Our Leaders Talk About Money | The Gold Standard 2419

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Welcome back to The Gold Standard with your host, Jennifer Horn. In this compelling episode, we sit down with Ken Russo, SVP of Midas Gold Group, to unravel a critical issue plaguing our nation: elected officials love to spend. As we delve into the consequences of unchecked governmental spending, Ken sheds light on the intricate relationship between political decisions and economic instability. Stay tuned as we transition into a pivotal historical moment—how President Nixon’s decision in 1971 set the stage for an era of relentless money printing and financial recklessness.

Following the ripple effects of the Nixon Shock, Milton Friedman, a prominent economist and advocate for free markets, had much to say about the radical shift away from the gold standard. He viewed the dollar’s detachment from gold as a pivotal moment that would redefine the global economic landscape. Milton Friedman said that taking the dollar off the gold standard might increase short-term economic flexibility, leading to long-term inflationary pressures and a decrease in monetary discipline.

“The US did something extraordinary. It changed the whole world’s money system, and few people even noticed.”
—Milton Friedman, US economist

Friedman predicted that disconnecting the dollar from gold would foster an environment where central banks would be more tempted to print money without the inherent checks and balances provided by gold backing. This lack of accountability would set a precedent for future financial policies prioritizing immediate economic stimulus over long-term stability. Ken explores how Friedman’s predictions have unfolded over the decades and what it means for our current financial climate.

In a revealing moment, Ken Russo shares a clip where Jared Bernstein, a top economic advisor to President Biden, struggles to articulate a coherent answer to a fundamental question on government borrowing. His response leaves more questions than answers, casting doubt on his grasp of national finance fundamentals. This incident highlights a broader concern about the direction and clarity of the current administration’s economic policies.

As we further analyze Bernstein’s perplexing statements, it’s crucial to consider the implications of advocating for growth rates below trend, which he claims would help realign the labor market and curb inflation. This approach is, as Steve Forbes puts it, “destructive nonsense,” suggesting a preference for controlling economic variables over fostering genuine growth and prosperity.

Ken uses this example to question the viability of such strategies in achieving stable, long-term financial health. It makes you wonder about the expertise and intentions behind the policies shaping our economic future.

Ken and Jennifer aren’t the only ones sounding the alarm. Ken talks about Jamie Dimon, the CEO of JPMorgan and one of the nation’s top bankers, expressing concerns about the debt issue in our country. With a financial acumen honed by leading the country’s largest bank through fluctuating economic times, Dimon’s concerns center on the unsustainable fiscal path of continued government overspending. He warns that without serious reforms, the US could face a scenario reminiscent of the 1970s stagflation—where slow growth and high inflation cripple the economy. This perspective comes amid rising global tensions and market instabilities, further complicating the economic outlook and underlining the urgency of addressing the federal spending habits.

In this episode’s engaging “Show and Tell” segment, Ken Russo delves into the fascinating world of precious metals, showcasing an array of government bullion coins and private mint products. He highlights the iconic United States Mint’s one-ounce Silver Eagle, alongside international counterparts like the Silver Britannia, Austria’s Silver Philharmonic, and Canada’s one-ounce Silver Maple Leaf. Ken discusses the advantages of the American Silver Eagle, such as its recognition and liquidity, compared to other government-backed bullion coins, which might offer lower premiums or unique designs. Furthermore, he explores bullion products from private mints, including silver bars and rounds, offering insights into their cost-effectiveness and variety yet noting their typically lower resale value than government-issued coins.

Stay informed on how our country’s financial policies impact your savings and spending power, and subscribe to The Gold Standard channel. You’ll gain valuable insights and expert analysis that can help you navigate the complexities of the economic landscape. The Gold Standard will keep you informed and help you make decisions that can protect your financial well-being. Subscribe now and be part of a community that values proactive and informed financial engagement.
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