Americans are "taught" that government regulations (beyond the punishment of force or fraud) are necessary. Yet, the more government "rules" there are (and there are more than can even be enforced) the more the citizens find out that the regulations are largely an illusion. Whether it's "vaccines" or banking, or any other major debacle; it's time to put an end to the tool that Big Corporations use to create extraordinary advantages for themselves. It's time that Big Corporations have no choice but to compete in a free market. Unlike politicians and bureaucrats, the free market can't be bribed, bought or lobbied. Big Corporations hate the free market, and they're very pleased that the average American is "taught" to hate it too.
Hello, everybody, and thank you for tuning in to the Liberty Report.
With us today is Chris Rossini, our co-host.
Chris, welcome to the program.
Happy Friday, Dr. Paul.
Good.
We generally talk about economic policies and monetary policy, sometimes gold and all these things on Friday.
Friday for me is a special day because it's a subject that I've looked at and studied and wondered about it and impressed by the significance of monetary policy for a long time.
But it was very significant this week.
Gold prices going up, even cryptocurrencies, they're going up.
Stocks, not so good.
Stocks are down.
But one thing for sure is it's a very, very nervous market.
And with the way gold is going against the stocks, it reminds me of our partners in the gold business.
And that's, you know, Birch Gold.
We partner with them, and they have a program and help us out with our program.
And if anybody would like to get in touch with Birch Gold, because they have some information that they're willing to pass along, if you want to learn more about investing in gold, they have advice about this.
So what you do is you take a look at that number on the screen.
It says Ron 989898.
And you'll get in touch with Birch.
They'll send the information.
It doesn't cost.
It invites you to look and study and see if you want to follow up on that.
But it is important in a week like this.
A lot of people are thinking about it.
You know, even I, who think I thought about this for many, many years, trying to have a little bit in savings, a little bit in cash, a little bit in gold, nothing in stocks.
I still get to the point where, you know, I sort of wished I didn't have too much just on savings.
Days like this, it's terrible because, you know, what we're talking about today, amazingly, why people are nervous, is how much of the deposits are going to be insured.
People are very nervous about that, and there's a lot of hustling around there.
But if we go by the government's promises, no sweat.
The FDIC there is to help us.
They claim they've never, anybody that's been insured for a deposit has never lost a penny.
And they came into existence in 1933.
Well, I think that figure is fudged a little bit, just like they're going to take care of everybody's deposit and guarantee it.
There's always a catch to that.
And this is the reason why, you know, knowing more about the financial system and what to do with gold is very important.
So once again, the number, if you want to get in touch with Birch Gold and get some information, that's text Ron, 98-9898.
Hey, Chris, why don't we start off with seeing how much reassurance you can give us and tell us, oh, Ron, you're worried too much.
I checked into it, and the numbers aren't all that bad.
I think they can handle it all right.
Chris.
I have some bad news, Dr. Paul.
A friend of mine tweeted recently that, you know, there are $9 trillion in deposits, and the FDIC has $125 billion to cover it, which is about 1.4%.
That's not going to cut it.
We gave Ukraine $100 billion.
So basically Ukraine is going to cover our deposits.
Imagine taking like $10,000 to a CEO, multi-millionaire, and say, hey, buddy, you get in trouble.
I got your back.
I mean, he would laugh at you.
Your $10,000 wouldn't even cover his shaving cream.
So it's a false sense of security.
But, you know, Dr. Paul, you mentioned 1933.
That's New Deal stuff.
There's another one called Social Security, which is another false sense of security.
Because again, you know, people think, oh, I put money into it.
I put money into it.
I hate, again, to be the bearer of bad news, but there's no money sitting there.
They don't take it, put it in a corner and say, this is for when so-and-so retires.
We're going to responsibly keep it here for him.
And when he retires, we're going to give him the money.
They spent it.
It's gone.
There's all debt there.
So, you know, this New Deal that came about in 1933 was a raw deal.
They didn't save capitalism.
They destroyed it and created this whole big fiction that now is coming home to Russ.
And people are being surprised at the level of problems that we're already starting to face.
You know, why I find this interesting, especially the 1933 issue, is because the FDIC was started then.
But what else happened?
They confiscated the gold.
So up until then, from the beginning of our country, off and on at times, and not perfectly, but our deposits were assumed that they'd be protected by gold and or silver.
That's what the Constitution said.
But all of a sudden, you know, they said, we're going to take the gold from the people because they were abusing the gold standard and they didn't want the people to have the gold.
So the government, our government, stole all the gold from the people, which was worth $20 an ounce.
And then the government turns around and says, oh, no, it's worth, we're going to make it worth $35 an ounce.
So the government made all the profit.
So that's what happened in 1933.
But instead of the gold keeping it, you know, as an honest reserve, what they do is they take away the reserve and say, we'll give you one that's every bit as good.
And that's the FDIC.
I have to say, it lasted for a few years now.
And they've had to, you know, change their ways.
And we've had to change our system.
We've had a lot of recessions and depressions over all this.
But it didn't substitute for gold.
It's not gold, but they wanted it to act like gold.
It refreshes my memory on what Alan Greenspan told me once, because he was a gold bug at one time.
And I brought the subject of gold up, and he was very polite.
And this was during a hearing.
And he says, well, he says, I understand what you're talking about.
And gold is very, very important.
But he said, we've become more sophisticated at the central bank.
We now know how to manage paper money as if it were gold.
And therefore, I was to be reassured.
Don't sweat it.
They will never mess it up again.
But I'll tell you what, that's been probably close now to 20 years ago.
And things have been messed up and they continue to get worse.
So that's why they're talking more about gold because there is going to be a shift.
There will be an attitude.
It's shifting around the world.
And eventually it will come here because Americans are waking up.
You know, when they confiscated the gold in 33, I said, why didn't the people rebel and demand?
Why are you stealing our gold?
And it was mainly because it was taken for granted and people didn't see it as a haven and they didn't have the inflation.
So they were sort of deceived into believing that it wasn't necessary.
I think the opposite has occurred now when you hear these bank runs going on and people, a lot of average people now are owning gold.
So there's going to be a lot more resistance to the government casually saying, oh, yeah, what we want to do is make sure nobody has any gold.
I think that would be a very dangerous thing to do for the government, Chris.
Right, Dr. Paul.
And, you know, we mentioned that the FDIC only covers a tiny, tiny fraction of deposits.
Now, do they go around saying, you know, this isn't right.
We better fix this before everything falls apart.
Dollar Destruction Resistance00:07:10
No, we see in the media there are ideas to cover all deposits.
I mean, it's insanity.
It's almost like foreign policy.
We should not be messing with a nuclear power like Russia.
Now, are they backing off?
No, they want two nuclear powers, Russia and China.
I mean, our government from top to bottom is messed up.
And, you know, if that were to even happen, or if all deposits are insured somehow, which, you know, can't happen.
But let's say it was, that would be an excuse for the most recklessness behavior imaginable.
Nobody would have any consequences.
The government insures everything.
You know, so that's, you know, it's such a silly idea.
But also, let's also think about what happened this week.
Supposedly you were uninsured if you had more than $250,000.
But we found out with that Silicon Valley Bank, no, no, they were declared a systemic risk.
So now they had over $250,000 and they got bailed out.
So now the whole $250,000, even though it was an illusion anyway, now it's just very arbitrary.
They're going to decide whether or not to give you your money or not.
I mean, this system is so rotten.
And that's why it's so important for sound money, for people to learn about sound money.
It's so important to our society.
You know, I think it's hard to figure out exactly what's going on or what the position is, because the position is that people are insured up to $250,000.
And yet people, I've never run into somebody who said, boy, you know, the last go-around with this, this has happened to you several times in the last 25 years.
But nobody's come up and said, you know, they gave me $250,000 and they wouldn't give me the rest of the $50,000.
So I think people do get bailed out as they bail out the banks.
But the one thing that they rely on is the fact that the insurance can be ignored, the numbers can be ignored, because that is not the decider on how much they can pass out.
The decider is a computer.
And if they decide they're going to just, you know, just print more money through a computer, you know, they're going to bail them out.
But that is, it puts the government and the FDIC and the Federal Reserve between the rock and the hard place.
Because if they say we're going to bail out everybody, everything, don't sweat it, which some of them have said.
I mean, that's going to, oh, okay, I guess I can get by.
But then it's going to panic people like what you suggest, Chris.
Somebody's going to say, that's impossible.
You can't do that.
So I think no matter they are between the rock and the hard place, because if they bail them out, it's going to be bad.
If they don't bail them out, it's going to be bad.
But they're going to do something.
But I have over the years always assumed and taken the position that the government is not going to give up on their effort to print enough money because I think Bernanke said it the way he felt and the bankers feel.
They said, there's no problem if there's any deflation and there's liquidation of debt and the shrinkage in a deflationary period.
He says we can always inflate, even if we have to use helicopters to drop the money on the people.
But, you know, I thought about that when COVID hit.
That in a way, the helicopters were running.
Can you imagine how many trillions of dollars were passed out and they tided it over?
It's just that anybody thinking about this have to realize that this is going to be short-lived.
I think each one is worse than the last one.
This is a bad one, and there's more money involved.
The debt that we're dealing with is $32 trillion, and it's going to grow exponentially.
So this is not going to end easily because the people cannot be reassured.
There will be a lot of hope and a lot of promises by the politicians, but this is a sign that we are getting closer and closer to the liquidation and the destruction of the value of the dollar and the use of the dollar as a reserve currency.
I still don't take the position next week it's going to happen and everybody's going to use the wand and different other currencies.
They're starting to use it.
But the magic of a wand of everybody adjusting to it, it may happen.
It can happen because the foundation is so fragile.
It can go.
But it's just that we have been building on this because if we patch this together and think it, you know, looks like it's working for a couple more years, it just makes a bigger bubble.
Instead of $32 trillion, you're going to have $64 trillion.
And there's the theme that the national debt doubles every eight years, but it can double faster than if it needs to.
If there's runaway inflationary pressure, it could double in four years instead of eight.
So that's what we're facing.
And that is why, well, that's an economic thing.
Everybody has to worry about that.
But the big thing is, what's it going to do to the political system that we have now that we are living in a woke culture that doesn't even understand what truth is, what we should do, what the Constitution says.
And if you put the political crisis and then you have to feed some of this cash continuously into a group of people, now there's a coalition.
You know, we work on a coalition of progressives and libertarian types to be opposed to the Ukrainian war.
But there's a new one that's coming up because it just is disgusting to see some decent progressive Democrats and progressive independents that have taken the position that we shouldn't be feeding the military industrial complex.
But they're gung-ho over this.
And guess what?
It's some of those Republicans who are hateful toward Trump and said they're in coalition with these Democrats.
So there's still a bunch of people out there.
The one only good sign I think I see is that some of the Republican people are sending a message and I think that's why one of the candidates this week changed his position on Ukraine.
But the pressure is there.
Those are good signs and we look for those.
But the bad sign is that this is incestuous.
It's designed.
It's totally dependent.
We've been doing it for too long.
We really declared bankruptcy in 1933 when we took away the gold.
We took the gold away from the foreign people who were qualified for it in 1971.
The Shaky Foundation of Truth00:06:47
And we have a fiat currency.
There's no reason to trust the currency.
So we're struggling to preserve this currency that can't be savable.
So I guess the best thing I think we can do is continue to argue the case for sound money and limited government.
And if people get confused about all this, actually the answers are in our Constitution.
It's not real complex.
Excellent, Dr. Paul.
I will finish up first by thanking everyone.
You know, our traffic has been going up steadily on Rumble, our podcasts, and makes us feel good that maybe what we're saying here has some value.
And hopefully when you come to listen to our shows or watch our shows, you get something different than the one monotone or one message that everyone else is just supposed to repeat.
You come here and you find out that recessions are actually a cure to the Fed money printing, even though it's treated as a horror.
Well, here's another truth that is not easy to accept and definitely not widespread opinion.
It's bank runs.
Bank runs reveal the truth about the situation.
They reveal an unsound, fraudulent lie.
And I'm not saying I would ever want to be a part of one, but I may be.
My bank, I don't know every aspect of what they're doing.
But there's things you can do.
You don't have to keep all your money in the bank.
You don't have to keep it all in one bank.
But if a bank run occurs, the truth is being revealed about your bank.
And what do the authorities and the media and everyone squash it, squash it fast?
They do not want the truth to come out.
And we just went through this with COVID.
They do not want the truth.
Or January 6th, they want the truth about anything coming out.
And the FDIC plays a big part in creating this illusion because you think that you're insured.
And that lets you off the hook.
You don't have to pay attention to your bank.
The government's got it.
But people pay attention to the most minute things.
They'll pay attention to ingredients.
Don't pay attention.
What's this company doing?
But when it comes to their money, their bank, they just let it go.
And the FDIC was put in place to create that illusion.
You know, don't worry about it.
Everything will be fine.
Well, you know, everything will most likely not be fine.
And we have to think outside of the box on how to handle the not fine when it occurs.
You know, the Silicon Valley Bank just went through it.
There's another one that's going through it.
And there will be more in the future because the whole system is unsound.
So, you know, we'll keep giving the information as we can, trying to look for the truth.
And thank you again for watching.
Very good, Chris.
I'm glad you're emphasizing this whole issue of truth because I agree with you strongly.
Because the run is the truth bursting out.
And that is important.
But we have a whole philosophy, this wokeism and this whole contest we have with governments being taken over and the destruction of our republic is based on the fact that they have a philosophic position that people like us who believe that there is a truth and you can deal with it.
So inflation is a theft, it's fraud, it's deceitful, it's unconstitutional, and it doesn't follow a doctrine of law and order.
So they do this and they do this to make sure that people are deceived.
So they want to hide the truth.
And Chris, you're absolutely right on this.
And the people that believe this as a philosophy are nihilists because they say, and they're not like, there are some are aggressive and they become the militant, fascists, communists, and all this.
But there are some that are just philosophic nihilists, and they study it and they say, and they're also atheists.
But they say, there is no way to know about the truth.
There's no way to know there is a higher law.
And the thing is, if you study ancient history, even back a long time before even the Tenth Commandments were written, people knew what the truth was.
It's natural.
The truth is known.
And by right now, they're trying to live without the truth because it's inconvenient.
And they want power.
The people who really promote it, they want power and money.
And now that the power is shaky and the money is shaky, the wealth is getting vulnerable and the truth is bursting out.
And this is, I think, if nothing else, if we can contribute to getting people to understand what the truth is, even just about the money issue, it's a big deal because money's been around for a long time, thousands of years.
Even before he recorded history, they knew about gold being used as an exchange.
And it's nothing new, but I tell you what, you know, wokeism is new.
And fiat money, of course, has been known in nature to a degree, but it's always been a failure.
And right now we're facing it.
And we have to know about the truth.
And if the founders knew it, they understood it, understood the danger of the continental money.
And they say that's wrong.
You can't do it.
No paper money.
You have to have gold or silver as legal tender.
But we have forgotten about that for a long, long time.
And that takes the power away from the politicians, the people who say, oh, we have to do is manipulate the legislative branch and we can get what we want.
We don't even have to worry about collecting money.
You know, we'll pretend we're going to collect money, but they know they don't have to because they have this modern monetary theory.
That's actually what they're following.
That you don't have to have real wealth behind what we're doing.
And you end up with a situation like we have now.
If you don't have truth, you can't have much organization.
And that is what I think is what's happening right now is that the market screams out what the truth is, and we ought to listen to it.
And I guess, Chris, maybe we ought to do a little bit more screaming out about what the real truth is.
But I do want to thank everybody for tuning in today to the Liberty Report.