The Georgia Aquarium if you're ever in Atlanta you need to go so I had a wonderful experience. They have the Ocean Voyager it's around $6.00. 6.2000000 gallons of water wow they have 4 whale sharks the world's largest fish they have plenty of other reef sharks sharks of all kinds of man arrays these things can get up to a 20 foot wingspan. Millions of fish in this tank and I got in with them what we did they have a dive program diaries out there you can do this but this was a new experience for me because it wasn't just a regular what you would call a traditional open circuit scuba diving would be where you see the bubbles most of us think of scuba diving that stands for self-contained underwater breathing apparatus Well I tried something called a rebirth either in the concept of a rebreather get this is you don't see any bubbles you're literally as the name implies you're breathing the same air with these artificial lungs over and over and over and it took me a minute to there was 2 other people on the dive I was merged for about an hour and the other 2 people couldn't they they couldn't get the. Hang of it you should say and so they switched They told us during the training we did about an hour training if any time you feel uncomfortable using every breather you can switch to a traditional set up while the rebury there is really really interesting because you're literally re breathing just a little little scientific fact here for listeners of the David Lucas show this is stuff you learn if you ever scuba dive. You driving down the road Jeremy and myself were all breathing about 79 percent nitrogen people think it's oxygen. For your tires the day you can you know hey extra It's free and it's just out there well it is that's true you know I got a new I got a new Tacoma a year ago and that's that's got nitrogen. Anyhow you breathe about 19 percent oxygen and one percent other so when you. You don't use a lot. But it's about 3 percent carbon dioxide that you're And. In these rebury their equipment I asked the people as I was getting ready to dive with the sharks which was absolutely amazing event brushing up against the world's largest fish these things get 20 tons. 20 tons and they put this thing on said hey you know just by chance what does this piece of equipment cost and they're like it's $12000.00 piece of equipment. Yeah. It's surprisingly 2 or $300.00 you can go do this you 2 you do have to be scuba certified but here is the interesting thing about it is this thing high tech it monitors $53.00 different 53 different. I'm trying to think of the. Metrics thank you and one of the big ones it's monitoring is when you x.l. About 3 percent you know you're inhaling 1000 percent. About 16 percent. Oxygen and the other 4 is carbon dioxide well this system is scrubbing the carbon dioxide monitoring the air you're breathing and injecting just the right amount of oxygen so you can read the same air over and over and over again no bubbles highly recommend even if you're not a scuba diver when you're Atlanta you got to go see then they're adding a massive expansion this is the world's largest in the world's largest largest aquarium in the Western Hemisphere and they're adding a exhibit where you can actually go dive with the sharks but I did hear you have to get in a cage that seems a little a little too much for me I don't know how much well I was in the I was in there were some. Tip reef sharks some 3 or 4 different shark species and I was within feet of a moment but the thing is these are these things these fish are well well fed they said they feed them like 800 pounds of food a day. Of course what's really interesting about the whale shark is that it they said it has a throat the size of a quarter world's largest fish called the shark point in that small little shrimp and it's constantly filter feeding at the top and hopefully one day I'll get to dive with one of these in the ocean just an absolutely amazing experience and actually they're supposed to be sent to me a video in the. In the mail that I will probably need to or Facebook or something fun like that. So you all know that I'm not just making this story up as if you're It's the only place in the world well here in the United States it's the only place you're guaranteed to dive with for whale sharks the world's largest fish. So anyways that was my week last week this week been back in the saddle. Enjoying life enjoying what I do here of course you do again you hear me every Saturday a news radio want to point the David Saturdays at 2 pm Have you seen him or have you seen the headlines about this emergency injection of capital into the banking system I have and I have a lot of questions about it so Ok Well fire away with your question I'll do the best I can to answer but I do want to after the break I want to get into dive into a little bit about what is this thing called money. We work we spend so much time for it and very few people understand its history its roots its origins and I want to I want to talk about that that will be fun and I think it'll be a fun subject so what was your question James so we've the Fed has injected cash or cash equipment into the market for quantitative easing before what was the purpose for all this time there and we've got to keep this high level we're on the radio but just know that there's something called the Fed funds rate which is the rate at which banks borrow from one another to keep their reserves you know to meet their reserve requirements you understand that banks hopefully everybody listening understands that when you deposit $100000.00 into the bank they don't hold it all there and trust they legally can loan out $90000.00 and essentially put an IOU in the vault. And so this is why you've had a run on banks in the past and this is what's happened there was a liquidity crunch in the banking system the money market rate is which they'll post treasuries as collateral and then they'll loan it money market rates it spiked up to 10 percent so they they had to get this under control so they're injecting and keep it that simple they started injecting billions of dollars into the banking system to try to tame this down and it's very very interesting if you think about it. Grasping what the Fed and Wall Street are thinking about the economy. It matters a great deal to us every day especially as you get closer and closer retirement make no mistake about it though the Federal Reserve. Is not federal. And they have no reserves they are a private bank with private shareholders who we can speculate who they are but make no mistake about it they have a complete monopoly on the nation's money supply that's right and I interviewed a gentleman he's now in his late eighty's g. Edward Griffin he wrote a book I highly recommend it if you want to truly go behind the curtains and know what's going on. In our economy and courage you to either listen to the interview I did with or read his book it's a it's a hefty read The Creature from Jekyll Island we're going to talk more about that here in just a 2nd here on the dark Washburn show this Friday not Saturday you got it right and we appreciate you turning in today will be back here shortly Thank you hi welcome to the subway ad for 299 subs I would like it I'll take drill sargeant please you got it all right now listen up oh me too everyone should stop and give me a 6 inch meatball they were never a good combo that you don't like. Him on your choice of bread with anything longer just too many not each. My good luck and participating restaurants additional charge for extra cost like tax just concert coupons maybe a black. 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That it took that but I really shifted in realizing this kid is not Ok 'd my brother. 'd died of a heroin overdose in 2015 this is the last day a new podcast about the things that are killing us 1st crisis subscribe today wherever you get your podcasts. This is Stephen black with you to join me at 1 o'clock every Saturday for causes Welcome back to the doc Washburn show this is David Lucas you hear me every Saturday on here on News Radio one of 2.9 k r n 2 pm the David Lucas show but right now I'm in the saddle for dog Washburn hopefully he'll be back here on Monday Pardon me I think I'm a little nasally but that if I sound a little different it's the I hear the high ragweed is the charts says Weather dot com who is the Federal Reserve though who is the Federal Reserve this is something that is intense in when I got into the business that I got into investment advisory business well we deal with something called money. And something that we all work for every day we spend a lot of time effort and energy. We spend a lot of time effort and energy working for this thing called money so just what is money well money is it represents a storehouse of value. Let me make sure I hit your button can we hear you now you hear yourself very very well if you have 2 cows that I want but I don't have anything you want do we have a problem we do have a problem we have no no way to exchange that's right so so money in essence is a medium of exchange so believe it or not it represents something of tangible value and I think it's important for people to understand that it one time our currency aka the u.s. Dollar was actually backed by gold in silver in fact you can look at it did you know that at one time it was illegal to own gold you know this. I have heard this before certain it was illegal to own gold in fact they there was the government made people turn it in but. Used to be gold that was the world it was the defacto world's reserve so there's something called the Bretton Woods Conference that happened in the forty's. And the Essentially when you boil it all down when you boil it all down in this meeting the United States government and its officials representing our country convince the world that don't hold gold as reserves hold the Us dollar Have we any of us have of the term that the Us dollars The world's reserve currency. So what happen is we said for every $35.00 you hold in reserve we'll hold an ounce of gold in deposit here in the United States and we'll keep it for safe keeping Don't worry about it you just hold us dollars. So something happened the Vietnam War took place and my dad was over there in 1969 he served. And the French foreign minister and other world leaders begin to call they begin to question we believe that you may be printing more dollars than you have gold on deposit to back up the funding of this war so what happened they call their bluff if you want to call it that the French foreign minister and they said we want physical bullion delivered we'll give you back our dollars because these dollars are just a claim check on real money which is gold so what happened tons and tons and tons of bullion started flowing out of the United States reserves to the point. That I think the French foreign minister was right what happened who was it who was President Nixon Nixon So what did Nixon do he famously goes on t.v. And says I am not a crook. He famously went on t.v. And said we are temporarily temporarily suspending the gold standard and then he went on to say let me raise the bug a boo. What's a bugaboo anyway. It's problematic. He said. That's your quote Yeah that's what he said on the speech if you were to look at. Fear Ok so let me lay to rest this bugaboo because people are fearful that your dollar he said this when he went on t.v. Will be worth any less in the future than it is today. Now do we know this to be true no there's something called inflation Have you heard of it. Every year yet every year it's an insidious tax make no mistake about it inflation is a hidden tax is the biggest hidden tax known to man and perpetrated under our current monetary system and again I encourage you to read the book The Creature from Jekyll Island he's now in his late eighty's or you could go online dot com is the radio show here on his radio want to know dot com You're going to recommend a books you can listen to my interview with him about 5 years ago on this station but that book lays it out in great detail what exactly. What how the Federal Reserve formed and then how it came to be today our founders of the Constitution were very opposed to a central banking system if you study history. One of the Rothbard you've heard of the oh yes read read several rah child I don't want to get bored we need this institute Austrian economist I fall into the you know you've got the Chicago School of economists you've got the which would be Milton Friedman he would probably the one that most people would recognize when it comes to Keynesian Keynesian that's how we live these days that I mean. They've got to rip on the throat of America Keynesian economist Paul Krueger I think he would be the one that comes to mind. Is Cain just and then you've got this sect of people Ron Paul would fall into this category which would be called the Austrian school of thought now Austrians it is that they originally the original economists came out of. From Austria that's why it's called Austrian economics but the reality is a lot of the great thinkers Robert p. Murphy I interviewed him I think use Didn't you say you were reading a book with a rabbi Robert p. Murphy right and oh yes yeah. Yeah privatized banking works fantastic but yeah I also read a Creature from Jekyll Island and I warn you if you look at the book it looks sizable but in each chapter they have a synopsis at the end of each chapter so it's not a difficult read if you want to get the brief pieces along the way so don't be scared if you're interested in. The book gets its title from the there's this island off the coast of Georgia it's jungle island and as the book starts out he lays out how the Rockefeller j.p. Morgan Chase who else was a senator all bridge a lot of these big people that controlled the banking system went to Jackal Island under the auspices of a hunting expedition in fact they were told not to use their 1st that this is all factual This isn't conspiracy stuff because I am not the conspiracy guy but this is all story Clee accurate. And they got together and they were put in you can actually read the writings there was a central bank in London and they were saying writing to their associates in New York when they were pushing you know all these competitors getting together in secrecy talking about how they feel they. Wroth child was one of them what did he say he said give me control of a nation's money supply and I care not who makes its laws you can read their writings in saying either the great body of people will be too ignorant to understand what is taking place when we are able to institute this a great body of people be to enter it in for those that do understand will derive great capital I'm paraphrasing from the system and they will be so enriched with wealth that there will be no opposition from that class they just went there this is all those is all documented history you can read their writings as they were pushing for a central bank in the United States now here is a mind blowing fact here's a mind blowing fact every dollar does not enter existence to a loan is made that run by your brain real slow so if you all that they call quantitative easing they call it open market operations but the reality is if you want to boil it down to the simplest form is the Federal Reserve and the Treasury are creating bonds with your IOU. Debt and they're swapping them back and forth and this is the instance that currency springs into circulation. Now if you and I were to do this we'd be put in prison. But it is legal and this is how they spin way more than what they actually. Are able to tax right is true and a bit just understand this to the remember I said the Federal Reserve is not federal They have no reserves no that when they pump $75000000000.00 I think they did an asset purchase today in this system it's not like they went and earned that money or they mowed lawns or something they just write it comes out of what thin air and they're right they create this currency out of thin air right so I want to talk about the history of banking after the news break because this is fascinating I mention goal we're going to have Ryan along in the 2nd hour from National Gold insolvencies somebody that I work with closely as a fiduciary with some of our clients but he is going to talk about the gold and silver market you hear a lot about it but there's a lot of interest in this in this concept of wealth insurance and I want to after the break you're going to hang in because I'm going to talk to you about the history of gold and silver and how it ties into banking and where we got today this is David Lucas filling in for Doc Washburn will be back after the news break. Back to the homeland security secretary Kevin Michael leaders detail the ongoing threats from terrorism focusing on domestic terror threats his special white supremacy Michael even called white supremacist extremism one of the most potent ideologies driving acts of violence in the u.s. President Trump says it is possible there will be a new trade deal with China before the 2020 elections it was asked about the state of talks to win the trade war and I relayed. With. To report to. Another. Actively searching for. Has been listed Newsradio. You know as more information becomes available. Of Education has voted to return a local control to the school district with elected school board members with limited authority depending on the grade level of each school 16 reports one commissioner proposed to decertify the little Teachers' Union the commission decided to table the. Meeting. Stealing a bicycle from the back of a truck leading to the arrest of 3 homeless people. Were eating it. And they found their $3100.00 missing when they came back Emily Symons Brown and. They said they stole it because they were tired and needed a hotel room. A child was found roaming the parking lot of a gas station the mother was inside the restroom for over 40 minutes but police went to Roosevelt Road on Wednesday and arrested. She when she left the restroom and she reportedly showed sign. Of drug use Human Services took custody of the child and Wright is in the plastique county jail. Says it will stop selling electronic cigarettes with the major health concerns over of a ping Westwood One correspondent Joe Ramsey the nation's largest retailer says it will end the cigarette sales after it finishes current inventory at its namesake stores and Sam's Clubs u.s. Locations more than $500.00 people have been diagnosed with baby related breathing illnesses had raised the minimum age for tobacco products to $21.00 earlier this year and beyond fruit and dessert flavored Bates in May I'm Rebecca Davis 3 breaking news as it happens News Radio 12.9 k. Are in comprehensive traffic reports 6 times an hour Chris counts and Heidi sold are in constant contact with the police monitoring traffic cameras and Chris are your source to heavy traffic or smooth sailing every 10 minutes on the Six's News a book in 2012 money that enters our economy is created out of nothing this is straight from the horse's mouth here this when you or I write a check there must be sufficient funds in our account to cover the check but when the Federal Reserve writes a check there is no bank deposit on which that check is drawn when the Federal Reserve writes a check It is creating money that is a quote out of the Boston Federal Reserve Welcome back to the doc Washburn show this is not Doc Washburn you can probably tell this is David Lucas I got a little nose spray go and sound a little nasally but hopefully I sound Ok you hear me every Saturday right here on News Radio want to 2.9 k r n 2 pm The David Lucas show and the reason we've been talking about the Federal Reserve is one they've been in the news they had this emergency injection of capital into the banking system because there's a cash shortage so it makes you think what is the Federal Reserve as I said they if you're just tuning in I highly recommend that you read the book The Creature from Jekyll Island I interviewed General Griffin now in his late eighty's. Is a great book if you want to go behind the curtain. Well I warn you it's like The Matrix the red in the blue pill you know you go back and or you take Sorry didn't hit button 2. I still can't hear you. There we go there we go I got to learn how to work these buttons over here key. So what was I saying I digress I used to read the blue pill so you when you read this book you really know what's going on and you'll realize that the system is designed to enrich those at the top and that I remember I said before the break that a dollar does not enter existence till a loan is made that's why this notion that we'll pay under our current monetary system pay this debt back is a misnomer because if you borrow the 1st dollar into existence and you have to. Pay that dollar back with interest or do you get it. You have to well you've got to borrow it you have to borrow it if you borrow so every dollar listening to you driving down the road right now think about this in your Ira and your $41.00 k. . Whatever type of account you have investments every dollar that you have is earning compound interest by some banker somewhere on that you may not have borrowed the money but somebody did now go down this little mental journey with me now I know this will never happen but think about this if every loan were paid off every commercial loan every credit card loan every student loan close to 2 trillion dollars now are urging to buy your government. So if every dollar were paid off you know how much currency your would be in existence 00 So actually. Actually the majority of money creation does not take place on the Federal Reserve it happens in the banking system. And I think I've got another quote here let's see if I can find it if not I will see. So everything that we have now is what's called currency the whole world operates off this notion of currency The American Heritage Dictionary defines money as paper money decreed legal tender. Excuse me not backed by gold or silver the 2 characteristics of money therefore are does not represent anything of intrinsic value. And it's decreed legal tender simply by the means that there is a law requiring everyone to accept this currency in commerce so when you think about our money today or currency I think is a better term is that it is not backed by anything except the full faith and credit of the United States government they do have the power to tax they have the power to tax so that brings me to when you think about where we're headed fiscally even under this current president. What are they just raise the debt ceiling $2.00 trillion dollars We're hitting a trillion dollar deficit this year. The Congressional Budget Office and there were a report to Congress just last year and I am quoting the federal budget is frightening and unsustainable this is the nonpartisan Congressional Budget Office they go on to say that just the pay for Medicare and Social Security alone. And the interest on the debt they will need to raise taxes somewhere between $8.07 trillion dollars over the next decade or cut spending in half or some combination thereof. How many times do politicians cuts but cut cut rates cut spending I would not wager on that neither in fact were historically one of the lowest tax rates we've been if you study the marginal tax rate since the inception of and this is no coincidence by the way the inception of the federal income tax is the same year of the inception of the Federal Reserve the private banking bankers that can control the nation's money supply so it's important to understand. This concept that your money is not backed by anything of intrinsic value since we talked about Richard Nixon went on the. Temporally we talked about Bretton Woods and what happened there and why where we are today they suspended the gold standard Why do they why did they do that you think governments like if they tie it to something of intrinsic value why do they not like that Jeremy why and why might that not be something they want to do it restricts their spending habits operate within a certain boundary within your means but yet by 2026 experts are predicting. We will be paying more on our national debt even in this lower interest rate environment just to service what we've already borrowed then the entire national defense of this great nation I want you to think about that for a 2nd. Ok I think that's enough to I think well that's about 17 percent of the overall government budget. 20 percent on just servicing the debt so the form of the United States is like the under Bush in Clinton he was supposedly nonpartisan he took one look at the books he worked under both administrations and I can tell you a 4 letter word tax rates have to double and he actually wrote a book he went on to. I think was n.p.r. Something and he's there people are calling you know what I guess 4 letter word or letter words math he's saying it's a math magical certainty so now let's talk about I talked about money is merely a storehouse of value. If you look and you study the history of our modern banking what it used to be is that bankers started all started with the goldsmith's and this is actually. Documented by the Federal Reserve Goldsmith with store your gold for a fee because it's not really. It's not very practical to lug around in a I've got 2 cows I want to buy gold I want to get right start around so they would they would have Goldsmiths that would warehouse this gold and then they would issue certificates that were backed by gold which meant I have a claim check on real money at any time I could get. Redeem the certificate for what I wrote right at any time so people began to trade these certificates throughout society and quickly the goldsmith's realized wait a minute here we can issue a heck of a lot more certificates than we have gold on deposit in the bet is as long as not everybody wants to redeem their gold at the same time. Then everything should be fine and dandy. Very profitable this is what the what is known as fractional reserve banking and this is how fractional reserve banking was born to this day and it is documented I was looking for a quote that but basically the Federal Reserve has been one of their. It has in one of their writings you know they have all kind of publications they allude to this fact the modern banking system started with the goldsmith's So it's important I understand that's what I was talking about and I think it's only interesting when we have Ryan long from National Gold consultants on and in the 2nd hour. We're going to really break down some some of these topics because. Well let's talk about this so when I deposit $100000.00 at a bank. When I deposit 100000 dollars in a bank do they hold it in trust me you can go at any time and get your 100000 dollars cash right. Yes. So they legally there this is some banks most banks require a 10 percent reserve requirement that means if they put 100000 in they have to keep 10800 in reserve and guess what they can do this is actually what the Federal Reserve admits if you read that most money creation takes place at the local banking level depending on the size of the banks some banks require a 10 percent of the Federal Reserve system requires some to have 10 percent some less some none the smaller banks but the reality is is that they put an IOU in the vault. $90000.00 we lunch box $90000.00 they turn around and loan it to. Whoever borrow or they loan this 90000 dollars and in a very real sense by just entering these digits into a computer there's now a 190000 dollars circulating. Now this is why under our current monetary system you can have issues like what's been happening with the Federal Reserve where there's a where there there's a cash shortage in the system this is why you know you had over 2800 banks fail since the 1980 s. Is because the reality is that yes we when you go into the bank and you see this sign that says. Backed by the row the f.d.i.c right back by the full faith and credit of the United States government etc etc Hold that thought we're going to take a quick break in a minute we're going to continue to talk about this all important subject here on the dock Washburn show this is David Lucas filling in. For him when. You go there. You go that's funny. Yeah those you know we've been talking about. Gold and Silver don't get caught up in those gold digger videos on You Tube It's ridiculous Henry Ford once stated it is well that the people of this nation do not understand our banking and monetary system for in. They did I believe there would be a revolution before tomorrow morning that's a powerful quote from Henry Ford So we've been talking about we're going to wrap up this hour if you're just tuning in and then we're going to have Ryan long from National go consultants we've actually got a couple of vans coming up at the retirement of Dan's university there my office in north of Iraq. And I think we have a phone call or we got a phone call Ok so we'll take that phone call in just a 2nd give me a 2nd if you go over to our Web site David Lucas Financial dot com If you want to sign up for this. Gold and Silver is wealth insurance but you know let's let's talk to Robert on line one Robert has David Lucas sorry when looking at the screen there I get it thanks for taking the sure thing I. Think we're in trouble. Well that's a good question again I want to keep this very high level it's they use the terms like quantitate or open market operations but we're swapping debts the Treasury issues a security a bond and they sell it there's a primary dealer in between but just know at the end Robert they're swapping debts between the Federal Reserve and the Treasury over and over and over that's why I said the beginning of the segment if you and I were doing this we'd be put in prison so it's a shell game in my humble opinion in you know our currency money needs to be tied to something of intrinsic value because you think about it as long as I mentioned this before the break when you go into the bank and it says 250000 f.d.i.c insured that's fine but the reality is that the f.d.i.c insurance deposit fund has roughly one penny backing every dollar think about that for a minute one. Every dollar So if everybody wants to go with draw their money under the current banking says. Are they going to be able to deliver. I would guess not unless they were start injecting more cash and printing more currency right that's right which just compounds the problem which kind of lead me to my final question is in the eighty's what happened when the savings and loans. Fell apart and went under that just the whole story just went away. Yeah you know what that's something that I've studied in the past I don't really want to speak to it now because I need to brush up on it again I know that I've read of about it years ago but I know there was a similar type situation and I really can't answer that question directly but that's a good question and I'm going to look into they. Took over and therefore we just found out that. Yeah I mean the reality is again is that under the current system right the way a bank makes money think about this Robert on a bank's balance sheet deposits are liabilities loans are assets think about that for a moment so when you when a bank people think oh they're paying me one percent and they're loaning out at 6 they're making 5 percent well that would be true if it was the if the bank was loaning their money but remember they're running your $100000.00 for a $1000.00 if they loan it out at 6 percent there with a $1000.00 investment returns them $6000.00. That's the cost of their money they're renting depositors money that's why it's a liability on the balance sheet of a bank and they're betting that not everybody comes in with draws the money at the same time when you have issues in cash like we've seen with the Fed in this case it was bank. Banks boring from one another and things like that but it's the same concept you have you can have a cash crunch that's when you have the Fed step in an emergency measures to start pumping more. Dollars whatever you want to call a currency into the system to try to stabilize things these emerging adventures. Well it's a piece of paper you've got that right but it's not backed by anything else and you know this is why I want to hopefully you can stay on for the next segment I'm a big believer you know I'm in the investment advisor business 5 to 10 percent of one's. Portfolio should be backed by as wealth insurance you know so wealth does not disappear but it merely transfers asset classes so it's good to diversify you know yeah you can own any investment but if it's all in dollars What happens if the dollar has major issue right. There good job.
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