Chapter 1: What is the main topic discussed in this episode?
what's up everybody welcome to a brand new episode of part of the problem as always thank you for tuning in we have a very special uh show for you guys tonight that i'm excited about we have our special guest here tonight is from goldback incorporated jeremy corden how are you sir doing great thanks for having me here Absolutely. Thanks for coming on.
I wanted to talk to you specifically because I do feel that, as I've said several times on the show, I spend a lot of time talking about the news of the day and a lot of time on foreign policy. And I probably don't spend enough time talking about monetary policy and economics, which is a real passion of mine. So thank you very much, because I know this is the world you live in.
So thanks for joining to talk about it. Awesome, super excited to be here. Well, you know, one of the reasons why I've really tried to commit to talking more about this stuff, particularly this year, is that it really is the case that monetary inflation Central banking is in many ways really the worst problem that we have in America.
Chapter 2: How does central banking impact the average American's cost of living?
It's really the issue of our time. And now you even notice all the Democratic candidates are running on unaffordability, but they're very vague with what exactly that means. And of course, the solution is a government program. The median first time homeowner in this country is now 40 years old.
You got to be 40 before you can buy a house and then start thinking about having a family at that point, I guess. And now everybody's spending hundreds of thousands, you know, to even just try to have a baby. And nobody can afford to get ahead in this world. And that just seems to be more and more kind of the experience of the average American.
And I think one of the points that I've always been trying to make is that this is because of this model of central banking and fiat currency and the inflationary environment we live in, where we have a government that we can't afford.
Chapter 3: What does 'unaffordability' mean in today's economy?
So we have to print the money to make it up. And everybody, all regular people end up putting the bill for that, essentially. Is that right?
Yeah, no, it's exactly right. We pay for it with a lower standard of living. I think I was reading today that to have the equivalent of a six figure salary from 1995, you'd have to be making about $350,000 a year today.
Yeah, that's right. It's like literally it's right in front of you. And as you know, I was talking about this with my buddy Keith Knight the other day, that really, if you if you want to measure wealth or if you want to measure a standard of living, the only measurement that really makes sense is like how long you have to work. for a given product or a given service.
Chapter 4: How has the gold standard influenced modern monetary policy?
You know, like how many hours do you have to work for a chicken? And that's how you measure wealth. It's the only meaningful way to measure wealth. You can look at the GDP or the stock market, but what difference does that make if you don't have stock and you're not participating in the growing GDP? And Yeah. I mean, as, as you put out, we pay for it in our, in our standard of living lowering.
And so my, my father-in-law tells me about this all the time when he bought his first house in like 1971 and he only made $13,000 a year, but the house was $13.5,000. It doesn't, you know, it doesn't matter if you're now making $150,000 a year, but the house costs $800,000, then you are poorer than you were making 13,000 a year.
But they've got everybody telling themselves, oh, but I make 13 times the amount of money that I made 50 years ago.
Chapter 5: What are the implications of inflation on wealth distribution?
Right. Or that my grandparents made. And if I have a six-figure salary now, that's making it. Because when I was growing up, that's what making it looked like. And it's kind of this crazy world where we use the dollar as a measuring stick and And, you know, imagine imagine we use let's say we use the metric system, but every year they recalibrated the meter to be a little bit shorter. Right.
And then people started saying ludicrous things like, oh, my house grew five percent this year. We're all getting taller and like they just you know, it's so confusing. It's like you almost don't.
Chapter 6: How does Goldback aim to restore a private currency system?
it distorts what's really happening when the dollar loses so much value so fast. And it tricks the average person. And that's why we have shrinkflation. You can buy less and less. And the grocery companies are like, oh, shoot, we got to raise our prices. But that makes us look like the bad guy. We're the bad guy because we can't keep up.
And then you get your 2% raise or your 3% raise at work, or you get your little raise in Social Security. But, you know, real inflation, they think just since COVID with all the money printing has been at least 30%. And that was just trillions of dollars that went to what, fraud?
Chapter 7: What challenges does Goldback face in the current financial landscape?
Yeah. Gone? Yep, that's right. And I mean, it's it's it's one of these interesting things, because I say this a lot of times on the show. But, you know, inflation is one of those things that you kind of can't hide from people. You can attempt to, but everybody sees it. Everybody feels it.
And so you can you know, you can you can even attempt to tell people that Joe Biden isn't senile and keep them away from them as much as possible. You can tell people that we're winning a war over in Afghanistan when we're really losing it and they don't really see it. So maybe they'll believe you.
Chapter 8: What future trends could affect the value of currency and gold?
But try telling people that their grocery bills aren't going up. Try telling them that like anybody who goes to the supermarket and has been for the last five, six years knows how much poorer you're getting every week. And I guess I just think that. In a weird way, you watch people, particularly progressives who are trying to seize on this moment. You watch them spin it in different ways.
You know, the problem is that corporate greed spiked. So they'd kind of go along with with that perception that, yeah, the problem is the supermarket or the supermarket chain is raising their prices. And I do think it's really important for some of us to come along and go, yeah, but you know how like since George W. Bush, they've printed 80 percent of the money that ever existed.
I think that might have something to do with that. Like just maybe your dollars being less valuable might have something to do with the injection of tens of trillions of dollars of new money, which you would think would be kind of intuitive for people to understand.
You know, I'm old enough where I remember where people used to talk about the national debt, but people would take turns talking about it. It was kind of this political football. When your guy was in office, you didn't talk about it. The other party talked about it. And when your guy was out of office, you talked about it again.
And I remember, you know, during Bush, during Obama, there's kind of this back and forth of whose fault the national debt was and who's made it worse. And really, it's just the dollar is just going down and down and down and down. And now there's new threats. They're trying to push through central bank digital currencies now.
And they've already done that in parts of the world, like in China, where you have a social credit score, and you cannot bank or use your money if your score falls below a certain threshold.
Right, yeah. And there was just recently a bill about this, right? Yeah. There was a bill in the Senate, and I think it got defeated, but it is worth pointing out that they are still trying to push this central bank digital currency.
Yeah, and the threat is if cash is gone completely... like physical cash, then you can only use central bank digital tokens. So everybody's in the system. There's no privacy. There's nowhere to run. If, you know, the government doesn't like your show, they don't like, you know, they did this even without central bank digital currencies to like the Canadian trucker protesters. Remember that?
They debanked them for their protest.
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