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July 14, 2023 - Ron Paul Liberty Report
27:54
BRICS Nations To Announce Gold-Backed Currency --- Too Soon To Celebrate?

The dollar fiat monetary system may soon get some desperately needed competition. The nations that make up BRICS will soon be announcing a new gold-backed currency. The printing of trillions upon trillions of dollars, and the use of the dollar system as a weapon against other nations seems to have finally reached a tipping point.

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Why Gold Matters 00:13:34
Hello, everybody, and thank you for tuning in to the Liberty Report.
With us today is Chris Rosina, our co-host.
Chris, welcome to the program.
Great to be with you again, Dr. Paul.
Good.
Let's talk about gold today and a few other things.
Gold and money.
You know, I tried to figure out whether the Federal Reserve believed gold was money.
But, you know, I got the answer that they say, heck no.
Yellow and explain it to me.
No, no, it was Bernanke.
He said, no, that's not money.
So we have to stretch it now because we're going to be talking about money and gold.
We happen to think just maybe that gold has a lot to do with money, regardless of what the big guys want to call it and how they want to use it and how they want to maintain it.
But there's been a lot going on this past week.
Gold has been very, very active.
And I was fascinated with some news that came out that day because I always want to look at the news and how it's going to affect the stock market and the bond market and the gold market.
But the news that caught my attention was the report on the CPI.
And they said it had dropped and it was down lower than they expected.
Boy, from their viewpoint, wouldn't they say that's good news?
You know, and that means there's not quite as much inflation, but there's still problems.
But so the first reaction I had, well, well, I guess gold will go back up again.
They're going to react to this.
I mean, it will go down again because people would say, well, the prices aren't going up as fast, so they're winning the battle against inflation.
But exactly the opposite happened because the interpretation was a little more sophisticated than that by the people with a lot of money.
They said, oh, yeah, but what's going to happen to interest rate?
They feel like if there's any problems, they can still raise interest rates more.
So the thought of that and the untrustworthiness of understanding what the Fed's going to do, and they don't tell us.
And one reason why they don't tell us, they don't know themselves what they're going to do.
I think they change their mind hourly or weekly.
But anyway, it's a guessing game.
And that's all the Keynesians do is they do a lot of guessing about the economy, interest rates, gold prices, the whole work.
This is one of the reasons why this chaos that I have partnered with Birch Gold Group, because that's what they talk about in a realm of investments.
And what they have offered through our program, if you text Ron at 989898, they'll send you some free material dealing with the subject of money and gold and this sort of thing.
And you can do that.
And they talk a whole lot about converting and moving your assets around, very sophisticated type of investment.
But if you haven't gotten that yet, I advise you that it might be very much worth your while to text Ron at 989898 and get this free material because I think real sincerely that it could be very helpful to you.
And believe me, this chaos I was introducing the program with, it's not going to go away.
And that's what we're going to talk about today.
Chris and I are going to talk about, oh, well, maybe the gold standard's coming up next week.
The bricks are meeting.
The bricks are coming.
And so we have to be ready.
I'm not quite as excited about that as some people are, believing we're on the verge of it.
One thing for sure, Chris, is the attitude and the language has changed.
Central banks are buying gold.
People are buying gold.
And people are negative on the dollar.
But the hurdle between going away from a reserve currency like the dollar, who's kingpin in many ways, in spite of the many shortcomings of the dollar and our policies, is a long way to go from taking that and ushering in a new reserve currency that would replace that.
But that's what they're struggling about.
And that's why there's a meeting coming up in a few weeks in August.
They will be meeting, and there will be five countries involved in BRICS.
And that is Brazil, Russia, India, China, and South Africa.
So they're representative, and they have people who want to join that group.
And what they have discovered, to no one's surprise, is the people that are involved in that group, they're gold producers.
And you might say, well, they just want to sell their gold.
But there's two things.
Maybe they do.
But it may be that the dollar is going down as it has been this last several months.
The dollar definitely has been down.
So this is interesting times, but very, very dangerous.
And we're in this transition.
They've talked about a world cryptocurrency, digital currency, which is another indication that there's competition, but it hasn't been much positive conversation.
Stay away from the dollar.
The dollar is king.
You can't touch it.
Most people are saying, get prepared.
And that's what we hope we can contribute to, is to get people to look at this and look at the money issue in a serious manner.
Chris?
Yes, very good, Dr. Paul.
Yes, next month, BRICS Nations will be getting together.
And they let out a little teaser that they're going to be looking to form a gold-backed currency, which is incredible.
You know, perhaps, you know, the U.S. printing trillions and trillions of dollars and then going using the dollar system as a weapon against other nations.
You know, everybody sees this, especially what the U.S. has done with Russia.
You know, they have nuclear weapons and they were cut off with SWIFT and all this other stuff.
Other countries that don't have nuclear weapons may be thinking to themselves, you know, they could easily do this to us.
So now, does this mean that the BRICS want to destroy the dollar and the dollar goes to zero?
Only they know the answer to that question.
My thinking is probably not, because as Dr. Paul mentioned, everybody uses the dollar all over the world.
The dollar, you know, look what has happened over in China.
That's, you know, with use of the dollar.
You know, sometimes it seems our own authorities, though, you know, with the way that they print $6 trillion here and $2 trillion there, that's how you destroy the dollar.
So we have to worry about our own authorities by counterfeiting it so much.
You know, these BRICS nations, they probably want an alternative to the dollar.
And using gold, my guess is, you know, they probably don't trust each other any more than they trust the United States.
But gold, it facilitates trust.
Instead of using yuan and the other currencies, everybody can agree on gold because nobody controls it.
Nobody can counterfeit it.
So, you know, this is, we'll see next month what happens, but this could be some much-needed competition for the money printers in Washington.
Yeah, and I think the one positive thing that's happening for what we're trying to do, there's a lot more interest, a lot more people.
Unfortunately, they're getting interested because things are getting so bad.
And that means they're at a point where they're questioning how long is the dollar going to last.
And that's what we don't know.
The one thing I feel certain about, the dollar will not last indefinitely.
It's been around a lot longer than it has deserved.
Like right now, It's anticipated in a very short period of time the interest on a national debt on a federal debt.
It's going to be a trillion dollars.
That used to be a lot of money.
But at the rate it's going, it could be just the interest is going to be many, many trillions of dollars.
That's why anybody with a little bit of common sense and a little bit of economic knowledge and a little bit of instincts about this, they would say, well, this can't continue.
But of course, the people who really understood this, who argued against the whole system from the beginning, even from the beginning of Bratton Woods and all, they know it and it's coming.
But the big thing is, we can be very certain that there are big problems coming, but we can also be very cautious and say, nobody knows the day it's going to strike.
It could strike any moment because the system is so fragile.
The foundation of our economic and political and monetary system is very fragile, and it wouldn't take a whole lot to rock it.
And this is a problem we have to face with, but that means we should study and be more intense because more people now, if you listen to the radio and TV, there's numerous ads on the radio and TV for gold, more than I've ever remembered.
I don't even think there were, well, you can't compare it to the 70s because it was illegal for us to own gold.
And there was a lot of chaos in the 70s.
But no, I think a lot of people are waking up.
And what people ask me, well, if everybody has this gold, what do you think?
Do you think the government's going to come in and take our gold?
They did it once.
Roosevelt did that immediately as soon as he became president.
Took the gold in and revalued it to the advantage of the government.
It went from $20 to $35 an ounce and the people got stiff.
And I don't think that that's going to happen.
I think, and that's why I love to see more people interested in it and know about it and have some gold.
It's sort of like having a gun.
You might understand the gun issue if you have one, but you also have to worry about them coming and getting it.
But I think the American people aren't in the mood to voluntarily give up all their guns.
I just don't think that's going to happen.
And they were very complacent in the 30s.
It looks like most Americans, because the purchasing power of the dollar was actually going up, and not many people had gold.
They just trusted the dollar for so long.
So that was not an issue.
People didn't fight it.
They argued with it and all.
But now, the odds of them coming to take the gold, I think, slim.
But I still think we have a lot to worry about.
Don't say, oh, that's okay, as long as they don't take my gold or my guns, we're going to be okay.
Now, the biggest deal is, and the biggest threat we have, living through COVID and all this stuff that we have, the biggest threat is their attack on our liberties.
And that is why it's so important.
So they might not come into your house and say, oh, you or you have gold coins.
We want them.
I just don't think that's going to happen.
I think the American people won't let that happen.
When they came in during COVID epidemic and said, we want your kids and send them to school so we can give them more shots.
The people started rebelling against it.
So the people will not do that.
But the government still have, they still have more guns than we have.
And what I fear and worry about, and that's why I'm very much involved in political education and economic education, is the governments always have a trick up their sleeve and they will use the force of guns and weapons and their authoritarian principles and the size of government to maybe, oh, you have gold and you want to spend it.
Want to cash it in and buy a house?
Oh, yeah.
Well, you have to pay 75% taxes on that.
They could tax, they could regulate, and all kinds of things, and pretend we're protected, you're right.
Like they protect our freedom of speech, you know, how they're always bragging about protecting our freedom of speech because it's only those social media companies.
They're violating your speech.
So we have a lot to be concerned about.
And the symbolism of what's going on with this spending and the deficit and the evidence that this cannot last is getting stronger and stronger.
That's why I think there'll be more and more people thinking about, you know, looking more into the gold issue and trying to protect themselves.
But my additional comment is what I think is even more important.
And look at how you can promote the cause of liberty.
And, you know, right now, the thing that's helping us out on that lockdown business and that mess that we have there is the fact that parents have decided they better take more charge of their kids.
But that's in the middle of a big, huge battle.
But it's doable.
We still have enough freedom that we can speak out and try to combat what's going on.
Chris?
Yes, we should always, even in the darkness, have an optimistic attitude because we are creative human beings.
And our enemies, you know, the authoritarians, globalists, empires, whatever, once you see how they act and how they are, you can be creative yourself and with your family and with your friends because they are very predictable.
You know, Daniel said, you know, the neocons, they have one speed, escalate, and that's it.
And that's what they do.
And they always announce their intentions.
Escape Hatches 00:09:01
You know, we see that we're going to have digital currencies.
During COVID, they had the vaccines and you had passports which all failed because they also don't think things through.
They get all, they believe their own hype, you know, that they're going to create this dystopia.
And but they're going up against the billions and billions of creative individuals who use their creativity to find escape hatches.
You know, and this BRICS summit is an escape hatch.
You know, they're like, forget this global fiat, you know, tyranny.
How about we use a gold currency, gold-backed currency?
That is the opposite of a fiat tyranny.
So that's an escape hatch.
Gold is an escape hatch not just for nations, but for individuals.
And there are many individuals today that believe that Bitcoin is an escape hatch from this proposed tyranny that they keep telling us about where we're going to sit in pods and eat bugs.
I mean, they have the nerve to actually advertise this, that that's what they're going to do to us.
But people are creative and they find ways to escape.
So we should have some optimism, even though this is crazy stuff that we deal with.
But it's a challenge that we have to face.
And there's always a way out if you use your mind.
Very good.
And, you know, the transition is the big challenge.
How do you go from where we are with this chaos to something that makes more sense?
You know, when there's total breakdown, say under war experiences, and there's total chaos and no money to circulate, they find something to use as a trading item.
And so there's a lot of natural things that people will do.
There will be people with silver and gold, and it will work out.
That's why, although there will be a lot of planning and some of the governments will get together, and I think that's fine.
But it's not going to be easy to get even the five nations that are already talking about it to agree on the details.
Because I think the big thing to deal with this, whether it's the United States returning to a gold standard or whether it's the creation of a gold standard worldwide, and that is getting people to agree on the most important question, what will the unit of account be?
And up until 1971, the unit of account basically for the world, and it's continued in spite of its shortcomings, that the dollar was the unit of account.
But originally it was a weight of silver, a weight of gold.
But in 1971, that was destroyed.
So that was why it was easy for many of us to say, things don't look good in time.
This thing is going to just blow up and just really come crashing down.
I guess the only surprise I have is that it lasted so long.
And yet I'm still not saying, oh, I think it's here.
Next month it's going to happen.
I don't think it's possible for people to make the predictions.
And yet it's possible that an event can come up and something will happen.
That's why you have to be prepared.
But an attack on our liberties can pop up rather quickly.
Just think of the reaction to COVID.
The attack on our liberties really just popped up.
And the control with the social media, the laws of our First Amendment right, that has moved rapidly.
So I think to get all the company, all the countries to get together to define a unit of account is not that easy.
But the other thing is, in a true standard, if you are going to be the central banker, and you're saying, oh, we have it.
We all agree that it's gold.
It has to be convertible.
You can't say, well, you know, the dollar, we use the dollar as an example.
Oh, the dollar now is worth $2,000.
Referrals are $2,000.
Well, that's not going to be believable is the problem.
And we've dealt with this a lot.
You know, we dealt with runaway continental dollar at the beginning of our history.
And we had to start.
And one thing the founders did was made it mandatory that the unit of account was going to be defined as a weight of precious metal, gold and silver.
So that ushered in an age where they had something to hang their hat on.
But the unit of account right now is there is none.
So this is the reason they're getting all these, if you come together as a group, sometimes that's more difficult than what is happening now.
I love it when I hear, oh, you know, the Saudis and somebody else just settled a big bill.
So they sold a lot of oil and they took some gold for it.
And that's an attack on the dollar when that happened.
That's an easing in.
It could be more gradualism that could happen.
But, you know, we had a restoration of the gold standard in the 1870s after the Civil War.
It took them a three-year period to cover.
Our government promised not to run up huge deficits or run a welfare warfare state.
And it was a non-event.
It went back to $20 an out and had been up to a couple hundred dollars.
So this is a thing that can happen.
We've done it before.
And we will and can do it again.
One thing that's interesting is why this is important.
It's after World War I, the British went off the gold standard during the war, and I think all the countries did that.
But the British, they wanted to maintain the pound as the world currency.
So they said, we're going back to making the pound convertible to gold.
And they did that.
But what they did was they made it at the previous price.
It would be sort of like, oh, okay, everybody wants the gold standard sold gold standard again.
Oh, okay.
We'll make it convertible at $35 an ounce.
Sure, that would last long.
I think if people were to gather up their Federal Reserve notes and take the gold instead.
So it's finding that amount, and that's why you need transition periods and an understanding.
And the market has to be entered into this.
Also, the reason I have advocated competing currencies where those kind of things can be worked out.
Politicians and special interests, big banks and warmongers, they will not do the task that we need to have done to restore and produce a sound international currency.
Chris?
Yes, very good, Dr. Paul.
I'll finish up with my closing thoughts.
Yeah, so all in all, I think the announcement at least and the direction that the BRICS are going is a good sign.
The dollar surely needs competition.
And it also shows us once again that globalist tyranny is not a sure thing.
There are so many obstacles.
A gold-backed currency would be a huge obstacle should it succeed.
But, you know, the bad guys are the people that want fiat only and that they can counterfeit.
You know, they're not going to be too happy with it.
And we'll, you know, perhaps try to change the situation if they can.
But a lot of times you can't.
Look at the Ukraine war.
That's another obstacle.
Look at all the, despite all the sanctions and all the pomp and circumstance around Zelensky, look at where we are today.
That one picture that just swept the internet of him just standing there while NATO, you know, they're all talking with another and ignoring Zelensky.
You know, that also shows you how power works.
You know, they'll pump up and then move on to the next thing without a thought.
And, you know, so they were faced with a choice.
Allow him into NATO and then, you know, on the prospect of world war, which is very dangerous.
All these people that live great material lives, you know, that's a very big uncertainty when you're dealing with nuclear powers, or keep it into a forever war where they just shovel, you know, weapons into Ukraine.
And that's what they decided at this point.
It's much easier, just send weapons, let Ukraine do all the fighting.
So, you know, this globalist thing is not a sure thing that everything's mapped out and it's going according to plan.
You know, there's a lot of monkey wrenches that could get thrown into their deal.
And, you know, in the meantime, we have to find a way to just live well and speak the ideas of liberty to at least keep these people at bay.
Very good, Chris.
Protecting Wealth In Uncertain Times 00:05:05
You know, my suggestion is that even as difficult as it is these days dealing with inflation and all the nonsense going on, is since gold was re-legalized in 1975, which was a big event.
So that was a big positive event because from 1933 all the way up to then, the Americans weren't even allowed to own gold.
That's how determined they were to control things.
But anyway, in 75 it was re-legalized and it's available now.
That's why you hear it on television.
Buy gold, buy gold.
Things are in problem.
So that's a very positive thing.
And I think it's conceivable, even under these conditions, that individuals can go on their own gold standard.
But they have to be frugal.
They have to be willing to save.
have to be willing to work hard.
But right now, one of the most disappointing things about this mess is that I grew up at a period of time where you rewarded children and kids and birthdays with some money to put in a savings account, even though it's a dollar here, a dollar there.
Well, back then a dollar was pretty valuable.
But they learned to do it.
So they were saving the Federal Reserve notes.
And it wasn't too bad.
But now in this age of inflation and how it's gotten out of control, you know, I have mixed feelings.
Should I teach my kids and my grandkids?
Okay, here's a dollar.
Put it in your piggy bank.
Keep it.
It's going to be valuable.
You might need it someday.
Yeah, you keep it in the next month.
Dad, but I'll tell you, you said it was going to be, I could use it.
Yeah, it's worth 50 cents now.
So that's hard.
You can't do that.
But let's say you have Federal Reserve notes and you're working and being frugal, saving your money, and you go out and take your Federal Reserve notes and buy a house and live in a house and have an investment there.
And that house might help protect against your inflation.
At the same time, if you want to really save it in a piggy bank, buy gold coins.
And I like silver coins, you know, because they're not going to be so high in pricing psychologically.
So in a way, if people put so much money here and they want to be protected, protect it by putting away some silver.
And that is exactly what you're supposed to do with a real gold standard.
You're supposed to have something behind that thing.
And it has to be convertible.
And in the old days, the big test on whether we really are still on the gold standard, you should be able to walk into a bank, put down the amount of money, $35, give me the ounce of gold or give me a silver dollar.
Right now, you put, and I remember the days where I put it down a dollar, a Federal Reserve note a dollar and got a silver dollar.
Can you imagine whether they say, I put my dollar down, give me my silver dollar?
Yeah, well, there are $50 now if you're going to buy retail, one silver out.
But anyway, there's a lot you can do.
And self-sufficiency is very important.
It's not like we don't have our freedoms.
It's that we have become complacent and dependent on too many handouts.
And of course, that's become astronomical since we've had this craziness on the protection of our borders and the welfare state, the warfare state.
The spending is out of control.
And one of these days they're going to look at that trillion-dollar interest payment per year.
Anything that can get to a trillion dollars in interest payment can go to $2 trillion too.
So I think the information is out there.
I think the economic understanding, monetary understanding, is far beyond what the founders even knew back a couple hundred years ago.
So the information is there.
I think the integrity necessary and the willingness to find the information, because basically you're not going to get this information in a government school.
And that's one of our problems because they're not going to let you know the secret.
Because they say, what are you crazy people wanting to know about what the Fed's doing?
You have an audit of the Fed.
That's just a waste of time.
No.
It would be really revealing if we knew exactly how much control the Federal Reserve had on how they manipulate the money internationally, financially.
It would be an eye-opener.
My belief is I spent time on that because if people had a true audit of it, they would say enough is enough.
The other thing is, if they had a true audit of the Pentagon, they would also say, this money's not going for national security interests.
I mean, it's impossible to come to that conclusion when you look at all those expenditures.
So there's a lot we can do.
That's why my argument is this really work hard to protect our First Amendment so we can at least discuss these issues.
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