Latest / Financial Survival Network / The Dollar's Death Spiral? - Dennis Tubbergen #6351

Transcript

The Dollar's Death Spiral? - Dennis Tubbergen #6351 · Financial Survival Network

• 0:00
  Speaker 1: How many of those bills are going to have to
• 0:02
  Speaker 1: be refinanced in addition to deficits of a couple trillion dollars.
• 0:06
  Speaker 1: As far as I can see, the current administration says, yeah,
• 0:10
  Speaker 1: we've got the deficit from six and a half percent
• 0:14
  Speaker 1: to GDP to five point nine percent of GDP, Yet
• 0:18
  Speaker 1: it's still two trillion dollars. National debt now has flown
• 0:21
  Speaker 1: through thirty eight trillion, is now sitting at thirty eight
• 0:24
  Speaker 1: point two trillion as of last week.
• 0:26
  Speaker 2: You were listening to Carrie Let's's Financial Survival Network where
• 0:30
  Speaker 2: you get valuable information you just can't find anywhere else
• 0:34
  Speaker 2: to thrive in today's trying times. You need the Financial
• 0:38
  Speaker 2: Survival Network now more than ever. Go to Financial Survivalnetwork
• 0:43
  Speaker 2: dot com and get your free newsletter and gift. Financial
• 0:47
  Speaker 2: Survival Network now more than.
• 0:50
  Speaker 3: Ever, And welcome you are listening to and watching the
• 0:56
  Speaker 3: Financial Survival Network. I'm your host, Carrie Let's. Hey, we
• 1:00
  Speaker 3: are in mid November. Year is a rapidly coming to
• 1:05
  Speaker 3: a close. Dennis to Bergain is with us and now Dennis,
• 1:09
  Speaker 3: great to have you back on. So we're approaching the
• 1:12
  Speaker 3: end of the year. When you look back, what do
• 1:15
  Speaker 3: you think this year is going to be known for.
• 1:18
  Speaker 3: What will we if we even think about twenty twenty five,
• 1:23
  Speaker 3: besides the fact that it's a round number, what do
• 1:26
  Speaker 3: you think the biggest things this year were?
• 1:28
  Speaker 1: What a good question? Well, thank you for having me on, Carrie.
• 1:31
  Speaker 1: Always a pleasure to catch up with you. I think
• 1:33
  Speaker 1: that this will be known. You know, the old saying
• 1:36
  Speaker 1: is hindsight is twenty twenty So when we look back
• 1:40
  Speaker 1: at this year, I think that we're going to see
• 1:42
  Speaker 1: that this was the year that the devaluation of fiat
• 1:47
  Speaker 1: currency really accelerated. I think that when you look at
• 1:52
  Speaker 1: what goal has done, what silver has done this year,
• 1:55
  Speaker 1: that's not a reflection of those metals being worth inherently more.
• 2:00
  Speaker 1: You can't make more rings out of an ounce of
• 2:02
  Speaker 1: gold today than you could twenty years ago. So I
• 2:05
  Speaker 1: think that's very indicative of how quickly fiad currencies are
• 2:10
  Speaker 1: being devalued. And I think when you look at the numbers,
• 2:15
  Speaker 1: that that is a trend that is likely going to accelerate.
• 2:17
  Speaker 1: So I think twenty twenty five, looking back in time,
• 2:22
  Speaker 1: I think it might be known as the tipping point
• 2:24
  Speaker 1: as far as fiat currencies are concerned.
• 2:27
  Speaker 3: So interesting I was analyzing this really in depth. And
• 2:32
  Speaker 3: you know, we're both going to Martin Armstrong's conference, the
• 2:36
  Speaker 3: World Economic Conference in Orlando. It's this week from the
• 2:40
  Speaker 3: twenty first to the twenty third. I urge any of
• 2:43
  Speaker 3: you out there who got the money and the ability
• 2:46
  Speaker 3: to get to Orlando to go there. What Martin has
• 2:49
  Speaker 3: said and why he's been right and everybody else has
• 2:54
  Speaker 3: been wrong, is he says the dollar isn't just a
• 2:58
  Speaker 3: currency unit. It's a system. It's a system of control,
• 3:04
  Speaker 3: a system of financial management, and basically there is no
• 3:11
  Speaker 3: substitute for it at this point. And the bricks are
• 3:16
  Speaker 3: like a nice distraction, but the bricks will never be
• 3:19
  Speaker 3: a substitution for the dollar for the simple reason that
• 3:23
  Speaker 3: it's not a question of value. Yes, gold has value,
• 3:28
  Speaker 3: always has value. We're both into it. It's a question
• 3:31
  Speaker 3: of a system that functions to basically enable trade to
• 3:40
  Speaker 3: occur on a global basis and for debts to be
• 3:45
  Speaker 3: calculated and paid. For lack of a better term, I mean,
• 3:48
  Speaker 3: what's your thought on that, Well, I.
• 3:50
  Speaker 1: Think that I would I would agree certainly that you know,
• 3:54
  Speaker 1: the dollar in the swift system is where most global
• 3:58
  Speaker 1: trade takes place. I think a couple of developments that,
• 4:02
  Speaker 1: maybe to play Devil's advocate for a little bit, I
• 4:05
  Speaker 1: think a couple of developments that have happened. One, as
• 4:08
  Speaker 1: of I believe August of this year, the number one
• 4:11
  Speaker 1: reserve asset as far as central banks are concerned around
• 4:14
  Speaker 1: the globe is now gold, no longer the US dollar.
• 4:17
  Speaker 1: So I think the move away from the dollar is unmistakable.
• 4:22
  Speaker 1: I mean, it's irrefutable. Yet, to use an analogy that
• 4:27
  Speaker 1: many people have used before, the dollar is still the
• 4:29
  Speaker 1: best house in a bad neighborhood. So I think I
• 4:32
  Speaker 1: think that you're you're you're seeing brick. You're seeing countries
• 4:38
  Speaker 1: work around the dollar. Not not entirely because the dollar
• 4:41
  Speaker 1: is being devalued, but when you look at what the
• 4:45
  Speaker 1: United States did when they confiscated Russian assets or froze
• 4:49
  Speaker 1: of Russian assets that were denominated in dollars, I think
• 4:52
  Speaker 1: it made the rest of the world say, well, wait
• 4:54
  Speaker 1: a minute, if they can do it to them, they
• 4:55
  Speaker 1: can do it to us too. We need to have
• 4:58
  Speaker 1: a plan beat, and I I think at this point
• 5:01
  Speaker 1: there are a lot of Plan b's out there. I
• 5:03
  Speaker 1: would agree none of them are ready to displace the dollar.
• 5:07
  Speaker 1: As the reserve currency. But you're seeing gold, you're seeing silver,
• 5:13
  Speaker 1: you know. I think this whole development of the Genius Act,
• 5:16
  Speaker 1: where we have stable coins now that have to be
• 5:19
  Speaker 1: back to one hundred percent by US treasuries if you're
• 5:21
  Speaker 1: issuing your own currency, I think that's a move for
• 5:26
  Speaker 1: the United States to create another market for US treasuries.
• 5:30
  Speaker 3: So I think that.
• 5:31
  Speaker 1: Shows some level of desperation. I don't think the dollar
• 5:34
  Speaker 1: is ready to be displaced anytime soon, but as I said,
• 5:37
  Speaker 1: I think the twenty twenty five maybe that may be
• 5:40
  Speaker 1: viewed as the tipping point. And I think at some
• 5:43
  Speaker 1: point you're going to see the rest of the world say, well,
• 5:46
  Speaker 1: wait a minute, we need to go back to a
• 5:49
  Speaker 1: tangible backed currency at commodity back currency.
• 5:53
  Speaker 3: And I think that you're going to see that. Yeah,
• 5:55
  Speaker 3: I agree, but these things take time, right, It doesn't
• 6:00
  Speaker 3: just happen. And that's why all of the all of
• 6:06
  Speaker 3: the dollar is going to fail and all that. Sure,
• 6:09
  Speaker 3: they're right, eventually the system is going to collapse, the
• 6:14
  Speaker 3: debt it's unsustainable, but it's not going to happen like
• 6:19
  Speaker 3: according to anybody's timetable. It's going to happen kind of
• 6:23
  Speaker 3: when it happens, right, Yeah.
• 6:26
  Speaker 1: I mean there's an old cliche that the what is
• 6:29
  Speaker 1: easier to predict than to win, and I think that's
• 6:30
  Speaker 1: certainly true here. But when you look at, like last week,
• 6:34
  Speaker 1: the US Treasury bond auction that took place. Wolf Richter
• 6:38
  Speaker 1: just wrote a piece on this, and I think that
• 6:41
  Speaker 1: there were six hundred and ninety four billion dollars of bonds, notes,
• 6:46
  Speaker 1: and bills sold, with over five hundred billion of them
• 6:49
  Speaker 1: sold with maturities of fifty two weeks or less. So
• 6:54
  Speaker 1: in that respect, you know, when the United States has
• 6:57
  Speaker 1: to go out and finance their debt, they're looking a
• 6:58
  Speaker 1: lot like the payday long owned business. Well, we know,
• 7:02
  Speaker 1: all loan you money for four weeks, We'll onwn your
• 7:04
  Speaker 1: money for fifty two weeks. But that's going to create
• 7:06
  Speaker 1: this this whole debt refinancing snowball. That's going to create
• 7:10
  Speaker 1: a big problem. So in a year, how many of
• 7:14
  Speaker 1: those bills are going to have to be refinanced in
• 7:16
  Speaker 1: addition to deficits of a couple of trillion dollars. As
• 7:20
  Speaker 1: far as they can see, the current administration says, yeah,
• 7:24
  Speaker 1: we've cut the deficit from six and a half percent
• 7:27
  Speaker 1: to GDP to five point nine percent of GDP, yet
• 7:31
  Speaker 1: it's still two trillion dollars. National debt now has flown
• 7:35
  Speaker 1: through thirty eight trillion, is now sitting at thirty eight
• 7:38
  Speaker 1: point two trillion as of last week.
• 7:40
  Speaker 3: Yeah, so what you have thought about tariffs, I mean,
• 7:42
  Speaker 3: like Trump, Trump touched them like they're the key to
• 7:46
  Speaker 3: salvation of the country, and I just don't see it
• 7:50
  Speaker 3: that way. Yeah, I agree with you. I mean, look,
• 7:54
  Speaker 3: I think Trump has a point that one, we don't
• 7:56
  Speaker 3: manufacture things here anymore. And I think getting investment in
• 8:01
  Speaker 3: the United States to create jobs. You know, if there's
• 8:05
  Speaker 3: seventeen trillion dollars in investment, that will be a huge
• 8:08
  Speaker 3: boost to GDP. So I think in that sense he
• 8:11
  Speaker 3: is right. The problem is you don't build plans, you
• 8:14
  Speaker 3: don't make that shift overnight. And certainly we've allowed the
• 8:21
  Speaker 3: trade scals to be tipped not in our favor. We've
• 8:24
  Speaker 3: allowed you know, other countries to have access to the
• 8:26
  Speaker 3: best market in the world without paying an appropriate toll.
• 8:29
  Speaker 1: So I think Trump's right about that. But to say
• 8:33
  Speaker 1: that we can run the country on tariff revenue, I
• 8:35
  Speaker 1: think is ridiculous when you look at the numbers. What
• 8:39
  Speaker 1: do we have three hundred billion dollars potentially in tariff
• 8:41
  Speaker 1: revenue this year two trillion dollar deficit. That's like using
• 8:45
  Speaker 1: a garden hose on a forest fire. I mean, you might,
• 8:48
  Speaker 1: it might make an impact for a minute, but you're
• 8:50
  Speaker 1: going to lose the war. So I just don't see
• 8:52
  Speaker 1: that as being a solution to the problem.
• 8:58
  Speaker 3: Yeah, well that's his story, any sticking to it, right.
• 9:03
  Speaker 1: So thank Carrie too. I mean, you look at this,
• 9:06
  Speaker 1: this idea now of a tariff dividend where all but
• 9:09
  Speaker 1: the highest earners in the US might get a check
• 9:12
  Speaker 1: for a couple thousand dollars. That just I that's just
• 9:15
  Speaker 1: another way of saying we're going to drop some more
• 9:17
  Speaker 1: stimulus because we don't like what the economy is doing.
• 9:20
  Speaker 3: Yeah, it's that. I wish I would just be honest
• 9:25
  Speaker 3: about what they're doing here, you.
• 9:27
  Speaker 1: Know, no exactly. I mean, okay, a tariff dividend, whatever
• 9:31
  Speaker 1: you call it, it's stimulus.
• 9:33
  Speaker 3: Yeah, it's pump priming, right, it's a printing money. And
• 9:39
  Speaker 3: one of the things Martin Armstrong says is that the
• 9:42
  Speaker 3: lower interest rates are actually a bad sign for the
• 9:46
  Speaker 3: economy because it means that demand for capital isn't there.
• 9:51
  Speaker 3: And you know, I think he's got a point there.
• 9:56
  Speaker 1: Well, and you know, look at what Trump proposed just recently,
• 10:00
  Speaker 1: and it was confirmed by Bill Poulty. The fact that
• 10:03
  Speaker 1: now they're looking at putting together a fifty year home mortgage,
• 10:07
  Speaker 1: that that just screams desperation has to let's get this
• 10:10
  Speaker 1: housing market going again.
• 10:12
  Speaker 3: And what about the Trump's idea of printing a five
• 10:17
  Speaker 3: hundred dollars bill.
• 10:18
  Speaker 1: Yeah, you know, I I think a five hundred dollars
• 10:22
  Speaker 1: bill may become a necessity if we continue to devalue.
• 10:25
  Speaker 1: I mean, we might why stop there, we might, Well,
• 10:30
  Speaker 1: maybe we should resurrected ten thousand dollars bill. I think
• 10:32
  Speaker 1: that had Woodrow Wilson.
• 10:33
  Speaker 3: Hot Hey, like basically, you know, like the Zimbabwe you know,
• 10:42
  Speaker 3: one hundred trillion dollar banknote there, right.
• 10:48
  Speaker 1: I had the same note framed in my office.
• 10:52
  Speaker 3: Yeah. Right, So if that's the solution, then it's it's
• 10:56
  Speaker 3: really a pretty easy solution, painless, right, absolutely.
• 11:00
  Speaker 1: And isn't it Zimbabwe that had signs on the porta
• 11:04
  Speaker 1: John's not to use Zimbabwe notes as toilet paper because
• 11:07
  Speaker 1: it clogged the systems.
• 11:09
  Speaker 3: I never heard that, but I'll leave it to be
• 11:12
  Speaker 3: so I.
• 11:13
  Speaker 1: Have a picture somewhere of that very sign.
• 11:17
  Speaker 3: I love it. Well, that's the turn of the wheelbarrow
• 11:21
  Speaker 3: full of marks during the German hyper inflation, and the guy
• 11:27
  Speaker 3: went in to see if they would take the Marx
• 11:30
  Speaker 3: and when he came out he found the marks on
• 11:32
  Speaker 3: the ground and the wheelbarrow was stolen.
• 11:35
  Speaker 1: Right, yeah, you know, this is what's the old saying,
• 11:40
  Speaker 1: same song, different verse. You go back to the Roman Empire,
• 11:43
  Speaker 1: to Weimar Germany, to John Laws France in the early
• 11:46
  Speaker 1: seventeen hundreds. I mean, there is one historical instance after
• 11:50
  Speaker 1: another that we've seen this cycle of currency creation followed
• 11:55
  Speaker 1: by a prosperity illusion, followed by painful inflation followed by deflation.
• 12:00
  Speaker 1: In real terms, this is nothing new.
• 12:02
  Speaker 3: Now, there's nothing new under the sun, as Virgil said,
• 12:06
  Speaker 3: and that was said two thousand years ago. So the
• 12:09
  Speaker 3: question is now, are we all reduced to just buying
• 12:14
  Speaker 3: gold and silver and bitcoin or well, well, I certainly
• 12:18
  Speaker 3: think that that's probably a pretty good idea for you know,
• 12:21
  Speaker 3: a good share of your portfolio.
• 12:24
  Speaker 1: When you look at US government finances, just transfer payments.
• 12:29
  Speaker 1: Now I have hit five trillion dollars annually, So that's Medicare, Medicaid,
• 12:34
  Speaker 1: Social Security SNAP, and unemployment benefits. Four point nine to
• 12:38
  Speaker 1: nine trillion was the last number that I saw. Interest
• 12:41
  Speaker 1: on the debt is one point two trillion, So that's
• 12:45
  Speaker 1: six point two trillion dollars. And Carrie, I grew up
• 12:48
  Speaker 1: when I learned math from flash cards and wooden rulers
• 12:51
  Speaker 1: in school, So I'm giving away my age a little
• 12:53
  Speaker 1: bit here. But that's a nine billion dollar deficit before
• 12:57
  Speaker 1: we ever get to spending money on the military and
• 12:59
  Speaker 1: everything else the government spends money on. This cannot be fixed,
• 13:03
  Speaker 1: so devaluation has to continue. So yeah, I think tangible
• 13:08
  Speaker 1: assets are certainly something that every viewer or listener should
• 13:12
  Speaker 1: be considering very seriously.
• 13:15
  Speaker 3: Yeah, so what do you buy? Gold, silver, both bitcoin?
• 13:18
  Speaker 1: What do you do you know? I have been just
• 13:23
  Speaker 1: true confessions here. I was late to the crypto party.
• 13:28
  Speaker 1: I have been more of a gold and silver advocate.
• 13:31
  Speaker 1: I would still say that I'm more of a gold
• 13:33
  Speaker 1: and silver advocate. At the beginning of this year, I
• 13:36
  Speaker 1: recommended to clients that they wait heavily towards silver just
• 13:40
  Speaker 1: because the gold silver ratio got to one hundred and fourteen.
• 13:43
  Speaker 1: It was an all time high. So that was a
• 13:45
  Speaker 1: kind of a no brainer recommendation. Now that we have
• 13:48
  Speaker 1: the gold silver ratio back around eighty, I'm a bit
• 13:51
  Speaker 1: more of an advocate of an equal waiting. I think
• 13:53
  Speaker 1: you want to own some gold, and I think you
• 13:54
  Speaker 1: want to own some silver, And I think you know,
• 13:59
  Speaker 1: by all all research that I have done, I think
• 14:02
  Speaker 1: this party is just getting started.
• 14:04
  Speaker 3: I think they go much higher. Couldn't agree with you more,
• 14:07
  Speaker 3: could not agree with you more. But one of the
• 14:10
  Speaker 3: things Martin Armstrong said is the stock market's going to
• 14:14
  Speaker 3: keep going up. He's saying now sixty two thousand and
• 14:17
  Speaker 3: sixty five thousand by twenty thirty two, and that's when
• 14:21
  Speaker 3: he kind of sees the great changes taking place here.
• 14:26
  Speaker 1: What are you thinking, Well, first of all, whenever I
• 14:30
  Speaker 1: get a chance to talk to Martin Armstrong, which is
• 14:32
  Speaker 1: not as frequently as you, I ask questions and take notes.
• 14:35
  Speaker 1: So I certainly wouldn't guess Martin Armstrong. I would say, though,
• 14:40
  Speaker 1: that stocks will be higher in nominal terms, probably not
• 14:45
  Speaker 1: real terms. So let me just give an example. If
• 14:47
  Speaker 1: we go back to gold as being money for most
• 14:51
  Speaker 1: of history. I have an example that I use in
• 14:55
  Speaker 1: one of the talks that I give that if you
• 14:57
  Speaker 1: go back to twenty twenty five years ago, the S
• 15:01
  Speaker 1: and P five hundred divided by the price of gold
• 15:04
  Speaker 1: per ounce was about five The S and P five
• 15:06
  Speaker 1: hundred was about twenty seven hundred. Gold was a little
• 15:09
  Speaker 1: over five hundred dollars an ounce, So if you take
• 15:11
  Speaker 1: twenty seven hundred divided by five hundred, it's a little
• 15:14
  Speaker 1: more than five ounces of gold to buy the S
• 15:16
  Speaker 1: and P five hundred. Today you've got the S and
• 15:18
  Speaker 1: P at about sixty six sixty seven sixty eight hundred
• 15:22
  Speaker 1: golds at four thousand. Now you can buy the entire
• 15:25
  Speaker 1: S and P five hundred for one and a half
• 15:27
  Speaker 1: ounces of gold. So, in real terms, stocks are down.
• 15:32
  Speaker 1: In nominal terms, priced in US dollars, stocks are up.
• 15:36
  Speaker 1: So I think again we're seeing deflation currently in real terms,
• 15:41
  Speaker 1: but in nominal terms. Yeah, I think Martin's probably right.
• 15:44
  Speaker 1: In fact, depending on how much the dollars devalued, I
• 15:46
  Speaker 1: think it could go much much higher.
• 15:48
  Speaker 3: Yeah. So, and he's been right all long too. This
• 15:51
  Speaker 3: isn't like a new forecast. It's in the it's in
• 15:56
  Speaker 3: this book that I just wrote, the Armstrong Economic Code
• 16:03
  Speaker 3: that looks looking well.
• 16:04
  Speaker 1: And Gary, let me congratulate you on having a number
• 16:07
  Speaker 1: one Amazon bestseller there.
• 16:10
  Speaker 3: I appreciate that, Dennis, And yeah, it's a it's a
• 16:15
  Speaker 3: real charge, And I feel like I'm doing something useful interpreting,
• 16:20
  Speaker 3: passing through Martin's words through not a filter, but a mirror,
• 16:27
  Speaker 3: an amplifier, so the average person can understand what he's saying,
• 16:32
  Speaker 3: because I think it's really important, especially based on what
• 16:34
  Speaker 3: we've been talking about, that you understand the gravity of
• 16:39
  Speaker 3: the situation and the trends where it's inevitably all heading.
• 16:44
  Speaker 3: So You've got a book coming out pretty soon yourself right.
• 16:49
  Speaker 1: As called Portfolio Playbook, and it's investing strategies for the
• 16:53
  Speaker 1: current economy.
• 16:55
  Speaker 3: I think that the.
• 16:55
  Speaker 1: Theme of the book is that you really don't want
• 16:59
  Speaker 1: to buy and hold in this environment. There are many
• 17:03
  Speaker 1: advisors that are I call them Wall Street advisors that
• 17:06
  Speaker 1: advocate a sixty forty portfolio of sixty percent in stocks
• 17:09
  Speaker 1: forty percent in bonds, and I think that investors moving
• 17:13
  Speaker 1: ahead are going to have to take more of a
• 17:15
  Speaker 1: targeted approach to be effective. I think a broad market
• 17:19
  Speaker 1: approach will fail people just you know, we started this
• 17:22
  Speaker 1: conversation by talking about twenty twenty five what will it
• 17:25
  Speaker 1: be known for. The Other thing I think it'll be
• 17:27
  Speaker 1: known for is the year that AI drove the market,
• 17:31
  Speaker 1: the stock market. This has not been a broad stock
• 17:34
  Speaker 1: market rally. Sixty to eighty percent of this upside, depending
• 17:37
  Speaker 1: on how you want to measure it. In this market,
• 17:41
  Speaker 1: sixty to eighty percent of the rally, I should say
• 17:43
  Speaker 1: is attributed to AI stock. So I think we've got
• 17:46
  Speaker 1: a big AI bubble here. I think AI is a
• 17:48
  Speaker 1: technology that's going to be here for a long time,
• 17:50
  Speaker 1: just like dot Com was. I'm old enough to remember
• 17:54
  Speaker 1: nineteen ninety nine and two thousand. I'm old enough to
• 17:57
  Speaker 1: remember when pets dot Com was a company that isn't more.
• 18:00
  Speaker 1: And I think we're to see AI companies. I mean,
• 18:03
  Speaker 1: take take a look at open Ai. Sarah Fryar, the CFO,
• 18:08
  Speaker 1: and within the last couple of weeks, came out and
• 18:10
  Speaker 1: said directly and then indirectly that the government may have
• 18:14
  Speaker 1: to backstop the loans that they need to pull from
• 18:18
  Speaker 1: investors to continue to keep that company viable. Here's a
• 18:21
  Speaker 1: company with thirteen billion dollars in revenues and one point
• 18:25
  Speaker 1: four trillion dollars in commitments. The math does not work.
• 18:29
  Speaker 3: So you think they're trying to say they're too big
• 18:32
  Speaker 3: to fail.
• 18:34
  Speaker 1: I think that's exactly what they're trying to trying to
• 18:37
  Speaker 1: get across. And Sam Alton and the CEO came out
• 18:40
  Speaker 1: and said that, you know, however government wants to be involved,
• 18:44
  Speaker 1: that's up to government. But he didn't pooh pooh the
• 18:46
  Speaker 1: idea of you know, government guarantees. And there's this whole
• 18:51
  Speaker 1: concern by many in that community that we have to
• 18:54
  Speaker 1: you know, win the AI race with China. So I
• 18:58
  Speaker 1: think that that's probably a story we're going to see
• 19:01
  Speaker 1: continue to develop and continue to rear its head as
• 19:05
  Speaker 1: time goes on.
• 19:06
  Speaker 3: This is exactly like spot Mick. You know, there was
• 19:10
  Speaker 3: never a space race with Russia. It was strictly in
• 19:14
  Speaker 3: the minds it was a SiO. You know, it was
• 19:18
  Speaker 3: just one big SiO. Same exact thing here with AI.
• 19:21
  Speaker 3: I'm not buying any of this AI space race nonsense.
• 19:27
  Speaker 3: Been fooled once, I'm not getting fooled again. Dennis.
• 19:30
  Speaker 1: You know, it's an interesting perspective I hadn't thought about,
• 19:33
  Speaker 1: but I would agree.
• 19:34
  Speaker 3: With that, Yeah, because it's already been one. You know,
• 19:38
  Speaker 3: the whole government is being run by AI now, not
• 19:41
  Speaker 3: where I call it Trump GPT. It's not like Trump
• 19:46
  Speaker 3: just says, what's the AI say and does it. No,
• 19:50
  Speaker 3: It's what happens is they actually wargame every situation through
• 19:55
  Speaker 3: the AI and try to get a broader perspective, better strategy,
• 20:01
  Speaker 3: and in a lot of respects it's worked. The only
• 20:04
  Speaker 3: thing they haven't been able to figure out what to
• 20:06
  Speaker 3: do with Trump GPT is kind of lost, that is,
• 20:10
  Speaker 3: is the deficit. Nobody knows what to do with that.
• 20:14
  Speaker 3: But you know, I read a little satire that the
• 20:20
  Speaker 3: bureaucrats and the unions their last, their last bastion to
• 20:26
  Speaker 3: protect their government granted monopolies. They're using Kafka GPT, which
• 20:32
  Speaker 3: it's been has been trained on one hundred years of
• 20:36
  Speaker 3: DMV customer service loops and you know, and strikes and
• 20:43
  Speaker 3: all that. But basically they've lost, and you know, we're
• 20:50
  Speaker 3: just going to have to get used to it. The
• 20:51
  Speaker 3: only the last remaining place where AI really hasn't grabbed
• 20:57
  Speaker 3: hold yet that we can see the legal system.
• 21:01
  Speaker 1: Yeah, I mean, I think that day is coming. I
• 21:03
  Speaker 1: mean when you look at a lot of well look
• 21:06
  Speaker 1: at what Amazon just came out and said. I mean,
• 21:08
  Speaker 1: they're they're anticipating by twenty thirty three up to six
• 21:11
  Speaker 1: hundred thousand job cuts. That's crazy. Look at the job
• 21:15
  Speaker 1: cuts we've already seen this year as a result of AYOT.
• 21:19
  Speaker 1: So hopefully it's like the Industrial Revolution, you know, we
• 21:22
  Speaker 1: make advances in one area and it creates higher paying,
• 21:26
  Speaker 1: higher skill jobs in another area. But I'm not convinced,
• 21:30
  Speaker 1: and I'm certainly not an expert in that area.
• 21:32
  Speaker 3: I don't believe it's at all possible. I do agree
• 21:36
  Speaker 3: with you. Like thirty thousand less jobs in Amazon, I
• 21:40
  Speaker 3: think that's directly attributable to AI all these other tech platforms,
• 21:45
  Speaker 3: and it's only the beginning.
• 21:47
  Speaker 1: You know, a.
• 21:48
  Speaker 3: Company like Alphabet Google is.
• 21:50
  Speaker 1: Run by AI literally yeah, and in Microsoft, and I
• 21:54
  Speaker 1: mean I know people at all these companies, and AI
• 21:58
  Speaker 1: is playing a bigger and bigger role in the day
• 22:01
  Speaker 1: to day management and administration of the company.
• 22:05
  Speaker 3: Totally, all right, Dennis, appreciate your coming on. Best place
• 22:10
  Speaker 3: to find you is still Dennisthubergen dot com. Right, perfect,
• 22:16
  Speaker 3: all right, that's DNS, d N I S T U
• 22:20
  Speaker 3: B B E r g E N dot com. The
• 22:24
  Speaker 3: links in the show notes of this interview on Financial
• 22:27
  Speaker 3: Survival Network dot com appreciate your coming by. We'll see
• 22:31
  Speaker 3: you up in Orlando and safe travels.
• 22:36
  Speaker 1: Thanks for having me and I will look forward to
• 22:38
  Speaker 1: catching up with you in Orlando.
• 22:40
  Speaker 3: Take care.
• 22:40
  Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your
• 22:44
  Speaker 2: solution to today's trying times. For the latest, go to
• 22:48
  Speaker 2: Financial Survival Network dot com. Financial Survival Network now more
• 22:54
  Speaker 2: than ever,