The Auron MacIntyre Show - The War on Gold ｜ Guest： Stephen Carson ｜ 12⧸21⧸22

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00:01:30.560 Hey everybody, how's it going?

00:01:32.580 Thanks for joining me this afternoon.

00:01:34.620 Got a great stream with a great guest for you here.

00:01:37.760 I wanted to touch a little bit on a topic that I don't think gets enough attention.

00:01:42.460 There's a whole history to the way that the United States has approached the gold standard.

00:01:47.620 I think some shocking things that people don't learn about history class and learn about in history class kind of surrounding this issue.

00:01:55.620 And so I wanted to bring somebody on who is well-versed in the topic.

00:02:00.080 And so today I have Stephen Carson from Radical Liberation here.

00:02:03.420 Thank you for coming on, man.

00:02:04.540 Thanks.

00:02:05.540 Thanks.

00:02:06.000 Yeah, I'll show my channel and all that heavier at the end of the stream, but I'll just say this.

00:02:11.220 I like to talk about forgotten things.

00:02:13.640 That's a theme that runs through everything I do.

00:02:18.760 And a quote that inspires me is from Milan Kundera, of all people.

00:02:24.400 He wrote, the struggle of man against power is the struggle of memory against forgetting.

00:02:29.580 And Solzhenitsyn said similar things.

00:02:31.640 So I feel like simply remembering certain inconvenient bits from the past, there's power in that, in my view.

00:02:42.840 I think you're right.

00:02:43.740 And I think that's what a lot of people do.

00:02:46.240 And you guys definitely delve deep into that on your channel.

00:02:49.500 So I think that's very useful.

00:02:51.240 And that's a big part about what's happening here, because I think a lot of people have the background of like, OK, at some point the gold standard existed, but it kind of fell away.

00:03:00.320 And they don't really know anything about the history behind it.

00:03:02.660 And I think there's some things that will shock the average person kind of when they're more familiar with everything that went on.

00:03:08.160 But before we get in deeper into that kind of surprising history that was involved, what is the gold standard?

00:03:16.440 Why is it important?

00:03:17.320 Why would it be desirable in the first place for people to kind of have a gold standard for their money?

00:03:23.520 OK, well, let me skip forward.

00:03:25.420 I was going to just give a definition of money because you're going to get really lost if you don't even know what money is.

00:03:29.900 So let me just explain money really quick and then and then it becomes sort of obvious about gold.

00:03:35.160 The definition of money economically, to be precise, is the most widely accepted medium of exchange.

00:03:42.260 That just means the thing that, you know, if you get some of that, people will probably accept it for whatever you want from them.

00:03:49.700 Right.

00:03:49.880 It is not always paper dollars.

00:03:53.580 It is not always gold.

00:03:55.120 In World War Two prison camps, it tended to be cigarettes.

00:04:00.020 Fascinatingly, recently in U.S. prisons, it's been packs of ramen noodles.

00:04:04.260 I'm not kidding.

00:04:05.080 Look it up.

00:04:05.780 There's a story on NPR, for example.

00:04:07.440 So, you know, it depends on the situation.

00:04:10.980 All kinds of things have served as money.

00:04:12.540 I think they paid Roman soldiers in salt at one point, et cetera.

00:04:16.940 Right.

00:04:17.180 It can vary based on circumstances.

00:04:19.780 Having said that, historically, money has usually been a precious metal like copper, silver, gold.

00:04:25.700 Hopefully the advantages are obvious.

00:04:27.160 Unlike a pack of ramen or some salt, if you get your gold wet, it isn't, the value of it isn't destroyed.

00:04:33.920 Right.

00:04:34.900 Furthermore, unlike, say, a gem, if you split the gold coin, if you split the gold into smaller pieces, each piece still retains that, you know, half of a gold coin is worth half the value of the gold coin.

00:04:47.200 Whereas half of a beautiful diamond that you split in half is worth way less than half of the original value of the diamond.

00:04:54.540 Right.

00:04:54.680 So, and I could go on and on, but a good money is, you know, doesn't spoil, is easy to divide, and has a value of its own.

00:05:07.860 That's the thing where we have gone off the reservation in the 20th century.

00:05:13.960 Traditionally, money was commodities, a commodity of some kind, like all the things I mentioned.

00:05:19.080 Right.

00:05:19.200 It might sound silly to you that cigarettes or ramen noodles would be used as money, but you have to admit, cigarettes, ramen noodles, salt, they have a use besides money.

00:05:29.440 Right.

00:05:30.080 So the value of them has a certain floor.

00:05:32.560 You're never going to, if your money is gold or cigarettes or salt or whatever, it's not going to become completely valueless because it still has its use as a commodity.

00:05:43.260 Well, gold actually is useful.

00:05:45.980 People tend to associate it with jewelry, which is a use, but it also has industrial uses and so forth.

00:05:52.580 So there is just a base value of gold that's never going away, even if, as is our case now, gold is not being used as a money.

00:06:00.660 So if gold is so obviously useful, right, and we can tell through, like you said, over time, it's very common for it in many different cultures to be used as this kind of basis for exchange.

00:06:14.820 If it is so obviously useful, then why would any government seek to go off of a gold standard?

00:06:20.920 If it's so self-evidently useful and good at this kind of thing, why would a government want to abandon it?

00:06:27.620 Well, that's what we're going to spend the whole show discussing.

00:06:31.540 So I don't want to give you a pass right now, but I mean, I just say in brief, it's not for our good.

00:06:38.260 Let's put it that way.

00:06:39.600 Fair enough.

00:06:40.120 It's not because they care.

00:06:41.440 They care so much about us that they want us to not be using gold as money.

00:06:45.400 That's not the reason.

00:06:46.780 Sure, sure.

00:06:47.520 All right.

00:06:48.220 So we're going to get into kind of the first effort, I think, to really go completely off the gold standard.

00:06:56.220 Now, I do want to say that there was a history in the United States.

00:07:00.660 Obviously, there was the adoption of gold and then there was moving to kind of like bimetallism and that kind of thing.

00:07:06.480 So the gold standard was something that the United States had kind of moved around a little bit here and there.

00:07:13.160 But we're going to talk about kind of the big changes and kind of that hidden history behind it.

00:07:19.280 So why don't you set the frame?

00:07:20.760 I know you said you want to talk a little bit of kind of a forgotten depression before we get into FDR and some of the big things we were talking about.

00:07:28.400 Right.

00:07:28.580 So one of the things you and I have both been learning about is the significance of the crisis or sometimes in the literature it's called the exception.

00:07:36.380 Right.

00:07:37.080 The emergency scenario.

00:07:38.580 Right.

00:07:38.780 And this figures largely into political theory.

00:07:43.460 Well, the political theory we've been learning, maybe not all political theory.

00:07:46.500 It figures largely into that.

00:07:48.020 So part of what I want to do here is I want to focus on three crises.

00:07:52.100 And the first one I want to cover is just to sort of set the context of how a crisis, an economic crisis can be handled, because I want to anticipate those who are going to say in defense of FDR, who I am going to attack.

00:08:08.860 In defense of FDR, they'll say, well, he had to do it.

00:08:12.220 You know, there was a crisis.

00:08:13.680 There was an exception, an emergency, and he had to do extraordinary things.

00:08:17.880 Right.

00:08:18.020 Well, history has been kind to us in this regard, because in 1920, we had a crisis that was as big or worse than the one that happened in 1929.

00:08:32.240 After World War I, there was a similar crisis.

00:08:36.820 And let me, well, I'll just tell you really quick.

00:08:39.240 I'm going to go through this really fast.

00:08:40.800 1920, the U.S. stock market fell by nearly 50 percent.

00:08:44.720 Corporate profits declined by over 90 percent.

00:08:47.200 Unemployment jumped from 4 percent to nearly 12 percent.

00:08:51.020 And gross national gross national product declined by 17 percent.

00:08:55.400 So if you compare that stock market drop, for example, to 1929, it was actually worse than Black Friday.

00:09:02.720 Again, no one remembers this.

00:09:04.700 Right.

00:09:05.140 Why do they not remember it?

00:09:06.840 Because what happened next is not what they would recommend anymore.

00:09:10.780 And it worked.

00:09:12.460 And they don't want to talk about it.

00:09:14.740 Because what happened next is instead of FDR or Herbert Hoover, our country was blessed with a president named Warren G. Harding.

00:09:22.920 Much maligned.

00:09:24.180 If a president is maligned, you know there's something good about him and you should take the money.

00:09:27.700 But that's your little tip for the day.

00:09:31.120 OK, so what did Warren Harding do in the face of this crisis?

00:09:36.620 Instead of a fiscal stimulus, I'm sure you know that that's sort of how things are done these days.

00:09:42.700 Harding cut the government's budget nearly in half between 1920 and 1922.

00:09:47.420 He slashed tax rates for all income groups.

00:09:51.680 He reduced the national debt by one third.

00:09:54.960 And then furthermore, the Federal Reserve, which did exist at the time.

00:09:57.980 It started an act in 1913, Federal Reserve Act in 1913.

00:10:02.940 It did exist, but it did not do any.

00:10:05.280 It wasn't active.

00:10:06.220 It wasn't an activist Fed at this time.

00:10:08.160 It did not expand the money supply in response to the crisis.

00:10:12.700 I'm sorry.

00:10:13.100 Let me be careful there.

00:10:14.000 The Fed had been doing things.

00:10:15.160 That's why we had the problem in 1920.

00:10:17.420 But in response to the crisis in 1920, it didn't do more.

00:10:21.220 It basically did nothing in response to the crisis, in line with Harding's whole approach.

00:10:26.260 What were the results of all this?

00:10:28.520 Well, the great American economist Benjamin Anderson from back then, a contemporary economist, described the results.

00:10:35.240 He says, in 1920 to 1921, we took our losses.

00:10:38.700 We readjusted our financial structure.

00:10:40.980 We endured our depression.

00:10:41.960 And in August 1921, notice that's a year and a half later, not nearly 20 years later.

00:10:48.840 In August 1921, we started up again.

00:10:51.860 The rally in business production and unemployment that started in August 1921 was soundly based on a drastic cleaning up of credit weakness, a drastic reduction in the costs of production, and on the free play of private enterprise.

00:11:05.280 It was not based on government policy designed to make business good.

00:11:09.460 So hopefully it's clear why I'm bringing this up.

00:11:12.300 It's a forgotten thing.

00:11:13.720 It's a forgotten bit of history.

00:11:14.860 And it puts the lie to anyone who would say, well, FDR had to do all this, you know, alphabet soup agencies and what we're going to talk about with gold and all that.

00:11:24.640 He had to do it, or we would never have gotten out of the depression.

00:11:27.280 Well, two things against that.

00:11:28.760 Number one, we almost had a lab experiment 10 years before here.

00:11:33.640 Very similar situation.

00:11:35.380 Handled it differently and got great results.

00:11:38.920 Number two, he did not end the depression.

00:11:40.820 The depression went from 1929 until 1945.

00:11:46.100 I shouldn't have said almost 20.

00:11:47.660 Over 15.

00:11:48.500 Over 15 years.

00:11:50.860 World War II did not end the depression either.

00:11:52.760 A different topic.

00:11:55.060 So having said all that, let's throw FDR under the bus.

00:12:01.880 I mean, can you imagine FDR?

00:12:04.420 He becomes president in March 1933.

00:12:06.860 And can you imagine him handling the crisis in the way Harding handled it?

00:12:12.340 You know, shrinking the state and, you know, sort of this humble approach, right?

00:12:15.960 And there's just no way.

00:12:17.200 FDR was never going to do that.

00:12:19.380 Well, it's the exact opposite of what we've heard, right?

00:12:21.500 If FDR hadn't stepped in and created all these jobs and, you know, created all these programs, then there's no way that the United States possibly could have survived it.

00:12:31.360 So, you know, that's the exact opposite of what we learned about how you get out of the Great Depression, right?

00:12:37.520 Or how you at least survive it.

00:12:39.120 Yeah, it's amazing.

00:12:40.200 I mean, we just we live in lies.

00:12:41.900 We live in an empire of lies.

00:12:43.440 It's just amazing.

00:12:45.060 Okay.

00:12:45.360 So what was the crisis in 1933?

00:12:48.100 Obviously, the stock market crashed in 1929.

00:12:50.420 Herbert Hoover, another forgotten thing, had already been doing a new deal.

00:12:56.640 When we talk about the new deal, we're actually usually referring to the second new deal, which was FDR's new deal.

00:13:02.440 Herbert Hoover had already been taking this kind of activist approach in contradiction to Harvey.

00:13:06.500 Oh, I forgot to mention Herbert Hoover was the let me get his title right.

00:13:11.200 He was the secretary of commerce under Harding, and he recommended that Harding handle 1920 like Hoover and FDR handled 1929.

00:13:19.500 And Harding ignored him, much to the benefit of the 20s, which, as everyone knows, went really well, right?

00:13:28.780 And then, let's see.

00:13:31.700 So where am I?

00:13:32.600 Okay.

00:13:33.140 So I already explained about money.

00:13:35.560 Okay.

00:13:36.200 So here's what you need to know.

00:13:38.240 In 1933, one of the crises that was going on, besides the general downturn in economic activity and so forth,

00:13:45.060 is that people were asking for their money back that they had deposited in the banks, known colloquially as a bankron, right?

00:13:52.840 And so they were trying to act very fast to keep the banking system from collapsing.

00:13:59.620 So here's what you need to know.

00:14:00.900 The U.S. dollar had been defined as about one twentieth of an ounce of gold.

00:14:04.520 So that is an ounce of gold would be about twenty dollars.

00:14:10.860 And the gold was the money.

00:14:13.100 That's the key thing to understand.

00:14:15.960 The paper.

00:14:16.580 This is hard for us to go back in time because we think of the paper money as money.

00:14:21.020 The paper money was just a representation for the gold.

00:14:24.420 It was just a matter of convenience, sort of like a check, writing someone a check rather than handing them a pile of hundreds or something.

00:14:30.300 Right.

00:14:31.320 Similarly, you'd use paper dollars rather than carry around a heavy amount of gold or something.

00:14:37.360 So paper notes could be redeemed for gold at any time.

00:14:41.580 Imagine that prior to 1933, an American citizen fully expected that he could take the paper money in his wallet and turn it into gold.

00:14:50.940 Trivially.

00:14:51.580 I mean, no one even thought about it.

00:14:53.380 It was just that was just normal.

00:14:55.180 Right.

00:14:55.360 OK, so here's the thing about the banks.

00:15:01.320 Regular folks, including us still, think we can just go and pull out the money we've deposited in our checking accounts whenever we want.

00:15:09.280 But that actually is not true because the bank doesn't have all the money.

00:15:13.680 They have this terrible practice of loaning out most of the money you put in your demand deposits, like 90 percent or more of it, which works fine most of the time, because most of the time we don't run and empty our checking accounts all at once.

00:15:29.180 Right.

00:15:29.880 But sometimes, like in 1933, there's a crisis and everybody wants their cash.

00:15:34.320 So everyone goes and the bank says, sorry, we can't give you all that cash because we don't have it.

00:15:40.780 Yeah, this is kind of the it's a wonderful life moment where they all show up to the daily, you know, it's all the money is in his house and her house.

00:15:48.660 It's it's not here.

00:15:49.900 You know, how much do you need?

00:15:51.140 And it turns out they don't have almost any of the money.

00:15:53.080 Right.

00:15:53.960 Right.

00:15:54.280 Right.

00:15:54.640 And and supposedly I'm supposed to be comforted by the fact that if you like read the fine print or something or know the ins and outs of banking, you know that when you put your money in your checking account, really, you're not storing the money.

00:16:06.920 Really, you're loaning it to somebody that you don't know.

00:16:10.780 But I don't think that's how most people understand their checking account.

00:16:14.180 They think that that money is there.

00:16:16.320 And if I need it in a pinch, you know, a bill, a bill comes up, a car repair comes up.

00:16:21.260 I can go get the money and use it.

00:16:24.220 But banks have special privileges like suspending specie payment.

00:16:29.560 And that means in in the pre 1933 world, if people come asking for their gold, the bank could just refuse to give them their gold.

00:16:37.100 And they could do it for days, weeks, years, which is a very strange way to run a business.

00:16:43.840 I mean, imagine any other business.

00:16:45.800 Right.

00:16:46.940 You know, a laundry or something where you said, can I have my dry cleaning back?

00:16:50.660 And they say, sorry, we loaned your dry cleaning out and we can't give it back to you right now.

00:16:57.020 Now, the suspension of the CCS payment, would that reduce the credibility of the bank or why didn't banks just do this all the time?

00:17:06.820 What was the incentive for them to kind of be able to produce that if necessary?

00:17:12.980 Right.

00:17:13.180 So if one bank would do it, then people would want to be would not want to use that bank anymore.

00:17:19.200 Right.

00:17:19.780 So typically it would be in a general crisis where all the banks would do it at once.

00:17:24.560 Right.

00:17:24.700 Gotcha.

00:17:25.760 And so that's how they sort of cover for each other in that way.

00:17:28.900 OK.

00:17:29.160 OK.

00:17:29.240 So what happened in 1933 is that and this is sort of hard to imagine.

00:17:39.520 It's hard.

00:17:40.020 It's easier for me to imagine, Aron, after the last couple of years of lockdowns and stuff.

00:17:45.860 Yeah.

00:17:46.060 Yeah.

00:17:46.280 A little more believable after watching the government shut down the entire economy.

00:17:50.760 Yes.

00:17:50.940 But before, just a few years ago, this would have sounded like it happened in some kind of totalitarian dictatorship.

00:17:55.940 But this is the shocking part that I think a lot of people don't know ever happened and can't imagine was possible.

00:18:02.640 So we'll go through the details.

00:18:04.560 But here's the highlight.

00:18:05.500 Americans were forced to hand over all their gold in 1933, assuming it would be returned, by the way, after the economic crisis had passed.

00:18:14.200 But the federal government hid its intentions every step of the way and they never returned the gold.

00:18:19.460 They never have still to this day.

00:18:22.060 OK, so that's that's the top line of it.

00:18:25.500 Let's go through the details.

00:18:27.160 So why did he outright confiscate the gold to so-called fight the Depression?

00:18:33.300 Well, gold was an obstacle to the kind of spending that FDR wanted to do.

00:18:38.660 Why would that be?

00:18:40.780 If the government had suddenly imposed a paper currency on Americans that was not convertible to a precious metal,

00:18:47.200 that is like the money we have today, and that could be inflated at the whim of politicians, Americans would flee into gold if they could.

00:18:57.700 That is, FDR knew his economics this much.

00:19:01.000 He knew that if he introduced a fiat currency alongside gold as money, the fiat currency would lose. 0.99

00:19:08.400 People would just be like, I'm not using that crap. 0.94

00:19:10.020 Yeah, it's going to be worth less tomorrow than it is today, like our money is. 0.99

00:19:14.440 Right.

00:19:15.040 So I'll just keep using gold.

00:19:17.540 So he had to take gold off the table as an option if he was going to be able to use inflation to fund all the crazy New Deal programs.

00:19:25.680 So if your plan is to artificially inflate in order to spend way more than you possibly could otherwise, you can't allow a competing currency.

00:19:35.240 You can't allow something to compete and hold value because then your currency would become worthless.

00:19:40.320 You have to drive all competition out of the market in order for you to use those tricks.

00:19:46.340 Yep. And you'll see it with, you know, third world countries who start putting all kinds of controls or try to on the use of the U.S. dollar because they're trying to make their currency even worse than the U.S. dollar. 0.94

00:19:58.920 And they don't want to compete with the U.S. dollar.

00:20:01.000 So there'll be all these capital controls and all kinds of stuff trying to keep people in the reservation, basically, so that the government can do its tricks, you know. 0.76

00:20:10.880 So let's see.

00:20:12.120 Yeah.

00:20:12.300 So gold needed to be seized and it needed to be demonetized.

00:20:16.080 That means just like what it sounds.

00:20:18.240 How could gold not be money?

00:20:19.780 And this is, by the way, something a lot of people get confused.

00:20:22.380 Even people were sort of like pro-gold and all that.

00:20:24.800 They're like, gold is money because, like, it used to be money and historically it's been money.

00:20:30.040 And maybe they believe it would be a great money if it was money again.

00:20:33.520 But that's not what it means to demonetize.

00:20:35.820 It's demonetized means gold was no longer an accepted, a widely accepted medium of exchange after FDR did this.

00:20:43.800 Right.

00:20:45.280 It was well, it wasn't available to be used as a medium of exchange for one thing.

00:20:50.040 And so you had to use the U.S. Federal Reserve note.

00:20:52.960 Right.

00:20:53.480 So, as I understand, the mechanism FDR used to do this was an executive order, right?

00:21:02.320 No, no, no.

00:21:03.420 Well, it's a little complicated, but that's what I'm going to cover next.

00:21:06.160 So how it was done.

00:21:07.820 So it began with the Emergency Banking Act, which Congress approved on March 9th, 1933.

00:21:13.800 After only the most trivial debate, we'll talk more about its passing in a moment.

00:21:19.560 So what did the act do?

00:21:21.440 First of all, and I think you'll find this little detail interesting around, that's why I left it in.

00:21:25.560 It retroactively approved the president's closing of private banks throughout the country for several days the previous week.

00:21:32.460 An act that he had not bothered to justify and for which he had possessed no constitutional or statutory authority.

00:21:38.440 So he just acted.

00:21:40.540 And then they kind of put a blessing over it a week later.

00:21:44.880 Yeah, it's legitimate now.

00:21:45.920 Who cares?

00:21:46.480 You know, yeah, we fix it now.

00:21:48.880 It's legal at this point.

00:21:50.080 Yes.

00:21:50.780 Yeah, you can see why I wanted to share this with you.

00:21:52.680 I mean, this isn't just such a perfect picture of how power really works, right?

00:21:56.700 And it's something we see over and over again, right?

00:21:59.060 The times that monetary, and I'm sure we're going to, you've already started and we're going to get deeper into it.

00:22:03.400 But the times monetary policy always gets fuzzy, tends to be around these imperial presidencies, right?

00:22:08.540 It tends to be around these presidencies that already have kind of the intention to act and then kind of have the, you know, like you said, the crisis, the moment of exception.

00:22:20.740 They're already going to do a lot of extra constitutional things. 0.95

00:22:24.440 I mean, a lot of people would look at this and say, seizing gold.

00:22:27.260 I mean, there's at least a few amendments that have to protect my right to my own property, right?

00:22:32.960 How can an executive order or even an act of Congress possibly allow them to violate the Constitution in this way?

00:22:39.800 But like you said, you know, a little bit of historical revisionism, a little bit of sweeping under the rug, the explanation that, you know, it's a single moment.

00:22:48.260 And then you move beyond it. Somehow, all of a sudden, these actions become, oh, they were just necessary.

00:22:52.700 If we hadn't done this, we wouldn't have gotten to where we are. So it's fine.

00:22:54.820 It doesn't matter if the Constitution was suspended. It's not a big issue.

00:22:58.500 I mean, it's comical, Aaron, because, you know, one of the points I think you've been making is that, you know, we don't really live under a rule of law and so forth.

00:23:06.400 And what a fakie joke of a way to make it seem like, oh, no, no, we're still, you know, constitutional.

00:23:16.100 We're still under the rule of law because we retroactively made it OK.

00:23:21.100 The thing he did last week, which was completely illegal. Right.

00:23:24.960 Absolutely. What? It's like it's clown world in 1930.

00:23:29.260 It's the War Powers Act for money. Yeah. Yeah, exactly. Right. Right. Exactly. 0.67

00:23:33.480 OK. So what else did this act do? It gave the secretary. This is the part key to our story.

00:23:38.700 It gave the secretary of the Treasury the power to require all individuals and corporations to hand over all their gold coin, gold bullion or gold certificates.

00:23:47.140 If, in his judgment, such action is necessary to protect the currency system of the United States.

00:23:53.180 All right. And it gets better in terms of the power of emergency.

00:23:58.420 And also what it did is it built on a wartime measure from World War One.

00:24:04.960 Now, bear in mind, World War One's been over for a while at this point.

00:24:08.880 Yeah. It's been over for, what, 15 years or something like that.

00:24:13.480 Right. And so the Emergency Banking Act amended the Trading with the Enemy Act of 1917.

00:24:22.080 OK. The Trading with the Enemy Act, as you can imagine, was to criminalize economic intercourse between American citizens and declared enemies of the United States.

00:24:31.620 Right. A wartime measure. And probably most people were like, OK, well, that's fair enough.

00:24:35.480 We're at war with them. We shouldn't be like helping them with trading with them or whatever. Right.

00:24:40.040 But one provision of that act had granted the president the power to regulate and even prohibit any transactions in foreign exchange,

00:24:50.960 export or ear markings of gold or silver coin or bullion or currency by any person within the U.S.

00:24:57.460 So people thought that once the war had been over for two years, the Trading with the Enemy Act would no longer possess any force.

00:25:05.540 The Supreme Court explained that no specific limitation restricted the act's provisions to World War One.

00:25:11.340 So this thing that initially everybody would be like, well, it's an emergency act.

00:25:15.300 Quietly, you know, in a Supreme Court thing that probably no one paid attention to, they quietly said,

00:25:20.340 it doesn't matter whether the emergency is still ongoing or not. The rule is still in place. Right.

00:25:25.320 Right. One more thing. And then I want you to I mean, you can see why I'm bringing this stuff up to you.

00:25:31.020 Yeah. So rather the trading, rather the Supreme Court said the trading with the enemy act stood ready to meet additional wars

00:25:37.740 and additional enemies and could be called into service once again under those circumstances.

00:25:42.660 The funny part being that no one would have expected that the additional enemies in the 1930s would be the American people themselves.

00:25:48.740 Yeah. Yeah. For people who are currently enjoying the the acceleration of the Patriot Act onto the American population,

00:25:58.960 you can't help but draw those parallels. Right.

00:26:01.320 Like just absolutely say you have this zombie piece of legislation that's or or even a Supreme Court decision that is made in a particular time,

00:26:10.440 in a particular with a particular context, assuming that it's all going to be short term,

00:26:15.580 that the the power granted will be very specific, specific and circumspect.

00:26:20.660 And it turns out, actually, it just becomes legal cover for the constant violation.

00:26:26.300 And we stay in the state of emergency and fortuity. Right.

00:26:30.420 Yeah. Right. Right. Right. And I mean, I can just imagine like with the 9-11 Patriot Act, you know,

00:26:34.620 I can just imagine some poor guy getting arrested and being charged with like terrorism.

00:26:38.960 He's like, what? Terrorism? Well, it's this 9-11 provision, you know, this this law that got passed right after 9-11.

00:26:46.500 We're using it on you. 9-11. What? I didn't fly any buildings, the World Trade Center.

00:26:51.860 What are you talking about? You know, but but that is our legal reality.

00:26:56.220 Yeah. You can also be almost the, you know, like old and old.

00:26:59.540 This is kind of the version of like owning gold is, you know, you're siding with Putin here. 0.92

00:27:03.620 You know, like it's the update of that ridiculousness. 0.95

00:27:07.600 All right. So we we here. 0.93

00:27:10.420 So gold is being outlawed again.

00:27:12.300 That sounds kind of crazy to people that the that gold would be seized.

00:27:16.500 Are you going to go into the process here then?

00:27:19.380 Like how that was implemented?

00:27:22.240 Well, let me do a little more on.

00:27:24.860 Yeah. Sure. Sure.

00:27:25.500 Let me tell you what's next.

00:27:26.680 OK, so a month later, so all that was put into place, the Emergency Baking Act, the extension of the Trading with Enemy Act.

00:27:34.080 And so a month later, claiming authority from the Emergency Baking Act and its amendment to the Trading with the Enemy Act, which extended its application.

00:27:42.820 President Roosevelt ordered all individuals and corporations in America to hand over their gold holdings to the federal government in exchange for an equivalent amount of paper currency.

00:27:50.760 The people were not yet told that the gold they were delivering to the government would never be returned to them.

00:27:57.360 That would come later.

00:27:58.840 They were not told that the paper currency they would receive in return would be diluted in value.

00:28:03.500 That also would come later.

00:28:06.160 So it's a little hard to understand why Americans didn't put up more of a ruckus.

00:28:11.100 I mean, well, number one is that, as we know, 1929 did introduce a crisis, which you may not know, but Herbert Hoover made it worse by not taking the Warren Harding route, but the very opposite.

00:28:24.360 And so, you know, people have a sense of a crisis.

00:28:27.520 And as usual, and this is why power likes using a crisis, right?

00:28:32.160 In a crisis, we all pull together.

00:28:33.740 It's like animal instinct.

00:28:35.000 You pull together, you gather the herd together, right, to face the enemy or face the emergency, right?

00:28:42.040 And so the mindset was, up until you have to get yourself back into a place that's really mentally unfamiliar.

00:28:49.360 Up until this time, the American dollar could always be redeemed for gold, remember?

00:28:54.120 So that's the mindset that people have.

00:28:56.440 And they're thinking, oh, well, this is a little temporary emergency measure.

00:29:00.200 And then we'll go back and these dollars that look just the same as they did yesterday, I'll be able to go to the bank and I'll exchange it for gold, just like I would have a week ago, right?

00:29:10.020 It was hard to imagine that this was being used as an opportunity to just completely change everything.

00:29:17.240 It seemed like a small step in a way, if you follow me, because people weren't walking around with gold coins.

00:29:22.980 They were using the paper dollar that represented the gold and the gold was at the bank.

00:29:26.980 And so that's really the instrument through which they could put this into practice, is that most of the gold was sitting in vaults at banks.

00:29:36.440 And so the government just worked with the banks to grab the gold.

00:29:39.100 Yeah, it makes more sense, like you said, now after kind of the post-pandemic and everything, how egregiously things have changed.

00:29:48.020 But you look back to something like 9-11 and most people say, okay, a little bit, you know, additional security to make sure that, you know, there's not a bomb on my plane or something.

00:29:56.960 Yeah, sure, that's fine.

00:29:58.060 And, you know, 20, 30 years later, they're still like walking through body scanners and, you know.

00:30:03.680 Taking shoes off.

00:30:04.680 I hate the taking shoes off part.

00:30:06.380 Right, right.

00:30:07.840 Yeah, so these things not only stayed with us, the things that seemed like a small change in the moment, but they actually accelerate over time.

00:30:17.740 The security is far more serious now than it was then.

00:30:21.100 And now your point is now this would have been even less of a shock to them at this time because, like you said, the average person, they're not actually – like in theory, like the idea is my money is worth gold and I can go change it at any time.

00:30:34.500 But the average person is not walking around with gold in their pocket.

00:30:37.240 They're not regularly going to the bank to switch their gold for – their cash for gold, their gold for cash.

00:30:42.420 And so the idea that, you know, okay, we're going to put this on hold for a year or two or something until things go back to normal, that wouldn't have been something that immediately affected your life because it's not like you were walking around with a bunch of gold bars in your pockets.

00:30:56.240 Right.

00:30:56.460 And there's just this, you know, and I think in some ways it speaks well of people.

00:31:00.880 There's this assumption of assuming the best kind of, you know, that people just figure, well, you know, okay, they'll do the right thing, you know.

00:31:11.480 And also it helps to emphasize that this is very unusual in the history of the world to have a paper money that is not backed by anything at all.

00:31:22.560 It's – up until this time it was unheard of basically.

00:31:26.260 It had happened briefly in the French Revolution, I think, but as usual it just became a hyperinflation and the paper money became worthless.

00:31:32.640 And then, well, you know, some of these have become sayings or idioms, right, of not worth a confederate or an assignat or whatever, right?

00:31:44.440 These were monies that were not properly backed and they were just paper and they became worthless, right?

00:31:49.780 Gotcha.

00:31:50.000 So people had briefly tried these experiments, but no one saw that as like a good idea to do for long term, right?

00:31:56.580 It always fell apart and through most of history people had precious metals.

00:32:02.540 Okay, so then June 5th, 1933, at the behest of Roosevelt, Congress passed a joint resolution that made it illegal to require payment in gold or a particular kind of coin or currency.

00:32:17.460 That meant that any provision in a private contract or even in a public one, like when someone bought a government bond, promising payment in gold was nullified.

00:32:28.960 So this – we talked about President Roosevelt's unconstitutional action getting blessed retroactively.

00:32:36.160 Well, these are contracts that already have been written and signed and agreed legally, and now those contracts are nullified retroactively.

00:32:43.440 They actually go back in time and say, no, that contract doesn't – the provisions of that contract are no good, right?

00:32:51.620 Wow.

00:32:52.940 So payment could be made in whatever the government had declared to be legal tender, right?

00:32:58.740 So I got to give props to the blind Senator Thomas P. Gore, grandfather of Gore Vidal, the great Gore Vidal, Democrat of Oklahoma. 0.70

00:33:09.380 He told the president to his face what he thought of this policy.

00:33:12.260 He said, why – that's just plain stealing, isn't it, Mr. President?

00:33:18.620 Which it is.

00:33:19.860 Yes, of course.

00:33:20.980 So, in fact, let me make it clear.

00:33:24.900 Oh, I'm sorry.

00:33:25.640 I'll give an example in a moment.

00:33:26.760 So what happened to the price of gold or effectively the dollar price?

00:33:32.140 It was literally decided each day by FDR and the Chargery Secretary, Henry Morgenthau, in a completely random manner.

00:33:39.540 I am not joking in what I'm about to tell you.

00:33:41.880 One time, FDR set the price of gold to $21 an ounce because 21 is a lucky number, you know, three times seven.

00:33:49.820 I'm not kidding.

00:33:50.580 So these are the adults in the room, by the way.

00:33:54.840 These are the serious people in our lives.

00:33:57.100 So this sounds – you know, we've got this free market economy, right?

00:34:01.080 Like this sounds an awful lot like the kind of cartoonish stuff that you would hear out of a story from the USSR, right?

00:34:09.660 Like all of a sudden –

00:34:10.680 Soviet Central Planning Board, yeah.

00:34:12.300 Exactly, yeah, yeah.

00:34:13.380 The president, you know, he has a lucky number today, and so that's what the money is worth.

00:34:18.480 Like it sounds too absurd to possibly be true.

00:34:22.160 How could America, this free market, free enterprise system, possibly function the same way?

00:34:27.480 That doesn't make any sense.

00:34:28.920 I know.

00:34:29.340 Well, we'll talk about that in a minute.

00:34:32.500 But let's just talk about the immediate effects, which is it didn't function.

00:34:35.860 It stopped functioning.

00:34:36.920 Right, right, right, right.

00:34:37.680 So the consequences were not difficult to predict.

00:34:40.600 Private lending came to a halt.

00:34:42.460 Now, what other outcome would be possible?

00:34:45.800 With the value of the dollar constantly changing, lenders had no way of knowing whether the dollars they would earn from repaid loans in the future would be worth less than the dollars they were lending in the present, or how much less, or whatever, right?

00:34:59.600 So Senator Carter Glass, Democrat of Virginia, as he put it,

00:35:03.020 no man outside of a lunatic asylum will loan his money today on a farm mortgage.

00:35:07.100 Now, if you know anything about business and farming, you can imagine the disastrous effect here.

00:35:14.640 A lot of people use loans to, you know, say a farmer buying some, borrowing early in the season to pay back after they harvest, right?

00:35:27.840 This would be a very typical model, and businesses operate in a similar way.

00:35:32.240 Well, this all started falling apart.

00:35:34.560 But this was not a problem, Maron, for FDR.

00:35:37.220 In fact, one might say this is exactly what he wanted because he used the failure of the credit market as an excuse to provide relief.

00:35:45.840 If, oh, the market's not working, guess we have to step in, you know?

00:35:50.780 How unfortunate.

00:35:51.600 We looked at it.

00:35:52.140 We don't want to.

00:35:53.000 We don't want to, but we got to help you, you know?

00:35:55.780 Right?

00:35:56.540 So anyway, go ahead.

00:35:58.300 Again, something we see over and over throughout history, the generation of the problem, the need for the exception,

00:36:04.840 and then the exercise of power that remains permanent once the theoretical crisis that was already brought into existence by the very leader who now attempts to solve it,

00:36:15.220 your power is now permanent at the end of the whole thing.

00:36:18.180 Yeah, and Ludwig von Mises put it in a wonderful way in the title of one of his speeches or pamphlets.

00:36:24.100 It's middle of the road policy leads to socialism.

00:36:27.620 And this is what he's talking about.

00:36:28.800 One exception leading to another, to another, to another.

00:36:31.360 And it just leads you to the total state, right?

00:36:34.840 Okay, so let me give you a concrete example of this, the problem with this not allowing the contracts to, nullifying the contracts.

00:36:45.160 So there were a couple Supreme Court cases, of course, that happened really quickly with people challenging this.

00:36:51.740 And one called, the case is called Perry, involved a man who had purchased in gold a U.S. bond that was payable in gold,

00:36:59.480 and he was seeking payment either in gold, or he was a reasonable man, or in the equivalent,

00:37:04.840 in paper currency.

00:37:06.420 And the government didn't want to do that.

00:37:08.240 They didn't want to pay him back, but they owed him, right?

00:37:10.280 Yeah.

00:37:10.920 So they intended to pay in depreciated dollars, which would not be the equivalent, right?

00:37:17.260 And he would have received far less than he was entitled to under the terms of the bond.

00:37:21.100 So the bond had a face value of $10,000 in gold, but with the inflated dollars of post-gold standard America,

00:37:27.740 it would have taken about $17,000 in the new paper currency to satisfy what they had contracted to pay him.

00:37:34.920 Get ready for this.

00:37:36.620 The Supreme Court said the government has to live up to its promises.

00:37:39.820 But then the Supreme Court followed with this twisted argument.

00:37:45.200 Since gold was now illegal to hold, the plaintiff had not really been wronged after all.

00:37:50.480 For even if the government did redeem his bond in gold, it would have to confiscate the gold from him.

00:37:56.360 That's amazing.

00:37:59.360 Wow.

00:38:00.400 Sorry, we can't pay you back properly.

00:38:04.220 If we did, we'd immediately have to take the money from you at Force of Arms.

00:38:09.620 That's an amazing piece.

00:38:11.020 Yeah, no, that's wild.

00:38:12.300 So I had to share that.

00:38:13.540 Just phenomenal.

00:38:14.720 So, right.

00:38:18.740 So, by the way, I have a great phrase, credit to Merlin Mann for this.

00:38:23.260 I call that playing lawyer ball.

00:38:25.680 Okay.

00:38:26.380 Okay.

00:38:26.920 So.

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00:38:59.160 Great, great line here from one of my sources.

00:39:01.460 I'll be sharing the sources in the live chat.

00:39:03.760 Looting the public and then persuading them that their expropriation was really for their

00:39:07.860 own good.

00:39:08.660 That is a deep trick, even for government.

00:39:12.800 Okay.

00:39:13.180 So I want to go on to the next, the rest of the story.

00:39:16.300 But any comments on the FDR part of this story before we move on to Nixon?

00:39:20.640 Because this is, there's really two signal events that kind of bookends are, well, you could

00:39:26.440 say there, this is, this is severing from gold for most of us, but there's still a tie

00:39:32.920 to gold that's left.

00:39:34.040 And that's what Nixon suffers.

00:39:35.740 And that's what we'll finish up with.

00:39:36.940 But any commentary on the remarkable tale I've told you here?

00:39:40.980 Well, I just want to clarify for people, because again, I think it's something that would

00:39:44.160 just, I think most people wouldn't believe it if you just brought it up in casual conversation.

00:39:48.220 So gold remains illegal, like, like not like you can own personal gold, you can own like

00:39:54.220 jewelry.

00:39:55.260 And I think it was something like you're allowed to own like $100 worth of gold, you know,

00:39:59.760 but, but, but in general through, I think it was something like 1975, it's illegal to

00:40:06.220 hold gold bullion, like in mass, it's considered hoardery, like in the United States.

00:40:10.460 Like, I just think the idea that 40 years, yeah, you just would not have that property right

00:40:15.580 at all would just blow people's mind and that that would hold up to repeated legal challenge

00:40:22.520 again, in the face of, you know, people are probably thinking I've got a fifth amendment,

00:40:27.040 right?

00:40:27.220 Like how, how, or, you know, how can the government be involved in completely banning the, you know,

00:40:33.680 the ownership of like a basic substance that has been key to, you know, a large amounts

00:40:40.160 of human, human civilization for many, many centuries?

00:40:44.020 Like, how is that possible that this was a regular thing that everyone just accepted

00:40:47.980 and no one talks about in the United States for many decades?

00:40:52.180 I know.

00:40:52.440 It's amazing.

00:40:53.220 Now, what, what I'm not going to do, because we've already sort of learned in, as we've

00:40:57.640 been learning about elite theory and so forth, right?

00:40:59.780 We've already been learning that the constitution is not quite what we were taught in school.

00:41:04.840 It's not quite the, the, the, the, the, uh, the manacles on the, on the government that

00:41:10.440 we were sold it as, um, in fact, as we see with this story, it can just be completely ignored

00:41:16.420 by an active executive, right?

00:41:19.540 And not only can it be ignored, executives are celebrated for ignoring it, right?

00:41:25.900 Like we, we talk about rule of law.

00:41:28.280 We talk about the need for constraints on government.

00:41:30.460 We talk about separation of powers and, and checks and balances and the, and the branches,

00:41:36.180 you know, creating this system where the government is controlled and constrained on a regular basis.

00:41:41.520 But the people we celebrate are the people who abuse the exception repeatedly.

00:41:46.300 People like Lincoln, people like FDR, these are held up as giants, right?

00:41:52.220 It is the imperial presidencies that we idolize and they are, they could become the heroes of

00:41:57.360 history while doing everything that is supposed to be against what like your average GOP mainstream

00:42:04.940 conservative thinks of as just kind of the basis of American government.

00:42:08.580 The, the basic principles that allow for limited government are the very things that need to be

00:42:14.220 regularly violated by people who want to make their mark on the United States.

00:42:18.440 It seems.

00:42:19.360 It does seem like a mixed message on the one hand, we really believe in the rule of law.

00:42:23.060 On the other hand, if you break the rule of law, we'll make a giant face of you on Mount

00:42:26.940 Rushmore, you know?

00:42:28.480 And a lot of times we'll go back and like you said, retroactively legalize the things you've

00:42:34.460 done, right?

00:42:35.080 Like we'll, we'll go back and, and you know, pass a few things and change the history.

00:42:41.220 Sprinkle some holy water on it.

00:42:42.560 Exactly.

00:42:43.060 And it'll be fine.

00:42:43.860 Like none of it'll be a big problem.

00:42:45.220 So who needs habeas corpus, right?

00:42:46.880 Like who needs to, who needs to be able to own goal, own property?

00:42:50.460 Like you don't have rights to that stuff unless, you know, you, you might have those rights

00:42:54.780 unless we feel like at the moment there's a, there's a crisis and then we can suspend

00:42:58.840 those rights for many, many decades without any serious problem, even any serious issue

00:43:04.780 with continuing to exercise that power.

00:43:08.080 Right.

00:43:09.200 Yeah.

00:43:09.540 It's, it's crazy.

00:43:10.640 Oh, what I was going to say about the constitution is I could have gone into detail about how

00:43:14.480 extraordinarily unconstitutional this was.

00:43:16.820 I mean, it's not like the constitution is silent on the matter of, uh, gold is money.

00:43:21.600 It's actually extremely clear.

00:43:23.900 Um, but again, all this just gets interpreted away.

00:43:27.740 Right.

00:43:28.180 Because that's one of the things we learn is you can put words on paper, but who interprets

00:43:33.040 the words?

00:43:33.780 Yes.

00:43:34.380 Right.

00:43:35.080 It's, it's, it's, it's, someone's always deciding it matters who decides.

00:43:39.000 Yeah.

00:43:39.320 So, right.

00:43:40.420 We, so gold is banned.

00:43:42.060 Um, the next big event we were going to talk about is the actions of Richard Nixon, I believe.

00:43:48.460 So I'm going to have to lay a little groundwork there.

00:43:50.880 So the Bretton, Bretton Woods agreement, probably most people have heard those words.

00:43:54.320 I'm going to give you a real capsule thing here.

00:43:56.420 So Bretton Woods conferences in 1944, the war is not going to be over for another year, but

00:44:01.440 at this point, it's clear that the allies are going to win basically, uh, after some grinding.

00:44:06.640 Right.

00:44:07.080 So they go ahead and they meet to talk about what, what should the international order

00:44:10.920 be in various regards, including economically, um, to our point here.

00:44:16.160 So Rothbard writes, the new system was essentially the, the, the system established in, at Bretton

00:44:21.500 Woods, essentially the gold exchange standard of the 1920s, but with the dollar rudely displacing

00:44:27.540 the British pound as one of the key currencies.

00:44:29.580 Um, in fact, now the dollar valued at one 35th of a gold ounce of $35 for an ounce of

00:44:36.940 gold, right.

00:44:37.900 Was to be the only key currency, right.

00:44:41.020 So dollar dominance, which we have to this day, um, or the petrodollar as it's now called.

00:44:46.860 The other difference from the twenties was the dollar was no longer redeemable and gold

00:44:50.460 to American citizens.

00:44:51.320 So this became official, right.

00:44:53.440 You're never getting your gold back.

00:44:54.740 Um, instead the 1930 system was continued with the dollar redeemable and gold to foreign

00:45:02.200 governments and their central banks.

00:45:03.900 And that's the key point because there was still a constraint on the United States government

00:45:09.660 because of foreign governments and other central banks.

00:45:14.340 Now, uh, I think, I think this might be obvious to some people, but just for clarification, why

00:45:19.880 would the U S government restrict that action to their citizens, but not to foreign governments?

00:45:24.740 What's their incentive to leave the gold window open for outside governments, outside banks?

00:45:31.600 Well, they just hadn't gotten to that yet.

00:45:33.380 Basically.

00:45:34.340 They just hadn't, you know, gotten up to that power level or whatever.

00:45:38.340 That's the part I wanted to get to is they, they didn't have the influence able to, to,

00:45:43.320 yeah, to do that leverage.

00:45:44.340 Okay.

00:45:44.620 So go ahead.

00:45:45.720 Right.

00:45:46.020 So, so therefore no private individuals, only governments were to be allowed the privilege

00:45:50.220 of redeeming dollars in the world gold currency.

00:45:52.940 Um, so in the Bretton Woods system, the U S pyramided dollars in paper money and in bank

00:45:58.620 deposits on top of gold in which dollars could be redeemed by foreign governments while all

00:46:03.940 other governments held dollars as their basic reserve and pyramided their currency on top

00:46:08.420 of dollars.

00:46:09.500 So it's a dollar standard, a global U S dollar standard with the U S holding gold that backs

00:46:15.140 it.

00:46:17.140 Okay.

00:46:18.060 So, um, I'm not going to criticize the Bretton Woods agreement.

00:46:23.540 You get the idea.

00:46:24.200 Okay.

00:46:24.740 So what, what is the result of this?

00:46:27.480 Um, at the time as world war II comes to an end, they set the currency exchange values

00:46:33.380 at pre-war levels.

00:46:34.320 This resulted in the dollar being undervalued and European currencies being overvalued.

00:46:39.500 And that increased the demand for dollars.

00:46:41.680 Well, that worked out great for the United States because, um, they could inflate the

00:46:46.840 dollar and people still wanted them because they were relative to European currency.

00:46:51.160 They were still valuable, right.

00:46:52.980 Uh, in this whole scheme.

00:46:54.620 Um, but they kept doing that for a while.

00:46:58.800 Um, uh, so Americans were still not allowed to redeem dollars in gold.

00:47:03.320 They were not a, so they were not a check on this inflation.

00:47:06.620 Americans couldn't make a run on gold, right. 0.54

00:47:09.200 And say, Hey, give me my gold back.

00:47:10.420 Cause that just was illegal.

00:47:11.740 You're right.

00:47:12.140 Um, but other countries could, and they did one in particular, uh, try to guess in your

00:47:19.180 mind here, European governments, and especially the French government led by Charles de Gaulle.

00:47:25.760 Um, he was advised by the classical gold standard economist, Jacques Roof.

00:47:29.540 Uh, by the 1960s, they began to purchase U S gold in earnest.

00:47:34.220 So they're like, we are going to take advantage of these, this redemption, right.

00:47:38.400 And we're going to get us some gold over in France.

00:47:40.680 Right.

00:47:41.700 Um, so in, in the early post-war years, it made sense to hold officially undervalued dollars,

00:47:48.600 but in less than two decades, the dollars become hopelessly overvalued relative to most

00:47:53.220 European currencies.

00:47:54.540 And so they're all wanting to pull our gold out of the U S right.

00:47:58.360 Right.

00:47:58.500 Um, there was the Vietnam war, there was LBJ's great society welfare programs to fund.

00:48:03.880 And the U S government was funding them to a great degree through inflation.

00:48:08.600 So it was reaching a crisis point by the late sixties in 1968, they tried to stop gap measure

00:48:14.260 to stop the gold hemorrhage.

00:48:16.080 As usual, they didn't know what they were doing.

00:48:17.980 It resulted in increasing the runs on U S gold.

00:48:20.600 It actually made the problem worse.

00:48:22.780 And so by the summer of 1971, the U S economy was stagnant.

00:48:26.700 Prices were rising and president Nixon on August 15th, 1971 announced his phase one economic

00:48:34.300 plan of price controls.

00:48:35.780 Just in case you never remembered that Nixon did price controls. 0.79

00:48:38.680 He did, uh, price controls and temporarily closing the gold window.

00:48:45.020 What does that mean?

00:48:46.080 That means that foreign governments, foreign central banks could no longer redeem U S dollars

00:48:51.800 into gold, just like had been done to private American citizens in 1933.

00:48:55.900 Now we were doing it to everybody.

00:48:57.840 I shouldn't say we, the government was, um, so what happened, both inflation and price

00:49:03.500 controls continued.

00:49:04.400 Even after Nixon, the 1970s were marked by stag, stagflation, rising unemployment and rising

00:49:10.800 consumer prices, rising price inflation at the same time.

00:49:14.480 Um, one little detail here.

00:49:16.920 That's interesting.

00:49:17.520 The economists who had advocated for the dollar being fully severed from gold thought that

00:49:22.700 gold was being propped up by its tie to the dollar.

00:49:25.680 And so they thought it would drop from that fixed $35 per ounce price to around $10 per

00:49:31.280 price per ounce.

00:49:32.420 They figured reflecting the industrial use of gold, right?

00:49:35.560 Instead by early 73, it had climbed to $125 an ounce.

00:49:40.100 And as you may know, it's a, I just checked, it's over $1,600 an ounce right now.

00:49:45.160 Um, but the point is gold was demonetized still, right?

00:49:50.320 It still couldn't be used as a money.

00:49:51.980 It wasn't money anymore.

00:49:53.920 Um, so all money now is fiat paper money that has no backing in a valuable commodity.

00:49:59.520 Gold exists.

00:50:00.520 It does not serve as money.

00:50:02.040 And that means I cannot walk into a store and purchase with a gold coin.

00:50:05.960 They'd look at me funny, right?

00:50:07.200 Or a certificate representing gold.

00:50:09.100 It just wouldn't work as, as gold, right?

00:50:11.540 So then the final part of the story is about 1975, the federal government once again permitted

00:50:16.440 Americans to hold gold, even in the form of commemorative coins.

00:50:20.520 I have some, um, but just to make sure these coins could never circulate and displace the

00:50:26.480 constantly depreciating paper currency printed by the U S government, the law required that

00:50:31.640 such coins could circulate only at a value of $50 an ounce.

00:50:34.900 Since gold sells for about $1,800 an ounce right now, no one in his right mind is going

00:50:40.500 to use gold as money.

00:50:42.580 Right.

00:50:42.760 So you may, you functionally made it illegal to use gold as money, even though you're allowed

00:50:46.520 to possess it.

00:50:47.520 We may now possess it again.

00:50:49.120 Thank you very much government, but, but land of the free.

00:50:52.800 Yes.

00:50:53.180 Land of the free, but it's, it's never going to be money again.

00:50:56.300 And that's why in a way you could think of them re-legalizing as a, as almost kind of

00:51:02.900 a joke, right?

00:51:03.580 It's, it's, it's almost a slap in the face.

00:51:05.440 It's like here, you can have this little toy back, but you can't have it as money anymore.

00:51:10.080 You can't have it be its historic use anymore.

00:51:13.840 Right.

00:51:13.960 Now that we've completely abstracted the concept of money away from this gold, you, you, now

00:51:21.120 you can have it back because it no longer can serve the function.

00:51:23.880 And you, you can't, you can't even conceptualize it as money anymore because we've separated

00:51:29.960 you from it for so long.

00:51:31.760 Right.

00:51:32.180 And so now it's fine to hand it back to you because it can no longer function that way

00:51:36.160 for you.

00:51:36.760 Right.

00:51:37.220 It no longer serves as a constraint on the government, on government spending.

00:51:41.620 Right.

00:51:42.420 So, um, so yeah, no, go ahead.

00:51:45.700 So the, the kind of the, you know, the postscript on this that I wanted to get into just a little

00:51:50.880 bit and guys, if you have any questions for myself or rad lib, let me know, you can go

00:51:55.300 ahead and drop those, uh, with a chat real quick.

00:51:57.720 But, uh, the, the last part of this that I wanted to kind of touch on is we, it feels

00:52:03.460 like we are now going through another phase of this process, right?

00:52:06.820 We are now this push to a cashless society.

00:52:09.700 I was just over, uh, you know, I'm, I'm normally in not rural, but, but, but certainly not big

00:52:15.680 cities in the United States.

00:52:17.240 And you're only seeing this in a few places, but in big cities like London, um, you're seeing

00:52:22.600 this, like no one will accept cash.

00:52:24.700 No one will take physical currency at all.

00:52:26.860 Everything has to be electronic.

00:52:28.600 So it's not a one-to-one to the gold situation, but it feels like we're undergoing another shift.

00:52:34.200 Again, we see the, the crisis, right?

00:52:36.540 COVID.

00:52:37.080 Oh, we can't touch money.

00:52:37.980 We can't have this physical exchange of currency because it might spread the germs and then

00:52:42.740 that kind of thing.

00:52:43.760 So we have to go to electronic payment payments only in order to, you know, just, just during

00:52:48.780 this time, just during this pandemic for the moment, just to be reasonable.

00:52:52.400 And then, you know, everything will go back except now everyone's gotten used to it.

00:52:56.300 Everyone's converted over to the electronic payments because they had to, there wasn't an

00:53:00.400 option to do anything else for a certain amount of time.

00:53:02.800 And now many of these businesses, uh, especially in urban areas are making this the only option.

00:53:09.680 They're doing that voluntarily, even without any particular government, you know, hounding

00:53:14.180 them to do so.

00:53:16.920 Um, yeah.

00:53:17.600 So the war on cash is what it's called.

00:53:20.400 We talked about the war on gold.

00:53:22.160 Well, um, you'd think that now that we're all using this paper money that isn't tied to

00:53:26.320 gold, that would be good enough.

00:53:27.460 Right.

00:53:28.020 Yeah.

00:53:28.240 But it's still not good enough because with cash, I can make a transaction, uh, with Aron

00:53:35.240 where he gives me something from his farm or something, and I give him some cash and it's

00:53:40.980 off the books and no one knows that we've made this exchange.

00:53:45.120 It's not recorded anywhere.

00:53:47.040 And therefore it can't be taxed.

00:53:49.680 We can't figure out that I am helping fund Oron's, you know, horrible anti-regime lifestyle,

00:53:56.720 right?

00:53:57.660 Et cetera.

00:53:58.620 Right.

00:53:59.160 Um, so, so they want to eliminate cash itself, uh, which seems like insane.

00:54:04.560 Like how much more control do they need?

00:54:06.300 Well, evidently more.

00:54:07.660 All of it.

00:54:08.040 Yes.

00:54:08.460 Total, total control.

00:54:09.780 Yeah.

00:54:10.260 Total control.

00:54:11.000 I mean, we look, we look at what happened with the Canadian truckers, right?

00:54:13.940 Like we have this scenario where the truckers were being funded, uh, to continue their protest.

00:54:20.720 And because truckers are kind of that, uh, that medium between the land and the urban

00:54:26.900 areas, they had, they're the few, one of the few working class people that can have a direct

00:54:31.460 and immediate impact on kind of the flow of things.

00:54:34.720 They can severely impact the supply chain, which means they have to be heard very quickly.

00:54:40.640 What does the government do to end this protest?

00:54:42.560 Do they send in guys with truncheons? 1.00

00:54:44.540 Do they, do they go in and, you know, uh, spray a bunch of, uh, tear gas at these guys

00:54:49.300 and this kind of thing?

00:54:50.120 No, they cut off electronic payments, right?

00:54:53.500 They seize bank accounts.

00:54:54.840 They shut down the ability to draw that money.

00:54:57.220 And like you said, that keeps those people from doing things that the government doesn't

00:55:01.120 want to do, even though there's nothing illegal about what they're doing, even though the things

00:55:04.920 they have should be protected under Canadian, uh, law, even though their protest is completely

00:55:10.500 peaceful, it doesn't matter if the government doesn't like it, they can immediately use

00:55:14.920 that ability to shut it down and then they'll go back and justify it later.

00:55:17.980 Right.

00:55:18.200 I think, I think, um, Trudeau did have a fig leaf of cover from, uh, uh, from the Canadian

00:55:24.480 legislature, but in general, it allows them to take those, uh, actions immediately.

00:55:28.500 And then if they need to go back and figure it out, it doesn't matter.

00:55:31.480 The system has already been, uh, used in that way to quell the immediate problem.

00:55:36.720 They can always kind of go back and explain why or legalize it as, as necessary.

00:55:41.640 Yeah.

00:55:42.080 And this is something I've been thinking a lot about.

00:55:44.060 Um, I don't know if you've seen me comment on it, but it's the, this issue of time, right?

00:55:48.840 It's like, um, if they're able to act in the way they want to act and we're not able

00:55:55.540 to stop them, then it kind of doesn't matter what happens later, you know, whether their

00:56:00.560 actions get justified, whether a court somewhere says that we had the right to do what, to

00:56:06.680 resist or something like that.

00:56:08.540 Um, even some of the things that, you know, we weren't supposed to say during the COVID

00:56:13.040 stuff, now you can say it.

00:56:15.920 And now some of these things are being said, you know, some of these questions are being

00:56:19.560 raised, right?

00:56:20.700 Um, but it doesn't matter.

00:56:22.100 They, whatever they wanted back then during the crisis, they got it.

00:56:27.020 Exactly.

00:56:27.260 And so, so I think that's a mistake I see people making sometimes like, well, I'm free to say

00:56:34.680 this now.

00:56:35.500 And so I'm free in some sense.

00:56:38.080 Well, no, you're free to say it only when it doesn't matter anymore.

00:56:41.000 Yes.

00:56:41.900 Right.

00:56:42.720 Yeah.

00:56:42.920 This is a constant dynamic.

00:56:44.380 Yeah.

00:56:45.120 Once the crisis is over, once the moment of exception has passed in, in fact, not only do

00:56:50.600 you, not only are you allowed to say it in some sense, they want you to discuss it because

00:56:55.300 the dialectic advances in this direction, right?

00:56:58.160 By, by allowing the opposition to speak and, and kind of, uh, speak against things, you allow

00:57:06.460 first the illusion of meaningful, uh, opposition, right?

00:57:11.060 Like, oh no, we are free.

00:57:12.800 You know, we, like you're saying, we can, we can still talk about this.

00:57:15.540 So there is still meaningful resistance.

00:57:17.140 We should still act within the system because there's still a chance of us advancing our

00:57:22.800 interests, but it also allows, uh, the dialectic of, uh, people can come back and, uh, they

00:57:29.780 can play the heroes for some of this stuff.

00:57:32.160 We saw this with the pandemic.

00:57:34.360 Again, a bunch of the press who pushed relentlessly on, uh, the closure of schools and the shutdown

00:57:41.520 of society are now writing stories about these poor underserved minorities who are victims

00:57:47.680 of the very thing that they pushed for.

00:57:50.820 But at the time they were pushing for it.

00:57:53.340 And now they get to go back and play the hero of these people who are the favored groups,

00:57:57.220 the client classes of the elite.

00:57:59.500 And so they get to speak kind of on the behalf, same thing with the war, right?

00:58:02.860 Like with, with, with the war on terror, all of these, uh, New York times and all these

00:58:06.780 people, they're in Hillary Clinton, they're in support of the war on terror in the moment

00:58:11.260 when it provides the power, but then they get to go back later on and pretend like they

00:58:16.220 really hate George Bush.

00:58:17.540 He's a war criminal, blah, blah, blah, even though they were backing their policies the

00:58:20.940 entire time, but they get to play both sides.

00:58:22.840 And I think, you know, you'll see this again with the monetary, but I think this happens with

00:58:26.720 monetary policy as much as it happens with anything else, right?

00:58:30.000 That they'll, they'll be talk about all these issues there.

00:58:33.180 You're allowed to go back and, and say, you know, push back and say, oh, how could you

00:58:37.080 do this?

00:58:37.580 You know, after the moment has passed, but they got what they wanted in the meantime.

00:58:42.300 And that power will still remain available.

00:58:44.500 As we saw with like that Supreme court decision, that power is still out there for them to use

00:58:48.840 again.

00:58:49.100 If you think they won't advance themselves along monetary policy or, or, uh, COVID policy or

00:58:55.700 war on terror policy just later on, just because they let a few people push back.

00:59:00.000 You've lost your mind.

00:59:00.960 They do it over and over again.

00:59:02.460 Yeah.

00:59:02.880 I'm thinking of, uh, how sometimes they get a twofer, right?

00:59:05.980 Like with the war on terror, they got to push the war on terror and, and put, put, put the 0.70

00:59:10.680 ball forward on a number of areas of, of tyranny, I would call it, or, you know, and grow the

00:59:15.520 total state towards more totality.

00:59:17.640 Um, and then later they got to, uh, condemn the deplorables for their anti-Islamic bigotry.

00:59:24.740 Right.

00:59:25.000 Yes, exactly.

00:59:25.980 They kind of get, they get it.

00:59:27.360 We get it coming and going, you know?

00:59:29.280 Yes, exactly.

00:59:30.080 That's, that's a perfect example.

00:59:31.380 That's a good one.

00:59:31.940 I haven't, I haven't thought about that one, but that's when I'll use as well.

00:59:34.700 Yeah.

00:59:34.880 You, you get to say, you get to say, you know, the whole time we have to do this.

00:59:38.680 We have to take this action.

00:59:39.860 We have to do this for security.

00:59:41.060 And then the exact same people get to come behind later and say, Oh, now that basically

00:59:45.100 all these conservatives have picked up on all our social signaling and bought into our

00:59:48.500 narrative, we're going to, we're going to slam them for buying it. 0.77

00:59:51.780 Actually, these are the hateful people.

00:59:53.620 They're the ones that drove it.

00:59:54.980 Don't even pay attention to us.

00:59:56.620 Forget all of the articles we wrote, forget all the actions we took.

00:59:59.660 It was the whole time.

01:00:00.840 It was these evil red staters that were pushing this agenda. 1.00

01:00:04.240 Yeah.

01:00:04.520 No, that's, this is why we can't be free and have nice things because look at your bigots

01:00:08.340 there, you know, we'd love for you to be free, but you know.

01:00:14.360 Okay.

01:00:14.780 So let me, let me wrap up a little bit on the gold issue real quick.

01:00:17.340 Sure, sure, sure.

01:00:18.320 I feel like we're on the same page.

01:00:21.020 There's so many lessons to learn from this in terms of how power functions, but also keeping

01:00:26.220 it more strictly to, to money.

01:00:28.400 The story isn't over because the war on cash is ongoing.

01:00:32.020 Right.

01:00:32.720 You've noticed that they're trying to move towards digital currency.

01:00:35.360 You might've heard of central bank digital currency, CBDCs.

01:00:41.100 And before that, there was, if you try to pull, if you pull out more than $10,000, then

01:00:48.840 you have to like fill out a form because of anti-money laundering laws.

01:00:53.100 You know, there's been all kinds of moves being made to, to box you in until ultimately,

01:00:59.240 right.

01:00:59.540 They can just track everything we do.

01:01:01.600 Yeah.

01:01:02.260 That's really the end game there.

01:01:03.900 Okay.

01:01:04.480 So what were the consequences of that original 1933 to 1971 series of events?

01:01:12.200 Well, just to say that the United States government had a completely free hand to inflate is to

01:01:18.140 understate, understate it.

01:01:19.900 So I want to recommend to you a website that some friends of mine have done.

01:01:25.340 I'm putting in there, I'll also say it.

01:01:26.920 It's WTF happened in 1971.

01:01:29.360 And it's so great.

01:01:30.800 You'll see all these charts and they point to 1971 on each chart.

01:01:34.480 And over and over again, you'll see a certain trend and the 1971 hits and the trend like

01:01:39.500 spikes up or spikes down, depending on what it is, usually in a bad direction.

01:01:44.120 Yeah.

01:01:44.260 But, you know, divorces, I mean, all kinds of trends just go crazy in 1971.

01:01:51.180 So that, you know, to some degree that what they're arguing is, you might say, well, it's

01:01:56.260 just money, but it has an influence on culture is one of the things we learn.

01:02:00.980 Um, uh, if you've ever heard of Weimar Germany and the, the hyperinflation in Germany and the

01:02:07.260 destruction of the middle class, right?

01:02:09.500 It, it had profound cultural impacts.

01:02:12.040 What was happening with just money?

01:02:14.560 Um, because this affects how we plan our lives, how we save, what we consider to be prudent

01:02:21.540 behavior and imprudent behavior.

01:02:23.200 All of these things are affected by bad money versus good money.

01:02:27.200 And I'm really glad that you touched on that, the, the moral aspect of money, because like

01:02:33.740 you said, a lot of people, I saw someone in chat saying, well, who cares?

01:02:37.040 I just, I want prices to go down.

01:02:38.760 I want all this stuff, you know, to happen, but, but your point is really important.

01:02:43.460 You know, money, uh, sound monetary policy allows for the lowering of time preference,

01:02:50.080 right?

01:02:50.360 It allows people to put things off into the future.

01:02:53.200 And these are the things that allow you to build civilization, build families, save for

01:02:58.020 the future, create a middle class, create a self sustaining class, which is of course

01:03:03.580 why they have to be obliterated, right?

01:03:05.240 If they're not, if they're, if you're not pegged to every whim of the state, if you're

01:03:09.320 not sitting around to figure out if Franklin Roosevelt is going to pull his lucky number

01:03:13.240 to decide how much something's going to be worth that day, then you're not a subject of

01:03:18.000 the total state.

01:03:18.680 And so it's really essential to obliterate the ability of people to, to plan for the

01:03:24.460 future if you want them to be under the complete control of the state.

01:03:28.460 And so the destruction of sound monetary policy has a very serious moral dimension.

01:03:33.500 It's not just like whether or not, you know, a, a Vanderbilt can buy a house somewhere.

01:03:38.700 It has way, way bigger implications.

01:03:40.840 Absolutely.

01:03:41.460 Another way to put it is that, um, the sound money allowed for rival sources of authority

01:03:46.960 and power to be built up that we're not the state.

01:03:50.260 Yeah.

01:03:50.780 Right.

01:03:51.540 And so I like to point to the middle ages where you have a lot of rival risk power, you know,

01:03:57.460 not only the church, but all kinds of little principalities, um, guilds, et cetera, et cetera,

01:04:02.960 et cetera.

01:04:03.480 All of these things were real functioning, little sovereignty, as you might say, uh, kind of contending

01:04:09.540 with each other, kind of rubbing up against each other.

01:04:11.660 Um, we're, we're, we're moving away from that sort of decentralized scattered view of

01:04:17.000 authority to one central eye of Sauron, right?

01:04:20.740 We're seeing everything we do.

01:04:22.740 Um, okay.

01:04:23.740 And then I, this is not a pitch for gold, by the way, um, in this, in this thing, I, I

01:04:29.620 explain how gold functioned.

01:04:31.120 I explained why the state, how the state got rid of it, why they got rid of it.

01:04:36.100 But let me just say something here, which is that compared to an irredeemable paper currency,

01:04:41.080 what we have now, gold severely restricts the ability of governments to manipulate the

01:04:45.820 money supply on behalf of who, who benefits from this, the politically well-connected.

01:04:50.740 They receive the newly created paper money first before prices have risen, right?

01:04:55.900 At the expense of the rest of the population, us who receive it only later while meanwhile,

01:05:01.520 having to pay the higher prices that, that the new money brought, right?

01:05:05.480 So it gives the money, the paper money gives the government an easier time of financing

01:05:10.040 war and welfare, which can be portrayed as essentially costless.

01:05:14.720 It isn't costless, but because we don't see it in our tax bill, uh, directly, it's sort

01:05:20.740 of hidden, right?

01:05:22.020 It, it pays for all these things by silently looting its subject population in the form of 0.69

01:05:27.000 diluting the value of everyone's dollar.

01:05:29.220 So, so, so, you know, I, some people view like an Austrian economist such as myself as

01:05:37.200 having like a fetish for gold.

01:05:38.720 I really don't care if we can do it with Bitcoin or something else that would great rock and

01:05:43.480 roll, man.

01:05:43.920 Let's do it in the new techno way.

01:05:45.220 I don't care, but we need something that they can't just inflate on a whim.

01:05:51.160 Yeah.

01:05:51.540 That's what we need our money to be.

01:05:53.060 Ultimately, that's what we need to get back to somehow, whether that's gold or Bitcoin,

01:05:56.720 or you come up with your own way to do it.

01:05:59.180 I don't know.

01:06:00.240 It just needs to not be what we've got now.

01:06:02.760 Yeah.

01:06:03.180 You're, you're just using it because it's the, the best example of a sound monetary policy

01:06:08.600 that you have at hand.

01:06:09.720 It's not saying it's the only one that could exist.

01:06:12.560 Yeah.

01:06:13.180 Yeah.

01:06:13.840 Yeah.

01:06:14.420 We know, like I, like I gave examples of ramen and cigarettes and so forth.

01:06:19.080 You know, many things have been money and we don't know if, if this system collapses.

01:06:24.000 And by the way, historically all fiat money systems have collapsed.

01:06:28.740 This is, might be the longest running one in the history of the world.

01:06:32.820 But, but they don't tend to have a very long life cycle.

01:06:35.940 And I would say that 71 really started the clock ticking in particular, right?

01:06:41.240 Because it was still tied to gold up until 71 because of, because of the foreign governments

01:06:47.140 being able to exchange it.

01:06:48.040 So the clock started ticking in 1971.

01:06:50.100 We've made it 50 years.

01:06:52.140 We probably have set a world record, but I would not put my money on, on the fiat money

01:06:58.360 system lasting for even the rest of my lifetime.

01:07:01.600 Personally, I would not.

01:07:03.160 You're rapidly decreasing in value dollars.

01:07:05.820 You would not place on, on this.

01:07:07.320 Yeah.

01:07:08.620 Absolutely.

01:07:09.140 All right, guys.

01:07:10.800 Well, we're going to go ahead and wrap this up, but go ahead and let everybody know where

01:07:16.180 they can find your stuff.

01:07:17.800 And is there anything exciting people should know?

01:07:20.120 Anything you want to kind of let people know about before we get going?

01:07:25.380 Yeah.

01:07:25.860 So two things.

01:07:26.560 First of all, my personal channel that I run is called Radical Liberation.

01:07:31.360 That's why I always have the name there.

01:07:32.920 People call me Rad Lib sometimes, or you can use my regular name.

01:07:35.920 That's fine too.

01:07:37.020 And there's a couple of things that happen on my channel.

01:07:39.800 One is that I alternate on my Thursday show between an economic show where my good friend

01:07:46.680 Black Horse from Canada helps look at current financial situation.

01:07:51.780 And we've been, you know, very concerned, for example, about how Europe's doing with very

01:07:57.480 high energy prices and how is winter going for them and things like that, you know.

01:08:04.180 And then, but I alternated with some of that forgotten things theme that we've been doing

01:08:11.640 this whole stream.

01:08:12.520 So most recently, we've been doing a series on left-wing terror and talking about the Bolshevik

01:08:20.480 terror, the French Revolutionary terror.

01:08:23.420 Right now, we're in the middle of talking about the 1970s in the United States, a time

01:08:28.620 of terror that, again, like the seizure of gold, has been flushed down the memory hole.

01:08:34.400 So let me give you a quick example.

01:08:36.040 In 1972, 1,900 domestic bombings happened in the United States.

01:08:41.940 I'm not making that up.

01:08:44.220 So we're telling that story right now.

01:08:46.300 I actually paused for the holidays because I'm reading the material for this, and I was

01:08:50.540 just getting sick to my stomach.

01:08:51.860 It's really terrible.

01:08:53.000 So I decided it wasn't in the Christmas season.

01:08:55.560 So in January, we'll resume the left-wing terror series that we've been doing for a while.

01:09:00.360 Also, my wife and I do a show about once a month called Mrs. Radlib, which is entirely

01:09:05.380 different, where we talk about homeschooling and sex and boundaries and all kinds of sort

01:09:12.680 of personal, more personal living kind of stuff, I guess.

01:09:16.400 But it's very popular for an overlapping but slightly different set of people.

01:09:20.940 And then the last thing is I would mention the Old Glory Club.

01:09:23.460 I've been honored to be the president of the Old Glory Club.

01:09:26.240 It's a new venture we just started a couple months ago featuring a number of American friends

01:09:30.720 that met at a conference.

01:09:32.920 Sorry, I'll turn that off.

01:09:36.340 And you can find us at Old Glory Club on YouTube and on Substack and Radical Liberation.

01:09:46.060 You just look up Radical Liberation on YouTube, and you'll find me.

01:09:49.600 Excellent, guys.

01:09:50.180 I'm going to stick sources in here while I can.

01:09:52.440 Go ahead.

01:09:52.840 Yeah.

01:09:53.180 No, absolutely.

01:09:53.780 Go for it.

01:09:54.400 Yeah, make sure that you check out everything that's coming out of Radical Liberation and

01:09:59.040 the Old Glory Club.

01:09:59.920 Those are both excellent.

01:10:01.060 There's, like I said, the Substack and the YouTube channel where they do streams.

01:10:05.300 I've been on one of those.

01:10:06.840 So make sure that you check that out.

01:10:08.800 And of course, if this is your first time at the channel, make sure that you subscribe.

01:10:13.240 And if you want to go ahead and listen to this as a podcast because you want to do it

01:10:17.440 while you're working out or playing video games or fixing something around the house,

01:10:20.960 you can check out all of the major podcast platforms.

01:10:24.180 Oren McIntyre's show is on all of them now.

01:10:26.100 And if you do subscribe, if you go ahead and make sure to leave a review and a rating,

01:10:32.520 that really helps out a lot, keeps the podcast climbing the charts and everything.

01:10:37.180 Also, I just did a, let's see, I did a article with The Blaze yesterday on Elon Musk and kind

01:10:47.780 of the use of power and conservatives not understanding how that works, why it creates a ratchet.

01:10:52.540 So you can check that out.

01:10:54.300 And I also just did an appearance on Jesse Kelly's show, but I believe that's for a special.

01:10:59.180 So it should be coming up soon.

01:11:00.560 Keep an eye out for that as well.

01:11:02.620 But thanks for coming, guys.

01:11:03.920 And thank you again, Steve, for coming on.

01:11:06.000 Always appreciate our talks.

01:11:08.160 Everybody have a great one.

01:11:09.400 And as always, we'll talk to you next time.

01:11:11.380 Thank you.

01:11:12.160 Thank you.

01:11:13.120 Thank you.

The Auron MacIntyre Show - December 21, 2022

The War on Gold ｜ Guest： Stephen Carson ｜ 12⧸21⧸22

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