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**WAIT!** ANOTHER State MOveS to RECLAIM Silver & Gold as Money 💰💰 - "Show Me State" · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

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  What we can do is we can use gold and silver for the payments
• 0:02
  of debts intentionally. And I think now we're coming to
• 0:05
  a time in history when, you know, we're talking about the
• 0:08
  the gravitation away from the dollar, even the international
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  de globalization of the dollar, the de dollarization of the
• 0:14
  global economy. We're talking about how, you
• 0:16
  know, gradually the dollar is being destroyed through
• 0:18
  inflation. We're talking about the risk of
• 0:20
  going to a digital currency. We're talking about, OK, is the
• 0:23
  banking industry down for decades to come?
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  What's the way that we can ameliorate that risk?
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  Silver and gold investors are scared.
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  Is the dollar losing its value? Did our founding fathers see
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  this type of scenario unfolding and wisely put language into the
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  United States Constitution to allow you to protect yourself by
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  using gold and silver as legal tender?
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  Today, we're fortunate to be joined by Bill Hardwick, a
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  Missouri State Representative. He's one of the elected
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  officials here in Missouri who's leading the charge for legal
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  tender legislation. Bill, welcome to Ron's Basement.
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  Hey, Ron, how you doing today? I'm doing great.
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  It's an honor to have you here. Hey.
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  It's hard to be in your basement.
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  This is pretty cool and dwell with you among you know, the
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  basement dwellers, so that's awesome.
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  Yeah, well, the basement dwellers and I always, you know,
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  I appreciate you saying that because you and I are here
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  talking, we're talking about legal tender legislation, the
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  importance. But the real important person is
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  that third person who's joining us, who is scared.
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  Right. And what you mentioned I think
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  is the framing of the problem that the dollar is being
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  destroyed, It's being printed into oblivion.
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  Inflation is taking its value away since since the dollar
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  became a free floating currency, its value is only measured
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  relative to other things, goods and services in our country,
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  other products, other currencies.
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  And as our and as our governments printed, printed
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  more money, right. There's been a de dollarization,
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  the global economy, a devaluation of the dollar at
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  home. And people are starting to feel
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  it, and people are starting. It feels like it's percolating,
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  that more and more Americans are realizing that there's something
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  not right. Maybe they don't completely
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  understand it, but they feel like something's not.
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  Right now that is true. I sense that when I talked to
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  constituents and people around Missouri that, you know, the
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  four O 1K seems less valuable than it was before.
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  I had a constituent who told me as I get older I'm stronger
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  because now I can carry $300 worth of groceries out of the
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  grocery store. And here he meant was, you know,
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  that like all that, that cardinal is the price of it's
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  gone up so, so much and they're feeling that.
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  They're feeling like they worked hard.
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  They want some certainty, some stability, and are, you know,
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  their dollar and their purchase power is being destroyed
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  gradually and rapidly in some ways.
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  Yeah, and I want to point out I'm going to circle back to what
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  you just said. Bill said that one of his
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  constituents said he's getting stronger as he gets older
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  because now he can carry $300 worth of groceries out of the
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  where it used to be 3 carts, now it's you can carry it in three
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  baths, 33 small. Bags.
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  Everybody notices that. I mean, and and inflation hurts
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  everybody of all income brackets.
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  Whether you're somebody who's on a fixed income, whether you're
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  you're about to retire, whether you're, you know, just trying to
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  get by and feed your family, you feel the effects of it.
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  And it's frustrating for people who've, like, worked hard, they
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  invested, they saved, and they're seeing, you know, the
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  value of their efforts just go, go, go before their eyes.
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  Slowly eroded away and it's and it's kind of a slow process and
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  some people refer to it as a hidden tax that the government
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  again to circle back to what you said.
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  Once the dollar was taken off the gold standard, it was free
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  to be printed at will. And if the government needed
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  more money in the past, they would have to raise taxes.
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  But when they discovered that they had a free floating
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  currency, they could print as much as they want, and that just
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  dilutes the dollar and makes purchasing power go down.
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  Yeah, via Fiat. And the American people pay for
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  spending one way or the other, whether it's to a cut back to
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  services, whether that's just increase of taxes or whether
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  that's to the government printing money to pay for its
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  own obligations that it's made. And then you fill that with by
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  your purchasing power going away.
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  And every company you do business with, everything's more
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  expensive for them too. So one way or the other, you
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  always pay for spending. And Milton Friedman said
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  inflation is always the responsibility of the federal
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  government because we know the value of things.
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  The price is supply and demand, right?
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  There's a demand curve. And so who controls the supply
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  of the dollar? What's the federal government?
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  So they're always responsible for its devaluation and
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  inflation. Yeah, yeah.
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  And I often bring up the point, and I think our viewers maybe
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  wonder this as well at times. You know, the Federal Reserve
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  says they have a target that we have 2% inflation.
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  Now we both know that as your constituents said with this
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  $300.00 grocery example, that they've well exceeded that
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  target. But why does the dollar have to
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  go down 2% in value anyway? Why does inflation have to be
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  so? There's an interesting point
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  about the the entropy of all currencies like that.
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  There's a reason why there aren't any more Roman dollars
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  for the Roman Empire. There's a reason why there
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  aren't, you know, the currencies that existed in the Ottoman
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  Empire before, right? It's because there's like this,
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  there's like this decline that's expected to happen.
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  And in some days, you know, people like Tocqueville and
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  beforehand, the framers of the constitution probably read
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  history enough to know that is that a government that starts to
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  to fund itself through the generation of a currency will
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  start to decline. There'll be entropy of that
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  currency's value over time. And it seems like it's been
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  inevitable throughout the ages. And I know we're going to come
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  back around to what I think is a solution to this, like a
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  solution to make us transcend these problems in some way.
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  But yeah, that's exactly right. There's just like the entropy of
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  the dollar. And then, you know, when
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  Keynesian economics came about and became in vogue in the
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  United States during the Great Depression, New Deal, the
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  solution for all economic problems is to print more money.
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  Print, print, print more money. And then as you know as we did
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  that, it accelerated the the decline, You know, Yeah, yeah,
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  go ahead. Well, no, it's it's just
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  interesting. You bring up the Depression, A
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  lot of the viewers are are always interested in gold and
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  silver confiscation. And Roosevelt, yeah, confiscated
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  the gold, right, Because he couldn't print more dollars
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  unless he had more gold. But it's really interesting that
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  when they first they confiscated the gold and then once they had
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  it, he got a double bonus because he then revalued the
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  gold, which allowed him to essentially print dollars and
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  devalue the. Gold.
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  And it's interesting. The point you're also making
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  kind of implicitly is that our association with gold and silver
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  and tangibles to monetary value, it is kind of was a part of the
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  the founding of American economics.
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  The idea of having a Fiat currency is actually something
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  relatively new to us in America, you know, new to us in Western
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  civilization. And before there was something
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  that that stabilized the supply and demand.
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  But if I can make a trillion dollars, you know, like during
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  the depression, Keynesian economics, you know after the
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  2008 market collapse, we had a interject demand quantitative
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  easing solution that drove inflation up, which actually as
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  people hedged against inflation by buying gold and silver, those
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  prices rose. And then after COVID as people
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  quit, you know, quit opening the doors for business, few people
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  showing up for work less production.
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  The federal government's solution was inject lots and
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  lots of capital cash dollars, give people payouts.
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  And the problem is with that obviously is that we have so
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  much cash in the economy chasing less production goods and
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  services and that means those goods and services cost more and
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  your dollar is worth less. And you actually see, I mean the
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  value of gold with, you know, it rose substantially during
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  quarantine of easing post 2008. There's a market component there
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  as people buy it and drive up demand.
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  But there's also a component, people are hedging against the
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  destruction of the dollar and it's about twice, you know, it's
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  better than me, but twice the value now that it was 2011, 2010
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  as there's so much people who want to hedge against the
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  destruction of the dollar right now, decline of the dollar.
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  You know, there's another YouTube content creator and a
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  real leader in the gold and silver area.
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  His name's Rob Keens and he's familiar with them.
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  And he's also a supporter of the of the of the movement for legal
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  tender legislation. I was talking to him the other
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  day and he actually wrote a book about this.
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  What was part of a book that he wrote that I asked him the
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  question. I said is it is it true that
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  most of the greatness that happened in America happened
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  during the period when we were on the gold and silver standard?
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  And he said absolutely. He said there's a a section of
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  my book about it. We've done some great things
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  post 1971, but the real meat of the growth and the real
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  advancements that America made happen when we were on the gold
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  and silver. State Yeah, we had sound money
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  and we had a sound system of economics that took us from
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  this, you know, this nation country in the late 1700s to a
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  bludgeoning super into a blossoming better superpower,
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  right. And and that's probably because
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  we have some sound components to that.
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  Yeah, yeah, yeah. And I also want to point out and
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  circle back to something you said.
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  You know, the Founding Fathers put this in the Constitution.
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  So when we when we talk about it, I think sometimes we can
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  feel like we're on the fringe and and but the reality is the
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  truth is there's a reason why the Founding Fathers put it in
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  the Constitution. They were trying to do some
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  timeless things. Yeah, I'm an attorney by trade
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  and the the difference between federal and state government
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  powers is always very interesting to me.
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  So there's a new rate of powers of the federal government and
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  the Articles of Confederation before the Constitution allowed
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  states a lot more freeway in making currencies.
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  And there was kind of debate, you know, with Hamilton and
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  stuff about OK, do we want, we need a strong country with a
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  strong currency? And so in the Constitution, the
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  most of coinage of money was was given to the federal government.
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  But in the reserve powers to the state, it says no state shall
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  coin money except gold and silver for the legal tender for
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  the payment of debts. Right.
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  Gold and silver can be used to transact business.
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  And you know, there's there's a historical significance to that
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  about all the cultures around the world.
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  One commonality. See what money is.
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  Money is a common metric for valuing things, right?
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  But your, your $10.00 bill, your $100 bill here doesn't have,
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  like, inherent value. It it's a way of measuring the
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  value of the other things. Your chee's mug, right?
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  Your box back here, the bear. It's a relative value.
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  And so, so in the. So gold has been used by that,
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  by cultures and empires and for millennia, right?
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  Because it's it's easy to standardize.
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  It has it has practical industrial applications and
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  value, right. There's reasons why gold is
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  useful. It's malleable.
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  You know it. We can we'll talk hopefully in a
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  second about all the ways that's going to be necessary for
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  furtherance electronics and stuff like that that I see.
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  But like it's uses that metric. So the founding fathers
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  identified that but also they intentionally didn't say the
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  state couldn't coin gold as money intentionally.
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  They said a state could use gold and silver for the payment of
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  debts. And even then So what the
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  Constitution is about, it's about preventing the
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  centralization of authority economic power authority.
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  And it's about saying OK, you know the the United States
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  capital you can do XY and Z and the state governments can do
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  ABC. And so intentionally the power
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  to to to have you know have these market forces, these
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  regulation market forces to do business was divided between the
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  state and federal governments to some degree.
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  So the so the government can't coin Missouri bucks, they can't
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  coin U.S. dollar. We can't print the dollar.
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  The Federal Reserve does that right.
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  But, you know, the, the central bank does that.
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  What we can do is we can use gold and silver for the payments
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  of debts intentionally. And I think now we're coming to
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  a time in history when, you know, we're talking about the
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  the gravitation away from the dollar, even the international
• 11:21
  deglobalization of the dollar, the de dollarization of the
• 11:25
  global economy. We're talking about how, you
• 11:27
  know, gradually the dollar is being destroyed through
• 11:29
  inflation. We're talking about the risk of
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  going to a digital currency. We're talking about, OK, is the
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  banking industry down for decades to come?
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  What's the way that we can ameliorate that risk?
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  The state of Missouri. We can have another market for
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  banks to transact business. We could have another way for
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  people to maintain assets, to have a barometer of metric for
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  the payment of debts, the value of our goods and services in
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  Missouri. So if there's a decline of the
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  dollar, so if we move to a digital currency, which would be
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  disastrous for our community banks and regional banks and
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  local banks, right, It would be terrible for them.
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  It put them out of business. We move toward that.
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  It gives the local banks a market to be in.
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  It gives us a hedge for the risk, the political risk of, you
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  know, what decline, the economic risk of what would happen with
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  the banking industry. And it gives us a way to
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  prevent, you know, we think a lot of us conservatives like
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  myself are afraid of that movement toward a digitization
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  of our currency and what that means for your freedom to
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  transact business, right. So it solves a lot of problems
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  and it gives us a whole new market to invest in, new
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  business in the state of Missouri, like other states have
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  done too. And I might throw in Gold has
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  done a pretty good job. Not for decades, not for
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  centuries, but literally for thousands of years of
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  maintaining value. Yeah, there's something about
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  since mankind encountered gold, No, seriously, it's got, it's
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  really interesting. It's like a because I actually
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  have a degree in classics too. So one of my fields of studies
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  is antiquity, right? You know, the Greeks and Romans,
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  you know, ancient Mesopotamia and it's just interesting since
• 12:50
  mankind encountered gold, they used it as a thing to to barter
• 12:53
  with, to do Congress with. It had some value.
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  You could say, well, it has value as jewelry, right?
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  Why is it attractive as jewelry? And then me, you know, my
• 13:01
  background in the Army is engineer officers.
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  So I think, OK, what can you use gold for?
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  And we had a debate in the house last session where some people
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  may the point, OK, there's only commodity value to gold.
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  There's only market value, which is true.
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  The more people buy it, you know, there's a seller, they
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  agree to sell for a certain price that fluctuates the price.
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  But gold does have intrinsic value as a conductor.
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  As you know, there's gold in your iPhone, There's gold in
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  your smartphone, there's gold in electronics that need to conduct
• 13:26
  electricity super efficiently, but itself is a conductor, you
• 13:29
  know, used in semiconductors to control the flow of electricity
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  and advance electronics. So as long as we're going to
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  have civilization that uses electronics, there's a practical
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  application for gold. So that makes even more sense,
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  right? That we should have it to be a
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  component of our state's treasury treasury's reserves,
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  right, That banks can start to have it as a reserve in our, you
• 13:47
  know, in our state, not only to say, OK, you know, we've divided
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  up how our assets are calculated.
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  They don't in in this bill. Banks don't have to use gold,
• 13:54
  right? Nobody's forced to do business
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  in gold. I'm not about that forcing you
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  to engage in the market. But what I want to do is I want
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  to have an alternative to what I think is more and more people
• 14:04
  are worried about the US economy, what could happen, the
• 14:06
  banking industry, you know, inflation, the destruction of
• 14:09
  the dollar. Why don't we have a market where
• 14:11
  there's a way to do business as an alternative to that, that
• 14:14
  that addresses all the risk, economic problems, political
• 14:17
  problems, you know, problems of division of power, the federal
• 14:20
  and state government that I'm concerned about.
• 14:21
  It addresses all those simultaneously.
• 14:23
  Interesting. So let's get to your legislation
• 14:27
  because we've had a great discussion about the why.
• 14:31
  What is the legislation and why don't you tell the viewers what
• 14:34
  you're doing here in Missouri. I'd like to say that, you know,
• 14:37
  behind every piece of this legislation there's a driving
• 14:40
  force and I have the feeling that you are passionate about
• 14:44
  this and I can call you a driving force.
• 14:46
  Behind. Yeah, Senator Bill, I will
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  follow that. Last year.
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  He represents the Saint Charles area in the Missouri Senate and
• 14:52
  kind of led that charge and what there I I was reading it.
• 14:54
  I was thinking about it. I was studying more and I was
• 14:55
  like, this is really cool. This is a great idea.
• 14:58
  So this year he's filed the version of the Senate.
• 15:00
  I'm filing the version of the House.
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  We're going to send it forward. You know, the ideas we, you
• 15:04
  know, we get the leadership in both chambers.
• 15:05
  The president Pro Tem of the Senate, the speaker of the House
• 15:07
  refer it go to committee. What the legislation does is it
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  authorizes the state because the state government needs to have a
• 15:13
  power given to them to through legislation authorized to enact
• 15:17
  basically that provision of the constitution.
• 15:19
  Gold and silver will be legal tender for the payment of debts
• 15:22
  in Missouri. So the treasurer's going to have
• 15:24
  to have a involvement there to create a reserve where we have
• 15:27
  to standardize a way that which you could pay to the state of
• 15:29
  Missouri using gold and silver, some tangible version of that.
• 15:32
  It may, you know, and I don't envision like a gold brick
• 15:34
  necessarily, but there could be though they call them gold backs
• 15:37
  that there's kind of a paper document, it's imbued with gold
• 15:39
  in. It has a tangible quality.
• 15:41
  It has a fixed set quality right that distinguishes it from a
• 15:44
  Fiat currency. And then so one way that you
• 15:47
  turn it into a currency legal tender is you take away the
• 15:50
  taxation of gold, the capital gains tax, tax associated with
• 15:53
  it. So we tax goods and services,
• 15:55
  right? Mm hmm.
• 15:56
  But we don't tax money, right, because money is a measurement
• 15:59
  of value of those goods and services.
• 16:01
  So one of the ways you get after making gold legal tender is you
• 16:04
  take away the state's ability to tax it, right?
• 16:07
  It becomes something that now it's not a commodity that has a
• 16:10
  tax associated with it. It it has a relative value to
• 16:13
  other commodities in goods and services, right, right.
• 16:15
  And so we want is so the dollar is a metric for goods and
• 16:17
  services and we know there's issues with trusting in that in
• 16:21
  the long term metric. So now we'll make gold and
• 16:23
  silver, those two precious metals, a metric for valuing
• 16:26
  goods and services in Missouri. And and I think a lot of people,
• 16:28
  including myself and maybe even our viewers, we are.
• 16:31
  So we've been so trained to think of everything in dollar
• 16:35
  terms. Yeah, that, that it's hard for
• 16:37
  us to realize like, yeah, we measure, it's easy for us to
• 16:41
  measure the price of gold and dollars, right.
• 16:45
  But the inverse it's, you know it's it, but it we do.
• 16:49
  Go ahead. And no, they're all their
• 16:50
  analogies like that. I mean, Bitcoin is like that.
• 16:53
  Yeah. And the reason why I There's
• 16:54
  issues Bitcoin too, right? There's Bitcoin.
• 16:56
  But even though Bitcoin's purely digital, right, we're talking
• 16:59
  about something tangible, you want a tangible turn into this
• 17:01
  decentralized. But Bitcoin's like that's a
• 17:03
  relative, you know, the foreign currency exchange market.
• 17:05
  It's a relative gauge. You know, the euro versus the
• 17:08
  yen versus the dollar. They're just ways of gauging the
• 17:11
  value, the exchange rate, you know, 1.34 to the euro, whatever
• 17:13
  it is the dollar at any given time.
• 17:15
  So we just have, we'll just have another thing that we can do.
• 17:17
  But what's beautiful about it is that because it's tangible and
• 17:20
  there's a fixed supply, it distinguishes itself from
• 17:23
  something that, you know in in China, they can print as much as
• 17:27
  a currency as they want to and they can exchange that for as
• 17:29
  many dollars. So China can create X amount of
• 17:32
  dollars it wants to and use that in the economy and use that to
• 17:36
  to have manipulated purchasing power.
• 17:38
  Right. They and they're China will
• 17:40
  eventually have issues with the way that they've manipulated
• 17:42
  their own currency. But what they've almost done in
• 17:45
  China is they went away from a currency to like a credit system
• 17:49
  that the the people in China have government credits, right,
• 17:52
  for their behavior and they're and they have enough good
• 17:54
  credits. You're good.
• 17:55
  You know you're doing well. You're doing what the Chinese
• 17:57
  government wants you to do. You can have a business.
• 17:59
  You can travel. If you don't, you, you can't,
• 18:01
  right. You can't succeed.
• 18:02
  You can't economically prosper. You can't go free come and go.
• 18:05
  You can't travel inside the country.
• 18:07
  And so a system where like you go toward that where your
• 18:09
  currency is not really actually barometers of goods and
• 18:13
  services. Now it's a barometry
• 18:15
  relationship with the generator of the Fiat, which is a central
• 18:18
  bank that turns into a credit system.
• 18:20
  And so there's really no free market in China.
• 18:22
  And what we want to, I want to do in Missouri and the United
• 18:25
  States to do the opposite. I want to create a decentralized
• 18:28
  free market system where the where we're using to exchange
• 18:31
  for debts is actually a way to gauge to value a metric, a
• 18:35
  barometer of the value of goods and services, right.
• 18:38
  And then I don't have to go as permission like if I have my my
• 18:41
  gold back or however, you know, that measurement gets
• 18:43
  standardized over time. I have that, you know, in my
• 18:46
  hand, this tangible thing. I don't have to go as permission
• 18:49
  from DC or from whatever to go say, hey, I'm going to trade
• 18:53
  this and that's what we're talking about capitalism is you
• 18:57
  have something that that's useful to me.
• 18:59
  I have something that's useful to you.
• 19:01
  We bargain about how much of your thing useful to you is
• 19:04
  going to be traded for what's useful to me voluntarily and
• 19:08
  then we make a trade. So that's the system we want to
• 19:10
  have, right? We give the agency and power
• 19:12
  back to the person that has that in their hand and they go, I can
• 19:14
  trade this for, you know, you changing the oil in my car, me
• 19:18
  buying meat at the grocery store.
• 19:20
  We know we trade goods and services in a in a mutually
• 19:23
  beneficial exchange. Yeah.
• 19:24
  It I heard someone recently say like the best forms of money
• 19:30
  grow. I want to get your comment on
• 19:32
  this come up organically the worst forms of money which I
• 19:36
  think is correct me if I'm wrong what you were referring to with
• 19:39
  China and what feels like to a certain degree is happening in
• 19:41
  the United States. Get forced on us from above and
• 19:46
  in that if free market and I will circle back to what we
• 19:49
  talked about earlier the the the the best of times in the United
• 19:53
  States where we made the real gains I think were the periods
• 19:57
  that number one we were our our currency was tethered to silver
• 20:01
  and gold and the free market was allowed to to.
• 20:06
  If you're looking to buy gold, silver, or platinum, do yourself
• 20:10
  a favor and check out Pimbex, the online precious metals
• 20:14
  bullion dealer and sponsor of Ron's Basement.
• 20:18
  I was a happy customer before they offered to support the
• 20:21
  channel. You'll find they have the best
• 20:23
  prices, quality and service. I think Pembex is best and you
• 20:28
  will too. And be sure to tell him that
• 20:31
  you're from Ron's basement. The free market is the biggest
• 20:33
  advantage the United States had. Yeah.
• 20:35
  So one of my favorite economists in political philosophers is FA
• 20:38
  Hayek, who wrote extensively about central economic planning.
• 20:42
  And he describes something called this information problem,
• 20:44
  where there's the central planner who's trying to plan all
• 20:47
  the multitude of transactions and that, you know, the
• 20:49
  individual transactions that could line up.
• 20:51
  But no matter how smart the central planner is, the economic
• 20:54
  planner, he doesn't know what the person on the side of the
• 20:58
  street needs to know to survive for their business.
• 21:00
  Yeah. So when the the Soviet Union
• 21:02
  first came about, you know, it's, you know, Soviet Union
• 21:06
  communism heavily central economic planning.
• 21:08
  You know that you know the government knows best about what
• 21:10
  how to distribute goods and services.
• 21:12
  And so there were, there were detailed plans about, OK, we
• 21:15
  need X amount of toothpaste here, X amount of cheese here, X
• 21:18
  amount of bread here. Right.
• 21:19
  This is how we'll distribute it for the needs and masses.
• 21:21
  But no matter how much they tried to plan, they can never
• 21:24
  get it right. There was a there was a shortage
• 21:26
  of food there. There was too much toothpaste in
• 21:28
  this other city. Right.
• 21:30
  And the reason why is because the guy who's selling hot dogs
• 21:33
  every day in day out on the street corner, he learns faster
• 21:37
  than the faster than the government exactly how many hot
• 21:39
  dogs they have on hand. Because if he has too many he
• 21:42
  loses money and if he has too few he turns away customers.
• 21:45
  So him trying to survive and optimize the the the supply of
• 21:50
  his goods and services to the customer actually actually
• 21:54
  quickly, very quickly, right. Efficiently some would say.
• 21:57
  I mean I'm not efficient market guy.
• 21:58
  I mean I can't anime not but like efficiently figures out
• 22:01
  exactly how to have me how many hot dogs to have on hand.
• 22:03
  If he doesn't he goes out of business.
• 22:06
  And so nobody who's planning, you know, transactions and
• 22:09
  distribution, distribution of money and goods and services
• 22:12
  will know what he'll learn by doing business day in and day
• 22:15
  out. Right, right.
• 22:17
  And gold and silver are a good solution or a good conduit for
• 22:22
  for that to occur. Yeah.
• 22:23
  And that's the idea. Like I'm so I'm decentralizing.
• 22:26
  I mean like I said, we're addressing the problem
• 22:28
  inflation, right? We're addressing what I think or
• 22:31
  probably growing systemic risk in the banking system.
• 22:34
  We're addressing the A, the the centralization of power, which
• 22:37
  is the problem, but we're also addressing that, OK, I'm using
• 22:41
  gold and silver to decentralize economic decision making to the
• 22:44
  individual. Yeah, yeah, which which
• 22:47
  incentivizes market based decisions, capitalism.
• 22:51
  Creativity. And right.
• 22:53
  And the silver I have a silver round.
• 22:56
  I won't reach back there and grab it, but there's another guy
• 23:00
  who's a great YouTube content creator of bald guy money.
• 23:03
  We're having a discussion. And he had one ounce silver
• 23:06
  round is like a battery. Not not in terms of storing and
• 23:11
  it's great for use in electrical batteries, but a value battery,
• 23:16
  right? Yeah.
• 23:17
  I change the oil in your car, you give me a silver round.
• 23:21
  I don't really need anything from you right now.
• 23:23
  But some other guy who can fix my lawn mower, you know we can,
• 23:28
  we can, we can make our own decisions, yeah.
• 23:29
  And that's what's interesting about it like so that and there
• 23:31
  was a criticism last year about, OK, an economic collapse, what's
• 23:34
  the value of it? Well, at first I'd argue that
• 23:37
  that us using those as those metals to transact business is
• 23:41
  actually a way to address the risk of an economic collapse.
• 23:44
  It's one of the things that prevents the collapse of our
• 23:46
  company because even if there was a banking collapse and even
• 23:49
  if there was more trouble with the dollar, people in Missouri
• 23:52
  could still go. I have so many gold backs on
• 23:54
  hand and I know I could trade that in Missouri for gasoline or
• 23:57
  whatever. So that's a way to address that.
• 23:59
  But then, OK, so let's say, let's take that.
• 24:01
  Let's take that hypothetical scenario.
• 24:03
  You know, the economy is is crashed, there's gold and
• 24:05
  silver. It still has utilitarian value
• 24:09
  in continuing the society industrially, like you said, the
• 24:11
  use of batteries, you know, the use of electronics.
• 24:14
  Yeah, the chemical processes we use, you know, to make mirrors,
• 24:17
  to make pretty much anything. Solar panels, Solar panels.
• 24:20
  Exactly, right. So you can, you can, you can
• 24:22
  transfer solar energy to electrical energy.
• 24:24
  Yeah, using these precious metals.
• 24:26
  And so there's like all kinds of things that would be very useful
• 24:29
  actually, you know, if there were an eventuality like that.
• 24:32
  So that's interesting to me too and that when that point was
• 24:35
  made last year in session, you know at my, my visceral reaction
• 24:38
  was like that's off, right. And then I was like let me just
• 24:42
  go study all the all the industrial applications of gold
• 24:45
  and silver. And I was like, you know it's
• 24:46
  one of the things you know we can't function off the Internet
• 24:49
  but you don't really have, you actually don't have electronic
• 24:50
  communications network without gold and silver.
• 24:53
  So it seems like there's there's always, there's utility for
• 24:56
  society and any condition for it, right.
• 24:58
  As long as we're as long as we use electricity, there'll be a
• 25:01
  need for gold and silver. Yeah, yeah.
• 25:03
  And I think that, and I'm sure our viewer would agree with us
• 25:06
  as well. In the United States, there
• 25:09
  seems to be a, there's a growing level of awareness surrounding
• 25:14
  gold and silver. But this is just my opinion.
• 25:17
  It seems like since I was born in 1970, when I look back at
• 25:21
  history, it seems like since we went off the gold standard,
• 25:25
  there has been a, oh, an encouragement from the powers
• 25:31
  that be to kind of dissuade people away from silver and
• 25:36
  gold. Like there hasn't been like most
• 25:37
  people are in the United States. Now you go elsewhere in the
• 25:42
  world. I talk to people all over the
• 25:44
  world. They have a completely different
• 25:46
  perspective when it comes to silver and gold.
• 25:49
  But here in the United States, it's been somewhat tamped down.
• 25:53
  And whether or not that was a coordinated effort or, you know,
• 25:56
  I like to say I do like to bring up and we're not getting into
• 25:59
  the political rabbit hole here, but but you know, when Nixon
• 26:02
  took the United States temporarily off the gold
• 26:05
  standard, I mean to me that was kind of like a divorce.
• 26:09
  And so why would the US government want gold to be
• 26:12
  doing? Well, they just basically
• 26:14
  divorced the dollar right from gold.
• 26:17
  So, you know, it's it's like they like they traded teams or
• 26:21
  something like they're not. They're thinking, well, that's
• 26:23
  not good. There's a reason why we're, you
• 26:25
  know. Yeah.
• 26:26
  And and so, you know, I've heard the arguments about why the
• 26:29
  divorce from the gold standard was economically viable, right?
• 26:32
  There's no inherent, there's no, it's all market value of gold.
• 26:35
  It's a commodity like weed or whatever.
• 26:37
  But it did seem like we did that.
• 26:38
  We also took the guard wheels off for the government's
• 26:41
  national debt to whack up so much.
• 26:44
  And we started to do what, you know, our our purchasing power
• 26:47
  and our ability to scale our industrial might is part of
• 26:50
  America's might globally, right. We can fund an army.
• 26:53
  We can fund, you know, we can fund production, right?
• 26:57
  So that was definitely a strategic advantage to us.
• 26:59
  But we started to do what empires from the French to the
• 27:04
  British to the Romans to the Persians did, which is we go,
• 27:08
  OK, we can just make stuff up, you know what I mean?
• 27:12
  And so we could create an obligation and we can go poof,
• 27:16
  have a way to pay for it. Little by little by little,
• 27:18
  right? Like, oh, we'll just do it this
• 27:20
  time. That's why, Nixon said
• 27:21
  Temporarily, Right. I'm sure it was.
• 27:24
  Yeah. Well, we'll just do it this one
• 27:25
  time, then we'll get back on track.
• 27:27
  Wow. Never got back on track.
• 27:29
  Sorry. No, you're right.
• 27:30
  So we've done that. So The thing is, The thing is
• 27:31
  that all those governments and empires and our, you know, the
• 27:34
  predecessors and global hegematic powers didn't quite
• 27:37
  realize is the government can print money, but it can't create
• 27:41
  wealth. Yeah, Those are two separate
• 27:43
  things, right? So I can make much more dollars,
• 27:46
  right? But what happens is I'm not
• 27:48
  actually making the country richer, right?
• 27:49
  Right. I just make your dollar less
• 27:52
  valuable, right. And so wealth is generated
• 27:54
  through, I have something that you need or want and I trade it
• 27:58
  at a profit at a premium, right. Right.
• 28:00
  And so I, I, I accumulate for me and my family and whatever more
• 28:04
  things that are valuable. And if I just make dollars, if
• 28:08
  there was only One Cup of coffee in the United States economy and
• 28:12
  there was a trillion dollars in the coffee cup will be worth a
• 28:15
  trillion dollars. Yeah.
• 28:16
  And that's kind of what the people who are printing money to
• 28:18
  solve the problem, I don't think.
• 28:20
  Realize and I think also and you are a fascinating person to talk
• 28:23
  to you by the way and I don't say that to everybody as as as
• 28:30
  as technology improves and the market creates efficiencies,
• 28:36
  right, that people should actually be able to get more
• 28:41
  value for the value of their dollar, not the inverse which
• 28:45
  has happened, right. I mean I mean I'll tell you I
• 28:48
  was, I was when I was in college, quick story I was
• 28:51
  during the summers there's a can factory here in Saint Louis
• 28:55
  Continental can company. I was a steel worker and steel
• 28:58
  Workers Union and covered guys on vacation.
• 29:00
  That plant had been open since pre World War 2.
• 29:05
  The guys that work there who were wonderful people said that
• 29:09
  in the 1940s there were 2000 people working in that plant,
• 29:13
  OK, it was massive. And they only produced, and this
• 29:17
  was in the late 80s, they only produced like 20% of the cans
• 29:22
  that we were making in the 80s 'cause we had this new robotic
• 29:24
  welding stuff. And yeah, that that that is
• 29:27
  efficiencies improved, the value of the dollar really should go.
• 29:33
  Yeah. Yeah, we should, we should
• 29:34
  optimize the price point. Yeah.
• 29:35
  So theoretically is all those hot dog vendors, you know and
• 29:37
  the and the manufacturers of the car or whatever, yeah, are
• 29:39
  maximizing exactly what they need.
• 29:41
  And with their sub vendors, they're maximizing the perfect
• 29:44
  price point and theoretically that should optimize the price
• 29:47
  point. That's not happening at all.
• 29:49
  No, there's there's less stability.
• 29:50
  There's more volatility now. Yeah, and there's more
• 29:53
  concentration of wealth right in this country than any other
• 29:57
  time. And of course that's not covered
• 29:59
  on on CNN or or any of the major any of the major news networks.
• 30:04
  So people are finding themselves now.
• 30:08
  It's ironic, right? And one of the other state reps
• 30:11
  brought this up like in the 70s, an average American family with
• 30:16
  one income earner could live a pretty good life.
• 30:19
  Now an average American family needs two full time income
• 30:24
  earners and a couple side hustles.
• 30:27
  Yeah, to get. By first Mining Gold is a
• 30:29
  development company advancing two of the largest gold projects
• 30:32
  in Canada, Spring Pole in Ontario and Duparque, located in
• 30:37
  Quebec. Each already has 5 million
• 30:40
  ounces of gold reserves, but exploration initiatives are
• 30:45
  underway at both projects to find even more gold.
• 30:49
  First, mining is well financed, has zero debt and owns an
• 30:53
  interest in four additional Canadian Gold development
• 30:57
  projects. And we've taken middle income
• 30:59
  people in the country and we've just squeezed, right?
• 31:01
  Yeah, because that and the inflation is the worst squeeze
• 31:04
  from people. Because this, your paycheck is
• 31:07
  worth less. Yeah.
• 31:08
  And your your savings and your investments are worth less,
• 31:11
  right? You you'll get, you'll make it a
• 31:13
  better return on your CD on interest, which is some positive
• 31:15
  but doesn't actually make up for how much you were squeezed.
• 31:18
  No, no. And So what we want is we want
• 31:19
  people to have an opportunity, incentive to save, to accumulate
• 31:23
  wealth for their family, right? That's what I want to make
• 31:26
  easier. And the monetary system we have
• 31:28
  now and that we're hurdling toward the United States is just
• 31:31
  making it more and more difficult for those people.
• 31:33
  You know, a mutual friend of ours, Pat Holland from the
• 31:36
  Missouri Freedom Initiative, who's also a big supporter of
• 31:39
  all this legislation. He taught me a term.
• 31:42
  Taught me a term. Well, nonetheless, nominal
• 31:45
  confusion, which is what you just described, right.
• 31:48
  If I went and grabbed $100 bill, I'm 53 years old still to this
• 31:53
  thing. I'm like, oh, there's $100 bill,
• 31:55
  you know I want it. But that $100 bill is way
• 31:58
  different now than it was in 1980.
• 32:01
  There's no doubt about it. Yeah.
• 32:03
  That's right. What was, you know, you graduate
• 32:05
  college and you make $25,000 a year and you're doing great.
• 32:08
  Yeah. Because now you're in abject
• 32:09
  poverty. You know what I mean?
• 32:10
  It's relative what you can buy and what you can save.
• 32:12
  And those people are hurting. What was $100,000 and you're at
• 32:16
  the top of the middle class is now you're able to, you know,
• 32:19
  feed your family basically off of it.
• 32:20
  Right. And and so people should
• 32:22
  intuitively feel that that, you know, it's like you're Sisyphia
• 32:25
  and rolling the boulder up Sisyphus, you know, rolling the
• 32:28
  boulder up the hill. This is being fast.
• 32:30
  You're working is we're working harder than ever.
• 32:32
  Yeah, You know, and it seems like we're just not letting
• 32:35
  people advance, right? And we went to the opposite
• 32:38
  incentive structure. Yeah, yeah.
• 32:39
  And I think that was the case in the earlier days of this
• 32:43
  country, yeah. Yeah.
• 32:44
  You work hard, you save, you do well, right?
• 32:47
  You're going to pass on good things for your children and
• 32:50
  you're going to have a good life, right?
• 32:50
  You're going to benefit from it, so.
• 32:52
  Yeah, I can't help but show this chart.
• 32:54
  This is the the DXY, the dollar index, right?
• 32:56
  Since show the viewers real quick since 1985.
• 33:01
  That's the dollar index which compares the dollars to a basket
• 33:04
  of other currencies, the euro, the yen.
• 33:08
  And if we look since 1985, the dollar really isn't down that
• 33:14
  much in value, right. But I I tell people, yeah, it's
• 33:18
  not it. That's relative value.
• 33:20
  You hear all this. Oh, the dollar's strong.
• 33:23
  The dollar's, you know, the strongest.
• 33:25
  It's great. Yeah.
• 33:26
  OK, well, then explain to me, if we took that $100 bill or we use
• 33:31
  the example of your constituent who gets stronger as he gets
• 33:35
  older because he can now carry $300 worth of groceries, that
• 33:40
  that, that the $100 today buys probably half of the groceries,
• 33:46
  if even that, of 1985. Yeah, but the dollar's strong.
• 33:50
  So, yeah, So you have a relative value of the dollar chart, Yeah.
• 33:54
  And so it's relative to other currencies, other currencies
• 33:57
  that are also experiencing some measure of entropy because of
• 34:00
  the truth. You have a, you have a through
• 34:02
  here around 2008, right? And the 2008 financial collapse.
• 34:05
  Other currencies did maybe a type of quantitative easing or a
• 34:09
  type of injecting. So their currencies debased a
• 34:11
  little bit too, right? And there's no relative scale
• 34:13
  there also. But your chart ends at 2020,
• 34:16
  right right before the massive spending.
• 34:18
  This chart doesn't encapsulate the the most significant period
• 34:21
  of inflation since the late 1970s early 80s we found the
• 34:24
  United States, and so I'd be interested to see like, what
• 34:26
  that looks like. For 2020, well, next time I see
• 34:29
  I'll update. My chart.
• 34:32
  Yeah. It's just you know, I I don't I
• 34:34
  don't know which analogy you like to use.
• 34:36
  You hear people say the dollar is the the best horse in the
• 34:40
  glue factory. I like to say like if you and I
• 34:43
  went to left here today and went and found the most suspect used
• 34:48
  car lot in Saint Louis and we found the four worst cars on
• 34:53
  that lot, right. That one would be the dollar,
• 34:55
  one would be the yen, one would be the euro.
• 34:57
  It's like comparing or you hear people talk about it's like 4
• 35:02
  guys jump off the Empire State Building and the dollars falling
• 35:06
  the slowest and says well everything's great so.
• 35:08
  Yeah, no, that's right. And again, one of our
• 35:10
  distinctions is. So it may be the best horse, but
• 35:13
  why not have another horse that doesn't have the flaws that are
• 35:15
  being created in it? Yeah, and I think I misspoke
• 35:17
  earlier. I was talking about Bitcoin can
• 35:19
  be produced indefinitely. The blockchain There's a finite
• 35:22
  component to Bitcoin for. Sure, yeah.
• 35:24
  But there are disadvantages to Bitcoin that gold doesn't have,
• 35:27
  right? And there's also a reason why
• 35:28
  gold has these applications that Bitcoin doesn't, right?
• 35:31
  Yeah, so I think it's. And again, like there's a
• 35:33
  blockchain, there's a password, there's it's much different than
• 35:36
  what I want to do, which is, you know, you have something
• 35:41
  tangible. Right, right.
• 35:43
  Something that I can put in my hand that I don't have to go,
• 35:45
  you know, log in, right, to make transact business on.
• 35:48
  Or have to rely on electricity? Or I mean, you know, the worst
• 35:51
  case scenario. Right, exactly.
• 35:52
  That's right. Yeah, that's right.
• 35:53
  In some ways it's notional. I mean, the blockchain is an
• 35:55
  authentication system, but there's notionality to it,
• 35:58
  right? There's there's.
• 35:59
  We've imagined this and it's construction isn't quite real as
• 36:03
  opposed to something where like you said, there's a banking
• 36:04
  issue, there's an Internet issue, you know that there's a
• 36:07
  cyber attack yesterday in the United States, right, That risks
• 36:10
  some of our ability to have, you know, online presence, you know,
• 36:13
  our coordination, communication, let's say something like that
• 36:15
  happens. Wouldn't it be better if we had
• 36:17
  something that we can still go down to the grocery store, go to
• 36:19
  the gas station and we're used as a as a commonality for our
• 36:23
  transaction? And I know that some of the
• 36:25
  legislation all the states are have their own nuances are
• 36:30
  providing for state depositories.
• 36:33
  They're even now talking about the the prospect in some of the
• 36:36
  states of asset backed digital currencies, not crypto
• 36:39
  currencies, but that the states would manage through their
• 36:44
  depository kind of an electronic version of silver and gold that
• 36:48
  would be 100% backed and transparent and for lack.
• 36:54
  I don't know if the right word is redeemable, meaning that if I
• 36:56
  owned one of these units of of digital currency that I could
• 37:00
  show up at at a certain time and get and get it redeemed.
• 37:03
  Yeah, digital currency may be the wrong word.
• 37:05
  Digital or electronic transfer may be a middle word.
• 37:09
  So you have that now. But even you know the, the
• 37:12
  money, the deposits they have in the bank, the bank doesn't have
• 37:14
  that much money in deposit for what they flinted out, right.
• 37:17
  You know, and so there's there's wire transfer of gold, boy.
• 37:20
  And that exists now like you said my and there's also, you
• 37:23
  know, you could buy gold through a contract, right, through a
• 37:25
  commodities contract, You, you know, you can buy a put or
• 37:28
  whatever, right. But but then if I if that is
• 37:30
  executed, I had X amount of gold, right.
• 37:33
  That's different than a digital currency when there's nothing
• 37:36
  that's, you know, the the wire transfer of gold electronic
• 37:39
  transfer is like here's a note, you know, here's a title to a
• 37:43
  car. There's something that exists I
• 37:45
  associate with it as opposed to here's a title and there's no
• 37:48
  car, right. Right.
• 37:49
  And then then, so then what digital currency turns into is a
• 37:51
  bunch of Ious, which my concern is it just turns into Monopoly
• 37:55
  money in a way to control people.
• 37:57
  Right, right. I mean, I think as long as it's
• 38:00
  backed and regulated and audited, right, people have a
• 38:04
  certain degree of of comfort with it.
• 38:07
  Yeah, but that's the big key, so.
• 38:10
  Yeah. But you can in theory get a like
• 38:11
  you people buy in the commodities market, they buy
• 38:13
  contracts for gold all the time now, but there is a thing that
• 38:16
  they're purchasing, right, that exists associated with that
• 38:19
  investment. Right.
• 38:20
  So this has been a fascinating conversation.
• 38:24
  What about the nuts and bolts of the legislation?
• 38:27
  Has it been filed? Where can you give us an?
• 38:30
  I don't have, I don't have a bill number yet.
• 38:31
  OK. In the next week, I should have
• 38:33
  a bill number. OK.
• 38:34
  Hopefully put that out there. You know, I hope that your
• 38:36
  viewers check it out. Yeah.
• 38:38
  I hope that they get engaged in the process.
• 38:41
  They give us feedback on it. You know, they help.
• 38:42
  They help us move it forward. They let their representatives
• 38:46
  and they're the people who are serving them in Jefferson City
• 38:48
  know what they think about it. Yeah.
• 38:50
  And that we advance something I think will do a whole lot of
• 38:52
  good for the state. You know, for all those reasons.
• 38:54
  There's 360° of reasons why I think it would be beneficial for
• 38:58
  Missouri if we adopt this also. Yeah.
• 39:00
  And and it's a number of what I call the innovative states that
• 39:03
  are that are working on this Texas, Florida.
• 39:08
  I didn't realize that Florida's the 15th largest.
• 39:11
  If it was a stand alone country, it would be the 15th largest
• 39:14
  economy in the world in in in what I view as the states that
• 39:20
  are doing well on many different levels.
• 39:25
  But I would include Texas, I would include Florida in that
• 39:29
  group and and I'd like to include Missouri as well.
• 39:33
  And we have New Hampshire, New Hampshire, not New Hampshire,
• 39:36
  New. Hampshire.
• 39:38
  Yeah. No.
• 39:39
  Like, if so if your if your ship is taking on water and it's
• 39:41
  sinking, you can't just keep doing what you're doing, right?
• 39:44
  You got to innovate and you got to think about what.
• 39:47
  So it's incumbent on us. We're thinking about the future
• 39:49
  to go what is happening to our economy, what's happening to the
• 39:52
  people? And then what can we do to say,
• 39:54
  OK, I see the problems, I see the, you know, I see the the
• 39:57
  problems at present. And I I can, I'm trying to pick
• 40:00
  the problems coming down the horizon.
• 40:01
  What can I do about it? Yeah, well, here's something we
• 40:03
  can do about. It yeah.
• 40:04
  And that and that sums up what I know is how my viewers feel in
• 40:09
  general about silver and gold right.
• 40:11
  Like, we're worried we something's not right and we've
• 40:15
  dug in. And when we dug in, what we
• 40:18
  discovered was silver and gold are a pretty good solution.
• 40:21
  Yeah, there's a reason why it's transcended all those nations
• 40:25
  that have gone. I like to just joke around, say
• 40:28
  it has seen every form of the economy, economic system,
• 40:34
  political system, right, every war piece, whatever you can
• 40:38
  throw at it. It's somehow is just maintained
• 40:41
  the steady you know pretty much steady value.
• 40:43
  Yeah, it kind of been useful. Yeah, yeah, yeah.
• 40:45
  If people want to learn more about you, Bill Hardwick,
• 40:49
  Missouri State Representative, how do they do that?
• 40:51
  Look me up at Bill Hardwick. I'm on Facebook.
• 40:53
  I'm on Twitter. We've got an official House
• 40:55
  website page. Read the bio there.
• 40:57
  Track the legislation on the House website and it's please
• 40:59
  get involved. You know, e-mail my office, call
• 41:01
  my office, call the other Representatives and Senators
• 41:04
  offices, let him know what you think and be part of this
• 41:07
  process of this legislation going through the system.
• 41:09
  Yeah, Yep. And I know that.
• 41:11
  Can I mention Pat Holland? Pat Holland with the Missouri
• 41:15
  Freedom Initiative? Many of you are familiar with
• 41:18
  Pat and what he does. That's MO free.org.
• 41:22
  I'll put links to your your page and other things in the
• 41:26
  description of this video. Did I forget to ask you about
• 41:29
  anything? No, Ron, I think we've covered a
• 41:30
  lot. We've done it all.
• 41:31
  It's been great having you in the basement.
• 41:33
  OK. Thanks guys.
• 41:35
  And on behalf of all the viewers, thank you, Bill.
• 41:37
  Great, great conversation and I think we provided a lot of value
• 41:41
  to the to the basement dwellers. You know, I appreciate the
• 41:43
  opportunity. So thanks.