1 00:00:00,160 --> 00:00:05,719 And now we've got the seasonality as always going for gold. January is usually 2 00:00:05,799 --> 00:00:10,279 good month, and we've got central banks buying gold aggressively. There were two 3 00:00:10,279 --> 00:00:16,280 straight years of thousand ton uptakes of gold from the central banks, which is 4 00:00:16,800 --> 00:00:19,600 here. You know, those are really big numbers in the context of a 5 00:00:20,039 --> 00:00:25,120 you know, four thousand ton a year output from the world's minds. You 6 00:00:25,160 --> 00:00:30,359 are listening to Carrie Leutz's Financial Survival Network, where you get valuable information you 7 00:00:30,600 --> 00:00:35,840 just can't find anywhere else to thrive in today's trying times. You need the 8 00:00:35,840 --> 00:00:42,359 Financial Survival Network now more than ever. Go to Financial Survivalnetwork dot com and 9 00:00:42,439 --> 00:00:48,960 get your free newsletter and gift. Financial Survival Network now more than ever. 10 00:00:52,439 --> 00:00:57,399 Welcome. You are watching and listening to the Financial Survival Network. I'm your 11 00:00:57,399 --> 00:01:00,039 host, Carrie Lutz. John Rabino is with us. Now you all had 12 00:01:00,119 --> 00:01:07,840 a wonderful, wonderful New Year's It's in January twod twenty twenty four. This 13 00:01:07,879 --> 00:01:11,879 is the time where we look ahead at what kind of year it's going to 14 00:01:11,920 --> 00:01:15,840 be. We forget about how awful twenty twenty three was in so many different 15 00:01:15,879 --> 00:01:22,120 respects, and yet the world didn't end. John, you know here we 16 00:01:22,200 --> 00:01:27,959 are. Stuff is still happening, you know, inflation is still inflating. 17 00:01:29,959 --> 00:01:36,040 Stuff is still getting more expensive. And well, what happened today the Nasdaq 18 00:01:36,159 --> 00:01:40,079 type the first day of twenty twenty four trading? Hey, Jerry, Yeah, 19 00:01:40,239 --> 00:01:45,040 that was that was an interesting first dand trading because stocks in general were 20 00:01:45,040 --> 00:01:49,000 okay, but tech talks got smacked and a big part of that was Apple. 21 00:01:49,760 --> 00:01:56,280 You know, it looks like the world is saturated with iPhones now and 22 00:01:56,959 --> 00:01:59,959 so Apple sales are not going to be as robust as they used to be, 23 00:02:00,280 --> 00:02:01,879 and that is starting to come out now. People are starting to get 24 00:02:01,879 --> 00:02:05,680 that. And so Apple stock was down pretty hard today, but not just 25 00:02:05,760 --> 00:02:08,319 Apple. You know a lot of other tech stalks were down. Let's see 26 00:02:08,360 --> 00:02:12,919 Intel and do you count Netflix as a tech stock? I kind of do, 27 00:02:13,080 --> 00:02:15,879 but yeah, well our tech park Medium, that's a cloud stock. 28 00:02:16,039 --> 00:02:20,400 Yeah, it's a cloud stock. Anyhow, they were both down hard today 29 00:02:20,439 --> 00:02:25,280 too, and that that could easily be a sign of things to come, 30 00:02:25,520 --> 00:02:30,599 because they're wildly over valued, first of all, and stocks in general are 31 00:02:30,599 --> 00:02:36,120 widely over or wildly overvalue. The SAP five hundreds p eager shows something like 32 00:02:36,159 --> 00:02:39,719 twenty five and normally in recessions and bear markets, it gets down to twelve 33 00:02:39,840 --> 00:02:45,360 or whatever, you know, so we could we had easily see big stocks 34 00:02:45,400 --> 00:02:49,879 be cut in half just to be fairly valued for what's coming. So I 35 00:02:49,919 --> 00:02:53,439 think what happened in the NASAC today is, you know, one day doesn't 36 00:02:53,479 --> 00:02:58,479 really tell you that much, but when the bear market comes, days like 37 00:02:58,599 --> 00:03:02,240 today are going to become norm for several months, and you know we could 38 00:03:02,280 --> 00:03:06,680 easily be heading into that right now. All right, well, hey, 39 00:03:06,960 --> 00:03:09,319 I am the first two of it. I never saw the Santa Claus rally 40 00:03:09,439 --> 00:03:15,039 coming, but it would be appropriate that first trading day of the year. 41 00:03:15,199 --> 00:03:21,360 Santa Claus. He's back in the in the closet along with all the all 42 00:03:21,360 --> 00:03:25,199 the Christmas decorations for next year. Right. Well, in December, the 43 00:03:25,199 --> 00:03:30,159 FED announced that it was going to stop raising interest rates and start cutting interest 44 00:03:30,240 --> 00:03:34,120 rates, so that, you know, perfect timing for a Santa Claus rally, 45 00:03:34,199 --> 00:03:38,199 right, because that's you know, a massive relief rally when when people 46 00:03:38,240 --> 00:03:43,960 think that tight money is over. But what's you know, what we never 47 00:03:44,039 --> 00:03:50,080 seem to understand every cycle is that the FED stopping raising interest rates is not 48 00:03:50,120 --> 00:03:54,000 the same thing as the FED easy because everybody's death that has to roll over 49 00:03:54,319 --> 00:03:59,159 is still going to roll over at today's higher interest rates. So monetary conditions 50 00:03:59,159 --> 00:04:04,199 are tightening or a big part of the economy still and they'll continue to tighten 51 00:04:04,599 --> 00:04:09,719 until interest rates go way back down. And that's it's not happening yet. 52 00:04:09,759 --> 00:04:14,039 You know, we're still in the high threes right on the in your treasury. 53 00:04:14,479 --> 00:04:15,680 So if we get back up into the forest, we get back up 54 00:04:15,720 --> 00:04:19,720 to what you know, everybody thought was the terminal rate for this cycle. 55 00:04:20,720 --> 00:04:28,600 So you know, monetary policy is still technically tightening for a lot of different 56 00:04:28,720 --> 00:04:32,439 entities out there, and that once people start to figure that out. But 57 00:04:32,439 --> 00:04:36,319 it's going to be a long time before we actually get easy money, even 58 00:04:36,360 --> 00:04:42,600 if the FED cuts a couple of times twenty four yeah, so yeah, 59 00:04:42,839 --> 00:04:48,040 yeah, well, I mean we can't function with money this tight without the 60 00:04:48,079 --> 00:04:53,360 economy blowing. We have to get yeah we have right easy money? Yes, 61 00:04:53,439 --> 00:04:57,199 yeah, No, nobody can handle interest rates at this level going forward, 62 00:04:57,839 --> 00:05:00,480 So the FED and all the the central banks are going to have to 63 00:05:00,519 --> 00:05:06,720 ease aggressively, but they're going to need a crisis to make them go back 64 00:05:06,759 --> 00:05:11,959 to QT on steroids and yeah, get us down as zero or negative interest 65 00:05:12,000 --> 00:05:15,560 rates. That's going to take a big thing to happen, and there's no 66 00:05:15,680 --> 00:05:19,720 shortage of candidates for that, right from geopolitics, to commercial real estate, 67 00:05:20,360 --> 00:05:28,800 to consumer finances, you know, you name it. And something bad is 68 00:05:28,839 --> 00:05:30,600 going to happen pretty soon in the Fed is they're to then go into full 69 00:05:30,639 --> 00:05:34,360 on easing mode. Hey, let's look at the two year because the two 70 00:05:34,399 --> 00:05:39,759 year is really crucial to two year treasury. You know, it finished off 71 00:05:39,759 --> 00:05:45,000 the day at four point two four four, just like a month ago it 72 00:05:45,199 --> 00:05:49,319 was up at five and a quarter. Okay, it was five and a 73 00:05:49,360 --> 00:05:55,319 half because the Fed funds rates got to stay ahead of the two year, 74 00:05:56,000 --> 00:06:00,240 Right, and now we're looking inverted yield curve because the two year is it 75 00:06:00,439 --> 00:06:04,480 four point two seven seven or four point two four to four? Rather it 76 00:06:04,519 --> 00:06:11,560 opened at two seven seven and the ten years at three eighty six. Right? 77 00:06:11,759 --> 00:06:15,800 Does that sound inverted to you? Yeah? Well it? And you 78 00:06:15,839 --> 00:06:21,319 know, interest rates around four percent are still too high for this economy on 79 00:06:21,399 --> 00:06:26,240 a lubber's economy like this, because you know that still implies a six and 80 00:06:26,279 --> 00:06:30,519 a half or seven percent mortgage rate, right, and the average mortgage out 81 00:06:30,519 --> 00:06:35,399 there is around three percent, which means you know, mortgage rates dropping from 82 00:06:35,399 --> 00:06:40,399 eight percent to six percent. That doesn't unlock all the people that are locked 83 00:06:40,399 --> 00:06:44,040 into the three percent mortgages and can never merge, right, So that still 84 00:06:44,040 --> 00:06:46,360 has to happen. Yeah, yeah, I mean for you know, for 85 00:06:46,439 --> 00:06:49,959 you to buy a new house with a six percent mortgage, why would I 86 00:06:50,040 --> 00:06:53,839 do? Why would you do that? That's right, you know, it's 87 00:06:53,839 --> 00:06:57,240 got to be, you know, otherwise an incredible deal. Well, one 88 00:06:57,279 --> 00:07:00,680 thing that could make that happen is if house prices go down by half from 89 00:07:00,720 --> 00:07:04,160 here. You know, you have these mathematical adjustments that have to happen, 90 00:07:05,000 --> 00:07:10,399 and they can't happen with the current set up. So one of the parts 91 00:07:10,399 --> 00:07:13,600 that we've set up have to change. And you know, I don't know 92 00:07:13,639 --> 00:07:18,639 what it will be. I yeah, you know, normally a recession is 93 00:07:18,639 --> 00:07:23,839 the mechanism or the adjustments to happen. And there's no reason to think that 94 00:07:23,879 --> 00:07:29,199 it won't happen this year again in the cycle, and we won't have this 95 00:07:29,399 --> 00:07:33,720 soft landing that everybody's talking about, because you know, credit card debt is 96 00:07:33,959 --> 00:07:40,360 the trillion dollars and personal interest in spiking. You can't row an economy organically 97 00:07:40,839 --> 00:07:46,639 with new debts. If personal interest expense is doubled in the last year and 98 00:07:46,680 --> 00:07:50,240 will double again in the next year if nothing happens. So all of this 99 00:07:50,240 --> 00:07:55,399 sudden and you I think you said me the thing about student loans. Yeah, 100 00:07:55,480 --> 00:08:00,279 they kicked back in, but nobody's paying. Imagine if you we've had 101 00:08:00,360 --> 00:08:05,800 a student loan moratorium and nobody showed up, you know, once it ended. 102 00:08:07,240 --> 00:08:09,920 Right, It's exactly what's happening in China too. I mean, as 103 00:08:09,959 --> 00:08:16,319 bad as things are here, they're way worse than China because China's experience a 104 00:08:16,439 --> 00:08:24,959 multifaceted collapse, meaning their economy is collapsing. All that nice new infrastructure they 105 00:08:26,040 --> 00:08:33,039 built, which was tofu drag that's collapsing, moral collapse, Communist party collapse. 106 00:08:33,360 --> 00:08:37,360 I mean, we're kind of like mirroring each other, except that we 107 00:08:37,399 --> 00:08:43,480 don't really have the infrastructure collapse because all of our hundred year old infrastructure was 108 00:08:43,519 --> 00:08:48,440 built way better than we ever expected it to be. But our collapse is 109 00:08:48,480 --> 00:08:52,720 happening on multiple levels as well. Right, Well, you know we've got 110 00:08:52,720 --> 00:08:58,519 infrastructure issues too, and the way the current infrastructure plan probably won't deal with 111 00:08:58,519 --> 00:09:03,519 it because is you know what we have that's in collapses, roads, and 112 00:09:03,600 --> 00:09:07,360 bridges and airports and things like that. And if we put a bunch of 113 00:09:07,399 --> 00:09:11,440 money into offshore wind plants or something like that, that doesn't fix our bridges 114 00:09:11,559 --> 00:09:15,879 or anything. So we're still kind of in that that place too. You 115 00:09:15,879 --> 00:09:18,840 know, you pretty much look at any society that you want to look at 116 00:09:18,919 --> 00:09:24,639 right now, and there are signs of collapse. Germanys of nightmare right now. 117 00:09:24,759 --> 00:09:30,559 You know, China is obvious, the US is is not as as 118 00:09:30,639 --> 00:09:33,240 obvious. But when you dig a little deeper, we got very serious financial 119 00:09:33,320 --> 00:09:37,679 problems too. And but Germany might be the worst of everybody. My god, 120 00:09:37,840 --> 00:09:46,159 they and it was all self inflicted. Germany basically committed suicide. And 121 00:09:46,360 --> 00:09:48,799 there's no other way to put it. I mean, Angela Merkel five years 122 00:09:48,799 --> 00:09:54,279 ago was seen as this solid conservative leader, you know, it doesn't make 123 00:09:54,279 --> 00:09:56,120 stupid mistakes. But it turns out everything she did was a stupid mistake. 124 00:09:56,600 --> 00:10:05,039 Yeah, and that's the truth. Yeah, Unlimited immigration, developing a reliance 125 00:10:05,080 --> 00:10:09,840 on Russian natural gas, and then going along with a NATO plan to start 126 00:10:09,840 --> 00:10:16,399 World War three over Ukraine, which got the pipeline blown up by the US. 127 00:10:16,879 --> 00:10:20,840 And now basically Germany is doing a thing called the industrialization because they allowed 128 00:10:20,879 --> 00:10:26,039 all this stuff to happen, and their economy used to be based on taking 129 00:10:26,080 --> 00:10:31,080 cheap natural gas and turning it into industrial products and exporting those products. Well, 130 00:10:31,279 --> 00:10:33,919 now the natural gas is gone, or the cheap natural gas is gone, 131 00:10:35,200 --> 00:10:39,840 so they're basically having to shut down. And the only reason the Eurozone 132 00:10:39,000 --> 00:10:46,000 still exists is because Germany was backing everybody up via the ECD. So you 133 00:10:46,120 --> 00:10:52,200 take that away and there's no real rationale or no real scenario in which the 134 00:10:52,320 --> 00:10:58,039 euros stays a functioning currency and the EU stays a functioning trade block. So 135 00:10:58,679 --> 00:11:01,919 you know, Germany takes Europe with it, and it doesn't seem to be 136 00:11:01,960 --> 00:11:07,080 a solution. I don't see it, that's for sure. It definitely don't 137 00:11:07,120 --> 00:11:11,320 see it. In the meantime, we ended we ended twenty twenty three with 138 00:11:11,399 --> 00:11:16,080 gold above two thousand, and it seems to be sticking there for the time 139 00:11:16,120 --> 00:11:20,480 being. And you know, at this point in time, I kind of 140 00:11:20,519 --> 00:11:26,240 take predictions about gold price with a grain because everybody's been so wrong for it 141 00:11:26,399 --> 00:11:31,039 so long. But at this point, though, it looks like we're getting 142 00:11:31,080 --> 00:11:37,360 the higher highs and higher lows, and the trend is in our favor. 143 00:11:37,799 --> 00:11:39,440 Yeah, nothing's guaranteed yet. With gold, it could you know, in 144 00:11:39,480 --> 00:11:43,679 two bad days, it could be back low two thousand, but it is 145 00:11:43,799 --> 00:11:46,120 held up there for quite a while. You know. I think it finished 146 00:11:46,120 --> 00:11:50,960 the year at the highest ever yearly clones. I mean, it made its 147 00:11:50,039 --> 00:11:56,080 highest ever monthly closed before that. So these these are good numbers. And 148 00:11:56,399 --> 00:12:01,600 now we've got the seasonality as always going for gold. January is usually a 149 00:12:01,600 --> 00:12:05,080 good month. And we've got central banks buying gold aggressively. There were two 150 00:12:05,120 --> 00:12:11,080 straight years of thousand ton uptakes of gold from the central banks, which is 151 00:12:11,639 --> 00:12:15,399 huge. You know, those are really big numbers in the context of a 152 00:12:15,840 --> 00:12:20,200 you know, four thousand ton a year output from the world's minds. So 153 00:12:22,039 --> 00:12:26,200 we've got the biggest, most deep pocketed buyers in the world buying aggressively. 154 00:12:28,240 --> 00:12:33,159 And now we've got cost Co selling gold bars and selling out at which time 155 00:12:33,159 --> 00:12:35,320 they did any end. And then Walmart she started doing the same thing. 156 00:12:37,320 --> 00:12:43,639 And now both Costco and Walmart are selling silver as well as gold, so 157 00:12:43,879 --> 00:12:46,000 at both ends of the spectrum. You know, the small guys at Costco 158 00:12:46,159 --> 00:12:50,320 buying individualizes of gold who never could do it before. Now I think can 159 00:12:50,320 --> 00:12:54,360 impulse buy precious metals, and then the central banks, the biggest players in 160 00:12:54,399 --> 00:12:58,480 the global financial system, aggressively buying gold. So I think there's a lot 161 00:12:58,480 --> 00:13:05,759 of fun to me reasons to think or to hope that this is a time 162 00:13:05,000 --> 00:13:09,440 in which gold starts the next leg of a serious bull market. So you 163 00:13:09,480 --> 00:13:13,240 know, here's hoping, but I think it's it's totally possible. And the 164 00:13:13,799 --> 00:13:18,120 FED is easing again. Yeah, you know, it's not easy aggressively yet, 165 00:13:18,159 --> 00:13:22,480 but it's starting to and gold usually embarks on a bull run when when 166 00:13:24,159 --> 00:13:30,639 the FED stops tightening, equities have to wait for aggressive these gold starts sooner 167 00:13:31,519 --> 00:13:37,120 and you know it passes prolonged. Still, then this is the time, 168 00:13:37,159 --> 00:13:41,759 in relating with gold's relationship with the fad what it would normally start moving. 169 00:13:41,799 --> 00:13:46,519 So you got a lot of favorable factors in the gold space right now, 170 00:13:46,519 --> 00:13:50,639 and who knows, I think this could be an excellent year for precious metals. 171 00:13:52,080 --> 00:13:56,159 I totally agree with you, Na. You know everyone said thinks inflation 172 00:13:56,360 --> 00:14:01,559 is beat. Now you and I are old enough to remember Gerald Ford's win 173 00:14:01,720 --> 00:14:09,840 campaign whip inflation now. So I'm starting a new site called the Inflation Cafe, 174 00:14:09,559 --> 00:14:15,600 and we're going to start a Whip Inflation Now campaign. And let me 175 00:14:15,679 --> 00:14:20,399 just tell you how I got inspired by it. I was at an infamous 176 00:14:20,799 --> 00:14:28,759 coffee establishment that shall go unnamed, but that basically allows any antisocial behavior to 177 00:14:28,799 --> 00:14:35,320 take place within their confines regardless. And I looked at the price of my 178 00:14:35,440 --> 00:14:39,720 latte and it was seven bucks, and I said, then, and it 179 00:14:39,759 --> 00:14:43,039 was skimpy. They shorted me, and I said to him, you know, 180 00:14:43,279 --> 00:14:48,960 you don't sell coffee here, you sell inflation. And you're the inflation 181 00:14:50,159 --> 00:14:58,000 cafe. Hence the site is being set up now and the inflation Cafe was 182 00:14:58,039 --> 00:15:01,639 born. So my first f it is going to be to start a win 183 00:15:01,879 --> 00:15:07,240 campaign to whip inflation now, because there's so much we can all do about 184 00:15:07,240 --> 00:15:09,320 it, right, yeah, we can take care of that at a hard 185 00:15:09,399 --> 00:15:13,879 baba. You know, does it work so well for the last time it 186 00:15:13,960 --> 00:15:18,639 was tried? Right, You've got all these people saying, now, oh, 187 00:15:18,720 --> 00:15:22,440 why are people so pessimistic? Inflation is down to next to nothing, 188 00:15:22,600 --> 00:15:24,799 the economy is growing. We actually have a good economy. Why don't people 189 00:15:24,799 --> 00:15:28,320 see that? Paul Krudwin, you know, Humber Brothers. But what they 190 00:15:28,320 --> 00:15:33,000 don't get is that if you have a big bout of inflation and then prices 191 00:15:33,039 --> 00:15:37,639 stop going up. That doesn't fix things for the people who now have to 192 00:15:37,639 --> 00:15:43,679 pay thirty percent more for all of life's necessities. So life gets hard and 193 00:15:43,799 --> 00:15:50,039 stays hard for them even after rice increases stopped. So you know life is 194 00:15:50,080 --> 00:15:56,440 going to be hard. Voters are getting pissed off no matter what until we 195 00:15:56,600 --> 00:16:00,960 have deflation, and then deflation is painful in its own line. So there's 196 00:16:00,320 --> 00:16:03,559 we blow up when we have deep decision, you know that. Yeah, 197 00:16:04,279 --> 00:16:08,159 they love inflation because that paper is over all the mistakes. But when we 198 00:16:08,200 --> 00:16:14,440 have true deflation, banks blow up, which is why we can never have 199 00:16:14,519 --> 00:16:19,240 true deflation in this system because too many, too many over leverage entities will 200 00:16:19,279 --> 00:16:23,120 blow up. Like you said, so so we have you know, the 201 00:16:23,200 --> 00:16:27,960 vast majority of people in the country are paying way too much for life's necessities. 202 00:16:29,000 --> 00:16:32,159 There their wages are not rising nearly enough to make up for it, 203 00:16:32,320 --> 00:16:36,200 and they're suffering. So the people who don't understand this, first of all, 204 00:16:36,200 --> 00:16:38,279 I'm surprised they don't understand it. It's not a very complicated idea. 205 00:16:38,759 --> 00:16:45,480 But there are political implications to this, one of which is populism. Selves. 206 00:16:45,600 --> 00:16:48,639 In this kind of an environment, you know you can if you run 207 00:16:48,679 --> 00:16:51,480 on a platform. Look, listen, these guys are screwing you. Over 208 00:16:51,559 --> 00:16:53,039 Look how hard your life is. I'm going to go in there and I'm 209 00:16:53,039 --> 00:16:57,080 going to clean house and take back what's yours. You win, And I 210 00:16:57,080 --> 00:17:00,919 think that's the political reality the US and most of the rest of the West. 211 00:17:02,480 --> 00:17:04,759 Oh an ad And I'm going to close the borders, you know, 212 00:17:04,880 --> 00:17:08,160 and you add that too. I'm going to get your prices back downs. 213 00:17:08,599 --> 00:17:12,240 And you're very hard to beat as a politician. So I think you know, 214 00:17:12,279 --> 00:17:17,319 the Republicans discovered this goal. The Democrats have to discover it too. 215 00:17:17,359 --> 00:17:22,240 So it's an arms race of populism. That's what we got. Well, 216 00:17:22,279 --> 00:17:27,039 the it's so ironic, John, you know, the who is it bitching 217 00:17:27,079 --> 00:17:33,039 most about the runaway situation at the border? Now it's all the blue cities. 218 00:17:33,279 --> 00:17:41,519 Now, I read that Governor Abbot of Texas had gratuitously provided eighty five 219 00:17:41,599 --> 00:17:47,759 thousand people with the bus and airplane tickets to various blue cities like Chicago, 220 00:17:47,960 --> 00:17:52,319 New York. And these are sanctuary cities. They're supposed to have their arms 221 00:17:52,359 --> 00:17:56,039 wide open, you know, statue of liberty. Send us your beat and 222 00:17:56,079 --> 00:18:00,880 your dreary and all that, and they're the ones that are bit the loudest 223 00:18:00,920 --> 00:18:04,400 about it. So I think we're on the brink of a solution. But 224 00:18:04,920 --> 00:18:11,799 who's ever running the show in DC wants this situation Because the NGOs get paid 225 00:18:11,960 --> 00:18:15,960 like one hundred thousand dollars per illegal alien, and all the Obama phones that 226 00:18:17,000 --> 00:18:21,240 get handed out, and the free medical care and the free food all that. 227 00:18:21,759 --> 00:18:25,759 Obviously somebody is profiting by this and they want it. They like the 228 00:18:25,839 --> 00:18:30,039 situation the way it is. But for the rest of the country, driving 229 00:18:30,079 --> 00:18:33,880 it further and further into bankruptcy, maybe not such a great thing. Well, 230 00:18:33,960 --> 00:18:40,720 yeah, open borders have always been attracted to the elite. On the 231 00:18:40,799 --> 00:18:45,319 Republican side, you know, that's cheap factory labor can't complain about working conditions 232 00:18:45,359 --> 00:18:49,000 because they're afraid of being decorded. On the Democrat side, it's voters who 233 00:18:49,000 --> 00:18:53,400 depend on the government and will therefore vote for the party of government, which 234 00:18:53,440 --> 00:18:57,599 is in Democrats. So both of the I mean, the powerful people in 235 00:18:57,680 --> 00:19:03,680 both groups have invested interest in open borders, But it's the ninety five percent 236 00:19:03,759 --> 00:19:07,480 who aren't in those two groups who are being hurt by this. And I 237 00:19:07,599 --> 00:19:11,759 think the backlash is coming fast. I sent you that chart that we talked 238 00:19:11,759 --> 00:19:15,599 about the Live where. Yeah, we'll put that up. We'll put a 239 00:19:15,640 --> 00:19:18,240 link to the chart in the show notes. I'll try to embed it on 240 00:19:18,319 --> 00:19:26,400 the on the thumbnail if I can. Okay, because new births from illegal 241 00:19:26,480 --> 00:19:33,599 immigrants now exceeds the number of new births from American citizens, can you insane? 242 00:19:33,680 --> 00:19:36,279 Yeah? Situation? You know that that is not well. Actually, 243 00:19:36,359 --> 00:19:41,119 if the chart is right, and I didn't do the basic research or anything, 244 00:19:41,160 --> 00:19:42,960 I just pulled this chart. But if the chart is true, then 245 00:19:44,000 --> 00:19:49,319 that means that we're basically committing national suicide in fact, pretty out. It's 246 00:19:49,359 --> 00:19:53,759 astounding that that I would never guess that we've gotten that far into this, 247 00:19:53,920 --> 00:19:57,759 but you know, we're there, and the pendulum is going to swing back 248 00:19:57,960 --> 00:20:02,920 so hard and so fast at some point that oh, yeah, it's just 249 00:20:02,960 --> 00:20:07,599 going to shock the five percent who think everything is okay. But we know 250 00:20:07,799 --> 00:20:11,519 we we've seen this before. Man, you know, this is just the 251 00:20:15,000 --> 00:20:18,079 yeah, La, they don't live in reality. You know, these people 252 00:20:18,119 --> 00:20:23,839 do not live in reality of like having to get a job and having to 253 00:20:23,880 --> 00:20:30,079 meet bills and all this. The policymakers, it's like the generals in the 254 00:20:30,240 --> 00:20:37,039 army or you know, eating philet mignon and the troops are of an MREs 255 00:20:37,119 --> 00:20:41,720 that are moldy. You know, well what it's like. It's a case 256 00:20:41,759 --> 00:20:45,640 of different realities. You know, if you're a billionaire, or you're the 257 00:20:45,680 --> 00:20:51,440 CEO of a company, or you're a politician with a safe seat, or 258 00:20:51,519 --> 00:20:55,079 if you're a bureaucrat that's been appointed by politicians of the safe seats, and 259 00:20:55,160 --> 00:21:00,279 you're any of those guys, life is good, and you don't understand so 260 00:21:00,359 --> 00:21:06,079 many people are so discontented because you don't live in the world of you know, 261 00:21:06,160 --> 00:21:08,839 having to stretch your paycheck all the way to the end of the month 262 00:21:10,279 --> 00:21:14,359 and then seeing cost Co raise their prices by thirty percent of the basic stuff 263 00:21:14,359 --> 00:21:15,319 you buy. You know, you don't have to say it. You know 264 00:21:15,519 --> 00:21:21,440 you don't go shopping. So yeah, now this is this is not unusual. 265 00:21:21,480 --> 00:21:26,599 This is the standard aristocracy script, right, you know, you change 266 00:21:26,640 --> 00:21:30,880 the rules so they don't apply to you anymore, and you live that and 267 00:21:30,000 --> 00:21:34,039 happy. You don't understand why the peasants are revolting until they cut your head 268 00:21:34,039 --> 00:21:40,000 off. So that's coming. It is coming, you know, metaphorically speaking, 269 00:21:40,000 --> 00:21:44,319 hopefully, metaphorically speaking, that's coming pretty sure. Yeah, no, 270 00:21:44,519 --> 00:21:48,839 I totally totally agree with you. But but you know, when you live 271 00:21:49,000 --> 00:21:52,160 just for today, then you don't have to think about it. So what 272 00:21:52,200 --> 00:21:57,960 about what's going on here in Harvard? Here this lady or like, I 273 00:21:59,000 --> 00:22:02,000 looked at her and I said, she's the president of Harvard. Before I 274 00:22:02,039 --> 00:22:07,440 knew anything about her, you know what, she was testifying before or before 275 00:22:07,480 --> 00:22:15,920 the House and wouldn't condemn genocidal protests and all that, But she just seemed 276 00:22:15,960 --> 00:22:22,599 to be like somewhere else. And now she's a serial plagiarizer and they keep 277 00:22:22,599 --> 00:22:29,799 finding more and more stuff that she plagiarizes verbatim. And I guess intellectual integrity, 278 00:22:30,119 --> 00:22:33,640 little things like that don't matter to Harvard anymore. Well, are could 279 00:22:33,960 --> 00:22:40,559 our colleges have become insane asylums where the inmates run the asylum, and the 280 00:22:40,599 --> 00:22:45,039 Harvard pick is a perfect example of that. Is she couldn't she couldn't explain 281 00:22:45,079 --> 00:22:51,160 why calls for the genocide of Jews would be unacceptable on her campus. But 282 00:22:51,240 --> 00:22:53,519 yeah, once people looked more closely at her, it wasn't just that one 283 00:22:53,680 --> 00:23:00,960 inability to connect two ideas together. It was the fact that. Let's be 284 00:23:00,000 --> 00:23:04,440 blunt. He's the ultimate diversity higher. You know, she so Africa has 285 00:23:04,480 --> 00:23:07,279 a lot of boxes there. Yeah, she talked a lot of box checks 286 00:23:07,279 --> 00:23:11,519 a lot of boxes. And it turns out that she has as a tenured 287 00:23:11,599 --> 00:23:18,519 Harvard professor, she has eleven papers published. And that's all. That's that's 288 00:23:18,559 --> 00:23:21,960 like, you know, your third year in as a postdoc or something like 289 00:23:22,000 --> 00:23:26,519 that, you should have that many papers published. That's a week a week 290 00:23:26,559 --> 00:23:34,200 of John Rabino's substack. Then come on. But and her Harvard was ranked 291 00:23:34,319 --> 00:23:41,559 dead last on a scale of freedom of speech among colleges. So she was 292 00:23:41,640 --> 00:23:47,559 kind of a you know, would be dictator, it would be woke dictator 293 00:23:48,880 --> 00:23:56,319 and a really inadequate academic who got the job because Harvard liked the idea of 294 00:23:56,359 --> 00:24:02,079 having somebody who ticks a lot of boxes in. And you we are now, 295 00:24:02,319 --> 00:24:06,359 you know, and I would be surprised if the rest of the Ivy 296 00:24:06,400 --> 00:24:10,319 League was any better. So you're going to see a house cleaning. I 297 00:24:10,359 --> 00:24:15,559 think, now that's you know, everybody, because now that's that's a Pulitzer 298 00:24:15,559 --> 00:24:21,519 Prize winning beat for a reporter. Right. You go to these colleagues and 299 00:24:21,519 --> 00:24:27,359 you find out who the frauds are and you publicize them. Yeah, expect 300 00:24:27,440 --> 00:24:33,519 the expect the press to dig into this and expect these these colleges that basically 301 00:24:33,640 --> 00:24:40,759 just been you know, uh, fraudulent all these years in the last decade 302 00:24:40,839 --> 00:24:44,279 or so, and expect them to get cleared out in a hurry or be 303 00:24:44,400 --> 00:24:51,440 publicly humilitated and use all their all their donors and stuff for them. That's 304 00:24:51,440 --> 00:24:55,000 the allimate nightmare. People stop. They don't care if kids don't show up 305 00:24:55,000 --> 00:24:59,319 because they can always replace straight A students. There's plenty of them out there 306 00:24:59,319 --> 00:25:03,279 in the world of great inflation. But if the one hundred million dollar building 307 00:25:03,400 --> 00:25:08,759 naming donors stop showing up, then that's a catastrophe. And that's what a 308 00:25:08,759 --> 00:25:12,400 lot of these guys are looking at it think. Yeah totally. Hey, 309 00:25:14,079 --> 00:25:18,960 I remember I once read the definition of diversity is celebrating our differences while pretending 310 00:25:19,000 --> 00:25:22,279 not to notice them. Yeah, yeah, because because you know, it's 311 00:25:22,279 --> 00:25:27,559 a diversity of outward appearance. Yeah, but not diversity, yeah, not 312 00:25:27,720 --> 00:25:33,200 diversity of thought. In these schools, they're they're absolutely monolithic. When you 313 00:25:33,240 --> 00:25:38,039 look at the opinions and the political affiliations of the people running these schools, 314 00:25:38,640 --> 00:25:41,119 and you can get away without it. So you can get away with all 315 00:25:41,200 --> 00:25:45,400 kinds of things in good times. What worn buffet's old clothed about. Only 316 00:25:45,440 --> 00:25:51,480 when the tide goes out do you see the swimming naked? Then suddenly the 317 00:25:51,519 --> 00:25:56,160 tide has gone out on high powered colleges and they are boy, they're naked, 318 00:25:56,240 --> 00:25:59,559 and they're not the kind of people you really want to see naked on 319 00:25:59,599 --> 00:26:03,160 the beach, right, you know, make it and ugly at the same 320 00:26:03,200 --> 00:26:07,359 time, Look at all the law firms, yeah, New York, big 321 00:26:07,440 --> 00:26:11,200 law firms that said we're not hiring Harvard grads anymore, and that's going to 322 00:26:11,279 --> 00:26:17,400 spread, and that's the kind of thing that they care about, because it's 323 00:26:17,480 --> 00:26:21,279 like, oh, well, our graduates were hired by the top ten law 324 00:26:21,319 --> 00:26:26,720 firms and they're making X amount, and that's their like prestige, that's their 325 00:26:26,799 --> 00:26:30,000 halo. And once they don't have that, I don't know what they do 326 00:26:30,119 --> 00:26:33,839 have, because honestly, if you know the law school that I went to, 327 00:26:33,880 --> 00:26:37,359 I would put my legal education up against Harvard's law school any day of 328 00:26:37,400 --> 00:26:41,200 the week. More of our people passed the bar exam in New York than 329 00:26:41,279 --> 00:26:47,519 Harvard grads. So isn't that the ultimate test first time out, you would 330 00:26:47,519 --> 00:26:51,960 think it would be you know, I do a once a month thing on 331 00:26:52,039 --> 00:26:56,400 Substackle, Art of the Collapse about all the means and the satire and stuff, 332 00:26:56,839 --> 00:27:03,599 and I started this last one with Harvard because the meme averse has just 333 00:27:03,680 --> 00:27:07,720 had a field day with this. There's two things that I ended up posting. 334 00:27:07,720 --> 00:27:11,839 One is a bumper sticker that said my kid did not go to Harvard, 335 00:27:12,039 --> 00:27:15,640 because you know, there's these bumper stickers about my kid, isn't Harvard 336 00:27:15,640 --> 00:27:18,920 and stuff like that on now it's reversed. And the other is a Dilbert 337 00:27:18,000 --> 00:27:23,319 cartoon where there's an interview, job interview, and the boss says, you 338 00:27:23,319 --> 00:27:26,680 know, I assume you went to college, but I don't see you in 339 00:27:26,720 --> 00:27:30,000 your resume anymore, and the yeah, the guy says, well, yeah 340 00:27:30,000 --> 00:27:34,079 I went to college and the h and the boss says it was Harvard, 341 00:27:34,200 --> 00:27:41,680 wasn't it. I'll see myself out. I love it. Yeah, you 342 00:27:41,799 --> 00:27:45,920 love it, And that's you know, that's real. Now people actually think 343 00:27:45,279 --> 00:27:51,480 Harvard is a laughing stuck so yeah, as well it should be as well, 344 00:27:51,519 --> 00:27:53,960 it should should be. I mean, there are so many law firms 345 00:27:53,960 --> 00:27:59,599 that have just stopped and then there's major hedge fund guys that have pulled back 346 00:27:59,640 --> 00:28:07,160 there donations to these ivy leagues and once they're just hoping it's going to blow 347 00:28:07,160 --> 00:28:11,559 over and everyone will forget it. But things like this don't so much blow 348 00:28:11,599 --> 00:28:17,079 over so quick, do they. Well, no, now, and this 349 00:28:17,079 --> 00:28:22,599 this is a battle of very powerful lobbies right now. Man, It's interesting 350 00:28:22,640 --> 00:28:26,039 to see a clash of people with this kind of political power out there. 351 00:28:26,200 --> 00:28:30,960 So I'm curious about where it goes because it's fascinating so far. And I 352 00:28:30,079 --> 00:28:36,160 just you know, you've got to hope all the turmoil ends sooner rather than 353 00:28:36,200 --> 00:28:37,759 later. But there's no guarantee that it does at all. This could be 354 00:28:37,759 --> 00:28:42,000 a multi year story. Yeah, yeah, I think this will go on 355 00:28:42,119 --> 00:28:47,559 because this is a This is all part of the cultural war taking place not 356 00:28:47,799 --> 00:28:52,119 just in the US but all over the world, and more of what we 357 00:28:52,200 --> 00:28:56,720 have to look forward to for twenty twenty four eight. If we can finish 358 00:28:56,799 --> 00:29:00,720 twenty twenty four in the same place where we are now, it will have 359 00:29:00,759 --> 00:29:04,640 been a major victory. I'm not counting on it. The wars are heating 360 00:29:04,720 --> 00:29:11,079 up in Israel and in Ukraine, and where this craziness is going to end 361 00:29:11,839 --> 00:29:15,400 The only thing is it's winter now, so basically they'll fire missiles at each 362 00:29:15,440 --> 00:29:22,720 other and artillery and they'll resupply. Even though eventually, you know that we 363 00:29:22,759 --> 00:29:26,400 didn't even talk about the fact that the House said we're not going to fund 364 00:29:26,640 --> 00:29:30,599 Israel or Ukraine if you don't do something about the border, and they had 365 00:29:30,680 --> 00:29:36,279 a deal like a few weeks ago, and that deal collapsed, and now 366 00:29:36,279 --> 00:29:38,720 they're just waiting around. I don't know who's going to blink here, you 367 00:29:38,759 --> 00:29:45,079 know, Yeah, this is there's really gridlock on a lot of these things. 368 00:29:45,319 --> 00:29:49,559 And that's a good thing for the Ukraine war because I think, like 369 00:29:49,599 --> 00:29:55,000 you said, it's winter, it's harder to do stuff there now, and 370 00:29:55,039 --> 00:30:03,519 the US is no longer willing to fund Ukraine in an open and it's coming 371 00:30:03,519 --> 00:30:07,680 out that Russia has always been offering peace deals all the way through this. 372 00:30:07,759 --> 00:30:11,240 They've been willing to settle. So now there's no way in the US now 373 00:30:11,240 --> 00:30:15,240 that it's public knowledge that Putin was like, yeah, you know, we'll 374 00:30:15,319 --> 00:30:18,640 settle one today's terms, or you know, yeah, they've been saying that 375 00:30:18,680 --> 00:30:22,759 over and over again. There's no way for the US to hide that fact, 376 00:30:22,839 --> 00:30:27,480 even in the mainstream media and so there's no excuse for not getting on 377 00:30:27,559 --> 00:30:32,400 board some kind of negotiation and cutting a deal, because the deal is the 378 00:30:32,480 --> 00:30:40,000 simplest one in the world. Just Ukraine does not join NATO and doesn't bomb 379 00:30:40,160 --> 00:30:44,960 the Russian parts of Ukraine, and that's it. That was the whole deal. 380 00:30:45,000 --> 00:30:47,720 That was all they have to do, you know. So you know 381 00:30:47,759 --> 00:30:52,319 that that can be that beans literally lunch, you could, you could figure 382 00:30:52,359 --> 00:30:56,480 that out the time it takes to have a couple of glasses of wine and 383 00:30:56,559 --> 00:30:59,599 an entree and dessert and get it over with, you know, And so 384 00:30:59,680 --> 00:31:03,279 I think will do that. Preston. Okay, So, if you've been 385 00:31:03,319 --> 00:31:07,960 following what China's doing to the Philippines, they're like, basically, China has 386 00:31:07,000 --> 00:31:14,559 declared the entire South China Sea is their own, and they are firing water 387 00:31:14,720 --> 00:31:22,599 cannons at the Philippine fishing fleets and basically provoking the Philippines, which has led 388 00:31:22,640 --> 00:31:27,839 to a wholesale rejection of China by most countries in the world and a reaffirmation 389 00:31:29,160 --> 00:31:37,839 of the alliance between the Philippines and the United States and in Japan. And 390 00:31:37,880 --> 00:31:41,480 it's I don't know what's going on here in China, but it's like, 391 00:31:42,279 --> 00:31:45,839 I think the same people are running China as are running the United States, 392 00:31:45,920 --> 00:31:52,200 John, They have like no conceptualization. You know, the Belton Road initiative 393 00:31:52,279 --> 00:31:57,599 that's in tatters. They call that the bribe and rape. Uh you got 394 00:31:57,599 --> 00:32:06,359 the bribe and rape you know, trail or whatever initiative that's that's in shatter. 395 00:32:06,440 --> 00:32:12,319 It's that everybody is defaulting on that. And man, like I always 396 00:32:12,319 --> 00:32:15,000 thought the collapse was going to be in the West, I'd never thought it 397 00:32:15,039 --> 00:32:17,720 was going to happen all over at once. I mean, no place is 398 00:32:17,759 --> 00:32:22,079 safe from these sociopaths here, John. You know, China is kind of 399 00:32:22,079 --> 00:32:27,359 a special case. And there's a guy named Peter Zion that you talking about 400 00:32:27,400 --> 00:32:34,839 on your show before. But his take on China is that they're demographically collapsing, 401 00:32:35,680 --> 00:32:40,160 that they basically have one more generation of military age men, and after 402 00:32:40,200 --> 00:32:45,200 that massive shortage, you know, they won't be able to project power twenty 403 00:32:45,279 --> 00:32:50,920 years from now, and this is therefore their last chance to solidify their influence 404 00:32:50,960 --> 00:32:54,759 over there. So they're feeling rushed to take over the South China Sea and 405 00:32:54,799 --> 00:32:59,920 put their their naval bases there and everything because they know they can't twenty years, 406 00:33:00,400 --> 00:33:01,559 ten years, from now even they won't be able to do it, 407 00:33:02,240 --> 00:33:07,640 and so it's making them reckless. And the last thing you want is a 408 00:33:07,759 --> 00:33:14,400 declining power with nuclear weapons who is desperately reckless, right, So it makes 409 00:33:14,480 --> 00:33:20,480 China dangerous when they wouldn't normally be. What's really interesting is Henry Kissinger said 410 00:33:20,519 --> 00:33:24,559 thirty forty forty years ago, two or three times China had the opportunity to 411 00:33:24,559 --> 00:33:29,359 become the pre eminent hour in the world, and they blew it every time, 412 00:33:29,759 --> 00:33:31,079 and he said they were going to blow it this time as well. 413 00:33:31,640 --> 00:33:37,960 And when you look at the stories about the weaponry, like they've become a 414 00:33:37,039 --> 00:33:44,480 major arms exporter, except all their stuff is basically garbage, and their missile 415 00:33:44,559 --> 00:33:47,359 system, their whole thing that they were so proud of, as it turned 416 00:33:47,400 --> 00:33:52,759 out, was hacked by the US and taking control of and they had a 417 00:33:52,799 --> 00:33:57,559 nuclear sub blow up that might have been a result of the fact they were 418 00:33:57,599 --> 00:34:01,039 hacked. Nobody knows exactly what's going on in that place. But the last 419 00:34:01,039 --> 00:34:06,839 thing they need now is a cult of personality like g you know, like 420 00:34:06,880 --> 00:34:10,800 they needed now last time, and something has to get there too. So 421 00:34:12,639 --> 00:34:17,679 these are the hot these are the black swans for twenty twenty four is who's 422 00:34:17,679 --> 00:34:23,679 going to collapse first? And you know, Russia, China, US, 423 00:34:23,880 --> 00:34:30,599 Germany. It's just an unbelievable mess out there. Yeah. Yeah, well, 424 00:34:30,639 --> 00:34:35,159 you know, by the by the end of twenty twenty four, your 425 00:34:35,199 --> 00:34:37,360 show and my show and when we're together is going to be all, oh 426 00:34:37,400 --> 00:34:39,880 my god, did you see that? Oh you know, it's going to 427 00:34:39,880 --> 00:34:45,559 be one of those just exclamation didna, Yeah they did? Well, gen 428 00:34:45,039 --> 00:34:50,119 do you ever expect that to happen? Yeah? So, so we should 429 00:34:50,199 --> 00:34:53,280 enjoy the good old days while we can't. You know, we're physically saved 430 00:34:54,119 --> 00:35:00,880 and the kids are physically saved, and nobody's going bankrupt all around us right 431 00:35:00,920 --> 00:35:04,920 now. So these are the good times. Enjoy them. Hey, this 432 00:35:05,079 --> 00:35:08,440 is why, always, always, always, don't worry about investing in stocks. 433 00:35:08,480 --> 00:35:13,039 If you have a portfolio, that's great. Always invest in yourself, 434 00:35:13,480 --> 00:35:20,039 human capital, in improving yourself and just do something new, whatever it is 435 00:35:20,159 --> 00:35:23,400 that's going to make you happier as a person and more fulfilled. And then 436 00:35:23,480 --> 00:35:29,719 the sociopaths can't get to you because you've beaten them at their game. They 437 00:35:29,719 --> 00:35:34,440 can only get you by manipulating the news and everything else and making you believe 438 00:35:34,519 --> 00:35:38,760 things that are true and making you disbelieve things that are true. But once 439 00:35:39,239 --> 00:35:43,880 you get past that and you find your own truth, there's nothing they can 440 00:35:43,920 --> 00:35:46,559 do to touch you. Hey, that's it. Everybody out there, Happy 441 00:35:46,719 --> 00:35:52,559 twenty twenty four, Be glad twenty twenty three is gone. Just hope that 442 00:35:52,599 --> 00:35:55,639 we don't look back and look at twenty twenty three as the good old days 443 00:35:55,679 --> 00:36:00,079 like our parents always used to talk about the olden days. And Hey, 444 00:36:00,440 --> 00:36:07,440 John Substackrabino dot substack dot com link in the show notes our site. Sign 445 00:36:07,519 --> 00:36:10,679 up for your free newsletter, you know, get ready for the Inflation Cafe. 446 00:36:10,719 --> 00:36:16,039 It's opening shortly and we will be sending out a little swag. I'm 447 00:36:16,039 --> 00:36:22,199 working on a whip Inflation Now bumper, sticker and pin and we'll be passing 448 00:36:22,239 --> 00:36:27,679 that out to all everybody who joins the cafe. John, Happy twenty twenty 449 00:36:27,679 --> 00:36:30,440 four. We'll talk to you there. Thanks, okay, see ya, 450 00:36:30,920 --> 00:36:37,039 Thanks for listening to Carrie Letz's Financial Survival Network, your solution to today's trying 451 00:36:37,159 --> 00:36:42,920 times. For the latest, go to Financial Survivalnetwork dot com. Financial Survival 452 00:36:42,960 --> 00:36:45,400 Network now more than ever