to that the raise on debt truck of government is to defend life liberty and property right that’s the whole reason we have government in the first place so a state that violates property is an oxymoronic institution um right and so if holding Savings in gold or really I guess any free market money more generally anything that’s outside of of the central banking system if that’s disruptive to the process of confiscation via inflation then doesn’t this make how one saves or spends their money truly the most effective voting mechanism like we have a lot of people thinking that they can vote red or vote blue and fix problems in the world but it seems to me that money is the primary voting system like where you save it how you save it how you spend it that’s what’s actually driving the creative processes in the world and I just wanted to hear your thoughts on that well I had two thoughts during your your statement there and don’t let me forget to go back to the question of life liberty and property okay okay but let’s stick with this last portion which is um already it’s slipping away from me as we’re talking about um only has a voting system a voting system yes of course yes um well it is a voting system in the market it it but that’s assuming that the market is a free market if the market is a is a command Market which it is now and people are not free to pay to use money at their discretion they had to so many rules and regulations and and percentages that go back and are deducted and so forth that the free market is so hampered it’s it’s not a free market at all it’s a complete collectivist market so what you said is true but it often fails to function because it’s it’s anesthetized it cannot cannot respond so it assumes that the government stays out of the market with which is first step before any of this any of these golden rules begin to apply so uh yeah I agree with you but it also I have to agree with with um Greenspan because of what you just read is a very powerful admission on the part of Greenspan himself of what the problem really is and U but um I remember hearing Congressman Ron Paul talk before a group and I think he was running for president at the time and somebody asked him the question about green span’s change in position uh between being a professor of economics and then becoming this chairman of the board of of the Federal Reserve System and so Congressman um said that he um uh had been in a meeting with a with green span and they didn’t have a chance to talk privately during the meeting because it was all official business but after the meeting in the hallway as they were leaving he he came right up to Greenspan and he he asked him he said um Mr Greenspan uh do you still hold the position that you did when you were when you wrote this article and he referred to it and he said Greenspan stopped and gave him the the dirtiest look and he said after a moment of silence he said well yes I do the word But Then followed yes I do but it is totally unpractical unpractical in our world wow yeah so that’s how they get through it it’s beyond his control unpractical impractical in our world today and he’s he is the maker of the world today at this point he’s talking about himself he really saying it’s impractical for me to to talk about it as I used to or act on it because I would either be removed from my position or I would probably be assassinated W he didn’t say that part but we on we can put that into it and we understand now what his position really is so w now back to the life liberty and property I had the devil of a devil of a Time Robert uh writing and rewriting and then rewriting again a an essay which I now have published uh it’s called the chasm uh collectivism versus individualism and I was listing all the principles of individualism and one of them is of course um the defense of life liberty and property that’s the only the logic behind that argument was that the state is what we might call the legalized use of force and violence so where does the state get its power okay State we’d like to say gets it power from the consent of the Govern but that means that the state can only have the power that the government has to give to the state you can’t give the state power that you yourself do not have so the question now shifts well what under what conditions do we as individuals have the right to use force and violence even lethal violence against another human being that will be the limitation of the state the state gets their power from us no place else so now we go into that question well we can use lethal Force against another human being in the defense of our life sure and our Liberty for sure somebody’s trying to enslave us what about property can we kill somebody because somebody tried to steal our pencil well that’s our property if they try to steal our our uh our notebook or our favorite dish they go up the scale up up up up you know if they try to steal our um our pie our um or they stole $100 we we have a right to kill them and so forth and it’s a it was a bugging question that I could never get my hand or my brain around and then finally one day I guess it was about fairly recently maybe 10 12 years ago it hit me like a bolt of lightning and that is that there are two kinds of property and as I saw it in my mind then and seems to be holding up all these years is that one kind is what we might call Essential property that’s property that we need for the defense of our life and Liberty so now property essential property is we can use lethal Force because we’re defending our life and our Liberty it’s not because it’s the property but it’s a certain kind of property that we need to defend our life and Liberty and what would that be well you name it our life and our Liberty we got to have a weapon to defend ourselves if anybody tries to take our guns away from us that’s our property because otherwise somebody’s going to have a gun that doesn’t abide by the law and they will take either our life and our property and so forth so and the tools we need for our livelihood that’s how we support ourselves we need food we need water we need shelter we need clothing these things that are essential for our lives or our Liberty are essential property and those are the things we’re talking about when we say the word property and it needs to be defined the other kind of property I would call uh convenience property the pencil uh the car even unless unless it’s essential for your livelihood or to get to your work so you can support your family or something like that there is a gray area to be sure yeah but that’s what we have Courts for is to resolve gray areas but the principle is clear if it is essential for the defense of life and Liberty then it applies to that phrase that we all like to use which is to defend life liberty and property so that that’s want to throw that out because I never found that any place else and butci it’s what I just bubbled up in my own mind it’s got to be something like that and if anybody has any objection to it and can find any flaws with it I would like to know about it because it needs to be refined then no well you know it reminds me of um rothbard wrote about the concept of proportionality so if someone steals your pencil for instance you don’t have the right to kill them what you really have what he asserted at least was that the thief owes you the pencil back and he owes you one more for the Tor so it was like a two for one kind of thing and the the basically the the crime needed to be proportionate to the retribution but but it wasn’t enough to just get the pencil back because then the thief didn’t incur any loss right there was no disincentive to the attempted theft because they were just they didn’t have a pencil before they didn’t have a pencil after but if they lose two pencils as a result of trying to steal your one or they they lose one right they lose the one they stole plus one of their own so when you describe that it reminded me of of that principle um obviously there’s gray area we need some type of arbiter to to resolve that but I think in theory it sort of makes sense right it’s it does make sense and there’s another variation on that uh which I seldom run into and that is the uh I’m trying to think of a good name for it but it’s peer pressure I guess um your reputation now if it if if you were convicted in a court of stealing somebody’s pencil and that went to court and was provable it could be published in the newspaper and all of a sudden you are known to everybody in the community as a thief of pencils now that’s not too serious I suppose because I probably have stolen a pencil or two of my own along my career but usually they were from trays with lots of pencils with advertising on them so forth but nevertheless I took them without asking permission yeah so uh uh I don’t think that would warrant me being published as a thief a pencil Thief but there are certain areas that would it would seem to me like if you were published and known to be a thief of an automobile for example or you stole somebody’s um or you you you were an accountant in the company and uh well of course then you would go to prison but why if we’re stealing money from the company that’s property who property and how much steal $10 $20 $50 go to prison well maybe shoplifting is that’s one of those gray areas where at what point is it become proportional and I think I think rothbart’s formula is pretty good but then some problem with that is that some group of people have to make the decisions as to what the line is yes and they may your idea of the of the dividing line it be different than theirs but that’s what happens when you have an Arbiter exactly yeah it’s um yeah BR brutally complicated situation because especially when you get into murder and things like that it’s like obviously the person that was murdered is irreplaceable there is no proportionality there how do you yeah yeah it hadn’t beat you murdered two people well you know it’s interesting that as far as I can tell primitive societies have worked this out universally around the world uh there are tribes and there are families within the tribes and especially tribes are considered the more primitive societies as the big family and if an ajent tribe um kills one of your tribe members it’s your duty bound you’re indignant your duty bound to take the life of one of their tribe members that’s how Wars start you know right but not two lives one for one is the way the Primitive societies work on it yeah but then of course the reputation of the tribe is is pretty bummed out too and um my my problem with that is I think probably there are very few tribes in primitive societies that had a good reputation they were also spec and so there was a lot of animosity between tribes for that reason yeah and that that reflects the hammer Robbie’s code right that an eye for an eye and that leav world blind so um yeah very tricky problems to sort out um I do want to ask you one last thing from your book here so we’ve talked about inflation as being a hidden tax right it’s it’s uh money printing is basically stealing purchasing power from Savers but it it tricks people into believing that it’s a good thing because nominal prices are going up um and I’ve said I’ve mentioned this a lot I’m pretty sure you agree based on your writing I try to crystallize all of this by saying that inflation is legal counterfeiting counterfeiting is Criminal inflation like there’s no economic distinction between expanding the money supply through QE and expanding the money supply through quote unquote counterfeiting right it’s the same economic activity there’s only a legal distinction between the two yeah the net effect is the same yeah and so so I I’ll read just a brief excerpt here from your book uh this is from the section titled inflation is a hidden tax Fiat money is the means by which governments obtain instant purchasing power without taxation but where does that purchasing power come from since Fiat money has nothing of tangible value to offset it government’s Fiat purchasing power can be obtained only by subtracting it from somewhere else it is in fact collected from us all through a decline in our purchasing power it is therefore exactly the same as a tax but one that is hidden from view silent in operation and little understood by the taxpayer in 1786 Thomas Jefferson provided a clear explanation of this process when he wrote everyone through whose hands a bill passed lost on that bill what it lost in value during the time it was in his hands this was a real tax on him and in this way the people of the United States actually contributed those millions of dollars during during the war and buy a mode of Taxation the most oppressive of all because the most unequal of all so is in your estimation This legal counterfeiting or inflation is this the most pricious socioeconomic problem in the world because it’s used to steal in broad daylight and and there’s so much it seems to me like there’s a lot of plausible Deni ility related to it because what we we had what6 trillion do counterfeited in 2020 at least I think it’s expanded since then and then the subsequent price inflation that occurred you see headlines like oh it’s Supply chains causing the inflation or Putin causing the inflation that the state has all this plausible deniability they can say oh no it’s not the currency counterfeiting it’s not the central bank it’s all these other reasons why prices are going up um is this the most perous socioeconomic problem we have in the world today my quick answer would be yes the second most would be the exchange of money taking from some and giving to others in the name of welfare or some beneficial goal and that I put that in second place because um it’s more visible everybody can see that oh yeah you you I’m I’m being taxed because of giving it to uh to bail out Ford Motor Company M so that came out of my pocket to get Ford Motor Company back and it’s it’s stock holders back in business I don’t like that nobody’s getting me back in business so it’s visible but with the inflation process it’s invisible takes a pretty good understanding of the process before you can see that the money is being taken from you yeah it’s um again because it’s I guess not so intuitive it seems like it’s a really big problem because like when I look at the war on terror for instance the US spent somewhere in the neighborhood of $2.5 trillion dollar over 20 years and they also printed I think in that same time period like $2.8 trillion do now if you did if you divided that amount by the number of us households it came out to something like $80,000 per us household had they had to spend that had they had to pay for the war on terror through explicit taxation people would have been very resistant right had they received a bill for $80,000 said you need to pay this well they’ve been held to pay but because they can print money people don’t understand what you know the price inflation is the tax and then people are none the wiser and we get more war more deception Etc so yeah that’s it absolutely yeah that’s why uh my view of banking has changed over the years as I get a deeper and deeper understanding of some of these more subtle aspects that we’re talking about is that in the beginning I thought well these guys were just just Crooks and silk hats you know trying to look for a way to to milk the system and get away with it make it legal which was true that’s what they were doing but then when I see this this long-term process and hidden process and the fact that the public has remained passive throughout it without rebelling where in the past previous to the invention of F fractional Reserve Banking and prior to inflation and and digital currencies and all that stuff um in the beginning once it looked to me like once the taxation level got to somewhere near the 40% of the production productivity of the people there was a revolution the King was disposed and a new system came in usually under profits of we’ll get rid of the corruption uh but then of course it brought its own corruption with a new form and before long it was right back to where it was if not worse but nevertheless there were rebellions there were tax rebellions in history but once they got this inflation scheme going nobody could see it as a tax they didn’t understand it which is why the politicians and the bankers love it so much because it’s slight of hand nobody sees it and it’s a crime committed in broad daylight wonderfully said uh Mr Griffin I think I’ve kept you long enough um I one of my favorite topics Robert talk for days on this I suppose yeah thank you for your time and then thank you for your unparalleled contributions to this discussion I I do think this is the most important book on the nature of Central Banking and I’ve recommended it highly um I really appreciate you taking the time to do this today uh do you have any parting words and if not could you please let my audience know where they can find you on the internet well yes uh I don’t I think my poignant words I’m out of those already I hope I hope I’ve already spoken those let’s see where you can find me on the internet I suppose the best place would be to start with um we have several websites um my commercial website is reality zone.com that’s where we have books and recordings and videos and things on this and similar topics um but that’s the only place we sell things the other websites are all you have nothing to sell but ideas and Concepts and I would start there with redpill university.org and um that will put you in touch with redpill expo.org we have a new Expo coming up in June of next year and that’s where we bring together some world world crushing speakers and we probably be talking about about some of these issues plus many more and um that’s a good start I would say I’ve I’ve prepared this booklet I talked about before called the chasm um collectivism versus individualism and if anybody would like a free copy or free download of that see if I can remember the the website or the URL to get it it’s um it’ll be Chasm CH hm uh slash reality zone.com I think that’ll do it it’s very simple kmre zone.com we will make sure that is correct and put that in the show notes for people that are if it doesn’t work please call me and U we’ll correct it all right well we’ll make sure we get it make sure we get it right yeah it’s a it’s about a 50-page document and the reason I’m plugging it is because I think that a greater understanding of the differences between collectivism and individualism is absolutely necessary to deal with all of the many complex problems that we’re facing because if you keep peeling off the skin the onions of the skins of the onion you get down I don’t know somewhere in the middle of that onion there’s a core and the core is this idea of collectivism versus individualism people are saying oh we got communism you know socialism fascism Nazism then we got capitalism over there and we got Republicans versus Democrats and like socialism versus capitalism all these words is nobody knows what they mean that’s right and they mean very little actually except what the speaker means them to me at the point at which he makes the statement yes but if you go back to the foundational base of all of these ideas you find that they all are based on this conflict between the idea of individualism on the one hand versus collectivism on the other and communism socialism fascism Nazism all those are very of collectivism they’re the same it was an amazing Discovery for me to make that that the communism and fascism were the same yes and Nazism were the same and so forth so it’s if we don’t understand that then we’re probably not going to be able to find our way through the weeds and get to a real honest solution so I urge everybody if they want a free download on that that’s where you find a little discussion on this issue about life liberty and property for example be in there too and other things so that’s it that’s enough and thank you for inviting me wonderful it has been my honor thank you sir for doing this all right thank you good [Music] luck

Truly Right View: Advocating for Free Speech in the Age of Political Censorship

Introduction: What is Free Speech Today?

In a world where political discourse is dominated by big tech, cable news, and social media influencers, free speech is constantly under threat. From censorship of conservative viewpoints to the silencing of dissent on controversial issues, we are witnessing an alarming trend of restrictions on the most fundamental rights of any citizen in our Constitutional Republic: the right to speak freely.

But what does free speech truly mean in today’s context? Are we protecting it, or are we allowing authoritarian ideologies like socialism, communism, fascism, and dictatorships to erode it?

The Constitutional Perspective: Why Free Speech is Non-Negotiable

The First Amendment of the United States Constitution is crystal clear: “Congress shall make no law… abridging the freedom of speech.” The Founding Fathers understood the importance of free speech in preserving a free society. Without it, the ability to challenge government, expose corruption, and advocate for truth would be crushed.

Yet today, under the guise of protecting people from “misinformation” and “hate speech,” powerful institutions are curbing our ability to express ideas that do not conform to their narratives.

Do we not see this as a slippery slope toward authoritarianism?

Shouldn’t we, as citizens, be the ones who decide what we can or cannot hear, not a centralized body or corporation?

Social Media and Cable News: Platforms or Gatekeepers?

Social media was once hailed as the bastion of free speech. It allowed ordinary individuals to share their thoughts, advocate for causes, and hold the powerful accountable. However, over the years, major platforms like Twitter (now X), Facebook, and YouTube have become gatekeepers rather than facilitators of free expression.

Algorithms favor certain ideologies, while alternative viewpoints—especially those with a more conservative or constitutional slant—are shadow-banned, demonetized, or outright censored.

Does this not resemble the tactics of monarchies, communistic or fascist regimes that control what their citizens can see and hear?

Shouldn’t a true democracy allow the free flow of ideas, even if those ideas challenge the status quo?

Social Media Influencers: Fighters for Freedom or Puppets of Censorship?

Many social media influencers, especially those aligned with constitutional values, have become modern-day warriors for free speech. Yet, they face intense backlash, censorship, and de-platforming for voicing opinions that challenge globalist or left-leaning narratives.

How many times have we seen influential voices banned simply for questioning government policies, election results, or health mandates?

Isn’t it concerning that only a select group of elites can decide what is “acceptable” discourse?

While some influencers fall in line with these restrictive policies, others have emerged as champions for free speech, using their platforms to resist censorship and uphold constitutional rights. The question is: Will we support these voices, or will we allow them to be drowned out by corporate and governmental censorship?

The Dangers of Socialism, Communism, and Fascism: A Threat to Free Speech

At the heart of socialism, communism, and fascism lies a common tactic—control over speech. These ideologies have historically sought to suppress dissent, limit expression, and create a monolithic narrative that favors those in power.

Look no further than authoritarian regimes past and present, where dissenters are imprisoned, media is state-controlled, and free speech is criminalized. Can we really ignore the striking similarities between these oppressive ideologies and the current state of political discourse in America?

Is the suppression of speech today not a precursor to more draconian measures tomorrow?

Should we not fight to preserve the right to freely express political, social, and economic ideas?

The Truly Right View: Defending Freedom in the Digital Age

At Truly Right View, we believe in the unwavering defense of free speech as enshrined in the U.S. Constitution. We reject the encroaching influences of socialism, communism, fascism, and any form of dictatorship that seeks to undermine this fundamental right.

Our platform is dedicated to bringing you uncensored news, analysis, and commentary from a truly constitutional perspective. We provide a space where voices that have been silenced or marginalized can be heard, and where you—the citizen—can engage in the free exchange of ideas.

Join the Fight: Sign Up for Our Channel and Newsletter

Do you value free speech?

Do you believe that the right to express your thoughts, opinions, and beliefs should never be compromised, no matter how controversial they may be?

If so, we invite you to join the fight for free speech by subscribing to the Truly Right View channel and newsletter. Stay informed on the latest developments in free speech advocacy, political commentary, and constitutional rights. Together, we can stand against the creeping influence of censorship and authoritarianism.

Why wait for others to defend your rights?

Become part of a movement that fights for the truly free society envisioned by our Founding Fathers.

Will You Speak Up or Stay Silent?

In the end, the future of free speech rests in our hands. We can either stand idly by as it is eroded by corporate and governmental overreach, or we can take action to protect and preserve it.

Will you speak up for your rights, or will you allow them to be taken away piece by piece?

The choice is yours.

Subscribe to the channel for Truly Right View today, and support our patriots shop together, let’s ensure that free speech remains the bedrock of our Constitutional Republic.

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The Creature from Jekyll Island with G. Edward Griffin (WiM401)

Truly Right View: Advocating for Free Speech in the Age of Political Censorship

Introduction: What is Free Speech Today?

The Constitutional Perspective: Why Free Speech is Non-Negotiable

Social Media and Cable News: Platforms or Gatekeepers?

Social Media Influencers: Fighters for Freedom or Puppets of Censorship?

The Dangers of Socialism, Communism, and Fascism: A Threat to Free Speech

The Truly Right View: Defending Freedom in the Digital Age

Join the Fight: Sign Up for Our Channel and Newsletter

Will You Speak Up or Stay Silent?

Per Capita Aid to Ukraine, Israel, Illegals 10,000 Times Higher Than to Helene Victims

Panicked Over Veep Debate Debacle, Politico Rushes to the Rescue: Walz “Misspeaks” a Lot

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