Breaking Down the Coming Debt Crisis - Five Undeniable Truths About Money
Kevin Freeman: Breaking Down the Coming Debt Crisis - Five Undeniable Truths About Money
Palisades Gold Radio: 7-29-2024
Tom Bodrovics invites Kevin Freeman to the show. Kevin is a Co-Founder of the NSIC, Host of The Economic War Room, Bestselling Author and Expert on Economic Warfare.
Kevin shares his passion for restoring a monetary system based on gold and silver, known as 'pirate money.' He argues that historically, societies have recognized gold and silver as money until recently when they began treating them as commodities or investments.
Kevin then delves into economic warfare, explaining it as the use of economic means to undermine adversaries or enemies. He emphasizes its significance in today's world where economic power is wielded aggressively and sometimes arrogantly by both foreign and domestic enemies.
He believes that elites aim to enslave economically through dependency on them.
The conversation then turns to the unsustainability of the debt-based monetary system, which Kevin sees as a form of enslavement due to the constant need to pay off debts.
He presents five truths about America's current situation, starting with its unsustainable debt path. With federal debt at $35 trillion and rapidly growing, the interest alone costs between $1.4 to $1.75 trillion annually, nearly equal to half of all personal income tax receipts in the U.S.
Furthermore, Kevin explains the structure of the U.S. national debt, particularly its short maturities leading to substantial increases in interest payments despite potential lower interest rates.
He criticizes both the Trump and Biden administrations for missing opportunities to issue longer-term debt during near-zero rate periods.
Mr. Freeman expresses concerns about the U.S.'s role as the issuer of the world's reserve currency and its use in economic wars. The potential danger lies in nations forming alternative trading blocks and removing the dollar's reserve status, which could weaken the U.S. economy significantly.
He also discusses the historical precedent of using debt to influence foreign policy and inflation's disproportionate impact on the poor, leading to wealth disparity and potential social unrest.
The conversation then touches upon the potential weaponization of currencies by governments, specifically central bank digital currencies (CBDCs), which offer governments control over how their currency is used.
Kevin advocates for the use of gold and silver as legal tender to maintain purchasing power and avoid potential taxation like fiat currency. REDACTED Kevin concludes by advocating for a pirate money solution involving individuals holding their money in gold and silver at the state level, which cannot be interfered with by federal authorities based on court cases supporting real money.
He encourages spreading awareness about the problem and solution.
Time Stamp References:
0:00 – Introduction
0:53 - Pirate Money
3:18 - Economic Warfare
7:40 - Debt Enslavement
11:49 - Debt Unsustainability
13:57 - Bonds & Long Term Debt
16:34 - Borrowing Vs. Printing
17:54 - Debt Servicing & Spending
20:13 - BRICS Vs. the Dollar
24:00 - Dollar Weaponization
28:34 - Inflation & Wealth Gap
33:39 - Fed's Purpose & Tool
38:19 - Exporting Inflation
43:15 - Inflation & CBDCs
50:50 - Metals Legal Tender?
56:48 - Currency Solutions
1:02:48 - Wrap Up