Chris Olson

I guess the president's going to find out, maybe, at some point, if they let him.

But...

Yeah.

So they decided to suspend redemptions.

And at that point, the price of gold was allowed to float.

So there became this sort of secondary market that was no longer part of the government, but it was relegated to banks who...

began to make markets and determine what is the value of foreign exchange, what's the value of the dollar versus the British pound or the German Deutschmark.

But a lot of that was also continued to be related directly to gold.

and so gold had a floating price at that point and and so the the floating price of gold becomes a benchmark and a barometer of the health of any individual currency which then becomes uh part of the reason why the government is now interested in managing that price of gold as a matter of policy and you know just just like they they had a gold standard at one time but they had to default and that's what that was it was a default by the us government it declared bankruptcy

and revalued its debts.

Then the system became one of, okay, now let's manage this.

And you'll notice 1971, 72, that's a bright line in human history where we see the purchasing power of the American middle class steadily decline from that point forward every single year.

And almost any benchmark of any of the ills in our society go right back to that time frame because that unleashes certain forces that nobody can properly diagnose.

There's a quote by Keynes, John Maynard Keynes, who he said something, I can't remember the exact quote, but that inflation works havoc and basically misery on a society in ways that not one man in a million can diagnose.

And so it's a very subtle change that occurs within the body politic when you begin to debase a currency.

And as you debase a currency, you're kind of debasing the people.

And you're committing fraud and institutionalizing it on a grand scale.

And that's really an abomination in the eyes of God.

The Bible talks about unjust weights and measures being an abomination.

And so there's a real price to that type of activity being allowed to occur at scale on an institutional level within your society.