WEBVTT - The Fed Has Their Own Plan For Great Reset | Tom Luongo 0:00:00.080 --> 0:00:03.720 The Fed has their own plan for the Great Reset. Now, 0:00:03.880 --> 0:00:06.400 I am joined today by a returning guest to talk 0:00:06.600 --> 0:00:09.600 about this topic. Now, of course you know about the 0:00:09.640 --> 0:00:12.440 euro DAVS, e c B, the World Economic Forum, and 0:00:12.480 --> 0:00:15.600 Claus Schwab and their plan for the Great Reset. But 0:00:16.200 --> 0:00:19.239 my guest today says that the Federal Reserve is fighting 0:00:19.360 --> 0:00:22.079 against that. There's all types of warring factions, and the 0:00:22.079 --> 0:00:25.119 Federal Reserve has a plan to fight back against that 0:00:25.400 --> 0:00:29.320 enforce their own Great reset by breaking the euro bond market. 0:00:29.720 --> 0:00:32.800 We talk about from what's happening in local politics, how 0:00:32.800 --> 0:00:37.000 the Treasury and Federal fighting in the geopolitical picture with Russia, Ukraine, 0:00:37.240 --> 0:00:41.080 China get involved, the North Stream Pipeline and Germany happening 0:00:41.240 --> 0:00:44.760 all of that, how this all plays out, what happens 0:00:44.760 --> 0:00:48.360 with the bricks nations with gold, with bitcoin, and how 0:00:48.400 --> 0:00:52.560 the Fed inevitably wins and creates an entire new financial 0:00:52.600 --> 0:00:56.000 system in the United States. I'm joined by returning guests 0:00:56.000 --> 0:00:59.680 everyone's favorite geopolitical strategies. I'm talking about Tom Luongo from 0:00:59.720 --> 0:01:02.160 The Gold, Goats and Guns Um. He's an amazing guest. 0:01:02.200 --> 0:01:04.319 I love having him on. It was a great conversation 0:01:04.400 --> 0:01:06.320 when I'm excited to share with you. Let's just go 0:01:06.319 --> 0:01:09.800 ahead and jump right in. All right, Tom, welcome back 0:01:09.800 --> 0:01:13.520 to the show. Uh longley and long anticipated. I'm ready 0:01:13.520 --> 0:01:16.040 to get into this. So thanks for coming by. Sure, 0:01:16.080 --> 0:01:18.520 thank you, Mark. I appreciate it. Yeah, we uh man, 0:01:18.680 --> 0:01:20.280 I threw it out on Twitter last night and we 0:01:20.400 --> 0:01:22.720 got I don't know, tons and tons of comments. Everybody 0:01:22.760 --> 0:01:25.120 wants to hear what Tom has to say, so I 0:01:25.200 --> 0:01:27.000 do as well. So I'm excited to jump into this. 0:01:27.520 --> 0:01:31.160 So you know, um, at the time of this recording, 0:01:31.640 --> 0:01:33.920 we're a day before the mid term, so we're gonna 0:01:33.959 --> 0:01:35.759 try and stay away from that kind of stuff because, 0:01:35.760 --> 0:01:38.280 I mean, who knows what's going to happen. But I think, 0:01:38.920 --> 0:01:41.560 you know, if you look at things from a geopolitical, 0:01:41.680 --> 0:01:44.960 macro geopolitical lens, I think the mid terms are the 0:01:44.959 --> 0:01:47.640 micro of the macro anyway. Right, It's almost like we're 0:01:47.720 --> 0:01:50.280 kind of controlling what we can control, but there's way 0:01:50.360 --> 0:01:53.360 bigger forces controlling the world anyway. Probably do you see 0:01:53.360 --> 0:01:57.080 it like that? Yeah, But I also see that these 0:01:57.080 --> 0:01:59.800 midterm elections are probably the most important in term elections 0:01:59.800 --> 0:02:02.640 that were had in the United States and of decades. 0:02:02.760 --> 0:02:04.400 I mean honestly, I think this is one of those 0:02:04.440 --> 0:02:07.360 moments where if things work out the way I think 0:02:07.360 --> 0:02:09.920 they're gonna work out and with the way everybody expects 0:02:09.919 --> 0:02:14.960 them to work out, um, you know, there's gonna be 0:02:14.960 --> 0:02:17.040 a sea change, you know, at this moment in time, 0:02:17.080 --> 0:02:19.120 as you know, as you you and I've talked about 0:02:19.120 --> 0:02:22.079 this a little bit, and um when I talked about 0:02:22.080 --> 0:02:24.960 it in other forms that you know, if I'm correct 0:02:25.040 --> 0:02:27.840 about my argument that the FED is at war with 0:02:28.320 --> 0:02:32.200 the bigger you know, the bigger group of oligarchs trying 0:02:32.240 --> 0:02:37.120 to you know, take over the world for lack of 0:02:37.160 --> 0:02:39.880 a better term, they run their their bond villans. Right, 0:02:40.120 --> 0:02:43.880 If I'm right about that, then what political changes happen 0:02:43.919 --> 0:02:46.440 here in the United States tomorrow or at the very least, 0:02:46.440 --> 0:02:50.800 are you know, pretended by tomorrow's election results are going 0:02:50.880 --> 0:02:55.000 to mark a sea change in the you know, the 0:02:55.080 --> 0:02:56.760 arc of I honestly, I do want to say the 0:02:56.840 --> 0:03:00.280 ark of history, but it's one more big p the 0:03:00.320 --> 0:03:02.920 foundation of of what the future is going to look like. 0:03:02.960 --> 0:03:05.880 So I wouldn't discount this, even though I do expect 0:03:05.880 --> 0:03:11.160 at a certain level for the results to be uh compromised, 0:03:11.200 --> 0:03:13.840 And you know, it's gonna be a it's gonna be 0:03:13.840 --> 0:03:16.440 a mess, and the Democrats are gonna cheat and the 0:03:16.480 --> 0:03:19.240 law fair and all and all the things we expect, right, 0:03:19.600 --> 0:03:22.239 we expect all of that. But I think they the 0:03:22.400 --> 0:03:26.360 final outcome tomorrow is going to be so overwhelming in 0:03:26.440 --> 0:03:29.240 one paricko a direction that the message will have been 0:03:29.280 --> 0:03:33.680 sent clearly to the quote unquote powers that be what 0:03:33.760 --> 0:03:35.800 I like to call the Davos crowd. That dude, you 0:03:35.840 --> 0:03:38.280 don't have the United States. You just don't have it. 0:03:38.320 --> 0:03:40.720 You're never going to get it, and you know that's 0:03:40.760 --> 0:03:42.320 the end of that, and you might as well stop. 0:03:42.360 --> 0:03:46.520 And of course they won't stop because there old arrogant 0:03:46.520 --> 0:03:49.200 European money and they can't help themselves and they don't 0:03:49.320 --> 0:03:53.160 recognize limits on their behavior. Um, and so we're headed 0:03:53.200 --> 0:03:55.560 towards something really ugly. I think beyond that, but I 0:03:55.600 --> 0:03:57.760 think we have to go through this process of just 0:03:57.840 --> 0:04:00.520 keep telling them though. Yeah, you know, like scares me 0:04:00.560 --> 0:04:03.520 about that. You you mentioned the word arrogant. Is that 0:04:04.240 --> 0:04:07.120 the arrogance that they have? And so I mean, what's 0:04:07.120 --> 0:04:11.120 seen what's going on in Pennsylvania. I mean they're like, 0:04:11.880 --> 0:04:13.880 we'll put up an eggplant and watch what we can do. 0:04:14.600 --> 0:04:19.480 I mean, they're literally going against a TV personality, right whatever, 0:04:19.520 --> 0:04:22.040 a celebrity, a well known person typically that goes a 0:04:22.160 --> 0:04:25.240 very long way. He's a doctor, right, he had his 0:04:25.279 --> 0:04:27.760 own show, like so that you would not only is 0:04:27.800 --> 0:04:30.719 he well known on TV, he's then trusted because he 0:04:30.760 --> 0:04:34.480 was on TV. He's a doctor, right, and he's losing 0:04:34.480 --> 0:04:36.760 to a guy that or whatever. It's a it's a 0:04:36.760 --> 0:04:39.560 close race whatever with a guy that can't even put 0:04:39.600 --> 0:04:43.839 a sentence together. And it's almost like ha ha, the arrogance. 0:04:44.120 --> 0:04:49.040 Back to that word, right, it's like watch well, yeah, 0:04:49.080 --> 0:04:52.120 they ran the mushroom Joe Biden. Yeah, but Biden wasn't 0:04:52.160 --> 0:04:54.080 quite the much join at the time, not as bad 0:04:54.120 --> 0:04:55.440 as he. I mean he hit out in the basement. 0:04:55.480 --> 0:04:57.200 Maybe we didn't know, maybe we could, maybe we could 0:04:57.240 --> 0:04:59.400 just chock it up too. We didn't know as much then, 0:04:59.800 --> 0:05:03.560 but we know now. They they're just able to dry. 0:05:03.640 --> 0:05:06.640 They're just able to manage. Biden's med's well enough to 0:05:06.680 --> 0:05:09.200 get him coherent for the fifteen minutes that they can 0:05:09.240 --> 0:05:11.920 stage management. But he's been this bad for years. So anyway, 0:05:12.000 --> 0:05:15.239 seeing the scene that they just they're running Federman anyway. 0:05:15.279 --> 0:05:16.960 I mean it just shows the arrogance, like half, we 0:05:17.000 --> 0:05:18.640 don't even need to try. We'll just put up anybody, 0:05:18.640 --> 0:05:20.000 We'll put up an egg plant, and we're just gonna 0:05:20.040 --> 0:05:25.760 beat you anyway. So it's pretty scary. Um it is, okay, 0:05:25.800 --> 0:05:30.920 So um, going back to the the war, right, So, 0:05:31.800 --> 0:05:33.560 the way that I kind of see it as being 0:05:33.600 --> 0:05:36.320 a bitcoiner is that everybody says, yeah, but the but 0:05:36.440 --> 0:05:38.760 the but the bankers, essential bankers, the governments will never 0:05:38.800 --> 0:05:40.760 allow that to happen. They don't want to lose control 0:05:40.800 --> 0:05:42.520 over the money, which I would agree, right, It's gonna 0:05:42.520 --> 0:05:44.320 be the battle for the faith of humanity. That's the 0:05:44.360 --> 0:05:46.600 way I framed it up. Um I did. I did 0:05:46.600 --> 0:05:49.080 a big show called titled that the Battle for the 0:05:49.080 --> 0:05:51.960 Faith of Humanity. But um, the way that you so, 0:05:52.040 --> 0:05:54.560 I agree, And so then then you're kind of extrapolate 0:05:54.640 --> 0:05:57.159 down down to well then, um, why does the FED 0:05:57.200 --> 0:05:58.719 want to give up control over money to the e 0:05:58.800 --> 0:06:00.800 c B? Or why do you commercial banks want to 0:06:00.800 --> 0:06:03.119 give up power over money to the Fed? The central banks? 0:06:03.160 --> 0:06:05.000 Or why does this any central bank when to give 0:06:05.000 --> 0:06:11.160 it up to the I M F or whatever? Right right? Yeah, um, yeah, 0:06:11.240 --> 0:06:13.760 I mean that's basically the argument right, I mean, and 0:06:14.000 --> 0:06:16.800 this is not to say that the like, you know, again, 0:06:17.760 --> 0:06:19.799 you know, a bitcoin guy, I love I love bitcoin, 0:06:19.880 --> 0:06:22.360 I love the idea of all of this stuff. And 0:06:22.440 --> 0:06:24.880 I just think that, you know, there's a particular order 0:06:24.880 --> 0:06:27.240 of operations that has happened. We live in a fallen world. 0:06:27.480 --> 0:06:29.680 We live in a world where you know, we're talking 0:06:29.680 --> 0:06:32.400 about people who are you know, turning, who are literal 0:06:32.440 --> 0:06:35.920 bond villains who think that they're gonna make us eat bugs, uh, 0:06:36.040 --> 0:06:39.680 live in pods and allows assistant suicide to be a 0:06:39.720 --> 0:06:45.000 better growth industry than oil exploration. And and that's just 0:06:45.080 --> 0:06:47.240 the way the We're just gonna have to accept that. 0:06:47.480 --> 0:06:49.000 And they don't think that there's going to be any 0:06:49.000 --> 0:06:53.120 pushback from the other factions that have also gotten fat 0:06:53.160 --> 0:06:56.880 and happy on the system that's in currently in the 0:06:56.920 --> 0:06:59.600 process of failing, and that you know, everybody has their 0:06:59.640 --> 0:07:01.839 idea how they can get out of this, and you know, 0:07:01.960 --> 0:07:05.320 klash Bob has his idea, and Jerome Powell and Jamie 0:07:05.360 --> 0:07:07.719 Diamond and others have their ideas and they're gonna fight 0:07:07.720 --> 0:07:09.400 it out, and they're gonna fight it out to the death. 0:07:09.440 --> 0:07:12.239 Guys like and then the British Crown has their ideas, 0:07:12.240 --> 0:07:14.280 and the Russians and the Chinese are saying, you know what, 0:07:14.640 --> 0:07:16.560 we don't have to play any of these games anymore. 0:07:16.640 --> 0:07:18.640 You guys fight it out amongst yourselves. Call us when 0:07:18.640 --> 0:07:21.360 you're done, you know, having a you know, having a 0:07:22.600 --> 0:07:25.600 having a cat fight in the backyard, you know, when 0:07:25.640 --> 0:07:27.720 somebody's finally got you know, no hair left because you 0:07:27.800 --> 0:07:29.560 pulled it all out, and you're all like, you know, 0:07:29.880 --> 0:07:32.560 bloody and battered. You know, hey, we stall boil, we 0:07:32.600 --> 0:07:34.960 still have gas, we still have cheap Chinese crap. You know, 0:07:35.000 --> 0:07:36.960 we're willing to sell you. Hey, let's do the thing, 0:07:37.480 --> 0:07:39.560 you know, and uh we in the Global South, they're 0:07:39.560 --> 0:07:41.520 gonna go do o our thing. And you guys can 0:07:42.040 --> 0:07:44.440 you know, continue to play play your games. And I 0:07:44.440 --> 0:07:48.440 think it's very clear from the way Powell has I 0:07:48.800 --> 0:07:54.480 can't I can't stress enough just how clear Jerome Powell 0:07:54.520 --> 0:07:58.360 has been about what he's prepared to do with interest rates. 0:07:58.400 --> 0:08:00.560 And everybody keeps saying, oh, we gonna pick it on, 0:08:01.160 --> 0:08:05.160 like it's like watching I've done this for years. I 0:08:05.240 --> 0:08:06.960 used to be a sports blogger and I used to 0:08:07.000 --> 0:08:09.680 follow hockey, and I used to remember everybody was always 0:08:10.000 --> 0:08:12.640 trying to parse whatever the GM was trying to say, 0:08:12.680 --> 0:08:14.680 when nine times out of the the tend the GM was 0:08:14.720 --> 0:08:16.520 just telling you, yeah, we're gonna trade this guy because 0:08:16.520 --> 0:08:19.840 he sucks. Okay, we're gonna do this because we suck. 0:08:20.240 --> 0:08:22.560 And this is the way things are. And everybody's like 0:08:22.600 --> 0:08:25.800 doing you know, the thirteen ways from Sunday, trying to 0:08:26.360 --> 0:08:29.160 you know, interpret the GM speak or in this case, 0:08:29.240 --> 0:08:31.520 the diplo speak of what's going on here, like I 0:08:31.560 --> 0:08:34.520 got news for you. He's not talking at central banker ease. 0:08:34.760 --> 0:08:37.080 He's talking in plain language for a reason, interest rates 0:08:37.160 --> 0:08:40.280 until we break something. And the question is that no, 0:08:40.559 --> 0:08:42.480 the question that nobody wants to face. It is the 0:08:42.520 --> 0:08:45.839 one that I've articulated. Daniel D. Martino Booth is articulated, 0:08:45.840 --> 0:08:48.840 and now other people are finally starting to realize, is 0:08:48.880 --> 0:08:52.120 that he's going to break the leverage off short dollar 0:08:52.200 --> 0:08:55.599 loan markets. What we not even know is what we 0:08:55.720 --> 0:08:57.840 called is the ear of dollar markets. And we've already 0:08:57.840 --> 0:09:02.000 gotten our big big shot across the out with the 0:09:02.000 --> 0:09:05.839 the UK pension system collapse that happened a couple of 0:09:05.960 --> 0:09:08.360 a couple of weeks ago, which brought which brought reci 0:09:08.480 --> 0:09:10.520 soon acted power and Liz Trust was thrown out, and 0:09:10.800 --> 0:09:13.000 you know, there was a coup. There was a central 0:09:13.000 --> 0:09:17.320 bank coup in the UK over this for the purposes 0:09:17.360 --> 0:09:19.559 of bringing a betraying breaks it and bringing the UK 0:09:19.720 --> 0:09:24.640 back into the European Uh, your union fold. And the 0:09:24.640 --> 0:09:27.280 battle lines are really clearly drawn once you see this stuff, 0:09:27.280 --> 0:09:29.200 and it's clear that the United States is like they're 0:09:29.240 --> 0:09:31.640 they're just very powerful forces in the United States going no, 0:09:32.080 --> 0:09:35.360 we're not doing that and breakdown that euro thing for 0:09:35.360 --> 0:09:38.559 a minute. So Trust comes in. She's all fired up. 0:09:38.800 --> 0:09:41.760 She's gonna balance the budgets, she's gonna drop the taxes, 0:09:41.880 --> 0:09:44.600 you know, all these different things and then the whole system. 0:09:44.679 --> 0:09:47.920 She's going to frap. Yes, she's gonna bring energy that 0:09:47.960 --> 0:09:50.520 they were going to bring oil production back online off 0:09:50.520 --> 0:09:55.320 the North Slope. Big deal. It was a big deal, big, big, 0:09:55.440 --> 0:09:59.360 big statement of British independence. And within forty five days 0:09:59.360 --> 0:10:04.280 she's forced to step down. Yep, it's gone no, that's no. Yeah, 0:10:04.679 --> 0:10:08.199 But I mean that's I mean, so it's easy to 0:10:08.200 --> 0:10:10.320 look at it from that lens. It's also maybe another 0:10:10.360 --> 0:10:13.199 way to look at it is that, um, there is 0:10:13.360 --> 0:10:17.040 no way back to austerity without massive amounts of pain, 0:10:17.679 --> 0:10:21.160 and so she was trying to do some sort of 0:10:21.200 --> 0:10:24.280 austerity basically trying to get the balanced budget, you know, 0:10:24.360 --> 0:10:27.360 bring taxes down, get the economy going again, bring energy back, 0:10:27.600 --> 0:10:29.920 which is gonna be a very painful process and nobody's 0:10:29.960 --> 0:10:32.320 gonna be willing to go through that pain. So could 0:10:32.320 --> 0:10:34.400 it have been that she was fired up to really 0:10:34.400 --> 0:10:37.400 affect real positive change but the pain wasn't able to 0:10:37.400 --> 0:10:39.280 be endured, or you think it was actually more of 0:10:39.280 --> 0:10:42.320 the conspiracy. No, no, this is very clearly that. Okay, 0:10:42.480 --> 0:10:45.679 So remember Mark that I have said this many I've 0:10:45.679 --> 0:10:48.400 said this before, and I've called the German austerity and 0:10:48.440 --> 0:10:50.960 it's the kind that the I m F always um 0:10:51.080 --> 0:10:53.079 imparts on the people that they want to colonize and 0:10:53.120 --> 0:10:55.840 take over. And what they do is they raise taxes 0:10:56.520 --> 0:11:02.560 and they raise regulations and they cut spending. Okay, now, 0:11:02.600 --> 0:11:04.720 the cut spending part is the one that you know, 0:11:05.200 --> 0:11:08.800 we Australia libertarians, Yeah, cut spending government spending, his government 0:11:08.920 --> 0:11:11.679 waste is terrible. But raising taxes at the same time, 0:11:12.200 --> 0:11:14.240 and then we expect that GDP is not going to 0:11:14.280 --> 0:11:18.160 continue to contract like it's always about protecting the bondholders. 0:11:18.200 --> 0:11:20.439 It's always about protecting the bond markets and the credit 0:11:20.520 --> 0:11:23.680 rating of the country. That's more important than the lives 0:11:23.679 --> 0:11:26.640 and welfare of the people. Do you see that? Do 0:11:26.679 --> 0:11:30.120 you see the messaging here? It's always the same story. 0:11:30.480 --> 0:11:32.640 What Trust was going to do was going to be. 0:11:33.679 --> 0:11:36.480 It's similar to what Donald Trump did and in many 0:11:36.480 --> 0:11:40.360 ways um actually did do, which is, yeah, he raised 0:11:40.400 --> 0:11:43.320 some spending and he cut taxes, and he was cutting 0:11:43.360 --> 0:11:47.560 regulations dramatically across multiple vectors as much as he was 0:11:47.600 --> 0:11:51.000 allowed to, which would free up capital and make the 0:11:51.040 --> 0:11:55.160 capital that's deployed, you know, more efficient by getting rid 0:11:55.200 --> 0:11:57.400 of a lot of taxes on shoring a lot of 0:11:57.400 --> 0:12:01.160 offshore capital that was sitting in bank accounts in Ireland 0:12:01.160 --> 0:12:03.800 and you know, tax havens around other tax havens around 0:12:03.800 --> 0:12:08.000 the world, and bring that money back and allow for 0:12:08.040 --> 0:12:10.439 a reinvestment cycle. Well at the same time, yeah, we're 0:12:10.440 --> 0:12:12.240 gonna have to spend some money that we don't have. 0:12:12.360 --> 0:12:16.040 But yeah, so, like, I'm not crazy about that plan. 0:12:16.160 --> 0:12:19.600 I think that that Trump was Trump's plan is fatally flawed. 0:12:20.440 --> 0:12:24.040 But by the same token, you know, he's a Keynesian 0:12:24.120 --> 0:12:27.200 in that respect, he's a debt guy, and you know, 0:12:27.240 --> 0:12:30.440 Trust was running basically the same plan, and for the 0:12:30.559 --> 0:12:34.000 UK guilt market to react the way it did was 0:12:34.080 --> 0:12:36.920 clearly an operation from outside forces to bring her down, 0:12:38.000 --> 0:12:42.400 clearly in operation, because nothing she proposed was that catastrophic. 0:12:42.760 --> 0:12:46.920 I'm sorry. And anybody who believes that, you know, I'm sorry, 0:12:47.040 --> 0:12:50.000 like you know, still walks around with their mask on 0:12:50.040 --> 0:12:53.280 outside like I'm sorry. That's how that's done. What happened 0:12:53.360 --> 0:12:56.679 was the idea that there's one last the idea that 0:12:56.720 --> 0:13:00.840 the British pound would drop nine in two days over 0:13:00.920 --> 0:13:06.719 this is just ludicrous. It's just ludicrous. So um yeah, 0:13:06.760 --> 0:13:09.480 obviously that you know, the pound dropped, the yields went up, 0:13:09.600 --> 0:13:13.800 the pensioners were over levered, they couldn't cover, they couldn't cover, right, 0:13:13.840 --> 0:13:16.760 their margin calls. Um. But you're saying for the pound 0:13:16.760 --> 0:13:18.920 to drop that far that fast, there was probably some 0:13:18.960 --> 0:13:21.959 outside manipulation, sort of like when George Soros got famously 0:13:22.040 --> 0:13:25.000 rich in a day. Right, Oh you don't think Soros 0:13:25.000 --> 0:13:27.240 was not involved in this? Like, as far as I'm concerned, 0:13:27.320 --> 0:13:29.160 is all they had to do was dropped twenty to 0:13:29.240 --> 0:13:32.160 fifty million dollars in the UK CDs market, and you know, 0:13:32.280 --> 0:13:34.360 the UK guilt CDs market and blow the thing up, 0:13:34.679 --> 0:13:37.320 which is kind of what they did, you know, I 0:13:37.360 --> 0:13:39.880 mean that's how they always do. It's like CDs IS 0:13:39.960 --> 0:13:43.320 or you know, credit, the false swaps, their their fictions. Dude, 0:13:43.320 --> 0:13:46.719 I'm sorry, Like they're not. They're not leading indicators of 0:13:46.840 --> 0:13:50.559 anything other than mouthfeasance by people with way too much 0:13:50.800 --> 0:13:53.400 money on their hands that they got, you know, from 0:13:53.840 --> 0:13:56.319 for free from the central banks to screw with markets 0:13:56.360 --> 0:13:58.760 and then right headline. So you don't think the CDs 0:13:58.880 --> 0:14:01.800 is needed, So you don't think that the CDs is 0:14:01.880 --> 0:14:04.560 a more free market that's a better indication of what's 0:14:04.559 --> 0:14:07.640 going on. Absolutely not, absolutely not. They are the most 0:14:07.640 --> 0:14:10.880 manipulated markets in the world. They're more manipulated than gold. 0:14:11.760 --> 0:14:15.400 I'm sorry. The credit w sound great in theory, they're 0:14:15.400 --> 0:14:17.840 not used that way. Sure, if we have, if we 0:14:17.960 --> 0:14:20.320 if we didn't have completely captured markets, and we didn't 0:14:20.360 --> 0:14:23.840 have completely central bank and you know Ald Gark run markets, 0:14:23.840 --> 0:14:27.480 sure CDs IS would be a fine you know, market innovation. 0:14:28.040 --> 0:14:30.480 But please, like you know, I'm sorry, I just don't. 0:14:31.000 --> 0:14:32.640 I've seen this too many I've seen this game too 0:14:32.680 --> 0:14:35.040 many times. I don't buy it. So going back to 0:14:35.440 --> 0:14:37.880 Joan Powell in the last f f O MC meeting. 0:14:37.920 --> 0:14:41.160 That's exactly what he said, is that we're well, the 0:14:41.240 --> 0:14:43.880 danger is not doing The danger isn't The danger is 0:14:43.920 --> 0:14:46.560 doing too little. Uh, we'd rather go too far. We'd 0:14:46.640 --> 0:14:48.440 rather break things because we have the tools to put 0:14:48.440 --> 0:14:50.960 things back together again, right, we can put we can 0:14:50.960 --> 0:14:53.560 put Humpty Dumpty back together again. So he's willing to 0:14:53.720 --> 0:14:55.680 go too far. I mean, he he says he wants 0:14:55.680 --> 0:14:58.280 to go too far and break it. Um, break it, 0:14:58.520 --> 0:15:01.320 whatever it being most to most times we think of 0:15:01.640 --> 0:15:06.560 breaking it being the liquidity in the in the financial system. Um, 0:15:06.680 --> 0:15:10.600 you're talking to break inflation. Well, people think it's I 0:15:10.960 --> 0:15:13.360 think people think, well, people think he says, I'm gonna 0:15:13.360 --> 0:15:17.840 break inflation, and then you know, the more savvy among 0:15:17.960 --> 0:15:20.440 us go, yeah, but that's you're not breaking inflation. You're 0:15:20.440 --> 0:15:24.040 not breaking supply side inflation problems with the man side tools. 0:15:24.040 --> 0:15:26.320 You just ain't doing it right. Yeah, And I mean, 0:15:26.360 --> 0:15:28.240 I think he started to pick a fight that he 0:15:28.560 --> 0:15:31.720 realized maybe he can't win, which is trying to basically 0:15:31.760 --> 0:15:34.280 bring inflation down which is being caused by energy prices, 0:15:34.760 --> 0:15:37.600 and OPEC just says, well, we'll just cut production. You 0:15:37.640 --> 0:15:40.120 want to manipulate the prices down. We'll just cut production. 0:15:40.160 --> 0:15:41.880 We'll go a lot longer than you can. Like, you're 0:15:41.880 --> 0:15:46.920 not gonna win that war. Well, that's all Jenny Ellen. Jenny, Look, 0:15:46.960 --> 0:15:48.880 I think the Feds that were with the Treasury, I 0:15:48.920 --> 0:15:51.280 think I think Biden works for I think the Biden 0:15:51.320 --> 0:15:54.040 administration works for Domas. I think Jenny Yellen is a 0:15:54.080 --> 0:15:58.080 globalist who who her entire time has had the Chairman 0:15:58.080 --> 0:16:00.480 of the Federal Reserve. Along with Ben BERNACKI worked for 0:16:00.760 --> 0:16:03.840 work for European colonial powers to make sure that the 0:16:03.880 --> 0:16:07.280 United States monetary policy was subordinate to them. These are 0:16:07.280 --> 0:16:11.240 the guys that. Okay, so I've I've talked about SOFUR 0:16:11.480 --> 0:16:14.760 and the move in the past about the United States 0:16:14.760 --> 0:16:18.000 moving off of Library for debt debt indexing to SOFA, 0:16:18.240 --> 0:16:20.720 the secured overnif funding right, which by the way, is 0:16:20.760 --> 0:16:23.640 fully in effect now as of two all debt in 0:16:23.640 --> 0:16:26.200 the United States is is issued index to SOFA, and 0:16:26.240 --> 0:16:28.360 none of it is index of relative to Liebrary. It 0:16:28.360 --> 0:16:30.640 hasn't all been switched over, but all new debt is 0:16:30.640 --> 0:16:35.120 issued to that right. It has. I mean they took 0:16:35.160 --> 0:16:36.840 they took their time, and they rolled this out over 0:16:36.880 --> 0:16:40.000 almost five years, they started rolling this forward. They started 0:16:40.080 --> 0:16:45.520 rolling people into sofa. But here's the gig. Sofur was 0:16:45.640 --> 0:16:48.520 designed by the Federal Reserve back in two thousand and eight. 0:16:49.360 --> 0:16:52.240 The original white papers on sofa we're presented to the 0:16:52.320 --> 0:16:56.920 f o MC in two thousand seven before the financial crisis. Like, 0:16:57.080 --> 0:16:59.960 they knew what was coming, they knew what they want 0:17:00.120 --> 0:17:05.000 it to do. Greenspan wanted to do this like and 0:17:05.040 --> 0:17:09.359 then Obama comes into office, him Geitner, operann Ky and 0:17:09.400 --> 0:17:11.240 then subsequently yelling and all the rest. They just put 0:17:11.240 --> 0:17:12.520 it on the back of burner. They didn't do a 0:17:12.600 --> 0:17:15.200 thing with it for ten years. We got instead, we 0:17:15.240 --> 0:17:22.040 got shipped like Dodd Frank and and uh, the the 0:17:22.080 --> 0:17:25.119 CEO uh you know, all the all the stupid stuff 0:17:25.160 --> 0:17:29.920 that we got. We got the yeah, everybody complaining about 0:17:29.920 --> 0:17:31.560 class tego. I can never remember the name of the 0:17:31.960 --> 0:17:34.480 bill that where the CEOs are now responsible for their 0:17:35.240 --> 0:17:40.120 um uh for their their income statements with that one 0:17:40.760 --> 0:17:43.600 um the names escaping me. Now, all that stupid stuff 0:17:43.680 --> 0:17:47.320 is opposed to getting a real When if anybody looked 0:17:47.320 --> 0:17:50.960 at the two you know, it looked at previous financial crises, 0:17:51.200 --> 0:17:54.800 all right, there was always a if the fed raisers 0:17:54.800 --> 0:17:58.920 interest rates, it's going to break something overseas, and then 0:17:59.040 --> 0:18:01.280 it always then try is late over here because we 0:18:01.320 --> 0:18:05.119 have globalized markets well in the you know, once Trump 0:18:05.160 --> 0:18:08.680 was put into power, and once um Powell was made 0:18:09.040 --> 0:18:10.879 the chairman of the Federal Reserve and John Williams was 0:18:10.880 --> 0:18:14.399 made the head of the New York Fed, SOFUR was 0:18:14.440 --> 0:18:16.280 all of a sudden dusted off and they started they 0:18:16.280 --> 0:18:19.879 started moving it through almost immediately, and then you know, 0:18:20.040 --> 0:18:22.040 with a four year four and a half year rollout 0:18:22.080 --> 0:18:24.600 period in order to get everybody you know, in order 0:18:24.640 --> 0:18:26.359 to test it and make it, make sure it worked 0:18:26.320 --> 0:18:30.480 and everything else. And then you know, once that was 0:18:30.520 --> 0:18:34.440 in place, then the decoupling physical decoupling of American and 0:18:34.600 --> 0:18:36.600 US banks started, which is where it brings us to 0:18:36.640 --> 0:18:39.359 the REBO crisis, to where JP Morgan star of the 0:18:39.359 --> 0:18:42.439 market of US treasuries because they refused to reap repo 0:18:43.119 --> 0:18:49.879 um uh European sovereign debt okay, take European sovereignists collateral 0:18:49.920 --> 0:18:52.200 for REBO contracts that you know, the euro dollar system 0:18:52.240 --> 0:18:54.199 then started to employ. Jeff Snyder went over all this 0:18:54.320 --> 0:18:56.560 for years, telling everybody what was going to happen. He 0:18:56.600 --> 0:18:58.760 was right. He just was wrong about the fact that 0:18:58.840 --> 0:19:01.840 Sofur woke that link and now this time we can 0:19:01.880 --> 0:19:04.160 do the same. There ain't gonna be a eurodollar five 0:19:04.240 --> 0:19:06.160 like he thinks there's gonna be. There was the first 0:19:06.160 --> 0:19:08.800 four times we had an aversion of the eurodollar futures curve. Like, 0:19:08.840 --> 0:19:11.480 I'm sorry, he's wrong. We can see it happening. He's 0:19:11.520 --> 0:19:14.919 wrong because the people who are screaming today about the 0:19:14.920 --> 0:19:17.960 FED raising interest rates are all the people who who 0:19:18.160 --> 0:19:20.600 are most vulnerable to the FED raising interest rates in 0:19:20.600 --> 0:19:23.400 ain't the New York banks. They were keeping their mouth shut. 0:19:23.440 --> 0:19:26.600 Has anybody have you seen anybody at JP Morgan or 0:19:26.880 --> 0:19:29.960 Golden Sacks or City Group or Wells and Wells, the 0:19:30.359 --> 0:19:34.040 biggest mortgage under in the world, is not complaining about 0:19:34.560 --> 0:19:40.440 the FED um pushing mortgage rates above seven Yeah, well, yeah, 0:19:40.480 --> 0:19:44.080 that's interesting. Well silence on this is definite. And Jamie 0:19:44.080 --> 0:19:47.600 Diamond's only talking about energy. He's not talking about rates, 0:19:47.640 --> 0:19:50.680 He's not talking about any of that, none of that stuff. 0:19:50.720 --> 0:19:52.919 What he's talking about is exactly when you what what 0:19:53.040 --> 0:19:56.720 policy is going to change? You know, Biden, Biden is 0:19:56.720 --> 0:19:58.480 gonna you know, he came out the other day and 0:19:58.520 --> 0:20:01.280 so there's not gonna be any new any new oil 0:20:01.320 --> 0:20:04.200 and gas or cold drilling, you know, while he's in office. 0:20:04.240 --> 0:20:05.639 Or Okay, we'll take you to your word. That means 0:20:05.680 --> 0:20:08.280 we're gonna get ridy of that, dude. It depending on 0:20:08.359 --> 0:20:10.760 what happens to Marrows. What tomorrow is so important? Like 0:20:10.920 --> 0:20:13.760 if the Republicans take seventy seats and five in the 0:20:13.760 --> 0:20:16.439 House and five to six seats in the Senate and 0:20:16.520 --> 0:20:19.520 thirty five state legislators and thirty five governorships, do you 0:20:19.600 --> 0:20:23.200 think there's a Democrat in the world that's up for grabs, 0:20:23.320 --> 0:20:26.720 that's up for re election in is gonna listen to 0:20:26.720 --> 0:20:29.560 a word Chuck Schumer has to say, I got Mark, 0:20:29.600 --> 0:20:31.160 I got news for you. I'm laying three to one. 0:20:31.200 --> 0:20:34.479 I'm only in one to not only odds that Schumer 0:20:34.560 --> 0:20:39.800 gets beat tomorrow, Schumer in New York because Kathy Hostel 0:20:39.880 --> 0:20:43.320 is gonna lose, and they lost. They lost. They had 0:20:43.320 --> 0:20:48.000 the vote harvest three seats in western New York in 0:20:48.960 --> 0:20:53.440 to really maintain their their majority in the House, which, 0:20:53.480 --> 0:20:56.280 by the way, everybody forgets about. But whiles while everybody 0:20:56.280 --> 0:20:58.440 was worried about what was going to happen in January six, 0:20:59.000 --> 0:21:01.560 and whether Trump was gonna, you know, I don't know, 0:21:01.640 --> 0:21:06.320 lead an insurrection against against the Biden's inauguration and the 0:21:06.400 --> 0:21:08.520 and the electoral College and all this stuff. These people 0:21:08.600 --> 0:21:12.480 were back there vote harvesting like three seats in Rochester, 0:21:12.560 --> 0:21:16.160 Buffalo and one other seat to get these people over 0:21:16.200 --> 0:21:19.000 the line when they had lost on election by four points. 0:21:21.680 --> 0:21:24.280 So don't kid yourself. The whole thing was stage managed, 0:21:24.280 --> 0:21:29.639 and and and and and uh so tomorrow the comment 0:21:29.680 --> 0:21:31.359 with seven, do you think anybody is gonna listen to 0:21:31.359 --> 0:21:34.600 what thing Jack Schimer says? If he squeaks by tomorrow? 0:21:34.640 --> 0:21:39.040 Even are you kidding me this? They'll be calling for 0:21:39.080 --> 0:21:42.520 his head this morning. Two hours ago, Elon Musk tweeted 0:21:42.560 --> 0:21:45.680 out to independent minded voters, shared power curbs the worst 0:21:45.720 --> 0:21:48.119 excesses of both parties. Therefore, I recommend voting for a 0:21:48.119 --> 0:21:52.480 Republican Congress, I mean the president of the Democratic Yeah, no, 0:21:52.680 --> 0:21:55.879 I like you? When When when when a former progressive 0:21:55.880 --> 0:21:58.560 like Tulsea Gabbard sounds more based than ninety percent of 0:21:58.560 --> 0:22:01.320 the libertarians? Like I see Twitter? Anymore? You know that 0:22:01.359 --> 0:22:06.480 there's a massive political alignment. Realignment, um, I mean the 0:22:07.359 --> 0:22:10.560 going back to the FED. You know, tightening the screws, 0:22:10.600 --> 0:22:13.400 trying to break the zero dollar markets, you know, trying 0:22:13.440 --> 0:22:16.600 to defend the dollar, etcetera, etcetera. Um, you just mentioned 0:22:16.760 --> 0:22:19.159 briefly the war between the Fed and the Treasury. So 0:22:19.200 --> 0:22:22.120 now Janet Yellen saying, well, if you're not gonna help us, which, 0:22:22.240 --> 0:22:24.360 by the way, all the politicians are now jumping into 0:22:24.359 --> 0:22:25.960 the Fed. Hey, you're going too fast, too far. You 0:22:26.000 --> 0:22:29.200 got the u N dumping into the u n's like, hey, stop, 0:22:29.200 --> 0:22:31.679 you're going too fast, too far. Everybody's jumping in. And 0:22:31.720 --> 0:22:33.480 now the Treasury Janet Yellen is like, well, we'll just 0:22:33.480 --> 0:22:35.840 start buying. We'll just start buying the treasuries again. Then 0:22:36.359 --> 0:22:38.399 we'll just take we'll just do try and do yield 0:22:38.400 --> 0:22:42.000 curve control through the U. S. Treasury Department and and 0:22:42.119 --> 0:22:45.479 run around the Fed. Yeah, okay, good luck with that. Janet. 0:22:45.800 --> 0:22:47.920 You've got four hundred billion dollars in the two and 0:22:48.080 --> 0:22:50.639 a one point five trillion dollar deficit or whatever the 0:22:50.720 --> 0:22:53.800 number is. Have fun. Yeah, like, next year you're gonna 0:22:53.800 --> 0:22:56.399 have a massive deficit. You you've had the only reason 0:22:56.480 --> 0:22:58.359 she can talk that way now is because she just 0:22:58.440 --> 0:23:02.320 had the the big just um tax surplus and and 0:23:02.440 --> 0:23:06.040 you know, taxing, uh not increase your over your taxing 0:23:06.200 --> 0:23:09.440 um collections increase in the history history because of inflation, 0:23:09.720 --> 0:23:12.080 that's going to happen extra gains and because of all that, 0:23:12.160 --> 0:23:15.240 and that's certainly not going to happen. Best best case scenario, 0:23:15.960 --> 0:23:18.119 we just I mean, we already have a drop in 0:23:18.160 --> 0:23:20.920 the market. So best case scenario, we have a twenty drop. 0:23:20.920 --> 0:23:24.000 It holds here. Um that alone is going to crush 0:23:24.080 --> 0:23:28.000 tax receipts, right, I think, yeah, So they have to 0:23:28.000 --> 0:23:30.719 start cutting spending like you wouldn't believe. And now the 0:23:30.720 --> 0:23:33.040 Fed is losing money, right, So the Fed isn't gonna 0:23:33.040 --> 0:23:34.800 be able to pay the treasury. So they're gonna lose 0:23:34.880 --> 0:23:36.639 hundreds of billions of dollars on that as well. I 0:23:36.680 --> 0:23:38.959 mean it's it's well, they're gonna lose that. I think 0:23:38.960 --> 0:23:42.840 they're gonna lose forty billion dollars they made. I mean, 0:23:42.840 --> 0:23:45.560 they've always remitted somewhere between fifty and fifty billion dollars 0:23:45.560 --> 0:23:47.679 a year. I think this last quarter they were they 0:23:47.680 --> 0:23:50.280 were going to be short fifteen billion dollars. Like, it's 0:23:50.320 --> 0:23:52.399 not all I mean, it's not a lot. I'm sorry. 0:23:52.400 --> 0:23:54.560 And the in the grand scheme of things that I 0:23:54.560 --> 0:23:56.480 I know that Judy Shelton makes a big deal about this, 0:23:56.520 --> 0:23:59.520 and I'm not disagreeing with her. Politically, it's gonna look 0:23:59.520 --> 0:24:01.800 bad for the politically, the Democrats are gonna make hey 0:24:01.800 --> 0:24:05.000 about this. Don't don't kid yourself. From a political perspective, 0:24:05.000 --> 0:24:08.760 it's a lot of money. From a budgetary perspective, it's 0:24:08.760 --> 0:24:10.919 not a lot of money. They can just stop. They 0:24:10.920 --> 0:24:13.280 can just stop sending three billion dollars a month to Ukraine. Yeah, 0:24:14.240 --> 0:24:16.240 but they don't want to do that. Let's let's talk 0:24:16.240 --> 0:24:19.920 about that. Let's let's look at the vapors the minute 0:24:19.920 --> 0:24:23.640 I mentioned let's let's let's jump up to that level now. So, 0:24:24.280 --> 0:24:26.320 and I think this is uh, you know, I try 0:24:26.359 --> 0:24:28.440 to think a little bit longer term, right, I mean, 0:24:28.480 --> 0:24:31.239 it's not not micromanagers. If we think longer term, I mean, 0:24:31.440 --> 0:24:34.720 we can see the whole world is changing rapidly. I mean, certainly, 0:24:35.040 --> 0:24:38.760 certainly the threat is moving from this multipolar homogeney to 0:24:38.920 --> 0:24:41.399 uh you know or sorry, a singular polar to a 0:24:41.480 --> 0:24:45.359 multipolar world. Uh. And it seems that we have this 0:24:45.440 --> 0:24:47.280 rush of Ukraine thing kind of at the center of this. 0:24:47.400 --> 0:24:49.000 I know you've been talking about this a lot. We've 0:24:49.040 --> 0:24:53.120 had conversations about it. Um. Maybe it's a war of globalism, 0:24:53.160 --> 0:24:56.639 but it's like really accelerating. Um to your point, right, 0:24:56.680 --> 0:24:58.359 We're sending all this money over there, which is of 0:24:58.359 --> 0:25:01.320 course going into all types of different people pockets. But 0:25:02.480 --> 0:25:05.760 then we have we have this acceleration which you know, 0:25:05.840 --> 0:25:10.080 the nord Stream pipeline got bombed. News on the wires 0:25:10.080 --> 0:25:13.640 coming out that now everybody in the intelligence community supposedly 0:25:13.720 --> 0:25:17.360 knows who did it, Uh, NATO, we'll call it that, 0:25:17.640 --> 0:25:20.040 Alex Craner and I said three days afterwards, was the 0:25:20.040 --> 0:25:22.919 Brits and the polls. I mean, we've all grown up. 0:25:22.920 --> 0:25:25.760 We've all grown up watching murder mysteries and detective shows 0:25:25.800 --> 0:25:28.040 on TV. Like it's not hard, Like, Okay, who are 0:25:28.040 --> 0:25:30.120 the players? What are the motives? I've got? Motive means 0:25:30.119 --> 0:25:34.320 an opportunity, right, um. And now you you know, and 0:25:34.320 --> 0:25:37.200 and and if you look back through a long geopolitical lens, 0:25:37.240 --> 0:25:40.960 it seems like the strategy has always been to keep 0:25:41.040 --> 0:25:46.359 Germany away from Russia. Right in Germany, if Germany's manufacturing 0:25:46.359 --> 0:25:49.000 can get the cheap, cheap commodity inputs from Russia, like 0:25:49.119 --> 0:25:52.639 that's a good match, right, Um, Yeah, it is a 0:25:52.640 --> 0:25:56.080 good match. And it's clear. It's clear that the French 0:25:56.240 --> 0:26:00.679 and the and the British have always opposed, you know, 0:26:01.040 --> 0:26:03.520 traditionally always opposed to Germans, and the and the Russians 0:26:03.520 --> 0:26:06.960 are getting together. Um. American foreign policy is just downstream 0:26:06.960 --> 0:26:11.040 of British foreign policy because freaking Brits have infiltrated pretty 0:26:11.119 --> 0:26:14.600 much every level of our freaking government. UM. Our special 0:26:14.640 --> 0:26:17.560 relationship with the Brits is, you know, mostly they tell 0:26:17.640 --> 0:26:20.280 us what to do and we run around like Rambo 0:26:20.320 --> 0:26:23.480 without a drop strap and get it drawing. Um. And 0:26:23.520 --> 0:26:25.800 if not, then they meme it into existence and false 0:26:25.840 --> 0:26:30.000 flaget into existence. But I'm getting I'm getting done. I'm 0:26:30.000 --> 0:26:32.000 getting tired of this. And I think what happened with 0:26:32.200 --> 0:26:35.000 Liz Trust and everything else and and Boris Johnson, it's 0:26:35.160 --> 0:26:38.720 very clear like who actually, you know, quote unquote wears 0:26:38.720 --> 0:26:43.000 the pants and this uh in this relationship. Now that 0:26:43.119 --> 0:26:47.159 being said, UM, I think the situation in Ukraine and 0:26:47.240 --> 0:26:51.800 Russia bothers me because the Brits have motive means an opportunity. 0:26:51.800 --> 0:26:55.760 Why what's there? What's their motive? Not just because they 0:26:55.760 --> 0:26:58.160 can they have British intelligence. They all think they're James 0:26:58.240 --> 0:27:00.680 Bond blah bla blah blah. That's that's that's cartoon bird. 0:27:01.040 --> 0:27:09.520 The real thing here is that the europe and the 0:27:09.560 --> 0:27:13.080 European Union and the old European banking system. What I've 0:27:13.080 --> 0:27:17.879 already talked about that leveraged loan offshore dollar minonds, okay, 0:27:17.960 --> 0:27:19.880 which is the source of where a lot of their 0:27:19.880 --> 0:27:23.400 power comes from within their banking system and their ability 0:27:23.480 --> 0:27:29.560 to buy, you know, to manipulate currencies by favors, collect 0:27:29.680 --> 0:27:32.040 compromat and all the rest of it. That what they do, 0:27:32.280 --> 0:27:35.160 move elections, All of this stuff comes from that. Now, 0:27:36.040 --> 0:27:38.159 if the FED is taking the punch pole away and saying, look, 0:27:38.200 --> 0:27:41.040 we're gonna shrink our balance sheet, we're gonna raise interest rates, 0:27:41.880 --> 0:27:43.720 and there's nothing you can do about it because you 0:27:43.720 --> 0:27:46.320 can't get any spending through Congress to I don't know, 0:27:46.359 --> 0:27:49.359 build back Better or new infrastructure or any of the 0:27:49.400 --> 0:27:51.760 other stuff. Because, as Daniel de Martino Booth pointed out 0:27:51.840 --> 0:27:56.480 multiple times, both versions of those bills that finally got past, 0:27:56.520 --> 0:27:58.920 the Inflation Reduction Act, which is Built Back Better read, 0:27:59.320 --> 0:28:04.080 it's all kind of tax credits. It's classic stimulus. It's 0:28:04.080 --> 0:28:06.159 not U b I, it's not we're gonna print a 0:28:06.200 --> 0:28:08.200 ton of money and hand it out the people. It's 0:28:08.240 --> 0:28:10.600 more the hey, we're gonna give you a tax incentive 0:28:10.640 --> 0:28:12.600 to you know, fix a road or do this, or 0:28:12.640 --> 0:28:16.400 build a bridge or you know, get a refinery back online. Sorry, 0:28:16.440 --> 0:28:20.040 never mind, not not build together. Never never do that. Um. 0:28:20.440 --> 0:28:23.160 But it's that kind of thing. So if people don't 0:28:23.280 --> 0:28:25.960 use it, then it's not going to show up in 0:28:26.000 --> 0:28:27.840 the you know, then the Treasury is not gonna have 0:28:27.880 --> 0:28:30.960 to write the check. It's very different. It's a passive 0:28:31.080 --> 0:28:35.679 kind of of stimulus. Okay, So if the if the 0:28:35.720 --> 0:28:38.760 States are the you know, the agencies don't engage in 0:28:38.760 --> 0:28:41.480 this stuff, the people don't request the money, then the 0:28:41.520 --> 0:28:45.560 money doesn't get spent. All right, big difference between that 0:28:45.680 --> 0:28:48.480 and what Yelling and Biden wanted, which was six and 0:28:48.480 --> 0:28:50.360 a half trillion dollars. With the spending that the Fed 0:28:50.360 --> 0:28:52.440 would be forced to monetize a lot of cares act. 0:28:53.760 --> 0:28:56.840 So what's the replacement for that. If they can't get 0:28:56.880 --> 0:29:01.920 that done, well, it's obviously worth spending. So that's why 0:29:01.960 --> 0:29:05.200 the Brits bombed the North Gring pipeline. That's why they 0:29:05.240 --> 0:29:08.560 helped the Ukrainians bomb the kirt straight Bridge. That's why 0:29:08.760 --> 0:29:11.280 the attack on Sebastopol last week and the whole grain 0:29:12.040 --> 0:29:15.280 chord using the grain, weaponizing the grain corridor and humanitarian 0:29:15.280 --> 0:29:17.760 aid and everything else. Oh, it's not like the Brits 0:29:17.800 --> 0:29:20.800 have ever, you know, been involved in a false flag 0:29:20.880 --> 0:29:25.080 incident that you know killed civilians, Like I don't know 0:29:25.280 --> 0:29:28.880 the Lusitania, Like, so it's now the Graanitania, Like that's 0:29:28.880 --> 0:29:31.440 what we're dealing with now. Like you have to look 0:29:31.480 --> 0:29:35.880 at the the attack on Sebastopol is very similar to 0:29:35.880 --> 0:29:39.440 the Lusitania, a mechanism by which to try and get 0:29:39.480 --> 0:29:42.520 the United States and the rest of the world angry 0:29:42.520 --> 0:29:48.280 with Putin for you know, targeting civilians and humanitarian aid 0:29:48.360 --> 0:29:50.120 to the world. And at the same time, of course 0:29:50.160 --> 0:29:52.880 Putin's running around going, look, we have five tons of 0:29:52.920 --> 0:29:55.280 grain we're willing to ship out of you know, out 0:29:55.280 --> 0:29:57.520 of the c of A's off for free. We'll give 0:29:57.520 --> 0:29:59.920 it to you people, like we'll show you aren't in 0:30:00.160 --> 0:30:01.840 a run the up and up. But we're not going 0:30:01.880 --> 0:30:05.760 to allow Ukraine to import weapons from the West to 0:30:05.840 --> 0:30:08.080 then throw it's abassible. We're not going to do that 0:30:08.120 --> 0:30:10.840 because we're not stupid and we're not suicidal, and you 0:30:10.840 --> 0:30:12.880 can call us nasty names all you want, and we 0:30:12.920 --> 0:30:17.960 don't care. So the thing that worries me is that 0:30:18.000 --> 0:30:22.880 they're trying to mean us into uh an escalation that 0:30:22.920 --> 0:30:26.480 we can't come back from. That will then give Congress, 0:30:26.520 --> 0:30:30.400 the new Congress, the quote unquote warhawk Republicans, the cover 0:30:30.600 --> 0:30:34.040 to spend to go into a war footing to spend 0:30:34.080 --> 0:30:36.640 a whole lot of money. That will the force federally 0:30:36.720 --> 0:30:41.280 forced to monetize to reverse qi QT go back to QI, 0:30:41.440 --> 0:30:43.880 go back to the zero bound, and and all the 0:30:43.920 --> 0:30:48.040 rest of it. We're already seeing that in Europe they're 0:30:48.040 --> 0:30:52.480 doing increased military spending, in Germany they're doing increased they're 0:30:52.480 --> 0:30:55.280 talking about increased military respecting all across Europe. And it's 0:30:55.360 --> 0:30:57.920 really nothing more than a means by which to print 0:30:57.920 --> 0:31:02.240 a bunch of euros and then stuff the banks full 0:31:02.240 --> 0:31:06.440 of reserves, while the FED is raising interest rates and 0:31:06.560 --> 0:31:09.440 draining the markets. And you have to look at it 0:31:09.480 --> 0:31:12.520 that way. I heard from multiple people just like just 0:31:12.880 --> 0:31:14.360 see if I can try and put a fine point 0:31:14.400 --> 0:31:17.520 on this market before you. Is that during COVID right, 0:31:17.800 --> 0:31:20.040 a lot of the COVID relief funds that were sent 0:31:20.080 --> 0:31:23.960 out the hospitals, or that were reserved for hospitals. Right, 0:31:24.000 --> 0:31:27.560 we're not spent. And we heard all these hard these 0:31:27.600 --> 0:31:29.960 stories of well, you know, the hospitals got this money, 0:31:30.000 --> 0:31:32.160 but the banks didn't want the money back. Well, no, 0:31:32.280 --> 0:31:33.880 of course, somebody. The banks didn't want the money back 0:31:33.880 --> 0:31:36.080 because they wanted that money to sit on their balance 0:31:36.080 --> 0:31:40.000 sheet as reserves, because they were desperate for the reserves. 0:31:40.600 --> 0:31:43.360 They didn't want the money back. What they wanted was 0:31:44.080 --> 0:31:46.760 the to keep their balance sheets for imploding, so the 0:31:47.320 --> 0:31:49.720 credit markets wouldn't implode, and credit spreads wouldn't blow out, 0:31:49.720 --> 0:31:52.520 an interest rate you know, um swaps wouldn't blow out, 0:31:52.520 --> 0:31:54.240 and all the rest of it. The currencies wouldn't collapse. 0:31:54.560 --> 0:31:57.040 And that's what this was all about. And the war 0:31:57.080 --> 0:32:00.719 in Ukraine is a is a similar type of operation. Okay, 0:32:01.040 --> 0:32:03.480 and you have to and once you see it that way, 0:32:03.560 --> 0:32:05.160 you can. Yeah, that's that's what I was trying to 0:32:05.160 --> 0:32:08.120 ask about. So, uh, if they can push the war 0:32:08.400 --> 0:32:11.960 and then they have wartime spending for more weapons, etcetera, 0:32:12.000 --> 0:32:15.200 then that will somehow then force the Fed to monetize that. 0:32:16.680 --> 0:32:18.400 Well they have to because they're gonna spend all that 0:32:18.440 --> 0:32:20.080 money the Feds. I mean, they'll put it out on 0:32:20.120 --> 0:32:22.600 the market, but you know there's no appetite in the 0:32:22.640 --> 0:32:24.400 market for six and a half trillion dollars with the 0:32:24.480 --> 0:32:26.600 U S truaguy and he's gonna buy. And and is 0:32:26.640 --> 0:32:29.680 there some mandate that the FED has to buy the treasuries? Yeah, 0:32:29.760 --> 0:32:31.920 the Fed has to buy if the Treasury spends the money. 0:32:32.000 --> 0:32:35.360 The primary dealers have to have to have to buy 0:32:35.360 --> 0:32:37.240 the debt, have to buy what the market doesn't buy. 0:32:37.440 --> 0:32:39.960 I e. They have that's the definition of a primary dealer. 0:32:40.160 --> 0:32:41.560 And then what do they do. They turn right around, 0:32:41.560 --> 0:32:43.720 they flip the treasuries over to the FED. Got it? 0:32:44.520 --> 0:32:46.080 And the FED has to buy them. So the FED 0:32:46.160 --> 0:32:48.320 feed is for the FED forced to ease to take 0:32:48.360 --> 0:32:51.480 on that debt, the force the FED is forced to 0:32:51.520 --> 0:32:54.560 eat spending that they don't want to eat. And that's 0:32:54.600 --> 0:32:56.360 what this is going. That's what this is all about. 0:32:56.600 --> 0:32:58.920 Jenny Yellen playing games when saying that she's going to 0:32:59.000 --> 0:33:01.880 do yield curve control through the US Treasury and cap 0:33:01.920 --> 0:33:06.480 the price of oil Russian oil are um. I didn't 0:33:06.480 --> 0:33:10.760 know Johnny Ellen was that stupid, But she's think that 0:33:10.760 --> 0:33:13.880 she could cap the price of Russian oil. Yeah, I 0:33:13.920 --> 0:33:16.120 mean both of those things that she can that she 0:33:16.160 --> 0:33:17.960 can do yield curve control for any length of time 0:33:18.000 --> 0:33:20.720 against the wishes of the Federal Reserve and the US 0:33:20.760 --> 0:33:25.280 banking system, and and do that, you know without you know, 0:33:25.280 --> 0:33:27.480 without the tax base of supportive for very long. She's 0:33:27.480 --> 0:33:30.760 got about four hundred billion dollars in US tresury um 0:33:30.960 --> 0:33:32.600 and you know, and that's gonna get eaten up over 0:33:32.640 --> 0:33:34.800 the It's gonna get eaten up in no time flat. 0:33:35.320 --> 0:33:39.760 And also understand that the capping of the Russian the 0:33:39.800 --> 0:33:43.600 Russian oil price, how are they going to actually do that? Well, 0:33:43.640 --> 0:33:50.200 they're gonna do that by subsidizing it, subsidizing, offsetting. Uh, well, 0:33:50.240 --> 0:33:52.160 they're gonna how are they going to how are they 0:33:52.280 --> 0:33:54.760 do that through subsidizing? Well, I mean, like think of 0:33:54.760 --> 0:33:56.480 it this way, like it's like it's not even that. 0:33:56.520 --> 0:33:58.360 It's like they're gonna cap the price of Russian oil. 0:33:58.480 --> 0:34:00.400 That's it's actually a little bit. What they're gonna do 0:34:00.400 --> 0:34:04.080 is they're gonna havep the price of electricity domestically by subsidizing. Sorry, 0:34:04.440 --> 0:34:06.040 they're gonna try and cap the price of Russian oil, 0:34:06.040 --> 0:34:07.800 but they're not gonna be able to so they're just 0:34:07.840 --> 0:34:11.279 gonna have to buy third party reblended fuel and pay 0:34:11.320 --> 0:34:14.160 the price. Right, But what they'll do what Germany is 0:34:14.160 --> 0:34:16.680 already talking about doing, aside from a nine percent windfall 0:34:16.680 --> 0:34:22.360 profit tax on on all energy profits, not above a 0:34:22.360 --> 0:34:26.640 certain level, but all energy profits. So they've been effectively nationalized, 0:34:27.080 --> 0:34:29.959 what they're also want to do is capped the price 0:34:29.960 --> 0:34:32.920 of electricity for the consumer. How are they gonna do that, Well, 0:34:32.960 --> 0:34:35.080 they're still buying electricity from the market at whatever the 0:34:35.080 --> 0:34:39.200 market rate is. They still they keep the electricity producers 0:34:39.239 --> 0:34:42.480 from going bankrupt if you know, you know they if there, 0:34:42.520 --> 0:34:44.400 if it's costing them twenty cents of kill a one hour, 0:34:44.440 --> 0:34:46.279 I'm just picking numbers out of my out of my head. 0:34:46.320 --> 0:34:48.960 I'm not these are not real. But they cost twenty 0:34:48.960 --> 0:34:51.200 cents of kill a one hour to produce electricity. But 0:34:51.239 --> 0:34:53.640 they have the price at thirteen, Well, then that seven 0:34:53.680 --> 0:34:56.200 cents has to be made up by what the federal 0:34:56.239 --> 0:34:59.200 treasury or the federal government's gonna have to pay it. 0:34:59.320 --> 0:35:02.560 Who's gonna who's going to print those euros? Clearly the 0:35:02.600 --> 0:35:07.080 bundes Bank, what is that doing again? Stopping reserves into 0:35:07.120 --> 0:35:09.600 the European banking and they're already doing it in the UK, right, 0:35:09.600 --> 0:35:12.160 They've already already done that, but they are there. That 0:35:12.239 --> 0:35:15.680 was part of Trust's plan was Okay, I'm gonna do that, 0:35:15.880 --> 0:35:19.279 but I'm also going to alleviate the supply shortage by 0:35:19.320 --> 0:35:23.319 allowing oil and gas exploration and investment into oil and 0:35:23.360 --> 0:35:26.439 gas exploration back into the UK at the same time. 0:35:26.480 --> 0:35:29.840 So that's the question, Tom, Like, it seems so obvious, 0:35:30.360 --> 0:35:34.399 um that the however you want to frame this up 0:35:34.960 --> 0:35:37.600 the euro Davis and ECB group or even the FED, 0:35:37.640 --> 0:35:40.280 if they're trying to fight inflation, if there it's really 0:35:40.320 --> 0:35:42.560 it's a supply side issue, as you've already made the case, 0:35:42.560 --> 0:35:45.399 which I agree, supply side issue. On the oil, they're 0:35:45.400 --> 0:35:47.000 trying to cap the price of oil, they're trying to 0:35:47.000 --> 0:35:49.960 beg or pressure OPEC to pump out more, all these things. 0:35:50.600 --> 0:35:55.760 If whoever really wanted to win that war, the obvious 0:35:55.760 --> 0:35:58.239 way would be to increase our own supply of oil 0:35:58.239 --> 0:36:00.560 and push the price down to bucks and they could 0:36:00.560 --> 0:36:13.360 bankrupt Russia and no pack that way. Yeah, yeah, of 0:36:13.400 --> 0:36:15.680 course why not that. If we're not doing that, then 0:36:15.719 --> 0:36:17.520 you have to ask yourself why it's not asking you 0:36:17.719 --> 0:36:20.160 why not clear, because they want to actually crash the 0:36:20.320 --> 0:36:23.920 entire system and they want us to starve, and they 0:36:23.960 --> 0:36:27.480 want to and they wanted to. They want to create 0:36:27.760 --> 0:36:34.000 the conditions for a justified defaulting on all of the 0:36:34.040 --> 0:36:38.880 sovereign debt. That's what they want. The Great George Soros 0:36:38.920 --> 0:36:41.359 has made it abundantly clear, and then he put those 0:36:41.360 --> 0:36:43.839 words into rieschi soon Act's mouth the other day. We 0:36:43.880 --> 0:36:46.759 want to default on the debt. There's too much of it, 0:36:46.840 --> 0:36:50.400 we can't pay it back. We issue perpetual bonds, consoles 0:36:51.480 --> 0:36:56.840 and then roll the the fiscal and political UH control 0:36:56.920 --> 0:36:59.200 up into the ECB and the European Commission and do 0:36:59.280 --> 0:37:02.959 away with NASH well UH national governments in national central banks. 0:37:02.960 --> 0:37:06.400 That's what they want to do. Choice being put in 0:37:06.480 --> 0:37:08.360 front of German middle class right now is that you 0:37:08.360 --> 0:37:10.880 can either starve and freeze to death, or you can 0:37:10.920 --> 0:37:15.040 be permanently surveilled in a Minority Reports style dystopia. Your 0:37:15.120 --> 0:37:18.920 choice and roll out the CBDC. It's like the perfect 0:37:18.960 --> 0:37:22.239 introduction of that. Well, that's that's how that's that's CBDCs 0:37:22.280 --> 0:37:25.120 are how they're going to default and still have a currency. 0:37:25.400 --> 0:37:28.520 That's the minority. That's the pillar of the Minority Report 0:37:29.239 --> 0:37:34.359 style social credit system in Dystopia. Of course, the thing 0:37:34.400 --> 0:37:37.080 that I don't understand about the CBDCs though, is that 0:37:37.600 --> 0:37:40.080 obviously it's just another form of fiat. I mean, already 0:37:40.120 --> 0:37:42.920 eighty percent of transactions are digital anyway. So whatever, it's 0:37:42.920 --> 0:37:45.480 a digital transaction and still a digital transaction, it's still 0:37:45.520 --> 0:37:48.120 a fiat currency. It's still whatever, right, And so like 0:37:48.120 --> 0:37:50.640 whenever we see currencies blow up around the world, which 0:37:50.680 --> 0:37:53.360 happens quite often, like in Zimbabwe has happened, you know, 0:37:53.440 --> 0:37:57.840 multiple times, they always have to repeg it back to something. Advice, 0:37:57.840 --> 0:38:00.560 they'd repack it back to the dollar. And so with 0:38:00.719 --> 0:38:03.680 the monetary theory of value or whatever the Austrian lynsays, 0:38:03.920 --> 0:38:05.239 I would say, you would have to pay it back 0:38:05.280 --> 0:38:07.600 to gold or something that has value. So they pay 0:38:07.640 --> 0:38:09.920 it back to the dollar. But if everything blows up 0:38:09.960 --> 0:38:13.000 in the dollar blows up, how do they reinstitute value 0:38:13.000 --> 0:38:15.360 back into a fiat currency, or more importantly, how do 0:38:15.440 --> 0:38:18.320 they put trust back into a FIA currency without pegging. 0:38:19.320 --> 0:38:22.040 I'm asking the same question. That's like, I feel like 0:38:22.080 --> 0:38:26.040 these guys are the underpants. No crash the system dot 0:38:26.080 --> 0:38:28.680 dot dot issue central bank digital currency that no one 0:38:28.719 --> 0:38:32.200 wants dot dot dot profit Like I don't get it, 0:38:32.480 --> 0:38:36.200 Like I think it's a monumentally stupid plan. I do. 0:38:36.680 --> 0:38:40.239 But you know, by getting rid of they're gonna say, 0:38:40.239 --> 0:38:42.080 but by we don't have we have a clean balance 0:38:42.120 --> 0:38:44.480 sheet now, we don't have any debt. You can invest 0:38:44.520 --> 0:38:46.799 in US now, Like why would I invest in you? 0:38:46.800 --> 0:38:50.279 You just you just stole trillion twelve trillion dollars with 0:38:50.320 --> 0:38:57.640 the fourteen trillion dollars of the wealth. Really really like okay, 0:38:57.840 --> 0:39:00.280 you really think that's what's gonna happen here. But the reason, 0:39:00.400 --> 0:39:02.000 the way they think they're gonna be able to pull 0:39:02.040 --> 0:39:06.640 this off is because they have um bankrupted the Russians 0:39:07.080 --> 0:39:10.000 in a war, right and gotten them to heal, and 0:39:10.040 --> 0:39:13.120 they've destroyed the United States. Then of course, you know, 0:39:13.239 --> 0:39:17.040 everything is so terrible that they come out smelling like 0:39:17.160 --> 0:39:19.440 the first ones to default. If they're like the first 0:39:19.440 --> 0:39:23.560 banks to to to go through bankruptcy during a financial crisis, right, 0:39:23.560 --> 0:39:25.759 they're usually the first ones to they're the first ones 0:39:25.800 --> 0:39:27.920 to go bankrupt, and they're usually the first ones to 0:39:29.040 --> 0:39:31.600 come back because they've already gone through the restructuring and 0:39:31.640 --> 0:39:34.640 everything else. That's what they're thinking they're just thinking in 0:39:34.680 --> 0:39:37.359 those kind of quote unquote I hate to say this 0:39:37.560 --> 0:39:43.000 when I'm talking about communists here, but creative destruction, uh well, 0:39:43.440 --> 0:39:46.759 controlled destruction is m for them, right, trying to get 0:39:46.760 --> 0:39:50.040 the building to fall into their lap, right, um, right now, 0:39:50.600 --> 0:39:53.959 It's always about It's always about it's always about selling you, 0:39:53.960 --> 0:39:57.799 you know, I've always about selling you freedom by um 0:39:57.960 --> 0:40:00.520 by you know, putting a new surrounding back and a 0:40:00.560 --> 0:40:02.840 shock coller, you know, and a shot and an electric 0:40:02.880 --> 0:40:05.399 shock of your grass. Like it's not hard here, it's 0:40:05.400 --> 0:40:07.440 the same thing. This whole thing is one big skin, 0:40:07.640 --> 0:40:09.839 this whole this whole thing that they've turned the entire 0:40:09.880 --> 0:40:12.719 world into. It's just one big skinner box. Now we 0:40:12.760 --> 0:40:15.759 have the we're all just addicted to, you know, the 0:40:16.160 --> 0:40:18.040 causing each other pain. We have the Rise of the 0:40:18.080 --> 0:40:22.040 Bricks Nations, which UM, on one hand, seems like a 0:40:22.080 --> 0:40:24.920 credible threat. We have more than half the people alive 0:40:25.000 --> 0:40:27.840 in the world today joining that UM. They want to 0:40:27.840 --> 0:40:30.320 break the l B M A. They produce over sixty 0:40:30.440 --> 0:40:32.799 percent of the gold in the world, where the UK 0:40:32.960 --> 0:40:36.120 produces none UM, and so it seems like it could 0:40:36.120 --> 0:40:40.000 be a credible threat there. However, the US has the consumers, 0:40:40.040 --> 0:40:42.839 and so without consumers that's difficult. But if they can 0:40:42.960 --> 0:40:46.560 break Russia and now they've knocked China back to the 0:40:46.640 --> 0:40:50.360 dark ages, China's stuck importing energy and food and everything 0:40:50.400 --> 0:40:53.160 basically for that matter, maybe they think, well, if we 0:40:53.160 --> 0:40:55.360 can get Russia knocked down and we can get China 0:40:55.560 --> 0:40:58.520 cornered where they they are forced to play ball, then 0:40:58.560 --> 0:41:00.960 we kind of break we break bricks and then we 0:41:01.040 --> 0:41:04.040 kind of get that under control. Well, they clearly want 0:41:04.040 --> 0:41:06.680 to break the bricks up. They obviously just did so, 0:41:06.920 --> 0:41:12.320 you know, with a major piece of it in Brazil, right, Um, 0:41:12.360 --> 0:41:18.960 they're clearly would be right. They clearly want you know, 0:41:19.000 --> 0:41:20.800 and they just realized that. They just think that they 0:41:20.840 --> 0:41:23.960 can break Brazil, Russia, and China then the swing states 0:41:24.000 --> 0:41:29.640 like India, because bricks has two eyes made Iran and India, 0:41:30.120 --> 0:41:32.240 so of course we're pressuring Iran at the same time. 0:41:33.080 --> 0:41:35.680 The problem is that the bricks also have two s 0:41:35.760 --> 0:41:37.480 is because there's another there's a new one now in 0:41:37.600 --> 0:41:42.719 Saudi Arabia. Right, So they've got a lot of work 0:41:42.760 --> 0:41:48.080 to do here because everybody there is um not on 0:41:48.120 --> 0:41:51.960 board with this. And you know, the big question now 0:41:52.040 --> 0:41:55.800 is you know, can the Russians rejigger their their trade 0:41:55.840 --> 0:41:59.000 and there and their military and there in their internal 0:41:59.239 --> 0:42:02.319 structure and such a way that they can resist kind 0:42:02.320 --> 0:42:06.040 of ad infinitem right. And I don't know that that's 0:42:06.080 --> 0:42:08.560 the case. I, you know, I'd like to believe that 0:42:08.600 --> 0:42:11.440 it is. I'm you know, I I'd like to believe 0:42:11.480 --> 0:42:14.720 that Putin has this mostly under control. He's not acting 0:42:14.760 --> 0:42:19.200 like he doesn't, you know. And um, but you know 0:42:19.440 --> 0:42:22.400 these are these are titanic forces here, and everybody has 0:42:22.400 --> 0:42:26.560 to play their hand perfectly to get out of it alive. Okay, yes, yes, 0:42:26.600 --> 0:42:29.640 and no, but also you've also framed up a plan 0:42:29.800 --> 0:42:33.480 that doesn't seem like it will work. So um, Nietzsche 0:42:33.600 --> 0:42:36.279 says that that was just falling. Shall yasso push? Like 0:42:36.520 --> 0:42:40.400 the global sovereign debt bubble is bursting. Uh, the dollar 0:42:40.480 --> 0:42:44.000 bubble is bursting, and every other sovereign is bursting. The 0:42:44.040 --> 0:42:47.360 plan that they seem to have doesn't seem to work. 0:42:47.400 --> 0:42:49.600 How do you go back to a fiat currency? Probably 0:42:49.640 --> 0:42:52.239 doesn't work. How do you trust somebody who just stole 0:42:52.280 --> 0:42:56.320 the global wealth? And and like so like, uh, everyone 0:42:56.320 --> 0:42:58.319 has to play this. This is why, this is why 0:42:58.320 --> 0:43:00.719 the feed is raising interest rates, aggress sibilate to try 0:43:00.760 --> 0:43:04.160 and um get back lost credibility and to get rid 0:43:04.200 --> 0:43:06.000 of the FED put and get everybody back on the 0:43:06.080 --> 0:43:08.920 risk assessment. One of the interesting things about SOFA, and 0:43:08.960 --> 0:43:10.839 I haven't really had a chance to write a piece 0:43:10.840 --> 0:43:12.359 about this, but I talked about it a little bit 0:43:12.360 --> 0:43:15.000 here and there, is that when you really start to 0:43:15.000 --> 0:43:18.520 look at SOFA as a as a market driven collateralized 0:43:19.000 --> 0:43:22.960 um rate right contract, Right, it's got futures market and 0:43:23.440 --> 0:43:26.399 and you know, we now have a sofar futures curve 0:43:26.520 --> 0:43:30.440 for um UH anticipating where it's going to be in 0:43:30.760 --> 0:43:32.960 ninety days and what people are gonna help people are 0:43:32.960 --> 0:43:35.239 gonna need, domestic money markets and all the rest of it. 0:43:35.280 --> 0:43:37.960 And this is all good. The interesting part about this 0:43:38.160 --> 0:43:46.840 is that the endgame or SOFUR domestically, after it breaks 0:43:46.960 --> 0:43:50.080 library or after it breaks the ear dollar system, is 0:43:50.120 --> 0:43:52.480 that we can have a re regionalization of interest rates 0:43:52.480 --> 0:43:55.520 in the United States. Remember that the FED or Reserve 0:43:55.600 --> 0:44:01.120 is originally conceived of as twelve regional banks City FED, 0:44:01.200 --> 0:44:03.239 the al NFD, the Dallas FED, San Francisco FAD, the 0:44:03.239 --> 0:44:05.960 New York Fed, blah blah of Minneapolis blah, blah blah blah, 0:44:06.120 --> 0:44:09.160 right a hundred years ago, hundred hundred five years ago, 0:44:09.960 --> 0:44:12.080 years ago. This was necessary because of the rate at 0:44:12.080 --> 0:44:17.440 which you know, information transmitted through the economy, because you know, 0:44:17.640 --> 0:44:21.360 we were still you know, we are not cars. Cars 0:44:21.400 --> 0:44:26.800 were just we're not even a thing yet, right, So um, 0:44:26.840 --> 0:44:31.759 having regional interest rates made sense and for the you know, 0:44:31.920 --> 0:44:35.480 so that the rate of the risk assessment rate, the 0:44:36.239 --> 0:44:40.160 foundational the rate in San Francisco should be different than 0:44:40.200 --> 0:44:43.200 it is in New York. Well, with a market driven 0:44:43.239 --> 0:44:45.799 rate like so far, you can actually have now a 0:44:45.880 --> 0:44:50.400 re regionalization of interest rates because you're gonna just have 0:44:50.520 --> 0:44:56.279 banks bidding locally for money markets and we're gonna get 0:44:56.280 --> 0:44:58.120 away from it. And then we can actually get away 0:44:58.160 --> 0:45:01.879 from a monolo thick FED funds rate. The Fed can 0:45:01.960 --> 0:45:06.239 just you know, and there's there's a there's a thing 0:45:06.680 --> 0:45:09.120 happening here that I think is you know, I mean 0:45:09.160 --> 0:45:11.160 really looking ahead here and now we're talking about looking 0:45:11.440 --> 0:45:14.799 five twelve years ahead here, and obviously we may not 0:45:14.840 --> 0:45:17.240 even have an election, but I want you to understand 0:45:17.280 --> 0:45:20.680 that the model, you can see, the foundations are in 0:45:20.760 --> 0:45:25.920 place for a move back to a monetary system, which 0:45:26.280 --> 0:45:30.239 created the United States that that we know it today, 0:45:30.640 --> 0:45:33.719 right that when we had the Federal Reserve, which was 0:45:33.920 --> 0:45:36.640 you know, this was a coup against the original concept 0:45:36.640 --> 0:45:39.239 of the United States. Don't get me wrong, I hate 0:45:39.239 --> 0:45:42.000 the Federal Reserve. I'm not making I'm not shilling for 0:45:42.080 --> 0:45:44.200 it here. I would love for us to go onto 0:45:44.239 --> 0:45:49.280 some kind of you know, UM reserve, commodity money standard, 0:45:49.880 --> 0:45:51.840 real banking, and all the rest of it. But a 0:45:51.960 --> 0:45:57.600 market driven rate with the reregionalization of the FED funds 0:45:57.680 --> 0:46:01.560 rate to a set to put risk assessment back in 0:46:01.600 --> 0:46:04.080 the hands of private banks is a hell of lot 0:46:04.160 --> 0:46:07.080 better then the system we have now where we have 0:46:07.160 --> 0:46:09.800 one monolithic rate basically set by the New York Fed 0:46:10.480 --> 0:46:12.680 UM and everybody else has to eat it. And that's 0:46:12.719 --> 0:46:15.960 actually a crossed all sorts of internal problems here in 0:46:16.000 --> 0:46:18.560 the United States. In the same way that having a 0:46:19.320 --> 0:46:25.520 monolithic um EC beef funds rate deposit rate has advantaged 0:46:25.520 --> 0:46:28.840 Germany at the expensive say Italy or Spain or Greece 0:46:28.960 --> 0:46:31.919 or you know the other the quote unquote pigs, what's 0:46:31.920 --> 0:46:34.080 the same problem here in the United States having a 0:46:34.120 --> 0:46:38.360 monolithic rate and um in the United States advantaged California 0:46:38.400 --> 0:46:40.560 at the expense of you know, most of the South 0:46:40.680 --> 0:46:44.480 for decades, in the Midwest for decades. So it's the 0:46:44.520 --> 0:46:47.080 same problem written large and this is why and so 0:46:47.160 --> 0:46:49.600 this is the end of the Californization of the United 0:46:49.640 --> 0:46:53.400 States when you really start start to like think through 0:46:53.840 --> 0:46:56.799 how this is gonna work and why everybody why why 0:46:56.840 --> 0:47:01.080 the breakup of the European Union is effect I think 0:47:01.120 --> 0:47:04.520 inevitable because we need to have different interest rates across 0:47:04.640 --> 0:47:09.600 the EU space in order to properly assess risk and 0:47:09.600 --> 0:47:11.640 and labor efficiency. Well, the same thing should be in 0:47:11.680 --> 0:47:14.479 the United States as well, but with a market driven 0:47:14.560 --> 0:47:18.879 rate like SOFUR, we could actually do that because things 0:47:18.880 --> 0:47:21.879 can trade at a disc things can trade in Minneapolis 0:47:21.920 --> 0:47:24.759 at a discount or I premium. This SOF based on 0:47:24.800 --> 0:47:30.040 the demand for money, right, Whereas it's a lot harder 0:47:30.080 --> 0:47:32.600 for that to happen with a monolithic rate because it's 0:47:32.719 --> 0:47:35.760 not a market driven rate that's coming from the Federal Reserve. 0:47:35.840 --> 0:47:38.480 Whereas SOFA is actually determined by the market. And the 0:47:38.480 --> 0:47:41.640 problem with it can be once the once the entirety 0:47:41.640 --> 0:47:43.200 of the of the market, once the entirety of the 0:47:43.200 --> 0:47:45.680 market is working on that right. This is something that 0:47:45.719 --> 0:47:48.760 I've been spitballing with some people about for a couple 0:47:48.760 --> 0:47:50.239 of a couple of weeks now, but I just it's 0:47:50.280 --> 0:47:52.439 the first time I've actually actually tried to like put 0:47:52.480 --> 0:47:54.440 some some meat on those bones. And again, I'm not 0:47:54.480 --> 0:47:57.000 saying that I'm right about this, but it's something that 0:47:57.040 --> 0:47:59.720 we really want to start considering. And of course, because 0:47:59.719 --> 0:48:01.320 if that's the case, and those are the forces that 0:48:01.360 --> 0:48:03.719 play here in the United States to ensure that the 0:48:03.760 --> 0:48:07.080 reindustrialization of the United States that happens with the last 0:48:07.360 --> 0:48:10.160 dollar bull market that we're going to have, which is 0:48:10.200 --> 0:48:11.399 not going to buy a way to be a bull 0:48:11.440 --> 0:48:14.640 market against golden bitcoin, It's gonna be a bullmarket against 0:48:14.680 --> 0:48:17.640 every other freaking crappy seat OC currency. It's the one 0:48:17.680 --> 0:48:20.959 we're living through right now. And then once people really 0:48:20.960 --> 0:48:24.600 start getting real and we're starting to see that the 0:48:24.640 --> 0:48:26.880 FED rate seventy basis points the other day and gold, 0:48:27.200 --> 0:48:29.880 you know, initially traded down and now is back up 0:48:29.880 --> 0:48:33.160 in the sixteen eighties, and it's threatening sev dred you know, 0:48:33.239 --> 0:48:36.120 I think a weekly closing price on gold about seventeen 0:48:36.160 --> 0:48:38.520 thirty five, and we're off to the races back to hundred. 0:48:38.719 --> 0:48:40.160 The same thing with bitcoin. If we got a weekly 0:48:40.160 --> 0:48:42.560 closed about twenty two thousand. Watch out, baby, We're gonna 0:48:42.560 --> 0:48:44.840 be back at thirty before you even though it, because 0:48:44.840 --> 0:48:48.200 it's gonna pretend that you have people finally realizing that 0:48:48.280 --> 0:48:53.240 Europe has no way of of surviving this without forcing 0:48:53.280 --> 0:48:55.560 the FED to pivot and without forcing the FED put 0:48:55.600 --> 0:48:58.520 back onto the global market. And I just don't think 0:48:58.520 --> 0:49:00.680 that enough people believe that that the case yet. I 0:49:00.719 --> 0:49:03.279 just don't think we've gotten you know, enough people to 0:49:03.360 --> 0:49:06.680 the to the acceptance phase of the kuber Ross model 0:49:06.760 --> 0:49:09.040 about five stages of grief model about the end of 0:49:09.040 --> 0:49:10.920 the death of the FED POOT. I think a lot 0:49:10.960 --> 0:49:13.200 of people are still in denial and so and a 0:49:13.239 --> 0:49:16.480 lot of people clearly are angry and are bargaining. So 0:49:16.719 --> 0:49:18.799 you don't think the FED has one more put in him? 0:49:19.440 --> 0:49:21.240 I mean it seems like you do. That's why you said, 0:49:21.880 --> 0:49:24.319 or no, you think Golden Big Plan go. I think 0:49:24.320 --> 0:49:26.400 the FED wants to do away with the idea of 0:49:26.440 --> 0:49:28.880 the of the general FED put for the global market. 0:49:29.040 --> 0:49:30.680 I'm not saying that. I don't think that at some 0:49:30.719 --> 0:49:33.960 point the FED may not pivot or you know they 0:49:34.080 --> 0:49:38.360 you know again, markets moving waves, right, policies moving waves. 0:49:38.600 --> 0:49:40.640 We could have the FED go to five and a 0:49:40.680 --> 0:49:45.160 half percent, break Europe, you know, see the dollar index 0:49:45.200 --> 0:49:47.600 go to one forty, back off, go back to three. 0:49:49.160 --> 0:49:50.760 Let that and then let that run for a while. 0:49:51.640 --> 0:49:54.359 That would be okay, I mean whatever, that would be fine. 0:49:54.440 --> 0:49:57.279 Like that would be normal minditary policy. And and then 0:49:57.600 --> 0:50:00.200 once and once we've internalized all that, we've worked out 0:50:00.200 --> 0:50:01.880 some of the the damage from those things, then if 0:50:01.880 --> 0:50:03.359 we need to move it back up to five or six, 0:50:03.360 --> 0:50:05.560 we do something we should never ever go back to 0:50:05.560 --> 0:50:08.520 the zero bound. Yeah, that's what I think. It seems 0:50:08.560 --> 0:50:10.719 like it's probably the most probable outcome here, you know, 0:50:10.760 --> 0:50:13.239 financial repression. So if they can bring the rates up 0:50:13.239 --> 0:50:15.719 to five percent, get them some room, drop it back 0:50:15.719 --> 0:50:19.040 down to three pin or maybe four, you know, maybe 0:50:19.040 --> 0:50:22.200 four is the new two or something. Hey or uh 0:50:22.280 --> 0:50:24.120 and then uh, you know, get up to five, get 0:50:24.160 --> 0:50:26.080 some room, bring it back down to four, keep the 0:50:26.120 --> 0:50:28.719 bond yields low, and let let inflation kind of run 0:50:28.760 --> 0:50:30.480 a little hot for a while, and maybe you know, 0:50:30.480 --> 0:50:33.160 try to bring GDP back down that way. Um, it 0:50:33.160 --> 0:50:36.480 seems like it might be a probable option or outcome, 0:50:36.520 --> 0:50:39.560 I should say, Um, jumping gears a little bit uh 0:50:39.800 --> 0:50:42.960 you mentioned you mentioned bitcoin, um, and so you know 0:50:45.920 --> 0:50:49.520 the final stage of every empire is capital controls. All right, 0:50:49.560 --> 0:50:51.280 we have to force you to stay in the party. 0:50:51.800 --> 0:50:54.319 If I'm having a party here at my office and hey, 0:50:54.360 --> 0:50:56.000 you're too noisy, get out, and I don't like you, 0:50:56.080 --> 0:50:59.000 get out, and I kick everybody out, eventually I have 0:50:59.080 --> 0:51:01.279 no control over anybody because no one's at my party 0:51:01.280 --> 0:51:03.520 and they've started their own party over there. And so 0:51:03.560 --> 0:51:05.200 when you look at like the fall of the USS, 0:51:05.239 --> 0:51:07.800 al right, everyone's kind of left and started these parallel 0:51:07.840 --> 0:51:10.200 markets and economies and then they had no more control. 0:51:10.520 --> 0:51:14.719 And so, um, if if people exit, which is why 0:51:14.760 --> 0:51:17.239 you hear people like Christine Leguard talking about having to 0:51:17.320 --> 0:51:20.160 close the exits, not just with taxes but also with 0:51:20.239 --> 0:51:24.000 currencies as well. Um, if we get enough people getting 0:51:24.040 --> 0:51:27.279 outside of the system, then they lose the power of 0:51:27.320 --> 0:51:30.240 that system. Now there hasn't really been a good option, 0:51:30.280 --> 0:51:33.279 but it seems like as the world is escalating very 0:51:33.360 --> 0:51:38.560 rapidly right now, especially coming forefront, which you know, two 0:51:38.640 --> 0:51:42.360 people all across the world, um, they understand. You know, 0:51:42.360 --> 0:51:44.880 we have about three billion people living under strict authoritarian 0:51:44.880 --> 0:51:48.560 regimes with double digit inflation, or greater, and so for them, 0:51:48.760 --> 0:51:51.120 you don't have to explain to them why they might 0:51:51.160 --> 0:51:53.680 need a different way to store money than this fiat 0:51:53.680 --> 0:51:56.200 currency they have. In the United States a little bit harder, 0:51:56.800 --> 0:51:59.799 but in Canada we found front and center. Hey, we'll 0:51:59.800 --> 0:52:02.560 just take your money. Town we want obviously, Russia we 0:52:02.719 --> 0:52:05.680 frozer fex reserves. And so it's starting to come more 0:52:05.719 --> 0:52:09.880 and more and more and more and um, it seems 0:52:09.920 --> 0:52:12.200 like as the world continues to break apart, which is 0:52:12.239 --> 0:52:15.799 my thesis, um, you know, probably move into this multipolar world, 0:52:15.880 --> 0:52:18.680 how does the world trust each other for common trade 0:52:18.800 --> 0:52:21.720 and good And it seems like it doesn't really work. 0:52:22.239 --> 0:52:25.080 And it's almost like we would need this decentralized ledger 0:52:25.120 --> 0:52:28.200 that nobody could control in order to bring some trust 0:52:28.280 --> 0:52:31.799 back into the world. Again, I agree, I agree. I 0:52:31.840 --> 0:52:33.800 just think that's this thing. I know that some people 0:52:33.840 --> 0:52:35.880 that when you asked last night, which is you know 0:52:36.239 --> 0:52:38.680 what you wanted to talk with me about now, a 0:52:38.719 --> 0:52:41.799 lot of people said, you know, hey, Tom, um, how 0:52:41.800 --> 0:52:44.200 do you justify gold in a world with bitcoin? I'm like, well, 0:52:44.280 --> 0:52:46.759 because a lot of people don't trust pickol and a 0:52:46.800 --> 0:52:49.080 lot of people still trust gold. It's just the way 0:52:49.080 --> 0:52:52.480 it is. And I think that, um, I'm not. I 0:52:52.520 --> 0:52:56.880 don't know that gold is going to survive as a 0:52:57.719 --> 0:53:04.040 global foundational asset beyond this cycle of history. Right beyond 0:53:04.320 --> 0:53:07.399 beyond this cycle, this might be the like the last one, 0:53:07.920 --> 0:53:12.560 the last um war cycle forth turning whatever you want 0:53:12.600 --> 0:53:15.120 to call it. Sovereign debt crisis saw the end of 0:53:15.120 --> 0:53:19.560 the silver of silver as a monetary medal. Right, All 0:53:19.600 --> 0:53:22.840 the central banks around the world divested the largest hordes 0:53:22.920 --> 0:53:26.520 of silver ever seen by humanity over the last seventy 0:53:26.520 --> 0:53:28.840 five years. Nobody has any silver left in their reserves. 0:53:28.920 --> 0:53:32.000 Was that? Was that a technology thing though, right, because 0:53:32.000 --> 0:53:35.319 we needed silver for lower for lower denominations. But once 0:53:35.320 --> 0:53:37.680 we had paper currencies, we didn't need silver anymore. So 0:53:37.719 --> 0:53:41.160 then we just kept actually in technology caught up to 0:53:41.160 --> 0:53:43.120 the fact that silver is one of the best you know, 0:53:43.520 --> 0:53:46.600 electrical conductors in the on the periodic cable and bab bla, 0:53:46.640 --> 0:53:49.319 A lot of the industrial demand for silver rise and 0:53:49.400 --> 0:53:52.759 the it just like there's like there's things we can 0:53:52.800 --> 0:53:55.400 do with these medals. Remember chemists as well, right, and 0:53:55.400 --> 0:53:57.960 and you know with a and for a while I 0:53:58.000 --> 0:54:02.520 worked you know in metallurgy, UM and encodings and and 0:54:02.560 --> 0:54:04.880 so it's given a lot of thought to this stuff. 0:54:04.880 --> 0:54:08.279 And like at some point, you know, it's a technology thing. 0:54:08.280 --> 0:54:10.680 Money is a technology. But but the way I meant 0:54:10.760 --> 0:54:12.560 like and the way I meant in technology is like 0:54:12.600 --> 0:54:14.960 gold was good for bigger denominations, silver was good for 0:54:15.000 --> 0:54:18.399 smaller denomination once week. And now we're when we when 0:54:18.400 --> 0:54:20.719 we when we got paper gold certificates, we didn't need 0:54:20.760 --> 0:54:24.799 the smaller denominations anymore. So what happened is basically, I mean, 0:54:24.840 --> 0:54:27.000 we had silver, we had service certificates in the United 0:54:27.000 --> 0:54:28.560 States all the way up you know, I was born, 0:54:28.560 --> 0:54:31.239 and I think about sixty eight. You can still turn 0:54:31.280 --> 0:54:33.400 him in up until you know, I know, I know 0:54:33.440 --> 0:54:37.760 people who turned him into the federal demonetized or something 0:54:37.800 --> 0:54:41.239 like that, right, yeah, I mean, but the point being 0:54:41.360 --> 0:54:45.000 is that silver eventually was no longer even held as 0:54:45.000 --> 0:54:48.960 a reserve asset to back the paper currency. Right, and 0:54:49.000 --> 0:54:51.200 at some point maybe we'll get to the point where 0:54:51.360 --> 0:54:54.640 gold is no longer used as a reserve asset. I 0:54:54.640 --> 0:54:56.160 don't know. I'm not going to live to see this day. 0:54:56.280 --> 0:54:58.240 Like we're gonna see that, We're gonna see the remond, 0:54:58.320 --> 0:55:02.080 We're gonna see treasury old actually re monetize in a 0:55:02.160 --> 0:55:05.720 way that is a better way of recapitalizing the central 0:55:05.719 --> 0:55:12.240 bank balance sheet than um default, which is what Soros 0:55:12.320 --> 0:55:14.240 wants to do. Soros wants to keep all the wealth 0:55:14.239 --> 0:55:18.240 that he's stolen, right, and then just have everybody default 0:55:18.280 --> 0:55:20.080 on the fiat debt, when the better thing to do 0:55:20.719 --> 0:55:26.400 is to um recapitalize the entire system using the treasury gold, 0:55:26.520 --> 0:55:29.880 but having to use it at a much higher price. Yeah, 0:55:30.080 --> 0:55:33.880 like and and so, and you know, again, this is 0:55:33.880 --> 0:55:36.000 not an original idea. I've talked about this a little bit. 0:55:36.040 --> 0:55:37.759 But the you know, the idea of being is that 0:55:38.400 --> 0:55:41.920 you know, you can recapitalize the United States. You've got 0:55:42.040 --> 0:55:43.759 three point five tons of gold sitting on the fat 0:55:43.800 --> 0:55:48.640 balance sheet. That's cents and ounced mark mark to say, 0:55:48.840 --> 0:55:52.200 not mark the market, but remember the Remember the World 0:55:52.280 --> 0:55:54.719 Gold Council, you know, puts that number out every quarter 0:55:54.880 --> 0:55:57.279 telling you what that is as a percentage in mark 0:55:57.360 --> 0:56:00.600 the market terms of US as actual reserves. News for you, 0:56:00.719 --> 0:56:03.080 of the total U reserves of the of the U 0:56:03.120 --> 0:56:06.920 S banking system, of the US banking system, now is 0:56:06.960 --> 0:56:10.560 that of a very small pile of of reserves on 0:56:10.600 --> 0:56:14.000 a massive pile of dollars. You bet your sweet bippy 0:56:14.080 --> 0:56:21.000 it is. But you want to recapitalize trust, it's easy. Yeah, 0:56:21.280 --> 0:56:23.080 he was your fifty or a hundred year bond with 0:56:23.120 --> 0:56:25.080 a five percent gold resemption clause at the end of 0:56:25.080 --> 0:56:29.600 the bond. Well, we know that central banks are buying 0:56:29.640 --> 0:56:32.960 more gold than any time in since nineteen seventy one, 0:56:32.960 --> 0:56:36.040 so there's certainly more than more than fifty last year 0:56:36.120 --> 0:56:39.080 was of total demand. Gold demand this year is going 0:56:39.120 --> 0:56:41.440 to be more than that, probably somewhere around seventeen or 0:56:41.480 --> 0:56:43.200 eighteen the And we have to wait for the Q 0:56:43.360 --> 0:56:46.799 four numbers because a lot of the smaller buyers of 0:56:46.800 --> 0:56:48.520 gold from the central banks like to just make one 0:56:48.560 --> 0:56:50.840 big purchase at the end of the year Hungary for example, 0:56:50.920 --> 0:56:54.880 last year, Japan a couple of years ago, right, um, 0:56:54.920 --> 0:56:56.200 And you know there are only there are only a 0:56:56.280 --> 0:56:59.120 few like Serbian Newsbekistan and Kazakhstan and others who just 0:56:59.200 --> 0:57:01.439 buy every month like it's you know, it's just part 0:57:01.440 --> 0:57:03.719 of their their buying program. By the way, it was, 0:57:03.760 --> 0:57:06.200 Bekistan is buying like eight point seven tons of gold 0:57:06.560 --> 0:57:10.200 a month. It's Bekistan. It's a lot of gold, eight 0:57:10.239 --> 0:57:11.920 point seven tons of gold. Why would they keep their 0:57:11.920 --> 0:57:14.400 money in the financial system. If freshly gets their accounts frozen, 0:57:14.440 --> 0:57:18.000 that what what hope do they have? Right? Right? And why? 0:57:18.280 --> 0:57:21.000 And and and and that's a number, by the way, 0:57:21.560 --> 0:57:23.280 where we don't know what the Russians have been buying 0:57:23.280 --> 0:57:25.400 this year because the Russians aren't telling anybody and needed 0:57:25.440 --> 0:57:29.840 us China, yeah, oh, the Chinese and the Russians. And 0:57:29.880 --> 0:57:33.120 seeing the thing about about a gold redemption clause for 0:57:33.200 --> 0:57:36.440 a just to make sure everybody understands that the mechanics 0:57:36.440 --> 0:57:38.840 of this, and it's just I have to have to 0:57:38.880 --> 0:57:40.440 run in a couple of minutes because they've got another, 0:57:40.680 --> 0:57:42.600 got another thing that I've got somebody waiting for me. 0:57:42.920 --> 0:57:46.439 But to remember this you can issue. This is why 0:57:46.440 --> 0:57:48.280 I say that at some point the FED is gonna 0:57:48.320 --> 0:57:50.280 want the price of gold to rise. Oh, by the way, 0:57:50.280 --> 0:57:51.800 I also think at some point that FED is gonna 0:57:51.800 --> 0:57:53.439 want the price of bitcoin the rise, because I also 0:57:53.440 --> 0:57:59.240 see bitcoin entering into the global reserve system as well. 0:57:59.320 --> 0:58:01.240 I think the Fed's gonna wind up putting bitcoin and 0:58:01.240 --> 0:58:05.080 its balance sheet in ten years. Baker Noodle, do you 0:58:05.120 --> 0:58:06.480 think you're gonna get rid of Do you think you're 0:58:06.480 --> 0:58:10.280 gonna get rid of the Fed, No, boys, I don't 0:58:10.280 --> 0:58:12.240 think that's gonna happen. But I can see the FED 0:58:12.280 --> 0:58:15.080 buying or at least part of the US banking system 0:58:15.080 --> 0:58:17.720 being backed by bitcoin, already seeing it. So there's no 0:58:17.760 --> 0:58:19.480 reason not that you know. And we're already seeing an 0:58:19.480 --> 0:58:22.520 investment at the investment level, you know, at the at 0:58:22.560 --> 0:58:25.840 the at the family office level, and whynot. Why wouldn't 0:58:25.840 --> 0:58:28.240 we see it somewhere else? I would see it everywhere. 0:58:28.920 --> 0:58:32.920 So but as far as like a gold redemption clause 0:58:33.000 --> 0:58:36.000 is concerned, you don't have to issue. You can keep 0:58:36.040 --> 0:58:38.040 the FED funds rate at six percent, but issue fifty 0:58:38.080 --> 0:58:42.040 year debt with a two percent coupon. Now, all of 0:58:42.080 --> 0:58:45.120 a sudden, your your budget crisis from a six percent 0:58:45.160 --> 0:58:48.360 FED funds rate isn't as bad as you think it is. 0:58:49.200 --> 0:58:51.640 Now you can roll over the existing data two percent, 0:58:51.880 --> 0:58:55.560 paying two percent coupon, but with a but with the 0:58:55.600 --> 0:58:57.800 net present value of the bond being linked to the 0:58:57.880 --> 0:58:59.920 gold price. Now you can let the price of go 0:59:00.000 --> 0:59:03.520 old find its new level and the investors will hold 0:59:03.520 --> 0:59:05.400 onto these fifty year bonds that they're only getting paid 0:59:05.400 --> 0:59:07.960 two percent dollars every year, but they're getting ten or 0:59:07.960 --> 0:59:11.560 twelve or fifteen percent in goal. And that way you 0:59:11.600 --> 0:59:14.640 can slowly allow the price of gold to to you know, 0:59:15.720 --> 0:59:18.600 rise to its commensurate level over ten or fifteen years. 0:59:18.640 --> 0:59:20.560 And at any point you just leave a clause and 0:59:20.600 --> 0:59:22.560 the thing that the bond is callable at the net 0:59:22.560 --> 0:59:25.880 present value in dollars based on the current market price 0:59:25.920 --> 0:59:28.320 of goal. So that if you bought a ten thousand 0:59:28.320 --> 0:59:31.480 dollar bond, you know, five of which is at the 0:59:31.520 --> 0:59:35.080 time of the sale is recoverable as redeemable as as 0:59:35.120 --> 0:59:38.640 a as treasury gold. That price is that five worth 0:59:38.680 --> 0:59:41.480 of gold rises to I don't know, you know, a 0:59:41.560 --> 0:59:44.040 fifteen hundred bucks, and you call the bond in the 0:59:44.040 --> 0:59:46.240 whole bond is worth now you know, twelve thousand dollars 0:59:46.240 --> 0:59:48.280 you pay, you pay the people off the you know, 0:59:48.320 --> 0:59:50.720 the bond holders back in those dollars. But if you 0:59:50.800 --> 0:59:54.000 were able to do that and fix the fiscal side 0:59:54.000 --> 0:59:57.840 of the equation by doing fiscal um you know, reasonable 0:59:57.840 --> 1:00:00.680 fiscal management along with a re regional nation, the federal 1:00:00.680 --> 1:00:02.560 words the FED funds rate with SOFA and all the 1:00:02.560 --> 1:00:05.640 rest of it, and and and risk being assessed by 1:00:05.640 --> 1:00:09.080 commercial banks and not being set at the margin really 1:00:09.160 --> 1:00:12.840 by the by the central Bank, and all of a sudden, 1:00:13.000 --> 1:00:14.640 we have a system that's a hell of a lot 1:00:14.640 --> 1:00:18.320 closer to like austral libertarian utopia. Then you think you're 1:00:18.720 --> 1:00:23.080 you think, um, you was ever possible. It's possible, but 1:00:23.160 --> 1:00:29.240 it's gonna require a dramatic amount of change, dramatic shift 1:00:29.280 --> 1:00:32.600 in thinking. Now here's the king, here's the big gig. Ready, 1:00:32.960 --> 1:00:34.680 what do you think the Russians in the Chinese are 1:00:34.680 --> 1:00:37.240 gonna do at some point if anybody thinks that we're 1:00:37.240 --> 1:00:41.400 gonna um that, you know, like if they could always 1:00:41.480 --> 1:00:44.160 just restate their gold reserves and then do this exact 1:00:44.160 --> 1:00:46.080 thing that I just talked about, and they will call 1:00:46.160 --> 1:00:49.400 capital away from the from the West very quickly. So 1:00:49.520 --> 1:00:51.080 it's going to be in the Fed's best interest that 1:00:51.120 --> 1:00:53.400 the FED wants to survive, that the Fed goes. If 1:00:53.440 --> 1:00:57.200 it doesn't go first, then it goes. This is why 1:00:57.280 --> 1:01:01.160 the midterms tomorrow or Sadam the board the theory, it's 1:01:01.160 --> 1:01:03.280 a great plan, tom I think the problem with that, 1:01:03.520 --> 1:01:05.560 The biggest problem I see with that plan is that 1:01:05.640 --> 1:01:08.920 it's you know, too much common sense, it's too practical, 1:01:08.920 --> 1:01:11.680 and it would work too well, So they probably would 1:01:11.760 --> 1:01:14.240 never want to go to night However, it's not that 1:01:14.320 --> 1:01:16.440 far fetched because we know what it was. After nineteen 1:01:16.480 --> 1:01:18.640 seventy one, the US was forced to issue bonds in 1:01:18.920 --> 1:01:24.040 other what other currencies right or other? Uh during so 1:01:24.240 --> 1:01:25.480 they were forced to do it, and they may be 1:01:25.560 --> 1:01:27.360 forced to do again. I know you gotta run, Tom, 1:01:27.560 --> 1:01:31.960 We went long as always. I appreciate uh being able 1:01:32.000 --> 1:01:34.760 to chat with you. Uh, you write an awesome newsletter 1:01:34.760 --> 1:01:36.960 which I recommend, Gold Goats and Guns. You got the 1:01:37.000 --> 1:01:39.880 podcast as well. Uh, we'll make sure to link down 1:01:39.880 --> 1:01:43.320 that below. Anything you want to shout out, no, just 1:01:43.360 --> 1:01:46.120 follow me on Twitter. We're on TfL se if you 1:01:46.160 --> 1:01:48.040 want to. You know, you want want some snark with 1:01:48.080 --> 1:01:50.120 your with your core inflection. Yeah, so we'll make sure 1:01:50.160 --> 1:01:52.600 to link of Twitter. Uh your newsletter in there, which 1:01:52.640 --> 1:01:55.360 is awesome. I recommend it, and uh with that, we'll 1:01:55.400 --> 1:01:57.680 we'll wrap it up. Thanks Tom, Thank you, Mark. You 1:01:57.800 --> 1:01:59.160 have a good day now. All right, that's a rap. 1:01:59.200 --> 1:02:01.400 Hopefully you enjoyed the conversation as much as I did 1:02:01.520 --> 1:02:04.160 having it. Make sure to check out Tom Luongo's Gold 1:02:04.160 --> 1:02:06.320 Goats and Guns. We're gonna link to that down below 1:02:06.360 --> 1:02:09.880 in the notes. Follow him on Twitter. Hopefully you take 1:02:09.960 --> 1:02:13.480 this information think about it, absorb it, and then go 1:02:13.720 --> 1:02:16.360 discuss it. Share this information. We're trying to wake as 1:02:16.360 --> 1:02:18.440 many people up. That's my only ask. I try to 1:02:18.440 --> 1:02:19.800 bring you as much fight as I can, and my 1:02:19.880 --> 1:02:22.680 ask to you is if you can share this information, 1:02:22.720 --> 1:02:26.280 discuss it, discuss these ideas, teach your kids, all right, 1:02:26.280 --> 1:02:28.360 That's what I got to your success amount