2022-03-01-Executive_Order

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00:00:30.000 | Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge,

00:00:33.600 | skills, insight, and encouragement you need to live a rich and meaningful life now while

00:00:37.560 | building a plan for financial freedom in 10 years or less. My name is Joshua, and today

00:00:41.080 | on the show, I want to talk to you about when something that is completely innocuous, completely

00:00:50.880 | harmless was banned in an ostensibly free western country. And what's more is I want

00:01:02.000 | to talk to you with proven history when not only was this banned, but it was banned for

00:01:11.580 | very clearly ulterior motives. It was banned by the government so that the government could

00:01:18.920 | steal from its own citizens. What was banned? Gold coins. Gold bullion. Did you know that

00:01:30.720 | for just over 40 years in the United States, from about 1933 to 1974, it was illegal for

00:01:39.360 | you to own something as simple and innocuous as a gold coin? Did you know that you could

00:01:49.640 | not own gold bullion, legally speaking, in the United States for that four decade period?

00:01:58.600 | And if you did own it, your assets, your gold coins, your gold bullion, or your gold certificates

00:02:06.520 | could be, and in some cases were, seized and kept by the US government. If you didn't

00:02:15.200 | know it, don't be too hard on yourself. I remember distinctly that I was quite literally

00:02:21.520 | a financial planner, literally a certified financial planner. And one day I think somebody

00:02:27.640 | said to me and made a claim that it was illegal to own gold coins as short of a time ago as

00:02:33.480 | 50 years ago in the United States. And I said, "Illegal to own a gold coin? Come on, that's

00:02:38.040 | ridiculous." And I started doing my research and I found out that they were right. Today

00:02:42.080 | I want to share with you the history of Executive Order 6102. And there are a couple of other

00:02:49.760 | follow on pieces of legislation, but this is usually talked about as Executive Order

00:02:54.760 | 6102, which will go over for you the truth of what I have just stated. We're going to

00:03:00.640 | go over the history. I'm going to explain to you what happened because I think in today's

00:03:05.040 | world it's important for you and me to understand that what has happened before can and perhaps

00:03:12.120 | will happen again. As I record this on Tuesday, March 1, 2022, there are several very current

00:03:21.400 | cases of governments using financial laws in ways that might make us uncomfortable.

00:03:29.880 | We've talked recently about the government of Canada authorizing Canadian banks, brokerage

00:03:36.960 | companies, insurance companies, and other financial institutions to unilaterally freeze

00:03:42.760 | the assets of anybody suspected of having been involved with the Freedom Convoy protest.

00:03:51.120 | This was done under so-called Emergency Measures Act, which never did wind up getting voted

00:03:55.980 | on fully by both houses of the Canadian Parliament. And I showed how this is a very worrying example

00:04:05.080 | of modern financial debanking, de-financialization, which is a trend that I'm very concerned about.

00:04:12.920 | And what was worse is that particular system was being done with no judicial oversight,

00:04:18.920 | and the institutions were guaranteed immunity from any kind of civil liability that they

00:04:25.480 | might incur from the actions of freezing or confiscating the assets of people suspected

00:04:32.300 | to be involved with the protests. Now, I don't think that particular event was the end of

00:04:37.560 | the world as we know it, but I thought it was a good example of what can happen. In

00:04:42.240 | addition, another very current example that we see happening right now is we see governments

00:04:47.900 | all around the world, very notably governments in Western Europe and the United States and

00:04:52.820 | many other countries as well, seeking to freeze the assets of Russians, both specifically

00:05:01.160 | the Russian government, Russian government officials, the so-called Russian oligarchs,

00:05:08.420 | as well as just ordinary, common, everyday Russians getting bundled up with it. Now,

00:05:16.460 | these are some examples that sometimes you look at, and ethically, it's harder to figure

00:05:22.020 | out what's going on. For example, very few people are shedding tears when the news comes

00:05:29.140 | along that Vladimir Putin or the Russian oligarchs have had their assets frozen. Currently, that's

00:05:35.180 | not a big concern for many people from an ethical perspective. They say, "Listen, if

00:05:40.300 | you're going to go and invade your neighbor, we're going to take your money and we're going

00:05:42.420 | to freeze it and shut it all down." I think it's not as simple as that. I think there

00:05:46.340 | are more important ethical considerations in terms of making Russians themselves suffer.

00:05:53.620 | I get very concerned about any action that's going to affect those who are not in government.

00:05:59.180 | Clearly, these current sets of sanctions and restrictions are already affecting the lives

00:06:04.980 | of individual ordinary Russian citizens. In some way, it's an act of war. Basically, the

00:06:09.380 | goal of these sanctions is to destabilize the country so that the population will rise

00:06:13.380 | up and ideally, in the mind of many of those advancing it, murder their president. Of course,

00:06:20.300 | they would say, "Well, let's go ahead and do it in a democratic sense. Let's overthrow

00:06:25.860 | him and bring someone else in." They're going for regime change.

00:06:29.700 | Now, time will tell. It remains to be seen what will happen. We'll be talking a good

00:06:33.420 | bit about the Ukraine and Russia situation in the days to come. The point is that, ethically

00:06:38.260 | speaking, very few people have any kind of reservation or qualms about seeing the assets

00:06:44.500 | of the Russian leaders and Russian government seized, frozen, and seeing them cut off from

00:06:50.380 | the banking system, etc., because of their evil invasion of their neighbor.

00:06:55.700 | The Canadian situation is one in which many people would also say, "Well, hey, look, these

00:06:59.900 | guys are breaking the law. They're making life unlivable for us in Ottawa. We got to

00:07:04.020 | get them out." Going after their money is the way to do it. Again, I have significant

00:07:11.100 | concerns, which I've expressed about this, but a lot of people feel that way.

00:07:15.500 | One of the interesting things about Executive Order 6102 and the true history of what happened

00:07:21.020 | in the United States is nobody except the government was being hurt by the hoarding,

00:07:28.060 | quote-unquote, what they alleged, using their words, of gold. As you'll see as I go into

00:07:33.340 | the actual history, the US government stole money directly from its citizens and seized

00:07:42.780 | the assets of its citizens exclusively to maintain power. We will go over their alleged

00:07:49.460 | reasoning and you can judge for yourself the ethics of it, but let's begin with the actual

00:07:53.380 | history. I'm going to be reading to you the Wikipedia entry for Executive Order 6102.

00:08:01.820 | Executive Order 6102 is an executive order signed on April 5, 1933 by US President Franklin

00:08:10.220 | Delano Roosevelt. He's always all of our favorite presidents, right? Quote, "Forbidding

00:08:16.420 | the hoarding of gold coin, gold bullion, and gold certificates within the continental United

00:08:24.260 | States," close quote. The executive order was made under the authority of the Trading

00:08:29.500 | with the Enemy Act of 1917, as amended by the Emergency Banking Act in March 1933. The

00:08:37.500 | limitation on gold ownership in the United States was repealed after President Gerald

00:08:43.180 | Ford signed a bill legalizing private ownership of gold coins, bars, and certificates by an

00:08:51.220 | act of Congress, codified in publication L. 93373, which went into effect December 31,

00:09:00.660 | 1974. Rationale. The stated reason for the order was that hard times had caused "hoarding

00:09:12.300 | of gold, stalling economic growth, and worsening the Depression as the US was then using the

00:09:20.300 | gold standard for its currency." On April 6, 1933, the New York Times wrote, under the

00:09:28.740 | headline "Hoarding of Gold," quote, "The executive order issued by the President yesterday

00:09:34.860 | amplifies and particularizes his earlier warnings against hoarding." On March 6, taking advantage

00:09:42.300 | of a wartime statute that had not been repealed, he issued Presidential Proclamation 2039 that

00:09:49.220 | forbade the hoarding of gold or silver coin or bullion or currency under penalty of $10,000

00:09:57.380 | and/or up to 5 to 10 years imprisonment. The main rationale behind the order was actually

00:10:04.980 | to remove the constraint on the Federal Reserve preventing it from increasing the money supply

00:10:10.900 | during the Depression. The Federal Reserve Act 1913 required 40% gold backing of Federal

00:10:18.780 | Reserve notes that were issued. By the late 1920s, the Federal Reserve had almost reached

00:10:24.100 | the limit of allowable credit in the form of Federal Reserve demand notes, which could

00:10:28.660 | be backed by the gold in its possession.

00:10:31.780 | Now let me interrupt the article here to clarify. I've just read you under the section marked

00:10:36.540 | Rationale from the Wikipedia article. But remember that what they did was use, first

00:10:44.180 | of all, an authority that was made law under the World War I situation. So the President

00:10:53.900 | at that time, President Franklin Roosevelt, used an act, a piece of legislation that was

00:11:02.620 | signed in 1917 under the previous World War I. Note, of course, that at this time we were

00:11:09.980 | in the Great Depression in the United States. This is prior to World War II. But this particular

00:11:15.060 | law had never been repealed. And the lesson that I, reason I'm emphasizing this is, this

00:11:20.780 | is why I get so concerned and why I publicly talk about any kind of issue that involves

00:11:26.980 | some expansion of government authority, especially something that doesn't have a clear sunset

00:11:33.740 | clause. So in Canada, for example, we now see that there is a clear precedent for the

00:11:42.180 | Canadian Prime Minister to authorize institutions to go after people who are protesting in the

00:11:48.380 | streets without ever actually following through the legally required parliamentary debate,

00:11:55.900 | legally required parliamentary approval, etc. The recent situation in Canada was done under

00:12:02.380 | the Emergency Measures Act, which was updated from the War, what was it, the War Protection

00:12:09.340 | Act or something like that, something related to Emergency War Measures Act, something like

00:12:13.140 | that before. And the idea here is you see how legislators use whatever legislation they

00:12:21.740 | can find on the books to authorize their actions. Now, what was the actual thing that was happening?

00:12:27.900 | Well, people were saving money. They were in the middle of a Great Depression. They

00:12:31.740 | understood the value of their money and they wanted to save their money. At that time,

00:12:37.460 | that's what gold was. Gold was money. Federal Reserve notes at that time depended upon the

00:12:44.180 | fact that gold was money in order to have their validity. And the Federal Reserve was

00:12:50.820 | trying to make sure that its notes were widely accepted, but they had to be constrained.

00:12:56.840 | And so the government could not spend as much money, could not borrow as much money as they

00:13:01.260 | wanted. They couldn't issue as many notes because they were required to have gold at

00:13:07.140 | a 40% ratio. They were required to have at least 40% of their Federal Reserve notes value

00:13:13.540 | on hand as gold, gold money, gold dollars. And so they're finding their ability to print

00:13:20.700 | money, finance all of their things constrained by the fact that US citizens are holding gold.

00:13:26.980 | So what should they do? Well, let's just tell the citizens they can't hold gold. Brilliant.

00:13:34.780 | Let's take away their money and tell them they can't hold gold. Then we'll take the

00:13:39.140 | gold. We'll now have it in a Federal Reserve vault. Then we can print more dollars. It's

00:13:44.500 | wonderful. And we'll just tell our citizens that they have to cough up their gold bullion

00:13:50.380 | or their gold coins, or we're going to penalize them a massive penalty. More on that in a

00:13:56.460 | moment or we're going to imprison them for up to five or 10 years. Remember at this time

00:14:02.420 | also that gold coins were standard forms of money in the same way that today, a hundred

00:14:10.940 | dollar Federal Reserve note is a standard form of money. Gold coins were at that time

00:14:15.900 | a standard form of money. A $20 gold piece was issued, created by the US Mint and was

00:14:23.000 | commonly used in circulation. So when the government came out with this and said, we're

00:14:29.900 | going to fine you or we're going to jail you if you keep your gold coins, they were telling

00:14:36.400 | people you can't keep the $20 gold piece that we minted and distributed two years ago. By

00:14:43.740 | the way, point of interest, what was a $10,000 fine like? Well, if we go to an inflation

00:14:50.340 | calculator using all of the standard inflation measurements, the consumer price index, and

00:14:58.540 | we go back and see what was the value of a $10,000 fine in 1933. In 2022 dollars, it

00:15:05.820 | was $216,267. Since that time, almost basically 90 years ago when this law was passed, there's

00:15:17.060 | been a cumulative rate of inflation of 2,062.7%, which a lot of it is related to exactly what

00:15:27.580 | we're talking about here. So they wanted to remove the constraint on the Federal Reserve

00:15:33.420 | from increasing the money supply by banning the ownership of gold coins. Now pay attention

00:15:39.100 | because as we get to the end of this show, after I go over the history, I'm going to

00:15:42.020 | talk to you about how you can protect yourself from this. I'm going to talk to you also about

00:15:45.560 | a brand new course that I'm launching that's giving modern equivalents to this, but let's

00:15:51.780 | continue through the history.

00:15:54.780 | Effects. Executive Order 6102 required all persons to deliver on or before May 1, 1933,

00:16:03.940 | all but a small amount of gold coin, gold bullion, and gold certificates owned by them

00:16:11.140 | to the Federal Reserve in exchange for $20.67 per troy ounce. By the way, let me interrupt

00:16:19.960 | the article. Let's do a quick inflation calculation of $20.67. That would be in 1933. Today, that

00:16:27.740 | would be $447 per ounce. That would be the equivalent rate. Interestingly, today's spot

00:16:35.540 | price of gold, again March 1, 2022, is $1,945 per ounce.

00:16:46.080 | The Executive Order required all persons to deliver on or before May 1, 1933, all but

00:16:50.100 | a small amount of gold coin, gold bullion, and gold certificates owned by them to the

00:16:54.140 | Federal Reserve in exchange for $20.67 per troy ounce. Under the Trading with the Enemy

00:17:01.580 | Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a

00:17:09.020 | violation of the order was punishable by fine up to $10,000 (equivalent in today's world

00:17:15.780 | of more than $200,000) up to 10 years in prison or both. The order specifically exempted "customary

00:17:24.620 | use in industry, profession, or art"—a provision that covered artists, jewelers,

00:17:30.340 | scientists, sign makers, etc. The order also permitted any person to own up to $100 in

00:17:36.740 | gold coins, a face value equivalent to 5 troy ounces (160 grams) of gold valued at approximately

00:17:45.020 | $10,000 in 2020.

00:17:48.620 | So let me clarify. Again, you could keep 5 gold coins. Remember, at that time, there

00:17:54.540 | was a provision for you to have a standard piece of money, so you could keep up to 5

00:18:03.380 | of your standard $20 gold pieces of US dollars at that time. If we do the inflation calculation,

00:18:12.740 | it's more or less $10,000. Ironically, we see then that gold at a price of just under

00:18:18.860 | $2,000 an ounce would be similar to today. Basically, you could have about 5 ounces of

00:18:24.900 | gold or $10,000 in modern coins.

00:18:30.460 | So it's important that you understand this to understand how the actual confiscation

00:18:36.420 | occurred. There was an exemption. You could say, "Hey, you could have $10,000." And

00:18:42.060 | it's up to you to judge whether or not you consider $10,000 to be a lot of money or a

00:18:49.700 | little bit of money when it comes to your life savings.

00:18:54.100 | The same paragraph also exempted "gold coins having recognized special value to collectors

00:18:58.740 | of rare and unusual coins, which protected recognized gold coin collectors from legal

00:19:03.600 | seizure and likely melting." The price of gold from the Treasury for international transactions

00:19:09.380 | was then raised by the Gold Reserve Act to $35 an ounce, equivalent to $700 in 2020.

00:19:16.980 | The resulting profit that the government realized funded the Exchange Stabilization Fund established

00:19:23.940 | by the 1934 Gold Reserve Act.

00:19:27.860 | I interrupt the article to clarify. They gave you as a citizen $20.67 per ounce for your

00:19:37.060 | gold. Then, shortly thereafter, as soon as everyone had put in all of their gold coins

00:19:44.220 | and submitted them to the central treasury, they revalued the dollar and they raised it.

00:19:50.540 | They raised the price of gold from $20 to $35 an ounce. Not quite halving, but pretty

00:19:57.420 | much almost half. Basically, stealing half of your money. If you had kept your ounce

00:20:05.420 | of gold valued at just over $20 and simply waited a few months in the international marketplace,

00:20:11.860 | you could have then received $35 for your previous $20 worth of gold. So a direct stealing

00:20:19.020 | of value from the American people in order to fund the Exchange Stabilization Fund.

00:20:28.300 | Continuing with the article. The regulations prescribed in the Executive Order were modified

00:20:32.100 | by Executive Order 6111 on April 20, 1933, both of which were ultimately revoked and

00:20:38.220 | superseded by Executive Orders 6260 and 6261 on August 28 and 29, 1933, respectively. Executive

00:20:45.260 | Order 6102 also led to the extreme rarity of the 1933 double-legal gold coin. The order

00:20:53.460 | caused all gold coin production to cease and all 1933 minted coins to be destroyed. About

00:20:59.420 | 20 illegal coins were stolen, leading to an outstanding U.S. Secret Service warrant for

00:21:04.580 | arrest and confiscation of the coin. Illegalized surviving coins sold for over $7.5 million

00:21:10.820 | in 2002, making it one of the most valuable coins in the world.

00:21:15.620 | So the question is, well, was anybody prosecuted? Did anybody have their gold taken? Did anybody

00:21:21.700 | do time in prison? Let's answer that question. The truth is actually worse than you might

00:21:26.460 | think because, while there weren't a lot of prosecutions, the legal basis for prosecution

00:21:32.260 | was actually confirmed by the U.S. Supreme Court.

00:21:36.100 | Prosecutions. Numerous individuals and companies were prosecuted relating to Roosevelt's

00:21:42.060 | Executive Order 6102. The prosecutions took place under the subsequent Executive Orders

00:21:47.920 | 6111, 6260, 6261, and the Gold Reserve Act of 1934. There was a need to strengthen Executive

00:21:56.140 | Order 6102 as the one prosecution under the order was ruled invalid by federal judge John

00:22:02.580 | M. Woolsey on the grounds that the order was signed by the President, instead of the Secretary

00:22:08.060 | of Treasury, as required. The circumstances of the case were that a New York attorney

00:22:14.100 | named Frederick Barber Campbell had one deposit at Chase National Bank of over 5,000 troy

00:22:22.100 | ounces of gold. When Campbell attempted to withdraw the gold, Chase refused, and Campbell

00:22:28.900 | sued Chase. A federal prosecutor then indicted Campbell on the following day, September 27,

00:22:37.020 | 1933, for failing to surrender his gold. Ultimately, the prosecution of Campbell failed, but the

00:22:44.860 | authority of the federal government to seize gold was upheld, and Campbell's gold was

00:22:54.100 | confiscated. By the way, pay careful attention to these examples, because in hearing the

00:22:58.840 | examples of what has happened in the past, you will be enlightened as to some of the

00:23:04.360 | methodology that you can use to protect yourself in the future.

00:23:09.700 | The case was caused for the Roosevelt administration to issue a new order under the signature of

00:23:14.820 | the Secretary of the Treasury, Henry Morgenthau, Jr. Executive Orders 6260-6261 related to

00:23:22.700 | the seizure of gold and the prosecution of gold hoarders. A few months later, Congress

00:23:30.060 | passed the Gold Reserve Act of 1934, which ratified Roosevelt's orders. A new set of

00:23:36.100 | Treasury regulations was issued, providing civil penalties of confiscation of all gold

00:23:42.740 | and imposition of fines equal to double the value of the gold seized. Did you hear that?

00:23:50.100 | A new set of Treasury regulations was issued, providing civil penalties of confiscation

00:23:55.780 | of all gold and imposition of fines equal to double the value of the gold seized. You

00:24:03.140 | have $100,000 worth of gold. They're going to seize your gold and impose fines of $200,000

00:24:10.220 | that you now have to pay. With, of course, money that you have to earn from working,

00:24:15.580 | which of course in today's world you pay income taxes on, and then you pay your fines

00:24:20.020 | and/or other assets that you have to cash in to pay your fines.

00:24:25.060 | Continuing, prosecutions of US citizens and non-citizens followed the new orders with

00:24:29.500 | a few notable cases. Gus Farber, a diamond and jewelry merchant from San Francisco, was

00:24:36.860 | prosecuted for the sale of 13 $20 gold coins without a license. Secret Service agents discovered

00:24:44.220 | the sale with the help of the buyer. Farber, his father, and 12 others were arrested in

00:24:50.620 | four American cities after a sting operation conducted by the Secret Service. The arrests

00:24:56.660 | took place simultaneously in New York and three California cities, San Francisco, San

00:25:02.300 | Jose, and Oakland. Morris Anilic was arrested in New York with $5,000 in US and foreign

00:25:09.660 | gold coins. Dan Levin and Edward Friedman of San Jose were arrested with $15,000 in

00:25:17.140 | gold. Sam Nankin was arrested in Oakland. In San Francisco, nine men were arrested on

00:25:24.300 | charges of hoarding gold. In all, $24,000 in gold was seized by Secret Service agents

00:25:31.420 | during the operation. David Baraban and his son Jacob owned a refining company. The Barabans'

00:25:39.540 | license to deal in unmelted scrap gold was revoked, and so the Barabans operated their

00:25:45.620 | refining business under a license issued to a "mini-sarch." The Barabans admitted

00:25:52.380 | that "mini-sarch" had nothing to do with the business and that she had obtained the

00:25:56.900 | license so that the Barabans could continue to deal in gold. The Barabans had a cigar

00:26:02.100 | box full of gold-filled scrap jewelry visible in one of the showcases. Government agents

00:26:08.820 | raided the Barabans' business and found another hidden box of US and foreign gold

00:26:14.020 | coins. The coins were seized, and Baraban was charged with conspiracy to defraud the

00:26:22.440 | United States. Louis Rufino was one individual indicted on three counts purporting to violations

00:26:29.540 | of the Trading with the Enemy Act of 1917, which restricted trade with countries hostile

00:26:35.460 | to the United States. Eventually, Rufino appealed the conviction to the Circuit Court of Appeals,

00:26:41.140 | 9th District in 1940. However, the judgment of the lower courts was upheld based on the

00:26:47.940 | Barabans' executive orders and the Gold Reserve Act of 1934. Rufino, a resident of

00:26:54.620 | Sutter Creek in California gold country, was convicted of possessing 78 ounces of gold

00:27:01.020 | and was sentenced to six months in jail, paid a $500 fine, and had his gold seized.

00:27:09.140 | Foreigners also had gold confiscated and were forced to accept paper money for their gold.

00:27:15.340 | The Ubersee Finance Corporation, a Swiss banking company, had $1,250,000 in gold coins for

00:27:24.100 | business use. The Ubersee Finance Corporation entrusted the gold to an American firm for

00:27:30.020 | safekeeping, and the Swiss were shocked to find that their gold was confiscated. The

00:27:36.460 | Swiss made appeals, but they were denied. They were entitled to paper money, but not

00:27:41.700 | their gold. The Swiss company would have lost 40% of their gold's value if they had tried

00:27:47.780 | to buy the same amount of gold with the paper money they received in exchange for their

00:27:52.580 | confiscated gold.

00:27:55.980 | Another type of de facto gold seizure occurred as a result of the various executive orders

00:28:01.260 | involving bonds, gold certificates, and private contracts. Private contracts, or bonds that

00:28:09.100 | were written in terms of gold, were to be paid in paper currency instead of gold, although

00:28:15.420 | all of the contracts and the bonds proclaimed that they were payable in gold, and at least

00:28:20.660 | one, the Fourth Liberty Bond, was a federal instrument. The plaintiffs in all cases received

00:28:27.540 | paper money instead of gold, despite the contract's terms. The contracts and the bonds were written

00:28:34.380 | precisely to avoid currency debasement by requiring payment in gold coin. The paper

00:28:40.780 | money, which was redeemable in gold, was instead irredeemable based on Nortz v. United States.

00:28:49.140 | The consolidated gold clause cases were the following, Perry v. United States, U.S. v.

00:28:53.660 | Bankers Trust Company, Norman v. Baltimore and Ohio R. Company, Nortz v. United States.

00:29:00.100 | The Supreme Court upheld all seizures as "constitutional," with Justices James Clark McReynolds, Willis

00:29:09.380 | Van Deventer, George Sutherland, and Pierce Butler dissenting. The four justices were

00:29:15.700 | labeled the "four horsemen" by the compliant press, as their conservative views were in

00:29:21.580 | opposition to Roosevelt's New Deal, supported by the press.

00:29:28.620 | Sound familiar? You have a populist president who comes in with massive support, says "I'm

00:29:35.620 | going to solve your problems," passes some of the most wide-ranging sets of legislation

00:29:41.580 | in American history, but the press is cheering him on. And because the press is cheering

00:29:47.540 | him on, then anybody who stands for things like constitutional right to privacy or the

00:29:52.820 | right to be safe in your person's papers and effects, or the right to not be stolen

00:29:57.180 | up by the U.S. government, well, very quickly, those four justices were labeled the "four

00:30:02.420 | horsemen" by the compliant press, as their conservative views were in opposition to Roosevelt's

00:30:06.300 | New Deal, which was supported by the press.

00:30:08.860 | So the examples, I think, are important to see. Because you can see in the examples of

00:30:15.500 | the cases listed here how the government seeks to enforce what it does.

00:30:21.260 | Number one, if there is previous evidence or a paper trail related to your ownership

00:30:27.540 | of the gold, such as here the attorney, Frederick Campbell, who had deposited at the bank 5,000

00:30:36.420 | troy ounces, well now there's a formal paper trail saying "here is my 5,000 troy ounces."

00:30:42.220 | And so he goes to withdraw his gold, most likely because the government is passing a

00:30:47.100 | law saying they're going to seize his gold, and Chase refuses to give them the gold. The

00:30:52.140 | bank refuses to return the money. Why? Well, because the bank is scared of the government.

00:30:58.180 | The bank receives its license to exist and make money because of the government. And

00:31:03.500 | so it's basically an arm of the government. A lot of people get mad when I say "all financial

00:31:09.260 | representatives are unpaid spies of the U.S. government." And it's the same all around

00:31:14.980 | the world in many countries. It's just a statement of fact as far as I can see it, that bankers

00:31:22.700 | are charged, legally speaking, to spy for the U.S. government, to watch out for things

00:31:28.420 | like money laundering. I used to be one, meaning I used to be a financial advisor. Every single

00:31:33.180 | year we sit down and we give classes on money laundering, and it's required in order for

00:31:37.860 | the company to stay out of legal trouble with the government. Well in this case, of course,

00:31:41.980 | the banker is observing what's happening, and the bank refuses to abide by the terms

00:31:47.280 | of its depository relationship and instead enforces the gold seizure from the U.S. government.

00:31:53.880 | So Campbell gets angry and he sues the bank for breach of contract. And what do they do?

00:32:01.320 | The federal prosecutor, clearly informed by the bank, then indicts Campbell on the following

00:32:06.160 | day for failing to surrender his gold. So that's the first thing, his paper trail.

00:32:11.820 | Second thing relating to it is always a sting operation. You have to remember that many,

00:32:19.420 | many people gain their sense of superiority. People love to inform on the neighbors that

00:32:27.980 | they don't like. Now you can have a very unified population. If there is an issue where there's

00:32:33.980 | a unified population of people that see the world in the same way, then of course they'll

00:32:38.820 | stand together and support one another. But if you don't have a unified population, you

00:32:43.380 | have one segment of the population that sees the other segment of the population is not

00:32:47.500 | doing the right thing, then they quickly inform on one another. So think about places where

00:32:52.300 | there's, I don't know, people make fake vaccine cards. Well, all your friends that are anti-vaccine,

00:33:00.420 | they'll stand with you. All your friends that are pro-vaccine will inform on you because

00:33:04.580 | they see what you're doing as an evil wrong. With taxes, you see this. The IRS will pay

00:33:09.460 | whistleblowers, whistleblowers, people who inform about tax cheats, they will pay them

00:33:16.380 | a significant portion, I think it's almost half of the amount of money seized from the

00:33:23.780 | company or from the individual that is prosecuted for tax evasion. Probably one of the most

00:33:29.020 | famous cases for this over the last few years is from the Swiss banker who went to the IRS

00:33:36.660 | and took lots of private information from, he was working for UBS, and ultimately he

00:33:41.860 | earned over a hundred million dollars by informing on UBS. He served a couple years, I think

00:33:48.060 | two and a half years in prison for fraud after a fraud conspiracy conviction, but the IRS

00:33:56.540 | paid him over a hundred million dollars for informing on UBS for tax evasion. And they

00:34:02.780 | ultimately succeeded in pressing their case. And so this is one of the things that happens

00:34:07.820 | all the time. It happens on a public basis with companies. If a company is engaging in

00:34:14.340 | some kind of tax evasion, then the IRS takes informants on that. It also happens with any

00:34:19.780 | private individual, right? You evade your taxes, you tell your girlfriend about the

00:34:23.980 | fact that you don't do it, then you dump her and she gets angry and disappears. Or

00:34:27.020 | your ex-wife informs on the fact that you don't pay taxes. And then any money that's

00:34:32.460 | seized, that person, the informant, will be eligible for a significant portion of it.

00:34:41.780 | I wanted to get the numbers right, so I went to irs.gov. It's not 40%. And they have

00:34:48.460 | a section here on what happens to a claim for an informant award, a whistleblower. And

00:34:53.820 | it says the amount of the award will be at least 15%, but not more than 30% of collected

00:34:58.180 | proceeds in cases in which the service determines that the information submitted substantially

00:35:03.180 | contributed to the service's detection and recovery of tax. So somewhere between 15 to

00:35:08.780 | 30% of the amount collected by the IRS. And they have a handy number here, report suspected

00:35:16.020 | tax fraud. So remember that there's always informants. In this case, the Secret Service

00:35:21.660 | ran a sting operation using informants to seize the gold and the assets of the farmers

00:35:29.860 | and their business. The trading company coming along, what do they do? Well, they require

00:35:36.860 | a license to deal in unmelted scrap gold. Licensing systems, the same basic problem.

00:35:42.700 | And so they have a license, but the license is issued to somebody else, and they admit

00:35:46.800 | that she's just their licensee, they're charged, all their money is seized, etc. And then of

00:35:51.620 | course, you have the Swiss bank, excuse me, the Swiss company, Swiss bank, which had $1.25

00:35:58.780 | million in gold coins on deposit in the United States for their business use. And then they

00:36:03.700 | just find that their gold was confiscated. So sucks to be you for counting on the United

00:36:07.700 | States of America in 1933 to actually protect your money. That was dumb. And you shouldn't

00:36:13.020 | have done that. And this is basically the same thing that you see all over the world.

00:36:16.860 | Right? Imagine today that you have some money abroad, you have to be very careful because

00:36:22.020 | put money in Canada, or any significant money in Canada, it sucks to be you. Canadian government

00:36:26.340 | has a reputation of doing this. And so you want to be very thoughtful who you trust your

00:36:30.940 | money to, and you want to pay attention to see what kinds of changes are happening in

00:36:35.020 | their laws. So we can learn from these events. Let's continue.

00:36:40.300 | Subsequent events and abrogation. The Gold Reserve Act of 1934 made gold clauses unenforceable

00:36:46.740 | and authorized the president to establish the gold value of the dollar by proclamation.

00:36:52.660 | Isn't it wonderful? Right? Let's take away previous legislation that had, that used the

00:36:58.860 | power of gold to restrain government. And let's create a new piece of legislation that

00:37:03.260 | allows the president, the government, to establish the gold value by proclamation. Immediately

00:37:09.120 | following its passage, Roosevelt changed the statutory price of gold from $20.67 to $35

00:37:16.020 | per ounce, thereby devaluing the US dollar, which was based on gold. That price remained

00:37:22.620 | in effect until August 15, 1971, when President Richard Nixon announced that the US would

00:37:29.140 | no longer convert dollars to gold at a fixed value, thus abandoning the gold standard for

00:37:35.340 | foreign exchange. See the Nixon shock articles. By the way, I consider that also to be one

00:37:43.380 | of the most beautifully recorded historical examples of proven deception. Deception isn't

00:37:54.140 | strong enough. I'll write cheating. Deception, I guess, is the best thing. By the US government.

00:38:01.420 | I don't want to get too off topic to dive much into that, but let me just tell you a

00:38:06.420 | quick moment of what actually happened in that. I'll read here from an article called

00:38:13.380 | "Vox Populi, Vox Suckers," published back in the early 2000s by recently deceased economist

00:38:20.140 | Gary North. He wrote this, "Immediately after the devaluation of the pound," this is two

00:38:26.260 | years later, in November 1967, the British government devalued the pound. "The Chancellor

00:38:30.300 | of the Exchequer had of course sworn that this was not being contemplated. A few weeks

00:38:34.780 | before this event, I, he being Gary North, I attended the first international gold conference

00:38:39.100 | in history. It was sponsored by Harry Schultz. The hard money newsletter publisher was held

00:38:43.340 | in Los Angeles. Rush Dooney paid my admission. I wrote it up in a report dated November 17,

00:38:48.740 | 1967, the coming credit crunch. Immediately after the devaluation of the pound, gold began

00:38:54.420 | to rise. In 1968, the US and European central banks imposed a two-tier gold market. Central

00:39:02.380 | banks could buy gold from the US at $35, but agreed not to sell gold to the public at this

00:39:09.020 | price. Gold's free market price began to move up by a few dollars above $35. Still,

00:39:15.060 | the outflow of gold from the Treasury continued. So, on August 15, 1971, Nixon closed the gold

00:39:22.820 | window. The Secretary of the Treasury, John Connolly, had sworn to the media for weeks

00:39:28.020 | that no such move was being contemplated. I shall never forget his press conference

00:39:32.380 | on August 16. He admitted openly that he had lied. "If I had told the truth, there would

00:39:37.540 | immediately have been a rush by foreign central banks to buy our gold." The press nodded

00:39:43.140 | dutifully and nobody in the mainstream media complained. Price controls. Nixon also froze

00:39:49.420 | all domestic prices that day. No discussion, no democracy, just one-man rule. Within days,

00:39:56.480 | the United States Chamber of Commerce backed this move against freedom. So did the National

00:40:02.260 | Association of Manufacturers. Normally, a gallon of gasoline sold for over $0.35 in

00:40:07.940 | Southern California, but there was a gasoline price war that week. You could buy gasoline

00:40:12.020 | for about $0.22, a loss leader. Those stations got locked in. A lot of them went bankrupt

00:40:17.400 | over the next two years. That was when the shift to convenience store gas stations began.

00:40:21.660 | Profits on the sale of candy, packaged foods, and sodas marked the end of the "service

00:40:25.300 | station" era. Ian had predicted this move in a 1970 article in the Whole Earth Catalog.

00:40:36.380 | I had told readers to buy US silver coins. In 1970, I bought British gold sovereigns

00:40:41.900 | for $10 each, $40 an ounce.

00:40:46.300 | Let's go back and I'm going to skip the article. Let me go back or any more of that and go

00:40:49.140 | back because the point is that the games didn't end when it became legal to buy gold. They

00:40:57.460 | implemented that price fix until 1971 and it was still illegal during the Nixon shock.

00:41:05.140 | It was still illegal for anybody to own gold coins until 1974. Continuing the article,

00:41:15.620 | the private ownership of gold certificates was legalized in 1964 and they can be openly

00:41:20.580 | owned by collectors but are not redeemable in gold. The limitation on gold ownership

00:41:27.100 | in the United States was repealed after President Gerald Ford signed a bill to "permit United

00:41:31.780 | States citizens to purchase, hold, sell, or otherwise deal with gold in the United States

00:41:37.340 | or abroad" with an act of Congress codified in publication L. 93373 which went into effect

00:41:42.960 | December 31, 1974. However, PL 93373 did not repeal the Gold Repeal Joint Resolution which

00:41:52.660 | banned any contract that specified payment in a fixed amount of money as gold or a fixed

00:41:57.940 | amount of gold. That is, contracts remained unenforceable if they used gold monetarily

00:42:04.460 | rather than as a commodity of trade. However, an act enacted on October 28, 1977 amended

00:42:14.080 | the 1933 joint resolution to make it clear that parties could again include so-called

00:42:18.160 | gold clauses in contracts made after 1977.

00:42:23.600 | I'm going to go on and talk about similar laws in other countries and then come back

00:42:27.400 | to the hoax of safe deposit box seizures. Similar laws in other countries. In Poland,

00:42:32.320 | a similar regulation was issued on November 7, 1919 which forced citizens to sell their

00:42:37.360 | gold and silver to the state. A month later, it was extended until January 31, 1920. In

00:42:42.040 | Australia, Part IV of the Banking Act 1959 allows the Commonwealth government to seize

00:42:48.120 | private citizens' gold in return for paper money where the Governor General is satisfied

00:42:54.400 | that it is expedient so to do, for the protection of the currency or of the public credit of

00:42:59.920 | the Commonwealth. On January 30, 1976, the operation of that part of the Act was suspended.

00:43:06.800 | United Kingdom introduced the Gold Trade Ban Law at 1966 (Exchange Control Act 1947). It

00:43:14.640 | became illegal for UK residents to continue to hold more than four gold coins dated after

00:43:20.360 | 1817 or to buy any gold coins unless they obtained collector license from Bank of England.

00:43:28.660 | The reasoning was to prevent people from hoarding the gold while the cost of living and inflation

00:43:33.320 | increase. This Act was recalled in 1971.

00:43:38.120 | So we can see that while of course I will always be hardest on the United States being

00:43:43.680 | a natural born US citizen, it's not purely a US phenomenon. Any government around the

00:43:52.880 | world that thinks it's in their best interest to seize their citizens' gold has historically

00:44:01.560 | done this. Now I don't expect, we'll go to the hoax in just a moment, but I don't

00:44:05.680 | expect this to happen again in the future because basically nobody owns gold anymore.

00:44:13.020 | Could they do it? Sure, but I don't think it would make a difference. Today, if the

00:44:17.440 | US government banned gold coins, almost nobody would count. There would be a tiny percentage

00:44:23.080 | of us, people like me, who are 5% of the population, who would be bent out of shape about it. There

00:44:29.600 | would be probably 20 or 30% of people that would be worried about this. What does this

00:44:33.200 | mean? But they don't own gold coins. And then most people would say, well, hey, they

00:44:36.880 | said it's bad people hoarding gold. Can you believe that they're hoarding gold? But

00:44:41.680 | it wouldn't make a big deal. And at this point in time, we are very far gone from the

00:44:47.500 | gold standard. We're very far gone from any widespread ownership of gold, etc. Central

00:44:53.520 | banks do still own gold. I think you should own some gold. I think that gold still has

00:45:00.880 | an important place. But we are not in the same world we were 100 years ago because gold

00:45:06.360 | ownership today is not widespread. It was at that time. Remember, gold was money. Contracts

00:45:14.840 | were denominated in gold. The US dollar was tied to gold. All of that is now in the past.

00:45:20.760 | The US dollar now has no value based upon any other instrument. It's a pure fiat currency

00:45:28.040 | that we use because it is widely accepted and the right floats freely. You can go in

00:45:33.280 | freely today, buy gold coins. They have, of course, implemented and maintained lots of

00:45:38.520 | significant reporting requirements. If you go and you buy gold, it's subject to currency

00:45:44.080 | transaction reports, etc. They get filed. But it's not illegal for you to do and you

00:45:50.120 | can you can engage in it. So I don't expect these laws in the future because gold, I don't

00:45:56.040 | think they would get much bang for the buck. And when a government does this, it does risk

00:45:59.840 | some kind of opprobrium from its citizenry. And so it needs to be worth it in order for

00:46:06.480 | the governing agents to maintain and to maintain their power and accomplish their stated goals.

00:46:13.880 | But the question remains, what could they do this with in the future? Again, we'll get

00:46:19.000 | to that in a moment. Let's go back to the hoax of safe deposit box seizures. This is

00:46:24.680 | important to talk about because if you're going to talk about this, you need to get

00:46:28.640 | your history right. I'm doing my very best to be accurate with anything that I say. But

00:46:33.360 | there is an Internet hoax that says that somehow the IRS was going in and opening people's

00:46:40.440 | safety deposit boxes. Now, we know from some of the cases cited that if you did have safety

00:46:46.160 | deposit boxes, they weren't necessarily safe. But the Internet hoax does exaggerate what

00:46:52.720 | actually happened. It wouldn't surprise me if this particular hoax had been true, but

00:46:57.600 | it's not true. So you think, as we read about it, you think about whether or not this would

00:47:02.880 | surprise you if this had actually happened. But remember, it did not. Hoax of safe deposit

00:47:08.320 | box seizures. According to a hoax, Roosevelt ordered all safe deposit boxes in the country

00:47:14.400 | seized and searched for gold by an official of the Internal Revenue Service. A typical

00:47:20.600 | example of the text of the alleged order reads, quote, "By executive order of the President

00:47:25.200 | of the United States, March 9, 1933, by virtue of the authority vested in me by Section 5(b)

00:47:31.280 | of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933,

00:47:37.400 | in which Congress declared that a serious emergency exists, I, as President, do declare

00:47:44.120 | that the national emergency still exists, that the continued private hoarding of gold

00:47:49.240 | and silver by subjects of the United States poses a grave threat to the peace, equal justice,

00:47:55.800 | and well-being of the United States, and that appropriate measures must be taken immediately

00:48:00.320 | to protect the interests of our people. Therefore, I hereby proclaim that such gold and silver

00:48:05.680 | holdings are prohibited, and that all such coin, bullion, or other possessions of gold

00:48:11.440 | and silver be tendered within 14 days to agents of the government for compensation at the

00:48:17.000 | official price and the legal tender of the government. All safe deposit boxes in banks

00:48:23.240 | or financial institutions have been sealed. All sales or purchases or movements of such

00:48:30.800 | gold and silver are hereby prohibited. Your possession and/or safe deposit box to store

00:48:38.160 | them is known by the government from bank and insurance records. Therefore, your vault

00:48:44.440 | box must remain sealed and may only be opened in the presence of an agent of the Internal

00:48:50.160 | Revenue Service, by lawful order, the President of the United States.

00:48:54.880 | Now, just a moment. I'll continue with the background. Remember, this is a hoax. But

00:48:59.360 | in what I just read, could you believe it? The most effective hoaxes are passed along

00:49:06.720 | widely because they are believable. That, to me, is the fundamental problem. I could

00:49:12.320 | easily believe that this actually was true history after I understand that Executive

00:49:19.960 | Order 6102 was true history. And so, it's not a very far distance from "you're not

00:49:28.440 | allowed to own gold" to "we're going to seal and order the banks to seal all safe

00:49:34.200 | deposit boxes." So, thankfully, this was a hoax. But I don't see anything in the

00:49:39.640 | hoax per se that would in and of itself be unbelievable or would violate any particular

00:49:46.960 | aspect of the law that actually was passed. So, they didn't do that, but I could believe

00:49:57.040 | that they would have done that in that measure. What I also just think about is that even

00:50:02.440 | the language of the hoax. Think back to what we talked about as about the Canadian situation

00:50:09.120 | a couple weeks ago. And just think about this language in the hoax. "I, as President,

00:50:13.640 | do declare that the national emergency still exists, that the continued private hoarding

00:50:18.840 | of gold and silver by subjects of the United States poses a grave threat to the peace,

00:50:24.320 | equal justice, and well-being of the United States, and that appropriate measures must

00:50:29.120 | be taken immediately to protect the interests of our people." In some ways, that language

00:50:35.480 | sounds very much like the language of Prime Minister Trudeau in Canada a week or two ago.

00:50:41.680 | Let me finish up the background of the hoax, and then we will talk about what to do about

00:50:45.600 | this. The first known reference to the hoax was in the book "After the Crash, Life in

00:50:49.800 | the New Great Depression." The fake text refers only to gold, not to silver, which

00:50:54.120 | was added by 1998 to internet references. It claims to be an executive order, but its

00:50:58.520 | text was written to apply it to specific individuals, your possession. And so, if the text originated

00:51:03.960 | from the government, it would have been sent to individuals, not published as an executive

00:51:07.280 | order. The first paragraph starts with the actual text of executive order 6102, then

00:51:13.040 | edits it slightly, changing "said national emergency" to "a national emergency"

00:51:18.320 | and "still continues to exist" to "still exists" and then adds invented text. The

00:51:24.040 | minor edits and the way that the real text and fake text are combined mid-sentence make

00:51:28.160 | it almost certainly an intentionally designed hoax rather than an accident. Most of the

00:51:33.720 | text does not appear in the actual executive order. In fact, safe deposit boxes held by

00:51:37.640 | individuals were not forcibly searched or seized under the order, and the few prosecutions

00:51:43.480 | that occurred in the 1930s for gold hoarding were executed under different statutes. One

00:51:49.080 | of the few such cases occurred in 1936, when a safety deposit box containing over 10,000

00:51:55.800 | troy ounces of gold belonging to Zilick Josefowicz, who was not a US citizen, was seized with

00:52:02.720 | a search warrant as part of a prosecution for tax evasion. The US Treasury also came

00:52:07.920 | into possession of a large number of safe deposit boxes due to bank failures. During

00:52:12.000 | the 1930s, over 3,000 banks failed, and the contents of their safe deposit boxes were

00:52:17.360 | remanded to the custody of the Treasury. If no one claimed the box, it remained in the

00:52:21.120 | possession of the Treasury. In October 1981, there were 1,605 cardboard cartons in the

00:52:27.240 | basement of the Treasury, each carton containing the contents of one unclaimed safe deposit

00:52:32.680 | box.

00:52:33.680 | I hope you can enjoy learning the lessons from that, and feel free to research or dig

00:52:43.480 | into the subject more your own. I find it fascinating. Here are some points that I would

00:52:47.320 | like to make in addition to what I've already said.

00:52:49.120 | 1. I hope that when you take stories or warnings or you hear conspiracy theories, I hope that

00:52:59.120 | you stop and consider if they are actually plausible. One of the things that's been

00:53:05.000 | quite disconcerting to me over the years is I have come to believe that many stories,

00:53:12.880 | many predictions, many conspiracy theories, even many hoaxes are plausible based upon

00:53:20.520 | past experience, based upon past evidence. If I said to you today that, say, five years

00:53:31.360 | from now, the US government could seize your Bitcoin from you, in my opinion, that kind

00:53:38.160 | of prediction is plausible. They could do it. Will they do it? We don't know, because

00:53:43.600 | there is a system where they have to go based upon public constraint. If Bitcoin were widely

00:53:49.800 | acknowledged as being useful, people liked it, people used it, then they probably couldn't

00:53:53.480 | get away with it. If Bitcoin were seen as a way of getting evil money to evil Russian

00:53:58.880 | oligarchs, getting around all of the world sanctions on the Russian economy, that changes

00:54:04.640 | things. You could see so much why Bitcoin has been tarred and feathered by so many people,

00:54:10.520 | drug dealing, money laundering, Russian oligarchs, etc. So the point is that warnings like that,

00:54:17.040 | I consider them plausible. I remember years ago, I got interested in various conspiracy

00:54:22.840 | theories and I started studying some of the history of various theories, and I was shocked

00:54:27.240 | to find how much stuff actually happened. I found that a sobering experience. It's very

00:54:33.440 | sobering when you learn, you know what, when people have wacky conspiracy theories, I can't

00:54:38.280 | just dismiss them out of hand. I need to stop, I need to look for evidence, I need to think

00:54:42.240 | about it and consider them, because I can go through history and I can find some really

00:54:46.640 | wacky stuff that has happened over the time that would be unbelievable if I didn't know

00:54:52.680 | it was actually true. Kind of like it was to me about gold confiscation and it being

00:54:57.760 | illegal to own gold coins.

00:54:59.720 | The reason I love this example so much also, let me expand this point for you, is it's

00:55:07.280 | hard to find something less damaging to you as an individual than a gold coin. Almost

00:55:19.880 | any other seizure is not quite that way. If the government comes and seizes a bale of

00:55:27.400 | marijuana, we think, well, you know, at the end of the day, maybe people shouldn't be

00:55:33.120 | doing marijuana. After all, it's going to make them stupid and lazy, so maybe people

00:55:38.240 | shouldn't be smoking marijuana. Or the government seizing a bunch of cocaine. Well, at the end

00:55:42.960 | of the day, that's really bad, that's, you know, destroying people. Or the government

00:55:46.920 | seizes a bunch of fentanyl. And you think, well, okay, they're seizing it, but I see

00:56:02.400 | the point. I understand the point and we're probably better off having it off the streets.

00:56:07.000 | It takes a very committed person to say free markets, total liberty, etc., when you're

00:56:11.960 | dealing with things like that. Or you come along and you say, well, what about civil

00:56:16.960 | asset forfeiture? And you say, well, you know, when they seize the speedboats of those nasty

00:56:21.940 | drug runners, they're putting a dent in the drug ring. Or when they seize a sports car

00:56:26.400 | and you go and you find the Miami Police Department logo and spray it all over some cigarette

00:56:32.560 | boat and you think, hey, you know, at least they got those nasty drug dealers off the

00:56:36.560 | street. Or if they make something illegal, then you say, prohibition, right? We make

00:56:42.440 | alcohol illegal. You say, well, at least people will drink less. And so you justify those

00:56:48.720 | things. In the modern world, again, I've already given examples of Russia. You say, at least

00:56:52.000 | they can get rid of Putin, right? He's pretty evil. At least that'll be good. And after

00:56:56.040 | all, I'm for the Ukrainians. But when you look at this example of banning the use of

00:57:01.400 | gold coins, what you see is that it is exclusively about the interests of the United States.

00:57:07.760 | Now, a fair-minded individual would say, well, the interest of the United States is for the

00:57:11.400 | flourishing of its people. So therefore, if the United States can increase its money supply

00:57:15.600 | and the people can improve, maybe that could get us out of the depression, right? This

00:57:18.160 | is the classic argument that we all argue about. Went into the Great Depression, did

00:57:21.600 | the government actions help or hinder? Was it harmful or was it helpful? And we'll save

00:57:27.080 | that discussion for another day. But I think clearly you see here that this is backroom

00:57:33.400 | dealing and the only people that benefit are government representatives, government agents.

00:57:42.240 | They made the most traditional thing you could ever own, right? Gold coins, we've got them

00:57:48.600 | back to the Romans and probably before. Thousands and thousands of years of history of people

00:57:54.160 | using gold coins as money. This is money. This is a product that didn't come in from

00:57:58.920 | overseas. This is a product that the US government made, stamping out gold coins. And the system

00:58:04.560 | was intentionally designed to be a check on government excess. That's how it was designed.

00:58:11.960 | The original Federal Reserve Act itself was a nightmare, but it was designed to be a check

00:58:17.560 | on government excess. So they come in, use a time of extreme duress, extreme economic

00:58:23.120 | hardship and say, we're going to change all the laws and we're going to make it illegal

00:58:28.680 | for you to own gold because you're hoarding your money. Think about the use of that word,

00:58:37.880 | right? In past pandemic, in a previous conversations, I've talked about how the difference between

00:58:42.800 | stockpiling and hoarding, right? And so I think there is an example of hoarding, but

00:58:48.520 | most of the time it's used in a pejorative sense. I remember back when we're at the beginning

00:58:54.640 | of the pandemic, right? And I did, I think I did shows and I talked about when they came

00:58:59.480 | in and they stole a bunch of masks from a guy who had bought them and they accused him

00:59:03.280 | of hoarding and they did thousands of masks that he was selling to doctors on the secondary

00:59:08.520 | market and the FBI came in and they raided his house and they stole his masks. I try

00:59:13.380 | to stick up for my principles that I didn't, it wasn't wrong. That was, that wasn't right.

00:59:18.120 | Talked about it on Twitter, almost, not almost. I got a great, I got a great group of listeners

00:59:23.480 | that understand arguing things from the basis of principle, but 80% of the response was,

00:59:28.200 | how could you believe this guy is price gouging people on the cost of the masks? And you always

00:59:33.400 | think, well, you know, maybe, maybe, maybe, but when it's gold coins, nobody was harmed

00:59:39.400 | by your ownership of gold coins in any way. But the government says you're hoarding money

00:59:44.280 | and you're not allowed to hoard money. So we're just going to take it from you. Now,

00:59:48.520 | bring that to a modern context. Think for example, about things like wealth taxes. Think

00:59:53.940 | about even the income tax itself. See, we're not in 1933 anymore. I don't expect any kind

00:59:59.960 | of, of repeat of this particular set of laws related to gold, but this same theory holds

01:00:07.280 | true in other ways. And you got a bunch of people with similar theories to president

01:00:14.200 | Roosevelt trying to build a utopia with their covetous actions. Now, brings me to the next

01:00:21.640 | question. Don't think that it was better back then. There's often this sense that we have,

01:00:27.120 | and especially people who are politically conservative or, or sympathetic to conservatism

01:00:32.120 | in some way often have the sense of, well, it was better before. No, not necessarily.

01:00:37.480 | It wasn't necessarily better before. Some things were better. Some things were worse.

01:00:41.440 | But today, some things are much better. Some things are worse. History is a mixed bag and

01:00:46.040 | don't fall prey to the golden era fallacy to think that, well, in 1933, they really

01:00:52.200 | believed in constitutional rights. Nonsense. Constitution. They, they, they affirmed everything

01:00:59.640 | I've just described here as constitutional. The press cheered it on. It all happened.

01:01:05.120 | So what can you do? I don't know how to change a governmental system. I don't know how to

01:01:09.640 | do it. All I know is to say, what can we learn about how to protect ourselves? First lessons

01:01:15.040 | do relate to gold coins. I think these are the least, not least important, but just the

01:01:20.280 | least likely again, I do for reasons stated several times. Now I don't expect this to

01:01:24.320 | happen again. Nobody owns gold anymore, but if you do own gold, this is why in my opinion,

01:01:31.880 | you buy it privately. If you're going to go through the hassle of buying gold, owning

01:01:37.560 | gold, storing gold, then as I've stated in Q and A shows, what I've been asked about

01:01:43.160 | the subject, just go that last extra step and own it privately. It is today legal anywhere

01:01:49.560 | in the United States for you to walk into any, to a gold shop, a coin shop, and to do

01:01:56.160 | business in cash and for you to buy gold coins. You'll pay a slight premium to deal with a

01:02:02.240 | dealer of course. You will have some hassle factor of your having to physically go and

01:02:07.400 | do that. You may want to separate your transactions into modest amounts so that there's no currency

01:02:12.360 | transaction reports that have to be filed on behalf of the dealer. No, no, no, no name

01:02:18.000 | and information required, et cetera, but it's perfectly legal to do what I have described

01:02:23.080 | and you can own your gold. And at least that way, if a law were to be passed in the future,

01:02:29.300 | you would have less exposure, less risk. The power of gold among other things is that it's

01:02:36.060 | an incredibly compact traditional store of wealth with a long and storied history and

01:02:43.680 | it doesn't have any kind of physical trails attached. It doesn't have any kind of registration

01:02:49.920 | documents required. It's just a little coin and that's really powerful, especially in

01:02:57.120 | times of duress when the government is passing these immoral laws like we've talked about

01:03:01.920 | with executive order 1602. It's really useful to have that feature. And even in the modern

01:03:07.720 | world, in a moment I'm going to talk about a new Bitcoin privacy, how to buy Bitcoin

01:03:11.480 | immediately class that I'm working on with a friend of mine that will be launching, that

01:03:16.080 | we have ready to launch. But one of the things that's so fascinating about it is for all

01:03:20.760 | of the promises of Bitcoin, and I'm on board for all the promises of Bitcoin, gold is still

01:03:26.420 | better from a privacy perspective. It's just different. The fact that you could put $100,000

01:03:33.760 | worth of value in gold coins in a coffee can stuck in your backyard and unless somebody

01:03:39.880 | passes over the top of the metal detector, most likely because they knew that you're

01:03:43.160 | there, it's pretty powerful. As we get into the Bitcoin and cryptocurrency privacy stuff,

01:03:48.840 | you need to have a basic level of knowledge about how to do it. You don't have to be super

01:03:53.320 | sophisticated to buy it privately, but you do need to have a basic level of knowledge.

01:03:58.360 | Gold coins, it's a lot simpler. Buy it, pay cash, take delivery, keep your mouth shut.

01:04:04.640 | Everybody knows you have it. That's powerful. It's as powerful today as it was in 1933.

01:04:10.260 | So when you're buying gold coins for your personal collection, do that. Pay cash, take

01:04:17.600 | delivery, keep your mouth shut. And then you'll have the power of knowing that you have an

01:04:22.600 | asset that you can own without anybody else necessarily knowing. Related to that, I personally

01:04:30.840 | give a lot of attention to the idea of the safety deposit hoax. Again, I don't think

01:04:38.040 | it unreasonable to believe that the government could, in a time of duress or in a time of

01:04:47.800 | emergency action or something, I don't believe it unreasonable to believe that they could

01:04:52.840 | issue a proclamation like was issued in that hoax, meaning we're sealing all the safety

01:04:59.640 | deposit boxes. And what's unfortunate is in the modern world, a safety deposit box

01:05:05.720 | with a financial institution is considered to have an account. Then it comes in under

01:05:11.600 | all of the banking regulations. So as you're going to arrange for storage of your gold,

01:05:17.480 | then I think it's better to go with some form of private storage with a non-banking

01:05:22.280 | entity if possible. I don't think, and you ask, "Well, how big of a deal is that?"

01:05:29.560 | Well, I don't think it's that big of a deal, but if you're going about it and you're

01:05:34.400 | going to be paying for a safety deposit box, you might consider simply transacting with

01:05:37.960 | a private secure storage company rather than a bank for the reasons stated.

01:05:43.000 | The next lesson is diversify your holdings. I always think about that attorney. Just imagine

01:05:51.720 | that guy, Barb Campbell, 5,000 ounces of gold. For all we know, that may have been

01:06:00.800 | his life savings. I think it probably was. I wish I had more information on him and I

01:06:08.000 | wish I could read a book that was written about that particular case. It would be interesting

01:06:12.320 | to do so. In fact, I just found, I hadn't previously clicked on the link, here's an

01:06:18.280 | article with more details on the case, specifically in Time Magazine, published October 9, 1933.

01:06:26.640 | Let me read this because it's about the details of the case and I think it'll be

01:06:30.120 | instructive. "Gold Indictment #1," name of the article. "On October 11, 1932,

01:06:35.880 | an elderly Manhattan attorney named Frederick Barber Campbell marched into Chase National

01:06:40.760 | Bank followed by an armed guard trundling 13 bars of gold. Mr. Campbell had just drawn

01:06:45.980 | this bullion from the Federal Reserve Bank in return for gold certificates. Each bar,

01:06:51.240 | worth approximately $5,000, had been cast by the U.S. Treasury and bore its stamp and

01:06:57.040 | number. Lawyer Campbell arranged for the Chase Bank to act as hired custodian for his bullion.

01:07:03.000 | On January 25, 1933, Mr. Campbell again appeared at Chase National Bank with 14 more gold bars

01:07:09.240 | which were stowed away in the vault with the first batch. By gold standard reckoning, his

01:07:14.040 | total deposit of metal amounted to $135,000. On March 9, Congress passed the Emergency

01:07:20.520 | Banking Act, which empowered the President to call all gold into the Treasury, with heavy

01:07:25.460 | penalties for those who disobeyed his orders. At that time, $1.4 billion in gold was in

01:07:33.240 | circulation, most of it hoarded. In the next 30 days, more than one-third of this was turned

01:07:38.160 | into the Treasury. On April 5, President Roosevelt issued an

01:07:41.840 | executive order requiring holders of gold to turn it into the Treasury in exchange for

01:07:46.280 | paper currency under penalty of 10 years' imprisonment and $10,000 fine. Department

01:07:51.860 | of Justice agents began visiting known hoarders who, to date, have surrendered $38,901,009

01:08:00.760 | in gold. During the same period, unknown hoarders have given up more than $300 million. Attorney

01:08:07.420 | General Cummings issued threat of prosecution against recalcitrants who still held $560,201,000.

01:08:16.360 | On August 28, President Roosevelt issued another order requiring every possessor of gold to

01:08:22.060 | register his holdings with the Treasury before September 18. Those who failed to do so were

01:08:27.340 | also to be punished by 10 years' imprisonment, $10,000 fine. On September 16, lawyer Campbell

01:08:34.060 | appeared at Chase National Bank, demanded his 27 bars of gold. The bank told him that

01:08:39.780 | under the law it could not deliver them to him, but would have to surrender them to the

01:08:43.740 | government in accordance with the President's orders. On September 26, Mr. Campbell started

01:08:48.820 | a civil suit in Manhattan federal court to compel the bank to release his gold deposits.

01:08:54.220 | In his petition, he argued that the President's orders, which prevented him from regaining

01:08:58.560 | his property, were unconstitutional. On September 27, after an 18-minute session, a federal

01:09:05.120 | grand jury in Manhattan indicted Frederick Barber Campbell for failing to register gold

01:09:11.380 | now valued at $200,574.34 before September 18, as required by the August 28 order. Also

01:09:21.340 | imminent was a second indictment charging actual hoarding of gold in violation of the

01:09:26.740 | April 5 order. Thus, last week was President Roosevelt's

01:09:31.340 | whole gold policy started on its winding way to the Supreme Court for a major test on constitutionality.

01:09:38.420 | If Defendant Campbell is convicted by a jury, and the Supreme Court sustains his conviction,

01:09:43.100 | the Department of Justice will be on solid legal ground to move against some 30,000 citizens

01:09:47.660 | who have so far defied the President's gold orders. If Defendant Campbell wins a Supreme

01:09:52.640 | Court appeal, the administration's whole gold program will be set at naught, and President

01:09:56.740 | Roosevelt will have to start all over again conserving the Treasury's gold supply.

01:10:03.420 | In Defendant Campbell, the government picked for this test not only the largest gold hoarder

01:10:07.800 | on its list, but also a respectable lawyer, whom Prosecutor Medley called "exceedingly

01:10:14.220 | able." Born in Brooklyn, Mr. Campbell graduated from Harvard Law School in 1894, is a director

01:10:20.280 | of U.S. and British insurance companies, belongs to such swank Manhattan clubs as Union, Metropolitan

01:10:26.700 | (where he lives), and Century. When he filed his civil suit against the Chase Bank, he

01:10:31.300 | well knew he was inviting the government to prosecute. His argument in that suit will

01:10:35.740 | become his defense in the criminal action. To wit, 1. Congress has no constitutional

01:10:41.020 | power to delegate its legislative authority over gold to the President.

01:10:44.820 | 2. The President is prevented by the Fifth (due process of law) Amendment to the Constitution

01:10:49.640 | from depriving him of his property. The property in this case is not only the gold bars in

01:10:54.140 | the Chase vault, but his $65,000 paper profit, incident to the rise in gold from $20 to $31

01:11:01.500 | per ounce. Mr. Campbell, who promptly pleaded not guilty to the indictment and was released

01:11:06.460 | on $1,000 bail because no moral turpitude was involved in the charge, was thoroughly

01:11:11.300 | aware of the risks he was running in this contest with the government. If convicted,

01:11:15.280 | he could be disbarred, fined $10,000, imprisoned for 10 years. But he was, he intimated, making

01:11:21.680 | a fight for his constitutional rights and "if I have to go to jail, I don't care."

01:11:28.160 | And again, that was an article published in Time Magazine on October 9, 1933.

01:11:36.460 | So the lessons stand, the points that I had planned to make, and it's interesting to

01:11:41.400 | read an article from the era with more details. The lesson is, if Mr. Campbell had diversified

01:11:50.640 | his holdings, and if he had moved quickly, he very likely could have kept his gold. Now

01:11:56.720 | I appreciate the fact that he was a man of means and a man of principle, ready to fight

01:12:02.720 | for the constitutionality of his ability to own his gold and not be stolen by the United

01:12:08.800 | States government. Of course, he lost. His gold was confiscated. He lost his case. The

01:12:15.000 | Supreme Court said, "Yes, President Roosevelt can make this action," and all of the money

01:12:20.960 | was gone. So we can see what happens sometimes when you stay and fight, even for things that

01:12:26.080 | seem like an obvious win. If the wins are against you, I mean, it's hard for me to

01:12:31.720 | believe if I presented the facts of that case to somebody in the modern era, I think most

01:12:36.640 | people would say, "Yeah, that's wrong. They shouldn't take his gold." And yet, the wins

01:12:40.480 | of that era were against him. The thinking of the time was that he was doing something

01:12:46.480 | wrong and the president was saving the country. So it's wildly unpredictable to know what

01:12:51.680 | the wins of the era tomorrow are going to be. So what could he have done? Well, he could

01:12:56.680 | have diversified his holdings. Now, in 1933, that was not as easy as it is today. He was

01:13:02.160 | a businessman doing business in New York, and the gold bars were a normal part of his

01:13:08.640 | settling his contracts. Again, as the story stated, he would take his gold certificates,

01:13:15.440 | which was a claim for gold, he would take his gold certificates to the US Treasury and

01:13:23.840 | he would get gold bars backing up his US gold certificates. That was the point, was that

01:13:29.160 | the gold was there backing up certificates. That was the point of having a gold-backed

01:13:32.800 | dollar at the time. And so he was clearly doing business in the United States. But hopefully,

01:13:38.920 | I don't know, but what we see is that if you're depending upon any one jurisdiction to protect

01:13:45.960 | you, you're doing poorly. If he had taken some of his gold and gotten in a car, gotten

01:13:52.160 | in a train, taken it to a bank in Canada and placed some of his gold into the vault of

01:13:57.520 | a Canadian bank in Toronto, very likely he would have been able to retain that gold.

01:14:03.680 | Very likely there was a window in which he could have done that. He could have hired

01:14:07.600 | a courier. As soon as he got wind of the change coming, he could have perhaps hired a courier

01:14:12.360 | and said, "Please take these gold bars and take them and put them on deposit at a bank

01:14:17.280 | in Toronto." And that could have protected his gold. No ships, no planes necessary, just

01:14:23.400 | a train, a car. He could have done it. For whatever reason, he didn't. And the lesson

01:14:29.560 | is it didn't work out well for him. So let's you and I be more thoughtful. I think that

01:14:35.960 | you should, if you're going to buy gold specifically, I think that your first, I don't know, half

01:14:41.960 | dozen ounces, 10,000, couple, 10, 20,000, maybe 10,000 per person, right? Some reasonable

01:14:48.240 | number. I don't have any exact science behind making up a number. But your first half dozen

01:14:52.480 | ounces or so should probably be held in some way, some place that you can get to them in

01:14:59.280 | case you need them. But if you're going to go with any serious amount of gold, then I

01:15:05.920 | think very likely that gold should be stored in an offshore jurisdiction, a separate country

01:15:14.080 | from where you live, and should be diversified if it gets to be significant amounts. If you've

01:15:20.280 | got thousands of ounces, then it should certainly be diversified. Hundreds certainly should

01:15:24.680 | be diversified. And so you want to choose your jurisdictions carefully. I think it's

01:15:32.880 | interesting that they cited the example of the Swiss finance corporation that was holding

01:15:39.680 | its gold in the United States. For the Swiss, it was unthinkable what the Americans did

01:15:43.480 | at that time. And so this is why the Swiss have had a long and storied history of banking,

01:15:50.000 | because they have a high respect for your rights to bank. They've always had a high

01:15:54.920 | respect for privacy. Now, in the last years, much of that has changed. Even interesting

01:16:00.080 | with the new set of Credit Suisse papers, the new leak, then maybe there will be more

01:16:06.080 | changes in the future. But the point stands that a jurisdiction that culturally will respect

01:16:13.600 | you, and I would say importantly, a jurisdiction that has strong interest to be in your camp,

01:16:22.720 | is a better jurisdiction than just a random country. Those are the basic lessons on gold.

01:16:30.480 | Now let's pivot for a moment. What is the 21st century version of gold? I think gold

01:16:37.960 | still is powerful for reasons stated. But gold has downsides. It has certain attributes.

01:16:48.940 | Some of those attributes make it wonderful, and some of those attributes don't make it

01:16:51.720 | wonderful. For example, the attribute that gold has of being physical makes it wonderful.

01:16:58.900 | Being owned by the possessor of it makes it wonderful. As I stated, you can own the gold,

01:17:03.780 | you can take a gold bar, walk out in your backyard, dig up a couple of feet of worth

01:17:08.440 | of dirt, stick it down and plant a tree over it, and you're done. Your gold is going to

01:17:13.720 | sit there. It's not going to call out to anybody that it's there, unless you're being specifically

01:17:18.180 | targeted with a metal detector. There you can engage in some more interesting ways of

01:17:23.480 | concealing it. There's nothing really required. It's an ordinary person's ability to take

01:17:31.600 | care of it and to engage in privacy. The problem is it's physical. So what if you're trying

01:17:37.240 | to flee from a war-torn country? Your neighbor has just invaded with tanks and bombs, and

01:17:43.280 | you have to flee and you need access to your money. And all of a sudden, the global finance

01:17:47.420 | system is being disrupted and banks are being shuttered. And you thought you were being

01:17:50.980 | smart because you kept your money in a foreign bank, right? Following Joshua's internationalization

01:17:57.160 | advice, you kept your money in a foreign bank just across the border, a bigger country that

01:18:01.440 | had more reason to think that it was going to be useful for you. Then all of a sudden,

01:18:06.720 | that bank is basically cut off from the world banking system. And now what do you do? This

01:18:11.720 | is where people have wanted for a long time some form of digital gold. And this is where

01:18:18.120 | in the modern age, potentially, we have that. Potentially with Bitcoin. Now we're very early

01:18:26.080 | in the life cycle of Bitcoin. And I'm going to be inclusive, Bitcoin and other cryptocurrencies.

01:18:34.280 | Bitcoin maximalists don't like it to be inclusive, but I choose to be inclusive. We're very early

01:18:40.360 | in the testing process of this. But early indications are that this is a very useful

01:18:46.160 | thing. So could the same thing apply? Well, I think there are very good reasons for you

01:18:52.560 | to be concerned about future legislation that reflects things like Executive Order 6102.

01:19:01.960 | I think there are very good reasons for you to be concerned about that. So what do you

01:19:07.200 | do? Well, I think you apply the same caution and care in your ownership, your acquisition

01:19:13.680 | of Bitcoin or other currencies as you would to gold. Notice at the time, from that Time

01:19:22.520 | article that the US government maintained a list of people who were known, what they

01:19:30.640 | called gold hoarders, people who owned gold. Well, similar lists are being created right

01:19:36.160 | now. Last year on your US tax return, the US government asked you to declare whether

01:19:43.920 | you owned any cryptocurrencies. And your choice of what to put on that box was a very momentous

01:19:50.520 | one. It started the creation of a list, started the creation of data that can be used to prosecute

01:19:56.760 | you. Now, I recommend you answer it truthfully. I don't play around with people that can put

01:20:03.600 | me in prison. I don't play around with people that can take away my freedom. But there is

01:20:11.680 | a lot you can do to protect against things getting worse. And all of it starts at the

01:20:16.320 | very beginning. If you had not been registered as a known gold hoarder, again, at that time

01:20:23.920 | it was much easier because you could just have gold, gold coins, etc. But you had had

01:20:28.240 | your family collection of gold and it was not registered, insured, etc. You were pretty

01:20:36.600 | well safe just to sit on it. And there was an immediate profit for you. Now, I'm not

01:20:41.200 | sure that was the best trade because you couldn't publicly sell it for several decades. But

01:20:46.880 | at least it would have been there for you. At least it would have been there able for

01:20:50.720 | you to do business with. So, it's an extremely valuable thing for you to have had. And I

01:21:00.760 | want to encourage you as you are building other assets, I want to encourage you to make

01:21:08.480 | sure that you purchase other assets with the same basic thing in mind. And here I want

01:21:16.400 | to introduce you to my newest course. This is a joint project with Gabriel Custodiat,

01:21:22.760 | author of the Watchman's Guide to Privacy. Gabriel is a privacy consultant, privacy expert,

01:21:30.440 | and we've been working on this for a while to build a course. And it's basically the

01:21:33.800 | course that I wanted for me about how to buy Bitcoin privately. The genesis of the course

01:21:40.920 | is exactly what I said. I was talking to Gabriel. I've become friendly with him over time. And

01:21:45.480 | as we've talked about different things, I've gone back and forth and I've given him some

01:21:48.520 | of my privacy questions, some of my privacy comments, made various suggestions to him.

01:21:54.680 | And along the way I said, "Listen, here's something I'm working on. I would really like

01:21:57.560 | to understand how to buy Bitcoin privately." And I outlined for him the reasons, which

01:22:03.480 | I basically just stated. And I said, "How can I do this? Because it's more difficult

01:22:09.440 | than you might think. What are the technologies? How do I do it?" We're living in a world where

01:22:14.520 | the Bitcoin marketplace is a mixture of different things. But to actually own Bitcoin privately,

01:22:22.400 | to have it, to create it privately and to own it without there being a paper trail is

01:22:27.440 | more challenging than I wish it were. So here is the new course that we have created. The

01:22:33.960 | course is called Private Cryptocurrencies, How to Buy, Own, and Use Bitcoin Like a True

01:22:39.360 | Radical. Imagine this, your bank accounts are frozen. You must flee the country with

01:22:44.040 | only what you carry. Gold is suspicious and cash has limits. You cross the world, find

01:22:50.280 | a public computer, download a single program and type from memory a private key. You now

01:22:57.260 | have access to $2 million worth of Bitcoin unattached to your identity, tucked away for

01:23:03.680 | just this scenario and the knowledge to buy, trade and convert it into any local currency

01:23:09.520 | in the world. Cryptocurrencies are the ultimate exit strategy for inflation, social collapse

01:23:16.320 | and other disasters. But only if you acquire and use them correctly, which 99% of people

01:23:22.280 | fail to do. In this two-part course, privacy consultant Gabriel Custodiat explains step-by-step

01:23:28.640 | multiple ways to legally buy Bitcoin with no attachment to personal information. He

01:23:33.240 | then explains how to use it, how to protect it and how to convert it to other crypto for

01:23:37.300 | speculation or added privacy. The course includes everything you need to understand this process

01:23:42.640 | from A to Z, no prior knowledge required. As authorities crack down on cryptocurrencies,

01:23:48.300 | it is critical to have up-to-date, tested methods for private Bitcoin. There is much

01:23:53.040 | confusion about this process. The aim of this course is to give you all of the information

01:23:57.540 | you need with minimal diversion, no confusing tech vocabulary, no moralizing, no hacker-level

01:24:02.080 | computer skills, only the focused steps to teach you how to make the most radical personal

01:24:06.640 | financial decision of your life.

01:24:11.120 | That's the dream. That's the idea. So basically what we're doing is we are doing this in the

01:24:16.120 | form of a live webinar for this initial class. We have at least about four hours of content.

01:24:22.160 | We're going to do two live webinars with live Q&A. We've worked out the outlines and also

01:24:28.520 | there's a couple of bonuses. So details of that on the course page. I'll let you check

01:24:31.840 | that out. But we're going to basically teach you how to do that. That's been my dream for

01:24:36.280 | a long time.

01:24:38.840 | When you look at finances, and again I'll be talking more about this in days to come

01:24:44.280 | and other episodes more focused, but when you look at finances, in our modern era it's

01:24:53.720 | almost a human right to say, "I must be able to have control of my money." And yet we're

01:25:00.240 | living in a system, "I must be able to do business." We're living in a system where

01:25:06.520 | that control has been intensely centralized. And this is a great, great risk. Bitcoin offers

01:25:18.160 | the potential for us to do better. And so what we outlined in the promotion there is

01:25:27.920 | exactly what my dream has been. Imagine that you go across a border with nothing other

01:25:33.240 | than a seed phrase in your head. And you go and you find a computer and boom, you've got

01:25:38.400 | access to your money regardless of what's happening. And that's money that's never

01:25:43.760 | been tied to you, is never connected to you, etc. But it allows you to do business and

01:25:48.560 | to make it and live it.

01:25:50.240 | So if that sounds interesting to you, I'd love you to check it out. Here's the URL you

01:25:53.160 | need. BitcoinPrivacyCourse.com. Go to BitcoinPrivacyCourse.com now and buy access. And we look forward to

01:26:06.400 | talking to you on the webinar and teaching you how to accomplish that dream. BitcoinPrivacyCourse.com.

01:26:12.840 | Do more together this holiday in a new Chevy. Take on more adventure in the strong and capable

01:26:32.840 | of the new Chevy.

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