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:
- Merrill Jenkins, sound money advocate and author of the book "Money: The Greatest Hoax on Earth". https://www.amazon.com/Money-greatest-hoax-earth-Inflation/dp/B0007ALU3E...
- Dennis Karnosky, an economist at the St. Louis Fed. Mr. Karnosky left The Fed in 1981 and has enjoyed a long career in finance. He's still around, though it looks like he's mostly retired at this point. https://www.linkedin.com/pub/denis-karnosky/3b/429/a
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.