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Speaker 1: You just don't want to own things the government can print,

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Speaker 1: because the government's kind of set up to print, and

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Speaker 1: debasement's a necessary event more or less on a go

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Speaker 1: forward basis, I believe that if individuals do not have

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Speaker 1: you know, twenty five percent of their investable assets in

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Speaker 1: what I consider sound money and the three choices, they

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Speaker 1: will likely experience regret because I think that we will

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Speaker 1: have inflation, and those three assets are known to protect

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Speaker 1: you from inflation.

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Speaker 2: We got the two scenarios, either they print or they don't.

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Speaker 2: What would be your controversial prediction for like, say, the

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Speaker 2: next five years.

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Speaker 1: I think my controversial prediction is that this comes within

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Speaker 1: the next And when I say this comes, I mean

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Speaker 1: pretty serious monetary event.

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Speaker 2: What about the plenty of skeptics out there who claim,

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Speaker 2: you know, the system's always been broken, and yeah, sure

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Speaker 2: it's broken. Of course, it's the Fiat system, but it

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Speaker 2: can just keep limping along. Like what's different this time?

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Speaker 1: The debt, you know, at a rate higher than you

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Speaker 1: grow the GDP. Eventually the gap becomes so large that

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Speaker 1: the GDP can't support the debt.

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Speaker 3: But my belief is it's too little, too late.

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Speaker 1: The fundamental problem mark that I don't think most people

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Speaker 1: have really focused on is that just how big, how

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Speaker 1: large this bubble is, and it really got created as

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Speaker 1: a result of ZERP and a lot of free money.

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Speaker 1: The problem is when the cheap money goes away and

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Speaker 1: the money supply stops growing, you're one of two ways out.

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Speaker 3: Either it's all going to or you know, they're going.

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Speaker 2: To Larry, You've been warning about the collapse of the

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Speaker 2: financial system for years.

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Speaker 4: Yeah, but like most people just don't see it.

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Speaker 2: So what would you say is the single biggest sign

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Speaker 2: that we're already past the point of no return?

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Speaker 1: Yeah, that's a great question. I think it's the debt

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Speaker 1: to GDP level. I think that being at one hundred

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Speaker 1: and twenty percent debt to GDP, running large, large fiscal

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Speaker 1: deficits that even those will not be able to fully fix,

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Speaker 1: and you know, being a point where it's very likely

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Speaker 1: that they're going to have to ultimately monetize a lot

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Speaker 1: of the debt and the bonds and the interest. We

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Speaker 1: are exhibiting a pattern that other, you know, countries in

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Speaker 1: the past have exhibited, and which is to say, you know,

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Speaker 1: the currency isn't is slowly but surely failing. We're what

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Speaker 1: I would call it kind of a sovereign debt crisis.

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Speaker 1: And I think the two factors, the two market factors

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Speaker 1: that suggest that's correct are you know, the price of

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Speaker 1: goal is at record highs hit another one today, and

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Speaker 1: bitcoin is just off a record high.

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Speaker 3: It was at one o six.

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Speaker 1: It's come back in, but you know it'll continue up

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Speaker 1: later this year. I think so those two things are

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Speaker 1: a warning sign to me that the you know, we're

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Speaker 1: getting to kind of quote unquote what I would call

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Speaker 1: the critical stage of monetary debasement and a and a

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Speaker 1: and a crack up in our financial system. And you know,

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Speaker 1: there are those who say that you can kick the

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Speaker 1: can down the road and everything's gonna be okay, and

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Speaker 1: you know they have they kick the can many many times.

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Speaker 1: They may be able to kick it again. But you

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Speaker 1: know what the book shows. There's a chart in there

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Speaker 1: by Brian Hurstman that shows that typically when countries get

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Speaker 1: to one hundred and thirty percent debt to GDP and

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Speaker 1: they're running and they're still running deficits, it's really hard.

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Speaker 3: In fact, it's.

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Speaker 1: It's almost there are no cases where the country has

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Speaker 1: gotten out of that without having either a big depression

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Speaker 1: or a montor Terry reset ie. High inflation, sometimes hyperinflation,

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Speaker 1: not always, but just high inflation at least. So I

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Speaker 1: think those things are coming, and they appear to be getting,

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Speaker 1: you know, more critical. I mean, they've they've done a

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Speaker 1: good job kicking the can. They had their reverse repo

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Speaker 1: thing that, you know, and Janet turned all the bonds

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Speaker 1: into short term bonds which were cheaper. But you know,

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Speaker 1: the inflation has not been fully tamed and in my view,

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Speaker 1: and the numbers are kind of showing that, and so

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Speaker 1: eventually the bond market's going to revolt in my opinion.

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Speaker 3: So I think.

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Speaker 1: We're kind of getting there mark now, you know, could

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Speaker 1: have been, it could be tomorrow, you know, it could be.

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Speaker 1: I'd give myself a two year window for it to

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Speaker 1: play out. But interesting today, I thought that the Fed

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Speaker 1: trimmed their quantitative tightening. I mean that was a signal.

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Speaker 4: Right, Yeah, it's a crack for sure.

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Speaker 2: You mentioned the data point of once a nation is

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Speaker 2: broken one hundred and thirty percent debt to GDP. Another

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Speaker 2: data point is that once a nation spends more on

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Speaker 2: its interest than it does on it's military.

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Speaker 1: Right, that's another good one. Yeah, that's what's a there's

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Speaker 1: a name for that. That's somebody's law. I can't recall

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Speaker 1: who now, but.

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Speaker 2: Yeah, yeah, so it's not just one data point, one indicator.

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Speaker 2: We have multiple indicators that are sort of flashing this

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Speaker 2: this red signal.

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Speaker 3: Yeah, I think that's right.

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Speaker 2: Yeah, Now, what about the plenty of skeptics out there

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Speaker 2: who claim, you know, the system's always been broken, and yeah,

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Speaker 2: sure it's broken. Of course it's the Fiat system, but

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Speaker 2: it could just keep limping along, like what's different this time?

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Speaker 1: Well, again, it's it's the compounding effect of the debt

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Speaker 1: and the interest and the way you grow the debt,

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Speaker 1: you know, at a rate higher than you grow the GDP.

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Speaker 1: Eventually the gap becomes so large that the GDP can't

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Speaker 1: support the debt. So you know, in Vulkar, for example,

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Speaker 1: you know, solved this problem back in the early eighties

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Speaker 1: or nineteen eighty by raising interest rates massively, but he

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Speaker 1: also had a debt to GDP of thirty percent. You know,

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Speaker 1: we'd one hundred and one hundred and twenty five percent.

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Speaker 1: So I think it's I really just think it's kind

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Speaker 1: of numerical. Now, that doesn't mean we can't go to

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Speaker 1: one hundred and fifty percent, we could I mean, I

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Speaker 1: just don't know, but I would suggest that we're we're

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Speaker 1: getting close to the stage where it's going to be

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Speaker 1: a problem. I think the other thing we could discuss.

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Speaker 1: I'm sure you're very familiar with it, and James has

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Speaker 1: talked to us.

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Speaker 3: About as well. It's just the.

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Speaker 1: Nature of the kind of the doom loop where you know,

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Speaker 1: higher interest expense means they have to have a bigger deficit,

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Speaker 1: and bigger deficit means they have to sell more bonds.

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Speaker 1: They're selling bonds into a market of a certain size,

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Speaker 1: you have more to sell, and the size is only

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Speaker 1: an a certain size. Interest rates are going to go up,

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Speaker 1: and uh that interest rate, that higher interest costs then

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Speaker 1: flows back to the foot. You know, the federal budget

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Speaker 1: deficit gets bigger, so you gotta sell more bonds, and

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Speaker 1: you know, as you can see, it's it's what you

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Speaker 1: know we've called the debt doom loop, where it's reflectively

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Speaker 1: getting worse.

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Speaker 3: And so you know, I mean that could change.

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Speaker 1: I mean, if interest rates came down a lot, or

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Speaker 1: if deficits came down a lot, we'd be going in

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Speaker 1: the other direction, and it you know, it'd be a

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Speaker 1: different it would be a different equation. And I know

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Speaker 1: there's some and I think the market getting a lot

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Speaker 1: of people are hoping that this dose thing is going

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Speaker 1: to solve the problem, and it's a step in the

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Speaker 1: right direction cutting back on expenses. But my belief is

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Speaker 1: it's too little, too late.

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Speaker 2: Hey, I want to take a break just real quick

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Speaker 2: to let you know that the Bitcoin Conference is coming

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Speaker 2: up May twenty seventh through twenty ninth in Las Vegas.

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Speaker 4: Now, look, it's not just about bitcoin.

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Speaker 2: This is the largest most culturally relevant event in the

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Speaker 2: world going on right now. I'll be there speaking again

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Speaker 2: for the fourth year in a row with lots of

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Speaker 2: You can't do that from home, you can't do that

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Speaker 2: watching videos. So come hang out at the Bitcoin Conference

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Speaker 2: May twenty seven through twenty ninth. Save some money and

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Speaker 2: I'm going to do a private meetup. You can come

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Speaker 2: hang out with me and some of my friends there.

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Speaker 2: So check out the code down below and hopefully I'll

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Speaker 2: see you in Vegas. Well, wouldn't it be a damned

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Speaker 2: if you do, damned if you don't scenario where if

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Speaker 2: they were to bring the deficit down into check, then

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Speaker 2: we have massive deflation, which is the opposite.

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Speaker 1: Well, that's right, you know, as as Luke, you know,

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Speaker 1: Growman so intelligently points out, you know, okay, fine, so

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Speaker 1: you want to spend some more less money and bring

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Speaker 1: then you're gonna have a recession, and then maybe the

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Speaker 1: stock market's gonna come down, and then tax receipts are

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Speaker 1: going to fall. And so one could actually argue that

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Speaker 1: that dose, you know, even if it works, it won't

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Speaker 1: work because it'll it'll put the economy into a downturn.

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Speaker 1: I mean, the fundamental problem mark that I don't think

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Speaker 1: most people have really focused on, is that just how big,

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Speaker 1: how large this bubble is. And it really got created

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Speaker 1: as a result of ZERP and a lot of free money.

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Speaker 1: And so we had two very big instances of ZERP.

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Speaker 1: One was after eight from eight to fifteen, and then

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Speaker 1: we have another one that started in twenty nineteen and

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Speaker 1: went until Pile started raising rates in twenty twenty two

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Speaker 1: and so when you have that much free money, low

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Speaker 1: cost money, you know, financial actors and others take it,

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Speaker 1: borrow it, cheap price prices, use it to buy assets,

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Speaker 1: lever up, and it becomes reflexively upward. The problem is

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Speaker 1: when the cheap money goes away and the money supply

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Speaker 1: stops growing.

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Speaker 3: You know, you're you're one of two ways out.

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Speaker 1: Either it's all going to collapse, I'll uh in nineteen

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Speaker 1: twenty nine when you go into a depression, or in

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Speaker 1: order to prevent or two thousand and eight when we

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Speaker 1: would have gone into a depression if they hadn't printed money,

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Speaker 1: or you know, they're going to print the money to

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Speaker 1: solve the problem. And historically, looking at the you know,

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Speaker 1: the facts and what the feed has always done, you know,

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Speaker 1: I think that faced with a you know, a big downturn,

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Speaker 1: arguable depression, huge unemployment, you know, as they said in

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Speaker 1: oh wait the ATM's not working, or printing the money

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Speaker 1: with the risk of inflation, they will always choose print

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Speaker 1: the money versus the alternative. That's that's certainly been the pattern.

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Speaker 1: It could change, no guarantee that it happens, but it

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Speaker 1: seems likely that that's what they'll do.

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Speaker 2: I want to talk about those two dates specifically, but

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Speaker 2: let's go back a little bit further back in time.

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Speaker 2: I mean, you wrote the book, the Big Print. I

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Speaker 2: can see it there on your shelf behind you with

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Speaker 2: the orange book. Maybe you have a copy on your

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Speaker 2: desk you can hold up for the camera.

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Speaker 3: Yeah, I do. Here, I'll hold it up to you, which.

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Speaker 4: Is flying off the books.

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Speaker 3: L was right there.

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Speaker 2: The Big Print just came out for audio books. So

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Speaker 2: go ahead and just get that audio.

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Speaker 3: About a week on audio, we're just finishing up.

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Speaker 4: Yeah, probably by the time this video comes out, it'll

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Speaker 4: be ready to go. But you know this is ah really.

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Speaker 2: You know you mentioned both gold and bitcoin here, two

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Speaker 2: different technologies, if you will, but both sort of trying

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Speaker 2: to solve a similar problem, which would be, you know,

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Speaker 2: a life raft from debasement, right right, And so you

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Speaker 2: know you've you have you have were partners in a

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Speaker 2: bitcoin in the Big One Opportunity Fund, and you've also

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Speaker 2: had a gold fund for a long time, so you've

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Speaker 2: sort of been on both sides of protecting yourself against

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Speaker 2: this debasement for a long time.

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Speaker 3: Correct.

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Speaker 4: So I guess, like, when when.

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Speaker 2: Did you realize that this this whole financial system was

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Speaker 2: a scam, was doomed to fail, and you need to

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Speaker 2: start setting up these life rafts.

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Speaker 3: Well.

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Speaker 1: In nineteen ninety eight was the first wake up call

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Speaker 1: when they built out LTCM. But you know, and and

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Speaker 1: the and the dot com, the house, you know, the

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Speaker 1: dot com bubble. You know, I knew they printing a

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Speaker 1: lot of money to allow that to ocur and keeping

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Speaker 1: rates too low, but so so then a little bit,

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Speaker 1: and then it got worse during the housing bubble in

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Speaker 1: the two thousand and three you know when when the

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Speaker 1: dot com bubble burst and green Spence reaction was let's

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Speaker 1: take rates from you know, six percent down to one percent,

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Speaker 1: and you know, he suggested everyone take out a home

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Speaker 1: equity line of credit. You know, they blew a housing

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Speaker 1: bubble to cover up for the dot com bubble bursting.

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Speaker 1: And I guess what really radicalized me, Mark, I mean,

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Speaker 1: it made me just And at the time I was

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Speaker 1: managing a gold fund.

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Speaker 3: Of course, pre two thousand and eight, there was no bitcoins.

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Speaker 3: It wasn't even a choice.

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Speaker 1: But when two thousand and eight came and they went

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Speaker 1: to QE and zup and very aggressively printed money, bailed

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Speaker 1: out the banks, et cetera.

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Speaker 3: That was a huge wake up call for me.

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Speaker 1: I mean, and at that point I became very very

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Speaker 1: much radicalized for sound money. I mean, prior to that,

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Speaker 1: my investing career was investing in technology and technology businesses,

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Speaker 1: and which had done pretty well. You know, there's a

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Speaker 1: lot of technical technology companies that grew from you know,

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Speaker 1: nineteen eighty two thousand and three or so. But when

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Speaker 1: when eight came around, they started printing money. And at

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Speaker 1: that point in time, I said, all right, this is

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Speaker 1: totally different. There's going to be there's debasement in our future.

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Speaker 1: I thought, you know, it was gonna happen much more

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Speaker 1: rapidly than it happened they you know, we can get

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Speaker 1: into the kind of details of that, but but basically

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Speaker 1: I pivoted, and that's when I started running the Gold Fund,

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Speaker 1: where I was focused exclusively on gold and silver and

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Speaker 1: gold and silver mining companies because you know, I and

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Speaker 1: I wasn't aware and O eight, I wasn't aware a bitcoin.

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Speaker 1: I mean, very few people were. I became aware of

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Speaker 1: it soon thereafter and bought some in twenty thirteen. But yeah,

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Speaker 1: so so that was really the event and and and

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Speaker 1: and the interesting about that event that I think a

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Speaker 1: lot of people don't always focus on. Is okay, So

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Speaker 1: the OWA, it's a crisis, and you can argue you

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Speaker 1: got to do funny things in a crisis to keep

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Speaker 1: things going.

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Speaker 3: I get it. But they took it to zerp. You know,

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Speaker 3: in eight and a couple of years later.

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Speaker 1: Things you know, they weren't booming, but they were stable,

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Speaker 1: and one would have thought they might normalize and go

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Speaker 1: back to, you know, where they were before, but they didn't.

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Speaker 1: They kept interest rates at zero from twenty eight to

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Speaker 1: twenty fifteen, seven years and in fact, as you know,

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Speaker 1: we had negative interest rates in Europe and there were

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Speaker 1: eighteen trillion dollars of negative bond, negative yielding bonds. I mean,

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Speaker 1: you had to pay people to take your money, which

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Speaker 1: is insane. So it was really a big distortion.

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Speaker 4: Isn't that?

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Speaker 2: Because during that period they were just faced with so

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Speaker 2: much deflation, which the Fed, the central banks cannot have deflation.

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Speaker 3: And so I think that's right.

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Speaker 2: They weren't trying to stimulate the economy. I mean, I

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Speaker 2: guess you could say they were, but more really what

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Speaker 2: they were trying to do is get some inflation back,

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Speaker 2: and there was just nothing They could almost do. And

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Speaker 2: that might have been probably a combination of technological gains

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Speaker 2: as well as efficiency gains from that, but as well

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Speaker 2: as the globalization as well.

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Speaker 3: I think that's right.

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Speaker 1: I mean, they weren't seeing the growth and they you know,

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Speaker 1: things were punk, and they were afraid. They're terrified of

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Speaker 1: you know, if they made money any tighter, they might

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Speaker 1: go back into a deflationary downturn.

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Speaker 3: I think that's correct.

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Speaker 2: But I think that's an important thing to pick out

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Speaker 2: and the reason why I want to go back in time, Larry,

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Speaker 2: because you know, you're you're at the gray hair, You're

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Speaker 2: at the battle scars to prove it, and so you've

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Speaker 2: been You've been paying attention to this for a long time.

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Speaker 4: And if you look back to previous market crashes, if you.

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Speaker 2: Want to go back to the seventies and you know

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Speaker 2: what happened there, you know, in the nineties, the two

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Speaker 2: thousand NatCom bubble.

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Speaker 3: Et cetera.

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Speaker 2: I feel that two thousand and eight everything changed, and

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Speaker 2: I think like the way that I look at it,

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Speaker 2: and I don't have quite the experience that you do,

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Speaker 2: although I've been through a few.

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Speaker 4: Few, uh you were around a few butt kickings. If

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Speaker 4: I might say, But what I'd say is.

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Speaker 3: That tell me what happened?

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Speaker 4: Yeah, I think I think.

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Speaker 2: You know, there's so many analysts today that want to

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Speaker 2: talk about the forties and the seventies and da da

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Speaker 2: da da, But I feel like everything sort.

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Speaker 4: Of changed in two thousand and eight.

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Speaker 2: And if you don't, if you don't understand that, it

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Speaker 2: doesn't really help you see the future. And so what

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Speaker 2: changed in two thousand and eight? Will you tell me?

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Speaker 2: What do you think changed in two thousand and eight?

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Speaker 4: And why? Why is two thousand and eight? It's almost like.

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Speaker 2: An ADBC kind of a thing, like, why is it

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Speaker 2: different now after two thousand and eight?

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Speaker 1: Yeah, Well, it just the FED just took steps that

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Speaker 1: they had never taken before, or at a scale that

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Speaker 1: they had never taken before. It became very clear that

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Speaker 1: they just were going to do everything possible to prevent

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Speaker 1: any form of natural deflation or correction. I mean, you know, look,

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Speaker 1: the depression was a bad thing based on the credit

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Speaker 1: bubble that had been built up into nineteen twenty nine.

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Speaker 1: And you know, Bernaki wrote his thesis on how he

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Speaker 1: never wanted to have another depression, and therefore, you know,

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Speaker 1: no matter what it would take he was going to

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Speaker 1: choose inflation and monetary debasement over a natural correction. And

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Speaker 1: as von Misis has said, you know, when you have

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Speaker 1: a credit bubble and a burse, you know, the correct

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Speaker 1: thing to do is to just take the pain and

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Speaker 1: you know, reset at some new level you know, lower

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Speaker 1: and there's a downturn. But the Fed decided, no, we're

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Speaker 1: not going to do that. We're not going to liquidate

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Speaker 1: all these bad investments, this malinvestment. We're going to try

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Speaker 1: and prop them up with free money. And you're right,

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Speaker 1: that's when it changed. I mean, I'm mark O eight

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Speaker 1: is the period where the you know, kind of the

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Speaker 1: fourth turning really got going, you know, and I think

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Speaker 1: this fourth turning is all about, you know, what is

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Speaker 1: money and how is the monetary system going to operate?

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Speaker 1: And it's what's and again that kind of goes back

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Speaker 1: to why I wrote the book. I mean, I was

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Speaker 1: watching the debate last year with you know, Team Blue

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Speaker 1: and Team Red yelling at each other, and I felt,

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Speaker 1: I just I felt enormous frustration because I thought, to myself,

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Speaker 1: these guys aren't focusing on the underlying problem. You know,

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Speaker 1: the underlying problem is the money's broken and you know, so,

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Speaker 1: so would you say that's a we're all here to

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Speaker 1: try and fix, right.

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Speaker 2: So would you say then, like you know, previous crashes

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Speaker 2: the seventies, the nineties, two thousands, they were sort of lettering,

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Speaker 2: letting the pain sort of set in. They're letting the

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Speaker 2: let the de leveraging sort of happened. But in two

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Speaker 2: thousand and eight they just realized that it's it's too big,

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Speaker 2: you can't do that.

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Speaker 4: We're not going to accept it.

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Speaker 2: And so it was really a fundamental shift of the

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Speaker 2: psychology of what they're willing to take.

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Speaker 1: I think that's absolutely right. I mean, look at the

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Speaker 1: SNL crisis was in nineteen ninety nineteen ninety one, excuse

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Speaker 1: the events and nineteen ninety nineteen ninety one, and you know,

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Speaker 1: they've they've liquidated all the snls and they've sent guys

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Speaker 1: to jail, and you know, it was a big credit bubble,

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Speaker 1: and they just let itself correct, and that was how

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Speaker 1: it should be done.

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Speaker 3: You know. Ninety eight they kind.

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Speaker 1: Of did a quasi bailout because LTCM blew up and

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Speaker 1: all the New York banks would have been bankrupt. But

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Speaker 1: they got together and provided swap lines to them and all,

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Speaker 1: you know, they all participated, but that that was kind

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Speaker 1: of the that was the precursor. And the book talks

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Speaker 1: about this how two thousand and eight was something the

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Speaker 1: banks could push it as hard as they did in

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Speaker 1: two thousand and eight because they remembered nineteen ninety eight,

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Speaker 1: you know, and so they knew that, you know, if

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Speaker 1: they got too far over their skis, the FED would

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Speaker 1: come save them like they did.

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Speaker 3: In ninety eight. Yeah, but each one's gotten bigger, right, Yeah.

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Speaker 2: And what it looked like to me was in two

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Speaker 2: thousand and eight they also were going to let it

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Speaker 2: run its course. So we saw like in two thousand

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Speaker 2: and six, like housing, which is a really good bell

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Speaker 2: weather for the economy, housing starts were down like twenty

399
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Speaker 2: eight percent. Yeah right, But we didn't see any bailouts

400
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Speaker 2: started until like thirty you know, thirty months later or

401
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Speaker 2: something like that. Even when Bear Stearns collapse, which is

402
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Speaker 2: you know, sort of known to be the trigger of

403
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Speaker 2: this whole collapse, it took seven months to get answered.

404
00:17:09,440 --> 00:17:10,960
Speaker 2: It's like almost like they were letting it and then

405
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Speaker 2: it just got two carried away, like okay, this is it.

406
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Speaker 4: They went in with the big wazukahs, and.

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Speaker 2: Now it's so levered up they can't even let it

408
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Speaker 2: deleverage a little bit, not even like a two thousand

409
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Speaker 2: and eight level.

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Speaker 3: I think that's extremely accurate, that's right.

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Speaker 1: I mean, you know, the basically there's a level at

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Speaker 1: which they will not let the stock market go down

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Speaker 1: below or the interest rates go up above. I mean,

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Speaker 1: and we saw that in March of twenty twenty with

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Speaker 1: the COVID example, the stock market falls, everything's no bid,

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Speaker 1: you know, all the leverage is unwinding, and boom. You know,

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Speaker 1: Paul comes in with the total bazooka and they print

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Speaker 1: five trillion dollars in an eighteen month period.

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Speaker 3: You know.

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Speaker 1: On the on the flip side of that. Even more recently,

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Speaker 1: in September of twenty three, the ten year yield went

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Speaker 1: above five percent, which I think is kind of the

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Speaker 1: red line. You know, they just feel like, we can't

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Speaker 1: have interest rates above five percent or else the leverage

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Speaker 1: will eat itself up across the collapse. And so you know,

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Speaker 1: within three weeks you saw twelve Fed governors come out

427
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Speaker 1: and say, well, we're done raising rates, and of course

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Speaker 1: the ten year calmed down. I went back down into

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Speaker 1: the Forest low force. So yeah, they they're you know,

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Speaker 1: it's very much on a hair trigger, and it's a

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Speaker 1: very leverage system. And that's why although Powell you know,

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Speaker 1: pretends that he's got it all into control and that

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Speaker 1: everything's going to be fine and you know that we're

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Speaker 1: going to recover and come out of this whole thing,

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Speaker 1: my guess is he's just counting the days until he

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Speaker 1: can get out of there in March of next year

437
00:18:27,720 --> 00:18:31,359
Speaker 1: when his term is over. Because you know, the third

438
00:18:31,400 --> 00:18:33,400
Speaker 1: FED mandate, and I talk about this in the book too,

439
00:18:33,520 --> 00:18:36,840
Speaker 1: is is to keep the financial system operating, you know,

440
00:18:37,080 --> 00:18:37,800
Speaker 1: when things break.

441
00:18:37,880 --> 00:18:40,640
Speaker 4: It's probably the most important mandate, right exactly.

442
00:18:40,760 --> 00:18:42,720
Speaker 1: I mean it's yeah, I mean manday one too is

443
00:18:42,760 --> 00:18:45,520
Speaker 1: inflation and full employment. I get that, But you know

444
00:18:45,560 --> 00:18:47,320
Speaker 1: the real thing is, you know, we got to have

445
00:18:47,760 --> 00:18:49,880
Speaker 1: you know, if things start collapsing in for this big

446
00:18:49,960 --> 00:18:53,399
Speaker 1: leverage tower that we built starts to fall down, you know,

447
00:18:53,400 --> 00:18:55,080
Speaker 1: they got to come in with the money. And of

448
00:18:55,160 --> 00:18:57,520
Speaker 1: course that's why the FED was originally established, because the

449
00:18:57,600 --> 00:19:00,520
Speaker 1: bankers back in nineteen oh seven came close to blowing

450
00:19:00,600 --> 00:19:04,160
Speaker 1: up and JP Morgan saved them, but they said, we're

451
00:19:04,160 --> 00:19:05,879
Speaker 1: not gonna let that happen again, let's get the government

452
00:19:05,920 --> 00:19:09,280
Speaker 1: to backstop us. And uh and therefore they created the FED.

453
00:19:09,440 --> 00:19:12,600
Speaker 1: So so yeah, and it's I think the reason you

454
00:19:12,600 --> 00:19:14,760
Speaker 1: asked earlier. You know, how do we know what's happening now?

455
00:19:14,760 --> 00:19:17,760
Speaker 1: We don't know exactly, but we can see that the

456
00:19:17,800 --> 00:19:22,280
Speaker 1: size of the interventions is getting larger and the timing

457
00:19:22,320 --> 00:19:25,000
Speaker 1: is getting quicker. I mean, Bernaki, as an example, took

458
00:19:25,040 --> 00:19:27,440
Speaker 1: the FED balance sheet from nine hundred billion to three

459
00:19:27,480 --> 00:19:31,400
Speaker 1: trillion over about three three years roughly. You know, Powell

460
00:19:31,440 --> 00:19:34,440
Speaker 1: took it from you know four somewhere at three seven

461
00:19:34,720 --> 00:19:37,680
Speaker 1: just below four to nine in eighteen months. I mean

462
00:19:38,000 --> 00:19:40,760
Speaker 1: it was like, bang, five trillion dollars, let's just do it,

463
00:19:40,880 --> 00:19:45,760
Speaker 1: you know, Yeah, a lot of money. Yeah and yeah, good, I.

464
00:19:45,720 --> 00:19:46,360
Speaker 4: Was gonna say. Yeah.

465
00:19:46,359 --> 00:19:47,960
Speaker 2: And as I mentioned, I mean, from the time Bear

466
00:19:48,000 --> 00:19:50,160
Speaker 2: Stearns collapse, took seven months to get a bell out,

467
00:19:50,160 --> 00:19:52,200
Speaker 2: but in twenty twenty three when we see three banks collapse,

468
00:19:52,200 --> 00:19:56,000
Speaker 2: they had a ball out in six days exactly exactly.

469
00:19:56,080 --> 00:19:57,320
Speaker 3: And that's that.

470
00:19:57,480 --> 00:19:59,560
Speaker 1: You know, they're all they're very much you know, the

471
00:19:59,720 --> 00:20:02,880
Speaker 1: very much aware of the fragile nature of the system.

472
00:20:03,119 --> 00:20:05,760
Speaker 1: And you know, they have one tool, which is a

473
00:20:05,760 --> 00:20:07,680
Speaker 1: printer and they will use it, which is the name

474
00:20:07,680 --> 00:20:09,680
Speaker 1: of the book, right, the big print, because we've had

475
00:20:09,680 --> 00:20:11,960
Speaker 1: two big prints. We had one in twenty twenty, we

476
00:20:12,000 --> 00:20:14,560
Speaker 1: had another in twenty eight. I had a little one

477
00:20:14,560 --> 00:20:18,000
Speaker 1: before that in nineteen ninety. But and you know, I

478
00:20:18,040 --> 00:20:20,040
Speaker 1: think that each one is going to kind of get bigger,

479
00:20:20,080 --> 00:20:24,080
Speaker 1: and each one chips away at the foundation of trust

480
00:20:24,320 --> 00:20:27,320
Speaker 1: in the government and then the Fed and in currency.

481
00:20:27,359 --> 00:20:30,199
Speaker 1: And so you know, anyone who saves capital has a

482
00:20:30,280 --> 00:20:32,520
Speaker 1: choice in places to put it. They can put it

483
00:20:32,600 --> 00:20:34,359
Speaker 1: in bonds, that can put it in stocks, they can

484
00:20:34,359 --> 00:20:36,040
Speaker 1: put it in gold, they can put it in bitcoin.

485
00:20:36,680 --> 00:20:39,880
Speaker 1: And to me, you know, big market indicator that we're

486
00:20:40,240 --> 00:20:44,159
Speaker 1: at trust is rapidly you know slipping is you know,

487
00:20:44,200 --> 00:20:46,560
Speaker 1: Bitcoin at one oh six it was, you know, come

488
00:20:46,640 --> 00:20:49,640
Speaker 1: back there soon, and gold at thirty it's like thirty

489
00:20:49,720 --> 00:20:51,960
Speaker 1: fifty now, I mean, which is stunning to me. Actually,

490
00:20:52,160 --> 00:20:53,719
Speaker 1: I knew gold was going up, but it's gone up

491
00:20:53,720 --> 00:20:55,520
Speaker 1: faster than I even anticipated.

492
00:20:56,080 --> 00:20:58,040
Speaker 3: And I think that's just because.

493
00:20:58,359 --> 00:21:00,560
Speaker 1: More and more people are coming to the realization that

494
00:21:00,600 --> 00:21:02,560
Speaker 1: you have and that I have, that is the system

495
00:21:02,640 --> 00:21:05,840
Speaker 1: is broken and there's there's not an easy way out.

496
00:21:05,880 --> 00:21:08,800
Speaker 1: There's not an easy way back. I mean, and we're

497
00:21:08,840 --> 00:21:10,240
Speaker 1: going to have to return to some kind of a

498
00:21:10,320 --> 00:21:11,920
Speaker 1: sound money system here at some point.

499
00:21:12,200 --> 00:21:15,119
Speaker 2: Yeah, you know you you know a lot of people

500
00:21:15,400 --> 00:21:19,240
Speaker 2: are maybe caught off guard looking for a big event

501
00:21:19,320 --> 00:21:19,640
Speaker 2: to come.

502
00:21:20,520 --> 00:21:20,639
Speaker 3: Uh.

503
00:21:20,680 --> 00:21:21,679
Speaker 4: They've been told over.

504
00:21:21,520 --> 00:21:23,119
Speaker 2: And over and over the dollar's gonna die into the

505
00:21:23,160 --> 00:21:24,520
Speaker 2: dollars coming and blah blah blah.

506
00:21:24,720 --> 00:21:27,119
Speaker 4: I remember a few months ago, I had Buddy call

507
00:21:27,200 --> 00:21:27,399
Speaker 4: me up.

508
00:21:27,440 --> 00:21:29,160
Speaker 2: I forget what the news trigger was, but he saw

509
00:21:29,200 --> 00:21:30,639
Speaker 2: something on the news and he and he, you know,

510
00:21:30,720 --> 00:21:31,960
Speaker 2: texted me Mark, Mark, I need to.

511
00:21:31,880 --> 00:21:34,359
Speaker 4: Talk to you. You know, is this all going to collapse.

512
00:21:34,400 --> 00:21:36,120
Speaker 4: I'm gonna wake up tomorrow and my money's gonna buy

513
00:21:36,160 --> 00:21:38,600
Speaker 4: half as much you know stuff, And I said it

514
00:21:38,640 --> 00:21:40,440
Speaker 4: already has, like in the.

515
00:21:40,480 --> 00:21:42,560
Speaker 2: In the last five years, you can buy half as

516
00:21:42,600 --> 00:21:45,680
Speaker 2: much house, half as much gas, half as muchey, Right.

517
00:21:45,960 --> 00:21:48,359
Speaker 2: So it's like everyone's waiting for this big event to

518
00:21:48,400 --> 00:21:50,480
Speaker 2: come that they're going to lose half of their money.

519
00:21:50,480 --> 00:21:52,760
Speaker 4: But I was like, you already did just lose half

520
00:21:52,800 --> 00:21:53,200
Speaker 4: of every money.

521
00:21:53,240 --> 00:21:55,800
Speaker 2: So maybe they don't understand that is that I know

522
00:21:55,840 --> 00:21:57,520
Speaker 2: you wrote the book The Big Print sort of as

523
00:21:57,560 --> 00:21:59,720
Speaker 2: a public service announcement you know, you said you sort

524
00:21:59,720 --> 00:22:01,800
Speaker 2: of want to mainstream to kind of understand what's going on.

525
00:22:03,000 --> 00:22:04,840
Speaker 4: Is that the message? What is the message you're trying

526
00:22:04,880 --> 00:22:05,320
Speaker 4: to get through?

527
00:22:06,359 --> 00:22:08,159
Speaker 1: Yeah, well, the message I'm trying to get through the

528
00:22:08,200 --> 00:22:11,160
Speaker 1: books divided into two parts. The first part is why

529
00:22:11,200 --> 00:22:13,160
Speaker 1: the monetary system runs the way it does and how

530
00:22:13,160 --> 00:22:15,760
Speaker 1: it's broken. And I try and point out how unfair

531
00:22:15,760 --> 00:22:18,479
Speaker 1: it is that certain people can borrow very cheaply and

532
00:22:18,680 --> 00:22:20,920
Speaker 1: other people have to pay twenty five percent for credit

533
00:22:20,960 --> 00:22:24,520
Speaker 1: card interest rates, and so I try to point out

534
00:22:24,520 --> 00:22:28,040
Speaker 1: that the system has been constructed to benefit people who

535
00:22:28,119 --> 00:22:30,680
Speaker 1: know how to game it and actually benefit from inflation,

536
00:22:30,960 --> 00:22:34,120
Speaker 1: you know. And I want to get the average citizen

537
00:22:34,200 --> 00:22:37,520
Speaker 1: angry with the fact that they're being silently robbed through

538
00:22:37,560 --> 00:22:40,280
Speaker 1: this inflation and they know it, and that's why there's

539
00:22:40,280 --> 00:22:42,560
Speaker 1: so much political dysfunction. I mean, they know it because

540
00:22:43,040 --> 00:22:45,240
Speaker 1: they go to the supermarket and things are costly or

541
00:22:45,320 --> 00:22:47,399
Speaker 1: much more costly, and yet their wages aren't going up,

542
00:22:47,440 --> 00:22:49,880
Speaker 1: and so they're getting squeezed, and of course that makes

543
00:22:49,920 --> 00:22:53,320
Speaker 1: them angry. And so Team Red blames with Team Blue,

544
00:22:53,320 --> 00:22:55,800
Speaker 1: and Team Blue blames Team Read. But neither one of

545
00:22:55,840 --> 00:22:57,440
Speaker 1: them is looking at the fed and blaming the real

546
00:22:57,520 --> 00:23:00,119
Speaker 1: source of it. I mean, money supplies, you know, went

547
00:23:00,200 --> 00:23:02,960
Speaker 1: up forty percent in two years in the COVID pandemic.

548
00:23:03,000 --> 00:23:05,760
Speaker 1: And that was basically like saying to anybody who had

549
00:23:05,760 --> 00:23:08,280
Speaker 1: worked for you know, twenty thirty years, had some savings,

550
00:23:08,480 --> 00:23:10,240
Speaker 1: We're just going to cut the value of savings by

551
00:23:10,240 --> 00:23:10,879
Speaker 1: forty percent.

552
00:23:12,000 --> 00:23:12,160
Speaker 3: Yeah.

553
00:23:12,160 --> 00:23:14,399
Speaker 1: I mean, it's just it's it's terrible. And so I

554
00:23:14,480 --> 00:23:16,800
Speaker 1: want to first explain that to people so that they

555
00:23:16,800 --> 00:23:19,239
Speaker 1: don't fall for the politicians who are saying, well, it's

556
00:23:19,240 --> 00:23:20,199
Speaker 1: the greedy corporations.

557
00:23:20,240 --> 00:23:21,560
Speaker 3: No, it's not, it's the federal Reserve.

558
00:23:22,080 --> 00:23:24,560
Speaker 1: And then once I explain that, of course, you know,

559
00:23:24,600 --> 00:23:27,960
Speaker 1: they'll maybe be angry and maybe you know, that's a

560
00:23:28,000 --> 00:23:30,480
Speaker 1: depressing message. I hate to deliver bad news, but it

561
00:23:30,560 --> 00:23:32,880
Speaker 1: is what it is. But then I want to deliver

562
00:23:32,960 --> 00:23:34,639
Speaker 1: the good news, which is there are ways to protect

563
00:23:34,640 --> 00:23:36,200
Speaker 1: oneself from that. In fact, there are even ways to

564
00:23:36,240 --> 00:23:39,080
Speaker 1: benefit from that, and of course those that leads you

565
00:23:39,080 --> 00:23:42,360
Speaker 1: to golden bitcoin more particularly bitcoin, because it's it's more

566
00:23:42,400 --> 00:23:44,920
Speaker 1: asymmetric than gold, and it really you know, on a

567
00:23:44,960 --> 00:23:47,160
Speaker 1: bitcoin standard. People who've been living on a bitcoin stand

568
00:23:47,160 --> 00:23:49,159
Speaker 1: have been saving all their money in bitcoin. You know,

569
00:23:49,160 --> 00:23:52,000
Speaker 1: there's a great metric in the book that just shows

570
00:23:52,040 --> 00:23:53,960
Speaker 1: the price of a house in bitcoin. And even though

571
00:23:53,960 --> 00:23:56,560
Speaker 1: the nominal price of a house has gone up over

572
00:23:56,560 --> 00:23:59,000
Speaker 1: the past you know, ten years, the number of bitcoin

573
00:23:59,040 --> 00:24:01,160
Speaker 1: it takes to buy a house is going on down substantially.

574
00:24:02,000 --> 00:24:06,160
Speaker 2: Yeah, so or Or said it in another way, not nominal.

575
00:24:06,200 --> 00:24:09,639
Speaker 2: But the US dollar value of the house went up. Well,

576
00:24:09,640 --> 00:24:12,040
Speaker 2: that's correct, but the bitcoin price went down.

577
00:24:13,080 --> 00:24:14,760
Speaker 1: It's all because the dollar is getting to be worth

578
00:24:14,840 --> 00:24:17,160
Speaker 1: less and less per unit, obviously, right.

579
00:24:17,520 --> 00:24:21,040
Speaker 2: I think if people just understood that everything is a trade, right,

580
00:24:21,080 --> 00:24:24,680
Speaker 2: everything's a trade. So I could trade a house for labor,

581
00:24:25,040 --> 00:24:27,080
Speaker 2: I could trade a house for oil or gold, or

582
00:24:27,080 --> 00:24:30,879
Speaker 2: oranges or rice or bitcoin or dollars or yen or whatever.

583
00:24:31,200 --> 00:24:32,720
Speaker 2: And when you start so, then you start going, well

584
00:24:32,720 --> 00:24:34,840
Speaker 2: how much is it an oil or gold or rice

585
00:24:35,920 --> 00:24:38,119
Speaker 2: and not just US dollars. You start to kind of

586
00:24:38,119 --> 00:24:40,679
Speaker 2: see this a little bit more clearly that way. But

587
00:24:40,760 --> 00:24:42,760
Speaker 2: I think sort of what you laid out, as you said,

588
00:24:42,800 --> 00:24:44,639
Speaker 2: sort of the bad news is like here's how the

589
00:24:44,640 --> 00:24:46,160
Speaker 2: system works and sucks.

590
00:24:46,160 --> 00:24:48,479
Speaker 4: Hopefully you're angry, but it is what it is. It

591
00:24:48,520 --> 00:24:53,480
Speaker 4: also sure sort of shows like the inevitability of what's coming, right.

592
00:24:54,040 --> 00:24:56,439
Speaker 1: I think, So, I mean, I you know, look, I

593
00:24:56,480 --> 00:24:58,760
Speaker 1: try to game theory out how I could be wrong,

594
00:24:58,880 --> 00:25:01,000
Speaker 1: and you know I've been wrong somewhat. I mean, I

595
00:25:01,000 --> 00:25:02,360
Speaker 1: thought in two thousand and eight that was the big

596
00:25:02,359 --> 00:25:04,360
Speaker 1: one and we were going to go to serious inflation,

597
00:25:04,920 --> 00:25:06,879
Speaker 1: and I was wrong. They changed the rules, They started

598
00:25:06,880 --> 00:25:09,199
Speaker 1: paying excess money and access reserves. The banks held the

599
00:25:09,240 --> 00:25:12,200
Speaker 1: money back, and we got an asset bubble, not really

600
00:25:12,240 --> 00:25:16,440
Speaker 1: a consumer inflation bubble. But you know, and I've often said,

601
00:25:16,440 --> 00:25:18,240
Speaker 1: people looking at investing in any of the funds I'm

602
00:25:18,280 --> 00:25:20,400
Speaker 1: involved with, you know, the one thing that could make

603
00:25:20,440 --> 00:25:24,520
Speaker 1: this thesis of monetary debasement not be true is if

604
00:25:24,520 --> 00:25:27,560
Speaker 1: the government balanced its budget and you know, got serious

605
00:25:27,600 --> 00:25:32,160
Speaker 1: about you know, allowing money to be fairly priced.

606
00:25:32,720 --> 00:25:33,600
Speaker 4: God to that or zero.

607
00:25:33,920 --> 00:25:36,760
Speaker 3: So right exactly, I mean thank you for saying that.

608
00:25:36,800 --> 00:25:39,439
Speaker 1: I mean, you know, I mean to balance the budget,

609
00:25:39,440 --> 00:25:41,240
Speaker 1: they would have to more or less cut the big

610
00:25:41,320 --> 00:25:44,640
Speaker 1: categories by fifty percent. And boy, you know, think about

611
00:25:44,680 --> 00:25:46,600
Speaker 1: that politically. You know we're going to cut Medicare and

612
00:25:46,640 --> 00:25:49,640
Speaker 1: so security by fifty percent. I mean, that's not going

613
00:25:49,680 --> 00:25:53,359
Speaker 1: to get through and defense, same story, interest rates, I

614
00:25:53,359 --> 00:25:55,080
Speaker 1: mean those are hard to cut, you know, unless the

615
00:25:55,119 --> 00:25:57,600
Speaker 1: Fed drops rates, because the market determines them in many

616
00:25:58,160 --> 00:26:04,119
Speaker 1: many senses. So yeah, it's sadly, it's it's you know,

617
00:26:04,240 --> 00:26:06,919
Speaker 1: Kaines counseled, I mean, Knes was, in my view of

618
00:26:07,000 --> 00:26:11,280
Speaker 1: kind of a false prophet, and he counseled that, you know,

619
00:26:11,280 --> 00:26:13,560
Speaker 1: don't worry about doing these things to stimulate demand and

620
00:26:13,560 --> 00:26:15,720
Speaker 1: get the economy healthy today. And the effect in the

621
00:26:15,760 --> 00:26:17,280
Speaker 1: long run may not be good, but in the long

622
00:26:17,359 --> 00:26:20,560
Speaker 1: run we're all dead. Well okay, fine, he is, but

623
00:26:20,640 --> 00:26:23,760
Speaker 1: here we are, and the long run has kind of arrived.

624
00:26:23,840 --> 00:26:24,639
Speaker 3: And then you look.

625
00:26:24,480 --> 00:26:27,920
Speaker 1: At your glance at history and you see that in history,

626
00:26:28,640 --> 00:26:31,719
Speaker 1: you know, the you know, when when countries get to

627
00:26:31,720 --> 00:26:34,000
Speaker 1: this condition where they have this munch of debt to GDP,

628
00:26:34,800 --> 00:26:36,920
Speaker 1: you know, it generally doesn't end up well. I mean,

629
00:26:37,119 --> 00:26:40,159
Speaker 1: there's got to be some kind of a reset, and

630
00:26:40,320 --> 00:26:42,880
Speaker 1: it doesn't necessarily have to be a bad scenario.

631
00:26:42,920 --> 00:26:43,560
Speaker 3: I mean it could be.

632
00:26:43,640 --> 00:26:46,720
Speaker 1: If we had enlightened politicians, we could you know, we

633
00:26:46,760 --> 00:26:49,479
Speaker 1: could do a structured reset. I mean Roosevelt did a reset.

634
00:26:49,520 --> 00:26:51,600
Speaker 1: He you know, he grabbed the gold, which I thought

635
00:26:51,640 --> 00:26:55,080
Speaker 1: was bad, but he also devalued gold, which made nineteen

636
00:26:55,080 --> 00:26:57,080
Speaker 1: thirty four the best year of the depression in terms

637
00:26:57,080 --> 00:27:00,400
Speaker 1: of performing economic performance. And you know, the the problem

638
00:27:00,480 --> 00:27:02,920
Speaker 1: is pretty simple, Mark, as you know, we just got

639
00:27:02,960 --> 00:27:07,040
Speaker 1: too much debt. We've used too much debt unproductively, and

640
00:27:07,080 --> 00:27:10,440
Speaker 1: it's sitting out there weighing on us. And you know,

641
00:27:10,760 --> 00:27:12,720
Speaker 1: we've got to We've got to get debt and GDP

642
00:27:13,119 --> 00:27:14,879
Speaker 1: more in balance. And the only way to do that

643
00:27:14,960 --> 00:27:16,480
Speaker 1: it is either write off the debt or let the

644
00:27:16,520 --> 00:27:19,760
Speaker 1: debt collapse, which is very deflationary, somewhat of a depression,

645
00:27:20,359 --> 00:27:24,080
Speaker 1: or to inflate you know, the money and let GDP

646
00:27:24,240 --> 00:27:27,760
Speaker 1: grow in nominal terms a lot, so that without growing

647
00:27:27,800 --> 00:27:30,400
Speaker 1: debt at the same amount, so that the balance between

648
00:27:30,440 --> 00:27:33,680
Speaker 1: debt and GDP is much more manageable. Yeah, that's those

649
00:27:33,680 --> 00:27:37,200
Speaker 1: are your two choices. And and a good policy maker,

650
00:27:37,200 --> 00:27:39,320
Speaker 1: we could figure this out. It would be painful one time,

651
00:27:39,359 --> 00:27:41,159
Speaker 1: but then we'd be back on a sound money standard

652
00:27:41,200 --> 00:27:45,280
Speaker 1: to be good. But sadly, in a prior podcast today,

653
00:27:45,280 --> 00:27:46,720
Speaker 1: I was talking to somebody and he said, yeah, but Larry,

654
00:27:46,720 --> 00:27:48,359
Speaker 1: as you know, what are the odds that we're going

655
00:27:48,400 --> 00:27:50,280
Speaker 1: to have an enlightened policymaker is going to figure that out?

656
00:27:50,320 --> 00:27:52,280
Speaker 1: And I said, well, you've got a good point. You know,

657
00:27:52,320 --> 00:27:55,080
Speaker 1: the average politician doesn't really respond to something until it's

658
00:27:55,119 --> 00:27:55,680
Speaker 1: a crisis.

659
00:27:55,760 --> 00:27:56,040
Speaker 3: You know.

660
00:27:56,440 --> 00:27:59,399
Speaker 2: Well, the problem is with you know, obviously there's a

661
00:27:59,560 --> 00:28:01,480
Speaker 2: I think that the constitution of the American way is

662
00:28:01,520 --> 00:28:03,680
Speaker 2: the best government we've ever seen. But at the same time,

663
00:28:03,720 --> 00:28:06,800
Speaker 2: there's deficiencies like having a four year window for example, right,

664
00:28:06,840 --> 00:28:10,000
Speaker 2: so everyone sees way too short term to go through

665
00:28:10,040 --> 00:28:13,280
Speaker 2: that pain to wet they you know, not being in

666
00:28:13,400 --> 00:28:15,960
Speaker 2: power to see the benefits the shade of that tree

667
00:28:15,960 --> 00:28:18,840
Speaker 2: that they planted, right kind of a thing. So I think,

668
00:28:19,000 --> 00:28:20,440
Speaker 2: I think, you know, what you lay out. The way

669
00:28:20,440 --> 00:28:23,040
Speaker 2: I look at it is like there's not a way

670
00:28:23,080 --> 00:28:25,560
Speaker 2: to fix it. This is what happens when you're on

671
00:28:25,600 --> 00:28:28,960
Speaker 2: a fiat money system. So that's the inevitability I was

672
00:28:29,000 --> 00:28:33,240
Speaker 2: talking about, the you know, to the dilemma of either

673
00:28:33,400 --> 00:28:35,840
Speaker 2: you know, continue printing or let it crash is the

674
00:28:35,880 --> 00:28:39,960
Speaker 2: reality of that fiat money system. So I think then

675
00:28:40,000 --> 00:28:42,080
Speaker 2: you have sort of a couple things like number one,

676
00:28:42,600 --> 00:28:44,440
Speaker 2: do they let it crash or they let it inflate.

677
00:28:44,600 --> 00:28:47,160
Speaker 2: The way I look at it is most people would

678
00:28:47,280 --> 00:28:51,239
Speaker 2: much rather see their retirement accounts and their house and

679
00:28:51,360 --> 00:28:53,400
Speaker 2: all their assets go up even if the cost of

680
00:28:53,400 --> 00:28:57,360
Speaker 2: gas and food goes up, opposed to seeing their retirement

681
00:28:57,400 --> 00:29:01,440
Speaker 2: accounts and housing crash crash down if it meant gases

682
00:29:01,440 --> 00:29:03,520
Speaker 2: a little bit cheaper. So I think everyone would take

683
00:29:03,520 --> 00:29:05,680
Speaker 2: the inflation number one. So I think that, and the

684
00:29:05,680 --> 00:29:06,680
Speaker 2: Fed's sort of proven that.

685
00:29:06,760 --> 00:29:09,920
Speaker 3: Yeah, people like rising numbers even Yeah, yeah, so.

686
00:29:09,920 --> 00:29:13,000
Speaker 4: I think so My base case is they continue printing.

687
00:29:13,080 --> 00:29:13,920
Speaker 4: Then the next.

688
00:29:13,720 --> 00:29:17,560
Speaker 2: Question becomes, is it some inevitable event where like the

689
00:29:17,560 --> 00:29:20,560
Speaker 2: point of no return, it all falls apart, or is

690
00:29:20,600 --> 00:29:23,800
Speaker 2: it the law of diminishing returns where each new dollar

691
00:29:23,880 --> 00:29:27,160
Speaker 2: of debt gets us less growth than the one before it,

692
00:29:27,600 --> 00:29:29,920
Speaker 2: And then you know, we used to get fifty cents

693
00:29:29,920 --> 00:29:31,640
Speaker 2: of debt to get a dollar growth. Today we get

694
00:29:31,640 --> 00:29:34,480
Speaker 2: a dollar debt to get forty cents of growth, and eventually.

695
00:29:34,120 --> 00:29:34,840
Speaker 4: We get twenty cents.

696
00:29:34,880 --> 00:29:39,000
Speaker 3: It's even less or less. Yeah yeah, and then.

697
00:29:39,000 --> 00:29:41,320
Speaker 1: Yeah, yeah, I think that's what's going on. I mean,

698
00:29:41,360 --> 00:29:45,080
Speaker 1: the debt just it's not working, and you know, the

699
00:29:45,320 --> 00:29:48,760
Speaker 1: the currency will fail, and that's what we're kind of

700
00:29:48,800 --> 00:29:50,440
Speaker 1: you know, and you've discussed it many times.

701
00:29:50,440 --> 00:29:52,920
Speaker 3: You're very good on it. Is the whole Gressrom's law issue.

702
00:29:53,000 --> 00:29:57,040
Speaker 1: The currency will fail when people realize they can, when

703
00:29:57,040 --> 00:29:59,560
Speaker 1: a large body of the people using the currency say,

704
00:29:59,560 --> 00:30:02,040
Speaker 1: you know what, the can just never stop printing. And

705
00:30:02,080 --> 00:30:05,280
Speaker 1: so maybe we'll transact in dollars because everyone accepts the dollar.

706
00:30:05,720 --> 00:30:07,760
Speaker 1: But point nobody's going to save in dollars. The bond

707
00:30:07,760 --> 00:30:10,160
Speaker 1: market is going to go away because everyone's going to

708
00:30:10,240 --> 00:30:12,320
Speaker 1: know that the bond market is a sucker's play.

709
00:30:12,280 --> 00:30:14,760
Speaker 3: You know. Yeah, And and and.

710
00:30:14,480 --> 00:30:16,960
Speaker 1: In turn, you know, the investments that are sound or

711
00:30:17,600 --> 00:30:19,920
Speaker 1: you know, bitcoin and gold are going to just soar

712
00:30:19,960 --> 00:30:23,160
Speaker 1: and value visa via the dollar. And that's we're kind

713
00:30:23,160 --> 00:30:24,680
Speaker 1: of seeing the early days of that. And I think

714
00:30:24,720 --> 00:30:28,040
Speaker 1: that's going to continue and get more intense, you know,

715
00:30:28,240 --> 00:30:29,920
Speaker 1: unless they reverse the government spending.

716
00:30:30,160 --> 00:30:32,440
Speaker 2: You know, So we I want to I want to

717
00:30:32,440 --> 00:30:34,400
Speaker 2: break this down into two sort of buckets. We sort

718
00:30:34,400 --> 00:30:37,040
Speaker 2: of have like the retail and then the institutional sovereign side.

719
00:30:37,360 --> 00:30:39,960
Speaker 2: So like from the from the retail side, I mean,

720
00:30:40,400 --> 00:30:44,760
Speaker 2: wouldn't you think that most people already understand they're not

721
00:30:44,800 --> 00:30:47,960
Speaker 2: supposed to save in dollars? I mean, like they've been taught,

722
00:30:48,120 --> 00:30:49,800
Speaker 2: you know, you get a good.

723
00:30:49,760 --> 00:30:52,640
Speaker 1: Job, Yeah, I mean yeah, I think so, I mean

724
00:30:52,680 --> 00:30:55,880
Speaker 1: think a lot I think the average American you know,

725
00:30:56,080 --> 00:30:58,240
Speaker 1: is probably saving in real estate, right.

726
00:30:58,280 --> 00:30:59,280
Speaker 3: They're saving in their house.

727
00:30:59,320 --> 00:31:01,560
Speaker 1: That's the biggest asset, you know, and they realize that

728
00:31:01,640 --> 00:31:05,000
Speaker 1: government can't print houses and so it you know, and

729
00:31:05,240 --> 00:31:06,880
Speaker 1: so it's going to go up with inflation, the cost

730
00:31:06,920 --> 00:31:09,680
Speaker 1: of replacing it, et cetera. The negative there, as I

731
00:31:09,720 --> 00:31:11,200
Speaker 1: point out in the book, and as you're very aware

732
00:31:11,200 --> 00:31:14,480
Speaker 1: of too, is just the state has a first claim

733
00:31:14,480 --> 00:31:17,160
Speaker 1: because they can charge property taxes, right, and you know,

734
00:31:17,200 --> 00:31:18,880
Speaker 1: you can't move the house, and so you've got to

735
00:31:18,920 --> 00:31:19,720
Speaker 1: pay tax on the house.

736
00:31:19,760 --> 00:31:21,160
Speaker 3: If you don't pay the tax, they take it away.

737
00:31:21,240 --> 00:31:24,320
Speaker 1: So so it's not as pure an investment as a

738
00:31:24,400 --> 00:31:27,120
Speaker 1: neutral currency that cannot be printed.

739
00:31:27,160 --> 00:31:28,920
Speaker 3: And the two there are really only two choices.

740
00:31:28,920 --> 00:31:31,360
Speaker 1: There are well three if you count silver, but the

741
00:31:31,520 --> 00:31:35,560
Speaker 1: two large choices you know, golden bitcoin, and government can't

742
00:31:35,560 --> 00:31:38,400
Speaker 1: print them. And so you know, what the market is

743
00:31:38,440 --> 00:31:41,520
Speaker 1: telling us is that more and more people are reaching

744
00:31:41,560 --> 00:31:44,280
Speaker 1: the conclusion that the government is trapped. And you're starting

745
00:31:44,320 --> 00:31:46,840
Speaker 1: to hear this from really mainstream people, even FIAT people

746
00:31:46,880 --> 00:31:49,200
Speaker 1: who are on the other side, you know, they all say,

747
00:31:49,240 --> 00:31:50,880
Speaker 1: even J Powell said it. I mean, I never had

748
00:31:50,920 --> 00:31:52,959
Speaker 1: this on my Bengo card J Paul says, our fiscal

749
00:31:53,000 --> 00:31:54,200
Speaker 1: path is unsustainable.

750
00:31:54,480 --> 00:31:57,520
Speaker 3: I'm like, okay, guy, that's great. I agree you're right.

751
00:31:58,040 --> 00:31:59,640
Speaker 3: So why are you enabling it? You know?

752
00:32:00,160 --> 00:32:04,600
Speaker 2: Yeah, a small business owner, are you buried in all

753
00:32:04,680 --> 00:32:06,959
Speaker 2: types of work keeping you from the real thing that

754
00:32:07,000 --> 00:32:09,640
Speaker 2: makes you money? Well that's where just Works comes in.

755
00:32:09,680 --> 00:32:12,680
Speaker 2: They're the all in one platform that supports small business growth.

756
00:32:12,880 --> 00:32:14,040
Speaker 4: You can get all.

757
00:32:13,880 --> 00:32:17,080
Speaker 2: Their tools that help with benefits like payroll and HR

758
00:32:17,160 --> 00:32:21,160
Speaker 2: and compliance with transparent pricing. Now they help you hire

759
00:32:21,240 --> 00:32:25,920
Speaker 2: top talent internationally, internew markets, quickly scale international operations without

760
00:32:25,960 --> 00:32:28,600
Speaker 2: the workload and forevery how do I do it?

761
00:32:28,720 --> 00:32:29,000
Speaker 4: Question?

762
00:32:29,200 --> 00:32:31,520
Speaker 2: You can reach out to their expert staff from sole

763
00:32:31,600 --> 00:32:35,480
Speaker 2: proprietor or a team of twenty. Just Works empowers all

764
00:32:35,600 --> 00:32:39,360
Speaker 2: kinds of small businesses with real human support. So visit

765
00:32:39,520 --> 00:32:43,080
Speaker 2: justworks dot com slash podcast to join the thousands of

766
00:32:43,120 --> 00:32:47,040
Speaker 2: small businesses that trust just Works to take care of payroll, benefits,

767
00:32:47,200 --> 00:32:52,080
Speaker 2: compliance and more. Again that's Justworks dot com slash podcasts.

768
00:32:54,080 --> 00:32:56,600
Speaker 2: So we have that on the retail side, so most

769
00:32:56,600 --> 00:32:59,120
Speaker 2: people know that they should be savings. They're buying the house,

770
00:32:59,160 --> 00:33:01,400
Speaker 2: they have their paychech being deducted going into their four

771
00:33:01,400 --> 00:33:04,640
Speaker 2: oh one k's or whatever. Then we have the more

772
00:33:04,680 --> 00:33:08,200
Speaker 2: sovereign institutional side, and I think we've you know, to

773
00:33:08,600 --> 00:33:10,680
Speaker 2: the point you made earlier about you know, we have

774
00:33:10,880 --> 00:33:15,040
Speaker 2: to sell treasuries into a you know, not unlimited market.

775
00:33:15,760 --> 00:33:18,040
Speaker 2: But we have seen a pretty big shake up, you

776
00:33:18,080 --> 00:33:20,120
Speaker 2: know in that sort of store value sort of the

777
00:33:20,120 --> 00:33:22,720
Speaker 2: gold market, if you will, most recently with you know,

778
00:33:22,800 --> 00:33:25,680
Speaker 2: you mentioned earlier gold jump into three thousand, but really

779
00:33:25,760 --> 00:33:27,840
Speaker 2: a big shake up in like where the gold is

780
00:33:27,880 --> 00:33:29,640
Speaker 2: even being stored, like how it's being moved with the

781
00:33:29,760 --> 00:33:33,840
Speaker 2: giv Lbuma over to the US. Do you think that shows,

782
00:33:33,920 --> 00:33:36,200
Speaker 2: you know, what China's doing with the Shanghai Gold Exchange

783
00:33:36,240 --> 00:33:39,120
Speaker 2: and what those what those are doing, that that there

784
00:33:39,280 --> 00:33:42,080
Speaker 2: is something even bigger being known and sort of being

785
00:33:42,120 --> 00:33:43,400
Speaker 2: maneuvered in behind the scenes.

786
00:33:43,640 --> 00:33:44,520
Speaker 3: I really do.

787
00:33:44,600 --> 00:33:46,680
Speaker 1: I mean, I think the clues in the gold market

788
00:33:46,680 --> 00:33:49,440
Speaker 1: are substantial. As you know, the country lived on a

789
00:33:49,440 --> 00:33:52,000
Speaker 1: petro dollar standard, and you know five years ago, ten

790
00:33:52,080 --> 00:33:54,520
Speaker 1: years ago, ninety five percent of the oil was traded

791
00:33:54,520 --> 00:33:57,160
Speaker 1: on a dollar standard. But when we grab the Russian assets,

792
00:33:57,200 --> 00:34:00,320
Speaker 1: that changed and now I understand the you know, the

793
00:34:00,400 --> 00:34:03,320
Speaker 1: dollar only accounts for maybe sixty percent of oil sales,

794
00:34:03,360 --> 00:34:06,480
Speaker 1: and the balance is in you know, other currencies because

795
00:34:06,520 --> 00:34:09,600
Speaker 1: people don't trust the dollar, and then those other currencies,

796
00:34:09,640 --> 00:34:12,280
Speaker 1: if they have an access with the supplier, you know whatever,

797
00:34:12,280 --> 00:34:15,120
Speaker 1: they're converting that access into gold. And so you do

798
00:34:15,200 --> 00:34:17,640
Speaker 1: see the Shanghai gold exchange volumes going up quite a bit.

799
00:34:17,719 --> 00:34:19,760
Speaker 1: You see a lot of gold being imported into China.

800
00:34:20,160 --> 00:34:22,719
Speaker 1: You see a lot of central banks buying gold. You

801
00:34:22,760 --> 00:34:25,399
Speaker 1: see a lot of people asking for their gold back

802
00:34:26,040 --> 00:34:28,560
Speaker 1: and for you know, what I call repatriation. You've seen

803
00:34:28,600 --> 00:34:31,040
Speaker 1: it in the United States, even where there have been large,

804
00:34:31,080 --> 00:34:33,560
Speaker 1: large shipments out of London and Switzerland to the United

805
00:34:33,600 --> 00:34:37,319
Speaker 1: States in physical which suggests that there are people, whether

806
00:34:37,320 --> 00:34:38,719
Speaker 1: they be you know, and some people have argued that

807
00:34:38,719 --> 00:34:40,960
Speaker 1: it's the US government that's possible. I kind of doubt it,

808
00:34:41,480 --> 00:34:43,760
Speaker 1: but you know, there's certainly probably billionaires in the United

809
00:34:43,800 --> 00:34:45,960
Speaker 1: States who are thinking to themselves, gosh, I don't trust

810
00:34:45,960 --> 00:34:48,879
Speaker 1: this currency as much, and you know, holding GLD, which

811
00:34:48,920 --> 00:34:51,640
Speaker 1: is a gold etf that has really has claims on gold,

812
00:34:51,680 --> 00:34:54,200
Speaker 1: so it's kind of paper gold saying now you know what,

813
00:34:54,239 --> 00:34:56,800
Speaker 1: maybe maybe you just give me the ounces. Yeah, and

814
00:34:56,840 --> 00:34:58,279
Speaker 1: those of US who are in the gold market know

815
00:34:58,480 --> 00:35:00,799
Speaker 1: that for many, many years they create more pay per

816
00:35:00,880 --> 00:35:05,439
Speaker 1: claims than they had underlying ounces of gold. And so yeah,

817
00:35:05,520 --> 00:35:07,960
Speaker 1: we're starting to see tightness. So these are all you know,

818
00:35:08,000 --> 00:35:10,600
Speaker 1: they're not they're they're clues. They're kind of smoke, you know,

819
00:35:10,760 --> 00:35:12,600
Speaker 1: coming out of the windows or out of the side

820
00:35:12,600 --> 00:35:15,760
Speaker 1: that indicate that maybe there's a real fire. And of course,

821
00:35:15,880 --> 00:35:18,000
Speaker 1: you know, you want to see a mass excess towards

822
00:35:18,000 --> 00:35:20,720
Speaker 1: Gresham's law. You know, if Trump goes and the audits

823
00:35:20,719 --> 00:35:23,239
Speaker 1: Fort Knox and the gold's not there, you know, now

824
00:35:23,920 --> 00:35:25,960
Speaker 1: my guess is for national security reasons, if it's not.

825
00:35:25,880 --> 00:35:27,279
Speaker 3: There, they'll lie about it. They have to.

826
00:35:27,360 --> 00:35:29,359
Speaker 1: But but the point I'm trying to make is that

827
00:35:29,400 --> 00:35:32,399
Speaker 1: there there is a bid for gold, and people are

828
00:35:32,400 --> 00:35:36,040
Speaker 1: losing trust and faith in the government, and so I

829
00:35:36,040 --> 00:35:37,520
Speaker 1: think that BID's going to continue.

830
00:35:38,040 --> 00:35:41,239
Speaker 2: Yeah, I made a video talking about that potential audit

831
00:35:41,280 --> 00:35:43,920
Speaker 2: of the fat of the Fort Knox. First of all,

832
00:35:43,960 --> 00:35:46,479
Speaker 2: there's conflicting information that they say, no, they do audit

833
00:35:46,600 --> 00:35:49,000
Speaker 2: every year, but we haven't seen that publicly. But I

834
00:35:49,400 --> 00:35:51,239
Speaker 2: think I think the flip side is what if they

835
00:35:51,320 --> 00:35:53,560
Speaker 2: found more gold then not less?

836
00:35:53,560 --> 00:35:55,680
Speaker 1: What if they now they are those that argue that

837
00:35:55,680 --> 00:35:57,440
Speaker 1: we've grabbed gold. I mean, I know, we took the

838
00:35:57,440 --> 00:35:59,040
Speaker 1: gold out of a rock, and I think we took

839
00:35:59,080 --> 00:36:01,040
Speaker 1: the gold out of Libya. They're pictures of soldiers with

840
00:36:01,200 --> 00:36:02,200
Speaker 1: you know, bringing it out.

841
00:36:02,360 --> 00:36:03,520
Speaker 3: So yeah, and.

842
00:36:03,480 --> 00:36:05,759
Speaker 2: That's also equally bad because then that shows why is

843
00:36:05,800 --> 00:36:08,360
Speaker 2: the US stockpiling more gold. They don't have their own confidence,

844
00:36:08,400 --> 00:36:10,759
Speaker 2: their own currency, So it's like almost damned if you do,

845
00:36:10,880 --> 00:36:11,720
Speaker 2: damned if you don't.

846
00:36:12,040 --> 00:36:13,200
Speaker 3: Yeah, a little bit, a little bit.

847
00:36:13,640 --> 00:36:15,279
Speaker 2: And I think we saw in the futures mark with

848
00:36:15,320 --> 00:36:17,960
Speaker 2: that backwardation, which meant people were appelling it wanted to

849
00:36:17,960 --> 00:36:20,600
Speaker 2: pay more for gold today than gold for future gold

850
00:36:20,600 --> 00:36:21,120
Speaker 2: in the future.

851
00:36:21,160 --> 00:36:23,319
Speaker 3: So all these things indicate there's a tightness in the

852
00:36:23,320 --> 00:36:25,239
Speaker 3: gold market. There's just no doubt about it. I mean,

853
00:36:25,640 --> 00:36:27,680
Speaker 3: gold is not behaving the way it has in the past.

854
00:36:27,719 --> 00:36:29,959
Speaker 1: I mean it's in a relatively brief period of time,

855
00:36:30,520 --> 00:36:32,640
Speaker 1: you know, going up from you know, two thousand to

856
00:36:32,680 --> 00:36:35,560
Speaker 1: three thousand, that's quite a big move, you know, and

857
00:36:35,600 --> 00:36:37,640
Speaker 1: that's in less than a year. It's actually just about

858
00:36:37,680 --> 00:36:39,920
Speaker 1: a year's time, because it was about twenty seventy twenty

859
00:36:40,000 --> 00:36:42,840
Speaker 1: twenty seventy in early last year, and now it's you know,

860
00:36:43,360 --> 00:36:46,640
Speaker 1: three thousand plus, so it's a thirty three percent move

861
00:36:46,640 --> 00:36:47,920
Speaker 1: in a year that's one of the best years in

862
00:36:47,960 --> 00:36:50,520
Speaker 1: gold of all the years ever. I mean, I don't

863
00:36:50,520 --> 00:36:52,120
Speaker 1: think there's been many years bigger than that.

864
00:36:52,520 --> 00:36:55,160
Speaker 2: Well responded to that forty percent increasing the money supply.

865
00:36:56,280 --> 00:36:58,399
Speaker 1: Well, that's that's a part of it, for sure. I mean,

866
00:36:58,960 --> 00:37:01,759
Speaker 1: that's a part of it. I mean, and it's to me,

867
00:37:01,880 --> 00:37:05,200
Speaker 1: it's a signal. It's telling us something not to be ignored.

868
00:37:05,400 --> 00:37:08,480
Speaker 2: You know. So in your book The Big Print, you

869
00:37:08,520 --> 00:37:12,640
Speaker 2: lay out a playbook for like surviving this whole financial mess. Yeah,

870
00:37:12,680 --> 00:37:15,000
Speaker 2: what's the one step that everyone should be thinking about

871
00:37:15,000 --> 00:37:16,160
Speaker 2: taking where tomorrow?

872
00:37:16,239 --> 00:37:16,880
Speaker 3: Yeah? Great?

873
00:37:17,000 --> 00:37:20,239
Speaker 1: So So, I mean, as you and I both know,

874
00:37:20,280 --> 00:37:22,320
Speaker 1: and we work on the fund and advise our clients.

875
00:37:22,320 --> 00:37:24,160
Speaker 1: I mean, the first thing I say is, you just

876
00:37:24,160 --> 00:37:26,279
Speaker 1: don't want to own things the government can print, because

877
00:37:26,280 --> 00:37:28,480
Speaker 1: the government's kind of set up to print, and debasement's

878
00:37:28,520 --> 00:37:31,400
Speaker 1: a necessary event more or less on a go forward basis.

879
00:37:31,400 --> 00:37:34,200
Speaker 1: And so you know that means that you know that

880
00:37:33,920 --> 00:37:36,680
Speaker 1: that takes away bonds, and it takes away just cash

881
00:37:36,960 --> 00:37:38,680
Speaker 1: and so forth. So you want to be in things

882
00:37:38,680 --> 00:37:41,680
Speaker 1: the government can't print in real estate obviously qualifies to

883
00:37:41,680 --> 00:37:45,120
Speaker 1: said earlier get the tax issue. You know, I believe,

884
00:37:45,120 --> 00:37:46,680
Speaker 1: and I say it in the book, and it's not

885
00:37:46,719 --> 00:37:49,520
Speaker 1: investment advice. It's not invest advice here, but I just

886
00:37:49,760 --> 00:37:51,920
Speaker 1: make a statement that says that I believe that if

887
00:37:51,960 --> 00:37:55,319
Speaker 1: individuals do not have you know, twenty five percent of

888
00:37:55,320 --> 00:37:57,880
Speaker 1: their investable assets in what I consider sound money, and

889
00:37:57,960 --> 00:38:00,520
Speaker 1: the two choices are gold and well three choices, gold, silver,

890
00:38:00,560 --> 00:38:04,000
Speaker 1: and bitcoin, they will likely experience regret because I think

891
00:38:04,040 --> 00:38:07,560
Speaker 1: that we will have inflation, and those three assets are

892
00:38:07,600 --> 00:38:10,399
Speaker 1: known to protect you from inflation. And I'm not saying

893
00:38:10,440 --> 00:38:12,080
Speaker 1: you gotta put all your money there. I'm just saying

894
00:38:12,120 --> 00:38:13,680
Speaker 1: that if you don't have anything there, and I know

895
00:38:13,719 --> 00:38:15,440
Speaker 1: people a lot of people who have a ton of

896
00:38:15,480 --> 00:38:18,960
Speaker 1: stocks and some bonds and no gold, no bitcoin, and

897
00:38:19,040 --> 00:38:21,480
Speaker 1: I just don't think that's the right balance of you know,

898
00:38:21,600 --> 00:38:25,279
Speaker 1: risk and reward in an environment that's likely to be inflationary.

899
00:38:25,640 --> 00:38:27,759
Speaker 1: A lot of people have that balance mark as you know,

900
00:38:27,840 --> 00:38:30,520
Speaker 1: because we did have a big deflationary period from eighty

901
00:38:30,600 --> 00:38:33,759
Speaker 1: to you know, twenty twenty, and technology is deflationary, so

902
00:38:34,320 --> 00:38:36,080
Speaker 1: you know, as Jeff points out, I mean, we've got

903
00:38:36,080 --> 00:38:39,600
Speaker 1: this conflicting system where the technology is creating deflation, but

904
00:38:39,640 --> 00:38:44,399
Speaker 1: the monetary system must you know, requires inflation. And it's

905
00:38:44,680 --> 00:38:46,640
Speaker 1: it's at the meeting of those two that the problem

906
00:38:46,640 --> 00:38:51,080
Speaker 1: has occurred, right, you know. So it's it's tricky and

907
00:38:51,120 --> 00:38:53,359
Speaker 1: it's going to be volatile, and but so I I

908
00:38:53,600 --> 00:38:56,239
Speaker 1: you know, I suggest people you know know, understand what

909
00:38:56,280 --> 00:38:59,080
Speaker 1: they own and and try to understand that everything they

910
00:38:59,080 --> 00:39:01,480
Speaker 1: buy could could go up or down. But that you

911
00:39:01,520 --> 00:39:03,520
Speaker 1: don't want to get rid of the forms of money

912
00:39:03,560 --> 00:39:06,080
Speaker 1: that can't be printed, because the odds are very high

913
00:39:06,160 --> 00:39:09,120
Speaker 1: in my view that the government resolution of this will

914
00:39:09,160 --> 00:39:12,400
Speaker 1: involve printing money. Yeah, and so they can't print bitcoin.

915
00:39:12,440 --> 00:39:14,360
Speaker 1: They're twenty one million of them. They can't print gold.

916
00:39:14,400 --> 00:39:16,640
Speaker 1: It's growing the supply, but only at one point seven

917
00:39:16,680 --> 00:39:17,279
Speaker 1: percent a year.

918
00:39:17,480 --> 00:39:18,799
Speaker 2: I want to take a break real quick and just

919
00:39:18,800 --> 00:39:22,239
Speaker 2: say that there's only so much you can learn through videos. Yeah,

920
00:39:22,280 --> 00:39:24,680
Speaker 2: build your knowledge, build your skills, but you need to

921
00:39:24,719 --> 00:39:28,440
Speaker 2: build your relationships. Relationships plus skills equals money. So come

922
00:39:28,480 --> 00:39:31,280
Speaker 2: build your relationships and your knowledge at the Bitcoin Conference

923
00:39:31,280 --> 00:39:33,759
Speaker 2: May twenty seventh through twenty ninth in Las Vegas. I'm

924
00:39:33,760 --> 00:39:35,680
Speaker 2: going to be there speaking for the fourth year in

925
00:39:35,719 --> 00:39:41,040
Speaker 2: a row and lots of other people way bigger than me. Entertainment, politics, media, finance,

926
00:39:41,080 --> 00:39:42,120
Speaker 2: you name it, they'll be there.

927
00:39:42,160 --> 00:39:43,520
Speaker 4: So come check it out.

928
00:39:43,719 --> 00:39:46,120
Speaker 2: Save some money with my code Mark Moss or I'll

929
00:39:46,120 --> 00:39:48,440
Speaker 2: put a link down below if you use my code

930
00:39:48,480 --> 00:39:50,560
Speaker 2: to save some money. I'm going to do a private

931
00:39:50,640 --> 00:39:53,200
Speaker 2: meetup just for you and some of my friends. So

932
00:39:53,600 --> 00:39:55,719
Speaker 2: let me know, use that code, save some money, send

933
00:39:55,800 --> 00:39:58,080
Speaker 2: me a message and we'll get you in the private meetup,

934
00:39:58,080 --> 00:40:00,160
Speaker 2: and I hope to see you in Las Vegas. So,

935
00:40:01,200 --> 00:40:03,959
Speaker 2: I mean, you know, we got the two scenarios. Either

936
00:40:03,960 --> 00:40:07,520
Speaker 2: they print or they don't. We've talked about the inevitability

937
00:40:07,560 --> 00:40:10,319
Speaker 2: of that. I think the timing is obviously the big

938
00:40:10,360 --> 00:40:12,880
Speaker 2: thing in question. I know you disagree with a lot

939
00:40:12,880 --> 00:40:16,040
Speaker 2: of people online. I'm curious what your bold predictions are

940
00:40:16,080 --> 00:40:18,759
Speaker 2: if we'd like talk about the collapse, like how does

941
00:40:18,840 --> 00:40:21,359
Speaker 2: this all play out, and maybe what would be your

942
00:40:21,440 --> 00:40:24,160
Speaker 2: controversial prediction for like, say the next five years.

943
00:40:24,520 --> 00:40:27,360
Speaker 1: Yeah, So, I think my controversial prediction is that this

944
00:40:27,440 --> 00:40:30,279
Speaker 1: comes within the next eighteen months to two years. And

945
00:40:30,280 --> 00:40:32,560
Speaker 1: when I say this comes, I mean I mean a

946
00:40:32,600 --> 00:40:36,360
Speaker 1: pretty serious monetary event. I think the stock market is

947
00:40:36,400 --> 00:40:39,719
Speaker 1: going to roll over. I think it's very overvalued. I

948
00:40:39,719 --> 00:40:42,359
Speaker 1: think that when that starts to happen, tax receipts will

949
00:40:42,360 --> 00:40:46,320
Speaker 1: go down, unemployment will go up, people will start screaming,

950
00:40:47,200 --> 00:40:50,440
Speaker 1: the feder will be forced into cutting interest rates, and

951
00:40:50,560 --> 00:40:53,200
Speaker 1: we will see an environment you know, inflation will not

952
00:40:53,320 --> 00:40:56,560
Speaker 1: necessarily come down, even though they'll be less demand. There

953
00:40:56,600 --> 00:40:59,440
Speaker 1: will be inflation in certain pocket scenarios. I mean, you know,

954
00:40:59,440 --> 00:41:02,400
Speaker 1: you look at like, you know, the union, the longshoreman

955
00:41:02,480 --> 00:41:05,239
Speaker 1: junion just got a ten year sixty percent price bump,

956
00:41:05,440 --> 00:41:08,400
Speaker 1: or you know, so there are a six year sixty

957
00:41:08,440 --> 00:41:10,960
Speaker 1: percent price bump, so it's ten percent a year. So

958
00:41:11,040 --> 00:41:14,160
Speaker 1: inflation once the history shows inflation once started, it's hard

959
00:41:14,200 --> 00:41:16,160
Speaker 1: to reverse it. So I think we're going to We're

960
00:41:16,160 --> 00:41:18,640
Speaker 1: going to see more inflation. And my view is that

961
00:41:18,680 --> 00:41:20,560
Speaker 1: then what will happens. The bond market will start to

962
00:41:20,600 --> 00:41:23,800
Speaker 1: revolt and they'll realize they're the sucker at the table,

963
00:41:24,520 --> 00:41:27,080
Speaker 1: and in light of that, they will start to sell

964
00:41:27,400 --> 00:41:29,360
Speaker 1: bonds and so interest rates will go up. So the

965
00:41:29,400 --> 00:41:31,480
Speaker 1: three things I look at on an everyday basis are

966
00:41:31,880 --> 00:41:33,719
Speaker 1: the ten year interest rate, the price of gold, and

967
00:41:33,760 --> 00:41:36,239
Speaker 1: the price of bitcoin. And I think when we see

968
00:41:36,280 --> 00:41:37,840
Speaker 1: when we see the interest rates going up, when we

969
00:41:37,880 --> 00:41:39,439
Speaker 1: see the price of gold going up, when we see

970
00:41:39,440 --> 00:41:41,919
Speaker 1: the price of bitcoin going up, all of those things

971
00:41:41,920 --> 00:41:44,120
Speaker 1: will indicate that quote unquote the money is in the

972
00:41:44,120 --> 00:41:47,759
Speaker 1: advanced stages of failing. And by the way, the stock

973
00:41:47,800 --> 00:41:49,759
Speaker 1: market might go up, I mean, there's it's such a

974
00:41:49,800 --> 00:41:51,880
Speaker 1: thing as a crack up boom where at least a

975
00:41:51,920 --> 00:41:55,240
Speaker 1: stock does I mean, in hyper inflationary economy, stock markets

976
00:41:55,280 --> 00:41:58,160
Speaker 1: have gone up, and they do that because the stocks

977
00:41:58,200 --> 00:41:59,160
Speaker 1: represent a claim.

978
00:41:58,960 --> 00:41:59,560
Speaker 3: On a business.

979
00:41:59,600 --> 00:42:02,960
Speaker 1: But but the purest play for monetary debatesement are these

980
00:42:03,080 --> 00:42:05,879
Speaker 1: forms of money that can't be printed. And I think

981
00:42:05,920 --> 00:42:08,040
Speaker 1: that it'll come to a head where the FED will

982
00:42:08,080 --> 00:42:10,640
Speaker 1: then be forced to say, well, you know, we can't

983
00:42:10,680 --> 00:42:13,439
Speaker 1: pay six percent interest rates on thirty six trillion dollars

984
00:42:13,440 --> 00:42:16,319
Speaker 1: worth a debt that would truly bankrupt the government. So

985
00:42:16,640 --> 00:42:18,839
Speaker 1: we're going to need to buy the debt. And so

986
00:42:18,880 --> 00:42:22,239
Speaker 1: that means back to QE and maybe dropping short term

987
00:42:22,320 --> 00:42:24,400
Speaker 1: rates down, so they and then funding a lot of

988
00:42:24,440 --> 00:42:27,200
Speaker 1: the debt short term, so that instead of paying you know,

989
00:42:27,239 --> 00:42:29,200
Speaker 1: for the three point five they're paying now, that goes

990
00:42:29,239 --> 00:42:32,040
Speaker 1: back down to two or something. And as a result

991
00:42:32,080 --> 00:42:33,759
Speaker 1: of all of that, you know, we get into a

992
00:42:34,520 --> 00:42:37,520
Speaker 1: situation where you know, okay, that that the FED buying

993
00:42:37,520 --> 00:42:39,640
Speaker 1: that they buy that with newly printed money, the FED

994
00:42:39,680 --> 00:42:42,400
Speaker 1: balance sheet gets a lot larger. FED balance sheet right

995
00:42:42,400 --> 00:42:44,480
Speaker 1: now is in the seven trillion range. The bond market's

996
00:42:44,520 --> 00:42:47,360
Speaker 1: thirty six trillion US treasury bond market. So if the

997
00:42:47,440 --> 00:42:50,560
Speaker 1: US treasury bond markets suddenly all revolted and said, you

998
00:42:50,560 --> 00:42:52,080
Speaker 1: know what, we're not holding this, we know you guys

999
00:42:52,080 --> 00:42:54,120
Speaker 1: are going to debase us, We're going to sell it

1000
00:42:54,120 --> 00:42:55,840
Speaker 1: all to U FED, Well, the FED would have to

1001
00:42:55,840 --> 00:42:58,960
Speaker 1: conjure up thirty six trillion dollars and add that to

1002
00:42:59,000 --> 00:43:01,680
Speaker 1: the seven that's already on their balance sheet. Well, that

1003
00:43:01,840 --> 00:43:03,960
Speaker 1: thirty you know, the money supply isn't that large that

1004
00:43:03,960 --> 00:43:05,920
Speaker 1: that would that would more than double the existing M

1005
00:43:05,960 --> 00:43:09,400
Speaker 1: two money supply, so you know, which would be massively

1006
00:43:09,440 --> 00:43:13,040
Speaker 1: inflationary and just compound the problem. And so and then

1007
00:43:13,120 --> 00:43:15,960
Speaker 1: you get into the whole Gresham's law event where you know,

1008
00:43:16,040 --> 00:43:18,640
Speaker 1: everybody realizes, oh my god, this money is buying less

1009
00:43:18,640 --> 00:43:21,520
Speaker 1: and less every day, and gold is going up every day,

1010
00:43:21,520 --> 00:43:23,200
Speaker 1: and bitcoin is going up every day. If I want

1011
00:43:23,200 --> 00:43:24,960
Speaker 1: to protect myself, I've got to buy some of those

1012
00:43:25,200 --> 00:43:27,600
Speaker 1: or you know, real estate or real things. I mean,

1013
00:43:27,640 --> 00:43:30,120
Speaker 1: it's it's a crack up boom based on you know.

1014
00:43:30,160 --> 00:43:32,520
Speaker 1: I mean in the Weymar example, you know, people were

1015
00:43:32,520 --> 00:43:34,719
Speaker 1: buying anything they could buy. They'd get paid, and they'd

1016
00:43:34,719 --> 00:43:37,080
Speaker 1: immediately buy something because they knew it was going to

1017
00:43:37,120 --> 00:43:41,680
Speaker 1: cost more in the future. Yeah, that's that's Gresham's law, right, Yeah.

1018
00:43:41,800 --> 00:43:44,080
Speaker 3: Yeah, crack And I think I think we've got a

1019
00:43:44,160 --> 00:43:44,879
Speaker 3: decent chance.

1020
00:43:44,920 --> 00:43:46,160
Speaker 1: And I know a lot of people argue with me

1021
00:43:46,200 --> 00:43:48,600
Speaker 1: online Sam, with Dumer, and I've been wrong, and I

1022
00:43:48,600 --> 00:43:50,400
Speaker 1: have been I thought it would happen faster than that's happened.

1023
00:43:50,400 --> 00:43:52,840
Speaker 1: But I believe this could happen in the next few years.

1024
00:43:53,200 --> 00:43:57,920
Speaker 1: I think, you know, the the problem the bubble is

1025
00:43:58,000 --> 00:44:00,840
Speaker 1: quite large. I've watched a lot of these bubbles, and

1026
00:44:00,920 --> 00:44:03,040
Speaker 1: you know the notion that Trump can kind of let

1027
00:44:03,080 --> 00:44:05,239
Speaker 1: the air out of the bubbles slowly and manage his.

1028
00:44:05,200 --> 00:44:08,600
Speaker 3: Way through that. I that's in my experience, that's not

1029
00:44:08,640 --> 00:44:09,479
Speaker 3: how bubbles work.

1030
00:44:09,640 --> 00:44:13,200
Speaker 1: Once they once they get pricked, everybody sees the pattern

1031
00:44:13,200 --> 00:44:14,840
Speaker 1: and says, oh, let me out. I mean when the

1032
00:44:14,880 --> 00:44:17,960
Speaker 1: stock when the when the dot com stocks burst. Even

1033
00:44:18,000 --> 00:44:20,520
Speaker 1: a good company like Cisco, which was a great company

1034
00:44:20,520 --> 00:44:21,880
Speaker 1: making all the routers for the Internet.

1035
00:44:22,360 --> 00:44:23,920
Speaker 3: You know, it fell eighty percent.

1036
00:44:23,640 --> 00:44:26,560
Speaker 4: In value and it's never come back, right.

1037
00:44:26,440 --> 00:44:29,560
Speaker 1: Right, and and so you know, I mean, I think

1038
00:44:29,600 --> 00:44:32,719
Speaker 1: that once people realize that the mag seven, you know,

1039
00:44:32,760 --> 00:44:34,759
Speaker 1: and the economy is slowing down, the mag seven is

1040
00:44:34,800 --> 00:44:37,759
Speaker 1: not as magnificent as everyone thinks. You know, the rush

1041
00:44:37,760 --> 00:44:39,760
Speaker 1: for the exits is going to get you know, crowded,

1042
00:44:40,400 --> 00:44:42,800
Speaker 1: and you know, then then we'll have the downturn and

1043
00:44:42,840 --> 00:44:44,799
Speaker 1: it becomes reflexive. I mean, in the same way that

1044
00:44:44,920 --> 00:44:49,759
Speaker 1: leverage makes businesses and economies do well on the upside.

1045
00:44:50,200 --> 00:44:52,560
Speaker 1: You know, ask anybody who's got too much debt. When

1046
00:44:52,680 --> 00:44:54,719
Speaker 1: you know, when you've got too much debt and your

1047
00:44:54,719 --> 00:44:56,800
Speaker 1: income doesn't go up, you know you're in trouble.

1048
00:44:57,800 --> 00:45:00,359
Speaker 3: You know, things have to get sold quickly on the downside. Right,

1049
00:45:00,440 --> 00:45:01,240
Speaker 3: That's how it works.

1050
00:45:01,640 --> 00:45:04,840
Speaker 2: Just to just to be clear here, though, if I'm

1051
00:45:04,880 --> 00:45:07,479
Speaker 2: hearing this correctly, what you think in the next eighteen

1052
00:45:07,520 --> 00:45:10,880
Speaker 2: to twenty four months is your controversial take that the

1053
00:45:10,920 --> 00:45:16,120
Speaker 2: markets roll over, the bond market revolts, which is a

1054
00:45:16,160 --> 00:45:19,480
Speaker 2: deflationary pulse that forces the Fed to do the big print,

1055
00:45:20,239 --> 00:45:22,520
Speaker 2: and then we see a massive and so sort of

1056
00:45:22,520 --> 00:45:25,120
Speaker 2: like a twenty twenty on steroids of a quick V dip,

1057
00:45:25,960 --> 00:45:30,080
Speaker 2: so a quick crash into a massive inflationary.

1058
00:45:29,640 --> 00:45:30,319
Speaker 3: I think that's right.

1059
00:45:30,440 --> 00:45:33,359
Speaker 1: I think that's right, and the economy keeps running. I mean,

1060
00:45:33,480 --> 00:45:35,400
Speaker 1: you know, one could actually argue that the FED, in

1061
00:45:35,480 --> 00:45:37,719
Speaker 1: trying to fight inflation was kind of doing the wrong thing.

1062
00:45:37,760 --> 00:45:39,799
Speaker 1: I mean, Luke Roman has actually made the argument that

1063
00:45:40,239 --> 00:45:42,359
Speaker 1: we should just let inflation run hot for a bunch

1064
00:45:42,400 --> 00:45:45,120
Speaker 1: of years until we get that to GP at the

1065
00:45:45,200 --> 00:45:45,800
Speaker 1: right place.

1066
00:45:45,960 --> 00:45:46,640
Speaker 3: Yeah.

1067
00:45:46,840 --> 00:45:49,839
Speaker 1: I'm not entirely sympathetic to that argument, but I mean,

1068
00:45:49,840 --> 00:45:52,280
Speaker 1: the problem really is too much debt, not enough GDP,

1069
00:45:52,520 --> 00:45:54,680
Speaker 1: and so the resets needed.

1070
00:45:54,520 --> 00:45:59,759
Speaker 4: You know, I'm I'm I see, I see.

1071
00:46:00,120 --> 00:46:03,279
Speaker 2: I agree with your viewpoint because I believe it's inevitable.

1072
00:46:03,400 --> 00:46:06,080
Speaker 2: I think, in my opinion, i'm more optimistic, so i'd

1073
00:46:06,120 --> 00:46:08,120
Speaker 2: say it's probably a lot further out. I think there's

1074
00:46:08,160 --> 00:46:10,680
Speaker 2: a chance. Inflation is the only way. That's the nature

1075
00:46:10,719 --> 00:46:13,720
Speaker 2: of the system. So it's like, not about what we feel.

1076
00:46:13,840 --> 00:46:15,200
Speaker 2: That's what this system is.

1077
00:46:15,239 --> 00:46:16,960
Speaker 4: It's an inflationary death based system.

1078
00:46:17,320 --> 00:46:19,160
Speaker 3: This is mathematically assured, right.

1079
00:46:19,120 --> 00:46:21,960
Speaker 2: Yeah, it's just the severity and the speed.

1080
00:46:22,239 --> 00:46:24,239
Speaker 3: Totally agree, And I look, I've been wrong a lot.

1081
00:46:24,280 --> 00:46:25,200
Speaker 3: I could be wrong again.

1082
00:46:25,400 --> 00:46:27,840
Speaker 4: I was just gonna say I'm a little bit hopeful.

1083
00:46:28,239 --> 00:46:29,800
Speaker 4: I'm a little bit hopeful.

1084
00:46:29,480 --> 00:46:33,160
Speaker 2: Because what the Trump and Elon if you will kind

1085
00:46:33,160 --> 00:46:37,800
Speaker 2: of administration is doing those one thing cut expenses. But

1086
00:46:38,320 --> 00:46:41,279
Speaker 2: more specifically, what I'm focused on is taking all the

1087
00:46:41,320 --> 00:46:44,040
Speaker 2: red tape off of the economy. We just saw like

1088
00:46:44,160 --> 00:46:49,879
Speaker 2: twenty seven EPA regulations get pulled back twenty seven and

1089
00:46:49,960 --> 00:46:53,480
Speaker 2: so like, I think that we're about to see a

1090
00:46:53,960 --> 00:46:56,600
Speaker 2: massive repeal and they've said they've said as much, and.

1091
00:46:56,680 --> 00:46:58,520
Speaker 4: Per Trump's first term, I believe.

1092
00:46:58,239 --> 00:47:01,319
Speaker 2: He'll do it a massive appeal to all kinds of

1093
00:47:01,360 --> 00:47:04,480
Speaker 2: regulations that are hamstringing. And I think if we could

1094
00:47:05,200 --> 00:47:09,200
Speaker 2: unleash the American economy and maybe yeah, create a little

1095
00:47:09,200 --> 00:47:12,400
Speaker 2: bit more inflation, like ease monetary conditions and unleash the economy.

1096
00:47:12,400 --> 00:47:15,080
Speaker 2: At the same time, it doesn't fix the system. The

1097
00:47:15,120 --> 00:47:17,640
Speaker 2: system is inherently right bad.

1098
00:47:17,760 --> 00:47:19,680
Speaker 1: No, I mean you could there's a scenario that says

1099
00:47:19,719 --> 00:47:22,240
Speaker 1: you could just have an inflationary growth.

1100
00:47:22,000 --> 00:47:24,320
Speaker 4: Right and we just muddle along. We just muddle along.

1101
00:47:24,400 --> 00:47:27,680
Speaker 3: Yeah, And I'm very open to that scenario being the

1102
00:47:27,680 --> 00:47:28,400
Speaker 3: one that occurs.

1103
00:47:28,560 --> 00:47:32,239
Speaker 2: But it doesn't change the fact that home prices and

1104
00:47:32,280 --> 00:47:35,360
Speaker 2: gas prices and all other aspects will continue will continue

1105
00:47:35,360 --> 00:47:36,560
Speaker 2: to income.

1106
00:47:36,800 --> 00:47:40,680
Speaker 1: There is no there is no stop inflation scenario from

1107
00:47:40,680 --> 00:47:42,319
Speaker 1: what I can see, and I think you would agree with.

1108
00:47:42,280 --> 00:47:44,160
Speaker 2: That, right. And the reason why I wanted to just

1109
00:47:44,200 --> 00:47:46,520
Speaker 2: throw that out there is because whether it's extreme like

1110
00:47:46,600 --> 00:47:49,399
Speaker 2: you see, or maybe more drawn out like I see,

1111
00:47:49,440 --> 00:47:52,600
Speaker 2: it doesn't change what's happening. And what's happening is asset

1112
00:47:52,640 --> 00:47:56,040
Speaker 2: prices are going going to exceed your your rate of income,

1113
00:47:57,320 --> 00:47:59,359
Speaker 2: and you have to take protection either way.

1114
00:47:59,719 --> 00:48:00,480
Speaker 3: That's exactly right.

1115
00:48:00,680 --> 00:48:03,839
Speaker 1: Well, and yes, and things we will have to have

1116
00:48:03,920 --> 00:48:07,160
Speaker 1: some inflation, so your life will become more expensive, right,

1117
00:48:07,360 --> 00:48:13,120
Speaker 1: a matter in almost any scenario. So yeah, and the

1118
00:48:13,160 --> 00:48:14,880
Speaker 1: slope of that curve, I don't know, you don't know,

1119
00:48:14,960 --> 00:48:17,160
Speaker 1: None of us really know. I mean, I look, I hope.

1120
00:48:17,200 --> 00:48:19,839
Speaker 1: I don't hope for bad things. I hope we hold

1121
00:48:19,840 --> 00:48:22,279
Speaker 1: together as a country, solve these problems. I hope, you know,

1122
00:48:22,280 --> 00:48:24,560
Speaker 1: we get incredibly productive as a result, as you say,

1123
00:48:24,719 --> 00:48:26,400
Speaker 1: of getting rid of this deregulation and some of the

1124
00:48:26,440 --> 00:48:29,520
Speaker 1: other things that they're doing. Those are all very positive steps.

1125
00:48:29,600 --> 00:48:32,319
Speaker 1: Don't get me wrong, I'm a big fan of all

1126
00:48:32,360 --> 00:48:35,319
Speaker 1: of that. I'm just what I'm wondering is back to

1127
00:48:35,400 --> 00:48:38,200
Speaker 1: Lyn's point of nothing stops this train. You know, I

1128
00:48:38,280 --> 00:48:40,680
Speaker 1: look at Dosee and I say, well, okay, they want

1129
00:48:40,680 --> 00:48:43,799
Speaker 1: to cut you know, and Elon's a dreamer and he's

1130
00:48:43,840 --> 00:48:46,760
Speaker 1: a brilliant entrepreneur. It's taken huge risks he made them work.

1131
00:48:47,480 --> 00:48:49,400
Speaker 1: But he also tends to be ahead of himself. I mean,

1132
00:48:49,400 --> 00:48:51,440
Speaker 1: he said we'd have full self driving cars in twenty eighteen,

1133
00:48:51,440 --> 00:48:53,719
Speaker 1: you could run them out of taxis. Well that didn't

1134
00:48:53,719 --> 00:48:56,680
Speaker 1: exactly happen in twenty eighteen is now seven years ago.

1135
00:48:57,040 --> 00:48:59,040
Speaker 1: Now to his credit, though, you know, I wrote in

1136
00:48:59,040 --> 00:49:01,480
Speaker 1: a Tesla recently, it'srett damn close to full self driving.

1137
00:49:01,480 --> 00:49:03,360
Speaker 3: I was impressed. You know.

1138
00:49:03,400 --> 00:49:05,880
Speaker 1: He said he could eliminate the two trillion dollar deficit,

1139
00:49:06,440 --> 00:49:08,759
Speaker 1: and anyone who really carefully looks at it just says

1140
00:49:09,080 --> 00:49:13,319
Speaker 1: not without chopping everything in fifty percent, because you know,

1141
00:49:13,360 --> 00:49:16,960
Speaker 1: the eighty percent of it's baked into Social Security, Medicare, defense,

1142
00:49:17,000 --> 00:49:17,480
Speaker 1: and interest.

1143
00:49:17,560 --> 00:49:18,959
Speaker 3: I mean, even if.

1144
00:49:18,880 --> 00:49:20,279
Speaker 1: You cut all the rest of it, you still are

1145
00:49:20,280 --> 00:49:23,680
Speaker 1: only cutting about a trillion dollars. Yeah, so it's a

1146
00:49:23,840 --> 00:49:26,200
Speaker 1: you know, there's a there's a real problem. We've you know,

1147
00:49:26,239 --> 00:49:28,400
Speaker 1: I mean it was sad what what COVID did was.

1148
00:49:28,520 --> 00:49:31,680
Speaker 1: I mean, and this goes back to kind of you know,

1149
00:49:31,880 --> 00:49:34,719
Speaker 1: eight and even two thousand. You know, what starts off

1150
00:49:34,719 --> 00:49:37,719
Speaker 1: as being an emergency measure becomes the new base, and

1151
00:49:37,960 --> 00:49:40,920
Speaker 1: it's almost like a ratchet effect. I mean, government spending

1152
00:49:40,960 --> 00:49:42,759
Speaker 1: pre COVID was like four to seven. It went to

1153
00:49:42,800 --> 00:49:46,080
Speaker 1: six seven, five, and it hasn't come back down. And

1154
00:49:46,160 --> 00:49:47,640
Speaker 1: I mean, I get it. Okay, it's a crisis. We

1155
00:49:47,719 --> 00:49:49,680
Speaker 1: got to help people find let's spend a lot of money.

1156
00:49:49,920 --> 00:49:51,960
Speaker 1: But why not once the crisis is over, let's bring

1157
00:49:52,000 --> 00:49:54,120
Speaker 1: it back to where it was and that that part

1158
00:49:54,239 --> 00:49:55,520
Speaker 1: just doesn't happen sadly.

1159
00:49:56,080 --> 00:49:59,560
Speaker 2: Yeah, yeah, all right, Well that's a good place to

1160
00:49:59,680 --> 00:50:01,919
Speaker 2: end it. We're going to wrap it up there, Larry,

1161
00:50:02,000 --> 00:50:03,080
Speaker 2: thanks so much for taking the time.

1162
00:50:03,160 --> 00:50:05,720
Speaker 4: The Big Print. If you want to understand.

1163
00:50:05,320 --> 00:50:07,560
Speaker 2: What's going on, don't just take the bullet points we

1164
00:50:07,600 --> 00:50:09,640
Speaker 2: talked about here, get the book the Big Print. We'll

1165
00:50:09,640 --> 00:50:12,239
Speaker 2: link to it in the show notes down below. And

1166
00:50:12,360 --> 00:50:14,680
Speaker 2: if you want to learn how to protect yourself, Larry's

1167
00:50:14,719 --> 00:50:15,480
Speaker 2: got a gold fund.

1168
00:50:15,800 --> 00:50:16,360
Speaker 4: We'll link to that.

1169
00:50:16,440 --> 00:50:18,879
Speaker 2: We also have a bitcoin fund, took an opportunity fund,

1170
00:50:19,120 --> 00:50:20,640
Speaker 2: we'll link to that down below if you'd like to

1171
00:50:20,640 --> 00:50:22,040
Speaker 2: find out ways to protect yourself.

1172
00:50:22,120 --> 00:50:24,120
Speaker 1: Very well, they had a great year last year, and

1173
00:50:24,680 --> 00:50:27,680
Speaker 1: really it's dampling some of the volatility and bitcoin and

1174
00:50:27,680 --> 00:50:29,560
Speaker 1: finding some other great opportunities around it.

1175
00:50:29,640 --> 00:50:31,279
Speaker 3: So it's highly recommended.

1176
00:50:31,719 --> 00:50:33,600
Speaker 4: Yep, all right, Larry, thanks so much.

1177
00:50:33,680 --> 00:50:37,799
Speaker 3: Okay, thank you. Mark really enjoyed Sena