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 --> 00:00:36,039 Survival Network now more than ever. Go to Financial Survivalnetwork 11 00:00:36,079 --> 00:00:39,799 dot com and get your free newsletter and gift. Financial 12 00:00:39,920 --> 00:00:43,679 Survival Network now more than ever. 13 00:00:46,840 --> 00:00:50,799 Speaker 3: And welcome. You are listening to and watching the Financial 14 00:00:50,840 --> 00:00:54,359 Survival Network. I'm your host. Carrie Let's Michael Pento is 15 00:00:54,479 --> 00:00:57,840 on vacation, although as long as Michael has a phone, 16 00:00:57,880 --> 00:01:01,840 he's never really on vacation. In fact, he manages hundreds 17 00:01:01,880 --> 00:01:05,959 of millions of dollars, not with computers but with his iPhone. 18 00:01:05,959 --> 00:01:09,120 If you could believe it, that's how easy he's got 19 00:01:09,120 --> 00:01:10,120 the job down to. 20 00:01:10,239 --> 00:01:13,799 Speaker 1: Right Michael, Yeah, I'm in a beautiful Belmore New Jersey 21 00:01:14,359 --> 00:01:17,359 in the upstairs apartment of a close friend, and I 22 00:01:17,400 --> 00:01:20,640 forgot we were doing these interview But I'm here, here 23 00:01:20,680 --> 00:01:24,159 my athletic freaky shirt on, and I'm ready to go. 24 00:01:24,560 --> 00:01:27,879 Speaker 3: So you no, you know what Woody Allen said, ninety 25 00:01:27,879 --> 00:01:29,680 percent of life has showing up, right. 26 00:01:30,200 --> 00:01:31,480 Speaker 1: Well, I'm going to show up at the pick a 27 00:01:31,519 --> 00:01:33,319 ball courts in maybe about a half an hour, so 28 00:01:33,400 --> 00:01:34,280 let's see what happens. 29 00:01:34,560 --> 00:01:37,239 Speaker 3: All right. I'll say a prayer for you, because everybody 30 00:01:37,280 --> 00:01:40,760 that I know, except for one or two people, has 31 00:01:40,799 --> 00:01:46,319 sustained fairly significant injuries from a very low impact, low 32 00:01:46,400 --> 00:01:53,319 effort sport with jarring lateral movements, studden stops running backwards 33 00:01:53,760 --> 00:01:55,719 like I don't know how you do it? 34 00:01:55,760 --> 00:01:58,879 Speaker 1: Oh hey yeah, I'm so Just to digress for a second, 35 00:01:58,879 --> 00:02:02,799 I had preci gift significant concussion from doing a Frankenstein 36 00:02:02,879 --> 00:02:07,879 walk backwards and soup pine on my head, and then 37 00:02:08,039 --> 00:02:12,280 I popped a calf muscle and now I'm nursing a 38 00:02:12,360 --> 00:02:18,479 broken tendon in my foot as well as of displaced bones. Well, 39 00:02:18,759 --> 00:02:22,080 pick a bowl is very safe. I suggest everybody do it. 40 00:02:22,240 --> 00:02:22,960 Speaker 4: Just put a hell out. 41 00:02:23,800 --> 00:02:26,680 Speaker 3: I think it's about as safe as the bright Line train, 42 00:02:27,280 --> 00:02:29,319 you know. Just talking a little Florida biz. I wrote 43 00:02:29,360 --> 00:02:32,439 an article about this, The bright Line is unsafe at 44 00:02:32,479 --> 00:02:36,719 any speed. We thought there were only one hundred twenty 45 00:02:36,879 --> 00:02:41,240 six deaths bright Line related since twenty seventeen, but the 46 00:02:41,280 --> 00:02:44,439 Miami Herald just came out with an expose. It's actually 47 00:02:44,520 --> 00:02:48,520 one hundred and eighty six deaths. So they've been covering 48 00:02:48,520 --> 00:02:51,400 it up. But I'm not so much worried about the 49 00:02:51,439 --> 00:02:54,520 carnage on the tracks in Florida. I'm worried about the 50 00:02:54,560 --> 00:03:00,039 carnage and the tracks coming out of Wall and Broad Street, right. 51 00:03:00,680 --> 00:03:03,840 Speaker 1: Yeah, and the echoes building at the at the Federal Reserve. 52 00:03:04,599 --> 00:03:07,800 Speaker 3: Yeah, So what's what's going on here with the Federal Reserve. 53 00:03:07,840 --> 00:03:10,800 It seems like they got some pretty luxurious digs there. 54 00:03:11,840 --> 00:03:14,199 Central banking is good business, isn't it. 55 00:03:14,319 --> 00:03:17,240 Speaker 1: I find myself in a very peculiar position. I'm kind 56 00:03:17,240 --> 00:03:20,319 of in defending Jerome Powell, which I never thought I 57 00:03:20,360 --> 00:03:23,080 would do in my in my life, you know, Kerry, 58 00:03:23,159 --> 00:03:27,400 For the life of me, I don't understand what the administration, 59 00:03:27,800 --> 00:03:30,240 who I support, is thinking when they say they want 60 00:03:30,240 --> 00:03:33,400 to fire Powell and cut interest rates to one percent. 61 00:03:33,639 --> 00:03:35,439 Now the curve the funds rate is for four and 62 00:03:35,479 --> 00:03:36,840 a quarter to four and a half, so it's just 63 00:03:36,879 --> 00:03:39,039 swing up. We're talking about one percent, which is an 64 00:03:39,039 --> 00:03:41,360 over you know, a three hundred and twenty five basis 65 00:03:41,400 --> 00:03:42,520 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 --> 00:03:58,759 Speaker 4: Sixty big zero? What are we doing here? 71 00:03:58,800 --> 00:04:00,400 Speaker 1: But do we want to make home prices go up 72 00:04:00,439 --> 00:04:04,520 even faster and make them ever expensive? I don't understand it. 73 00:04:04,560 --> 00:04:07,520 So on what premise would you cut interest rates? Let's 74 00:04:07,520 --> 00:04:09,639 see the unemployment rate is is? I think it's four 75 00:04:09,680 --> 00:04:13,479 point one or four point two percent is historically very 76 00:04:13,599 --> 00:04:16,279 very very low. The stock market is that an all 77 00:04:16,399 --> 00:04:19,920 time record high valuation. Home price to income ratios are 78 00:04:19,959 --> 00:04:23,680 an all time high. Credits reds are extremely tight, Financial 79 00:04:23,680 --> 00:04:28,079 conditions are extremely loose. We're not in a recession. GDP 80 00:04:28,199 --> 00:04:30,040 growth for this quarter is supposed to be about a 81 00:04:30,040 --> 00:04:36,360 little bit over two percent, and inflation is inflation carry 82 00:04:36,839 --> 00:04:41,519 has been above the Fed's asinine two percent target for 83 00:04:41,759 --> 00:04:47,279 fifty months. Right now, If I just told you, what 84 00:04:47,800 --> 00:04:49,600 if you just heard that, if you came from Mars 85 00:04:49,639 --> 00:04:53,600 and said, you know, I understand the federal reserves shorter 86 00:04:53,759 --> 00:04:57,279 is to maintain you know, a level prices, you know, 87 00:04:57,360 --> 00:05:00,519 stable prices. And I just told you all those things 88 00:05:01,199 --> 00:05:03,720 and you and I also said that the Fed has 89 00:05:03,759 --> 00:05:07,279 missed its target to the north, it's two percent target 90 00:05:07,319 --> 00:05:09,879 to the north for fifty months, and that target is 91 00:05:09,920 --> 00:05:10,839 moving further away. 92 00:05:10,839 --> 00:05:11,759 Speaker 4: 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 --> 00:05:49,839 then we've got a real problem here, don't we. 104 00:05:50,279 --> 00:05:51,519 Speaker 4: No, 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 5: 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 --> 00:06:08,120 and twelve percent. 110 00:06:07,839 --> 00:06:11,160 Speaker 1: Of GDP, so it's more than double the size of 111 00:06:11,199 --> 00:06:15,639 the entire US economy. Now, the normal relationship there's around 112 00:06:15,720 --> 00:06:19,000 ninety to one hundred percent. That's just normal. So that 113 00:06:19,079 --> 00:06:21,600 means stock prices could drop fifty percent and still be 114 00:06:21,639 --> 00:06:26,439 above valuation historical valuations. That's how that's how crazy. And 115 00:06:26,439 --> 00:06:30,120 then you also have you know, the cape ratio, which 116 00:06:30,160 --> 00:06:34,759 is that I think it's at almost twenty seven or 117 00:06:34,759 --> 00:06:38,759 thirty seven, I forgot where it was anyway, it's astronomically high. 118 00:06:39,199 --> 00:06:46,720 It's historically speaking, prices, deals ratio is three. Risk premiums 119 00:06:46,759 --> 00:06:50,199 are negative in the risk premium the inverse of the 120 00:06:50,199 --> 00:06:54,720 pe ratio, right, Sure, get your earnings yield, and the 121 00:06:54,720 --> 00:06:56,680 earnings yield is less than what you can earn in 122 00:06:56,720 --> 00:07:00,759 a T bill. This is all highly unusual record low 123 00:07:00,800 --> 00:07:04,759 dividend yields. So the stock market's in an epic bubble. 124 00:07:04,879 --> 00:07:08,040 Home prices are the most expensive they've ever been in history, 125 00:07:08,680 --> 00:07:11,399 even relate in relation to incomes. And we have a 126 00:07:11,439 --> 00:07:14,399 massive credit bubble when there's like, you know, trillions of 127 00:07:14,439 --> 00:07:19,040 dollars of things like private credit, which hardly ever existed before, 128 00:07:19,160 --> 00:07:21,560 I mean, in the previous decades. Now there's a whole 129 00:07:21,600 --> 00:07:25,399 cottage industry of businesses that can't get loans from a 130 00:07:25,439 --> 00:07:28,240 bank or float corporate paper, so they get loans from 131 00:07:28,800 --> 00:07:32,519 you know, the shadow banking system. Yeah, that's a huge 132 00:07:32,600 --> 00:07:34,959 problem these that's a huge when we have when not 133 00:07:35,000 --> 00:07:38,759 the not if, when we have a recession, because the 134 00:07:38,759 --> 00:07:42,079 the the business cycle hasn't been repealed. 135 00:07:42,720 --> 00:07:44,120 Speaker 4: When we have the next versus. 136 00:07:45,519 --> 00:07:48,680 Speaker 1: When we have the next credit crisis or recession, this 137 00:07:48,759 --> 00:07:50,839 is when reality is going to hit. So it's not if, 138 00:07:50,879 --> 00:07:53,560 it's when I have a timing model that lets me 139 00:07:53,639 --> 00:07:55,319 know when to get out. 140 00:07:55,560 --> 00:07:56,839 Speaker 4: I'm been, I've been you. 141 00:07:56,800 --> 00:07:59,279 Speaker 1: Know in a you know, I have a long short strategy, 142 00:07:59,319 --> 00:08:03,000 so mostly long, sometimes short. The past few years mostly 143 00:08:03,000 --> 00:08:05,720 went out long, but holding our nose because we know 144 00:08:06,600 --> 00:08:08,959 that if you're gonna be one of those people, one 145 00:08:08,959 --> 00:08:12,959 of those automatic buy and hold dollar course to averaging 146 00:08:13,319 --> 00:08:16,720 funding their four to one k in as target date fund, 147 00:08:17,160 --> 00:08:19,040 and you're gonna be down thirty five percent in a 148 00:08:19,360 --> 00:08:22,600 few weeks time, not a few weeks from now, but 149 00:08:22,720 --> 00:08:25,360 in a few weeks, a truncated period of time, when 150 00:08:25,360 --> 00:08:28,639 the when the poop hits the bed, we're gonna be 151 00:08:28,680 --> 00:08:31,720 down thirty percent in a very quick period of time. 152 00:08:32,200 --> 00:08:35,840 And then you're gonna panic and call your administrator for 153 00:08:35,879 --> 00:08:37,600 your four to one K plant and say move my 154 00:08:37,799 --> 00:08:41,000 plan into cash. And that's what market goes down fifty 155 00:08:41,000 --> 00:08:42,080 to sixty seventy percent. 156 00:08:43,039 --> 00:08:46,120 Speaker 3: But haven't people been programmed to not behave that way? 157 00:08:46,919 --> 00:08:50,840 Speaker 1: They have been inculcated through the decades to just buy 158 00:08:50,879 --> 00:08:55,879 and hold. But Carrie uh, stock ownership among Americans has 159 00:08:55,919 --> 00:08:59,799 never been higher, and the stocked ownership is concentrated mostly 160 00:08:59,799 --> 00:09:00,600 in people who. 161 00:09:00,440 --> 00:09:02,600 Speaker 4: Are my age or older. 162 00:09:03,279 --> 00:09:08,200 Speaker 1: So you went around in their fifties, like fifties, early sixties, 163 00:09:08,519 --> 00:09:11,039 or in their retirement ages. Not not not in the 164 00:09:11,080 --> 00:09:13,720 twenty year old, not in the mean stock people. It's 165 00:09:14,080 --> 00:09:19,559 our age, yes, approaching retirement or in retirement, Kerry. When 166 00:09:19,600 --> 00:09:23,000 they're down thirty five percent in their portfolio, I don't 167 00:09:23,000 --> 00:09:25,159 know the exact number, but it's probably around. That's my 168 00:09:25,279 --> 00:09:29,519 guest to mint. They're gonna exist because they cannot see. 169 00:09:29,759 --> 00:09:31,919 Then it becomes what you just said, it's a it's 170 00:09:31,960 --> 00:09:34,919 an existential crisis. I am not going to be their 171 00:09:34,960 --> 00:09:37,519 wife is going to tell them from probably being a 172 00:09:37,559 --> 00:09:41,679 little sexist here, But if you're a man, your wife's 173 00:09:41,679 --> 00:09:44,799 going to tell you, Hey, I'm not canceling my trip 174 00:09:44,840 --> 00:09:48,000 to Europe and I'm not selling my my lake house. 175 00:09:49,000 --> 00:09:49,759 Speaker 4: You can sell. 176 00:09:49,799 --> 00:09:52,320 Speaker 1: You're gonna sell, and you're gonna sell now and will 177 00:09:52,320 --> 00:09:55,879 wait for it to settle down. That is going to happen, 178 00:09:56,240 --> 00:09:58,240 and that is gonna be synergistic. It's going to be 179 00:09:58,240 --> 00:10:01,080 a death spiral in my opinion. It's just it's just 180 00:10:01,080 --> 00:10:04,720 a matter of mean reversion. If you believe in nature, 181 00:10:04,720 --> 00:10:07,600 heats vacuums, this is a mean Listen, this is one 182 00:10:07,639 --> 00:10:12,240 or two things are gonna happen mathematically certain, Either stought 183 00:10:12,240 --> 00:10:17,120 preceres are gonna crash. So the ratio that you know 184 00:10:17,159 --> 00:10:20,799 they're not the enumerator matches the denominator, or they're going 185 00:10:20,840 --> 00:10:22,639 to stay where they are for a decade not could 186 00:10:22,679 --> 00:10:26,960 not do anything until the denominator catches up. Now, the 187 00:10:27,039 --> 00:10:30,759 latter scenario never happens in history. It just never has 188 00:10:30,799 --> 00:10:35,720 happened before. Bubbles burst. They don't just stay bubblicious for 189 00:10:35,759 --> 00:10:36,279 a decade. 190 00:10:36,720 --> 00:10:42,879 Speaker 3: Wow, all right, So uh ah, so you got to 191 00:10:42,879 --> 00:10:46,600 think what should you be doing now because this appears, 192 00:10:46,840 --> 00:10:49,879 from what you're saying here, Michael, to be inevitable. 193 00:10:50,559 --> 00:10:51,120 Speaker 4: Well, you better. 194 00:10:51,159 --> 00:10:53,799 Speaker 1: First of all, if you're you're in one of those 195 00:10:54,480 --> 00:10:57,639 buy and hold dollar cost averaging rubrics, you've got to 196 00:10:57,639 --> 00:10:59,320 get the hell out of there as fast as possible. 197 00:10:59,840 --> 00:11:00,960 Speaker 4: You got to put yourself in. 198 00:11:00,919 --> 00:11:02,679 Speaker 1: An active money managuer. It doesn't have to be me. 199 00:11:03,879 --> 00:11:07,480 I mean, I'm I mean, let me speak altruistically. Find 200 00:11:07,480 --> 00:11:09,440 somebody else besides me. I have plenty of money, and 201 00:11:09,440 --> 00:11:11,279 I have plenty of money under management. I don't care. 202 00:11:11,919 --> 00:11:15,440 Speaker 4: But find yourself a robust a robust. 203 00:11:15,039 --> 00:11:18,360 Speaker 1: Model that is in the purview of a very honest 204 00:11:18,559 --> 00:11:20,519 and experienced money manager. 205 00:11:20,559 --> 00:11:21,399 Speaker 4: Does not have to be me. 206 00:11:21,720 --> 00:11:24,679 Speaker 1: But do it for your own retirement sake. 207 00:11:24,879 --> 00:11:27,559 Speaker 3: You need to do it all right, sir. 208 00:11:27,919 --> 00:11:28,639 Speaker 4: You've worked your. 209 00:11:28,600 --> 00:11:33,480 Speaker 1: Entire life to get where you are. Realize where you are. 210 00:11:34,600 --> 00:11:39,200 Realize the triumvirate of bubbles that we have, unprecedented in history, 211 00:11:39,279 --> 00:11:43,279 all three of them. Yeah, and be a historian. See 212 00:11:43,279 --> 00:11:45,240 what has happened, not only in the United States but 213 00:11:45,279 --> 00:11:49,919 around the world. What happens to asset prices when they 214 00:11:50,000 --> 00:11:55,399 get this this elevated and the inculcation the mindset is overwhelming. 215 00:11:55,440 --> 00:11:59,279 Where you know, you have to now convince people that 216 00:11:59,360 --> 00:12:01,879 there is such thing is a business cycle. You have 217 00:12:01,960 --> 00:12:05,840 to convince people that the Fed and the Treasury and 218 00:12:05,879 --> 00:12:11,279 the administration can't always bail you out. And you know, 219 00:12:11,320 --> 00:12:14,240 in the past, Carrie, what is it. What does the 220 00:12:14,320 --> 00:12:19,279 Treasury and particularly the FED have done. They've always solved 221 00:12:19,279 --> 00:12:21,600 the problem every hiccup in the stock market or a 222 00:12:21,639 --> 00:12:25,000 steed speed Buk economy. They just lower interest rates and 223 00:12:25,039 --> 00:12:28,759 print money. Carry Do it again, do it one more time, 224 00:12:29,039 --> 00:12:32,840 and see what happens to inflation if they actually start cutting, 225 00:12:32,840 --> 00:12:35,919 if they ever stop, If they started cutting interest rates 226 00:12:35,919 --> 00:12:41,080 now to desert QE helicopters money, I think it would 227 00:12:41,080 --> 00:12:43,559 be an absolute disaster. It already is a disaster for 228 00:12:43,639 --> 00:12:47,240 this country. When you have when you have over sixty 229 00:12:47,240 --> 00:12:52,120 percent of the population with really no or negative net worth, 230 00:12:53,039 --> 00:12:56,360 you can't have a viable nation. So try try now 231 00:12:58,120 --> 00:13:01,559 pursuing a policy that bails out Street and screws Main Street. 232 00:13:02,080 --> 00:13:06,519 Speaker 3: See what happens. It ain't gonna be pretty, is it? No? 233 00:13:07,679 --> 00:13:12,440 So gold, silver, It appears certainly for silver we're on 234 00:13:12,480 --> 00:13:16,519 the verge of a major breakout and things are not 235 00:13:16,600 --> 00:13:18,919 looking good for those silver shorts, are they. 236 00:13:19,440 --> 00:13:24,600 Speaker 1: No. Now, I've I've I have, so I took a 237 00:13:24,720 --> 00:13:28,440 nice position in platinum several months ago, bit. 238 00:13:28,399 --> 00:13:30,039 Speaker 4: More gold for a very long time too. 239 00:13:30,080 --> 00:13:34,080 Speaker 1: So my proxy for the the bit so the precious 240 00:13:34,120 --> 00:13:38,039 metal is proxies that I use are gold and platinum, 241 00:13:38,039 --> 00:13:40,840 but silver too is you I'm not going to argue 242 00:13:40,840 --> 00:13:43,120 against silver, but you should. You have to get your 243 00:13:43,440 --> 00:13:46,320 your hands on some of this. And there's a there's 244 00:13:46,320 --> 00:13:49,159 a bull market happening in platinum. You know, for decades 245 00:13:49,200 --> 00:13:53,240 and decades on end, platinum was more expensive than gold. 246 00:13:53,240 --> 00:13:54,360 Speaker 4: It's a it's. 247 00:13:54,240 --> 00:13:58,639 Speaker 1: A rarer, more more rare metal, it's a more precious metal. 248 00:13:59,399 --> 00:14:02,840 It has some industrial components to it as well, and 249 00:14:02,879 --> 00:14:05,639 that flip that has flipped. So I would not only 250 00:14:05,679 --> 00:14:08,399 own gold, I would definitely own some platinum here because 251 00:14:08,519 --> 00:14:11,200 there's only one thing that's going to happen. There's only 252 00:14:11,240 --> 00:14:14,639 one thing that I could be assured to occur, and 253 00:14:14,639 --> 00:14:17,799 that stackflation like we've never before imagined. We're going to 254 00:14:17,840 --> 00:14:21,000 have another recession. Business cycle hasn't been repealed. We're going 255 00:14:21,039 --> 00:14:23,480 to have a credit crisis. The playbook is going to 256 00:14:23,519 --> 00:14:25,720 be deployed because it's worked all that every time in 257 00:14:25,759 --> 00:14:28,519 the past. What's the Pavlovian response from the Fed and 258 00:14:28,559 --> 00:14:33,759 Treasury borrow print spend or it was automatic stabilizers that 259 00:14:33,840 --> 00:14:35,600 kick in are going to send a deficit not to 260 00:14:35,960 --> 00:14:38,919 you know, the deficit was two hundred billion in prior 261 00:14:38,960 --> 00:14:41,000 to the global financial crisis. Then it went to you know, 262 00:14:41,440 --> 00:14:45,120 the trillion trillion now it's now it's two trillion. In 263 00:14:45,159 --> 00:14:48,000 the party times man, in the good times with full 264 00:14:48,000 --> 00:14:53,759 employment and record a stock market, it's two trillion. So 265 00:14:53,879 --> 00:14:57,720 when the automatic stabilizers kick in, the unemployment benefits kick in, 266 00:14:58,200 --> 00:15:00,679 this deficit is going to go between from from two 267 00:15:01,840 --> 00:15:04,519 to four to six trillion per ADAM. 268 00:15:05,440 --> 00:15:07,759 Speaker 4: So that means when four. 269 00:15:07,519 --> 00:15:12,639 Speaker 1: To six trillion, where's six trillion dollar annual deficit, and 270 00:15:12,919 --> 00:15:15,399 and that means the money is going to go directly 271 00:15:15,480 --> 00:15:17,279 to the people. It's not gonna be like it wasn't 272 00:15:17,279 --> 00:15:19,320 the global financial crisis where you just bail out Wall 273 00:15:19,360 --> 00:15:24,080 Street by taking the banks got their assets bailed out 274 00:15:24,399 --> 00:15:26,720 from the Fed. Now this is going to go right 275 00:15:26,799 --> 00:15:30,200 into the hands of the pockets of the people through 276 00:15:30,200 --> 00:15:34,080 these through the unemployment insurance that they're gonna get right 277 00:15:34,679 --> 00:15:36,840 and through the subsidies that they're gonna get from from 278 00:15:36,879 --> 00:15:40,159 the Fed, and the helicopter money coming from the Treasury. 279 00:15:40,440 --> 00:15:42,720 So we're going to have inflation, not the way they 280 00:15:42,759 --> 00:15:46,519 measure it. Stop at nine, it's going to go to nineteen. Yeah, 281 00:15:46,799 --> 00:15:49,559 and that's you know, if you that's what you have 282 00:15:49,600 --> 00:15:51,559 to be prepared for, because if you're saying to yourself, 283 00:15:52,320 --> 00:15:54,879 you know, I think I'm gonna I think I'm going 284 00:15:54,919 --> 00:15:58,799 to retire, and five percent on a thirty year treasury 285 00:15:58,799 --> 00:16:03,200 bond sounds pretty pretty good because the first is only three. 286 00:16:03,639 --> 00:16:04,840 Speaker 4: You know, that's wonderful. 287 00:16:06,519 --> 00:16:09,200 Speaker 1: Uh, tell me how you feel about earning five percent 288 00:16:09,240 --> 00:16:10,320 when inflation is nineteen. 289 00:16:12,919 --> 00:16:17,279 Speaker 3: So that's a that's an existential problem in and of itself, right. 290 00:16:17,559 --> 00:16:22,440 Speaker 1: Garry inflation core inflation rose to two point nine percent 291 00:16:23,320 --> 00:16:26,639 year over year, Co wrote, I mean, then the morons 292 00:16:27,759 --> 00:16:31,960 that speak on mainstream financial media when the when the 293 00:16:32,000 --> 00:16:33,840 inflation report came out, they're. 294 00:16:33,639 --> 00:16:36,360 Speaker 4: Like better than expected because. 295 00:16:36,080 --> 00:16:39,000 Speaker 1: The month over month was a little bit better the core. 296 00:16:39,080 --> 00:16:43,159 But here the core rate of inflation increased. At the 297 00:16:43,279 --> 00:16:46,120 end of the form reading was two point seven or 298 00:16:46,159 --> 00:16:48,919 two point six, it jumped to two point nine core 299 00:16:49,000 --> 00:16:52,960 inflation year over year. That's that is that is a 300 00:16:53,000 --> 00:16:58,120 disastrous conversation to have him. Inflation on the core level 301 00:16:58,240 --> 00:17:00,879 is spiking, and I want to have a scenario where 302 00:17:00,879 --> 00:17:03,840 I'm firing the central bank so I can put a 303 00:17:03,960 --> 00:17:07,480 what I would call it an obsequious sicko fan, a 304 00:17:07,559 --> 00:17:11,000 puppet of the president, to put rates at one percent. 305 00:17:12,079 --> 00:17:14,839 Speaker 3: Yeah, what could possibly get wrong here? 306 00:17:14,839 --> 00:17:16,559 Speaker 1: What happened to that stuff? What would happened to the 307 00:17:16,599 --> 00:17:19,640 housing market? Let me hear here's the scenario. The scenario 308 00:17:19,680 --> 00:17:23,000 scenario is this some so April April two thousand or 309 00:17:23,039 --> 00:17:27,039 May twenty twenty six comes, Powell is shoved out the door, 310 00:17:27,400 --> 00:17:30,319 an obsequious sick ephan, a puppet of the president, comes in. 311 00:17:30,559 --> 00:17:33,759 He cuts rates to one percent. And what what happens 312 00:17:33,839 --> 00:17:37,279 when the long end of the bond market interest rates 313 00:17:37,279 --> 00:17:41,200 go ballistic? I mean, if that can control the overnight 314 00:17:41,240 --> 00:17:44,319 interbank lending rate, and the money markets will will trade 315 00:17:44,319 --> 00:17:47,319 in sympathy with that. But let's say, unless they assent 316 00:17:47,359 --> 00:17:49,880 to buy every single treasury bond issued, like the Bank 317 00:17:49,920 --> 00:17:53,240 of Japan does, we're gonna have a huge problem with 318 00:17:53,319 --> 00:17:56,279 the interest rates. And if they do buy everything, we're 319 00:17:56,279 --> 00:17:57,880 gonna have a bigger problem with inflation. 320 00:17:59,200 --> 00:18:03,319 Speaker 3: M h yeah, it sounds like we got problems on 321 00:18:03,359 --> 00:18:05,240 the way here. Huh. 322 00:18:05,519 --> 00:18:07,079 Speaker 4: Well, I mean, listen, what. 323 00:18:09,200 --> 00:18:11,759 Speaker 1: When you when you abrogate free markets, when you say, 324 00:18:11,759 --> 00:18:13,920 you know, the free market doesn't have to function. We 325 00:18:13,960 --> 00:18:17,920 could just nineteen eighty seven, just print some money, Greenspan says, 326 00:18:17,920 --> 00:18:20,039 we'll just print some money. We have, we have a tool, 327 00:18:20,079 --> 00:18:23,400 we have a technology. We don't need to Why would 328 00:18:23,480 --> 00:18:28,000 we Why would we make money peg to something like gold? 329 00:18:28,240 --> 00:18:29,119 Speaker 4: Why would we do that? 330 00:18:29,599 --> 00:18:33,759 Speaker 1: Well, because mine supply of gold is limited, and you 331 00:18:33,839 --> 00:18:37,400 have something real and tangible that's backing your currency. But 332 00:18:37,440 --> 00:18:39,039 then they came up with the idea we could just 333 00:18:39,119 --> 00:18:44,000 we could just live in faeryland. We could just back 334 00:18:44,000 --> 00:18:47,319 our currency with nothing. We'll back it with the taxing 335 00:18:47,440 --> 00:18:51,839 authority of the US Treasury and the American military complex. 336 00:18:51,880 --> 00:18:52,480 Speaker 4: That's what will. 337 00:18:53,960 --> 00:18:56,480 Speaker 1: Yeah, and then the dollars, you know, crashes. You know, 338 00:18:56,720 --> 00:19:00,400 go look at what the dollar has done since nineteen thirteen. 339 00:19:00,400 --> 00:19:03,160 It's purchasing power. And then those people have the nerve 340 00:19:03,240 --> 00:19:06,039 to tell you that they're they're they're they're in charge 341 00:19:06,440 --> 00:19:11,319 of protecting the purchasing power of the of the currency. 342 00:19:11,599 --> 00:19:14,480 That's a comedy routine, Kerry, it's a joke. 343 00:19:14,559 --> 00:19:19,000 Speaker 3: Yeah, that is a comedy routine. And you know it's 344 00:19:19,039 --> 00:19:23,160 that old uh, that old saying. Will Rogers said, every 345 00:19:23,160 --> 00:19:26,559 time Congress makes a joke, it becomes a law, and 346 00:19:26,640 --> 00:19:28,799 every time they make a law, it's a joke. 347 00:19:29,440 --> 00:19:32,960 Speaker 1: Right Gary, Let me just I have I had this 348 00:19:33,039 --> 00:19:35,240 written down. I want to make sure when I talk 349 00:19:35,279 --> 00:19:39,799 about credit bubbles, total non financial US debt as a 350 00:19:39,839 --> 00:19:43,160 percentage of GDP is higher today than at the start 351 00:19:43,160 --> 00:19:46,359 of the global financial crisis and the start of the 352 00:19:46,480 --> 00:19:50,680 Nasdaq crash in two thousand. So current ratio is two 353 00:19:50,720 --> 00:19:55,000 one hundred and fifty seven percent of GDP total non 354 00:19:55,039 --> 00:19:59,000 financial debt. In two thousand and seven, before the stocks 355 00:19:59,039 --> 00:20:00,799 lost fifty percent of their value, the S and B, 356 00:20:01,480 --> 00:20:05,279 it was two hundred and thirty four percent. And in 357 00:20:05,279 --> 00:20:07,960 two thousand that great recession where the NASDAK lost eight 358 00:20:08,039 --> 00:20:10,559 percent of its value, it was one hundred and eighty 359 00:20:10,640 --> 00:20:12,960 nine percent. And the current ratio is two hundred and 360 00:20:13,039 --> 00:20:18,480 fifty seven percent. That's your credit bubble. That's your credit bubble. 361 00:20:20,640 --> 00:20:20,920 Speaker 4: Man. 362 00:20:21,920 --> 00:20:23,160 Speaker 3: So there's no way out of this. 363 00:20:24,440 --> 00:20:26,039 Speaker 1: There isn't any easy way out of it. I mean, 364 00:20:26,039 --> 00:20:28,119 they're gonna try to hyperinflate their way out of it. 365 00:20:28,200 --> 00:20:30,839 But since we haven't adjustable rate mortgage as a as 366 00:20:30,880 --> 00:20:34,960 A as our you know, everybody said, hey, Janet Yellen, 367 00:20:35,400 --> 00:20:37,920 why don't you know when interest rates were like aero 368 00:20:37,920 --> 00:20:40,119 point three on the ten year note, why don't you 369 00:20:40,240 --> 00:20:43,079 like float some thirty year dead out there and finance 370 00:20:43,119 --> 00:20:45,200 it or maybe even issue a fifty year bond. I 371 00:20:45,200 --> 00:20:47,799 guess the wasn't any appetite for that, But at least 372 00:20:47,799 --> 00:20:50,960 they should have really loaded up on that lawn kerry. 373 00:20:51,000 --> 00:20:53,599 If they're gonna, if they're gonna, if Wall Street's gonna 374 00:20:53,720 --> 00:20:56,240 supply you with a ten year note that's yielding a 375 00:20:56,279 --> 00:20:59,319 third of one percent, wouldn't you want to lock in 376 00:20:59,400 --> 00:21:02,839 those that that's a pretty good rate, right right, Well, 377 00:21:02,839 --> 00:21:03,799 guess what they said, Now. 378 00:21:04,160 --> 00:21:06,319 Speaker 6: We're just gonna do T bills. We're gonna do T 379 00:21:06,480 --> 00:21:09,440 bills and chill. Well that's now you have to roll 380 00:21:09,440 --> 00:21:13,720 over those tea bills every single year. Yeah, and that's 381 00:21:13,759 --> 00:21:14,279 what you have. 382 00:21:14,519 --> 00:21:17,559 Speaker 1: So if if if you really want to know the 383 00:21:17,599 --> 00:21:22,359 truth as to why President Trump wants that interest rate 384 00:21:22,519 --> 00:21:25,720 artificially suppressed even further lower, is because it would really 385 00:21:25,759 --> 00:21:30,519 bring down the interest on the debt. Yeah, with no 386 00:21:30,519 --> 00:21:35,400 no negative ramifications with housing or real estate or or 387 00:21:35,720 --> 00:21:37,039 or the equity market. 388 00:21:39,960 --> 00:21:45,359 Speaker 3: So it's that simple huh yeah. So it's it's all 389 00:21:45,400 --> 00:21:47,640 about rates, it's. 390 00:21:47,519 --> 00:21:49,319 Speaker 1: All about interest on the debt, which is over a 391 00:21:49,400 --> 00:21:50,359 trillion dollars already. 392 00:21:50,480 --> 00:21:51,559 Speaker 3: Yeah, gotcha. 393 00:21:52,079 --> 00:21:54,119 Speaker 4: Do you see how? You see how well doge work? 394 00:21:54,240 --> 00:21:54,400 Speaker 3: Right? 395 00:21:54,440 --> 00:21:57,680 Speaker 1: The Doge roared into town and they really slashed the 396 00:21:57,720 --> 00:22:01,559 government slashed everything down. I mean, we're all we're good now, right. 397 00:22:01,599 --> 00:22:03,960 I think they decided to cut one hundred and sixty 398 00:22:04,039 --> 00:22:05,160 billion dollars. 399 00:22:05,440 --> 00:22:07,759 Speaker 3: Yeah, for I was still cutting in theory. 400 00:22:08,599 --> 00:22:10,200 Speaker 4: Yeah, I don't know what they cut. 401 00:22:10,279 --> 00:22:12,880 Speaker 1: Well, those have been run out of town faster than 402 00:22:12,920 --> 00:22:15,119 the shave has been run out of town. And they 403 00:22:15,119 --> 00:22:17,200 should be cutting a trillion dollars per We need to 404 00:22:17,240 --> 00:22:19,119 cut a trillion dollars per andum to get to that 405 00:22:19,160 --> 00:22:23,039 magical Scott Besson you know, three percent. But guess what, 406 00:22:23,200 --> 00:22:25,839 we decided to cut one hundred and sixty billion. So 407 00:22:25,880 --> 00:22:28,119 we're a little bit short, just about eight hundred and 408 00:22:28,119 --> 00:22:29,119 forty billion a year. 409 00:22:29,440 --> 00:22:33,960 Speaker 3: Just a little, just a little all right? So what 410 00:22:34,079 --> 00:22:35,680 about bitcoin here? 411 00:22:37,599 --> 00:22:41,680 Speaker 1: Well here, well, you you know you opened the Pandora's 412 00:22:41,680 --> 00:22:45,240 box here when you talk about Hey, bitcoin, I actually 413 00:22:45,440 --> 00:22:50,240 liked as as a concept. I hated the I hate 414 00:22:50,279 --> 00:22:53,279 I didn't buy any of it unfortunately, so I've been 415 00:22:53,319 --> 00:22:56,640 wrong about the direction of this thing. But the concept 416 00:22:56,640 --> 00:23:00,240 of the bitcoin originally, or cryptocurrencies in general, was, Hey, 417 00:23:00,240 --> 00:23:06,000 we have a decentralized currency that nobody knows who you are, 418 00:23:06,039 --> 00:23:09,799 and it's outside the purview of government, and it protects 419 00:23:10,079 --> 00:23:14,880 and it protects you against a falling US dollar. So 420 00:23:15,039 --> 00:23:17,920 fast forward in a few years, and of course the 421 00:23:18,480 --> 00:23:21,920 pimps and the hookers on Wall Street would they say, oh, 422 00:23:22,240 --> 00:23:24,359 we fall in love what bitcoin? We can make some 423 00:23:24,440 --> 00:23:28,039 money on this, on this horrified barcode, which is what 424 00:23:28,079 --> 00:23:31,039 it is. It's just, you know, all bitcoin is your 425 00:23:31,039 --> 00:23:33,680 private key is a bunch of letters and numbers. Okay, 426 00:23:33,680 --> 00:23:37,119 it's a it's a password that's worth one hundred and 427 00:23:37,160 --> 00:23:40,400 seventeen thousand dollars. But okay, let's just let's just talk 428 00:23:40,440 --> 00:23:44,640 about this for a second. So it goes, it goes 429 00:23:44,680 --> 00:23:47,759 from basically nothing to one hundred and seventeen thousand dollars 430 00:23:47,799 --> 00:23:51,240 per unit. But it got there because it's been bastardized 431 00:23:51,279 --> 00:23:54,640 by Wall Street. They've co opted and corrupted it. So 432 00:23:54,720 --> 00:23:57,920 now your your decentralized coin that you think you own 433 00:23:58,079 --> 00:24:01,759 is completely centralized. It can be taken away from you 434 00:24:01,839 --> 00:24:05,160 capriciously by the government because they actually know exactly who 435 00:24:05,160 --> 00:24:05,519 you are. 436 00:24:05,799 --> 00:24:06,960 Speaker 3: Oh yeah, you know. 437 00:24:08,119 --> 00:24:11,359 Speaker 1: It's Wall Street has know your customer rules and anti 438 00:24:11,400 --> 00:24:16,119 money laundering rules. You own an asset that's pimped by 439 00:24:16,119 --> 00:24:20,400 Wall Street. They know exactly who owns every single one 440 00:24:20,440 --> 00:24:22,799 of these bitcoins, so they can take it from you. 441 00:24:22,839 --> 00:24:26,000 So it's no longer it's decentralized. And then to pour 442 00:24:26,200 --> 00:24:28,680 icing on the cake is or gasoline on the fire, 443 00:24:28,680 --> 00:24:31,400 I guess would be a better analogy. They say it's 444 00:24:31,640 --> 00:24:33,759 it's an alternative a dollar, but now they want to 445 00:24:33,799 --> 00:24:38,880 link it to the US dollar into treasuries by stable coins. Right, 446 00:24:39,160 --> 00:24:41,519 so the whole concept of this thing has been has 447 00:24:41,559 --> 00:24:46,400 been obliterated, and they did this so they can pump 448 00:24:46,480 --> 00:24:49,240 up the stop the bitcoin price to one hundred and 449 00:24:49,319 --> 00:24:52,920 seventeen thousand dollars in unit. Now, two more things I 450 00:24:52,960 --> 00:24:54,799 want to tell you about this. Number one, it is 451 00:24:54,880 --> 00:24:59,400 hot gold. There's an unlimited number of cryptocurrencies that can 452 00:24:59,440 --> 00:25:04,559 be created. I do like the blockchain technology, Yeah, extremely useful, 453 00:25:04,799 --> 00:25:07,799 But to think that the blockchain technology is the same 454 00:25:07,839 --> 00:25:16,079 thing as a coin that relates gold is ridiculous. Yeah, 455 00:25:16,119 --> 00:25:18,559 so there's twenty one million bitcoins, but there's an unlimited 456 00:25:18,640 --> 00:25:20,920 number of other currencies that could serve the same purpose. 457 00:25:20,960 --> 00:25:25,200 So it's just a Commodityes are commodity and there are 458 00:25:25,240 --> 00:25:28,759 limitlessons in supply, unlike platinum and unlike gold. 459 00:25:29,119 --> 00:25:32,160 Speaker 3: Yeah, this is true. I totally agree with you there. 460 00:25:32,400 --> 00:25:35,599 But I think there's something else going on with bitcoin 461 00:25:35,640 --> 00:25:37,759 that we're not going to know. I think there's a 462 00:25:37,799 --> 00:25:42,319 bitcoin short squeeze coming because you've got a huge synthetic 463 00:25:42,440 --> 00:25:47,319 derivatives to market there, and you've only got seven percent 464 00:25:47,440 --> 00:25:51,119 of all the bitcoin ever created that actually free trade, 465 00:25:51,519 --> 00:25:56,119 which will be substantially less because you've got ETFs. This week, 466 00:25:56,799 --> 00:26:01,079 two point two billion more went into bitcoin. Eat where 467 00:26:01,079 --> 00:26:03,799 are they getting all these bitcoin from this when they 468 00:26:03,839 --> 00:26:04,799 stopped making it? 469 00:26:05,039 --> 00:26:08,960 Speaker 1: Yeah, completely wrong on the price, missed the entire thing. 470 00:26:09,440 --> 00:26:12,680 This thing much higher. But when you get an unfriendly 471 00:26:12,759 --> 00:26:16,799 administration in place, and you will, and an unfriendly sec 472 00:26:17,079 --> 00:26:19,759 and you will in the future, this thing will crash 473 00:26:19,839 --> 00:26:22,559 because its intrinsic value is maybe closer to one thousand 474 00:26:22,640 --> 00:26:27,200 dollars rather than one hundred and seventeen thousand. So just beware. 475 00:26:27,720 --> 00:26:31,599 I mean, it's just not something at this especially now, 476 00:26:32,559 --> 00:26:35,079 at this price level I'm interested in getting involved with, 477 00:26:35,240 --> 00:26:37,039 but hey been wrong with both. 478 00:26:37,160 --> 00:26:44,599 Speaker 3: Interesting was that I was at the Bitcoin conference and 479 00:26:46,160 --> 00:26:50,160 it's amazing guy I know who told me to buy 480 00:26:50,160 --> 00:26:54,640 bitcoin at five, who's never sold one bitcoin, he is 481 00:26:54,680 --> 00:26:57,400 buying it at a dollar. And let's not forget Michael 482 00:26:57,480 --> 00:27:02,480 that if you invested ten cents in coin in twenty ten, 483 00:27:02,759 --> 00:27:05,359 it'd be worth one hundred and eighteen hundred nineteen thousand 484 00:27:05,400 --> 00:27:08,400 dollars as we're speaking. What he told me is that 485 00:27:08,480 --> 00:27:12,839 over half the contributions going to the Republican Party are 486 00:27:12,880 --> 00:27:16,799 coming from crypto bros. So that's I think, of course, 487 00:27:16,799 --> 00:27:19,000 say are now, Gary. 488 00:27:18,680 --> 00:27:22,279 Speaker 1: You're exactly right, but you know three years from now, 489 00:27:22,359 --> 00:27:27,000 I don't know. Yeah, play with it now. The volatility 490 00:27:28,480 --> 00:27:33,079 attributes to this product are just astronomically off the charts. 491 00:27:33,119 --> 00:27:35,359 So it's just not something i'd like to That's why 492 00:27:35,480 --> 00:27:36,720 I prefer platinum to silver. 493 00:27:36,960 --> 00:27:40,480 Speaker 4: I don't like that high data. Yeah, Like, can you 494 00:27:40,519 --> 00:27:43,079 make money in bitcoin? Yeahp hundred percent? Can you still 495 00:27:43,119 --> 00:27:46,079 make money? Probably? Did I miss everything? Yes? 496 00:27:46,400 --> 00:27:51,920 Speaker 1: I did, But beware because you when you have something 497 00:27:51,960 --> 00:27:56,640 that's supposed to have its value derived from having a decentralized, 498 00:27:56,880 --> 00:28:03,559 anonymous immutable transaction, and you're to get the value is 499 00:28:03,599 --> 00:28:05,400 now derived from government. 500 00:28:08,559 --> 00:28:10,039 Speaker 4: I'm the only person I've ever heard. 501 00:28:09,880 --> 00:28:11,519 Speaker 1: Talk about I mean, maybe I just don't have it 502 00:28:11,559 --> 00:28:13,880 in my ears out there, but who have you ever 503 00:28:13,920 --> 00:28:16,920 heard anybody else say how absolutely absurd? 504 00:28:17,000 --> 00:28:17,359 Speaker 4: This is? 505 00:28:18,240 --> 00:28:22,400 Speaker 3: Oh completely but but bus that doesn't mean you can't 506 00:28:22,440 --> 00:28:24,319 make money on it, right undred percent? 507 00:28:24,440 --> 00:28:26,400 Speaker 4: No, I maya kopa here. 508 00:28:26,480 --> 00:28:30,039 Speaker 1: I'm the last person to ask about the future to 509 00:28:30,119 --> 00:28:32,799 make a bitcoin price, can do you know? For me 510 00:28:32,839 --> 00:28:37,160 to do that, it'd be it'd be completely inappropriate because 511 00:28:37,160 --> 00:28:41,599 I've been so wrong on the picture is interesting though, 512 00:28:42,160 --> 00:28:47,000 but but but caveat emptor here though, They will be 513 00:28:47,079 --> 00:28:50,920 hell to pay. And it's coming, and it's one day 514 00:28:51,440 --> 00:28:55,200 because because what bitcoin really is now has become it's 515 00:28:55,240 --> 00:28:57,960 just a derivative of the stock market. So it's a 516 00:28:58,039 --> 00:29:04,359 it's a it's a higher a derivative on equity. And 517 00:29:04,400 --> 00:29:09,680 if liquidity ever drives up again, not if when it happens, yeah, 518 00:29:09,720 --> 00:29:13,400 when it's gonna it's it's gonna be a disaster for 519 00:29:13,440 --> 00:29:14,559 the entire space. 520 00:29:15,440 --> 00:29:17,519 Speaker 3: All right, Well, I think we'll let it go there. 521 00:29:17,839 --> 00:29:20,240 We got other things to talk about next time. After 522 00:29:20,279 --> 00:29:25,319 you've done traveling things about the worst cycle, what's happening 523 00:29:25,359 --> 00:29:28,759 there in Europe, the euro, the dollar, all that good stuff. 524 00:29:29,160 --> 00:29:34,440 But you'll find Michael's work excellent work. Sign up pentoport 525 00:29:34,559 --> 00:29:38,000 dot com links in the show notes, and if you 526 00:29:38,079 --> 00:29:41,039 got a question for Michael myself, shoot me an email 527 00:29:41,359 --> 00:29:45,240 k l Atcarrie LUTs dot com. Michael, we'll talk to 528 00:29:45,240 --> 00:29:47,599 you in a month or two. Be well. Always a pleasure, Carrie, 529 00:29:47,680 --> 00:29:48,839 Thank you, thanks. 530 00:29:48,599 --> 00:29:52,920 Speaker 2: For listening to Carrie Letz's Financial Survival Network. Your solution 531 00:29:53,200 --> 00:29:57,039 to today's trying times. For the latest, go to Financial 532 00:29:57,119 --> 00:30:02,119 Survival Network dot com. Financial service level Network now more 533 00:30:02,200 --> 00:30:02,720 than ever,