Latest / Financial Survival Network / TrumpGPT: Precious Metals, Firing the Fed, and the Coming Monetary Reset - John Rubino #6306

Transcript

TrumpGPT: Precious Metals, Firing the Fed, and the Coming Monetary Reset - John Rubino #6306 · Financial Survival Network

• 0:00
  Speaker 1: Who would expect the President to be firing the chairman
• 0:03
  Speaker 1: of the Fed unless he gets zero percent interest or
• 0:06
  Speaker 1: for one k is to be able to turn to
• 0:08
  Speaker 1: the hedge funds and buy all these alternative investments. That
• 0:11
  Speaker 1: wasn't part of the plan, but it's a very welcome
• 0:15
  Speaker 1: part of the new world for precious metals.
• 0:18
  Speaker 2: You are listening to Carrie Lutz's Financial Survival Network, where
• 0:22
  Speaker 2: you get valuable information you just can't find anywhere else
• 0:26
  Speaker 2: to thrive in today's trying times. You need the Financial
• 0:29
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• 0:34
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• 0:38
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• 0:45
  Speaker 3: And welcome you are listening to the Financial Survival Network.
• 0:49
  Speaker 3: I'm your host, Carrie Lutz. John Rabino is with us. John,
• 0:53
  Speaker 3: it's been a couple of weeks, but hey Trump Trump GPT.
• 0:58
  Speaker 3: He seems to be steps ahead of all of his adversaries,
• 1:03
  Speaker 3: both domestic and international. Here what's going on? Pay Jerry?
• 1:08
  Speaker 1: Well, you know, you can use a lot of adjectives
• 1:13
  Speaker 1: when you're describing Donald Trump, but two that you can't
• 1:17
  Speaker 1: help but use are consequential and busy. You know, the
• 1:22
  Speaker 1: guy hit the ground running because they knew they had
• 1:25
  Speaker 1: two years before the midterm elections, when it's completely conceivable
• 1:30
  Speaker 1: the Congress flips, and then the purse strings are in
• 1:33
  Speaker 1: the hands of people who don't want to finance any
• 1:35
  Speaker 1: of Trump's initiatives. So the government is basically paralyzed. So
• 1:41
  Speaker 1: Trump knows he's got to get everything done. There are
• 1:43
  Speaker 1: a lot of stuff done in just these two years,
• 1:46
  Speaker 1: and he's not wasting any time, you know, the everything
• 1:51
  Speaker 1: that is on their wish list. They're just trying to
• 1:55
  Speaker 1: do all at once, and they're letting the courts sort
• 1:57
  Speaker 1: it out. And it's fascinating touch. You know, the district
• 2:01
  Speaker 1: court judges impose nationwide what's that term injunctions, right, injunctions?
• 2:10
  Speaker 1: Not only can't you do that in this case, but
• 2:13
  Speaker 1: you can't do it anywhere in the country, you know,
• 2:15
  Speaker 1: not just in my district. And then that bumps up
• 2:18
  Speaker 1: to the Supreme Court, and the Supreme Court just lately said, now,
• 2:21
  Speaker 1: you know, these nationwide injunctions are unconstitutional. So that basically
• 2:27
  Speaker 1: opens the bloodgates for Trump to do all the things
• 2:29
  Speaker 1: that he wants to do, and he's winning a lot
• 2:31
  Speaker 1: of other things in the Supreme Court.
• 2:34
  Speaker 3: Yeah, he's winning everything. Basically, he's had like five major victories,
• 2:38
  Speaker 3: and like one of them was the fact that he
• 2:42
  Speaker 3: could just fire people in any department at his heart,
• 2:46
  Speaker 3: to his heart's content. And this is like a major
• 2:50
  Speaker 3: sticking point because they believe that they were covered by
• 2:55
  Speaker 3: the Impoundment Control Act of nineteen seventy four, which basically said,
• 3:00
  Speaker 3: if the president wants to stop spending, he's got to
• 3:06
  Speaker 3: go back to Congress. And now he can just unilaterally
• 3:10
  Speaker 3: say we're not paying it. So it's almost like he
• 3:13
  Speaker 3: doesn't even need dog anymore. If he just decides that
• 3:18
  Speaker 3: there's a department he doesn't like, he can't get rid
• 3:20
  Speaker 3: of the department, but he can get rid of all
• 3:22
  Speaker 3: the people in the department. So what's the difference, right, We'll.
• 3:26
  Speaker 1: See that that was always the big question, like who's
• 3:29
  Speaker 1: in charge of the administrative state after all, because technically
• 3:33
  Speaker 1: they're part of the executive branch, but they're funded by Congress.
• 3:38
  Speaker 1: So can the president refuse to spend the money that
• 3:43
  Speaker 1: Congress has allocated on a given thing? And that was
• 3:45
  Speaker 1: the question that just kind of got answered now, right, No,
• 3:47
  Speaker 1: the burnder, right is like I have.
• 3:50
  Speaker 3: To yeah, yeah, indirectly and I predicted it too through
• 3:54
  Speaker 3: Trump GPT. You know, Trump GPT is running the White House. John. Look,
• 4:00
  Speaker 3: as a lawyer, I could tell you that each one
• 4:02
  Speaker 3: of those executive orders probably is several hundred hours worth
• 4:07
  Speaker 3: of work. You don't just write them. You have to
• 4:08
  Speaker 3: research every law they affect, and every other executive order
• 4:13
  Speaker 3: they effect, hundreds and hundreds of hours. No sooner did
• 4:16
  Speaker 3: he take his hand off the Bible, John, than he
• 4:19
  Speaker 3: was signing executive orders. And the thing is he maybe
• 4:24
  Speaker 3: had a small sized law firm on this case, but
• 4:28
  Speaker 3: none of it got out. Nobody knew it was going
• 4:32
  Speaker 3: to happen, and yet it happened.
• 4:35
  Speaker 1: Well, we knew they were working on a transition this
• 4:40
  Speaker 1: time because the first time he got elected, he didn't
• 4:41
  Speaker 1: think he was going to win. So it was just
• 4:44
  Speaker 1: him all of a sudden, he was the president. He
• 4:46
  Speaker 1: didn't know foodre and whether they were going to work
• 4:49
  Speaker 1: with him or against them, And so it was a
• 4:51
  Speaker 1: really other than the Supreme Court that he named three
• 4:55
  Speaker 1: conservative justices to. He didn't accomplish much of anything this
• 4:59
  Speaker 1: time around. He had the Federalist Society and all the
• 5:01
  Speaker 1: thing tanks out there preparing personnel, and these executive orders,
• 5:08
  Speaker 1: and you know they had AI obviously because they couldn't
• 5:10
  Speaker 1: have done it without AI. But they had this long
• 5:15
  Speaker 1: list of stuff they were going to do all lined
• 5:17
  Speaker 1: up for day one. And yeah, it's been a really
• 5:20
  Speaker 1: amazing performance to watch watch a president come in and
• 5:25
  Speaker 1: just start doing stuff, tear things up or impose his
• 5:29
  Speaker 1: will and all kinds of things where the president really
• 5:31
  Speaker 1: never had much of a say, and you know, he's
• 5:34
  Speaker 1: getting away with it. And the wild thing is he
• 5:36
  Speaker 1: might actually get to name a couple more Supreme Court justices.
• 5:40
  Speaker 1: I think he's well just in that sense, he's incredibly influential.
• 5:45
  Speaker 3: I couldn't agree with you more. And it's, you know,
• 5:49
  Speaker 3: love him or hate him. I mean, there's things I
• 5:51
  Speaker 3: like about and there's things I really don't like about them,
• 5:54
  Speaker 3: like things like debt. Doesn't seem to care about how
• 5:57
  Speaker 3: much debt gets run up. And you know this idea,
• 6:02
  Speaker 3: like I'm no fan of J. Powells, but to throw
• 6:05
  Speaker 3: him out so you could cut the rates from four
• 6:08
  Speaker 3: and a half to one percent. You know, Michael Pento
• 6:11
  Speaker 3: even says, I'm a supporter of the administration, but I
• 6:14
  Speaker 3: can't support that. You know what that would do cutting
• 6:17
  Speaker 3: the rates to one percent. I mean, we'd see an
• 6:21
  Speaker 3: economic boom, but we would see a currency debasement. That
• 6:26
  Speaker 3: the mother of all currency debasements.
• 6:28
  Speaker 1: John Well, Yeah, Trump is a real estate guy, and
• 6:32
  Speaker 1: you live and die on interest rates if you're in
• 6:34
  Speaker 1: real estate. So to him, low interest rates are the
• 6:38
  Speaker 1: only completely good thing in the world, probably no bad
• 6:41
  Speaker 1: side effects to it at all. And he is a
• 6:43
  Speaker 1: great investment right, Yeah, nothing like that. If you can
• 6:48
  Speaker 1: borrow money for zero percent, you can make money in
• 6:51
  Speaker 1: real estate. But yeah, okay, here, here's the way this
• 6:55
  Speaker 1: might play out is that, yeah, he gets his way
• 6:57
  Speaker 1: with the Fed one way or another. They start cutting
• 6:59
  Speaker 1: interest rates pretty aggressively at the short end of the
• 7:03
  Speaker 1: yield curve, so the Fed Fund's rate goes down to
• 7:06
  Speaker 1: zero again, and then long term rates is where there's
• 7:11
  Speaker 1: the question, because will the bond markets accept that. In
• 7:15
  Speaker 1: other words, will long term interest rates fall along with
• 7:18
  Speaker 1: short term interest rates or will the bond traders rebel
• 7:22
  Speaker 1: and start pushing up long term interest rates. If they
• 7:26
  Speaker 1: do that, then the federal government has to step in
• 7:29
  Speaker 1: with yield curve control and start forcing down long interest
• 7:32
  Speaker 1: rates too. To do that, they have to basically create
• 7:36
  Speaker 1: a tsunami of dollars with which to buy those ten
• 7:39
  Speaker 1: and twenty and thirty year treasuries, and then that shifts
• 7:42
  Speaker 1: the pressure over to the currency. So in other words,
• 7:46
  Speaker 1: you get inflation if you try to push long rates
• 7:49
  Speaker 1: down really dramatically, and that's the dollar falling in value,
• 7:53
  Speaker 1: and there are no and it could happen within the
• 7:56
  Speaker 1: next few years where the dollar starts falling in a
• 8:01
  Speaker 1: kind of an uncontrollable way, and there's your crackup boom. Right,
• 8:06
  Speaker 1: that's the endsets process where total people start shifting their
• 8:11
  Speaker 1: dollars into real assets, they start buying gold and silver
• 8:14
  Speaker 1: and farmland and everything. The price of those things go
• 8:17
  Speaker 1: through the roof and you get hyper inflation in that sector,
• 8:22
  Speaker 1: and then you know, the dollar is basically toast and
• 8:25
  Speaker 1: we have to do the monetary reset so we could
• 8:29
  Speaker 1: be lived to the prove of monetary history.
• 8:31
  Speaker 3: Right, Yeah, is the more we go on, the more inevitable.
• 8:36
  Speaker 3: But good news in that respect is that your four
• 8:41
  Speaker 3: oh one K is you're now going to be able
• 8:43
  Speaker 3: to do alternative investing. Right.
• 8:46
  Speaker 1: That adds fuel to this fire. They have just decided
• 8:50
  Speaker 1: the federal government to allow for one K plans to
• 8:54
  Speaker 1: invest in alternative assets because right now, most four one
• 8:57
  Speaker 1: K plans are in stocks, bonds, and cash and mutual
• 9:02
  Speaker 1: funds that hold those things. But now they're going to
• 9:04
  Speaker 1: be allowed to buy private equity and hedge funds and
• 9:08
  Speaker 1: cryptos and gold and silver, which is a really huge
• 9:12
  Speaker 1: deal for gold bugs because there's multiple trillions of dollars
• 9:17
  Speaker 1: in four one K plans. And you know, if you've
• 9:20
  Speaker 1: got a one K plan that has mostly stocks and
• 9:24
  Speaker 1: bonds in it, and then you find out that you're
• 9:27
  Speaker 1: allowed to buy gold, and that gold has been the
• 9:30
  Speaker 1: best performing major asset this century so far, the past
• 9:34
  Speaker 1: twenty five years, gold has outperformed the S and P
• 9:37
  Speaker 1: five hundred. So you're going to want some gold. So
• 9:40
  Speaker 1: let's say you put five percent of your poor one
• 9:44
  Speaker 1: K in gold and silver. That doesn't sound like much
• 9:47
  Speaker 1: in the scheme of things, but it's a massive inflow
• 9:50
  Speaker 1: of capital into precious metals. You know, gold is not
• 9:53
  Speaker 1: that big and silver is minacemal, and I think a
• 9:57
  Speaker 1: lot of people, if they, you know, if they listen
• 9:59
  Speaker 1: to casts like this one, are going to favor silver
• 10:02
  Speaker 1: because silver is way cheap compared to gold, and so
• 10:05
  Speaker 1: you know, you get a half a trillion dollars flowing
• 10:08
  Speaker 1: into silver, and you've got one hundred dollars over right there,
• 10:11
  Speaker 1: And that's totally conceivable in the scheme of things now.
• 10:16
  Speaker 1: So that's something that probably people aren't paying too much
• 10:20
  Speaker 1: attention to, but is actually a very big deal for
• 10:23
  Speaker 1: precious metals and for bitcoin and for real estate. You know,
• 10:30
  Speaker 1: if you can all of a sudden, if you have
• 10:32
  Speaker 1: a four to one K and you're a hedge fund,
• 10:34
  Speaker 1: a lot of wild bays can happen.
• 10:36
  Speaker 3: Hey, So, as you were mentioning that, I looked it
• 10:40
  Speaker 3: up and as of March thirty first of this year,
• 10:45
  Speaker 3: total amount held in four toh one K accounts was
• 10:48
  Speaker 3: approximately eight point seven trillion dollars. But listen to this,
• 10:54
  Speaker 3: the average balance, according to Fidelity, was one hundred and
• 10:58
  Speaker 3: twenty seven thousand. So you take the average person, say
• 11:04
  Speaker 3: I'm willing to do ten I'll take seventy five hundred
• 11:08
  Speaker 3: dollars risk here, throw it into some gold and silver
• 11:12
  Speaker 3: and uh, you know, put a little into a bit bitcoin,
• 11:17
  Speaker 3: right and before you know it, all of a sudden,
• 11:21
  Speaker 3: that is a huge amount of money going in there. John.
• 11:24
  Speaker 3: Just last week, two point two billion went into the
• 11:29
  Speaker 3: Bitcoin ETFs all right, that's not even owning the actual thing.
• 11:34
  Speaker 3: It's really synthetic. It's not synthetic, it's derivative, all right.
• 11:38
  Speaker 3: But the amount of option open interest in the options
• 11:43
  Speaker 3: is like thirty five billion, and there's no bitcoin trading
• 11:47
  Speaker 3: like less than seven percent of the total. And just
• 11:50
  Speaker 3: in the inflow last week, that's thirty four thousand and
• 11:54
  Speaker 3: thirty five thousand coins that have been now down the
• 11:57
  Speaker 3: rabbit hole that will never be seen again. And less
• 12:00
  Speaker 3: there is a massive panic and people start cashing in
• 12:05
  Speaker 3: their ETFs, and maybe that's what they'll try to trigger.
• 12:09
  Speaker 3: But right now we're close to one hundred and seventeen
• 12:11
  Speaker 3: eighteen thousand dollars. I don't want to say exact, but
• 12:15
  Speaker 3: this has the potential to be wildly disruptive to all
• 12:20
  Speaker 3: alternative investing. John. Yeah.
• 12:23
  Speaker 1: Another way of looking at at that from the precious
• 12:25
  Speaker 1: metals point of view is that right now gold accounts
• 12:29
  Speaker 1: for less than one percent of investible capital. So if
• 12:36
  Speaker 1: four A one K is start saying, okay, I'll throw
• 12:38
  Speaker 1: five percent in gold or something like that, since it's
• 12:40
  Speaker 1: the best performing asset of the century, that quintuples the
• 12:44
  Speaker 1: amount of any average for one K has invested in
• 12:49
  Speaker 1: gold and silver, So that's you know, those numbers actually
• 12:53
  Speaker 1: probably can't happen because there would be no gold and
• 12:56
  Speaker 1: silver left if four one ks tried to go five
• 13:00
  Speaker 1: recent into precious metals. Soum.
• 13:04
  Speaker 3: Yeah, yeah.
• 13:05
  Speaker 1: So you know, we're at the we're in the early
• 13:09
  Speaker 1: stage of what is looking like a spectacular precious metals
• 13:14
  Speaker 1: market because you got the president demanding zero percent interest rates.
• 13:18
  Speaker 1: People with four to one k's suddenly being able to
• 13:22
  Speaker 1: buy gold and silver and cryptos and things like that
• 13:25
  Speaker 1: at a time when those are the best performing assets,
• 13:28
  Speaker 1: when everybody's looking at them and looking how much they've
• 13:31
  Speaker 1: gone up, which we will encourage regular people to buy
• 13:35
  Speaker 1: more now, whether it's at the peak of the market
• 13:37
  Speaker 1: or not. You know, that's an awful lot of money
• 13:40
  Speaker 1: flowing into the stuff that you and I have been
• 13:42
  Speaker 1: pushing for all these years. So it could be could
• 13:46
  Speaker 1: be that we turn out to be not only right,
• 13:48
  Speaker 1: but right in a spectacularly unpredictable way. You know, the
• 13:53
  Speaker 1: stuff that who would expect the President to be firing
• 13:57
  Speaker 1: the chairman of the Fed unless he gets zero percent
• 13:59
  Speaker 1: interest or four one k is to be able to
• 14:03
  Speaker 1: turn to the hedge funds and buy all these alternative investments.
• 14:06
  Speaker 1: That wasn't part of the plan, but it's a very
• 14:09
  Speaker 1: welcome part of the new world for precious metals.
• 14:14
  Speaker 3: Joh It's like I was at the Bitcoin twenty twenty
• 14:17
  Speaker 3: five conference in Vegas. I'm telling you, if you have
• 14:20
  Speaker 3: a chance to go to one of those, you got
• 14:22
  Speaker 3: to go because the amount of money there was staggering.
• 14:28
  Speaker 3: You know, bitcoin whales walking around. Remember Trace Mayor, he
• 14:32
  Speaker 3: was there. He's a bitcoin whale. Now. He told us
• 14:36
  Speaker 3: to buy it the ten dollars, but I was waiting
• 14:39
  Speaker 3: for it to go down to seven so I could
• 14:42
  Speaker 3: feel like I got a deal, which of course I
• 14:44
  Speaker 3: never never did, and I never bought it until much
• 14:47
  Speaker 3: much later. But he told me that nearly half of
• 14:51
  Speaker 3: the Republican Party's contributions are coming from the crypto sector.
• 14:57
  Speaker 3: And when you think about that, it all makes complete sense. Now, Trump,
• 15:04
  Speaker 3: the Trump Coin, the Malania coin, all of their involvement
• 15:10
  Speaker 3: in crypto. It's it's really impressive, isn't it.
• 15:14
  Speaker 1: Yeah, those guys they basically should we just pulled out
• 15:17
  Speaker 1: the checkbook in the last couple of years and they're
• 15:20
  Speaker 1: they're buying Washington, DC, and you know, the Obviously, we
• 15:26
  Speaker 1: don't want our politicians to be owned by special interests.
• 15:30
  Speaker 1: But if they have to be owned by any particular
• 15:33
  Speaker 1: special interest, cryptos is not bad because crypto guys are
• 15:38
  Speaker 1: kind of gold bugs. At the same time. By the
• 15:40
  Speaker 1: time you understand how cryptos work, you know enough about
• 15:43
  Speaker 1: money to know the difference between sound money and fiat currency,
• 15:48
  Speaker 1: and so you respect gold for its role in that differentiation,
• 15:53
  Speaker 1: and so I think a lot of crypto money. Oh wait,
• 15:55
  Speaker 1: that's right. We didn't talk about this beforehand. Did you
• 15:58
  Speaker 1: see therypto company that just bought a big piece of
• 16:03
  Speaker 1: a gold silver royalty company.
• 16:06
  Speaker 3: No, I didn't hear about that happens Hey no.
• 16:11
  Speaker 1: It was probably a month ago maybe, But which.
• 16:15
  Speaker 3: Is the big oh yeah, yeah, token company?
• 16:19
  Speaker 1: What do they call it? I'm sorry, I should really
• 16:21
  Speaker 1: have that at my fingertips. But the kind sense waves
• 16:24
  Speaker 1: stable stable coins. Okay, Teather is the big stable coin.
• 16:29
  Speaker 3: Yeah, that's what everything gets traded into bitcoin and eventually.
• 16:33
  Speaker 1: Yeah yeah, yeah, but in the meantime it's uh, you know,
• 16:37
  Speaker 1: you buy it. They for instance, Teather has bought a
• 16:39
  Speaker 1: bunch of gold, put it in a vault, and they've
• 16:42
  Speaker 1: issued tokens which are, yeah, and so so that's good
• 16:47
  Speaker 1: for precious metals there. But then Heather also went in
• 16:50
  Speaker 1: and bought a large, almost controlling steak in an emerging
• 16:55
  Speaker 1: royalty company. And I had somebody explain the point of
• 16:59
  Speaker 1: that to me. And one of the points is that
• 17:02
  Speaker 1: similar business model. You know, these a stable coin company,
• 17:05
  Speaker 1: for instance, has massive revenue per employee, and so does
• 17:09
  Speaker 1: a royalty company. And if they're going to start coming
• 17:13
  Speaker 1: out with gold stable coins, then they want access to
• 17:18
  Speaker 1: physical gold, and so they're looking into the mining industry
• 17:22
  Speaker 1: and the royalties and everything, and that's you know, there's
• 17:26
  Speaker 1: way more money in cryptos that's available to flow into
• 17:30
  Speaker 1: the flow into the royal royalty companies then is currently
• 17:35
  Speaker 1: the case. So basically, be another big deal for a
• 17:39
  Speaker 1: segment of precious metals. If cryptos decide, crypto companies decide
• 17:44
  Speaker 1: that that's an interesting diversification, then look out US for
• 17:49
  Speaker 1: the junior royalty companies.
• 17:50
  Speaker 3: Oh yeah, man, I'm like, this thing is really going
• 17:54
  Speaker 3: to explode here. My theory i shared it with you
• 17:58
  Speaker 3: last time, I think was that basically they're going to
• 18:04
  Speaker 3: use the strategic Bitcoin reserve to pay off the US debt.
• 18:11
  Speaker 3: All right, because John can you name another investment that
• 18:16
  Speaker 3: if you put ten cents into it in two thousand
• 18:19
  Speaker 3: and ten, it would be worth one hundred and twenty thousand.
• 18:22
  Speaker 1: Now, yeah, that's that's a hell of a run.
• 18:26
  Speaker 3: And you know, En Milligan one hundred.
• 18:33
  Speaker 1: No, no, And you know, the mechanics of paying off
• 18:38
  Speaker 1: the national debt with bitcoin that might take a whole
• 18:41
  Speaker 1: show for us here too, because that's that's really interesting,
• 18:43
  Speaker 1: Like how do you how do you maintain the value
• 18:46
  Speaker 1: of bitcoin while you're handing it out? You know, stuff
• 18:48
  Speaker 1: like that. But a strategic bitcoin reserve is an idea
• 18:53
  Speaker 1: that only Trump could come up with.
• 18:56
  Speaker 3: Yeah, well it was really cool financial, right, you got
• 19:00
  Speaker 3: to make something out of nothing, and that's what bitcoin is.
• 19:04
  Speaker 1: That's my issue with bitcoin is I still haven't got
• 19:06
  Speaker 1: my head around how something that doesn't exist in the
• 19:09
  Speaker 1: physical world can actually be a real thing. You know,
• 19:13
  Speaker 1: I'm way more comfortable with physical precious metals than with
• 19:17
  Speaker 1: computer I node. And that doesn't mean it's not right.
• 19:21
  Speaker 1: It just it means that I don't get it yet,
• 19:24
  Speaker 1: you know, So maybe there's nothing to get or maybe
• 19:28
  Speaker 1: I'm just totally missing the crucial part of the process
• 19:33
  Speaker 1: that makes that real money. Going forward, but you know
• 19:35
  Speaker 1: they don't need me. Well, so, like I was totally
• 19:40
  Speaker 1: with you for a lot of years in this job,
• 19:43
  Speaker 1: I really was. But now I see that the appetite
• 19:48
  Speaker 1: for bitcoin, the demand is about to go astronomical. It is,
• 19:54
  Speaker 1: and there's no bitcoin out there. Seven percent of all
• 19:57
  Speaker 1: the coins produced are trading, and that number went down
• 20:02
  Speaker 1: last week after two point two billion went into these
• 20:05
  Speaker 1: bitcoin ets and another two point two billion went into
• 20:09
  Speaker 1: like ethereum ETFs ethereum. Though they keep making it bitcoin
• 20:13
  Speaker 1: twenty one million is max. They had it every four years.
• 20:18
  Speaker 1: Only four hundred and fifty bitcoins per day are being
• 20:21
  Speaker 1: produced now, like it's just a piece of code. How
• 20:24
  Speaker 1: can a piece of code be worth that much? But
• 20:28
  Speaker 1: the key was is like getting people to believe that
• 20:31
  Speaker 1: it has worth, Like was gold worth anything? When we
• 20:35
  Speaker 1: had cavemen, it was worthless because probably you couldn't get
• 20:39
  Speaker 1: a sharp edge on it, so you couldn't make it
• 20:41
  Speaker 1: into a weapon. And the cave woman wasn't really concerned
• 20:46
  Speaker 1: about having a Rolex watch, you know, a Rolex president.
• 20:52
  Speaker 3: It had no value, but over time it became valuable.
• 20:57
  Speaker 3: And I think the process here in crypto is exactly
• 21:01
  Speaker 3: the same John. It wasn't worth anything initially when nobody
• 21:05
  Speaker 3: wanted it, but now that people want it, it's got value.
• 21:09
  Speaker 3: And the US government is probably sitting on the largest
• 21:12
  Speaker 3: cachet of a bitcoin in the world, hundreds of thousands
• 21:17
  Speaker 3: of coins. So a couple other things. New York is
• 21:21
  Speaker 3: in the process of a communist takeover as well as Minneapolis.
• 21:26
  Speaker 3: Are they going to let it happen? Are the Democrats
• 21:30
  Speaker 3: that delusional that they think this is good for their party?
• 21:33
  Speaker 1: Well, now, you know, it's really important to put this
• 21:36
  Speaker 1: in context. But yeah, there's some very left wing guys
• 21:38
  Speaker 1: are winning some elections, but they're running at least Mondami
• 21:42
  Speaker 1: in New York ran basically a populous campaign where his
• 21:47
  Speaker 1: thing was affordability, you know, and populism. Obviously that's what
• 21:52
  Speaker 1: Trump did.
• 21:52
  Speaker 3: You know.
• 21:53
  Speaker 1: Trump ran on a platform of, Hey, you're being screwed
• 21:56
  Speaker 1: over by a handful of British people. I'll get it
• 21:58
  Speaker 1: back for you. Put me in office. I will get
• 22:00
  Speaker 1: what was stolen from you and give it back to you.
• 22:02
  Speaker 1: The guy in New York did the same thing. You know,
• 22:07
  Speaker 1: People who who don't have your best interest at heart
• 22:10
  Speaker 1: are running up rents and they're making food more expensive
• 22:13
  Speaker 1: than medicare or healthcare and everything, all the rights of
• 22:17
  Speaker 1: all those things for you. And so that's left wing populism.
• 22:21
  Speaker 1: That's Bernie Sanders populism. Donald Trump's right wing populism is
• 22:27
  Speaker 1: I will get the factories back here, so you get
• 22:29
  Speaker 1: middle class money working on an assembly line or something
• 22:33
  Speaker 1: like that. But they both target the same people, the
• 22:36
  Speaker 1: people who feel like they've been screwed over by the establishment.
• 22:40
  Speaker 3: Yeah, as how they have.
• 22:42
  Speaker 1: This screwed over and yeah, yeah, well yeah, see that
• 22:45
  Speaker 1: it has the advantage of being true.
• 22:49
  Speaker 3: Does that always helps? See? No?
• 22:52
  Speaker 1: I think the difference is though that the left wing
• 22:55
  Speaker 1: policy set fails miserably, and the right wing policy set,
• 23:01
  Speaker 1: which is reindustrialization and closed borders, has a chance of
• 23:06
  Speaker 1: being successful. So and you see that in states, right,
• 23:11
  Speaker 1: all the states that are run according to left wing
• 23:13
  Speaker 1: populism are hellholes. And the states that run more or
• 23:18
  Speaker 1: less from the right in kind of a populous way,
• 23:22
  Speaker 1: that's where everybody's moving. We're all going to Texas and
• 23:24
  Speaker 1: Florida because it's run according to right wing more or
• 23:30
  Speaker 1: less populist ideals. So you know, the thing in New
• 23:34
  Speaker 1: York will play itself out. I mean if if Mondami
• 23:37
  Speaker 1: gets elected and he actually tries to take a billion
• 23:41
  Speaker 1: dollars away from the local rich people and spend it
• 23:44
  Speaker 1: on you know, state run grocery stores and stuff like that,
• 23:49
  Speaker 1: that'll fail just because it always fails for obvious reasons.
• 23:54
  Speaker 1: So you chase away all the capital and there's nothing
• 23:57
  Speaker 1: left to redistribute. And so we'll see. I got to
• 24:02
  Speaker 1: see though, Mdammie is he's a smooth guy.
• 24:04
  Speaker 3: You know, he's nic oil salesman.
• 24:07
  Speaker 1: Way Obama like you know he I mean because you know,
• 24:11
  Speaker 1: you criticize him and he comes back instead of with
• 24:14
  Speaker 1: hateful rhetoric or you know, picking a fight, he calmly
• 24:18
  Speaker 1: explains why why you're wrong and why his way is better,
• 24:24
  Speaker 1: and he does it very well, in complete paragraphs and everything.
• 24:27
  Speaker 1: So he's a politically very talented guy. And that that
• 24:33
  Speaker 1: won't save him if he gets into office and actually
• 24:35
  Speaker 1: does all the stuff he says he's going to do.
• 24:37
  Speaker 1: But you know, at least it's fun to watch somebody
• 24:39
  Speaker 1: that that is that articulate and Matt smooth.
• 24:44
  Speaker 3: Yeah, well, if he gets rid of AOC knocks her
• 24:48
  Speaker 3: off the TV, I'll be happy if you'll accomplished a lot, right,
• 24:52
  Speaker 3: then and there. But it is alarming that people don't
• 24:56
  Speaker 3: understand that the reason they're in the situation they're in
• 24:59
  Speaker 3: is because these policies were already tried and failed, and
• 25:04
  Speaker 3: that's what dug the hole. But I guess we've gone
• 25:06
  Speaker 3: on long enough, John, But we'll have to do this
• 25:09
  Speaker 3: again sooner. In any event, go to a rabino dot
• 25:13
  Speaker 3: substack dot com and sign up for John's substack. Best
• 25:19
  Speaker 3: writing on the Web, I will say that, And of
• 25:22
  Speaker 3: course go to our site, Financial Survival Network dot com.
• 25:26
  Speaker 3: Make sure you sign up for your free newsletter. John.
• 25:28
  Speaker 3: We'll talk to you in a couple of weeks. Thanks,
• 25:30
  Speaker 3: carry talk soon.
• 25:31
  Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your
• 25:36
  Speaker 2: solution to today's trying times. For the latest, go to
• 25:40
  Speaker 2: Financial Survivalnetwork dot com. Financial Survival Network now more than ever,