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And then most recently the University Michigan
consumer sentiment. It was estimated between to

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be between seventy seven and seventy nine, and you know it was it was

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just below sixty eight. I think
it was sixty seven point six. I

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can't remember what the actual number was, but you know, people are feeling

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it. I mean, this is
that the silent recession that we're talking about,

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and no one wants to talk about
it, but this is really stagflation.

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We're seeing continued economic slowdown, We're
seeing inflation going up, and we

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just talked about the jobs numbers.
You were listening to, Carrie. Let'sa's

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00:00:32,880 --> 00:00:38,439
financial survival Network where you get valuable
information. You just can't find anywhere else

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00:00:39,000 --> 00:00:44,799
to thrive in today's trying times.
You need the Financial Survival Network now more

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00:00:44,840 --> 00:00:50,039
than ever. Go to Financial Survivalnetwork
dot com and get your free newsletter and

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00:00:50,079 --> 00:01:00,240
gift. Financial Survival Network now more
than ever. And welcome you are listening

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00:01:00,280 --> 00:01:04,239
to and watching the Financial Survival Network. I'm your most Carrie Lutz. I'm

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with fellow expert Ed Siddell and Ed
and I are going to be talking about

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well the economy, about the latest
producer price inflation that evidently ed people were

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shocked about it. I mean,
I'm shocked, lit is shocked. You

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know, that's the only thing I'm
shocked about. And I guess ed what

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they're shocked about with the producer price
numbers is the fact that it's an election

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year and they actually put out negative
numbers. I mean, that's not supposed

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to happen, is it. You
know what they're they're controlling everything else well,

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you know, I mean as far
as the numbers that they want.

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I was surprised that they couldn't manipulate
these to get them in line with what

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they wanted, because we know the
PPI numbers are probably worse than what they

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actually are, just like the twenty
twenty three JOMPS numbers. You know that

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that revision came out. We were
just talking about it last came out a

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couple of weeks ago, and it
was actually negative, not positive. Even

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though did you see the interview with
oh Biden, I can't think of who

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the gosh, I can't think of
who he did the interview with. I

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can't think of her name. Oh
so that was what's her name? Where

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he said, daddy, what's inflation? And basically but don't worry about it,

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you know there, Well, you
know, the good thing is he

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did create fifteen million new jobs.
And you know another yeah, and inflation

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was over nine percent when he took
over, and you know, so he's

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he's fixed to everything. So we're
all good. We can all go home

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and rest easy and sleep good time. I'm feeling better already talking to you.

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Thank you for that. But you
know, like, let's face it,

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the economy is a really in bad
shape and all they can do is

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not come up with solutions, just
try to gaslight you right, and and

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spending more money. You know,
the new the new tax proposal with they

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just lowered it again. But now
the corporate tax rate higher than what it

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is now that the capital long term
capital gains rate go from twenty two to

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basically almost forty five percent I'm sorry, twenty percent to almost forty five percent.

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You know, it's in you know, there's an issue when tax revenues

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are at an all time high and
we still don't have enough money. I

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mean, it's one's like it's a
spending problem. It's a leadership problem.

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We just don't have the leadership.
So publican democrats, everyone has their hand

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in the til trying to spend our
money. Everyone's stealing. Hey, it's

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what they call in the military,
management without leadership, Right, yes,

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go do this, But the general
has no idea what's involved in doing this.

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He just tells the troops to do
it, and they grumble and they

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do it. Nobody's happy. Whereas
if the general says, let's go do

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this, goes off to the trenches
with the troops, it's a whole different

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way, right, yeah, And
I think that's what was so disturbing,

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you know, for lack of a
better term, when during the interview,

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when they were actually with Biden,
they were actually sharing the economic numbers,

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he actually looked surprised. Yeah,
you know, and then he said,

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we're all good and we're spending money. Any poll ask money, right,

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Yeah, we all have money,
so it doesn't matter. Yeah right,

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Yeah, that was a CNN interview. Oh that was their name, Aaron

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Burnett. That's right, yep,
yep. Like I don't want to cast

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aspersions upon our commander in chief's mental
acuity. Others have examined that topic enough,

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but talk about detachment. Remember in
the election when Busch Senior was running

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for re election and I went to
a supermarket and he saw scanners for the

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first time, and he couldn't believe
that you could scan groceries and bring up

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prices. And you know, this
was a like a defining moment of his

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detached residency that he didn't really know
appreciate what people were going through. Oh

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yeah, well the same thing.
Do you remember during that same he was

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around the same time they asked him, you know, what a gallon of

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milk was, and it was so
long ago I can't remember, but it

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was a fraction of the cost of
what a really of the real cost in

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the grocery store, you know,
just and that's where he is right now,

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Biden, He's on that same path. Not like we're shocked about it,

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but you know, the fact that
it's it's being finally revealed by you

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know, mainstream not covering up anymore, right, right, Chah. You

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know, it's like, ask him
how much a court of almond milk costs?

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See if he has a clue,
right, I guarantee he doesn't know

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how much eggs are. They're like
and whole foods at like six to ten

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bucks a dozen, you know,
isn't that crazy? Almost a dollar?

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I mean it's nuts, and it's
still a good deal compared to other food

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types. But but we had numbers
to talk about here at yeah, sem

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numbers. I mean everything is sinking
here well, you know. I mean,

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so I'm gonna be looking down on
my notes because I can't. There's

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so many numbers that have are way
off the mark. I mean, you

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know the ISM numbers, you know
they're expected to be around fifty two,

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and they were forty nine point two. I mean taught that would be talk

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about a contraction. I mean,
that's that's huge. Now that the pm

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I numbers that came out a couple
of weeks ago, you know, they

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the range was forty three point two
to forty five and they crash to thirty

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nine point four. They were below
forty. You know, consumer confidence that

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was for last month it was one
oh four. It was supposed to be

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between one oh four and it dropped
all the way down to ninety seven.

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And then most recently, the University
Michigan consumer sentiment it was estimated between to

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be between seventy seven and seventy nine, and you know it was it was

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just below sixty eight. I think
it was sixty seven point six. I

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can't remember what the actual number was, but you know, people are feeling

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it. I mean, this is
that the silent recession that we're talking about,

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and no one wants to talk about
it, but this is really stagflation.

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We're seeing continued economic slowdown. We're
seeing inflation going up. And we

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just talked about the jobs numbers.
You know, employment is way higher than

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what they're reporting. So you know, this has all the year marks of

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the last year of Jimmy Carter.
So the question is, you know what

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kind of memory you know, as
a voting pipelist are we going to have

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in November? You know, if
gas prices get a little bit lower,

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which I think they will, I
think the Feds are going to wind up

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dropping interest rates. I think they're
going to do another round of quantity of

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easing, first loosen up the credit
and then lower rates maybe once and make

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everything rosy before the election. So
will we remember you know, the previous

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three years? Good question. And
of course the mood of the country is

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really bad, and so what's going
to be is are we looking at a

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change of regime come come January?
You know what that is a great question.

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You don't what I don't know,
yeah, there's you know, I

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was expecting it last time, and
I and I was shocked now to have

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so many votes uh, you know
up here in the last you know,

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a couple hours. But come on, and that was the most honest election

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that we've had in the history of
the country. It's going back to George

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Washington, isn't it. Well,
you're right, you're right, you got

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me, you got me. Sorry, I don't need the ginn, I

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guess. Yeah, So I think
we need to. I think we're going

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to have better luck in the Senate
instead of the House. But we can't

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just you know, have an administration
change. I think we we need to

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make sure that we you know,
significantly significantly regain the Senate. I don't

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think we have a chance in the
House the way that it's been run so

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far or not we're run. But
then again, what's the what's the alternative?

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Yeah, well, we don't like
to get into politics here because this

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is a you know, this is
a family show here, and we not

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really fit for for the tender ones
consumption, you know. But well,

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and and when you think about the
impact that it has on the economy,

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when when we're we're sending more money
overseas in these spending bills than you know,

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taking care of our own population here, whether it's from Palestine, Ohio,

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round in Hawaii. You know,
these these these from the wildfires to

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the train incident. You know,
people are still suffering here, and we

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just keep spending and spending and spending. And I think that obviously that's inflationary.

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A lot of the real jobs that
were added last year, we're all

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government jobs. That's inflationary. And
you know, you cannot spend the way

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that we're spending and not expect the
economy to falter. And that's really what

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we're seeing right now. But it's
people are starting to resonate with the paint

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all the way across the board.
All right, So what do you do

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here? How do you protect your
wealth? Inflation, like they report said,

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is stickier than thought. I mean, where do did these people ever

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pick up a book before and look
at the sixties and seventies and eighties and

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look at the World War two inflation
and World War One inflation. It doesn't

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you know, just snap your fingers
and raise some rates and it goes away.

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It's like almost generational here. It
is. It is, And and

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you know to that point. Uh, what unnerves me is typically when we

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get inflation, that's you know,
to use the catchphrase in which you just

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use sticky as as it is.
You know, normally we go to war

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to to kind of wipe away the
debt and and everything else. And I

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and I hope that doesn't happen.
You know. For me, I still

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like hard assets, I really do. Here's what I think is going to

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happen between now. We we have
a window between now and the election,

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okay, and it's it's narrowing,
you know. I I think we're going

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00:11:41,799 --> 00:11:46,759
to see a ton of volatility in
the market. I think it's going to

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remain positive. I need based on
what I said before, with the Feds,

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00:11:50,120 --> 00:11:54,639
you know, probably doing a little
bit more easing and then lowering rates.

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The market's going to wake up a
little bit, but it's going to

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be short lived, you know.
As a storage value, I still like

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00:12:01,000 --> 00:12:05,480
gold and silver. I think silver
is probably the best buy. But you

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00:12:05,519 --> 00:12:09,000
know, and honestly, if we
look at commodities as a whole, you

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00:12:09,039 --> 00:12:13,039
know, that's that's uh, I
think gonna be for people to the best

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bet. I'm not a big fan
of gross stocks right now. I think

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that they're going to be overvalued.
You know, value is where it is

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00:12:22,360 --> 00:12:26,279
if you're going to go that route. But I mean, you've got to

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be positioned, you know, when
you got to have enough on the sidelines

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00:12:28,720 --> 00:12:33,840
to take advantage of, you know, of a of a correction or something

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00:12:33,159 --> 00:12:37,360
significantly bigger which people are talking about, and be able to buy things relatively

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cheap. Hey, but always remember
that economists have successfully called five out of

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the last two recessions, right,
yes, right, because there are bigger

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00:12:48,480 --> 00:12:56,320
things happening, right yeah. And
you know then than what what the news

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says. You know, uh oh, absolutely, the money flowing in from

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China flight capital as they cracked down
and reverse their loosening, their economic opening

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up. And then the europe Bank's
not doing well there. Although one interesting

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ray of bright light is Portugal.
They were one of the pigs, they

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were the p and the pigs nations. The ims IMF went in there and

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00:13:28,480 --> 00:13:33,039
made them clean up their act and
they've actually saw their debt decline as a

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percentage of GDP last year. Well
did they really? Yeah? Yeah,

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00:13:37,000 --> 00:13:43,600
so I guess I guess we should
be happy. Well, at least someone's

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doing something right, and you know, and you brought up about the banks.

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That's the other thing, right,
I mean, right now we're seeing

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we're starting to see more bank failures
in that the other shoe hasn't even dropped

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00:13:54,159 --> 00:13:56,759
yet. I mean, a lot
of these commercial loans aren't coming due.

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So I think we're going to see
more struggles than what that people what people

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00:14:01,559 --> 00:14:05,879
are really starting to anticipate, even
though everyone feels something on the horizon,

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00:14:05,399 --> 00:14:09,600
I don't think they're expecting what's really
going to hit us. Yeah, well,

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00:14:09,639 --> 00:14:13,720
we know these banks, especially the
regionals, are in a precarious state,

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and that alone means that they're going
to have to cut rates where they'll

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00:14:18,799 --> 00:14:22,720
be bailing out the one hundred and
fifty two hundred and fifty banks. I

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00:14:22,799 --> 00:14:26,879
mean, what do you think the
odds are that twenty twenty four is the

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00:14:26,960 --> 00:14:30,440
year of the bank run. It
would not surprise me. They may be

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00:14:30,600 --> 00:14:33,720
able to stave it off a little
bit, you know, through the end

190
00:14:33,720 --> 00:14:37,440
of the year, but if it's
not the end of the year, I

191
00:14:37,480 --> 00:14:41,159
think twenty twenty five is going to
be a banner year, unfortunately, and

192
00:14:41,240 --> 00:14:45,080
not in a good way for you
know, regional banks. You know,

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00:14:45,159 --> 00:14:48,279
in some of the local banks I
think they're going to get crushed. They've

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00:14:48,320 --> 00:14:50,799
got a lot of bad loans,
a lot of bad debt on their books

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00:14:50,840 --> 00:14:54,799
that are overvalued, and they're just
not going to be able to recover and

196
00:14:54,240 --> 00:14:58,600
you know, having to refinance that
you know, six seven, eight nine

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00:14:58,639 --> 00:15:01,720
percent that people just they can't do
it. So they're going to have to

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00:15:01,759 --> 00:15:05,799
lower rates, which goes right to
inflation and all the other issues. Yeah,

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00:15:05,879 --> 00:15:09,519
you know, it's it's really kind
of shocking what's going on out there.

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But hey, hopefully there'll be a
brighter tomorrow, one of these tomorrow's.

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ED, just tell us where do
we find you? How do we

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connect with you on the web.
Yeah, you can reach us at egsifinancial

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dot com. All right, Hey
got a question for ED and myself KL

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at Carrie LUTs dot com. Is
the email addressed to use. And if

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you go to the show notes on
Financial Survival Network on our website for this

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interview, you will get a link
right to ED site. And while you're

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there, please sign up for your
free newsletter ED. Always a pleasure.

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We'll talk to you about all right. Thanks for having me, Kerry,

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Thanks for listening to Carrie Letz's Financial
Survival Network your solution to today's trying times.

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For the latest, go to Financial
Survivalnetwork dot com. Financial Survival Network

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now more than ever,