End of the Road:
How Money Became Worthless
TRANSMISSION SCRIPT
29 April 2012
© 100th Monkey Films 2012
All Rights Reserved.
2
Time-codes & Captions Dialogue
10:00:00:00 Logo:
100th Monkey Films
10:00:03:00
10:00:10:00 Graphic:
August 15, 1971
President Richard M Nixon (archive)
The strength of a nation's currency, is based on the strength of
that nation's economy, and the American economy is by far the
strongest in the world. Accordingly, I have directed the Secretary
of the Treasury to take the action necessary, to defend the dollar
against the speculators. I have directed Secretary Connally to
suspend temporarily the convertibility of the dollar in to gold, or
other reserve assets, except in amounts and conditions
determined to be in the interest of monetary stability and in the
best interests of the United States.
10:00:43:00 Graphic:
100th Monkey Films and
Ozpix Entertainment
Present
10:00:48:00 James Turk
August 15th, 1971 will stand as an important event in economic
history for many, many generations. In fact, you know, hundreds
of years from now people will look back to that day.
10:01:02:00
Opening Credits:
A Tim Delmastro/Craig A.
Kocinski Production
Directors of Photography
Peter Emery
Josh Gibson
Brent Ramsey
Editor
Ed Nyborg
Sound Design
Chris Boyd
End of the Road: How Money Became Worthless – Transmission Script
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Animation & Graphics
Taylor Hobbs
Produced By
Tim Delmastro
Craig A. Kocinski
Written By
Jason Spencer
Tim Delmastro
Executive Producer
Ingmar O. Lak
Directed By
Tim Delmastro
Title: End of the Road:
How Money Became
Worthless
10:01:37:00
10:01:53:00 Text in vision:
MetLife
10:02:19:00 Text in vision:
New York Stock Exchange
10:02:33:00 Text in vision:
Banesto
10:02:40:00 Text in vision:
The People United
One Nation
Stop Corporate Greed
Jobs with Justice
10:02:44:00 Text in vision:
Close the loop holes
America=Plutocracy
Trabajos Con Justicia
NARRATOR
The sun rises today, as it has a million times before. Commuters
wake up and travel to their offices to begin the day's work.
Farmers tend to their crops. Construction workers build new
infrastructure. Today is a day like any other… or is it? In 2008,
the world experienced one of the greatest financial turmoils in
history. Markets around the world started crashing, and major
financial institutions once thought to be invincible started showing
signs of collapse. Governments responded quickly, issuing
massive bailouts and stimulus packages in an effort to keep the
world economy afloat. And it worked. The global economy
recovered much quicker than most predicted, and soon, it was
back to business as usual. And yet, something still isn't quite
right. A growing sense of unease fills the population. In the
world of finance, indeed, in all facets of modern life, cracks have
started to appear.
End of the Road: How Money Became Worthless – Transmission Script
4
10:02:45:00
10:02:50:00 Lower Third:
Jim Puplava
Chief Financial Strategist
Puplava Financial
Services, Inc.
10:02:57:00 Text in vision:
Corporate Power
Jim Puplava
There's angst out there, and I think if you talk to people on the
street today, they would tell you “I don't know what's causing all
this, but this just doesn't feel normal to me. You know, the
government's running a trillion dollars worth of deficit, why isn't
the economy improving? The government's going to spend
almost 3.7 trillion dollars, why don't I have a job, why, why is the
unemployment rate at nine percent” and I even think that
number's understated.
10:03:15:00 NARRATOR
A lot of people are feeling unsure about the world today,
concerned that something terrible is waiting in the wings. We're
told that the global financial crisis of a few years ago has been
fixed. But what if the crisis isn't the cause of the angst so many
of us feel, but rather the symptom of a much deeper problem.
10:03:35:00 Text in vision:
United Nations Hold
Monetary Conference
10:03:40:00 Archive Footage
At Bretton Woods, New Hampshire, delegates from forty four
allied and associate countries arrive for the opening of The
United Nations monetary and financial conference.
10:03:50:00 NARRATOR
Our story begins in 1944. With World War 2 coming to an end,
the allied nations met at Bretton Woods, New Hampshire to
create a new financial system which would stabilize the world
once the war ended. With America poised to enter a golden age
of prosperity, the US dollar was chosen as the world's reserve
currency.
End of the Road: How Money Became Worthless – Transmission Script
5
10:04:012:00
10:04:19:00 Lower Third:
James Turk
Director, GoldMoney
Foundation
GoldMoney.com
James Turk
The Bretton Woods System was created after the second world
war in New Hampshire, and rather than using gold as the means
of exchange between countries as was the case under the old
gold standard, the dollar was going to be used. Um, the dollar
was chosen because back then, it was as good as gold.
10:04:32:00
Animated Graphic:
10:04:32:00 The Bretton
Woods System
10:04:41:00 $35
10:04:45:00 trade their
currencies
10:04:55:00 backed by
gold
NARRATOR
Under this new system, countries agreed to fix their currencies to
the US dollar, and the US dollar would be tied to gold at a price
of $35 per ounce. This meant that countries around the world
could trade their currencies for US dollars, which they could then
exchange for gold. This created a system where all currencies
were essentially backed by gold. To avoid the logistics of
shipping gold across the world, when countries did exchange
their currencies for gold, it was usually stored safely in the US.
10:05:08:00 Jim Puplava
Under the Bretton Woods System, you could convert your
currency or your dollars for gold. Now it only applied to foreign
countries and central banks. And we began to run budget
deficits. We were running the great society program under
Lyndon Johnson, and we were fighting a war in Vietnam, and all
of a sudden we were running these deficits, and countries were
changing their dollars and they said they wanted gold, and it
began with the French and then it started to spread.
10:05:35:00
Animated Graphic:
10:05:52:00 more dollars
being printed than the
gold that backed it
10:06:00:00 suspension
NARRATOR
With all the new spending programs in the United States, other
countries became concerned that the US was spending more
money than it had gold reserves. They started exchanging their
dollars for gold, and demanded physical delivery, as they felt that
there were more dollars being printed than the gold that backed
it. To prevent this outflow of gold from American vaults, President
Nixon called for an emergency suspension of the gold
convertibility system.
End of the Road: How Money Became Worthless – Transmission Script
6
10:06:07:00 President Richard M Nixon (archive)
I have directed the Secretary of the Treasury to take the action
necessary, to defend the dollar against the speculators. I have
directed Secretary Connally to suspend temporarily the
convertibility of the dollar in to gold, or other reserve assets…
10:06:23:00
10:06:23:00 Text in vision:
National Debt
Your Family Share
The National Debt Clock
10:06:26:00 Text in vision:
Foreclosure
James Turk
All of the problems that we see in the monetary system are direct
result of the decision made in August 15, 1971, you know, to
abandon a fixed link back to gold. What gold did is it provided
discipline on governments, it provided discipline on government
spending.
10:06:40:00
10: 06:45:00
Animated Graphic:
surplus, deficit
Disclaimer:
from 1971... the US has
never run a surplus
*The Congressional
Budget Office reported a
small budget surplus
between 1998 and 2001
as a result of including
surpluses from the Social
Security Trust Fund.
Jim Puplava
Under the old system, if you ran a budget deficit, then what
would happen is gold would flow out of your country until there
was a balance again. Well, without any gold backing then
countries ran perpetual deficits so if you look at, for example this
country, from 1971 on the US has never run a surplus. Ever
since we went off the gold standard, it's just been perpetual
stimulus. Good times, bad times, always run a deficit.
10:07:07:00
10:07:08:00 Lower Third:
Peter Schiff
President, Euro Pacific
Capital
10:07:17:00 Text in vision:
US Army
Peter Schiff
What led Nixon to abandon the gold standard in 19, what, 71
although he claimed it was temporary. We've been waiting forty
years, we're still off of it. We ran up huge deficits in the 1960s.
We had the guns and butter economy where the government
was both simultaneously fighting a war in Vietnam abroad. In
addition we were funding manned missions to the moon and the
whole space program. We were creating more money than we
had gold reserves to back it up, and a lot of our foreign creditors
End of the Road: How Money Became Worthless – Transmission Script
7
saw this, and began to demand gold rather than their federal
reserve notes because they sensed that Washington simply
didn't have enough gold to make its commitment to back the
dollar.
10:07:53:00
Animated Graphic:
10:08:03:00 Fiat currency
NARRATOR
By removing the link between gold and the US dollar, President
Nixon created a system where all currencies were backed by
nothing. This is what is known as a fiat currency.
10:08:06:00 James Turk
Fiat currency is currency that's backed by nothing except
government promises. The word fiat is a latin word, and it
basically means currency that's circulating by force. If people
have confidence in that currency, and if there's enough
government force that will enable the currency to circulate for a
period of time until people lose confidence in the currency.
10:08:27:00
10:08:28:00 Lower Third:
Mike Maloney
Monetary Historian
CEO, GoldSilver.com
Mike Maloney
There is no nation on this planet that currently uses, uh, money.
We all use currency. There will come a day when everybody
knows the difference.
10:08:36:00
10:08:37:00 Lower Third:
G. Edward Griffin
Author, The Creature from
Jekyll Island
G. Edward Griffin
Money is a medium of exchange, and the way that it has evolved
is that it's always something of intrinsic value. Until the modern
age, when the politicians say 'well we don't need anything of
intrinsic value anymore, all we need is political decree. We can
say this is money, this piece of paper is money. Now money has
a new characteristic. But underneath it all, there's this same
concept in place, that nobody ever seems to challenge, and that
is that governments have a right to declare something of no
value to be money, and you must accept it. That's really the
problem, and it's still the problem today. It's destroying the
economies of the world.
End of the Road: How Money Became Worthless – Transmission Script
8
10:09:14:00 NARRATOR
With currencies no longer backed by anything real or tangible,
their value was measured only in relation to each other. And
because countries with relatively weak currencies could make
products cheaply, countries devalue their own currencies to
make them desirable trading partners.
10:09:32:00
10:09:33:00 Lower Third:
Alasdair Macleod
Economist & Former
Banker
10:09:38:00 Text in vision:
STX PanOcean
10:09:43:00 Text in vision:
China Shipping Line
MSC Los Angeles
Alasdair Macleod
Every paper currency, measures itself against the dollar. So if
the dollar goes down, the other central banks respond to that and
they try and intervene in the foreign exchange markets to ensure
that the impact doesn't hit their domestic economies.
10:09:50:00
Animated Graphic:
10:09:51:00 What is a
Ponzi Scheme
10:09:54:00 Fraudulent
Investment Scheme
10:09:55:00 Investment
10:09:57:00 High returns,
risk
10:10:01:00 Sounds too
good to be true
10:10:03:00 That's
because it is!
10:10:05:00 Legitimate
Investment Scheme
10:10:06:00 Investment
10:10:08:00 Risk Return
10:10:13:00 Income
10:10:16:00 Return
10:10:19:00 plus profit
10:10:20:00
traditional scheme,
investment,
NARRATION
What is a Ponzi scheme? A Ponzi scheme is a fraudulent
investment scheme that promises high returns for investors with
little or no risk. Sounds too good to be true, right? That's because
it is.
In a legitimate investment scheme, the money invested is used to
build wealth, typically through low-risk ventures like stock or real
estate portfolios. Over time, this generates enough income to pay
the investor back their initial investment, plus some profit.
A Ponzi Scheme, on the other hand, promises massive returns,
quickly. How does it accomplish this? Instead of using the money
invested to build wealth, a Ponzi Scheme simply brings in more
investors to pay off the previous investors. And because these
new investors have also been promised large returns, the
scheme must then find an even bigger group of investors to pay
them off, all the while the creators of the scheme are skimming
End of the Road: How Money Became Worthless – Transmission Script
9
Ponzi scheme
10:10:22:00
low risk ventures
high returns quickly
10:10:24:00
how does it accomplish
this?
10:10:27:00 investment
10:10:29:00 return
10:10:49:00 investment
10:10:50:00
larger and larger groups of
investors are needed, risk
return investment
10:10:59:00 return
10:11:16:00 out of pocket
out of luck…
cash from each group of investors. Because a Ponzi Scheme
doesn't generate any wealth itself, it must constantly bring in
larger and larger groups of investors to keep functioning.
Eventually, no more new investors can be found, or large
numbers of previous investors all cash out at the same time, and
the scheme collapses in on itself. By this time, the perpetrators of
the scheme have siphoned off tremendous amounts of money for
themselves, while the investors are left out of pocket and out of
luck.
10:11:22:00
Animated Graphic:
10:11:29:00 Federal
Reserve, Treasury
10:11:33:00 Loan
10:11:38:00 IOU
10:11:44:00 Government
Bonds
10:12:03:00 Wall Street
10:12:11:00 risk free
investment
10:12:13:00 IOU
10:12:21:00 IOU
10:12:27:00 IOU
NARRATION
Without a fixed link to gold, the US Treasury has been able to
borrow and spend as much money as it wanted.
When the US government needs money, it takes out a loan with
the Federal Reserve. The Federal Reserve prints the currency
required for the loan, and in return receives an IOU from the US
Treasury. These lOUs are called Government Bonds.
With the money provided from these loans, or bonds, the US
government pays its bills and obligations.
Meanwhile the US Treasury and The Federal Reserve work
closely together to sell these bonds at auction, where foreign
central banks, pension funds and even individuals buy these US
government loans. And why wouldn't they, loaning money to the
US government is virtually a risk free investment. But if the loans
are spent on bills and paying off previous loans, where does the
End of the Road: How Money Became Worthless – Transmission Script
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government get the money to pay back the current loan and the
interest that is charged on it?
10:12:32:00
10:12:42:00 Text in vision:
Federal Reserve
G. Edward Griffin
The Federal Reserve System is definitely a Ponzi Scheme.
There's no question about it. They go through the appearance of
lending money to the governments. And the governments agree
to pay back the money, plus interest, and the money comes into
being, they create it just for that purpose, they give it to the
governments, didn't exist before that you understand. Central
banks just make it out of nothing, and click a few keys on a
keyboard of a computer, and the Treasury of the United States
government now has another trillion dollars that it can spend,
that's where that money came from. And so that creates a
liability on the part of the federal government to pay it back, plus
interest, now think about that, plus interest. Well when it comes
time to pay it back plus the interest, they can't pay it back and
they certainly cant pay it back plus interest too, so what they do
is they borrow more to cover the original loan plus the interest,
and then by that time congress wants more money anyway, so
the debt just keeps going up and up and up and up.
10:13:31:00
Animated Graphic:
10:13:30:00 Federal
Reserve, Treasury
10:13:33:00 loan
10:13:35:00 IOU
10:13:37:00 + Interest
Animated Graphic:
10:13:50:00 Federal
Reserve
10:13:52:00 IOU
10:13:55:00 +Interest
Mike Maloney
Under the current monetary system, we borrow all of our
currency into existence and we promise to pay it back, plus
interest. If you borrow the very first dollar into existence and
that's the only dollar that exists on the planet, but you promise to
pay it back, plus another dollar's worth of interest, where do you
get the second dollar? The answer is you have to borrow that.
It's a Ponzi Scheme because you can never pay it off, it always
require that you we deeper into debt.
End of the Road: How Money Became Worthless – Transmission Script
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10:13:56:00
Animated Graphic:
10:14:01:00 Since 1971
10:14:04:00 US Trade
bought from Korea/Japan
Bought from Middle East
Bought from China
Products sold
10:14:4:00 IOU
10:14:46:00 Federal
Reserve, Treasury
10:14:50:00 Loan
10:14:52:00 IOU
10:15:13:00 IOU
10:15:19:00 IOU
10:15:23:00 IOU
NARRATION
Since 1971, the United States has been running trade deficits
with the rest of the world, meaning we've been buying a lot more
products from the rest of the world than they have been buying
from us. The Japanese and Koreans sell us cars and electronics,
the Middle East sell us oil, and the Chinese sell us seemingly
everything on our Walmart shelves. The US pays for these
products with US dollars, and everyone is happy.
But if countries were to convert these US dollar profits back into
their own currencies, their currencies would rise in value, making
their economies less desirable to trade with. Instead, countries
invest their dollar profits by buying US government bonds.
So countries around the world sell their goods to the US in
exchange for US dollars, which have been borrowed through the
Federal Reserve, creating IOUs. And countries then loan their
US dollar profits back to the US by buying more IOUs.
The money from these loans is spent on paying government
expenses as well as paying back previous IOUs. But in order to
do this, larger and larger loans must be made in order to pay
back the principle and the interest. By paying back old loans with
new and larger loans, it would appear as if the entire world has
been investing their hard earned money into a Ponzi Scheme of
epic proportions.
End of the Road: How Money Became Worthless – Transmission Script
12
10:15:31:00 G. Edward Griffin
In this business of creating money for federal governments and
national governments around the world, if they didn't keep
creating new money in larger and larger amounts, the whole
thing would crash because that's where the money comes from
to pay off the previous loans, it's the new loans. So that's why it's
a Ponzi Scheme, it's a classic Ponzi Scheme.
10:15:52:00 Peter Schiff
In order or the US economy to function, we have to borrow more
and more money from the rest of the world. And the more money
they loan us today, the more money they have to loan us in the
future, and if they ever stop loaning, the whole thing collapses
and we can't pay them back.
10:16:11:00
Text in vision:
10:15:12:00 Kraut
10:15:13:00 soup
Text in vision:
10:16:18:00 ham, snow
apples, cheese, food,
bread
Archive Footage
Every Friday night, Julia's job is to compare the grocery prices of
our neighbourhood stores for her Saturday morning shopping.
There are five big neighbourhood markets within a couple of
blocks of our house, and Julia spreads her shopping around,
going where the prices are lowest and the quality best.
10:16:31:00
10:16:35:00 Text in vision:
beef, chops
10:16:49:00 Text in vision:
United States of America
NARRATION
Remember when a chocolate bar cost a quarter? When you
could fill your car up for $5 and feed a family of six for $35 a
week? Whatever happened to those days? Without anything
tangible backing currencies, governments could borrow and print
as much currency as it wanted. This has gradually led to the
value of our currency being eroded.
10:16:52:00
10:17:07:00 Text in vision:
Total Sale
G. Edward Griffin
With the creation of all this money, that dilutes the value of all of
the dollars that were out there before it, so that the purchasing
power of the dollar gets crowded down, down, down, and we
used to be able to buy a gallon of gas for, you know, 31 cents,
now it's hitting around five dollars.
End of the Road: How Money Became Worthless – Transmission Script
13
10:17:13:00
10:17:14:00 Text in vision:
Reg, Mid, Prem
James Turk
The average guy on the street is affected by inflation because of
the loss of purchasing power, and as a consequence he standard
of living is declining if he can't keep pace with the inflation rate.
10:17:24:00 Peter Schiff
In many measure of the standard of living, Americans today are
actually worse off. You can take my grandparents. My
grandmother never worked, despite the fact that my grandfather
was a carpenter. And they had eight children. Could a
carpenter, somebody without even a high school diploma, just
working in a blue collar job support a wife and eight kids today,
not a, not a chance!
10:17:47:00 Text in vision:
The Family
10:17:50:00 NARRATOR
With inflation rising faster than incomes, people were forced into
more and more drastic measures to maintain their standard of
living.
10:18:01:00 Archive Footage
With each new day, the work of a family begins again…
10:18:06:00 Jim Puplava
When we went off gold backing of the dollar, what used to
happen prior to that is the husband went to work, the wife stayed
at home, raised the family. Because of inflation in the 70s, the
wife went to work. So now you had two incomes that were
necessary to produce and buy the same goods and services. In
the 90s, we stopped saving, the savings rate basically got down
to zero because people were spending, they couldn't save, in
order to buy the same goods and services. Then, we got to the
last decade, the wife was already working, the savings were
down to zero, they borrowed money. And so, we've gone from
two earners, getting rid of our savings rate, to borrowing money
to keep pace with inflation.
End of the Road: How Money Became Worthless – Transmission Script
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10:18:54:00
Text in vision:
10:18:54:00 Past Due
10:19:59:00 Final Notice
10:19:03:00 Final Notice
10:19:10:00 Text in vision:
No more taxes
10:19:16:00 Text in vision:
When does taxation
become theft?
NARRATOR
The average person is now forced to borrow well beyond their
means, getting themselves deeply into debt. At first this was to
maintain a nice standard of living, but slowly it has become
necessary just to survive. By printing so much currency and
devaluing it so heavily, it would seem that governments are
essentially levying a hidden tax on their people.
10:19:22:00
10:19:33:00 Lower Third:
Adam Fergusson
Author, When Money Dies
Adam Fergusson
Central banks try to say that two percent or three percent
inflation is a good thing and they make that a target. Well it's still
a tax. Why is two percent inflation, or three percent inflation
better for the country that no inflation? You'll be told of course
that it's better than deflation, and you'll be told that people like to
feel that their money or their jobs or their wages are going up by
two percent, at least it's something. Well in fact, that two percent
is robbery and what they get is going down by that amount.
10:19:57:00
10:19:58:00 Lower Third:
Eric Sprott
CEO, Sprott Asset
Management
Eric Sprott
We are experiencing inflation these days. I mean, yeah they say
that the CPI is up whatever it is, two or three percent. I mean
anybody who's alive knows that inflation is well beyond that,
probably running double digits.
10:20:09:00
10:20:21:00 Text in vision:
Race Trac
NARRATOR
The purchasing power of the average person has been
deteriorating drastically, but in order to disguise this,
governments have been skewing the figures in their reports to
make it seem as if inflation is much lower than it really is.
End of the Road: How Money Became Worthless – Transmission Script
15
10:20:25:00 Adam Fergusson
There is this curious distinction made which most people don't
understand between core inflation and headline inflation. The
core inflation is this basic two percent target which doesn't
matter, and the headline inflation is once you include all such a
thing as energy prices and sudden tax rises and the rest.
10:20:46:00
10:21:00:00 Text in vision:
Has Super Shell Only Due
to Gas Shortage
10:21:27:00 Text in vision:
Social Security
James Turk
Well the inflation rate is skewed. Um, they use all kinds of
contrivances to make the inflation rate look lower than what it
really is. If the US government were using the same CPI model
that they did when President Carter was in the white house in the
late 1970s, the inflation rate today in the United States would be
nine or ten percent. That's how badly the currency is being
debased. Now the reason that they do that is there are a lot of
inflation adjusted responsibilities that the US government has, to
pay out money to, for example people on the social security
system on an inflation adjusted basis. If they keep the inflation
rate low according to their own statistic, that means their paying
out less, that means the government budget deficit is less.
10:21:30:00 Archive Footage
A thriving metropolis, Toledo is one of the world's greatest glass
processing centers. In Akron, the state's fifth largest city, that
story deals primarily with rubber. Akron is the rubber
manufacturing capital of the nation, and the world. Her very
name is synonymous with rubber.
10:21:49:00
10:22:18:00 Text in vision:
Jobs with Justice
NARRATOR
In a global economy where currencies are measured only against
each other, countries are able to artificially lower the value of
their own currency, making their industries more competitive.
A country with a weak currency can make products cheaper,
causing entire industrial centres to move overseas. This effect
End of the Road: How Money Became Worthless – Transmission Script
16
has been seen countless times in cities around the world, some
of which still haven’t recovered from the loss of their industrial
base.
10:22:20:00
Text in vision:
10:22:27:00 Overdue Tax
Bill
10:22:31:00 Account Past
Due
10:22:54:00 Text in vision:
New York Stock Exchange
10:23:02:00 One Way,
New York Stock Exchange
Wall St
10:23:08:00 Occupy DC
Jim Puplava
I think the guy on the street is, he's kind of frustrated. They go,
gosh I went to college, I don't have a job, I can't get a job. I've
spent all this money, I've got student loans. It's costing me more
to live. The Fed is telling me there's no inflation, yet I go to the
store and I see the price of milk going up, eggs, meat, I pull into a
gas station, it's costing me more for gas. They don't understand
how all this affects them on a personal level, and I think that's
why their frustrated, because there isn't an educational system
that explains that look, when you print money, when you have
nothing backing it, and when you debase it, you have all the side
effects that you see. Higher inflation costs, corruption, cronyism,
all the things that have been in the headlines that we've seen in
the last four or five years.
10:23:09:00
Text in vision:
10:23:28:00 Banksters
Bailed Out, We Got Sold
Out!
10:23:34:00 No Bailouts
10:23:38:00 Balance the
Budget
G. Edward Griffin
The protest movements are an interesting phenomenon. A lot of
people are terribly upset with Wall Street. They're upset with
what's happening to their purchasing power. They're upset with
the news that they hear of the fact that the executives of these
giant banks are getting million dollar bonuses at the same time,
they're dipping into the pockets of the taxpayers to get all this
bailout money, and so they're angry. Unfortunately, people are
demonstrating against the crisis, the economic crisis, and yet at
the same time, they're demanding more welfare, they're
demanding more medical benefits, they're demanding more state
control and regulation of their lives, they're demanding more
money being created and pumped into the society, they don't
realize that those are the very things that have brought them onto
the streets in the first place, in their anger.
End of the Road: How Money Became Worthless – Transmission Script
17
10:24:02:00
Text in vision:
10:24:05:00 Five Star
Flooring, For Lease
10:24:08:00 For Sale
NARRATOR
While the person on the street is struggling to get by, we're told
that what we're experiencing is a typical recession. Why then
does this current crisis feel different to previous economic
recessions?
10:24:16:00
10:24:16:00 Text in vision:
Price Reduced
Peter Schiff
This is far from typical. I think this is the end game. I think what
we're experiencing now are the pains of the forty year
experiment in fiat currency, coming to an end, and it is an
absolute failure, not only for America, but for the entire world.
10:24:35:00
Animated Graphic:
10:24:36:00 Bank, loan
10:24:42:00 Debt
10:24:47:00 Standard of
Living
NARRATOR
Up until 2008, we've been borrowing more and more money to
maintain our standard of living. Are we now at the point where
we're 'maxed out' and cannot take on any more new debt?
10:24:49:00
10:24:49:00 Text in vision:
Application Rejected,
Loan Refused, Overdue
Jim Puplava
What we're seeing today is de-leveraging at all levels of society,
I mean, consumers are maxed out. Each succession that we
had in the economy, when we went through this boom and bust
period, we'd go through a bust, they would re-inflate again, the
economy would start up again, but we kept piling on, piling on,
piling on levels of debt. And finally we reached the point where
you just can't pile on any more debt.
10:25:15:00
Animated Graphic:
10:25:18:00 Bank, Halt!
10:25:24:00 paying off
existing debt
10:25:29:00 Serious
Threat
10:25:34:00 Investment
Return
NARRATOR
Banks are no longer willing to give out credit so freely, and many
people are more concerned with paying off existing debt as
opposed to taking on new debt. While this is prudent, sensible
behaviour, it's also a serious threat to the global economy.
Having set itself up as a giant Ponzi Scheme, the global
economy is reliant on more, and larger debt being issued to keep
End of the Road: How Money Became Worthless – Transmission Script
18
itself functioning.
10:25:43:00
Animated Graphic:
10:25:56:00 IOU
Mike Maloney
If you try to, just live within your means, and get by with just the
dollars we have today, paying the interest on them, collapses the
currency supply. And so, we continually have to borrow more
units of currency into existence every month than we extinguish
by paying off debt.
10:26:06:00 James Turk
The system as it's been presently structured is that they have to
continue expanding the money supply, otherwise the system is
going to die.
10:26:13:00 Mike Maloney
Politicians and pundits talk about living within our means and
paying down the debt. You can't do that without collapsing the
entire economy. It would just vanish into this black hole.
10:26:25:00 Eric Sprott
All the politicians are in a situation where if they don't come to
the rescue, we could just have an overnight shutdown which they
can't ever imagine happening while they're in power. So there's
always this wish to, to move it on and you know, as the
expression, to kick the can down the road, which is really what
we're doing.
10:26:42:00 Peter Schiff
But the problem is we've run out of road. You know, there is no
place to kick the can anymore, we've got to deal with the can.
And it's not simply a can because every time we kicked it down
the road, unfortunately, it got bigger. So now it's an enormous
can, and you know, it's going to crush us.
End of the Road: How Money Became Worthless – Transmission Script
19
10:27:00:00
10:27:03:00 Text in vision:
Roxburghe House
10:27:18:00 Text in vision:
Bank Owned
10:27:21:00 Text in vision:
Putting America to Work,
Project funded by the
American Recovery and
Reinvestment Act
NARRATOR
While the financial crisis of 2008 may have been the first death
throes of the Ponzi Scheme, governments around the world
weren't about to sit back and let it fail. So they delayed the
inevitable collapse, pushing it down the road by bailing out
struggling financial institutions, buying toxic mortgages, and
taking on debt, on behalf of its citizens.
10:27:26:00
10:27:27:00 Lower Third:
James G. Rickards
Senior Managing Director
Tangent Capital Partners
Text in vision:
10:27:42:00 Bank Owned
Open House, Open House
10:27:46:00 Bank Owned,
for sale
10:27:49:00 Builder
Closeout, Lowest Prices
James G. Rickards
In 2009 and 2010 what happened was the crisis was papered
over through bailouts, guarantees, money printing, expansion of
the money supply etcetera. And governments can do that, don't
underestimate the ability of governments to dictate results in the
short run. But in the long run, none of the problems were solved.
The bad debts are still there, the banks are still insolvent, the
banks are not lending, the economy's not growing, so we really
haven't solved anything.
10:27:52:00 G. Edward Griffin
By buying their way out of these crises, by creating money out of
nothing and flooding it into the economy and diluting the
purchasing power, they're not really solving the problem, what
they're doing is pushing it off a little bit into the future, and
making it worse.
10:28:06:00 James G. Rickards
Now, do we keep going down this road, do we print more
money? I mean, the Fed balance sheet went from eight hundred
billion to three trillion, should it now go to six trillion? We had a
uh, eighty billion dollar stimulus, should we now have a two
End of the Road: How Money Became Worthless – Transmission Script
20
trillion dollar stimulus? I mean, in theory you could, but this is
where people could lose faith entirely in the currency and the
currency could collapse.
10:28:26:00 NARRATOR
The Federal Reserve's money printing exercises may help prop
up the economy in the short term, but what are the
consequences of money printing on such a large scale?
10:28:41:00
10:29:05:00 Text in vision:
Ten Dollars
Peter Schiff
I think you're going to see a rapid decline in the value of the
dollar in a matter of days. Whether it's twenty percent, thirty
percent, forty percent. A lot of people have been buying the
dollar as a safe haven. You know, when they find out that there's
no safety there, in fact, they need a safe haven from the dollar…
I mean right now the dollar is benefiting from the fear trade. Well
what if the fear trade is, afraid of the dollar?
10:29:06:00 NARRATOR
Aside from causing an enormous amount of inflation, the Federal
Reserve's reckless money printing exercises also run the very
real risk of creating a worldwide loss of confidence in the US
dollar.
10:29:20:00 James G. Rickards
I think a currency crisis is highly likely, but it will be very difficult
to know exactly what will cause it and when. I think it will be
something unforeseen. It could be a natural disaster, it could be
a political shock, it could just be a general loss of confidence.
10:29:34:00 Jim Puplava
It could be something as simple as a treasury auction that goes
bad, there's no buyers, and all of a sudden the interest rate starts
to go up. Then the financial players, the big hedge funds start to
react to it, dumping dollars. Then all of a sudden you have
foreign central banks dumping dollars, get me out, and when that
End of the Road: How Money Became Worthless – Transmission Script
21
happens, just like that.
10:29:56:00
10:30:11:00
Animated Graphic:
10:30:12:00 Federal
Reserve, Treasury, IOU
10:30:14:00 Failed
Auction
10:30:21:00 IOU
10:30:25:00 IOU
Peter Schiff
At some point, just like all Ponzi Schemes, the participants wake
up to the con, they don't want to participate anymore, and the
whole thing implodes. Now, you know, when private factors,
when people who are voluntarily participating, foreigners, foreign
central banks, when they stop buying the one difference is the
Federal Reserve can come and supply the demand for the
people who are waking up to the Ponzi nature of what we're
doing, but of course, when the Fed becomes the only buyer,
that's the end game, or be the beginning of the hyperinflation.
10:30:31:00
10:30:32:00 Lower Third:
James Turk
Director, GoldMoney
Foundation
GoldMoney.com
James Turk
Hyperinflation is a rapid increase in the inflation rate. So much
so that, you know, people lose faith in the currency, and you see
what is in fact, a flight from the currency.
10:30:42:00 Text in vision:
Depression Hits Germany
10:30:43:00 Archive Footage
Defeated Germany has a runaway inflation. In Germany, the
Mark becomes so worthless it is used to paper walls or to light
stoves.
10:30:55:00 James Turk
What happens is the government spends so much money,
forcing it to borrow. it gets to the stage where it's borrowing more
money than the market is willing to lend to it. The central bank
then steps in and turns that government debt into currency.
10:31:10:00
10:31:11:00 Lower Third:
Adam Fergusson
Author, When Money Dies
Adam Fergusson
The great question is, and I don't know the answer, is at what
level of inflation, five percent, ten percent, fifteen percent, twenty
percent, do you start to panic? All I know is, when that level
End of the Road: How Money Became Worthless – Transmission Script
22
comes, everybody panics together.
10:31:24:00 James Turk
Consequence of a hyperinflation is the price of goods and
services rises very, very rapidly, and that feeds upon itself,
causing people to get out of the currency even more quickly.
10:31:33:00
10:31:51:00 Text in vision:
Deutsche Mark
Alasdair Macleod
So you then have a situation where people go out and they buy
things just to get the hell out of paper money. And paradoxically,
that then starts driving an accelerating demand for paper money
because they want more money to go buy things. So you have
this situation where the value of paper money starts collapsing in
advance of its issue.
10:31:53:00
10:32:00:00 Lower Third:
Jim Puplava
Chief Financial Strategist
Puplava Financial
Services, Inc.
Jim Puplava
In everyday life you'll be scrambling from day to day to get
tangible things. If you're thinking of buying one can of tuna,
you're going to buy two because you know that tomorrow, or
even later on that day or in the next our that can of tuna is going
to be costing you more. You're going to be scrambling to get
anything that's tangible.
10:32:13:00
10:32:14 Lower Third:
Peter Schiff
President, Euro Pacific
Capital
10:32:50:00 Text in vision:
NO Public Restroom
Peter Schiff
This period is going to involve a lot of economic pain. A lot of
people who are currently retired in America are going to have to
get jobs. Their retirement is gone, it's been bankrupted because
they put their faith in a Bernie Madoff type national Ponzi
Scheme. And of course a lot of the property is going to decay. If
people are spending their money on these necessities, they don't
have money to make the repairs necessary to maintain their
properties. Hey if the landlords can't collect rents from their
tenants, now are they going to maintain the properties, how are
they going to pay the taxes? So I think the whole economy is
going to crumble beneath the weight of this runaway inflation.
And of course, the initial reaction by the Fed will be to create
even more inflation to try to stimulate the economy by printing
End of the Road: How Money Became Worthless – Transmission Script
23
even more money, which of course is the source of the problem.
10:33:08:00 NARRATOR
On the surface, it would appear that this is a problem facing the
United States alone. But with so many countries holding their
savings in US government bonds, a loss of confidence in the US
Dollar could trigger a global crisis which would affect every nation
on Earth.
10:33:28:00
10:33:37:00
Animated Graphic:
10:33:39:00 Holders of
US Treasury Securities,
Source www.treasury.gov
Nov 2011
Canada $88 Billion
United Kingdom $429
Billion
Brazil $206 Billion
Oil Exporters $232 Billion
China $1.14 Trillion
Taiwan $150 Billion
Japan $1.04 Trillion
10:33:45:00 $1.28 Trillion
All Other Countries
James Turk
If the US dollar hyper inflates, the implications are really profound
because you can go to a country like Zimbabwe and see the
impact of a hyperinflation, but what happens when the world's
reserve currency hyper inflates? We've never been in this
situation before. It's impossible to predict, you know, what the
outcome is going to be. But logic suggests that if the US dollar
hyper inflates, most if not all of the currencies of the world will
also have severe economic problems because at the end of the
day, the reserves of all of these currencies are basically dollars.
10:33:59:00 Graphic:
The U.S. government has
a technology called a
printing press (or today, its
electronic equivalent) that
allows it to produce as
many U.S. dollars as it
wishes at no cost. Ben
Bernanke Nov. 21, 2002
Ben Bernanke is the
current Chairman of the
Federal Reserve.
End of the Road: How Money Became Worthless – Transmission Script
24
10:34:16:00
10:34:31:00
Animated Graphic:
Bolivian Peso 1987
Yugoslav Dinar 1994
Belarus Ruble 2000
Romanian Lei 2005
Zimbabwe Dollar 2008
James Turk
There have been dozens and dozens of currency collapses since
the end of the second world war, and they all result from the
same thing. You know, bad policies, bad management. And the
US right now is pursuing bad policies, central bank is doing a bad
job managing the currency, as a consequence it's inevitable the
dollar is going to collapse. It's on this road to what I call the fiat
currency graveyard.
10:34:40:00
10:34:40:00 Lower Third:
Alasdair Macleod
Economist & Former
Banker
Alasdair Macleod
The markets, the private sector, however you like to decide it,
people, they suddenly start to move in a heard instinct, they
suddenly start to understand things. And this can happen
overnight, I mean it really can. So the timing of this is, I think
very difficult, if anything impossible for us to say but I would point
out that there is the danger that, and I use a metaphor, one
morning we will wake up, and find that we are in a very different
world. It may not be one morning, it may be a week, a month, I
don't know. But when it happens, I think it will happen quite
quickly, and we won't really be able to predict when.
10:35:15:00 NARRATOR
Hyper-inflation may be one of several scenarios facing the world
today, but history has shown us that whenever a nation tried to
run its economy using an artificial fiat system, the end result is
always the same: disaster.
10:35:32:00
10:35:32:00 Lower Third:
Mike Maloney
Monetary Historian
CEO, GoldSilver.com
Mike Maloney
There is a proven, one hundred percent failure rate, there is no
exception to this, fiat currencies always fail. And then forty years
ago, we tried this grand experiment where all the world's
currencies became fiat at the same time, when we ended the
Bretton Woods System.
End of the Road: How Money Became Worthless – Transmission Script
25
10:35:49:00 Peter Schiff
The world is going to have to extricate itself from this monetary
system based on the dollar because if you want to back your
currency, you have to back it with something, you can't back it
with nothing. I always think of that old Superman movie, the first
one where Lois Lane, she falls off the top of the, the building, and
Superman catches her. And he says I got you, don't worry, I got
you. And she says, well you got me, who's got you? Well that's
the dollar, who's got the dollar? It's not Superman. The dollar
can't fly on it's own. The dollar used to be backed by gold.
It was gold that had the dollar. It's like everybody has tethered
their ships to the titanic of currencies, and so we're all going to
go down.
10:36:29:00
10:36:43:00 Text in vision:
20 ozs 999
10 ozs 999
100 ozs 999
1kg 999
Mike Maloney
If there is a loss of confidence in the US dollar, and I think there
will be in this decade, it's happened before, it will just be history
repeating, then we'll probably have to go back to something that
will instil confidence, and what instils confidence is gold.
10:36:45:00
10:36:56:00 Lower Third:
G. Edward Griffin
Author, The Creature from
Jekyll Island
G. Edward Griffin
The only real solution is to go back to a real sound currency.
Real money with something behind it. It doesn't have to be gold
or silver, but historically, that has always been what societies
have chosen through trial and error. They've tried this, they've
tried that, they always wind up with gold or silver. I think that
probably is a clue that it's not a bad way to go.
10:37:09:00
10:37:32:00 Text in vision:
Annuit Coeptis
NARRATOR
With all the uncertainty facing the world today, a return to a goldbacked
economy would seem logical. So how come there isn't so
much as a discussion about such a return? The answer is as
simple as it is alarming. The people at the top, the ones who
End of the Road: How Money Became Worthless – Transmission Script
26
10:37:33:00 Text in vision:
100 ozs 999
1kg ozs 999
10ozs 999
have been benefiting from the current Ponzi system, don’t want
the ride to end. Many now believe the price of gold and silver
has been artificially suppressed to make it seem less desirable
as a unit of global exchange.
10:37:43:00 James Turk
What governments try to do, is to maintain a low gold price,
because by doing that it makes the dollar look worthy of being
the world's reserve currency, when in fact, we know the dollar is
not worthy of that esteemed position because it's being so badly
mismanaged by the United States.
10:38:00:00
10:38:01:00 Logo: GATA
NARRATOR
Groups like the Gold Anti-Trust Action Committee, or GATA, have
been tracking what they believe is the deliberate suppression of
gold and silver prices through a variety of dubious means.
10:38:13:00
10:38:15:00 Lower Third:
Bill Murphy
Chairman, Gold Anti-Trust
Action Committee
Bill Murphy
In twelve years we've amassed nothing buy evidence of the
supports the manipulation for the gold price. It'd be like talking
about a murder trial, when the jury would say 'guilty beyond a
reasonable doubt' but you know, you've got to present each point
of evidence and how it all fits together.
10:38:28:00 Mike Maloney
There are numerous methods that they use to suppress the price
of gold. Some are harder to prove than others, but some of them
are fully reported, and that's central banks sales.
10:38:38:00
Animated Graphic:
10:38:42:00
Central Bank Gold Sales,
2000-2011 Source: World
Gold Council
UK 278
NARRATOR
Between 1999 and 2002 the Bank of England foolishly sold a
massive amount of Britain's gold reserves at an average price of
$275 an ounce. The proceeds were spent by buying Euros and
US dollars. The governments of Canada, France and
Switzerland, among others, were also sellers of their gold around
End of the Road: How Money Became Worthless – Transmission Script
27
Canada 42.8
France 589.2
Switzerland 1550.1
ECB 245.3
IMF 403.3
ECB European Central
Bank
IMF International
Monetary Fund
this time.
10:39:03:00
10:39:09:00 Lower Third:
Eric Sprott
CEO, Sprott Asset
Management
Eric Sprott
We know that the central banks used to sell 400 tonnes every
year, well why were they selling 400 tonnes? Obviously it was
the dumbest decision anyone could have made in the decade.
By far the dumbest, but they did it every year, sell 400, sell 400. I
mean now, you know, gold goes from 300 to 1600, almost 17.
Why were you selling the gold? Because they were trying to
keep the price down. So it was a coordinated thing, to keep
everyone focussed on believing in currencies.
10:39:32:00
10:39:38:00
Graphic: Central Banks
stand ready to lease gold
in increasing quantities
should the price rise.
Alan Greenspan
Former Reserve
Chairman
July 1998
10:39:58:00 Text in vision:
Federal Reserve
Mike Maloney
Alan Greenspan in his testimony to congress admitted that they
were manipulating the price of gold when he said "The world's
central banks stand ready to lease gold in increasing quantities"
meaning they were already doing it, "should the price of gold
rise" meaning the target was to suppress the price of gold. So
they were already doing it, and their target was to suppress the
price of gold. He admitted it, in testimony to congress.
10:39:59:00
Animated Graphic:
10:40:05:00 Price of Gold
10:40:11:00 Bullion bank,
Federal Reserve
Treasury, Market
NARRATOR
Although central banks are able to sell off their country's gold
holdings legally, they may have also been suppressing the price
of gold using some other, rather questionable means.
Some investigators believe that western central banks have been
End of the Road: How Money Became Worthless – Transmission Script
28
10:40:15:00 Loan
10:40:27:00 IOU
10:40:35:00 4,000 tonnes
of gold
10:40:42:00 One Item
10:40:52:00 IOU
loaning their country's gold to bullion banks. A bullion bank is an
institution that sells gold with the intention of buying it back
sometime in the future at a cheaper price. With the proceeds of
this sale, these banks have been known to buy US government
bonds.
While this isn't a problem in itself, central banks report the gold
they have and the gold they've loaned to these bullion banks as
one item. So while a central bank may claim it has a certain
amount of gold in reserves, much of that gold may be on loan to
a bullion bank, which may have sold the gold in exchange for
government bonds.
10:40:54:00
10:41:01:00 Lower Third:
Dimitri Speck
Author, Geheime
Goldpolitik (Secret Gold
Policy)
Dimitri Speck
One means of intervention in the gold market is the lending of
gold by so called bullion banks, and they sell it in the market.
This is, suppresses the price as if the central banks would sell it
directly, but this lending does not appear in the book of the
central banks.
10:41:14:00 Mike Maloney
The US Treasury a few years ago changed the way they account
for gold, and their accounting for some of their receivables, and
their inventory, as one line item. So they're accounting for what
they actually have, and what people owe them, as the same
thing. And that is basically illegal accounting. It's fraudulent.
10:41:36:00
10:41:36:00 Text in vision:
Net Wt 18.6kg 999.9
NARRATOR
But why work so hard to keep the price of gold and silver low?
Why do healthy gold and silver prices threaten to collapse the
Ponzi Scheme?
10:41:47:00 James Turk
There's this competitive relationship between gold and national
currencies, because gold is the only competitor to a national
currency. You know, gold is money, and these national
End of the Road: How Money Became Worthless – Transmission Script
29
currencies are money substitutes, that circulate in place of gold.
10:42:03:00
10:42:03:00 Text in vision:
999 Gold
United States of America
10:42:32:00 Text in vision:
The International 2000
Peter Schiff
Fiat money gives the power to government. Real money keeps
the power with the people. Because when you have real money,
government is limited, it can only spend what it taxes. And the
public will resists taxation. But if the government can simply print
and borrow, there's a lot less resistance, so it's a lot easier for the
government to grow, when it can promise something for nothing.
And so that's what they do, and so gold is what protects the
people from the reckless policies of government. Gold is
government's chaperone. The government wants to go do
whatever it wants, gold stands in its way, so yes, gold is an
enemy of big government, but it's a friend of freedom. It's a
protector of individuals from government.
10:42:45:00
10:42.45:00 Text in vision:
Fine Gold 999.9
10:43:01:00 Text in vision:
New York Stock Exchange
Bill Murphy
Gold is a competitor to the dollar. When it's going way up, it's a
threat for inflation. It's a barometer of the wellbeing of the United
States. Look at gold screaming now and the world is falling
apart. So it calls attention to how bad things are, so the US
government has an interest, Wall Street, the politicians, to keep
the price suppressed.
10:43:03:00 Jim Puplava
Wall Street doesn't want you going down to a coin dealer, buying
gold and silver coins, they want sell you paper. The government
wants to sell you paper. So I would say it's the government and
Wall Street.
10:43:16:00
10:43:31:00 Text in vision:
New York Stock Exchange
James Turk
Gold in the hands of people is how you control government.
Governments cannot create money out of thin air if it's gold.
They can only create paper out of thin air. And if they can create
paper out of thin air, then they can use that paper to wage wars,
or they can use that paper as a political contrivance to enrich
their friends, and as a consequence, governments have been
End of the Road: How Money Became Worthless – Transmission Script
30
fighting gold all century long.
10:43:42:00
Animated Graphic:
10:43:46:00 Price of Gold
Per Troy Ounce
10:43:48:00 $279, $1800+
NARRATOR
Despite this desire to keep gold and silver down, the recent
instability in the markets has seen the demand for gold and silver
skyrocket. This in turn has exposed a deeper problem within the
central banks.
10:43:58:00
10:44:06:00
Animated Graphic:
10:44:07:00 Central Bank
Gold Purchases
Source: World Gold
Council
Mexico 98.6 Tonnes
Venezuela 61.9 Tonnes
Bolivia 61.9 Tonnes
Saudi Arabia179.9 Tonnes
Russia 428.9 Tonnes
China 659.1 Tonnes
India 199.9 Tonnes
Thailand 79.8 Tonnes
South Korea 25.8 Tonnes
Alasdair Macleod
The problems the central banks in the west now face, is that they
have sold an awful lot of gold, to try and suppress the price of
gold. They're now embarrassed by the fact that central banks,
not in that original cartel, are now really, very keen buyers of
gold. And we're talking about the Chinese, we're talking about
the Russians, we're talking about the Indians, we're talking about
even Mexico. All these non-mainstream central banks, not part
of if you like, the top club members of the bank of international
settlements, the little guys in that context, they're picking up
hundreds of tonnes of this stuff.
10:44:35:00
Animated Graphic:
10:44:35:00 Federal
Reserve, Price of Gold
10:44:40:00 Sale
10:44:44:00 Loan
10:44:47:00 the gold they
sell rarely leaves their
vaults
10:44:54:00 Bullion Bank,
Federal Reserve,
Treasury, Market, IOU
10:45:01:00 SCAM?
NARRATOR
To suppress the price of gold, western central banks have had to
sell or loan out their gold holdings. But because the gold they
sell never leaves their vaults, no-one can be certain they aren't
selling or loaning out more gold than they physically own. If this
is true, then this could be one of the biggest scams ever
perpetrated in history. A massive con perpetrated not by
individuals, but by entire governments.
End of the Road: How Money Became Worthless – Transmission Script
31
10:45:06:00 Mike Maloney
This central bank gold - most of it sits at the New York Federal
Reserve and the Bank of England. So it's in the basement of
these two places, and it doesn't actually move when a country is
doing international settlement. They basically take a bar off of
this pile and put it on that pile, or they'll just change the labels, or
it's just a book entry, it's accounting. Except, there's been some
pretty creative accounting on all this gold, and I doubt very much
that… I don't think all of it is there.
10:45:34:00 G. Edward Griffin
The question remains, if everybody, especially the big players,
wanted all their gold delivered at the same time, it is physically
impossible to do it.
10:45:45:00 Mike Maloney
Most gold that exists on the planet, there's more than one claim
on each ounce of gold. There's several people that think they
have title to that same ounce of gold. I am… have said many,
many, many times, over and over again, if you can't hold it, you
don't own it.
10:46:02:00 G. Edward Griffin
The game can't go on forever because sooner or later, people
are going to demand their physical gold or silver, and that already
is happening.
10:46:10:00
10:46:24:00 Text in vision:
16 Troy Ounces Fine Gold
NARRATOR
The lack of accountability in gold sales by western central banks
hasn't been a concern so far, but as more and more buyers of
gold have started to demand physical delivery, central banks that
have oversold or loaned out their gold will find themselves caught
in a major scandal. The result of such fraudulent activity means
buyers of gold, be they individuals, pension or hedge funds, or
End of the Road: How Money Became Worthless – Transmission Script
32
even entire nations, could be ripped off for billions of dollars.
10:46:42:00 Bill Murphy
It's a little similar than the Murdoch scandal here at Fox News in
London, uh, the Madoff scandal. I mean, it's a very incestuous
relationship between press, big money and the politicians. And
unfortunately, these things don't get corrected until they blow up.
Madoff blew up, Murdoch blew up. The gold market is going to
blow up and I think is going to be a bigger scandal than either of
them because it's a worldwide financial situation.
10:47:14:00 G. Edward Griffin
The only trick that the politicians in power today know, and the
central bankers, the only trick they know is to create more money
out of nothing to inflate the currency. They have no other trick.
So as long as we keep looking to them to be our leaders, and
solve the problem, how can we expect anything else, that's the
only trick they know. The only other trick there is, is to stop
inflating and to go back to a sound currency, and they would say
"Oh no, we can't do that." And the reason they can't do that is it
would put them all out of business. They wouldn't be able to
continue the Ponzi Scheme.
10:47:52:00
10:48:10:00 Text in vision:
Subway
NARRATOR
Even with cracks forming in the current financial system, the only
"solutions" offered by governments are in fact just more steps
down the road to disaster. But while a single person may not be
able to save the world, there is still something you can do to
protect your family and yourself.
End of the Road: How Money Became Worthless – Transmission Script
33
10:48:13:00 G. Edward Griffin
You cannot turn to a Ponzi Schemer and ask him to run a real
business, cause he doesn't know how. So you can't turn to all of
these Ponzi Schemers in government who are inflating the
currency and say “Let's solve this crisis in some other way."
They don't know how. So the solution is to quit depending on the
same people with the same mentality to solve our problems.
10:48:40:00
10:48:41:00 Text in vision:
Australian Kangaroo
Australian Kookaburra
Credit Suisse 10g Fine
Gold 999.9
10:48:59:00 Text in vision:
Canada Fine Gold 1oz
10:49:03:00 Text in vision:
Canada Fine Silver 1oz
Peter Schiff
If governments won't go back on a gold standard, individuals can
go back on a gold standard all by themselves. Politicians can
create fiat money at will. That's why it's fiat. So why would you
want to put your faith in that. Put your trust in politicians and
bureaucrats and central bankers when you can just have
something real, that has intrinsic value, that is scarce, and that is
going to remain scarce.
10:49:06:00
10:49:06:00 Text in vision:
Gold 999.9
10:49:10:00 Text in vision:
Krugerrand 1983
Fyngold 1oz Fine Gold
Eric Sprott
Would you rather have gold or a fiat currency? And we see
what's happening in the world and obviously people are starting
to figure out that gold is likely to sustain its value way more than
a piece of paper is.
10:49:19:00 G. Edward Griffin
It's not that the price of gold is going up, it's that the value of the
dollar is going down. The price remains constant in terms of
human effort and purchasing power. An ounce of gold today, will
buy the same thing it bought two thousand years ago. An ounce
of gold today, is approximately takes so much human effort to get
out and refine. The same human effort that it took to do certain
things two thousand years ago, it's the human effort equation
that maintains stability. How much effort does it take.
End of the Road: How Money Became Worthless – Transmission Script
34
10:49:07:00
10:49:54:00 Text in vision:
Australian Kangaroo
2011 1oz 9999 Gold
10:49:58:00 Text in vision:
1 Kilo 999
Jim Puplava
Gold is financial insurance. And the thing about it is you own it
because you want to be protected. And you know, you just have
to have it if you want to sleep at night because there's nothing
else. If some catastrophic event happens, and we've seem 'em,
uh, now are you going to be protected?
10:50:15:00 NARRATOR
The current financial system may be dying, but where there is
chaos, there is also opportunity. As the old model falls apart, the
door may be opened for great prosperity.
10:50:29:00 Peter Schiff
It's clearly not the end of the world, it's probably not even the end
of America. For many countries, this is going to be the beginning
of an economic boom. A giant burden being lifted of their
shoulders, where the world no longer has to loan trillions of
dollars to Americans so that we can consume what we don't
produce. When this comes to an end, the world will benefit. So
it is not something that we should fear, we should embrace it as a
world.
10:50:58:00 Mike Maloney
This is the greatest wealth transfer in history. If we have a global
currency crisis, then you're going to see a greater wealth transfer
than has ever happened in all of history. It's all going to happen
at once. Therefore it's the greatest opportunity.
10:51:15:00
10:51:25:00 Text in vision:
Occupy Pittsburgh
10:51:26:00 Text in vision:
End The Fed
G. Edward Griffin
We have millions of people now, taking an interest in, what is
money, the question of what is money. What should it be? And
their learning, especially a lot of young people.
End of the Road: How Money Became Worthless – Transmission Script
35
10:51:53:00 NARRATOR
The sun will rise tomorrow, as it has a million times before.
Commuters will wake up and travel to their offices to begin the
day's work. Farmers will tend to their crops, and construction
workers will build new infrastructure. But will the world they live
in still be the same? In 2008, the world was given a wake-up
call. The biggest financial crash in human history was delayed
by the same poor decisions that brought it about in the first place.
What that massive bailout bought us was not a solution, but
merely time. Time for the people responsible to wring the last
few dollars out of a dying system, but also, for those able to see
the cliff edge approaching, time to protect themselves and their
families from the imminent plunge. And in the end, that time may
prove to be the most valuable commodity of all.
10:52:30:00 Mike Maloney
There are these brief moments in history where the safe haven
asset for the last five thousand years, simultaneously becomes
the asset class that has the greatest single potential gains in
purchasing power. We're in one of these cycles right now, where
money is the best investment. Get out of currency, buy money,
and you're probably going to be able to buy a whole lot more
stuff, later.
10:53:03:00
10:53:11:00 Text in vision:
New York Stock Exchange
Mike Maloney
But the best thing that people can do of all, is really to take on
their own responsibility for getting financially educated. This is
the most important thing. Don't let the banks and the brokerage
houses and other people guide all of your decisions. Find out
what's going on for yourself. Empower yourself.
End of the Road: How Money Became Worthless – Transmission Script
36
10:53:32:00 End Credits:
Written and Directed By
Tim Delmastro
Produced By
Tim Delmastro
Craig A. Kocinski
Executive Producer
Ingmar O. Lak
Cast
James Turk
Jim Puplava
Peter Schiff
Mike Maloney
G. Edward Griffin
Alasdair Macleod
Adam Fergusson
Eric Sprott
James G. Rickards
Bill Murphy
Dimitri Speck
Production Manager
Ed Nyborg
Written By
Jason Spencer
Tim Delmastro
Narrated By
Paul Boucher
Production Consultant
John Westwood
Directors of Photography
Peter Emery (UK)
Josh Gibson (US West
Coast)
Brent Ramsey (US East
Coast)
Sound Recordist
Harry Fanana
Film Editor
End of the Road: How Money Became Worthless – Transmission Script
37
Ed Nyborg
Sound Designer
Chris Boyd
Animation & Graphic
Design
Taylor Hobbs
Special Thanks to
Kris Maric
David Murillo
Annah Yevelenko
Dave Moore
Denbeigh Inman
10:54:53:00 Disclaimer:
The views and statements
expressed in the film "End
of the Road - How Money
Became Worthless"
do not necessarily reflect
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Monkey Films Pty Ltd.
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with respect to the
reliance and use of any
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End of the Road: How Money Became Worthless – Transmission Script
38
The film contains
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sourced from third parties.
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10:54:53:00 Copyright
notice:
End of the Road
How Money Became
Worthless
© 100th Monkey Films
2012
All Rights Reserved.
www.endoftheroadfilm.com
10:55:00:00 Logo:
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End of the Road: How Money Became Worthless – Transmission Script