Great Video...From 37 Years Ago

16
Mon, Apr 13, 2015 - 12:20pm

Over the weekend, Sprott's Tekoa Da Silva sent me a link to a fascinating discussion recorded over 37 years ago. The two panelists were Dennis Karnosky of the St. Louis Fed and "money expert" Merrill Jenkins. This remarkably frank and informative program is certainly worth taking the time to review.

Again, this was recorded at a St. Louis, Missouri television station in 1978, near the height of the inflationary spike caused by the closing of the gold window and the subsequent surge in U.S. government spending. The two panelists are:

Some of the highlights include a great explanation of debt vs money (11:30), Mr. Karnosky's advice as to what someone should do with their depreciating dollars (15:15) and Mr. Jenkins' "solution" to the problem (22:00).

Please take the time to watch this fascinating video and then, be all means, copy and paste the link. Bookmark it and send it to your friends and family. Perhaps it will help to awaken some of the slumbering.

TF

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  16 Comments

matt_
Apr 13, 2015 - 7:25pm

Amazing comments from Karnosky

Karnosky openly stated that your paper will lose value and more of it is created to enable government debt. He even stopped calling it "money." At the time of that interview, Karnosky was working for the Federal Reserve! His comments weren't that far off from Merrill Jenkins, the hard money guy. I can't imagine someone from the Fed speaking that way today.

Safety Dan
Apr 13, 2015 - 10:23pm

Larry Silverstein has to be

Larry Silverstein has to be the unluckiest man in history! He owned 3 skyscrapers, all of which collapsed on 9/11 due to fire. No steel framed building had ever collapsed due to fire beforehand, and no steel framed building has collapsed due to fire since. What are the odds?

Read more at https://investmentwatchblog.com/larry-silverstein-has-to-be-the-unluckie...

Safety Dan
Apr 13, 2015 - 10:24pm
cashonly
Apr 13, 2015 - 10:35pm

......."it's the quantity

......."it's the quantity of money that causes the problem, rather than the the nature of money which allows the excessive quantity to exist".

37 years ago the problem was inflation. Today's problem: Debt (credit expansions), which is directly caused by the nature of the money (FIAT/CREDIT); the quantity of this money didn't produce problematic inflation (money exported).

(Merrill Jenkins never saw it coming)

Joseph Warren
Apr 14, 2015 - 12:28am

US Dollar Purchasing Power Reduced by 75%

since 1978 when that show was first aired. That's using the phony 'official' government numbers, so the actual theft has been far worse. There are likely plenty of Turdites who were around in 1978. - This has impacted every aspect of American society. In actuality, the 'women's movement' was partially about getting two family wage earners in the work force to help hide the impacts of long term inflation. Off shoring of manufacturing overseas was a way to hide long term inflation by importing cheap, slave labor foreign goods.

"By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."

- John Maynard Keynes - (knowing his background, this was likely a recommendation - not a warning)

boomer sooner
Apr 14, 2015 - 9:55am

I caught a glimpse of the

I caught a glimpse of the Today show this morning on my way out the door. Can you imagine Matt Lauer discussing this. I would bet 99% of the audience would have no idea what they were talking about. if it didn't deal with their swipe card they could care less.

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