Mark Thornton: The New Fed Chair Was a “Hit Job” on Gold

Dr. Mark Thornton of the Mises Institute argues that the Federal Reserve’s real priority is protecting government financing and the financial system, not simply fighting inflation. He explains why Kevin Warsh may prove less hawkish than expected, why gold reflects declining confidence in fiat money, and why another crisis could force the Fed back toward aggressive easing.

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0:00 Is the Fed’s hawkish narrative misleading investors?

2:04 Why Mark Thornton doubts Kevin Warsh will stay hawkish

4:11 The Fed’s real mandate: debt, banks, and Wall Street

7:23 Why rising gold threatens confidence in the system

10:27 The Fed’s confidence game

14:46 Is the gold really in Fort Knox?

20:38 Why younger Americans are losing faith in government

26:41 Why Washington cannot stop spending

30:07 The biggest misconceptions about capitalism

34:15 Taxing the rich versus cutting government spending

39:29 What happens to Social Security?

40:20 Why Americans need better ways to save

45:48 Is there still hope for the system?

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