In a panel discussion led by Tangent Capital managing director James Rickards, Tanzanian Royalty Exploration CEO and president James Sinclair joined The Belkin Report author Michael Belkin and US Global Investors CEO Frank Holmes in a pointed critique of overarching national financial policies.

The panel’s theme of “a conversation with grumpy wise men” was followed with a candid and largely anecdotal delivery, notably singling out Fed chair Janet Yellen in a personally sympathetic but disapproving light.

“My term for Janet is goofball,” Belkin said.

“She’s an old school economics professor. I think she’s really out of her league in terms of running a central bank.”

Belkin continued to describe the Fed’s balance sheet as $US4.2 trillion ($A4.6 trillion), 75 times leveraged and only a 1.3% move in the bond market from bankruptcy.

“The whole idea of central banks setting interest rates sends phony signals to the market,” he said.

“Stop interest rate targeting, stop open market operations and stop the endless, reckless expansion of the Fed’s balance sheet.”

Sinclair proposed eliminating central banking entirely, establishing “significant referees” for markets.

The conversation pitched to recall the period from 1836 to 1913, when the US did not have a central bank, a decidedly good period for growth and price stability.

“In the lack of central banking, there has to be a very strict adherence to rules and regulations that maintain a fair and even playing field,” Sinclair said.

“There is no level playing field in markets anywhere.”

Rickards added that if it was not possible to abolish central banks, ending a dual mandate could be an alternative approach.

“I’ve yet to see any indication that money printing and money supply has anything to do with employment,” he said.

“So why you would use monetary policy as a way to create jobs when jobs are created by innovation and investment is a little bit lost on me.”

Questions for the panel veered from financial policy to personal interests, illustrating theoretical second chances in life and advice for younger generations.

“Take time to really appreciate your family more, that time is so important,” Holmes said.

“It’s so easy to get the vortices of making money. Just remember the importance of your own balance that comes from your family and remember that it’s better in friendship to have four quarters than 100 pennies.

“And cherish those four quarters.”