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| TIME | SPEAKER | TEXT |
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| 00:00:10 |
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WE WRAP UP OUR DISCUSSION TODAY ABOUT 1968 AND ITS IMPACT ON VARIOUS ASPECTS OF OUR SOCIETY WITH JOSEPH... |
| 00:00:40 |
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AFTER WORLD WAR TWO, IT WAS REAL IMPLEMENTED. IT HAD BEEN ABOLISHED IN ALL MAJOR COUNTRIES IN THE... |
| 00:01:38 |
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OF THE THEORY OF BASING THE DOLLAR RATE ON COLD -- ON A GOLD STANDARD WAS TO ESTABLISH WHAT? STABILITY... |
| 00:01:53 |
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A STABILITY OF THE MONEY SUPPLY IN THE SENSE THAT THE MONEY SUPPLY COULD INCREASE VERY SLOWLY AS IT... |
| 00:02:44 |
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AND ALLOWED THEM TO INFLATE PRICES THROUGH THE EXCESSIVE ISSUANCE OF PAPER CURRENCY GRID EXPLAIN HOW... |
| 00:02:56 |
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THE GOLD STANDARD IS KNOWN IS -- KNOWN AS GOLDEN HANDCUFFS. IT TIES THE GOVERNMENT'S HANDS. THE GOVERNMENT... |
| 00:03:32 |
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WHAT WAS THE GOLD STANDARD REPEALED IN 1968? |
| 00:03:36 |
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THIS HAS TO DO WITH A WATERED-DOWN VERSION OF THE GOLD STANDARD. TO MAKE A LONG STORY SHORT, ONLY... |
| 00:07:18 |
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WHOSE IDEA WAS IT TO REPEAL THE GOLD STANDARD? |
| 00:07:22 |
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IT WAS THE TREASURY OFFICIALS AND BANK OFFICIALS HERE IN THE UNITED STATES. AS I SAID, THE U.S. HELD... |
| 00:07:43 |
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WE'RE TALKING ABOUT THE 1968 IMPACT OF THE GOLD STANDARD WITH JOSEPH SALERNO, AN ECONOMICS PROFESSOR... |
| 00:08:24 |
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IN 1971, WE OFFICIALLY CLOSED THE GOLD WINDOW. PRESIDENT RICHARD NIXON ANNOUNCED TO THE WORLD THAT... |
| 00:10:14 |
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WE'RE TALKING ABOUT THE IMPACT OF THE REPEAL OF THE GOLD STANDARD. OUR FIRST CALL COMES FROM MOUNT... |
| 00:11:26 |
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THE GOLD STANDARD WAS CHOSEN BY INDIVIDUAL PEOPLE OVER CENTURIES. MONEY CAME INTO BEING THROUGH FREE... |
| 00:12:23 |
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NEXT UP IS A CALLER FROM NEW YORK ON OUR LINE FOR DEMOCRATS. CALLER: I'M A FIRST-TIME CALLER. I WATCH... |
| 00:13:08 |
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A DOLLAR IS WORTH WHAT THE DOLLAR CAN BUY ON THE MARKET. A DOLLAR BUYS A LOT LESS THAN WHAT IT DID... |
| 00:14:38 |
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THERE ARE SOME ENTITIES THAT WOULD RATHER DO BUSINESS IN EUROS THAN DOLLARS. HOGUEST: THE DOLLAR HAS... |
| 00:15:07 |
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OUR NEXT CALL FOR JOSEPH SALERNO COMES FROM CLIFTON PARK, NEW YORK. GOOD MORNING. CALLER: GOOD MORNING.... |
| 00:15:46 |
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FIRST OF ALL, THERE REALLY IS NO GOLD IN FORT KNOX. ALMOST ALL THE GOLD IS WHERE -- IS NEAR WHERE... |
| 00:16:29 |
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WHAT DOES AN OUNCE OF GOLD GO FOR TODAY AS OPPOSED TO 1968? |
| 00:16:36 |
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TODAY, IT IS $1,000 PER OUNCE, IN 1968 IT WAS $35 PER OUNCE. IN 1968, MOST MAINSTREAM ECONOMISTS MADE... |
| 00:17:28 |
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NEXT OF THIS SOUTH CAROLINA. CALLER: ALL OF US HERE IN SOUTH CAROLINA WILL NOT BE VOTED FOR JOHN MCCAIN... |
| 00:18:43 |
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I THINK YOU ARE QUITE RIGHT ABOUT BRETT WHAT. IT WAS UNCONSTITUTIONAL IN THE SENSE THAT -- IN THE... |
| 00:19:51 |
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WE TALK A LITTLE BIT ABOUT THAT ALREADY. I AM NOT FOR TURNING A HE AND GETTING RID OF THE FEDERAL... |
| 00:20:27 |
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YOUR RESPONSE TO THE CONDUCT -- THE COMMENTS OF CANDIDATE RON PAUL? |
| 00:20:33 |
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I AM IN AGREEMENT. GOOD SOUND POLICY IS TO REMOVE ALL TAXES ON GOLD. GET RID OF ANY CAPITAL GAINS... |
| 00:21:30 |
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OUR NEXT CALLER IS ON THE LINE FOR DEMOCRATS. CALLER: I APPRECIATE THIS DISCUSSION. I THINK THIS IS... |
| 00:22:24 |
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FIRST, YOU SHOULD KNOW THAT GOLD WAS SEIZED BY THE U.S. CITIZENS IN 1933. U.S. CITIZENS WERE NOT PERMITTED... |
| 00:23:11 |
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I THINK YOU COVER THE ESSENCE OF HIS QUESTION. LET US MOVE ON TO CLEVELAND, OHIO. CALLER: GOOD MORNING.... |
| 00:24:09 |
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I DO NOT KNOW THE EXACT STATISTICS. THE REST OF THE WORLD OWNS 20 OR 30% OF THE WAS NATURAL -- NATIONAL... |
| 00:25:49 |
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OUR NEXT CALL FROM GALVESTON, TEXAS. GO AHEAD. CALLER: I'D LIKE TO TALK ABOUT HOW RON PAUL HAS GONE... |
| 00:26:20 |
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WHAT DOES THIS HAVE TO BE WITH THE GOAL STANDARD? CALLER: SURE, THANKS FOR BRINGING ME BACK. I'M... |
| 00:26:50 |
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THANK YOU VERY MUCH FOR YOUR CALL. ARE WE HEADING FOR A CRASH, AND WOULD A RETURN TO THE GOLD STANDARD... |
| 00:26:59 |
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LET ME TALK ABOUT THE GOAL STANDARDS, FIRST. YES, UNDER THE GOAL STANDARD, ESPECIALLY A PURE 100%... |
| 00:28:22 |
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NEXT UP, KINGS MOUNTAIN, NORTH CAROLINA, ON OUR LINE FOR DEMOCRATS. GOOD MORNING. CALLER: GOOD MORNING,... |
| 00:29:29 |
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THANKS FOR YOUR CALL. MR. SAL EARN OWE? |
| 00:29:33 |
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YES, TECHNICALLY, LEGALLY, THE FEDERAL RESERVE IS SEMIPRIVATE, THAT IS, IT'S OWNED BY ITS MEMBER BANKS.... |
| 00:30:36 |
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OUR NEXT CALL COMES FROM ALPINE, TEXAS, ON OUR LINE FOR INDEPENDENTS. GOOD MORNING. CALLER: GOOD MORNING,... |
| 00:30:45 |
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HI, LARRY. CALLER: HI, JOE. I'M AN ECONOMICS PROFESSOR. I KNOW JOE SALERNO. AS JOE AND I BOTH KNOW,... |
| 00:31:28 |
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WELL, I THINK POLITICALLY, RIGHT NOW, OF COURSE, IT'S NOT FEASIBLE. THE RULING ELITES, THE POWERS... |
| 00:32:25 |
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YOU MENTIONED IN THE 1930'S, OR AROUND 1968, THE GOLD WAS AT A FIXED PRICE OF $35 AN OUNCE F. WE WERE... |
| 00:32:41 |
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THERE ARE A NUMBER OF DIFFERENT PLANS FOR RETURNING TO THE GOLD STANDARD THAT WOULD JUMP BACK INTO... |
| 00:33:26 |
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WINCHESTER, VIRGINIA, GO AHEAD. |
| 00:33:28 |
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TELL ME, WHAT IS THE OFFICIAL U.S. GOVERNMENT VALUE OF GOLD NOW? IT'S HEARD IT'S 42, AND IF THEY ... |
| 00:33:40 |
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IT'S $42.50. IT'S REALLY A NOMINAL PRICE. IT'S A PRICE THAT MEANS ABSOLUTELY NOTHING GIVEN WHAT THE... |
| 00:34:00 |
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PENNSYLVANIA, YOU'RE ON THE "WASHINGTON JOURNAL." CALLER: GOOD MORNING, GENTLEMEN. |
| 00:34:05 |
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GOOD MORNING. CALLER: FIRST OF ALL, I WONDER IF YOU COULD SPEAK A LITTLE BIT ABOUT THE SUPPRESSION... |
| 00:34:57 |
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WELL, I THINK THE WHOLE IDEA OF ECONOMIC COLLAPSE IN THE MAIN STREAM IS THAT THE ECONOMIC COLLAPSE... |
| 00:36:18 |
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WHAT ARE FED CHAIRMAN'S BERNACKE'S THOUGHTS REGARDING THE GOAL STANDARD? WOULD IT BE HIM THAT NEARBY... |
| 00:36:27 |
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I THINK A RETURN TO THE GOLD STANDARD WOULD REALLY HAVE TO COME FROM AN INITIATIVE IN CONGRESS IN... |
| 00:37:44 |
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NEXT UP, OUR LINE FOR INDEPENDENTS. CALLER: THE MONEY SYSTEM IN THIS COUNTRY FOR QUITE SOME TIME,... |
| 00:39:42 |
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MR. SALERNO? |
| 00:39:43 |
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I BELIEVE IN THE CALLER IN POINTING TO FRACTURED FEDERAL RESERVE BANKING. RIGHT NOW, BANKS ONLY NEED... |
| 00:42:02 |
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ON THE POINT, THE ASKING ABOUT THE SCHOOL OF ECONOMICS THAT HAS BEEN INCREASINGLY PREVALENT AMONG... |
| 00:43:40 |
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WE'VE BEEN TALKING WITH JOSEPH SALERNO ABOUT 1968 AND ITS IMPACT ON THE GOAL STANDARD. THANK YOU VERY... |
| 00:43:50 |
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WE WANT TO REMIND YOU THAT TODAY ON C-SPAN, WE ARE GOING TO BE COVERING THE D.N.C. RULES |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
