You're watching...
Delegate Bob Marshall, (R-Va.), on efforts to make gold an alternative currency for the state.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Do you think gold is money.
No -- central banks hold it.
Most of whom are reserves.
-- -- people diamonds.
Well extradition.
-- tradition.
Then some people still think it's money.
You -- -- Ron Paul could have -- some back up from our next guest.
Bob Marshall notes gold is money in fact he's so worried about -- dollar the Virginia delegate wants to state the start mentioning the precious metal as an alternative currency.
Well Bob I mean obviously a lot of people did not the first sort of perhaps -- -- of this book pushing -- -- Seems like a very bold idea -- the reception been so far.
Well not not good we we can't literally -- money but the constitution states article one section ten paragraph one no state may emit bills of credit that's paper money.
Nor make anything other than gold and silver coin a tender in payment of debt.
That is the clear authority for the state to have an alternative currency let's go back and look in his 199596.
For 21 days.
There was a budget impasse.
Because congress wanted to get some reductions in Medicare they wouldn't Gingrich would not put the bill on the -- to increase the debt.
And up we had a situation sixteen years later nobody Democrats or Republicans have correct at the situation.
So we allow the current crop of politicians to demagogue this to use extortion and threats against Medicaid.
Our our Medicare -- even even though people paid into this this is not prudent so when I see Bernanke saying he's clueless.
When I see the congress not doing anything after sixteen years the states have to have an alternative.
Back up system in case this system fails and it's not just me saying this the Federal Reserve Bank in 2000 at six published an article.
By -- -- -- from -- from Boston talking about is the United States bankrupt we need a plan B the state to the only institutions big enough to do it.
The constitution says we can do so with gold and silver point.
How would how would -- -- in the -- the mechanics sentiment.
How would Virginia actually be able to pull -- off of physically.
Well that that's the purpose for the study I didn't have all the answers but I've got the questions you could say we're -- -- -- have a depository.
Where I will I will buy a car based on so many grams of gold.
The state would administer it and and and and work this out -- three professors from George Mason I'd won Nobel Prize -- said look.
This is enough of an emergency.
That we've got to look at this -- floating on the Titanic and nobody even wants to say.
Maybe we should think about building lifeboats the purpose of the study was to deal with the mechanics but clearly you can use electronic gold transfers because private people do it right now.
Were you shocked.
At Ben Bernanke's response.
That that gold is -- money -- and you know I it's so funny -- -- here we're talking and meeting this morning about India when -- -- a ball that had been opened and a 150 years and they found gold statues and their -- diamonds -- 22 billion.
Could you imagine they have put paper currency in -- -- it be worthless right now so.
For Ben Bernanke to be so clueless on this how do you -- about that.
Well I'm not shocked I'm annoyed the end of the fact that we'll look they're going to Fiat money they've done -- for years back in 1933.
The money -- that the dollar bills the Federal Reserve notes still said this is redeemable in lawful money if you look at a piece of paper in your wallet which is a Federal Reserve note.
It doesn't say that anymore.
So we are it we are in a right to the kingdom of paper.
There's no trust -- it there shouldn't be any trust in it Bernanke once qualitative easing three after the number numbers one -- -- don't.
Delicate Marshall we wanna hear back for doing this because it's obviously a very interesting thing that you're doing.
And in my have widespread consequences thanks a lot appreciate it thank you.
