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And our next guest says every American knows federal spending is out of control investors are aware of the Fed's printing money so fast there's -- there's a constant hum.
And because of all -- he says the Republicans must remain steadfast preaching economic growth over -- tax increases.
And somehow come up with a budget.
That will lead to future bouts joining us now is none other than Wall Street legend -- -- Chairman of -- and it's your former chair of the Reagan -- commission author of the book the true gold standard and great to have you here.
I introduce a well well listen to small because.
The state of Virginia.
Are moving to create.
-- -- Out of concern that perhaps they see some weakening of our monetary policy do you think.
Well it's a remarkable event you -- having -- them in this.
Introduction of legislation to me now gold and silver court and legal tender.
In their states now this is not going to be able to overturn.
Federal -- -- legislation but they argue that under article one sections eight intent of the US constitution.
That's the only constitutional.
-- dollar back Michael.
-- -- -- When you look after those cameras you see millions of people whose eyes glaze over reducing goal my gosh.
But the reality is this is a big move in Utah as you said to be and and now Virginia.
Where your purchasing state legislatures and you may see this differently but I see it is state legislators beginning to.
Express their constituents' views there although there there -- more than just a little fed up with the direction this nation is -- the problems that.
-- we are not confronting -- resolving but rather perpetuating.
And they're starting to express themselves and anyway they can't.
-- they are what do you make -- While I make of it exactly what you say I mean constituents look.
The people who have been.
Of their purchasing power there's saved labor that is to -- their wages and their savings are the middle classes and and working people.
Rich people who speculate on Wall Street somehow stay ahead of inflation.
So and everything else and generally head of taxes to.
So that what we're talking about -- a middle class policy to stabilize the value of the currency how -- we do that from the beginning of the republic.
When we were thirteen impoverished colonies by the C.
How do we become the greatest nation on our what we.
We preserve the purchasing power of the dollar for everybody who was working for a living.
Until 1914 and then on up into 1971.
Is the last forty years were.
The dollar has lost approximately.
85% of its purchasing power why not a gold currency.
-- everybody you know we we do dare to be doll as you've probably noticed on this broadcast from time to time and we're we're watching right now.
What looks from them to too many people to be a currency war that is already being waged in -- certainly between.
Japan and the United States the China and the United States and now the onset of participation if you will and you fraught with -- -- What do you expect to be the outcome.
I -- currency wars protectionism.
Capital controls -- We've been here before.
The depression was set off by currency wars.
It's set off -- By the collapse of the reserve currencies the British pound in the US dollars.
And of course who led all of -- lead to the Second World War.
So currency wars are the storm clouds which -- suggests that there are much bigger.
Up arguments among the nation's -- And at this point are you are more optimistic about the growth of this economy this year or -- loss as we wrap up.
Unless first quarter might be okay the rest New Year's sluggish stock market is traveling on the Ben Bernanke.
And and that part is rather impressive at this point 06 and a half percent so far this year -- years John.
The number impressive as are you as always love -- thanks for being here thank you Lou.
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