Chapter 4. The Monetary Breakdown of the West Since the first edition of this book was written, the chickens of the monetary interventionists have come home to roost. The World Monetary Crisis of February and March 1973, followed by the Dollar Plunge of July, was only the latest of an accelerating series of crises which provide a virtual textbook illustration of our analysis of the inevitable consequences of government intervention in the monetary system. After each crisis is temporarily allied by a band-aid solution, the governments of the West loudly announce that the world monetary system has now been placed on sure footing, and that all the monetary crises have been solved. President Nixon went so far as to call the Smithsonian Agreement of December 18, 1971 the greatest monetary agreement in the history of the world, only to see this greatest agreement collapse in a little over a year. Each solution has crumbled more rapidly than its predecessor. To understand the current monetary chaos, it is necessary to trace briefly the international monetary developments of the 20th century, and to see how each set of unsound inflationist interventions has collapsed of its own inherent problems, only to set the stage for another round of interventions. The 20th century history of the world monetary order can be divided into nine phases. Let us examine each in turn. We can look back upon the classical gold standard, the Western world of the 19th and early 20th centuries, as the literal and metaphorical golden age. With the exception of the troublesome problem of silver, the world was on a gold standard, which meant that each national currency, the dollar, the pound, frank, etc., was merely a name for a certain definite weight of gold. The dollar, for example, was defined as one-twentieth of a gold ounce. The pound sterling as slightly less than one-fourth of a gold ounce, and so on. This meant that the exchange rates between the various national currencies were fixed, not because they were arbitrarily controlled by government, but in the same way that one pound of weight is defined as being equal to sixteen ounces. The international gold standard meant that the benefits of having one money medium were extended throughout the world. One of the reasons for the growth and prosperity of the United States has been the fact that we have enjoyed one money throughout the large area of the country. We have had a gold, or at least a single dollar, standard within the entire country, and did not have to suffer the chaos of each city and county issuing its own money, which would then fluctuate with respect to the monies of all the other cities and counties. The nineteenth century saw the benefits of one money throughout the civilized world. One money facilitated freedom of trade, investment, and travel throughout that trading and monetary area, with the consequent growth of specialization and the international division of labor. It must be emphasized that gold was not selected arbitrarily by governments to be the monetary standard. Gold had developed for many centuries on the free market as the best money, as the commodity providing the most stable and desirable monetary medium. Above all, the supply and provision of gold was subject only to market forces and not to the arbitrary printing press of the government. The international gold standard provided an automatic market mechanism for checking the inflationary potential of government. It also provided an automatic mechanism for keeping the balance of payments of each country in equilibrium. As the philosopher and economist David Hume pointed out in the mid-eighteenth century, if one nation, say France, inflates its supply of paper francs, its prices rise. The increasing incomes in paper francs stimulate imports from abroad, which are also spurred by the fact that prices of imports are now relatively cheaper than prices at home. At the same time, the higher prices at home discourage exports abroad. The result is a deficit in the balance of payments, which must be paid for by foreign countries cashing in francs for gold. The gold outflow means that France must eventually contract its inflated paper francs in order to prevent a loss of all of its gold. If the inflation has taken the form of bank deposits, then the French banks have to contract their loans and deposits in order to avoid bankruptcy as foreigners call upon the French banks to redeem their deposits in gold. The contraction lowers prices at home and generates an export surplus, thereby reversing the gold outflow, until the price levels are equalized in France and in other countries as well. It is true that the interventions of governments previous to the 19th century weakened the speed of this market mechanism and allowed for a business cycle of inflation and recession within this gold standard framework. These interventions were particularly the government's monopolizing of the mint, legal tender laws, the creation of paper money, and the development of inflationary banking propelled by each of the governments. But while these interventions slowed the adjustments of the market, these adjustments were still in ultimate control of the situation. So while the classical gold standard of the 19th century was not perfect and allowed for relatively minor booms and busts, it still provided us with by far the best monetary order the world has ever known, an order which worked, which kept business cycles from getting out of hand and which enabled the development of free international trade, exchange, and investment. Two. Phase two. World War I and after. If the classical gold standard worked so well, why did it break down? It broke down because governments were entrusted with the task of keeping their monetary promises, of seeing to it that pounds, dollars, francs, etc., were always redeemable in gold, as they and their controlled banking system had pledged. It was not gold that failed, it was the folly of trusting government to keep its promises. To wage the catastrophic war of World War I, each government had to inflate its own supply of paper and bank currency. So severe was this inflation that it was impossible for the warring governments to keep their pledges, and so they went off the gold standard, that is, declared their own bankruptcy, shortly after entering the war. All except the United States, which entered the war late and did not inflate the supply of dollars enough to endanger redeemability. But apart from the United States, the world suffered what some economists now hail as the nirvana of freely fluctuating exchange rates, now called dirty floats, competitive devaluations, warring currency blocks, exchange controls, tariffs and quotas, and the breakdown of international trade and investment. The inflated pounds, francs, marks, etc., depreciated in relation to gold and the dollar. Monetary chaos abounded throughout the world. In those days, there were happily very few economists to hail this situation as the monetary ideal. It was generally recognized that phase two was the threshold to international disaster, and politicians and economists looked around for ways to restore the stability and freedom of the classical gold standard. Three. Phase three. The gold exchange standard. Britain and the United States. 1926 to 1931. How to return to the golden age? The sensible thing to do would have been to recognize the facts of reality, the fact of the depreciated pound, franc, mark, etc., and to return to the gold standard at a redefined rate, a rate that would recognize the existing supply of money and price levels. The British pound, for example, had been traditionally defined at a weight which made it equal to $4.86, but by the end of World War I, the inflation in Britain had brought the pound down to approximately $3.50 on the free foreign exchange market. Other currencies were similarly depreciated. The sensible policy would have been for Britain to return to gold at approximately $3.50, and for the other inflated countries to do the same. Phase one could have been smoothly and rapidly restored. Instead, the British made the fateful decision to return to gold at the old par of $4.86. It did so for reasons of British national prestige, and in a vain attempt to reestablish London the hard-money financial center of the world. To succeed at this piece of heroic folly, Britain would have had to deflate severely its money supply and its price levels. For at a $4.86 pound, British export prices were far too high to be competitive in the world markets. But deflation was now politically out of the question for the growth of trade unions but risked by a nationwide medium of unemployment insurance had made wage rates rigid downward. In order to deflate, the British government would have had to reverse the growth of its welfare state. In fact, the British wished to continue to inflate money and prices. As a result of combining inflation with a return to an overvalued par, British exports were depressed all during the 1920s, and unemployment was severe during the period when most of the world was experiencing an economic boom. How could the British try to have their cake and eat it at the same time? By establishing a new international monetary order which would induce or coerce other governments into inflating or into going back to gold at overvalued pars for their own currencies, thus crippling their own exports and subsidizing their exports from Britain. This is precisely what Britain did as it led the way at the Genoa Conference of 1922 in creating a new international monetary order, the Gold Exchange Standard. The Gold Exchange Standard worked as follows. The United States remained on the classical gold standard, redeeming dollars in gold. Britain and the other countries of the West, however, returned to a pseudo gold standard. Britain in 1926 and the other countries around the same time. British pounds and other currencies were not payable in gold coins, but only in large-sized bars suitable only for international transactions. This prevented the ordinary citizens of Britain and other European countries from using gold in their daily life, and thus permitted a wider degree of paper and bank inflation. But furthermore, Britain redeemed pounds not merely in gold, but also in dollars, while the other countries redeemed their currencies not in gold, but in pounds. And most of these countries were induced by Britain to return to gold at overvalued parities. The result was a pyramiding of United States on gold, of British pounds on dollars, and of other European currencies on pounds. The gold exchanged standard with the dollar and the pound as the two key currencies. Now when Britain inflated and experienced a deficit in its balance of payments, the gold standard mechanism did not work to quickly restrict British inflation. For instead of other countries redeeming their pounds for gold, they kept the pounds inflated on top of them. Hence Britain and Europe were permitted to inflate unchecked and British deficits could pile up unrestrained by the market discipline of the gold standard. As for the United States, Britain was able to induce the United States to inflate dollars so as not to lose many dollar reserves or gold to the United States. The point of the gold exchange standard is that it cannot last. The piper must eventually be paid, but only in a disastrous reaction to the lengthy inflationary boom. As sterling balances piled up in France, the United States, and elsewhere, the slightest loss of confidence in the increasingly shaky and jerry-built inflationary structure was bound to lead to general collapse. This is precisely what happened in 1931. The failure of inflated banks throughout Europe and the attempt of hard-money France to cash in its sterling balances for gold led Britain to go off the gold standard completely. Britain was soon followed by the other countries of Europe. Phase 4 Fluctuating Fiat Currencies 1931-1945 The world was now back to the monetary chaos of World War I, except that now there seemed to be little hope for a restoration of gold. The international economic order had disintegrated into the chaos of clean and dirty floating exchange rates, competing devaluations, exchange controls, and trade barriers. International economic and monetary warfare raged between currencies and currency blocks. International trade and investment came to a virtual standstill, and trade was conducted through barter agreements conducted by governments competing and conflicting with one another. Secretary of State, Cordell Hull repeatedly pointed out that these monetary and economic conflicts of the 1930s were the major cause of World War II. The United States remained on the gold standard for two years, and then in 1933 and 1934 went off the classical gold standard in a vain attempt to get out of the Depression. American citizens could no longer redeem dollars in gold, and were even prohibited from owning any gold, either here or abroad. But the United States remained after 1934 on a peculiar new form of gold standard, in which the dollar, now redefined to one-thirty-fifth of a gold balance, was redeemable in gold to foreign governments and central banks. A lingering tie to gold remained. Furthermore, the monetary chaos in Europe led to gold flowing into the only relatively safe monetary haven, the United States. The chaos and the unbridled economic warfare of the 1930s points up an important lesson. The grievous political flaw, apart from the economic problems in the Milton Friedman Chicago School monetary scheme for freely fluctuating fiat currencies. For what the Friedmanites would do in the name of the free market, is to cut all ties to gold completely, leave the absolute control of each national currency in the hands of its central government, issuing fiat paper as legal tender, and then advise each government to allow its currency to fluctuate freely with respect to all other fiat currencies, as well as to refrain from inflating its currency to outrageously. The grave political flaw is to hand total control of the money supply to the nation state and then to hope and expect that the state will refrain from using that power. And since power always should be used, including the power to counterfeit legally, the naivete, as well as the statist nature of this type of program should be starkly evident. And so the disastrous experience of Phase 4, the 1930s world of fiat paper and economic warfare, led the United States authorities to adopt as their major economic war aim of World War II the restoration of a viable international monetary order, an order on which could be built a renaissance of world trade and the fruits of the international division of labor. 5. Phase 5 Bretton Woods and the New Gold Exchange Standard the United States, 1945 to 1968. The new international monetary order was conceived and then driven through by the United States at an international monetary conference at Bretton Woods New Hampshire in mid-1944 and ratified by the Congress in July 1945. While the Bretton Woods system worked far better than the disaster of the 1930s it worked only as another inflationary recrudescence of the Gold Exchange Standard of the 1920s. And like the 1920s, the system lived only on borrowed time. The new system was essentially the Gold Exchange Standard of the 1920s but with the dollar rudely displacing the British pound as one of the key currencies. Now the dollar, valued at 1.35 of a gold ounce was to be the only key currency. The other difference from the 1920s was that the dollar was no longer redeemable in gold to American citizens. Instead the 1930s system was continued with the dollar redeemable in gold only to foreign governments and their central banks. No private individuals only governments were to be allowed the privilege of redeeming dollars in the world gold currency. In the Bretton Woods system, the United States pyramided dollars in paper money and in bank deposits on top of gold in which dollars could be redeemed by currency. While all other governments held dollars as their basic reserve and pyramid their currency on top of dollars. And since the United States began the post-war world with a huge stock of gold approximately 25 billion dollars, there was plenty of play for pyramiding dollar claims on top of it. Furthermore, the system could work for a while because all the world's currencies returned to the system at their pre-World War II Pares, most of which were highly overvalued in terms of their inflated and depreciated currencies. The inflated pound sterling, for example, returned at $4.86 even though it was worth far less than that in terms of purchasing power on the market. Since the dollar was artificially undervalued and most other currencies overvalued in 1945 the dollar was made scarce and the world suffered from a so-called dollar shortage, which the American taxpayer was supposed to be obligated to make up by foreign aid. In short, the export surplus enjoyed by the undervalued American dollar was to be partly financed by the hapless American taxpayer in the form of foreign aid. There being plenty of room for inflation before retribution could set in, the United States government embarked on its post-war policy of continual monetary inflation, a policy it has pursued merrily ever since. By the early 1950s the continuing American inflation began to turn the tide of international trade. For while the United States was inflating and expanding money and credit, the major European governments, many of them influenced by Austrian monetary advisors pursued a relatively hard money policy for example, West Germany Switzerland, France, Italy steeply inflationist Britain was compelled by its outflow of dollars to devalue the pound to more realistic levels. For a while it was approximately $2.40. All this, combined with the increasing productivity of Europe and later Japan, led to continuing balance of payments deficits with the United States. As the 1950s and 1960s wore on the United States became more and more inflationist, both absolutely and relatively to Japan and Western Europe. But the classical gold standard check on inflation especially American inflation was gone. For the rules of the Bretton Woods game provided that the West European countries had to keep piling up their reserve and even use these dollars as a base to inflate their own currency and credit. But as the 1950s and 1960s continued, the harder money countries of West Europe and Japan became restless at being forced to pile up dollars that were now increasingly overvalued instead of undervalued. As the purchasing power and hence the true value of dollars fell, they became increasingly unwanted by foreign governments. But they were locked into a system that was more and more of a nightmare. The American reaction to the European complaints headed by France and de Gaulle's major monetary advisor, the classical gold standard economist Jacques Ruff, was merely scorn and brusque dismissal. American politicians and economists simply declared that Europe was forced to use the dollar as its currency, that it could do nothing about its growing problems, and therefore the United States could keep blithely inflating while pursuing a policy of benign neglect toward the international monetary consequences of its own actions. But Europe did have the legal option of redeeming dollars in gold at $35 an ounce. And as the dollar became increasingly overvalued in terms of hard money currencies and gold, European governments began more and more to exercise that option. The gold standard check was coming into use. Hence, gold flowed steadily out of the United States for two decades after the early 1950s until the United States gold stock dwindled over this period from over $20 billion to $9 billion. As dollars kept inflating upon a dwindling gold base, how could the United States keep redeeming foreign dollars in gold, the cornerstone of the Bretton Woods system? These problems did not slow down continued United States inflation of dollars and prices, or the United States policy of benign neglect, which resulted by the late 1960s in an accelerated pile up of no less than $80 billion in unwanted dollars in Europe, known as Euro dollars. To try to stop European redemption of dollars into gold, the United States exerted intense political pressure on the European governments, similar but on a far larger scale to the British cajoling of France not to redeem its heavy sterling balances until 1931. But economic law has a way at long last of catching up with governments, and this is what happened to the inflation-happy United States government by the end of the 1960s. The gold exchange system of Bretton Woods, hailed by the United States political and economic establishment as permanent and impregnable, began to unravel rapidly in 1968. 6. Phase 6 The Unraveling of Bretton Woods 1968 to 1971 As dollars piled up abroad and gold continued to flow outward, the United States found it increasingly difficult to maintain the price of gold at $35 an ounce in the free gold markets at London and Zurich. $35 an ounce was the keystone of the system, and while American citizens have been barred since 1934 from owning gold anywhere in the world, other citizens have enjoyed the freedom to own gold bullion and coin. Hence one way for individual Europeans to redeem their dollars in gold was to sell their dollars for gold at $35 an ounce in the free gold market. As the dollar kept inflating and depreciating, and as American balance of payments deficits continued, Europeans and private citizens began to accelerate their sales of dollars into gold. In order to keep the dollar at $35 an ounce, the United States government was forced to leak out gold from its dwindling stock to support the $35 price at London and Zurich. A crisis of confidence in the dollar on the free gold markets led the United States to effect a fundamental change of state. The idea was to stop the pesky free gold market from ever again endangering the Bretton Woods arrangement. Hence was born the two-tier gold market. The idea was that the free gold market could go to blazes. It would be strictly insulated from the real monetary action in the central banks and governments of the world. The idea was to stop the price at $35. It would ignore the free gold market and it and all the other governments agreed to keep the value of the dollar at $35 an ounce forever more. The governments and central banks of the world would henceforth buy no more gold from the outside market and would sell no more gold to that market. From now on, gold would go together and new gold supplies, free gold market or private demand for gold would take their own course completely separated from the monetary arrangements of the world. Along with this, the United States pushed hard for the new launching of a new kind of world paper reserve. Special drawing rights, SDRs, which it was hoped would eventually replace would serve as a new world paper currency to be issued by a future world reserve bank. If such a system were ever established, then the United States could inflate unchecked forever more in collaboration with other world governments. The only limit would then be the disastrous one of a worldwide runaway inflation and the crack up of the world paper currency. All the money, as they have been by Western Europe and the hard money countries, have so far been only a small supplement to American and other currency reserves. All pro-paper economists from Keynesians to Friedmanites were now confident that gold would disappear from the international monetary system. Cut off from its support by the dollar, these economists all confidently predicted, would fall below $35 an ounce and even down to the estimated industrial non-monetary gold price of $10 an ounce. Instead, the free price of gold, never below $35, had been steadily above $35 and by early 1973 had climbed to around $125 an ounce. A figure that no pro-paper economist would have thought was possible, as recently as a year earlier. Far from establishing a permanent new monetary system, the two-tier gold market only bought a few years of time. American inflation and deficits continued. Euro dollars accumulated rapidly. Gold continued to flow outward and the higher free market price of gold simply revealed the accelerated loss of world confidence in the dollar. The two-tier system moved rapidly toward crisis and to the final dissolution of Bretton Woods. Seven, phase seven, the end of Bretton Woods, fluctuating fiat currencies, August through December, 1971. On August 15, 1971, at the same time that President Nixon imposed a price wage freeze in a vain attempt to check bounding inflation, Mr. Nixon also brought the post-war Bretton Woods system to a crashing end. As European central banks at last threatened to redeem much of their swollen stock of dollars for gold, President Nixon went totally off gold. For the first time in American history, the dollar was totally fiat, totally without backing in gold. Even the continuous link with gold maintained since 1933 was now severed. The world was plunged into the fiat system of the 30s and worse, since now even the dollar was no longer linked to gold. Ahead loomed the dreads specter of currency blocks competing devaluations, economic warfare and the breakdown of international trade and investment with the worldwide depression What to do? Attempting to restore an international monetary order lacking a link to gold, the United States led the world into the Smithsonian Agreement on December 18, 1971. Eight. Phase Eight. The Smithsonian Agreement December 1971 to February 1973. The Smithsonian Agreement hailed by President Nixon as the greatest monetary agreement in the history of the world was even more shaky and unsound than the gold exchange standard of the 1920s or than Bretton Woods. For once again, the countries of the world pledged to maintain fixed exchange rates, but this time with no gold or world money to give any currency backing. Furthermore, many European currencies were fixed at undervalued securities in relation to the dollar. The only United States concession was a puny devaluation of the official dollar rate to $38 an ounce. But while much too little and too late, this devaluation was significant in violating an endless round of official American pronouncements which had pledged to maintain the $35 rate forever more. Now at last, the $35 price was implicitly acknowledged as not graven on tablets of stone. It was inevitable that fixed exchange rates, even with wider agreed zones of fluctuation but lacking a world medium of exchange, were doomed to rapid defeat. This was especially true since American inflation of money and prices, the decline of the dollar and balance of payments deficits continued unchecked. The swollen supply of euro dollars, combined with the continued inflation and the removal of gold backing, drove the free market gold price up to $215 an ounce. And as the overvaluation of the dollar and the undervaluation of European and Japanese hard money became increasingly evident, the dollar finally broke apart on the world markets in the panic months of February through March 1973. It became impossible for West Germany, Switzerland, France, and the other hard money countries to continue to buy dollars in order to support the dollar at an overvalued rate. In little over a year, the Smithsonian system of fixed exchange rates without gold had smashed apart on the rocks of economic reality. 9. Phase 9. Fluctuating Fiat Currencies March 1973 to With the dollar breaking apart, the world shifted again to a system of fluctuating fiat currencies. Within the West European block, exchange rates were tied to one another, and the United States again devalued the official dollar rate by a token amount to $42 an ounce. As the dollar plunged in foreign exchange from day to day, American Mark, the Swiss Frank, and the Japanese yen hurtled upward. The American authorities, backed by the Friedmanite economists, began to think that this was the monetary ideal. It is true that dollar surpluses and sudden balance of payments crises do not plague the world under fluctuating exchange rates. Furthermore, American export firms began to shortle that falling dollar rates made American goods cheaper and therefore benefited exports. It is true that governments persisted in interfering with exchange fluctuations, dirty instead of clean floats, but overall it seemed that the International Monetary Order had sundered into a Friedmanite utopia. But it became clear all too soon that all is far from well in the current international monetary system. The long run problem is that the Americans will not sit by forever and watch their currencies become more expensive and their exports hurt for the benefit of their American competitors. If American inflation and dollar depreciation continues, they will soon shift to the competing devaluation, exchange controls, currency blocks, and economic warfare of the 1930s. But more immediate is the other side of the coin. The fact that creating dollars means that American imports are far more expensive. American tourists suffer abroad, and cheap exports are snapped up by foreign countries so rapidly as to raise prices of exports at home. For example, the American wheat and meat price inflation. So that American exporters might indeed benefit, but only at the expense of the inflation-ridden American consumer. The resulting uncertainty of rapid exchange rate fluctuations was brought starkly home to Americans with the rapid plunge of the dollar in foreign exchange markets in July 1973. Since the United States went completely off-gold in August 1971 and established the Friedmanite fluctuating fiat system in March 1973, the United States and the world have suffered the most intense seemed bout of peacetime inflation in the history of the world. It should be clear by now that this is scarcely a coincidence. Before the dollar was cut loose from gold, Keynesians and Friedmanites, each in their own way devoted to fiat paper money, confidently predicted that when fiat money was established, the market price of gold would fall promptly to its non-monetary level, then estimated at about $35 an ounce. In their scorn of gold, both groups maintained that it was the mighty dollar that was propping up the price of gold and not vice versa. Since 1971, the market price of gold has never been below the old fixed price of $35 an ounce and has almost always been enormously higher. When during the 1950s and 1960s, economists such as Jacques Ruff went for a gold standard at a price of $70 an ounce, the price was considered absurdly high. It is now even more absurdly low. The far higher gold price is an indication of the calamitous deterioration of the dollar since modern economists had their way and all gold backing was removed. It is now all too clear that the world has become fed up with the unprecedented inflation in the United States and throughout the world that has been sparked by the fluctuating fiat currency era inaugurated in 1973. We are also weary of the extreme volatility and unpredictability of currency exchange rates. This volatility is the consequence of the national fiat money system, which fragmented the world's money and added artificial political instability to the natural volatility in the free market price system. The Friedmanite dream of fluctuating fiat money lies in ashes and there is an understandable yearning to return to an international money with fixed exchange rates. Unfortunately, the classical gold standard lies forgotten and the ultimate goal of most American and world leaders is the old Keynesian vision of a one-world fiat paper standard, a new currency unit issued by a World Reserve Bank, WRB. Whether the new currency be termed the Bankor, offered by Keynes, the Unita, proposed by World War II United States Treasury official Harry Dexter White, or the Phoenix, suggested by the Economist, is unimportant. The vital point is that such an international paper currency, while indeed free of balance of payments crises, since the WRB could issue as many bankors as it wished and supply them to its country of choice, would provide for an open channel for unlimited worldwide inflation unchecked by either balance of payments crises or by declines in exchange rates. The WRB would then be the all-powerful determinant of the world's money supply and its national distribution. The WRB could and would subject the world to what it believes will be a wisely controlled inflation. Unfortunately, there would then be nothing standing in the way of the unimaginably catastrophic economic holocaust of worldwide runaway inflation. Nothing, that is, except the dubious capacity of the WRB to fine-tune the world economy. While a worldwide paper unit and central bank remain the ultimate goal of the world's Keynesian-oriented leaders, the more realistic and proximate goal is a return to a glorified Bretton Woods scheme except this time without the check of any backing in gold. Already, the world's major central banks are attempting to coordinate monetary and economic policies, harmonize rates of inflation and fix exchange rates. The militant drive for a European paper currency funded by a European central bank seems on the verge of success. This goal is being sold to the gullible public by the fallacious claim that a free trade European economic community, EEC, necessarily requires an overarching European bureaucracy, a uniformity of taxation throughout the EEC, and in particular, a European central bank and paper unit. If achieved, closer coordination with the Federal Reserve and other major central banks will follow immediately. And then, could a world central bank be far behind? Short of that ultimate goal, however, we may soon be plunged into yet another Bretton Woods with all the attendant crises of the balance of payments and Gresham's law that follow from fixed exchange rates in a world of fiat monies. In the face of the future, the prognosis for the dollar and for the international monetary system is grim indeed. Until and unless we return to the classical gold standard at a realistic gold price, the international monetary system is fated to shift back and forth between fixed and fluctuating exchange rates, with each system posing unsolved problems, working badly, and finally disintegrating. And fueling this disintegration will be the continued inflation of the supply of dollars and hence of American prices, which show no sign of abating. The prospect for the future is accelerating and eventually run away inflation at home accompanied by monetary breakdown and economic warfare abroad. This prognosis can only be changed by a drastic alteration of the American and world monetary system by the return to a free market commodity money such as gold and by removing government totally from the monetary scene.


Hello everybody, and I have just got off the stage here from being emcee at the future of retail at the launch of the 16th Dublin economic monitor and I wanted to share some of the learnings that I got from the panel discussion and the various presentations and So we're here at this beautiful Dublin City Hall building. It's absolutely gorgeous I have to say and as you can see the hashtag behind me there was Dublin economy So if any of you want to see what the conversation was all about you can go on to Twitter and you can see it there Now here's what happened not first and foremost to make sure you can see there This is the Dublin economic monitor There's this is the 16th edition of it and it includes a wide range of statistics about the city So for example, we learned today that there has been 33,000 people extra who are in employment in Dublin in the last 18 months And if you look at if you compare to when they began the Dublin economic monitor, which is now four years There is the equivalent of Croke Park and a half In the terms of the number of people who are now extra in employment for those of you who don't know where Croke Park is it is our stadium in Ireland and On when it's absolutely full it can hold up to 80,000 people So the way in which it was described today is that it that it now has The Croke Park and a half and has now are now backed back to in incremental employment in Ireland Sorry in Dublin The second thing as well that I thought was really interesting is that there has been 55 million journeys in Dublin on public transport Over the past year across the Ford four different types of public transport that there is and the bus is the most popular and That links in and in terms of the future of retail that 53% of people use public transport for shopping So there's a huge link there between transport infrastructure architecture and retail Something else thought this was really interesting as well 14% of people in Dublin use mobile payments like Apple Pay and Whatever you think about that number is one thing, but it's actually 7% in the UK So there's more people here using things like Apple Pay and so on in terms of mobile payments than in the UK I was surprised by that as I wouldn't have expected it to be higher here and certainly not Dublin But here's another one right and this this in some ways contradicts and That's that statistic, but I can unfortunately I can see why That is that there is an expectation that will be six billion billion would it be? Euro spent in Ireland online in 2019. That's good. However 70% of that is expected to go outside of the country. So therefore A lot while that money is being spent. We are a digital importer Now if you are somebody tuning in right now and you're thinking oh my god, I need to do something about that I'm not online and what I would say is look at the and the online trading voucher That is an offer from the local enterprise office in Ireland And they're also they're available in different guises in different programs around the world But there is funding available to get online There really and truly is and I could talk more about it But it's sending a message if you need to know more and I will tell you now We didn't apply for it because we were online before they became available But I have sent lots of people for it and it's two and a half thousand euro voucher That that is given to you They're pulling down the stage behind me if you spend over two and a half thousand yourself on your own website So a wide variety of insights. I give these I recommend these two to the teachers To the teachers as well the economics teachers because they're absolutely packed full of data really good stuff Comparing Dublin with the country it looks at transport looks at retail looks at employment looks at earnings Looks and of course residential commercial you name it the lot. It's all there now Also, we had a panel then on the future of retail So I had done a variety of research into this and it's it's really interesting to look at where retail is going So the volume of sales at the volume of sales in terms of retail is still happening in store But the growth is happening online and 74 percent of people still prefer to go into a shop when they have time But in comparison to 24 percent of people prefer to shop online now Prefer is not the same as can so But the thing is is that the growth is certainly online and that was one point second point data Data data data data data is everywhere But what I particularly heard from the panel today is that we're not using data to its greatest effect So Yvonne was here from Ernst and young and she was particularly talking about that data is in silos So yes, we may have a loyalty card scheme For example a retailer may have a loyalty card scheme But then they're not actually using that to convey maybe with operations or with marketing or with whoever and so that That's what means that there was data in silos and we need to use this much better So I said yeah, but does that cost a fortune and then she said no doesn't have to if you do it right It can be done in Excel spreadsheet. It can be done as the RM But that's not the point the point is what are you actually trying to achieve with that data? And that's that's what people need to go and to consider then we also had Marvin Green He is managing director of CHQ building now again for any of you who don't know who that is and in Ireland CHQ is a building It's a big big retail and experiential building in Down in the darklands in Dublin and in it is dogpatch labs now dogpatch labs is the closest thing to a silicon valley type of an incubation Center, you know now where there's grass in the top floor that type thing and great a huge thriving hub for Innovation and businesses and startups but also for events, but then they also have epic now Epic is a museum all about Ireland's past. Would you believe the first time that I went to epic? I wasn't in physically in the building at all. I was in South by Southwest in Texas and Somebody was there and they were trialing 3d glasses and they were actually I walked walked around Epic by using those those 3d glasses So I actually said that they're really taking experiential to the nth degree So and he was making that point is that retail is now an experience We don't go because we want to have a transaction a transaction can occur anywhere and some retailers are offering transactions online via text via Instagram via chat You name it. It's happening from all over. So it's not retail is not about a transaction But it's instead it's about experience then we also had We had Susanna who is a CX strategist now I am going to tag all of these people on the LinkedIn post so you can talk to them directly and Susanna I have to say she was probably one of the clearest people that I've ever heard speak about customer experience She said what we need to do you and me right? What we need to do is that we need to look at what happens between when we set an expectation to when we fulfill it So I set an expectation when I had agreed and Delightfully so when I had agreed to work with Dublin City Council to emcee today's event when I sent in the proposal about what I was going to do That was where the expectation was today I fulfilled it and it's what happens in between that in terms of time in terms of responsiveness in terms of going the extra mile in Terms of thinking about things that my customer doesn't have to think about and To be for me to bring best practice from other people that I've worked with or other events that I've gone to That's the bit in the middle. That's customer experience. It's not process And it's not customer mapping it deserves its own category And that was her point is that we particularly need to look at that Then we leave a power as well from the ethical silk company fabulous business. Oh my god Fabulous business and she sourced her materials in India and then from there she sells Very unique very unique pieces online and it's and particularly her whole entire ethos is about sustainability of the materials And the people working in the jobs Who are creating the materials and she donates 10% of her profit to charity 5% of folks Ireland and 5% of a hospice in India No, the reason that we she was talking to us is that she exclusively sells online and Online doesn't just mean direct but also using an online marketplaces and she shared her story today And she was just talking about how the future is of course baseline is quality If you don't like the job or if you don't like the service, you don't like the product You're not gonna buy it but sustainability is becoming it's moving from nice to have Up to a must-have and she's she's already there. She's already there on that journey And then finally we had Sopan and for Mastercard. So what he showed us was heat mapping right now This is this is fantastic, right? So the way in which heat mapping would work in a country like our sorry again city like Dublin is They are they are seeking to pilot technology that would capture all of the point of sale Transactions in the city. So if if Dublin City Council wanted to evaluate, okay What is the impact of a particular piece of weather? Okay? So we all know snow happened in Ireland last year totally disruptive But what was the impact on retail or what what where is the spending happening around Saint Patrick's Day? Is it happening along the Saint Patrick's parade route? Is it happening in the suburbs? And how does that change in comparison to any other day? So the idea then is is that they could take the data not from a once-off basis But evolving and then what they could do is feed that data in for example to Dublin City Council when they're planning Where they're going to put the next shopping centre or let's say if you're planning to design a retail space or Terminology I learned today extend your branch footprint. Well, then you could use this information to plan from there. So I Have to say I learned a huge amount fascinating briefed for me to work on but working on it for a couple of months Now it's brilliant and thanks so much to everyone at Dublin City Council for inviting me to be part of this And I have to say the future of retail its data its personal and it's bright. Thank you. Bye


We are here, as his Excellency the Governor has said, just to ensure that we pay our respect to his Royal Majesty. They are here, not yet. And this is important for us because, as I've said, he is one that we hold very highly to him. And we're happy that he is here at a time like this, at a time of great joy. And as I was saying, at a time where, at this point, there is some intelligence. And as I was saying, he's marching on. I'm marching on. I just do well here to do a couple of things. As the Governor said, one of the important things is the COVID-19 pandemic. We have realized the importance of health care. And there is no game-saving about that. We need more, in terms of descriptions, that I couldn't have about facilities. We just need more. So we're very excited about what the Governor has done. This infection, this hospital, is why I'm not only upset that we're here, but his Excellency the President was also very excited about the fact that this is taking place here in Nassarala State. So we are, this is a very auspicious occasion. Our community falls to that extent. Our country is in a period of great challenges because of the COVID-19 pandemic and the economy and also aspects of security. But this is a time of great opportunity. It is a time of great opportunity. Everywhere we look, the potential are there. And we surely believe this potential. Mr. President has said that, talking about security, he has said that every time we look at what we do differently, we cannot sit still. The world is changing. And just as he said, we have to handle every situation that we find ourselves. Secondly, we have great potential in the culture. We have great potential in the industry, so that people are better able to do this, which is why we are lowering duties, making sure that it is cheaper to be able to do this. In transportation, lowering the levels of vehicles, which is why people can transport themselves. I think that what this period has shown us is that we can do so much for ourselves as a nation. And we are looking forward, not just to the coming month, where we will implement the new budget, but also implement some of the new ideas that have been brought there, industry, new ideas, manufacturing, and some of the new ideas, even at the end of the last project, I think that we are in a very good place. And I believe very strongly that our country is poised for goodness, because we never think of ourselves. If we drive down this country, it will certainly work. 100 per cent. It will work. When we know the world is full, we know that sometimes our lives, as if everything is gone. But the modern problem is very small. I believe very strongly that our country is about to come into its glorious dawn in a time of greatness. And that is why we are experiencing some ceiling problems now. Very soon, on the show, I believe very strongly that the foundation of the leadership of the President, President Mohammad Kouari, and all other things, have a good injection of 100 per cent. And it's great thought for our people who will set it to very well. And that's a thank you very much, you all are just people, your hospitality and kindness all the time. And to also thank your brother, and the good people of Nassar al-Assad. Just that, as I've said, this is my fault. I may be wrong, but I'm not even sure about it. But it's always a pleasure to be here. This is home for me. I hope that you all might be able to continually bless the good people of this week to make progress. And under your leadership, under your noble cross, many more innovation, many more good things happen under your leadership.


This is Saffron. She dreams of being a pirate. She lives her boring life in New Jersey and dreams about swashbuckling adventure on the high seas. She suffers through high school dreaming of stealing from the rich with her true love at her back and clashing swords with dastardly villains. The difference about Saffron's dreams is that they're actually memories. You see, hundreds of years ago Saffron had another life. Saffron remembers being an Irish peasant girl named Emma Morrissey. Terrible things happened, but eventually she made her way out to sea and adventure. Saffron remembers that pirate life awful, wanton violence, witty dueling with horrible Frenchmen, escalating romance, and wild feats of daring due. But before she got a chance to enjoy the greatest treasure hall of her career, she was killed, and not just killed, but cursed, to live as a dog for 100 lifetimes. Now it's the end of the 20th century and the curse is over. Saffron suffered through life as 100 different dogs and through high school, but she's almost free.  All Saffron has to figure out is a way to Jamaica to take back what's hers.


Hi, I'm Daniel Weisberg, search advocate at Google. And today, I'll talk about how to use Search Console if you work for a nonprofit organization. Search Console is a free tool from Google that helps you understand how you're performing on Google Search and what you can do to improve your appearance on Search to bring more relevant traffic to your website. You probably have limited time to dive in. So one step at a time, here's how to get started. Make sure Google can find and read your pages. Monitor your site's performance to find new opportunities on Google Search. And learn about optimizing your site for search. I'll try to explain each of those as simply as possible. So stay with me. If you've never used Search Console, you'll first need to verify ownership of your site. There's several ways to do this, so don't worry. Check out my previous video to find out more about verification methods and best practices. It will help you choose the one that's right for you. Google is constantly crawling the web to discover new and updated pages and compile a massive index of all the words it sees and their location on each page. When a user enters a query, Google machines search the index for matching pages and return the results we believe are the most relevant to the user. The Search Console index covered report will give you an overview of all the pages Google indexed or try to index in your site. Log into Search Console and find the report in the sidebar. The default view shows a summary of errors on your site. Click the tabs to show valid with warnings, valid, and excluded pages too. Here's what each status means. Errors prevent pages from being indexed. An error means the page won't appear in Google, which can mean a loss of traffic to your website. Ideally, you should fix most of the errors on your site to improve your coverage in Search. Valid with warnings are pages that may or may not be shown on Google, depending on the issue. But we think there is a problem that you should look into. Valid pages have been indexed and can't be shown on Google Search. So good job. Excluded pages were not indexed and won't appear in Google. But we think that is your intention. An example might be a donation details form that shouldn't appear in Search results. Clicking a row in the table will lead you to a more detailed view showing examples of pages with that issue and more information on the error or warning. Here, you can also grab a link using the Share button to share the details with a developer that can help you fix your site. After you or your developer have fixed the issue, click Validate Fix, and Google will validate your changes. You can watch my previous video on the index coverage report to understand more about the issues affecting your site and learn how to validate the fix you have implemented. Another very useful report is the Search Performance Report. This report shows how much traffic you're getting from Google Search, including breakdowns by queries, pages, and countries. For each of those breakdowns, you can see trends for impressions, clicks, and other metrics. Here are three things to look for when reviewing your performance data. If the number of impressions is significantly higher than clicks for a query or page, you might need to create better page titles and descriptions to make your site more attractive to users in search results. If search queries that you expect to see don't appear, your site might not have enough useful content relevant to those queries. Check how many queries show your site when the user does or does not include your nonprofit's name. These might show interesting areas where people are searching for content directly related to your site. Those are just a few examples of what information you can learn from the default reports. Check out my previous video on the Performance Report for a more comprehensive overview of how to use the report to analyze your Google Search performance. Search Engine Optimization, or SEO, is the process of increasing the visibility of website pages on search engines in order to attract more relevant traffic. It can involve changes to both the content and the structure of your pages. Here are some examples of SEO best practices. You might need a developer to help implement those. Create high quality content that is factually accurate, clearly written, and comprehensive. Write unique page titles and description meta tags for each of your pages. These are HTML elements that tell users and search engines what the topic of a particular page is. Use headings to emphasize important text in your pages. And make your website mobile-friendly. Most people are searching on Google using a mobile device. To learn more about the suggestions above and others, check the SEO starter guide linked in the description. It's long, but will be worth your while. That was a short introduction. Hopefully, you found some new ways to improve your search appearance on Google Search. Make sure to check our YouTube channel, where you'll find many videos on Search Console and Searching General. Stay tuned.


Hello people! I'm Ginny Metherill. I'm a fourth generation Irish descendant witch and today's video of course is all about that was wonderful and glorious of Sabbath's Halloween otherwise known as Soun. So 31st October which is just around the corner is considered quite a big deal by the witch community. It is of course Halloween. There are so many rituals, rites and traditions associated with Halloween that today's video is going to give you a little overview of the main ones that a witch of traditional descent might celebrate on this most auspicious of days, the 31st of October. So according to the Irish language pronunciation website Soun is how this word is pronounced and it means November. So what the 31st of October is actually celebrating is Soun Eve the night before November. Now this is witches new year. It is the summer's end, the end of the period of light and the beginning of the period of darkness. I am going to refer to it throughout this video as Halloween only because I can pronounce it better. I'm not even 100% sure that I've got the Soun pronunciation completely correct. Lots of other people say Soun, Soun, Soun, lots of Irish accents going on here anyway. I'm going to call it for this video Halloween. Now as I said Halloween is therefore the celebration of the end of the year of light and the start of the darkness. The oldest most pagan form of celebration this day is to destroy your fire to put out your hearth. People from all around would congregate on top of a hill and watch the bonfire that would support them through the winter be lit. It is from this communal bonfire that everyone would take a light and set it to the newly laid and swept out hearths that they had in their homes. It's a lovely tradition this you know the whole people of the community would get together lighter bonfire each of them would take a light from that communal fire to light their individual hearths which would be then kept going throughout the period of darkness. It symbolises the start of the new year and so is a hugely important ritual for everyone in this community so of course a bonfire is a must have at Halloween. So the bonfire should be lit by either the striking of a flint to make a spark or the rubbing of two sticks together however it should be lit was from scratch however from today's mind I think a box of matches is absolutely fine. So one of the things that I like to do is to take the light from that bonfire that we have lit on Sam and Eve and use the light to light the fire in my hearth. I'm therefore dedicating my hearth to my home for the rest of the winter. This will ensure that your home is bright, light and warm. It's a sweet spell that one. I really recommend that spell just to do it anyway but it's like a ritualistic hearth cleansing and if you don't have a fire at home where you can take the light from your bonfire from your communal bonfire I would suggest take light to your candle and put it inside your pumpkin. These are all good stuff families and friends would bring the light from the communal bonfire to those who are too sick and infirm to come dancing and singing and leaping through the frames of the bonfire all took place on this night. In the old pagan times the ancient Britons were said to be able to see on the top of each hill almost like a beacon the bonfires of sorrow and burning. It's a very special time one of the high points of the year. So this is a lovely ritual and one that is old as the hills it was something that all our ancestors would have done and it's a great way of connecting with those ancestors on Halloween. This is the time when the veil is at its thinnest and the living and the dead can communicate with each other so to practice something that our ancestors did will bring them closer to us. Now of course Halloween is when as I have just mentioned the veil between the living and the dead is at its thinnest and the spirits of the dead can cross over the bridge of swords and visit the living. This is one of the well-known traditions of Halloween and it is the reason that we carve our incredibly scary pumpkins and put them by our doorsteps to scare off those evil spirits. November is really known as the month for the dead. Celebrating November's Eve or Halloween is celebrating the time when the veil starts to thinn. They can come and do the dance of the dead amongst the living through the whole of November but the start is Halloween. Now you may have come across the old tradition of leaving food out by your half for the dead to eat. This was again to advert the evil eye from you. If the spirits of the dead are too busy eating the food that you've laid out for them then they will not disturb you in your peaceful enjoyment of your own home. It is also honoring your ancestors because your ancestors will come too. Traditional food was always bread and of course that food of the dead, the apple. Spirits for some reason love an apple and so leaving one by your half with a newly baked loaf of bread is also highly important to your Halloween rituals. These things should be left for the spirits to eat and enjoy and so stop them haunting you. I do like this witch legend. It's something that you can do with your children. You can get them to place the bread and the apples by the stove in the morning. If they're still there take the bread and the apples and bury them in the garden and that'll ensure that the spirits are kept at bay. It is also important on this night to make sure your doors are unlocked all night so that spirits can come and go freely. You don't want to bar them from your house. You have put these keep away evil pumpkins to you know prevent them from entering if they don't wish but they would be bit cross if they were an ancestor and they thought it doesn't apply to me this horrible face. I'd like to come in and they found the door locked. It's very important for you to leave the door open and unlocked that night. In the UK at least Halloween was known by many names and one of them particularly in the north of England is Duck Apple Night. This is because of the prevalence of the Apple theme throughout the Halloween night. Duck Apple Night is where apples were suspended in a large bowl of water and all those single people who came to your festivities would all have a go at trying to get a bite from the apple and it would be the first one to do so. It was said to marry. There are other versions of this game so here's a little ritual that I'm going to give you for your festivities on Halloween night.  So during your party get all of your single guests including your children because you've got them at different lengths. Have the apples hanging at different lengths because it will help the game. But everyone puts their arms behind their backs and tries to take a bite from the apple. The first person to do so is the one that will marry the soonest. Now it could be the child. It could be the adult who knows. It's quite a fun thing to do. Once the game is over I want you to take the apples and place them just outside your door for your ancestors to enjoy. And if they're still there in the morning take them, bury them in the garden. It was a really common practice to give a large polished apple to your friends and family at Halloween because this brought them prosperity and luck for the new year and in fact in Cornwall they're called Allentide apples and the shops would display these you know the finest specimens of apples in their windows for people to buy and give as a charm for the new year. If you don't have any large polished apples do you know what's just as good is a toffee apple. Give those to your guests and friends at your Halloween festivities. Make sure they eat them because this is a simple charm for luck and prosperity and everybody loves a toffee apple apart from those with lots of fillings like me. Apples are traditionally used for divination on Halloween and here is little divination spell I'm going to give you to celebrate this particular Halloween. It should work particularly well because you have the light of the moon. At midnight on Halloween sit down in front of a mirror make sure that the only light that's coming into the room is either moonlight or a candle.  Looking at yourself in the mirror and over your left hand shoulder you should see the vision of your future partner. I do know people who've done this spell actually and have seen some visions. Alternatively take the apple that you have received at Halloween and leave it underneath your pillow. That night you will dream prophecies of love and life. In the morning take the apple and eat it to ensure if you want to those prophecies come true. If you don't like the prophecies don't eat the apple. Both of those spells are old Gypsy spells and they loved a bit of divination especially losing an apple. They were great at them so have a go. Halloween is the time after all to see your future love life. Of course the other thing that you want to serve for your guests is pumpkin seeds because they also bring a lot of prosperity and I'll put the pumpkin seed video up here for you to watch which is part of my Halloween shorts videos so you can enjoy those traditions as well as these ones. The 31st of October this year is a full moon. It happens every 18 or 19 years I think that you have a full moon on Halloween and so we're not going to have another one until 2039 I think I looked it up as. Full moon normally brings prosperity and luck and it's great to do spells underneath the full moon or get married. Traditionally amongst the ancients Halloween was the time to get married but of course the new year starts as soon as the sun has set. The sun has set the bonfires would be lit and the marriage ceremony would take place at the very beginning of the new year and so today it's also extremely propitious for a marriage date because you've got the full moon. Ancients would love to get married under the light of a full moon. It has always been said that marrying under a full moon would bring fertility for wealth and success. So to get married on Halloween just as the sun has set and your bonfire has been lit and the moon is beginning to rise that's the time. This year so propitious. I wonder maybe you are already married perhaps you'd like to renew your vows and that's a great ritual you could do in front of your friends and family with your loved one. Renew your vows on the night of Halloween just after sunset. Obviously you would serve apples to everybody at this party and lots of toffee apples because quite frankly they're delicious. So I really hope you enjoyed this video. If you did let me know in the comments below what particular tradition you're going to use for your Halloween festivities because I'd be really interested to know. You might have a family tradition that I don't know about which would be marvellous to hear about. Put it in the comments below I will ask you I promise. In the meantime please give me a like and a subscribe. I'll see you in my next video.


Hello and welcome to this animation on Antenna Desense Medication. Here we have a PC connected to the internet gateway in Wi-Fi mode. The reception level is measured and represented by the yellow line on the PC screen. An external device is connected to the PC through its USB 3.0 connector. As soon as the connection becomes active, radiated noise is generated along the cables and wires between the transceiver and the receiver. The noise and its harmonics are in the same range as the Wi-Fi which induces antenna descents and results in the loss of the Wi-Fi connection. The disappearance of the yellow curve shows this. When the USB 3.0 link becomes inactive, the Wi-Fi connection is re-established, showing that antenna descents is caused by the noise. To prevent this phenomenon from occurring, the solution is to filter out the disturbance. The best way to do this is to insert ST common mode filters in the link between the transmitter and the receiver. Selecting a deep attenuation profile in the correct frequency range drastically cuts unwanted noise and prevents RF communications from being dropped due to poor signal quality. The Wi-Fi interface remains connected during data transmissions. ST's ECMF suppresses radiated noise over a large frequency range between 600 MHz and 5 GHz. Coming with robust ESD protection, the ECMF guarantees minus 20 dB attenuation at multiple antenna frequencies for better and unique antenna sensitivity. Limited rejection at single frequency, 900 MHz. V-shape, high rejection at minus 50 dB at selected frequency, GSM, Wi-Fi and LTE. W-shape, double rejection at minus 30 dB to immunize multiple antennas. And U-shape, ultra-large rejection to immunize all antennas. ST's ECMF series offers robust ESD protection at system level, integrated common mode filter, signal integrity compliance with USB 2.0 3.0, DisplayPort, HDMI, MIPI, SATA, etc. a broad range of common mode filtering shapes and various package options, single or multi-line products, chip scale or micro QFN packages. Thank you for watching. Please visit www.st.com.ecmf.


Old Dutch cleanser famous for chasing dirt present Nick Carter famous for chasing crime Every week at this time two great names are joined as Old Dutch cleanser brings you one of the most resourceful and daring characters in all detective fiction Nick Carter master detective What's the matter with those eggs Waldo had for breakfast Nick they had nitroglycerin in them Someone put nitroglycerin in the egg. No, but then how to get in the chickens that laid these eggs with the explosive in well The eggs were laid by chemical chickens And now the case of the chemical chickens today's adventure with Nick Carter brought to you by Old Dutch cleanser In Nick's office. He and Patsy are busy with the morning reports Take this letter Patsy. All right, Nick. Mr. Jason Griggs Yes, sir and clothes you will find the photograph taken on infrared film Proving the will in question If you don't save me I'm a dead man. Oh Waldo look. We're too busy for practical joke I'm feeling fast. If you don't find me an antidote, I'll be dead in two minutes. What have you got in that bowl? eggs Poisoned eggs and I ate one of my kidding Waldo No, no Nick some criminals have poisoned these eggs.  Oh, is it too late Nick? Oh, you're not dying if that's what you mean They could chemical analysis to be sure you may have stumbled out of something Waldo Oh Find anything Nick not sure yet Get your pad This is the last will and testament to her Waldo Aloysius McGlin who departs this world fully murdered by his enemies quiet world You haven't been poisoned then what's in them eggs nitroglycerin the explosive I had dynamite for me breakfast in my new quantities. Yes I won't put nitroglycerin in the egg No, the chickens that laid these eggs put it in Nick. Are you joking? I'm not these eggs were laid by chemical chickens And nitro isn't a thing that chickens can pick up anywhere God look into this. What do you think's going on Nick? Can't tell you but here's what we'll do But I'll go to the store where Waldo's landlady bought these eggs Mm-hmm leads by as many as we can carry and bring them back here and test them Who knows maybe we'll find crooks in our omelet Yeah, this is the place Nick bleak is gross Now those eggs were large brown eggs. Mm-hmm go in separately in order five dozen each I'll go first Waldo next at sea last right, okay, right? All right, I'm going in now follow me after a few minutes Waldo Okay, but how many dozen eggs you year for about five five dozen eggs in a bucket doesn't use your dough five bucks Hey, what's this for it's the payoff, but I'm shelling out for the bum eggs I sold this morning. I beg your pardon sir I'm Janet steel pure food inspector for the health department You'd like to register a complaint about the eggs sold by this man ever hot lady I'm handing this customer five buck bill what more do you want? No, no, you don't understand I didn't buy any eggs this morning. I want to buy five dozen now. Haha. I'm laughing This thing already confiscated every egg in a joint Good morning folks. He just dropped in to purchase a little hind fruit. No eggs in the store will be sold That's right, mr. No, I get no eggs. You you you got boxes of them back to you I've condemned every one of them looks as if we love to try some other place my friend Yeah, but why can't we get some of these here? What we couldn't buy any eggs. Let's get away from the store window Want to go around take a look and back of the store what this all about me looks like a phony set up That's he I'm sure the man in there isn't bleaker. I missed my guess. He said crook posing as bigger What makes you think so deep first place the way talked second place by the money you offered me I only got a quick look with that five dollar bill. I offered me look phone. Is this account is it in case worse? I'll explain in a few minutes right now. I want to see what's happened to the real bleaker Let's see regular suburban back alley garage behind the store and here's the cellar entrance to the store Think you better duck down to the cellar and look around get that door open water, right Nick That's he take a look at the garage. Just play safe right away. This is a heavy door and he keep quiet. I'll give you a hand Yes, come here quick. Look what I found in the garage Holy smokes. It's a manner all tied up in gang probably bleaker. I'll pick up these ropes up. Oh, yeah, sure take off the gag, Betsy Golly, I don't think he's breathing. Hey, maybe he's dead. No, no, he's still warm Oh, thank heaven quick although try artificial respiration. Yeah one chance to the thousand we can save him. All right, Nick Spot yeah, I've got to call Maddie for an ambulance and pull motor at once to give this man a chance But when an ambulance arrives the crook inside the store is going to catch on you've got to help me Oh, take off your head Come your hair into bangs make your face up heavily with plenty of lipstick disguise myself as a tough in other words Right that plug in there hasn't seen you yet. So you can get away with it Go into the store and get him out of there get him up by hook or crook and stay with him Oh, trust me Nick. I'll do it if I have to sing towards song Now Look Nick, I'm pretty sore about this. What's the idea letting that mug in the grocery store get away I didn't let him Maddie Patsy took him away. Do you realize that we can't bring bleak or two? It's a murder rap more than just a murder of Maddie Well, how are they doing with the pull motor Waldo?  So Might have been an accident but when I found an obvious thug posing as a grocer in the store where the eggs are bought I knew it was something else Somewhere Maddie up in the farming country. There's a crooked plant manufacturing supplies for criminals Boat like nitroglycerin for blasting safes conifered money probably everything that a crook can't buy legitimately Holy smoke and these polluted eggs are the giveaway to the plan right Some of the nitro must have seeped out accidentally and polluted the water in a brook or something that run through a chicken farm nearby Well, I'll be darned. That's why I had to hold on to that thug without tipping my hand. You've got to lead us to that place Well, what's the pull motor stopping for Maddie? That man was practically dead when we found him, but he's alive now you saved him good Waldo Can I question him? Oh, no, not not for two or three days the doc says he is going to be tough enough Just keeping him alive two or three day. Well by that time this whole mob may be a thousand miles away It's all up to Patsy now all we can do is go back to the office and wait for her to check in Hey, Addy, yep close that door will you I can't hear myself sing You're a funny babe Okay When you invite a lady to eat in a private dining room, she likes to be private I never knew old man bleak. I had a good-looking daughter like you what a break for me.  Oh, I'll go call him. I'll get that punk moving. Okay, babe Important garage business. That's a good one back already, babe Hello, Carla, Janet I thought you were the girl you brought no she's outside phoning color on it Five will get your 10. She's calling a guy named Nick Carter the Carter. Yes Tyler Nick Carter The man who came in to bleak a store to buy eggs this morning when I was posing as a Health inspector and that pretty face you're making up to belongs to Patsy Bowen Carter's secretary. Well, I Knew it all the time Janet.  Well, don't worry about it, babe I'll take care of that for me.  You're too dangerous to keep around Jenny So long time Eddie Tyler sprawls over the table two bullets in his heart as Janet Steele slips out of the private dining room With Tyler dead Nick's only lead in the case ends. We learn what he does next in just a moment And now back to the case of the chemical chicken today's adventure with Nick Carter brought to you by old Dutch cleanser As we pick up our story Nick Carter and Waldo have pulled up to the cafe and answer to Patsy's urgent telephone call Hey, there's Patsy. Yes. What is it Patsy? Oh Nick? Nick. It's too late. I've lost Tyler for good He got away when you were phoning me. No someone killed him. I killed him Well, where's he now in the back room strolled over the table? I went back and there he was All right, Patsy. This is a tough break, but we'll manage you got the car and wait, right? Well, they'll come with me, right? That must be the room back there, Nick. Right. Come on. Keep your back to the door. No one comes in. All right, boy Have something Pockets no wallet no papers Nothing then we're stuck Nick not quite. There's one chance his pockets and his pants cups What are you ripping his pockets out for Nick? You'll find out later Now this is what we do You telephone Maddie Tell him about this murder. Yeah, and join me at the lab. Okay, that's he goes to bleaker store Detect the crates the tainted eggs were delivered in Those crates are usually stenciled with the address of the farm that delivered them Yeah, but what if Patsy can find that address? It may tell us where Eddie Tyler came from. Oh, she can't We'll have to depend on his pockets and the cuffs of his pants Hold that pocket steady wall. Yeah I'm gonna be sure this backing cleaner picks up every particle of dirt and grit that's in it This was clean. No, Nick All right, give me the cuff of the pants. Okay, clean them out too. Look, I don't get it, Nick Hold it steady All right, that's clean. Yeah The other one, okay Oops That's it. All right, I'll finish. Yeah, how we Open the vacuum cleaner And we have one porcelain trap filled with a sordid dust dust And this dust is going under the microscope right now why I want to tell us where Eddie Tyler's been during the past few weeks How the devil can dust do that Nick use your head wall. Yeah, but there's dust in the air everywhere It's not all the same kind of dust and particular kinds of dust in particular localities And that's what I'm counting on you found anything yet, Nick. I think so That's it. No, it's the law and darn good and sore too if you want to know fine Eddie tally-mary Nick this is a fine mess you let tiley get away so you can break the case and he ends up a corpse Oh when the commissioner hears about this tomorrow morning the case will be ended by tomorrow morning Are you kidding? No, hoping I've been checking the dust from Tyler's pockets. What outside of ordinary dust found almost everywhere I've found smelter dust flower dust and particles of dry hay all in the deepest layers That means Tyler's been living in a farming vicinity that also has an iron foundry and flour mill somewhere near Give me that industrial map although right Nick Carter speaking Nick Patsy. I've just finished searching bleakest store. Yes. It's no good Nick every egg crate in the place Has been destroyed not one left anywhere Wait a minute Yeah This must be it Nick what on earth are you talking about I've been checking my industrial map while you were reporting Patsy Oh Matty, there's only one town on the near vicinity. That's a farming center It at the same time has a flower mill and an iron foundry. That's Brickton Brickton. That must be the place Tyler came Oh, you're well pretty soon. Hurry back to the office Patsy. You all to one eye are driving up to Brickton right away Brickton a half mile Nick. That's what the sign said. I remember We stay undercover in this town. That's a sheriff in here that hates the very side of me Did you have a run in with him before Nick? Yeah on the Joplin case last year But it was it was a run in with her. Oh a lady sheriff like in Texas a Truffle in Texas Sheriff Moss Stigney is convinced I double crossed her last year. She'll do everything she can to have struck me now So we stay undercover all right now look when we get into Brickton you and Waldo each rent a car Yeah, I've divided Brickton into three areas each one of us covers one of the area. Uh, here's the town line Nick Uh-huh. How each of us visits every farm in our area and ask the farm owners if they deliver eggs to Bleak her in New York. Yeah, but we just some of them farmers might not answer Nick Well, here are two one hundred dollar bills you and Patsy each take one. Huh? You meet a close mouth farmer tell him this hundred dollar bill was found in a crate of eggs delivered to bleaker He can collect if he has records proving deliveries of yesterday. Well, that ought to work Oh slow down Nick. We're passing a rent a car garage.  Good luck Well, well, well, this is farm number three for Detective Waldo McGlynn to examine with his Pearson eyes Wilson's farm maybe we'll have better luck with this one here. It's a farmer. It's a farmer at time going to be questioned Very pretty too in them pants. Just a minute there young lady. Yes. How would you like to earn one hundred? It's the health inspector. Oh I've seen you before haven't I and bleaker's grocery this morning. Well, ma'am. I you're the famous Waldo McGlynn, aren't you? Nick Carter's great assistant. You got the right man, ma'am But it's a secret Nobody's supposed to know that me and Nick is up here. Mr. McGlynn. I'm certainly glad to see you It's about those eggs the bad eggs. Oh, you found them there. Yes, they're they're here on this farm I need your help. Mr. McGlynn. I'm only a weak woman and you Waldo McGlynn's the right man for you, ma'am. Where are them bad eggs? There's a building back at this farm up this road a little I'll show you good. Does mr. Carter know you're here No, ma'am. Waldo McGlynn works alone. Good. Now. What's the layout here, ma'am? You see that house there right along the chicken yard. Yep There's some men live there. They rented it from Wilson. They pretend to be scientists doing research But they I know I know they're crooks, ma'am. They're making dynamite and burglar tools for more crooks Well in some way the nitroglycerin they're making got into the chicken's drinking water and painted the egg I've already deduced that myself, ma'am. So this morning when the eggs were delivered to bleaker's grocery in New York Bleecker called farmer Wilson on the telephone and complained Wilson asked the crooks about it because he thought they were scientists. He couldn't understand it Uh-huh, and the crooks realized that the painted eggs might lead the police up here to their factory So when they learned that all the eggs in this particular shipment went to bleakers They rushed down to the city and tried to cover up by closing bleaker's mouth and paying off all the customers who came Back to the grocery to complain. Yeah, sure They even had a woman pose as a health inspector to make it look legitimate But ma'am you come into the house, mr. McGlynn the crooks aren't here now Hey, ma'am. You you were the health inspector. Yes, mr. McGlynn. I was Janet who's the character with the world of spinach? Nosey little man works for Nick Carter. Hey, you stand still McGlynn and don't reach for that rudder I'll blow your wide open. You're in cahoots with them.  Yeah, Carter's in town. You have to drop everything and take care of him. You'll never harm Nick Carter No, no grandpa Fendle, tell the boys to get ready. You can tie up this character in the meantime. Okay. Oh, I forgot to tell you I had to kill Eddie Tyler in town. It turned out to be a nuisance What time is it Betsy 630 Nick We're in blazes is Walter should have been here at 6. Maybe he located the farm Yeah, he's probably there now blasting away with that old 44 years guns of bigger menace to Waldo than the underworld Well, that's that health inspector from New York Sheriff Stigney the most amazing thing just happened to me. Oh, I'm sorry I thought Sheriff Stigney was in this car. You want help. I'll be glad to give it to you I'm Nick Carter. Not the Nick Carter. Well, I'm Janet steel a health inspector from New York I was up here investigating a shipment of bad eggs. Why did you say just happened to you miss steel? Oh, it's the strangest thing. I found a car parked out on the road It's one that Sheriff Stigney rents and and guess what was stuck in the windshield half of a hundred dollar bill And what road where just outside Wilson's farm? It was near a large white building alongside the chicken yards chicken yards Nick That's it. Yes, Patsy. Come on. Let's get out there fast The heavy roadster surges forward as Nick and Patsy drive into what is apparently a cleverly baited trap We'll see whether or not the jaws of the trap close on them in just a moment And now for the conclusion of the case of the chemical chickens today's Nick Carter adventure brought to you by Old Dutch It's seven o'clock the night is pitch-black Alongside the White House behind farmer Wilson's chicken yard five men and a woman wait tensely watching the turnpike roads You ought to be along any minute then I took the shortcut. You couldn't be more than five minutes behind me. He'll be along This is what we do Bindle when he comes Wilson in looking for grandpa We knock him and the girl cold We take the three of them over to the covered bridge and drive them in the car into the river big accident Hold it Bindle. Listen It's car. It's Carter. I know that car get set everybody when I give the word give him the lights and show They're covered looks like Carter and the girl All right, Bindle now. Oh You're covered Carter you and the holy what's the meaning of this ruckus? What are you doing with them guns? Guns is that illegal in bricks and county that team sheriff your name's been deleted and yours is steel Well, you're both under arrest. We got your covered ma. I'm sorry your numbers up Don't get excited boys. Ma's gonna have a fatal accident along with Carter and the girl the only accident I'm going to have it to pull the trigger this Tommy guy. Hey, that's caught it caught away I'm the roof of your little factory covering all of you the first man.  You'll be seeing a lot of him while you're trying to beat a murder at I got a hand it to you. You're all right for a New York detective Lay in the whole case in my lap the way you did was my kid generous Nick boy. I got to apologize Failed me mission. Just when I had this whole mystery solved. I made one little One little slip you walked right into a trap with your eyes wide open you in your forty-four Just one thing Carter How do you know that story of Janice was phony when she tried to trap you and miss Bowen? Well, she has taken a three things before I came out here I checked up and couldn't find any record of an inspector on the health department staff named Janet steel That was the first thing Then I didn't like the idea of a health inspector working up here in Brickton. It sounded phony She wouldn't have any jurisdiction up here She sure wasn't but the slip that gelled everything for me was when she claimed to recognize Waldo's car as one of the cars that you rented for a stranger in Brickton It was obviously impossible for her to know that So I pretended to fall into the trap and that's all I had done it in great style Nick boy When you showed up on that roof with a tummy gun in your hands. He was old sim Carter all over again None of that fancy deduction stuff knows her bullets and action Nick take Waldo McGlynn's word for it You will be a detective yet Well Nick what about the adventure old Dutch cleanser will bring us next week before I answer that Bob I I wish to remind our listeners that national boys club week begins tomorrow and as you know sponsoring a boys club of my own I'm particularly interested in this fine work, which is combating juvenile delinquency. So effectively More than a quarter of a million boys find wholesome activity and entertainment in these clubs Under competent leadership, they receive companionship and recreation and learn to develop skills and ambitions According to law enforcement authorities Boys clubs lessened delinquency wherever they're established For these reasons I personally as well as the makers of old Dutch cleanser wish to salute the boys clubs of America for their great Contribution in building the citizens of tomorrow And now next week's adventure. Oh, it scares me just to remember that case If it scares you it must be some story. What's it all about? Well Bob has started with a mysterious disappearance of a lot of new cars that were never found again And just about finished when Nick and I ended up in an old abandoned quarry full of water But thanks to a new shortwave device. We managed to solve the case. I certainly want to hear this story What do you call it? Nick? I call it the case of the lucrative wrecks Nick Carter master detective is presented each week at this time and over these same stations by the Kudahee packing company Makers of old Dutch cleanser Remember when you go shopping tomorrow Get the cleanser preferred by more women in America than any other old Dutch cleanser Nick Carter master detective produced and directed by joc mcgregor is copyrighted by street and smith publications incorporated Lon Clark is starred as nick with charlotte manson featured as patsy Waldo is played by humphrey davis matty by ed latimer today's script was written by alfred bester Original music is played by george right This program is fictional and any resemblance to actual persons living or dead is purely coincidental This is bob martin saying when minutes count use old Dutch cleanser This is the mutual broadcasting system


The Progressive Ambassador, Comrade Cairo Edo, has criticized the Isoko Nation for being marginalized in the region due to pipeline surveillance contracts. He stated that the Isoko Nation is the second place in Nigeria to discover crude oil commercially after a loitery in biosustain in 1958. Edo argued that the pipeline surveillance contracts should be given to the Isoko people to protect pipelines passing through their land. The Isokos are highly marginalized as far as the pipeline surveillance contract is concerned. We've not been given that fair share of belonging. It's absurd. I will tell you for free, after crude oil was discovered in biosustain, the second place crude oil was discovered was Isoko. And the first person that moved for the marginalization of the Niger Delta was an Isoko man that she fled over there. So it's not an issue of a particular ethnic group, it's been considered as the front runners of the Niger Delta struggle, no, we've been there. So what we're saying is this, also we're not against any form of the contract should not be given to high-shift government and all that. What we're saying is this, the contract has been awarded to Transitor, no doubt about that. That of the Isoko should be carved out. We know how to tell you more than anybody. You can't tell me, you can secure my land more than myself.