All Episodes

November 26, 2024 • 14 mins
Mark as Played
Transcript

Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:16):
Seven oh five if you're a fifty five cars de
Talk station. Brian Thomas swishing everyone a very happy Tuesday
in an early Thanksgiving last day of the week for
me as I move into vacation. But I am so
pleased to be here today because from the Mesa's Institute,
I'm pleased to welcome to the fifty five KRC Morning
Show Thomas de Lorenzo. He is the president of the
Mesas Institute, former professor of economics at Loyal University, Maryland,

(00:37):
a longtime member of the Senior Faculty of the Mesas Institute,
author of so many books I can't listen them in
the time we have allocated for this discussion, but here
to talk about the new documentary released by the Mesa's Institute,
playing with Fire, Money, Banking and the Federal Reserve. Tom
de Lorenzo, Welcome to the fifty five Carricity Morning Show.
It's my distinct pleasure to welcome me to my program.

Speaker 2 (01:00):
Well, thank you very much, Brian, I'm pleased to be
with you.

Speaker 1 (01:02):
Well, let us initially discuss okay, and I will admit
upfront now I joke about this all the time, so
my listeners know probably what's coming. This is where my
you know, sixteen years of practicing law and my twenty
years of being on radio almost and my MENSA membership
mean absolutely nothing. I don't understand the Federal Reserve. I

(01:22):
don't get it. I don't understand it. Now I have,
you know, a high level understanding of the Austrian School
of economics, which is what the Mesis Institute supports. I'm
familiar with the Chicago School of economics, the Milton Friedman style,
and I know the Keenesian economic theory is a bunch
of nonsensical, ridiculous idiots. So that's about boiled down what

(01:43):
I've got here. But thank you for this documentary so
we all can understand what the FED is, where it
came from, and why it's so dangerous. So let's begin
with the Mesis Institute and just general principles of Australians
are Austrian rather school of economics, the.

Speaker 2 (02:00):
Austrian school, because some of the founders of the ideas
came to America from from Austria. Friedrich Hayak is probably
the best.

Speaker 3 (02:07):
Known among Americans of that. And it's free.

Speaker 2 (02:11):
Market economics, international peace through history as things we focus on,
and it's a research and educational institution, and we try
to educate anyone and everyone, and it's not it's not
a think tank. We don't preserve, we don't published papers
for congressional staffers and things like that. That we're mostly

(02:31):
research and educational institution and that's what we do. And
the new documentary is aimed at helping people like yourself,
like all Americans.

Speaker 3 (02:41):
It's not an accident that no one knows what the
heck the FED does.

Speaker 2 (02:45):
When when Tucker Carlson interviewed Ron Paul a couple of
months ago, Tucker said, you know when this came up
when Ron was running for president, he said, I was
getting paid to know about this stuff. That was where
he was working on interpers for of Fox at the time.
And he said, and even I knew nothing at all
about the FED. And so that's the purpose of our

(03:06):
documentary and any of your listeners can look at it,
see it for free. It's thirty eight minutes on the
mesas dot org slash fire. It's m I sees dot
org slash fire, and it's at a very introductory level
explaining what the FED is, and it makes the case
for abolishing it. And it features Ron Paul and the

(03:26):
famous Wall Street investor James Grant, and myself and a
number of other people from the Mesa's Institute.

Speaker 1 (03:33):
Wonderful. My producer, Just Trekker will add that to my
blog page mesas dot org and a link to the
documentary so our listeners can easily find it, and I
know they will thoroughly enjoy understanding it. Let us just
talk generally speaking of this concept of running the printing press.
I don't, I mean, I understand how they do it.
It's basically flip a switch, you print out several trillion dollars,

(03:56):
and the next thing you know, you've watered down the
monetary supply. See inflationary reality. We have so many charts
we can go to what's a dollar worth now compared
to what it was worth in pick a year nineteen
eighty nineteen thirty. You can see it's been watered down completely.
That is the natural order of things. The more you
print dollar wise, the less value each of them has.

(04:17):
We're talking about a piece of paper, not something that
has physical value. We simply rely on it as a
means of easily exchanging, you know, easily buying and selling
goods and services. But it's meaningless as a thing.

Speaker 2 (04:34):
Yeah, it's only based on the promises of politicians.

Speaker 3 (04:36):
But it wasn't always that way. Our money used to
be attached.

Speaker 2 (04:40):
To gold and that ended, but it was ended by
Nixon in the nearly seventies where you could redeem dollars
for gold, and then they just said, sorry, no more,
you can't do that. And that's why we had the
economic complosion of the seventies, stagflation. We were no longer
there was no longer any restraints on the ability to
to counterfeit money. And you know, conservatives have been complaining

(05:03):
for decades about overspending. Overspending. The Fed is the key
to the whole thing. There was a law passed in
the thirties that gave the FED the right to just
counterfeit money, legally counterfeit money, then use that money to
buy government bonds as a way of infusing money into
the banking system, and that's what creates all the inflation.
And that law can be ended tomorrow.

Speaker 3 (05:25):
The Congress could we send that lot tomorrow. It doesn't
have to.

Speaker 2 (05:28):
Abolish the FED. It could just do that one step
and that would that would keep the Fed from escalating
the money supply, and we should be seeing deflation now
with all the technological advance that we have, especially with
artificial intelligence and all that, but we don't because we
the FED puts so much money in circulation, and it

(05:48):
primarily benefits the banking industry, the Wall Street speculators, the
people who get their hands on this money first that
once it's printed by the FED, and then the average
American just suffers through the never ending wooman bus cycles
and the great recessions and price inflation. And the dollar
is worth about two cents now compared to what it
was in nineteen thirteen when the FED was created.

Speaker 1 (06:11):
What would the world or our country, let's focus on obviously,
the United States is our currency. What would the country
look like if that had never happened, if they stuck
to a gold standard, if your cash was redeemable for
physical gold.

Speaker 2 (06:27):
Oh, we would have far less inflation, for sure, and
we would have far less bloom and bus cycles.

Speaker 3 (06:33):
You know.

Speaker 2 (06:33):
The Great Recession of eight followed the recession a bust
in the stock market in the year two thousand.

Speaker 3 (06:40):
Every decade we have one of these busts.

Speaker 2 (06:43):
And they're all caused by the FED. And that we
would have far fewer than that. There's a lot of
research in the field of economics now that shows that
our economy is much more unstable after the FED was
created than it was before the FED was created. We've
never had a perfect world. Nothing on earth is perfect,
but the FED has made things much worse and not better.

(07:03):
Has in controlled inflation, as in controlled unemployment, any.

Speaker 3 (07:06):
Better than otherwise would have been.

Speaker 2 (07:08):
And we used to have competing currencies and so, and
we're starting to go that way, you know, with all
the bitcoin and other cryptocurrencies, we're starting to go in
a direction of competition. And some states are making it
much easier to use gold and silver also as currency,
or at least backing a currency. So I think in

(07:30):
the future we're going to have to move in that
direction even more than we are now.

Speaker 1 (07:35):
But wouldn't I mean, if we just stuck to a
gold standard, then wouldn't they basically the size and scope
and expectations that people have of what we can get
from the federal government. Wouldn't it be dramatically reduced. Wouldn't
the government be extraordinarily smaller than it is now?

Speaker 3 (07:52):
Well?

Speaker 2 (07:53):
Sure, that's why you know, the Constitution gives the federal government.
The ability to coin current money, coling money doesn't give
it the ability to print money, print paper money at all,
and so they knew what they were doing, and so yeah,
we would the government. The constitution is pretty much a

(08:13):
dead letter because of the FED. The government can do
anything at once and print up the money and pay
for it, and it creates what economists call a fiscal illusion.
You know, if the government said, okay, we're going to
send another one hundred billion dollars to Ukraine, and so
we're going to impose attacks of ten thousand dollars to
every working family to pay for it, you see a

(08:36):
far fewer Ukrainian flag bumper states.

Speaker 1 (08:40):
I love that one small sliver of the unbelievable, you know,
the outlay from government. But you hit the nail on
the head right there. We would have to be asked
to dive and dig into our own pockets to find
any given situation. I suppose that's a lot like the
war war bonds back in World War Two. To a

(09:01):
certain degree.

Speaker 3 (09:03):
Yeah, it is.

Speaker 2 (09:04):
And it's you know, we're approaching the holiday season now
and so government has one big Santa Claus, you know,
something for nothing, you know, Uncle Sam is really Uncle Santa,
and you know, he prints up money and just spends
wildly to make the politicians themselves popular, and they all
play Santa Claus, you know, four hundred and thirty five
Santa Clauses in Congress, basically, but it.

Speaker 1 (09:27):
Never seems to stop. Under the current circumstances, what do
you perceive to be the future here in the United States? Obviously,
the printing press is running the morning we print the
bigger our credit card debt. That's way most people kind
of view it, paying debt service to our creditors. It
keeps getting bigger. A larger and larger share of the

(09:47):
government money is being paid to service this massive debt
that's not going to last. It can't. It's going to
collapse on itself. I mean, that's the way I perceive it.

Speaker 3 (09:59):
That's right, that's right.

Speaker 2 (10:00):
You know, we have such a strong economy and so
many work hard working people and so much capital investment
that's saving us for the time being from being Venezuela.
And we're not going to turn into Venezuela tomorrow as
far as that goes. But we can do tremendously better.
Even what President Trump is talking about in eliminating the
brags that he eliminated four regulations for every new one,

(10:24):
and I think in his new term there should be
no new ones and eliminate maybe one hundred a day
of government regulations because most of them, the vast majority,
serve no purpose other purpose other than justifying the loser
jobs of government bureaucrats. And that would just free up
a tremendous amount of entrepreneurship and investment and work in America,

(10:49):
just that apart from the FED. And of course a
move in the direction of more honest money will be inevitable.
I think you'll see different states saying that you can
use this currency, that currency more, pay your taxes with
bitcoin or whatever cryptocurrency comes down the pike in the future.

Speaker 1 (11:09):
Now, in terms of oh, shoot, I lost my train
of thought, Tom, I apologized. That does happen from time
to time. I'm just so baffled by this. Oh I
recall now I've heard Ron Paul and I maybe even
Ran his son mentioned this before. I come from a
lot of people the idea of auditing the FAT. It
has a certain appeal and ring to it because it

(11:31):
exists as the standalone body with so much control and
power over our lives. Is that a meaningful act? Will
that result in something other than perhaps enlightening more people
about what you are outlining in this playing with fire
money banking in the Federal Reserve.

Speaker 2 (11:48):
Well, well, you know it's meaningful because every time someone
like Ron Paul proposed it in Congress, the entire banking
industry would circle the wagons and send millions to Congress
to bribe the the members of Congress to kill it immediately.
They don't want people to know what's going on, and
every once in a while we get a glimpse of it.
There was a General Accounting Office audit about twenty five

(12:11):
years ago of a FED a certain sort of a
wasn't a full blown on it, but it was piecemeal
and they found such things as you know. They had
fleets of corporate jets, huge art collections that the head janitor,
this is, this is almost thirty years ago. The head
janitor was making one hundred and sixty three thousand a
year plus benefits. Jeez, And that's if it's in the

(12:34):
public interest. If what's there and they're doing is in
the public interest, why can't the public take a look
at how they're spending all this money.

Speaker 1 (12:42):
Amen, you get no argument from me. Thomas De Lorenzo,
President of the Mesa's Institute. You'll find Playing with Fire,
money Banking and the Federal Reserve linked on my blog
page fifty five caresy dot com, or go directly to
MESIS dot org, m i SES dot org and if
you want to hit that directly. It's been a real
pleasure having you on the program, Sir. I truly appreciate

(13:03):
the work that you're doing on the light that you're
shedding on this profound problem we face.

Speaker 2 (13:08):
Well, thank you very much, Brian and I have a
great day, and you.

Speaker 1 (13:11):
Have a great day too, and a wonderful Thanksgiving. Tom,
take care of yourself seven eighteen Right now, fifty five
KRC the talk station. Yeah, head, I don't know, fifty
five KRC dot com and check that out and I'll
learn something too, because I'm going to be doing that
exact same thing myself today. Another thing you want to
check out Zimmer Zimmer Heating and air Conditioning three generations
is Zimmer folks helping out their customers, keeping your house safe, efficient, comfortable.

(13:35):
That's what it's all about. When it comes to HVAC.
You're the best possible hand. I know you are. Chris
Zimmer will take great care of you. You can call
them up, schedule appointment, get on one of the maintenance programs,
keep your system running efficiently all the time and extend
the life of it. That's what a regular maintenance plan does.
And for more than seventy five years, Zimmer's been at
this keeping your home safe and comfortable. And it still

(13:55):
represents the company that devented air conditioning. And I know
we're heading into winter time, but they still have the
cool carry your comfort rebate. So hit the ground running.
When the AC unit's going to be running again. It
probably will before the end of the year. You know
how the temperatures are in this area. But twenty two
one hundred dollars savings off a brand new carrier unit.
That's uh, the good, the good folks at Carry They

(14:16):
make a great air conditioning unit. So get in touch
with them for ar HVAC needs and if it goes
out at the worst possible time, hey you got them there.
Twenty four hours a day, seven days a week. That's
what they do at Zimmers. Go Zimmer dot com online,
Go Zimmer dot com. Tell Chris Simmer I said, how
many call for the appointment? Five one three, five two
one ninety eight ninety three. That's five one three, five

(14:38):
two one ninety eight ninety three.

Speaker 2 (14:40):
This is fifty five krc an iHeartRadio station.

Speaker 3 (14:44):
You've never

Brian Thomas News

Advertise With Us

Popular Podcasts

On Purpose with Jay Shetty

On Purpose with Jay Shetty

I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!

Dateline NBC

Dateline NBC

Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com

Stuff You Should Know

Stuff You Should Know

If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.

Music, radio and podcasts, all free. Listen online or download the iHeart App.

Connect

© 2025 iHeartMedia, Inc.