Latest / Financial Survival Network / Crunch Time in the Economy - John Rubino #5941

Transcript

Crunch Time in the Economy - John Rubino #5941 · Financial Survival Network

0:00
And they're selling oil, which is a cyclical asset, so the markets are
0:03
anticipating a big slowdown. Now. If energy costs go down, that helps
0:08
the miners, other things being equal, And if the government starts cutting interest
0:12
rates, that also that helps the price of gold and silver. You're listening
0:16
to Carrie Leutz's Financial Survival Network, where you get valuable information. You just
0:21
can't find anywhere else to thrive in today's trying times. You need the Financial
0:27
Survival Network now more than ever. Go to Financial Survivalnetwork dot com and get
0:33
your free newsletter and gift. Financial Survival Network now more than ever, and
0:43
welcome you are listening to and watching the Financial Survival Network on your most Carrie
0:48
Lutz, It's it's eleven seven twenty three. John Rabinaz with us. Now,
0:55
hey man, John, the debt situation. It looks like we've gotten
0:59
to the point where too much of a good thing or too much of a
1:03
bad thing has become a really bad thing, right thy carry Yeah, well,
1:07
you know it could be that the interest rates finally pedat this last week,
1:11
because I mean, there's lots of stuff. I'll go go through some
1:14
of the bad things that are happening to the economy that make it look like
1:15
it's a slowdown. Plus we got, you know, a second potential world
1:19
war out there, so I think so the FED paused at their meeting and
1:26
they said some relatively dubbish things. I think a big part of it is
1:32
that they don't want to be tightening into a global military crisis, so they
1:37
want us to have the liquidity that we need to you know, to fight
1:41
a two different wars. So that's that's a big part of the rationale.
1:44
And the other part is that, yeah, you know, under the surface,
1:47
we've been talking for so long about how high interest rates have to go
1:49
before they start breaking things. Well, there are things that are breaking.
1:53
They're not the headline numbers, like they're not GDP AT or unemployment or anything.
1:57
But you know, the GDP now reading from the Atlanta Fed or the
2:02
current quarter instead of the previous quarter is like one percent room and so growth
2:08
is slowing down dramatically, which reddit card debt is soaring and personal interest expense
2:15
I didn't even know that was a staff that the said kept and I didn't
2:20
either, but it's spiked and it's up above a trillion dollars from a considerably
2:23
lower level just recently. But you know, the interest that consumers are pay
2:29
is way up now, which means consumer spending has to because of that.
2:34
And student loan payments just kicked in, and let's see, credit card delinquencies
2:40
are spiking. Home purchase mortgage applications are down to nineteen ninety four levels.
2:47
We had like two thirds of the number of people in the country in ninety
2:52
nine before that we have now, And yet the mortgage is being taken out
2:55
to buy houses today are only at that level them back then. And you
3:01
know, we Work, I didn't know they didn't go to bankrupt I thought
3:04
We Worked was already a bankrupt company, but apparently not. They just declared
3:07
bankruptcy. And that's a big commercial real estate manager. So they had oney
3:13
million square feet of all of the space. Yeah. The whole thing was
3:17
a scam, wasn't it. Do I have that run? They tried to
3:22
pretend that they were a tech company when they were really just a real estate
3:24
management company. So they got a tech and a bad evaluation. Yeah,
3:30
And so what it was was they were you know, next generation office space.
3:34
Anybody can come in and just sign up for a desk, YadA YadA,
3:37
you know, which is just sillage. But anyhow, they're bankrupt,
3:42
and what happens to all the real estate leases that they have taken out on
3:46
that twenty million square feet? And then they're already they're already basically just defaulting
3:53
on a lot of leases. A big chunk of them are in New York
3:54
City, by the way, And so that is that's another hit to a
4:00
sector that was already in trouble. Commercial real estate, especially in offices,
4:03
bad news lately, and so now it's just going to be that much worse.
4:09
There's other stuff, but you know that right there is enough to make
4:13
you wonder if next year is going to be a deeply recessionary year. And
4:18
so add in, you know, extremely high interest rates that are hitting everything
4:23
in sight, and the potential for two wars that the US could get sucked
4:28
into here still and yeah, you know, I think it's time for interest
4:32
rates to roll over started heading back down and for the FED to start easing
4:38
again. I don't think that happens right away, because inflation, at least
4:41
headline inflation is still above target. But I think bad things are bad enough
4:46
that it won't be long before the FED is forced to reintroduce panic QI.
4:53
You know when they're when they're just buying every bond in sight. So that's
4:57
a twenty four story. But yeah, it is inevitable. Hey, so
5:02
you know we're always repeating that great gats be aligned. How did you go
5:08
bankrupt? Slowly at first and then quickly? Listen to these highlights from total
5:14
debt that the Federal Reserve just released today the Debt Report. Total household debts
5:20
skyrocketed to seventeen point twenty nine trillion. Mortgage debt even though it's low,
5:27
climbed by one hundred and twenty six billion to twelve point four trillion. Credit
5:32
card debt jumped forty eight billion, which is a four point seven quarterly increase.
5:38
Student loan debt grew by thirty billion and is now at one point six
5:42
trillion, and auto loan debt is now at one point six trillion. So
5:46
there's as much student loan debt as there are as there is auto loan debt.
5:51
So it makes you think the students would have been better off buying cars
5:57
and driving for Uber, right, I think fifty percent of college students,
6:02
Yes, they would have been better off going straight to work. You know,
6:05
there's a South Park episode now, where one of the subplots is that
6:12
in south Park, Colorado, in the town that the cartoon takes place in,
6:15
all the handy men are getting rich because because all the upper class people
6:21
got all these college degrees that are completely useless and so yeah, and they
6:26
don't they don't know how to fix anything. Yeah, So the handyman or
6:29
the new one percent in that town. And if you know what I think,
6:34
you know, if you had an eighteen year old kid right now and
6:36
you had a choice of sending them to a liberal arts school or to a
6:43
plumbing you know, plumber's office where they become like a journeyman plumber or something
6:47
like that, choose the plumber and it's it's their life will be so much
6:51
better. Now I got our dex business, John, We're going to start
6:57
Handyman Academy where we're going to train people to be handyman because basically handyman's kind
7:04
of like a journeyman. He could do a little bit of a bunch of
7:08
different things. He's a uh, you know, basically an expert in many
7:15
areas, but a master of none. And you know, whether it's painting,
7:19
a little plumbing, little carpentry. They can do it all. So
7:24
we start the handyman economy because there's a shortage of them. I'll tell you
7:29
here in Florida, you get a good handyman and you want to like adopt
7:32
the person and make them part of your family. My handyman got deported and
7:38
my life has never been the same. See, that's the kind of illegal
7:44
immigrant we want. Somebody is all going to be handyman out there in the
7:49
world, who are are yet American citizens? They should just come here,
7:56
you know, those are the people we should let in that that actually is
7:59
okay. Two things. One is you should totally start that school. You
8:01
know. That would be if you had a degree in from handyman you certification,
8:07
Yeah, because one thing you're you know, you don't know how to
8:09
trust a new handyman, right they know what they're doing or anything. But
8:13
if you've got a degree in bag handyman, then that's, uh, that
8:16
gives him ten extra bucks an hour. Probably. So I have a kid
8:20
who works for something called oh what the heck not called task Rabbits. Yeah,
8:28
oh right, right, yeah, I've heard that. Yeah, it's
8:30
like it's like uber for handyman and so and he says, he, you
8:35
know, he makes forty bucks an hour putting together ia desks and things like
8:39
that because people don't know how to do that. And yeah, so he's
8:43
actually kind of like it. And it's it's you know, varied, and
8:46
it's challenging, and it's you know, the hours are basically his to choose,
8:52
and he feels like he's making pretty good money. So yes, and
8:56
and you know, I'm much happier with him doing that, and I would
9:01
be with him in you know, year three at Oberlin or someplace. Yes,
9:05
he's radical arts. Yeah, in puppetry, right, yeah, getting
9:09
is pursuing his degree in puppetry. Yeah, yeah, yeah. So anyhow,
9:16
that's well, that like are an interesting trend. Yeah, it's an
9:20
interesting new favorites Habeny. Nobody knows how to fix anything anymore, John,
9:24
You know, this is what society's devolved into, all these advanced degrees.
9:28
I was fortunate my father was a builder and was an ace mechanic, so
9:33
I was fixing stuff from the time I was a little kid. But even
9:37
still, there's certain things I don't like to fix. Like I don't like
9:39
to fix grout and tiles because you're on your knees and you're bending over.
9:45
And I tried fixing a toilet the other day and the hose disconnected and I
9:50
had two inches of water on the floor. I would have gladly just paid
9:54
a handyman one hundred bucks to just take care of it for me. And
9:56
then when your toilet leaks, you don't want to calling a plumber because it's
10:01
a little too extreme. But a handyman who's trained by Kerrie and John's a
10:07
Handyman academy. I mean, that's a guy you can trust. You should
10:09
totally found that school. You know, you would take that thing public five
10:16
years after foundings and you'd be a billionaire. I think we can do this,
10:20
man, I think this is a business model that'll work because nobody can
10:24
fix anything, especially here in Florida. They're all old, so even if
10:28
they used to know how to fix stuff, they've probably forgotten. The younger
10:33
people never knew how to fix anything anyway, and the people in the middle
10:37
just can't be bothered. Right, Well, what's the generation that comes after
10:41
the millennials? Is that Je lub Ay or the Zeemer? Can you imagine
10:46
what it's going to be like when the zoomers are the homeowners. These kids
10:50
who have played video games their entire lives, never really even interacted with other
10:54
people face to face, but definitely never fix a leaky toilet or anything.
10:58
It's just going to be this white, a little bit market. Yeah,
11:01
oh yeah, yeah, forget it. You know. They they will,
11:05
they'll happily hire somebody and pay him a hundred bucks to do stuff like that.
11:09
Actually, I gotta say, I'm not handy. I'm one of those
11:13
those guys. And we had a handyman back in Idaho where we lived before,
11:18
and I literally offered him to come live in our spare roodom. I
11:24
was. I was only partially kidding, you know, I said, good
11:26
stuff, if you want to live here, you know, we have a
11:28
bedroom you can just move in, because you know, we would get like
11:31
a leak and I would think, oh my god, it's in the walls.
11:33
We're gonna get mold, and I'd freak out, you know, and
11:37
the plumber, plumber and the handyman would come and they would say, oh,
11:39
yeah, we just need to put this little knob right here and it's
11:43
fixed, you know. And so yeah, those guys were incredibly parts of
11:46
our lives back then. Yeah, Hey, you've got to have a good
11:50
handing man, and they're becoming harder and harder to find. And and that
11:56
also fits in with probably if you get a hire a handyman, you're going
12:01
to need to learn a foreign language, right because he's probably not going to
12:07
be from the United States, so you know, wherever he might come from,
12:11
you're going to have to if you want to communicate, Well, I
12:15
guess you could use Google Translate, right, Well, no, you're your
12:20
handymank college is going to have to have English as a second language department where
12:26
you just thrill them and you know, what, how do you say facet
12:30
and how do you say Philip said screw driver and stuff like that. You
12:33
know, yeah, yeah, I think all right, So you need a
12:37
little language arts in there, or at least you've got to teach them to
12:41
use Google Translate. Well see, And then you know, if you're teaching
12:43
them English, you get government money for that. The government will subsidize your
12:48
English language programs for immigrants. So there's your second income stream. I love
12:52
it, then, you do. You know the way the way a lot
12:56
of coding boot camps do is they don't charge you anything to do the boot
12:58
camp, but you will on one third of your salary for the next five
13:01
years or something. Totally servitude while we're right. Yeah, yeah, you
13:07
know, I totally do that with your handyman student. Oh I love it.
13:09
We're onto something here, man, Like we just need to franchise out
13:13
our brains so we don't have to do anything, right, But there's like,
13:22
you know, there's really a need for these people, and and we
13:26
haven't been doing anything to make sure that they actually you know, it's like
13:37
nurses. I mean, all these different jobs we just can't keep up with.
13:43
And you would think it a market economy we supposedly used to have.
13:48
We would the market would be producing these people, right, Yeah, that's
13:52
the weird thing. Things on being balanced buy the market like they used to
13:56
be. Do you know what a traveling nurse is? Have you heard of
13:58
it? Yeah? Yeah, yeah, do you know about that? That's
14:01
the weirdest thing. There are these nurses that travel around. They take like
14:05
six months condirect gigs, but for crazy money. I met one who makes
14:09
five thousand dollars a week in a cent Yeah is right, five thousand a
14:15
week? Did you five thousand a week? Oh my god? Yeah?
14:18
And and and it's a six month contract. He does that, and then
14:22
he moves on to another place and you get Yeah, he gets to live
14:26
in and it's a guy. And get this, his name is Possum.
14:31
Yeah, he's a he's a country boy. He looks like a Texas biker.
14:35
But he's got it. He's an ICU nurse and they're they're in such
14:41
shortage that he can just choose where he wants to live for six months and
14:45
and make like investment banker money while he's doing it. Yeah, it's it's
14:48
crazy that that exists. You think that the market like that would be flooded
14:52
with people wanting that job, you know, but apparently not. Yeah,
14:56
like what happened? I mean, we were getting all these is from the
15:00
Philippines. Did they run out of them? I mean, seriously, we
15:03
had a program in the United States recruiting Filipino nurses and healthcare people to come
15:11
to the United States. But I guess I guess that's over. Well,
15:13
see that the broader issue if this takes us into immigrant immigration policy, where
15:20
we should definitely have immigration, but we should we should be picking and choosing
15:24
the people that come, right, Not just that, but he who walks
15:26
across the border. It should be okay. Do you got any English language
15:28
skills to begin with? Do you have any technical skills that we need?
15:31
You know, can you program a computer? Are you a ic? Your
15:35
nurse? Come on in, you know. And if we did that,
15:37
we would upgrade our society really dramatically by you know, causing a brain drain
15:43
in the rest of the world. But that's how we should be doing it,
15:45
and we're we're doing everything wrong. Kary. You know what, never
15:48
matter what we talk about, it's it's what we're doing wrong. In the
15:50
United States. We are a dumb country. Now we've been dumbed down,
15:56
but from top to bottom. But like our leaders, you know, who
16:00
isn't dumb down. A market based economy is supposed to correct for stupidity,
16:06
and it's not happening here. That's what's really weird about this, because you
16:10
know, you would think that everything would be optimized by people making their own
16:14
choices and drawing in the talent that they need to run their industry perfectly and
16:18
everything, and it's not happening. So I can't explain it. I guess
16:22
that's a subject for a either a long and I want a video show for
16:25
you or a long substack for me. I want to know, like why
16:29
we aren't producing the people that we need. We're importing engineers, like from
16:33
all over the world, India, China, you name it. We can't
16:37
seem to produce anybody. Doctors, you know, no longer homegrown. They're
16:44
coming from all over What are we producing here? You know, we're producing
16:48
like guys, I guess we're still producing programmers and AI engineers, right,
16:57
programmers, that type of thing, But we seem to like have lost our
17:03
ability to produce the people we need to run this complicated economy. Yeah,
17:10
but see that's what immigration ideally would fix, right, that's yeah, that's
17:14
the kind of the safety VIOB When you've got some big gap in your economy,
17:17
you just look around the world and invited in the people who fix your
17:21
problem. We don't do that though. Yeah, see we could with immigration
17:26
fix all these things we're talking about that are wrong. Like, yeah,
17:30
you'd get handymen from all over the world if we need them. You know,
17:33
we could get a million plumbers to move here this week if we just
17:38
advertised it correctly. Right, they come from Dagistan and from Honduras. It
17:42
doesn't matter. If you're a plumber, you come and we could do that,
17:47
but we're not. We're I don't know, I don't know. Maybe
17:49
did they Ramaswami. We'll come up with that idea and actually fix it if
17:55
he's ever president or maybe RFK. You know, those are the kinds of
17:59
guys who seem to be thinking at least about stuff, and maybe they'll come
18:03
up with an idea that you instead of just closing the border, you use
18:08
immigration as a way to upgrade. And yeah, well doesn't sound like rocket
18:12
science. That's what we used to do, I think, But you know
18:18
it's uh, I don't get it. But hey, but odd to important
18:23
matters or other important matters. So we've already talked about the tenure has peaked.
18:30
It appears, you know, it was up I think you mentioned to
18:33
five percent. Now it's down to four point six. What does that tell
18:37
you about the economy if the rates are going down and the bond vigilantes are
18:42
thrown in the towel. Well, I think five percent is a big round
18:48
number, and you would expect, just technically a lot of selling to be
18:52
right there, because you know, people like to put there their buy and
18:55
sell orders at round numbers. So five percent is now resistance. Okay,
19:00
it's a ceiling for interestingness. And if we have a ten year you know,
19:04
spikes above it, then maybe it becomes the floor. So we don't
19:07
know for sure that interest rates have peaked, but they do feel like they
19:11
have, and it's legiti Now, there's a legitimate reason to think that they
19:15
should peak here because five percent was higher than the terminal rate in two thousand
19:21
and seven, back when we only had half as much debt as we have
19:25
now. You know, so I think we're financially more fragile today, which
19:29
means the terminal interest rate, the rate that starts breaking things, would be
19:33
lower. And you know, it could be that we're going to look back
19:36
on this and say, oh, we overshot when we got to five percent.
19:38
You know, we should have started cutting it more or whatever. But
19:41
we'll see, you know, it's there's just an awful lot of stuff going
19:45
wrong out there. I'm worried about the small banks, you know, with
19:48
the with commercial real estate tanking. A lot of local and regional banks own
19:52
that debt and so that story has yet to play out, and that's that's
19:56
a scary thing. Oh, it's a really scary in a trillion dollars a
20:02
year is our interest expense or it's going to be for the US debt,
20:07
So you knew that they're going to monetize a chunk of this death. Even
20:12
if they monetize the interest payment itself, that's still a trillion dollars of printing
20:18
out of thin air just to keep this whole thing afloat. How long can
20:22
they keep doing that for? John? Yeah, you see, there's this
20:26
big debate about why the Fed is still running massive deficits with the economy growing
20:30
and you know the last GDPRO before it was four point five percent annual rate,
20:36
So why is the deficit so massive? And the answer is pretty straightforward.
20:40
Suddenly we have a trillion dollars a year in interest expense, whereas before
20:44
it was three hundred billion or whatever. So we have this this five hundred
20:48
to seven hundred billion dollar extra bill that there's really nothing we can do about.
20:53
Brenton and printed. Well. You know what else is interesting about this
20:57
is that the federal government, and with that big deficit that they're running,
21:00
they started borrowing very short just lately. So it's like they knew interest rates
21:07
had peached. I mean, we're going to go back down. You know,
21:08
it could be that there's a there's some collusion going on there where the
21:12
Treasury Department told the Fed, you need to start cutting interest rates, and
21:15
for the next couple of months, we're going to anticipate that by borrowing three
21:19
months out, all right, and by that time those three month things,
21:25
by the time they come due, we want to be able to roll them
21:27
over at a lower rate. And so we'll see it. But it sounds
21:30
like something like that happened. Yeah, well, it's definitely it's definitely intractable.
21:37
There's nothing they can really do other than print up another trillion, buy
21:44
a trillion dollars worth of treasuries every year. But you know, like something
21:49
like seventy percent of the national dead is actually interest on the dead that has
21:56
been rolled over. At least that was what it was a few years ago,
22:00
probably even higher now. So basically the whole scheme of you know,
22:06
printing up some money and then issuing a note. So the Treasury issues a
22:11
note to the Federal Reserve. It then prints money out of thin air and
22:17
gives it to them, and then it collects interest. It sells that debt
22:21
off and the banks are printing up money to buy it, and then you
22:26
know, seventy percent. So if we just got rid of seventy percent of
22:30
the debt, that would be the interest that's accrued on the debt that we
22:33
just rolled over. You know, it's a mess. Yes, we're kind
22:41
of we're kind of doing modern monetary theory already. Yeah, we had Well,
22:47
why are the gold miners so cheap when all this is happening? You
22:51
know, that is an interesting question because they are ridiculously cheap right now.
22:55
If you look at for instance, GDX, the big gold mining ETF yeah,
23:00
versus say the NASDAK or something like that. The ASDAC went up mostly
23:03
in the past year. GDX went down, and then there's like a twenty
23:07
five percentage point gap between their performance. GDX is very early up for the
23:12
year and the NASDA action is up, you know, twenty percent or so.
23:15
Why is that? Who knows? I think one one part of that
23:21
is that mining became a very hard business. In the last couple of years.
23:23
Oil prices went up and labor costs went up, and those are the
23:26
two main inputs in a mine, or two main costs of running a mind.
23:32
So mining margins were squeezed by that. But now oil is down.
23:37
It's in the seventies again from the low nineilies not too long ago. Yeahotead
23:44
of the seventies today, you know this. Yeah, at last I saw
23:47
it was like seventy eight dollars a barrow or something. So it's getting whid
23:49
seven forty four according to kid Go. Okay, So this is inflation anticipation
23:56
or on recession anticipation behavior, right. I seen people buy long bonds and
24:00
they're selling oil, which is a cyclical asset. So the markets are anticipating
24:06
a big slow down. Now. If energy costs to go down, that
24:10
helps the miners, other things being equal, And if the government starts cutting
24:14
interest rates that also that helps the price of gold and silver. Yes,
24:17
well, miners are looking really cheap at these levels, and even the royalty
24:23
streaming companies, which are normally the closest thing to risk free in that space,
24:29
have just gotten whacked lately. So yeah, I think it's possible that
24:33
we're nearing a bottom, a cyclical bottom for prison with the golden's over miners,
24:37
and so if the FED is back to easing, they go up unless
24:44
the industry just ceases to exist. It can't get any cheaper than it is.
24:48
Well, there's a lot of political risk out there. All of a
24:52
sudden, the thing happened with frank and Nevada. It's ps WE where they're
24:56
literally their biggest royalty streaming deal is with this gigantic copper gold mine in Panama
25:03
that was going to send a torrent of cash to Franko Nevado over the next
25:07
twenty or thirty years. But people started protesting that mind because of its environmental
25:14
impact, which is, you know, a real thing. And the government
25:18
in Panama that just threw up its hands and said, okay, on December
25:21
seventeenth, we're going to have a referendum and if people vote to close the
25:26
MIND, so be it. We close this mine. And so that's a
25:30
big hit to Franko Nevada. It stock went down probably more than the hit
25:33
that it's going to take if that MIND closes. So it actually became a
25:37
better buy at its current price than it was before this bad news. But
25:42
this means that political risk is an even bigger deal for the commodity space than
25:48
it was before. You know, we had a revolution in an African country
25:52
that was a big uranium producer, and we got this thing in Panama.
25:56
And there was one more I forget, but there well, Chile, which
26:00
used to be a rocket olid capitalist stream market Latin American country upon you know,
26:07
is kind of talking about nationalizing some of its living minds and things.
26:11
You know that they're thinking of doing things that would be very bad for mining
26:15
as as a concept, you know, as a capitalist enterprise. So what
26:22
that means is one, mining is suddenly a riskier business than we've got and
26:26
two North American assets should be trading at a bigger premium than previously because it's
26:32
it's less likely. But Canada and Mexico in the US, we're going to
26:37
start nationalizing minds. It's not no guarantee. I think Biden would do that
26:40
if you have the choice, and Trudeau would too. Look to Trilogy basically
26:45
put that company out of business almost with the you know, they'd gotten the
26:51
permit to build this road in the Arctic in Alaska, and then he revoked
26:56
the approval and then they just filed a bunch of the projection metal objections and
27:00
this is like hundred wilderness and it's a road that you know, is essential
27:07
to come up with all these battery metals, there's cobalt, there's copper,
27:14
all the things in the IRA Act, and they've defeated one of the largest
27:18
potential copper producers in the world and unquestionable environmental grounds. So mining is not
27:27
safe anywhere, John, is what it comes down to. Yeah, And
27:32
okay, here here's what that means from an investment piesis standpoint one is that
27:37
you want to lighten up on the actual miners and increase your exposure to the
27:44
royalty streaming companies, which are really diversified, so they could be hurt by
27:48
one mind having trouble, but they can't be killed. And then the third
27:52
thing you want to do is emphasize physical commodity et apps. Yeah, sprought
28:00
uranium right, Yes, For instance, they just go out and they buy
28:03
uranium and they take it off the market and they hold on to it,
28:07
so it doesn't matter what happens to that African uranium mine or anything. And
28:11
it actually it's good for the physical atfs if there's stuff like that out there,
28:18
because it makes the price of the commodity to go up, which makes
28:21
the holdings of the physical ETF become more valuable. So I think that might
28:26
be the play in the commodity space, right now, just load up on
28:30
those physical ETFs and just let the market play out then, you know.
28:34
And so actually the government will go to Sprout and say we need you uranium.
28:41
Here's a check. Yeah. See, that's that's the big risk is
28:44
that they expropriate what's in the vaults of the of the physical ETFs and then
28:49
you know, we can't control that. But that's that's a little further down
28:52
the road than mining nationalization. But you're right, nothing is saved, you
28:57
know. The only thing that well, you want to store things involved in
29:02
other countries just to spread your risk around, and you want to own physical
29:06
stuff yourself because yeah, going back to our initial thesis, if you invest
29:11
in human capital, meaning you learn how to fix stuff, because you won't
29:15
be able to buy as much new stuff. We've already seen that from the
29:18
pandemic, you know, so more stuff is going to have to be fixed,
29:23
and we have less people who know how to fix it than ever before.
29:27
So there's the play. Invest in the handyman academy, right, get
29:33
a sort of get your handyman certification, and put your excess profits into physical
29:40
metals and the ETFs. Yeah, that's that's probably going to end up end
29:45
up being the portfolio that we look back on as the big winner. Right.
29:48
You invest to yourself, Yeah, train yourself to be a handyman.
29:52
You invest in whoever else trains the handyman, and then you get physical with
29:59
your investment and that's probably the thing that works. You know, I'm kind
30:03
of convincing myself. Now. I got the name too, for the for
30:07
the Handyman Academy. Remember Three's Company, That guy Schneider in the Three's Company,
30:14
he was a goofball. We call it Schneider's Handyman Academy. Okay,
30:18
I remember the hot blonde in threes Company? Yeah? I do not remember
30:22
a handyman or maybe yeah, I think it was with the moment Suzanne Summers.
30:27
That's all I mad. Maybe I'm the wrong show, but hey,
30:32
that's what memory does. All right. Well, that is it for this
30:34
week. Make sure you go over to John Substack rabino dot substack dot com
30:41
sign up subscribe to his newsletter because you will be learning about the handyman and
30:47
the acute shortage raving. I have a feeling there'll be an article coming out
30:51
shortly. Hey, sign up, for a free newsletter Financial Survival Network dot
30:56
com. John, we will talk to you in a couple of weeks.
30:57
All right, Kerry, thanks thanks for listening to carry Letz's Financial Survival Network,
31:03
your solution to today's trying times. For the latest, go to Financial
31:07
Survivalnetwork dot com. Financial Survival Network now more than ever,