June 21, 2015
By Greg Hunter
USA Watchdog

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

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 of 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.”

On war, Griffin contends, “War is primarily a psychological weapon. The threat of war, the fear of war, that is more useful to governments than actual war. Machiavelli said years ago said that the best way to keep people content and overlook the miseries they have to suffer under their own governments is to embroil the people in wars or rumors of wars. So, they would be so afraid of an enemy that they would tolerate any insult to their liberties as a means of preventing this thing they dread so much. That is certainly the prime operative today. That is the prime directive today of all governments. They love to keep their people, their people in a state of fear. Most governments today look at their own populations as the enemy, not the populations of other countries. They think their own populations need to be controlled and dominated to sustain their power.”

All is not lost according to Griffin, and it starts with something he calls “The Creed of Freedom.” Griffin is working on global solutions to this massive bad leadership problem.

Join Greg Hunter as he goes One-on-One with economic and geopolitical expert G. Edward Griffin.