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<v Speaker 1>Seven oh five if you're a fifty five cars de

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<v Speaker 1>Talk station. Brian Thomas swishing everyone a very happy Tuesday

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<v Speaker 1>in an early Thanksgiving last day of the week for

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<v Speaker 1>me as I move into vacation. But I am so

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<v Speaker 1>pleased to be here today because from the Mesa's Institute,

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<v Speaker 1>I'm pleased to welcome to the fifty five KRC Morning

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<v Speaker 1>Show Thomas de Lorenzo. He is the president of the

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<v Speaker 1>Mesas Institute, former professor of economics at Loyal University, Maryland,

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<v Speaker 1>a longtime member of the Senior Faculty of the Mesas Institute,

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<v Speaker 1>author of so many books I can't listen them in

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<v Speaker 1>the time we have allocated for this discussion, but here

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<v Speaker 1>to talk about the new documentary released by the Mesa's Institute,

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<v Speaker 1>playing with Fire, Money, Banking and the Federal Reserve. Tom

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<v Speaker 1>de Lorenzo, Welcome to the fifty five Carricity Morning Show.

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<v Speaker 1>It's my distinct pleasure to welcome me to my program.

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<v Speaker 2>Well, thank you very much, Brian, I'm pleased to be

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<v Speaker 2>with you.

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<v Speaker 1>Well, let us initially discuss okay, and I will admit

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<v Speaker 1>upfront now I joke about this all the time, so

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<v Speaker 1>my listeners know probably what's coming. This is where my

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<v Speaker 1>you know, sixteen years of practicing law and my twenty

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<v Speaker 1>years of being on radio almost and my MENSA membership

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<v Speaker 1>mean absolutely nothing. I don't understand the Federal Reserve. I

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<v Speaker 1>don't get it. I don't understand it. Now I have,

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<v Speaker 1>you know, a high level understanding of the Austrian School

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<v Speaker 1>of economics, which is what the Mesis Institute supports. I'm

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<v Speaker 1>familiar with the Chicago School of economics, the Milton Friedman style,

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<v Speaker 1>and I know the Keenesian economic theory is a bunch

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<v Speaker 1>of nonsensical, ridiculous idiots. So that's about boiled down what

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<v Speaker 1>I've got here. But thank you for this documentary so

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<v Speaker 1>we all can understand what the FED is, where it

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<v Speaker 1>came from, and why it's so dangerous. So let's begin

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<v Speaker 1>with the Mesis Institute and just general principles of Australians

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<v Speaker 1>are Austrian rather school of economics, the.

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<v Speaker 2>Austrian school, because some of the founders of the ideas

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<v Speaker 2>came to America from from Austria. Friedrich Hayak is probably

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<v Speaker 2>the best.

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<v Speaker 3>Known among Americans of that. And it's free.

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<v Speaker 2>Market economics, international peace through history as things we focus on,

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<v Speaker 2>and it's a research and educational institution, and we try

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<v Speaker 2>to educate anyone and everyone, and it's not it's not

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<v Speaker 2>a think tank. We don't preserve, we don't published papers

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<v Speaker 2>for congressional staffers and things like that. That we're mostly

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<v Speaker 2>research and educational institution and that's what we do. And

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<v Speaker 2>the new documentary is aimed at helping people like yourself,

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<v Speaker 2>like all Americans.

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<v Speaker 3>It's not an accident that no one knows what the

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<v Speaker 3>heck the FED does.

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<v Speaker 2>When when Tucker Carlson interviewed Ron Paul a couple of

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<v Speaker 2>months ago, Tucker said, you know when this came up

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<v Speaker 2>when Ron was running for president, he said, I was

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<v Speaker 2>getting paid to know about this stuff. That was where

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<v Speaker 2>he was working on interpers for of Fox at the time.

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<v Speaker 2>And he said, and even I knew nothing at all

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<v Speaker 2>about the FED. And so that's the purpose of our

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<v Speaker 2>documentary and any of your listeners can look at it,

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<v Speaker 2>see it for free. It's thirty eight minutes on the

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<v Speaker 2>mesas dot org slash fire. It's m I sees dot

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<v Speaker 2>org slash fire, and it's at a very introductory level

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<v Speaker 2>explaining what the FED is, and it makes the case

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<v Speaker 2>for abolishing it. And it features Ron Paul and the

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<v Speaker 2>famous Wall Street investor James Grant, and myself and a

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<v Speaker 2>number of other people from the Mesa's Institute.

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<v Speaker 1>Wonderful. My producer, Just Trekker will add that to my

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<v Speaker 1>blog page mesas dot org and a link to the

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<v Speaker 1>documentary so our listeners can easily find it, and I

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<v Speaker 1>know they will thoroughly enjoy understanding it. Let us just

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<v Speaker 1>talk generally speaking of this concept of running the printing press.

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<v Speaker 1>I don't, I mean, I understand how they do it.

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<v Speaker 1>It's basically flip a switch, you print out several trillion dollars,

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<v Speaker 1>and the next thing you know, you've watered down the

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<v Speaker 1>monetary supply. See inflationary reality. We have so many charts

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<v Speaker 1>we can go to what's a dollar worth now compared

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<v Speaker 1>to what it was worth in pick a year nineteen

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<v Speaker 1>eighty nineteen thirty. You can see it's been watered down completely.

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<v Speaker 1>That is the natural order of things. The more you

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<v Speaker 1>print dollar wise, the less value each of them has.

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<v Speaker 1>We're talking about a piece of paper, not something that

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<v Speaker 1>has physical value. We simply rely on it as a

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<v Speaker 1>means of easily exchanging, you know, easily buying and selling

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<v Speaker 1>goods and services. But it's meaningless as a thing.

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<v Speaker 2>Yeah, it's only based on the promises of politicians.

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<v Speaker 3>But it wasn't always that way. Our money used to

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<v Speaker 3>be attached.

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<v Speaker 2>To gold and that ended, but it was ended by

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<v Speaker 2>Nixon in the nearly seventies where you could redeem dollars

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<v Speaker 2>for gold, and then they just said, sorry, no more,

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<v Speaker 2>you can't do that. And that's why we had the

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<v Speaker 2>economic complosion of the seventies, stagflation. We were no longer

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<v Speaker 2>there was no longer any restraints on the ability to

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<v Speaker 2>to counterfeit money. And you know, conservatives have been complaining

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<v Speaker 2>for decades about overspending. Overspending. The Fed is the key

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<v Speaker 2>to the whole thing. There was a law passed in

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<v Speaker 2>the thirties that gave the FED the right to just

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<v Speaker 2>counterfeit money, legally counterfeit money, then use that money to

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<v Speaker 2>buy government bonds as a way of infusing money into

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<v Speaker 2>the banking system, and that's what creates all the inflation.

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<v Speaker 2>And that law can be ended tomorrow.

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<v Speaker 3>The Congress could we send that lot tomorrow. It doesn't

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<v Speaker 3>have to.

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<v Speaker 2>Abolish the FED. It could just do that one step

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<v Speaker 2>and that would that would keep the Fed from escalating

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<v Speaker 2>the money supply, and we should be seeing deflation now

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<v Speaker 2>with all the technological advance that we have, especially with

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<v Speaker 2>artificial intelligence and all that, but we don't because we

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<v Speaker 2>the FED puts so much money in circulation, and it

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<v Speaker 2>primarily benefits the banking industry, the Wall Street speculators, the

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<v Speaker 2>people who get their hands on this money first that

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<v Speaker 2>once it's printed by the FED, and then the average

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<v Speaker 2>American just suffers through the never ending wooman bus cycles

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<v Speaker 2>and the great recessions and price inflation. And the dollar

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<v Speaker 2>is worth about two cents now compared to what it

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<v Speaker 2>was in nineteen thirteen when the FED was created.

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<v Speaker 1>What would the world or our country, let's focus on obviously,

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<v Speaker 1>the United States is our currency. What would the country

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<v Speaker 1>look like if that had never happened, if they stuck

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<v Speaker 1>to a gold standard, if your cash was redeemable for

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<v Speaker 1>physical gold.

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<v Speaker 2>Oh, we would have far less inflation, for sure, and

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<v Speaker 2>we would have far less bloom and bus cycles.

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<v Speaker 3>You know.

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<v Speaker 2>The Great Recession of eight followed the recession a bust

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<v Speaker 2>in the stock market in the year two thousand.

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<v Speaker 3>Every decade we have one of these busts.

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<v Speaker 2>And they're all caused by the FED. And that we

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<v Speaker 2>would have far fewer than that. There's a lot of

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<v Speaker 2>research in the field of economics now that shows that

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<v Speaker 2>our economy is much more unstable after the FED was

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<v Speaker 2>created than it was before the FED was created. We've

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<v Speaker 2>never had a perfect world. Nothing on earth is perfect,

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<v Speaker 2>but the FED has made things much worse and not better.

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<v Speaker 2>Has in controlled inflation, as in controlled unemployment, any.

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<v Speaker 3>Better than otherwise would have been.

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<v Speaker 2>And we used to have competing currencies and so, and

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<v Speaker 2>we're starting to go that way, you know, with all

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<v Speaker 2>the bitcoin and other cryptocurrencies, we're starting to go in

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<v Speaker 2>a direction of competition. And some states are making it

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<v Speaker 2>much easier to use gold and silver also as currency,

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<v Speaker 2>or at least backing a currency. So I think in

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<v Speaker 2>the future we're going to have to move in that

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<v Speaker 2>direction even more than we are now.

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<v Speaker 1>But wouldn't I mean, if we just stuck to a

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<v Speaker 1>gold standard, then wouldn't they basically the size and scope

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<v Speaker 1>and expectations that people have of what we can get

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<v Speaker 1>from the federal government. Wouldn't it be dramatically reduced. Wouldn't

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<v Speaker 1>the government be extraordinarily smaller than it is now?

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<v Speaker 3>Well?

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<v Speaker 2>Sure, that's why you know, the Constitution gives the federal government.

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<v Speaker 2>The ability to coin current money, coling money doesn't give

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<v Speaker 2>it the ability to print money, print paper money at all,

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<v Speaker 2>and so they knew what they were doing, and so yeah,

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<v Speaker 2>we would the government. The constitution is pretty much a

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<v Speaker 2>dead letter because of the FED. The government can do

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<v Speaker 2>anything at once and print up the money and pay

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<v Speaker 2>for it, and it creates what economists call a fiscal illusion.

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<v Speaker 2>You know, if the government said, okay, we're going to

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<v Speaker 2>send another one hundred billion dollars to Ukraine, and so

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<v Speaker 2>we're going to impose attacks of ten thousand dollars to

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<v Speaker 2>every working family to pay for it, you see a

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<v Speaker 2>far fewer Ukrainian flag bumper states.

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<v Speaker 1>I love that one small sliver of the unbelievable, you know,

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<v Speaker 1>the outlay from government. But you hit the nail on

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<v Speaker 1>the head right there. We would have to be asked

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<v Speaker 1>to dive and dig into our own pockets to find

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<v Speaker 1>any given situation. I suppose that's a lot like the

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<v Speaker 1>war war bonds back in World War Two. To a

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<v Speaker 1>certain degree.

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<v Speaker 3>Yeah, it is.

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<v Speaker 2>And it's you know, we're approaching the holiday season now

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<v Speaker 2>and so government has one big Santa Claus, you know,

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<v Speaker 2>something for nothing, you know, Uncle Sam is really Uncle Santa,

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<v Speaker 2>and you know, he prints up money and just spends

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<v Speaker 2>wildly to make the politicians themselves popular, and they all

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<v Speaker 2>play Santa Claus, you know, four hundred and thirty five

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<v Speaker 2>Santa Clauses in Congress, basically, but it.

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<v Speaker 1>Never seems to stop. Under the current circumstances, what do

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<v Speaker 1>you perceive to be the future here in the United States? Obviously,

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<v Speaker 1>the printing press is running the morning we print the

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<v Speaker 1>bigger our credit card debt. That's way most people kind

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<v Speaker 1>of view it, paying debt service to our creditors. It

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<v Speaker 1>keeps getting bigger. A larger and larger share of the

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<v Speaker 1>government money is being paid to service this massive debt

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<v Speaker 1>that's not going to last. It can't. It's going to

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<v Speaker 1>collapse on itself. I mean, that's the way I perceive it.

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<v Speaker 3>That's right, that's right.

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<v Speaker 2>You know, we have such a strong economy and so

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<v Speaker 2>many work hard working people and so much capital investment

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<v Speaker 2>that's saving us for the time being from being Venezuela.

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<v Speaker 2>And we're not going to turn into Venezuela tomorrow as

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<v Speaker 2>far as that goes. But we can do tremendously better.

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<v Speaker 2>Even what President Trump is talking about in eliminating the

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<v Speaker 2>brags that he eliminated four regulations for every new one,

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<v Speaker 2>and I think in his new term there should be

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<v Speaker 2>no new ones and eliminate maybe one hundred a day

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<v Speaker 2>of government regulations because most of them, the vast majority,

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<v Speaker 2>serve no purpose other purpose other than justifying the loser

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<v Speaker 2>jobs of government bureaucrats. And that would just free up

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<v Speaker 2>a tremendous amount of entrepreneurship and investment and work in America,

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<v Speaker 2>just that apart from the FED. And of course a

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<v Speaker 2>move in the direction of more honest money will be inevitable.

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<v Speaker 2>I think you'll see different states saying that you can

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<v Speaker 2>use this currency, that currency more, pay your taxes with

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<v Speaker 2>bitcoin or whatever cryptocurrency comes down the pike in the future.

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<v Speaker 1>Now, in terms of oh, shoot, I lost my train

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<v Speaker 1>of thought, Tom, I apologized. That does happen from time

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<v Speaker 1>to time. I'm just so baffled by this. Oh I

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<v Speaker 1>recall now I've heard Ron Paul and I maybe even

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<v Speaker 1>Ran his son mentioned this before. I come from a

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<v Speaker 1>lot of people the idea of auditing the FAT. It

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<v Speaker 1>has a certain appeal and ring to it because it

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<v Speaker 1>exists as the standalone body with so much control and

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<v Speaker 1>power over our lives. Is that a meaningful act? Will

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<v Speaker 1>that result in something other than perhaps enlightening more people

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<v Speaker 1>about what you are outlining in this playing with fire

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<v Speaker 1>money banking in the Federal Reserve.

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<v Speaker 2>Well, well, you know it's meaningful because every time someone

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<v Speaker 2>like Ron Paul proposed it in Congress, the entire banking

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<v Speaker 2>industry would circle the wagons and send millions to Congress

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<v Speaker 2>to bribe the the members of Congress to kill it immediately.

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<v Speaker 2>They don't want people to know what's going on, and

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<v Speaker 2>every once in a while we get a glimpse of it.

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<v Speaker 2>There was a General Accounting Office audit about twenty five

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<v Speaker 2>years ago of a FED a certain sort of a

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<v Speaker 2>wasn't a full blown on it, but it was piecemeal

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<v Speaker 2>and they found such things as you know. They had

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<v Speaker 2>fleets of corporate jets, huge art collections that the head janitor,

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<v Speaker 2>this is, this is almost thirty years ago. The head

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<v Speaker 2>janitor was making one hundred and sixty three thousand a

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<v Speaker 2>year plus benefits. Jeez, And that's if it's in the

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<v Speaker 2>public interest. If what's there and they're doing is in

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<v Speaker 2>the public interest, why can't the public take a look

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<v Speaker 2>at how they're spending all this money.

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<v Speaker 1>Amen, you get no argument from me. Thomas De Lorenzo,

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<v Speaker 1>President of the Mesa's Institute. You'll find Playing with Fire,

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<v Speaker 1>money Banking and the Federal Reserve linked on my blog

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<v Speaker 1>page fifty five caresy dot com, or go directly to

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<v Speaker 1>MESIS dot org, m i SES dot org and if

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<v Speaker 1>you want to hit that directly. It's been a real

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<v Speaker 1>pleasure having you on the program, Sir. I truly appreciate

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<v Speaker 1>the work that you're doing on the light that you're

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<v Speaker 1>shedding on this profound problem we face.

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<v Speaker 2>Well, thank you very much, Brian and I have a

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<v Speaker 2>great day, and you.

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<v Speaker 1>Have a great day too, and a wonderful Thanksgiving. Tom,

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<v Speaker 1>take care of yourself seven eighteen Right now, fifty five

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<v Speaker 1>KRC the talk station. Yeah, head, I don't know, fifty

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<v Speaker 1>five KRC dot com and check that out and I'll

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<v Speaker 1>learn something too, because I'm going to be doing that

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<v Speaker 1>exact same thing myself today. Another thing you want to

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<v Speaker 1>check out Zimmer Zimmer Heating and air Conditioning three generations

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<v Speaker 1>is Zimmer folks helping out their customers, keeping your house safe, efficient, comfortable.

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<v Speaker 1>That's what it's all about. When it comes to HVAC.

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<v Speaker 1>You're the best possible hand. I know you are. Chris

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<v Speaker 1>Zimmer will take great care of you. You can call

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<v Speaker 1>them up, schedule appointment, get on one of the maintenance programs,

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<v Speaker 1>keep your system running efficiently all the time and extend

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<v Speaker 1>the life of it. That's what a regular maintenance plan does.

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<v Speaker 1>And for more than seventy five years, Zimmer's been at

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<v Speaker 1>this keeping your home safe and comfortable. And it still

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<v Speaker 1>represents the company that devented air conditioning. And I know

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<v Speaker 1>we're heading into winter time, but they still have the

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<v Speaker 1>cool carry your comfort rebate. So hit the ground running.

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<v Speaker 1>When the AC unit's going to be running again. It

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<v Speaker 1>probably will before the end of the year. You know

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<v Speaker 1>how the temperatures are in this area. But twenty two

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<v Speaker 1>one hundred dollars savings off a brand new carrier unit.

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<v Speaker 1>That's uh, the good, the good folks at Carry They

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<v Speaker 1>make a great air conditioning unit. So get in touch

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<v Speaker 1>with them for ar HVAC needs and if it goes

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<v Speaker 1>out at the worst possible time, hey you got them there.

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<v Speaker 1>Twenty four hours a day, seven days a week. That's

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<v Speaker 1>what they do at Zimmers. Go Zimmer dot com online,

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<v Speaker 1>Go Zimmer dot com. Tell Chris Simmer I said, how

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<v Speaker 1>many call for the appointment? Five one three, five two

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<v Speaker 1>one ninety eight ninety three. That's five one three, five

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<v Speaker 1>two one ninety eight ninety three.

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<v Speaker 2>This is fifty five krc an iHeartRadio station.

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<v Speaker 3>You've never