This transcript is automatically generated
He's a man is standing up to the most powerful central banking institutions in the world.
Remember the British parliament and Euro skeptic Douglas Carswell.
Recently took to the floor of the house of commons delivering a spirited defense of competing currencies.
Take a listen.
A small but growing number of academics now see the west unfolding financial crisis not simply.
As a banking failure banking problem.
Instead they see is the fundamental failure at this -- currency experiment.
A failure of Fiat currency experiment here to discuss is the man who spoke those words Douglas Carswell mister -- it's a pleasure to welcome the freedom watch.
Hi that thank you for having me so tell us how this would work if the government didn't print money if the government didn't controlled currency if there were no central banks.
If there were competing currencies in society.
How would -- look at how would it work.
Well my there is that the Bank of England carries on doing what it does the moment it carries on -- a currency.
But we the people shouldn't have to live with its mistakes that its follies within its.
And let's attempts to divorce the currency in awarded to allow -- governments to take more vol wealth.
Yes I I think that the problem we have is that we have a system -- -- monopoly money in this country which reduces our currency to monopoly money and faith meanings of -- -- monopoly has seen the value this currency over the -- -- I'm an optimistic in the sense that you have no choice and competition is that He manages it.
As you know we have the same problem here.
What you have the Bank of England we have the Federal Reserve Bank which is neither federal nor reserve -- just print.
Whatever they want.
But if the federal government of the United States of America.
Or if not sure of the name of the office whatever branch of the government of England that prints the money didn't do that.
Where would the money come from would banks issue it would private individuals issue it would it would corporations issue and how what this competition come about.
But I would love us to have a choice.
Different currencies we could use different countries currencies possibly I think I would be attracted to doing business in the Swiss franc -- somehow didn't seem to devoutly.
That every generation.
But you know who knows what will happen in the age of the Internet I think it's tough it possible to envisage a situation -- Private organizations perhaps.
Issue currencies and I'm frankly I would have more faith in not Google.
To run a currency -- -- western governments that addicted to quantity easing addicted to devaluing our currency.
In order to -- -- wealth without taxation from the little guy to the big people in the building behind me now when you make.
-- comments in that big building behind you.
The big banks that are addicted to quantitative easing whether they're European banks are American banks they go crazy.
And they predict things like dictatorship more at a key one extreme.
Or the other what.
They are afraid about mister Carswell.
Well I think a lot of big corporate banks have colluded with big government to create.
Cheap -- any credit.
And -- for many years it creates the illusion of wealth it sees the big banks are allowed themselves to think that they were making big profits without credit -- didn't really exist.
It's seeking big government but the reality is that I'm afraid that in it for the rest of us we've we found that the value of our currency and -- savings has been devalued and it makes a very difficult I think for people in this country and in in throughout the west.
To plan their financial future when the currency that dealing with these is halving in value every 1520 it's not -- Remember a burden of the British parliament you're a you're a conservative you remember of the of the ruling coalition correct -- -- from wrong.
The house of commons is actually going to debate this in a serious manner after Christmas question.
Is there any any likelihood that this might actually -- that this might come too weak in great.
That to be absolutely honest I am I -- this bill in order to get the means out that get the ideas out back.
I suspect that we're about to see a series of catastrophic cut defaults in the west.
Where I think probably likely to see the Euro which is the ultimate Paper currency -- that fit -- see -- fall -- I'm at the moment these ideas are little bit outside the mainstream on this side of the Atlantic but I I imagine that as the great Fiat Paper currency experiment beginning -- -- -- pot.
Then I I very much hope that governments will be in the market -- -- sort of ideas because let's face it the out.
Beta option Bora approach that they've tried -- fox deal with saw.
-- financial crisis hasn't exactly optics things as it has -- I think now's the time for a different approach it has been a dismal failure Douglas Carswell it's a pleasure when you're on this side of the pond.
Do pay us a visit please and thanks for joining us.
Thanks for inviting me.