Latest / Financial Survival Network / The Coming Demise of the Dollar -- Addison Wiggin #5830

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The Coming Demise of the Dollar -- Addison Wiggin #5830 · Financial Survival Network

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Read some history, and that is what happens. If you pump money into
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this system, every dollar that gets printed is going to be worth less than
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the one for it. And where because we have the reserve currency of the
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world, we're in a beneficiary position where we can make decisions that impact our
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own spending and there's no guard reps for the federal reserve. You're listening to
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Kerrie Let's Financial Survival Network, where you get valuable information you just can't find
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anywhere else to thrive in today's trying times. You need the Financial Survival Network
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now more than ever. Go to Financial Survival Network dot com and get your
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free newsletter and gift. Financial Survival Network now more than ever, and welcome.
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You aren't listening to watching the Financial Survival Network, Well, the person
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you're about to hear somebody whose work I have followed very closely for the past
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twelve years. This person I credit partly with me even choosing the path of
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an often the lonely path of free markets, of sound money, and of
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just so many other things that I've come to believe and endorse wholeheartedly. I
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know you want to know his name, and he's also got a special report
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for you at the end, Anatomy of a Bust and the moment you've been
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waiting for, Addison Wigan, Addison, your best selling author. You've got
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the third edition out of Demise of the Dollar. There will also be a
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link to that if you guys want to buy it and millions and as you
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say, it covers everything from bailouts to the pandemic and beyond. We already
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know what's happened. I'm curious about what's going to happen really in this space.
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Addison. I'm not going overboard here with the flattery. You are a
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legend, you are a thought leader, and you know we could get into
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the book. But I want to know how did you get here? When
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was your awakening? Because Churchill said, or often it said that a you
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know, a Republican is just a Democrat is just a Republican who hasn't been
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mugged yet. Or Churchill said, if you're not eighteen and a liberal,
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you have no heart, and if you're not a conservative by age forty,
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you have no mind. Obviously you had an awakening here. How did that
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happen? Yeah? I like both of those quotes, and I actually think
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it was P. J. O'Rourke who said that if a Republican or a
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Democrat is is a Republican who hasn't been lugged yet unless he was just parapuating.
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I don't know. But for me it started ironically, and I have
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to tell this story every now and then because just because people asked me.
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But I actually studied literature, short American fiction in school, and then I
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studied philosophy in graduate school. So I studied religion, history and things like
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that, and just a lot of the things that were going on in media.
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I was interested in publishing. I was interested in the things that I
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had been studying, but I was mostly interested in how ideas get conveyed to
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other people. And that became like a really important part of the study that
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I did. And I realized pretty early on when I was like after I
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stopped following the Grateful Dead, for example, I realized that money was the
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only medium that we actually share in common. We have opinions, politics,
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different types of entertainment that we like to consume, but money is really the
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only medium that we all share, whether we like it or not. So
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I got really fascinated with the development of the Federal Reserve and the impact of
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the two World Wars on the conversion of the British pound as the reserve currency
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of the world to the US dollar. I got fascinated by the entire idea
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of the gold standard when I was like literally when I was studying philosophy,
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Like that was the beginning for me, Like I realized that there was something
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sort of a rye about the way that the media conveys financial information and that
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kind of thing. And then I met Bill Bonner, who was the founder
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of Agora and a number of companies that through we called them the Adora Companies,
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And he had UM. He had actually studied law like he did UM.
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He studied law Georgetown and UM and then came to some similar conclusions a
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decade before I did. UM. And when I when he was explaining some
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of the concepts of how the economy works, free markets work, how they
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interact with politics, and um, the chicanery that goes on in Washington,
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UM, it just made sense to me. Clicked, And I was a
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young man, and I just made sense to me that that I just made
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it my career. I've been doing it for over thirty years now, so
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yeah, and never looked back. I'm sure. So you know, I've
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kind of arrived at this concept of language, like you communication, how we
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communicate thoughts, ideas. And as a lawyer, it's easier because you've got
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one case. It's one little snippet of life, and it's a lot of
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times it's when you're before the court, it's like, who can If you
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can get the judge to hate the other guys your adversary's client more than he
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hates yours, you'll the case. And I found that that was basically what
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was going on in society and communication, and like you with economic concepts,
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is by shooting the messenger, you can achieve your point without ever having to
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prove anything. And you know, I feel like that's where we're at now.
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I always go into I don't watch media anymore. I don't watch news
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shows because I also realized that we're being biohacked effectively. But it's subtle,
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like when you show when you trigger somebody and you get him into an emotional
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state, they lose their ability to actually critically analyze the information receiving and they
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accept it as truth. And that's a formula that works universally on the right
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on the left, it doesn't matter. And once I realized that I was
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being biohacked effectively info hacked, everything changed for me. That's kind of why
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I got into this show, to try to make you understand how we got
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where we are, why these pieces are all moving in the way they are.
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I guess we kind of arrived in the same place from different to different
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channels. But here you are. You've written books, You've been publishing things
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about fiscal sanity, about why markets work best, free markets in economic systems,
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all of these things, and for thirty years, has the message gotten
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out? Is it getting out or people waking up? Or is it just
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the government's going to take care of everything? So I can't answer that directly
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because I feel like we've made a lot of progress, and also the networks
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that we've created, Like I meet people like you who share similar opinions.
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I worked at CATO for a while and they have they're publishing there, they're
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economic it's more like research. It's not very entertaining, but I feel like
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there is an awareness that didn't exist before. And we also that technology has
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changed. So you and I can talk over zoom and I do my own
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podcast or zoom cast. The wigand sessions, and I do it for the
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same reassons that you're doing it, which is like I get to meet really
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interesting people and we get to talk about things like this, and we don't
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we're not to hold into a network or anything like that. So I think
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that's really important, and those changes have have happened in my career during my
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career, so I feel like decentralization of ideas is happening. But at the
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same time, I've like there's a craving leting. I don't know how to
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say this properly, but there's a craving for one idea that we bold in
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common, and like I do watch the main street media because I want to
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know what they're saying, but it's mostly entertainment. Even the news is entertainment
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and the snippets, like you don't actually learn anything unless you go and do
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the research yourself. Mostly what people consume as news, financial news, and
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just news about society and things like that that doesn't actually happen through network media.
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It's awful. But at the same time, I do think there's a
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democratization of ideas that's happening, and you and I are examples of that.
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Like like I'm I'm encouraged. I'm an optimist because I believe that we can
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continue to share ideas. U don't trust the mainstream media that lunch and and
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for good reason, because they're you know, they're beholden to corporate advertising,
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and I don't know. I watch it because I want to see what's going
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on. I want to see what they're thinking. But that doesn't mean I
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agree with that. If that was a kind of long winded answer. It's
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changed a lot, and I have a lot of opticism. But at the
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same time, it's especially when it comes to like the elections or wars or
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things that actually impact the impact our lives. Inflation has been an issue that
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most people just don't understand at all. This whole book is about how the
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FED created inflation and then now they're pretending like your champions level. So a
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lot of issues that I just don't agree with when I when I watch it,
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but I want to know what they're saying. Yeah, well, I
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mean I agree with that, but I usually read it rather than watch it.
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I like to read it because reading in and of itself as a critical
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process, whereas watching as a I can't do it. You know, I
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can't. They show a kid to getting blown up in some war zone and
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I'm like, I change, you know, body chemistry, brain chemistry,
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it all changes. But reading it, I can deal with it and keep
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the emotions in check. But that's just me. But I totally get you
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want to know what the other side's thinking. You don't want to live in
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an echo chamber. Like many of the status and collectivists live in a giant
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echo chamber where nothing contrary to their views can penetrate it. And that's part
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of what I'm saying too, is that I did find myself. We've been
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publishers for many years of what we would call alternative financial advice. We're looking
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at economic trends and primary trends, things that are moving the markets, and
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we're making recommendations in that vein. But I did find myself creating my own
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echo chamber. And then I was repeating a lot of things that other people
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were saying, and I felt like I was thinking independently. But then I
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would read it from somebody else and You're like, wait a minute, that's
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not exactly accurate. So I just changed my habits and I do read a
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lot. I read a couple hours a day in the morning before I do
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anything, because I just want to know what other people think about what's happening
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in the world and how that's going to impact the opinions that I have.
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And also when I have conversations like with you, I feel like I need
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to have a broader perspective on the way the world works as opposed to the
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way that I think that it works. Right, So talking about bringing it
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current inflation so magically the government will have you leave or whatever whatever you want
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to call the status quo the keepers of the status quo of the powers that
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be, is inflation just magically occurs from animal spirits or whatever. And I
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just hearken back to the words of Milton Freed. Inflation is first and foremost
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a monetary phenomena always. I mean that was a categorical, absolute statement that
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I don't know how many of the people running stuff out there really ever comprehended
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that or took the time to even attempt to understand it. Well, if
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you think about it, running either zero or close to zero interest rates for
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almost a decade, inflation is the natural outcome of that. Like all you
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have to do is read a couple books read some history, and that is
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what happens. If you punt money into this system, every dollar that gets
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printed is going to be worth less than the one for it. And we're
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because we have the reserve currency of the world, we're in a beneficiary position
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where we can make decisions that impact our own spending. And there's no guard
14:16
refs for the Federal Reserve, so they can do whatever they want. If
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they want to run zero interest rate policy to shore up the banking system on
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Wall Street, which they did, it's going to lead to inflation, and
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then we export that inflation to the rest of the world. And that's what
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we just experiencing the period between twenty twenty and twenty twenty three is inflation was
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rampant in the US and then we exported that to other parts of the world
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because the Federal Reserve, by virtue of our having the reserve currency status,
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was influencing the central bank policy of European Central Bank, Japan, of Australia.
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I just did a podcast with Gene Tuney, who's down in Australia,
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and he was effectively saying that even commodities prices that come out of Australia are
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affected by federal reserve policy decisions. Like it's a it's a system. Whether
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we like it or not, whether we politically want to stop it or whatever,
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it does exist, and it impacts the currency that we spent. And
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I want to make a point here because I think it's really important to look
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at the reserve currency of the world. The way that we do is a
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store of value or banks around the world. And then the policy that puts
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in place also impacts decisions made in other parts of the world, and that
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impacts the global economy. But and this is a conundrum that I spent a
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lot of time with in this book. I tried to understand how is it
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possible that we could have the reserve currency of the world but at the same
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time have inflation. And we have inflation because so many dollars were pumped into
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our own internal system, and the internal system is we have a payment currency.
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So we might have the reserve currency of the world, but we also
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have to pay for I don't know. Eggs became a big deal in twenty
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twenty At twenty twenty two, the price of the stuff that we spend our
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money on actually goes up so our mortgages go up, our car payments go
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up, tuitioning goes up. The commodities that we consume, like natural gas
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and oil that goes up, and the shipment for the goods that we consume,
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like eggs and I don't know whatever, bread wheat, like, all
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of those things go up because there's more money going into the system. And
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I think that that's Milton Freeman's point is inflation is at its core a monetary
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monetary in is that more money goes into the system, things cost more.
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It's it's not that much more complicated than that. And to address the point
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that you made, I think all of them. I think all the bankers
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are smart, and they didn't get to where they were because they don't understand
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basic economics. It's that they're playing a game. They're playing politics with our
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money. And you know, I do the work that I do. I
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wrote the books, I have made documentaries on it. I did these things
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because I'm learning them myself, like my own journey through life. I'm understanding
17:51
how to manage my own money, raised my own family, like like those
17:55
things were important to me. So the most important thing that people can do,
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in my view is understand the big trends. You can't really do anything
18:03
about them, like you can understand them and then position your money, your
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personal money accordingly. And that's that's the genesis of all the newsletters I published
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in books I did. That is a great point, you know, it
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just you think it doesn't matter, but it does. I mean, when
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I figured out that economies generally went down when interest rates went up, recessions
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were triggered. I realized then when the federal reserves started raising rates, that
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my receivables out there on the street to attorneys and other businessmen were going to
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become worth less, harder to collect. So when I started seeing interest rate
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hikes happen, I did a full court push for the following eighteen months,
18:53
six to eighteen months. Get in all the money you can, offer,
18:57
repayment, discount, whatever it takes. Try not to loan any money,
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Try not to have deep receivables to an absolute minimum. The strategy actually served
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me pretty well. The other thing you mentioned a decade of zero interest rate
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debt. That is the classic what the Austrians referred to as malinvestment. And
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we got malinvestment in this country. But the malinvestment over in China dwarfs anything
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we've done here. You know, Yeah, I think I become a fan
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of the phrase that Warren Buppett has been famously connected with. When the time
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goes out, we find out who's not wearing any bathing suit. And that's
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what happens. And I'm glad you brought up the Austrian theory because during the
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boom, that's when all the mistakes are made. We don't find out what
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the mistakes were. And I've seen this in my own business, in several
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of the businesses that I've been involved in, is you make a lot of
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mistakes when money is coming in, and if the money is coming in because
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of cheap interest rates, it makes it even worse because you you make bad
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decisions and then when the tide goes out, then you're like, oh,
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those were bad decisions, and we all have to look with that. It's
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just I wouldn't call it human nature. I would just say that we get
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excited when when it looks like we're going to make a lot of money,
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and we do, and then and then we make functional decisions that undermine good
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investment practices. We all do it, and then it's like I'm working on
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in fact of the anatomy of a bust, the report that we've been talked
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about or that we have available is I started with Garrett Garrett who wrote a
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piece called a Bubble that Broke the World in nineteen thirty two. So he
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was writing in the middle of what we now call the Great Depression. The
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term Great Depression hadn't even been invented yet, especially with the Capitol G and
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D, because they didn't know what they were dealing with. But he wrote
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in nineteen thirty two that he analyzed the way that the banks had overinvested in
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technology like RCA gets gets pummeled in this organ because radio was new, everybody
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gets excited about it. I think we're going through that right now with cryptocurrencies,
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like the anatomy of the bust for us can be like the breadcrumbs go
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all the way back to decisions that made about a year ago trying to trade
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stable coins which were supposed to be linked to the US dollar, and then
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the trajectory moves forward to the collapse of alienated research and then FTX, and
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then tech entrepreneurs who are heavily invested in in ptocurrencies pulled their money out of
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banks like Silver Gate and Silicon Valley Bank. That's the that's the story that
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I have. I'm not even done telling it because we're right in the middle
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of it. It's still happening. And yeah, right, So that's what's
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in the report, but it's also going into the next edition of Financial Reckoning
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Dead because when we look back in history and we look at one of the
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things I do in Financial Reckon a day is looking at how the Mississippi Scheme
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of John Law an entire nation in France in seventeen fifteen was when it busted.
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But when you read those stories in history, you look back at you
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like, how is it possible that people thought that kind of thing? But
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it's happening right now, right in front of our face. This whole idea
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that cryptocurrency is going to change change the way that we think about money is
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just crazy. It's a crazy idea. And now the SEC's involved just this
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morning, I think it was or yesterday morning, and secs coin base right
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going down hard on point Base and also Binance. They're trying to nail those
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guys for fraud, really is what they're investigating. I don't know if it's
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going to happen, and you know what, the SEC's and front of mine
23:29
either, so yeah, same here. Well I call them kleptocurrencies because maybe
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bitcoins great, and stable coins and ethereum, but why do we need thousands
23:41
of them? It made absolutely no sense. Yeah, you know, it's
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very interesting if you're a student of economic history, Like in the eighteen thirties
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and forties, we had wildcide banks and they were just printing money, just
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like the FED does today, but there were thousands of banks that printing their
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own money, like cryptocurrency is no different. We pretend because we understand.
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We're you know, we're enamored by technology, and I am too, because
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I love being able to have this conversation with view over zoom. Sure,
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I think a lot of the technological advances that we get excited about are really
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important, and I do think that blockchain is also important. But it leads
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to all kinds of weird, imagine imaginary things like there's no the currency is
24:33
going to be currency. It was seashells at one point, or it was
24:38
bro I don't box bones, and then it became gold and silver or whatever.
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Like, nothing's really going to change the idea of currency, and I
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don't think that our technology are technological advances are going to do that either.
24:52
Well, we can understand it, we have to use it properly. What
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people they shouldn't be called the cryptocurrencies anyway, because they lack a lot of
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the concepts, the principles of a currency, like or of value. You
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could argue one way or the other, but and you know, they're divisible.
25:17
Obviously they're portable, but they're not really. It's not a medium of
25:23
exchange, right, it never fulfilled that promise. And if it's not a
25:30
medium of exchange, if I can't go to Starbucks and by my overpriced latte
25:34
with crypto, not that I necessarily want to, but if I can't do
25:37
it, then it's not a currency. It's an asset, an asset class,
25:44
right, Do I have that right? Yeah? I think that that's
25:47
correct. But I also just in thinking about it for myself, I do
25:55
believe that the technology that underlies it Latcha and I think that's going to make
25:59
banking more efficient and it's going to be a good it's going to be a
26:03
positive outcome. But like any time you introduce a new technology into society,
26:11
it comes, it comes with a bunch of just shenanigans, like fraud is
26:18
what happens. But excited, I'll just tell the story of John Mau just
26:23
really quickly, because I think it's hilarious. He introduced paper currency to the
26:30
Bank of France. He himself was the son of a gold smith in Um
26:37
in Scotland, and during his teen and twenties, like teen years and twenty,
26:45
when he was in his early twenties, the Bank of Scotland took all
26:52
the coins that they could gather and ship them over to the Isthmus of Panic.
27:00
They went, they took the actual coins with them because they were going
27:03
to go start a colony over there, and he depleted the actual currency that
27:08
people were using in Scotland at the time, and the ship sank, so
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they lost all their money. Grew up in an environment where the species,
27:21
the actual coins that people used to buy wheat and make bread or whatever,
27:26
disappeared, and so he uh, he came up with the idea of printing
27:33
money to replace species, the actual printing coins so that he could The idea
27:41
was it was actually a good one, is that people can use it to
27:45
buy bread or whatever. Portability and then he went and he convinced the Bank
27:51
of Or he created the Bank of France to help finance the wars that were
27:56
happening in France at the time. And he convinced the Duke door Lyon,
28:02
who was running the country at the time, to found the Bank of France.
28:07
And then they were trading these paper dollars in the streets. There are
28:15
two things they were trading, where the franc which was their currency, but
28:19
they were also trading the bank notes in the streets of Paris. And the
28:27
only way to keep that con gain going long enough was John Locke convinced the
28:34
public that they were going to go and mind this gold on the island of
28:41
Mississippi in the New World, and that's why it became the Mississippi Scheme.
28:47
And what he did to convince everyone was he routed up all the bombs and
28:52
vagrants who were living in Paris at the time, people with no money.
28:56
It gave them shovels and hats and stuff like that so that they would look
29:00
like miners, and he marched them from Paris to you not where they were
29:06
supposed to get on ships and go to the New World and buy this goal.
29:11
And it worked for a while, but then it went buzz because those
29:18
same bums and vagrants and the people that were still not they didn't have any
29:23
money, they started showing up in the same places in Paris again, and
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he ended up getting He was the richest man in the world at the time
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because he came up with his scheme, but he ended up getting chased out
29:37
of Paris. You know, the horses with the carriage and people were trying
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to break the carriage down, and he stole a bunch of artwork on the
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way. It's a very interesting story. But the reason I'm telling it now
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and the reason why I still find it fascinating is the advent of paper currency
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had actually happened in China five s years before that, but when they introduced
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it to Paris, it became this object of like fascination. And it was
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only uh, maybe twenty years after the two bubble in m in the Netherlands,
30:15
and then the British government that created the Cell Sea bubble right after that
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because they mimic which John Maha had done. So this kind of like financial
30:26
fascination and belief in imaginary the economic product progress has been with us forever.
30:37
Yes, yeah, well, that's the McKay's book, Popular Delusion and the
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Madness of Crowds. And yeah, I did a lot of so I when
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I was writing Financial Reckoning Day, I look at the sources that McKay used
30:53
and I went and read those, so, like, the story is pretty
30:57
deep. And then what I'm trying to do now is just show that the
31:03
cryptocurrency bubble and collapse and there's still there's still a ton of people that think
31:11
it's going to replace the US dollar or whatever. It's just another innovation of
31:17
technology into the financial system. But but, but the idea of a currency
31:22
has to have some confidence behind it, otherwise it becomes an objective speculation and
31:30
problem. Well, you know the root of the word confidence is con right,
31:36
Yeah, that I always say. So I say that about the FED
31:41
too, though. There's it's like the most historic con game that's ever been
31:45
run. So I'm going to go change up a little. So when you're
31:52
in the midst of a bull market, of a speculative frenzy, like when
31:56
you watch your bitcoin go up from five dollars to five thousand and fifteen thousand,
32:04
all right, there's a biochemical change shift that takes place in your body
32:08
dopamine. There's nothing that can generate dopamine more than returns in financial markets.
32:16
It's and the dopamine, you know, goes to the pleasure center and you're
32:22
getting pleasure from it, and it really it's very difficult. And I've been
32:28
in this position myself during the dot com where I sit back and I make
32:32
thirty thousand dollars in a day of of a relatively small portfolio and look around
32:37
at my office and say, why am I bothering to work here? Like
32:42
what's the point of this? And you know, you just get carried away.
32:47
And for somebody who's been through a four or five times like myself,
32:52
I can self regulate. But for some millennial or gen zer out there who
33:00
gets their first taste of literally dopamine on demand, dopamine on demand, they
33:07
can't do that. They don't have the experience to self regulate. Yeah,
33:13
I mean, I think that's the importance of shows like yours. And what
33:17
I'm trying to do with leagand Sessions is I've been through it now three times,
33:23
and I've done well, and then I've not done well, and I've
33:27
done well and then I've not done well. Wait, I think part of
33:30
it is just communicating like, don't get carried away, and that's why we
33:35
try to put guardrails on. I have a product that I call the Essential
33:37
Investor, and it's these books that I'm writing are part of the bedrock of
33:45
what I want the Essential Investor to convey to people, which is this one.
33:51
Demise is about the currencies and the failure of the currencies throughout history.
33:58
Financial Reckoning Day is about booms and us like we were just talking about the
34:01
advent of new technologies that change the psychology of the market. And then Empire
34:07
at Debt is the third one, and that is mostly about the politics of
34:14
how how the US has been carried away by these financial innovations and allowed itself
34:21
to get indebted to the degree that it is now thirty one trillion dollars is
34:24
crazy. And I made some movies on it, most notably Io USA was
34:31
nominated for an Academy Award or shortlisted, I guess they call it. And
34:37
then we were also in the Sundance film Customer, and it was about like
34:44
we're in the throes of just insane fiscal policy and also the way that people
34:52
think about their own lives and they get swept up by investing in Wall Street,
34:58
Like there's a there is a disconnect between reality of managing the finances of
35:05
the country or managing your own credit. We're mostly a credit driven society now,
35:12
and when you try to explain that to people, people who are like,
35:15
well, yeah, I get it, I get it, I get
35:15
it, and then they turn around and they look for that dopamine rush.
35:21
And so, having lived through it like you have, having lived through it
35:24
a couple of times, I think it just community communication is the most important
35:29
thing. Like I've been really excited about my own returns on several occasions,
35:34
and then and then I've also been in situations like shit, what did I
35:38
do? That is the best lesson? Yeah, And so the only thing
35:45
we can really do, there's no real level of education other than experience.
35:51
So all we can do is talk about our experience and then hopefully people will
35:55
listen and the idea behind the essential investor. What I'm trying to do is
35:59
just you know, take the wisdom from home, from you, from from
36:04
my own experience, from Warren Buffett, from any number of people that are
36:08
trying to manage their own money, and just make sure that we have sound
36:14
approaches to investing, managing over time. All right, well, we really
36:21
appreciate you coming on, Addison. It's all if you're struggle to get you
36:24
on the show, I'm really happy you came. It's kind of weird that
36:29
it took twelve years, but just one of those things. But so if
36:35
readers are interested in the boom bust theory, which I just talked about,
36:39
they can they can look at Anatomy of a bus because I tried to take
36:43
my work and apply it to what's happening with crypto and with the banking crisis
36:47
that we just I don't think we're done yet, but it grabbed the headlines
36:52
until the debt ceiling debate. So they can't get that report for free.
36:58
It's called the Anatomy of a Bust, and within it is is the information
37:02
that you need to if you want to sign up for Essential Investor. It's
37:07
all all right, excellent, Well, appreciate you coming on. And then
37:12
what's the best site to read your work these days? Actually, the easiest
37:15
way to get started is a site that we call the wigand Sessions. But
37:22
join the Sessions dot com gets you signed up for the podcast or zoomcast similarly
37:30
to your your own that we publish to our website. And then it also
37:36
gives you access to the Daily Missive, which is just me writing about stuff
37:40
like I'll write about you. For example, I'm gonna talk about talking to
37:45
you and the ideas that we discussed. So it's an email. It's like
37:50
an accessible way to talk about these sam ideas. All right, Hey,
37:54
well, if you've got a question for Addison, you can always shoot me
37:57
an email. K L A. Kerry Let's dot com. The link to
38:01
get the free report anonomy of a bus to It's in the show notes,
38:07
as well as the the link to buy the Demise of the Dollar that's also
38:13
there, and to join addison sessions. That link is in the show notes
38:19
as well. Addison really appreciate your come. I appreciate you it too.
38:22
All right, well we'll talk to you again soon, I hope. All
38:24
Right, Thank you, carry thanks for listening to carry Lets's Financial Survival Network,
38:30
your solution to today's trying times. For the latest, go to Financial
38:35
Survival Network dot com. Financial Survival Network now more than ever