March 1, 2014 - The Political Cesspool - James Edwards
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You're listening to the Liberty News Radio Network, and this is the Political Cesspool.
The Political Cesspool, known across the South and worldwide as the South's foremost populist conservative radio program.
And here to guide you through the murky waters of the political cesspool is your host, James Edwards.
All right, it's the third hour now upon us.
Ladies and gentlemen, welcome back to the award-winning Political Cesspool Radio Program here on the Liberty News Radio Network.
We're at our flagship station in Memphis, Tennessee tonight, Saturday, March the 1st, spring right around the corner.
James Edwards and Eddie the Vomiter Miller here to wrap things up.
Eddie is going to be continuing his series.
This is part two on the economy by kicking the presentation into high gear tonight with once again a featured guest.
Eddie, over to you.
Well, good afternoon, people.
We're back for the third and final hour here, and we have our very good guest coming on tonight, Mark the Economist.
We're going to bring him on in just one minute.
I'm just going to very, very briefly kind of hit a few high points of what we covered last week for our people that weren't here to listen to us.
We were talked last week.
We talked about money, economics, how it affects people worldwide, how specifically we're more interested in people here in America, surprise, surprise, than we are anywhere else.
We talked about how money affects, determines if you have a job, if you have a home, if you have a car, what the interest payments are on those items, if your children are in school or not.
We defined a few things like we defined what money, Mark defined what money is.
He talked about what a bank was.
Mark defined inflation, hyperinflation.
He talked about who suffers from inflation.
He brought in the examples of the German Where America Republic and their hyperinflation of the 20s.
And we also talked briefly about the United States here with our boom market in the 1920s and the bust of the 1930s.
And we also just briefly mentioned the tax-free foundations.
And people, well, that brief summary of what we did last week, I hope you didn't miss it because we laid some very important groundwork there.
And with that, I'm going to go over and welcome our distinguished guest, Mark, back to the program.
Welcome back, Mark.
What a pleasure it is to have you on tonight.
Thank you, sir.
Can you hear me good?
Hear you.
You're coming in loud and clear.
Okay, fantastic.
You know, Mark, I'm just going to say, you know, Mark and I, we had a brief, put our heads together a couple of days ago.
And Mark, a couple of things we talked about when you and I that we might want to talk, I think it'd be important tonight, was to go back maybe to the war between the states here in the United States, the Civil War.
We talked about, you know, about Lincoln issuing greenbacks and not going to the international bankers there.
Would you like to take off there, Mark?
And with that, when we talk about that, we can say how it affected the pay of the Union soldiers and the merchants that the union bought war supplies from.
And Mark, I'll let you take it off right there.
Hey, I'm turning the reins over to you, my man, because you're the expert.
Yeah, basically, Lincoln issued the greenbacks.
He wanted to pay for the Civil War, obviously borrowing.
Anytime you go to war, you have to borrow a lot of money.
And so he was borrowing money, but he also wanted to pay for it through central banking mechanisms or inflation.
And we've done this like a couple of times.
We did this actually three times, like Korean War, World War II, World War I.
And then so he was like the first one to come up with the idea of printing money and have like certain people have to accept that printed money as payment.
And then of course once that mechanism engages and once people have to take the greenbacks as payment for government contracts or whatever, he can now increase the circulation of that money and, you know, which he obviously did.
He increased it.
I think, oh, gosh, I'm looking at here.
I'm trying to get the figures correct here.
He financed a total war debt of $2.614 billion.
And the inflation rate during the Civil War was running 22.2% up in the North.
In the South, I think I don't have the numbers on the South, but I'm sure the South, the inflation rate was like a lot more catastrophic than that.
You know, Mark, probably the only difference, you talk about this, the greenbacks, like you say, that was a nonsense in the terms of Mark.
Mark taught me last week what a species currency was.
A specie currency, if I remember right, Mark, you correct me if I'm wrong.
You can take species and you can go exchange it to probably any central bank that's issuing that currency for gold and silver.
Well, Mark, you know, we talked about briefly that we talked about how the Union soldiers, they were paid in the greenbacks in the North.
And guess what?
Getting close to the end of the war, it's not funny, really, because they thought they were fighting on the right side.
The greenbacks that they were left holding, issued from the northern, you know, from the northern government, became worthless.
Is that right, Mark?
They were pretty much, I don't know what the inflation rate was, but those greenbacks were no good.
And matter of fact, Mark, do you think there were any difference in the greenbacks and the Confederacy money?
Except that the only difference probably would be that the end of the Civil War, the Confederate money was redeemable probably for zero, whereas maybe the greenbacks, you could get maybe 10 cents on the dollar.
can you go into that some and also would be the merchants the inflation rate at 22.2 while it's like really severe and dramatic obviously it was going to be like a lot better than the south The South, like I said, I don't have the numbers, but I imagine their currency, their currency was like worthless by the end of the war.
Whereas the greenbacks, even though they did lose value, they still were in circulation until they went back to what we call species payments or payments, dollars for gold, in 1879.
So from like 1865, when the war ended to 1879, basically the United States government was like shrinking the amount of money in circulation to get that dollar back on par value with gold, which they did to their credit.
You know, Mark, going backwards in time, back to President Andrew Jackson, he was faced, you know, the bankers, he had a monumental battle there.
I don't know if we talked about that or not, but he had a struggle and he finally won.
He beat the bankers against all odds.
I see where the Congress censored him.
Some year, a few years later, they went back and took that censorship back.
But what Andrew Jackson did when he got rid of the fiat currency, he paid down, completely paid down before he left office, Mark.
You correct me if I'm wrong.
Going back to a gold silverback currency under Andrew Jackson, if I'm not mistaken, he totally paid back the national debt and had the United States on kind of like he had them in the black.
You know, that's what happened.
That's another example why we should not be on a fiat currency.
Mark, let me ask you this.
You made a point last week.
I'd like us to talk to the people again because it's pretty in-depth and I can't remember it all.
So I doubt if they can remember it all.
But, you know, If I'm not mistaken, you said that almost any time in history where there's been a war and the country was a species currency, which you said could be just defined as in this country we exchange the paper currency for gold.
That's all the specie is.
It means it's a currency that's backed by gold and silver.
Well, I believe there are our commonest guest here, Mark, said that in almost every case, if not every case, countries that go to war will get off of the goal of the gold for currency payment because they cannot finance a war without going to this inflationary fiat currency.
Is that right, Mark?
Yeah, basically, because they spend so much money, you know, going to war, war is so costly.
Hey, Mark, hang on.
Hang on, my man.
We're going to a break.
I hear the music and we're going.
People, we're going to get right back here and crank this good talk with our guest, Mark, tonight.
be right back after this commercial break.
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Welcome back, everybody.
Welcome back to the third and final hour of the political cesspool.
What a joy it is to be here with all of you people tonight.
I don't consider y'all our fans.
I consider us your fans.
You know, without you out there in the listening audience, there is no way we could ever make this show go.
And with that, if you only knew, if you only knew a fraction of the attacks that we're having to suffer, it's really picked up.
I can't tell you what it is, but the past couple of weeks, we're under a severe attack that could really adversely affect us.
I'm just hoping we can keep the cesspool on the show.
I'm not going to say any more than that because I don't know if James and Keith and them would want me to say it, but I'm kind of worried how much longer we can stay on.
But with that, I'm going to get off of that gloom and doom and we're going to go back to economics because that's why we have our economic expert on tonight.
Guess what, Mark?
This is kind of off a rabbit trail, but I'm going to run this by you, my brother, because I know you'll get a laugh out of it.
I was coming home today from running.
I did a little four or five mile run getting ready for the Nashville St. Jude Marathon on April the 26th.
It'll be my fourth one.
But I was listening to this Christian radio station.
They had this brilliant, brilliant Christian economist on there.
And he was going on to talk about the soothsayers, the doomsdayers, about how they want to go back to a gold back, silverback currency.
And he was explaining to everybody, Mark.
I know you'll get this.
I hope you can keep from laughing too hard.
He said that, well, for all of its faults, that the American dollar was as sound as it ever was.
He said, it's not perfect now, God knows.
But he said it's really a good shape.
And I was thinking, Mark, if I'm not mistaken, in 1913, when we went to the Federal Reserve, which the amendment that was never passed, there's a book written on that.
Well, we went off the gold standard, Mark.
I think you could buy an ounce of gold for $20, 20 silver certificates.
And now, what's an ounce of gold now, Mark?
What's it?
$1,000, $1,200?
And that means that the American dollar market, correct me if I'm wrong, has lost 97, 98% of its value since 1913.
And this is a wonderful, solid currency that this brilliant economist was talking about today.
What do you think about that, Mark?
Well, the dollar, it's a reserve currency.
It has been since 1946.
But, you know, I would say that it's not in very good shape.
Basically, you know, the Federal Reserve has increased the monetary base dramatically since 2008 and since 1971.
I think it's like 4,000% or something.
And the only thing that's like keeping the dollar as a reserve currency is like we have no alternative.
But as soon as some of the nations of the world figure out that there's an alternative out there, they're going to jump on it.
And we've just been printing way too much money to sustain it.
I think gold right now is like $13.27 an ounce.
It was like 2067 for basically the whole 19th century and into the 20th century.
FDR, he devalued it to 35 an ounce, 1934, I believe, and he also confiscated gold in 1934.
Up to that point, we used to be able to, as citizens, go into our bank and take $20.67 and get an ounce of gold.
And when they created the Federal Reserve in 1913, they Federal Reserve only had to back 40% of their money by gold.
And so like as soon as they went into operation, they started the process of like getting off of gold.
And the reason that they want to get off gold is because it's every person's dream to be able to counterfeit the medium of exchange in the quantities that they want when they want.
And it's just an astronomical amount of power that these people have.
I don't think like the average American citizen can really comprehend how much power they do have.
And ever since 1913, we've had like a progressive government for 100 years.
And it's no accident that that's happening.
And the reason is, is that these people can pick and choose what they want to finance, who they want to finance, what banks they want to give the money to.
And basically, if they see an industry that they want to control, a car industry, whatever, they can pick out, they can go through the Federal Open Market Committee, fit up the money.
The money goes to Goldman Sachs.
Goldman Sachs picks out who they want to take over that car company, and boom, it's done.
You know, Mark?
Yeah.
Oh, I'm sorry.
Go ahead.
Go ahead.
I thought you threw.
Keep right rolling, but I got a question.
Would you get through?
Keep right rolling.
But yeah, the power that the Federal Reserve has, and they're not the head, so to say.
They're the ones that create the money, but they're taking orders from their shareholders.
And their shareholders, we don't know who they are because it's secret, but we suspect that it's a lot of the big banks, obviously a lot of the big banks that are in existence in the United States and Europe.
You know, they suspect that a lot of the Federal Reserve is like partially owned by European banks also.
And they call the shots.
The shareholders call the shots.
So you see like the figurehead who is Janet Yellen, but she's taking orders from like these private banks.
And it's a banking cartel.
There's no other way to say it.
It's a banking cartel.
It should be illegal, but it is not.
They have a legal authorization from our Congress, the United States of America, to print as much money as they want, when they want, in the quantities they want, and give it to who they want.
You know, Mark, I'll tell you what.
Unless we can ever overcome that situation and go back to the constitutional law.
Matter of fact, I've got my little citizens' rulebook right here, Mark, and I'm sure you know about it.
If people, if you do have a Constitution, if you can go to the United States Constitution and go to Section 10, excuse me, Article 1, Section 10, it looked down there.
This is just part of what it says.
It says, no state shall enter into any treaty, alliance, or confederation, grant letters of marquee or apprisal, coin money, coin money, emit bills of credit, make anything but gold and silver coin a tender in payment of debts.
So that's right there.
That's where we went wrong by the law.
They're breaking the law right now, really.
I know people, you can call me a conspiracy buff if you want to, but the amendment, and don't tell me to quote which one it was, but the amendment that gave us the Federal Reserve, took the money, did away with Section 10 under Article 1.
Until we can get back to that, we're never, ever going to get this country.
Mark, you mentioned the Fed and whoever, and you know what?
I would give my eye teeth, Mark, if we could find out who these shareholders are.
You know, there's got to be some way to find out who they are.
You know, I wouldn't want to be the one trying it because I'd probably be taking a dirt bath within 12 hours when I tried to do that.
But I've had people, some smart people too, tell me, Mark, oh, these bankers, they can't control.
They don't have as much power as you say.
I said, oh, really?
They have this thing called the printing press, and they decide how much money is going to be put into circulation.
They decide what this thing we have called the interest rate is.
And like you said, and Mark, you decide, you said they decide which industries they're going to subsidize, which ones they're going to kill off.
They also decide, people, and I know our audience is aware of this.
They decide which politicians are going to survive and which ones they're going to kill off because you can take it to the bank.
Well, maybe you shouldn't take it to the bank because we don't like banks.
But you can bet your privates that every politician there, I don't care if he's a Democrat, Republican, Republicrat, Geopub, whatever, they are taking money.
The money is the lifeblood.
It's the mother's milk of politics.
And to Mark, you correct me if I'm wrong.
If we could get away from this private bank that's just there that can just print this endless amounts of money, we could take, I believe we could get rid of one of the good side effects of getting rid of that private federal, private central bank would be they wouldn't have all this money to bribe the politicians.
And get, you know, we were talking about war, the Civil War.
And, well, we're going to another break right now, Mark.
I'm sorry.
When we come back to the break, Mark, remind me where I am because old Paul Paul's memory ain't what it used to be.
People will be right back after this break.
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Okay, welcome back, people.
I'm glad to get you here.
Pardon me if I kind of muffed the intro a little bit.
Kind of not used to bringing the in and out of the intro.
I have my son here to do the menial chores like that.
But listen, before we left, you know, me and Mark were talking about a few important things.
I'd just like to throw a few things out on the side.
Going back to war, I'd just like to mention this briefly.
You know, if I'm not mistaken, in England, you know, the British, they had to go off.
They had to go to the same thing happened to the British soldiers in World War I that happened to the Confederates and the most the Union soldiers in the in the Civil War here in America.
Britain had to get away from the pound sterling.
I think me and Mark talked about that.
The original pound sterling, I think, was probably a pound of silver.
But when the British had to go off of their hard currency and go back to their greenbacks, whatever they use for greenbacks, the poor soldiers, their money just shrunk to nothing.
You know, Mark, I'm going to throw something over to you that we talked about the other day, and we mentioned it tonight when we were talking about the Ukraine.
It's funny to me, every country in the Mideast or whatever, you take it like Libya, Iran, Iraq that we know of, they were trying to get over.
This is my information now, you may know more than I do, they were trying to get over to a gold-backed currency, their national currency, whatever they use, you know, the schmaller, the ball or whatever.
But they were going to back it with gold.
And they were going to get away from taking American dollars, these worthless stinking dollars that are not good for anything.
They're tired of getting screwed.
They were going to go to this go-back currency.
And lo and behold, the Marines and the gunboats shows up at their shores, and we put in the nukes in the cruise missiles.
Excuse me, not the nukes, but the drones and the cruise missiles and the tanks.
I don't think we touched on that last show, Mark.
If I'm wrong, come in on that.
And if I'm wrong, let me know.
And let me know what you think about that.
Well, the rumor in Libya was that Gaddafi wanted to switch to gold as payment for oil instead of like the petrol dollar.
They call it the petrol dollar.
And as long as the world uses the dollar as a petrol dollar to buy and it sell things, it's basically a reserve currency and it maintains value.
And so if Gaddafi was able to successfully do that, which, like I said, it's a rumor, then it could have been the beginning of a change in the reserve status of the United States dollar, which obviously would affect our living standards since we basically import 500 billion things a year, you know, basically by printing money.
The rest of the world gives us stuff for our printed money, which some might not think is like the smartest thing to do.
Also, I want to add like to your listeners, I want you to do a little research for yourself.
I don't want you to just take like my word for this that the United States is printing a lot of money.
Just go to Google and put in AMBSL, A-M-B-S-L.
And what that'll do is that'll take you to the Federal Reserve and it'll give you the monetary base, and it'll show you what they've been doing since 2008.
Just click on it after you Google it, and it'll pop up on your screen, and you can see for yourself, like, you know, what's happening to our money.
Well, Mark, I tell you what, when I get home, I'm going to do that too, and I'm going to do it as soon as possible.
Another thing, Mark, I think you and I talked the other day, you know, off the air.
We mentioned the RICs, the situation with the Rich Nations.
I believe, was it Brazil, India, China, and a few other nations?
Yeah, the BRIC nations.
Hey, go into that, Mark.
Explain to the audience.
You can do a 10 times better job than I can.
Talk about that, if you will.
Well, they're talking about discussing coming up with a different reserve currency, possibly going to gold.
I don't think China, see it's Brazil, Russia, Indonesia, China, and Singapore.
Is India one of them?
Or India, yeah, I'm sorry, India.
No, that's why, no, you go ahead.
You're fine.
I'm just grasping at straws.
But I think China, I mean, nobody knows for sure.
You know, nobody can get into their central bankers what they're thinking.
But I think China, they know that their currency is basically blown up.
Their central bank is leveraged like, I think, 2,300 to 1 or some crazy number.
They've just been printing money.
This is to China?
This is to China?
China.
Oh, yeah.
China.
Yeah.
They've been printing money like four times worse than the United States.
I had no clue.
See, you're telling me something I had no idea.
I've been led to believe in the media that China's this invincible juggernaut militarily and economically.
Well, hey, continue on that because that's news to me.
And I'm not as up to date as you are.
But hey, continue with that, Mark.
Oh, and one last question.
Why are you on this China central bank?
Well, evidently, then you answered my question.
Do they have a is their central bank controlled by the West or do they have their own independent banks free?
I'm going to use the term free of the Rothschild International Bankers.
Do they have their own national bank in China?
Oh, very much so.
Yeah, they're playing their own game.
They're definitely playing their own game.
And I think what they want, I mean, I think they know that, you know, they've redone our housing boom times 10.
They've got like a huge building boom problem over there.
They've got ghost cities over there.
But yeah, they're way more leveraged than the United States.
But I think like as far as our future intentions go, I think they want to get their currency as like the dominant currency.
But they've also been buying like huge amounts of gold, like every ounce of gold that they can mine, every ounce of gold that they can buy, they've been like getting their hands on it and putting it away.
And they, the official estimates is that they're about 25, 30% of the gold that the United States has, but a lot of people are very skeptical of that.
And they think it's more 60 or 70% of like the tons of gold that the United States has.
Hey, Mark, you know what?
There was once, this is a joke.
I don't know if you've heard it or not, it's talked about the gold.
When Eisenhower was elected president, he took a trip to Fort Knox, and he went in there.
He said he wanted to see the gold.
And the general commanding Fort Knox, this is, it's probably, maybe it happened, I don't know.
But he said, I want to see the gold.
I'm going to inspect the gold.
And they said, well, general, there is no gold here.
He said, double the guards.
So I don't know.
One of my good friends, it kind of reminds me of you, although he's not a professional like you are, Mark.
He says, well, let me ask you, do we have gold at Fort Knox?
Or do you think that the international bankers have taken it offshore?
And I guess they got like this thing, and bankers love to do it.
It's called rehypothecation.
And basically, they take something like a bar of gold or whatever, and they sell it.
They'll take a loan out on it.
And so let's say the bar of gold is worth $100.
They'll take, okay, well, I've got $100 in the assets over here.
I'm going to take a loan out on it.
And bankers are notorious for doing that maybe once, twice, maybe 100 times, 1,000 times.
Wow.
And they think the last that I checked, gold has been rehypothecated probably like at least 100 times.
It's been sold like 100 times.
So is it there?
Boy, your guess is as good as mine.
A lot of people are skeptical that it's there.
Because like some countries, they may insist that they get their gold.
Like Germany wanted their gold returned.
The United States has had it since World War II.
That's kind of funny to me.
No wonder we have troops in Germany, Mark.
I'm sorry.
I mean, I interrupt.
It's kind of funny, but you go ahead.
But anyway, so Germany, they made a polite request to the Federal Reserve that, you know, they want their gold back.
And they got basically about like maybe 3% of their gold back.
And the Federal Reserve sent them a letter saying it's going to take 10 years to get your gold.
Same thing happened with Texas.
Texas wanted their gold.
The Federal Reserve said, no, you're not getting it.
So, you know, what's going on there at the Federal Reserve?
I don't know.
You know, I wish I did.
Fort Knox, same thing.
I don't know.
I wish I did.
All I know is that Germany is getting very, very slow delivery of their gold.
You know, Mark, that you and me too, brother, I wish I kind of like, I put that wanting to know if there's any gold at Fort Knox.
Like, I also would like to know who owns the Federal Reserve Bank in the United States.
We'll probably find that when we get to heaven, Mark.
We probably won't find that out.
If we start getting close to it, We'll probably wind up choking on a chicken bone or something like that, you know, or we'll accidentally shoot ourself in the head three or four times like Gary Webb did at this San Diego Mercury Star when he's looking into the CIA's drug running.
But you know, Mark, you said something and I was stunned.
I thought about going back to China.
You know, you said their printing presses, they're printing money a lot faster than us.
I was kind of shocked.
Well, what are they buying this gold with?
I mean, I mean, and they're supposedly sitting on, I don't know how many billions of United States dollars or Federal Reserve notes or, you know, bonds, whatever.
I don't know which one that is, but what are they buying this gold with, Mark?
And how does that play?
How does their currency play in – well, we're going to – hey, Mark, can we come back?
Maybe we can take a caller or two if you want.
Sure, yeah.
Okay, though.
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Welcome back.
To get on the show, call us on James' Dime at 1-866-986-6397.
Welcome back, people, to the final and last hour, the final and last segment.
And I'd like to put out, I probably should have done this earlier, but if we have anybody out there that would like to ask our economist Mark some questions, feel free to call in.
We would love to take some callers, and I think Mark could probably answer any question you've got.
Mark, unless we have any callers, I'd like to go back to this.
Oh, let's go back to that last question I asked you, I think.
What are the Chinese buying this gold with?
Are they buying it with their dollars they have hoarded up or their currency or are they using both?
Whatever they want.
Their wine is like worth, you know, that's like it's not the same as the dollar, but it's a valuable currency.
They've got like 1.1 trillion of our bonds.
They could sell those.
They sold 48 billion recently, whatever they want.
China, you know, they're exporting a lot of product.
And when you export a lot of product as a nation, you, you know, you can buy, if you want to buy gold, you can buy all the gold you can get your hands on.
And that's what they've been doing.
You know, you mentioned something else that got my interest too, Mark.
You mentioned these ghost cities.
You know, I've listened to some radio stations that people might consider be conspiracy buff stations.
And they talk about these ghost cities like they're going to be some type of place where they can get away like a hideout, an escape hatch, so to speak, in case we start a nuclear war.
But I think you've just enlightened me to the real deal, you know, with them overbuilding.
I can understand, I can see the Chinese doing that.
You know, Mark, we talked about the Rich Nations and a few other things.
Something has really, really got my interest up.
A friend of mine talked about the state bank movement.
And if I remember right, on our last show, you said that at one time it was legal for various state banks to issue their own currency and they've had to back it up with precious metals like gold and silver.
Did they do that in the past, Mark?
Well, after Andrew Jackson killed the Second Bank of the United States, we had three of them.
The Federal Reserve is our third one.
Anyway, after Andrew Jackson killed that in 1837, from 1837 to 1862, we had what we called free banking.
And what that was was individual bank, private banks, would issue currency backed 100% by gold.
Oh, wow.
And so because people don't want to carry around gold, they don't want to carry around silver.
Today it would be like real easy to go to a gold standard.
We got credit cards.
But back then, they would give them paper dollars.
And you would go and you would buy a horse carriage or a horse or something.
And you would give the merchant the paper dollars.
And he would take it to his bank.
And his bank would give him gold for those paper dollars.
And then his bank would go to an exchange.
They used to have like physical exchange areas where the banks would like settle up their accounts.
And so that way everybody, the banks had to be honest.
They couldn't just like print money like our banks do now.
They had to actually have gold to back up like whatever they printed, whatever paper dollars that they printed.
So then if they stayed honest, then they didn't have to worry about a run on the bank then because if they were honest, they would have, they would be backed with their gold and silver.
If I've understood that, if I intelligently.
That is exactly correct.
Yeah.
Gold and silver keeps banks honest, and that's why we need like to go back to a gold standard.
If you don't have that gold standard, then what's going to happen is exactly what's happened today: you've got this out-of-control Federal Reserve printing massive amount of money that creates a huge gap between those with access to the money, the knowledge, and wherewithal to get that money and the rest of society.
That's not that economically sophisticated or financially sophisticated.
Well, you know, Mark, I guess this may be kind of a dumb question, but as it is right now, if we had a state bank, even if we tried to claim, you know, what is it, Article 10, that all powers not granted to the federal government are reserved to the states and/or the people thereof.
Good paraphrasing.
If says, for instance, Florida, where you live, or Tennessee, where I live, let's say we do try to get this state bank and we try to get a currency that's backed by gold and silver.
We would have the troops coming into our state.
Is that right?
Oh, yeah, yeah, yeah.
Yeah, that would be taking away from the Federal Reserve.
What you want is you don't want like a state money.
What you would want is private banks to be able to issue money backed by gold, just like they did from 1837 to 1862.
That would be the best way to put the Federal Reserve out of business and get back to honest money.
And you need honest money.
Everything falls in line once you have like honest money.
Politicians, they always are looking for who's got the money, who's got the money.
And if the bankers got the money, if the bankers can print whatever money they want, that's where they're going to look.
And that's going to be the controlling, that's going to be the progressive society that we have today.
If you've got the people in control of the money, then that's where the government's going to look.
They're going to look to the people.
And that's why you see such a big difference between the United States from like 1776 to 1913 and then from 1913 to 2014, a big, huge change.
That just didn't happen.
It didn't happen out of, you know, a thunderbolt came down.
You know, that was the work of a lot of men who want a progressive type of society.
Well, you know, Mark, back in the day when we did have private banks, when it was legal to have a private bank, like you said, we had them in the past, and they had they could issue their currency as long as it backed by gold or silver.
I hope I'm not asking you something you don't know.
Now, I'm guessing we probably, I say we, back in the day when we had these banks we're talking about, you know, did they have any severe, any depressions as severe as the depression we had in the 1930s here in the country?
You know, the reason, go ahead.
Are you familiar like the worst recesses we had back, say, when the 1830s when we had the private banks issuing gold-backed currency?
What do you know about that, Mark?
Yeah, sure.
Of course, you know, you're always going to have, you know, business cycles.
The big difference is that the business cycles are going to affect like certain industries.
Like in 1873, the railroad stocks went bust, and a lot of economists say that the whole economy went bust.
But no, no, it was basically the railroads that went bust.
And then the former Secretary of the Treasury, Mr. Chase, who is like Lincoln's Treasury Secretary, he went bust.
So the, yeah, you know, are there industries that get like bubbles and stuff?
Of course, you know, it's economics.
You know, these things are going to happen.
And then in 1893, the federal government was like, they passed like in 1890, the Sherman Silver Purchase Act.
The United States purchased 4.5 million ounces of silver per month, which signals to the markets, especially over in Europe, that the United States may go back to silver or may have like a gold and silver standard.
And what that did back then was it created a lot of like, shall we say, like insecurity because the Europeans were on a gold standard back then.
And eventually it led to like 1893, the stock market collapsed.
And then in 19, you know, then they repealed the Sherman Act.
And finally, the markets got back to where they were.
So, yeah, do these things happen?
Of course they do, even if you're on a gold standard.
You know, you're never going to get rid of it.
It's always going to be economics.
But the difference is, is that if you have like solid money, solid gold, then the average person doesn't have to invest on Wall Street.
They can just go to their bank and invest and buy a C certificate of deposit and save like for their entire life and be assured that they're going to have like a nest egg when they retire.
You don't have to be Goldman Sachs to like retire with like a nice pension.
You know, you can just go to your bank, buy that CD, and you know that the value of your money is going to stay constant or increase in value.
Mark, man, you're knocking it out of the park, brother.
You're on fire.
I'm not kidding you.
When you mentioned the, say, mom and pop putting their money into these banks, and back when we had the banks that could issue gold and silver that they had to by law, they knew that we're not going to lose that.
I'm glad you mentioned that because, God, we won't have enough time, but do you, you're probably aware right now that not to mention the fact that the money is totally worthless that they put in the, that they put in the bank.
And by the way, before I proceed with that, I'm going to go back to the question I asked a minute ago.
Mark, I bet you the business cycles, at least the business, the boom and bust cycles we had back when we were on the gold and silver standard, they weren't, at least the government was not manipulating, the Federal Reserve was not manipulating the industry like they are now on this paper currency.
That would be my guess.
There wasn't as much manipulation going on.
And I will bet that the recessions would not be as long and as deep and as hard as the, I bet they didn't come close to the ones we had in the 1930s.
Is that oh, yeah.
Well, basically, real quickly, the Great Depression happened.
I blame it like most men, the Federal Reserve.
Basically, England, when they got done with World War I, the value of the pound was like $3.50.
And England wanted it more valuable at $4.80, which is what it was before World War I.
So our Federal Reserve Chairman, Benjamin Strong, he decided to print up a bunch of money.
He expanded the money supply 61.8% from 1925 to 1929.
You got the stock market boom.
Mark, we're going to have to hold up right there.
I hate to do it.
James Edwards, you thought I'd forgotten about y'all, didn't you, folks?
But no, I knew it was in the great hands of Eddie and Mark tonight, but we are out of time.
We hope to continue this series next week if Mark will indulge us.
And for the rest of the team here, I'm James Edwards.