“One time it was gold [that backed our currency], then it was silver, then it was treasury bills, then it was other assets, and now they want to sort of monetize car loans and credit card debt? That’s the point where we’ve gotten to, and it won’t work. It’s going to eventually come to an end.”
“They keep building a pyramid of debt based on a false trust and illusion that there’s actually money behind what this credit stands for. So, there’s no way you can keep this going. Eventually, the trust is lost, the con game is over, and this is what people are discovering not only in this country but around the world.”
“We create this illusion of wealth by creating credit out of thin air and somebody benefits until it’s discovered that it’s all a fraud, and then the penalty is put on some innocent people [through inflation].”
“This idea that you can bail out forever is just complete nonsense. It leads to the kind of trouble we have today.”
Confused? Here’s an introduction to fiat money and inflation.