1 00:00:00,560 --> 00:00:02,839 Speaker 1: I just don't see any significant cuts coming. If you 2 00:00:02,839 --> 00:00:06,280 don't touch Social Security, Medicare and Medicaid, the military, interest 3 00:00:06,360 --> 00:00:09,160 on the debt, it's an illusion, Carrie. There's nothing there 4 00:00:09,199 --> 00:00:11,720 can they can cut the heck out of the government, 5 00:00:12,400 --> 00:00:14,039 and I wish they would. It would be wonderful. You 6 00:00:14,039 --> 00:00:15,839 can cut spending and the best thing we could do 7 00:00:15,919 --> 00:00:17,960 is maybe cut a lot of government wasts. 8 00:00:18,160 --> 00:00:22,000 Speaker 2: You're listening to Carrie Letz's Financial Survival Network, where you 9 00:00:22,039 --> 00:00:26,000 get valuable information. You just can't find anywhere else to 10 00:00:26,160 --> 00:00:30,199 thrive in today's trying times. You need the Financial Survival 11 00:00:30,199 --> 00:00:34,920 Network now more than ever. Go to Financial Survivalnetwork dot 12 00:00:34,960 --> 00:00:39,320 com and get your free newsletter and gift. Financial Survival 13 00:00:39,359 --> 00:00:46,119 Network now more than ever, and welcome. 14 00:00:46,320 --> 00:00:50,079 Speaker 3: You are listening to and watching the Financial Survival Network. 15 00:00:50,200 --> 00:00:53,039 I'm your host, Carrie Letz. Hey, we're in the first 16 00:00:53,079 --> 00:00:56,240 week of February. Things are happening so quickly. 17 00:00:56,280 --> 00:00:57,960 Speaker 4: Here. Wanted to get Michael. 18 00:00:57,759 --> 00:01:01,359 Speaker 3: Pento on pentoport dot com. Any questions for Michael and 19 00:01:01,399 --> 00:01:05,560 myself kl at Kerrie lets dot com. Is the email address? 20 00:01:06,799 --> 00:01:09,079 Did you ever think we were going to live through 21 00:01:09,200 --> 00:01:12,159 times like today like we're living through? 22 00:01:12,879 --> 00:01:16,519 Speaker 1: You know, gee, how do I answer that. I yes, 23 00:01:17,799 --> 00:01:21,799 I'm surprised on some degree, but I don't think we've 24 00:01:21,799 --> 00:01:24,719 seen anything yet, Kerry, compared to us coming. You know, 25 00:01:24,840 --> 00:01:28,599 the fact that the bubbles in an extent haven't burst 26 00:01:28,680 --> 00:01:32,239 yet doesn't mean they don't exist massive in record bubbles 27 00:01:32,280 --> 00:01:37,200 in the credit markets, housing and in and inequities. And 28 00:01:38,200 --> 00:01:40,159 I mean they're just floating around waiting for a pin. 29 00:01:40,319 --> 00:01:42,840 And I kind of liken it to a hot air balloon. 30 00:01:43,599 --> 00:01:46,159 You know, the hot air balloon tends to float when 31 00:01:46,200 --> 00:01:48,400 you keep on putting hot air into it, which is 32 00:01:48,400 --> 00:01:53,319 the liquidity coming into the bond market primarily. But it's 33 00:01:53,359 --> 00:01:55,799 taken a long time, taken years for that the cluidity 34 00:01:55,840 --> 00:01:58,120 to be exhausted. You look at what's in the reverse 35 00:01:58,159 --> 00:02:02,319 rebail facility and the TGA level of real fed funds rates. 36 00:02:02,719 --> 00:02:05,319 So always are pointing to the fact that liquidity the 37 00:02:05,400 --> 00:02:09,759 hot air that's needed. When you have a hot air balloon, 38 00:02:10,199 --> 00:02:13,960 it needs hot air to stay afloat. You cut off 39 00:02:13,960 --> 00:02:16,360 that hot air and it will crash if it's cut 40 00:02:16,360 --> 00:02:18,520 off long enough. And that's exactly what I see happening. 41 00:02:18,520 --> 00:02:20,439 I don't know if it's gonna happen this week or 42 00:02:20,439 --> 00:02:23,080 next month. I don't think so. But as we go 43 00:02:23,199 --> 00:02:25,919 through the year and that TGA starts to get drained, 44 00:02:25,919 --> 00:02:28,560 the reverse repail facility is already dry. We've had real 45 00:02:28,599 --> 00:02:32,159 FED funds rate, a positive real FED funds rate for many, many, 46 00:02:32,159 --> 00:02:36,080 many months. Now we're still heading towards that crash. And 47 00:02:36,680 --> 00:02:39,199 you know what I in a comments you know where 48 00:02:39,199 --> 00:02:41,800 you just said, Carrie, I don't think anybody. I haven't 49 00:02:41,840 --> 00:02:44,360 heard anybody. And I love Donald Trump. I voted for 50 00:02:44,439 --> 00:02:47,159 him twice. I think he's got so many great ideas. 51 00:02:47,439 --> 00:02:50,599 But he's not a superman. You know, he's not infallible, 52 00:02:50,599 --> 00:02:54,159 he's not omnission or omnipotent. And it's just so much 53 00:02:54,199 --> 00:02:56,919 he can get done. And we can talk about this 54 00:02:57,439 --> 00:03:01,199 tax cuts, we have to get into that. But people 55 00:03:01,319 --> 00:03:04,199 are just sitting there and lulled to sleep by this 56 00:03:04,360 --> 00:03:06,520 endless stream of hot air and liquidity. Are going to 57 00:03:06,639 --> 00:03:09,280 be in for a route awakening, and when it happens, 58 00:03:09,439 --> 00:03:12,919 it's going to be catastrophic, catastrophic for the markets who 59 00:03:12,960 --> 00:03:16,240 have just been inculcated into the Fed's got your back, 60 00:03:16,319 --> 00:03:20,360 and the government has your back, and there's a FED 61 00:03:20,400 --> 00:03:23,599 put in there, and it just there is none. There 62 00:03:23,719 --> 00:03:26,319 is none anymore. And they the reason why there is 63 00:03:26,360 --> 00:03:29,879 none no more, there is no more put is because 64 00:03:29,879 --> 00:03:33,000 we are an insolvent nation with a big problem with 65 00:03:33,080 --> 00:03:36,680 inflation that has not gone away. And all government can 66 00:03:36,719 --> 00:03:39,879 do is borrow and spend and print. That's all they 67 00:03:39,919 --> 00:03:42,919 can do. They don't have this you know, you know 68 00:03:43,360 --> 00:03:48,199 workforce or you know, manufacturing essence in another world. It 69 00:03:48,280 --> 00:03:52,120 doesn't exist. They take your money and spend it, or 70 00:03:52,159 --> 00:03:54,319 they borrow it, or they print it. That's all they 71 00:03:54,360 --> 00:03:56,960 can do. And that's going to add to the insolvency 72 00:03:57,039 --> 00:03:58,319 and inflation concerns. 73 00:03:58,599 --> 00:04:02,039 Speaker 3: And when they're borrowing it or creating it, printing it 74 00:04:02,080 --> 00:04:04,639 out of thin air, they're taking your money. You just 75 00:04:04,680 --> 00:04:08,159 don't know it because they're decreasing the purchasing power of 76 00:04:08,199 --> 00:04:15,080 that dollar. Now, Musk and Doge, they've been attacking the 77 00:04:16,319 --> 00:04:20,040 blob as they call it in Washington and showing the 78 00:04:20,120 --> 00:04:23,279 receipts where the money's going, and without getting into all 79 00:04:23,319 --> 00:04:27,720 the specifics, it's absurd. But Musk says he can cut 80 00:04:27,759 --> 00:04:32,759 four billion dollars a day off of government spending, which 81 00:04:33,439 --> 00:04:36,600 comes out close to a trillion and a half dollars Michael, 82 00:04:36,639 --> 00:04:40,360 which if we up our tariffs another half a trillion, 83 00:04:41,839 --> 00:04:45,639 you know, the deficit, the stated deficit is gone. We 84 00:04:45,720 --> 00:04:49,319 still have the two hundred trillion dollar time bomb between 85 00:04:49,399 --> 00:04:53,639 Social Security, Medicare, all the so called entitlements. 86 00:04:54,560 --> 00:04:56,199 Speaker 4: But hey, a. 87 00:04:56,079 --> 00:04:58,600 Speaker 3: Trillion, here, a trillion, they're pretty soon you're talking about 88 00:04:58,639 --> 00:04:59,160 real money. 89 00:04:59,160 --> 00:05:03,040 Speaker 1: Michael Musk is far smarter than than I won't say 90 00:05:03,040 --> 00:05:05,720 you because you are. You could build. You can build 91 00:05:05,720 --> 00:05:07,680 a computer with your eyes closed. I mean, I just 92 00:05:07,759 --> 00:05:12,160 learned that today. But I just don't see any significant 93 00:05:12,160 --> 00:05:14,920 cuts coming. If you don't touch social Security, Medicare and Medicaid, 94 00:05:14,959 --> 00:05:18,279 the military, interest, on the debt, it's an illusion. Carry 95 00:05:18,399 --> 00:05:21,160 there's nothing there can They can cut the heck out 96 00:05:21,199 --> 00:05:23,600 of the government, and I wish they would. It would 97 00:05:23,600 --> 00:05:25,519 be wonderful. You can cut spending and the best thing 98 00:05:25,519 --> 00:05:28,079 we could do is maybe cut a lot of government waste. 99 00:05:28,279 --> 00:05:30,319 I agree, we're one in a court. But if you 100 00:05:30,319 --> 00:05:32,839 don't touch those entitlement programs, you're not going to make 101 00:05:32,839 --> 00:05:36,120 a significant debt in the in the debt or deficits. 102 00:05:36,120 --> 00:05:37,120 Certainly not the debt. 103 00:05:37,160 --> 00:05:37,879 Speaker 3: The debt. 104 00:05:38,279 --> 00:05:40,720 Speaker 1: That's a that's a fallacy. We're not you know, Trump 105 00:05:40,720 --> 00:05:43,360 did say in his first to Trump one point, oh 106 00:05:43,399 --> 00:05:45,720 said he was going to pay off the government debt. 107 00:05:47,360 --> 00:05:48,319 Ahaw did that turn out? 108 00:05:50,160 --> 00:05:53,800 Speaker 3: Yeah, Well, he wasn't really running the government. Then now 109 00:05:54,279 --> 00:05:58,680 he's seized effective control. And I think they'll have to 110 00:05:58,680 --> 00:06:03,160 touch Social Security. Probably won't happen untill after the mid terms, 111 00:06:03,639 --> 00:06:06,519 but they really have no choice. Social Security is the 112 00:06:06,560 --> 00:06:11,920 biggie and the medicare not far behind. And you know, 113 00:06:12,120 --> 00:06:12,360 and then. 114 00:06:12,319 --> 00:06:13,959 Speaker 1: The interest, So the interest on our debt is over 115 00:06:14,000 --> 00:06:16,839 a trillion dollars. The question. Trump is on record saying 116 00:06:16,920 --> 00:06:19,600 he's not touching Social Security and Medicare. He's on record 117 00:06:19,639 --> 00:06:21,920 saying that. Now that doesn't mean he won't. He won't 118 00:06:21,959 --> 00:06:24,319 change his mind, but he's on record saying he won't 119 00:06:24,319 --> 00:06:27,439 touch it. But they have to be touched. We just 120 00:06:27,480 --> 00:06:29,560 don't have the money. It's not there, and you just 121 00:06:29,600 --> 00:06:32,399 can't print it any longer because we already have an 122 00:06:32,439 --> 00:06:34,920 inflation problem that's not going away, and you could. You 123 00:06:34,959 --> 00:06:37,199 saw it today in the non farm pailery numbers. You 124 00:06:37,279 --> 00:06:39,199 see wages who are up four point one percent and 125 00:06:39,279 --> 00:06:42,279 they predicted to be up three point eight percent. Consumer 126 00:06:42,319 --> 00:06:45,560 expectations of inflation are still way too high, and the 127 00:06:45,639 --> 00:06:48,560 Fed is dithering now, and they say, you know, we're 128 00:06:48,560 --> 00:06:51,480 no longer hiking interest rates, we're cutting rates. Remember we 129 00:06:51,560 --> 00:06:55,319 cut one hundred basis points from September eighteenth to the 130 00:06:55,399 --> 00:06:58,959 end of the year. And now we're still saying the 131 00:06:59,000 --> 00:07:01,639 Federal Reserve was saying this, not me, not carry Lutz. 132 00:07:02,040 --> 00:07:05,800 We're gonna still have several more cuts cuts in twenty 133 00:07:05,959 --> 00:07:09,040 twenty five. I don't know if the long end of 134 00:07:09,079 --> 00:07:11,279 the bond market, which is what Scott Besson said he's 135 00:07:11,319 --> 00:07:15,000 most concerned about, right, if that doesn't control the long 136 00:07:15,079 --> 00:07:17,000 end of the bond market directly. That's a product of 137 00:07:17,040 --> 00:07:23,279 inflation and deficits. He says he wants long term rates 138 00:07:23,319 --> 00:07:25,439 to fall. I don't see how you get there by 139 00:07:26,519 --> 00:07:28,000 just adding to the inflation problem. 140 00:07:28,480 --> 00:07:36,600 Speaker 3: Yeah, So speaking of nonfarm payrolls and inflation, those measures 141 00:07:36,920 --> 00:07:40,600 are done by BLS Bureau of Labor Statistics, which I 142 00:07:40,600 --> 00:07:44,800 believe is part of the Commerce Department memory serves me correct. 143 00:07:44,639 --> 00:07:47,720 Speaker 1: Part Department of Labor, Department of Labor, Party labor. And 144 00:07:48,240 --> 00:07:49,560 by the way, if you get rid of the l 145 00:07:49,680 --> 00:07:52,199 in the BLS, I think you have a pretty good 146 00:07:52,279 --> 00:07:53,680 definition of what we're looking at. 147 00:07:54,079 --> 00:07:54,279 Speaker 4: Right. 148 00:07:54,360 --> 00:07:59,439 Speaker 3: So musk through DOGE is trying to gain access, and 149 00:07:59,480 --> 00:08:05,120 they've had several lawsuits filed by employees and unions and whatever. 150 00:08:05,680 --> 00:08:08,839 But once Goage gets in there, what do you think 151 00:08:08,839 --> 00:08:12,560 they're going to find about those two specific measures. 152 00:08:13,199 --> 00:08:15,000 Speaker 1: Well, I'll tell you one thing. If they find out 153 00:08:15,160 --> 00:08:18,040 that the government there's been lying to us? Oh carry, 154 00:08:18,439 --> 00:08:20,519 would our government ever lie to us about anything? I 155 00:08:20,560 --> 00:08:23,560 mean no, come on, will you give me for even thinking? 156 00:08:24,480 --> 00:08:27,000 Forgive me for thinking that. But if we let's just 157 00:08:27,040 --> 00:08:31,160 say hypothetically that they were playing some games with the numbers, 158 00:08:31,160 --> 00:08:32,759 and I'm not I have no knowledge that they were. 159 00:08:32,799 --> 00:08:40,000 I'm just saying hypothetically. And musk uncovers this conspiracy that 160 00:08:40,080 --> 00:08:44,759 these birth death models were just way overblown trying to 161 00:08:44,799 --> 00:08:48,840 re elect Joe Biden. Uh. You know what, you don't 162 00:08:48,840 --> 00:08:51,600 trust government data any longer. And I think that's really 163 00:08:51,639 --> 00:08:54,080 going to put a dagger into the bond market and 164 00:08:54,120 --> 00:08:56,240 you'll see long term rate spike because if you can't 165 00:08:56,440 --> 00:08:59,440 trust what the government is saying about inflation, and you'll 166 00:08:59,440 --> 00:09:01,960 wait a second, I thought I was crazy. I go 167 00:09:02,039 --> 00:09:05,200 to the store and I'm my inflations, you know, double digits, 168 00:09:05,440 --> 00:09:08,919 and they're telling me is coming way down and they 169 00:09:08,919 --> 00:09:12,039 don't take into count you know, taxes, they don't take 170 00:09:12,200 --> 00:09:15,639 insurance really into account. They don't really count me the 171 00:09:15,720 --> 00:09:18,639 value of the house the housing bubble, because they look 172 00:09:18,639 --> 00:09:23,039 at owner's equivalent or rents. I mean, what isn't that easier, Carrie, 173 00:09:23,039 --> 00:09:26,080 wouldn't it is me easier for them just to count 174 00:09:26,080 --> 00:09:29,320 the increase in home prices. We have the case Shower 175 00:09:29,360 --> 00:09:31,720 a home price index. Let me just use that as 176 00:09:32,200 --> 00:09:36,120 as a proxy for what ome prices are doing instead 177 00:09:36,120 --> 00:09:38,879 of as hypothetical, what could I rent my house out 178 00:09:38,919 --> 00:09:42,519 here if I had to? You know, it's just ridiculous. Yeah, 179 00:09:43,080 --> 00:09:46,639 it's nonsensical. But but they opt, you skate and they lie, 180 00:09:46,919 --> 00:09:50,399 and you know the hedonics in the substitution. We all 181 00:09:50,440 --> 00:09:53,799 know inflation is much higher than it's stated. But if 182 00:09:53,799 --> 00:09:59,519 it was an intentional a lie cover up from the 183 00:09:59,559 --> 00:10:01,960 massage data, then they have a real problem. 184 00:10:02,919 --> 00:10:05,480 Speaker 3: Yeah, and I have a feeling that's going to be 185 00:10:05,559 --> 00:10:10,279 based on what we've seen so far. Just today as 186 00:10:10,320 --> 00:10:18,000 we're speaking, they got into the HHS computer and instantly 187 00:10:18,879 --> 00:10:22,519 found one hundred billion dollars worth of fraud and waste 188 00:10:23,039 --> 00:10:28,720 in Medicare and medicaid instantaneously, but until we have a 189 00:10:28,759 --> 00:10:32,360 health revolution in this country, which actually might be bad 190 00:10:33,360 --> 00:10:36,600 because you'd cut back on Medicare and Medicaid, but then 191 00:10:37,720 --> 00:10:40,279 your social security would go through the roof because people 192 00:10:40,279 --> 00:10:47,399 would live longer. Right, So, right, that's one way of 193 00:10:47,480 --> 00:10:47,960 looking at it. 194 00:10:48,039 --> 00:10:51,120 Speaker 1: Yeah, we would be a lot healthier if we fixed 195 00:10:51,159 --> 00:10:53,679 our problem with what we eat in this country. We 196 00:10:53,759 --> 00:10:57,000 have a terribly unhealthy population. And I think our Day 197 00:10:57,120 --> 00:11:00,000 Junior has a shot at getting this used. Look, listen, 198 00:11:00,600 --> 00:11:02,480 there's some things we can love about Europe, some things 199 00:11:02,480 --> 00:11:04,960 we can hate about Europe, but you can't hate their food. 200 00:11:05,679 --> 00:11:10,799 Speaker 3: And Canada too, Canada too. Canada doesn't allow you know, 201 00:11:11,440 --> 00:11:14,600 the fruit loops example, there's eighteen ingredients in it, and 202 00:11:14,720 --> 00:11:17,759 like all of them in the US were artificial, all 203 00:11:17,799 --> 00:11:21,080 of them in Canada were natural. All the colors, the flavors, 204 00:11:21,759 --> 00:11:27,639 all that and breakfast cereal, big agribusiness. It's poison. They're 205 00:11:27,679 --> 00:11:29,879 just putting poison into our bloodstreams. 206 00:11:30,720 --> 00:11:34,879 Speaker 1: Well, you know who the biggest contributor is to the FDA, Right. 207 00:11:38,519 --> 00:11:42,120 Speaker 3: I can imagine it's a big pharma of one pizer. 208 00:11:42,320 --> 00:11:45,799 Speaker 4: Perhaps there there you go. 209 00:11:46,720 --> 00:11:49,080 Speaker 1: Yeah, So where the money, where the money goes? I mean, 210 00:11:49,120 --> 00:11:52,919 why should you know, if we had a healthy population, 211 00:11:53,039 --> 00:11:57,720 if we stopped all of the negative things that we 212 00:11:57,799 --> 00:12:02,720 put in our mouths and our bodies, artificial colors, genetically 213 00:12:02,759 --> 00:12:06,679 modified food, and we were a healthier nation, what would 214 00:12:06,720 --> 00:12:09,600 that do to First of all, you wouldn't be able 215 00:12:09,639 --> 00:12:11,600 to watch you watch TV, and there would be no 216 00:12:11,639 --> 00:12:15,559 commercials because every commercial is some kind of pill you 217 00:12:15,559 --> 00:12:18,080 could take for this, that or the other, which is 218 00:12:18,080 --> 00:12:21,120 a product of what we're eating. You know, now you 219 00:12:21,200 --> 00:12:26,200 can inject yourself with these GLP ones and supposedly, hang, 220 00:12:26,360 --> 00:12:29,240 I'm losing weight. I'm also losing you know, body mass 221 00:12:29,279 --> 00:12:31,960 and muscle. Is that a problem? I don't know. Maybe 222 00:12:31,960 --> 00:12:34,799 I'd just better watch what I eat, eat healthy and exercise. 223 00:12:35,000 --> 00:12:36,360 Speaker 4: Idea, good idea. 224 00:12:36,759 --> 00:12:38,480 Speaker 1: Yeah, I don't want to get too far off of track. 225 00:12:38,519 --> 00:12:40,639 But there's a lot of waste and fraud and abuse, 226 00:12:40,919 --> 00:12:42,600 and it doesn't just stop at the shores of the 227 00:12:42,679 --> 00:12:46,000 United States. I can guarantee you that. And the gold market, Hey, Gerry, 228 00:12:46,200 --> 00:12:48,279 the gold market is sniffing that out. 229 00:12:49,000 --> 00:12:51,559 Speaker 3: Yes, So what about the gold market. We're at near 230 00:12:51,720 --> 00:12:57,559 three thousand dollars gold closed last month twenty seven ninety nine. 231 00:12:57,960 --> 00:13:00,440 Now it's getting close to twenty nine hundred. It even 232 00:13:00,519 --> 00:13:03,679 silver is starting to go up. Is that the Canary 233 00:13:03,720 --> 00:13:05,120 and the gold mine here? 234 00:13:05,240 --> 00:13:10,120 Speaker 1: Michael, Well, unfortunately I have I've only had about a 235 00:13:10,159 --> 00:13:12,240 five percent position in gold. I sold a lot of 236 00:13:12,240 --> 00:13:15,879 it not too long ago, towards the end of last year, 237 00:13:16,200 --> 00:13:18,720 so I still own it, which is more than most people, 238 00:13:18,759 --> 00:13:21,200 and most people don't have any exposure to the precious metal. 239 00:13:22,480 --> 00:13:24,440 But there's something going on with the precious metal because 240 00:13:24,440 --> 00:13:26,440 it really shouldn't be rallying here, because you know, the 241 00:13:26,919 --> 00:13:29,879 gold has been rallying when the dollar goes up and 242 00:13:29,960 --> 00:13:33,399 the dollar goes down, when interest rates rise and interests 243 00:13:33,480 --> 00:13:35,440 race fall, I mean, it just goes up. And I 244 00:13:35,480 --> 00:13:38,039 think what's happening here is that I think a lot 245 00:13:38,120 --> 00:13:42,120 of nations are now have stepped up their recycling of 246 00:13:42,159 --> 00:13:44,559 their trade surplus into gold, and they know they don't 247 00:13:44,639 --> 00:13:47,240 they don't longer want to hold dollars. They're just done 248 00:13:47,320 --> 00:13:49,039 with holding dollars. They do not want to buy our 249 00:13:49,080 --> 00:13:51,519 bond market. And when you own our bond market, you 250 00:13:51,559 --> 00:13:53,519 have to own dollars. So they're just done. They don't 251 00:13:53,559 --> 00:13:56,559 want America's hegemony any longer. So I think that that 252 00:13:56,600 --> 00:14:00,879 and that was in place before and that is only 253 00:14:00,960 --> 00:14:03,799 intensified in the last few months. 254 00:14:04,159 --> 00:14:05,960 Speaker 4: All right, so that's part of it. 255 00:14:06,600 --> 00:14:10,279 Speaker 3: What about the Strategic Bitcoin Reserve, you're Michael. 256 00:14:10,879 --> 00:14:14,120 Speaker 1: Well, yeah, don't get me started. I mean you listen. 257 00:14:15,000 --> 00:14:18,919 If you listen to me about bitcoin, you were wrong 258 00:14:19,360 --> 00:14:21,399 about Yeah, you could have made a fortune in a 259 00:14:21,399 --> 00:14:25,120 lot of these coins. But here's my take, and I'll 260 00:14:25,120 --> 00:14:29,480 give you a quick take on cryptocurrencies. They are not 261 00:14:30,279 --> 00:14:33,480 digital gold. And the reason why they're not digital gold 262 00:14:33,639 --> 00:14:38,679 is because there's a finite, finite amount of au in 263 00:14:38,759 --> 00:14:45,320 the Earth's crust. There are an unlimited number of blockchains 264 00:14:45,320 --> 00:14:51,399 and coins that could ride along that ledger. Unlimited number 265 00:14:51,720 --> 00:14:52,360 carry oh. 266 00:14:52,240 --> 00:14:55,080 Speaker 4: Sorry it coins, twenty one million. 267 00:14:54,840 --> 00:14:57,320 Speaker 1: Becomes twenty one million. But and here's in here, and 268 00:14:57,519 --> 00:15:00,399 I would love someone to tell me why I am wrong. 269 00:15:00,960 --> 00:15:06,399 What is the major difference between Bitcoin and ethereum and 270 00:15:06,879 --> 00:15:10,360 Solana and doge coin and fart coin and trump coin 271 00:15:10,399 --> 00:15:14,200 and milania coin. They're all coins that ride along a blockchain, 272 00:15:14,399 --> 00:15:19,120 a digital ledger. And it's so listen if you told 273 00:15:19,120 --> 00:15:22,559 me there's another element that was discovered in the Earth's crust, 274 00:15:23,440 --> 00:15:27,960 and this element was virtually indestructible. It lasted forever, and 275 00:15:28,000 --> 00:15:32,080 it's in limited supply. It's not gold, but it's another 276 00:15:32,159 --> 00:15:34,679 element that serves the same purpose. I need to make 277 00:15:34,679 --> 00:15:36,559 beautiful jewelry out of it, and it's wonderful. 278 00:15:36,720 --> 00:15:38,759 Speaker 4: It's beautiful platinum. 279 00:15:39,759 --> 00:15:44,440 Speaker 1: If you discovered gold, another element like gold that serves 280 00:15:44,519 --> 00:15:47,919 the same utility and functionality as gold, and you could 281 00:15:47,919 --> 00:15:52,200 say to me that you can create this in unlimited numbers, 282 00:15:52,240 --> 00:15:54,480 these new elements, then I would say, well, even though 283 00:15:54,480 --> 00:15:57,279 it's not gold, it's still going to attenuate the value 284 00:15:57,279 --> 00:16:00,320 of gold, because there's more elements that do this same 285 00:16:00,360 --> 00:16:03,320 thing that's exactly the same function as bitcoin. And I'll 286 00:16:03,320 --> 00:16:06,200 give you one more reason why I hate cryptocurrencies, even 287 00:16:06,200 --> 00:16:11,519 though I've been dead wrong about them. Cryptocurrencies in a 288 00:16:11,639 --> 00:16:19,320 pure sense are decentralized ledgers. Okay, decentralized means that Wolfstree 289 00:16:19,440 --> 00:16:23,399 doesn't have their dirty, grimy fingers all over them, and 290 00:16:23,440 --> 00:16:27,000 that's exactly what's happening. So the price of bitcoin is 291 00:16:27,039 --> 00:16:29,799 where it is today, close to one hundred thousand dollars 292 00:16:29,879 --> 00:16:33,759 a unit, because wol Street has their grimy hands all 293 00:16:33,799 --> 00:16:37,159 in there. If there wasn't anything called a bitcoin ETF, 294 00:16:37,480 --> 00:16:39,639 what do you think about value a bitcoin would be, 295 00:16:39,879 --> 00:16:42,200 it'd be a whole heck of a lower and the 296 00:16:42,240 --> 00:16:44,639 thing that gives bitcoin its value, and it does have 297 00:16:44,679 --> 00:16:47,759 some value, but it's limited, in my mind, is because 298 00:16:47,840 --> 00:16:55,360 they are decentralized, immutable and anonymous transactions. But once Wall 299 00:16:55,440 --> 00:16:58,240 Street gets their hands on it, it's not immutable, you're 300 00:16:58,279 --> 00:17:04,039 not anonymous, and it's not decentralized any longer because they 301 00:17:04,079 --> 00:17:08,680 can say, oh, carry Lutz, you own bitcoin in this CTAF. Well, 302 00:17:08,680 --> 00:17:11,039 guess what I am the government. I'm taking your money 303 00:17:11,039 --> 00:17:13,240 from you and you don't have it anymore. But that's 304 00:17:13,279 --> 00:17:15,440 why I own bitcoin in the first point. So it's 305 00:17:15,759 --> 00:17:19,240 it's just antithetical to the whole creation of cryptocurrencies. So 306 00:17:20,119 --> 00:17:23,880 I've given you a short treatise on cryptocurrencies because they 307 00:17:23,920 --> 00:17:27,160 are not digital goal, they are not limited in value. 308 00:17:27,279 --> 00:17:32,000 There's an unlimited number, unlimited supply, there's an unlimited number 309 00:17:32,039 --> 00:17:35,160 of supplies of blockchains that make created. They are not 310 00:17:35,440 --> 00:17:38,880 limited in nature, and they are worth less. 311 00:17:39,920 --> 00:17:43,160 Speaker 3: I would just point out that this is the greatest 312 00:17:43,240 --> 00:17:47,640 gold rush ever for Wall Street cryptos because there's no 313 00:17:47,839 --> 00:17:52,039 due diligence involved, there's no production, you don't have to 314 00:17:52,079 --> 00:17:57,039 analyze the company you just create ETFs, you create options futures, 315 00:17:57,279 --> 00:18:01,960 then you go out and prop trade and make a fortune. 316 00:18:02,599 --> 00:18:04,400 Speaker 4: My theory is Sam bankmin freed. 317 00:18:04,640 --> 00:18:07,960 Speaker 3: He ran a leaky ship, but they had to get 318 00:18:08,079 --> 00:18:13,359 rid of him in order to take over Crypto FPX. 319 00:18:13,359 --> 00:18:16,920 They had to eliminate him. And because he was a 320 00:18:16,920 --> 00:18:20,759 bad bookkeeper, it wasn't necessarily a thief. You can't point 321 00:18:20,799 --> 00:18:22,880 to this guy where he stole the money and put 322 00:18:22,920 --> 00:18:25,480 it in his account. He just didn't put stuff in 323 00:18:25,519 --> 00:18:28,680 the right buckets. Now, granted you're a lawyer, you do that, 324 00:18:29,200 --> 00:18:33,240 they'll throw you in jail. And he's in jail now. 325 00:18:33,400 --> 00:18:36,920 But I would advise everybody to look up the law 326 00:18:36,960 --> 00:18:41,240 firm that forced the whole bankruptcy and look up their 327 00:18:41,240 --> 00:18:45,039 deep state past. It's the point where that law firm 328 00:18:45,079 --> 00:18:47,680 has actually had books written about them that they bought 329 00:18:47,759 --> 00:18:54,599 up the first edition and stop the printing. And Michael, 330 00:18:54,640 --> 00:18:57,799 let's not forget the creditors. Now you know bankruptcies, the 331 00:18:57,880 --> 00:19:00,759 creditors got paid one hundred and twenty cents on the dollar. 332 00:19:01,599 --> 00:19:05,839 After all the grift from the trustee and from that 333 00:19:06,000 --> 00:19:09,519 law firm hundreds and hundreds of millions, maybe billions of 334 00:19:09,559 --> 00:19:13,440 dollars of grift. We don't even know the consultants. You know, 335 00:19:13,480 --> 00:19:17,039 it's a club. The bankruptcy court is a clubhouse. And 336 00:19:17,200 --> 00:19:19,920 just like George Carlin said, it's all a big club 337 00:19:20,319 --> 00:19:21,279 and you aren't in it. 338 00:19:21,839 --> 00:19:22,160 Speaker 4: Yeah. 339 00:19:22,200 --> 00:19:24,319 Speaker 1: Well when he said some of the dollar does sound 340 00:19:24,359 --> 00:19:26,799 a bit rich when you're in chapter eleven, so. 341 00:19:27,319 --> 00:19:30,200 Speaker 3: Yeah, well they said, well the stuff wine up in value. No, 342 00:19:30,279 --> 00:19:33,480 this guy was a genius. It's like if you had 343 00:19:33,599 --> 00:19:38,559 Musk running the accounts, the accounting system of Tesla, he'd 344 00:19:38,599 --> 00:19:40,920 wind up in jail. He can't do it. That's not 345 00:19:41,039 --> 00:19:43,400 his yard house. He could build a system for you 346 00:19:43,480 --> 00:19:46,519 to manage it, but he couldn't effectively run it day 347 00:19:46,519 --> 00:19:49,759 to day. It's not in the guy's wheelhouse. This is 348 00:19:49,799 --> 00:19:55,559 what Sam bankmin Free did. And when nobody loses money, 349 00:19:55,720 --> 00:19:56,759 how are you a criminal? 350 00:19:57,720 --> 00:19:57,920 Speaker 4: Yeah? 351 00:19:58,559 --> 00:20:01,640 Speaker 1: Well, just before we run out of time, I want 352 00:20:01,680 --> 00:20:04,359 to talk about that, and I love your opinion on 353 00:20:04,400 --> 00:20:06,559 this carry, So let's talk about the Trump's tax cuts. 354 00:20:06,599 --> 00:20:09,480 You know, everybody's what Wall Street has right now is 355 00:20:10,359 --> 00:20:14,680 they're facing the tariffs. And Trump said that there's nothing, 356 00:20:15,880 --> 00:20:18,559 there's nothing you can stop the twenty five percent tariffs 357 00:20:18,599 --> 00:20:22,039 going on Canada and New Mexico. Nothing. He said that 358 00:20:22,119 --> 00:20:25,240 on Friday, and then Saturday is supposed to go in effect. 359 00:20:25,279 --> 00:20:26,839 And then of course. 360 00:20:27,440 --> 00:20:29,240 Speaker 4: Magic there's a day is thirty. 361 00:20:29,279 --> 00:20:32,039 Speaker 1: You know that they punted the ball for thirty days. 362 00:20:32,599 --> 00:20:35,240 But these tariffs I think are necessary because if you're 363 00:20:35,240 --> 00:20:39,319 going to now let's just talk about the extension of 364 00:20:39,359 --> 00:20:42,200 the Trump's tax cuts. The extension of the Trump tax 365 00:20:42,240 --> 00:20:44,279 cuts are supposed to cost about four and a half 366 00:20:44,359 --> 00:20:47,599 trillion dollars over the ten year horizon, and that's what 367 00:20:47,640 --> 00:20:51,920 OMB scores Office of Magical Budgement budget. I don't think 368 00:20:51,960 --> 00:20:53,880 tax cuts really cost you anything because you're going to 369 00:20:53,920 --> 00:20:55,599 get a lot of growth. But maybe they do cost 370 00:20:55,640 --> 00:20:56,759 you a little bit, but it's not going to be 371 00:20:56,759 --> 00:20:58,519 four and a half trillion. But you have to you 372 00:20:58,599 --> 00:21:00,519 have to raise some revenue, because is if you do 373 00:21:00,599 --> 00:21:04,519 this thing through reconciliation. That's I think this bill, this 374 00:21:04,599 --> 00:21:06,039 big grand bill, is going to be done with the 375 00:21:06,039 --> 00:21:10,519 reconsill It can't it can't add to the deficit. So 376 00:21:10,559 --> 00:21:13,720 he's gonna need tariffs, and he's going to need huge tariffs. 377 00:21:13,759 --> 00:21:15,799 But then I also heard that tariffs can't be used 378 00:21:15,799 --> 00:21:19,000 as part of the reconciliation process. I don't know where 379 00:21:19,000 --> 00:21:21,319 he's going to get four and a half trillion dollars 380 00:21:21,359 --> 00:21:25,960 of new income, new revenue or in tax custs. I 381 00:21:25,960 --> 00:21:27,839 don't know where he's going to get it from. But 382 00:21:28,039 --> 00:21:31,039 I don't think. And and here's the thing. Even if 383 00:21:31,079 --> 00:21:33,480 he does get this through, and I hope he does, Trump, 384 00:21:35,000 --> 00:21:38,559 you're just extending the existing law. You're not giving any 385 00:21:38,720 --> 00:21:43,519 new impetus of lower taxes to Wall Street and to 386 00:21:43,640 --> 00:21:47,200 the corporations. It's it's somebody the same rate. So I 387 00:21:47,200 --> 00:21:52,640 think people are underestimating, or I should say, overestimating, how 388 00:21:52,680 --> 00:21:54,960 wonderful this big package is going to be. Unless he's 389 00:21:54,960 --> 00:21:58,039 going to extend the tax cuts even to greater degrees, 390 00:21:58,119 --> 00:22:01,240 like no taxes on tips and no taxes on Social 391 00:22:01,279 --> 00:22:03,039 Security and all that stuff. And then you're going to 392 00:22:03,079 --> 00:22:05,920 brow a massive hole in the budget. He just said, 393 00:22:06,319 --> 00:22:09,359 Trump and bessn't the new Treasury, respectively, that they're worried 394 00:22:09,400 --> 00:22:12,319 about long term interest rates they want them to come down. 395 00:22:12,640 --> 00:22:14,799 You blow another big hole in this deficit, which is 396 00:22:14,839 --> 00:22:17,960 already two trillion dollars plus plus a trillion dollars in interests. 397 00:22:18,160 --> 00:22:19,799 I mean, you're going to have a huge problem in 398 00:22:19,839 --> 00:22:22,000 the long end of the bond market, and those are 399 00:22:22,039 --> 00:22:23,880 one you know, that's a lot of what I'm talking 400 00:22:23,880 --> 00:22:28,359 about about this air going into this balloon spiking long 401 00:22:28,440 --> 00:22:31,119 term race would cut off that supply of hot air 402 00:22:31,240 --> 00:22:31,799 very quickly. 403 00:22:32,920 --> 00:22:34,559 Speaker 4: So a few things on that. 404 00:22:34,920 --> 00:22:37,039 Speaker 3: Right now, we have an effective do you know what 405 00:22:37,039 --> 00:22:40,759 our effective tariff rate is on the import tariff rate? 406 00:22:41,279 --> 00:22:43,119 Speaker 1: Yeah, effective tarraf Right now. 407 00:22:43,720 --> 00:22:47,039 Speaker 3: We bring an eighty billion a year in tariffs, which 408 00:22:47,079 --> 00:22:50,279 is the equivalent of two percent. Now, some things have more, 409 00:22:50,839 --> 00:22:53,400 some things have less, like shoes are like could be 410 00:22:53,440 --> 00:22:58,240 fifteen percent, and you know, but most things the effective 411 00:22:58,319 --> 00:23:05,559 rates two percent. So if ten percent, that's uh, that's 412 00:23:05,559 --> 00:23:08,359 going to be what is that going to be? Ten percent? 413 00:23:08,440 --> 00:23:12,759 Five times four hundred billion, twenty percent eight hundred billion. 414 00:23:13,119 --> 00:23:18,559 All right, So I think long term you got to 415 00:23:18,559 --> 00:23:22,039 look at a national consumption tax sales TEX. 416 00:23:22,440 --> 00:23:22,640 Speaker 4: Yeah. 417 00:23:22,799 --> 00:23:25,000 Speaker 1: Also on for that. First of all, let me just 418 00:23:25,240 --> 00:23:28,279 add that if you put twenty five percent taris on 419 00:23:29,000 --> 00:23:32,440 Mexico and Canada, you know you're not going to collect 420 00:23:32,440 --> 00:23:34,799 twenty five percent. That's not how it works. Because the 421 00:23:35,680 --> 00:23:39,000 the exporting country could cut their prices, they can reduce 422 00:23:39,039 --> 00:23:40,200 the value of their currency. 423 00:23:41,359 --> 00:23:47,279 Speaker 3: The there's other sorry, they already have you do. 424 00:23:47,440 --> 00:23:49,559 Speaker 1: Yeah, so you're not going to get you're not going 425 00:23:49,640 --> 00:23:52,440 to get You are not going to get the exact 426 00:23:52,519 --> 00:23:54,880 number at all, not even close to the tariff that 427 00:23:54,880 --> 00:23:56,000 you put on your imports. 428 00:23:56,200 --> 00:24:00,079 Speaker 3: Just laying that out there. Yeah, no question that is true. 429 00:24:00,200 --> 00:24:03,640 But a ten percent tariff, nobody's going to blink about it. 430 00:24:03,799 --> 00:24:07,400 Four hundred billion. There's another thing, like, there's a thing 431 00:24:07,440 --> 00:24:12,400 called dominimous importation where they just mail stuff in first 432 00:24:12,440 --> 00:24:17,440 class from China and other countries and they just say 433 00:24:17,480 --> 00:24:21,880 it's dominimous, so no tariff ever gets levied against it. 434 00:24:21,880 --> 00:24:25,759 It's a big scam and Trumpets stopped that for a 435 00:24:25,759 --> 00:24:29,200 couple of days. They were freaking out in China over this. 436 00:24:29,480 --> 00:24:32,960 Now he's kept it going. But they're going to eliminate that. 437 00:24:33,400 --> 00:24:36,039 You know, there's a lot of things that should be 438 00:24:36,079 --> 00:24:41,200 collecting tariff that don't, and so tariff's part of it, 439 00:24:41,480 --> 00:24:44,920 National sales tax, get rid of the irs. The money's 440 00:24:44,920 --> 00:24:47,119 got to come from someplace. We can't get it from 441 00:24:47,279 --> 00:24:50,359 tariffs alone because we do four trillion a year in 442 00:24:50,480 --> 00:24:53,480 imports and what are you going to do one hundred percent? 443 00:24:53,799 --> 00:24:56,599 So we bring in four trillion in revenue. It can't 444 00:24:56,599 --> 00:24:57,440 be done. 445 00:24:57,559 --> 00:25:00,960 Speaker 1: It's just an app No, I'm all for you consumption taxes. 446 00:25:01,039 --> 00:25:04,839 I've always espoused a consumption tax, and it's it's very progressive. 447 00:25:04,880 --> 00:25:07,680 The more money you spend, the more money you pay taxes, 448 00:25:08,160 --> 00:25:10,720 and that you I would exempt certain things like a 449 00:25:10,759 --> 00:25:14,880 food and clothing rug. But if you know you can, 450 00:25:14,960 --> 00:25:18,440 you can make it so that it's extremely beneficial for 451 00:25:18,480 --> 00:25:23,400 the country. Consumption tax concourages the savings, encourages investment and 452 00:25:23,599 --> 00:25:27,799 encourages productivity. So that's that's the healthiest thing we can do. 453 00:25:27,839 --> 00:25:30,599 And just get rid of the entire irs. But welcome, 454 00:25:31,000 --> 00:25:34,680 can we get back from dream lamb. This is a 455 00:25:34,759 --> 00:25:37,359 quick sotic conversation because it's just never going to happen. 456 00:25:37,559 --> 00:25:40,680 Speaker 3: No, no, no, But but that is the way to 457 00:25:40,799 --> 00:25:44,960 do it. But a flat tax also would kind of 458 00:25:45,000 --> 00:25:49,559 amount to the same thing as a sales tax, just 459 00:25:49,960 --> 00:25:53,680 it's on income instead of expenditures. And you know, let's 460 00:25:53,720 --> 00:25:57,799 not forget a sales tax would encourage savings because you know, 461 00:25:58,599 --> 00:26:00,960 you're not getting taxed on your safe savings, you're not 462 00:26:00,960 --> 00:26:03,880 getting tax on your investment income. It would lead to 463 00:26:03,920 --> 00:26:07,599 a boom in this country, and you know, the ability 464 00:26:07,680 --> 00:26:11,039 to get rid of our system flat tax has got 465 00:26:11,039 --> 00:26:14,000 to be the way to do it. But again, you know, 466 00:26:14,400 --> 00:26:17,960 it's politically not feasible because why should I be paying 467 00:26:18,000 --> 00:26:21,039 the same amount as a percentage of my income is 468 00:26:21,079 --> 00:26:24,640 Elon Musk. The difference is Elon Musk has the option 469 00:26:24,720 --> 00:26:25,559 of paying nothing. 470 00:26:26,319 --> 00:26:28,960 Speaker 4: You don't. That's the difference. 471 00:26:29,960 --> 00:26:31,880 Speaker 1: There's also a lot of accountants I think would have 472 00:26:31,960 --> 00:26:34,200 a problem with the and lawyers. 473 00:26:34,880 --> 00:26:38,279 Speaker 3: Lawyers. Yeah, so you're giving me reasons why I shouldn't 474 00:26:38,400 --> 00:26:42,880 like it. As a recovering attorney here, I think nothing, 475 00:26:43,400 --> 00:26:47,519 nothing could be greater than over a profession that hasn't 476 00:26:47,839 --> 00:26:52,000 hesitated to screw over the public. I yes, Trump, who's 477 00:26:52,039 --> 00:26:55,799 the biggest lobby in Washington, the most powerful. You know 478 00:26:55,839 --> 00:26:58,799 what he said, Lawyers think about it? 479 00:26:59,359 --> 00:27:01,920 Speaker 1: Yep, I said, it's a quick sot of conversation. It's 480 00:27:01,920 --> 00:27:02,720 just not going to happen. 481 00:27:03,279 --> 00:27:06,680 Speaker 3: Yeah, but if you can embarrass them enough. And I 482 00:27:06,720 --> 00:27:10,519 do think there's the potential for a trillion dollars worth 483 00:27:10,559 --> 00:27:14,079 of savings in the budget to you know, get. 484 00:27:13,880 --> 00:27:17,039 Speaker 4: Out rid of crap. We haven't even department yet. 485 00:27:17,079 --> 00:27:20,000 Speaker 1: Michael, Well, here's one. Here's the one. Hope that we have. 486 00:27:20,240 --> 00:27:23,759 Trump does not have to run again, and he can't 487 00:27:23,799 --> 00:27:27,440 run again unless he changes the constitution. Oh, he's going 488 00:27:27,519 --> 00:27:30,200 to have a scorched earth policy behind. He will make 489 00:27:30,759 --> 00:27:32,880 as many changes as he has to to get this 490 00:27:32,960 --> 00:27:35,920 country right. So, like I said, I'm a supportive of him. 491 00:27:35,960 --> 00:27:38,680 I don't think he's superman. I don't think he's infallible. 492 00:27:39,400 --> 00:27:41,519 He's made a lot of mistakes in his life personally 493 00:27:41,559 --> 00:27:43,680 and in business. But he's our best shot that we have. 494 00:27:45,000 --> 00:27:47,119 Speaker 3: I think what happens when they go into the voter 495 00:27:47,319 --> 00:27:51,160 databases in all these states with AI, just like they're 496 00:27:51,160 --> 00:27:55,279 doing with the budget. I mean, it's all going to happen. 497 00:27:55,319 --> 00:28:01,240 I think every state will will be forced to implement DOGE. 498 00:28:01,440 --> 00:28:04,039 Several of them have states Now. I think the federal 499 00:28:04,079 --> 00:28:09,039 government will just say, look, if you're spending five hundred 500 00:28:09,079 --> 00:28:13,039 million or a billion a year or more and you're 501 00:28:13,039 --> 00:28:16,680 taking any federal if you take one federal cent, then 502 00:28:16,720 --> 00:28:19,759 you've got to put in a DOGE and have a 503 00:28:19,799 --> 00:28:23,759 procedure for appointing them. And we're off to the races. 504 00:28:23,799 --> 00:28:28,480 Because what we're seeing here multiply times fifty seven. Right, 505 00:28:28,519 --> 00:28:31,119 we have fifty seven states according to Obama. I think 506 00:28:31,160 --> 00:28:37,400 he said one time, and all these authorities, counties, city, states, 507 00:28:37,680 --> 00:28:39,559 it's all a big grift here, Michael. 508 00:28:40,119 --> 00:28:46,920 Speaker 1: Yes, Well we could have Canada as our fifty first date, right, well, 509 00:28:47,000 --> 00:28:49,559 you know, maybe even and maybe Palestine will be fifty two. 510 00:28:49,680 --> 00:28:53,519 Speaker 3: So it could be you'll be vacationing on the Gospel strip? 511 00:28:54,039 --> 00:28:59,039 Speaker 1: Who did this review this? I think the president has 512 00:28:59,079 --> 00:29:01,559 been in power for or just a few. 513 00:29:01,440 --> 00:29:04,200 Speaker 3: Weeks, almost three weeks on Monday. 514 00:29:04,480 --> 00:29:06,799 Speaker 1: I mean just a few weeks, and it's a we're 515 00:29:06,839 --> 00:29:08,920 just getting started. This has not even been a month. 516 00:29:09,000 --> 00:29:12,839 Carry And if you're in that sixty forty buy and 517 00:29:12,920 --> 00:29:16,039 whold you know, dollar cost average portfolio, I think you're 518 00:29:16,079 --> 00:29:21,000 in a world of hurt. And that's that's just a fact. 519 00:29:21,039 --> 00:29:23,039 You know, when we have when the recession does hit, 520 00:29:23,079 --> 00:29:25,119 and we're going to have a recession, we have not 521 00:29:25,680 --> 00:29:28,400 abrogated the laws of economics and the business cycle. I 522 00:29:28,400 --> 00:29:32,079 can guarantee you that it's going to be brutal because 523 00:29:32,079 --> 00:29:35,279 we have those triumvirta bubbles and if you don't have 524 00:29:35,359 --> 00:29:37,720 an active money manager that can get you out of 525 00:29:37,759 --> 00:29:40,400 harm's way and gets you into some protection. So that's 526 00:29:40,759 --> 00:29:44,359 usually short term treasuries, You're going to have to have 527 00:29:44,440 --> 00:29:47,920 some cash, the dollar could increase in value, and you 528 00:29:48,039 --> 00:29:51,359 have to be able to adroitly short the market. If 529 00:29:51,359 --> 00:29:53,720 you do those four things, you are going to turn 530 00:29:53,759 --> 00:29:55,680 it what I believe is going to be the biggest 531 00:29:55,720 --> 00:29:58,559 disaster what we've seen since the Great Depression, into something 532 00:29:58,599 --> 00:30:03,039 that can really not only protect you, but enhance your 533 00:30:03,079 --> 00:30:05,599 retirement lifestyle. And that's what that's what my me and 534 00:30:05,680 --> 00:30:07,400 my firm are debit dedicated to. 535 00:30:08,400 --> 00:30:12,400 Speaker 4: Couldn't agree with you more. And if you look at the. 536 00:30:12,240 --> 00:30:16,039 Speaker 3: Great Depression, more millionaires were created then than any other 537 00:30:16,119 --> 00:30:21,440 time in history. And yes, the business cycle hasn't been repealed, 538 00:30:21,720 --> 00:30:26,240 not even by Trump, not even by Elon Musk. And 539 00:30:27,079 --> 00:30:30,400 you know, some thing's never change, all right. So pentoport 540 00:30:30,480 --> 00:30:33,200 dot com is the place to find Michael And if 541 00:30:33,200 --> 00:30:35,799 you've got a question or comment, shoot me an email 542 00:30:35,920 --> 00:30:41,000 kl F Carrie lets dot com and you'll find a 543 00:30:41,039 --> 00:30:43,839 link to michael site. The show notes this interview on 544 00:30:43,960 --> 00:30:47,039 Financial Survival Network dot com. While you're there, we just 545 00:30:47,160 --> 00:30:50,279 ask that you sign up for your free newsletter, like 546 00:30:50,319 --> 00:30:55,720 over seventy thousand FSN community members have in the past. Michael, Hey, 547 00:30:55,880 --> 00:30:59,799 great catching up with you amazing interesting times. We'll talk 548 00:30:59,839 --> 00:31:00,400 to you soon. 549 00:31:00,599 --> 00:31:01,160 Speaker 1: I can't wait. 550 00:31:01,279 --> 00:31:04,880 Speaker 2: Kerry, thank you, thanks for listening to Carrie Letz's Financial 551 00:31:04,920 --> 00:31:09,960 Survival Network, your solution to today's trying times. For the latest, 552 00:31:10,039 --> 00:31:15,839 go to Financial Survivalnetwork dot com. Financial Survival Network now 553 00:31:15,839 --> 00:31:16,680 more than ever,