A recent video release -- purportedly by a media service associated with ISIS -- showing how the US fiat currency system will bring about the collapse of the dollar, seems to be an astonishingly good piece of anti-gold/Austrian propaganda. Are Austrians and others who push a gold standard in cahoots with ISIS? Hardly. But, says Ron Paul, some sort of commodity standard is inevitable as all fiat currencies collapse. Who's really behind this video?
A recent video release -- purportedly by a media service associated with ISIS -- showing how the US fiat currency system will bring about the collapse of the dollar, seems to be an astonishingly good piece of anti-gold/Austrian propaganda. Are Austrians and others who push a gold standard in cahoots with ISIS? Hardly. But, says Ron Paul, some sort of commodity standard is inevitable as all fiat currencies collapse. Who's really behind this video?
A recent video release -- purportedly by a media service associated with ISIS -- showing how the US fiat currency system will bring about the collapse of the dollar, seems to be an astonishingly good piece of anti-gold/Austrian propaganda. Are Austrians and others who push a gold standard in cahoots with ISIS? Hardly. But, says Ron Paul, some sort of commodity standard is inevitable as all fiat currencies collapse. Who's really behind this video?
Hello everybody and thank you for tuning in to the Liberty Report.
Daniel McAdams is with me this morning.
Good to see you Daniel.
Happy Monday, Dr. Paul.
Good.
Guess what I want to talk about?
Gold.
Maybe we're on our way to the gold standard.
But under the circumstances of the recent article that we're going to talk about, I'm not so sure this is the road to the gold standard.
And that has to do with this major one-hour video put out by the Islamic State.
And they actually used some truths about gold and paper money in order to promote their version of the gold standard.
Did you happen to come across this video?
I mean, it was pretty amazing.
In some ways, it was very chilling because if this was indeed an ISIS video, it's claimed as.
And I'm pretty skeptical about a lot of these things because I think propaganda is so powerful these days.
But if indeed it is what it is, it makes a very accurate, as someone who's followed you as a non-expert, myself following you as an expert for so many years, learning so much, it sounds almost like some of your teachings.
Well, yes, and the big thing here is Islamic State talking about a gold standard, putting a lot of stuff in their video that sounds very reasonable and that paper money is bad, which is something we've talked about for many years.
But who has the greatest interest in taking gold and discrediting gold?
Well, it's our government.
And especially it's the Federal Reserve, and we've talked about the history of 100 years, what they've done.
They destroyed the dollar, promoted paper money, and they always attacks gold.
They always go after gold.
And right now, this conspiracy part of this, if there is such a thing, is that the gold standard is something that ISIS wants, so therefore it has to be bad.
And there's the implication, too, that they have advocated the circulation of the old Islamic gold dinar.
And anything associated with ISIS, except when our CIA is involved, anything associated with ISIS is considered bad.
So it's not a big stretch to think that if you and I, or two Americans someplace in the world, started exchanging gold dinars, that we could be in trouble with our own government.
Certainly, if you look at the authorization for force after 9-11, the authorization for the National Defense Act and these sorts of things.
Yeah.
But the thing that struck me is, you know, there was an appearance by you in the video, and that was pretty chilling in a way.
But looking at it as if I was analyzing propaganda, it essentially says to me that, and maybe this is way out there, but this is no longer an analyst explaining what will happen, but you being drawn in and shown into it, as well as several other hard money and Austrians that are in the video, you're shown as being complicit in the downfall of the U.S. currency system.
Well, you're a supporter somehow.
Actually, you can read that into it.
You really don't know, but it's probably pretty logical to think that.
But then if the attack is on gold and Austrian economics, then there was certainly a concerted effort to keep the ideas of the gold standard and Austrian economics out of the news.
It never became an issue in the campaign in the ordinary media.
It did with young people who were willing to look elsewhere.
But it's never a contest.
At Jackson Hole this past week, do you think they said, well, how are we going to answer the question of Austrian economics?
Totally ignoring it.
And because their goal is power, and their goal is controlling the monetary system.
And I think they know, the establishment knows, what we know, and probably what ISIS knows, that the dollar is destined to self-destruct.
But to associate that with ISIS is really where the leap comes.
And I think the one thing that they used as a justification for gold was the Quran.
And they've been saying, you know, that it's in the Quran, that gold should be used.
But it's in most religions, Judaism and Christianity and honest weights and measures.
It's a religious principle.
So that's not a big stretch.
But to paint a group of people, which is what our government has done for so long, is to discredit.
And how much have they been involved, our government been involved in the gold market?
So our government in the West sets themselves up for attacks like this because, of course, we had our gold taken from us illegally in the 1930s, and gold was propped up and artificially priced.
It probably still is.
And yet they have to save the paper money.
So in that sense, we, our government, and our Federal Reserve has opened up the door for this type of insinuations, you know, that this is America, you know, a problem, and therefore we are the only ones that can solve it.
But then they bring in Austrian economics and free market people saying that, you know, that we might advocate something different.
But then the guilt by association comes up, and that's where the danger comes in.
What might they do to us?
I was going to say the conspiracy theorists would go crazy watching this movie because it conflates cause and effect.
It puts you in the same position of these people who obviously don't hold their ideology.
But if the U.S. is behind ISIS, as some conspiracy people say, and the power elite really are terrified that the system is about to collapse, this is the kind of propaganda that you'd put out to blame someone else.
Don't blame Janet Yellen.
Don't blame Ben Bernanke, blame James Rickards and yourself and others.
Well, I've talked about it for a long time, and I've watched it closely ever since the breakdown of Bretton Woods, and that was a hectic time, not knowing exactly where it would go.
It's amazing that they've held the Fiat dollar standard together for so long.
And then we've had crisis in 1987.
We've had them in 1999.
We've had them in 2008.
And we had one last week.
And it still goes on and on.
In spite of those ongoing crises, in spite of the fact that I believe the dollar is essentially doomed, I don't buy in to the theory or the hope of what ISIS is saying.
Oh yeah, it's such a mess.
The dollar's going, and this is our second stage.
We bomb the towers and prove that we can destroy capitalism and freedom.
And therefore, now we're going to destroy the dollar.
Well, we're going to do that ourselves.
It's not going to be because of ISIS.
So if that final day comes when the people give up on the dollar and we go to a metal, because I've always said they will have to go back for reassurance to go to a precious metal to get confidence back in the dollar.
It's not going to be, it's going to be ISIS.
There's still going to be international banking going on.
I think there's still going to be electronic transfers of money, which will be very important.
But you can still do that under a gold standard.
Most people think if you have a gold standard, you have to have heavy weights in your pocket to buy a car.
And that's not the case, not the case at all.
But I do believe that we're moving in this direction.
ISIS is not going to be in charge of the gold standard.
There may be somebody out there that might be able to, matter of fact, they might suffer from the loss of the dollar because they're using our dollars.
They get our dollars from us and do all these things and they benefit by it.
But yes, individuals will.
But gold is not a standard for countries.
I know that we had a gold standard and it was declared gold and silver is legal tender.
But gold and silver is legal tender because the market decides this.
So this idea that gold has to belong to ISIS or United States government or the Federal Reserve, no, the market will pick it.
And I think if you do have governments involved, not ISIS and not the United States, it's going to go east because that's who's buying the gold.
It's going to be Russia and China and India and these various countries.
So if in the midst of a crisis, I think they're the ones who are likely to issue a currency and not ISIS.
By the way, we should mention that this video, which is fascinating as a piece of propaganda, either way it is.
We first noticed it on Zero Hedge, which we both read faithfully.
But some of our viewers may want to look at this video for themselves.
So it's a couple of days back, or I think it's yesterday on Zero Hedge.
Yeah, and I think that we're going to hear a lot more about this.
But I think the main reason why we wanted to talk about this today was to try to figure out who actually was behind this.
And the production is pretty impressive.
It's very westernized and westernite American type speaking in there.
So it's rather shrewd.
That's why I think it would, to destroy gold and destroy the concept of Austrian economics, it's our government that would benefit the most.
I'm not sure the average person fighting in ISIS and trying to expel foreign invaders are worrying about this as much as they'd like us to think they are.
So that is the big thing that's going on on what really and who is really behind all this.
I think this is important monetary history because it brings to our attention that our dollar is doomed and everybody's going to take advantage of it.
Who's going to use it?
And in this case, ISIS is claiming that they're going to take advantage of it because America is at fault.
And in many ways, we are our own worst enemies when it comes to our foreign policy, getting ourselves involved when we shouldn't.
And also the destruction of the dollar.
Just recently, we talked about China.
China was at fault and we hear the presidential candidate still saying it's China's fault that we had a stock market crash, not realizing that the fiat dollar, the reserve currency of the world, is the instrument of worldwide inflation.
So if there's a problem, we ought to look to ourselves and eventually the market will decide because the paper money will be rejected, but there will be a tremendous effort made by all the government because it means a lot.
Purse Strings Control00:01:03
It means power and wealth on who controls the purse strings.
But when they lose control of the dollar, the purse strings will change and eventually people, at least on a temporary basis, will trade in the actual coins.
But hopefully we come to our senses in this country, decide that we're going to give up on our foreign policy and give up on Keynesian economics and say along with this comes a trust and a belief and an understanding of what a sound currency is all about.
The founders knew about it.
Biblical history shows that honest money is worthwhile in a moral sense.
So it's something that we should continue to think about because we're living in an age that's moving rapidly.
And although I don't believe ISIS is dating this, that all of a sudden they're going to come up with the gold standard here in the next month or so.
I don't think that's going to happen.
But in the next month or two or a year or two, eventually that dollar crisis will come and somebody else will have to pick up the pieces.
Let's hope it's the free market Austrian economists that are able to pick up the pieces.