The Federal Reserve has been aggressively hiking interest rates this year in an effort to quell today's multidecade-high inflation, and reports indicate they are looking to raise interest rates another percentage point this month.
My recent guest believes the Fed is just trying to appear like it intends to bring inflation back down...
I sat down with G. Edward Griffin, author of The Creature from Jekyll Island. Griffin asserts that the Federal Reserve's efforts to combat inflation with interest-rate hikes are disingenuous and won't be enough to clean up the mess it made by printing too much money.
He says, "The Federal Reserve is the cause of inflation... When you have a central bank that creates as much money as it wants to, it's a scam."
Griffin contends that today's rampant inflation is constricting anyone who isn't wealthy. He says, "The middle class is being squeezed out of existence. The rich are getting much richer, the middle class is getting smaller, and the poor are getting poorer. We're almost going back to a medieval stage."
He contends that the Federal Reserve is intentionally driving down the value of the U.S. dollar in an effort to transition into a cashless monetary system.
Griffin makes it clear that, "The reason why we have inflation is that the money supply is not pegged to something that takes human effort to produce."
He says, "[The Fed is] actively trying to destroy the U.S. dollar... Whatever savings you have or wealth you've been able to build, you want to get that out of dollars and into something else."
Griffin believes that countries around the world have soured on the U.S. dollar because they disagree with how funds have been used throughout the pandemic. He says, "They don't have trust in the dollar anymore because they see how foolishly politicians and the bankers at the Federal Reserve have been playing at the roulette wheel."
He concludes by stressing that even though the U.S. dollar has faced scrutiny throughout the pandemic as a global currency, banks will never fully adopt precious metals as a primary currency.
Griffin says, "They can never have enough of it to base a monetary system on it that is profitable to them."
In the first interview, Griffin believes monetary binges wreak havoc on the economy ... and explains, "what goes up must come down."
Griffin explains in the second interview that financial institutions work hand-in-hand with the government to achieve full control of purchasing power is "a bankers dream... a cashless society."