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Speaker 1: This is the landscape of a currency reset. You know

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when when the FIAD currency system ends and we go

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to something new, like a gold standard or something else,

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you know, some kind of sound money where the government

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doesn't have the ability to borrow unlimited amounts and just

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print the difference. Then we have to live within our needs,

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which means government spending has to be cut by a

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third to a half in most of these big countries.

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Speaker 2: You are listening to Carrie Letz's Financial Survival Network, where

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you get valuable information you just can't find anywhere else

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to thrive in today's trying times. You need the Financial

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Survival Network now more than ever. Go to Financial Survivalnetwork

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dot com and get your free newsletter and gift. Financial

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Survival Network now more than ever.

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Speaker 3: Welcome you are listening to and watching the Financial Survival Network.

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I'm your host, Carrie Letz. John Robino is back with us. John. Hey, first,

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go to John Substack. It's Rabino dot substack dot com.

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John was really ahead of the curve here getting onto substack.

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I recently made the transition. I don't think about my

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website anymore. I don't think about sponsors for it. I

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don't think about when it breaks, what do I do

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to make it go back up? I don't care about

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any of that stuff, so I highly recommend it. And John,

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you told me something pre call that shocked me that

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in Vietnam they're selling metal on every street corner and

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none of the booths have silver.

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Speaker 1: Hey carry, Yeah, let's take a step back and look

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at the precious metals market in general, because that's why

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the Vietnam thing matters. Because gold just touched it's all

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time inflation adjusted high, so it's never been higher no

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matter how you measure it. So this is a rock

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and bull market. And then silver is very close to

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its nominal all time high fifty dollars an ounce, so

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you know, it's really getting up there. And so a

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lot of people are asking, Okay, is this the end

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of this bull market? Are we going to bounce back

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off the resistance there and go into a big correction

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and are we going to get round tripped on our

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stacks and stuff? And I think the answer in this

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case is no. The longer term trend is in place

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because those previous precious metals bull markets were kind of

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about the business cycle of the time. You know, what

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was going on in the nineteen seventies and how high

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would inflation go and stuff like that, and the inflation

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was transitorian back then, and so gold and silver went

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back down. This time around, gold and silver are rising

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because the fiat currency experiment is ending, which is a

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much bigger deal. That is secular, that's epically secular. You

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know that that is a whole new world being born

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right now in finance, and we're nowhere near the peak

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of that process because you know, the fiat currencies of

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the world are still out there functioning, but they're they're

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they're starting to deteriorate in an unstable, kind of hard

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to predict way now where it's not smooth, and that's

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what's spooking everybody. You know, the dollar is losing its value.

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It's down by a ten percent in terms of real

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things that you have to buy with gold, you know,

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and that's just one year's deterioration, and it's continuing now.

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What that means is that we probably have further to

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go in the will market for precious metals right now.

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You know, the long term trend is massively up, but

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even the short term trend is looking pretty interesting. And

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one of the ways you know that is like you said, Vietnam,

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they're a society that owns a lot of gold, and

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the government makes it easy by allowing stores just to

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sell precious metals with minimal regulation. And so any story

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you go into on the street in Vietnam might be

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selling you gold and silver coins or bars, and right

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now they're out of silver. You know, they've sold so

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much silver that the supply can't keep up with demand.

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And so a lot of these places are just out

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of stock on the most popular silver coins and bars.

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And that's the kind of thing that usually presages a

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kind of parabolic spite driven by panic buying, because if

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you want silver, you got to pay way up for

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it now to get it right if you can't just

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walk into a store and buy it. And so that's

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the kind of sign that we're in the intermediate stages

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of the boom market and we haven't really had our

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parabolic spike yet. So I think if you're stacking, continue

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to stack. Don't go crazy out there, but continue to

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add to your pile of gold and silk and dollar

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crust average or whatever did you do. Just keep on

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doing it because the wind is still at your back

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and we've got a ways to go before the resistance

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starts pointing towards you know, a big correction or anything.

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I don't see anything like that right this minute.

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Speaker 3: I couldn't agree with him more. Look, it was just

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a month ago, two months ago, I was buying a

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silverette underspot. You know, nobody likes these Kennedy forty percent

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half dollars. But in the meantime, I bought a bag

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of them, one thousand dollars face value bag way back

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in was it like two thousand and ten or nine,

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after silver had crashed, when we had the great financial collapse,

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you know, but we don't know from great financial collapses

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in this swirld. But but now, like people, I bought

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it for underspot under Milt, under melt value, you know,

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a fifty cent piece that's forty percent silver. And now

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those things are worth like six times what I paid

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for them, even though there may be going for a

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little underspot under milt or at milt, whereas ninety percent

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might be going for a few percent above. But my

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feeling is that when silver really gets tight, people aren't

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going to care if the coin is forty percent or

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ninety percent. They're just going to want it, and I

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think Vietnam could very well be the precursor to that. John. Yeah.

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Speaker 1: Yeah. When the supply of something dries up but its

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prices is still rising so people fear missing out on it,

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you get the potential for some really wild moves. And

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I think silver is such a First of all, it's

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a small market relative to a lot of other financial assets,

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so there just isn't that much silver out there. It's

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kind of thinly traded because a lot of people, you know,

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especially stackers these days, you know, we don't trade or

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we just buy it and put it away. So it's

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taken off the market, and it's in deficit right now

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as far as industrial demand goes. In other words, the

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world's silver mines aren't producing enough silver to satisfy the

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demand from solar panel makers and ev makers and the

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military industrial complex around the world making missiles that have

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silber in them, and that is vaporized when the missiles

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blow up, you know, So we're not producing enough news

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silver to satisfy the demand, and the existing stock piles

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of silver out there are being depleted rapidly. So one

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way this plays out, or one way this is revealed,

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might be a default on a metals exchange like COMEX,

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where you've got you've got a futures contract that allows

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you to demand delivery of x amount of silver. You

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take it in and say, okay, I'll take my and

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they'll say sorry, we're going to have to give you cash.

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And that's so you still get paid back, but it's

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a default because they admitted they don't have enough silver

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to cover the contracts, and that'll cause people just to panic.

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If that happens, God that that will be amazing, because

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you know, the industrial guys who need silver to produce

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the expensive stuff they produce, they don't really have an

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option of just sitting back and thinking, all right, I'll

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wait till it goes down twenty dollars an ounce, because

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maybe then you know, they can't make their cars or

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whatever or right on be able to supply the missiles

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to defense that they promised that. So you can't let

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that happen. So you've got to buy the silver at

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any price, and we're the situation is such that we

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could see something like that sometime in the balance of

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this year or next year.

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Speaker 3: I think it's a definite. That's what Keith Neumeyer has

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been talking about commercial signal fail. That's based what we're

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talking about, where the paper market kind of just disappears,

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It vaporizes before your very eyes, and then you're just

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left with the physical market.

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Speaker 1: Right yeah, I mean if the if the paper guys

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cannot produce physical then what are they. You know, there's

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just you know, a bunch of financial dufices playing games

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with computer code. You know, it's just it's just signals

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going back and forth. There's no physical reality to any

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of it.

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Speaker 3: And done that way for a while.

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Speaker 1: Well, I mean, they've been able to manage to to

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give metal to people who ask for it. There hasn't

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been a physical default yet. But when that happens, that

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completely changes the nature of an exchange like comes right.

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I mean, if they if they don't have to come

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up with much metal, that's one thing, But if they

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can't come up with any that's a whole different thing.

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And it's totally but something like that happens in the

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not too distant future, and it'll look kind of like

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the stores in Vietnam where all of a sudden everything's

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out of stock, you know, and if you want it,

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you got to pay way up because you can't go

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through normal channels.

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Speaker 3: Yeah, we've been waiting for this for like years here,

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you know, and here, sure it's finally finally upon us,

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and so many of you out there don't even believe

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it because we thought we'd never see the day because look,

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they've been controlling the price of silver for sixty plus years.

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Arguably you could go back to the late eighteen hundreds

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and the demonetization and William Jennings Bryant and all that,

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but let's just say from nineteen sixty five when they

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demonetize silver from the coinage, it's been manipulated from that

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point forward. That's not a stretch. And now all of

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us sudden the game is up, John.

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Speaker 1: Yeah, yeah, well we're close to that. We're close to

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the point where the old systems don't work anymore. And see,

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you you know, you ideally would like to be fully

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invested by then, but if you're not, you still don't

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want to jump in with both feet because precious metals,

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like a lot of markets these days, are very ball

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little and you can get burned. So you know, the

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time to have finished our buying would have been like

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twenty twenty three. But still, well, whatever you've got you

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should hold.

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Speaker 3: I was just buying it for fun on eBay, just

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to show people you could buy for less than spot,

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because I'd wait till a Friday where silver went up

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a dollar and then nobody, most of the sellers on

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there were not adjusting their prices, so I would get

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it at the pre you know, they'd be up there

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for three or four days, silver went up to three

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dollars an ounce, and they didn't adjust their prices, just

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you know, just to prove, just to prove that it

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could be done.

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Speaker 1: And yeah, a career actually, you know, just going on

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eBay and it's exploiting the who aren't in attention.

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Speaker 3: Yeah, totally arbitraging it. And it was simple, you know,

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like you just knew, like you looked on you could

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pretty much figure out the melt value per dollar of

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you know, of silver, and ninety percent was like at

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twenty six, and forty percent was like at at twelve. Say,

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I don't remember the exact numbers, but it was. It

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was crazy and you know, like it just totally worked.

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Now it could have easily not worked as well. You know,

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I'm not the perfect at this game. And the cycles

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they can really whipsaw you and you can really wind

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up getting burned. But I felt like at this point, John,

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you know, I wasn't betting the ranch on it. It

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was more just like a fun activity, you know, and

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it worked, so you can't beat that, right.

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Speaker 1: What else I noticed was a couple of years ago,

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a lot of friends wanted to sell their silver, yeah,

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and they were willing to sell it at spot. I

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bought a monster box off of a friend of siber

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Eels at Spot, which is pretty hard to do in

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a normal market, and three or four other people sold

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me some silver then too, So I think there was

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exhaustion at the same time things were just getting started,

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there was exhaustion out there on the part of people

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who had bought soon over in you know, two thousand

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and two or something like that, and just been holding

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it all this time. And then you know, it went

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up for a while and then it went back down

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and it's so boring, I need to get my cash out.

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And that's kind of a sign of the mark up

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a bottomn when people are just willing to go all right,

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just take it away. I thought it was going to be,

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you know, better than this, and it wasn't so And yeah,

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so that was you know, it was kind of a

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lucky break, yeah that around people like that, but it

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was also a sign that something like today was going

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to happen, you know, where where you get this long,

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long upswing that then everybody wants to join and then

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it really takes off. So you know, we're up big

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today and both gold and silver. Yeah, well we were exactly.

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Speaker 3: But yeah, every raid they've tried to bring it, you know,

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whether we're tinfoil conspiracy, but just just assume that they

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do raids and you'll see in the access market in

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the early hour they slam it which is thinly traded

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in Asia, and they slam it down a dollar and

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then by the afternoon it's it's erased all its losses

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and is up or is only down like five or

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ten cents. And then they'll time that hitting the silver stocks,

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they'll hit the sil the ETFs and the sil j

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but it has no lasting effect. So that's uh, that's

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pretty indicative I think of what's really going on here,

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you know, and yeah, this is.

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Speaker 1: This is completely different trading patterns than it used to

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because it used to be there at like four o'clock

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in the morning, somebody would just smash gold to silver

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in the futures markets, but then it would they would

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stay down for most of the day. That smash would

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have spooked people and they didn't jump right back in.

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But now you see the smash and then you see

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a gradual increase in the price from there, and it

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goes up, and it goes up, and it ends the

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day up, even though somebody came in with a lot

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of money in the futures market trying to knock gold

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and silver down. So yeah, that's a bull market behavior.

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Speaker 3: Who would do such a thing, selling inn selling losses,

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making notes in trades by design?

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Speaker 1: Why was it any JP Morgan Chase. Yeah, maybe JP

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Morgan is just finally loaded up on enough silver that

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they're ready to let it rip.

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Speaker 3: So that kind of What about the reports that the

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gold is pouring into the United States from Europe? I

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don't know if you've heard that. We hadn't talked in

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a while, but supposedly vest amounts of bars are coming here,

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like tons and tons.

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Speaker 1: Well, a lot of that stuff is terrorf related. They

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just don't know, you know, how how it's going to

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be to move metal around, and they want to get

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ahead of it because maybe Trump's going to slap a

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fifty percent terror on it from you know, starting next

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month or something like that, and so that's part of it.

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The other part is that Europe is a mess. Europe

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is almost over as the continent that we once knew,

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you know, And if you look at France, that was

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on our list of things to talk about. So now

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we could we could segue over there, because here's France's story. They,

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you know, were a fairly rich country by basically any

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measure twenty years ago or so, and they set themselves

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up with really generous a social safety net and retirement

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plans and things like that, where you retire at a

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young age and you make basically a nice living off

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of the government. And the lines just crossed. It used

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to be that the average person would make more during

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their working lifetime than when in retirement. But the line

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just crossed where the average retiree now is set up

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to make more during his thirty years of retirement than

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the average person makes during their working lifetime. So they

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basically set up a completely unsuc sustainable welfare system. So

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they did that, and that requires massive increases in government spending.

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So they let their deficits go up way beyond the

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rules and the master treaty that define the European Union

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and the euro It was supposed to be that you

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were limited to a three percent of GDP deficit. Well,

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France just moved through that. So they're racking up massive

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debts and their interest rates are going up because the

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blonde market doesn't trust them anymore. So the cost of

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the debt is going up basically twice because the amount

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of debt is going up and the interest on that

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debt is going up, and France is basically and broke,

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and so they can't keep a government in place because

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the only thing a government can do now, if it's rational,

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is try to scale back spending to prevent the fiscal

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and monetary train from going off a cliff. And as

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soon as they do that, all the French people hit

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the streets and they get the government thrown out of office.

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And that just happened where the most recent prime minister

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was in power for like sixteen days and then he

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had to quit. So France cannot fix its problems. It's

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going broke in an accelerating rate. And it's one of

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the so called success stories in the Eurozone because Normany

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is a catastrophe for other reasons. You know, they just

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destroyed their energy economy and that industrialize them. Now, while

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that's happening, while these countries are engineering financial crises, their

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open borders are letting so many people from so many

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other cultures in that a lot of different parts of

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Europe are becoming caliphates almost, you know, that are ruled

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under very different rules than used to prevail in it,

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like a liberal democratic, quasi capitalist society, which is what

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we used to think of as Europe. So they've i

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got a civil war on one hand, or maybe two

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different civil wars, one the different cultures fighting each other,

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the other the government fighting people who are demanding ever

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increasing amounts of social spending. And you know, there's no

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way the euro as a coherent reserve currency survives something

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like that. So that's the next decade for Europe. They

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are a catastrophe waiting to happen. And you know, it

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could be that a lot of Europeans are shipping their

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gold to the US because of that. They're looking for

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a safe haven for storage of wealth and they're choosing

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the US, although we're not exactly the most stable system

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that you're ever going to see either. So but I

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guess relative to Europe were okay. But you know, I

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don't know where you hide, really, if you're extremely rich

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and you're trying to protect half a billion dollars worth

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of gold, you know, I wouldn't know where to tell

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you to put it.

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Speaker 3: Right now, I guess it comes to the US just

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like it did before World War Two, right.

350
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Speaker 1: Well, yeah, and that was a time when the US

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was in relatively good shape and the rest of the

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world was a mess. So there's you know, that's kind

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of an analog. But the US is a mess too.

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I mean, we we've got the same We've got the

355
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kind of French problem going where we're borrowing insane amounts

356
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of money and the interest on that debt is going

357
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through the roof, and there's nothing we can do to

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stop it because if we try to cut spending, then

359
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whoever does that gets kicked out of office almost instantly.

360
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And you know, the military budget is a trillion dollars.

361
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So we have problems that are similar to France's. Their

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big problem is the social spending. Our big problem is

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the combination of the military industrial complex and social spending.

364
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But either way, the currencies of countries like that can't

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survive for long because the value of the currency starts

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to fall, and then you have a choice of do

367
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you raise interest rates to protect the currency, which blows

368
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up your financial system, or do you just let it fall,

369
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which blows up your financial system. And multiple countries in

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the world are there right now. They are at that

371
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decision point, and the US is not far from far behind.

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So that's when I say the fiat currency experiment is ending.

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That's basically what I mean. It's that this idea that

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everybody has an unlimited printing press and they manage their

375
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economies via creation of money out of thin air. That

376
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whole thing is ending. And it's a phenomenally good thing

377
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for gold and silver to take us back to where

378
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we started, you know, and that kind of an environment.

379
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Everybody wants real money, and they will throw unlimited amounts

380
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of fake money, that is, fiat currencies at the real

381
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money to get as much as they think they need.

382
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And those are the things that are coming right now.

383
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Speaker 3: The Minski moment is here. Yes, Hey, so what about

384
00:22:52,519 --> 00:22:56,680
the government shutdown? Like nobody's even noticing it, right? You

385
00:22:56,759 --> 00:22:59,920
noticed it was shut down? Well, you know, The government

386
00:23:00,039 --> 00:23:02,440
shuts down all the time in the US. We have

387
00:23:02,519 --> 00:23:07,480
that debt limit law, and that's always the lever that

388
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they use when they're negotiating. We're going to shut down

389
00:23:09,839 --> 00:23:13,200
the government unless you give us whatever we want. And

390
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so the government shuts down for a little while and

391
00:23:15,359 --> 00:23:18,839
then there's outrage, and then they cut the deal and

392
00:23:18,920 --> 00:23:22,680
the government goes back online. What might be different about

393
00:23:22,720 --> 00:23:25,680
at this time, though, is that a lot of people

394
00:23:25,720 --> 00:23:29,279
around Trump love the idea of a government shutdown because

395
00:23:29,279 --> 00:23:33,359
that lets them fire government workers with immunity. You know,

396
00:23:33,400 --> 00:23:36,559
you can't take them to court when they're laying off

397
00:23:36,599 --> 00:23:39,480
workers during a shutdown, but because you can legitimately say, hey,

398
00:23:39,480 --> 00:23:41,200
well I don't have money to pay these guys, what

399
00:23:41,240 --> 00:23:43,880
am I supposed to do? And so these guys get

400
00:23:43,880 --> 00:23:45,880
to go in and clean house in a bunch of

401
00:23:45,920 --> 00:23:49,839
government agencies now, and they actually are are kind of

402
00:23:49,960 --> 00:23:54,599
enjoying that. So it could be that there isn't the

403
00:23:54,599 --> 00:23:57,200
there isn't the urgency to cut a deal this time

404
00:23:57,240 --> 00:23:59,000
around that there once was. You know, we could end

405
00:23:59,079 --> 00:24:04,720
up with the Democrats begging trunk from the government by

406
00:24:05,319 --> 00:24:09,400
by accepting their latest proposal of surrender, you know, because

407
00:24:09,880 --> 00:24:13,839
they don't want a million government employees to be laid off.

408
00:24:14,599 --> 00:24:19,319
That's a horrifying idea for the Democrat or their voter base. Yeah,

409
00:24:19,359 --> 00:24:23,119
But for the Republicans, it's like, well, so what, you know,

410
00:24:22,880 --> 00:24:25,079
they aren't going to vote for us anyhow, So who

411
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cares whether they can feed their children or not?

412
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Speaker 1: So we'll see here.

413
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Speaker 3: Yeah, Well, the whole government government work is a form

414
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of welfare, is kind of coming to an end now.

415
00:24:38,200 --> 00:24:42,480
I think that's what we're seeing, and they're willing to

416
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let it happen. And you know, the government union lobby

417
00:24:48,920 --> 00:24:50,519
is not what it used to be. I think they've

418
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laid off three hundred thousand, fired three hundred thousand government

419
00:24:56,200 --> 00:25:00,640
employees so far federal government, and another one hundred thousand

420
00:25:01,119 --> 00:25:05,039
are putting in their retirement papers now as we speak.

421
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So we got all these buildings in downtown Washington, d C.

422
00:25:11,279 --> 00:25:16,279
Maybe they can turn them into deportation centers or something. Well,

423
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this is the landscape of a currency reset, you know,

424
00:25:21,720 --> 00:25:25,559
when when the field currency system ends and we go

425
00:25:25,640 --> 00:25:28,519
to something new, like a gold standard or something else.

426
00:25:28,559 --> 00:25:31,000
You know, some kind of sound money where the government

427
00:25:31,000 --> 00:25:33,559
doesn't have the ability to borrow unlimited amounts and just

428
00:25:33,599 --> 00:25:36,240
print the difference. Then we have to live within our needs,

429
00:25:36,400 --> 00:25:39,279
which means government spending has to be cut by a

430
00:25:39,400 --> 00:25:41,880
third to a half in most of these big countries,

431
00:25:42,920 --> 00:25:46,000
which is we can't have all those government employees, so.

432
00:25:45,960 --> 00:25:50,480
Speaker 1: They're going to get fired. Regardless. Even if the government

433
00:25:50,519 --> 00:25:53,720
starts back up tomorrow and everybody's rehired and everything, we

434
00:25:53,759 --> 00:25:56,880
still have the currency reset, which is going to involve

435
00:25:56,920 --> 00:26:02,480
a massive decrease in government spending and employment. So this

436
00:26:02,559 --> 00:26:06,200
is coming regardless, and we don't know what the form

437
00:26:06,680 --> 00:26:09,079
what we'll take, but it could be a government shut

438
00:26:09,119 --> 00:26:11,920
down over the budget or it could be a currency reset.

439
00:26:12,240 --> 00:26:17,039
Either way, one third of federal government employees are looking

440
00:26:17,079 --> 00:26:20,240
for private sector work within the next few years.

441
00:26:20,880 --> 00:26:24,160
Speaker 3: That's virtually baked in the cake, you know, has to be.

442
00:26:24,759 --> 00:26:28,720
So what about AI here, like AI the Big Savior?

443
00:26:29,279 --> 00:26:32,039
You see bumps in the road for it. Huh.

444
00:26:32,319 --> 00:26:36,400
Speaker 1: Well, I wouldn't presume to have any idea what AI

445
00:26:36,519 --> 00:26:38,079
is going to do in the next five years, because

446
00:26:38,079 --> 00:26:40,839
it's doing amazing stuff right now. But you also have

447
00:26:40,920 --> 00:26:44,240
people talking about the limitations of it and that you

448
00:26:44,680 --> 00:26:47,880
literally can't make it much smarter than it is right now.

449
00:26:48,880 --> 00:26:53,000
Because you hit kind of an event horizon where to

450
00:26:53,279 --> 00:26:58,960
make it anything like mistake free, it takes more money

451
00:26:58,960 --> 00:27:01,799
than there is on right now. You know, you just

452
00:27:01,880 --> 00:27:05,079
you can't get it beyond a certain point. But the

453
00:27:05,119 --> 00:27:07,480
point it's at right now is pretty astounding. It's doing

454
00:27:07,559 --> 00:27:10,240
a lot, you know, it's taking a lot of college

455
00:27:10,400 --> 00:27:14,440
or computer programming jobs, so that that avenue to job

456
00:27:14,480 --> 00:27:16,960
security isn't there anymore. You can't just go learn the

457
00:27:17,000 --> 00:27:19,279
code and then know you're going to work forever. And

458
00:27:19,319 --> 00:27:21,680
it's doing a lot of other stuff, very interesting stuff.

459
00:27:21,720 --> 00:27:24,799
But there's a business practice out there that is really

460
00:27:24,839 --> 00:27:27,599
scary in the short run, and that is kind of

461
00:27:27,720 --> 00:27:33,720
vendor financing right now, where say Nvidia, which is the

462
00:27:33,720 --> 00:27:37,200
big chip maker in AI, invests a bunch of money

463
00:27:37,400 --> 00:27:43,160
in open Ai, which is building a lot of AI

464
00:27:43,480 --> 00:27:49,039
server farms data centers, and so then in order to

465
00:27:49,039 --> 00:27:51,759
build more data centers, then open ai comes around and

466
00:27:52,240 --> 00:27:55,880
buys computer chips off of Nvidia. So Nvidia is in

467
00:27:55,960 --> 00:27:59,799
effect financing its own it's buying its own products, right

468
00:28:00,200 --> 00:28:02,039
And businesses do that every once in a while. That's

469
00:28:02,119 --> 00:28:04,319
kind of a common thing. You give a loan to

470
00:28:04,480 --> 00:28:08,559
your customer so they can buy your stuff. You then

471
00:28:09,519 --> 00:28:14,240
record that as sales and profits, and the debt gets

472
00:28:14,279 --> 00:28:18,160
shuffled over to the balance sheet where nobody's looking. And

473
00:28:18,240 --> 00:28:21,319
that works as long as your customer can pay back

474
00:28:21,400 --> 00:28:23,319
the money that you've lent them. And where you're getting

475
00:28:23,319 --> 00:28:26,359
into trouble it's where the customer goes bankrupt and then

476
00:28:26,400 --> 00:28:29,119
all this debt that you thought was going to be

477
00:28:29,400 --> 00:28:33,720
just paid back via profits and cash flow has to

478
00:28:33,720 --> 00:28:37,160
be paid back some other way, and so you risk

479
00:28:37,200 --> 00:28:43,319
going bankrupt too. So that's happening now in AI. And

480
00:28:43,960 --> 00:28:46,200
you know, they've got so much money coming in from outside,

481
00:28:46,240 --> 00:28:51,160
it seems reasonable. You know, if your equity market cap

482
00:28:51,359 --> 00:28:53,599
is four and a half trillion dollars, you can throw

483
00:28:53,640 --> 00:28:57,079
one hundred million dollars at vendor financing. It's a drock

484
00:28:57,160 --> 00:29:01,039
in the bucket. But that's that's what that's what it's

485
00:29:01,079 --> 00:29:02,880
like in really good times. But as soon as time

486
00:29:02,920 --> 00:29:08,200
gets times get hard, those loans become really onerous liabilities

487
00:29:08,279 --> 00:29:12,400
of the lender, and so we'll see, you know, it's

488
00:29:12,720 --> 00:29:18,079
a dangerous thing that's happening. And equities, especially tech stocks,

489
00:29:18,160 --> 00:29:21,720
are as richly valued as they've ever been in human history.

490
00:29:23,079 --> 00:29:28,119
So based on historical measures evaluation. We're due for at

491
00:29:28,200 --> 00:29:32,640
least a correction and probably a really nasty bear market.

492
00:29:33,319 --> 00:29:37,079
And if we do get an equities downturn, then all

493
00:29:37,119 --> 00:29:39,599
this vendor financing is going to become front page news.

494
00:29:39,599 --> 00:29:41,279
You know, people are going to be wondering how that

495
00:29:41,400 --> 00:29:44,079
was allowed to happen, and that won't be good for

496
00:29:44,119 --> 00:29:45,559
stock prices when it happens.

497
00:29:46,359 --> 00:29:48,559
Speaker 3: Yeah, that's for sure. You know. The one thing about

498
00:29:48,599 --> 00:29:53,000
the AI is like the big companies using it, Like

499
00:29:54,319 --> 00:29:58,200
you get open Ai, which is strictly just an AI company,

500
00:29:58,240 --> 00:30:02,680
but obviously x which is using it at a grock,

501
00:30:03,240 --> 00:30:08,440
and then you have Google with Gemini, Microsoft with Copilot,

502
00:30:09,000 --> 00:30:12,880
and Meta with Facebook whatever the heck they call theirs,

503
00:30:13,799 --> 00:30:16,799
and even Amazon is getting into the act. For them,

504
00:30:16,839 --> 00:30:23,079
they're not AI first companies, so they're probably sustainable. But

505
00:30:23,160 --> 00:30:27,200
for companies that are just like Claude, there's there's a

506
00:30:27,359 --> 00:30:32,119
zillion just pure AI companies. How do they survive? Why

507
00:30:32,240 --> 00:30:36,359
is there is any better than chat GPT? Well, interesting

508
00:30:36,440 --> 00:30:40,240
times ahead. I guess we will get together again shortly,

509
00:30:41,119 --> 00:30:44,640
and probably I expect the next time we talk John

510
00:30:44,720 --> 00:30:48,359
that there will be either a massive fight to keep

511
00:30:48,400 --> 00:30:54,359
silver under fifty dollars because that is the line in

512
00:30:54,400 --> 00:30:58,839
the sand, and maybe gold will be over four thousand.

513
00:30:58,920 --> 00:31:01,480
That I think is a layout up, but at some

514
00:31:01,599 --> 00:31:05,119
point we didn't talk about it. The gold silver ratios

515
00:31:05,200 --> 00:31:10,000
gota compress. Especially if gold is you can buy all

516
00:31:10,000 --> 00:31:11,720
the gold you want as long as you're willing to

517
00:31:11,759 --> 00:31:15,160
pay for it, but you can't buy silver because it's

518
00:31:15,240 --> 00:31:19,160
just not there, regardless how much you're willing to buy. Anyways,

519
00:31:19,480 --> 00:31:22,759
make sure you go over to johnsite Rabino dot substack

520
00:31:22,839 --> 00:31:27,279
dot com and our site which just go to Financial

521
00:31:27,319 --> 00:31:31,079
Survival Network dot com. It'll take you to our substack. John.

522
00:31:31,160 --> 00:31:33,440
We will talk to you again soon. Be well.

523
00:31:33,480 --> 00:31:35,200
Speaker 1: Thanks Carry you too, talk to you soon.

524
00:31:35,440 --> 00:31:39,599
Speaker 2: Thanks for listening to carry Letz's Financial Survival Network, your

525
00:31:39,680 --> 00:31:43,519
solution to today's trying times. For the latest, go to

526
00:31:43,680 --> 00:31:48,119
Financial Survivalnetwork dot com. Financial Survival Network

527
00:31:48,400 --> 00:31:50,079
Speaker 1: Now more than ever