James Grant and James Turk discuss gold, the Fed and the fiscal situation of the USA

[SherkanerUnderhill20]

1913: the year that Newtonian rationalism was thrown out the window together with Lockean natural rights and Thomist just war theory. Thank you president Woodrow Wilson!

[Dethreid]

that is a bangin bow tie, wears it much better then Carlson.

[Strav777]

Good interview - however what scares me about Grant and Paul is not admitting one key truth. The USD retains it's power because it *is* backed by something. That something is oil. All countries must buy their oil in US dollars - and that alone is the reason the US has been able to run huge deficit spending since 1971 - and central banks hold USD to buy oil to run their economies. It is also the reason for continued US presence in the middle east. Petrodollar system.

[Robgf88]

@Strav777 That is why Paul and Grant are advocating for gold. Because they know there is no way to keep the world on the petro dollar standard. The US will eventually have to go back on the gold standard to prop up the dollar. If not the dollar will collapse and we'll have to rely on a new currency. A world currency maybe? lol

[mikalo777]

@Strav777 You also need to understand, Paul has went on many presidential debates, Telling everyone that we can have a gallon of oil for a price of dime. We have plenty of oil here in America and Alaska, But the big bankers, lobbyist and the Feds are keeping the American people from Drilling our own resources to support our own economy. We are in all these war, spending the American people's wealth, so Big corporations and Big bankers can get rich.

[mikalo777]

@Strav777 I also want to Point another thing out about what you said. Yes, the American Dollar are backed by Oil, because all of the American Gold are stolen by the Federal Reserve. They been lending to the US government as a private own banker, and Congress has given them all of our Gold and the power to print American Dollar as assets. Muammar Gaddafi is dead, and we bomb the shit out of Libya because Gaddafi refuse to sell their country's oil to US dollars. Thats the real truth.

[tjtomkins]

@Strav777

"what scares me about Grant and Paul is not admitting one key truth. The USD retains it's power because it *is* backed by something. That something is oil"

USD is NOT backed by anything, NADA; unless you think "full faith & credit of US govt" is worth sh!t

The reason people use USD to buy/sell oil is because US is (has been) seen as most powerful country & therefore most stable among the sea of toilet-paper-currencies India & China are already looking to use gold to buy oil

[Highencast]

...Bill Nye the Science Guy?

[healthhavencom]

Jim Grant = Great Guest

James Turk = Amateur Interviewer

[deadballo]

He's a sharp fellow, but someone should tell him the bow tie was in the christmas packaging, not the packaging itself.

[pretorious700]

@deadballo supposedly clever, but ultimately stupid remark...wtf does this have to do with the discussion?

[ford88sw]

end the fed now



[tjtomkins]

@ford88sw

"end the fed now"

Nobody can end it overnight, it'd cause financial chaos, globally; what Paul will do is allow gold & silver as legal tender & repeal taxes on their sale & thereby gold & silver will compete with fiat-money & obviously, gold & silver will win out because people will realize that they retain purchasing-power better than fiat-money & people will simply stop using fiat-money

[mjs1231]

END THE CRIMINAL FEDERAL RESERVE SYSTEM.

END THE FED

ELECT A TRUE HERO OF THE PEOPLE.

THE CHAMPION OF THE CONSTITUTION.

RON PAUL 2012.

OWS....BRING IT TO THE 1 %...........

[mjs1231]

PALEO CONSERVATIVE CONSTITUTIONAL LIBERTARIAN.

HELL YA, CANT GET MORE AMERICAN THAN THAT.

THANK YOU SIR.

LONG LIVE RON PAUL.

THE SHINNING JEWEL OF LIBERTY IS IN SIGHT.

[carlsonbridge]

It is wonderful Ron Paul is Our President!

[Tasadaru]

Marine Corp? How about some love for the Air Force. As for a gold standard, I would go further to say that the free markets should choose the monies they want to transact in.

[AntiFed1791]

Bernanke is an economic hitman. It is clear that the global banking interests desire a complete collapse so they can offer their solution of SDR and a global, cashless control grid.

"We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order."

- David Rockefeller

[livfreeordi3]

"like" if Ron Paul's fed chairman pic brought you here. (primarily because i was surprised he'd even had one in mind...)

[tjtomkins]

@livfreeordi3

Well, he'd have to appoint someone so it's just an appointment just for the heck of it; he says - "he(Grant) would quit printing money" >>> watch?v=u6KjGBWror0#t=11m41

[livfreeordi3]

@tjtomkins You do not have to watch a youtube video. Just pick up "End The Fed" and read how it'd need to be phased out. In order to phase it out, you would need an active fed chairman.

[BlueSkies360]

I wish RP picked PS, but this guy seems OK too

[Rufrignkidnme]

This would be Paul's choice for Fed Reserve Chairmen since the fed can't be ended overnight it's better to have someone there who is aware of it's dangers and can limit it's harm.

[waldnerinc]

24:06 he started talking about ron paul

[waldnerinc]

Question of the day: Prices have risen 683% since 1964 and $100 today buys only 4% of the amount of goods or services that it would have in 1913. With this being said, why is it worth saving our money for retirement as our parents insisted?

[GarrettYngbld]

@waldnerinc Good point but what is our other option?

[utubesqueeze]

@GoldMoneyNews Strange for someone clearly so well read as both of you that neither mentioned the Bancor commodity bartered basket (expressed in weight of gold), that was proposed as a supranational currency by Keynes just before Bretton Woods conference. The Chinese central bank have made a lot of noises about both this and Special Drawing Rights which already exist and which you also didn't mention as alternative reserve currency.

[quadcatfly]

there will be NO gold standard at least for 100 years in USA. Your friendly IMF rep.

[ryanisfootdrums]

@quadcatfly

We only went off the gold standard in 1971, so we'll probably go back to some sort of commodity backed fiat currency or have competing currencies.

[pretorious700]

Jim Grant is one of the most brilliant economic minds in America. Of course, no one in government listens to him.

[DreadeddLion]

Are they sitting in front of a green screen?

[AdurianJ]

@DreadeddLion

No but the windows are overexposed behind them

[MarcusCMarcellus]

The US Dollar has retained the reserve currency this long because of its military power; its gunboat diplomacy and its willingness to use force whenever its interests (and those of the dollar) are threatened. In the name of freedom and democracy, of course.

[peppegg]

grant has strings attached to???

[kickyerass]

@peppegg a genius mind

[nanciqwerty]

Great interview but c'mon guys... normalise your audio (without clipping).

[YouriCarma]

Bond rates are negative and the FED buys them all up. Yeah, great bond market chumpz!

[YouriCarma]

James Grant talkin bollockz. Walt Disney? Come on now, grow up.

[eldrish80]

God the sound sucks, have to crank up the volyme, still low sound :(

[JimbobOMG]

Is it me or does James Grant look a bit younger than 65?

[packoo]

@JimbobOMG

He is 65? I would guess 40

[GreshamsLaw]

@packoo Indeed, he looks way younger than he is!

[tjtomkins]

@packoo

Same here, look at his Wiki & VERY surprised to know he's 65, yes, he does look in his 40s :)

Ron Paul 2012

[Quranite]

good video. i like grant, he also gives the side of how the status quo thinks and why.

[TheSecretGuru]

Thank you for this very articulate interview by 2 very nice respected men.

My question is that if gold goes to $2,500 and a gold standard is bought back in what will happen to the value, will if drop and who will set the standard.

The FED is obviously a secret fraternity of a brotherhood, so how do we get rid of this cancer that is destroying the world to feather the pockets of a selected few.

Philip Sigglekow author

[tjtomkins]

@TheSecretGuru

"My question is that if gold goes to $2,500 and a gold standard is bought back in what will happen to the value, will if drop and who will set the standard"

It won't be done in a day, as Ron Paul has said & as it happened Civil War when gold-standard was restored, it takes a while, gold & silver can be legalised as tender by getting rid off taxes on them & allow it to compete with toilet-paper (ahem, fiat money) & fiat-money will wither & die

[tjtomkins]

@tjtomkins

Just to clarify - After Civil War, fiat-money didn't die because National Banking Act of 1864 had a govt-backed cartel-system but this time we can have private banks issuing their OWN gold/silver-certificates for deposits made with them; as we know, govt-backed cartels don't work out too well......for ordinary citizens that is (cartelists seem to be do fine as expected)

[RadoslawSzymanek]

I do not agree with Grant in one aspect. The dolar is backed by US military. US military is behind it, any government that is trying to ditch petro dollar is being attacked (Iraq, Libya).

[kickyerass]

@RadoslawSzymanek Quite the opposite! The 'uprisings' are a well-concerted coup against the west, capitalism, freedom and jews. The muslim brotherhood and other muslim factions, socialists and other anti-American are acting while we're weakening. Obama and the liberal socialist dems all seem to be helping them. George Soros is happy.

[BOBPortlandOr]

If I could Live 150 years then coming out of this in 25-50 years would mean I have to suffer 1/6 to 1/3 of my life expectancy because of others. Since I only have approximately 20 more years I'm screwed because politicians are Corrupt Moran's. Someone needs to PAY!

[modelmark]

"until congress finally gets it and some politician comes out on TV and says.."

I finally got it, it turned out I was spending like a drunken sailor on your money and I did not realize I was doing it. Many people have tried to explain me on the way, but now we are quazillions debt, finally someone found the right way of formulating the fact that I AM STEELING FROM YOU. It was just so complicated, that I did not understand.

[kickyerass]

@modelmark hahaha!! Well done!!

[zalida100]

very enjoyable - Thanks v much

[jgbloyd]

Even better than a gold standard is simply gold. No need to invent a new currency pegged to gold, just use gold, yo. Gold standards are for people who want your gold while you trade in their paper, not for market efficiency but for the spread. Btw, thanks Turk for offering us a geniune bank where gold can be held as gold!

[dskillz1]

Mr. Grant, one of the reasons is also the deliberate dumbing down of America. The ersatz Progressives did to the education establishment what they did as well to the financial world. See John Taylor Gatto's work for more information.

[jgbloyd]

@dskillz1 Yes, there are those who are guilty as charged, however, a smart people aren't so easily fooled. I doubt American masses were ever really as smart as we give them credit. Looking back, I can't think of any one year that I would point to and say, oh, see how smart the population was then before the corruption?

[dskillz1]

@jgbloyd True, but I look at 2 things - the literacy levels of the USA have plummeted since the early 1900's. You can pick the metric you want, the literate performance of the average American with the English language has fallen off a cliff. Also, the massive propaganda campaign necessary to get the USA into WWI, and then there was still vicious opposition to the League of Nations as well. Now, we go into Libya on the diktat of one man, and no one cares. I think we've lost our way.

[kickyerass]

@jgbloyd It isn't a matter of intelligence. It's that the ordinary average joe doesn't want to think he has to stand guard against the wolves within his own government. We like to do what we do; others will watch the store.. right? We believe that good will prevail, and we're the good guys (as a collective). No need to bash Americans. Except for our naivete. But bash the corrupt and or dumb politicos all you want!

[kickyerass]

@dskillz1 Spot on!! But Mr. Grant is well aware. See his other interviews.