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Speaker 1: Pretty everyone, Welcome to another episode of the Market Disruptor Show. Today,

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Speaker 1: I am joined by Harry Dent, someone I'm super excited

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Speaker 1: to talk to somebody I've been following for shoot now

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Speaker 1: almost fifteen years, and I love his work and so

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Speaker 1: I'm excited to talk to him. So Harry, welcome and

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Speaker 1: thanks for coming on. Yeah, nice to be here. More so, um, obviously,

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Speaker 1: like I said, I've been following you for like fifteen years.

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Speaker 1: I've read all your books, watched all your videos, but

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Speaker 1: not everybody knows who you are, So maybe just kind

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Speaker 1: of give us a quick background on on what you've

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Speaker 1: been doing, what your experiences, and kind of what you're

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Speaker 1: working on. Yeah. Yeah, I kind of called myself first

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Speaker 1: a rogue economist and an accidental accomomist. I studied business.

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Speaker 1: I took economics for a few courses of the major

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Speaker 1: then gave up. I just thought it was useless and

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Speaker 1: really didn't apply to much, and so I took all

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Speaker 1: types of business stuff and went to Harvard Business School

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Speaker 1: and then consulted the Fortune one hundred companies at Banning Company.

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Speaker 1: But I tell you the big change in my career,

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Speaker 1: I took a turnaround for a company and publishing company

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Speaker 1: in California and just got into the whole small business

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Speaker 1: entrepreneurial arena where you're seeing people creating the future rather

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Speaker 1: than fortune one. They're always managing the path older generations

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Speaker 1: and customers. So I discovered the baby boom, which my

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Speaker 1: new clients were appealing to when they were young, just

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Speaker 1: entering the workforce and starting new trends. And so I

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Speaker 1: studied the baby boom, and I said, whoa, people have

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Speaker 1: no idea what's coming up the economy. This is a

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Speaker 1: massive generation of people, and they're also very innovative, and

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Speaker 1: then there their change makers. And so I started studying

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Speaker 1: demographics and cycles and all types of stuff for my clients.

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Speaker 1: And by the late ay this was in the early eighties,

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Speaker 1: and by the late eighties, I had a whole basic

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Speaker 1: you set up macroeconomic indicators that just came out of

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Speaker 1: my own research and experience and and worked really, really

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Speaker 1: well until the central banks came along and decided they'll

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Speaker 1: just print five trillion dollars every time someone goes something

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Speaker 1: goes wrong, so we can never have a recession. But

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Speaker 1: it's my indicators. I I focus on people, not governments.

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Speaker 1: Governments are the caboose, not the engine of the train.

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Speaker 1: Consumers are seventy GDP. Business capital investment only expand if

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Speaker 1: consumers are expanding. And then they have a tender cent

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Speaker 1: the rest of its government and all they do is react.

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Speaker 1: What are they doing now we have a recession? They

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Speaker 1: react and print you know, Uh, it's a inflation gets

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Speaker 1: too high, they react and and raise the interest rate.

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Speaker 1: They don't drive the economy. And that's why economists can't

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Speaker 1: predict anything. So so I just uh started writing the

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Speaker 1: first newsletter. In first book, which was was not was

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Speaker 1: self published, I was I was lecturing a small business

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Speaker 1: CEO of around the world, and that was my hand out.

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Speaker 1: And uh, and then my first book, The Great Boom

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Speaker 1: Ahead in the early nineties. And and Mark, people think

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Speaker 1: I'm crazy today if you're saying we're gonna see the

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Speaker 1: biggest crash of our lifetime something like twenty nine to

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Speaker 1: thirty two. Back then, I was saying, this boom is

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Speaker 1: gonna be way greater. Japan is gonna collapse. Who was

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Speaker 1: the leader up and coming leader back then? And and

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Speaker 1: and We're gonna have the greatest boom in history. And

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Speaker 1: people say heron, what do you use smoking well, I

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Speaker 1: was smoking the right stuff. I was looking at demographics

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Speaker 1: and generation cycles and uh, so you know that great

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Speaker 1: boom happened and forever sent. So I became you know,

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Speaker 1: my first newsletter nine. But I basically became an economist

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Speaker 1: right there in the late eighties early nineties. Instead of

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Speaker 1: a business consultant, I switched over. And so that's what

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Speaker 1: I do now. And uh, economists still hate me because

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Speaker 1: I don't use any of their knowledge, you know what

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Speaker 1: I mean? People say, oh, Harry, I'm month, I'm thinking

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Speaker 1: of major in economics. I'm like, let me give you

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Speaker 1: a couple of books. Don't waste your time. I don't

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Speaker 1: know what they're gonna learn, because I only have one

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Speaker 1: good course in economics out of three. Uh, and that

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Speaker 1: was about exactly today. You know how central banks can expand, well,

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Speaker 1: how the banking system can expand the money supply by

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Speaker 1: lending against ten percent reserves, you know, deposits. So so

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Speaker 1: other than that, I didn't learn anything. So so, but

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Speaker 1: I tell you the economy my big inside mar I mean,

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Speaker 1: I don't just look at short term stuff. I have

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Speaker 1: to my newsletter, which is a hard thing to do

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Speaker 1: because that's less predicular long term trends are a piece

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Speaker 1: of cake. And you know what you listen to scientists.

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Speaker 1: Scientists can pict when the fun is gonna burn out

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Speaker 1: in five billion years if you pressed them, okay, and

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Speaker 1: when the next ice age is gonna hit in eighty thousand.

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Speaker 1: I mean, long term things are much easier because there's

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Speaker 1: only a few factors that drives on it if you

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Speaker 1: can identify those. And I, um, the generations growing up,

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Speaker 1: raising their kids, advancing their careers are the number one

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Speaker 1: driver of the economy. And the way I learned to

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Speaker 1: predict it was a simple forty six year lag. Now

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Speaker 1: it's forty seven for the peak and spending of the

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Speaker 1: average family. Can you get something in that, take the

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Speaker 1: birth index, adjustin immigrants, which I can do with a

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Speaker 1: computer model, and then just predict forward when they're going

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Speaker 1: to spend the most money. Yeah, that's awesome. So just

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Speaker 1: to give some background and exactly what you're talking about, Harry, Um,

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Speaker 1: what you what you write about in your books, and

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Speaker 1: so I have I have them. I've been reading this

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Speaker 1: one since I think I got this one in two

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Speaker 1: thousand six, um, and these other ones as they have

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Speaker 1: come out. UM. And the big thing that stuck out

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Speaker 1: to me here that was so convincing is exactly what

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Speaker 1: you're talking about, which you look at the economy um

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Speaker 1: through demographics, and so that's that's what you're saying. You're

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Speaker 1: saying that people are predictable and they're spending habits and so, uh,

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Speaker 1: you know, said something like, you know, in your early twenties,

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Speaker 1: you're buying your first house, and you're getting into college,

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Speaker 1: and then thirty you're having your first kid, and by

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Speaker 1: forty five you're your peak spending and now you have

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Speaker 1: your bigger house and all those things. And so if

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Speaker 1: you can look at the population and then you can

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Speaker 1: predict where the money is going to be spent, and

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Speaker 1: it made so much sense. Our economy booms and bus

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Speaker 1: from new generator. We had a forty nineteen forty two

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Speaker 1: to sixty eight was an upward boom in stocks and

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Speaker 1: the economy of the Bob Hope for World War two

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Speaker 1: generations some people call it. And then you had a

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Speaker 1: downward time in the seventies was high inflation. Oh, the

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Speaker 1: inflation was coming from young, expensive baby boomers learning the workforce,

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Speaker 1: costing everybody from the government to their parents to businesses

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Speaker 1: to incorporate them, and then when they entered the economy

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Speaker 1: nineteen eighty three to two thousand seven, greatest boom in history,

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Speaker 1: and ever since, they stopped spending in two thousand and eight,

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Speaker 1: and I called that recession from day one when the

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Speaker 1: first time I had my spending Way vindicator in it

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Speaker 1: told me two thousand eight will be when the baby

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Speaker 1: boom to slow down under spending and we go into

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Speaker 1: an extended downturn. And guess what, We've been living off

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Speaker 1: a quantitative easy printing money to cover it over ever since. Right.

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Speaker 1: So um, yeah, like I said, it was so simple

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Speaker 1: and it made so much sense that it was just

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Speaker 1: like I have to believe in. So really all of

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Speaker 1: everything I've done is based off of stuff I've learned

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Speaker 1: from you, based off these demographics and and like like

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Speaker 1: you said, right, the long terms easy. Um. The question

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Speaker 1: that I have though, is that you know, you talk

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Speaker 1: about the demographics obviously, but then you use lots of cycles.

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Speaker 1: You have cycles for everything from four year cycles, presidential cycles,

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Speaker 1: you know, tech eight and ninety year cycles, um. And

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Speaker 1: you go back hundreds of years to look at data,

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Speaker 1: and you'd say these, you know, these ninety year cycles

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Speaker 1: and these four year cycles, and they converge and all

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Speaker 1: this stuff. Um, the question that I've always had is that, um,

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Speaker 1: things just seem to be different today, and how can

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Speaker 1: you go back three hundred years ago and use that

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Speaker 1: data for today? And so what I mean by different

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Speaker 1: I believe in the demographic spending and people are predictable,

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Speaker 1: they're spending patterns. But really, night like one going off

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Speaker 1: the gold standard changed the way the whole world works.

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Speaker 1: And now we've printed whatever three trillion dollars of debt

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Speaker 1: in fifty years, which helped that baby boomer generation explode,

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Speaker 1: helped the housing helped, the autumn helped all that. Um,

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Speaker 1: and that going forward is probably not gonna be the same.

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Speaker 1: So does that affect the way that demographics will spend

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Speaker 1: their money if they don't have money available? And then

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Speaker 1: how could that? How could history rhyme with that little

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Speaker 1: period of time where we had a four hundred sillion

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Speaker 1: dollars of debt expansion? Okay? And the answer is yes enough.

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Speaker 1: What I tell people long term cycles, generational cycles. And

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Speaker 1: this was documented back thundreds of years by Strauss and

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Speaker 1: how in a book called Generations came out the same

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Speaker 1: time Michael first book. Did those generated they forty year

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Speaker 1: generation cycles back in the Bible, So that forty year

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Speaker 1: rhythm that is a constant what happens in each generation cycle.

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Speaker 1: Of course, it's different when you can drive cars and

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Speaker 1: live in suburbs and have electricity up to your door

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Speaker 1: and do all types of things you couldn't in the

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Speaker 1: railroad era or something before that. So I say, instead

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Speaker 1: of cycle, think of it like spirals. You get these spirals,

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Speaker 1: you get higher levels because of technological innovation. Urbanization is massive.

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Speaker 1: People living in cities who wait make way more money,

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Speaker 1: have way more job opportunities, and specialization and all these

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Speaker 1: sort of things. So there's always progress. The progress is

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Speaker 1: and this is one of my principles, exponential. There is

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Speaker 1: no linear trends in history. Everything's exponential. So each generation

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Speaker 1: is going to look back at the past and said, well,

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Speaker 1: who're wrong with you? Rechard? You know, I mean, why

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Speaker 1: do you old people don't use the Internet and Facebook?

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Speaker 1: You know? Well that's what people it, you know. So

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Speaker 1: the generations will come on. But the Baby boom was

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Speaker 1: larger than north. I'll tell you another thing that that

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Speaker 1: hints that something you were saying that changed a lot

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Speaker 1: my demographic cycle. That fourty year cycle has always been there.

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Speaker 1: It wasn't that important until after World War Two. And

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Speaker 1: it was because the last generation, the boss Folk generation,

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Speaker 1: was the first generation to inter the workforce again after

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Speaker 1: World War Two into the fifties and sixties and be

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Speaker 1: able to afford a home on a thirty year mortgage

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Speaker 1: and have middle class, high income. We didn't have a

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Speaker 1: middle class. You know who created the middle class, Henry

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Speaker 1: Ford and a bunch of innovators in early nineteen hundreds,

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Speaker 1: and that finally became easily accessible after World War Two.

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Speaker 1: So my demographic indicators would have always been helpful, but

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Speaker 1: they became powerful. I discovered this thing after middle class

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Speaker 1: made demographics more important that forty year cycle. And then secondly,

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Speaker 1: just as the baby boom was about to enter the

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Speaker 1: economy and just magnify it. I mean I saw, I

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Speaker 1: was telling people this boom is going to the down.

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Speaker 1: I said the Dow was gonna hit ten thousand by

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Speaker 1: two thousand. This was in ninth late eighties, when it

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Speaker 1: was to to three thousand. People are that's not even possible.

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Speaker 1: Well it happened. I underwrated hit twelve thousand, you know,

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Speaker 1: um so, so magnitude can change the technologies and where

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Speaker 1: we live. I mean suburbs are different than cities and

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Speaker 1: farms and and and and uh. And which countries are dominating,

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Speaker 1: I mean right now that the western countries are fading,

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Speaker 1: even the East um Asian countries, Japan, Taiwan, South Korea,

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Speaker 1: Taiwan and South Korea peaking here recently. Japan was the

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Speaker 1: first developed country to peak. That's why they had their

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Speaker 1: bubble in stock, their bubble in real estate. First. They're

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Speaker 1: big crash. You know. My best forecast, I'm not known

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Speaker 1: for this mark. My best forecast was in nine nine,

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Speaker 1: predicting that Japan was gonna collapse for twelve to fourteen

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Speaker 1: years and going to deep down terms while the rest

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Speaker 1: of the world US and Europe that were lagging in

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Speaker 1: the time would have the greatest boom in history. People

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Speaker 1: looked at me like I was a nut, because everybody

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Speaker 1: was like, oh, we could just be like Japan, more efficient,

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Speaker 1: you know, blah blah blah. You know, No, they didn't.

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Speaker 1: They didn't lead any Did they lead semiconductors or personal

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Speaker 1: computers or internet. No, they were just copy cast. So

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Speaker 1: so what's what's the quality may change? But the cycles

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Speaker 1: ninety years if you look back send stock exchanges the

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Speaker 1: create in late seventeen nineers that a long term chart.

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Speaker 1: There is one thing that will stand out, like the

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Speaker 1: heart peat on your e k G every second. It's

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Speaker 1: that ninety year cycle you mentioned super bubbles. Those are

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Speaker 1: every two technology cycles. Of technology cycles are forty five years.

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Speaker 1: And that's like the clocks them, ships, railroads, automobiles, jet

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Speaker 1: in transportation forty five year peace just like a heart beat. Yeah,

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Speaker 1: that and and and and people. People decide how fast

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Speaker 1: those new technologies turning on an S curve of how

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Speaker 1: they adopt them. So the S curve is another prediction

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Speaker 1: tool I use when it comes to new fads, new marketing,

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Speaker 1: trans new technologies in our economy. Once it gets between

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Speaker 1: one and ten percent adoption, I can calibrate the rest

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Speaker 1: of the S curb and tell you when it's gonna peak.

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Speaker 1: Once country start to urbanize, I can tell you how

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Speaker 1: rapidly they're urbanizing and how rich they'll be as they

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Speaker 1: get richer living in cities predictably. So I look at

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Speaker 1: the world long term, like what's not predictable? Most economists say, well,

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Speaker 1: there's not much you can predict past the next election.

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Speaker 1: I'm like, no, I don't even know if Trump's gonna

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Speaker 1: get re elected or not. It's crazy one day and

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Speaker 1: looks like a genius tonight. Okay, No, that's hard to predict.

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Speaker 1: Predicting this boom and when it would end in two

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Speaker 1: thousand seven. I did that back in them in the

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Speaker 1: mid the late eighties, Piece of King, regardless of political

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Speaker 1: stuff and and other things that happened. Those things are

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Speaker 1: short term, long term trends. Urbanization of emerging countries, generations

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Speaker 1: spending in fully urban, wealthy developed countries, or the two

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Speaker 1: most important trends driving on come now. Um, a couple

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Speaker 1: of things though, so like things do change though, right, So,

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Speaker 1: like you talked about the Bob Hope generation babyroom generation,

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Speaker 1: and they're spending habits for predictable so like when they

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Speaker 1: got married, when they had kids, that that was predictable.

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Speaker 1: But today, especially in you know, we see in other

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Speaker 1: countries like Japan, China, but even in the US, like

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Speaker 1: people aren't getting married, or they're getting wit married way later,

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Speaker 1: or they're not even having kids, they're having kids way later.

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Speaker 1: So do you have to start to expand that then

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Speaker 1: or does that all of a sudden throw those cycles

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Speaker 1: completely off. We well, I get all this data and

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Speaker 1: now it's not as big as you think. The biggest

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Speaker 1: thing has happened is that the buying the first home

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Speaker 1: for the baby boomers was thirty one on average. It's

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Speaker 1: thirty four now for the millenniums. That has jumped three years.

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Speaker 1: That's a lot for a demographic category on average. But

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Speaker 1: the peak and spending from the baby Bloomers the millennial

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Speaker 1: is just one year later, forty seven instead of forty six,

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Speaker 1: and almost everything except that first home, which is harder

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Speaker 1: to afford now and they're more cautious because you've gotta

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Speaker 1: also remember the millennials saw a real real estate crash,

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Speaker 1: which history is full of. We just didn't see it

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Speaker 1: much after World War Two with this huge you know,

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Speaker 1: mortgage will cost mortgages and people buying houses middle class people. Um.

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Speaker 1: But but you know, those things are the predictable point

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Speaker 1: and they don't change that much. It's forty seven, but

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Speaker 1: even when it's forty six years, it was forty seven

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Speaker 1: in Australia, Japan and Europe other countries. I projected just

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Speaker 1: one year difference. Now people get married a little later,

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Speaker 1: but they still have kids closer to the same time,

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Speaker 1: a lot of people get married and already pregnant or

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Speaker 1: already have a kid. So it's the biggest thing that

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Speaker 1: drives that cycle is when Pete Well have kids, because

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Speaker 1: once you have kids, you were motivated and you're gonna

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Speaker 1: buy a house, and you're gonna get a car and that,

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Speaker 1: and you're gonna get them into college, all those predictable things.

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Speaker 1: So UMA, So for everyone listening, before we wrap this up,

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Speaker 1: I'm gonna ask you to help us figure out where

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Speaker 1: we are and what we're seeing coming up. But before

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Speaker 1: we get to that, So for everyone listening and stick

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Speaker 1: around for that. But I want to dig into these

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Speaker 1: cycles a little bit more. Um. So you're saying that

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Speaker 1: it's moved a little bit, uh, but I would imagine

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Speaker 1: the peak is different. So for example, um, the spending

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Speaker 1: peak at forty six fifteen years ago was way higher

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Speaker 1: than the spending peak of forty six might be in

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Speaker 1: ten years from now. Right, the amount of money that's

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Speaker 1: being spent? Does that matter? No? No, Actually, the amount

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Speaker 1: of money a little bit higher. But it's true the millennials,

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Speaker 1: if not made as much progress and their standard living

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Speaker 1: was the Baby Boomers did over the generation before them,

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Speaker 1: and just with the just with the economy and the

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Speaker 1: amount of debt creation and stuff. There's just more money

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Speaker 1: slow shing around then there might be in the future. Yeah,

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Speaker 1: and and everybody every generation, I mean again, the Henry

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Speaker 1: Ford generation before the Bobo that drove the Roaring twenties

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Speaker 1: boom into its peak. Back then, you buy a house

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Speaker 1: down payment, five year balloon mortgage. So that's why you

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Speaker 1: didn't get a big housing bubble in the range TWA.

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Speaker 1: You got a big stock bubble. You've got a big

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Speaker 1: farm bubble. People were borrowing money to start farms and

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Speaker 1: stuff and buy drafts which were new horses, you know,

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Speaker 1: mechanical horses. But you didn't have a big real estate

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Speaker 1: bubble because it was too hard to speculate. So every

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Speaker 1: generation has been able to borrow more money at lower

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Speaker 1: interest rates is a general rule. And along with technologies,

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Speaker 1: that expands your standard of living and how much you

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Speaker 1: earn spend. Now, one other thing I've seen you talk

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Speaker 1: about with cycles is social unrest, and you've talked about

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Speaker 1: cycles in regards to that as well. Right, So obviously

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Speaker 1: we're seeing this happening right now. Um, not just in

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Speaker 1: the US, all across the world. Um, is there a

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Speaker 1: cycle lining up right now that you've been looking at

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Speaker 1: in regards to that, Well, well, there is two things.

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Speaker 1: When you get into the winter season, there's four seasons,

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Speaker 1: two booms and to bust over two generations. The winter

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Speaker 1: season which started in two thousand and eight and will

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Speaker 1: end about two thousand twenty three or few years ago.

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Speaker 1: When we see the worst of this crisis I'm talking about,

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Speaker 1: you get more social unrest under that because the economy

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Speaker 1: is the most challenging. But there's also a geopolitical cycle. Now.

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Speaker 1: I had to come up with this one. When I

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Speaker 1: made a not so great forecast. It was right about direction.

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Speaker 1: But when the tech wrecked craft and we were coming

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Speaker 1: out of it in late two thousand two, and I'm saying, oh,

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Speaker 1: here's a bi signal. I thought the Dow was gonna

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Speaker 1: be just as strong as it was in the boom before,

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Speaker 1: and it wasn't. Why nine eleven and terrorism and civil

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Speaker 1: unrest and and you know, wars are around the world

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Speaker 1: just kept expanding and that creates an era of fear,

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Speaker 1: which which suppressed stock value. It doesn't change the economy.

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Speaker 1: So I found there's about a thirty five year geopolitical cycle,

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Speaker 1: So forty years bloom and bust for the economy, about

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Speaker 1: thirty five years, seventeen to eighteen years positive life nineteen

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Speaker 1: eighty two to two thousand. What after the recession of

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Speaker 1: eighty two in the in the fall of communism and

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Speaker 1: Golbridge Shaw talking to Reagan? What went wrong? One one

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Speaker 1: hour war with Saddam Hussein at that time? Political after

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Speaker 1: nine eleven, everything's gone wrong. So we've been in a

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Speaker 1: negative geopolitical cycle, and that is bottoming this year. That

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Speaker 1: is one of the things that's gonna start to slowly

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Speaker 1: get better. So that does not affect economic growth, but

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Speaker 1: it present it creates fear and investors, and it means

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Speaker 1: people will pay less for stocks because they're a little

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Speaker 1: more uncertain about those future earnings because both they're gonna

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Speaker 1: be a war or something any time. Um And and

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Speaker 1: so that's another cycle that I factor in. But my

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Speaker 1: forty year boom and bus generation cycle, in the forty

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Speaker 1: five year technology cycles, which greatly expands productivity and effects

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Speaker 1: were or we can live and how we work with

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Speaker 1: important cycles, the geopolitical would be third on that list.

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Speaker 1: So um you then your social unrestcycle predicts that right.

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Speaker 1: Sometime in the next couple of years will hopefully turn

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Speaker 1: the table and start to get back to more of people.

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Speaker 1: This will be more economic downturn than it will be

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Speaker 1: you know, terrorism and Middle East wards and all this stuff.

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Speaker 1: We've seen the worst of that. I think the Iran

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Speaker 1: conflict we've had is probably the the epitome of that

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Speaker 1: last cycle that started with nine eleven. I think that

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Speaker 1: sort of stuff gets better. You notice that the US

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Speaker 1: has no interest in intervening in the Middle East now

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Speaker 1: that we don't need their oil. Well, that's a big deal.

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Speaker 1: We've been to destabilizing factor. I mean, they have enough destabilization.

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Speaker 1: All it takes is US infidels entering the picture, taking

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Speaker 1: twice as back. Have you ever heard of a book

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Speaker 1: called Pendulum? I have, and they basically predict forty a

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Speaker 1: pendulum swinging back forty years each way, so an eighty

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Speaker 1: year round trip. And it basically says the world goes

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Speaker 1: from a me cycle about me individualism, decentralization to a

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Speaker 1: WE cycle, which is a centralization or collectivism. Yeah, exactly.

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Speaker 1: That is the Baby Boomers versus the Bob Pope generation.

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Speaker 1: Baby Boomers are the me generation. Bob Hopers do everything

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Speaker 1: for the good of the country. They're the collective generation,

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Speaker 1: so that is definitely a cycle. And and uh Strauss

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Speaker 1: and how were the ones to document They documented that

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Speaker 1: back a couple of hundred years or even I think

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Speaker 1: even thousands of years. Maybe they went way back. But

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Speaker 1: right now we are maxing out on the we collectivism,

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Speaker 1: globalism and where And you can see the world is

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Speaker 1: rejecting globalism right and it's gonna start swinging back to decentralization,

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Speaker 1: which I find very interesting. I know you're not a

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Speaker 1: big fan. I am. We don't have to agree on everything,

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Speaker 1: but you know, seeing Bitcoin rise up, and really it's

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Speaker 1: the it's technology technology, but it's about decentralization, decentralized government, governance,

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Speaker 1: decentralized you know what, everything decentralizing. So right as we're

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Speaker 1: peaking at a centralization cycle and moving back to decentralization,

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Speaker 1: we have this new technology that also enables that. So

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Speaker 1: I think that's gonna be pretty interesting. And you know

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Speaker 1: who I hate the most central banks? They they go

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Speaker 1: I have all these natural cycles down cold, and they

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Speaker 1: basically just interfere with them. I am going to be

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Speaker 1: the happiest person on earth when digital technolog digitization of

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Speaker 1: money and financial assets can allow the economy to expand

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Speaker 1: money supply and grow from the bottoms up organically instead

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Speaker 1: of being manipulated by send u banks and governments who

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Speaker 1: want to play with their currency to help exports. All

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Speaker 1: this stuff is cheating and all of it's working against

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Speaker 1: the natural boom and bust. We need bust, just like

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Speaker 1: we need sleep. Need to restore and and and and

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Speaker 1: get rid of excess of debt and bad companies and

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Speaker 1: stuff and bad loans. With this a natural sing. We

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Speaker 1: need inflation at times and deflation. They all have a

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Speaker 1: role in economic growth. Economists just want three percent growth

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Speaker 1: with with two inflation, and that's what kills an economy.

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Speaker 1: And guess what Japan has been in what I call

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Speaker 1: a coma economy since nine when they went in their

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Speaker 1: winter season and their bubble burst and decided to just

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Speaker 1: control their economy with constant money printing and and and

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Speaker 1: top down policies. And they'll never come out of this,

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Speaker 1: never ever ever wait for the digital uh, you know

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Speaker 1: revolution and bitcoin and so I want to talk about that,

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Speaker 1: um about pand so you mentioned about the central makes First,

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Speaker 1: I wanted to add to a comment you say, like

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Speaker 1: these economists say, we can never have these withdraws, right,

428
00:24:07,000 --> 00:24:09,399
Speaker 1: we can't have these busts, but we need But but

429
00:24:09,440 --> 00:24:13,080
Speaker 1: it's the whole world we see today, Like no one's

430
00:24:13,080 --> 00:24:14,720
Speaker 1: allowed to be in pain. If you're in pain, take

431
00:24:14,760 --> 00:24:16,760
Speaker 1: a pill, Like no one allowed to be sad. As

432
00:24:16,800 --> 00:24:21,560
Speaker 1: you're sad, you're taking heroine deriving. Right, you can't you

433
00:24:21,600 --> 00:24:24,520
Speaker 1: can't be sad, you can't be unhappy. You can't be

434
00:24:24,600 --> 00:24:26,679
Speaker 1: you can't be mad, you can't be in pain, you

435
00:24:26,720 --> 00:24:29,840
Speaker 1: can't be brought like your your child can't come in

436
00:24:29,960 --> 00:24:32,600
Speaker 1: second in the contrast and school, Well, everybody's got to

437
00:24:32,600 --> 00:24:36,800
Speaker 1: be a winner. But but there's there's without without without

438
00:24:36,880 --> 00:24:41,639
Speaker 1: the contrast, right, without sadness, there's no joy exactly without boom,

439
00:24:41,680 --> 00:24:46,520
Speaker 1: there's no bust, you know, without assholes, there's no good people,

440
00:24:47,160 --> 00:24:48,920
Speaker 1: good people even though they were good, if there weren't

441
00:24:49,000 --> 00:24:51,879
Speaker 1: enough assholes out there to show them. You know, the

442
00:24:52,440 --> 00:24:57,719
Speaker 1: play of opposite market is actually the most central perpensible

443
00:24:57,880 --> 00:25:02,240
Speaker 1: of my work. Cycles come from the play opposite and

444
00:25:02,240 --> 00:25:06,639
Speaker 1: and those cycles create dynamics of boom and bust, inflation

445
00:25:06,680 --> 00:25:11,240
Speaker 1: and deflation, we and me, all those back and forth things.

446
00:25:11,640 --> 00:25:15,200
Speaker 1: Those are the dynamics to create innovation and growth and

447
00:25:15,359 --> 00:25:19,639
Speaker 1: long term more than demographics, it is the technology cycles,

448
00:25:20,119 --> 00:25:23,600
Speaker 1: how we learn to do things smarter and better and

449
00:25:23,680 --> 00:25:26,560
Speaker 1: more globally and more urban and all these sort of

450
00:25:26,600 --> 00:25:29,720
Speaker 1: things that makes us. We are so much richer than

451
00:25:29,760 --> 00:25:33,600
Speaker 1: people just a hundred years ago. It's embarrassing. If people

452
00:25:33,640 --> 00:25:36,240
Speaker 1: went back in a time machine, they would shoot themselves.

453
00:25:36,680 --> 00:25:39,400
Speaker 1: They would die aboard them. I was in the hurricane

454
00:25:39,520 --> 00:25:43,320
Speaker 1: Puerto Rico for two weeks with no electricity, no TV,

455
00:25:43,800 --> 00:25:48,359
Speaker 1: no internet, no cutup even most of the time. Those thinking,

456
00:25:48,520 --> 00:25:50,960
Speaker 1: I'm like, oh, this like the late eighteen hundreds. I

457
00:25:51,040 --> 00:25:56,560
Speaker 1: was ready to jump off the the condo, you know, scars.

458
00:25:57,240 --> 00:25:59,480
Speaker 1: So I want to get back to the central banks

459
00:25:59,600 --> 00:26:03,680
Speaker 1: and um, them messing everything up, And so they think,

460
00:26:04,359 --> 00:26:06,800
Speaker 1: what's that which they have and that'll be obvious in

461
00:26:06,840 --> 00:26:09,200
Speaker 1: the next few years. Yeah, Well I think it's yeah,

462
00:26:09,320 --> 00:26:13,000
Speaker 1: I mean, it's obvious to people paying attention. But one

463
00:26:13,040 --> 00:26:15,280
Speaker 1: thing that's interesting Henry Ford. You talk about Henry Ford,

464
00:26:15,320 --> 00:26:17,560
Speaker 1: He's He had a quote that said if people understood

465
00:26:17,560 --> 00:26:20,240
Speaker 1: how the banking system really worked, would be a revolution overnight.

466
00:26:20,680 --> 00:26:23,480
Speaker 1: And I think people are waking up to how it works.

467
00:26:23,480 --> 00:26:26,119
Speaker 1: And I think the Internet has ruined their game. The

468
00:26:26,160 --> 00:26:29,000
Speaker 1: Internet has pulled the curtain back and allowed everyone to

469
00:26:29,080 --> 00:26:33,000
Speaker 1: understand this. And really, I think again back to bitcoin

470
00:26:33,480 --> 00:26:36,520
Speaker 1: has made people curious and they started to like understand

471
00:26:36,560 --> 00:26:38,919
Speaker 1: what is money and banking and people are starting to

472
00:26:38,920 --> 00:26:40,840
Speaker 1: figure this out. And he said there would be a

473
00:26:40,840 --> 00:26:43,240
Speaker 1: revolution overnight and and a lot of what we're seeing

474
00:26:43,520 --> 00:26:45,960
Speaker 1: even like you know, Iran was having these revolutions and

475
00:26:45,960 --> 00:26:49,240
Speaker 1: they were burning the banks down, and uh, people are

476
00:26:49,280 --> 00:26:52,880
Speaker 1: really figuring out it's the banks that are causing all this. Um,

477
00:26:53,560 --> 00:26:55,400
Speaker 1: we could go into a whole thing there, but you said,

478
00:26:55,440 --> 00:26:57,960
Speaker 1: like the banks are messing up these boom and bus

479
00:26:57,960 --> 00:27:00,639
Speaker 1: cycles and so that's kind of one thing that I

480
00:27:00,680 --> 00:27:03,560
Speaker 1: fear and I just want to talk about. So um,

481
00:27:03,800 --> 00:27:06,960
Speaker 1: you say these cycles are always dependable, but at the

482
00:27:06,960 --> 00:27:09,280
Speaker 1: same time, the central banks can affect these cycles like

483
00:27:09,320 --> 00:27:11,560
Speaker 1: they have in Japan, as you made the comment, So

484
00:27:11,760 --> 00:27:16,560
Speaker 1: is it possible that they just go into this coma

485
00:27:16,680 --> 00:27:18,399
Speaker 1: you called it, like a financial coma or whatever in

486
00:27:18,480 --> 00:27:21,160
Speaker 1: Japan and that just becomes the normal And how long

487
00:27:21,200 --> 00:27:22,760
Speaker 1: can they keep that up? For a lot of people

488
00:27:22,800 --> 00:27:28,159
Speaker 1: think Japan's a success, they are not. As exact, Let

489
00:27:28,240 --> 00:27:31,080
Speaker 1: me tell you what Japan's like. Young people in Japan

490
00:27:31,680 --> 00:27:34,480
Speaker 1: don't want to date, don't want to get married, don't

491
00:27:34,480 --> 00:27:37,760
Speaker 1: want to have sex because they can't afford to make

492
00:27:37,800 --> 00:27:40,240
Speaker 1: a mistake and have a kid and go broke. That's

493
00:27:40,240 --> 00:27:45,720
Speaker 1: how bad the economy is. Zero growth since when they're

494
00:27:46,200 --> 00:27:50,640
Speaker 1: the stock market never crashed, it did crash. It crashed,

495
00:27:50,680 --> 00:27:52,600
Speaker 1: I mean present it was down eighty percent. It words,

496
00:27:52,640 --> 00:27:55,080
Speaker 1: it's going to be eighty to ninety. It's real estate

497
00:27:55,320 --> 00:28:00,960
Speaker 1: in Japan crash and never never even be founded when

498
00:28:00,960 --> 00:28:06,800
Speaker 1: the millennials came along. Japan is in a zero inflation,

499
00:28:07,040 --> 00:28:10,120
Speaker 1: zero growth. Yes, sometimes they grow a little, sometimes they don't.

500
00:28:10,280 --> 00:28:13,160
Speaker 1: Sometimes they have a little little they're in a comb up.

501
00:28:13,240 --> 00:28:16,520
Speaker 1: But isn't that what the essential bankers want? No booms,

502
00:28:16,560 --> 00:28:19,359
Speaker 1: no bus They just wanted, well know what they want

503
00:28:19,400 --> 00:28:23,160
Speaker 1: is growth and no booms and bus but they're there.

504
00:28:23,200 --> 00:28:25,200
Speaker 1: They have none because the problem is they don't have

505
00:28:25,240 --> 00:28:28,680
Speaker 1: any demographics to play on. Uh and the only solutions

506
00:28:28,680 --> 00:28:32,159
Speaker 1: since since people don't have kids when they get wealthy,

507
00:28:32,640 --> 00:28:34,560
Speaker 1: is to have immigrants, and they don't have an immigration

508
00:28:34,760 --> 00:28:39,400
Speaker 1: Jeff Andys don't like immigration, so they have a debt economy.

509
00:28:39,440 --> 00:28:42,680
Speaker 1: But if they had to let the debt unravel and

510
00:28:42,760 --> 00:28:45,160
Speaker 1: be restructured and written off a lot of debt. Then

511
00:28:45,200 --> 00:28:49,720
Speaker 1: consumers and businesses would have more purchasing power in the

512
00:28:49,720 --> 00:28:54,680
Speaker 1: economy would be stronger. You have to constantly, just like

513
00:28:54,720 --> 00:28:57,160
Speaker 1: a garden, you have to prune the garden to keep

514
00:28:57,240 --> 00:29:00,000
Speaker 1: it growing in healthy. You gotta get rid of zombie banks,

515
00:29:00,040 --> 00:29:04,560
Speaker 1: ad loans, unproductive businesses. Failure is a part of free

516
00:29:04,600 --> 00:29:09,960
Speaker 1: market capitalism, taking risk successes, but then allowing failure to

517
00:29:10,080 --> 00:29:12,480
Speaker 1: let the craft the bad businesses get out of the way.

518
00:29:12,600 --> 00:29:15,800
Speaker 1: If you keep bad businesses, if you keep unproductive, keep

519
00:29:15,840 --> 00:29:18,920
Speaker 1: paying back loans that aren't producing anything because they were

520
00:29:18,960 --> 00:29:21,720
Speaker 1: bad loans in the first place, it's better to write

521
00:29:21,760 --> 00:29:24,600
Speaker 1: them off, get them out of the lake. That's what

522
00:29:24,760 --> 00:29:27,560
Speaker 1: happens in recessions. That's what happened. People have no idea

523
00:29:27,640 --> 00:29:30,040
Speaker 1: what happens in sleep at night. We still don't, but

524
00:29:30,160 --> 00:29:32,960
Speaker 1: a lot of stuff happens. We're not wasting time, we're

525
00:29:32,960 --> 00:29:37,080
Speaker 1: having dreams. Everything in our body is getting refreshed and

526
00:29:37,120 --> 00:29:41,040
Speaker 1: restored and cleaned up. Your your your brain totally purifies

527
00:29:41,080 --> 00:29:43,640
Speaker 1: itself only in deep sleep, only in deep sleep. In

528
00:29:43,680 --> 00:29:48,480
Speaker 1: that case, so recessions are apart and guess what where

529
00:29:48,480 --> 00:29:52,640
Speaker 1: do all the great innovations in history come in downturns,

530
00:29:52,760 --> 00:29:56,120
Speaker 1: not upturned. We are at our best when we're challenged.

531
00:29:56,400 --> 00:29:59,800
Speaker 1: So the downturns are challenging, and then all those innovations

532
00:30:00,400 --> 00:30:03,640
Speaker 1: main stream and the booms that are more nurturing and easy.

533
00:30:03,880 --> 00:30:07,920
Speaker 1: We need both nurturing and challenge. We need men and

534
00:30:08,000 --> 00:30:11,680
Speaker 1: women their opposites. So back, so back to my question

535
00:30:12,400 --> 00:30:16,800
Speaker 1: capitalism and democracy or two opposite democracy socialism. You really

536
00:30:16,800 --> 00:30:20,040
Speaker 1: look at it. If everybody a vote, everybody's equal, that's

537
00:30:20,040 --> 00:30:24,400
Speaker 1: not that's not free market capitalism, right, But go back

538
00:30:24,440 --> 00:30:27,360
Speaker 1: to the question with the central banks messing things up

539
00:30:27,680 --> 00:30:30,040
Speaker 1: and seeing what's happened in Japan, and like I said,

540
00:30:30,040 --> 00:30:32,680
Speaker 1: some people think it's a success or whatever. But but

541
00:30:33,520 --> 00:30:36,360
Speaker 1: obviously we're going down the same path with quee and

542
00:30:36,560 --> 00:30:39,440
Speaker 1: unlimited and all the eight trillion dollars who spent, et cetera.

543
00:30:39,760 --> 00:30:44,120
Speaker 1: You know, no end in sight. Um you know what

544
00:30:44,200 --> 00:30:46,200
Speaker 1: does that do to mess up the cycle? I mean,

545
00:30:46,240 --> 00:30:47,840
Speaker 1: do you think the US is going to continue just

546
00:30:47,880 --> 00:30:49,680
Speaker 1: a print print print, print front and we end up

547
00:30:49,680 --> 00:30:53,160
Speaker 1: in this coma, a Japan like coma. I think what

548
00:30:53,240 --> 00:30:56,040
Speaker 1: happens is it gets so extreme here because Jape. You

549
00:30:56,080 --> 00:30:59,840
Speaker 1: don't remember, Japan had its bubble and its crisis all

550
00:31:00,000 --> 00:31:03,240
Speaker 1: by itself. It was fifteen years ahead of the demographic

551
00:31:03,680 --> 00:31:06,880
Speaker 1: trends for uh, you know, the baby boom for for

552
00:31:07,520 --> 00:31:09,840
Speaker 1: Europe and the US and the rest of the developed world.

553
00:31:10,320 --> 00:31:13,560
Speaker 1: So they got to have that luxury. Everybody's gonna go

554
00:31:13,600 --> 00:31:17,000
Speaker 1: down together. So I think this whole thing collapses, central

555
00:31:17,040 --> 00:31:20,560
Speaker 1: bank fail, and people to look at these people, like,

556
00:31:21,080 --> 00:31:23,200
Speaker 1: why did we ever listen to these people? They were

557
00:31:23,480 --> 00:31:26,320
Speaker 1: the every Their solution to every prop was to print

558
00:31:26,360 --> 00:31:29,280
Speaker 1: money out of thin air and just rain money on something.

559
00:31:29,280 --> 00:31:33,320
Speaker 1: You don't get anybody with any common sentence, who's who's

560
00:31:33,400 --> 00:31:37,160
Speaker 1: who've been alive for more than two years not understand

561
00:31:37,200 --> 00:31:40,360
Speaker 1: that something getting something for nothing is not one of

562
00:31:40,400 --> 00:31:45,280
Speaker 1: God's favorite princible It's not right. And but that's what

563
00:31:45,320 --> 00:31:48,520
Speaker 1: they do. Something that's like penicillin every It's like it's

564
00:31:48,560 --> 00:31:51,840
Speaker 1: like taking penicillan every time you had a minor poll. Well,

565
00:31:51,880 --> 00:31:55,040
Speaker 1: you wouldn't have a digestive system left and a colon

566
00:31:55,400 --> 00:31:57,520
Speaker 1: if you did that for too many years. That's what

567
00:31:57,520 --> 00:32:00,520
Speaker 1: they're doing. We never get to rebalance. And and then again,

568
00:32:00,800 --> 00:32:04,600
Speaker 1: first example, federal reserve did not exist before. By the way,

569
00:32:04,680 --> 00:32:07,640
Speaker 1: we didn't have a central bank for many, many decades,

570
00:32:07,760 --> 00:32:11,400
Speaker 1: which shows you don't need one. They're created nineteen thirteen,

571
00:32:12,280 --> 00:32:16,240
Speaker 1: twenty years later, greatest bubble and then greatest depression in history.

572
00:32:16,600 --> 00:32:19,960
Speaker 1: That was no accident. We would have had that to

573
00:32:20,080 --> 00:32:24,160
Speaker 1: some degree in the positive cycles. Anyway. They goosed it up.

574
00:32:24,600 --> 00:32:28,480
Speaker 1: They constantly stimulate. It means you don't you don't get

575
00:32:28,480 --> 00:32:30,320
Speaker 1: the stuff out of your economy, so you end up

576
00:32:30,320 --> 00:32:32,560
Speaker 1: instead of having a bunch of coals, you end up

577
00:32:32,560 --> 00:32:35,239
Speaker 1: with pneumonia, instead of a number of recessions, you end

578
00:32:35,280 --> 00:32:39,160
Speaker 1: up with a depression. So central banks have done way

579
00:32:39,240 --> 00:32:42,800
Speaker 1: worse than that this time, way worse. So when this

580
00:32:42,880 --> 00:32:46,160
Speaker 1: thing blows, it's just gonna be stocks are gonna be

581
00:32:46,200 --> 00:32:50,040
Speaker 1: down few years from now from the top. So let's

582
00:32:50,160 --> 00:32:53,120
Speaker 1: let's talk about that. So you were talking about last year,

583
00:32:53,320 --> 00:32:58,440
Speaker 1: you were talking about the dark window we had, I

584
00:32:58,480 --> 00:33:00,640
Speaker 1: think it was Dr Sugaroos talked about the melt up

585
00:33:01,280 --> 00:33:04,840
Speaker 1: um same same basic principles um that basically the Fed

586
00:33:04,920 --> 00:33:07,040
Speaker 1: was gonna intervene so much and they're just gonna send

587
00:33:07,080 --> 00:33:09,000
Speaker 1: so much money into the market that things were gonna

588
00:33:09,000 --> 00:33:11,360
Speaker 1: go to this crazy, all time high and then it

589
00:33:11,400 --> 00:33:15,880
Speaker 1: all ends um And I think again, you use demographics.

590
00:33:15,960 --> 00:33:18,200
Speaker 1: I think that people are predictable, right, and so I

591
00:33:18,240 --> 00:33:20,800
Speaker 1: think human nature is predictable. So it makes sense that

592
00:33:20,840 --> 00:33:23,600
Speaker 1: these guys are gonna print until they can't print anymore. Exactly,

593
00:33:23,600 --> 00:33:28,040
Speaker 1: They're gonna go untill they blow no notice something They

594
00:33:28,160 --> 00:33:32,000
Speaker 1: just printed literally since the repo crisis hit, and that

595
00:33:32,080 --> 00:33:35,120
Speaker 1: was seven sixty five billion they printed in a few

596
00:33:35,120 --> 00:33:38,520
Speaker 1: months over that little repo prisis. That's how bad it

597
00:33:38,640 --> 00:33:42,800
Speaker 1: says shape the banking sy They since then and now

598
00:33:42,920 --> 00:33:46,800
Speaker 1: the virus, they have printed three point four trillion dollars.

599
00:33:46,800 --> 00:33:50,960
Speaker 1: And that's not the count the three trillion dollars fiscal package,

600
00:33:51,160 --> 00:33:55,600
Speaker 1: and I'm already one trillion a year deficit fiscal stimulus, okay,

601
00:33:55,840 --> 00:33:59,080
Speaker 1: but three point four trillion they printed almost as much

602
00:33:59,320 --> 00:34:02,680
Speaker 1: as in the end higher quantitative easing cycle over the

603
00:34:02,800 --> 00:34:05,880
Speaker 1: last eleven years and just a matter of months. So

604
00:34:05,960 --> 00:34:08,560
Speaker 1: you see, the more you print, the bigger the financial

605
00:34:08,600 --> 00:34:11,680
Speaker 1: asset bubbles you create in response to that, and the

606
00:34:11,719 --> 00:34:14,239
Speaker 1: more you have to print to keep those bubbles from

607
00:34:14,280 --> 00:34:19,680
Speaker 1: bursting because there's so much wealth now four hundred trillion

608
00:34:19,719 --> 00:34:23,920
Speaker 1: dollars to be exact in financial assets in the world

609
00:34:23,960 --> 00:34:28,280
Speaker 1: and probably been a hundred trillion just decades ago. Okay,

610
00:34:28,920 --> 00:34:32,160
Speaker 1: that collapses. You know, the the total GDP in the

611
00:34:32,160 --> 00:34:35,959
Speaker 1: whole world is a little over eighty trillions. Okay, that's

612
00:34:36,120 --> 00:34:40,960
Speaker 1: five times the GDP. If those bubbles just collapse, all

613
00:34:41,000 --> 00:34:47,400
Speaker 1: those bad bonds and stocks and and and loans, you

614
00:34:47,440 --> 00:34:51,160
Speaker 1: have two to three times GDP disappears, which is easy

615
00:34:51,200 --> 00:34:53,160
Speaker 1: to see why the deflation. I mean, you just can't

616
00:34:53,200 --> 00:34:57,760
Speaker 1: reinflate that balloon. That's what causes deflation. Money disappears, less

617
00:34:57,840 --> 00:35:01,240
Speaker 1: money chasing. But they're they're preventing, They're preventing the loans

618
00:35:01,280 --> 00:35:04,680
Speaker 1: from going dad, which prevents the deflation from happening. And

619
00:35:04,719 --> 00:35:08,120
Speaker 1: like to do that, what I'm trying to say, each round,

620
00:35:08,440 --> 00:35:12,960
Speaker 1: they have to print exponentially more each round until it

621
00:35:13,080 --> 00:35:16,680
Speaker 1: gets so ridiculous. And again, I think even now, the

622
00:35:16,719 --> 00:35:20,360
Speaker 1: stock market on March sixteen, after they came up with

623
00:35:20,400 --> 00:35:24,320
Speaker 1: their biggest three day edition of stimulus ever money printing

624
00:35:24,520 --> 00:35:29,560
Speaker 1: and um legend fiscal, the stock market went down when

625
00:35:29,600 --> 00:35:32,000
Speaker 1: the market opened up the next Monday, because the stock

626
00:35:32,040 --> 00:35:35,120
Speaker 1: market said, well, you've been printing money forever, and how

627
00:35:35,120 --> 00:35:37,240
Speaker 1: do we get back in this mess. If it works,

628
00:35:37,280 --> 00:35:40,040
Speaker 1: it's not working anymore all of a sudden, all of

629
00:35:40,040 --> 00:35:42,560
Speaker 1: a sudden, it is all of a sudden. Is all

630
00:35:42,560 --> 00:35:44,440
Speaker 1: of a sudden it is working, right, we're seeing now,

631
00:35:44,440 --> 00:35:47,560
Speaker 1: but it's working today. Yeah, but okay, let's see next year.

632
00:35:47,640 --> 00:35:50,719
Speaker 1: I'll bet it ain't working next year. That's my right.

633
00:35:50,800 --> 00:35:53,600
Speaker 1: So so, I mean, there's so many things we can

634
00:35:53,640 --> 00:35:55,600
Speaker 1: go into when when one comment. I know, we can

635
00:35:55,640 --> 00:35:57,520
Speaker 1: spend a bunch of time talking about this, but obviously

636
00:35:57,600 --> 00:36:00,080
Speaker 1: you have this whole new breed of politician, you know,

637
00:36:00,160 --> 00:36:03,319
Speaker 1: the AOC group over there thinking we can just print

638
00:36:03,360 --> 00:36:05,719
Speaker 1: seventy trillion for this green new deal and no big deal.

639
00:36:06,640 --> 00:36:09,279
Speaker 1: Um yeah, why even have the r S will just

640
00:36:09,320 --> 00:36:12,000
Speaker 1: print money for all our government spending and then just

641
00:36:12,080 --> 00:36:14,839
Speaker 1: let it come out and inflation. And I think that now,

642
00:36:14,840 --> 00:36:17,920
Speaker 1: but that provert the economy or what? That is insanity

643
00:36:17,960 --> 00:36:21,920
Speaker 1: to say it's a good chance. We see that, a

644
00:36:21,960 --> 00:36:25,040
Speaker 1: good chance somebody will try. You know again, though, what

645
00:36:25,239 --> 00:36:29,240
Speaker 1: happens when all of a sudden. Now, now, quick example again,

646
00:36:29,640 --> 00:36:34,200
Speaker 1: this little staff print in five weeks twenty trillion dollars.

647
00:36:34,239 --> 00:36:36,160
Speaker 1: I think it's more than that. But that's the best

648
00:36:36,280 --> 00:36:40,120
Speaker 1: estiment I heard disappeared in five weeks. Twenty trillion is

649
00:36:40,160 --> 00:36:43,120
Speaker 1: more than all six major central banks printed over the

650
00:36:43,200 --> 00:36:46,560
Speaker 1: last eleven year boom. So all that has to happen

651
00:36:46,640 --> 00:36:50,280
Speaker 1: is this de leveraging of the giant financial bubbles. Four

652
00:36:50,520 --> 00:36:54,520
Speaker 1: hundred trillion five times global g d P starts to

653
00:36:54,960 --> 00:36:57,160
Speaker 1: de leverage as it wants to do, and we'll have

654
00:36:57,239 --> 00:36:59,120
Speaker 1: to do at some point because you can't be that

655
00:36:59,239 --> 00:37:03,120
Speaker 1: divorce from Alley just wipes out all this stimulus and

656
00:37:03,160 --> 00:37:06,920
Speaker 1: then just then then you then it really doesn't work.

657
00:37:07,080 --> 00:37:09,960
Speaker 1: So that's the point. There's a point of f I

658
00:37:10,040 --> 00:37:13,640
Speaker 1: called my last book zero Hour. There's a point, well,

659
00:37:13,760 --> 00:37:17,799
Speaker 1: diminishing returns were no amount of stimulus works, right, and

660
00:37:17,880 --> 00:37:21,279
Speaker 1: so um I of course right. And that's where I'm saying,

661
00:37:21,280 --> 00:37:23,240
Speaker 1: like human nature, they're not gonna just wake up tomorrow

662
00:37:23,239 --> 00:37:24,640
Speaker 1: and go, oh we should live on a budget. They're

663
00:37:24,640 --> 00:37:27,279
Speaker 1: gonna go to the wee blow. As you said. Um

664
00:37:27,360 --> 00:37:29,759
Speaker 1: so you had this theory about this dark hour and

665
00:37:29,800 --> 00:37:31,600
Speaker 1: they were gonna print and it was gonna push the

666
00:37:31,640 --> 00:37:33,799
Speaker 1: market up to crazy all the time. But it's the

667
00:37:33,840 --> 00:37:37,600
Speaker 1: final rally in the bubble, the final the put pedal

668
00:37:37,680 --> 00:37:40,719
Speaker 1: to the metal until the engine blows right. Um, it's

669
00:37:40,760 --> 00:37:43,839
Speaker 1: it's it's the orgasm in the cycle. It's it's the

670
00:37:43,840 --> 00:37:46,640
Speaker 1: final orgasm. And you know what triggered that, And I

671
00:37:46,719 --> 00:37:50,040
Speaker 1: was right on that the repo crisis. They printed seven

672
00:37:50,200 --> 00:37:53,840
Speaker 1: sixty five billion dollars more than they had in years

673
00:37:54,200 --> 00:37:57,960
Speaker 1: of quantitative easing just to fight that crisis from October

674
00:37:58,000 --> 00:38:01,200
Speaker 1: into earlier this year before the fire came and then

675
00:38:01,440 --> 00:38:05,160
Speaker 1: came over. But that that stocks were going up straight

676
00:38:05,280 --> 00:38:08,080
Speaker 1: with that money printing over the repo prices. I had

677
00:38:08,120 --> 00:38:11,760
Speaker 1: a grab showing for every dollar day print, repo stocks

678
00:38:11,800 --> 00:38:13,759
Speaker 1: go up this much. And and that I'm saying we're

679
00:38:13,800 --> 00:38:18,080
Speaker 1: in the final rally in early two thou and I'm

680
00:38:18,080 --> 00:38:20,799
Speaker 1: gonna give dark window and I want to give you

681
00:38:20,880 --> 00:38:23,040
Speaker 1: prop props right now. I mean, in this book right here,

682
00:38:23,080 --> 00:38:24,880
Speaker 1: you were talking about this this crash and it was

683
00:38:24,880 --> 00:38:26,640
Speaker 1: a little bit early, but you made it. You made

684
00:38:26,640 --> 00:38:29,960
Speaker 1: a statement in the book that said the oil market

685
00:38:30,040 --> 00:38:33,480
Speaker 1: will crash and be the catalyst for the market to drop.

686
00:38:33,520 --> 00:38:35,440
Speaker 1: And that's exactly what we saw happen. So that was

687
00:38:36,080 --> 00:38:38,200
Speaker 1: I went back and reread this and that was pretty

688
00:38:38,200 --> 00:38:40,040
Speaker 1: eerie when I read that, Like, dang, he got that

689
00:38:40,080 --> 00:38:43,319
Speaker 1: one good. Um, so so you were You're definitely right

690
00:38:43,360 --> 00:38:45,960
Speaker 1: about that. But so back to this final orgasm, to

691
00:38:46,040 --> 00:38:48,800
Speaker 1: this dark window. UM, it seemed like this just dropped

692
00:38:48,840 --> 00:38:52,359
Speaker 1: this thirty drop that we had maybe uh kind of

693
00:38:52,400 --> 00:38:55,719
Speaker 1: defeated that. But now obviously we're ramping back up. We've

694
00:38:55,760 --> 00:38:59,359
Speaker 1: just seen this, uh, the advanced decline line today got

695
00:38:59,400 --> 00:39:01,000
Speaker 1: trigg or got figured at what two days ago, the

696
00:39:01,040 --> 00:39:04,520
Speaker 1: breath thrust or whatever. UM, looks like the markets are surgey.

697
00:39:04,920 --> 00:39:08,719
Speaker 1: Are we back in that um dark window? Are we

698
00:39:08,880 --> 00:39:12,600
Speaker 1: back into this orgasm? No? What? Hell? No? You gotta

699
00:39:12,600 --> 00:39:15,320
Speaker 1: remember one that we had a bubble in the roaring

700
00:39:15,400 --> 00:39:18,560
Speaker 1: twenties and then a big crash, and then we had

701
00:39:18,600 --> 00:39:21,040
Speaker 1: a mini bubble from thirty to thirty seven with a

702
00:39:21,040 --> 00:39:24,000
Speaker 1: lot of stimulus. This is more like that, except for

703
00:39:24,120 --> 00:39:28,680
Speaker 1: shorter term. When a bubble burst, you get that first crash,

704
00:39:28,800 --> 00:39:31,560
Speaker 1: give or take a couple of months or less, which

705
00:39:31,560 --> 00:39:34,480
Speaker 1: we've already seen, you get a rebound. Of course, there's

706
00:39:34,480 --> 00:39:37,480
Speaker 1: gonna be government programs and stimulus and all this stuff,

707
00:39:37,640 --> 00:39:39,719
Speaker 1: and everybody thinking and then people are thinking, oh, it's

708
00:39:39,760 --> 00:39:42,000
Speaker 1: just the virus, and as soon as the virus goes away,

709
00:39:42,040 --> 00:39:44,960
Speaker 1: we'll be rapped back to normal. No, you're never back

710
00:39:45,040 --> 00:39:47,920
Speaker 1: to normal when you overexpand this much and have bubbles

711
00:39:47,960 --> 00:39:51,759
Speaker 1: this big and death is hot. So um, you get

712
00:39:51,800 --> 00:39:53,960
Speaker 1: that rally for about four or five six months, and

713
00:39:54,000 --> 00:39:56,840
Speaker 1: I say this could last into the election, no longer,

714
00:39:57,000 --> 00:40:00,160
Speaker 1: maybe not that long. And so we're in that rally.

715
00:40:00,200 --> 00:40:03,000
Speaker 1: It's stronger than normal because they printed so much money.

716
00:40:03,040 --> 00:40:05,680
Speaker 1: But we're in that I called a bear market rally.

717
00:40:05,719 --> 00:40:08,200
Speaker 1: I said in my newsletter in May early May. I said,

718
00:40:08,520 --> 00:40:12,520
Speaker 1: the NASDAC, the tech stocks are the only major index

719
00:40:12,920 --> 00:40:16,200
Speaker 1: that did not violate their up trends and when this

720
00:40:16,239 --> 00:40:19,520
Speaker 1: bubble crashed, only when they didn't. So those are likely

721
00:40:19,560 --> 00:40:21,719
Speaker 1: to make new highs. But the S and P and

722
00:40:21,760 --> 00:40:24,920
Speaker 1: all those will come close, but not so. So that's

723
00:40:24,960 --> 00:40:27,799
Speaker 1: one of the things I'm looking for mark now and

724
00:40:27,840 --> 00:40:29,720
Speaker 1: over the next few months. And I think we're getting

725
00:40:29,719 --> 00:40:33,000
Speaker 1: ready to take a correction. Now see one more thrust

726
00:40:33,080 --> 00:40:36,759
Speaker 1: up in towards the election. But we see the NASDAC

727
00:40:36,880 --> 00:40:39,879
Speaker 1: making new highs. But the SMP and the Russell two

728
00:40:39,920 --> 00:40:43,399
Speaker 1: thousand small caps and the transportation and the doubt they

729
00:40:43,480 --> 00:40:46,759
Speaker 1: can't quite make a new high. That's a classic divergence

730
00:40:46,800 --> 00:40:51,200
Speaker 1: that says, okay, now, we're going into the bigger wave down.

731
00:40:51,280 --> 00:40:54,080
Speaker 1: And again, the tech bubble from two thousand two thousand

732
00:40:54,120 --> 00:40:59,239
Speaker 1: two took almost three years, crash, rebound for several months,

733
00:40:59,320 --> 00:41:03,520
Speaker 1: and then two a little over two years, grueling downturn,

734
00:41:04,640 --> 00:41:08,040
Speaker 1: craft five or six month rally, a little over two years,

735
00:41:08,080 --> 00:41:13,040
Speaker 1: grueling downturn in d leveraging. So we're in that bal

736
00:41:13,440 --> 00:41:17,400
Speaker 1: and those are strong bounces, strong balunce bear market rally

737
00:41:17,840 --> 00:41:21,759
Speaker 1: before say just before or just after elections. It just

738
00:41:21,760 --> 00:41:24,880
Speaker 1: seems usually we have like a retrace and we've gone

739
00:41:24,920 --> 00:41:27,359
Speaker 1: way over that. So that's why I was curious. Maybe

740
00:41:27,440 --> 00:41:32,120
Speaker 1: a sixty is typical. This one's gone bananas. Yeah, it's

741
00:41:32,160 --> 00:41:34,560
Speaker 1: it's gonna be like more like seventy. But you got

742
00:41:34,560 --> 00:41:41,000
Speaker 1: a realized they just cope between physical stimulus and monetary stimulus.

743
00:41:41,040 --> 00:41:46,200
Speaker 1: And just a matter of months, six trillion dollars thirty

744
00:41:46,320 --> 00:41:49,320
Speaker 1: percent of our g d P was put in, and

745
00:41:49,360 --> 00:41:53,279
Speaker 1: there could be another We get ten percent growth a

746
00:41:53,400 --> 00:41:55,600
Speaker 1: year for forty years out of that, or we're not

747
00:41:55,640 --> 00:41:58,040
Speaker 1: gonna get that, right, but there could be another tentrally

748
00:41:58,080 --> 00:42:01,600
Speaker 1: in behind it. They could be twenty. Hey, hey they'll well,

749
00:42:01,640 --> 00:42:03,640
Speaker 1: well now that we've gotta bounce, that'll take a little

750
00:42:03,640 --> 00:42:06,080
Speaker 1: steam off of that. But but yeah, I mean, just

751
00:42:06,160 --> 00:42:10,040
Speaker 1: this amount of stimulus is enough reason that the markets

752
00:42:10,040 --> 00:42:14,640
Speaker 1: are gonna have more than the normal so like in

753
00:42:14,680 --> 00:42:18,160
Speaker 1: December and get back to normal. Too many small businesses

754
00:42:18,400 --> 00:42:21,359
Speaker 1: that most people don't see and didn't get all these

755
00:42:21,400 --> 00:42:24,600
Speaker 1: loans from the governments and support, you know, they just

756
00:42:24,680 --> 00:42:26,960
Speaker 1: don't come back. And it was just like the hurricane

757
00:42:26,960 --> 00:42:30,840
Speaker 1: in Puerto Rico. Of the restaurants within a block and

758
00:42:30,880 --> 00:42:34,240
Speaker 1: a half of me never came back after that hurricane,

759
00:42:34,640 --> 00:42:39,120
Speaker 1: never got it. So um, the dark windows closing, we

760
00:42:39,239 --> 00:42:42,280
Speaker 1: maybe continue to rally to the election and then probably

761
00:42:42,320 --> 00:42:44,839
Speaker 1: a couple the latest. Yeah, I don't know to leave

762
00:42:44,880 --> 00:42:47,160
Speaker 1: and make it that long since it's gone so hard.

763
00:42:47,200 --> 00:42:51,320
Speaker 1: But yes, I say, and normally that that bear market

764
00:42:51,400 --> 00:42:54,360
Speaker 1: rally is a wave up a correction against it, and

765
00:42:54,360 --> 00:42:56,239
Speaker 1: it should be a good I think we've got a

766
00:42:56,239 --> 00:42:59,400
Speaker 1: good correction coming. And then we see one more rally

767
00:42:59,440 --> 00:43:02,520
Speaker 1: and maybe a more stimulus program from the government, and

768
00:43:02,680 --> 00:43:06,400
Speaker 1: that rally goes into August, September, October, some of that timeframe,

769
00:43:06,760 --> 00:43:10,640
Speaker 1: and that's when I say, run, get out. Do not

770
00:43:10,800 --> 00:43:14,440
Speaker 1: listen to economists, do not listen to your financial advisor.

771
00:43:14,680 --> 00:43:17,680
Speaker 1: They're right of the time. But you do not sit

772
00:43:17,920 --> 00:43:22,239
Speaker 1: through a great reset like this like thirty two, or

773
00:43:22,280 --> 00:43:24,680
Speaker 1: even in the tech stocks two thousand, two thousand two.

774
00:43:25,000 --> 00:43:29,120
Speaker 1: You don't sit. You don't sit through a seventy stock

775
00:43:29,200 --> 00:43:32,520
Speaker 1: correction or a forty real estate And that's what I'm

776
00:43:32,560 --> 00:43:35,520
Speaker 1: saying for real estate, because thirty four percent last time

777
00:43:35,920 --> 00:43:38,400
Speaker 1: is gonna be forty two fifty percent this last this

778
00:43:38,560 --> 00:43:42,200
Speaker 1: time with more foreclosure. So we'll we'll wrap it up.

779
00:43:42,200 --> 00:43:44,160
Speaker 1: I know we're getting lid on time. But I want

780
00:43:44,160 --> 00:43:47,360
Speaker 1: to ask then, Uh, you said to run? Where do

781
00:43:47,400 --> 00:43:50,279
Speaker 1: we run? Where do we run? Two? Well, we were just,

782
00:43:50,400 --> 00:43:52,680
Speaker 1: we were just is what I said. With one exception,

783
00:43:53,200 --> 00:43:55,880
Speaker 1: you go into the highest quality bonds, which are the

784
00:43:55,920 --> 00:44:00,359
Speaker 1: ten and thirty year treasury bonds. They have a fall

785
00:44:01,800 --> 00:44:05,720
Speaker 1: and they like. One thing that likes deflation is interest

786
00:44:05,800 --> 00:44:08,239
Speaker 1: rates go down. You buy a bond when interest rates

787
00:44:08,280 --> 00:44:10,920
Speaker 1: or two they go to zero. You make money. In

788
00:44:10,960 --> 00:44:13,880
Speaker 1: addition to the interest. Your bond goes up in value.

789
00:44:14,480 --> 00:44:17,759
Speaker 1: Everything else doesn't jump. Bonds do bad even you know

790
00:44:17,880 --> 00:44:20,800
Speaker 1: what what happened here. The one exception I said, triple

791
00:44:20,840 --> 00:44:24,239
Speaker 1: A corporate bonds and treasuries are the best place to run.

792
00:44:24,600 --> 00:44:27,759
Speaker 1: All the treasuries did great. They were up at best

793
00:44:27,800 --> 00:44:33,239
Speaker 1: when stocks were down thirty five okay, beautiful, triple A

794
00:44:33,320 --> 00:44:36,520
Speaker 1: Coral or the investment great corporate went up at first,

795
00:44:36,520 --> 00:44:39,560
Speaker 1: and then they went down because this virus hits major

796
00:44:39,640 --> 00:44:43,520
Speaker 1: industry so hard that every every bond becomes a jump

797
00:44:43,520 --> 00:44:47,400
Speaker 1: bond when you're when you're sales are down if you're

798
00:44:47,440 --> 00:44:49,680
Speaker 1: a cruise ship at an airline, or a hotel chain

799
00:44:49,760 --> 00:44:52,640
Speaker 1: or a big retail chain. So that was the one

800
00:44:53,600 --> 00:44:57,600
Speaker 1: exception cast as well. Gold does Okay, it goes up

801
00:44:57,600 --> 00:44:59,960
Speaker 1: at the first the crisis, then when it sees deflay

802
00:45:00,000 --> 00:45:02,000
Speaker 1: shit and downturn, it goes down. And that's what it did.

803
00:45:02,000 --> 00:45:05,040
Speaker 1: Gold was down about nine or ten percent, but hey,

804
00:45:05,120 --> 00:45:08,840
Speaker 1: that's better than stocks forty basically. And guess what I

805
00:45:08,960 --> 00:45:12,200
Speaker 1: said this. I love crypto guarrency, love and love and

806
00:45:12,280 --> 00:45:14,839
Speaker 1: love them. They're the next Internet, the digitization of all

807
00:45:14,880 --> 00:45:18,120
Speaker 1: financial last that big deal. But they're in the hype

808
00:45:18,120 --> 00:45:21,479
Speaker 1: phase and they're gonna crash one more time big And

809
00:45:21,560 --> 00:45:25,080
Speaker 1: as I said, guess what did worse of the saint havens?

810
00:45:25,280 --> 00:45:30,640
Speaker 1: Bitcoin down did the worst of all but that strongest

811
00:45:30,760 --> 00:45:34,800
Speaker 1: in the recovery. But it didn't need stock market circuit breakers,

812
00:45:34,840 --> 00:45:37,040
Speaker 1: it didn't need stimulus, it didn't need any of that,

813
00:45:37,120 --> 00:45:39,160
Speaker 1: and it bounced back all on its own. And it

814
00:45:41,280 --> 00:45:44,080
Speaker 1: I'm telling you the number of two things to buy

815
00:45:44,320 --> 00:45:47,440
Speaker 1: in investment outside of real estate, and when this crash

816
00:45:47,520 --> 00:45:50,000
Speaker 1: is over, and I'm predicting, and I said this twenty

817
00:45:50,040 --> 00:45:53,120
Speaker 1: some years ago, and that's part of my cyclist forty year,

818
00:45:53,440 --> 00:45:56,080
Speaker 1: twenty year, and ninety year coming together in late two

819
00:45:56,120 --> 00:45:59,440
Speaker 1: thousand two around there when we see the biggest crash.

820
00:46:00,080 --> 00:46:04,759
Speaker 1: Number one thing to buy is the surviving cryptocurrency blockchain companies,

821
00:46:05,280 --> 00:46:07,680
Speaker 1: like buying Amazon in two thousand one or two when

822
00:46:07,680 --> 00:46:10,840
Speaker 1: I went from sixty six back down to six and

823
00:46:10,840 --> 00:46:14,880
Speaker 1: now it's okay. That's gonna be the best tech sector

824
00:46:15,320 --> 00:46:17,560
Speaker 1: coming out of this. It is the next big thing.

825
00:46:17,640 --> 00:46:21,080
Speaker 1: It is the Internet, a financial asset which is huge.

826
00:46:21,640 --> 00:46:24,000
Speaker 1: And the part of the world that's gonna boom the

827
00:46:24,040 --> 00:46:26,640
Speaker 1: most will not be China this time. They already did

828
00:46:26,640 --> 00:46:29,960
Speaker 1: it and overdid it. It will be India in Southeast

829
00:46:30,000 --> 00:46:36,160
Speaker 1: Asia will be the strongest urbanization productivity trends in the world.

830
00:46:36,239 --> 00:46:38,279
Speaker 1: After them, they have the most demographic growth. But it's

831
00:46:38,280 --> 00:46:40,759
Speaker 1: still gonna be low income for a while, so Southeast

832
00:46:40,800 --> 00:46:43,400
Speaker 1: Asian India. I want to buy in stocks, and I

833
00:46:43,480 --> 00:46:46,440
Speaker 1: want to buy the best surviving and bitcoin is still

834
00:46:46,440 --> 00:46:50,080
Speaker 1: around in ethereum or whoever, whoever still standing in two

835
00:46:50,120 --> 00:46:53,520
Speaker 1: thousand twenty two. Load up on them and they could

836
00:46:53,520 --> 00:46:56,480
Speaker 1: be Bitcoin could be back down closer to a thousand.

837
00:46:56,840 --> 00:46:58,919
Speaker 1: That's when you load up the boat that it gets

838
00:46:58,920 --> 00:47:03,279
Speaker 1: that And you just said real estate real estate is

839
00:47:03,320 --> 00:47:07,080
Speaker 1: not the same. Real estate. Aging is the enemy of

840
00:47:07,120 --> 00:47:10,240
Speaker 1: real estate. Almost all real estates fought between twenty seven

841
00:47:10,239 --> 00:47:13,080
Speaker 1: when people move out of apartments into their peak home

842
00:47:13,160 --> 00:47:16,600
Speaker 1: buying at forty two ahead of their peak spent. And

843
00:47:16,600 --> 00:47:20,000
Speaker 1: and the second thing happens old people. Since housing real

844
00:47:20,120 --> 00:47:23,799
Speaker 1: estate lasts forever, unlike clothes or cars or other things

845
00:47:23,840 --> 00:47:26,640
Speaker 1: we buy terrible goods. You don't need a new home.

846
00:47:26,760 --> 00:47:30,680
Speaker 1: Old people dying is bad for real estate. Well, baby

847
00:47:30,680 --> 00:47:35,800
Speaker 1: boomers are dying into two thousand thirty nine. Real estate

848
00:47:35,840 --> 00:47:39,040
Speaker 1: will never bubble like this again, never grow like this.

849
00:47:39,440 --> 00:47:43,000
Speaker 1: Millennials may be buying, they can be offset by the

850
00:47:43,160 --> 00:47:46,400
Speaker 1: selling of baby boomers for the rest of so. So

851
00:47:46,440 --> 00:47:48,279
Speaker 1: I'm yeah, I buy real estatement was down, but I

852
00:47:48,320 --> 00:47:51,040
Speaker 1: don't think you're not gonna see a booming real estate

853
00:47:51,080 --> 00:47:53,880
Speaker 1: anything like this. What what would I want to buy

854
00:47:54,040 --> 00:47:57,359
Speaker 1: infrastructure in Southeast Asia, in India, that's the real estate

855
00:47:57,400 --> 00:48:01,520
Speaker 1: I would got it? Okay? Well, um that is a

856
00:48:01,600 --> 00:48:03,840
Speaker 1: great place to end it, because you've given us what

857
00:48:03,960 --> 00:48:06,239
Speaker 1: to look forward to in two over the next couple

858
00:48:06,280 --> 00:48:08,920
Speaker 1: of years. So um man, I appreciate you taking the

859
00:48:08,920 --> 00:48:12,080
Speaker 1: time to give us all that information. And uh, it's

860
00:48:12,080 --> 00:48:14,359
Speaker 1: been great, thanks so much. And and real quick man,

861
00:48:14,400 --> 00:48:17,399
Speaker 1: we have a free newsletter Harry Jent dot com where

862
00:48:17,400 --> 00:48:19,720
Speaker 1: you're gonna get the notes. Everything I do is different

863
00:48:19,719 --> 00:48:24,000
Speaker 1: from economist, So I just say, look, just listen to us.

864
00:48:24,160 --> 00:48:25,799
Speaker 1: If you don't think we know we're talking about after

865
00:48:25,800 --> 00:48:28,040
Speaker 1: getting our free newsletter for six months, then get off.

866
00:48:28,040 --> 00:48:30,600
Speaker 1: But I think you'll find out we can explain a

867
00:48:30,760 --> 00:48:33,400
Speaker 1: lot of things, and most people can. And I'm telling you,

868
00:48:33,640 --> 00:48:37,240
Speaker 1: nobody's gonna predict this scenario. To me, this scenario already

869
00:48:37,239 --> 00:48:40,640
Speaker 1: baked in the cake. Yeah, crash, this rebound and then

870
00:48:40,640 --> 00:48:43,440
Speaker 1: a deeper down turn into two valve from you already

871
00:48:43,440 --> 00:48:46,640
Speaker 1: baked in the yeah. I recommend everyone go to Harry's

872
00:48:46,680 --> 00:48:48,680
Speaker 1: Harry Dent dot com and get that newsletter. I'll link

873
00:48:48,760 --> 00:48:51,200
Speaker 1: to it in the description here. Um you know, I

874
00:48:51,480 --> 00:48:54,799
Speaker 1: I do, I I read, and I subscribe, so uh

875
00:48:55,280 --> 00:48:57,000
Speaker 1: it's it's really been helpful for me. I recommend everyone

876
00:48:57,080 --> 00:48:59,960
Speaker 1: to go do that. Um so uh yeah, Harry, thanks

877
00:49:00,080 --> 00:49:01,839
Speaker 1: much for jumping on. Thank you Mark,