Latest / Financial Survival Network / Reshore Reality: China Trade Exposed - Spencer Morrison #6282

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Reshore Reality: China Trade Exposed - Spencer Morrison #6282 · Financial Survival Network

• 0:00
  Speaker 1: And they made commitment after commitment out commitment to engage
• 0:03
  Speaker 1: in fair trade practices, to give American companies intellectual property
• 0:08
  Speaker 1: rights in China, and of course to lift to not
• 0:10
  Speaker 1: impose all of these non monetary barriers to entry to
• 0:13
  Speaker 1: the Chinese market. And the question is is in the
• 0:16
  Speaker 1: last twenty years have American companies being able to penetrate
• 0:20
  Speaker 1: the Chinese market? And I think the answer is a
• 0:21
  Speaker 1: resounding no.
• 0:23
  Speaker 2: You are listening to Carrie Lutz's Financial Survival Network, where
• 0:26
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• 0:30
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• 0:50
  Speaker 3: And welcome. You are listening to and watching the Financial
• 0:54
  Speaker 3: Survival Network. I'm your host, Carrie Lutz. Well, we're talking
• 0:57
  Speaker 3: about tarrists. We're talking about trade deals with China. Is
• 1:00
  Speaker 3: there a deal? Is it imaginary? Is it all fluff?
• 1:04
  Speaker 3: Are there two deals? Is there the public deal and
• 1:06
  Speaker 3: then the real deal? Well, noted attorney and scholar Spencer
• 1:11
  Speaker 3: Morrison author with us now to discuss Spencer great having
• 1:16
  Speaker 3: you on the show. So is there a deal or
• 1:19
  Speaker 3: is there a deal to make a deal, or is
• 1:21
  Speaker 3: there really a deal that took place that we don't
• 1:23
  Speaker 3: know anything about.
• 1:24
  Speaker 1: Hey, Carry, it's my pleasure to be on the program.
• 1:27
  Speaker 1: I think it's an interesting question that you post. Is
• 1:31
  Speaker 1: that the tariffs have been paused, of course in bulk for.
• 1:34
  Speaker 4: Ninety days, except for on certain goods I think.
• 1:36
  Speaker 1: Steele and automobiles for example, the tariffs are still on
• 1:40
  Speaker 1: the table, and allegedly this is to give more time
• 1:43
  Speaker 1: to negotiate. Now, I'm not particularly optimistic that negotiating with
• 1:47
  Speaker 1: China is really going to get us anywhere. China join
• 1:51
  Speaker 1: the Worldwide Organization in two thousand and one, and they
• 1:55
  Speaker 1: made commitment after commitment out commitment to engage in fair
• 1:58
  Speaker 1: trade practices, to give American companies intellectual property rights in China,
• 2:03
  Speaker 1: and of course to lift to not impose all of
• 2:05
  Speaker 1: these non monetary barriers to entry to the Chinese market.
• 2:09
  Speaker 1: And the question is is in the last twenty years
• 2:12
  Speaker 1: have American companies being able to penetrate the Chinese market?
• 2:15
  Speaker 1: And I think the answer is a resounding no. So
• 2:18
  Speaker 1: China agreed to lift all of these barriers in two
• 2:21
  Speaker 1: thousand and one they didn't. So I'm a skeptical that
• 2:25
  Speaker 1: we're going to make any headway here in the next
• 2:27
  Speaker 1: ninety days. I mean, they've had twenty four years to
• 2:30
  Speaker 1: do it, they haven't done it. In another ninety days
• 2:32
  Speaker 1: is probably not going to make that big a difference.
• 2:35
  Speaker 3: There is a difference now, though, and that is this
• 2:37
  Speaker 3: situation in China is pretty dire. Basically, you got factories
• 2:43
  Speaker 3: closing down by the thousands, unemployment rampant. It kind of
• 2:48
  Speaker 3: reminds me of the pictures I'm watching coming out of there,
• 2:50
  Speaker 3: the real ones, not the fake shill accounts. But it
• 2:54
  Speaker 3: reminds me of the of the crash in the US
• 2:59
  Speaker 3: and the you know, twenty nine crash, where like all
• 3:02
  Speaker 3: these guys just leave a factory en mass and it's
• 3:06
  Speaker 3: empty and that's the end of it. And that's what's
• 3:08
  Speaker 3: happening there. So one thing about Trump is we know
• 3:12
  Speaker 3: he's a master of leverage, and you know he knows
• 3:16
  Speaker 3: that this could be the exact right point where he
• 3:19
  Speaker 3: applies maximum leverage to get maximum results.
• 3:22
  Speaker 4: Right, Yeah, I agree with that.
• 3:25
  Speaker 1: I mean, Chinese economy is uniquely vulnerable to these sort
• 3:28
  Speaker 1: of shocks to trade because they have a very dedicated
• 3:31
  Speaker 1: they have a very bifurcated economy, so a significant portion
• 3:34
  Speaker 1: of their manufacturing industry is geared only towards exports. It's
• 3:39
  Speaker 1: very different than an economy like America or even frankly,
• 3:41
  Speaker 1: most development economies in Europe, where most businesses have some
• 3:45
  Speaker 1: exposure exports and significant domestic exposure.
• 3:49
  Speaker 4: In China, it's very different.
• 3:50
  Speaker 1: Most of their businesses, up to ninety five percent of
• 3:52
  Speaker 1: their businesses do not deal with other countries. They just
• 3:55
  Speaker 1: service the Chinese market. But that five to ten percent
• 3:58
  Speaker 1: ish of Chinese companies, they're ninety ninety five percent export oriented.
• 4:03
  Speaker 1: So China is uniquely positioned to suffer from these sort
• 4:06
  Speaker 1: of trade shocks.
• 4:08
  Speaker 4: And of course America's got all the leverage, just like
• 4:10
  Speaker 4: you said.
• 4:10
  Speaker 1: And the reason for that is because we're the country
• 4:12
  Speaker 1: that's running the trade deficit, right and we export to them,
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  Speaker 1: you know, about a third of what we buy from them,
• 4:21
  Speaker 1: so we have you know, every dollar of these tariffs
• 4:24
  Speaker 1: and trade that's shifting around hits them three times as
• 4:26
  Speaker 1: hard as it hits us.
• 4:28
  Speaker 2: Hey.
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  Speaker 3: And and let's also a big real is that what
• 4:31
  Speaker 3: we export to China they really need. What we import.
• 4:36
  Speaker 3: Like if you don't get another iPhone charging cable, USBC
• 4:40
  Speaker 3: cable or a charger, your life will still go on.
• 4:45
  Speaker 3: Outside of rareth meta metals, which really aren't rare at all.
• 4:49
  Speaker 3: They're just we've just had a policy of not mining them.
• 4:52
  Speaker 3: There's plenty of them all over the place. It's such
• 4:56
  Speaker 3: a misnamed commodity because they're not rare, but they do
• 5:02
  Speaker 3: come from the earth, you.
• 5:03
  Speaker 4: Know, Yeah, that's actually very true.
• 5:08
  Speaker 1: They're rare because we didn't want to mind them because
• 5:11
  Speaker 1: of the environmental and sometimes human consequences of doing so.
• 5:15
  Speaker 1: But you know, we've scaled up the production pretty significantly
• 5:18
  Speaker 1: in the last twenty years, and of course there's lots
• 5:20
  Speaker 1: of other places we can get the same material. And
• 5:23
  Speaker 1: to your point, China is exporting, you know, it's the
• 5:25
  Speaker 1: exporting manufactured goods. That's stuff that we can build here.
• 5:29
  Speaker 1: America's exports to China are overwhelmingly shifting towards raw materials,
• 5:34
  Speaker 1: which of course an economy can't function.
• 5:36
  Speaker 4: Without raw materials.
• 5:37
  Speaker 1: They can build its own polypocket toys and you know,
• 5:41
  Speaker 1: shean skirts.
• 5:42
  Speaker 4: Or whatever we're getting from China these days.
• 5:45
  Speaker 3: Hey, and you know, like tabu is like dead dead
• 5:50
  Speaker 3: in the water here. Hey, your book, though, resure how
• 5:53
  Speaker 3: tariffs will bring our jobs home. And you know, there's
• 5:58
  Speaker 3: a whole thing about tara They go back to Smoot
• 6:01
  Speaker 3: Hawley in the thirties that that was the final nail
• 6:05
  Speaker 3: in the coffin of the Great Depression. But this is
• 6:11
  Speaker 3: a completely different case here. I mean, I'm a free
• 6:13
  Speaker 3: trader by nature, all right, I'm a libertarian. I believe
• 6:17
  Speaker 3: in free trade, except when it's weaponized against us and
• 6:21
  Speaker 3: used to basically drive us into the ground and send
• 6:25
  Speaker 3: us into a decline and pretty much enable them to
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  Speaker 3: achieve the world hegemony. That's what's happening here. This is
• 6:34
  Speaker 3: weaponized free trade. It's not good for us, but it's
• 6:38
  Speaker 3: really not good for the Chinese either. The Chinese people
• 6:41
  Speaker 3: for the most part. Yeah, there it's been a lot
• 6:43
  Speaker 3: of progress. They got iPhones or androids or Chinese knockoffs,
• 6:48
  Speaker 3: whatever it is. But still the vast majority of China,
• 6:52
  Speaker 3: and I've been there a couple of times, live in
• 6:55
  Speaker 3: unimaginable poverty that few people in this country could really
• 7:00
  Speaker 3: comprehend the scale of it.
• 7:02
  Speaker 1: Yeah, And to your point, I think it's really important
• 7:05
  Speaker 1: to remember that. I think we're all on the same
• 7:07
  Speaker 1: side in terms of being free market guys. We want
• 7:09
  Speaker 1: to functioning free market and we want functioning international free trade.
• 7:14
  Speaker 1: But what we have right now and what we've had
• 7:15
  Speaker 1: for the last fifty years, is anything but free trade.
• 7:19
  Speaker 1: There is no free trade with a country like China.
• 7:21
  Speaker 1: China is it's run by the CCP, and the Chinese
• 7:26
  Speaker 1: government supports and subsidizes all of these industries in order
• 7:31
  Speaker 1: to change the trade volumes and the types of goods
• 7:34
  Speaker 1: that are being traded in a way that asymmetrically benefits
• 7:37
  Speaker 1: China's domestic policies and whatever it is that they want
• 7:40
  Speaker 1: to do. So, for example, one of the things that
• 7:42
  Speaker 1: China has been doing is they say, look, we want
• 7:44
  Speaker 1: to industrialize, we want to have a cut of the
• 7:46
  Speaker 1: high tech industry.
• 7:48
  Speaker 4: So what do they do.
• 7:49
  Speaker 1: They subsidize the cost of raw materials, They subsidize the
• 7:54
  Speaker 1: cost of power, They give referential land use policies to
• 7:58
  Speaker 1: Chinese companies. They force American companies to do joint ventures
• 8:02
  Speaker 1: with Chinese companies, and part of those joint ventures is
• 8:05
  Speaker 1: the American company has to give all the technology to
• 8:07
  Speaker 1: the Chinese company. So they're engaged in massive intellectual property theft.
• 8:12
  Speaker 4: Let's call it what it is, it's theft.
• 8:14
  Speaker 1: Right, So China's trading with China is not free. We're
• 8:17
  Speaker 1: paying for it with their technology and ultimately, and I've
• 8:21
  Speaker 1: been talking to small businesses, you know, local manufacturers all
• 8:24
  Speaker 1: throughout the country and they're telling me how am I
• 8:26
  Speaker 1: supposed to compete with China when the price of Chinese
• 8:30
  Speaker 1: goods is subsidized by the government to the point where
• 8:32
  Speaker 1: they're driving me out of business?
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  Speaker 4: Right, this is you know what Peter Navarro talks about
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  Speaker 4: all the time. It's dumping.
• 8:37
  Speaker 1: China's selling below cost goods to kill American businesses and
• 8:41
  Speaker 1: once they take over that market, they jack up the
• 8:43
  Speaker 1: price anyways.
• 8:45
  Speaker 3: And you know, we had this impression that Chinese could
• 8:49
  Speaker 3: do no wrong. Obviously it was like Japan, same thing.
• 8:53
  Speaker 3: But what we're seeing like, I don't know about you,
• 8:56
  Speaker 3: but I would not fly on the Comac Seed nine
• 8:59
  Speaker 3: to one nine jet. It looks like an airbus, kind
• 9:04
  Speaker 3: of a cross between an airbus and a Boeing, But
• 9:07
  Speaker 3: every test they don't bother doing like private testing like
• 9:12
  Speaker 3: Boeing an airbus where they test the hell out of
• 9:14
  Speaker 3: the thing and find every flaw. They do real time
• 9:17
  Speaker 3: passenger testing. You know, the passengers are part of the
• 9:21
  Speaker 3: product development, and I would not go on that thing
• 9:25
  Speaker 3: and look, Spencer, Everything in the place is collapsing tofu
• 9:29
  Speaker 3: dreg construction, you know, buildings, just a bridge, a major
• 9:35
  Speaker 3: bridge in Beijing. It was twenty five years old and
• 9:40
  Speaker 3: it just collapsed the other day, and that's emblematic. So
• 9:44
  Speaker 3: this is what they're exporting to the world, is tofu dreg.
• 9:48
  Speaker 3: And perhaps Trump will get the better of them. He
• 9:53
  Speaker 3: couldn't be in a better position to do it now
• 9:55
  Speaker 3: because their economy is definitely on the skids debt crisis.
• 9:59
  Speaker 3: You know, they might have the largest horde of gold
• 10:01
  Speaker 3: in the world, but in the end that's not going
• 10:02
  Speaker 3: to save them.
• 10:03
  Speaker 1: Well, I think it goes back to the age old
• 10:06
  Speaker 1: maxim you get what you pay for it, don't you
• 10:08
  Speaker 1: You get what you pay for it. If you're getting
• 10:09
  Speaker 1: cheap Chinese goods, they're going to be cheaply made as well, right,
• 10:14
  Speaker 1: And I think that's something that people don't understand. I
• 10:16
  Speaker 1: did some research into this in the book actually, So
• 10:19
  Speaker 1: in the book, we look at the cost of appliances,
• 10:22
  Speaker 1: household appliances.
• 10:24
  Speaker 4: And everybody thinks they're getting a good deal on.
• 10:26
  Speaker 1: These household appliances. Because we're getting the parts from China,
• 10:28
  Speaker 1: the parts are cheaper. They can take the sticker price
• 10:31
  Speaker 1: of the product down right.
• 10:33
  Speaker 4: The problem.
• 10:34
  Speaker 1: The problem is is that these machines are all failing
• 10:37
  Speaker 1: way earlier than they used to be. Failing manufacturers are
• 10:41
  Speaker 1: not sticking behind, you know, big ticket warranties. They're not
• 10:45
  Speaker 1: even willing to give you a ten year warranty on
• 10:47
  Speaker 1: most products because they know it's going to fail before that.
• 10:49
  Speaker 4: One in five refrigerators fail within four years.
• 10:52
  Speaker 1: So when they say it's cheap goods, what they actually
• 10:55
  Speaker 1: mean is it's cheaply made and you're going to buy
• 10:57
  Speaker 1: it two or three times in the same lifespan of
• 11:00
  Speaker 1: a product that was made thirty or forty years ago.
• 11:02
  Speaker 1: So is it cheaper, No, it's not. It's more expensive
• 11:06
  Speaker 1: because you're buying it two or three times.
• 11:07
  Speaker 4: And I think that's what consumers really need to understand.
• 11:10
  Speaker 4: The sticker price is not the cost of the good.
• 11:13
  Speaker 1: The price is the price, but it's not the cost.
• 11:15
  Speaker 1: The cost is if I'm using this product for fifty
• 11:17
  Speaker 1: years and I got to buy it three or four times,
• 11:20
  Speaker 1: that's the cost of the product.
• 11:22
  Speaker 3: That's it. Pennywise, and pound foolish, as my mother used
• 11:25
  Speaker 3: to say, and wise lady, yeah you know, and like
• 11:29
  Speaker 3: you said, you get what you pay for. And well,
• 11:33
  Speaker 3: it's going to be interesting to see what happens. I
• 11:36
  Speaker 3: don't think Trump is one to give up an advantage
• 11:39
  Speaker 3: and negotiating advantage that he actually has. Maybe there's things
• 11:43
  Speaker 3: we don't know about. Maybe the agreement's already been reached.
• 11:46
  Speaker 3: One thing I would like to mention Spencer and again,
• 11:51
  Speaker 3: a book is highly recommended. It's called Resure, How Trists
• 11:57
  Speaker 3: will bring our jobs home and revive the America and dream.
• 12:02
  Speaker 3: You know, all these countries that Trump has called upon
• 12:06
  Speaker 3: to negotiate agreements. All you hear in the media is
• 12:09
  Speaker 3: these agreements take years in years to negotiate. Look happened
• 12:14
  Speaker 3: with the UK right away. With AI, basically, all you
• 12:18
  Speaker 3: do is you train an AI and international law in
• 12:22
  Speaker 3: tariffs and shipping, and then you feed in the agreement
• 12:26
  Speaker 3: and you say the existing one, you say, how are
• 12:28
  Speaker 3: we getting screwed? And then it gives you a list
• 12:31
  Speaker 3: and then you say what agreements should we have to
• 12:34
  Speaker 3: not get screwed? Done in five minutes. What people don't
• 12:37
  Speaker 3: understand is diplomacy is a grift. It's just another grift.
• 12:42
  Speaker 3: You negotiate these agreements, the incentive is drag it out
• 12:46
  Speaker 3: as long as you can. So you get to go
• 12:47
  Speaker 3: stay in five star resorts and you know you're drinking
• 12:52
  Speaker 3: a Chateau Lafitte Rothschild by the case eighty two by mission,
• 12:57
  Speaker 3: and you know you travel around from five store Hotel
• 13:02
  Speaker 3: Michelin star dining only, and that's the way these diplomats
• 13:06
  Speaker 3: have gone. But I think those days are over. There
• 13:09
  Speaker 3: is no way that the UK Agreement could have been
• 13:12
  Speaker 3: negotiated without Aire.
• 13:15
  Speaker 4: You're killing me here.
• 13:16
  Speaker 1: I'm a lawyer.
• 13:18
  Speaker 4: Yeah, you're you're exposing that. You're exposing us here. No,
• 13:21
  Speaker 4: it's it's definitely true.
• 13:22
  Speaker 1: These agreements and principle do not take long to negotiate
• 13:25
  Speaker 1: because I think everybody understands ultimately what the problems they
• 13:29
  Speaker 1: want to address are and the problems they're usually you know,
• 13:32
  Speaker 1: one to five things that really need to be tackled,
• 13:35
  Speaker 1: and the rest sort of falls into place.
• 13:37
  Speaker 4: And of course you're right, there's there's great.
• 13:39
  Speaker 1: I mean, I use legal I software in my own practice.
• 13:42
  Speaker 1: Of course, there's great software out there that can help
• 13:45
  Speaker 1: you know, parse these deals and review them and I mean, ultimately,
• 13:50
  Speaker 1: what we really want is we don't want complicated trade deals.
• 13:53
  Speaker 1: We want simple trade deals. I mean this goes back to, like,
• 13:56
  Speaker 1: you know, the tax code. The tax code is a
• 13:58
  Speaker 1: huge tome.
• 13:59
  Speaker 4: Why is a tax code of home.
• 14:00
  Speaker 1: Let's just say it's ten percent of you know, your
• 14:03
  Speaker 1: income and call it a day. You can do it
• 14:04
  Speaker 1: on the It's a one sheet of paper.
• 14:06
  Speaker 4: That's what it should be. And that's the way these
• 14:07
  Speaker 4: trade deals should be as well.
• 14:09
  Speaker 1: If we want more fair trade, how hard is it
• 14:12
  Speaker 1: to say, you know that the terrorists will be level
• 14:15
  Speaker 1: or whatever whatever it is that we're going to do.
• 14:17
  Speaker 1: What makes what makes it complicated and what makes it
• 14:20
  Speaker 1: makes it dangerous is the devil's hide in the details.
• 14:22
  Speaker 4: Right.
• 14:23
  Speaker 1: So the reason these trade agreements are so long is
• 14:25
  Speaker 1: because people are, you know, protecting special interests. They're getting
• 14:29
  Speaker 1: goodies for one industry over the other. And really, when
• 14:32
  Speaker 1: they say we've signed a free trade agreement, what they're
• 14:34
  Speaker 1: actually saying is I've given all of my crooked buddies perks.
• 14:39
  Speaker 1: And the people who are really going to hurt.
• 14:40
  Speaker 4: Are the American people, the American consumer.
• 14:43
  Speaker 3: Yeah, well, I think that day is coming to an end.
• 14:46
  Speaker 3: I think there's a lot more deals being made as
• 14:49
  Speaker 3: we speak. It's a lot of deals and you only
• 14:52
  Speaker 3: got always many qualified people who you can trust in
• 14:55
  Speaker 3: commerce and in state, right because they're purging out the
• 14:59
  Speaker 3: other ones who are untrust trustworthy, like Usaid, you know,
• 15:04
  Speaker 3: just totally going against the country's interests. And uh, you know,
• 15:09
  Speaker 3: it's going to be an interesting time here. But I'm,
• 15:13
  Speaker 3: as someone once said, nauseously optimistic.
• 15:18
  Speaker 4: I like that.
• 15:19
  Speaker 1: I like that Nat is optimistic. I'm a you know what,
• 15:22
  Speaker 1: I'm optimistic as well. I think the administration is moving
• 15:26
  Speaker 1: on the right issues and it's doing it's making.
• 15:29
  Speaker 4: Headway in a way that hasn't been made in at.
• 15:31
  Speaker 1: Least fifty years. And you've got to give credit where
• 15:33
  Speaker 1: credit is due. Nobody's even addressed or acknowledged these problems.
• 15:37
  Speaker 1: The current administration has acknowledged the problems and they're taking
• 15:40
  Speaker 1: some steps to resolving them.
• 15:41
  Speaker 4: So, you know, kudos to them, and let's keep the
• 15:43
  Speaker 4: momentum going.
• 15:44
  Speaker 3: It's totally been rugswept for fifty years. And so we're
• 15:49
  Speaker 3: going to bring China in and they're going to act
• 15:52
  Speaker 3: like human beings, and you know they're going to stop
• 15:57
  Speaker 3: forcibly harvesting organs and sending people off to re education
• 16:02
  Speaker 3: camps because they're going to be making so much money.
• 16:04
  Speaker 3: Everything's going to be great. And that premise appears to
• 16:09
  Speaker 3: have failed. And at least somebody is willing to bury
• 16:12
  Speaker 3: it now because we know what they're about, and you know,
• 16:17
  Speaker 3: if they want to trade, I think there's a block
• 16:21
  Speaker 3: that's forming against them, not the least of which was
• 16:24
  Speaker 3: for the virus, where it occurred and where it was created.
• 16:30
  Speaker 3: Forget about the fact that we the United States, helped
• 16:34
  Speaker 3: underwrite it. That's a story for another day. But the
• 16:38
  Speaker 3: end of the discussion is it happened there. So Spencer,
• 16:43
  Speaker 3: just tell us where do we find you? How do
• 16:45
  Speaker 3: we get your book?
• 16:46
  Speaker 1: Yes, Sarah, you can find me on x and on substack.
• 16:50
  Speaker 1: The handles are both at Real SB Morrison. The book's
• 16:53
  Speaker 1: available right now on Amazon and it's also directly available
• 16:56
  Speaker 1: from the publisher at kalamopress dot com. You know, we
• 17:00
  Speaker 1: sold out of the first print edition. We're coming out
• 17:03
  Speaker 1: with a second edition here, so we're really happy. Thanks
• 17:06
  Speaker 1: a lot. Yeah, we're really happy, but it's going to
• 17:07
  Speaker 1: be more of a collector. We got a paperback coming out.
• 17:10
  Speaker 1: You know, the book is you got to read the book.
• 17:13
  Speaker 4: The book. The book is great.
• 17:14
  Speaker 1: It's a practical it's a practical guide on how to
• 17:17
  Speaker 1: reindustrialize America, and it gives everybody the tools they need
• 17:21
  Speaker 1: to understand what's going on and understand how we have
• 17:23
  Speaker 1: to fix it.
• 17:24
  Speaker 3: Oh, I got it right here in front of me
• 17:25
  Speaker 3: on Amazon. I assume it's on Amazon and wherever fine
• 17:28
  Speaker 3: books used to be sold. And I just released a
• 17:31
  Speaker 3: book myself called The World according to Martin Armstrong and
• 17:35
  Speaker 3: the links in the show notes, and it can be bought.
• 17:38
  Speaker 3: A fascinating story about a fascinating person who's made literally
• 17:43
  Speaker 3: dozens of economic calls that have all come true or
• 17:46
  Speaker 3: mostly Crash of eighty seven, unpegging of the Swiss franc
• 17:51
  Speaker 3: crash of the of the pound, and so many more,
• 17:55
  Speaker 3: two thousand and eight crash, just call after call, World
• 17:59
  Speaker 3: according Tomorrow Normstrong, links in the show notes. Spencer, appreciate
• 18:03
  Speaker 3: you coming on the show. We'll talk to you again.
• 18:04
  Speaker 4: Thanks a lot, my friend. It's a pleasure.
• 18:06
  Speaker 2: Thanks for listening. To carry Letz's Financial Survival Network your
• 18:10
  Speaker 2: solution to today's trying times. For the latest, go to
• 18:14
  Speaker 2: Financial Survivalnetwork dot com. Financial Survival network now more than
• 18:20
  Speaker 2: ever