Topic: Gold Currency

Federal Reserve Chairman Jerome Powell acknowledges that Bitcoin is used as a speculative store of value similar to gold. The hosts discuss the history of private currencies in the United States and the potential for cryptocurrency to challenge the dollar's reserve status.

During their debate, Ron Paul countered Paul Krugman's claim that he wants to return to the 19th century by arguing that Krugman's policies of currency debasement mirror those of the Roman and Greek empires. Krugman famously retorted that he is "not a defender of the economic policies of the Emperor Diocletian."

The hosts discuss the feasibility of returning to the gold standard, a key Ron Paul platform. Dvorak reminisces about the transition away from silver certificates and US notes in the 1960s and 70s, noting the change in ink colors on currency and the eventual dominance of Federal Reserve notes.

Ron Paul discusses the rising price of gold and the potential collapse of the dollar reserve standard on CNN. Paul argues that the real bubble is in the bond market and that the devaluation of the dollar is a worldwide phenomenon. The hosts debate the merits of holding gold versus selling it as it reaches record highs.

Gold prices have reached $1,430 per ounce, leading several U.S. states to consider alternate currencies. Tennessee is following Virginia and South Carolina in exploring gold and silver-backed currencies to protect against potential U.S. dollar hyperinflation. The hosts debate the practicality of these moves, with one suggesting lead might be a more stable base for currency.

Wim Boonstra, Chief Economist of Rabobank in the Netherlands, published a letter advocating for a move away from the US Dollar as the global reserve currency. He suggests adopting Special Drawing Rights (SDRs) from the IMF as a new international standard to reduce economic volatility.

The Institute of International Finance warns of a global currency war as China pledges to support Greek debt and the Euro to counter U.S. financial influence. The hosts compare China's current aggressive investment strategy to the Japanese real estate boom of the 1980s, suggesting it may lead to a similar economic collapse.

Financial commentator Peter Schiff's warnings about paper currency devaluation and the benefits of gold are discussed. The hosts note instances where media outlets appear to "pull the plug" on Schiff when his rhetoric becomes too critical of government monetary policy. This leads to a broader discussion on the TSA's new list for travelers who make screeners feel "threatened."

A CNBC interview with a capital fund manager is analyzed, where the guest predicts a global currency crisis leading to a "New World Order" and a unified global government. The hosts highlight the anchor's lack of reaction to these statements, focusing instead on the value of the U.S. dollar. They argue that gold's rise to $1,100 validates their long-term economic outlook.

The intrinsic value of gold is debated as a representative medium for exchange versus a fiat currency system. Historical events, such as the 1849 Gold Rush, acted as a natural expansion of the money supply similar to modern printing presses. Currently, much of the world's gold is concentrated in Dubai, while the UK's reserves were famously depleted when Gordon Brown sold them at market lows.

A proposal is made for listeners to donate physical gold, such as old jewelry, to be melted down into a "No Agenda Gold Cache." This initiative is framed as a hedge against the potential collapse of paper currency. Instructions are provided on using a crucible and torch to melt gold at home before mailing the "goo" to a collection address.

The hosts conclude with a discussion on the "Special Drawing Rights" (SDR) as a potential global spreadsheet currency that could replace the dollar and pound. They warn that the Lisbon Treaty provides the legal framework for a surveillance-heavy "police state" to enforce such changes. The show ends with a reminder of the next broadcast on Thursday.

The extreme hyperinflation in Zimbabwe is highlighted, with the hosts describing a 10 million dollar bill that includes an expiration date. The conversation shifts to the changing physical composition of U.S. quarters, noting they feel lighter and "cheaper" than older versions. Advice is given to avoid "collectible" gold coins in favor of actual bullion.