fox business interview, we're pleased to have back with us in person in new york this time, patrick m. byrnem chairman, ceo and founder and really renaissance man. patrick, good to see you. the fed -- >> the fed. david: is it having any influence at all on retail sales do you think? >> of course the easy money policy is, a way to prop up retail sales, a way to prop up the pockets of the rich. them saying they will taper in january is like you and i saying we're going on a diet in january. i don't think they can taper. if they do taper we'll slip back into recession. i don't believe anything they say. david: we're seeing retail sales up .7% in november. it sounds like it is fair to say you think the fed's influence on the economy has been pretty negligible? >> i think it as an influence, wholly pernicious. david: how? >> because they are enabling, they're enabling our federal government to run enormous deficits and buying the ious because no one in the world will buy ious of treasury anymore. so the whole treasury market is being propped up by the federal reserve. so that has kept the economy

patrick byrne said in a statement to market watch quote i've come to understand better and decided it's something we do want to be associated with now byrnes went on to say money is chew it porton to leave in the hands of government officials and the long run value of all these go to zero now overstocks project to accept the big coin is in its early stages and the retailer has not decided whether to allow payments via third parties or whether to create its own system but overstock expects a team of six to twelve people to formulate the company's bitcoin strategy shares of overstock which was founded in one thousand nine hundred seventy and went public in two thousand and two have doubled this year. well there you have it we're tracking these stories and keeping you posted on all the latest as usual. twenty thirteen what a year it has been now from the syrian civil war to n.s.a. leaks from twitter's i.p.o. to bitcoin media now there's been a lot of a balanced reflect on so let's you know first and foremost take a look back and see what insight we can gain for the year ahead now i'm joine

patrick byrne is overstock.com's ceo and chairman. thanks so much for joining us.t is behind, what is behind this decision? >> well, there are two reasons. one is business and one is philosophical. the business reason i thiik there will be a market people want anonymous currency. people are, so i think there is going to be a market. if we're the first major retailer to be selling through bitcoin or selling with bitcoin we should be snapping up the market. on the philosophical side, as you folks know i'm a pro-freedom guy and i believe in limited government. sound money is one things you need to limit government. government is always trying to go to expand goes for fiat currency. i'm austrian school guy, austrian economics, we ultimately like gold. for 5,000 years it is growing 2% a year and government mandarins can't create new gold. it is mathally limited rather than physically limited. limited to 21 million units. as the u.s. continues to debase our currency, this will be a more and more viable alternative. melissa: there was a lot in there i have to ask you abou

the present time the stars patrick mccarthy said byrne was guilty of a severe breach of trust. he said that the offences were tired eyes with skill and cunning and then fall to pull off almost afraid that the recovery. the scale of the wrongdoing was colossal the amounts involved were staggering. his crimes require careful planning and execution. it was all very skillful all very cunning those were the words of judge pack the car can be forty cents. thomas turned to jail for twelve years the judge said his wrongdoings of the fines but the fact that he was the solicitor profession that serves the nation well. what does whom the wheels of commerce simply could not turn because they are given a particular degree of trust unfortunately thomas barnett abused every aspect of that trust. he said he didn't know this game of the damage being done to the profession. but it must be considerable. he imposed a nine year sentence for the offences involving theft of fifty two million euro for gina's colleague signature was a particularly nasty crime he said. and for this he imposed a consecut