Valuetainment - How A Secret Society Created The Federal Reserve At Jekyll Island

00:00:00.000 Why are these competitors meeting together and coming to some kind of an agreement?

00:00:04.800 These guys dominated most of the wealth of the world and here they were putting together a

00:00:09.840 piece of legislation. Some historians have referred to that as the dawning of the age

00:00:14.400 of the cartel, a banking cartel. Now when you say most of the wealth in the world,

00:00:18.800 how much money are you talking about? I have no idea but it's unimaginable.

00:00:23.200 So what's been the positive impact and the negative impact?

00:00:26.960 I cannot think of any positive impact. Any? None? It's a parasite. It's a fraud. It's based on

00:00:32.320 a lie. They have to talk endlessly about stabilizing the economy and making jobs and preserving the

00:00:38.800 purchase power of the dollar and all these good things. That's just for cover. All they're

00:00:43.360 concerned about is what is best for the banks. So then that means the Federal Reserve, all it did

00:00:48.640 is it became an insurance policy to prevent banks from going out of business. It was not real insurance

00:00:53.600 at all. It's a political scheme. The Federal Reserve, which is supposed to be the party to

00:00:57.920 prevent all of this stuff, gets a failing mark on its report card. So how have the American people

00:01:04.240 paid a price for the 1913 Federal Reserve Act? This idea of money with nothing. There's been no

00:01:10.800 country that's ever survived. It's always collapsed economically. Is it media? Is it politicians? Is it

00:01:17.120 China? What is the biggest threat today that we're facing? As long as the humans and this planet 1.00

00:01:23.360 can be programmed and passively accept a condition where they accept authority without question,

00:01:29.440 there is no hope for mankind.

00:01:31.280 My guest today is G. Edward Griffin, somebody that you may not know a lot about, but the people in

00:01:42.160 the business world, the money world, the world that follows capitalism, maybe some of the people

00:01:46.640 that follow the red pill, the people that take the red pill, he wrote a book, Creature from Jekyll

00:01:52.400 Island. If you've never read this book, it's a second look at the Federal Reserve. This book has sold

00:01:58.080 nearly a million copies. He's written 48 books, done documentaries. He was in the military before,

00:02:03.840 and he's someone that can give you a different perspective on the words of capitalism, socialism,

00:02:09.760 and the current state of things in America that can get you to think a little bit. So I'd like you

00:02:14.960 to watch today's interview from an open mind. With that being said, G. Edward Griffin, thank you so

00:02:19.360 much for being a guest on Valuetainment. Well, thank you for inviting me. It's a real pleasure.

00:02:23.440 And I have to give this disclaimer to everybody so they're not confused, that you are not Anthony

00:02:29.280 Hopkins' brother. You guys are not related, yes or no? We just have, everybody needs to know that.

00:02:34.560 No, we're not related, no. Okay, all right, that's good. So now that we have set that aside,

00:02:38.880 let's get right into it. Look, I got a lot of things I'd like to speak to you about. Obviously,

00:02:42.080 things are weird right now. Economy's weird right now. You know, the pandemic's changed the game,

00:02:47.200 protesting, riots, vaccine, election. A lot of things are going on. But I'd like to kind of go

00:02:53.200 a little bit back to you writing this book because we've had a lot of guests on that I ask about the

00:03:00.240 Federal Reserve. Why was it started? How was it started? And you know, there's a lot of different

00:03:03.760 stories to it. And I've had a Daniel DiMartino Booth, who's an economist. She has a complete

00:03:08.960 different spin on what she thinks about the Federal Reserve and Jekyll Island. And Nomi Prince,

00:03:14.000 who's also an economist, former Goldman Sachs, a member of Goldman Sachs. She tells the story

00:03:19.600 very similar to the way you tell it, but I want to hear it from you. You know, you wrote this book

00:03:24.080 to highlight and give people a different perspective of how the Federal Reserve was started. So,

00:03:28.800 number one, how was it started? What was the outcome? Who was involved? Why did it happen?

00:03:35.440 Okay, I love that, starting from the beginning. Of course, that's not really the beginning,

00:03:39.680 because the Federal Reserve is an extension of a scheme of banking that was generated in Europe

00:03:47.680 a couple hundred years prior to this. But the action starts as far as we are concerned

00:03:53.280 in America in the year 1910. The Federal Reserve Act was passed into law in 1913, but the action was

00:03:59.840 going on before that. And basically, what we're talking about here is that at that period of history,

00:04:07.600 the turn of that last century, there was a lot of concern among the American people about banking.

00:04:13.680 They were angry at the banks. The banks were failing. They weren't keeping their promises

00:04:18.080 to guard the deposits that people had. They thought their deposits were being held in the vault,

00:04:22.880 a silly assumption, when in fact all the money was being loaned out. Yet the banks were saying,

00:04:28.240 yeah, it's a demand deposit. You give us the money. You can have it anytime you want it. Just come and ask for

00:04:33.120 it. And that that worked only for about seven percent of the deposits. The rest of them were

00:04:37.280 all loaned out. And so when people started to come and ask for the deposits, it didn't take long before

00:04:43.120 those lines exceeded seven percent. And the banks had to close their doors. Some of them went bankrupt.

00:04:48.240 People lost their savings. It crushed the economy a couple of times. And people were concerned,

00:04:53.200 and they were writing to their congressmen. And they were saying, we want that we want a law to

00:04:57.200 control these big bad bankers on Wall Street in New York. So the cry was out and the alarm was out.

00:05:03.360 And the politicians, you know, they always listen to their constituents. They listen to the ones that

00:05:09.760 send checks with their letters better than the ones that don't. But anyway, they listen. And so they

00:05:14.160 decided they were going to pass a law to control the banks in America. So this is where the story begins

00:05:20.880 in my book on Jekyll Island. What the heck is that all about? It turns out that the top bankers

00:05:26.960 decided they weren't going to wait around for Congress to come up with a law to control their

00:05:32.560 industry. They decided, why should we wait around and see what happens and how we're going to deal

00:05:37.280 with it? We will create the law. We will be in the lead of calling for reform. But we must not let

00:05:44.240 the world know that we are doing it. So it was necessary to lay their initial plans under conditions of

00:05:50.880 considerable secrecy. And so they decided not to do it in Washington, D.C.

00:05:55.520 They decided to meet with each other and they all got on a private railroad car of Senator Aldridge,

00:06:01.280 who was the senator in charge of drafting this new legislation. He was the chairman of the National

00:06:07.600 Monetary Commission, I think it was called. And he had a private, very wealthy guy. He was

00:06:12.560 related in many ways, financially and in bloodline to a lot of the bankers. So he had a private railroad

00:06:18.640 car and he invited all his banker buddies that he was familiar with to get on that train. And they took

00:06:24.960 a two night and a day trip south to Jekyll Island, Georgia. And there they crossed from Brunswick,

00:06:33.280 Georgia. They crossed the Inland Straits, took a ferry boat across. There was a bridge there now,

00:06:38.000 but then they had to take a ferry boat. And the island was owned by these bankers and some of the great

00:06:43.760 industrialists that they were friends. It was a private resort island and it was called the Jekyll

00:06:48.960 Island Club. They had a beautiful clubhouse there, which is still there by the way. And I'll talk about

00:06:54.560 that maybe a little bit later. And so they went there and they sat around a table for a whole week

00:06:59.440 and they hammered out the deal that they were going to draft the reform bill that the public was

00:07:06.720 clamoring for. But they had to do this in secret because if the wind had gotten a whiff, if it had

00:07:12.880 been on the wind and people knew that the bankers were drafting this bill, of course, the cat would

00:07:17.360 have been out of the bag and nobody would have taken it seriously. So it was a great task to keep

00:07:23.440 it secret. And when I looked at that, I decided there are very few wars of history that were planned

00:07:29.760 under greater secrecy than that. I won't bore you with the details, but some of the details are

00:07:34.480 interesting is that they decided to go to the railroad station in New Jersey. One by one,

00:07:40.640 the instructions were don't be seen together, don't have dinner together, and to avoid newspapers

00:07:44.880 at all costs. In those days, the newspaper reporters used to hang out at that station because that was

00:07:50.640 the main way in and out of New York was through the railroad station there. And so they would wait

00:07:56.640 for a celebrity or a politician to show up and they grab a picture and get an interview. And so they were

00:08:01.440 worried about that. And that's why they didn't want to be seen together. One of the, uh, one of these

00:08:06.080 guys is a banker, uh, carried a shotgun and a big black case, kind of conspicuous. And, um, he was

00:08:12.880 prepared to, um, if he had been stopped and asked, where's he going? He would have, well, I'm going on a

00:08:18.320 duck hunting trip. And it was funny because we find out later from his children who commented on this

00:08:24.880 and gave testimony on it. And his biographer who all said that he never fired a shotgun or

00:08:30.080 any kind of a gun in his life. He borrowed, he borrowed that shotgun from a friend just for,

00:08:35.040 he could use that as an excuse. They didn't want anybody to know that they were going being, you

00:08:40.480 know, together on this kind of a meeting because it would raise questions. Even when they got on board

00:08:45.040 the train, uh, they were instructed when talking to each other in the privacy of this car to address

00:08:51.200 each other by last, I mean, by first names only, not their last names. And I thought when I read

00:08:56.320 that, oh, this is nonsense. Why would they do that? And then one of them wrote in his memoirs

00:09:00.560 years later that, yes, they did do that. And he said, the reason we did it is we didn't want the

00:09:05.760 servants on board the train to know who we all were. So they addressed each other by first names.

00:09:12.080 And, um, two of them, uh, even addressed and created false first names. They called each other

00:09:18.080 Orville and, and, you know, um, and Wright, the two Wright brothers, uh, because they said they were

00:09:24.560 always right. It was kind of a joke, kind of a joke. So anyway, they got there. Everything was

00:09:29.200 secret. They had dismissed the usual employees on the island. They had all part-time employees.

00:09:34.160 Everything was done so that the world would never know that such a meeting took place. And when I read

00:09:38.400 that, I thought, okay, when something is done in secret, there's usually something to hide.

00:09:46.080 What is it that they were trying to hide? Well, it didn't take long to figure it out. First of all,

00:09:52.400 they were trying to hide the fact that this legislation for banking reform was being written

00:09:58.880 by the banks themselves who were causing the problem. Secondly, uh, they wanted to, um,

00:10:06.480 they wanted to present it in such a way that nobody wouldn't understand that what they were forming

00:10:11.040 was a cartel. It had to look like it was legislation, but if anybody knew that they,

00:10:16.480 they, who were competitors, these, these were the tops of various banks who were competing with each

00:10:23.280 other. And they had ties, close ties with international banks who often would compete

00:10:28.480 with each other for big deals, big loans, and so forth. And it would raise questions to say,

00:10:33.440 why are these competitors meeting together and coming to some kind of an agreement? And it wouldn't

00:10:38.800 take long before you could figure out that, and after all, this was the turn of the last century,

00:10:43.360 and some historians have referred to that as the dawning of the age of the cartel. Well, this is

00:10:48.400 exactly what they were creating. It was not a government agency they were creating. They were creating a

00:10:53.040 cartel, no different than a banana cartel, an oil cartel. It just happened to be a banking cartel.

00:11:00.400 So all of these things had to be concealed from the public, which is why they went to Jekyll Island.

00:11:05.760 So when they got it all done, they went back to Washington, D.C., of course. Senator Aldrich took

00:11:11.200 this cartel agreement, and figuratively speaking, he took an eraser and erased the name cartel agreement

00:11:17.680 from the top of it. And for political purposes, it became now known as the Federal Reserve Act. It

00:11:25.120 became a bill. So they know nothing congressmen and senators that really didn't understand what

00:11:31.200 was going on, except they thought, well, this was legislation that's going to make me look good,

00:11:35.680 because I can say I'm all for banking reform. And so they voted for it, thinking it was really

00:11:41.040 banking reform. And then when you look at the nature of it, it was all about how to preserve

00:11:46.240 the advantages that the banks had and how they could continue to dominate the whole financial

00:11:52.000 industry without new competition coming in and displacing their strong position. And they could

00:11:58.080 do it in the name of serving the people. Not only that, there was a bonus thrown on top of it. They

00:12:03.440 had gone there just primarily just to control their own industry so that nobody could tinker with their

00:12:10.640 deals. But before they walked out of this whole thing, they had gotten the power to create the

00:12:18.080 nation's money supply. That was not part of the original plan. It's hard to figure out who thought

00:12:23.440 of that. But it would have been absurd to say that here's a nation, the United States, which like all

00:12:28.560 nations had its sovereign right to issue its own money, would give up that right and give it to the

00:12:34.160 private banks and say, OK, we're not going to issue United States money. We'll let the private banks

00:12:39.120 issue United States money. And nobody will notice that there was a switch because it'll still say United States of

00:12:44.480 America on top of the bills. But instead of saying United States of America Treasury note, now it says

00:12:51.440 United States of America Federal Reserve System. So they got everything they wanted, plus a bonus,

00:12:57.760 which was to capture control of the ability to issue money on behalf of the United States. So that is the

00:13:05.360 short version of what happened and how it happened. Nobody understood it. It was complicated. They

00:13:10.720 concealed it in very academic type language. They had a lot of college professors talking about it,

00:13:16.880 you know, ratios of this and as funny words that nobody ever heard of. And but it was really one of

00:13:21.680 the greatest crimes of all history. That's what I discovered when I started to read about it. And so I

00:13:27.440 decided to tell the story, not as a like a like a textbook on money and banking, but as the story of a crime,

00:13:35.920 which it was. So instead of talking about the details of banking, I talked about the crime,

00:13:41.360 who did it, why they did it, how they did it and where they buried the body and what that means to us.

00:13:47.280 So, you know, when, when, um, Sir G when, when, uh, somebody listens to that, if you're comfortable

00:13:51.600 with me calling you, Mr. G, is that okay with you?

00:13:53.520 Well, that's absolutely okay.

00:13:54.960 Okay. So, so, you know, when I listened to your story and you're going through this,

00:13:59.440 so on one end, it's very convincing and I said, okay, this is great. I cannot believe this took

00:14:04.720 place. These guys are getting together on the other end. If I'm a skeptic and some people who

00:14:08.800 are not fans of yours, they may say, well, what are your sources? What, how did you get all this

00:14:13.040 research to get all this data? Where did that come from? Why should somebody sit here and say,

00:14:17.920 well, he's telling the truth. He's not, you know, you know, internet research. What kind of research

00:14:23.520 were you getting? Did you meet these folks? Did you interview their assistant? What did you get your

00:14:27.120 information from? Yeah, that's a very important, uh, issue because when I started down this, uh,

00:14:32.720 track, I understood I was dealing with information that really I had never heard about before.

00:14:38.480 And it was almost unbelievable. Even though I'm looking at the documents, I think, is this true?

00:14:42.160 It can't be true. And I knew that, uh, I knew that it was true, but I knew that people would be

00:14:46.560 questioning just like you suggested. So from the beginning, I decided that I wouldn't put anything

00:14:51.440 in there unless I could document it now documented, how from original sources. In other words,

00:14:57.760 everything I have said a moment ago and everything in the bloody book is documented from references

00:15:05.840 that are written by the people themselves who participated in this crime. I'm talking about

00:15:11.680 their own private letters, their own documents, their own books, uh, their own family talking about

00:15:17.360 it. This is original sources. None of it, none of it comes from critics of the Federal Reserve.

00:15:23.600 Almost every one of them are either neutral about it or very fond of the Federal Reserve system.

00:15:29.920 And, uh, so I, yeah, I'm glad you brought that up because, uh, sometimes I think that I have too

00:15:35.760 many footnotes in my book. I've got just hundreds, if not thousands of footnotes.

00:15:40.880 I mean, I see. I just want to make sure the viewer gets that as well, you know, to, to know that

00:15:46.000 where the content came from. I did not want to have to, to have a stand in front of an audience

00:15:52.080 and blush and say, well, I don't know where I got that. I mean, somebody said, so that was not going

00:15:56.720 to work. So, uh, yeah, it all comes from the sources of the people themselves who were putting

00:16:02.560 this, uh, this creature together. Got it. And, and who were, they were very proud of what they

00:16:09.280 were doing. They thought that it was a great thing. Their mentality appears to be that, uh, yeah,

00:16:13.920 we understand that this is something that the average person probably shouldn't know about

00:16:17.600 because they might be alarmed if they thought that there was that much power in our hands. 0.99

00:16:22.320 But after all, it's necessary because they're too stupid to understand how great a system we're 1.00

00:16:27.120 putting together is for them. It's for their own good. You understand it was kind of their mentality. 1.00

00:16:31.920 So they, I think in their own mind thought that everything they were doing was for the betterment

00:16:37.200 of mankind. And the fact that it happened to make them trillionaires didn't, well, that wasn't

00:16:41.440 their motive. Of course, you know, for, for some people that don't know these individuals

00:16:45.440 that were involved in this meeting, who were the people actually involved in a meeting at Jekyll

00:16:49.120 Island? Yeah, that's important to know that, uh, these are all the heads of the, of the biggest

00:16:54.240 banks in America with, uh, connections to the biggest banks in the world overseas. And, uh, and

00:17:01.280 it's, remember these are formerly competitors and they're coming together. I'd like to read their

00:17:05.520 names to you. Uh, the first one I've already mentioned, who was Nelson Aldridge. Uh, he was the head

00:17:10.400 of the, uh, uh, the commission that put the whole thing together. The, uh, he was chairman of the

00:17:14.960 National Monetary Commission, they called it. But the interesting thing is he was also a business

00:17:19.120 associate of JP Morgan and he was the father-in-law to John D Rockefeller Jr. So, you know, that was

00:17:26.240 his connection. And, uh, Abraham Piat Andrew was the second guy there. He was the assistant secretary

00:17:32.240 of the U S treasury. But, uh, that doesn't tell you enough because even though he was an official

00:17:40.240 of the government, his bank, his, his background was banking. If you, maybe people have not noticed,

00:17:45.600 but most of the secretaries of the treasury are really bankers, aren't they? That's where

00:17:50.080 they come from the banking field. That's right. Yeah. So you talk about, uh, regulatory capture,

00:17:55.520 you know, the banks have taken over the U S treasury and everything to do with money in the federal

00:17:59.680 government. And this had already happened back in this day. Um, Frank A Vanderlip was the president

00:18:05.120 of the first national city bank of New York. And that was one of the most, uh, powerful banks of

00:18:10.960 the time. And he represented the financial interests of, uh, William Rockefeller and the

00:18:16.800 international banking house of Kuhn Loeb and company. Then there was Henry P Davison, who was the senior

00:18:22.800 partner of the JP Morgan company. Benjamin Strong was there. He was head of JP Morgan's

00:18:28.320 bankers trust company. Paul Warburg was there. Uh, he's more important than all of the others

00:18:33.680 in terms of putting it together because he was the guy that had the connections in Europe. Uh,

00:18:39.360 he was a partner in the Kuhn Loeb and company. He also represented the banking, uh, fraternity

00:18:45.120 or the, the clan, you might call it, uh, that dominated, uh, Europe at the time, France and England

00:18:52.240 in particular. And, uh, his brother, Max Warburg was, uh, Max Warburg was the head of the war banking

00:18:58.960 consortium in Germany and the Netherlands. Now you put all these things together. These guys dominated,

00:19:04.960 uh, about, you know, most of the wealth of the world. And here they were putting together a piece

00:19:11.280 of legislation that's supposed to control the big, bad bankers. Now, when you say most of the wealth in

00:19:17.600 the world, uh, uh, how much money are you talking about? Like comparable to today's money, how wealthy

00:19:24.000 were the Rockefellers and the JP Morgan chase if they were compared to today's wealth?

00:19:30.000 Well, I don't know how to express it in terms of dollars. All I can say is sometimes it's not how

00:19:35.200 much money you actually hold, although they certainly held a tremendous amount of it. And I think,

00:19:40.640 I think the official estimates of some of the people who were writing about this at the time

00:19:44.880 in the New York times, I was going through the microfilm and reading all the editorial comments

00:19:50.480 and the letters to the editors from people who had positions of authority writing and expressing

00:19:55.840 their views on this. And I came up with several quotes that I have in my book where these guys

00:20:00.080 were estimating that this consortium that I just mentioned controlled one fourth of the wealth of

00:20:04.880 the entire world. Now that I noticed the word control, that doesn't mean they owned it, but you don't

00:20:10.080 have to own something to control something. And if you, for example, they owned the insurance companies.

00:20:15.680 Well, the insurance companies had invested in stocks and a lot of corporations and the insurance

00:20:20.560 companies actually controlled the voting of the stock. So they, a big enough block of it anyway,

00:20:25.360 that they could determine who is elected as the president and they could determine the board of

00:20:29.520 directors and all that sort of thing. They could only maybe hold 5% or 3% of the actual stock of the

00:20:36.160 company. But if you can concentrate that much in a big corporation, it's pretty easy, relatively easy

00:20:41.440 to dominate it. So when you add all of that together, these people controlled one fourth of

00:20:46.560 the world of the financials of the world, assets of the world at that time. How many dollars that

00:20:52.640 would be? I have no idea, but it's just unimaginable and it didn't get it. It hasn't gotten any better

00:20:57.760 since then. I can tell you that. So, so once they, once they had this meeting at Jekyll Island,

00:21:02.960 they all agreed that they're coming out with the federal reserve act. How was it sold to the

00:21:08.160 American people once they left? Well, it was sold to the American people on the basis that it was 0.98

00:21:14.480 for their good, that this would last was a means of, uh, controlling the big, bad bankers and making

00:21:21.440 sure that the, uh, the banks operated honestly, that they weren't going to go bankrupt and people

00:21:27.120 wouldn't lose their deposits in the banks anymore. It would all be backed by the good faith, uh,

00:21:32.240 and credit of the United States government. And there would be, you know, very trustworthy people

00:21:37.200 overlooking every aspect of the business to make sure there were no inside deals and all that sort

00:21:42.240 of thing. It was sold as the, just a wonderful thing. And, um, the, that's the message, at least

00:21:47.600 that was the, uh, the story. But it's interesting when you get in and see that a lot of that story was

00:21:52.400 coming from the bankers themselves. They had hired, you know, they'd hired published relations firms and

00:21:57.760 they had formed organizations that looked like they were grassroots organizations,

00:22:02.480 but they were formed by people, economists. Sometimes they were professors, sometimes they

00:22:07.840 were business people, but who all were dependent, uh, economically dependent upon the bankers for their

00:22:14.880 livelihood. And they would go out and form some local group like the Chicago committee for banking

00:22:20.080 reform or something like that. And they'd get some college professor who had a nice grant coming from

00:22:25.840 one of the banks and they would write a pamphlet or give some speeches and say, this is a wonderful

00:22:30.960 thing. This is going to really, this is going to stabilize the economy of America and preserve

00:22:37.200 the savings of the average person. So it was coming from everywhere. But what people didn't know is that

00:22:42.000 the finances for it was all coming from the same source, which was the banking industry. And even some

00:22:48.800 of the bankers went so far as to write articles and give speeches that they knew would be publicized

00:22:54.240 where they criticized the very thing they had created. They had said in a couple of speeches

00:22:59.840 that I quoted in my book, uh, one guy had said that, that, well, you know, this isn't, this is going

00:23:04.640 to be bad for America. It's, it's going to, it's going to hurt business if we do this. And you know,

00:23:09.520 a lot of people read that in the newspaper and I can just hear it over the breakfast table. Hey,

00:23:14.080 Maude, listen to this. The bankers don't like this federal reserve act very much must be pretty good.

00:23:19.440 You know? So they were playing that game. They were playing a brilliant psychological game selling

00:23:24.400 this thing. And that's how they got it through. How, how has this ever since it came out hurt

00:23:30.160 America? How has it helped? So what's been the positive impact and the negative impact?

00:23:38.640 Well, it sounds extreme to say that I cannot think of any positive impact, but it's true. I cannot

00:23:45.600 think of any positive impact. None. None. I cannot think of any because it's a parasite. It's a fraud.

00:23:53.440 It's based on a lie. It's, it's a, it's a cartel. Now we have to understand when a cartel is formed,

00:24:00.960 it has only one purpose and that's to advance the benefit of the members of the cartel, period.

00:24:08.080 Anything beyond that, I mean, if you were president or an executive officer of a oil cartel,

00:24:14.480 and you started talking about what's good for the people of Venezuela or, or, or, or, you know,

00:24:21.120 Mexico, and maybe we ought to cut our prices and our profit margins so we can benefit the poor people 0.99

00:24:27.200 of Mexico, you'd be out of a job in a heartbeat. So the same thing is true with the banking cartel.

00:24:32.960 They have to talk endlessly about stabilizing the economy and, you know, making jobs and,

00:24:39.840 and preserving the purchase power of the dollar and all these good things, but in their hearts,

00:24:46.480 no, that's, that's just for cover. All they're concerned about is what is best for the banks.

00:24:51.600 And if you doubt that, just take a look at the report card. If we were to give the Federal Reserve

00:24:57.040 system a report card from 1913 on when it was formed supposedly to stabilize the purchasing power

00:25:04.560 of the dollar, let's say, and to provide, you know, all these good benefits for the people,

00:25:10.000 it would get, it would fail to be at failing marks all the way done. It has never succeeded in doing

00:25:14.160 that. It's, it's led us into a couple of the greatest depressions you can imagine. It's leading

00:25:18.880 us into a huge depression any day. Now it's already happening at the state, the purchasing power of the

00:25:23.920 dollar is, has lost 90, 97% since 1913. It takes, yeah, 97% of the purchasing power of the dollar

00:25:32.480 has been lost since 1913 under the guidance of the Federal Reserve system.

00:25:37.440 How do you come up with that number? How, how, how is that number? When you say 97%,

00:25:41.600 that means it's 3 cents to a dollar. How do you, how do you come up with that number? 97%.

00:25:45.920 Those numbers come from the Federal Reserve system itself, believe it or not,

00:25:49.440 because there are studies on what, what is inflation? What's the inflationary effect?

00:25:54.400 And they, those numbers are really easy to find, by the way. It's kind of hard to distort them.

00:25:59.360 They're just hard numbers. What does it cost to buy a pound of hamburger, you know, in 1913 or today?

00:26:06.000 What does it cost for a quart of milk or a gallon of gas? And they, they have these baskets of things.

00:26:10.240 They keep changing it to try and soften the impact, but no matter how often they change it,

00:26:14.800 even in my lifetime, I remember for, for a penny, you know, talk about penny candy in those days,

00:26:21.440 for a penny, I could go to a candy store and get a nice big chunk of candy, one that cost me a dollar

00:26:26.640 today, you know, or, or 50 cents for sure. Anyway, they, these numbers are readily available.

00:26:34.560 And so if anybody wants to, it doubts it. And I don't blame them because it's a harsh figure.

00:26:39.440 Look it up. It's a, you'll find it easily on the internet. 97% has been, the purchasing power has

00:26:46.720 been eroded since 1913. So the Federal Reserve, which is supposed to be the guardian to prevent

00:26:55.280 all of this stuff, gets a failing mark on its report card. But now if you understand, as I learned,

00:27:02.320 that that is not the goal of the Federal Reserve, the Federal Reserve is not a government agency.

00:27:07.440 It's not formed to protect the people. It's the cartel. It is formed to protect the banks.

00:27:13.120 Now, if you realize that that is their goal and give another report card, man, they get all A's

00:27:18.560 because the banks always get bailed out every time they get into trouble. The banks may fail,

00:27:22.960 but they get the taxpayers to cough up the money somehow. And they're back in business again,

00:27:27.360 doing all their same tricks again. The banks are always making record profits. And so we understand

00:27:33.440 that's a cartel. And on that basis, it gets all straight A's.

00:27:38.240 So what, what can, I guess the part that it goes for me is the following. You have 1913 as Federal

00:27:44.080 Reserve. And then I believe it's August 15th of 71 is when we went away from gold standard. It may be

00:27:51.200 August 18 or August 15 of 71, when we went away from the gold standard during Nixon era. So if you have

00:27:57.600 Federal Reserve, you have gold standard, you have quantitative easing, right? Which is,

00:28:03.120 let's print as much money as possible to bail people out. If there's gold standard,

00:28:08.080 can the country keep printing money even though we are on a gold standard?

00:28:12.160 It depends on the standard. They speak of the gold standard that we were on and it wasn't a pure

00:28:19.600 standard. It was a percentage, a sliding scale. I don't think the, the currency has ever been on

00:28:25.840 a hundred percent standard. It's always been partial. If it, if it were a hundred percent,

00:28:31.280 in other words, if every dollar that was printed had to be backed a hundred percent by gold or silver,

00:28:36.960 silver, which has never been the case as I, I'm pretty sure not in America, then you could,

00:28:42.320 you cannot print any money until they're that bullion is in the vault. But if the standard is

00:28:47.040 say 50% gold, and that's called fractional reserve banking, which it always has been,

00:28:53.760 banks are allowed to loan more than they actually have in the vault. And when they do that, they give

00:28:58.160 it a fancy name. They call it a fractional reserve. Oh, that makes it, that makes it okay,

00:29:03.680 because now we have a name for it. That means that they can loan money that they don't have.

00:29:10.240 It's amazing. It's an amazing deal. And the, the fraction has always gone down. It starts off high.

00:29:15.840 And then almost every year they have a new law or a new rule or regulation where the fraction can be

00:29:21.360 increased or decreased in this case until finally it's 50% and then 40% and 30, 22, 22%, 5%. And now it's

00:29:29.680 zero percent, of course, has been zero for a long time. So when you have no reserves, fractional

00:29:36.160 reserves at all, anything solid behind it, then there's, there's no limit to the amount of money

00:29:41.840 you can create. Now it's not as easy as that because it's, it's, it's even worse than creating

00:29:48.000 money out of nothing. They create money out of debt. It's important to know that every dollar in a fiat

00:29:53.760 system like ours comes into existence only when somebody borrows it. This is where the banks come

00:30:01.200 in because remember the banks make their money on interest on loans. So loans are the lifeblood of the

00:30:09.920 banking industry. So anything that gives the bank unlimited inventory of money that they can loan out,

00:30:16.400 they like that. If you restrict their inventory and they can only loan out a little bit because that's

00:30:21.440 the only goal they have, they don't like that because they're losing opportunities to make

00:30:25.680 interest. So the idea has always been from the beginnings to make that reserve requirement as

00:30:30.560 small as possible. And then finally, after, you know, 1971, it just gone completely. Now there's no

00:30:36.880 requirement at all. So the banks have unlimited inventory of money that they can loan out. All they

00:30:42.560 have to do now is convince people to borrow it, which is why they're always sending you stuff through

00:30:46.480 the mail. Wouldn't you like to take out a new credit card? Wouldn't you like to, you know, borrow some

00:30:50.880 money on your house? Wouldn't you like to have a new car? They're always trying to promote loans. 0.72

00:30:54.960 And then of course, the big deal is that they go to countries, the third world countries and say,

00:31:00.160 how would you like a billion dollars to improve your infrastructure? You know, and the politicians

00:31:04.640 there are thinking, hmm, billion dollars, that's a lot of money. I could get half of that for my house

00:31:08.960 and my yacht and the others, we'll build a dam with what's left over. So they go for it. And of course,

00:31:13.360 they can't pay it back. And then the banks knew that in the beginning, they'll never be able to pay it

00:31:18.160 back. So now the banks can move in and start to take over the natural resources of that country

00:31:22.960 as collateral against the loan. They put nothing into it except money that they created by the loan

00:31:28.160 itself. The loan was backed by the natural resources of the country. So they can't pay the loan or the

00:31:33.760 interest. Now the banks get access to the natural resources of the country. It's a beautiful deal.

00:31:39.440 I mean, when I say beautiful, I mean, it's horrible, but this is how the banking industry

00:31:45.280 has grown and grown and become so powerful in politics and economics all over the world.

00:31:50.720 They literally control countries by putting them into debt. I'm familiar with that. I don't know

00:31:56.080 if you're familiar with Economic Hitman by John Perkins. He wrote the book. I mean, that's pretty

00:32:00.320 much the business model. And that's what China is doing right now with Africa, with a lot of different

00:32:05.120 countries. They put $15 billion into Armenia, $400 billion into Iran. It's a model that actually

00:32:10.640 works very effectively, by the way, and you force them out. But okay, so pre-1913, pre-Federal Reserve,

00:32:18.560 did banks have a limit on how much they could lend out? Yes, there was some limit. And of course,

00:32:25.280 it depended on the state. Remember, prior to 1913, the same deal that I'm talking about,

00:32:32.080 the same fractional reserve banking system was in operation. That didn't start in 1913.

00:32:39.760 That had been in existence long before that. And each state had its own rules and regulations as to

00:32:45.120 what discounts were and what the reserve ratios would be and so forth. None of them were very good.

00:32:52.960 And in fact, that's the era in which all these banks were going belly up. And so the federal

00:33:00.640 government was called in to fix the problem that had not been fixed by the states themselves.

00:33:05.840 The states were just as caught in the trap as the federal government later became. And so the

00:33:12.640 problem predated the federal reserve system by quite a bit, by a couple hundred years.

00:33:18.160 So then that means the federal reserve, all it did is it became an insurance policy to prevent

00:33:24.000 banks from going out of business. Outside of that, what other negative did it do?

00:33:28.560 Well, I think that in itself was negative because it wasn't really insurance. It was

00:33:34.640 a scam insurance. All they did was say, look, we'll all join together so that while some banks

00:33:41.040 are failing, maybe the others on this side of the aisle can bail them out. But they never really

00:33:45.840 went into insurance. Because how would you insure something like that? No insurance company that had

00:33:52.720 to show a profit to its stockholders would ever take on that kind of a risk.

00:33:57.200 They called it an insurance company. They called it the FDIC. But what they were doing is forcing

00:34:04.240 the taxpayers to guarantee the losses of the bank. Those premiums were not coming from the banks

00:34:10.960 completely because the FDIC knew that they didn't have adequate funding for it. So that when the day of

00:34:17.920 reckoning came, they would go to the taxpayers and say, okay, we're just going to create more

00:34:22.160 money out of nothing to pay off the insurance. It was not real insurance at all. It was a political

00:34:27.200 scheme. So how have the American people paid a price for the 1913 Federal Reserve Act? What's the

00:34:34.000 what's the price we've paid? Well, the price we paid is the loss of 97% of our savings. Anybody

00:34:44.720 that's lived long enough, and they put a dollar away back in 1913, and pulled it out of the bank today,

00:34:50.800 and tried to spend it, they get about 3 cents worth of purchasing power. Now, of course, if they had left

00:34:57.920 it in the banks or some investment, they would be overcoming some of that. But in net, they would have

00:35:04.320 lost purchasing power in spite of the interest. And of course, today, there's literally no interest at

00:35:09.360 all worthwhile considering. So it's a means of stealing your savings. That's the biggest thing.

00:35:16.000 That's why people are having trouble to retire. It's a disincentive to saving. People say, well,

00:35:21.120 it's better to go into debt, because I can, let's say I buy a house today, and I'm going to pay,

00:35:27.680 I'm going to owe, let's say $50,000 in interest. And that's what I, that's going to be my cost for

00:35:33.520 the debt, $50,000. But I'm going to take 30 years to pay it off, or whatever the numbers are. But by the

00:35:39.520 time I get to year 20 or 30, why, those dollars would be pennies, it'd be easy to come by. So I really

00:35:46.560 make out well. So it's a disincentive for people to save money, because they know that their savings

00:35:51.600 will be destroyed. And if they go into debt, they'll, they'll do well. So it's kind of, it's a, a dead

00:35:58.240 short across the system, against the economy of the system, where nobody's working on, on assets

00:36:03.920 anymore, it's all on debt. And they don't realize that that means a significant proportion of all of the

00:36:09.680 productivity of whatever venture comes out of that loan, if it's a business venture, it goes to the

00:36:16.240 banks as interest on this money created out of debt, instead of going into the pockets of the

00:36:21.600 people who produce the asset to build the house or mix the cement, or design the house and so forth.

00:36:28.640 It gets siphoned off to the financial services industry. And this is not productive at all.

00:36:34.720 It hurts in that way. It also hurts and because it hurts because the system eventually falls apart.

00:36:40.880 In history, there's never been a nation or a culture or a geographical system that's followed

00:36:46.640 this, this idea of money out of nothing. There's been no country that's ever survived that. It's

00:36:51.760 always collapsed economically. And, and usually concurrently with foreign invasions, when they

00:36:57.200 realize that the nation is weak and it's struggling, it's on its knees. And some foreign invader comes in 0.99

00:37:02.480 and says, aha, this is our moment. Don't think the Chinese are not looking at us with that kind of a 0.96

00:37:07.280 thought in mind. But, but you're saying that you're saying this has never happened in history.

00:37:11.600 Has there ever been a nation that has experienced as much exponential growth from 1913 till today,

00:37:19.840 the amount of wealth that has been made and the amount of technology advancement that America has

00:37:24.080 created due to being able to, uh, uh, loan money to innovators that have turned that into business.

00:37:31.840 Yes, we've lost a lot, but we've turned it into a lot of economy and jobs and all this other stuff.

00:37:35.920 When, when in history has this happened where we can look back and say, look, what happened to

00:37:42.560 dot, dot, dot, they had their own federal reserve and keep this in mind. I'm not, I'm not, I'm not

00:37:48.960 sitting here endorsing federal reserve. I'm not defending them. All I'm trying to do is I'm trying

00:37:52.880 to give you all the arguments of what an opposition would say to see what your response is to that.

00:37:57.760 So one, when has it ever been where an empire as big as America had their own federal reserve

00:38:02.800 where a handful of people went away and made that decision and it eventually fell. And if it fell,

00:38:08.000 why did it fall? And number two, if we didn't have the 1913 federal reserve where the lending was

00:38:14.640 taking place with banks for them to make more money, what if that lending didn't take place?

00:38:19.120 Would we have the level of innovation that we've had in the last 107 years?

00:38:23.120 Yeah, those are questions that need to be asked. You're quite right. This is, these are the kinds

00:38:28.720 of arguments that we hear all the time. First time I came across that was shortly after my book was

00:38:34.560 published. I was scared to death because, you know, I, I wrote this book about banking and money,

00:38:40.240 and that was not my field. Didn't know anything, didn't know beans about it when I started. And I

00:38:44.880 thought, man, I've, I've made so many mistakes here. I'm sure that once the book is out, I'm going to be

00:38:51.120 crucified by some college professor or some banking president that's going to say, well,

00:38:55.360 you're wrong on this and you're wrong on that. It just, I'm going to be destroyed, but here I go.

00:38:59.840 And so I was nervous about that in the months that followed the publication of the book.

00:39:04.880 And then finally, uh, the day happened, I was on tour and I was invited to a radio station back

00:39:10.800 on the East coast. And I was going to talk about my book, of course. But when I got to the studio,

00:39:16.160 I found out that it was not really me being interviewed, but it was going to be a debate.

00:39:20.080 And, uh, on the other side of the debate, there was a college professor from the local college,

00:39:24.880 and he was a professor of money and banking. I thought, here's my day. This is the day I die.

00:39:32.000 And so I sat down on opposite sides of the table with this guy and the microphone in each side.

00:39:38.560 And, uh, so the interviewer asked me to present my case and I did a condensed version of it probably

00:39:45.360 took me about three minutes to sort of summarize the answer to your questions. What, what's the harm?

00:39:51.200 What, what does this cost us? Why we don't like it and so forth. And I went through all of that.

00:39:56.320 And then he turned over to the college professor and said, what is your comment on that?

00:40:01.680 And it was a long pause and I'm waiting and waiting, waiting and another long, and this is what he said.

00:40:07.200 He said, well, everything he says is true, but we're living well, aren't we? And there it was, there it was.

00:40:18.800 That is the only argument I have ever heard coming from the academic field, because everything I said,

00:40:25.920 fortunately was true. When I say fortunately, I mean, I hadn't made any mistakes, um, or serious ones.

00:40:32.160 Um, but unfortunately it's, it's was true because it was so damaging to the economy. So that is the

00:40:38.720 argument that we were living well, aren't we? And of course the first part of the answer to that

00:40:44.400 question is no, we're not. Uh, some people are living very well and people like the professor and

00:40:51.600 people in the banking fraternity and people in commerce who benefit from all this easy loan and

00:40:57.280 who benefit from government grants that come out of this. They do well because they're on the high

00:41:02.240 end of this, but the people at the bottom end of the structure are not doing as well because they're,

00:41:08.240 they're losing their savings. They're losing their purchasing power. The middle class is being pushed

00:41:12.960 down and these, these are the unnoticed people. They work harder and harder. They get pay raises every

00:41:18.800 year. Oh, Hey Mary, look, I got it. I got a 5% pay raise. Hooray, hooray. And she says, yeah,

00:41:24.880 but the cost of groceries went up 6% this year, you know? So he was looking at the high end of

00:41:31.840 the social structure and economic structure. And I'm looking at the whole thing. When you put it

00:41:36.160 all together, we weren't living as well. And the theory behind that is that with all of the business

00:41:41.120 failures and the, and the loss of money and the theft of money from one class to another, that all of

00:41:47.520 these things are worth it. So long as the nation as a whole advances in productivity. What if we didn't

00:41:53.600 have any of that? The assumption is that if we didn't steal from everybody, if we didn't lie to

00:41:58.400 them, if we take that out of the equation, then we couldn't advance. Somehow we'd be eating meat

00:42:04.000 in a cave. We'd still be cavemen. And I believe that's just the opposite of the truth without the,

00:42:09.520 without the drain on the economy that these banks have caused, the short circuit across the hot wires,

00:42:15.840 taking the profits of productivity out of the hands of people who produce and put it into the hands of

00:42:21.520 people who don't produce, but simply manipulate the money system. I think that has hurt the thing

00:42:26.640 that we want to see. I think, I think our standard of living and all of the things you mentioned would

00:42:31.360 be twice as high without that. So if we only look at one class of society and we only look at the

00:42:37.200 benefit without thinking of the, of the harm that's been done, then we could come up with that conclusion.

00:42:42.240 But when we put the whole thing together and shake it up in a bag and look what's in there,

00:42:46.240 it doesn't look good. It's negative as far as I can see. So what if we didn't do that? You

00:42:52.160 really think America's innovation would be at the levels that we have today, 107 years later?

00:42:56.320 Oh, that's easy. My belief, now this is, we don't know because it's never been tried. No,

00:43:01.600 no, no quote civilized society has ever tried to get along without this, with this, uh,

00:43:07.600 fractional reserve banking. But my belief is that yes, we would be far more advanced than we are now.

00:43:13.200 How? How? Well, because, because our, our progress might've been, uh, slower because money was not so

00:43:19.920 easy, but it wouldn't have been the ups and the downs, the booms and the busts. See, we always

00:43:24.960 think about the booms, but we forget what happens when the bust happens and people are on the streets

00:43:29.680 and asking for food and they're out of a job and so forth. We just think, oh, the prosperity. Yeah,

00:43:34.400 it's the sawtooth. In general, if you're back far enough away and don't see the sawtooth in there,

00:43:38.800 it looks like it's going up and it is. But if you get close enough to see the ups and the downs

00:43:43.680 of this progress, I think if we took, if we just lowered the upside of the sawtooth in order to

00:43:50.560 eliminate or decrease the downside of the sawtooth, that the flattened curve, as they like to call it

00:43:56.160 today, would have a steeper ascendancy than the one with all the sawtooth spikes. I'm really trying to

00:44:02.320 see that, you know, I I'm in the business world and I'm a, I'm a math guy and I've been in the

00:44:07.920 financial industry since the day before nine 11. So I'm series seven, 66, 31, 26 life and health.

00:44:13.920 And if you buy an American funds, mutual fund called investment company act of America,

00:44:20.240 it was started. I want to say in 1934. Okay. If you open up the perspectives from 1934 till today,

00:44:27.520 you will see a rate of return on average of 12% from 1934 till today. Now for full disclosure,

00:44:35.920 the last time I sold a mutual fund was in September of 2009. So I have not sold a mutual fund since

00:44:44.400 September of 2009. I have to just kind of put that out there. So when you do look at the economy

00:44:49.520 from 34 till today, it has, I mean, that's just not, not the economy. Well, one of the perspectives,

00:44:55.280 a fund, but even if you go to the SMP 500 and you look at an average, you'll see the number 10 or 12%

00:45:01.360 that the market's grown year after year, after year, after year, after year, of course, we've had

00:45:05.680 a crisis. Of course, we've had wars. We've had assassinations. We've had very unfortunate events

00:45:10.960 that's taken place. But, but for you to say that we would be at the same level of innovation and

00:45:16.380 advancements as we are today, if not more, if we didn't lend, I don't see how that's possible because

00:45:23.140 it's kind of like saying the following in the business world. If you go listen to a Reed Hastings,

00:45:29.460 he is the founder. He's a gentleman running Netflix. And you're probably familiar with the

00:45:34.540 name Reed Hastings. He just came out with a book. A lot of these Silicon Valley guys or the entrepreneurs

00:45:39.340 or the venture capital, private equity guys will say, when you're starting a company, go raise as

00:45:45.960 much money as possible. Raising money is a form of going into debt. You can either get a loan,

00:45:52.940 which you're not going to get when you're a startup, or you can go say, I'll give you 40%

00:45:57.060 of my company, 30% of my company for $28 million. For round one, you know, A, we'll do 10 million.

00:46:03.480 You know this stuff. You've read about this. You're familiar with this. So if you don't raise

00:46:08.700 the money, you can't accelerate hiring, technology, office space, advancement, partnerships. You just

00:46:17.940 can't make the product as good as you could because you have to make everything cheaper.

00:46:23.120 So I, look, I sit there and I, I, I see the negative aspects of purchasing power, 97%, which

00:46:30.060 means a dollar is now worth 3 cents, but that's because of inflation, which they fully have control

00:46:35.180 over. And I fully see that as a big problem. I mean, you heard Powell yesterday say the fact that

00:46:39.640 they're not going to raise the rates until 2023 until inflation goes back to 2%. But to say advancement

00:46:45.980 would be at the same level, I would really want you to dissect that a little bit more. Maybe I'm not

00:46:50.460 getting it because I don't see how advancement would be at the same level if we weren't lending.

00:46:55.220 Well, the assumption there is that we are not lending. I'm not talking about that.

00:47:00.560 I think, I think lending is a very important part of financing capital projects and productive

00:47:07.480 projects. I'm not talking about getting rid of loans or anything like that. I'm talking about

00:47:11.880 making the loans realistic and not so easy so that people are more cautious with the loans.

00:47:16.940 So we don't have the busts and the, and the destroyed business ventures quite so often.

00:47:21.840 So we look at the business ventures that succeed. This is wonderful. But then we, we forget all about

00:47:26.520 those little companies that never succeeded, collapsed because they shouldn't have been loan.

00:47:31.160 They shouldn't have gotten the money in the first place. They were underfinanced. I think the best,

00:47:34.780 I guess the best example of that is the, the housing bubble, the real estate bubble that we've lived

00:47:40.620 through a couple of times, we're living through it now again, the second time.

00:47:44.820 No question.

00:47:45.680 You could go and you could buy a house, didn't make any difference whether you were employed or not,

00:47:49.720 made no difference how much money you earned, made no difference how expensive, you didn't have to

00:47:55.120 prove that you could pay for that house. You could just go borrow the money and the banks knew that

00:47:59.060 when the loan finally soured, that they'd get bailed out by the federal government. So they didn't care

00:48:06.140 whether you, whether it was a good loan or not, because they were going to make their money

00:48:09.340 one way or the other. And that's what I'm talking about. If, if there were a real honest system

00:48:15.420 and then the loans wouldn't be so big and so easy, but they would still be there and they would be

00:48:21.120 more, they'd be restricted to the ventures that have the highest possibility of, of succeeding.

00:48:27.060 And when you get all of the failures out of that picture and, and, and you've got a reduced,

00:48:32.900 let's say a portfolio of all the succeeding companies, but you've also got a huge reduction

00:48:38.300 in the failure companies as well. You put them together. My, my solid conviction is that the

00:48:45.340 growth would be slower, but it would be more even. And we would get rid of the booms and the busts

00:48:50.820 and the end result would be better than what we actually have seen. I think of a book written by

00:48:57.540 Henry Hazlitt, one of the original books that got me thinking as a, as a free market type of a person

00:49:03.300 years ago, Henry Hazlitt wrote a book called Economics in One Lesson. I urge everybody to read

00:49:09.480 that book. And when I first saw the title of that, I thought, this is absurd. How can there be one lesson

00:49:14.580 for something like economics, which is so diverse? So I bought the book. And by the time I got the paid

00:49:20.660 seven, I said, by golly, he did it. He got it into one lesson. So I'd like to paraphrase that lesson

00:49:25.440 for you because this, we're talking about that now. Hazlitt said, I can get this right. When analyzing

00:49:32.840 the merits or the demerits of any economic proposal, we must not consider just the effect of it on one

00:49:42.580 person or group of people for a short period of time. But we should look at the effect on all groups

00:49:51.680 of people and all individuals over a long period of time. And that is it. When you just look at the

00:50:01.300 good things that happen and forget the bad things, for example, you look at, here's somebody that

00:50:05.720 deserves to be helped, but you don't think about all the people that don't deserve to have the money

00:50:10.900 taken out of their pockets so that you can help this one person. Maybe you put those people into

00:50:15.500 poverty. If you look at all aspects of the equation over a long period of time, it's a whole different

00:50:22.560 story. I think that lesson of economics applies to what we're talking about.

00:50:28.600 Yeah. I mean, when you're saying honest system, what is really an honest system? Because

00:50:35.940 I have kids, I have three kids. I'm not aware if you have kids or yourself, but if you do have kids,

00:50:43.620 you know how kids are. If you tell them you can't do this, you already know what they're going to be

00:50:47.740 doing. If you put certain rules, kids want to break the rules. And not much is different than

00:50:54.220 adults. If you create certain rules, we have a tendency to want to break rules, right? If you create

00:51:00.020 laws, I don't know how many people here have gone 66 miles an hour on a 65 or, you know, even maybe

00:51:06.060 75 or 85, there's an element of wanting to break the rules a little bit for us where it's going to

00:51:12.920 happen. The only thing when I sit there and I look at America, here's how I see America. And I may be

00:51:17.760 wrong, but this is how I view America. And I'd love to see your take on this. I see if America was an

00:51:23.120 individual, you take all the countries, say the 200 plus countries that we have, if America was an

00:51:29.700 individual, America would be the one that is not comfortable being one of the best, is not comfortable

00:51:39.240 being a top 10, a top 50, is not comfortable just being content and living a regular life. I see America

00:51:46.240 as the individual that says, I want to be the best of the best of the best. I want to, I want to be

00:51:52.220 Michael. I want to be Brady. I want to be Tiger, whoever it is. I want to be the best, right? And

00:51:57.640 if somebody in the world of business wants to be the best, what do they typically do? They're a little

00:52:02.400 bit more aggressive. They're not as conservative. You know, you don't hear a lot of conservative,

00:52:08.320 you know, people that became extremely wealthy. Conservatives are conservatives. You know, they are,

00:52:14.580 they are very good citizens. You want to live around conservatives. You want to live in a community

00:52:20.100 where people are conservatives, but there's an element of risk involved. And I think America

00:52:24.500 took so much risk with this debt that yes, a price was paid, but also at the end, the level of

00:52:32.600 innovation where you and I are able to city, I don't know where you are. I'm in Dallas, Texas,

00:52:36.100 and we're able to do this interview and we're able to use this little machine that was, you know,

00:52:41.420 started by a guy named Steve Jobs and Wozniak, uh, in, uh, California. I, I just, I just can't see

00:52:48.160 that innovation part taking place. What I would like to spend some talking about with you is the

00:52:52.320 following is inflation. How, you know, when you look at business, like you have right now,

00:52:59.620 Trump is going against Biden. Everybody's looking at the tax plans, but Trump is saying he's going

00:53:03.540 to lower his capital gains taxes to 15%. Biden's already publicly said that I got the email from

00:53:08.640 Goldman Sachs that Biden's raising the capital gains to 39, six Biden's economic plan is going to

00:53:14.720 cost America $5.3 trillion over the next decade. That's the highest ever 5.3, 5.4. So if American

00:53:21.420 people are sitting there watching that, what is scarier in your eyes, inflation, taxes, or politicians,

00:53:29.280 what concerns you more? That's easy. I need, I say I'll reserve that for a moment because I would

00:53:38.940 like to address your previous comment, if I may, um, about, uh, when somebody wants to be best that

00:53:46.300 they tend to be, um, I mean, overly aggressive. I don't think that's necessarily the case. I think

00:53:52.640 first of all, there are two issues here in my mind. There's their economic principles and their

00:53:58.160 ethical principles and yep. So they get intertwined, but they, they, they come from different parts of

00:54:03.820 the brain. I think we all want to be the best and we're not everybody cares that much, but we do like

00:54:10.320 to think that we're, we're worthy in some way. And so we try very hard to do our best so we could be

00:54:16.640 proud of ourselves and so that our friends can respect us and all of that. But that doesn't mean

00:54:21.820 that we want to start cheating them or stealing from them or lying to them, taking advantage of their

00:54:27.100 ignorance, things like that. That's an ethical consideration. And I think what's happened to America

00:54:32.520 is not, it's not, it's not because it has the desire to be best or to be very, very good, but because

00:54:38.940 of, well, we fill in the blanks on that. I think it's largely our, our educational system and our media,

00:54:45.360 our, our entertainment system, but that aside, whatever the reason, America has lost its stringent

00:54:51.480 and strict moral ethical principles where now the superheroes in the movies and in the books are the

00:54:58.660 anti-heroes, the guys that are tough guys, the ones that don't give a damn, you know, and look out, 0.69

00:55:03.660 I'm going to be, in other words, the bad guys, as we would have called them when I was a young person

00:55:08.560 are now the heroes, the ones we look up to. I remember back when I was young, all of the movies

00:55:14.420 and most of the books I read, they, the role models were good people. They would never accept profit

00:55:21.640 at the expense of cheating somebody or lying to them. They were good people. In addition to being

00:55:26.540 successful people, it was, in those days we could, we could say that, yes, somebody could have a lot

00:55:31.600 of money and still be an honest, a worthy person. Now we've got the idea that, well, if you, if you've

00:55:37.540 got a lot of money, that means you are an evil person and you probably stole your money. Well,

00:55:42.100 it might be true, but that's, the two are not necessarily together. So I just wanted to get that

00:55:46.800 out by saying that I think our problem that you just mentioned is more of, of the decay in the ethical

00:55:53.380 standards of the country, not so much in the economic, uh, practices of it. So having said

00:55:59.740 that, can we stay on that? Can we stay on that? I know I had a follow-up question with you with

00:56:03.300 what's a bigger threat inflation. Let's stay on that topic if you don't mind, uh, before we move

00:56:07.760 forward. So when you're saying cheating, moral, all that stuff, uh, uh, okay, fine. I agree. But I also

00:56:15.580 think that is a by-product of, uh, the way taxes are set up. I think that's a by-product of how

00:56:22.820 regulation is set up. I think that's a by-product of how loose money was in 2007 when they were lending

00:56:30.520 money to just about anybody. And the loan officers had no kind of, uh, things to, uh, you know, uh,

00:56:38.160 have controls or filters and they were just lending money to anybody and they didn't care if you were

00:56:43.000 shown any incomes or assets. So it was very, very loose. So there, there becomes a, uh, a pendulum

00:56:49.320 in my mind, uh, where on one side you have Milton Friedman back here who he was not much of a fan of

00:56:56.400 too many regulations. It's deregulation. Of course, everything's about deregulation, deregulation,

00:57:00.960 deregulation, but he was a fan of laws. And if I don't re if I do recall, he would talk about how

00:57:09.780 China back in 1984, you know, did had only four major law schools that only a couple thousand

00:57:16.740 attorneys who were living in China in a country with a billion plus people. They didn't have a lot

00:57:20.760 of attorneys. They didn't have a lot of lawyers. So I think a part of that is enforcing what is in

00:57:27.040 place and enforcing what is in place is what gets some people to say, I don't know if I want to mess

00:57:33.420 with this. I mean, the recent shooting, uh, that took place with, uh, uh, in Louisville, Kentucky,

00:57:39.640 where they had to now pay out $12 million. I think that's a great thing because now other cities and

00:57:44.960 states are going to enforce a little bit more training into their police officers to not just

00:57:49.360 walk in and start, you know, shooting because you were seeing something as a threat. I think that could

00:57:54.100 be a good thing. I think certain things that are taking place, if they find a shooter in Compton

00:57:59.360 that shot the two cops, I think he needs to get the highest level of punishment for others to say,

00:58:04.040 you just don't shoot cops. Where I'm going with this is the following ethics, integrity, all of that

00:58:11.000 is a by-product of the way rules and regulations are set up today. And if they're set up in a low

00:58:17.760 standard way where we're looking past it, people are going to keep breaking rules. So, so for me,

00:58:23.140 I totally agree with you there, but, uh, I don't know. I'm trying to figure out what is the biggest

00:58:29.260 threat of federal reserve. And I have something in mind. I'm curious enough, we're going to get,

00:58:33.080 end up getting there on this interview thoughts. Well, if I could just comment on that too, but I

00:58:39.040 agree with everything you said, by the way, but the idea of whether it's a chicken and egg sort of

00:58:44.280 thing, whether the ethics come from the rules or the rules are formed by people with low ethics.

00:58:50.340 I think they both are true. And I agree with that. Yeah. Because if, if people like you and I,

00:58:56.980 uh, hopefully we wouldn't be corrupted by, uh, the power that's in our hands. Uh, we wouldn't pass

00:59:02.560 rules like that. I don't care what the society was, was it's what we carry around inside our heads and

00:59:08.020 our hearts. We wouldn't want to participate in that. But unfortunately, when people are born into a

00:59:13.880 system where everything they're exposed to from their schools, to their motion pictures, to their,

00:59:19.120 the songs they hear on the radio are, are glorifying a very low standard of ethics or a

00:59:26.100 different standard anyway, then it's not surprising that the society starts to have rules and regulations

00:59:31.740 that, uh, support those. So I don't know, it's a chicken and egg thing and it's bad. And we've got

00:59:37.100 to, I think, reverse that somehow. And, uh, I, I do believe that it's a product of this fact that we have

00:59:44.720 bought into this thing called collectivism, which means that we, we believe that the group is more

00:59:50.000 important than the end of it. I don't believe this by the way, but many people were taught this in

00:59:54.040 school. Like I was that the group is more important than the individual and that everything is a numbers

00:59:58.720 game. If you get 51% of the people to want something, then that's going to be the right thing

01:00:02.960 to do. Even if it means plundering the other 49%. And it's, it's a bad system. And we think that 0.98

01:00:09.260 everything is political. There are no standards that truth is what you want it to be. All of

01:00:15.420 these things, you know, oh my gosh, um, it's got to come at the reform. I think has to start at that

01:00:22.000 ideological level before we can have the rules and regulations reflected. And I think because we have

01:00:28.320 bought into the idea that everything should be measured and controlled by a law that when people

01:00:33.560 are elected to Congress, they have one job and that's to go to Congress and make laws, more laws,

01:00:38.540 more laws all day long, pass more laws till finally we got a hundred million trillion billions and

01:00:43.360 zillions of laws. And we have no room to move because it's a law for everything, including how

01:00:48.080 we, how we blow our nose. And, uh, and so, and we buy into that because we think each law, oh, it's

01:00:53.240 for the greater good, you know? And so once we get to that point, the laws are, oh, they're horrible.

01:00:59.300 They're not for the greater good at all. It's a very good point. It's a very good point because

01:01:04.100 again, everything goes back to the basics of how you raise a family. If, if a family has too many

01:01:09.020 rules and relationships have too many rules, I mean, you, you miss out on creativity, individualism,

01:01:14.960 you know, having your own thoughts, your own opinions, you know, you know, if you try to

01:01:20.680 control how fully on who your daughter dates, she's eventually going to date who you don't

01:01:24.940 want her to date. If you're so worried about what she's going to, she's going to do what she's 0.66

01:01:30.440 going to, if you're so worried about what your son is going to do and what drugs or alcohol,

01:01:34.080 if you're so like, you try to fully, they're eventually going to be like, why is that so

01:01:37.760 worried about this? So I, I, I couldn't agree with you more on what you're saying, but, but

01:01:42.800 let's go back to the next topic here. So what is a bigger concern to you? You've been around,

01:01:47.760 you've researched a lot, you've read a lot and stuff that's pre my era and pre my former

01:01:53.420 generation. You've been, you've been reading a lot of stuff on what's going on, done a lot of

01:01:56.440 research with your 48 books. What do you see as the biggest threat today? You know,

01:02:01.240 is it inflation? Is it taxes? Is it media? Is it politicians? Is it China? What is the

01:02:08.960 biggest threat today that we're facing?

01:02:14.320 That's hard to pick a biggest. I would say

01:02:17.620 the biggest threat, if it wasn't even on your list, it's the fact that the population of the

01:02:26.420 world has been denied information so that they are incapable of making good decisions.

01:02:36.420 They're, they look at the world through their television screens or their computer screens.

01:02:42.280 They think everything they see in front of that little screen or in that screen, that's reality.

01:02:47.900 They can look out the window and see that it's raining. But if it says on the radio that the sun

01:02:52.360 is shining, they'll say, Oh, it's a sunny day today. And I think that's the scariest thing because as long

01:02:59.780 as the humans in this planet can be programmed and passively accept a condition where they accept

01:03:07.880 authority without question, there is no hope for mankind because authority sooner or later will figure

01:03:16.900 out how to dominate their minds and control them in every way possible.

01:03:24.000 That's a pretty deep answer right there. Um, and what's the price of that? What is the price of that

01:03:31.320 long-term?

01:03:32.760 Well, the price of that is that we cease being humans. We cease being in the sense humans of our full potential,

01:03:39.500 having, uh, freedom, uh, freedom of will, freedom of choice, freedom of logic to reach a decision or to

01:03:48.760 question freedom to think. Even we become like robots. And of course, that's what a lot of this

01:03:56.220 transhumanism really is all about is to convert the present state of affairs into two classes of humans.

01:04:02.320 One are the ruling elite who will remain pretty much as humans always have been, but maybe genetically

01:04:09.440 selected to choose only the best and the highest intellects, but the rest of us to be gradually

01:04:16.000 dumbed down chemically, electromagnetically, and through information, uh, starvation into robots.

01:04:24.660 That's the, that's the penalty. That's what I think. And I shouldn't say, I think, I know that's where

01:04:29.480 we're headed because the people that are doing and brag about it. They talk about it. They've

01:04:33.660 written books on it. They think how wonderful it's going to be. And, uh, I, I first, I thought,

01:04:38.800 well, that's, that's really weird. This will never happen. But now I see AI developing and,

01:04:44.820 and transhumanism and more artificial things happening where people can blend their bodies

01:04:50.360 with mechanical things. And I project that into the future. And I'm thinking, oh my gosh,

01:04:55.860 maybe this is really going to be that way after all.

01:04:59.480 Uh, you know, you, you'll see the opposition, uh, those who, uh, oppose capitalism. They'll go and

01:05:11.180 say, well, Karl Marx was a noble man because, you know, he, he felt the capitalist is so competitive.

01:05:19.800 He's so hardworking. He's so ambitious to seek more money and greed that he's eventually going to

01:05:28.000 create so much wealth and not go out there fishing with his dad, fishing with his kids and spend that

01:05:32.620 quality time with his family. And at the same time, if advancement goes at the level that it does,

01:05:38.800 eventually it's going to destroy itself and implode. What do you say to that part of the argument?

01:05:45.440 Because you're a capitalist yourself, you're pro capitalism, you're pro freedom, you're pro

01:05:51.660 choice, you know, pro freedom of thinking you're, you know, all of that. But at the same time,

01:05:56.680 you can, you're concerned about the advancement and the levels we're going with AI. Are we advancing

01:06:02.360 and innovating a little too fast or a little too quickly? Well, there's a couple of components to

01:06:07.580 that question about, you know, the, the general, uh, opinion of what Marx really taught. What you

01:06:15.300 just said is, is got nothing to do with Marxism, but a lot of students think it does. They think,

01:06:20.200 well, Marx taught, you know, peace and, and, uh, cooperation and non-competitiveness and so forth

01:06:25.740 that he did not. Uh, when somebody starts talking that way, I know that they have not read Marx.

01:06:30.600 They have read books telling them what Marx means, but they have not read Marx. If you read Marx's

01:06:37.320 books, you'll find out it's got nothing to do with that. It was all about crush your opposition,

01:06:41.820 destroy your opposition, come to power, take away the family, take away money, make, make people,

01:06:47.660 uh, obedient to their rulers and masters in the name of the greater good of society.

01:06:52.380 He's, he's, he's speaks nothing of the things that the students think he represents. And, you know,

01:06:58.860 he'll say, kill them all. And they make no bones about it. Not only Marx, but Lenin and Stalin, 1.00

01:07:03.540 all the good old boys and, and, uh, you know, Maceitung, all of those guys. Adolf Hitler, really, 0.79

01:07:10.460 even though he's a Nazi, he believed the same thing. And there was no difference between what he 0.87

01:07:14.960 believed and what Marx and Engels and, and, um, Lenin were teaching. So when, when people talk

01:07:22.100 that way, I know that they haven't read the books and the, and the manuals that the, that have been

01:07:27.100 generated by these totalitarians. So having gotten that out of the way, I'll move on to, um, what was

01:07:33.940 that? I thought AI, AI, what is your concern? Are we advancing and innovating too quickly?

01:07:37.920 Well, I, I think we are. I, my only challenge really is the word or the phrase too quickly.

01:07:46.820 I don't think we should move in that direction at all. I think it's, I think it's whether it's

01:07:51.640 fast or slow. Um, I mean, whether you jump off the cliff quickly or sort of slip off of it slowly,

01:07:59.220 finally you're off the cliff and you're through. So I, I don't think it's a question of too quickly

01:08:04.280 or not. I think it's a question of if we should be doing it or not. And I really, in my mind, I

01:08:10.360 think it's, it's contrary to what we are. I think if we were smart enough to understand who and what

01:08:16.100 we are and where we fit in this universe, we'll be very destructive. First of all, I don't think

01:08:22.400 it'll succeed. I really think that we can tinker with the laws of nature only so far till finally

01:08:28.200 we'll blow it up and we won't, we'll cease to exist. We're not going to be these super creatures at

01:08:33.780 all. We will just cease to be able to reproduce or that we'll kill each other or something like

01:08:38.920 that. That's what I'm afraid will happen. But, uh, uh, maybe, maybe nature can be destroyed. Maybe

01:08:46.300 nature can be, uh, converted into a death machine so that everything just stops. You know, I don't

01:08:53.880 know either way, it's a scenario. I don't think it's a good thing. I don't want to think about that

01:08:57.740 for myself or my children or my great, great, great, great grandchildren or anybody, uh, in the

01:09:03.940 future. So I think if humans really were as smart as they'd like to think of themselves, they would

01:09:08.960 stand back and say, you know, we don't tinker with the building blocks of life. We just don't

01:09:15.200 tinker with them because they're perfect as they are. They've lasted for hundreds of thousands,

01:09:20.980 if not millions or trillions of years. You can argue over the length of time, but they've,

01:09:25.180 they're pretty good and that they show a great deal of intelligence and design and functionality

01:09:30.180 that's far beyond anything that Einstein or any human could come up with. Why are we tinkering

01:09:35.380 with this thing when we think, well, I think all we can do is mess it up. So that's my answer to

01:09:41.280 your question. I don't think it's a question of, are we going too fast? I just think we shouldn't be

01:09:45.160 going there at all. Where is there? When you say this thing or there, what is there or what is this

01:09:49.720 thing? I'm talking about AI? No, it's not AI. That's just a computer algorithm. AI is, I don't

01:09:58.780 see that as a threat, but when we put, when we implant AI into mechanical devices that are capable

01:10:06.340 of challenging humans or becoming part of humans or replacing humans, now we're in a whole different

01:10:12.700 realm. Uh, I think AI can be very productive and very useful in computer programming and solving

01:10:19.760 problems, but that doesn't mean we have to replace the human instinct and the human, uh, senses of

01:10:27.040 morality and make them whatever we program into the AI. If, if we want an AI device to think that it's

01:10:34.040 moral to kill people, well, we just tweak the code a little bit and all of a sudden AI says, oh, I've just

01:10:40.360 done a good thing. I've killed 10 people. Hooray for me. You know, this is stupid to go into that 0.99

01:10:45.380 kind of stuff. I think it's not about being stupid or not being stupid. It's called point of no return. 1.00

01:10:50.920 You can't do nothing about it right now. You, you, you, there's nothing the two of us can do about the

01:10:56.200 speed of innovation today. Nothing, literally the amount of time it'll take for all the lawmakers

01:11:02.700 and legislators to come out with new laws to prevent this, a new innovation and technology will come

01:11:07.680 out. That'll take them another 12 to 24 months to come out with the new regulation. Uh, it is the

01:11:12.440 point of no return. One doesn't go without the other. You cannot have a capitalistic society

01:11:16.540 and recognize innovation and individualism, but tell them, well, don't cross the line and pass that

01:11:23.380 limit. You know, the whole idea of limitless, we have no limits that goes with the whole, uh, ingenuity,

01:11:30.440 that creativity of a capitalist and an entrepreneur. Can you do it faster? Can you do it better? Can you do

01:11:36.640 it bigger? Can you do it more efficient? Uh, so it, you know, it's another one of those things

01:11:42.740 where in life, this is what I've learned. Again, I'm only 41 years old and, uh, uh, the, the older I

01:11:48.040 get, the more I realize, uh, Mr. G, how many flipping contradictions there are in life. You know,

01:11:55.040 life is filled up, filled with contradictions. You know, you have one philosophy that gets clear in

01:12:00.260 this area. Boom. There's a little bit of a contradiction in it. You get this fall out. Boom. There's a

01:12:05.960 little bit of contradiction in it, but in this area, when it does come down to innovation,

01:12:10.260 I, I, I, I think if all the nice people got together and they all pray together, I don't

01:12:16.580 think they can slow down innovation or I don't think they can slow down from these young creators

01:12:21.620 to say, I'm not going to stop creating and trying to do it better than whoever did a prior me. I just

01:12:27.620 don't see that happening, but I do agree. I have a, I have a fear that you might be right. It certainly

01:12:33.280 seems correct that way, but there's one part of it that's encouraging to me. And that is you talk

01:12:38.500 about that this innovation and all of this dangerous innovation is a product of capitalism

01:12:43.980 or free enterprise. And I, I, I would like to challenge that because I think most of the money

01:12:49.060 being spent for these kinds of things either are coming from organizations like DARPA, you know,

01:12:55.440 the military research or governments of one kind, because they're, they're not really doing this

01:13:01.140 in order to make a profit. They're doing this because they intend to control human beings.

01:13:07.940 And so the motivation is not... You really believe that? You really believe that?

01:13:12.460 Oh, I'm totally convinced of that. I, I would probably have to do some research to get some

01:13:17.820 numbers together on it. But I think what you would find if you trace the money that's going into this

01:13:22.520 kind of research, that it's almost all of it has its origins from governments and very, yeah,

01:13:29.360 there's some companies that invest in it, but take a look at the companies, where are they getting

01:13:32.900 their money? Who's paying them? Who's giving them the contracts to do it and so forth. And I think

01:13:38.340 you would be surprised to find that much, most of it is probably coming from governments and they

01:13:44.140 don't care about, you know, the human condition. That's not why they're doing it. They want to do it

01:13:49.640 because they want to create a system where they can control the human being and, and not be worried

01:13:56.400 about being facing a revolution or something like that. Yeah. I mean, I, I, I understand what

01:14:02.340 you're saying. And I think some of that could apply to Iran or to China or to North Korea or to some

01:14:10.760 regimes who fully try to control their people. And don't get me wrong. I am very aware of some of

01:14:16.720 these places in Alaska where they're creating technology to learn how to control people. I've read

01:14:22.580 many of these articles and I've gone to some, uh, uh, you know, uh, rabbit holes that you can find

01:14:28.920 yourself staying in for a few weeks and you come out thinking you're living in la la land or you're

01:14:32.820 on shrooms or smoking some of the best hash from the middle East. But, uh, you know, and then you

01:14:38.200 realize, no, there's some of this stuff that's actually true and it is kind of happening, but how,

01:14:42.440 how much of it is it to control the people in a free speech country? And how much of it is to

01:14:48.960 prevent from a country like China to try to take over and impose their belief system of total 0.84

01:14:55.380 control and, you know, a hundred percent submission to the way the government runs.

01:15:00.400 Maybe it's preventing from a country like China to become the biggest empire by 2025 where they 0.96

01:15:06.440 can't rule the world, you know, and, and that, that's the part of it. And, you know, at the end

01:15:11.060 of the day, one of the things that I believe in, here's what I fully believe in. This is what I

01:15:14.300 fully believe in. And you have the wisdom. I'm still a baby next to you. I'm still learning.

01:15:19.400 This is why I'm still reading books to get myself to get sharper and wiser and talk to people like

01:15:23.300 yourself. So I can elevate my level of thinking. I just believe in human beings. It's that simple

01:15:30.140 for me. I believe in human beings, having dreams, having heart, caring for people, because one of the

01:15:42.560 greatest system God created is even if you didn't care about people, when you have kids, you go

01:15:51.280 through this process of wanting to treat others better because you hope somebody else treats your

01:15:56.500 daughter better. You hope somebody returns it to you, natural form of karma, whether you believe in

01:16:02.580 God or not. I just believe in human beings. And I think long-term I'm banking on human beings,

01:16:10.820 having the collective courage to fight for their individual dreams and not be pansies, 0.93

01:16:17.600 not be afraid, not be cowards. That's what I'm banking on.

01:16:20.540 I like that message a lot better than your former one, where you thought it was too late for anybody

01:16:25.120 to do anything about it. I think half of my brain supports one argument and the other half

01:16:33.160 supports the other one, but my heart is totally on the side of your last statement. Yeah, I think,

01:16:39.120 and the key to that is that as long as we are humans, as long as they don't mess us up and prevent

01:16:43.760 us from procreating other human beings, which they're definitely working on that. Yeah. I mean,

01:16:49.780 they're putting stuff in our air, in our drinking water, in our food to cut down not only the quantity

01:16:55.940 of our procreation, our reproductive rates, but the quality of it as well. They want to tinker with

01:17:00.620 our genetic structure as well. And if we, if we don't stop that, I mean, we're not going to be

01:17:08.660 humans or our great, great grandchildren. We're not going to be humans anymore.

01:17:12.620 You're going in a different direction. Now we're talking vaccine. Now we're talking vitamin B17.

01:17:16.620 Now we're talking a whole different slew of things that we can get into and this thing can get into

01:17:20.820 three hours. But I think we may want to leave that for a part two discussion where the two of us can

01:17:26.840 have, because, uh, uh, today's topic has been very deep. It's been very deep. It's been very interesting.

01:17:32.440 I've really enjoyed it. And, uh, your, uh, point of view on the way you've, uh, uh, shared your

01:17:39.400 experiences and perspective. It's great to hear. Uh, and I hope the audience goes and orders your book,

01:17:45.300 the creature from Jekyll Island. If you've never read it, it's a must. Uh, uh, uh, we're going to put

01:17:50.100 the link below to, to the book as well. And Mr. G, if you don't mind, I I'd like to do a, uh, speed round

01:17:55.620 with you. I'll give you a name of an individual. I want you to tell me one word that comes to mind.

01:18:00.180 Okay. Speed round. Give you a name. This is dangerous. I'll be very honest with you. I want

01:18:05.540 to be very transparent. This can be very dangerous here. So JP Morgan Chase.

01:18:12.580 Evil.

01:18:14.660 Uh, Greenspan.

01:18:18.260 Poor chap.

01:18:20.780 Paul Volcker.

01:18:24.740 Evil.

01:18:25.620 Uh, uh, uh, Powell.

01:18:31.060 Poor chap. Um, that maybe I come up with more, uh, more words to say the same thing is that,

01:18:37.120 um, I feel sorry for him.

01:18:39.900 Nixon.

01:18:44.720 Justice.

01:18:47.300 Okay. Woodrow Wilson.

01:18:50.560 Fool. 0.99

01:18:52.480 Jimmy Carter. 1.00

01:18:53.360 Untrustworthy.

01:18:58.400 Untrustworthy.

01:18:58.960 Wow.

01:19:01.380 Biden. 0.97

01:19:04.460 Puppet.

01:19:06.640 Ron Paul.

01:19:09.300 Hero.

01:19:10.940 Bernanke.

01:19:14.860 Evil.

01:19:16.360 Bloomberg.

01:19:16.940 Hack.

01:19:17.940 Hack.

01:19:22.060 Hack.

01:19:23.720 Pelosi.

01:19:27.200 Puppet. 0.95

01:19:28.860 Obama.

01:19:31.080 Puppet. 0.95

01:19:32.020 Trump. 0.92

01:19:34.220 Puppet. 1.00

01:19:35.860 Puppet.

01:19:36.860 That's right.

01:19:37.460 I feel like we're about to dedicate a song.

01:19:41.520 I'm your puppet.

01:19:42.400 Remember that one song, you know, it's a lot of people going to say, well, I was with Griffin

01:19:47.060 all the way to that one, but this is.

01:19:50.580 Yeah.

01:19:51.000 I mean, that's, but you know, at least you're, uh, uh, at least you're consistent, you know,

01:19:56.340 you just threw, threw the, uh, the audience off a little bit because it was a little bit,

01:20:01.360 uh, interesting.

01:20:03.320 So you, so you say both Trump and Obama and all of them are puppets, including Biden.

01:20:08.820 So who are the ones at the top that are moving all the puppets if they are the puppets?

01:20:14.160 Well, we started off talking about them.

01:20:15.980 Okay.

01:20:16.440 Got it.

01:20:17.000 That's the financial, that's the financial world.

01:20:19.560 Who are they today?

01:20:20.340 By the way, who are those people today?

01:20:22.200 Well, you know, the names, I don't really pay much attention to the individual names,

01:20:27.260 but we know what dynasties they are.

01:20:29.760 We know that the, the two big ones, of course, are the Rothschilds in Europe and the Rockefellers 0.98

01:20:34.520 in North America and all of the, all of the people that, that play up to them and, you know,

01:20:41.100 are in their entourage, all the banks.

01:20:43.560 Then you get into the banking families.

01:20:46.180 I'm sure they're still active, but the main center is the Rothschilds and the Rockefellers. 0.78

01:20:52.200 It's as simple as that.

01:20:55.240 And, but there are a lot of other people.

01:20:56.960 I mean, I'm not talking about two people sitting there at the control panel, making

01:21:01.560 all the decisions there.

01:21:03.160 Those are the guys that have all kinds of lieutenants and their handler.

01:21:07.420 I mean, people that they've sent out to handle, like take Kissinger, for example, Kissinger

01:21:11.480 is the bag man for the Rockefellers.

01:21:13.640 When Kissinger shows up, you know, that he's speaking for the Rockefeller group and it's

01:21:20.620 not Kissinger speaking.

01:21:21.800 It's the Rockefellers. 0.98

01:21:22.940 So, and then, and Kissinger has his people that represent him.

01:21:26.500 And there's a whole pyramidal structure.

01:21:28.520 I don't pretend to know all the names and how they fit, but I recognize them when I hear

01:21:32.620 them talk.

01:21:33.980 I'll give you the final words here to the viewer that's watching this.

01:21:36.620 They're a little bit concerned.

01:21:38.940 They're wanting to go and do a little research.

01:21:41.360 You made a recommendation of a book I read, I don't know, 16 years ago, 17 years ago, Economics

01:21:46.860 in One Lesson.

01:21:47.560 It's a real thin book.

01:21:48.460 We'll put the link to that book below as well.

01:21:50.360 But what would be your final thoughts to a viewer that's watching this saying, well,

01:21:54.060 I want to be more informed.

01:21:56.880 I don't want to be controlled.

01:21:58.400 I want to be a free thinker.

01:22:00.860 What should I be doing?

01:22:01.720 And what message do you have for them?

01:22:04.240 Well, I think the first step that such a person has already taken, when a person says, I want

01:22:10.120 to be more informed, I don't want to be fooled anymore.

01:22:13.720 They've already taken a huge step because that means they understand that there's something

01:22:18.300 wrong and they're not getting the full information.

01:22:21.260 So the next step is then, well, how am I going to get that information?

01:22:25.160 And that's a direct lead.

01:22:26.200 And I'm glad you gave it to me because I would like to plug my upcoming event.

01:22:31.320 It's called the Red Pill Expo.

01:22:33.040 It's coming up in October, 10 and 11 on Jekyll Island, by the way.

01:22:38.340 And the Red Pill Expo, sponsored by Red Pill University, is all about what you just said.

01:22:43.380 It's where do you get information?

01:22:45.100 Where do you take these red pills, which are going to wake you up and cause you to see reality

01:22:50.400 and get rid of all of those illusions that cloud our brains?

01:22:54.480 And believe me, we've all got them.

01:22:55.960 I'm sure I still have some.

01:22:57.500 A lot of them, probably.

01:22:58.600 I don't even know about it.

01:22:59.820 Hardly a week goes by, but what I don't discover, oh my gosh, they're fooling me on that one too.

01:23:04.480 They're all over the place.

01:23:05.500 And some of them are, of course, more important than others.

01:23:08.040 So if anybody wants to get a place to start, go to redpillexpo.org and look up that event.

01:23:15.640 I think they're going to be very impressed by what's going on there.

01:23:18.560 We're going to put that link below as well.

01:23:21.240 Mr. G. Edward Griffin, thank you so much for your time.

01:23:26.780 It's been a pleasure.

01:23:27.640 I've learned a lot.

01:23:28.420 I've enjoyed the conversation and hopefully we'll have you back here soon.

01:23:31.440 Well, it's been my pleasure.

01:23:32.760 And I hope I haven't bored anybody or scared anybody or insulted too many people.

01:23:38.560 And I'd love to come back.

01:23:39.780 So thank you.

01:23:40.740 Thank you for your time.

01:23:41.540 I'm curious, did this interview of the author of Creature from Jekyll Island, does he have

01:23:46.780 you thinking?

01:23:47.620 Are you thinking about the conversations that we had?

01:23:50.140 Comment below what you are still thinking about.

01:23:52.720 But if the topic of economics and what he and I spoke about today intrigues you, I have

01:23:56.960 two other interviews I want you to watch.

01:23:58.380 One is with a former economist, somebody that used to be with Goldman Sachs, Nomi Prince.

01:24:02.900 If you've never seen this before, we talked about Jekyll Island and Federal Reserve.

01:24:06.860 And if you've never seen my interview with Daniel DiMartino Booth, who was with the Federal

01:24:10.020 Reserve of Dallas for nine years, click over here.

01:24:12.660 And if you've not subscribed to the channel, please do so.

01:24:14.680 Thanks for watching, everybody.

01:24:15.560 Take care.

01:24:16.000 Bye-bye.

Valuetainment - October 07, 2020

How A Secret Society Created The Federal Reserve At Jekyll Island

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