True to the extent that people need dollars but it eventually what happens when theres an alternative to the dollar and it becomes clear that the issuing authority is not trustworthy and has as really been running a large ponzi scheme which is whats been happening and the models are here to call call the law i own the fundamental value of the dollar and its you know its tragic and its its potentially rather scary and has some bad implications im quite an optimist so i actually think that the system is broken needs to be fixed and that theres a good other side to it once we get through once we get through it will no doubt be a difficult period you know you mention 1971 when we went off the Gold Standard Richard Nixon closed the gold window after france asked for 300000000. 00 worth of their gold back in the the trade deficit going on and then soon after that the United Kingdom asked for their gold which has also happened to be about 300000000 dollars worth and Richard Nixon and said clo
Parr lawrence welcome welcome thanks so much of stacy for having me appreciate it so lawrence i guess you know obviously we ended july hitting new all time highs in gold silver is also on a tear its quite a ways from its all time high however and what i want to ask is really how much this economist cover free money when Government Spending knows no limits is is the free money it was never free and we can see that in gold prices free money is good to keep the system rolling obviously thats why they put it in place. Of course is whats the underlying value of the money. You know that money is in the process of dying and i think thats what were all observing very notably its reflected in gold and silver prices right you know you say they can print all the money they want but it doesnt mean that it has value and we havent lived in war all the fia money since 1971 where the value is always based on a relative valuation to other fee out money right this spend this crazy kind of strapped bar s
Germany will walk you through whats at stake also coming up. For me im told from the music big extremely careful and cautious about a sure thing to hold back and protect myself from the hong kongs prodemocracy leader a thin lot is nervous about his safety in exile but he says that he will continue to speak out against chinas crackdown in the territory and in lebannon the price of bread and other essentials soar while the value of the currency plummets what can be done to avoid a complete collapse of the economy. Im sorry kelly welcome to the program your leaders are resuming talks on day 4 of what has turned to to attend summit over a massive coronavirus recovery package leave. There is have been arriving back at the summit venue for what they hope will be a final day of negotiations the core disagreement concerns how much of the proposed 750000000000 euros will be distributed as handouts or as loans that will have to be repaid hard hit Southern States including italy and spain want to
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Health of economic crisis made worse by its president no longer recession proof more than 1000000. 00 Health Care Jobs have been lost in the u. S. At angola merkels 500000000000. 00 euro plan to save the european union. Counting the cost on aljazeera. Its the end of an era in west africa as france moves to scrap the currency used by its former colonies see if a friend will now become the eco but is this genuine change what is the rebranding and its friends really breaking its colonial on the african this is inside story. Hello everyone im come all santamaria 8 west african countries will soon be using a new currency and it may well be that you didnt even know they had an old one but the 75 years the c. F. A. Or they say i thought it would be said in french has been used as money from senegal tunisia and most places in between but not the french government officially approved the end of the c. F. A. Franc it means france will cease to comanage the west african currency the bank of franc