welcome back to the kaiser report imax keyser time now to go to london and talk with sundeep jaitley of bully on basis dot com sundeep lectures to rout the world on austrian economics sandeep welcome back to the kaiser report thanks very much max sundeep i want to get your back on because you tweeted recently and i quote if it ain't mangere or is direct student eugene vonn b.b. it ain't australian sorry mesas respectively too many mistakes were made now the reason i wanted to comment this is that many americans consider themselves austrian school libertarians but most will be following me he says what are his mistakes i think his mistakes are probably too great to elaborate elaborate told sort of on the show. but essentially means is didn't look back to maine has original axiom which was the value is not outside of your own consciousness. and he did a. mango ribs about market auction in the sense that there are always two prices there's a bid on an off. and. didn't like to admit that interest was a market phenomena and. he sort of wanted to imply that it's a sort of a natural consequ

all right now was sundeep in your latest bullying basis newsletter you write quote money is gold and silver money is nothing else and yet when ron paul asked ben bernanke the whether gold is money the chairman responded now it's a precious metal what's going on there. well respectfully dr bernanke is is wrong in that regard but he's not he's not unique by any measure. money is the universally acceptable ultimate extinguisher of any debt. and as far as i can tell credit which is the system that we have currently doesn't doesn't fit the bill throughout the university accepted extinguisher of any debt has always been ultimate extinguisher i should add has always been gold or silver nothing else that is the definition of money. so it doesn't take much thought to realize that dr bernanke is wrong plain and simple he's wrong. there are so we have clear evidence of this because the us as a debt problem and ben bernanke the solution over there at the fed is to adjust the monetary policy at attempting to extinguish the debt not with gold and silver but with more debt yes only yes for what he'