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You know, the increase to the
PPI. We were saying all along,

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it's going to be higher because you
know, it's the increases not because of

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actual growth in the economy, but
it's just inflationary costs. And you could

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see that, you know, with
the core PPI. I mean, that

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just kind of solved the riddle.
If you will, you're listening to Carrie

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00:00:18,239 --> 00:00:23,960
Letz's Financial Survival Network, where you
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and gift. Financial Survival Network now
more than ever, And welcome you are

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00:00:45,719 --> 00:00:49,799
listening to watching the Financial Survival Network. I'm your host, Carrie Letz.

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Hey, we're almost at mid March
here. In fact, we are at

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mid March. You were taken day. We just got exciting news on the

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PPI increase, and what a shocker. Turns out inflation is not so transitory.

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What is transitory? Is there sound
bites and their explanations as to why

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inflation is transitory? But ed Sidell
is here with us to to explore and

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understand exactly what's going on here.
Ed great to have you back on the

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show. So no surprise for avam
me. Hey, of course, no

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surprises on this pp I number,
is there? No, no, anybody

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who was acting shocked, just you
know, they're not paying attention. You

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know, the the increase to the
PPI, we were saying all along,

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it's going to be higher because you
know it's the the increase is not because

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of actual growth in the economy,
but it's just inflationary costs. And you

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could see that, you know,
with the core PPI. I mean that

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that just kind of solved the riddle
if you will. Oh yeah, hey,

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so looking at this thing, excuse
me, sure, sure, looking

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at the numbers here and everything else. You know, look, airline pilots,

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they've gotten forty to sixty percent increases, light attendance forty sixty percent increases.

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I know they don't theoretically produce anything, but clearly, clearly prices are

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going up. Yeah, you know, I mean it's it's that old minimum

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wage argument, right, I mean, we have to continue to raise the

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minimum wage so people can you know, survive and you know, have increase

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their standard living. But you know
that affects everything all the way across the

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board, and that holds true.
So we're talking about you know, airline,

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the pilots and flight attendants, you
know, as it relates to transportation,

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and then you know, when we
look at the teamsters, you know,

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all of these things, you know, as wages increase. This is

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all inflation and this is really what's
affecting the PPI. And honestly, Carrie,

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I'm shocked. I'm shocked when I
just heard today that you know,

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they were within the Fed's target of
that two percent, which is arbitrary.

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But that's topic for another day.
But it's just like the jobs numbers,

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you know, they they inflate them
and then they revise them down the words.

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You know, you've got pal who
wants to, you know, have

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unemployment up. And everyone's relating to
what we're seeing right now. Very similar

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to to two thousand and eight,
you know, but there's some major differences

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when we talk about inflation. You
know, number one, unemployment, right

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it was in I think it was
it was in the seventh I would say

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seven point three. I can't remember
exactly what it was in two thousand and

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eight, and now it's in the
threes. But you know, the big

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difference is the underemployed. You know, if we had in that under employed

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number, it's you know significant under
unemployment is actually significantly higher now than it

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was in eight. But the big
factor is inflation. And so you know,

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when the Feds are it seems like
that old adage, right, there's

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lies, there's damn lies, and
there's statistics. So so everyone's kind of

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adding in the numbers that they want
to be able to prove their point instead

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of looking at the overall picture.
And if you look at the overall picture,

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the math it just you know,
it continues not to work. Yeah,

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exactly, And who do they think
they're kidding? That's what I'd like

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to know. But obviously they think
you're kid. They're kidding you and me,

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right, yeah, And you know, I I was just sitting the

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other day that the disparity between the
haves and the have nots, or you

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know, the Main Street and Wall
Street, that gap is getting bigger and

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bigger. I was just looking at
a survey they came out. It said

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that the loans all four one case, they have increased thirty percent and and

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the meaner for the in the survey, there was the top five things,

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right, but the top two.
The number one reason people have been taking

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out loans on four to one k's
was to prevent foreclosure, right. The

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number two was to cover medical bills
so that they could maintain treatment. And

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so this goes back to you know
the stats that came out last October that

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said that forty nine percent of Americans
at the end of every month there's not

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enough money, so they're living on
credit cards, and you know, we're

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we hit all time debt highs as
far as credit cards, I think now

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the average credit card rate is over
twenty four percent. I think it's like

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twenty four point six percent now average, right, So some are hires someone

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a little bit lower, but that's
the average. And the average household dead

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is over one hundred and fifty thousand
dollars. So when people talk about,

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you know, the economy is strong
and you know the PPI numbers, you're

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really have to look at what's really
going on in the world around us that

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say, yeah, you know that's
it's not accurate. Definitely not accurate.

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And we know this for sure.
We see that, you know, personal

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income is lagging debt in the GDP
numbers, right, significant yeah, by

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a long shot. How long can
that go on for? Man? I

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you know what, I think we're
pretty close to that breaking point. You

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know, we talked about this last
year. You know, I've been talking

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about this debt bubble. We're ads
we're so close to a point where,

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you know, at what point is
no longer sustainable. I heard today one

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of the pundits on on one of
the financial shows saying that I don't mean

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to be a permable, but if
you look at all the numbers, this

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bull market is not, you know, going to end any time in the

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near future. I think people are
looking at what's going on in the market

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as far differently than what's going on
or as the same as what's going on

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in real life. There are so
many family struggling there is they're going to

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hit that wall. And we saw
this in seven and o eight going into

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nine, where when people start hitting
the wall, which means they have no

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money, they know that they're going
to file for bankruptcy or whatever it is.

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They continue to run up, you
know, their debt, whether it's

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a home equity, line of credits
or credit guards or or whatever it is.

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And I think the way that it's
going right now, based on the

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data that I'm seeing, it's very
similar to what we saw in eight.

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And you know, again that narrow
window we have, I think it's it's

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closing rapidly. You know, who
knows whether it's the summer or next fall,

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but it's, uh, it's closing, definitely closing. And like we

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say, how how how much longer
can it really happen? Yeah? And

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you know, I continue to to
look at all of the numbers because you

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did. There's so much conflicting data, you know, there's so much white

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noise. You know, when we're
talking with clients, you know, educating

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them and helping them understand that.
You know, last year the biggest rise

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you know, in the indices was
based on the Super seven, Magnificent seven,

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whatever you want to call it.
And then it was, you know,

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the Fabulous four. And when we're
looking at it this year, it's

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it's it's really three companies you've got
in video. I think yesterday it hits

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well into the nines, nine hundred
dollars per share, and you've got Meta

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and Amazon that are really propping everything
up. And and so now when you

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start to see this, you fork
feeling, oh my gosh, I'm going

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to miss out. And you know, hey, if you have any cash

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shitting on the sidelines, now is
the time to get in before you miss

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out. Uh. You know that's
when you start really pulling back. That's

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when you really start need to be
a contrarian saying, you know what,

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there's something else, bigger afoot.
I don't think between now and the election,

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barring some unforeseen incidents. You know
that's quote unquote black swan event,

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whether it's China, Taiwan, god
forbid, a Gazza type incident. Here

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in the US banking collapse, I
mean ranking collapse. You just read my

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notes, Yes, because we're starting
to see those right banking commercial loans.

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I saw report Monday or Tuesday this
week and it said nearly ten of all

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commercial loans are either past thirty days
or have engaged into some special servicing agreement

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with the lenders. Me think about
that, I mean, those are that

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that's a big number. So you
know, you've got all of the these

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loans that are coming due, and
now with as that credit continues to tighten,

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you know, these borrowers they're not
going to be able to qualify like

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they did and so they're gonna have
to pay a higher rate. And now

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with the majority of these loans where
they're my mind just went black, where

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you know, they they're not on
the hook anymore. They could just walk

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away and be free and clear.
I you know, I think we're gonna

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start seeing more and more of that, and that's gonna the dominoes will continue

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to fall off. Yeah, and
the dominoes are falling now, right,

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So again, how much longer can
it really continue? You know, I

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don't know. I think it's going
to be short lived. A recourse That's

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what I was talking about. So
you know, these recourse and no recourse

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loans where they don't have to go
after them, and and I think as

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these I mean, we just saw
with black Rock, right, black Rock,

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they had a couple of non recourse
loans on the buildings and they walked

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away. Some of the world's largest
reachs, I mean, they're everyone.

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So these are the top of the
food chain and they're walking away from their

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obligations. So imagine what Main Street
is is going to start doing. Yeah,

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I can't even begin to think here. It's It's scary, isn't it

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It is? It is, And
I don't you know, I try to

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look at you know, not glass
half full or half empty. I'm you

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know, I'm just always happy to
just have a glass, right. And

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if we look at this the right
way, with all the bad news that's

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coming out, if your positioned properly, you know, when when things kind

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of flip upside down, as they
always do because it's cyclical, you know,

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there there's an opportunity to do well. But my fear is so many

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people have been talked into we got
to get all the way and let's go

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all into the market right now.
And I think there's going to be a

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huge shift in wealth, or a
continual shift in wealth, I should say.

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All right, So, hey,
when Powell was giving his speech to

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Congress, you also mentioned that there
were going to be more bank failures.

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Did you catch that I did?
I did, Yes, yep. So

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when on of it, if he's
even saying it, then we got a

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problem uston. Well, absolutely,
And you know Jamie Diamond originally said we're

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fine, there's nothing to worry about, and he came out at the end

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of last year and said he's concerned
and brought it up in January of this

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year when Pale says it if you
there's a couple of rating services that actually

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00:12:26,879 --> 00:12:28,240
rate banks. I mean, you
can win. And you look at the

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number of banks that have a uh
C D or E ratings. They don't

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00:12:35,840 --> 00:12:39,840
have an f right, it's C
D or E. It is significantly higher

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than it was a year ago,
and it's more than double than it was,

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you know, even three years ago. So that's telling the dark side

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of the story where everything is continuing
to head in the fact that Pale actually

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said it on Ryan with t Television
there, Yeah, that don't know it's

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coming down the pipe, right,
because he wouldn't even admit to inflation.

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Everything was transitory until he's like,
oh wait a minute, I got to

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back out of it. So that
that kind of tells that's a sign of

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things to come. And now he's
saying you shouldn't be demonizing Trump enthusiasts or

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Trump supporters too. I mean,
it's a little strange, isn't it.

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Yeah, you know, I didn't. I'm still trying to figure that out.

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Is he saying that because hey,
I need to make sure I want

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to keep my job and he thinks
that, you know, the election is

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going to go one way versus the
other. Because I thought that that was

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so misplaced. I just thought that
that was a very odd comment to me,

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didn't you. Yeah, he hasn't
exactly been a friend of the Republican

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Party. And we're not talking politics
here, I'm just saying, what does

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it mean? And I guess he
sees the handwriting on the wall, doesn't

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00:13:58,440 --> 00:14:03,720
he. Yeah, yeah, I
mean, without a doubt. And I

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00:14:03,840 --> 00:14:09,559
think a lot of people are truly
getting fed up with the lip service,

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and you know, because they're feeling
the pain every day every time they get

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00:14:13,799 --> 00:14:20,000
their check. It's not enough.
And you know, healthcare costs are going

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00:14:20,120 --> 00:14:22,080
up. I mean, look at
the cost of insurance. Did you see

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00:14:22,080 --> 00:14:26,720
that auto insurance again? Another quarter
in a row. Car insurance? Tell

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00:14:26,759 --> 00:14:30,759
me about it. I know,
I just got my bill, and you

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00:14:30,840 --> 00:14:35,639
know, I have the most expensive
car there is to ensure, and I'm

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in the most expensive state for car
insurance, Florida. And man, it's

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00:14:39,919 --> 00:14:43,759
like, it's crazy, But what
are you supposed to do lower year?

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Well, you got the doubletals.
Yeah, you got the double whammy with

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Hololners insurance going through the roof down
there, you know, And this is

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00:14:52,320 --> 00:14:58,879
this is telling us when you start
seeing howners insurance and car insurance. You

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know that property and can the go
up as high as it is? You

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00:15:01,720 --> 00:15:05,440
know, there's what that's saying is
the cost of materials, you know,

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00:15:05,919 --> 00:15:11,840
to rebuild these homes. You know, everything is is inflationary. So they

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know what's really going on because it's
it's being felt by you know, everyday

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folks like you and me. Yeah, isn't that the truth? Man?

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All right? So now the big
question ed, and this is why you

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00:15:22,679 --> 00:15:26,799
get the big bucks. What are
you supposed to do? Gold? Bitcoin?

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Uh? You know, Will Rogers, I've said this before, always

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00:15:31,799 --> 00:15:35,679
said invest in inflation. It's the
only thing going up, right, That's

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right, That's right. You know
I do love hard assets, you know,

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gold, gold stocks, gold mining
stocks. But the actual physical you

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know, precious metals I get.
I've been a fan of I have heard

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for thirty plus years. You know, real estate, residential you know,

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because rents continue to go up.
You know, that's that's a very very

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tough market to buy into right now. So you know, having those assets.

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I really still don't like commercial markets
and won't for a long time as

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it relates to to real estate.
But you know, be smart, position

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yourself, have a diversified portfolio.
And the closer you get to the election,

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boy, I'll tell you what,
man, I would start taking chips

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off the table and and you know, ride the storm out and when things

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get a little bit lower, that's
that's when you make your money. Is

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buying back in on I hate to
say on the dips because that is going

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to underestimate it. But you know, I think that's really what's going to

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happen no matter who's elected in November. Yeah. I could not agree with

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you more. And what's your take
on bitcoin? You believe? All right?

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So full disclosure. I own bitcoins
and ethereum, and I've always looked

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at it more as I'm going to
catch a lot of flak for this,

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I've always looked at it more as
a lottery ticket. Okay, you know,

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being able to get in at an
early time, but buying in now

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it's kind of like Nvidia, right
you know, are how close are we

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to the top? I mean when
when we go from you know, eleven

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thousand too. I didn't see what
it was today, but I know it

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hit close to seventy three thousand right
now. It's estimated that you know it's

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going to hit one hundred thousand,
So is there enough enough juice for the

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squeeze between now and then? Normally
I would probably be a believer, except

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for the fact that you've got United
States buying into it. You've got you

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know, these major institutions like at
JP, Morgan, Wells, far a

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lot of these major banks are buying
into bitcoin. So that's telling me that,

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you know, it's probably going to
be a little bit more regulated and

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it could wind up being another fiat
currency like the US dollar. Yeah,

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well, it's a little bit different
because in theory actually in fact, until

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they figure out another way, and
the quantity of bitcoin in the world is

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fixed, and that is the difference
between a dollar and a bitcoin. And

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you know, do I think it's
a little out of hand. Yeah,

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but it's training at record levels.
It's over seventy thousand, down a little

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bit today on the March fourteenth,
down two percent, big deal, but

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it made a new high. You
know, got to see it break seventy

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five thousand. If I think if
it breaks seventy five thousand, I think

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it's a load up, the load
up the digital wallet moment. You know

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what, I agree? I think
seventy five is if that's the breakthrough.

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I think we could see another parabolic
you know, increase. And you know,

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I don't think one hundred thousand is
out of range by any stretch,

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00:18:52,279 --> 00:18:55,799
you know, as far as buys, I'm kind of looking at bitcoin and

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the theorem is the difference wing golden
solar, right, you know, e

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00:19:00,200 --> 00:19:04,799
theorem is is a little bit financially
more palatable for for people to buy into.

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And I think that the theorem is
going to go along with it.

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But by without a doubt, Bitcoin
is the standard. It really is.

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But I did hear rumors that they, you know, instead of it being

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finite, that they were going to
you know, increase the amount of coins.

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So I I I read that too, but it's really not possible to

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do without the consent of all the
nodes. Oh that is that? How

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long? Okay? Yeah, so
I really not that with allier if you

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00:19:33,960 --> 00:19:37,400
are? Yeah, yeah, interesting, well, interesting times, Eddie.

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00:19:37,640 --> 00:19:41,480
Tell us where do we find you? How do we connect with you?

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00:19:41,599 --> 00:19:45,319
E g. S I Financial dot
com. That is the best place to

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00:19:45,400 --> 00:19:49,759
find us. You've got all of
our contact information, our podcasts, our

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00:19:49,880 --> 00:19:55,279
interviews like like this, they're they're
all on our website. And yeah,

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00:19:55,759 --> 00:19:57,559
so Thank you very much. Hey, you got a question for Ed or

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00:19:57,640 --> 00:20:03,559
myself k L. Carrie lets dot
com. Emails are welcome, and while

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00:20:03,559 --> 00:20:07,799
you're at our site Financial Survival Network
dot com, sign up for your free

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newsletter at appreciate you coming on and
we'll talk to you again. So great.

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00:20:11,960 --> 00:20:15,240
Thank you very much, I appreciate
it. Thanks for listening to Carrie

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Letz's Financial Survival Network, your solution
to today's trying times. For the latest,

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00:20:22,599 --> 00:20:29,200
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