Thursday, 19 October 2017

Gold Standard

Return to the Gold Standard?

Posted by Gonzalo Schwarz
October 31, 2013
in Blog

Former Reagan Gold Commissioner Lewis Lehrman on the outlook for gold.       Watch the latest video at video.foxbusiness.com Watch the latest video at video.foxbusiness.com

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Paul Krugman v. David Stockman: The Great Debate Over Gold Continues

Posted by Gonzalo Schwarz
April 22, 2013
in Blog

by Ralph Benko Amid an ongoing decline in the price of gold, a major brawl recently broke out in the elite media over … the gold standard. What is this free-for-all all about?  And why does it matter?  It matters because… the gold standard finally has demonstrated that, after a long eclipse, it is being […]

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Sound Money vs. Stable Money

Posted by Gonzalo Schwarz
December 28, 2012
in Blog

by Kenneth Gould Historically, there have been two contrasting monetary doctrines. The first doctrine favors what it calls “sound money,” defined as money that has a purchasing power determined by markets, independent of governments and political parties. A true gold standard is one example of money that has an intrinsic value determined by markets rather than governments. Note that, under a sound money doctrine’s principles, a gold standard where the government […]

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Is a Gold Standard Necessarily Vulnerable to Speculative Attacks?

Posted by Gonzalo Schwarz
December 18, 2012
in Blog

   by Lawrence H. White My frequent co-author George Selgin (2012) finds it “more doubtful [today] than ever before that any government-sponsored and administered gold standard will be sufficiently credible to either be spared from or to withstand redemption runs.” He quotes James D. Hamilton (2005) to similar effect:  given that central banks the Treasuries […]

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Myth 8: The Gold Standard Helped Spread the Great Depression to the Rest of the World

Posted by Gonzalo Schwarz
December 14, 2012
in Blog

by Lawrence H. White The second part of the “Golden Fetters” indictment, to quote a recent statement of it (Bordo 2010, p. 40), is that “The Great Depression spread across the world via the fixed exchange rate gold standard.”  In Eichengreen’s (1992, p. xi) earlier words, the international gold standard “transmitted the destabilizing impulse from […]

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The Case For 100% Reserve Banking

Posted by Devin Roundtree
December 14, 2012
in Blog

by Devin Roundtree Even among the most vocal advocates of returning to a gold standard, a banking system that requires banks to reserve 100% of all deposits redeemable on demand is considered impractical and a hindrance to economic growth. However, not only is 100% reserve banking practical, it is lawful and will not create credit […]

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Myth 7: The Gold Standard was Responsible for the Deflation that Ushered in the Great Depression

Posted by Gonzalo Schwarz
December 13, 2012
in Blog

by Lawrence H. White The most prominent set of criticisms of the gold standard among academic economists in recent years blame the gold standard for the creating the Great Depression in the United States and for then spreading it internationally.  Douglas Irwin (2011, p. 1) summarizes the case and identifies its most cited source: Modern […]

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Fedophilia

Posted by Gonzalo Schwarz
December 6, 2012
in Blog

by George Selgin Although the movement to “End the Fed” has a considerable popular following, only a very tiny number of economists—our illustrious contributors amongst them—take the possibility seriously. For the rest, the Federal Reserve System is, not an ideal currency system to be sure (for who would dare to call it that?), but, implicitly at […]

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A Golden Path: Reply to Professor Cochran

Posted by Gonzalo Schwarz
December 5, 2012
in Blog

by Godfrey Bloom and Patrick Barron In his recent Mises Daily article “Fool’s Gold Standards,” John P. Cochran warns his readers against accepting any monetary reform less than that of money created by the free market. Therefore, he felt it necessary to criticize our previous Mises Daily article “A Golden Opportunity,” in which we advised Germany to leave the European Monetary Union, […]

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Forbes Review: Roads to Sound Money

Posted by Gonzalo Schwarz
December 3, 2012
in Blog

by Ralph Benko The only plank remaining under notable discussion from either national convention platform of 2012 is the GOP platform’s call for a national monetary commission.  Although widely reported as a call for a new “Gold Commission”, the actual text calls for a “commission to investigate possible ways to set a fixed value for […]

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Lewis E. Lehrman on “The Larry Parks Show”

Posted by Gonzalo Schwarz
November 30, 2012
in Blog

From thegoldstandardnow.org: For more than 40 years, Lewis Lehrman, Co-Chairman of the Gilder Lehrman Institute of American History, has taken a leadership role in promulgating gold as money. Here, he discusses overcoming objections to eliminating paper money.  

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Are Turkey and Iran Showing the Way…

Posted by Gonzalo Schwarz
November 26, 2012
in Blog

…That the World Will Adopt a Gold Standard by Necessity? Turkey Swaps Gold for Iranian Gas Loophole in Western Sanctions Allows Iran to Buy Gold in Turkey With Turkish Payments for Gas Imported From Iran By JOE PARKINSON and EMRE PEKER ISTANBUL—Turkey on Friday acknowledged that a surge in its gold exports this year is related to payments […]

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“Fool’s Gold” Standards

Posted by Gonzalo Schwarz
November 12, 2012
in Blog

by John P. Cochran In a recent Mises Daily, “A Golden Opportunity,” Patrick Barron and Godfrey Bloom make the case for Germany to withdraw from the monetary union combined with a strong argument that “a golden Deutsche Mark is possible and desirable.” This recommendation may be a step in the right direction, but it leaves Germany with a central […]

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“Roads to Sound Money” Book Release

Posted by Gonzalo Schwarz
November 11, 2012
in Blog

The Sound Money Project of the Atlas Network is proud to announce the release of its newest publication, Roads to Sound Money. Please join the Atlas Network for the launch on Wednesday, November 14 at 5 pm in the South American room at the Capital Hilton in Washington DC (16th and K Street). The event […]

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There’s Still a Case for Gold

Posted by Gonzalo Schwarz
November 9, 2012
in Blog

by Ron Paul Thirty years after its first publication in 1982, The Case for Gold remains remarkably timely. The Case for Gold is the minority report of the U.S. Gold Commission and lays out a thorough and comprehensive defense of sound money. Today, The Case for Gold remains a timeless piece of scholarship, offering successive generations both a prescient warning and […]

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Paper Money or The True Gold Standard

Posted by Gonzalo Schwarz
November 1, 2012
in Blog

How does the United States once again establish, by statute, a dollar convertible to a defined weight of gold?  “If you have ever wondered how the world can get from here to there— from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren—wonder no more. The answer, brilliantly […]

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China Grasps Value of Gold, Even if U.S. Doesn’t

Posted by Gonzalo Schwarz
October 29, 2012
in Blog

by Roll Call Staff In the first presidential debate, both candidates portrayed themselves as innovative problem-solvers pursuing creative avenues to “grow” the American economy. Interestingly, GOP nominee Mitt Romney did not mention his party’s most creative idea, laid out at the Republican National Convention in Tampa, Fla.,: creating a national monetary commission “to investigate possible […]

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Gold Can Save Us From Disaster

Posted by Gonzalo Schwarz
October 24, 2012
in Blog

by Steve Forbes A new gold standard is crucial. The disasters that the Federal Reserve and other central banks are inflicting on us with their funny-money policies are enormous and underappreciated. An unstable dollar is wreaking havoc on our capital markets, depriving us of money for productive enterprises and future enterprises while subsidizing government debt […]

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Roads to Sound Money

RoadsToSoundMoney-FINAL-IIThe Sound Money Project of the Atlas Economic Research Foundation is proud to announce the release of its newest publication, Roads to Sound Money. The project is a compilation of essays featuring some of the most visionary, yet practical thinkers on monetary policy from Atlas’s network. The essays range from reforming the fed, reinstating a gold standard as well as alternative monetary systems. The book was first presented to attendees of Atlas’ Liberty Forum in New York on October 3-4. Authors Jerry Jordan and Sean Fieler participated on a panel on the book during the event and presented their views on the matter. We now invite you to learn more about the book and discover the reforms that these authors suggest would put us on the path of sound money.

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Currencies: Re-evaluating the ghost of gold

Posted by Gonzalo Schwarz
October 12, 2012
in Blog

From the ChinaPost.com.tw: Imagine if, over time, as our solar system swings around the Sun, the planet Jupiter suddenly put on a tremendous amount of weight. Over time the gravitational pull of the planets — and the Sun — would begin spinning around Jupiter, causing great celestial upheavals in the process. Nobel laureate Robert Mundell […]

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Signs of the Gold Standard Emerging in China?

Posted by Gonzalo Schwarz
October 12, 2012
in Blog

by Ralph Benko As noted in last week’s column about the rising recognition by authorities in Germany about the virtues of gold, the gold standard is receiving impressive new recognition internationally. The GOP plank calling for a commission to study “possible ways to set a fixed value for the dollar” — with an unmistakable nod to gold — […]

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Not Gold, Restrictions on Bank Freedom

Posted by Gonzalo Schwarz
October 9, 2012
in Blog

Why are people (who should know better) surprised that there were problems when banks were forced to wear strait jackets? by Kurt Schuler Two sharp economists whose blogs I enjoy reading were off-base last month on a common theme, which merits correction.Stephen Williamson said of Alan Greenspan’s 1966 essay “Gold and Economic Freedom” that Greenspan “thinks that the ‘golden’ age […]

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Answering the Same Old Arguments Against Sound Money

Posted by Gonzalo Schwarz
October 4, 2012
in Blog

Archived from the live Mises.tv broadcast, this lecture by Tom Woods was presented at the Mises Circle in Manhattan: “Central Banking, Deposit Insurance, and Economic Decline.” Includes an introduction by Llewellyn H. Rockwell, Jr. Music by Kevin MacLeod.   For more visit youtube.com/user/misesmedia… image: flickr.com/ethanhein

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Twin Demons

Posted by Gonzalo Schwarz
October 1, 2012
in Blog

by Llewellyn H. Rockwell Jr. [This talk was delivered at the Mises Circle in New York City on September 14, 2012.] The 20th century was the century of total war. Limitations on the scope of war, built up over many centuries, had already begun to break down in the 19th century, but they were altogether obliterated in the […]

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Death Knells for the USDollar

Posted by Gonzalo Schwarz
September 28, 2012
in Blog

by Jim Willie CB The recent decision by the US Federal Reserve to contaminate the financial body until it responds favorably was the last straw in my book. Witness a declaration of permanent QE and hyper monetary inflation of the most virulent strain, unsterilized. The USFed is essentially admitting failure. The signal serves as the loudest death knell for the USDollar among […]

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The Money Trap: Escaping the Grip of Global Finance – Reviewed

Posted by Gonzalo Schwarz
September 26, 2012
in Blog

Robert Pringle Basingstoke, UK: Palgrave Macmillan, 2012, 328 pp. To read Robert Pringle’s new book, The Money Trap, is to experience the slow joy of recognizing that someone out there in the world of intellectual propriety and academic correctness is willing to state the case that the global financial crisis can be traced in large […]

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China’s Preparing for the End Game – Are We Paying Attention?

Posted by Gonzalo Schwarz
September 20, 2012
in Blog

  Written by Christopher K. Potter For three thousand years China has been at the forefront of monetary innovation.  It was the first to legalize gold money in the tenth century BC and two millennia later it issued the world’s first paper currency.  Fast forward to 2012 and China is at it again, eclipsing Australia […]

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The Case for Gold

Posted by Gonzalo Schwarz
September 20, 2012
in Blog

By Rep. Ron Paul and Lewis Lehrman ABOUT THE (FREE E-)BOOK by Mark Calabria The economic crisis of the past several years — including unchecked government growth and spiraling debt — illustrates the danger we face from living beyond our means and building upon unsupportable economic foundations. Warning signals were already being sounded nearly 30 years […]

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What Would it mean to End the Fed?

Posted by Gonzalo Schwarz
September 18, 2012
in Blog

What would it mean to “end the Fed”? Professor Larry White says that in order to know the effects of such a measure, we must first understand the role of “the Fed”. The Federal Reserve is the central bank of the United States and the institution at the center of the nation’s monetary and banking […]

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A Road to Prosperity

Posted by Gonzalo Schwarz
September 17, 2012
in Blog

The case for a modernized gold standard. By LEWIS E. LEHRMAN   Gold, a fundamental, metallic element of the earth’s constitution, exhibits unique properties that enabled it, during two millennia of market testing, to emerge as a universally accepted store of value and medium of exchange, not least because it could sustain purchasing power over the […]

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Let’s Have the Debate on Gold

Posted by Gonzalo Schwarz
September 14, 2012
in Blog

If you criticize the gold standard without knowing what it is, you may look dumb. by Kurt Schuler Steve Horwitz has a post at Coordination Problem. Since he has not brought attention to it here, I will do it for him. I detect in the article to which Steve was replying, and in other recent […]

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Would a Gold Standard Encourage Investment and Saving?

Posted by Gonzalo Schwarz
September 14, 2012
in Blog

Going onto Gold would be like pulling the football away from the Fed (Hint: the football, in this case, is a metaphor for the economy). Lehrman Institute chairman Lewis E. Lehrman talks on Fox on returning to the gold standard.     Watch the latest video at video.foxbusiness.com image: flickr.com/niallkennedy

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The Gold Standard Goes Mainstream

Posted by Gonzalo Schwarz
August 30, 2012
in Blog

By SETH LIPSKY An under-reported development of this campaign season is the Republican Party’s decision this week to send Gov. Mitt Romney into the presidential race on a platform effectively calling for a new gold commission. The realization that America’s system of fiat money is part of its economic problem is moving from the fringes of […]

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Ezra Klein Mistakes the Arsonist for a Firefighter

Posted by Gonzalo Schwarz
August 30, 2012
in Blog

by Steven Horwitz In Friday’s Washington Post, Ezra Klein raises a number of criticisms of the gold standard using as his hook the call for a new Gold Commission that appears in a draft of the new Republican Party platform.  Putting aside the question of party politics and what a new Commission might do, Klein’s arguments against the […]

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Gold as a Medium of Exchange and Savings

Posted by Gonzalo Schwarz
August 30, 2012
in Blog

Written by Lewis E. Lehrman Consider the natural properties of gold.  Gold is durable, homogenous, and fungible.  Indeed, by its intrinsic scientific nature, gold is imperishable, indestructible, and malleable.  Gold has a relatively low melting point, facilitating coinage.  Gold is portable and can be readily transported from place to place in exchange for other articles […]

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Sound Money Gains a Champion

Posted by Gonzalo Schwarz
August 28, 2012
in Blog

BY JUDY SHELTON   What are the chances that President Barack Obama and his Treasury secretary, Timothy Geithner, will ever have anything meaningful to say about monetary policy​—​beyond continuing to try to coax Federal Reserve chairman Ben Bernanke to print ever more dollars to buy up ever more U.S. government debt? About the same as the […]

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Why Is the Price of Gold Falling?

Posted by Gonzalo Schwarz
August 20, 2012
in Blog

By Robert Wenzel: The Atlantic’s  Jordan Weissmann writes: Investors who love gold tend to think of it as a sort of bomb shelter. It’s supposed to be a secure place to park your money when the rest of the financial world is blowing up. So some may find it surprising that in a year when Europe’s troubles […]

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Phase Out the Fed With Sound Money Laws

Posted by Gonzalo Schwarz
August 20, 2012
in Blog

Although it is very encouraging that the House voted 327 to 98 to audit the Fed last month, it is virtually certain that the Senate will not concur this year. Moreover, it is virtually certain that Congress will not act to end or phase out the Fed any time soon. So, what’s to be done about […]

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Return to the Gold Standard

Posted by Gonzalo Schwarz
August 8, 2012
in Blog

Written by Scott Gillette (H/T thegoldstandardnow.org) Gene Wilder’s character in the movie Young Frankenstein proclaims at one point, “Hearts and kidneys are tinker toys compared to the central nervous system!” The same analogy can be applied to almost any other political issue, which are hearts and kidneys compared to monetary policy, which would be the central nervous […]

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Led by Rep. Ron Paul, Congress Explores Sound Money

Posted by Gonzalo Schwarz
August 6, 2012
in Blog

Written by  Alex Newman As concerns over the U.S. dollar and the Federal Reserve continue to grow, U.S. lawmakers explored sound money, competing currencies, and the route to monetary freedom during an August 2 congressional hearing chaired by Rep. Ron Paul (R-Texas). It was the final House Domestic Monetary Policy Subcommittee hearing led by the long-time champion of […]

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Money and the Coming World Order

Posted by Gonzalo Schwarz
August 1, 2012
in Blog

      Harold Van B. Cleveland (Author), Charles P. Kindleberger (Author), Lewis E. Lehrman (Author, Editor),David P. Calleo (Author, Editor), 1st Edition (Editor)   American and World prosperity depend on monetary reform, Federal Reserve reform, and restoration of international monetary order. Today, national economic policy making is largely concerned with the problems of unemployment and inflation. More precisely, it is their simultaneous […]

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The Golden Rule

Posted by Gonzalo Schwarz
July 27, 2012
in Blog

Written by Jonathan Barnes James Grant, founder of Grant’s Interest Rate Observer, is a longtime advocate of the gold standard and critic of Central Bank monetary policy. In this interview with CFA Magazine, Grant speaks about the failures of the current monetary system, the practical steps toward a new gold standard, and his assessment of Federal […]

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History of the Gold Standard

Posted by Gonzalo Schwarz
July 16, 2012
in Blog

Coming up next, a discussion on the history of the gold standard. Three panelists-including author Lewis Lehrman-debate the origins, benefits, and drawbacks of the system. They also discuss why the U.S. left the gold standard, and the arguments for reinstating it. The New York Historical Society hosted this event and it’s just over an hour. […]

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The Euro’s Fetters?

Posted by Gonzalo Schwarz
July 9, 2012
in Blog

Is the Euro harder to escape than the Gold Standard? by Gonzalo Schwarz Spanish economist Jesús Huerta de Soto just published a new article entitled “An Austrian Defense of the Euro.” In this paper Huerta de Soto develops an argument based on the lectures given by Nobel laureate Friedrich Hayek in the 1930’s at the […]

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Fiat Money Kills Productivity

Posted by Gonzalo Schwarz
June 27, 2012
in Blog

From Azizonomics: I have long suspected that a money supply based on nothing other than faith in government is a productivity killer. Last November I wrote: During 1947-73 (for all but two of those years America had a gold standard where the unit of exchange was tied to gold at a fixed rate) average family income […]

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A Free-Market Monetary System

Posted by Gonzalo Schwarz
June 25, 2012
in Blog

by Friedrich A. Hayek [A lecture delivered at the Gold and Monetary Conference, New Orleans, November 10, 1977. It made its first appearance in print in the Journal of Libertarian Studies, Volume 3, Number 1.] When a little over two years ago, at the second Lausanne Conference of this group, I threw out, almost as a sort […]

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Which is it? Both–or neither

Posted by Gonzalo Schwarz
June 14, 2012
in Blog

From FreeBanking.org: Scott Sumner writes, “I don’t object to people noting that Bretton Woods had some characteristics of the gold standard; I’ve made that argument myself. But I wish the gold bugs would get the story straight.  Half of them seem to think the US monetary system of the 1920s wasn’t really a gold standard, and half seem to think […]

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A Cure for What Ails Us

Posted by Gonzalo Schwarz
June 12, 2012
in Blog

It is not enough to encourage enterprise and limit regulation—we need a fixed system of value. By James Grant Bailouts, bear markets and joblessness will surely put capitalism on the November ballot. How do you like your enterprise, Mr. and Ms. American Voter—free or stifled or a little something in between? The 2012 election promises […]

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In A Gold Standard, How Are Interest Rates Set?

Posted by Gonzalo Schwarz
June 7, 2012
in Blog

Submitted by Keith Weiner, President of the Gold Standard Institute, USA Today, short-term interest rates are set by the diktats of the central bank.  And long-term interest rates are set in a “market” in which the central bank is obliged to keep coming back to buy ever more bonds, and speculators front-run the central banks […]

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Alasdair Macleod: All Roads In Europe Lead To Gold

Posted by Gonzalo Schwarz
May 24, 2012
in Blog

Submitted by Chris Martenson This week we bring back Alasdair Macleod, publisher of Finance and economics.org, because, as he puts it “every horror that we discussed last time we spoke is coming about”. Especially scary since our previous conversation with him was less than three weeks ago… Today’s interview continues building on his excellent synopsis from last month that detailed the […]

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