when president nixon left the bretton woods system there were 360 yen to the dollar. there are now .8. ú bit, you know, the first part of what you said when you said that the fed is doing the government's fiscal policy. just, i mean, help people to understand what you mean by that, in what sense is the fed doing the government's fiscal policy? >> when it buys a trillion dollars worth of mortgages, it's doing the government's business. it has no business buying long-term assets. central banks -- well-run central banks never do that, and the fed in its history only did it during its 100-year history, during wartime. now, it's doing it fairly well. that's government policy. why? well, the treasury, the administration can't go to congress and say we want to spend more. so, the fed is doing their work for them. it's also doing the work of, which i much deplore of recapitalizing the banking system by keeping interest rates low, letting the banks borrow at very low interest rates and lend at somewhat higher rates and now, heaven forbid, they're saying to them, well, you know

gold pool famously worked to manipulate the london gold market back in the sixty's to maintain bretton woods so we know for a fact that governments have been involved in this in the past it's not just private markets the what evidence do we have is there evidence that governments are involved in gold and silver manipulation today. well there's. a man named frank venter also is a commodities analyst that did a marvelous job of analyzing. gold from i believe five different using five different methods coming to the conclusion that the world's central banks have been leasing gold into the markets and it's least very very low interest rates like one quarter of one percent per year. that gets sold into the market and then the bank can use the proceeds to do whatever they want with. when they would be leased it and then it gets sold its supply into the market that pushes the price down. then alan greenspan in testimony to congress and this was buried in his testimony where he was arguing that the over the counter derivatives market should not be regulated so this was his argument to not regulate o

group is going to change my point go ahead joshua yeah i think he's made an important point that bretton woods taught us that you can't make an artificial currency and at the end of the day people trade what they have and in this economy people have dollars people trade in dollars and that means good news for the u.s. in the short term ok we'll see if the chinese can get rid of them one way or another you guys go way over a lot of time a bank some i guess a day in orlando hong kong and in chicago and base your viewers for watching us here are to see you next time member rostock. ok. download the official auntie how to make a ship join a phone online pod touch from the i choose ops to. launch on sea life on the go. video on demand copies in mind bold calls and r.s.s. feeds now in the palm of your. question on the. plumbing. more news today harlan says once again flared up the phillies are the images the world seeing from the streets of canada the final four asians are the day clegg the luck. to. her. lead nation free the secret invasion three the sons four charges free arrangement the free the

united states dollars demise and that would begin when nixon told us took us off the gold standard bretton woods collapsed and put us on a pseudo petrodollar standard so there's been a lot of planning into this and i'm sure there are there are solutions in the work quote unquote and i don't think any of them are going to be particularly good but i do think gold will serve a role in international settlements because the central banks can't get their hands on enough of that recently so several central banks in mexico russia kazakhstan all loading up even as recently as march we got no new numbers indicating that such an insightful interview we're going to leave it there thanks so much for joining us in our miami studio today bob inglis contributing editor for zero hedge and economic policy journal dot com thank you laura. all right let's wrap up with a loose change and shannon dimitri and a great opinion on something that we have opined about last month on the heels of the greg smith goldman off bed and a reported one thousand tips that it poured into the f.c.c. the security and exchange commissio

is going to change my point go ahead joshua well yeah i think he's make an important point that bretton woods taught us that you can't make an artificial currency and at the end of the day people trade what they have and in this economy people have dollars people trade in dollars and that means good news for the u.s. in the short term ok ok we'll see if the chinese from get rid of them one way or another you guys go way over time a think so my guess would be in orlando and in chicago and take your viewers for watching us here are to see you next time remember rostock. can still. be.

prose is going to change my point go ahead joshua yeah i think he's make an important point that bretton woods taught us that you can't make an artificial currency and at the end of the day people trade what they have and in this economy people have dollars people trillion dollars and that means good news for the u.s. in the short term ok we'll see if the chinese from get rid of them one way or another you guys are doing over time maybe name some i guess a day in orlando and in chicago and thanks to our viewers for watching us here are to see you next time remember. they can still. download the official auntie obligation q i phone or my bald touch from the i choose option. one cianci life on the go. video on demand all keys mindful of costs and says features now in the palm of your . question on the dot com. if. any is he. the. wealthy british style. tireless. market finance come to. find out what's really happening to the global economy with a much stronger for a no holds barred look at the global financial headlines tune into cars a report on our feet.

those is going to change my point go ahead joshua yeah i think he's make an important point that bretton woods taught us that you can't make an artificial currency and at the end of the day people trade what they have and and this economy people have dollars people trillion dollars and that means good news for the u.s. in the short term ok we'll see if the chinese can get rid of them one way or another you guys go way over another time a think so my guess a day in our land and in chicago and banks are viewers are watching is here already see you next time a member rostock. can still. from. there hasn't been anything yet on t.v. . it is to get the maximum political impact. the full source material is what helps keep journalism honest we. we want to present. something else.

is going to change my point go ahead joshua well yeah i think he's make an important point that bretton woods taught us that you can't make an artificial currency and at the end of the day people trade what they have and in this economy people have dollars people trillion dollars and that means good news for the u.s. in the short term yeah ok we'll see if the chinese can get rid of them one way or another you guys go way over a lot of time many thanks to my guest today in orlando and in chicago and take your viewers for watching us here are to see you next time never. take a. stand. right . plug mission free the cretaceous three per store charges free. range month three per week to stay low tide three per the old city block can split mediocre for your media projects and free media and job to our teeth dot com. play .

currencies to gold and despite the free floating currency regime that we've had since the end of bretton woods in the early one nine hundred seventy s. one could argue as some have that we are still on a de facto gold standard and that the market for gold is reacting to the ongoing debasement of paper currency after all gold has been rising steadily and at times rather frenetically since two thousand and one when it was trading at below three hundred dollars per ounce to levels near two thousand dollars in the past year now there are those like economist nouriel roubini who have been calling it a bubble since at least two thousand and nine now one of the good things about markets is that they tend to have their own minds and don't care too much what academics or policymakers think but even if markets don't need policymakers policymakers still need markets and the gold market in particular is one that central bankers keep a close eye on gold as our guest james turk recently said in an interview with us is the messenger and what it's been telling us is that people don't trust governments and the

and it's very important that the dollar became the reserve currency after world war two with the bretton woods agreement and at that time when you go back the united states was the only game in town europe was destroyed there was no russia in the business china it was behind you know the the i incurred that they had the yellow curtain over there you had no india and brazil what was brazil doing this is a whole new world it's beyond the post world war two world it's a twenty first century world and the times definitely are changing especially with the u.s. now not as powerful as it once was in terms of the economy at least and we see the brics nations out there with their economies are growing at a very rapidly rapid rate so gerald how soon if we do see this chap to a different world reserve currency when would that happen i would expect it to happen after the presidential election. they're going to do everything they can to try to keep this going and to try to soothe any kind of ripples coming from around the world but you know this is not bigger than just the dollar crisis it's really the dec

those is going to change my point go ahead joshua yeah i think he's making important point that bretton woods taught us that you can't make an artificial currency and at the end of the day people trade what they have and and this economy people have dollars people trillion dollars and that means good news for the u.s. in the short term we'll see if the chinese from get rid of them one way or another you guys go way over time maybe think some i guess a day in orlando hong kong and in chicago and base your viewers for watching us here are to see you next time member rostock. keep still. it. mother mission free the cretaceous three per store charges free the arrangement three per three per steer free lead free blood can split mineola for your media projects and free media don carty dot com. player .