Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / Andy Schectman: The FACTS are ALARMING 🚨🚨 (Silver, Gold, BRICS )

Transcript

Andy Schectman: The FACTS are ALARMING 🚨🚨 (Silver, Gold, BRICS ) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

0:00
We talk about the American public being asleep, Absolutely.
0:04
They have no idea of the significance of bricks.
0:07
They have no idea what makes a dollar the world reserve
0:09
currency. They have no idea the lengths
0:12
that which these countries, which you know are, are amount
0:15
to two of the three largest nuclear arsenals in the world.
0:19
The majority, 80% of all, of the oil that comes out of the the
0:23
that is produced around the world, in particular in the
0:26
Middle East and the Strait of Hormuz, is now under the Bricks
0:31
umbrella. Today, we are fortunate to be
0:37
joined by Andy Schechman with Miles Franklin, the bullion
0:41
dealer. We're going to talk about gold,
0:43
We're going to talk about silver, some of the latest
0:46
developments going on in the world.
0:48
Andy, welcome to Ron's Basement, John.
0:51
It's good to be here. I appreciate it very much.
0:53
I've been watching Your Basement.
0:54
Not really like a peeping Tom, I should say, but I've been
0:58
watching from afar and a fan of what you're doing and I'm glad
1:02
that we were able to connect here.
1:04
So thanks, thanks a lot for having me.
1:07
Well, it's our, it's our, you know, my pleasure, our pleasure
1:10
because I have a real solid group of subscribers to the
1:13
channel. I like to refer to us as gold
1:16
and silver and platinum enthusiast.
1:20
And on that note, a couple of them like to refer to you as the
1:24
time traveler. Are you familiar with that at
1:28
all? Yeah, I am.
1:30
What's his name? Jake.
1:32
Wonderful guy I met. Jake's.
1:36
Jake's. Jake's custom parts.
1:38
Yeah, I met Jake. I sponsored Vic Squeer's
1:42
Roadshow and I met him in a bar where we did the show in Dallas,
1:49
I believe are Austin. Forget Dallas, I think.
1:51
Anyways, he's really a really nice guy.
1:55
He made me some shirts. They called me the Time
1:57
Traveller. Look, what he's talking about is
1:59
that I've done over 1200 videos on topic of bricks starting in
2:04
late 2019. And I remember about a month
2:08
after I started talking about this, my wife came up to me.
2:11
And so, Andy, you're saying the same damn thing over and over
2:14
and over again. I said, but don't understand,
2:15
honey, no one is saying this. I'm the only one who's saying it
2:19
and it it just, I know I'm right.
2:22
It makes sense to me. I can see the pieces that are
2:25
that are being put into place. There's this progression of
2:27
events and if you look, you can see you don't even have to be
2:30
very astute to see the crumbs that are being dropped at our
2:32
feet. And and it's something, look,
2:36
I've been doing this for 33 years, Ron, and I've talked
2:39
about a lot of things as a company.
2:41
We've talked about a lot of things.
2:42
Most have come true, never one within a grenade shot any way of
2:46
when we thought it would. Because when you base your
2:49
conclusions or your ideas and root them in rather in economics
2:55
and mathematics with the sprinkling of old school logic,
2:57
chances are they're going to come true.
3:00
But in a world that has so many variables injected into it day
3:03
by day and and a ruling class that has the ability to suppress
3:09
and manipulate and do things that are are really not
3:12
typically found in in economics, at least in terms of its natural
3:17
aspects. The outcome never happens when
3:20
you think it will typically, but but usually you can't run from
3:24
the mathematics of them. It does over time.
3:26
What's happened with the bricks and and this growing group of
3:30
countries has shocked me at how fast it's happened.
3:34
I've talked about it at length but never really thought we
3:38
would see things accelerate to the degree that we have.
3:42
So that's what Jake is talking about and I appreciate it.
3:45
It's honestly more than it being a badge of honor that I got it
3:52
right that leaves up until now. It's more concerning to me
3:56
because the things that I see and I've talked about are
3:59
accelerating and the outcome really is something that I find
4:04
to be particularly concerning in terms of what it means for this
4:07
country, what it means for our standard of living and just what
4:11
it means for the dollar and and everything that is associated
4:14
with it. So yes, Jake, I love you buddy.
4:16
Thank you. And he seems to be on the
4:18
circuit. He's on most of the channels or
4:21
he watches most of the channels that that I have that do shows
4:26
on. And so he he pops it and says
4:28
that from time time. But it's with great admiration
4:32
and appreciation for him calling me that.
4:35
So thank you Jake. I appreciate it buddy.
4:37
So, so, so my question would be on the bricks.
4:40
Are Americans asleep? Because it was interesting we
4:44
had the big announcement of six countries with Saudi Arabia,
4:48
United Arab Emirates, Iran, not Australia, Argentina.
4:55
Who else? Egypt and Ethiopia, 6 countries.
4:57
Now it's going to be over 50% of the world population.
5:01
Are Americans asleep? Because the next morning I
5:04
thought, I want to go see what CNN is saying about this.
5:07
And when I opened up the CN website, all I saw were articles
5:11
about Donald Trump's mugshot. I thought this bricks.
5:15
It could possibly be the biggest news that we've had, maybe of
5:19
the decade. Who knows?
5:20
Maybe, you know, maybe of the century.
5:22
But the mainstream media in the United States isn't even
5:25
covering it. Yeah, I mean, I would say shame
5:28
on CNN. I think they're really, they've
5:31
dropped the ball. There is no such thing as
5:33
journalist journalistic integrity any longer.
5:37
There really is no investigative journalism.
5:39
It's all just a bunch of crap that is sensationalizing what is
5:44
really a denigration of the American justice system and and
5:49
the FBI. And then that's part and parcel
5:52
with I think a lot of what I've been talking about is that
5:54
what's made this country wonderful, that being the rule
5:58
of law, that it's equally applied to everyone, the justice
6:02
system. I mean people have walked
6:03
through from Central America and 110 degree heat to find a better
6:07
life for 1000 miles. They've walked or or tied
6:11
together inner tubes with string and floated from from Cuba to
6:15
find a better life, to find law and order and and justice
6:20
equally applied to everyone. And and this isn't about being
6:23
Republican or Democrat. I am a Libertarian.
6:26
I think both parties suck. I think both parties have
6:29
screwed the pooch in a very big way.
6:31
And this is more about being patriotic.
6:33
And yes, they are asleep at the switch and they follow even
6:36
those that are well read. They're reading the wrong
6:39
things. They're following the the wrong
6:41
media. Who was leading us down the
6:42
road. That is completely misguided
6:45
from things that are happening. I mean, how many people really
6:48
know that gold was reclassified tier one in April of 2019?
6:52
Do you even know what that means out there?
6:54
I mean it's it's a riskless asset on par with U.S. dollars,
6:57
the only other Tier 1 assets since 1944.
7:00
How many people know about the Belt Rd. initiative, the largest
7:03
infrastructure project in human history that is comprising 75%
7:09
of human population. And you know you're talking Asia
7:13
and and and Africa and South America and and parts of Europe
7:18
that are being connected by the Chinese and the most ambitious
7:20
infrastructure project ever attempted where they are
7:24
building roads and bridges and maritime channels and and oil
7:28
refineries and gold and silver mines.
7:30
And they are industrializing these parts of the world and
7:33
helping them bring their their commodities to market, to
7:36
industrialize their economies. And you know how many people
7:40
understand that? How many people know that all of
7:42
the OPEC countries are on the belt Rd. initiative?
7:45
It's a very, very big deal that accounts for right now 50% of
7:49
global GDP and 75% of human population.
7:53
How many people know what makes the dollar the world reserve
7:56
currency? You know they don't.
7:57
I think most people don't. And this is all tied into your
8:00
question. Of course I'm answering a little
8:02
bit more roundabout way, but what does make the dollar of the
8:05
world reserve currency? Well, it's the full faith and
8:07
credit of the US government first and foremost.
8:09
And their balance sheet just came out Ron a couple weeks ago
8:13
for 2022 that showed $155 trillion in debt on top of the
8:18
32 trillion in in that's on balance sheet.
8:21
You have Medicare, Medicaid, Social Security, and government
8:24
military pensions, which are pretty darn close to 130
8:27
trillion off balance sheet. Our obligations are north of
8:30
$155 trillion and by their own admission, 5 trillion in assets.
8:37
If you're looking to buy gold, silver, or platinum, do yourself
8:41
a favor and check out Pim Bex, the online precious metals
8:44
bullion dealer and sponsor of Ron's Basement.
8:48
I was a happy customer before they offered to support the
8:52
channel. You'll find they have the best
8:54
prices, quality and service. I think PIM BEX is best and you
8:59
will too. And be sure to tell them that
9:01
you're from Ron's basement. How many people know that the
9:04
largest asset in this country is student debt, representing over
9:07
40% of the assets? the US government actually
9:10
claims as an asset that the the sweat of our children, who are
9:17
indebted to the tune of 40% of the government's assets, the
9:21
land of the free, the home of the brave, That's what we have
9:24
in terms of a balance sheet. We are 125% debt to GDP.
9:28
We are a Banana Republic. But at least we don't jail our
9:32
political oppositions the way that South American banana
9:36
republics do. Well, at least not yet anyway.
9:39
And so when you talk about credit, we're insolvent and
9:42
broke. When you talk about faith, well,
9:44
we talked about that. Does anyone really believe in
9:47
all politics aside, please, this is not a political statement.
9:51
But does anyone really believe that justice and is being
9:54
applied equally to the current administration and the former, I
9:58
think you have to really be lying to yourself.
10:00
If you said yes, of course it is.
10:02
No, it's not. And so these things are not lost
10:05
on our foes, but that's the faith in the credit.
10:08
So put a check mark there. Probably not so good.
10:10
How about the fact that what really makes the dollar or the
10:15
linchpin of the dollar hegemony is the relationship with Saudi
10:19
Arabia. In 1974, after three years
10:22
earlier, we closed the gold window because the golf in
10:25
France was draining all the gold held at at at the Treasury at a
10:29
fixed rate of $35.00 an ounce. They closed the gold window,
10:33
went back on our promise. Kissinger struck a deal three
10:36
years later in 74 with the Saudi Kingdom said, hey, we'll protect
10:40
you. Before that you will denominate
10:42
your oil through OPEC in dollars and you'll recycle those dollars
10:46
into our U.S. Treasuries.
10:48
But we'll protect you and no one will ever mess with you.
10:50
Good deal. Been that way for 50 years.
10:53
So when you talk about the bricks, to only speak about the
10:57
bricks and ignore the really important piece in that Saudi
11:02
Arabia is is really only at half the story.
11:05
So in the last few years, the day we left Afghanistan in a
11:11
very unharmonious way, Russia and Saudi Arabia announced a
11:15
joint military cooperation agreement.
11:17
That was the end of the dollar or the Petro dollar as we know
11:20
it, or the beginning of it anyway.
11:22
The day after that, Russia announced the same thing with
11:24
Saudi Arabia, I mean with Nigeria rather two big old pet
11:28
producing countries, the biggest and and one of the bigger ones.
11:31
And when that happened, it became very obvious that, hey,
11:34
what made the dollar or gave the dollar its hegemony was the
11:37
protection of the Saudi Kingdom. And now a country with
11:40
hypersonic ICBM's is also protecting them.
11:43
And that's when my eyes really started to open up about what
11:46
Saudi Arabia was getting at. They have subsequently, after
11:51
President Biden signed an executive order telling the
11:54
world we are going green by twenty 3050%.
11:57
By 20, fifty 85% an executive order.
12:00
Saudis, hey, we're going green. Appreciate all the help that
12:04
you've given us with energy, but now we're going a different
12:06
direction. So subsequently Saudi Arabia,
12:09
after already signing a military agreement with Russia, they
12:13
formally applied the bricks. They have joined the Shanghai
12:16
Cooperation Organization or applied to it.
12:18
And what that is, Ron, is the largest regional financial and
12:24
military organization in the world.
12:26
You're talking the Chinese army, and it's no small, no small deal
12:31
here, that they have applied to the Shanghai Cooperation
12:34
Organization. They've also joined the BRICS
12:36
New Development Bank. They have also told all of the
12:39
people of the world, when at the the World Bank meeting in Davos,
12:43
that they would indeed be willing to take other currencies
12:48
for oil. But I thought it was the
12:50
protection of the Saudi Kingdom and the promise that they would
12:52
only sell dollars in or oil in dollars through OPEC that made
12:58
the dollar the world reserve on top of the full faith and credit
13:02
of the US government. You can see how things are
13:05
starting to break apart. And so when we talk about the
13:08
American public being asleep, absolutely.
13:11
They have no idea of the significance of bricks.
13:14
They have no idea what makes a dollar the world reserve
13:16
currency. They have no idea the lengths
13:19
that which these countries which you know are are amount to two
13:23
of the three largest nuclear arsenals in the world.
13:26
The majority, 80% of all of the oil that comes out of the the
13:30
that is produced around the world, in particular in the
13:33
Middle East. And the Strait of Hormuz is now
13:37
under the bricks umbrella. And not only that you have.
13:41
You know when you talk about what Russia brings to the table
13:44
in terms of food and in terms of oil and natural gas.
13:47
When you talk about Africa bringing to the table in terms
13:50
of all of their mineable minerals and and metals.
13:53
When you talk about China, the engine of ingenuity and growth
13:56
and military protection. When you talk about all, all of
13:59
these countries coming together striking deals outside the
14:03
dollar and bring Saudi Arabia into the fold, it's really,
14:07
really significance and shame. Shame on CNN for not telling any
14:13
of us any of this stuff. So yeah, the public has no idea
14:16
what's coming. And I draw the analogy to, you
14:20
know, for those of you who remember Randy Johnson, the
14:22
baseball players almost 7 feet tall threw the ball about 100
14:26
miles an hour played for the Seattle Mariners and if you
14:28
Google Randy Johnson hits a bird you'll see he threw a pitch one
14:32
time. He throw threw the ball so hard
14:34
that a a poor bird was flying by as he threw it to home play
14:38
pitch and it imploded hit the bird exploded.
14:42
And my analogy would be yes, the American public is in the
14:45
batter's box against Randy Johnson and they have a
14:48
blindfold on. They have no idea what's coming
14:51
at them. And so they can't get out of the
14:52
way of what is coming and what my mission has been for the past
14:57
four years in the over 1200 YouTube videos I've done on this
15:00
topic, just to to pull the blindfold off, to let people
15:04
know this is really significant. And if you've ever played the
15:07
game of Jenga where you pull a little piece out 1 by 1 by 1 by
15:11
1, at what point does the Jenga Tower topple?
15:14
Now we're not there yet, but you can see and we can talk about
15:18
what has happened recently, more and more and more.
15:22
The term is called logarithmic decay.
15:24
We're little by little by little by little by little than all at
15:27
once. You're on a river, You hear
15:28
something in the horizon. You don't know what it is.
15:31
Little by little you're going down, down, down, little by
15:32
little by little by little bag. You hit the falls and off you
15:35
go. Where are we on the graph of the
15:37
logarithmic decay? Not really sure, but I will tell
15:41
you that the bricks meeting is hugely significant and the fact
15:44
that the public is asleep is really a shame.
15:47
Yeah, I I often say I, you know, I live in a middle, upper,
15:50
middle class suburb in Saint Louis and we have a neighborhood
15:54
swimming pool. There's like 400 homes here.
15:56
So there's always people at the pool and if if somebody comes up
16:00
and starts talking to me, that I don't really care to talk to.
16:04
I can start talking about silver and gold and that'll usually get
16:07
them to leave. If that doesn't work I can talk
16:10
about bricks and if that doesn't work then I can pull out the
16:13
ultimate which is talking about the Petro dollar.
16:16
Then their their eyes roll. I mean people just don't really
16:20
care and I you know I've got and by the way I have a Django A
16:23
Django board back there I but but I want to get your opinion
16:30
on this and it goes with what you're what you were just
16:32
saying. You know, when I, when I think
16:35
about the United States from let's say 1970 through 2020, OK,
16:41
obviously we were taken off the gold standard.
16:44
But in a lot of regards, America enjoyed a period of, I guess you
16:49
could say prosperity. Fake prosperity is one way to
16:52
say it. But in terms of geopolitical
16:54
power, financial power, it was a pretty good run of 50 years.
17:00
And if you, if you take out 2020 through today, you know roughly
17:06
3 years and you look at where we're positioned now and you
17:09
look at the financial condition of the country, which you
17:12
touched on. You look at the political
17:14
situation in our country, which we didn't really touch on, but I
17:18
think we both know that's pretty atrocious.
17:20
And you look at the geopolitical, I'm I'm thinking
17:24
if. If those 50 years were the best
17:27
of times to a certain regard and we know what happened to the
17:30
dollar, the value of the dollar during that period, what did the
17:33
next 50 years look like given the the current set of
17:37
circumstances in which we find ourselves?
17:40
Well, I I find it, it's a very good question and I agree
17:42
completely. And I mean I don't know if it's
17:44
really a question as much as is a statement.
17:47
But I think it's interesting when you look at who is leading
17:49
the the country. You know the number one economic
17:52
advisor to the United States government right now to the
17:56
Biden administration is a man named Jared Bernstein.
17:58
And his his whole thesis is to the dollar to shed its world
18:02
reserve standard. That the privilege of being
18:04
world reserve is something that the United States can no longer
18:07
afford in terms of its imbalances and and in terms of
18:10
trade imbalances and the distortions it creates.
18:13
And when you talk about just what would you do to lose the
18:16
world reserve standard? Well, the first thing I would do
18:18
would be to weaponize the dollar, to weaponize the forex
18:21
reserves against the Russia to not only impose sanctions but to
18:26
confiscate outright confiscate their money, which we did, and
18:30
openly tell them we are using it to rebuild the Ukraine.
18:33
The next thing I would do is I would tell the Saudis, hey
18:36
thanks for everything. We know that really, because you
18:39
value oil globally through OPEC in dollars.
18:42
If that's what makes us the Petro dollar gives us the
18:45
hegemony that we have enjoyed for 50 years and so we don't
18:48
need it anymore. We are doing all that we can to
18:51
push and lose the world reserve stats and push the world away
18:56
from us. And is it by coincidence or is
18:58
it just plain stupidity to not realize the consequences we make
19:02
from from weaponizing the world reserve currency?
19:05
When you are the administrator of the world reserve currency,
19:07
Ron, it should not be up to to us to tell people who can and
19:12
can't use it. It should be for world opinion
19:14
if anything at all. But the point of it is, is that,
19:17
yeah, we are incentivizing de dollarization.
19:20
We are incentivizing countries to find a back door to it.
19:25
And when you talk about what's happening here, you know, in the
19:29
country, I think it all goes part and parcel.
19:32
I mean, you know, we, we live in a, I grew up at a time, you
19:36
know, where my parents were hippies literally in the 70s.
19:41
I mean, I grew up, whether it was sex, drugs, and rock'n'roll,
19:45
or whatever the hell you wanted to do back then, you respect
19:47
people. You don't have to celebrate
19:49
them. But this country's obsession
19:51
with things that need to be celebrated now, cancel culture
19:55
and censorship and transgenderism and all of these
19:57
things that if you were just respectful of other people's.
20:04
Lifestyles, it would be great. Now we have to embrace and
20:07
celebrate them and it is fraying things or the fabric of this
20:13
country. We're not unified anymore,
20:14
whether it's black and white or red and blue or Vax and Novax or
20:18
rich and poor. I mean, you have an environment
20:22
where we are now classified or or identified by whom we voted
20:27
for in the last election. So you put all of this stuff
20:30
together on top of what we said earlier.
20:34
I mean, is the Justice Department being weaponized, is
20:37
the law being administered equally, the justice system and
20:41
these things are not lost on the rest of the world.
20:43
So you see a mismanagement of the world reserve currency, You
20:46
see weaponizing of the dollar, you see pushing away of the
20:49
Saudis, the linchpin of the dollar hegemony and you see
20:52
massive break in unity in the United States.
20:56
You see political issues, you see geopolitical issues, you see
20:59
financial issues, economic issues.
21:02
You see distortions that were created in this country through
21:06
four years of printing more money than in the history of the
21:09
country preceding it, while at the same time distorting
21:12
interest rates, stepping on them, which created massive
21:15
distortions and asset prices. It's the perfect storm.
21:18
I mean, is it the Claus Schwab moment when Saudi Arabia and the
21:21
rest of OPEC dumped dollars, say we're not going to take them any
21:25
longer for oil. We're going to take whatever
21:27
they decide, whatever it is, a new brick settlement currency or
21:30
the yuan, which coincidentally is immediately convertible into
21:34
gold. And the Shanghai Gold exchange,
21:37
whatever they do, if they say we're not just taking dollars
21:40
anymore, that's a seminal moment where the world is confronted
21:43
with we dump dollars now all at once or slowly, whatever it is.
21:48
That moment when the world sheds dollars because the synthetic
21:51
demand created over the last 50 years of having to own dollars
21:55
to buy oil is is now something that is slipping away from us.
22:00
And was it intentional or not? I don't know, but when you have
22:04
155 trillion in debt and you take out student debt out of the
22:08
asset base, you have 3 1/2 trillion in assets, most of
22:11
which is military and land and and after that you're broke,
22:15
you're insolvent, you're a Banana Republic by traditional
22:17
measurements. And what is happening inside the
22:20
country that has to be making much of the world saying what
22:24
the hell is happening in the United States?
22:25
Have they lost their mind And less about the mismanagement of
22:29
the dollar and the weaponizing of it throughout the world, but
22:31
more upon the way we are being, I think, viewed on the world
22:37
stage? It all goes together Now is that
22:39
exactly what Jared Bernstein wants?
22:41
Don't know. Maybe it's just a pure
22:43
coincidence, but all I'm saying is the number one economic
22:46
advisor to this country advocates for losing the world
22:49
reserve status. Coincidentally, it's interesting
22:51
that the number two economic advisor, Lael Brainard, is a
22:54
modern monetary theorist who wants to have money be
22:58
administered directly to and from the central bank To to call
23:01
all of the regional banks to see what's happening there.
23:04
With the reverse repo market allowing the money markets to
23:09
invest in it and the commercial banks and all this money going
23:11
to the safety of the two big to fail banks earning 5 1/2% with
23:15
daily liquidity. I mean you couldn't draw it up
23:18
any better to lose the world deserve status and to watch the
23:20
banks collapse and this just happens to be #1 and two
23:24
economic advisors in this country their their platform now
23:28
in terms of of are the people missing this and and what's
23:33
going to happen. I believe you will see, yes, the
23:36
people are missing and have no clue.
23:37
And I think you will see a continuing de dollarization,
23:41
again using logarithmic decay little by little by little by
23:45
little than all at once. And the reason it's not all at
23:47
once right now is that a lot of these countries have too much in
23:51
the way of assets still in dollars.
23:54
A lot of debt is still in dollars and needs to be repaid
23:57
in dollars. And they don't want to cut off
23:59
their nose to spike their face. But what I will tell you is that
24:02
the bricks meeting that we just saw August 22nd through the 5th
24:06
or whatnot 26th is the beginning of the end of the world Dollar
24:11
is the singular world reserve currency.
24:12
The fact that Saudi Arabia has joined and formally joined BRICS
24:16
applied to the belt or is on the belt.
24:19
Road with the rest of the OPEC countries applied to the
24:21
Shanghai Cooperation Organization and the New
24:23
Development Bank is striking deals with all of these
24:26
countries to to to pay for things outside the dollar.
24:31
It's a massive deal, and I just want to give you one I One of
24:36
the things that they're doing right now in terms of what these
24:40
countries are doing in terms of trading outside the dollar and
24:45
in terms of choosing sides. Now, I know you didn't ask me
24:48
this question and I don't want to get too far ahead of you, but
24:50
I'm going to give you 2 things that will hopefully under score
24:53
or put an exclamation point of what I'm talking about.
24:56
Remember France, They were right there with us in 2022 when we
25:00
put sanctions on Russia. Well, Macron, President of
25:04
France, just came out with some statements.
25:07
Now before he did the statements a few months ago, he did a very
25:11
large liquid natural gas deal with the United Arab Emirates,
25:14
paid for it in yuan instead of in dollars as they always would
25:18
have settled. He did a 50 point trade
25:21
agreement with with China, Xi Jinping.
25:24
He went to visit him, signed A50 point agreement ranging from 5G
25:27
technology to military engagement.
25:29
Sides are being chosen, but I want to read you something that
25:32
he just said yesterday or the day before, he says.
25:36
The world order is changing, with the situation getting
25:39
tougher and more complicated, which runs the risk of weakening
25:42
the West and Europe in particular.
25:44
He stressed the need to avoid partitioning the world over the
25:48
Ukraine war at a time when many countries from the global S that
25:52
being the BRICS, have refused to condemn Russian aggression.
25:56
We must avoid a narrative that claims this is Europe's war.
26:00
It doesn't concern us, he said. Wow, really.
26:04
And then lastly, he said France also seeks to be a trusted
26:09
partner on the geopolitical front.
26:12
Now what does that mean? Is he?
26:14
Does that mean outside by the G7?
26:15
Does that mean you know, he asked to be brought into the
26:19
bricks meeting, They turned him down.
26:20
But is what he's saying, Is this like, is this like bricks tender
26:24
for the central banks? I don't know.
26:27
All I'm simply saying is why is he publicly saying this?
26:30
And just to give you one more idea of how this is all
26:32
happening, a Chinese firm just signed a huge contract with Iran
26:37
for $2.7 billion to to modernize their largest airport, right?
26:43
Okay. No big deal, right?
26:44
Trying to do to deal with Iran, Okay well listen to how they're
26:48
going to pay for it. The company has been selected to
26:50
carry out the project after intensive negotiations with
26:53
several domestic and international contractors.
26:56
However, Iran will pay for the project using a barter mechanism
27:01
that allows swapping crude oil for financial services or
27:04
financial resources, equipment and technical services.
27:08
So really barter system, what is the common denominator here
27:12
striking unilateral deals outside the US dollar and little
27:16
by little by little by little by little, the erosion of
27:19
settlement in dollars will dramatically impact the reserve
27:22
status of the dollar. So yes, this is a very big deal
27:26
and it is accelerating. And I could give you 5 or six
27:29
more of these to back up again what I'm saying.
27:32
But to your point, without monopolizing all of the time,
27:35
Ron, yeah, it's a huge deal. But the people in this country
27:39
suffer from, you know, immediate gratification not being fast
27:45
enough. And you know, that's what
27:46
happens when you create all of this money and keep interest
27:49
rates low, where asset prices go to the moon in a matter of no
27:52
time. And and they're distorted.
27:55
So people believe their house is supposed to go up to a double in
27:59
a year or their stock portfolio is up two or three times in a
28:02
year or two or 5X on a cryptocurrency in six months.
28:05
That's not how markets work. And it's the distortions created
28:09
by mismanagement of the reserve currency, both fiscally and
28:12
monetarily, And the policies of the Fed and the government have
28:15
distorted everything. So yes, this is coming.
28:19
And the worst part about it is that people like you and I, and
28:24
to your point, you know, why do I not talk to people outside of
28:27
YouTube? I mean, I do ask me, but I'm
28:30
very quiet about it for the exact reason that you said at
28:33
the pool. Because what the message we
28:36
bring is the antithesis of what a broker would bring.
28:39
A broker would be we make millions of dollars and take
28:41
care of your retirement. You live happily ever after.
28:44
We say the opposite, that if you don't protect your ass, your
28:47
retirement's gone and you will not live happily ever after.
28:50
So everyone says, oh God, here's the buzzkill again so you don't
28:53
bring it up unless you unless I don't anyway.
28:56
Unless I am fully asked, because people would rather be
29:01
blissfully ignorant until it's too late I guess.
29:04
But sorry for being so long. No, no, that you listen, you
29:09
know, justification, your great information and it it feels that
29:15
way like we're living in a fantasy world in this country.
29:19
You know if you look at that 50 year period again from 1970
29:22
through today, 53 year period like we have dumped.
29:26
Like things that have existed for thousands of years, a
29:29
nuclear family, all types of like, like we're living in this
29:33
fantasy weird world and and up to and including the fact that
29:38
during that 50 year period we also dumped the gold standard.
29:42
And and you know, I have to wonder, you know, as you were
29:45
talking about everything going on and you know, how do gold and
29:48
silver and precious metals fit into that as as wealth,
29:51
preservation, wealth. Protection.
29:54
And I want to ask you this question because I I posed this
29:56
several times lately. You know, sure, Nixon took us
29:59
off the gold standard in 1971, officially or temporarily took
30:03
us off the gold standard, But has the world as a whole ever
30:09
really gone off the gold standard?
30:11
Does that. Does that question make any
30:12
sense? Like I had this yes the the we
30:16
there is no such thing as a gold standard any longer.
30:19
When you talk about as the world gone off the gold standard.
30:22
I mean well to me the gold standard, let's define what it
30:25
was at the end of World War 2 when the dollar took over from
30:29
the from the the the pound sterling.
30:34
We said to the world, not to the people of the world, but to the
30:37
governments of the world, that all right, here's the deal.
30:41
We're going to be the world reserve currency and you all
30:44
pegged your your local currencies to the US dollar.
30:49
And anytime that you would like to exchange your dollars in the
30:54
gold, we will offer it back to you at a fixed rate of $35.00 an
30:57
ounce. Therefore the dollar was as good
31:00
as gold. It was pegged to gold at a fixed
31:03
rate. Another way of saying that is
31:05
that, you know we could only print as much money as we had
31:08
backing the ability to deliver gold at 35 bucks an ounce.
31:13
It was President de Gaulle from France who realized that we were
31:15
abusing that and and not being truthful because we are printing
31:19
more dollars and issuing more treasuries to fund the Vietnam
31:22
War. You know the guns and butter
31:24
thing and to to to fund the Vietnam War than we had gold
31:28
behind it. So he sent warships to New York
31:30
Harbor field with dollars and said give us back our gold, so
31:34
we close the gold window. A better way, I think of
31:37
answering that would be that the central banks of the world, the
31:40
majority of them, have always understood what gold is, or at
31:43
least most of them. And it is wealth.
31:46
It is money, the currency that we carry.
31:49
A lot of people call them money. It's currency.
31:52
But when you talk about the way that the most powerful,
31:55
influential people in the world look at gold, I think honestly,
31:58
they look at it as money and as wealth and as the antithesis to
32:04
the Western Fiat system. That's why they have obliterated
32:09
it from, you know, from the vernacular.
32:12
They've taken it out of of the banks, they've taken it out of
32:16
the money, and they've taken it out of the way that people
32:19
understand what money is. And so, yeah, for a lot of this,
32:24
we don't know what the gold standard is.
32:26
But for the central banks, they've never, never lost sight
32:29
of what gold truly is. For for the western central
32:32
banks, but would you say that if you look at at the eastern
32:35
countries, the BRICS countries, China that it's a different
32:38
story. They look at it and and let me
32:41
pose you one more question. Could the United States, how do
32:46
I say that trace? If I can convey this verbally,
32:49
Could we almost be? Could could the country, at some
32:52
point, if things, you know, get worse and worse and worse, be
32:55
forced to rerecognize? Maybe not officially, but be
33:00
forced if If the rest of the world is valuing gold at a much
33:04
different way than we are, and they have all the power, could
33:07
the United States indirectly be forced to?
33:11
I won't won't say go back on the gold standard officially, but
33:14
maybe, you know, does that make sense unofficially and and it
33:17
actually makes more sense than you think.
33:20
So the head of the International Monetary Fund is a lady named
33:23
Kristalina Georgieva. And it's interesting by the way,
33:25
she's on her way to visit China right now after China just came
33:28
out and said that they want to challenge the, the global
33:32
financial narrative, that they want to, you know move away from
33:36
the dollar as being the sole settlement currency of the
33:39
world. And now all of a sudden the I
33:40
MF, the head of the I MF is on her way to visit and I find it
33:43
to be interesting timing. But she if you realize the I MF
33:48
is a western friendly organization, roughly 150
33:51
countries that was founded at Bretton Woods about 7-8 months
33:57
ago. They came out with a report and
34:00
the title is something to the extent of gold as an
34:03
international reserve currency comma a barbarous relic.
34:06
No more question mark. They are understanding what gold
34:09
really means. And then Kristalina Georgieva
34:11
just came out after all of the talk of the central bank digital
34:14
currency. And remember the Bank of
34:16
International Settlements, the most powerful bank on the
34:18
planet, the central bank or central bank, they're the ones
34:21
that reclassify gold Tier 1. They're also the ones that have
34:26
said to the world that you all have to have a functional CBDC,
34:30
central bank digital currency by 2025.
34:33
If you take the entire gross domestic product of the United
34:37
of the World, all of it and all the countries that make it up
34:40
95% of the gross domestic product and the countries that
34:44
make up that 95% all have in production or in development a
34:49
new central bank digital currency.
34:50
It is coming. And what Kristalina Georgieva
34:54
just said a couple weeks ago publicly was that a central bank
34:57
digital currency that is not pegged to something is Fiat.
35:03
What have the central banks been doing more so than at any time
35:06
in history over the last 15 months?
35:08
Buying gold. More than at any time in
35:11
history, they have been buying gold and they've all been
35:13
repatriating it from the exchanges like the LBMA, the
35:17
London William Market Association or the Metal
35:20
Association or the Commex market, or backdooring it out of
35:24
the ETF's. They are removing it from the
35:26
New York Fed and the Bank of England.
35:28
These countries and sovereign governments are repatriating
35:31
their gold. They are accumulating more of
35:33
it. And silver because I think they
35:35
understand that the only way when the music stops and you
35:39
reset the system and you start over, it's like you know, it's
35:43
like you catch your girlfriend cheating on you and she, you
35:46
know and five times and she finally says I won't do it
35:50
anymore. Well, at some point you don't
35:52
believe her any longer. Well, that's kind of what the
35:55
whole system is, right? The system is lacking trust.
35:59
And in order for this new monetary system to have trust
36:04
trustworthiness, it needs to be pegged to something.
36:07
And to me, remember, President de Gaulle proved the convertible
36:11
currencies convert. He came over there and said give
36:14
us the gold. I think a marriage between
36:16
blockchain technology and physical gold held very, very
36:23
transparently and having having it audited would be enough to
36:28
issue a new world reserve currency or a new standard that
36:32
has trust, verifiable, immutable trust that doesn't have to be
36:38
convertible. And if you do it the right way.
36:41
So yeah, I think ultimately that's what the West will be
36:45
forced to do. Whether they beat the bricks to
36:47
the punch, don't know. But I do think that any new
36:50
system, in order to gain that trust has to be pegged to
36:54
something. And there is nothing better than
36:56
what the Bank of International Settlements calls tier one.
36:59
Other than U.S. dollars and treasures.
37:01
It's the only one that makes perfect sense.
37:03
So yeah, I think it's a good question and will probably
37:06
happen at some point. Don't know when because
37:09
otherwise the central bank digital currency backed by
37:12
nothing except the government's, government's ability to print
37:15
more like remember what is Modern Monetary Theory?
37:18
Print, print, print, print, print, print your way into
37:20
prosperity. It's Monopoly money.
37:22
You do that, you have no trust anywhere.
37:25
And what is really the value of that?
37:26
So yeah, I think that they would have to go back to something,
37:31
not make it redeemable and marry the technology of blockchain
37:35
with gold and inject transparency and you are on to
37:38
something at that point. Yeah, I mean, and I've heard you
37:41
say this several times like, you know, they aren't going to
37:44
Telegraph to us what's going on, right?
37:46
You have to look at the crumbs, the clues and put them together.
37:50
And when you look at the central banks buying gold?
37:53
More more gold now than they bought during many of the years
37:56
when we were on the gold standard.
37:58
You look at the reclassification of gold, it yeah, it it's, you
38:04
know it, it sends a pretty clear message to me and I agree with
38:07
you 100% that that some type of gold tethered gold backed
38:12
currency if it's regulated, if it's audited, if it's
38:16
transparent. Could be a great thing for the
38:19
world in general. It really could, I don't think,
38:23
do it the right way. You don't have to go one to one
38:27
now. It's interesting.
38:28
James Rickards. I had a conversation with him
38:31
not too long ago at a conference and had a couple of drinks and
38:34
picked his brain. You know, he says this is a guy
38:38
that's that was hired by the CIA to run simulated financial war
38:42
games to how can the world blow up the US without bombs
38:46
financially, in other words. And his comment to me was that
38:49
if if, if he were the bricks and he thinks this is what they'll
38:52
do, they eventually they will make every brick, let's call it
38:56
the same as a dollar. I don't know what they'll call
38:58
it. Let's call it a brick will be
38:59
valued at one ounce of gold, period.
39:02
And he says the West will destroy themselves.
39:05
And the bricks don't have to do anything.
39:06
I said, what do you mean, Jim? He says, well, if the West have
39:09
to continue to inflate, Now look, we have 155 trillion in
39:13
debt on a trillion. Seconds ago was 31,688 years
39:17
ago. It's beyond comprehension how
39:20
big a trillion is. So we have this massive debt,
39:23
and most of it, you know, is owed to the American public.
39:26
Medicare, Medicaid, Social Security, government, military
39:28
pensions. If we have to inflate, which we
39:30
will, to pay all of these obligations, then the dollar
39:34
goes down, gold goes up, the BRICS win.
39:36
If the US tries to buy a whole bunch of gold to compete, the
39:39
dollar goes down, gold goes up, the BRICS win.
39:43
Now, I don't know what they're going to do and how they're
39:45
going to peg it, but I think that if you wanted to still be
39:50
able to do monetary policy where you know you're not beholden
39:55
completely to 1 to one ratio the way that I think a lot of people
39:59
visualize it, what if you just had 20% of every new currency
40:03
unit, new dollar, new brick, whatever peg to gold, with the
40:07
immutability and the veracity shown on the distributed Ledger,
40:10
having it very transparent, having it audited by independent
40:13
auditors? So now you still have room to
40:16
create money a little bit, and you have to maintain at least a
40:19
10 or 20% peg, but it gives you some latitude to enact monetary
40:25
policy. You're not completely beholden
40:27
to a one to one ratio. But I'm just simply saying even
40:30
if it's fractional, if it's something, if it's anything that
40:33
shows that you know governments will be reined in from what
40:38
they've done there forever since Roman times.
40:41
They will choose inflation over austerity.
40:43
Coincidentally, that's why you have ridges on the coins because
40:46
way back when the the Roman government, when they're running
40:49
out of money, they would trim the edges of the coins to pay
40:52
their their soldiers and the coins would be just a little bit
40:55
smaller in diameter. You do that with all the coins,
40:58
you got enough to make a whole bunch more Well, that's why they
41:01
have ridges on coins, so you can see if that was messed with.
41:04
So and it was the point of the is that all governments choose
41:08
inflation over the tough decisions they want.
41:11
They don't want to be dragged out of the the castle like Marie
41:14
Antoinette was. So I think that, yeah, if either
41:18
system wants to be credible, they must have it pegged to
41:21
something West or east. And you know I like the word
41:25
also tethered that that and and I and I thought of that as you
41:29
were describing how you know if the if the new currency or
41:33
money. Is tethered to go, I think of
41:35
like an anchor, you know on the bottom of the ocean and sure
41:38
things can float around a little bit but it can't get away too
41:41
far. You know it can.
41:43
There can be some wiggle room and some play, but not not not
41:48
like we've had here in the in the United States over the last
41:50
50 years. Like a a castaway ship that just
41:53
goes off into into wherever, wherever it needs to.
41:58
Andy, thank you so much. This has been great.
42:01
We didn't even talk about the Fed too much.
42:03
So maybe next time we can we we can talk about the, I mean, I
42:06
guess we did talk about the Federal Reserve indirectly
42:09
because their policies have created much of the situation
42:12
that we talked about. But you know it's a fascinating
42:15
time. I, I, I, you know, I go back to
42:18
the the, the the most recent visit when XI and Putin were
42:22
together and when they left they shook hands that we're living
42:25
through the one of the most, you know.
42:27
Profound periods of change and and we're at the you know at the
42:31
helm of what's going on. I think it's going to be an
42:33
interesting you know, I don't think it's going to be the next
42:36
50 years. It feels like to me it could be
42:37
the next 5 or 10 years. Things could develop really
42:41
quickly. You know, I know you, I am.
42:45
And you know the people that are joining us on this on this
42:49
interview right now are. Advocates of silver and gold,
42:52
you know, do you, do you like that concept of of of people
42:56
being their own central bank? And you know, obviously precious
43:00
metals are a way to protect ourselves during times of
43:02
uncertainty because I like to say, you know, like it gold and
43:06
silver have have seen this show. It's it's new to us what's going
43:10
on. But silver and gold over the
43:12
last thousands of years have seen similar type situations
43:16
unfold. Is that is that a safe statement
43:18
through two world wars, German hyperinflation, the Great
43:21
Depression and every pandemic and everything the world's ever
43:23
thrown at it? You're right.
43:25
And it is still immutable wealth that the central banks, all of
43:29
them, own some gold. They view it as money.
43:32
And to your point about Xi Jinping and Putin living in
43:35
interesting times, remember that is a Chinese curse.
43:38
May you live in interesting times.
43:40
And indeed these are very, very interesting.
43:43
I prefer dull and complacent. I prefer life before cell phones
43:46
and computers. But it is what it is.
43:49
It's going to accelerate. It is accelerating.
43:51
It's going faster and faster and faster.
43:53
And one of the things about gold and silver being your own
43:56
central bank, being your own, annuity, being your own
43:59
retirement account, gold and silver are the only two of the
44:02
only real assets not only that have lasted the test of time
44:05
through everything. The world is thrown at it, but
44:08
that are also, you know, simultaneously not someone
44:11
else's liability. In a world where counterparty
44:13
risk is growing and growing and growing and the systemic nature
44:17
of everyone being tied together is worse, yeah, I'd love to come
44:21
back on with you and pick up where we left off.
44:26
I think it's great. I'm a fan of what you're doing,
44:28
and I'd be honored for the invitation so you won't have to
44:31
twist my armor ass twice. Just say the word.
44:33
I'll be back. Pick up where we left off.
44:36
That's the best news I've had all day, and I know that my
44:38
subscribers and viewers were very excited to hear from you,
44:42
so thank you. If they want to learn more about
44:45
you, do they go to the Miles Franklin website?
44:48
What's the best way to milesfranklin.com and the
44:51
website is still a work in progress.
44:53
You are able to purchase if you're in one of the states that
44:56
don't have tax issues like Florida where I live.
45:00
You know we do a ton of business but they have a law that says if
45:02
it's under 2 brand you have to be taxed.
45:05
Well, we are now implementing the tax software into our
45:09
website so some of the states we can't deliver to off the
45:11
website. You can always e-mail us at
45:14
info@milesfranklin.com. Ask for a different price list,
45:17
the one that's probably a lot more competitive, and it's for
45:21
orders over $10,000. Ask us for that.
45:24
Ask any questions. Ask to be talked to or or spoken
45:27
to rather if you have any questions on IRA's or any
45:31
questions whatsoever. My brokers, 14 of them, almost
45:34
every one of them I would tell you, are my best of, best of
45:37
friends for most of my life. These are people that I would
45:41
consider brothers and sisters that I literally have known
45:44
since literally some of them are little newer in terms of my
45:48
relationships. But the common denominator?
45:50
They're all my personal friends. Several have been on Wall
45:53
Street, one that has a master's degree in business from Temple
45:57
University after a degree from Wharton.
46:00
We're all very well qualified to answer your questions and not be
46:05
order takers and to talk to you about economics and geopolitical
46:08
events and the changes that we find ourselves and that is
46:11
making this interesting times the Chinese curse.
46:14
So it would also be nice if they put saw you on Ron's basement or
46:19
Ron sent me or whatnot. And it would be good to to make
46:23
sure that we treat your listeners exquisitely well.
46:25
This is our first time here and and we'd love to know where they
46:28
came from. But yeah, please do not feel
46:32
obligated to place an order by sending us an e-mail at
46:34
info@milesfranklin.com. Ask for the price list, ask any
46:38
questions and you'll be followed up with promptly if that's your
46:41
wish. Yep.
46:43
And absolutely, Miles Franklin has a well deserved sterling
46:48
reputation, pardon the pun. But, you know, I hear great
46:51
things about you and we'll look forward to talking to you next
46:54
time. Andy, thank you so much.
46:56
You got it brother. I look forward to it as well.
46:58
Thanks, Ron. One to two BHK flats for sale in
47:02
Kolkata.