Federal Reserve System a Run Away Machine-G. Edward Griffin

by Greg Hunter, USA Watchdog

Edward Griffin, author of “The Creature from Jekyll Island,” says the global monetary system is out of control. Griffin contends, “There is nothing that can be done about it. This thing is a runaway machine. I would feel much better if these political figures would say hey, this is out of our control right now. We need a substantial change in the system. . . . We need more honesty. People have to stand up and say we are in for a tough time. There is no easy way out of this. We are in for a tough time. Hang on to your seatbelts. We are coming into the rapids now. We need that kind of honesty, but we are not getting it because most of these guys and gals in Washington are thinking well, it’s going to be bad, but at least I’m in a good spot. They are more worried about themselves and their families than they are worried about the nation.”

What will the next financial calamity look like to the man on the street? Griffin explains, “The main mechanism that people will feel most directly will be the loss of value or purchasing power for their currency. The dollar will buy less and less and less as it has been doing, but it’s been sort of gradual and we get used to it. . . . When you look at the real cost of living, inflation is really pretty high now, but you haven’t seen anything yet compared to when the rest of the world does what it is now saying it is going to do. They are going to stop using the Federal Reserve Note as the international reserve currency. When they stop that, then we have no place to get rid of all these extra dollars we make up in the digital printing press. . . . When that stops, all those trillions and trillions of dollars that we have put overseas will come back to us because the people who hold them, like China for example, will say we can’t use these. Then they will use them to buy up anything they can here. They’ll buy our products . . . but they’ll also buy up our stocks and bonds and real estate. They’ll buy up our politicians or anything else that is for sale to get rid of those dollars as quickly as possible. When that happens, all of these dollars will be flooding through our economy. You could say the price of a loaf of bread will be $100 and that is the kind of thing we will see, and it may be even worse. It will be just like we saw in Zimbabwe or Germany in the Weimar Republic. These things happen in history . . . and the United States is not exempt from the laws of economics. It is going to happen here . . . and the main form of it will be the loss of purchasing power and hyperinflation. . . . This means the destruction of a working economy. Unemployment will be rampant. People, unfortunately, will turn to the government who caused the problem and say . . . won’t you please save us.”

Continue Reading / USA Watchdog>>>

Sharing is caring!

The Daily Coin

Rory Hall, The Daily Coin. Beginning in 1987 Rory has written over 1,000 articles and produced more than 300 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Silver Doctors, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Shadow of Truth YouTube channels to enjoy original videos and some of the best economic, precious metals, geopolitical and preparedness news from around the world.