gold news

 the hottest jobs in Argentina are the ones that pay in dollars so Javier miele's push to dollarize the Argentine economy is in many ways a long shot you know I'm used to saying D dollarization I've been talking about the death of the global dollar standard now since 2009 and we are witnessing this slow motion train wreck that's it's been going on for years and it's probably going to continue going on for years but the dollar is slowly losing its dominance however here we have the

reverse happening but the truth is many argentines aren't waiting around to see how it plays out they're dollarizing the economy on their own one transaction and one contract at a time it's a classic case of breakdown of fiat currency now this is interesting I'll get I'm going to come back to this in a second as a little detour just like the one witnessed in hyperinflation ravaged Venezuela a decade earlier confidence and Trust in the currency collapsed to the point where people don't want to use

it even for the most basic of transactions so it gradually vanishes from the economy so let's take that little detour oh it said fiat currency I clicked on it now it says Fiat money uh and uh it says the term however is usually reserved for legal tender paper money or coins that have face values far exceeding their commodity values and are not redeemable in gold and silver throughout history paper money and banknotes had traditionally acted as promises to pay the bearer a specified amount of precious metal typically

silver or gold I am just amazed that all of these people can write this stuff and not realize that what this means is that the paper currency not money is just a claim check a receipt and you can redeem it for money the gold and silver I mean I see this basically different forms of this same sentence in every uh definition or description of my you know every definition of of fiat currency or paper currency or or if you're talking about a monetary history or something like that this same sentence is used

over and over and over again and the people writing it don't seem to get what it means anyway back to our story so it's a classic breakdown of fiat currency the Argentine peso has sunk 23 percent in the past month alone and 91 percent over the past five years this has deepened an inflation surge I find this hilarious because this writer doesn't know that these are one and the same uh the loss of the currency's purchasing power doesn't cause inflation the loss of the purchasing power is inflation so they

inflate the quantity of currency compared to the goods and services that are available and this has to end up balancing out and uh the currency has to go down in value when it goes down in value prices are going up measured in that currency simultaneously it is all one in the same thing uh but it says that it's been fueled in large part by the central bank's willingness to print money you can't print a true store of value out of nowhere it won't store value if you can but anyway the

willingness to print money to finance the government's budget deficits so uh let's move on uh so here's uh Javier mile his the this is an opinion piece from Bloomberg sometimes opinions should be kept to yourself but uh melee is angry radicalism isn't what Argentina needs who says uh you know there it if he wins they will be attempting an experiment that has not been done for 247 years since the founding of the United States most people don't I mean look at the writings of the founding

fathers and what you will see is that they were almost all about uh 90 of them were Libertarians basically uh they were called liberals then we had to call them classical liberals because the progressives ran off with the name liberal and now you just say libertarian so you don't have to Define what a classical liberal is uh if you say that you are a classic classic liberal like Thomas Jefferson or somebody like that but the country voters are right to be dismayed by politic by Politics as Usual

as usual but this isn't the answer well you know what maybe it is because we've done the Socialist experiment many many many times we've absolutely proven with Beyond shadow of a doubt that it doesn't work except we're probably going to be repeating that experiment this experiment hasn't been done in 247 years and what how is it going to hurt the United States of America if they do this experiment down there now melee might take them down this road and they'll do this experiment and it's not really it

might just damage some of their trading partners a little but it's only going to hurt people in Argentine Argentina and but it might help them tremendously we already know that Central planning doesn't work it's inferior to free markets and what he's talking about is letting the free market Rule and getting rid of their Central Bank he uh you know I think he's probably a bit of a nut I don't know much of much about him but it's the concept of uh libertarianism that we we haven't tried a free market

free Society for a long time and we keep on coming up with these answers that are top down Central planning and we know from uh experience from you know the USSR was the most scientifically done experiment in central planning in history and it failed uh horribly and so I wanted to go to Wikipedia and get some definitions of uh libertarianism for you so I went there and says oh Wikipedia is not for sale and it's a personal appeal from Jimmy Wales uh now we're going to hear from a co-founder of Wikipedia in a

minute but uh uh he's you know they're trying to do their fundraiser now I I've sent Wikipedia a thousand dollars at a time and I've done it several times the reason I did it was because I relied on it heavily when I wrote my first book you know from 2005 to 2008 I use Wikipedia a lot I use and I used it a lot since then but then I started noticing that it started to have a bias a definite bias and they took away my page I used to have a Wikipedia page and they did this in a little bit of a purge

there were a whole bunch of people in my sector my genre of uh of commenting on the economy on finance and on government intervention in the economy which I'm not a big fan of and they took my Wikipedia away page away and a whole bunch of my colleagues some of those colleagues got their Wikipedia page back because this is a publicly editable uh website and so you can submit pages and there will be a page there and then it can get taken down again so I I know somebody that had a page then it was

taken away then they had it again then it was taken away again and then they had it a third time but when when it came back they were now a conspiracy theorist and they spread it they were spreading misinformation and so whenever you see Wikipedia talk about misinformation or conspiracy theory take a look at the way it is written because there is uh something in common with all of these pages when when Wikipedia starts disparaging somebody you can just about but well I'm not sure but it might be

coming from this U.S intelligence has been manipulating Wikipedia for over a decade Wiki co-founder says and uh this is he claims that it's CIA and FBI computers that were used to edit Wikipedia so they can do this faster than uh the people at Wikipedia can check it and take stuff down and so they would always be ahead of Wikipedia but that's off topic let's get back to libertarianism so libertarianism this is from Wikipedia I've just shortened it a little I didn't move anything around I

just deleted uh some sentences and words just to get to the point libertarianism is a political philosophy that upholds Liberty as its core value as a core value Libertarians seek to maximize autonomy and political freedom and Men minimize the state's encroachment on and violations of individual liberties emphasizing the rule of law pluralism cosmopolitanism cooperation civil and political rights bodily autonomy freedom of Association free trade freedom of expression Freedom of Choice freedom of

movement individualism and voluntary Association now is there anything there that you don't like I like all of these things that's the reason I consider myself a Libertarian let's take a look at their non-aggression principle part of the libertarian concept the concept that a person or organization cannot use force or coercion to achieve their objectives under this principle you can defend yourself using Force but you cannot initiate Force against someone else if force is initiated by someone the state

will get involved to protect life liberty and property boy does that sound like the Declaration of Independence or what the government therefore has a monopoly of force and violence and if it should exist at any capacity that should be in any capacity it would be only to protect Society from criminals who have violated the non-aggression principle now are you against that I'm not I think life liberty and property are pretty good things and so I would like to live a life according to the non-aggression

principle which brings us to taxation as theft see also serfdom I'm just going to let that one sit for a second Wikipedia says taxation is theft C also serfdom Libertarians and voluntarists believe that taxation is theft because it violates the non-aggression principle and therefore is immoral bam so [Laughter] I believe in socialism well I love that you're so open about your mental illness I want to thank you for watching we'll see you next time thank you