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The Bubble Balancing Act - Michael Pento #6089 · Financial Survival Network

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I look at the debt of the United States. I look at the asset
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bubbles that exist in corporate debt and commercial real estate, and I look at
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the app asset bubble in collateralized loan obligations and private credit. I look at
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all these bubbles and I say they're unprecedented, and they're concurrent. So we
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have you know, through reshtorating, we've had times when there's been a bubble
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in the stock market. Right in two thousand, there was no bubble in
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debt to GDP, there was no bubble in corporate credit, there was no
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bubble in real estate. It was just a Nasdaq bubble. But that bubble
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burst with a procession and having a Nasak drop by eighty percent. You were
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listening to Carrie Letz's Financial Survival Network, where you get valuable information you just
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Survival Network now more than ever. Go to Financial Survival Network dot com and
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and welcome. This is Financial Survival Network. I'm your host, Grriy Lutz.
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Michael Pento's with us now Michael, it's been a little while since we
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last spoke of things that, well, the stock market's going up, we
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should be we should all be taking out the champagne now because our paper wealth
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goes up by the day. Right. But yeah, if you're you know,
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I gotta tell you the facts are that this is this most scary market.
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And I'm in the business thirty three years, Kerrie, this is the
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most scary market I've ever been in. And that's why I thank God for
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the UH his help and create I think it's his help creating the inflation,
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deflation and economic cycle model, because if I didn't have a model that had
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me, like had early warning signs of what I need to know, the
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are Caine warning signs for when this market's ready to crack and you need to
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get out of harm's way, I wouldn't be able to participate in this bubble.
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But let's just talk about the bubble here. So this is the most
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narrow market I've ever seen in my thirty three years and and throughout historically studying
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the history of markets. I mean, usually when you have markets that are
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just one sector you think about, you know, dot Com or nifty to
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fifty or AI, and that's dangerous. But when you have a market that's
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just really one stock, one stock, that's in fact, I was looking
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at in Vidio's percentage of the of the GDP of this country. It's ten
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percent. It's marketing cap. It is ten percent of the GDP of this
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country. And you can find it with Apple and Microsoft, the the big
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three. It's like one third of the entire country's output in three stocks.
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And then I think, think about the market cap of GDP as a percentage
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of market cap of equities as a percentage of GDP. Excuse me, that's
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not one hundred and ninety percent now, it's it's only been higher in one
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instance, which was a little bit about two hundred percent, right after the
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helicopter money was deployed post COVID. So just for a reference, in two
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thousand and seven, the total market cap of equities to GDP was a bit
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above one hundred. So you know, we're almost two times higher because of
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all the money they printed, borrowed and printed. I should add, and
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when you have a market this rally, it always ends in disaster. So
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just so I can wrap up this thought, you have AI and Nvidia.
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That's causing people to believe, oh, the market's doing fantastic. Wow,
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everybody's getting you know, wealthy. But if you just look under the surface,
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the equal weight S and P five hundred RSP is up four percent this
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year. Four percent. It's not horrible, but it isn't Nvidia, I
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carry and the Russell two thousand, which is more than one stock, right,
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two thousand stocks that's down on the ear. So that's when you pull
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people and you say, well, how are you doing in the stock market.
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How's the market doing. How are you doing well? People say,
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well, it's in a bear market and we're in a recession. Because if
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you just look at a very small narrow slize of the market, things look
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great. But if you look at in reality, most of the market is
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down or at least unchanged on the year, unchanged it down. And if
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you call people on the phone and say, hey, do you have a
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job, well, no, I don't. But if you if you look
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at the headline figure from the non front payer report, things are going great.
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Yeah, hey, you know the politicians have saved the market here,
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Michael right should be grateful. Well, I mean I had this conversation very
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recently with a client perspective client actually, and he asked me a question.
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He asked me an interesting question, Kerry. He said, well, you
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know, we both agree we're a cord that you know, things are artificially
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inflated and it's very dangerous out there. And how can you invest stock market
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and any confidence? And he said, Michael, when the next crisis comes,
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what if they just print it all away like they always do? And
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I said, yeah, that's a good question. But what makes this time
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different than every other time since nineteen eighty seven when the FED decided they could
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just monetize away the problem after the eighty seven crash. Well, there's two
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things different. First, the first one that's different is the US economy,
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and more precisely, US Treasury isn'tsolvent's solvent. You have a trillion dollar interest
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payments on the debt, on the deficit. You have two trillion dollar deficits.
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You have debt outstanding that is seven hundred and twenty five percent higher than
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the revenue that you collect every year. You have an in solid nation.
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So the idea that you can just start on this massive borrowing spree to combat
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a combat or recession, you know, you risk you risk really aggravating the
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bond vigilanties, and an interest rates might not go down. And the other
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difference this time is this for the first time since eighty seven. The problem,
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the salient issue is inflation already to start. Inflation is still way above
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the Fed's target. Three point three percent isn't two, it's its rate of
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change. Second derivative is down from nine. But if you look at the
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University of Michigan's consumer sentiment, it shows that people are very much aware that
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their living standards have been destroyed over the last four years. They're not interested.
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They're not interested in inflation coming down more slowly. In other words,
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just let me rephrase that to me more eg accurate. They're not interested in
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having inflation going up more slowly than it was. They want prices to fall,
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They need prices to drop, they don't need them to go up more
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slowly from an already unaffordable level which is much higher than two percent target.
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So that's the problem. It's a big problem here, and it doesn't look
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like anybody really cares about it anymore. The candidates, the politicians, nobody
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seems to care less about it. Michael, Well, they do care.
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I mean they can't. You know they care, You know what, they
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care enough to write a letter. Elizabeth Warren wrote a letter to Jerome Powell,
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and Jerome Powell is antsy and recklessly looking forward to cutting rates again.
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Elizabeth Wore wrote a letter with three other Democratic senators say please please start cutting
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interest rates now because it'll make housing more affordable. I mean, what,
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carry, These are the people we elected to represent us in Congress. You
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want to cut interest rates so housing becomes more affordable? What a moron?
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I mean, housing prices went up fifty percent in the last four years because
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interest rates went to zero. The ten year surgery was taking a third zero
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point three to three percent post COVID, and that caused everybody to buy.
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What do you do? What do you do? In interest rates are free?
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Carry you borrow a lot of money? Yeah, so, Elizabeth,
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Elizabeth, maybe your interest rate might be and we just talked about the fact
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that it might not be because of inflation and insolvency issues, credit and inflation
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issues. Maybe your interest rate might be lower if you cut short term intrabank
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lending rates. Elizabeth, but our whole price is going to go down.
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Start cutting into strength. Not a chance no, no, So once again
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main Street, mainstream loses and Wall Street wins well, and the Wall Street
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crybaby, this kills me to the Wall stream cry babies. We need you
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know, you know this. The Barry Stern licks are out there of the
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running these real estate Investment trust Please cut rates, please, it's it's so
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despicable, it's disgusting when you when are we going to start caring about the
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average you know, middle class person who actually does the working in this country.
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Yeah, they actually do the producing in this country, not the people
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who own assets, not the poor who are collecting welfare, the people who
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work for a living. What you know, who's speaking for them? Good
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question, Perry, who's a kid? I'm sorry you got me going on
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this? You it flame you, it's me, I'm kidding. But who's
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a candidate out there who really has a good understanding of economics and can get
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up and say we need to abolish this horrific organization known as the Federal Reserve?
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And you know, Janet Yellen's out there, she's the head of Treasury
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saying that the government debt isn't a good place. Yeah, oh yeah,
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what does she smoke? Me? What she's smoking? Huh, I mean,
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come on, what place is that? I mean, they so question
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for you. The petro dollar appears to be officially dead. Now what does
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that mean here for us? Well, I mean it's short short term.
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I'm looking for short term. I'm looking for the rate of change of inflation
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to drop significantly because I think we're headed for a recession very quickly. I've
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been predicting that it's gonna end. I I've been predicting that we were going
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to end up in another phase. So twenty twenty two we had a recession.
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It was bailed out by the and this is it, this is this
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is true. This is a fact. One point seven trillion dollars of qwe
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came out of the reverse Repo facility from twenty twenty two till today. It's
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still coming out. So that's what that's what truncated the recession. So that's
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so the reverse repoacility had two point five trillion dollars in it. Let's now
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have just a few hundred billion. That's almost empty. That's that Q.
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That Q the offset all the QT and then some from the Federal reserve.
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Right, So that's what that's the loquid. That's why you think. That's
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why Roaring Kitty and in VideA and the sock market in certain sectors is having
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a field day. That's why you know you you give Wall Street one point
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seven trillion dollars of gambling money over the course of one freaking year, and
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they'll go to town and that's what they've done. That's almost that's almost over.
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When that happens, I think you have a liquidity crisis, repro crisis,
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money market crisis, and I think everything goes down except for short term
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bonds, and the US dollar will have a bid, temporary bid, I
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think. But then you're talking about the petro dollar you talk about you talked
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about the dollar weakness that's going to come on the other side of this recession
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when they start blowing up the balance sheet again. I mean, you think
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about the fest balance sheet that was seven hundred billion dollars two thousand and eight,
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then then went to nine trillion dollars. This has been out of republic,
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my friend. There are hop style numbers. No, you can't deny
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that, and no one can, no one, no one should. And
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then you say, okay, you you you got it back down down to
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seven point two trillion dollars from seven hundred billion, still a lot, right.
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In fact, it was four and a half tri the ballance. He
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was four and a half trillion prior to COVID, right, which was still
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out of hand. Yeah, of hand, money supplied, bowing. That's
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what's fueling all this liquidity. It's almost over though, and you think about
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the recession that's going to come and on the other side of it, on
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the other side of this recession, when Janney Yellen and Jerome Powell or whoever's
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in charge, there'll be somebody who's going to be a puppet of the president.
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They are going to have an unholy union once again and unleash helicopter money.
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It'll destroy the dollar. And I'm not talking about the dollars so much
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against you know, the end or the pound. I'm talking about the dollar
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against hard assets. Yeah, yeah, yeah, you're going to see excuse
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me that people call me even on the day on a federal holiday, as
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you see, Uh, you're gonna see. And I think you can see
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protract and statuslation the likes of which we've never before witnessed or even dream possible
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in this country. Wow. So in the MEANTI have a Banana Republic,
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like Argentina, is moving in the right direction, right and interesting how Mille
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decided not to dollarize the Argentinian economy and we're heading in it exactly. The
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US and the West are heading in completely wrong direction. And we didn't even
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talk about China here, Michael, But China is you know, China is
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not my favorite country either. I mean, you're talking about, you know,
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running from the United States, you're gonna run into what you're gonna run
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into, the euro the Renman b where you're gonna where you're gonna go.
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I mean, they have they have a real estate crisis there. It's not
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going away. Clearly, the problems are not interest rate related. People can't
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afford the house, can't The real estate crisis in China is worse than the
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crisis of the United States. And we have a massive real estate crisis the
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United States. People can't afford their home. People can't afford a home.
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And you throw at the fifty percent increase in home prices and then coupled with
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the twenty six percent increase in maintenance costs and insurance and taxes associated with owning
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a home unaffordable a we have a dysfunctional real estate market here frozen. So
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yeah, I'm talking about the dollars destruction against hard assets once, but not
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not now. I wouldn't do it now because maybe a dollar can still have
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one big move higher. Yet, because that's what happens anytime you unwind Carrie
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trades, global carry trades, people run into the dollar. Yeah, well
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so I would. I would be a long dollar. Not now, I'm
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neutral a dollar. I'm a position, and I would be I would get
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it, get ready to get a position and a dollar and then short the
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heck out of it. In the aftermath of the Great Recession, I want
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I'm gonna I'm not gonna call I think it's I think I've called I've called
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this the Greater Depression. Yes, right, that's why I thing it's gonna
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happen because and carry Why because I'm some kind of maniac who has no idea
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what he's talking about. Uh, or or I'm sometimes some kind of Cassandra
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who uses hyperbole. No, I look at the debt of the United States,
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I look at the asset bubbles that exist in corporate debt and commercial real
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estate, and I look at the app ascid bubble in collateralized loan obligations and
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private credit. I look at all these bubbles and I say they're they're unprecedented,
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and they're concurrent. So we have we you know, we through reshtory.
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We've had times when there's been a bubble in the stock market. Right
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in two thousand, there was no bubble in debt to GDP, there was
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no bubble in corporate credit, There was no bubble in real estate. It
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was just a Nasdaq bubble. But that bubble burst with a procession and having
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the Nazak drop by eighty percent eighty three. I think in two thousand and
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seven there wasn't really a in equity bubble, but there was a real estate
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bubble, and that didn't stop the S and P from dropping by fifty percent.
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But now you have a credit bubble, uh, real estate and bull
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student loanle auto bubble. Got bubbles as far as the eye can see in
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vidiot bubble, I mean the bubbles everywhere you look, and their concurrent,
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in other words, existing simultaneously together. What do you think is gonna happen
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when they burst and there is no real like this? Gentleman, I was
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having a conversation with my perspective client, there is no there is no perfunctory
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response. That's a salve that's going to be there's one hundred percent effective that
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will remediate the situation. Oh, let's just cut rates to zero, borrow
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trullions of dollars and will monetize it all. Try and see what happens.
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See if that possibly go wrong. So we're going to have a We're gonna
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have to have some type of jubilee here, either voluntary or involuntary. Right,
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Well, we're talking about debt jubilee. You're talking about the restructuring and
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canceling of debt. Yeah, that's that's I mean, I don't see that
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happening volunt terily. It's going to be well, let's just be specific.
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I think the I think after we go through stagflation, hyperinflation that we've never
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before seen in this country, when that becomes such a problem, that restructuring
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and canceling and balance, which are very deflationary, become preferred hyper inflation.
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In other words, when everybody has sense to the idea that we know that
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we have to change, everybody's on the same page, then they'll then there
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will be balance and and dead will be canceled and that will be written off.
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But that's a you're talking about people all coming to the common you know,
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the zeitgeist will be I prefer I prefer to have a real depression short
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term because this hyperinflation is killing us. Are we going to have a referendum?
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Do you want hyper inflation or do you want a real depression? And
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uh see, I'll think I'll think I'll tink both that both, because you're
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gonna have because you have both. I mean, that's this third choice.
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Unfortunately, it's not really the choice. You just you look at every country
19:12
on the planet who has gone through this. Unfortunately, that's why I call
19:17
the United States now it's heading towards banana republic status, where when you have
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when you have debt and depths is out of control that have to be monetized
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by a central bank, you end up with. This is replete throughout history.
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You end up with a yeah, you know, hyperinflationary crash and then
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you know, then you have depressions. Now. The only I mean we
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I guess the best thing we could ever do is end up like Japan,
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which is a chronic case of you know, no growth, a protracted perpetual
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recession and by the way, their stock market is down after thirty five years
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of their experience. So if that's if that's the best case scenario, I
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think people need to call their money manager, their favorite broker up and say,
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are we what's our plan here? What's the strategy going forward? If
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this is if this is where we're headed, is it just buy a hole
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because you know the market always comes back. Well, I'm you know,
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I'm approaching retirement and I like to participate in bubbles, but I don't really
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want to have my my retirement plans divided by two are multiplied by point five
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and and wait fifteen years and I hope they come back to even in nominal
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terms. That's not really it's not really a retirement strategy. But do we
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have these you know, target date target date portfolios and you know he's order
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rebalancing. Everybody's piled into the same thing. And this this is not new
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kerry. This is you know, this is a disaster. It's going to
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be horrible. Getting the timing as close to possible correct, you know,
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possibly correct is the challenge. But it's better than just say, you know,
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yeah, I'm long, I'm a long envidio. Just close your eyes.
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So hey, your words just reminded me of a quote by Bernard Baruk
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who said I got rich, letting the other guy make the last ten percent.
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Wow. Very profound and very true. Yeah, we're close. We're
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close to that. We're close to the breaking point. There was going to
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be an epiphany here soon. And I'm tying that to when the reverse repo
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facility runs runs out of its q E so right around. Yeah, I
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thought it would be already, but that seemed to plateau. But we're running
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out of liquidy probably, you know, I would say definitely before the end
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of the year, but should be sometime this summer that you could start seeing
21:55
fireworks erupt. You could sooner rather than later. I wrote in an article
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six years ago. Yeah, it must have been right before the last election
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called the Emperor has no coretex, you know, the cerebral cortex. Yeah,
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he's got no cortex. And that goes for any of the presidents.
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Wasn't specific, but this one has a particular allure to it. Now.
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Well, when you when an independent suppose the independent third party says you're you're
22:25
you're not competent enough to stand trial, guilty, you're innocent. You're innocent
22:30
for reasons of lack of community, you know, yeah, incapacitated mentally.
22:38
But that makes you a great candidate for really I mean, it's Aladdin,
22:48
but it's really sad. It's really very sick. Yeah, this is like
22:51
pissing me off. I just googled the Emperor has no cortex, and I
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see a few people have stolen it from me. Oh well that's you know
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what they say, invitation is the greatest form of flattery, sage. Yeah,
23:06
I'm flattered. I'm sure. So hey, how does the crypto or
23:11
kleptocurrencies fit into this whole scenario? Is that a safe haven or is it
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just like anything else for me? They don't because, I mean they've been
23:23
corrupted and co opted by Wall Street, and so if their price is predicated
23:29
on them shoving ETFs down your face and saying here, by this cryptocurrency,
23:33
through our r ETFs, that means when the liquidity crisis hits, people will
23:37
be dumping ETFs and their shit coins as fast as possible. So no,
23:45
you're not going to get any zero zero ballast in your portfolio from cryptocurrencies.
23:52
Okay, so when everything crashes, though, and the digital dollar is basically
23:59
turned into vapor. If you're holding a currency, though, that could be
24:03
okay for a little while, right it so, so the four horsemen of
24:08
the economic apoculas have cash, short term bill, short term treasuries, the
24:15
US dollar, and shorts shortening the market. So those are only four things
24:21
that will work, the only four, because everything goes to a correlation of
24:25
one when you have a liquidity crisis. I'm going to make a little I'm
24:30
going to have an artist make up that diagram the four the foro coursecalypse.
24:38
Yes, your credit for it, thank you, thank you, so short
24:44
term treasuries. But but this is only a fix, a short term fix
24:49
right in the it's a place to hide when the when, so what everything
24:53
collapses? You need a place to hide. I mean you could just because
24:59
you're not going to get any early warning signs from Wall Street. They're not
25:03
going to get on the TV and tell you, you know, or Janet
25:06
Yellen or Joan Powell. No one will tell you the truth. I don't
25:10
think Joe Biden will either. I don't know if he knew it. Yeah,
25:14
and he's not going to tell you. Hey, listen, we're I
25:17
think we're headed for a recession that couldn't manage, you know, metastasize into
25:19
a depression. So I would sell everything you have right now, get in,
25:22
get into cash that will never happen. Uh. And you're not going
25:26
to hear it from your your your friendly neighborhood money manager either because you know,
25:33
you know what he bothered with this. He's off of the golf course.
25:37
He or she's off of the golf course trying to raise the next you
25:40
know, million dollars for the a U N So uh. You want to
25:44
be with someone who's least looking at this. Not not a panic, not
25:48
not a herm, a bear, but someone was looking at I noticed.
25:52
I noticed financial coechnitions are tightening, and I noticed credits breads starting to widen
25:57
out, and I noticed the reverse repos is al he's at it whack.
26:00
And I know that the the move index is blowing out because the volatility UH
26:07
index for bonds is getting unruly. I think I'm gonna maybe raise some cash
26:15
and charting, starting to sell some of these high data UH exposures and just
26:22
maybe go into the four horsemen for a while. See what Horstman is gold
26:26
and silver. It's if the if there is a fifth horseman, it would
26:30
be gold. It wouldn't be silver because silver has that base metal component to
26:33
it, so it is it is is tied to it. You know,
26:37
silver does best when the global economy is expanding and we have inflation, so
26:41
that's a that's its monetary hedges working, and it's hedge to industrial industrial abuse
26:48
is moving. But gold has a much better, much lower volatility profile than
26:56
silver, So I would head and I would use gold. But even in
26:59
a liquidity crisis, physical goal will get hurt. It depends on the intensity
27:03
of that liquidity crisis. So I'll you know, measure and map that process
27:07
as well. But right now I'm only owned, I'm only long gold.
27:12
Yeah, understandable, understandable. So but but they call silver the poor man's
27:19
gold, right you know, well I'm not. I'm not a poor man
27:22
and I don't and thank god, I'd rather own the real thing. If
27:27
I don't, it's not for it's not for man as well. They can
27:30
call it what they want, But if you look at the performance of gold
27:33
versus silver, especially when it comes to economic crises, you will want to
27:40
own the real thing, which is one hundred percent money. And has no
27:44
exposure to the rate of change of economic growth. Okay, I'll buy it.
27:49
I'll buy it. I see your point. But I think is massive
27:55
panic that's going to take place. They'll be buying everything, even opper,
28:00
Michael, They're even going to be buying copper. I would would I would
28:06
not disagree with that on the but I would say that would be after the
28:11
recession takes place. It would be on the ex post the recession, and
28:17
and then you know, I would buy I will be buying copper, base
28:19
metals, and energy, precious health. That's only after the that these maniacs
28:26
in Washington are able to re liquify the financial system. You really feel and
28:32
tell us how you really feel about it? Yeah, I mean, well,
28:34
well, you know what the you know you have you have an inverted
28:37
yield curve that's been inverted for the longest duration in history. Yeah, I
28:42
mean, you're killing you're killing the bank. The bank. The banks are
28:45
finished, and they're under a lot of pressure from their assets that are eroding,
28:51
so their margins are and called it net interest margin NIM is under a
28:56
lot of pressure. So you know, we listen, Jerry, I'm not
29:02
a nefarious individual. I want the best for this country. The country is
29:07
in desperate need of a recession. Doesn't in needs indegation, in need need
29:12
that it needs the cathartic cleansing, urging action that comes with resetting all this
29:19
debt that's not you know, not supported, cannot be supported. Resetting asset
29:25
prices, that's wonderful. It would be nice if people wouldn't be nice if
29:30
people could actually buy a house. Wonderful. Right, So let let's go
29:36
back to the gold you know, to dow ratio. So, once upon
29:41
a time, two hundred ounces bought a house, right, two hundred ounces
29:45
or one hundred ounces, I don't remember what the number was exactly, but
29:49
basically in a house it was one hundred grand and or fifty and you had,
29:57
you know, one hundred ounces of gold, you could buy a house
30:00
with it. But not the case anymore. So how prices are you know,
30:06
a way out gold? If you look at a home price to income
30:08
ratios, they're at the highest point by far in relation to any other time
30:15
period, even two thousand and six, which is the previous bubble peak.
30:18
So home prices cannot be afforded by the income. And if you look at
30:22
all the other factors that are a part of a house. Like I said,
30:26
the main has caused the insurance costs, taxes, it's even further out
30:29
of reach. So yeah, so I would I would look for that ratio
30:33
to come back into some you know, economic symmetry, historic symmetry soon and
30:38
it would probably do so by both the home price coming down and gold going
30:41
up. Yeah, and the gold to dow ratio. You know, it's
30:48
also I mean, even though the doubt isn't really the best to now,
30:52
you know, but look at the gold and NASDAC ratio if you want something
30:56
that shows how out of whack everything is. So yeah, so all these
31:03
ratios are going to reverse reversion to mean eventually, right the reversion. Yeah,
31:10
so you want to be you can never prepare for the inevitable, like
31:12
we buy life insurance, but that doesn't mean you're ready to die. You
31:18
know, you can't really prepare for this tsunami. It's because it hits the
31:22
US, then it means it's global. Right, it's every country in the
31:26
world except for some countries that are kind of off the grid. Yeah,
31:30
right, global. I mean, if you take the problems that are extends
31:37
in Europe and the United States, and China and Japan. Those are the
31:44
countries you have to be concerned with as far as you know your portfolio,
31:48
what most people are concerned. I mean, if you have problems in those
31:51
four countries, you're not going to be safe anywhere. Yeah, and it's
31:56
one black swan gets set it all off, right. I don't think we
32:00
need a black swan. We need read the regular white. So it's every
32:02
like we just said, it's not it's not. I don't think we need
32:06
some kind of rare exogynous media or hitting the earth. It's it's going to
32:10
be the same thing. It's a business cycle. We took on way too
32:14
much debt. Interest rates are way interest rates we're near zero present for ten
32:20
of the last fourteen years. Following was awful, following following the global financial
32:25
prices. I mean, that's that's the problem. And people borrowed too much
32:30
money when money was virtually free, and asset prices went to the moon.
32:32
And now inflation is coming down and money supplies has has been shrinking, and
32:39
the liquidity spigot is about to run dry, and you'll see this correction.
32:44
It's just part of the business cycle. We don't need anything crazy to happen.
32:49
And when the stock market starts going down, you know, the there's
32:52
in the five quintiles of consumers, the bottom three are done because inflation has
32:58
wiped them out the top two. It's all. That's all. It's keeping
33:01
things afloat. And their their wealth is in real estate and stock speculation,
33:07
Gordon Gecko. And and they're about to get a reality check once the liquidity
33:12
runs dry, because once when the when when the stock market ins the fall
33:15
and the real estate market be into humble guess what all five quintiles will be
33:21
Ryan for Uncle Jerome and the and Jedi please it was over. Please cut
33:29
injurs rates please, and did the worst time to do it, you know?
33:32
And cutting interest rates and we talked about it already again, cutting interest
33:36
rates back to zero when you have an inflation problem, and borrowing trillions of
33:39
dollars when you're insolvent. Yeah, one hundred and what are we one hundred
33:43
and thirty something percent debt to GDP nuts. You know, the stock market
33:49
in prosperity in a more in a in a soft landing, we have that
33:52
condition. The stock market's kind of mirroring the debt market, right, uh,
34:00
you know, stock market's one hundred and ninety percent of GDP and the
34:04
how much is debt times GDP? That's kind of like we have a definite
34:08
correlation there. Huh, We're getting there. Unfortunately, are not good.
34:14
Well, we always appreciate you coming on. Go over to pentoport dot com.
34:17
The links in the show notes, questions comments for Michael myself al at
34:22
Carrie LUTs dot com. While you're at the site, sign up for your
34:27
free newsletter. Michael, we'll talk to you again real soon. Thanks,
34:30
appreciate the time, Carrie, Thanks for listening to Carrie Letz's Financial Survival Network,
34:36
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34:40
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