The Broken Bank
Most people don’t notice or realize that the Fed, literally right this moment, is insolvent. George Soros famously “broke the Bank of England in 1992… and we might see someone “break the Federal Reserve” within the next few years.
On Tuesday, September 15, 1992, the two most powerful financial officials in the British government held an urgent meeting that night to review their plan for when the markets opened the next morning.
The tone of the meeting must have felt frantic… even desperate… because the value of the British pound had been falling for weeks. Continue reading
“We must not let our rulers load us with perpetual debt,” warned Thomas Jefferson in 1816. To him, burdening ourselves and future generations with debt should be rare in frequency and minor in magnitude. It may be defensible for long-term capital projects like roads, but for little else.
In these days of rampant inflation, it’s imperative that we return to the gold standard – and the real thing too. By this I mean the classical gold standard, not the so-called “gold exchange” standard, and with no fractional reserve banking, just as the great Murray Rothbard wanted. In what follows, I’ll discuss some of the economic issues below, but it’s important to realize that it’s a moral issue as well. 
In the 19th century, notes Murray N. Rothbard, debates on monetary issues were highly public and intensely controversial. Do you favor the national bank? The gold standard? Bimetallism? What is your opinion of the free silver movement? What is most important: a highly liquid money stock that can prop up commodity prices, or a sound dollar that promotes thrift and discourages debt accumulation?
Policymakers have a terrible habit of ‘solving’ problems by pretending they don’t exist. This is how they ‘solved’ the bank crisis last year. But as I point out below, the fundamental problems didn’t go away. And now that the Fed stopped pretending, we already have our first bank failure.
What you are about to read, takes me back to the year 2000, as I studied and compiled information and data for weeks in preparation for another of my lengthy broadcast marathons – one which in fact was eventually presented as an eight hour series. In addition to that, it was in fact a “Sequel” to a previous six-hour series, “All the King’s Men,” which told the TRUE story of the 1929 Stock Market Crash, which thrust America into the Great Depression.
I know you, like me, have parents or grandparents that lived through the Great Depression and will never forget it. Ever since, they saw saving money as absolutely essential. This was even more true for my homesteading grandparents whose very survival could come down to a few bills hidden under the mattress during a tough winter month. Yet, by the 1950s, millions of Americans were borrowing billions of dollars to buy everything from toasters to holiday trips.
It has yet to be fully unveiled, but the United States has been 
