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Speaker 1: What happens when the United States hits thirty eight trillion

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Speaker 1: in debt. We call our main man, Bryce gil today

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Speaker 1: on the David Rutherford Show. All Right, ladies and gentlemen,

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Speaker 1: boys and girls again. I keep getting a lot of

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Speaker 1: the requests, and with what happened yesterday online in the

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Speaker 1: absolute hysteria that just ripped through X at every single

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Speaker 1: level of hitting thirty eight trillion, putting on a trillion

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Speaker 1: dollars in debt every month. Now the Democrats want to

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Speaker 1: add three trillion to the deficit, the Republicans want to

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Speaker 1: add two trillion. There's all kinds of chaos. Meanwhile, the

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Speaker 1: markets are going through the roof. Goades Gold's out an

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Speaker 1: all time Hi. I'll tell you what. I'm too much

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Speaker 1: of a knuckle dragon meathead to figure this out. So

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Speaker 1: based on your request, we reached out to the man,

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Speaker 1: the myth, the legend.

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Speaker 2: Ladies and gentlemen, boys and.

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Speaker 1: Girls, children of all ages, mister Bryce Guild. Bryce, how

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Speaker 1: you doing, buddy.

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Speaker 3: I'm doing great, man, It's great to be with you again.

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Speaker 3: And yeah, lots to talk about obviously.

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Speaker 1: All right, let's just start at the main issue that

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Speaker 1: just pulls everybody's attention away from investing long term ideas

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Speaker 1: the whole thing, and that's the nature of hitting thirty

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Speaker 1: eight trillion dollars. What are you and your team thinking about,

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Speaker 1: I know your main economists that you work with is

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Speaker 1: you know, been very vocal about that as of late,

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Speaker 1: and that we're not addressing those issues. What are your

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Speaker 1: thoughts on what that number means, what it means short term,

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Speaker 1: long term, and what do you think how the markets

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Speaker 1: are going to react?

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Speaker 3: Yeah, it's you know, it's so hard to really say

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Speaker 3: because obviously the size of that number is crazy. It's

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Speaker 3: impossible to really fathom actually what that means.

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Speaker 4: And so you know, they're economists.

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Speaker 3: Years ago, Ryan hartin Rogue Office is after two thousand

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Speaker 3: and eight, two thousand and nine, they did a study.

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Speaker 4: They looked at.

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Speaker 3: Governments all over the world, looked at all the history

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Speaker 3: of government debt and basically came to the conclusion that

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Speaker 3: when an economy hits about one hundred percent debt to

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Speaker 3: GDP ratio, which we're past that now, right, that's when

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Speaker 3: empirically it starts to slow down your economy caused problems, right,

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Speaker 3: puts you at risk of like a debt crisis and

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Speaker 3: so hey, we're past that point. The one thing that

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Speaker 3: is kind of the fly and the ointment here. The

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Speaker 3: thing that makes it really difficult to analyze this is

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Speaker 3: that the United States is not a normal economy, right.

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Speaker 3: We are the realities, We're the biggest empire in the

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Speaker 3: world history, right, And so the dollar is the reserve currency.

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Speaker 3: By the way, it's the by far, the dominant reserve

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Speaker 3: currency in the world. I just looked at today, fifty

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Speaker 3: percent of global transactions are in the dollar. The next

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Speaker 3: highest is like the euro at twenty right, so we're

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Speaker 3: two and a half times the euro. So there's nobody

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Speaker 3: even nipping at our heels here.

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Speaker 4: And so it makes it hard.

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Speaker 3: Right because it's like, hey, we're past the point where

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Speaker 3: it normally would cause problems, but everybody's sort of cemented

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Speaker 3: into this dollar system.

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Speaker 4: There's really no better alternative. I mean, you look all

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Speaker 4: around the world, like Europe.

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Speaker 3: Has is worshaped than us, China's has a ton of problems.

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Speaker 4: You know, nobody wants to own the yen. That economy

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Speaker 4: has been.

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Speaker 3: Stagnant for thirty years, and so people are kind of

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Speaker 3: just stuck with the dollar. Now that all being said,

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Speaker 3: really the problem here is not like the overall level

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Speaker 3: of debt. What kind of worries me more is the

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Speaker 3: interest payments we're making every year on it. Right, So

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Speaker 3: today's interests is like a trillion dollars a year in

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Speaker 3: the United States. It's not like the highest level as

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Speaker 3: a person at GDP or the budget or any of

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Speaker 3: these things. So that it's been in modern history and

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Speaker 3: it's set to go higher from there. And so we're

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Speaker 3: just throwing money in the in the whole of interest,

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Speaker 3: and you know, less something's kind of done about that.

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Speaker 4: It just continues to weigh down current growth.

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Speaker 1: Right.

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Speaker 3: It causes problems because when I pay interest, I'm not

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Speaker 3: getting anything for my money. I'm basically paying back the

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Speaker 3: money I already borrowed.

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Speaker 4: So it worries me.

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Speaker 3: I think there's maybe a couple of bright spots around. Hey,

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Speaker 3: we're reducing government employment, right, the tariffs are bringing in

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Speaker 3: a lot of money. I'm sure we'll talk about that

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Speaker 3: a little bit. But big picture, this is all about

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Speaker 3: the baby boomers.

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Speaker 4: It's all about it's all.

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Speaker 3: About Medicare, Medicaid, social Security. That's seventy sixty five, seventy

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Speaker 3: percent of the money we spent at the federal level

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Speaker 3: is on those programs, and so ultimately, Dave like it

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Speaker 3: fixes itself, like these people you know, will eventually pass away,

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Speaker 3: like it won't be such a top heavy economy. But

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Speaker 3: until then, we kind of got to carry this this

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Speaker 3: weight of entitlements in the United States. And thankfully everybody's

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Speaker 3: sort of stuck with us and keeps lending us that

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Speaker 3: money them.

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Speaker 2: That thank you for that explanation.

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Speaker 1: One of the things that I think when people hear

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Speaker 1: about the interest payment, where does that interest payment go?

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Speaker 2: Who?

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Speaker 1: What organization entity, what bank? What system is taking that

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Speaker 1: one trillion dollars from America? And I think a lot

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Speaker 1: of people don't understand how that works either.

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Speaker 3: Yeah, So it used to be like a lot of

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Speaker 3: that money would go abroad, right the Chinese owned the

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Speaker 3: debt or the Japanese owned the debt, and they still do, like,

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Speaker 3: don't get me wrong, So we'd actually pay interest in

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Speaker 3: it go abroad to some foreign investor. Right today, foreign

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Speaker 3: investors are a much smaller portion of the overall debt.

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Speaker 3: About thirty percent of it's held by the Social Security

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Speaker 3: Trust Fund, So when we pay it, it just goes

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Speaker 3: into Social Security. I want to say fifteen percent of

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Speaker 3: it's held by foreigners roughly, and then the rest of

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Speaker 3: it is like the biggest chunk is held by investors, right,

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Speaker 3: and it's held by all kinds of investors, but generally speaking,

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Speaker 3: like as you age, you get older, you sort of

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Speaker 3: shift away from equities and towards fixed income.

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Speaker 4: And so the vast majority.

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Speaker 3: Of the US debt is frankly held by like wealthy

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Speaker 3: older people.

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Speaker 1: Right.

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Speaker 4: So it's not just it's not just.

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Speaker 3: That we pay them Social Security and we pay for

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Speaker 3: their healthcare. Like this trillion dollars in the national interest

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Speaker 3: payments we're making that's going to.

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Speaker 4: Baby boomers mostly as well.

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Speaker 3: Right, So a lot of budgets just devoted towards the

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Speaker 3: older generation in the United States. And that's fine. Like,

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Speaker 3: if that's the priority we want to have as a country.

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Speaker 3: I guess where I kind of get a little bit

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Speaker 3: concerned with that is like any nation that's focused on,

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Speaker 3: you know, the oldest generation, not on the youngest generation

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Speaker 3: or the next generation coming up, you know, it has

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Speaker 3: a shelf life, right, Like I think we should be

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Speaker 3: focused more on young families that want to be having

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Speaker 3: children or schools or what infrastructure whatever else instead of

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Speaker 3: just making sure the oldest and like empirically speaking, wealthiest

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Speaker 3: demographic in the country has even more support.

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Speaker 2: That's brilliant. I couldn't agree with you more.

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Speaker 1: And I think you're starting to see a cultural shift

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Speaker 1: towards that right and the narratives that are playing out

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Speaker 1: and what younger people are being more outspoken about, whether

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Speaker 1: it's the inability to you know, pay for their insurance premiums,

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Speaker 1: where it's an inability to find great jobs, or inability

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Speaker 1: to you know, get their own home loans, you know,

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Speaker 1: to be able to start that nuclear family and start

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Speaker 1: that long term What is it commitment to the system,

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Speaker 1: if you will. Right, last time you were here, we

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Speaker 1: had a chance to talk about tariffs, and I'm really

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Speaker 1: looking forward to getting to that. But before we do,

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Speaker 1: I just want to give some time and some space

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Speaker 1: That's Patriot at mobile dot com forde slash Rutherford or

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Speaker 1: call nine seven to Patriot. Last time you were here,

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Speaker 1: we we just had an update about what you thought

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Speaker 1: how tariffs were doing.

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Speaker 2: And can you just touch on that right now? Where

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Speaker 2: where are we as a country?

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Speaker 1: Have we see all these headlines about uh, you know,

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Speaker 1: we have multiple trillions of dollars three trillion dollars of

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Speaker 1: investments that have come you know, strangely from Middle Eastern

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Speaker 1: companies countries that you know, seem to have to want

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Speaker 1: to play some new role in the development at redevelopment

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Speaker 1: of Gaza or what other just markets that they can

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Speaker 1: get access to.

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Speaker 2: Now we see a lot of that.

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Speaker 1: So you know, where are the tariffs in your opinion,

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Speaker 1: how are they impacting the country as a whole, and

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Speaker 1: how are they impacting uh the average investor?

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Speaker 3: Yeah, So generally speaking, listen, I always said, I don't

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Speaker 3: think tariffs can have a big enough effect to cause

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Speaker 3: a recession. And that's because seventy percent of consumer spending

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Speaker 3: the United States is what we call services.

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Speaker 4: So it's it's me and you talking on this.

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Speaker 3: It's going out to eat, it's getting a haircut, it's

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Speaker 3: things that are provided by Americans to other Americans locally

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Speaker 3: and domestically. It's not touched by tariffs. The other thirty

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Speaker 3: percent is goods. Only a third of those goods are

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Speaker 3: imported goods. So we're trying. Ten percent of consumer spending

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Speaker 3: on the United States is on imports of any kind,

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Speaker 3: and then about fifty percent of that trade is exempt

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Speaker 3: from tariffs because like USMCA or whatever else. So, like

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Speaker 3: a nice round of number to give you, Dave, is

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Speaker 3: that five percent of consumer spending in the United States

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Speaker 3: is subject to tariffs. Okay, And we care about consumer

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Speaker 3: spending because the biggest chunk of GDP. So it's really

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Speaker 3: hard for me to see how like five percent of

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Speaker 3: consumer spending gets us to a recession. And you know,

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Speaker 3: when we really think about it, who buys imported goods?

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Speaker 4: Okay, it's not people that are price sensitive.

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Speaker 3: Factually speaking, wealthier individuals buy more imports, and so this

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Speaker 3: is basically a progressive tax that hits wealthier individuals that

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Speaker 3: are less price sensitive. Is kind of the bottom line here,

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Speaker 3: and so I'm not really concerned about it causing a recession.

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Speaker 3: We can talk about this slowdown on like the jobs

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Speaker 3: reports and kind of what I think is going on

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Speaker 3: there if you'd like to. But generally speaking, okay, what

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Speaker 3: we're doing is we're leveraging our consumer market, which we

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Speaker 3: are the biggest, most dominant consumer market in the world.

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Speaker 3: You need us as customers. I think we're forty percent

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Speaker 3: of global consumption. And we're saying if you want access

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Speaker 3: to these rich consumers to sell to, well, there's going

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Speaker 3: to be you know, a couple of loopholes you have

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Speaker 3: to jump through. You want to sell you know, pharmaceutical

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Speaker 3: drugs to the United States consumer base, Well.

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Speaker 4: Guess that you need to build a factory here.

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Speaker 3: You want to you know, sell your semiconductors to United

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Speaker 3: States companies, You're going to have to build factory here, right,

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Speaker 3: And so you mentioned I think like a three trillion

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Speaker 3: dollar number. I've heard it up to six trillion dollars.

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Speaker 3: A lot of it's pr frankly, right. From what I

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Speaker 3: can tell, kind of the best number I've seen is

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Speaker 3: that the actual projects that have broken ground. And again

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Speaker 3: it's going to take years for all the spending to happen, right,

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Speaker 3: but it looks like about one and a.

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Speaker 4: Half trillion dollars. Wow, tool spending has begun.

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Speaker 3: It's not all going to happen this year from the tariffs, okay,

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Speaker 3: or at least like adjacent to the tariffs. So I

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Speaker 3: think pharmaceutical facilities, think semiconductor manufacturing plants. There's a whole

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Speaker 3: host of other things too, write auto plants, and like

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Speaker 3: I think Ford is talking about gearing up production here Stalantis,

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Speaker 3: the company that famously ruined Jeep as a brand, right,

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Speaker 3: they're moving a bunch of production back to America. The

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Speaker 3: list is very long, So I think it's it's just

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Speaker 3: actually true that, yes, tariffs do cause companies to on

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Speaker 3: the margin and change their behavior because they need us

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Speaker 3: as consumers over here. And so when you really hear

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Speaker 3: like a lot of the analysis arow on terrafs, it's like, hey,

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Speaker 3: it's going to hurt consumer spending.

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Speaker 4: Right, And again I sort of like.

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Speaker 3: Highlighted why I think that impact whatever it's going to

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Speaker 3: be is pretty small, and by the way, we haven't

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Speaker 3: really seen any evidence that has happened.

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Speaker 4: Yet, but.

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Speaker 3: The sort of hope would be, yes, the consumer spending

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Speaker 3: portion of GDP, maybe that slows down a little bit

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Speaker 3: short term, but then all this capex happens, that sort

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Speaker 3: of offsets it, right, all the investment in factories and

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Speaker 3: plants and equipment, and then those higher Americans Americans are

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Speaker 3: paid well in these new, well equipped factories, and then

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Speaker 3: that keeps all the spending domestically in the United States.

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Speaker 3: So I think ultimately this is going to be a

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Speaker 3: positive for the United States. I know it's chaotic right now,

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Speaker 3: and global supply chains are shifting back here after eighty

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Speaker 3: years of going abroad, and so there's going to be

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Speaker 3: some bumps in the road. But it looks to me like, yes,

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Speaker 3: the terriffs are working and having an effect so far.

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Speaker 1: That's great to hear, because that was the big concern

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Speaker 1: we talked about last time, was this reshoring of jobs,

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Speaker 1: right bringing able to you know, take this middle class

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Speaker 1: that was offshore and dissipated and now bring it back

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Speaker 1: to give. Like you said, you know, a person that

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Speaker 1: doesn't have to have and we're just joking, not joking,

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Speaker 1: but Jordan and I were talking about student loan debt

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Speaker 1: and you know for jobs that really don't you know,

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Speaker 1: they don't exist, right, it's not a service based job

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Speaker 1: if you you know, have a liberal arts degree and

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Speaker 1: you know an African basket weaving, so you know, the

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Speaker 1: ideas as these companies on shore, it becomes a more

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Speaker 1: productive gain for those young people that are are looking

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Speaker 1: for those better opportunities at that American dream. Now, one

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Speaker 1: of the things that I constantly hear about on the

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Speaker 1: road is this idea of as those boomers time out,

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Speaker 1: there's going to be this massive transfer of wealth as

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Speaker 1: low as thirty trillion, as high as seventy someone said

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Speaker 1: to me yesterday at an event in Houston, and and

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Speaker 1: that's a massive number. What do you based on where

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Speaker 1: the market is right now, which is at an all

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Speaker 1: time high? And can you give us a little description

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Speaker 1: of why that is? And then what you think is

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Speaker 1: going to happen as a result of the shift and

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Speaker 1: that wealth will will it stay in the right places

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Speaker 1: or I know, Geordie's got a couple questions for you

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Speaker 1: here in a second about gold and bitcoin and how

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Speaker 1: like you said, what is the future of the next

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Speaker 1: generation going to look like from investment, from spending, and

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Speaker 1: then also from saving.

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Speaker 2: You know, how is that all going to look like?

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Speaker 2: In your mind? That was a lot.

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Speaker 3: Yeah, Well, when you think about how it's like happening,

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Speaker 3: right is basically it used to be like we just

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Speaker 3: did the jobs that our parents did.

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Speaker 4: Right. So my dad is a you know, a baker.

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Speaker 3: I'm going to a baker if my dad makes you know,

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Speaker 3: the barrels, right, that's what the last name Cooper comes from.

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Speaker 3: I'm a Cooper, right, do I make the barrels up

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Speaker 3: till like, you know, to the current day.

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Speaker 4: It's right.

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Speaker 3: I'm a veterinarian because my dad was a veterinarian or

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Speaker 3: my dad had a you know, an orthodonic practice, so

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Speaker 3: then I went to school to be an orthodonist.

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Speaker 4: What's kind of happened recently, and I think social media

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Speaker 4: is a big part of this. I think there's a

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Speaker 4: whole host of things happening.

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Speaker 3: Is that basically nobody wants to continue on the family

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Speaker 3: business anymore, right, A Statistically a small amount of people do.

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Speaker 4: And so you have these older people that are retiring.

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Speaker 3: They want to pass out on their kids, but their

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Speaker 3: kids aren't really interested, and so instead of what they

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Speaker 3: do is they go and sell it to a private

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Speaker 3: equity firm. And this is happening in basically every industry.

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Speaker 3: Dave like, I talked to my barber recently. Hey, my

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Speaker 3: barber went independent and now he's just working out of it,

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Speaker 3: like his own.

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Speaker 4: Little studio or whatever that he rents. But he's like, yeah,

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Speaker 4: that barbershop I was working out of they got bought

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Speaker 4: by private equity, right, So was buying.

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Speaker 2: Barbershops now, Oh my god.

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Speaker 3: And basically, you know, it's it's good right now in

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Speaker 3: the sense that it makes the economy a little bit

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Speaker 3: more resilient because hey, that that baby boomer that retired

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Speaker 3: just got paid a bunch of money. Right And by

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Speaker 3: the way, Dave like I talked about the baby moms

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Speaker 3: a little bit earlier. Statistically speaking, today people sixty five

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Speaker 3: and over, retired people, for the first time ever in

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Speaker 3: US history, are the largest consumer demographic.

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Speaker 4: They spend more money than anybody else.

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Speaker 3: Historically, that was we always talked about, like the thirty

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Speaker 3: five to fifty four was the key economic demographic. People

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Speaker 3: are buying houses, starting families, sending their kids to college,

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Speaker 3: buying washing machines buying cars today?

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Speaker 4: Is baby boomers. Wow, baby boomers spending more money. They're

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Speaker 4: twenty two percent of consumer spending retired baby boomers.

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Speaker 3: I should specify sixty five and over. So they're getting

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Speaker 3: paid out by private equity. Private equities rolling all these

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Speaker 3: small businesses up into big umbrellas. Right, that's why service

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Speaker 3: is going down, and like everything, you're paying more and

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Speaker 3: the qualities lower. It seems like private equity is buying

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Speaker 3: all this stuff. I worry down the line, like this

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Speaker 3: ends up.

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Speaker 4: Being a bubble, right.

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Speaker 3: Right, private equity one guy in New York can't run

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Speaker 3: every barbershop in the content United States.

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Speaker 4: It just doesn't work that way.

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Speaker 3: And so the bad news right is like, hey, in

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Speaker 3: short term, it makes all these small businesses kind of

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Speaker 3: worse service for the money that you spend. I think

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Speaker 3: ultimately there might be like a financial bubble in some

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Speaker 3: of these private markets eventually. Now most of us don't

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Speaker 3: really invest in prevent marks, don't have the ability to

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Speaker 3: do that. But ultimately it creates a ton of opportunity

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Speaker 3: for entrepreneurs that basically can come in and like, hey.

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Speaker 4: Your barbershop is terrible.

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Speaker 3: Now I'm going to create a new model that's better,

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Speaker 3: and I'll steal all the business.

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Speaker 4: Right, So.

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Speaker 3: It used to be, hey, you just passed on the

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Speaker 3: family business and your kid like ran it into the ground. Today,

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Speaker 3: at least you're getting paid out by Wall Street, I guess,

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Speaker 3: and they're selling it to some investor and maybe he'll

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Speaker 3: lose his shirt and then hopefully.

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Speaker 4: The next generation.

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Speaker 3: And I think there are a ton of Gen Z

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Speaker 3: people and younger millennials that are like willing to pick

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Speaker 3: up the reins and be the entrepreneurs here.

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Speaker 4: But it's sort of a different way.

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Speaker 3: To transfer wealth than ever before, right because institutionally Wall

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Speaker 3: Street's very involved.

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Speaker 1: That's the fascinating aspect to me is is you would

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Speaker 1: like they traditionally what what Wall Street provided the service

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Speaker 1: of this long term approach to investment, the slow growth

401
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Speaker 1: on your portfolio, right, you just keep Now they're now

402
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Speaker 1: proactive and they're they're they're getting into, like you said,

403
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Speaker 1: every industry, whether it's the housing market, which I just

404
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Speaker 1: you know, watched the long video this morning about you know,

405
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Speaker 1: this person's theory about how black rock is through shell

406
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Speaker 1: comp and he's buying houses right at an elevated price

407
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Speaker 1: and then coming in elevating the market for that area,

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Speaker 1: and then there be and so the people that are

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Speaker 1: selling their house at the highest price get out and

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Speaker 1: they can't afford to go into another house, so they

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Speaker 1: end up renting the house they just sold, right, And

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Speaker 1: it's this twist.

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Speaker 2: So there's a.

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Speaker 1: Lot of that that's in play with I think these

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Speaker 1: various markets and what the P and E firms are

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Speaker 1: gobbling up. Is that having an impact on the market itself.

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Speaker 1: Is that why we're seeing all time highs right now?

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Speaker 1: Or what's your theory behind why the market is so healthy?

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Speaker 3: Yeah, I mean I wouldn't say necessarily the market's that healthy,

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Speaker 3: right at least we're talking about like the public stock market.

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Speaker 4: The S and P five hundred for example, can make it.

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Speaker 3: You know, if you look at like valuations, so just

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Speaker 3: compare like the multiple or like the price of a

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Speaker 3: stock to the earnings that it's actually earning. Things are

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Speaker 3: very expensive. And the other problem is that there's like

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Speaker 3: seven stocks that have driven everything for years, and so

427
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Speaker 3: it's really like AI that's kind of driven a lot

428
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Speaker 3: of this, right. It's it's this narrative around AI changing

429
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Speaker 3: the world, and I ultimately think it will do that

430
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Speaker 3: but this just looks really frothy to me and kind

431
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Speaker 3: of worrisome, to be honest. And when you read about

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Speaker 3: how these companies are all, you know, it's like a

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Speaker 3: giant self reinforcing loop. They're all like lending each other

434
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Speaker 3: money and buying each other's products. So like, you know,

435
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Speaker 3: Navidia will go out and invest in Core Weave, right,

436
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Speaker 3: they give them money, they get Core Weave stocked. Then

437
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Speaker 3: Core We've takes that money and buys Navidia chips, right,

438
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Speaker 3: and so yeah, like Navidia's sales go up twenty five percent,

439
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Speaker 3: but it's their own money that basically did it.

440
00:22:49,840 --> 00:22:51,480
Speaker 4: And now if anything doesn't work.

441
00:22:51,320 --> 00:22:54,960
Speaker 3: Out, they're all tied together as like one big thing, right,

442
00:22:55,080 --> 00:22:57,760
Speaker 3: So it seems a lot like two.

443
00:22:57,720 --> 00:22:59,240
Speaker 4: Thousand and one to me, to be honest.

444
00:22:59,280 --> 00:23:02,280
Speaker 3: I understand the combodys have earnings, but you know their

445
00:23:02,320 --> 00:23:05,479
Speaker 3: earnings aren't coming from AI. It's like Microsoft's able to

446
00:23:05,760 --> 00:23:10,800
Speaker 3: pay for AI because they have you know, web services,

447
00:23:11,000 --> 00:23:14,960
Speaker 3: they have legacy software sales and things like this. So

448
00:23:15,040 --> 00:23:17,199
Speaker 3: it's the AI sector that just looks really kind of

449
00:23:17,200 --> 00:23:20,040
Speaker 3: worrisome to me. The other thing I'd point out is,

450
00:23:20,080 --> 00:23:23,200
Speaker 3: like you mentioned the houses I talked about Pe.

451
00:23:23,960 --> 00:23:24,320
Speaker 4: Okay.

452
00:23:25,359 --> 00:23:29,160
Speaker 3: What you're basically seeing here is like the end game

453
00:23:29,200 --> 00:23:32,600
Speaker 3: of financializing an economy, okay, which is what happens when

454
00:23:32,640 --> 00:23:35,520
Speaker 3: you're the global reserve currency. And so part of the

455
00:23:35,520 --> 00:23:37,159
Speaker 3: reason why I feel we need to sort of like

456
00:23:37,680 --> 00:23:41,399
Speaker 3: pair back globalization a little bit, focus a little bit

457
00:23:41,400 --> 00:23:45,399
Speaker 3: more on national development is because when we run a

458
00:23:45,440 --> 00:23:48,520
Speaker 3: trade deficit, which today is about of trillion dollars, right,

459
00:23:49,960 --> 00:23:52,280
Speaker 3: the old school idea, if you like open the Wall

460
00:23:52,320 --> 00:23:56,560
Speaker 3: Street Journal or like read the Cato Institute or something,

461
00:23:56,880 --> 00:23:58,560
Speaker 3: what they're going to tell you is, hey, it's great

462
00:23:59,040 --> 00:24:02,040
Speaker 3: we give them do that we print, and they give

463
00:24:02,160 --> 00:24:04,920
Speaker 3: us stuff they worked really hard for to make, right.

464
00:24:05,800 --> 00:24:10,320
Speaker 3: But that fundamentally misunderstands what's happening because we're not just

465
00:24:10,400 --> 00:24:11,480
Speaker 3: giving them dollars.

466
00:24:11,880 --> 00:24:12,040
Speaker 2: Right.

467
00:24:12,119 --> 00:24:14,680
Speaker 4: They take those dollars and they buy things with the dollars,

468
00:24:15,520 --> 00:24:16,600
Speaker 4: they buy assets.

469
00:24:16,720 --> 00:24:20,200
Speaker 3: Right. We're not trading them dollars for goods. We're trading

470
00:24:20,200 --> 00:24:23,679
Speaker 3: them ownership of national assets for goods, okay. And so

471
00:24:24,040 --> 00:24:27,920
Speaker 3: the dollars go abroad. Then the Chinese, the Saudis, whoever

472
00:24:28,320 --> 00:24:30,040
Speaker 3: take those dollars, they buy the S and P five

473
00:24:30,160 --> 00:24:32,960
Speaker 3: hundred they buy you know, blackrock buys all these single

474
00:24:32,960 --> 00:24:33,840
Speaker 3: family homes.

475
00:24:33,560 --> 00:24:35,399
Speaker 4: And rolls them up into a fund. Who are they

476
00:24:35,440 --> 00:24:35,960
Speaker 4: selling that to?

477
00:24:36,160 --> 00:24:39,080
Speaker 3: I don't buy Blackrock single family home funds, right, the

478
00:24:39,080 --> 00:24:44,000
Speaker 3: Saudi Royal family does. Who's investing in the PE firm

479
00:24:44,440 --> 00:24:47,320
Speaker 3: that's buying all the barbershops. It's probably a bunch of

480
00:24:47,400 --> 00:24:50,760
Speaker 3: like foreign investors that want access to the US consumer market.

481
00:24:50,800 --> 00:24:51,000
Speaker 5: Right.

482
00:24:51,080 --> 00:24:54,600
Speaker 3: So I think part of this is the trade deficit.

483
00:24:54,840 --> 00:24:58,480
Speaker 3: And I feel for young people, man, because you know,

484
00:24:58,640 --> 00:25:01,080
Speaker 3: there's a whole we could talk about housing and supply

485
00:25:01,119 --> 00:25:03,880
Speaker 3: and demand and everything else. Okay, the part that's never

486
00:25:03,920 --> 00:25:07,560
Speaker 3: talked about is like US housing supply, especially in places

487
00:25:07,640 --> 00:25:10,200
Speaker 3: like big cities, which you can buy a cheap house

488
00:25:10,200 --> 00:25:12,680
Speaker 3: in America, right, go forty five hour rural.

489
00:25:12,880 --> 00:25:14,440
Speaker 4: You know, you can get one hundred thousand dollars house,

490
00:25:14,520 --> 00:25:15,560
Speaker 4: no problem. Okay.

491
00:25:15,880 --> 00:25:18,159
Speaker 3: Housing is expensive in the places with the jobs, in

492
00:25:18,200 --> 00:25:19,000
Speaker 3: the big cities.

493
00:25:19,440 --> 00:25:20,800
Speaker 4: That's where people invest money.

494
00:25:21,320 --> 00:25:24,879
Speaker 3: Right, And so you're competing with the entire world because

495
00:25:25,040 --> 00:25:31,880
Speaker 3: US homes are an international asset class. Nobody's buying Argentinean homes, right,

496
00:25:31,920 --> 00:25:37,760
Speaker 3: No one's buying homes in you know, Malawi. US housing

497
00:25:37,800 --> 00:25:39,240
Speaker 3: is an international asset class.

498
00:25:39,240 --> 00:25:40,520
Speaker 4: That's why it's so expensive.

499
00:25:40,680 --> 00:25:42,639
Speaker 3: It's one of the reasons why it's why all our

500
00:25:42,680 --> 00:25:46,160
Speaker 3: assets are so expensive. It's the trade deficits that does that,

501
00:25:46,840 --> 00:25:48,560
Speaker 3: and that's why, hey, Donald Trump throws a bunch of

502
00:25:48,600 --> 00:25:51,560
Speaker 3: tariffs on people get worried about this trading system. Oh no,

503
00:25:51,600 --> 00:25:54,960
Speaker 3: it's the trade deficit going to decline because that structurally

504
00:25:55,000 --> 00:25:56,640
Speaker 3: lowers demand for US assets.

505
00:25:56,640 --> 00:25:57,960
Speaker 4: Not that I won't be valuable.

506
00:25:57,680 --> 00:26:00,679
Speaker 3: Anymore, but all the foreign money doesn't just pour in

507
00:26:00,720 --> 00:26:02,440
Speaker 3: in a bigger and bigger amount every year.

508
00:26:03,359 --> 00:26:04,280
Speaker 2: Got it, Got it?

509
00:26:04,320 --> 00:26:07,399
Speaker 1: Okay, I know Geordie's got some questions for you, Bryce,

510
00:26:07,440 --> 00:26:10,959
Speaker 1: but before he does, Man, I just am so fired

511
00:26:11,040 --> 00:26:14,159
Speaker 1: up about this new sponsor of ours. It's one of

512
00:26:14,160 --> 00:26:17,800
Speaker 1: the few institutions in the country that I truly believe

513
00:26:18,680 --> 00:26:22,920
Speaker 1: cares about their students and really wants to educate them

514
00:26:23,000 --> 00:26:27,199
Speaker 1: in the most substantial way by using the very best

515
00:26:27,280 --> 00:26:30,880
Speaker 1: commodity that they have, which is their time, right, you know,

516
00:26:31,000 --> 00:26:34,679
Speaker 1: and time is, without a doubt, our most precious commodity.

517
00:26:34,720 --> 00:26:37,280
Speaker 1: And I've heard from so many of my listeners who

518
00:26:37,280 --> 00:26:40,200
Speaker 1: have asked for my advice about how they can spend

519
00:26:40,240 --> 00:26:43,520
Speaker 1: it wisely to improve themselves and the people around them.

520
00:26:43,520 --> 00:26:47,200
Speaker 1: Because every single time it's hey, have you done the research?

521
00:26:47,280 --> 00:26:50,960
Speaker 1: Have you gotten educated? Well, I'm telling you what Hillsdale

522
00:26:51,119 --> 00:26:55,200
Speaker 1: College is offering more than forty you heard me, forty

523
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Speaker 1: free online courses. That's right, more than forty free fr

524
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Speaker 1: ee online courses. You can learn about the works of C. S. Lewis,

525
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Speaker 1: one of my personal favorites. Man, I just I can't

526
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Speaker 1: get enough of a guide. You can learn about stories

527
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Speaker 1: of the Book of Genesis, the meaning of the US Constitution,

528
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Speaker 1: the rise and fall of the Roman Republic, or the

529
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Speaker 1: history of the ancient Christian Church with Hillsdale's College online courses,

530
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Speaker 1: all available for free. You heard me when I said this,

531
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Speaker 1: it's free. Don't waste your time, right, all right, that's right,

532
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Speaker 1: here's the deal. Okay, So what do I personally recommend

533
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Speaker 1: for Hillsdale. Well, the one I think you should sign

534
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Speaker 1: up for automatically is Ancient Christianity.

535
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Speaker 2: All right. This is an eleven hour lecture course.

536
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Speaker 1: You'll study the inspiring stories of Jesus Christ, his apostles,

537
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Speaker 1: and faithful ones throughout the first four centuries of Christianity.

538
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Speaker 2: Now think about it. This course is free.

539
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Speaker 1: This will get you dialed in in how you strengthen

540
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Speaker 1: your faith, all right. You'll also learn the arguments of

541
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Speaker 1: key early Christian apologists who defended the Christian faith in

542
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Speaker 1: the face of so much overwhelming persecution. The course is

543
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Speaker 1: self paced so that you can start and stop whenever

544
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545
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Speaker 1: the improbable and miraculous story of Christianity.

546
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Speaker 2: When I tell you, this lecture is.

547
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Speaker 1: Going to inspire your faith in a much more deeper level.

548
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Speaker 2: Trust me when I tell you this. So here's what

549
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Speaker 2: you do.

550
00:28:38,920 --> 00:28:43,720
Speaker 1: Go right now to Hillsdale dot edu forward slash David

551
00:28:44,080 --> 00:28:48,400
Speaker 1: to enroll. There's no cost and it's easy to get started. Right,

552
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Speaker 1: It's free. Let me repeat my last it's free. Right,

553
00:28:52,800 --> 00:28:57,600
Speaker 1: that's Hillsdale dot edu forward slash David to register, or

554
00:28:57,760 --> 00:29:01,640
Speaker 1: click the link in the show notes Hillsdale dot edu

555
00:29:02,040 --> 00:29:05,600
Speaker 1: ford slash David. All Right, Jordy, I know you're going

556
00:29:05,680 --> 00:29:08,120
Speaker 1: to be taking that course here soon, but before you do,

557
00:29:08,160 --> 00:29:10,640
Speaker 1: why don't you hit Bryce up with those questions?

558
00:29:11,040 --> 00:29:11,400
Speaker 2: All right?

559
00:29:11,440 --> 00:29:11,680
Speaker 4: Great?

560
00:29:11,760 --> 00:29:13,960
Speaker 5: Yeah, I could ask you a million questions, but I'll

561
00:29:14,000 --> 00:29:16,960
Speaker 5: just start with a few. Just one quick comment on

562
00:29:17,000 --> 00:29:19,840
Speaker 5: the housing thing. My wife and I we're renting, right, now,

563
00:29:19,920 --> 00:29:22,360
Speaker 5: we looked at a couple suburbs around the Raleigh area,

564
00:29:22,440 --> 00:29:26,240
Speaker 5: North Carolina, and median home price in a lot of

565
00:29:26,280 --> 00:29:29,720
Speaker 5: these places is six hundred and seventy thousand dollars. I'm like,

566
00:29:30,120 --> 00:29:34,560
Speaker 5: holy cow, that's pretty crazy. That's the median. Anyway, I

567
00:29:34,560 --> 00:29:37,160
Speaker 5: think a good place to start is following up with

568
00:29:37,160 --> 00:29:40,160
Speaker 5: which something you said about the AI stuff. A lot

569
00:29:40,160 --> 00:29:42,480
Speaker 5: of people are wondering are we in some kind of

570
00:29:42,520 --> 00:29:45,280
Speaker 5: bubble right now? And you did touch on it. One,

571
00:29:45,320 --> 00:29:46,920
Speaker 5: do you think we're in a bubble? But then two,

572
00:29:47,440 --> 00:29:50,560
Speaker 5: I've heard an argument that you might think is legit

573
00:29:50,680 --> 00:29:54,120
Speaker 5: or might think is crazy, that are we overvalued and

574
00:29:54,160 --> 00:29:58,280
Speaker 5: it's a bubble? Or are the companies just getting better?

575
00:29:58,360 --> 00:30:00,920
Speaker 5: Because if you look at the rev new generated from

576
00:30:00,960 --> 00:30:03,000
Speaker 5: some of these AI companies, if you look at the

577
00:30:03,440 --> 00:30:06,960
Speaker 5: revenue per employee, for example, for some of these top companies,

578
00:30:07,200 --> 00:30:09,960
Speaker 5: it's way higher than historically they've ever been. So maybe

579
00:30:09,960 --> 00:30:13,680
Speaker 5: this isn't a bubble. Maybe they're just you know, legitimately

580
00:30:13,720 --> 00:30:16,640
Speaker 5: earning and deserving a higher pe ratio.

581
00:30:16,680 --> 00:30:18,040
Speaker 2: But what do you think about that? Yeah? I just

582
00:30:18,080 --> 00:30:19,320
Speaker 2: saw you. Let me hop in real quick.

583
00:30:19,440 --> 00:30:22,480
Speaker 1: Sorry, Bryce, I just saw that a statement that said

584
00:30:22,520 --> 00:30:26,160
Speaker 1: Mark Zuckerberg is paying AI experts two hundred and eighty

585
00:30:26,200 --> 00:30:30,680
Speaker 1: thousand dollars opening salaries to come over in his organization. Now,

586
00:30:31,000 --> 00:30:33,280
Speaker 1: I'm hoping that's just because there's so few people that

587
00:30:33,320 --> 00:30:35,720
Speaker 1: are have that expertise that it's that high and he's

588
00:30:35,800 --> 00:30:38,600
Speaker 1: just pulling from all the other top AI companies. But

589
00:30:39,160 --> 00:30:42,280
Speaker 1: for me, that was like, well, that's a pretty positive thing.

590
00:30:42,320 --> 00:30:44,600
Speaker 1: How do you become an AI expert? So I just

591
00:30:44,640 --> 00:30:46,240
Speaker 1: wanted to acknowledge that.

592
00:30:47,120 --> 00:30:48,800
Speaker 3: Yeah, I think that's a great question. How do you

593
00:30:48,800 --> 00:30:52,400
Speaker 3: become an AI expert? Yes, you know, there's no training

594
00:30:52,480 --> 00:30:55,240
Speaker 3: formally an AI I mean, and by the way, Mark

595
00:30:55,320 --> 00:30:57,720
Speaker 3: Zuckerbroke just laid off like six hundred people out of

596
00:30:57,720 --> 00:31:01,000
Speaker 3: the AI division, right, So they're hiring their firing people constantly.

597
00:31:01,000 --> 00:31:04,920
Speaker 3: They're always competing for labor with each other. But you know,

598
00:31:05,080 --> 00:31:07,520
Speaker 3: generally speaking, like, I think the AI thing is good

599
00:31:07,520 --> 00:31:11,400
Speaker 3: for the economy long term. Okay, if this is widely

600
00:31:11,440 --> 00:31:14,360
Speaker 3: distributed technology, and that's kind of where I get more

601
00:31:14,920 --> 00:31:21,120
Speaker 3: skeptical of it. Okay, if theoretically AI helps automate a

602
00:31:21,160 --> 00:31:24,000
Speaker 3: bunch of processes, it's not just one guy at the

603
00:31:24,040 --> 00:31:26,760
Speaker 3: top that owns a highly automated production system with no

604
00:31:26,880 --> 00:31:28,880
Speaker 3: employees that collects all the revenue.

605
00:31:29,120 --> 00:31:30,680
Speaker 4: If we all get AI tools that make.

606
00:31:30,640 --> 00:31:33,120
Speaker 3: Us more productive and all of our pay goes up

607
00:31:33,160 --> 00:31:34,400
Speaker 3: and kind of a broad.

608
00:31:34,080 --> 00:31:35,760
Speaker 4: Way, then AI is good.

609
00:31:35,800 --> 00:31:39,760
Speaker 3: It boosts productivity, it boosts economic growth and increases real wages.

610
00:31:39,920 --> 00:31:41,760
Speaker 4: Like there's really no downside to that.

611
00:31:41,840 --> 00:31:45,760
Speaker 3: Necessarily, the concern would be, like, hey, all the AI

612
00:31:45,840 --> 00:31:48,200
Speaker 3: stuff that I'm seeing right now, Like the reality of

613
00:31:48,280 --> 00:31:52,480
Speaker 3: AI today is that it automates white collar jobs away, right,

614
00:31:52,640 --> 00:31:55,480
Speaker 3: That's why you invested in as a company. It's not that, hey,

615
00:31:55,800 --> 00:31:59,320
Speaker 3: my HR manager can do five times as much work, right,

616
00:31:59,400 --> 00:32:02,240
Speaker 3: It's that I can do the same amount of HR with.

617
00:32:02,560 --> 00:32:04,560
Speaker 4: Five times lost managers or whatever.

618
00:32:04,720 --> 00:32:08,760
Speaker 3: Right, And so, like I saw a stat the other day,

619
00:32:09,080 --> 00:32:11,160
Speaker 3: and this is sort of my barometer for like white

620
00:32:11,200 --> 00:32:15,200
Speaker 3: collar labor, Like how's the job market doing? But that's

621
00:32:15,200 --> 00:32:18,160
Speaker 3: who's been getting fired because of AI for years, right,

622
00:32:18,200 --> 00:32:20,720
Speaker 3: as is like coders and paralegals and things like that.

623
00:32:21,080 --> 00:32:23,720
Speaker 3: Your plumber's fine, he's not even affected by A at all.

624
00:32:24,840 --> 00:32:26,720
Speaker 3: Is you look at the number of people taking the

625
00:32:26,920 --> 00:32:31,160
Speaker 3: l SAT Okay, because hey, if you want you know,

626
00:32:31,200 --> 00:32:33,600
Speaker 3: you're getting out of college, you just got this credential,

627
00:32:33,640 --> 00:32:36,560
Speaker 3: the job market doesn't look very good. You know, maybe

628
00:32:36,560 --> 00:32:39,800
Speaker 3: I'll just go to law school, right, get another credential.

629
00:32:39,800 --> 00:32:41,880
Speaker 3: I'll take on some debt, but like, hopefully things are

630
00:32:41,920 --> 00:32:44,080
Speaker 3: figured out by then. It's kind of how people treat

631
00:32:44,120 --> 00:32:47,880
Speaker 3: law school in the United States. A year ago this month,

632
00:32:48,320 --> 00:32:51,560
Speaker 3: like six thousand people took the l SAT. Okay, this

633
00:32:51,720 --> 00:32:55,320
Speaker 3: month this year, forty thousand people took the l SAT,

634
00:32:55,560 --> 00:32:59,480
Speaker 3: so it went up over five x. Right, Wow, that

635
00:32:59,560 --> 00:33:03,320
Speaker 3: tells me that AI is not creating a bunch of

636
00:33:03,360 --> 00:33:06,920
Speaker 3: new jobs or broadening the tools that people have, right,

637
00:33:06,960 --> 00:33:10,360
Speaker 3: It's allowing companies to lay off white collar employees. Right,

638
00:33:12,000 --> 00:33:16,280
Speaker 3: So I'm skeptical of AI like creating this economic miracle

639
00:33:16,360 --> 00:33:16,720
Speaker 3: right now.

640
00:33:16,800 --> 00:33:19,400
Speaker 4: I think what it does is just concentrates wealth.

641
00:33:19,440 --> 00:33:22,760
Speaker 3: It's great for like some companies, right that pull it off,

642
00:33:22,880 --> 00:33:26,280
Speaker 3: but broadly speaking, it just means less white collar people

643
00:33:26,320 --> 00:33:30,480
Speaker 3: earning a salary probably at least right now, as far

644
00:33:30,480 --> 00:33:34,640
Speaker 3: as the market goes with AI, yes, like these companies

645
00:33:34,640 --> 00:33:37,640
Speaker 3: are seeing their revenue grow quickly. A lot of them

646
00:33:37,680 --> 00:33:39,080
Speaker 3: have a ton of earning its. Like, again, I don't

647
00:33:39,080 --> 00:33:41,680
Speaker 3: think Microsoft's going to go bankrupt here, right, I don't

648
00:33:41,720 --> 00:33:45,000
Speaker 3: think Facebook's going to go bankrupt their money printing machines, like,

649
00:33:45,080 --> 00:33:46,080
Speaker 3: no question about it.

650
00:33:47,120 --> 00:33:49,360
Speaker 4: The problem is, Okay, all that.

651
00:33:49,360 --> 00:33:53,040
Speaker 3: Revenue is again coming from these like circular dealer financing

652
00:33:53,640 --> 00:33:57,920
Speaker 3: situations where they're all tying each other together. They're all

653
00:33:58,000 --> 00:34:01,360
Speaker 3: like in this incestuous relationship. I mean, you look at

654
00:34:01,360 --> 00:34:04,720
Speaker 3: the assumptions that are going into this, right, like open

655
00:34:04,760 --> 00:34:08,759
Speaker 3: Ai for example. Okay, open Ai lost like fifteen billion.

656
00:34:08,480 --> 00:34:11,080
Speaker 4: Dollars or something this year, but they're saying, hey, we're

657
00:34:11,080 --> 00:34:13,160
Speaker 4: gonna down the road, right.

658
00:34:13,000 --> 00:34:15,239
Speaker 3: We're a growth stock. We start just making a ton

659
00:34:15,280 --> 00:34:19,080
Speaker 3: of cash. Okay, Well, they just took on like all

660
00:34:19,080 --> 00:34:22,240
Speaker 3: this capex, like sixty billion dollars in capex with Oracle.

661
00:34:22,960 --> 00:34:26,280
Speaker 3: Next year they're expected to lose like twenty seven billion dollars.

662
00:34:26,280 --> 00:34:28,359
Speaker 3: The year after that, they're expected to lose forty five

663
00:34:28,400 --> 00:34:30,960
Speaker 3: billion dollars. So where's the cash going to come from

664
00:34:30,960 --> 00:34:33,000
Speaker 3: from open Ai to buy all this stuff from Oracle.

665
00:34:33,520 --> 00:34:36,640
Speaker 3: It's going to come from Oracle buying more open Ai stock, right,

666
00:34:36,680 --> 00:34:40,480
Speaker 3: They're going to pay for themselves to like sell this

667
00:34:40,480 --> 00:34:44,120
Speaker 3: this product. And so guys, it's kind of like circular financing.

668
00:34:44,680 --> 00:34:47,480
Speaker 3: This is stuff that worries me, right, because what you

669
00:34:47,840 --> 00:34:49,560
Speaker 3: hope or is like, hey, oh my god, all these

670
00:34:49,560 --> 00:34:52,799
Speaker 3: consumers are signing up for Chat GPT premium and we're

671
00:34:52,800 --> 00:34:55,560
Speaker 3: just raking in the cash, Like that's not really what's

672
00:34:55,560 --> 00:34:58,000
Speaker 3: happening here. Ninety five percent of these AI companies have

673
00:34:58,520 --> 00:35:01,520
Speaker 3: you know, no profit, so and the ones that do

674
00:35:01,600 --> 00:35:05,560
Speaker 3: make profit it's from other businesses. So I'm not saying

675
00:35:05,600 --> 00:35:08,360
Speaker 3: this technology never works out again.

676
00:35:08,400 --> 00:35:09,160
Speaker 4: I think it will.

677
00:35:09,680 --> 00:35:11,400
Speaker 3: But I think we're kind of in this period where

678
00:35:12,080 --> 00:35:16,760
Speaker 3: there's this massive amount of capex happening under very optimistic assumptions,

679
00:35:17,200 --> 00:35:20,960
Speaker 3: and all I see from AI on a daily basis.

680
00:35:20,600 --> 00:35:24,400
Speaker 4: Is like video slop, right. I think we all, you know,

681
00:35:25,000 --> 00:35:26,759
Speaker 4: see this stuff showing up. This is why your power

682
00:35:26,840 --> 00:35:27,640
Speaker 4: bills going up.

683
00:35:27,760 --> 00:35:35,080
Speaker 3: This is why you know we've got less water available

684
00:35:35,160 --> 00:35:38,759
Speaker 3: in the aquifers or whatever. So you know, they need

685
00:35:38,800 --> 00:35:43,480
Speaker 3: two trillion dollars of revenue by twenty forty or twenty thirty,

686
00:35:43,480 --> 00:35:46,839
Speaker 3: I apologize, So five years from now, under the most

687
00:35:46,840 --> 00:35:51,520
Speaker 3: optimicistic assumptions, according to like Baning Company, they're short by

688
00:35:51,520 --> 00:35:54,400
Speaker 3: eight hundred billion, okay, and then on top of that,

689
00:35:54,480 --> 00:35:57,160
Speaker 3: like half the power generation they need to actually like

690
00:35:57,239 --> 00:36:00,160
Speaker 3: gear up. There's no way it comes online on er

691
00:36:00,200 --> 00:36:02,440
Speaker 3: any circumstance. Right, It takes a while to build a

692
00:36:02,480 --> 00:36:04,640
Speaker 3: nuclear power plant or like a coal plant or anything.

693
00:36:05,239 --> 00:36:09,160
Speaker 3: So I'm having trouble like squaring the circle here. I

694
00:36:09,719 --> 00:36:13,600
Speaker 3: just hear people yelling like Fifth Industrial Revolution, it's changing

695
00:36:13,640 --> 00:36:18,400
Speaker 3: the world. Shut up, you're you know, you're a lota

696
00:36:18,440 --> 00:36:21,799
Speaker 3: and I'm not. I'm like skeptically optimistic, but I don't

697
00:36:21,800 --> 00:36:23,799
Speaker 3: really see this delivering any kind of like value to

698
00:36:23,840 --> 00:36:26,960
Speaker 3: society yet. I think it's just more kind of video

699
00:36:27,040 --> 00:36:29,040
Speaker 3: garbage on all of our feeds.

700
00:36:29,719 --> 00:36:34,080
Speaker 1: That's and that's why what Jordi is so high.

701
00:36:34,400 --> 00:36:36,560
Speaker 5: Oh yeah, exactly, A lot of things are real high

702
00:36:36,640 --> 00:36:38,520
Speaker 5: right now. I got two more questions for you, if

703
00:36:38,560 --> 00:36:39,880
Speaker 5: you'll just indulge me. I don't get to talk to

704
00:36:39,920 --> 00:36:44,680
Speaker 5: an economist very often. Gold hit four thousand dollars. That

705
00:36:44,719 --> 00:36:47,200
Speaker 5: was a big deal in the news. I personally bought

706
00:36:47,200 --> 00:36:49,399
Speaker 5: one ounce of gold in twenty twenty, so I'm rich now,

707
00:36:49,400 --> 00:36:55,200
Speaker 5: which is awesome. That has typically historically been a signal

708
00:36:55,320 --> 00:36:58,680
Speaker 5: of defensiveness, like or something's kind of going on, or

709
00:36:58,719 --> 00:37:01,920
Speaker 5: there's chaos in the market, uncertainty in the world. But

710
00:37:01,960 --> 00:37:05,319
Speaker 5: maybe it's something else. We also saw bitcoin there. It's

711
00:37:05,640 --> 00:37:08,160
Speaker 5: doing well, hitting all time highs, having little drawbacks here

712
00:37:08,200 --> 00:37:11,200
Speaker 5: and there, but that's nothing for bitcoin. Why do you

713
00:37:11,320 --> 00:37:14,040
Speaker 5: think gold hit that all time high? Why is it

714
00:37:14,080 --> 00:37:18,719
Speaker 5: having such a just remarkable year? And is it can

715
00:37:18,760 --> 00:37:20,959
Speaker 5: it keep going to five thousand? Or does this spell

716
00:37:21,080 --> 00:37:22,840
Speaker 5: some kind of a looming disaster?

717
00:37:24,440 --> 00:37:26,799
Speaker 3: Oh yeah, I think it's It's done really well for

718
00:37:26,840 --> 00:37:30,560
Speaker 3: a couple of reasons. Okay, One is, yeah, goal typically

719
00:37:30,640 --> 00:37:35,279
Speaker 3: does well when institutional trust is falling, right, because, like,

720
00:37:36,560 --> 00:37:38,840
Speaker 3: the dollar is worth a lot when we all trust

721
00:37:38,840 --> 00:37:42,319
Speaker 3: in the idea of the dollar, right, So and like, listen,

722
00:37:42,400 --> 00:37:43,960
Speaker 3: we all know there's not a lot of trust in

723
00:37:43,960 --> 00:37:48,600
Speaker 3: institutions for good reason, right, And people are more and

724
00:37:48,680 --> 00:37:50,360
Speaker 3: more concerned about.

725
00:37:50,200 --> 00:37:52,359
Speaker 4: The US's ability to manage all of this.

726
00:37:53,360 --> 00:37:57,959
Speaker 3: Frankly, like Donald Trump attacking the independence of the Federal Reserve, right,

727
00:37:58,080 --> 00:38:01,160
Speaker 3: Like it's maybe, do you think it's great that Donald

728
00:38:01,160 --> 00:38:03,479
Speaker 3: Trump is going to be in charge? But the point

729
00:38:03,520 --> 00:38:05,520
Speaker 3: is then a democrat is going to be in charge, right,

730
00:38:05,600 --> 00:38:10,160
Speaker 3: So it's better to have like a disinterested technocrat like

731
00:38:10,239 --> 00:38:13,360
Speaker 3: Jerome Powell in control of the Federal Reserve. Because politicians

732
00:38:13,400 --> 00:38:14,960
Speaker 3: always want to bring more money, They always want to

733
00:38:14,960 --> 00:38:18,320
Speaker 3: lower interest rates, and that can cause problems. So I

734
00:38:18,360 --> 00:38:20,520
Speaker 3: think part of this is just lack of institutional trust.

735
00:38:20,520 --> 00:38:22,759
Speaker 3: I think it's a tax on the federal reserves independence

736
00:38:23,120 --> 00:38:25,360
Speaker 3: that have driven up gold.

737
00:38:25,560 --> 00:38:27,400
Speaker 4: Okay. The other thing that I think.

738
00:38:27,320 --> 00:38:32,560
Speaker 3: Is happening here is internationally, countries are diversifying their reserve assets,

739
00:38:32,600 --> 00:38:35,719
Speaker 3: and bitcoin is also a reserve assets sort of, right, we.

740
00:38:35,760 --> 00:38:37,040
Speaker 4: Kind of think of it the same way as goal.

741
00:38:37,239 --> 00:38:41,560
Speaker 4: So let me put it this way.

742
00:38:41,600 --> 00:38:46,319
Speaker 3: Okay, I mentioned like fifty percent global market share for

743
00:38:46,360 --> 00:38:50,440
Speaker 3: the dollar, right, it's insanely dominant. The trade off to

744
00:38:50,480 --> 00:38:53,320
Speaker 3: that is the financialization of the US economy that I mentioned,

745
00:38:53,360 --> 00:38:56,480
Speaker 3: which is also at this point unsustainable or taking all

746
00:38:56,480 --> 00:39:00,600
Speaker 3: these measures like tariffs and reshoring and you know, protectionism

747
00:39:00,600 --> 00:39:03,520
Speaker 3: and whatever else to try and like reverse that trend

748
00:39:03,600 --> 00:39:04,120
Speaker 3: a little bit.

749
00:39:04,239 --> 00:39:06,200
Speaker 4: And so I expect the.

750
00:39:06,239 --> 00:39:10,359
Speaker 3: Dollar as a reserve currency to fall in relative status.

751
00:39:10,760 --> 00:39:13,000
Speaker 3: I don't think it's going away as a reserve currency.

752
00:39:13,239 --> 00:39:15,840
Speaker 3: There's no way nobody else can replace it. But instead

753
00:39:15,840 --> 00:39:19,520
Speaker 3: of fifty percent of global transactions, maybe the dollar falls

754
00:39:19,520 --> 00:39:20,360
Speaker 3: to forty percent.

755
00:39:20,640 --> 00:39:23,839
Speaker 4: Okay, the dollar weekends a little bit. What picks up

756
00:39:23,880 --> 00:39:24,520
Speaker 4: the slack there?

757
00:39:25,239 --> 00:39:28,440
Speaker 3: Probably the euro a little bit probably other FIAC currencies.

758
00:39:28,840 --> 00:39:32,720
Speaker 3: But gold is a natural It's always been a reserve currency.

759
00:39:32,719 --> 00:39:35,880
Speaker 3: It's been a reserve currency since the beginning of time, okay.

760
00:39:35,520 --> 00:39:36,600
Speaker 4: And it's not going away.

761
00:39:37,160 --> 00:39:39,239
Speaker 3: And what's nice about gold is that it's it's what

762
00:39:39,280 --> 00:39:43,200
Speaker 3: we call a neutral reserve asset. So one of the

763
00:39:43,239 --> 00:39:46,360
Speaker 3: reasons people are upset about the dollars, it's not you know,

764
00:39:46,400 --> 00:39:48,920
Speaker 3: there's the trade tension, there's US actually trying to reduce

765
00:39:49,440 --> 00:39:52,840
Speaker 3: like the trade deficit and all of that. Part of

766
00:39:52,840 --> 00:39:55,600
Speaker 3: it too, is just people see us using sanctions as

767
00:39:55,640 --> 00:39:59,640
Speaker 3: a weapon. Right. It's great that you take dollars and

768
00:39:59,640 --> 00:40:03,400
Speaker 3: you invest and you have gold doesn't pay you an

769
00:40:03,440 --> 00:40:06,000
Speaker 3: interest rate. The problem is, though, if you hold a

770
00:40:06,000 --> 00:40:08,719
Speaker 3: bunch of treasury bonds, the United States government might just

771
00:40:08,760 --> 00:40:11,440
Speaker 3: confiscate all of it like we did to Russia, okay,

772
00:40:11,880 --> 00:40:14,480
Speaker 3: or they might just sanction you into the ground if

773
00:40:14,480 --> 00:40:16,960
Speaker 3: we don't like what you do politically, and so country

774
00:40:17,000 --> 00:40:19,920
Speaker 3: seesus to say, hey, fifty percent of our four ex reserves,

775
00:40:20,000 --> 00:40:22,920
Speaker 3: that's two bunch of dollars. Right, there's this The world's chaotic.

776
00:40:23,280 --> 00:40:25,880
Speaker 3: The United States is swinging around sanctions like crazy.

777
00:40:26,600 --> 00:40:27,840
Speaker 4: Maybe we need to pair that back a.

778
00:40:27,840 --> 00:40:29,880
Speaker 3: Little bit and buy a bunch of gold instead. Right,

779
00:40:29,920 --> 00:40:32,600
Speaker 3: it's because there's no quid pro quote with gold. So

780
00:40:33,480 --> 00:40:36,080
Speaker 3: I think it's the combination of those things that's driven

781
00:40:36,160 --> 00:40:36,920
Speaker 3: up gold prices.

782
00:40:36,960 --> 00:40:39,920
Speaker 4: And yeah, there's kind of a tailwind to gold going forward.

783
00:40:40,239 --> 00:40:42,320
Speaker 3: By the way, like all the central banks are printing

784
00:40:42,360 --> 00:40:44,440
Speaker 3: money again, right, they've lowered interest rates.

785
00:40:45,400 --> 00:40:47,439
Speaker 4: Gold goes up in that situation as well.

786
00:40:47,480 --> 00:40:49,000
Speaker 3: So I think there's a kind of a complience of

787
00:40:49,040 --> 00:40:50,520
Speaker 3: factors that are positive for gold.

788
00:40:50,600 --> 00:40:51,000
Speaker 4: Right now.

789
00:40:52,000 --> 00:40:53,759
Speaker 2: All right, I got one more question for you.

790
00:40:53,840 --> 00:40:56,839
Speaker 5: There's some talk that I've heard around the investor Wall

791
00:40:56,880 --> 00:40:59,960
Speaker 5: Street world something called the debasement trade, and I think

792
00:41:00,000 --> 00:41:02,000
Speaker 5: I think this kind of relates to what we're talking

793
00:41:02,000 --> 00:41:05,120
Speaker 5: about gold. We're talking about the thirty eight trillion dollars

794
00:41:05,160 --> 00:41:08,440
Speaker 5: in debt. Many people, when they look at the debt,

795
00:41:08,760 --> 00:41:11,880
Speaker 5: they say, okay, well, the US has one of three options.

796
00:41:11,920 --> 00:41:14,000
Speaker 5: They can either how do you know, how do you

797
00:41:14,040 --> 00:41:16,319
Speaker 5: pay it back? How do you get right again? Well,

798
00:41:16,400 --> 00:41:18,799
Speaker 5: you could default on it. That's not going to happen

799
00:41:18,840 --> 00:41:20,279
Speaker 5: because then you get World War III.

800
00:41:20,960 --> 00:41:21,040
Speaker 4: Uh.

801
00:41:21,320 --> 00:41:25,879
Speaker 5: You could try to outproduce, you produce your way out

802
00:41:25,880 --> 00:41:29,080
Speaker 5: of it, meaning just our GDP just explodes from something.

803
00:41:29,120 --> 00:41:32,320
Speaker 5: Maybe it's from AI, maybe it's from some clean energy revolution,

804
00:41:32,480 --> 00:41:34,799
Speaker 5: I'm not sure. And we get our GDP up enough

805
00:41:34,840 --> 00:41:36,680
Speaker 5: to not make it a big deal. And then the

806
00:41:36,760 --> 00:41:39,479
Speaker 5: last option, which seems like it's kind of going this way,

807
00:41:39,680 --> 00:41:42,040
Speaker 5: is we're just going to debase the currency until that

808
00:41:42,080 --> 00:41:44,839
Speaker 5: debt's not very a very big deal. This is leading

809
00:41:44,840 --> 00:41:49,280
Speaker 5: people into saying, hey, something like gold, something like bitcoin,

810
00:41:49,400 --> 00:41:52,200
Speaker 5: other these these kind of fixed assets, maybe we just

811
00:41:52,239 --> 00:41:55,280
Speaker 5: put our money in that do the debasement trade, because

812
00:41:55,360 --> 00:41:58,080
Speaker 5: it sounds like the government, the Federal Reserve, they're going

813
00:41:58,120 --> 00:42:00,160
Speaker 5: in one direction and they're going to send fixed ass

814
00:42:00,000 --> 00:42:01,840
Speaker 5: as to the moon because they're not going to stop printing.

815
00:42:02,200 --> 00:42:04,920
Speaker 5: Do you think there's anything to that sort of debasement

816
00:42:04,960 --> 00:42:08,319
Speaker 5: trade idea investing in fixed assets? And is that kind

817
00:42:08,320 --> 00:42:10,800
Speaker 5: of the path you see going forward for the government

818
00:42:10,920 --> 00:42:12,920
Speaker 5: just Hey, we're just going to kind of slowly debase

819
00:42:12,920 --> 00:42:14,920
Speaker 5: the dollar to try to stabilize the situation.

820
00:42:15,480 --> 00:42:17,720
Speaker 3: Yeah, I'd point out right, like, what's the other major

821
00:42:18,080 --> 00:42:22,959
Speaker 3: fixed asset that everybody owns is housing rights? Like so yeah,

822
00:42:23,040 --> 00:42:26,240
Speaker 3: I listen. I think the whole history of the world

823
00:42:26,440 --> 00:42:28,400
Speaker 3: says that the government takes the easy way out on

824
00:42:28,440 --> 00:42:32,920
Speaker 3: prints money. Right, So right now, guys, like, to be honest,

825
00:42:32,920 --> 00:42:38,000
Speaker 3: things are going fine. There's not really a huge like

826
00:42:38,080 --> 00:42:39,760
Speaker 3: I don't think we're going to default on the debt.

827
00:42:40,280 --> 00:42:42,040
Speaker 3: I don't think that that's going to cause a death

828
00:42:42,120 --> 00:42:46,040
Speaker 3: spiral in the United States. I think, well, we're we're

829
00:42:46,080 --> 00:42:49,320
Speaker 3: fine right now. Okay, but what happens if there's another

830
00:42:49,640 --> 00:42:52,719
Speaker 3: giant pandemic, What happens if there's a giant war, what

831
00:42:52,880 --> 00:42:58,600
Speaker 3: happens if you know, the attack on infrastructure, what happens

832
00:42:58,760 --> 00:43:01,040
Speaker 3: if you know, go down the.

833
00:43:01,000 --> 00:43:03,520
Speaker 2: List right, load up printer.

834
00:43:04,560 --> 00:43:08,080
Speaker 3: Yeah, so what happens is historically, okay, there's the public

835
00:43:08,120 --> 00:43:13,800
Speaker 3: facing dual mandate, which is, you know, stabilize inflation, like

836
00:43:13,920 --> 00:43:16,719
Speaker 3: keep inflation low and maximize employment.

837
00:43:16,880 --> 00:43:20,160
Speaker 4: Okay, that's like, that's the pr dual mandate.

838
00:43:20,320 --> 00:43:23,960
Speaker 3: Okay, the real dual mandate is bailout banks during financial

839
00:43:23,960 --> 00:43:26,480
Speaker 3: crises and make the government debt affordable.

840
00:43:26,760 --> 00:43:29,200
Speaker 4: So you know, the reality here.

841
00:43:29,120 --> 00:43:31,920
Speaker 3: Is like, if there's an existential problem that comes up,

842
00:43:32,320 --> 00:43:33,720
Speaker 3: theers are just going to print money.

843
00:43:33,760 --> 00:43:35,520
Speaker 4: They're going to bail out the US government.

844
00:43:36,280 --> 00:43:38,240
Speaker 3: And so yeah, I think the history of the world

845
00:43:38,280 --> 00:43:39,880
Speaker 3: says they're going to print more money.

846
00:43:41,239 --> 00:43:42,480
Speaker 4: Inflation is still three percent.

847
00:43:42,520 --> 00:43:44,840
Speaker 3: They're already cutting, right, They've given up the two percent

848
00:43:45,160 --> 00:43:52,880
Speaker 3: target here, So yeah, I would be concerned about currency debasement.

849
00:43:52,960 --> 00:43:55,200
Speaker 3: But it's also been happening since the creation of the

850
00:43:55,239 --> 00:43:58,680
Speaker 3: Federal Reserve, right, there's nothing new about it's been happening since,

851
00:43:59,400 --> 00:44:03,239
Speaker 3: you know, the Roman government would debase the coins with

852
00:44:03,320 --> 00:44:06,040
Speaker 3: cheaper metals. It would happen when people were clipping the

853
00:44:06,080 --> 00:44:09,680
Speaker 3: coins to make them slightly smaller. Right, So we'm a

854
00:44:09,719 --> 00:44:13,759
Speaker 3: debasing currency for forever. It's the easy way out. The

855
00:44:13,880 --> 00:44:17,840
Speaker 3: last thing I'll say on this, okay, is that and

856
00:44:17,880 --> 00:44:20,720
Speaker 3: this comes from Milton Friedman, and there's things I disagree

857
00:44:20,719 --> 00:44:23,879
Speaker 3: with on Milton with Milton Friedman on but I think

858
00:44:23,920 --> 00:44:26,399
Speaker 3: this is such a key point, which is that when

859
00:44:26,400 --> 00:44:30,800
Speaker 3: we talk about tax and we talk about government spending.

860
00:44:30,840 --> 00:44:34,080
Speaker 4: Like, really, the actual tax is the spending itself.

861
00:44:34,280 --> 00:44:36,440
Speaker 3: Okay, it's the spending the tax as soon as you

862
00:44:36,520 --> 00:44:39,800
Speaker 3: print the money and spend it, basically one of the

863
00:44:39,800 --> 00:44:41,640
Speaker 3: three things has to happen. One is do you actually

864
00:44:41,640 --> 00:44:44,120
Speaker 3: just pay for by taxing out of the population, okay,

865
00:44:44,520 --> 00:44:47,960
Speaker 3: Two you borrow money which just loads the tax on

866
00:44:48,040 --> 00:44:52,040
Speaker 3: the future generations, or three you know, you just debase

867
00:44:52,080 --> 00:44:52,600
Speaker 3: the currency.

868
00:44:52,640 --> 00:44:54,640
Speaker 4: Inflation is the secret tax, right.

869
00:44:54,560 --> 00:44:57,520
Speaker 3: So it's actually the money that they spend that taxes

870
00:44:57,560 --> 00:45:01,680
Speaker 3: all of us because it dilutes our purchase power. And yeah,

871
00:45:01,760 --> 00:45:04,480
Speaker 3: inflation is the easiest way for them to tax your

872
00:45:04,600 --> 00:45:08,120
Speaker 3: your wealth the way. So I think it's a kind

873
00:45:08,160 --> 00:45:10,160
Speaker 3: of key point. We talk a lot about like deficits

874
00:45:10,160 --> 00:45:12,640
Speaker 3: and debt and everything else. It's really spending that's the tax.

875
00:45:12,719 --> 00:45:16,760
Speaker 3: And you'll notice spending never goes down ever, Right, maybe

876
00:45:16,800 --> 00:45:19,600
Speaker 3: the deficit flux awaits a little bit, maybe we add

877
00:45:19,600 --> 00:45:22,439
Speaker 3: a little bit less debt. Spending goes up every single year.

878
00:45:22,600 --> 00:45:24,440
Speaker 3: So I mean that's the real tax.

879
00:45:24,160 --> 00:45:24,839
Speaker 4: On all of us.

880
00:45:26,400 --> 00:45:29,680
Speaker 1: Well, I'll tell you what, Bryce, every time you come on,

881
00:45:30,080 --> 00:45:33,040
Speaker 1: not only do I have my mind blown, but I

882
00:45:33,080 --> 00:45:37,919
Speaker 1: think all of our audience does. Jordi, your questions were phenomenal.

883
00:45:38,040 --> 00:45:41,000
Speaker 1: Thank you so much. I've been chomping at the bit

884
00:45:41,080 --> 00:45:45,719
Speaker 1: to get you go with Bryce. There, Bryce, before we go,

885
00:45:45,800 --> 00:45:49,800
Speaker 1: I think everybody just wants to know, you know, what

886
00:45:49,800 --> 00:45:52,480
Speaker 1: what gun build out are you working on right now?

887
00:45:52,680 --> 00:45:55,080
Speaker 1: Are you are you you know, what are you doing

888
00:45:55,120 --> 00:45:58,080
Speaker 1: in terms of your training? What do you got going

889
00:45:58,200 --> 00:46:00,200
Speaker 1: with with that aspect of your life?

890
00:46:01,080 --> 00:46:03,400
Speaker 4: Yeah? So you know, I've been doing a lot.

891
00:46:03,239 --> 00:46:06,480
Speaker 3: Of pistol shooting this year. I just haven't really made

892
00:46:06,520 --> 00:46:08,960
Speaker 3: it to do any like rifle classes. And I have

893
00:46:08,960 --> 00:46:11,200
Speaker 3: an outdoor shooting ange like an hour away in city

894
00:46:11,239 --> 00:46:13,279
Speaker 3: in Texas, So it's just it's a little bit hard

895
00:46:13,320 --> 00:46:15,120
Speaker 3: to get out and shoot the rifle put the play

896
00:46:15,160 --> 00:46:17,799
Speaker 3: carrier on sometimes. But I have a gun club and

897
00:46:17,800 --> 00:46:20,520
Speaker 3: I'm a member, like the private upstairs range, And what's

898
00:46:20,600 --> 00:46:23,000
Speaker 3: nice about that is like when I go there, there's

899
00:46:23,080 --> 00:46:26,160
Speaker 3: usually nobody there, right, so I can go in front

900
00:46:26,200 --> 00:46:28,040
Speaker 3: of the lanes, I can set up some targets, and

901
00:46:28,040 --> 00:46:30,960
Speaker 3: I can like actually shoot up there, which is great

902
00:46:31,080 --> 00:46:33,680
Speaker 3: and like not just a static way. So pistols have

903
00:46:33,760 --> 00:46:36,680
Speaker 3: been kind of a natural transition with that. So I've

904
00:46:36,719 --> 00:46:39,040
Speaker 3: been doing a lot of concealed carry draws and everything else.

905
00:46:39,120 --> 00:46:41,200
Speaker 3: But the thing that's kind of been really fun this

906
00:46:41,280 --> 00:46:45,040
Speaker 3: year one of my pet projects one is I have

907
00:46:45,239 --> 00:46:48,360
Speaker 3: a Smith and West and TRR eight. So if anybody

908
00:46:48,400 --> 00:46:52,399
Speaker 3: knows what this is, it's a it's this slot revolver. Okay,

909
00:46:52,440 --> 00:46:55,959
Speaker 3: Basically Smith and Wesson designed this for the slot entry

910
00:46:55,960 --> 00:46:59,279
Speaker 3: team guy with the shield because like semi automatic handguns

911
00:47:00,040 --> 00:47:02,919
Speaker 3: and closer retention could like malfunction on a shield, right,

912
00:47:03,040 --> 00:47:06,680
Speaker 3: So eight rounds of three fifty seven magnum, I've got

913
00:47:06,680 --> 00:47:11,360
Speaker 3: an optic on that thing, man. Three fifty seven magnum

914
00:47:11,560 --> 00:47:15,040
Speaker 3: is serious business, right, That is a that's a cool cartridge,

915
00:47:15,400 --> 00:47:18,799
Speaker 3: so adaptable. So I've been shooting the double action three

916
00:47:18,800 --> 00:47:22,040
Speaker 3: fifty seven magnum Revolver a lot more. I think that's

917
00:47:22,080 --> 00:47:24,760
Speaker 3: just such an awesome gun. I also have a nineteen

918
00:47:24,840 --> 00:47:28,040
Speaker 3: eleven that I decided to get back into.

919
00:47:28,960 --> 00:47:30,680
Speaker 4: I sent it out to get the slide milled.

920
00:47:31,080 --> 00:47:33,799
Speaker 3: They ruined the slide, right, so that I had this

921
00:47:33,840 --> 00:47:37,000
Speaker 3: gun for like thirteen years. The slide is complete junk now,

922
00:47:37,080 --> 00:47:39,600
Speaker 3: so I had to go and buy another slide, get

923
00:47:39,640 --> 00:47:42,880
Speaker 3: it blended to the frame. I've sent it out to

924
00:47:42,920 --> 00:47:47,560
Speaker 3: get milled for an acro. They're DLC in it for me,

925
00:47:47,760 --> 00:47:49,839
Speaker 3: so I should get that back next week and I'll

926
00:47:49,840 --> 00:47:52,480
Speaker 3: have a functional nineteen eleven again. So it's kind of

927
00:47:52,480 --> 00:47:56,360
Speaker 3: been like a retro year, you know, modernized retro with

928
00:47:56,480 --> 00:47:58,920
Speaker 3: the double action revolver in the nineteen eleven.

929
00:47:59,320 --> 00:48:04,319
Speaker 1: But a wretch that is Bryce guilty tea right there, dude.

930
00:48:04,560 --> 00:48:05,720
Speaker 2: I absolutely love.

931
00:48:05,600 --> 00:48:08,160
Speaker 1: It, man, I tell you what I know there is

932
00:48:08,200 --> 00:48:10,399
Speaker 1: a massive audience out there that is.

933
00:48:10,400 --> 00:48:16,160
Speaker 2: Waiting, just waiting for the fat Daddy, fat fat stats.

934
00:48:16,480 --> 00:48:19,239
Speaker 2: Uh sub stack blog where you.

935
00:48:19,280 --> 00:48:22,520
Speaker 1: Do a blog on a finance and then a blog

936
00:48:22,680 --> 00:48:25,880
Speaker 1: on firearms, just you know, just go back and forth

937
00:48:25,960 --> 00:48:28,320
Speaker 1: on that and I think you throw in a little

938
00:48:28,320 --> 00:48:32,640
Speaker 1: prepper stuff and then you know, uh, some international finance

939
00:48:32,680 --> 00:48:36,120
Speaker 1: and dude, you've got You've got three hundred thousand subscribers

940
00:48:36,160 --> 00:48:37,920
Speaker 1: and like like a year plus.

941
00:48:37,960 --> 00:48:39,880
Speaker 2: That's it. That's my that's my prediction.

942
00:48:40,760 --> 00:48:41,440
Speaker 4: I appreciate that.

943
00:48:41,480 --> 00:48:43,120
Speaker 3: I hope I have I have the free time to

944
00:48:43,200 --> 00:48:45,440
Speaker 3: like pursue something like that, and at some point in

945
00:48:45,440 --> 00:48:48,200
Speaker 3: the near future it just got married. You know, there's

946
00:48:48,239 --> 00:48:50,279
Speaker 3: probably some kids on the way at some point. Right

947
00:48:50,360 --> 00:48:53,680
Speaker 3: I'm very busy in my job as an economist right now,

948
00:48:53,800 --> 00:48:57,759
Speaker 3: so down the road, i'd love to pursue something like that.

949
00:48:57,760 --> 00:49:01,640
Speaker 2: That's awesome. That it's all good. That's right, that's right.

950
00:49:01,680 --> 00:49:03,839
Speaker 1: You'll be you'll do your blog entries with us man

951
00:49:04,280 --> 00:49:07,200
Speaker 1: Bryce Gille, Ladies and gentlemen, Bryce, thank you so much.

952
00:49:07,239 --> 00:49:09,560
Speaker 2: It's always just a real pleasure and a treat to

953
00:49:09,600 --> 00:49:10,040
Speaker 2: have you on.

954
00:49:10,200 --> 00:49:12,239
Speaker 4: Thank you absolutely, guys.

955
00:49:12,280 --> 00:49:14,200
Speaker 3: Always always good to see you happy to do it

956
00:49:14,239 --> 00:49:16,080
Speaker 3: anytime and have a great weekend.