1
00:00:00,160 --> 00:00:03,040
Speaker 1: I find myself in a very peculiar position. I'm kind

2
00:00:03,040 --> 00:00:06,120
of in defending Jerome Powell, which I never thought I

3
00:00:06,160 --> 00:00:09,160
would do in my life, you know, carry for the

4
00:00:09,160 --> 00:00:13,800
life of me. I don't understand what the administration, who

5
00:00:13,839 --> 00:00:16,120
I support, is thinking when they say they want to

6
00:00:16,120 --> 00:00:19,239
fire Powell and cut interest rates to one percent.

7
00:00:19,480 --> 00:00:23,280
Speaker 2: You are listening to Carrie Let's's Financial Survival Network, where

8
00:00:23,280 --> 00:00:26,719
you get valuable information you just can't find anywhere else

9
00:00:27,280 --> 00:00:30,879
to thrive in today's trying times. You need the Financial

10
00:00:30,960 --> 00:00:32,479
Survival Network.

11
00:00:32,359 --> 00:00:33,520
Speaker 3: Now more than ever.

12
00:00:34,079 --> 00:00:37,600
Speaker 2: Go to Financial Survivalnetwork dot com and get your free

13
00:00:37,640 --> 00:00:43,679
newsletter and gift. Financial Survival Network now more than ever.

14
00:00:46,840 --> 00:00:50,799
Speaker 3: And welcome. You are listening to and watching the Financial

15
00:00:50,840 --> 00:00:54,359
Survival Network. I'm your host. Carrie Let's Michael Pento is

16
00:00:54,479 --> 00:00:57,840
on vacation, although as long as Michael has a phone,

17
00:00:57,880 --> 00:01:01,840
he's never really on vacation. In fact, he manages hundreds

18
00:01:01,880 --> 00:01:05,959
of millions of dollars, not with computers but with his iPhone.

19
00:01:05,959 --> 00:01:09,120
If you could believe it, that's how easy he's got

20
00:01:09,120 --> 00:01:10,120
the job down to.

21
00:01:10,239 --> 00:01:13,799
Speaker 1: Right Michael, Yeah, I'm in a beautiful Belmore New Jersey

22
00:01:14,359 --> 00:01:17,359
in the upstairs apartment of a close friend, and I

23
00:01:17,400 --> 00:01:20,640
forgot we were doing these interview But I'm here, here,

24
00:01:20,680 --> 00:01:24,159
my athletic freaky shirt on, and I'm ready to go.

25
00:01:24,560 --> 00:01:28,239
Speaker 3: So no, you know what Woody Allen said, ninety percent

26
00:01:28,239 --> 00:01:29,680
of life has showing up, right.

27
00:01:30,200 --> 00:01:31,480
Speaker 1: Well, I'm going to show up at the pick a

28
00:01:31,519 --> 00:01:33,319
ball courts in maybe about a half an hour, so

29
00:01:33,400 --> 00:01:34,280
let's see what happens.

30
00:01:34,560 --> 00:01:37,239
Speaker 3: All right. I'll say a prayer for you, because everybody

31
00:01:37,280 --> 00:01:40,760
that I know, except for one or two people, has

32
00:01:40,799 --> 00:01:46,319
sustained fairly significant injuries from a very low impact, low

33
00:01:46,400 --> 00:01:53,319
effort sport with jarring lateral movements, studden stops running backwards

34
00:01:53,760 --> 00:01:55,719
like I don't know how you do it?

35
00:01:55,760 --> 00:01:58,239
Speaker 1: Oh hey yeah, I'm so Just to digress for a second,

36
00:01:58,879 --> 00:02:02,799
I had preci gift significant concussion from doing a Frankenstein

37
00:02:02,879 --> 00:02:07,879
walk backwards and soup pine on my head, and then

38
00:02:08,039 --> 00:02:12,280
I popped a calf muscle and now I'm nursing a

39
00:02:12,360 --> 00:02:18,479
broken tendon in my foot as well as of displaced bones. Well,

40
00:02:18,759 --> 00:02:22,080
pick a bowl is very safe. I suggest everybody do it.

41
00:02:22,240 --> 00:02:25,000
Speaker 3: Just put a hell out. I think it's about as

42
00:02:25,080 --> 00:02:28,000
safe as the bright Line train, you know. Just talking

43
00:02:28,039 --> 00:02:30,560
a little Florida biz I wrote an article about this,

44
00:02:30,919 --> 00:02:34,159
The bright Line is unsafe at any speed. We thought

45
00:02:34,199 --> 00:02:38,680
there were only one hundred twenty six deaths bright line

46
00:02:38,719 --> 00:02:42,400
related since twenty seventeen, but the Miami Herald just came

47
00:02:42,439 --> 00:02:45,439
out with an expose. It's actually one hundred and eighty

48
00:02:45,639 --> 00:02:50,240
six deaths. So they've been covering it up. But I'm

49
00:02:50,240 --> 00:02:52,639
not so much worried about the carnage on the tracks

50
00:02:52,680 --> 00:02:55,719
in Florida. I'm worried about the carnage and the tracks

51
00:02:55,759 --> 00:03:00,120
coming out of Wall and Broad Street, right.

52
00:03:00,680 --> 00:03:03,840
Speaker 1: Yeah, and the echoes building at the at the Federal Reserve.

53
00:03:04,599 --> 00:03:07,800
Speaker 3: Yeah, So, what's what's going on here with the Federal Reserve.

54
00:03:07,840 --> 00:03:10,800
It seems like they got some pretty luxurious digs there.

55
00:03:11,840 --> 00:03:14,199
Central banking is good business, isn't it.

56
00:03:14,319 --> 00:03:17,240
Speaker 1: I find myself in a very peculiar position. I'm kind

57
00:03:17,240 --> 00:03:20,319
of in defending Jerome Powell, which I never thought I

58
00:03:20,360 --> 00:03:23,120
would do in my in my life, you know, carry

59
00:03:23,159 --> 00:03:27,400
for the life of me. I don't understand what the administration,

60
00:03:27,800 --> 00:03:30,240
who I support, is thinking when they say they want

61
00:03:30,240 --> 00:03:33,400
to fire Powell and cut interest rates to one percent.

62
00:03:33,639 --> 00:03:35,439
Now the curve the funds rate is for four and

63
00:03:35,479 --> 00:03:37,240
a quarter to four and a half, So it's just sowing. Know,

64
00:03:37,439 --> 00:03:39,680
we're talking about one percent, which is an over you know,

65
00:03:39,759 --> 00:03:42,520
a three hundred and twenty five basis point rate cut immediately.

66
00:03:43,400 --> 00:03:44,039
Speaker 3: Yeah, I guess.

67
00:03:44,080 --> 00:03:47,080
Speaker 1: I guess inflation that has wiped out the middle class

68
00:03:47,159 --> 00:03:50,680
isn't good enough when you have sixty percent of Americans

69
00:03:50,680 --> 00:03:55,120
that have a networth of one thousand dollars or less.

70
00:03:55,159 --> 00:03:58,960
Sixty big zero? What are we doing here? But do

71
00:03:59,039 --> 00:04:01,039
we want to make home prices go up even faster

72
00:04:02,000 --> 00:04:04,639
and make them eve expensive? I don't understand it. So

73
00:04:05,439 --> 00:04:07,680
on what premise would you cut interest rates? Let's see

74
00:04:07,680 --> 00:04:09,960
the unemployment rate is is? I think it's four point

75
00:04:10,000 --> 00:04:13,800
one or four point two percent is historically very very

76
00:04:13,919 --> 00:04:16,639
very low. The stock market is at an all time

77
00:04:16,720 --> 00:04:20,079
record high valuation, home price to income ratios are an

78
00:04:20,120 --> 00:04:24,160
all time high. Credits reds are extremely tight. Financial conditions

79
00:04:24,199 --> 00:04:28,480
are extremely loose. We're not in a recession. GDP growth

80
00:04:28,480 --> 00:04:30,319
for this quarter is supposed to be about a little

81
00:04:30,319 --> 00:04:37,040
bit over two percent, and inflation is inflation carry has

82
00:04:37,079 --> 00:04:42,759
been above the Fed's asinine two percent target for fifty months.

83
00:04:43,759 --> 00:04:44,680
Speaker 3: Right now.

84
00:04:45,839 --> 00:04:48,600
Speaker 1: If I just told you, what if you just heard that,

85
00:04:48,720 --> 00:04:50,639
if you came from Mars and said, you know, I

86
00:04:50,759 --> 00:04:55,680
understand the federal reserves shorter is to maintain you know,

87
00:04:55,759 --> 00:04:59,319
a level prices, you know, stable prices. And I just

88
00:04:59,360 --> 00:05:02,439
told you all those things and you and I also

89
00:05:02,560 --> 00:05:05,279
said that the Fed has missed its target to the north,

90
00:05:06,160 --> 00:05:08,839
it's two percent target to the north for fifty months,

91
00:05:08,879 --> 00:05:10,839
and that target is moving further away.

92
00:05:10,839 --> 00:05:11,759
Speaker 3: In other words, the.

93
00:05:11,639 --> 00:05:15,360
Speaker 1: Inflation rate is moving further away from the target two.

94
00:05:15,920 --> 00:05:18,399
What do you think the conversation would be. It wouldn't

95
00:05:18,399 --> 00:05:22,160
be when are you going to cut rates? It shouldn't

96
00:05:22,199 --> 00:05:24,720
certainly shouldn't be when you're going to lower rates to

97
00:05:24,759 --> 00:05:26,560
one percent. It's gonna be when you're going to raise

98
00:05:26,600 --> 00:05:27,439
interest rates.

99
00:05:27,920 --> 00:05:34,319
Speaker 3: Yeah. Well, and really historically, going back, you know, as

100
00:05:34,360 --> 00:05:38,240
far back as you can go, really, the rates are

101
00:05:38,360 --> 00:05:42,639
not out of line. They're kind of normalized. Now, if

102
00:05:42,680 --> 00:05:47,000
we need zero percent interest to keep this economy going,

103
00:05:47,439 --> 00:05:50,399
then we've got a real problem here, don't we. No,

104
00:05:50,439 --> 00:05:51,519
we not.

105
00:05:51,639 --> 00:05:54,480
Speaker 1: If we have a real problem. We have a tremendous

106
00:05:54,519 --> 00:05:55,199
credit bubble.

107
00:05:56,879 --> 00:06:03,759
Speaker 4: We have an an unbelievable equity bubble two hundred Well,

108
00:06:04,160 --> 00:06:06,879
the total market cap of equities is now two hundred

109
00:06:06,920 --> 00:06:07,920
and twelve percent of.

110
00:06:08,000 --> 00:06:11,360
Speaker 1: GDP, so it's more than double the size of the

111
00:06:11,519 --> 00:06:16,000
entire US economy. Now, the normal relationship there's around ninety

112
00:06:16,040 --> 00:06:19,240
to one hundred percent, that's just normal. So that means

113
00:06:19,279 --> 00:06:21,959
stock prices could drop fifty percent and still be above

114
00:06:22,920 --> 00:06:26,560
valuation historical valuations. That's how that's how crazy. And then

115
00:06:26,560 --> 00:06:30,240
you also have you know, the Cape ratio, which is

116
00:06:30,240 --> 00:06:35,279
that I think it's at almost twenty seven or thirty seven,

117
00:06:35,319 --> 00:06:39,399
I forgot where it was anyway, it's astronomically high. It's

118
00:06:39,560 --> 00:06:46,920
historically speaking, pryces deals ratio is three risk premiums are

119
00:06:47,000 --> 00:06:52,120
negative in the risk premium the inverse of the pe ratio, right, Sure,

120
00:06:52,199 --> 00:06:55,800
get your earnings yield, and the earnings yield is less

121
00:06:55,839 --> 00:06:58,079
than what you can earn in a T bill. This

122
00:06:58,199 --> 00:07:03,360
is all highly unusual record low dividend yields. So the

123
00:07:03,360 --> 00:07:05,879
stock market's in an epic bubble. Home prices are the

124
00:07:05,879 --> 00:07:09,360
most expensive they've ever been in history, even relate in

125
00:07:09,439 --> 00:07:12,399
relation to incomes. And we have a massive credit bubble

126
00:07:12,399 --> 00:07:15,240
when there's like, you know, trillions of dollars of things

127
00:07:15,319 --> 00:07:19,439
like private credit, which hardly ever existed before, I mean

128
00:07:19,480 --> 00:07:22,399
in the previous decades. Now, there's a whole cottage industry

129
00:07:22,800 --> 00:07:26,000
of businesses that can't get loans from a bank or

130
00:07:26,120 --> 00:07:29,040
float corporate paper, so they get loans from you know,

131
00:07:29,600 --> 00:07:33,319
the shadow banking system. Yeah, that's a huge problem these

132
00:07:33,360 --> 00:07:36,399
that's a huge when we have when not the not if,

133
00:07:36,600 --> 00:07:40,879
when we have a recession, because the the the business

134
00:07:40,879 --> 00:07:43,879
cycle hasn't been repealed. When we have the next versus

135
00:07:45,519 --> 00:07:48,680
when we have the next credit crisis or recession, this

136
00:07:48,759 --> 00:07:50,839
is when reality is going to hit. So it's not if,

137
00:07:50,879 --> 00:07:53,560
it's when I have a timing model that lets me

138
00:07:53,639 --> 00:07:56,759
know when to get out. I'm been, I've been you

139
00:07:56,800 --> 00:07:59,279
know in a you know, I have a long short strategy,

140
00:07:59,319 --> 00:08:03,000
so mostly long, sometimes short. The past few years mostly

141
00:08:03,000 --> 00:08:05,720
went out long, but holding our nose because we know

142
00:08:06,600 --> 00:08:08,959
that if you're gonna be one of those people, one

143
00:08:08,959 --> 00:08:12,959
of those automatic buy and hold dollar course to averaging

144
00:08:13,319 --> 00:08:16,720
funding their four to one k in a target date fund,

145
00:08:17,160 --> 00:08:19,040
and you're gonna be down thirty five percent in a

146
00:08:19,360 --> 00:08:22,600
few weeks time, not a few weeks from now, but

147
00:08:22,720 --> 00:08:25,360
in a few weeks, a truncated period of time, when

148
00:08:25,360 --> 00:08:28,639
the when the poop hits the bed, we're gonna be

149
00:08:28,680 --> 00:08:31,720
down thirty percent in a very quick period of time.

150
00:08:32,200 --> 00:08:35,840
And then you're gonna panic and call your administrator for

151
00:08:35,879 --> 00:08:37,600
your four to one K plant and say move my

152
00:08:37,799 --> 00:08:41,000
plan into cash. And that's what market goes down fifty

153
00:08:41,000 --> 00:08:42,080
to sixty seventy percent.

154
00:08:43,039 --> 00:08:46,120
Speaker 3: But haven't people been programmed to not behave that way?

155
00:08:46,919 --> 00:08:50,840
Speaker 1: They have been inculcated through the decades to just buy

156
00:08:50,840 --> 00:08:55,879
and hold. But Carrie uh, stock ownership among Americans has

157
00:08:55,919 --> 00:08:59,799
never been higher, and the stocked ownership is concentrated mostly

158
00:08:59,799 --> 00:09:03,480
in people who are my age or older. So you

159
00:09:03,559 --> 00:09:08,559
went around in their fifties, like fifties, early sixties, or

160
00:09:08,600 --> 00:09:11,320
in their retirement ages. Not not not in the twenty

161
00:09:11,360 --> 00:09:15,679
year old, not in the mean stock people. It's our age, yes,

162
00:09:15,840 --> 00:09:20,480
approaching retirement or in retirement. Kerry. When they're down thirty

163
00:09:20,519 --> 00:09:23,840
five percent in their portfolio, I don't know the exact number,

164
00:09:23,879 --> 00:09:26,639
but it's probably around. That's my guest to mint. They're

165
00:09:26,639 --> 00:09:30,600
gonna exist because they cannot see. Then it becomes what

166
00:09:30,639 --> 00:09:34,039
you just said, it's a it's an existential crisis. I

167
00:09:34,080 --> 00:09:35,799
am not gonna be their wife is going to tell

168
00:09:35,799 --> 00:09:40,639
them from probably being a little sexist here, but if

169
00:09:40,639 --> 00:09:42,440
you're a man, your wife's going to tell you, hey,

170
00:09:43,559 --> 00:09:46,320
I'm not canceling my trip to Europe and I'm not

171
00:09:46,399 --> 00:09:50,679
selling my my lake house. You can sell. You're gonna sell,

172
00:09:50,720 --> 00:09:52,799
and you're gonna sell now and will wait for it

173
00:09:53,759 --> 00:09:56,480
to settle down. That is going to happen, and that

174
00:09:56,600 --> 00:09:58,919
is gonna be synergistic. It's gonna be a death spiral

175
00:09:59,039 --> 00:10:01,559
in my opinion. It's just it's just a matter of

176
00:10:01,559 --> 00:10:05,720
mean reversion. If you believe in nature, heats vacuums, this

177
00:10:05,759 --> 00:10:08,039
is a mean Listen, this is one or two things

178
00:10:08,080 --> 00:10:14,480
are gonna happen mathematically certain. Either stought pressures are gonna crash,

179
00:10:15,039 --> 00:10:18,399
so the ratio that you know they're not the enumerator

180
00:10:18,559 --> 00:10:21,480
matches the denominator, or they're going to stay where they

181
00:10:21,480 --> 00:10:24,360
are for a decade not could not do anything until

182
00:10:24,559 --> 00:10:28,799
the denominator catches up. Now, the latter scenario never happens

183
00:10:28,840 --> 00:10:33,279
in history. It just never has happened before bubbles burst.

184
00:10:33,559 --> 00:10:36,279
They don't just stay bubblicious for a decade.

185
00:10:36,720 --> 00:10:42,879
Speaker 3: Wow, all right, So uh ah, so you got to

186
00:10:42,879 --> 00:10:46,600
think what should you be doing now because this appears,

187
00:10:46,840 --> 00:10:49,879
from what you're saying here, Michael, to be inevitable.

188
00:10:50,559 --> 00:10:53,200
Speaker 1: Well, you better first of all, if you're you're in

189
00:10:53,240 --> 00:10:57,320
one of those buy and hold dollar cost averaging rubrics,

190
00:10:57,320 --> 00:10:58,480
you've got to get the hell out of there as

191
00:10:58,480 --> 00:11:01,000
fast as possible. You got to put yourself in an

192
00:11:01,039 --> 00:11:04,039
active money managuer. It doesn't have to be me. I mean,

193
00:11:04,080 --> 00:11:08,039
I'm I mean, let me speak altruistically. Find somebody else

194
00:11:08,080 --> 00:11:09,600
besides me. I have plenty of money, and I have

195
00:11:09,639 --> 00:11:12,360
plenty of money under management. I don't care. But find

196
00:11:12,360 --> 00:11:16,960
yourself a rouste a robust model that is in the

197
00:11:16,960 --> 00:11:20,720
purview of a very honest and experienced money manager. Does

198
00:11:20,759 --> 00:11:22,720
not have to be me. But do it for your

199
00:11:22,799 --> 00:11:24,679
own retirement sake.

200
00:11:24,879 --> 00:11:27,559
Speaker 3: You need to do it all right, sir.

201
00:11:27,919 --> 00:11:30,720
Speaker 1: You've worked your entire life to get where you are.

202
00:11:32,200 --> 00:11:36,840
Realize where you are. Realize the triumvirate of bubbles that

203
00:11:36,879 --> 00:11:41,519
we have unprecedented in history, all three of them. Yeah,

204
00:11:41,559 --> 00:11:44,440
and be a historian. See what has happened, not only

205
00:11:44,440 --> 00:11:48,639
in the United States but around the world. What happens

206
00:11:48,679 --> 00:11:52,639
to asset prices when they get this this elevated and

207
00:11:52,679 --> 00:11:56,440
the inculcation the mindset is overwhelming. Where you know, you

208
00:11:56,559 --> 00:12:00,080
have to now convince people that there is such thing

209
00:12:00,159 --> 00:12:02,799
is a business cycle. You have to convince people that

210
00:12:02,879 --> 00:12:08,320
the FED and the Treasury and the administration can't always

211
00:12:08,360 --> 00:12:12,720
bail you out. And you know, in the past, Carrie,

212
00:12:12,759 --> 00:12:16,240
what is it. What does the Treasury and particularly the

213
00:12:16,320 --> 00:12:20,440
FED have done. They've always solved the problem every hiccup

214
00:12:20,440 --> 00:12:23,240
in the stock market or a steed speed by economy.

215
00:12:23,559 --> 00:12:26,720
They just lower interest rates and print money. Carry Do

216
00:12:26,759 --> 00:12:29,519
it again, do it one more time, and see what

217
00:12:29,559 --> 00:12:33,440
happens to inflation if they actually start cutting, if they

218
00:12:33,480 --> 00:12:36,720
ever stop, If they started cutting interest rates now to

219
00:12:36,720 --> 00:12:41,240
desert QE helicopters money, I think it would be an

220
00:12:41,279 --> 00:12:44,200
absolute disaster. It already is a disaster for this country.

221
00:12:44,360 --> 00:12:47,639
When you have, when you have over sixty percent of

222
00:12:47,679 --> 00:12:53,120
the population with really no or negative net worth, you

223
00:12:53,240 --> 00:12:58,559
can't have a viable nation. So try try now pursuing

224
00:12:58,600 --> 00:13:01,559
a policy that bails out Street and screws Main Street.

225
00:13:02,080 --> 00:13:03,759
See what happens.

226
00:13:04,720 --> 00:13:06,120
Speaker 3: It ain't gonna be pretty, is it?

227
00:13:06,440 --> 00:13:06,519
Speaker 1: No?

228
00:13:07,679 --> 00:13:12,440
Speaker 3: So gold silver, It appears certainly for silver we're on

229
00:13:12,480 --> 00:13:16,519
the verge of a major breakout and things are not

230
00:13:16,600 --> 00:13:20,360
looking good for those silver shorts, are they. No. Now

231
00:13:20,360 --> 00:13:21,559
I've I've i have.

232
00:13:23,200 --> 00:13:28,000
Speaker 1: So I took a nice position in platinum several months ago,

233
00:13:28,200 --> 00:13:30,159
bit more gold for a very long time too. So

234
00:13:30,240 --> 00:13:34,320
my proxy for the the bit so the precious metal

235
00:13:34,399 --> 00:13:38,120
is proxies that I use are gold and platinum, but

236
00:13:38,320 --> 00:13:41,399
silver too is you I'm not going to argue against silver,

237
00:13:41,840 --> 00:13:43,879
but you should. You have to get your your hands

238
00:13:43,879 --> 00:13:46,639
on some of this. And there's a there's a bull

239
00:13:46,679 --> 00:13:49,799
market happening in platinum. You know, for decades and decades

240
00:13:49,840 --> 00:13:53,240
on end, platinum was more expensive than gold.

241
00:13:53,240 --> 00:13:54,360
Speaker 3: It's a it's.

242
00:13:54,240 --> 00:13:58,639
Speaker 1: A rarer, more more rare metal, it's a more precious metal.

243
00:13:59,399 --> 00:14:02,840
It has some industrial components to it as well, and

244
00:14:02,879 --> 00:14:05,639
that flip that has flipped. So I would not only

245
00:14:05,679 --> 00:14:08,399
own gold, I would definitely own some platinum here because

246
00:14:08,519 --> 00:14:11,200
there's only one thing that's going to happen. There's only

247
00:14:11,240 --> 00:14:14,639
one thing that I could be assured to occur, and

248
00:14:14,639 --> 00:14:17,799
that stackflation like we've never before imagined. We're going to

249
00:14:17,840 --> 00:14:21,000
have another recession. Business cycle hasn't been repealed. We're going

250
00:14:21,039 --> 00:14:23,480
to have a credit crisis. The playbook is going to

251
00:14:23,519 --> 00:14:25,720
be deployed because it's worked all that every time in

252
00:14:25,759 --> 00:14:28,519
the past. What's the Pavlovian response from the Fed and

253
00:14:28,559 --> 00:14:33,759
Treasury borrow print spend or it was automatic stabilizers that

254
00:14:33,840 --> 00:14:35,600
kick in are going to send a deficit not to

255
00:14:35,960 --> 00:14:38,919
you know, the deficit was two hundred billion in prior

256
00:14:38,960 --> 00:14:41,000
to the global financial crisis. Then it went to you know,

257
00:14:41,440 --> 00:14:45,120
the trillion trillion now it's now it's two trillion. In

258
00:14:45,159 --> 00:14:48,000
the party times man, in the good times with full

259
00:14:48,039 --> 00:14:53,759
employment and record a stock market, it's two trillion. So

260
00:14:53,879 --> 00:14:57,720
when the automatic stabilizers kick in, the unemployment benefits kick in,

261
00:14:58,200 --> 00:15:00,679
this deficit is going to go between from from two

262
00:15:01,840 --> 00:15:06,000
to four to six trillion per ADAM. So that means

263
00:15:06,000 --> 00:15:11,679
when four to six trillion, where's six trillion dollar annual deficit,

264
00:15:12,600 --> 00:15:14,679
And and that means the money is going to go

265
00:15:14,799 --> 00:15:17,080
directly to the people. It's not gonna be like it

266
00:15:17,080 --> 00:15:19,120
wasn't the global financial crisis where you just bail out

267
00:15:19,159 --> 00:15:23,840
Wall Street by taking the banks got their assets bailed

268
00:15:23,879 --> 00:15:26,519
out from the Fed. Now this is going to go

269
00:15:26,600 --> 00:15:28,840
right into the hands of the pockets of the people

270
00:15:29,960 --> 00:15:32,919
through these through the unemployment insurance that they're gonna get

271
00:15:33,759 --> 00:15:36,639
right and through the subsidies that they're gonna get from

272
00:15:36,679 --> 00:15:40,159
from the Fed, and the helicopter money coming from the Treasury.

273
00:15:40,440 --> 00:15:43,120
So we're gonna have inflation, not the way they measure it.

274
00:15:43,159 --> 00:15:46,519
Stop at nine, it's going to go to nineteen. Yeah,

275
00:15:46,799 --> 00:15:49,559
and that's you know, if you that's what you have

276
00:15:49,600 --> 00:15:51,559
to be prepared for, because if you're saying to yourself,

277
00:15:52,320 --> 00:15:54,879
you know, I think I'm gonna I think I'm going

278
00:15:54,919 --> 00:15:58,799
to retire, and five percent on a thirty year treasury

279
00:15:58,799 --> 00:16:03,200
bond sounds pretty pretty good because the first is only three.

280
00:16:03,639 --> 00:16:04,840
Speaker 3: You know, that's wonderful.

281
00:16:06,519 --> 00:16:09,200
Speaker 1: Uh, tell me how you feel about earning five percent

282
00:16:09,240 --> 00:16:10,320
when inflation is nineteen.

283
00:16:12,919 --> 00:16:17,279
Speaker 3: So that's a that's an existential problem in and of itself, right.

284
00:16:17,559 --> 00:16:22,440
Speaker 1: Garry inflation core inflation rose to two point nine percent

285
00:16:23,320 --> 00:16:26,639
year over year coreation, wrote, I mean, then the morons

286
00:16:27,759 --> 00:16:31,960
that speak on mainstream financial media when the when the

287
00:16:32,000 --> 00:16:33,840
inflation report came out, they're.

288
00:16:33,639 --> 00:16:36,360
Speaker 3: Like better than expected because.

289
00:16:36,080 --> 00:16:39,000
Speaker 1: The month over month was a little bit better the core.

290
00:16:39,080 --> 00:16:43,159
But here the core rate of inflation increased. At the

291
00:16:43,279 --> 00:16:46,120
end of the form reading was two point seven or

292
00:16:46,159 --> 00:16:48,919
two point six, it jumped to two point nine core

293
00:16:49,000 --> 00:16:52,960
inflation year over year. That's that is that is a

294
00:16:53,000 --> 00:16:58,120
disastrous conversation to have him. Inflation on the core level

295
00:16:58,240 --> 00:17:00,879
is spiking, and I want to have a scenario where

296
00:17:00,879 --> 00:17:03,840
I'm firing the central bank so I can put a

297
00:17:03,960 --> 00:17:08,039
what I would call an obsequious sicko fan, a puppet

298
00:17:08,319 --> 00:17:11,000
of the president, to put rates at one percent.

299
00:17:12,079 --> 00:17:14,839
Speaker 3: Yeah, what could possibly get wrong here?

300
00:17:14,839 --> 00:17:16,559
Speaker 1: What happened to that stuff? What would happened to the

301
00:17:16,599 --> 00:17:19,640
housing market? Let me hear here's the scenario. The scenario

302
00:17:19,680 --> 00:17:23,000
scenario is this some so April April two thousand or

303
00:17:23,039 --> 00:17:27,039
May twenty twenty six comes, Powell is shoved out the door,

304
00:17:27,400 --> 00:17:30,319
an obsequious sick ephan, a puppet of the president, comes in.

305
00:17:30,559 --> 00:17:33,759
He cuts rates to one percent. And what what happens

306
00:17:33,839 --> 00:17:37,279
when the long end of the bond market interest rates

307
00:17:37,279 --> 00:17:41,200
go ballistic? I mean, if that can control the overnight

308
00:17:41,240 --> 00:17:44,319
interbank lending rate, and the money markets will will trade

309
00:17:44,319 --> 00:17:47,319
in sympathy with that. But let's say, unless they assent

310
00:17:47,359 --> 00:17:49,880
to buy every single treasury bond issued, like the Bank

311
00:17:49,920 --> 00:17:53,240
of Japan does, we're gonna have a huge problem with

312
00:17:53,319 --> 00:17:56,279
the interest rates. And if they do buy everything, we're

313
00:17:56,279 --> 00:17:57,880
gonna have a bigger problem with inflation.

314
00:17:59,200 --> 00:18:03,319
Speaker 3: M h yeah, it sounds like we got problems on

315
00:18:03,359 --> 00:18:05,200
the way here. Huh.

316
00:18:05,519 --> 00:18:10,559
Speaker 1: Well, I mean, listen, what when you when you abrogate

317
00:18:10,599 --> 00:18:12,599
free markets. When you say, you know, the free market

318
00:18:12,640 --> 00:18:16,039
doesn't have to function. We could just nineteen eighty seven,

319
00:18:16,519 --> 00:18:18,839
just print some money. Greenspan says, we'll just print some money.

320
00:18:18,880 --> 00:18:21,039
We have, we have a tool, we have a technology.

321
00:18:21,640 --> 00:18:24,559
We don't need to Why would we Why would we

322
00:18:24,640 --> 00:18:28,000
make money peg to something like gold?

323
00:18:28,240 --> 00:18:29,119
Speaker 3: Why would we do that?

324
00:18:29,599 --> 00:18:33,759
Speaker 1: Well, because mine supply of gold is limited, and you

325
00:18:33,839 --> 00:18:37,400
have something real and tangible that's backing your currency. But

326
00:18:37,440 --> 00:18:39,039
then they came up with the idea we could just

327
00:18:39,119 --> 00:18:43,960
we could just live in faeryland. We could just back

328
00:18:44,000 --> 00:18:47,319
our currency with nothing. We'll back it with the taxing

329
00:18:47,440 --> 00:18:51,839
authority of the US Treasury and the American military complex.

330
00:18:51,880 --> 00:18:55,920
That's what will Yeah, and then the dollars, you know, crashes.

331
00:18:56,279 --> 00:18:59,279
You know, go look at what the dollar has done

332
00:18:59,319 --> 00:19:00,400
since nineteen thirteen.

333
00:19:00,400 --> 00:19:01,440
Speaker 3: It's purchasing power.

334
00:19:01,720 --> 00:19:03,680
Speaker 1: And then those people have the nerve to tell you

335
00:19:03,720 --> 00:19:07,240
that they're they're they're they're in charge of protecting the

336
00:19:07,240 --> 00:19:13,640
purchasing power of the of the currency. That's a comedy routine, Kerry,

337
00:19:13,920 --> 00:19:14,480
it's a joke.

338
00:19:14,559 --> 00:19:19,000
Speaker 3: Yeah, that is a comedy routine. And you know it's

339
00:19:19,039 --> 00:19:23,160
that old uh, that old saying. Will Rogers said, every

340
00:19:23,160 --> 00:19:26,559
time Congress makes a joke, it becomes a law, and

341
00:19:26,640 --> 00:19:28,799
every time they make a law, it's a joke.

342
00:19:29,440 --> 00:19:32,960
Speaker 1: Right Gary, let me just I have I had this

343
00:19:33,039 --> 00:19:35,240
written down. I want to make sure when I talk

344
00:19:35,279 --> 00:19:39,799
about credit bubbles, total non financial US debt as a

345
00:19:39,839 --> 00:19:43,160
percentage of GDP is higher today than at the start

346
00:19:43,200 --> 00:19:46,359
of the global financial crisis and the start of the

347
00:19:46,480 --> 00:19:50,680
Nasdaq crash in two thousand. So current ratio is two

348
00:19:50,720 --> 00:19:55,000
one hundred and fifty seven percent of GDP total non

349
00:19:55,039 --> 00:19:59,000
financial debt. In two thousand and seven, before the stocks

350
00:19:59,039 --> 00:20:00,799
lost fifty percent of their value, the S and B,

351
00:20:01,480 --> 00:20:05,279
it was two hundred and thirty four percent. And in

352
00:20:05,279 --> 00:20:07,960
two thousand that great recession where the NASDAK lost eight

353
00:20:08,039 --> 00:20:10,559
percent of its value, it was one hundred and eighty

354
00:20:10,640 --> 00:20:12,960
nine percent. And the current ratio is two hundred and

355
00:20:13,039 --> 00:20:18,480
fifty seven percent. That's your credit bubble. That's your credit bubble.

356
00:20:20,640 --> 00:20:23,160
Speaker 3: Man. So there's no way out of this.

357
00:20:24,440 --> 00:20:26,039
Speaker 1: There isn't any easy way out of it. I mean,

358
00:20:26,039 --> 00:20:28,119
they're gonna try to hyperinflate their way out of it.

359
00:20:28,200 --> 00:20:30,880
But since we haven't adjustable rate mortgage as a as

360
00:20:30,880 --> 00:20:34,960
A as our you know, everybody said, hey, Janet Yellen,

361
00:20:35,400 --> 00:20:37,920
why don't you know when interest rates were like aero

362
00:20:37,920 --> 00:20:40,119
point three on the ten year note, why don't you

363
00:20:40,240 --> 00:20:43,079
like float some thirty year dead out there and finance

364
00:20:43,119 --> 00:20:45,200
it or maybe even issue a fifty year bond. I

365
00:20:45,200 --> 00:20:47,799
guess the wasn't any appetite for that, But at least

366
00:20:47,799 --> 00:20:50,960
they should have really loaded up on that lawn kerry.

367
00:20:51,000 --> 00:20:53,599
If they're gonna, if they're gonna, if Wall Street's gonna

368
00:20:53,720 --> 00:20:56,240
supply you with a ten year note that's yielding a

369
00:20:56,279 --> 00:20:59,319
third of one percent, wouldn't you want to lock in

370
00:20:59,400 --> 00:21:02,839
those that that's a pretty good rate, right right? Well,

371
00:21:02,839 --> 00:21:05,599
guess what they said, Now we're just gonna do T bills.

372
00:21:05,720 --> 00:21:08,839
We're gonna do T bills and chill. Well that's now

373
00:21:08,880 --> 00:21:13,079
you have to roll over those tea bills every single year. Yeah,

374
00:21:13,119 --> 00:21:16,799
and that's what you have. So if if if you

375
00:21:16,880 --> 00:21:20,000
really want to know the truth as to why President

376
00:21:20,000 --> 00:21:24,440
Trump wants that interest rate artificially suppressed even further lower,

377
00:21:24,799 --> 00:21:26,799
is because it would really bring down the interest on

378
00:21:26,839 --> 00:21:32,599
the debt. Yeah, with no no negative ramifications with housing

379
00:21:32,920 --> 00:21:37,039
or real estate or or or the equity market.

380
00:21:39,960 --> 00:21:45,359
Speaker 3: So it's that simple, huh, yeah. So it's it's all

381
00:21:45,400 --> 00:21:46,440
about rates.

382
00:21:47,319 --> 00:21:49,240
Speaker 1: It's all about interest on the debt, which is over

383
00:21:49,279 --> 00:21:50,359
a trillion dollars already.

384
00:21:50,480 --> 00:21:51,559
Speaker 3: Yeah, gotcha.

385
00:21:52,079 --> 00:21:54,119
Speaker 1: Do you see how you see how well doge work?

386
00:21:54,240 --> 00:21:54,400
Speaker 3: Right?

387
00:21:54,440 --> 00:21:57,680
Speaker 1: The Doge roar into town and they really slashed the

388
00:21:57,720 --> 00:22:01,559
government slashed everything down. I mean, we're all we're good now, right.

389
00:22:01,599 --> 00:22:03,960
I think they decided to cut one hundred and sixty

390
00:22:04,039 --> 00:22:05,160
billion dollars.

391
00:22:05,440 --> 00:22:09,440
Speaker 3: Yeah, for I was still cutting in theory. Yeah, I

392
00:22:09,440 --> 00:22:10,200
don't know what they cut.

393
00:22:10,279 --> 00:22:12,880
Speaker 1: Well, those have been run out of town faster than

394
00:22:12,920 --> 00:22:15,119
the shrve has been run out of town. And they

395
00:22:15,119 --> 00:22:17,200
should be cutting a trillion dollars per We need to

396
00:22:17,240 --> 00:22:19,119
cut a trillion dollars per andum to get to that

397
00:22:19,160 --> 00:22:23,039
magical Scott Besson, you know, three percent. But guess what,

398
00:22:23,200 --> 00:22:25,839
we decided to cut one hundred and sixty billion, So

399
00:22:25,880 --> 00:22:28,079
we're a little bit short. It is about eight hundred

400
00:22:28,079 --> 00:22:28,920
and forty billion a year.

401
00:22:29,440 --> 00:22:33,960
Speaker 3: Just a little, just a little all right? So what

402
00:22:34,079 --> 00:22:35,680
about bitcoin here?

403
00:22:37,599 --> 00:22:41,680
Speaker 1: Well here, well, you you know you opened the Pandora's

404
00:22:41,680 --> 00:22:45,240
box here when you talk about Hey, bitcoin, I actually

405
00:22:45,440 --> 00:22:50,240
liked as as a concept. I hated the I hate

406
00:22:50,279 --> 00:22:53,279
I didn't buy any of it. Unfortunately, so I've been

407
00:22:53,319 --> 00:22:56,640
wrong about the direction of this thing. But the concept

408
00:22:56,640 --> 00:23:00,240
of the bitcoin originally, or cryptocurrencies in general, was, Hey,

409
00:23:00,240 --> 00:23:06,000
we have a decentralized currency that nobody knows who you are,

410
00:23:06,039 --> 00:23:09,799
and it's outside the purview of government, and it protects

411
00:23:10,079 --> 00:23:14,880
and it protects you against a falling US dollar. So

412
00:23:15,039 --> 00:23:17,920
fast forward in a few years, and of course the

413
00:23:18,480 --> 00:23:21,920
pimps and the hookers on Wall Street would they say, oh,

414
00:23:22,240 --> 00:23:24,359
we fall in love what bitcoin? We can make some

415
00:23:24,440 --> 00:23:28,039
money on this, on this horrified barcode, which is what

416
00:23:28,079 --> 00:23:31,039
it is. It's just, you know, all bitcoin is your

417
00:23:31,039 --> 00:23:33,680
private key is a bunch of letters and numbers. Okay,

418
00:23:33,680 --> 00:23:37,119
it's a it's a password that's worth one hundred and

419
00:23:37,160 --> 00:23:40,400
seventeen thousand dollars. But okay, let's just let's just talk

420
00:23:40,440 --> 00:23:44,640
about this for a second. So it goes, it goes

421
00:23:44,680 --> 00:23:47,759
from basically nothing to one hundred and seventeen thousand dollars

422
00:23:47,799 --> 00:23:51,240
per unit. But it got there because it's been bastardized

423
00:23:51,279 --> 00:23:54,640
by Wall Street. They've co opted and corrupted it. So

424
00:23:54,720 --> 00:23:57,920
now your your decentralized coin that you think you own

425
00:23:58,079 --> 00:24:01,759
is completely centralized. It can be taken away from you

426
00:24:01,839 --> 00:24:05,160
capriciously by the government because they actually know exactly who

427
00:24:05,160 --> 00:24:05,519
you are.

428
00:24:05,799 --> 00:24:06,960
Speaker 3: Oh yeah, you know.

429
00:24:08,119 --> 00:24:11,359
Speaker 1: It's Wall Street has know your customer rules and anti

430
00:24:11,400 --> 00:24:16,119
money laundering rules. You own an asset that's pimped by

431
00:24:16,119 --> 00:24:20,400
Wall Street. They know exactly who owns every single one

432
00:24:20,440 --> 00:24:22,799
of these bitcoins, so they can take it from you.

433
00:24:22,839 --> 00:24:26,000
So it's no longer it's decentralized. And then to pour

434
00:24:26,200 --> 00:24:28,680
icing on the cake is or gasoline on the fire,

435
00:24:28,680 --> 00:24:31,400
I guess would be a better analogy. They say it's

436
00:24:31,640 --> 00:24:33,759
it's an alternative a dollar, but now they want to

437
00:24:33,799 --> 00:24:37,480
link it to this the US dollar into treasuries by

438
00:24:37,599 --> 00:24:40,759
stable coins. Right, so the whole concept of this thing

439
00:24:40,799 --> 00:24:45,480
has been has been obliterated. And they did this so

440
00:24:45,519 --> 00:24:48,680
they can pump up the stop the bitcoin price to

441
00:24:48,759 --> 00:24:52,519
one hundred and seventeen thousand dollars in unit. Now, two

442
00:24:52,519 --> 00:24:54,200
more things I want to tell you about this. Number one,

443
00:24:54,519 --> 00:24:59,039
it is hot gold. There's an unlimited number of cryptocurrencies

444
00:24:59,079 --> 00:25:03,200
that can be created. I do like the blockchain technology, Yeah,

445
00:25:03,480 --> 00:25:07,440
extremely useful, But to think that the blockchain technology is

446
00:25:07,480 --> 00:25:16,079
the same thing as a coin that relates gold is ridiculous. Yeah,

447
00:25:16,119 --> 00:25:18,559
so there's twenty one million bitcoins, but there's an unlimited

448
00:25:18,640 --> 00:25:20,920
number of other currencies that could serve the same purpose.

449
00:25:20,960 --> 00:25:25,079
So it's just a commodity. Cries are commodity, and there

450
00:25:25,079 --> 00:25:28,759
are limitlessons in supply, unlike platinum and unlike gold.

451
00:25:29,119 --> 00:25:32,160
Speaker 3: Yeah, this is true. I totally agree with you there.

452
00:25:32,400 --> 00:25:35,599
But I think there's something else going on with bitcoin

453
00:25:35,640 --> 00:25:37,759
that we're not going to know. I think there's a

454
00:25:37,799 --> 00:25:42,319
bitcoin short squeeze coming because you've got a huge synthetic

455
00:25:42,440 --> 00:25:47,319
derivatives to market there, and you've only got seven percent

456
00:25:47,440 --> 00:25:51,119
of all the bitcoin ever created that actually free trade,

457
00:25:51,519 --> 00:25:56,119
which will be substantially less because you've got ETFs. This week,

458
00:25:56,799 --> 00:26:01,079
two point two billion more went into bitcoin. Eat where

459
00:26:01,079 --> 00:26:03,799
are they getting all these bitcoin from this when they

460
00:26:03,839 --> 00:26:04,799
stopped making it?

461
00:26:05,039 --> 00:26:09,000
Speaker 1: Yeah, completely wrong on the price, missed the entire thing.

462
00:26:09,440 --> 00:26:12,680
This thing much higher. But when you get an unfriendly

463
00:26:12,759 --> 00:26:16,799
administration in place, and you will, and an unfriendly sec

464
00:26:17,079 --> 00:26:19,759
and you will in the future, this thing will crash

465
00:26:19,839 --> 00:26:22,559
because its intrinsic value is maybe closer to one thousand

466
00:26:22,640 --> 00:26:27,200
dollars rather than one hundred and seventeen thousand. So just beware.

467
00:26:27,720 --> 00:26:31,599
I mean, it's just not something at this especially now,

468
00:26:32,559 --> 00:26:35,079
at this price level I'm interested in getting involved with,

469
00:26:35,240 --> 00:26:37,039
but hey been wrong with both.

470
00:26:37,160 --> 00:26:44,599
Speaker 3: Interesting was that I was at the Bitcoin conference and

471
00:26:46,160 --> 00:26:50,160
it's amazing guy I know who told me to buy

472
00:26:50,160 --> 00:26:54,640
bitcoin at five, who's never sold one bitcoin, he is

473
00:26:54,680 --> 00:26:57,400
buying it at a dollar. And let's not forget Michael

474
00:26:57,480 --> 00:27:02,480
that if you invested ten cents in coin in twenty ten,

475
00:27:02,759 --> 00:27:05,359
it'd be worth one hundred and eighteen hundred nineteen thousand

476
00:27:05,400 --> 00:27:08,400
dollars as we're speaking. What he told me is that

477
00:27:08,480 --> 00:27:12,839
over half the contributions going to the Republican Party are

478
00:27:12,880 --> 00:27:16,799
coming from crypto bros. So that's I think, of course,

479
00:27:16,799 --> 00:27:19,000
say are now, Gary.

480
00:27:18,680 --> 00:27:22,279
Speaker 1: You're exactly right, but you know three years from now,

481
00:27:22,359 --> 00:27:27,000
I don't know. Yeah, play with it now. The volatility

482
00:27:28,480 --> 00:27:33,079
attributes to this product are just astronomically off the charts.

483
00:27:33,119 --> 00:27:35,359
So it's just not something i'd like to That's why

484
00:27:35,480 --> 00:27:40,160
I prefer platinum to silver. I don't like that high data. Yeah, Like,

485
00:27:40,240 --> 00:27:42,799
can you make money in bitcoin? Yeahp hundred percent? Can

486
00:27:42,839 --> 00:27:45,680
you still make money? Probably? Did I miss everything?

487
00:27:45,839 --> 00:27:46,079
Speaker 3: Yes?

488
00:27:46,400 --> 00:27:51,920
Speaker 1: I did, But beware because you when you have something

489
00:27:51,960 --> 00:27:55,519
that's supposed to have its value derived from having a

490
00:27:55,599 --> 00:28:03,400
decentralized anonymous, immutable transaction, and you're to get the value

491
00:28:03,480 --> 00:28:09,319
is now derived from government. M I'm the only person

492
00:28:09,359 --> 00:28:11,000
I've ever heard talk about I mean, maybe I just

493
00:28:11,039 --> 00:28:13,279
don't have it in my ears out there, but who

494
00:28:13,440 --> 00:28:16,920
have you ever heard anybody else say how absolutely absurd?

495
00:28:17,000 --> 00:28:22,000
Speaker 3: This is? Oh completely but but bus, that doesn't mean

496
00:28:22,039 --> 00:28:24,319
you can't make money on it, right undred percent?

497
00:28:24,440 --> 00:28:27,960
Speaker 1: No, I maya kopa here. I'm the last person to

498
00:28:28,000 --> 00:28:31,359
ask about the future to make a bitcoin price.

499
00:28:31,440 --> 00:28:32,240
Speaker 3: Can do you know?

500
00:28:32,519 --> 00:28:36,319
Speaker 1: For me to do that, it'd be it'd be completely

501
00:28:36,359 --> 00:28:41,599
inappropriate because I've been so wrong. The picture is interesting though,

502
00:28:42,160 --> 00:28:46,880
but but the but caveat emptor here though, they will

503
00:28:46,920 --> 00:28:50,680
be hell to pay. And it's coming, and it's one

504
00:28:50,759 --> 00:28:54,440
day because because what bitcoin really is now has become

505
00:28:55,000 --> 00:28:57,880
it's just a derivative of the stock market. So it's

506
00:28:57,920 --> 00:29:03,839
a it's a it's a higher a derivative on equity.

507
00:29:04,279 --> 00:29:08,359
And if liquidity ever drives up again, not if when

508
00:29:08,400 --> 00:29:12,680
it happens, yeah, when it's gonna it's it's gonna be

509
00:29:12,680 --> 00:29:14,559
a disaster for the entire space.

510
00:29:15,440 --> 00:29:17,519
Speaker 3: All right, Well, I think we'll let it go there.

511
00:29:17,839 --> 00:29:20,200
We got other things to talk about next time. After

512
00:29:20,279 --> 00:29:25,319
you've done traveling things about the worst cycle, what's happening

513
00:29:25,359 --> 00:29:28,759
there in Europe, the euro, the dollar, all that good stuff.

514
00:29:29,160 --> 00:29:34,440
But you'll find Michael's work excellent work. Sign up pentoport

515
00:29:34,559 --> 00:29:38,000
dot com links in the show notes, and if you

516
00:29:38,079 --> 00:29:41,039
got a question for Michael myself, shoot me an email

517
00:29:41,359 --> 00:29:45,240
k l Atcarrie LUTs dot com. Michael, we'll talk to

518
00:29:45,240 --> 00:29:46,440
you in a month or two. Be well.

519
00:29:46,599 --> 00:29:48,839
Speaker 1: Always a pleasure, Carrie, Thank you, thanks.

520
00:29:48,599 --> 00:29:52,920
Speaker 2: For listening to Carrie Letz's Financial Survival Network, your solution

521
00:29:53,200 --> 00:29:57,039
to today's trying times. For the latest, go to Financial

522
00:29:57,119 --> 00:30:02,720
Survivalnetwork dot com. Financial service evel network now more than ever,