Scott Horton Interviews Charles Goyette

Scott Horton, October 29, 2009

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Charles Goyette, our long-lost former co-contributor to Antiwar Radio and author of The Dollar Meltdown: Surviving the Impending Currency Crisis with Gold, Oil, and Other Unconventional Investments, discusses the enormous costs of maintaining a world empire – especially these last few wars, how the general public is mesmerized by CNBC and ignorant of economics, why keeping government out of the money creation business is essential to maintain liberty, the U.S. dollar’s weakening role as reserve currency despite decades of post-Bretton Woods hegemony, China’s attempt to limit exposure to U.S. government debt while stockpiling commodities and the danger that the endgame of the current U.S. monetary system could be a command economy.

MP3 here. (79:12)

Charles Goyette is an award winning morning drive-time radio host from Phoenix, AZ. He is a libertarian commentator, who is noted for his outspoken anti-war views, his opposition to the war in Iraq, and his economic commentary. He is the author of the book The Dollar Meltdown: Surviving the Impending Currency Crisis with Gold, Oil, and Other Unconventional Investments.

64 Responses to “Charles Goyette”

  1. Welcome back Charles! Awesome interview, too.

    No trust in pieces of paper with printed mugshots on it? One can always use sheep, bottled water ("literjons", anyone? The bottled water that Michael Moore is railing against might get a new significance!) and cigarettes:

    http://mises.org/story/3724 : "Money in War-Ravaged Iraq"

  2. WOW is all i can say about this broadcast !! OUTSTANDING,, and i posted it on my facebook page for others to enjoy and learn from. outstanding

  3. Interesting that Woodrow Wilson got his mug on a $100,000 bill… He was the one that signed the Federal Reserve act into law. He later regretted it but it was too late by then. Dollar is now worth about 5 cents as compared to when the "Fed" took control. If the USG was honest they would have gotten rid of them long ago but the whole thing is a scam and the American people need to wake up and shift whatever wealth they have out of the dollar.

  4. Man, Itʻs good to hear Charlesʻ voice again. Excellent interview Scott, I really appreciate the way you frame the questions! And Mr. Goyette responds with such genuine lucidity. You guys are a great team.

  5. An excellent Antiwar Radio interview. Could it get as bad as Mr. Goyette says it could? I pray it doesn't, but yes, it could get that bad. We all should prepare for the worst case scenario; our very lives could depend on it. Spend some of your fiat dollars on survival food, tools and gear while they still have some buying power.

  6. I believe he knows what he is talking about. I am not an academic or an intellectual, but I had some college economics and have read widely on the subject for several years. When I watch cable news discussions, roundtables and the like, I get the impression that they never go beyond the surface of things. This interview shows this to be a correct impression.

  7. This country is in for a world of hurt, and most people don't have a clue about what is about to hit us. Get prepared. If you have some savings, buy some gold and silver. If you don't have some canned or dried food, get some. If you don't have a firearm and some ammunition, it's time to think about it. Calling 911 during a crime wave is not a very good self-protection strategy.

  8. I'm really glad y'all enjoyed the interview. Please get the book. It is freaking awesome.

    –Scott

  9. Learn to raise your own potatoes, onions, cabbages. Make friends with your neighbors.

  10. Social comments and analytics for this post…

    This post was mentioned on Twitter by evmazu: Charles Goyette’s book “The Dollar Meltdown” (endorsed by Ron Paul) – mp3 interview with the author http://bit.ly/1AwHfw

  11. Join my Umar Islamic Empire and u will get D450 BaseQr'an family salary forever

  12. One Chicago History Professor claimed on antiwar. com that what would happen after an Israeli/American attack on Iran will be worse than the Great Depression. Maybe it´s a good idea to prepare a bit for the closure of the Strait of Hormuz. 16 US Intelligence Agencies said again on September 16 that Iran isn´t developing nuclear weapons. The UN inspectors in Iran can´t find any evidence that Iran is developing nuclear weapons. Nevertheless, Peace Prize Winner Obama has repeatedly stated that Iran is developing nuclear weapons. So, is President Obama nuts – or what´s going on ? HE KNOWS BETTER THAN HIS OWN INTELLIGENCE AGENCIES ???

  13. [...] via Charles Goyette « Antiwar Radio with Scott Horton and Charles Goyette. [...]

  14. "Me. Me. Me. Me. Me. Me. Me. Me. Me. Me…"

    Once again– the argument as stated by Charles–and, to a lesser degree, Scott–is that all of the ills which have befallen us are owing solely to a cohort of venal, self-serving, money-obsessed Ivy-League inebriates, i.e., drunk on Power. What is being proffered here–by way of "remedy"–however, is more of the 233-year old Ponzi scheme that is the US: sound investment. That is, the Ponzi scheme that is America would not function were it not for an infinitely LARGER cohort of self-serving, venal, "investor-participants"–i.e., We, the Sheeple–hoping against hope to be the next "big winner!" in the casino-capitalism carrot-on-a-stick known as "the American Dream."

  15. That "remedy" is merely putting more fuel on the G-Sax fire.

    Charles and Scott–the System, is utterly and ineffably CORRUPT, i.e., it cannot be "rehabilitated." Wake up, dears.

    <a href="http://empireglassdarkly.wordpress.com/2009/09/09/madoff-is-a-master-thief-we-are-petty-thieves/
    " target="_blank">Madoff is a master thief, we are petty thieves

    Empire: through a glass, darkly

  16. II.

    That is, the Ponzi scheme that is Empire would not function were it not for an infinitely LARGER cohort of self-serving, venal, "investor-participants"–i.e., We, the Sheeple–hoping against hope to be the next "big winner!" in the casino-capitalism carrot-on-a-stick known as "the American Dream."

    There is no "nation" because there is no "community." There is only, "where's MY piece of the action." A "nation/community" implies a more stable–less volatile–social, political, and economic environment. That is why a relatively few DC/WallStreet satraps can quite readily–and opportunistically–manipulate what is essentially a now careening financial grab bag posing as a nation.

  17. II.

    That is, the Ponzi scheme that is Empire would not function were it not for an infinitely LARGER cohort of self-serving, venal, "investor-participants"–i.e., We, the Sheeple–hoping against hope to be the next "big winner!" in the casino-capitalism carrot-on-a-stick known as "the American Dream."

  18. There is no "nation" because there is no "community." There is only, "where's MY piece of the action." A "nation/community" implies a more stable–less volatile–social, political, and economic environment. That is why a relatively few DC/WallStreet satraps can quite readily–and opportunistically–manipulate what is essentially a now careening financial grab bag posing as a nation.

  19. That is, the Ponzi scheme that is Empire would not function were it not for an infinitely LARGER cohort of self-serving, venal, "investor-participants"–i.e., We, the Sheeple–hoping against hope to be the next "big winner!" in the casino-capitalism carrot-on-a-stick known as "the American Dream."

    There is no "nation" because there is no "community." There is only, "where's MY piece of the action." A "nation/community" implies a more stable–less volatile–social, political, and economic environment. That is why a relatively few DC/WallStreet satraps can quite readily–and opportunistically–manipulate what is essentially a now careening financial grab bag posing as a nation.

  20. That is, the Ponzi scheme that is Empire would not function were it not for an infinitely LARGER cohort of self-serving, venal, "investor-participants" hoping against hope to be the next "big winner!" in the casino-capitalism carrot-on-a-stick known as "the American Dream."

  21. III.

    Charles and Scott: the System, is utterly and ineffably CORRUPT, i.e., it cannot be "rehabilitated"–nor can we be "rescued"–not by "sound" investment, nor by "sound"-er investment. We do not need any more casino "investors"–we need participants in a participatory democracy.

    Madoff is a master thief, we are petty thieves

    Empire: through a glass, darkly

  22. Hi, and warm Hello!

  23. Never heard of the Xtn doctrines of original sin? total depravity? All systems, always and everywhere, are totally corrupt. Morals never get better; never get worse. You can pull up weeds, but you cannot eliminate weeds forever, nor will you ever find a field without weeds.

  24. The problem with the austrian-libertarian argument about money is they have a very simplistic idea of how money is created. The Fed board (a quasi-independent group of establishment technocrats) control the monetary base and (along with the congress) the reserve ratios of the commercial banks (this is less important now that banks can "sweep" checkable deposits and hold vault cash as reserves). But in our system most of the money is created out of bank credit; in other words banks create deposits and these liabilities are treated as money by the account holders. When a bank makes a loan they debit their reserve acct at the fed and credit their asset ledger with the loan. The borrowers bank account(presumably at another bank) is then increased by the amount of the loan as well as that banks reserve account at the fed. This then goes on and on until the multiplier is exhausted. The point is that the "base money" goes out of one banks fed reserve account and into another while bank deposits grow. Most of the money in our system is either bank money or credit instruments serving as effective money substitutes and not high-powered, reserve bank money. The Fed system is set up to give a government guaranty to a private system of money creation that benefits the commercial banks, government itself, and those who underwrite and speculate in government debt (I banks, hedge funds etc). The whole system is designed to increase debt exponentially so as to pay off the growing expense of debt service; this is why interest rates have continually dropped since 1981-82. We're at the point now where debt is trying to contract but the establishment is trying to fight it my pumping up the monetary base and getting more and more desperate to expand credit. If left to itself the system would revaule the USD higher as credit deflates but the gov/financial establishment is desperate to expand credit anyway possible: hence wars, bailouts, public works, negative real rates etc etc.

    The government doesn't have a monopoly over money creation; it and the banking system have a duopoly over it.

  25. About 20 years ago I heard the paper companies were short sheeting on the toilet paper rolls, so I built a shed out back and stocked it with 50,000 rolls of toilet paper . It was the best investment I ever made. Adjusted for inflation, I'm still wiping my ass for pennies on the dollar.

  26. [...] to Scott Horton’s interview with the author of Dollar Meltdown, and get a copy of this book for educational and survival [...]

  27. [...] [...]

  28. I think that your description of how the money supply is created, regulated and expanded is pretty much correct. But you're wrong about the Austrian economists, they understand it perfectly. In fact, whether you know it or not, you sound just like one! Check out lewrockwell.com if you don't already know about it. Read all of Murray Rothbard's articles on the FED. They are an economics education in themselves.

  29. "Me. Me. Me. Me. Me. Me. Me. Me. Me. Me…"

    Once again– the argument as stated by Charles–and, to a lesser degree, Scott–is that the ills which have befallen us are owing to a cohort of venal, self-serving, money-obsessed Ivy-League inebriates, i.e., drunk on Power. What is being proffered here–by way of "remedy"–however, is more of the 233-year old Ponzi scheme that is Empire: the lure–the seduction– of "sound investment."
    That "remedy" is merely putting more fuel on the G-Sax fire.

    That is, the Ponzi scheme that is Empire would not function were it not for an infinitely LARGER cohort of self-serving, venal, "investor-participants"–We, the Sheeple–hoping against hope to be the next "big winner!" in the casino-capitalism carrot-on-a-stick known as "the American Dream."

  30. II.
    That is, the Ponzi scheme that is Empire would not function were it not for an infinitely LARGER cohort of self-serving, venal, "investor-participants"–We, the Sheeple–hoping against hope to be the next "big winner!" in the casino-capitalism carrot-on-a-stick known as "the American Dream."

    There is no "nation" because there is no "community." There is only, "where's MY piece of the action." A "nation/community" implies a more stable–less volatile–social, political, and economic environment. That is why a relatively few DC/WallStreet satraps can quite readily–and opportunistically–manipulate what is essentially a now careening financial grab bag posing as a nation.

  31. That is, the Ponzi scheme that is Empire would not function were it not for an infinitely LARGER cohort of self-serving, venal, "investor-participants"–We, the Sheeple–hoping against hope to be the next "big winner!" in the casino-capitalism carrot-on-a-stick known as "the American Dream."

    There is no "nation" because there is no "community." There is only, "where's MY piece of the action." A "nation/community" implies a more stable–less volatile–social, political, and economic environment. That is why a relatively few DC/WallStreet satraps can quite readily–and opportunistically–manipulate what is essentially a now careening financial grab bag posing as a nation.

  32. Agreed.

    Mr. O., sorry if the process of money creation came across oversimplified in this interview, but in fact your description of the bank/fed relationship and mechanism of money creation is, as Mr. Clemens says above, identical to that of Mises, Hayek, Rothbard, Hoppe, Thornton, Woods, Goyette etc.

    –Scott

  33. That is, the Ponzi scheme that is Empire would not function were it not for an infinitely LARGER cohort of self-serving, venal, "investor-participants"–We, the Sheeple–hoping against hope to be the next "big winner!" in the casino-capitalism carrot-on-a-stick known as "the American Dream."

    There is no "nation" because there is no "community." There is only, "where's MY piece of the action." A "nation/community" implies a more stable–less volatile–social, political, and economic environment. That is why a relatively few DC/WallStreet satraps can quite readily–and opportunistically–manipulate what is essentially a now careening financial grab bag posing as a nation.

  34. saveRdollar.org

  35. Will it get as bad as Charles says? Go back about four years and try to remember how things were then. I was a regular listener to Charles here in Phoenix at that time, happy as a clam, my house was going up in price almost daily. But then Charles started to have a new guest (Jim Rogers) on weekly. Jim had a reoccurring message – House prices are in a bubble – time to get out. I did, and my old house is valued at about half of its 2005/6 price. Charles and Jim both said gold was a good store of wealth so with some of the proceeds from the house sale I bought some (it was 650.00 an ounce at that time). Those two moves saved me about half of my net worth. Will it get as bad as Charles says? I would not argue with anyone with a track record like that.

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