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By Tom Winnifrith | Friday 14 July 2017
Jekyll Island is a real place, off the coast of Georgia, it marks the birthplace formation of the Federal Reserve System. In 1910 a group of wealthy bankers and industrialists met and formulated a plan to take over the money system. In this podcast G Edward Griffin discusses why - 104 years later - the Fed is doomed and will fail.
Banks like to loan out a lot of money, the best way to do that is when the supply is unrestricted, and they control that supply. Therefore they dislike gold and silver since they are finite.
When the Federal Reserve Act was created in 1913, it essentially legalized a predatory system of counterfeiting. The banks excessive printing has resulted in the dollar being only worth two cents compared to 1913. If you hold something with intrinsic value, your wealth is far more protected than being just in dollars.
In this podcast from Palisade Griffin discusses how the existing system is close to failure and can’t continue much longer; it’s a worldwide problem. He thinks the system is likely to be replaced by one more oppressive. Overall he likes the characteristics of cryptocurrencies, the privacy, the limited supply, and how you can conduct transactions yourself. However, the focus should be less on making money with them and more about replacing the existing system. He thinks the banks and governments will try to control it. He doesn’t feel that digital currencies are a better alternative than gold and silver.
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