iCaucus Economic Summit Peter Schiff (Ron Paul's Austrian School economic advisor) with Keith Kuder.
A lot of people in the world are feeling unsure about the world today. People know something bad is awaiting them. Maybe this is just a symptom of a deeper problem: a giant House of cards. Without a fixed link to any gold, the Treasury can borrow money from the Federal Reserve, resulting in a government bond. They then auction off these loans to foreign countries, pension funds, and U.S. individuals buy them. With the government not paying back any of these bonds, and the value of the money decreasing, they are causing a never ending cycle of debt. The Federal government is a House of cards because, they go through the appearance of lending money, agreeing to pay it back plus interest, but creating this money from nothing. They continue to create added sums of money adding to debt by doing this.
In 1944 the Bretton Woods system was adopted by the world to have the U.S. Currency as a global trading currency, making it equal to the value of gold. Countries then began fearing that the United States was printing more money than the Treasury had in gold. This is still the case today.
August 15, 1971 will stand as an important day in economic history for many generations to come. President Richard Nixon ended the ability to convert gold into U.S. currency; therefore the Bretton Woods system was no longer applicable. The Fiat currency, known as the currency being circulated by force, was given birth and we have seen deficits ever since. There is no nation on this planet that currently uses money, it’s all currency. Money is a medium of exchange for something that has an intrinsic value. Politicians have the right to declare something of having no intrinsic value, and we must accept this. This is how money has developed a new characteristic, of holding no value.
No nation in history has ever survived a tax burden that reached a fourth of its national income. Today, 40 cents out of every dollar earned in this country is the tax collector’s share, and yet our government continues to spend 10 billion dollars a day more than the government takes in. The Senate has recently passed a budget for the first time in the last 4 years. We have raised our National Debt 74 times out of the last 97 years. We have 445 billion dollars in gold in our treasury; we don’t own an ounce. Foreign dollar claims are 4.5 trillion dollars. The largest portion of U.S. debt, 68 cents for every dollar or about $10 trillion, is owned by individual investors, corporations, state and local governments and, yes, even foreign governments such as China that hold Treasury bills, notes and bonds. And in 2008 Forbes said the real liability facing our government is $70 trillion, meaning that the optimistic view is that our federal obligations outpace the entire annual economic output of human civilization.
And nobody seems to notice and no one seems to care. That’s what is being counted on, that we Americans will remain willfully ignorant. Yet the day is coming that our giant currency, House of cards, will collapse. And yet the American Dream will remain left standing. Martin Luther King said quote “Our lives begin to end the day we become silent about the things that matter.”
Two years ago I was in a car accident hat slid and went over a 100 foot cliff, we rolled a few times, and I survived crawling out with a few scratches. It’s a miracle I am standing today. I believe our Nation and our World can survive going over the fiscal cliff without a doubt in my mind.
Again I say in closing, asking are you feeling unsure about the world today. Something bad is awaiting us. These are symptoms of a deeper problem: a giant House of cards. If you don’t believe me then I empower you to educate yourself on this and prove me wrong. If I am right then I ask you to prepare yourselves, your family, and community for the devastating effects. God bless you and the United States of America.
In 1944 the Bretton Woods system was adopted by the world to have the U.S. Currency as a global trading currency, making it equal to the value of gold. Countries then began fearing that the United States was printing more money than the Treasury had in gold. This is still the case today.
August 15, 1971 will stand as an important day in economic history for many generations to come. President Richard Nixon ended the ability to convert gold into U.S. currency; therefore the Bretton Woods system was no longer applicable. The Fiat currency, known as the currency being circulated by force, was given birth and we have seen deficits ever since. There is no nation on this planet that currently uses money, it’s all currency. Money is a medium of exchange for something that has an intrinsic value. Politicians have the right to declare something of having no intrinsic value, and we must accept this. This is how money has developed a new characteristic, of holding no value.
No nation in history has ever survived a tax burden that reached a fourth of its national income. Today, 40 cents out of every dollar earned in this country is the tax collector’s share, and yet our government continues to spend 10 billion dollars a day more than the government takes in. The Senate has recently passed a budget for the first time in the last 4 years. We have raised our National Debt 74 times out of the last 97 years. We have 445 billion dollars in gold in our treasury; we don’t own an ounce. Foreign dollar claims are 4.5 trillion dollars. The largest portion of U.S. debt, 68 cents for every dollar or about $10 trillion, is owned by individual investors, corporations, state and local governments and, yes, even foreign governments such as China that hold Treasury bills, notes and bonds. And in 2008 Forbes said the real liability facing our government is $70 trillion, meaning that the optimistic view is that our federal obligations outpace the entire annual economic output of human civilization.
And nobody seems to notice and no one seems to care. That’s what is being counted on, that we Americans will remain willfully ignorant. Yet the day is coming that our giant currency, House of cards, will collapse. And yet the American Dream will remain left standing. Martin Luther King said quote “Our lives begin to end the day we become silent about the things that matter.”
Two years ago I was in a car accident hat slid and went over a 100 foot cliff, we rolled a few times, and I survived crawling out with a few scratches. It’s a miracle I am standing today. I believe our Nation and our World can survive going over the fiscal cliff without a doubt in my mind.
Again I say in closing, asking are you feeling unsure about the world today. Something bad is awaiting us. These are symptoms of a deeper problem: a giant House of cards. If you don’t believe me then I empower you to educate yourself on this and prove me wrong. If I am right then I ask you to prepare yourselves, your family, and community for the devastating effects. God bless you and the United States of America.
Keith Kuder
[email protected]
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