If we don’t understand where we came from, how can we see where we’re headed? In Episode 2 of our Dirty U.S. History series, we talk about how the US dollar became the world’s currency, how inflation robs us all, and what the founding fathers intended when they wrote the constitution…. and how are we failing at following it today.
In this episode:
The powers of congress to collect taxes as stated by the Constitution [1:00]
No state can coin money [6:30]
What is considered money [9:30]
You used to be able to redeem your paper money in gold [15:00]
Why was the constitution set up this way? [16:00]
The difference between a republic versus a democracy [20:00]
How the nation will be prosperous — to allow free markets to thrive [28:00]
How effective was this real money system? [35:30]
What is inflation [42:30]
The cruelty of inflation [44:00]
The 16th amendment changed everything [46:00]
The Federal Reserve Act of 1913 [49:00]
WWI Fed and Treasury become linked [52:00]
1933 - the end of real money [55:00]
Posts WW2 - US dollar becomes world’s reserve currency [58:00]
Gold standard goes to fiat currency [1:02:00]
Since 1985 there is 10x more money in circulation [1:05:00]
How we are impacted today [1:06:00]
If you’d like to watch on YouTube, check out our video here: