The body of work of George C. Scott, who won an Oscar for his unforgettable portrayal of World War II General George Patton included films like Anatomy of a Murder and Dr. Strangelove.
Less well known is his starring role a few years before in a film called The Flim-Flam Man, a comedy about a con man who traveled the southern states running scams and fleecing the wide-eyed innocents.
Although some of his schemes are quite brazen, nothing in the world is quite as audacious as what governments get away with in their money manipulation.
Today the news brings the announcement that on October 1, Venezuela will cut six zeroes off its currency the bolivar.
“All monetary amounts expressed in national currency will be divided by one million,” the central bank announced. That is a time-tested flim-flam: governments print so much money that the currency becomes virtually worthless, so they lop off a bunch of zeroes on the denominations, and issue a new currency, one that they will eventually print into worthlessness all over again.
So, if you have a one million bolivar bill, it will be replaced by a new one bolivar bill. That is a common government flim-flam, an attempt to disguise their intentional currency destruction.
But let us describe the monetary flim-flam the goes on today here in the US.
The government borrows money by selling bonds. This is what really happens. Since Covid, Washington has borrowed and spent trillions of dollars by selling bonds. But who buys those bonds?
The Federal Reserve bought most of them. Since Covid, the Wall Street Journal reports that the Federal Reserve has purchased 76.4 percent of all those US bonds.
But wait a minute! Where did the Fed get the trillions of dollars to buy all those US government bonds?
Simple. It just printed the money. Digitally, of course, but it made the money up out of nothing. Dollars that did not exist in the morning were created out of nothing but a digital bookkeeping entry in the afternoon.
That is a flim-flam so audacious that Hollywood probably would not even put it in a movie. But that is how inflation is created, and how the purchasing power of the dollar is destroyed over time.
The Fed and its crony banksters deserve an academy award for selling this racket to the wide-eyed American people.
As for the few that can see through governments’ monetary con games, they protect themselves by investing in gold and silver. Since gold and silver are honest money, con men and flim-flam artists always hate them.
Protect yourself. Speak with a Republic Monetary Exchange precious metals specialist today.