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I listened to all of Tom Woods’ September 24, 2014 half hour presentation on the depreciation of the Revolutionary War-era Continental currency, fully expecting him to never mention the massive British counterfeiting, and true to my expectations, he didn’t!

This is yet another example of why I am critical of the Austrian School of Economics and the claims of some of its top proponents. At best, this was a sloppy unacademic omission by a Harvard graduate and Columbia University PhD holder who is more than proud to tout himself as a New York Times bestselling author, and at worst, a deliberate omission in order to convince his uncritical audience of his case that the Continental currency and all paper money is inherently massively inflationary and fatally flawed in relation to gold as money.

As I have discussed my radio program before, G. Edward Griffin, author of The Creature from Jekyll Island, considered by many in the alternative media to be the top book exposing the Federal Reserve, also conveniently fails to mention massive British counterfeiting of the Continental currency, while, like Tom Woods, also leading people to the illusory “free market gold standard.”

For my extensive collection of articles on prominent Austrian School proponents, see my articles on Gary North, Tom Woods and Lew Rockwell.

For more on my critique of Austrian economics, see my article, “I don’t agree with Austrian economics.

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On his July 23, 2014 Real World of Money appearance on One Radio Network with Patrick Timpone, currency historian and financial analyst, Andy Gause, implied that there’s nothing to World Bank whistleblower Karen Hudes’ claims about 50-year gold-backed bonds (starting at 14m). Audio here:

Timpone: “We had Karen Hudes, the World Bank whistleblower, she was on the show, and she was talking about 50-year-old bonds, that uh, blah blah, right — gold-backed bonds.

Gause: “Yeah, I got ’em. You know, you can buy 600 million at face value, for, you know, 20 grand.

Timpone: “And supposedly the banks never paid interest the interest on them, and now they’re doing all this stuff. Could there be something to this?

Gause: “No.

It becomes immediately obvious in his responses when you listen to the audio that he doesn’t think much of these claims about any gold-backed bonds being worth much more than collector items.

For more on Karen Hudes, see my articles:

1) Andy Gause casts doubt on Karen Hudes’ gold claims

2) Joel Skousen’s critique of World Bank whistleblower Karen Hudes

3) I’m blowing the whistle on World Bank whistleblower Karen Hudes

and my July 2014 interview with SGT Report.

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I am reproducing the full text of Joel Skousen’s critique of World Bank whistleblower Karen Hudes in his November 22, 2013 World Affairs Brief (worldaffairsbrief.com) in response to increasingly bold claims by her and corresponding scrutiny of them.

ANALYZING CLAIMS OF WORLD BANK INSIDER KAREN HUDES

Karen Hudes worked as a lawyer for the World Bank and claims to be a whistleblower revealing massive corruption at the Bank. Everything she says about the situation there is correct:

Think of the World Bank as Enron. The World Bank has issued over $180 billion in bonds on the world’s capital markets, but its financial statements are not accurate. The US Congress has been unsuccessful in resolving this problem, first identified by the Joint Economic Committee in 2005. The World Bank stonewalled Senator Lugar’s and Congressman Van Hollen’s four requests for the advice of the executive search firm following my disclosure of internal control lapses during my interview for General Counsel. I have been fulfilling my professional responsibilities as the World Bank’s lawyer to bring the World Bank into compliance.

But the World Bank did not want to comply, so she became a whistleblower along with several other bank employees like Elaine Coville of Scotland. Together they lobbied Parliament to reign in the World Bank but the political PTB in the US and UK stonewalled and covered up the corruption. The World Bank has hundreds of “directors” giving each of the member countries a tiny say on the Board. But Hudes reveals that many have been blackmailed into going along and not exposing the corruption:

“I have just returned from Holland, and learned there that Messrs. Wijffels and Melkert [the representatives of the Dutch on the World Bank’s Board of Directors] have informed the Dutch public that they were subjected to investigations of their private lives as a form of diplomatic blackmail. According to Mr. Wijffels, other executive directors on the World Bank’s Board have been similarly intimidated.

Within her area of expertise, Mrs. Hudes is right on target. But like many whistleblowers who start to get a glimpse of the globalist control system, she has begun to make statements claiming to understand the much broader globalist conspiracy and that’s where I have a few problems with her claims. Yes, there is a larger global conspiracy against national sovereignty but many of her extraneous claims are outlandish or invented out of thin air.

Actually, I read her as very sincere, so I don’t think she is knowingly lying. But often whistleblowers like Hudes start getting “help” from disinformation experts in government who feed whistleblowers like her false information to undermine their credibility. Here’s a brief review of her other claims (my response in brackets):

1. Financial corruption within the world financial system, and that the World Bank and the International Monetary Fund (IMF) are two similar corruption international organs controlled by the same private financial powers. [TRUE]

2. Those that control the international monetary system also control the media, and people are being brainwashed and deceived about what is really going on. [TRUE]

3. If we could just get one country to expose this, we could turn this around.[FALSE. The PTB have too much control over the high politicians in every Western country, via blackmail mostly.]

5. 40% of our tax dollars go to UK and 60% to the Vatican [FALSE. Yes, the City of London (a city within London, controlled by the international bankers) and the Vatican bank are deeply involved in this international corruption and collusion, but this claim about the UK and the Vatican having first claim on US tax money is ludicrous. The FED keeps the world financial system afloat with new money, but there is no necessity to collar tax receipts and physically ship them overseas. That’s not how anything works in the dark side of globalism.]

6. She claims we are financing our government by selling drugs [Partly TRUE. Old information and no longer true to this degree. Yes, the US still runs the largest international drug smuggling operation, in combination with selected cartels, but that money is now a pittance compared to what our government spends and creates through electronic journal entries, outside of congressional supervision.]

7. She claims the money to UK is war reparations from the 1812 war and that England has to pay off loans the Vatican made in the 1800s to it for war. [FALSE. She’s been reading too many anti-Vatican conspiracy books. My main complaint about many conspiracy books is that the authors claim to know more than anyone could know without being on the inside. And if they are on the inside, then you couldn’t trust what they write anyway.]

8. Lincoln issued greenbacks directly via the treasury and that’s why he was rubbed out [True that he issued greenbacks directly, but False that this was somehow more virtuous and that the bankers killed him for it. Many conservatives think that using the treasury to issue fiat currency is somehow proper, but it isn’t. Any issuance of fiat currency is evil and a theft of private value. Don’t fall for this one. All currency should be redeemable in a physical commodity and the only role of government is to make sure there is no fraud in money.]

9. JFK was killed for erasing the interest on the US debt and trying to cut the FED out of the process. Also that “banksters” are trying to keep us in debt and crash the dollar. [The killing of JFK by the dark side of our own government is a massive conspiracy and nobody knows all the reasons. He was trying to reign in the CIA and the FED, but the PTB are NOT trying to crash the dollar or they would have done it long ago. Yes, they want to keep other countries in debt to the World Bank and IMF so they can dictate and control their economic policy, but that isn’t true domestically. The PTB love deficit spending because it keeps government from having to tax people for evil policies and foreign interventions that the public would resist (due to the high price). Continually increasing debt becomes a threat to their system of not taxing the common person—as default will eventually prohibit any more deficits. But, default is at least 15 years away, so they still have time to play this game.]

10. Board members to the World bank were being blackmailed when they tried to fire Wolfowitz after he gave a huge salary increase to his girlfriend at the bank. [TRUE]

11. She gets into claims that the PTB are using Maritime law to govern property and marriages and that bonds are being issued for each child born, for collateral and control [Completely FALSE. They have more than enough power and control over Congress and the courts and don’t need such archaic legal mechanisms nowadays. Besides, even if this were true a non-insider working in an administrative legal capacity at the WB would never be privy to this kind of admission.]

12. We have 49 out of 50 States that have called for a constitutional convention (Con Con) which is the way to take back our Republic and demand our rights. [FALSE on all counts, and constitutional conservatives would never even get appointed by state governors to serve at the convention—they would stack it with establishment legislators and lawyers and we’d be worse off than when we started.]

13. 170,000 tons of gold in the Bank of Hawaii. The CIA’s purpose is to protect the gold, Vatican controls the CIA. [FALSE and ridiculous. Once again, how could she know this? How do you get from being a lowly admin lawyer at the WB and know all this stuff. It doesn’t come from insider info, but rather from reading too many conspiracy books that are amplifying a few known conspiracy truths and then adding a lot of garbage details to make it appear they have insider knowledge. But there is zero proof nor confirmation of these details.]

14. Obama’s mother was a CIA agent and Michelle fell into a honey trap [seduced], was compromised in a hotel. [FALSE. There’s plenty of dirt about Obama’s background and non-citizen status, but this claim isn’t credible. It tells me a disinformation agent has got her ear and pumping it full of false claims to get her discredited. The claims about the CIA connection are more true about Obama than with his mother, who was a marxist. Wayne Madsen used a lot of circumstantial connections to say that Obama’s mother Ann Dunham worked “on behalf of a number of CIA front operations, including the East-West Center at the University of Hawaii, the U.S. Agency for International Development (USAID), and the Ford Foundation.” The East-West Center had long been affiliated with CIA activities in the Asia-Pacific region, Madsen says, but just because the CIA has at one time or another used these organizations as cover for various agents, doesn’t mean that everyone who ever had any relationship there was also CIA. Bad logic]

15. On the 8th of October there was supposed to be a nuclear bomb detonated over SC—two army officers made sure it was dropped in the sea where it exploded. Then they were fired. 80 generals and top brass are now being fired. These are people protecting the citizens of the US. [This idiotic rumor continues to grow more and more bizarre each week. It’s all false, as I detailed in the October 18, 2013 WAB. Log into the website to view the archives under “Latest Brief.”]

In summary, Hudes is not herself a disinformation agent and I believe her to be sincere, but she’s way beyond her pay grade when she starts repeating junk theories that she reads elsewhere or that are fed to her by disinformation sources. She should stick to what she knows first-hand.”

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Currency historian and 20+-year monetary commentator, Andy Gause, has weighed in on some of Karen Hudes’ claims, on his April 2 appearance on The Real World of Money.

14 minutes in, in reference to some picture of a huge gold vault that Hudes sent to host Patrick Timpone as some sort of evidence of large quantities of hidden gold, he implied that the picture had been Photoshopped.

Then, 15 minutes in, he says:

Production of gold is something that has been followed and monitored for, lo, a great many years, and the idea that there could be massive quantities of gold that are unknown to the population of the planet is very difficult for me to get my head around.

17 minutes in, he laughs when he asks for the host to give some of the numbers she was citing.

For more on Karen Hudes, see my article, I’m blowing the whistle on World Bank Whistleblower, Karen Hudes.

For more on Andy Gause, see my article, Bill Still and Andy Gause blow the whistle on fake quotes about money.

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On the March 1, 2014 episode of Exposing Faux Capitalism with Jason Erb, I covered the following issues:

Full coverage of my article, “I’m blowing the whistle on World Bank whistleblower Karen Hudes“, with regard to her Jesuit and alien misdirection about the World Bank, international finance and gold, and how you and I were misled about Barack Obama’s eligibility for President.

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Updated 03/01/14 in response to a reader’s email to Karen Hudes, asking for clarification. See more in the comments below.

Karen HudesThanks to Red Ice Radio for conducting this February 21, 2014 interview with Karen Hudes, confirming my suspicions about her since late 2013, when she claimed that the Jesuits were behind the corruption at the World Bank, and by extension, the international banking system.

This despite the last three World Bank presidents being Robert Zoellick, Paul Wolfowitz and James Wolfensohn, and the latest three Federal Reserve Bank chairs being Janet Yellen, Ben Bernanke and Alan Greenspan — none of whom are Jesuits.

Another alarm bell went off for me when she advocated giving back IMF gold to the member countries, so they could use it to back up their currencies. This is the pattern of the international banksters since the 1700s, in going to some gold-backed currency in order to boost confidence in it, with the full intention of removing the gold backing until usury has run its inevitable course and devalued the currency.

It’s no coincidence, therefore, that former World Bank President, Robert Zoellick, called for some sort of gold linkage for currencies.

Then, with this interview, she’s claiming aliens are behind the Jesuits. Sorry — it’s too much — and I now have to blow the whistle on her.

For a fact-based, wide-ranging discussion of real economics, see my Red Ice Radio interview here.

Here is my summary of her interview:

17m – Claimed a nuclear device was supposed to be detonated on Charleston
19m – Only started getting attention in 2013 from alternative media
21m – Said the Jesuits are the group behind the corruption at the World Bank, and there’s some groups behind them
22m – Said some are telling her to not say who’s behind the Jesuits
– Said a neurologist quoted someone who said the same thing and suddenly died at the age of 34
– Said picture of Akhenaten isn’t of a human
25m – Said some in Vatican wear “crazy” headdresses that hide high skulls
26m – She said it’s probably more believable than the nonsense they tell us about aliens
31m – Admits some have called her a disinfo agent for getting so much publicity
34m – Robert McNamara came to run the World Bank
35m – She talked to fellow World Bank whistleblowers and they said the World Bank could be part of a solution
36m – Said we’re on the verge of a collapse of paper currencies, and World Bank and IMF hold keys to gold and could be part of solution if it were given back to member countries
37m – Claimed no one knew that World Bank controls the world’s gold
– Her interview with Antal Fekete
39m – Antal suggests minting the gold
40m – Use certificates for gold because minting takes too long
41m – Said Jesuits and Homo Capensis (“coneheads”) were behind plan to steal gold
43m – Henrik asked how could an evil plan be for our benefit
44m – She said it’s a mystery how the whistleblowers got together — said it’s a mystery to themselves, too
48m – Said she didn’t realize that the media was part of the problem, she thought they’d be part of the solution
49m – Gentleman’s agreement that the u.s. would choose the head of the World Bank, and the Europeans would choose the head of the IMF
53m – She could sue the World Bank because she was a bondholder — otherwise, they have immunity
55m – Said Strauss-Kahn wanted to get gold into the world’s hands, so that’s why he was taken down, but he hired someone suing her
58m – She had been interviewed for the position of General Counsel
1h5m – Said fellow whistleblower who is into water issues was given top position by Jesuits and asked to sign a contract for 9 quadrillion
1h7m – (Updated) – Says we don’t have time for committees to study gold backwardation, and we need to move quickly to prevent it
1h8m – People in alternative media highly conditioned to not trust any government action
1h11m – She sees IMF and Bretton Woods as a springboard for reform
1h14m – She referred to so-called first 13th amendment barring bar members from government, in saying 14th amendment
1h17m – Said there’s more gold in the world than we know – referred to Wolfgang Struck — German banker living in Philippines for past two decades
1h18m – Said the world owes Ferdinand Marcos a huge debt for setting up a good legal system
1h19m – She said JFK was killed by Jesuits
1h20m – Said Hitler was related to Japanese emperor, etc.
1h25m – Silvio Gessel said local currencies are the best currencies
1h26m – (Updated) Said we’re going to have to use force (with armies) to get gold from World Bank to give to member countries (if they don’t voluntarily cooperate)
1h29m – Said there was a nuclear bomb that was supposed to explode on the 8th, but was stopped
1h31m – Said the Jesuits have been stopped
1h33m – She said look what’s happening with fiat money
1h36m – Henrik said he’s not seeing the tide turn any time soon
1h38m – She said there should be no ifs, ands, ors or buts about stopping gold backwardation

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Tom WoodsOn the January 5, 2014 episode of Exposing Faux Capitalism, I provided a two-hour refutation of Tom Woods’ 2013 presentation paper, “Why the Greenbackers are Wrong.

Here are some highlights:

(2) that fiat money is just fine as long as it is issued by the people’s trusty representatives instead of by the Fed
– It’s not fiat money, since it’s being issued into circulation by the 12 privately-owned Federal Reserve Banks
– Misdirection, since the proposal isn’t to have Representatives and Senators issue money, but to have bankers do it through the U.S. Treasury, under the public trust, akin to the successful Bank of North Dakota.

The Fed pays for this purchase by writing a check on itself, out of thin air, and handing it to the primary dealer.
– Not created out of thin air, but instead, by a bookkeeping entry.

For one thing, pieces of paper with politicians’ faces on them are not saleable goods. They have no use value, and therefore could not have emerged from barter as the most marketable goods in society.
– They do, because of the full faith and credit of the government backing them, which is based ultimately upon the productivity of the people, and the exchange between producers (taxpayers and government).

Second, even if government did try to impose a paper money issued from nothing on the people, it could not be used as a medium of exchange or a tool of economic calculation because no one could know what it was worth. Are three Toms worth one apple or seven fur coats? How could anyone know?
Its value is ultimately determined by the market, and even Lew Rockwell said that not only is the USD a medium of exchange, it’s also money.

This is how unbacked paper money comes into existence. It begins as a convertible substitute for a commodity like gold, and then the government takes the gold away.
– What about the first paper money issued by the Mongols, and what about the United States Notes?

“Free-market money, therefore, is commodity money.”
– Says who? Stephen Zarlenga has documented several other ways that money has arisen, and privately-issued, voluntary, usury-free community currencies have been issued that aren’t commodity-based.

So free-market money does not enter the economy as a loan.
– What about the paper notes issued by banks during the Free Banking Era of the United States? Were they not free-market money, just because they were issued by state-chartered banks?

For consistency’s sake, they should support all forms of debt-free money, including money that takes the form of a good voluntarily produced on the market and without any form of monopoly privilege.
– “They do”, as in me (Jason Erb), Anthony Migchels, George Whitehurst-Berry, Wayne Walton, Tom J. Kennedy and others.

Although the “there isn’t enough money to pay the interest” argument fails, I want to take up a related warning about sound money
– Is gold sound money when it dropped from $1700 to $1200 in 2013?

First of all, no one can expect to print pieces of paper with his face on them and spend them into circulation. Nobody would accept them, needless to say, and as we have seen, it is impossible for money to be introduced ex nihilo in this way. The only kind of money that can emerge on the free market is one that, at least at one time, had been considered a useful commodity. Paper money can come into existence on the free market and without coercion if it serves as a redemption claim for the commodity money, but irredeemable paper money cannot originate without government threats or violence.
– Tom Woods flaunts his ignorance of the success of voluntary, usury-free community currencies, such as Ithaca Hours and mtnHours.

Again, as we saw previously, the pattern is this: a commodity is freely chosen by market participants to serve as money, for convenience paper receipts fully convertible into that money begin to circulate as money substitutes, and finally the government removes the commodity backing from the paper and only the paper circulates.
– In other words, gold doesn’t function directly in a wide-spread way as money.

When Franklin Roosevelt confiscated Americans’ gold in 1933 and gave them paper money in exchange, this money did not enter the system “as debt.” It was a simple act of conversion of specie into paper. (Thanks to J.P. Koning for tracking down that link.)
– If it didn’t enter as debt, why were they still referred to as notes?

the naive confidence in the American political class that the Greenbacker alternative demands is beneath the dignity of a free people.
– By that standard, why trust government with any powers? — In this way, the anarcho-capitalist critics of government-issued money have some credibility on this point, unlike the minarchist critics like Gary North, who still call for government regulation of contracts in his illusory free market gold standard that is just as much a fool’s gold standard as any government-guaranteed gold standard.

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