Latest / Financial Survival Network / Crypto Swap: America’s Debt Fix - Dale Smothers #6264

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Crypto Swap: America’s Debt Fix - Dale Smothers #6264 · Financial Survival Network

• 0:00
  Speaker 1: The idea of bitcoin becoming the way out of debt
• 0:05
  Speaker 1: is one that is new, fresh and probably should be reviewed.
• 0:10
  Speaker 1: But I'll tell you, if America comes out of their
• 0:12
  Speaker 1: debt crisis, look out and look out. The American consumer
• 0:17
  Speaker 1: is going to be benefited from this.
• 0:19
  Speaker 2: You're listening to Carrie Lutz's Financial Survival Network, where you
• 0:23
  Speaker 2: get valuable information you just can't find anywhere else to
• 0:27
  Speaker 2: thrive in today's trying times. You need the Financial Survival
• 0:31
  Speaker 2: Network now more than ever. Go to Financial Survivalnetwork dot
• 0:36
  Speaker 2: com and get your free newsletter and gift. Financial Survival
• 0:40
  Speaker 2: Network now more than ever.
• 0:47
  Speaker 3: And welcome. You are listening to and watching the Financial
• 0:50
  Speaker 3: Survival Network. I'm your host, Carrie Lutz. Well got our
• 0:54
  Speaker 3: GDP numbers in, But how relevant are they because that's
• 0:58
  Speaker 3: the past. We're living now and we're looking towards the future.
• 1:02
  Speaker 3: Dallas Mothers is with us now, noted financial expert Dale.
• 1:05
  Speaker 3: Great to have you back on this show. So what
• 1:08
  Speaker 3: about those GDP numbers?
• 1:09
  Speaker 4: Good to be with you, Carrie.
• 1:11
  Speaker 1: GDP numbers are important when we look at reports, but
• 1:15
  Speaker 1: when we're thinking about what we've got to do in
• 1:17
  Speaker 1: the future, they're not nearly as important. It would be
• 1:19
  Speaker 1: like trying to drive your vehicle by looking in the
• 1:22
  Speaker 1: rearview mirror. This is the GDP of twenty twenty four
• 1:26
  Speaker 1: quarter number four, and it showed a little bit more
• 1:29
  Speaker 1: growth than we were expecting. But it doesn't take much
• 1:33
  Speaker 1: observation to realize, Carrie, that things are starting to slow
• 1:37
  Speaker 1: just a little bit. And I think that should be expected,
• 1:40
  Speaker 1: at least in the short term due to the mandate
• 1:43
  Speaker 1: that was granted to the Trump administration.
• 1:47
  Speaker 3: Yeah, so, speaking of which, you think that those is
• 1:51
  Speaker 3: actually going to make a difference.
• 1:53
  Speaker 1: Yeah, it's certainly going to make a difference in the
• 1:55
  Speaker 1: way that the market reacts, which it already has. Things
• 2:00
  Speaker 1: that tariffs are going to probably make more of a
• 2:04
  Speaker 1: direct difference on Dose itself. It will likely do a
• 2:11
  Speaker 1: pretty good justice for the American taxpayer. They're certainly fraud, waste,
• 2:17
  Speaker 1: and abuse in the American government. And you ask any
• 2:20
  Speaker 1: individual before Elon Musk became the head of Dose, you
• 2:24
  Speaker 1: ask any individual who has any stake in the game,
• 2:28
  Speaker 1: who actually pays into the tax system, I think that
• 2:31
  Speaker 1: they would also agree that there is some fraudulent, if
• 2:34
  Speaker 1: not fraudulent, at least some Yeah, if not fraudulent they
• 2:39
  Speaker 1: would at least say that there is some inefficiencies in
• 2:41
  Speaker 1: the way government spends money. I've heard it for once
• 2:45
  Speaker 1: mentioned and forgive me if the numbers are on Kerry,
• 2:48
  Speaker 1: But we've talked a little bit about this maybe in
• 2:50
  Speaker 1: other shows. You give a dollar to government, you get
• 2:53
  Speaker 1: back sixty seven cents. You give a dollar to the
• 2:56
  Speaker 1: private sector and you get back a dollar thirty. The
• 3:00
  Speaker 1: investment is clear, a lot of this stuff needs to
• 3:03
  Speaker 1: be shifted to the private sector. So when it comes
• 3:06
  Speaker 1: to DOGE, I think it's certainly going to help us
• 3:09
  Speaker 1: at home. When it comes to the tariffs, we're going
• 3:12
  Speaker 1: to have a little bit of short term pain for
• 3:14
  Speaker 1: some long term gain, but it's worth it, all right.
• 3:17
  Speaker 3: Well, this reminds me of Captain Lewis or Luis or
• 3:22
  Speaker 3: Reno in the movie Casablanca, when he turned around and
• 3:26
  Speaker 3: somebody said, you know they're gambling.
• 3:29
  Speaker 4: He turns around the goods. There's gambling here. I'm shocked.
• 3:32
  Speaker 4: There's bro there's waste, there's theft. I cannot believe it here, Sure,
• 3:36
  Speaker 4: how can this be?
• 3:37
  Speaker 3: Dale?
• 3:38
  Speaker 4: Like, what's going on here? How did this happen?
• 3:41
  Speaker 1: Yeah, you know, we shouldn't be sending money overseas until
• 3:47
  Speaker 1: the people who are still suffering in North Carolina and
• 3:50
  Speaker 1: suffering in California and Florida from our own natural disasters,
• 3:54
  Speaker 1: they should be taken care of as if nothing happened, Carrie,
• 3:58
  Speaker 1: and so stopping that immediately day one is something that
• 4:02
  Speaker 1: has been a very good success story for the American taxpayer.
• 4:09
  Speaker 1: When it comes to doge itself, that they are probably
• 4:12
  Speaker 1: attacking a lot of things that are making people uncomfortable.
• 4:16
  Speaker 1: Not to jump into conspiracy theories here, but when you
• 4:19
  Speaker 1: know that the judge is close to you, you might
• 4:23
  Speaker 1: squirm a little bit more. I believe Elon Musk has
• 4:25
  Speaker 1: even gave reference to that in the past, where he
• 4:28
  Speaker 1: said when he moved to Twitter, don't quote me on
• 4:31
  Speaker 1: the words, but he said something to the effect of,
• 4:33
  Speaker 1: when I took over Twitter, the ones who were not
• 4:36
  Speaker 1: doing much were the first ones to start screaming when
• 4:38
  Speaker 1: I started cutting.
• 4:40
  Speaker 4: What was it? He asked them?
• 4:42
  Speaker 1: He asked a lot of government employees to name five
• 4:44
  Speaker 1: things that you did last week, and many of them
• 4:47
  Speaker 1: struggled to come up with five things.
• 4:50
  Speaker 4: Working a nerve of him.
• 4:53
  Speaker 1: Yeah, So now granted, Thank God for our public servants,
• 4:58
  Speaker 1: thank God for those who who do the lord's work
• 5:02
  Speaker 1: and in certain areas that a private company could not
• 5:05
  Speaker 1: do because there's just no profit in it. I mean firefighting,
• 5:08
  Speaker 1: for instance, or ambulance services. But when it comes to
• 5:12
  Speaker 1: some of this, US aid AI duh that when you
• 5:18
  Speaker 1: start looking through the numbers and you start looking through
• 5:20
  Speaker 1: what's actually done, it should have been done a long
• 5:22
  Speaker 1: time ago.
• 5:24
  Speaker 4: Yeah, and here's here's my take on it.
• 5:27
  Speaker 1: Uh, you know, and I try my best not to
• 5:29
  Speaker 1: be political, if you will, for my clients, because we
• 5:32
  Speaker 1: have a lot of clients from both sides of the aisle,
• 5:34
  Speaker 1: and whether you're a Republican or Democrat, you want to
• 5:36
  Speaker 1: retire successfully. But if this was a Democratic president with
• 5:42
  Speaker 1: a D beside their name, we would have an entirely
• 5:45
  Speaker 1: different story hitting the news waves right now, an.
• 5:50
  Speaker 4: Entirely different story.
• 5:53
  Speaker 1: And it's it's kind of it's it's sad, it's disarming,
• 5:57
  Speaker 1: and it's also why I think Americans are waking up
• 5:59
  Speaker 1: to the fact that, you know, both sides is slant
• 6:03
  Speaker 1: their news, but one side has become so slanted that
• 6:06
  Speaker 1: they're almost horizontal.
• 6:08
  Speaker 4: Yeah.
• 6:08
  Speaker 3: I don't know if you caught the NPR and the
• 6:13
  Speaker 3: corporate for Public broadcasting people and the hearing on Capitol
• 6:17
  Speaker 3: Hill yesterday. In fact it was, but these were some
• 6:21
  Speaker 3: pathetic human beings like news to them is just a
• 6:25
  Speaker 3: form of propagandizing, and it's a way to further your
• 6:32
  Speaker 3: your own interests and the interests of whomever you believe in,
• 6:37
  Speaker 3: whomever you're with, and it's really not a means to
• 6:43
  Speaker 3: inform and enlighten the public so that the public is
• 6:47
  Speaker 3: more apt to be able to comprehend important issues and
• 6:52
  Speaker 3: come to informed opinions about it.
• 6:55
  Speaker 1: Right, the government funded propagandat you nailed it. And you know,
• 7:01
  Speaker 1: one thing we have to be careful of is the
• 7:04
  Speaker 1: folks that have common sense, you know, not left or
• 7:07
  Speaker 1: right leaning, not left or right bigots, if you will,
• 7:11
  Speaker 1: where we're sickophants of one particular individual, just common sense.
• 7:16
  Speaker 1: We have to be careful not to let this pendulum
• 7:18
  Speaker 1: swing so far to the other side that we begin
• 7:22
  Speaker 1: to turn a blind eye to what's going on on
• 7:26
  Speaker 1: our side of the aisle. Whether you're a Republican or Democrat,
• 7:29
  Speaker 1: you should be able to look at someone like Elon
• 7:31
  Speaker 1: Musk and champion his entrepreneurship and champion his achievements. And also,
• 7:38
  Speaker 1: thank god that somebody whether it's Hillmor or whoever it is,
• 7:41
  Speaker 1: is taking a look at the inefficiencies of government. And
• 7:47
  Speaker 1: government is a creature in its own right, carry it
• 7:50
  Speaker 1: will consume and get larger, very very unlikely that it
• 7:54
  Speaker 1: gets smaller on its own watch, and so someone has
• 7:58
  Speaker 1: to take the reins, put a leash on it and
• 8:01
  Speaker 1: hold it tight. Another thing we've got to see, and
• 8:05
  Speaker 1: you know, a good luck on this, but the rule
• 8:08
  Speaker 1: makers have to change the rules to where they only
• 8:11
  Speaker 1: get to make the rules for a length of time.
• 8:14
  Speaker 1: We have to see term limits enacted. Term limits should
• 8:17
  Speaker 1: have been a thing.
• 8:18
  Speaker 4: You know.
• 8:18
  Speaker 1: I'm from Kentucky, born and raised, big Kentucky Wildcats fan.
• 8:23
  Speaker 1: We got a big game coming up, you know, the
• 8:25
  Speaker 1: march madness is upon us. Here's what I know. Our
• 8:29
  Speaker 1: Kentucky senator who sat on the same aisle, the same
• 8:33
  Speaker 1: side of the aisle as I vote, our own Kentucky
• 8:36
  Speaker 1: senator was a senator for longer than the Queen of
• 8:39
  Speaker 1: England was queen.
• 8:41
  Speaker 4: And that's just not right. This type of.
• 8:46
  Speaker 1: A padding of pockets, perhaps to stay in or jerry mandering.
• 8:49
  Speaker 1: It happens on both sides, and we can't become sycophants
• 8:53
  Speaker 1: to the point where we look at one and say
• 8:55
  Speaker 1: that's right, and look at the other and say that's
• 8:57
  Speaker 1: all wrong. If you have the ability to say one
• 9:00
  Speaker 1: good thing about somebody, you're probably looking at it from
• 9:03
  Speaker 1: a bad perspective.
• 9:04
  Speaker 4: Mm hmmm.
• 9:05
  Speaker 1: Yeah.
• 9:05
  Speaker 3: Well, the polarization bad news for sure. But and you
• 9:11
  Speaker 3: talk about these guys, it's the Hotel California. They can
• 9:14
  Speaker 3: check in any time they want, but they can never
• 9:16
  Speaker 3: leave because they never will leave.
• 9:18
  Speaker 1: Right, It's so true, so true, you know, speaking to
• 9:22
  Speaker 1: the point of kind of reframing government. We're talking to
• 9:28
  Speaker 1: our clients right now, Carrie about the idea of a reversal. Now,
• 9:34
  Speaker 1: the I think it was the Treasury Secretary came on
• 9:37
  Speaker 1: and said, we are going through a detox. That's how
• 9:41
  Speaker 1: he related this. It's a detail.
• 9:43
  Speaker 4: Yeah, I laughed.
• 9:45
  Speaker 1: It's an incredible analogy. But it's hard for my clients
• 9:48
  Speaker 1: and a lot of you know, people of let's say affluence,
• 9:52
  Speaker 1: to maybe relate to what that means. They realize the
• 9:54
  Speaker 1: message is clear, short term gain and a lot to
• 9:56
  Speaker 1: win on the back end of this when we get
• 9:58
  Speaker 1: through it. But if we maybe relate it to taking
• 10:03
  Speaker 1: a car that's driving one hundred miles an hour, and
• 10:06
  Speaker 1: we've got to go in reverse because we have given
• 10:09
  Speaker 1: a mandate to change courses. We don't like which way
• 10:13
  Speaker 1: we're going, We're going the opposite direction. We have to
• 10:16
  Speaker 1: pump the brakes first, pumping those breaks. It's not easy,
• 10:21
  Speaker 1: and it's certainly not what we've always done. We got
• 10:24
  Speaker 1: to throw the thirty year old handbook out, this playbook
• 10:27
  Speaker 1: that we've called geopolitical plays from for twenty five plus years,
• 10:34
  Speaker 1: starting with allowing China in the World Trade Organization and
• 10:39
  Speaker 1: then allowing them to run the gambit and and have
• 10:43
  Speaker 1: no rules, not honoring our profit, our own intellectual property.
• 10:49
  Speaker 4: They have ran over us for years.
• 10:53
  Speaker 1: And one message that has not changed with Donald Trump
• 10:56
  Speaker 1: is that message.
• 10:58
  Speaker 4: And he's a tied true one, so true.
• 11:00
  Speaker 1: He also what I love carry is that he values
• 11:04
  Speaker 1: and knows the value of the American consumer. He knows
• 11:08
  Speaker 1: that every country in the world wants to put their
• 11:11
  Speaker 1: product in front of our eyes, and he's charging a
• 11:14
  Speaker 1: premium for it. It's the first time we've done something
• 11:16
  Speaker 1: like that in a long time. I do think it's
• 11:18
  Speaker 1: going to work. Is it the way I would do it?
• 11:21
  Speaker 1: Probably not. Is it the way that it probably should
• 11:24
  Speaker 1: be done? To give us peace and calm. Probably not,
• 11:28
  Speaker 1: but he took his mandate and he's doing it immediately.
• 11:32
  Speaker 1: And to be real frank with you, I think we
• 11:34
  Speaker 1: do come out better because of it.
• 11:37
  Speaker 3: Hey, I like in the US market to like a supermarket.
• 11:41
  Speaker 3: You know, all those products that wind up there, and
• 11:45
  Speaker 3: they wind up on certain ends of the aisle close
• 11:47
  Speaker 3: to the cash register. They didn't just get put there.
• 11:51
  Speaker 3: The people that produce them pay the supermarket fees. In fact,
• 11:56
  Speaker 3: that's where a lot of the supermarket's fees actually come from,
• 12:00
  Speaker 3: is product placement. And to have the government be doing
• 12:04
  Speaker 3: that is something I would have never thought could actually happen.
• 12:10
  Speaker 4: But here we are.
• 12:11
  Speaker 3: And you know, just that the Golden Passport, the Golden
• 12:17
  Speaker 3: Visa is pure genius. I mean, that could bring in
• 12:20
  Speaker 3: a trillion dollars sure, writing its own you know.
• 12:23
  Speaker 1: And Saturday Night Live and these these satire skits can
• 12:27
  Speaker 1: have a heyday with that. But the bottom line is
• 12:29
  Speaker 1: it makes sense and it's not something we've ever done before. Again,
• 12:33
  Speaker 1: thirty year old playbook, rip it up and throw it out.
• 12:36
  Speaker 1: This type of action is needed because if we continue
• 12:40
  Speaker 1: to do what we've always done and expect a different result,
• 12:44
  Speaker 1: it is the definition of insane. Insane, and I love
• 12:49
  Speaker 1: your analogy of product placement.
• 12:51
  Speaker 4: That's it. That is exactly what he is forcing individuals
• 12:56
  Speaker 4: to do.
• 12:56
  Speaker 1: And places like China, you know what I'll love about
• 13:01
  Speaker 1: jumping on say an Amazon site or Tamu or whatever
• 13:05
  Speaker 1: it is, wherever you shop. And you know, granted all
• 13:07
  Speaker 1: of those have their downfalls, but you can get things
• 13:10
  Speaker 1: for cheap. But those things come cheaply because they are
• 13:14
  Speaker 1: ripped off and duplicated versions of someone's hard sweat equity.
• 13:19
  Speaker 1: They poured into a product, they send them to China
• 13:21
  Speaker 1: and now immediately there's a duplicate of it. And if
• 13:25
  Speaker 1: we were the ones producing the product, we wouldn't like
• 13:27
  Speaker 1: it either.
• 13:28
  Speaker 3: And the oftentimes so from China, it's manufactured with slave labor.
• 13:34
  Speaker 3: So so ju about the debt, I have a theory
• 13:39
  Speaker 3: the strategic Bitcoin reserve. It's like, there's no possible way
• 13:43
  Speaker 3: to pay off thirty seven trillion, right, shay not be done.
• 13:47
  Speaker 3: They just can't be done. However, with cryptocurrency, what if
• 13:52
  Speaker 3: the US was actually sitting on a lot more crypto
• 13:55
  Speaker 3: than any of us know about, like several million coins,
• 14:00
  Speaker 3: and by pumping this up, if they can bring it
• 14:05
  Speaker 3: to the point where our crypto holdings.
• 14:08
  Speaker 4: Are worth more than our debt.
• 14:11
  Speaker 3: They could just do a crypto to debt swap and
• 14:15
  Speaker 3: there goes all of our debt. It's gone, problem solved.
• 14:19
  Speaker 3: There is no other way to solve this other than
• 14:21
  Speaker 3: a default, an inflationary depression, or some type of renegotiation,
• 14:28
  Speaker 3: and none of those, none of those options are attractive.
• 14:33
  Speaker 4: Yeah, a good old pump and dump pretty much.
• 14:38
  Speaker 3: But you know, hey, the US government's just a mob anyway, right.
• 14:43
  Speaker 4: That's true? What is it?
• 14:45
  Speaker 1: Charles Ponzi himself would be proud of Social Security, jealous.
• 14:50
  Speaker 4: He would be jealous. He would be jealous.
• 14:52
  Speaker 1: The idea of bitcoin becoming the way out of debt
• 14:58
  Speaker 1: is one that is new, fresh, and probably should be reviewed.
• 15:03
  Speaker 1: But I'll tell you, if America comes out of their
• 15:05
  Speaker 1: debt crisis, look out and look out, the American consumer
• 15:10
  Speaker 1: is going to be benefited from this. I am curious
• 15:13
  Speaker 1: about this potential getting rid of income tax. I've even
• 15:19
  Speaker 1: heard recently two hundred and fifty thousand dollars deduction essentially
• 15:24
  Speaker 1: a standard deduction being kind of proposed. And you know,
• 15:27
  Speaker 1: you have to watch what you hear because it's not
• 15:29
  Speaker 1: always true. But the idea of abolishing the income tax
• 15:33
  Speaker 1: would also usher in an economic boom like we've never seen.
• 15:37
  Speaker 1: It's the only problem with that is where we get
• 15:39
  Speaker 1: in our revenue from.
• 15:41
  Speaker 3: Well, so well as we know a lot of it,
• 15:44
  Speaker 3: we don't need a lot of these employees are useless
• 15:48
  Speaker 3: and a lot of waste. But still there are things
• 15:52
  Speaker 3: like the military, the courts. Even carving it down to
• 15:55
  Speaker 3: its most basic functions, it's still got to be paid for.
• 16:00
  Speaker 3: I think the key is a national sales tax and
• 16:04
  Speaker 3: the ability to just then it would be even more
• 16:09
  Speaker 3: of a boom because it would encourage savings and people
• 16:13
  Speaker 3: would have a choice where they want to.
• 16:14
  Speaker 4: Pay that tax or not. Kerrie, tell me when you're
• 16:17
  Speaker 4: running and where you're running, and I'll vote for you.
• 16:19
  Speaker 3: Man.
• 16:19
  Speaker 4: I love running sales. I'm running from it, not to it.
• 16:24
  Speaker 4: But Liz me.
• 16:24
  Speaker 1: Sales tax idea is perhaps the most remarkable idea, and
• 16:28
  Speaker 1: it's one that I have been behind for many, many years.
• 16:32
  Speaker 1: It definitely helps alleviate this foreign income loop O or
• 16:39
  Speaker 1: the illegal immigrants perhaps not paying their fair share. If
• 16:42
  Speaker 1: you consume, you pay, If you consume, you pay. We
• 16:47
  Speaker 1: also are ceeing is at Florida if I'm not mistake
• 16:50
  Speaker 1: at Florida is abolishing the property tax perhaps the last one.
• 16:55
  Speaker 3: Okay, there's the money coming from there? Again, where's the
• 16:58
  Speaker 3: money going to come from?
• 16:59
  Speaker 4: Yeah?
• 17:00
  Speaker 3: Yeah, I don't see it, you know. But at least
• 17:04
  Speaker 3: they're talking about the right things. For so many years, Dale,
• 17:08
  Speaker 3: we didn't even talk about the right things.
• 17:10
  Speaker 4: So true Lake NPR mode.
• 17:12
  Speaker 1: That is such a good point because this has now
• 17:15
  Speaker 1: become the front and center. We have a democratic governor
• 17:18
  Speaker 1: now talking about lowering taxes in the state of Kentucky,
• 17:22
  Speaker 1: and it's all because he's pushing for a white House bid.
• 17:27
  Speaker 1: You are likely to see the idea of tax cuts
• 17:32
  Speaker 1: and tax savings and renegotiating again, not with the thirty
• 17:37
  Speaker 1: year old playbook, but with a new, fresh playbook becoming
• 17:41
  Speaker 1: the center aisle.
• 17:43
  Speaker 4: Item of discussion.
• 17:45
  Speaker 1: And that's a good thing, win win for the American
• 17:48
  Speaker 1: consumer taxpayer.
• 17:50
  Speaker 4: It's a win win, all right.
• 17:52
  Speaker 3: So Dale, just tell us where we find you, how
• 17:55
  Speaker 3: we connect with you and on the web.
• 17:58
  Speaker 1: Yes, sir Carrie, you can go to rdswealth dot com.
• 18:03
  Speaker 1: We are a full service, comprehensive financial planning firm helping
• 18:06
  Speaker 1: retirees who are looking for a little bit less of
• 18:09
  Speaker 1: a rollercoaster ride in retirement. We believe that you should
• 18:13
  Speaker 1: enjoy the optimism of the stock market, but be completely
• 18:17
  Speaker 1: uncorrelated with the market downturns. We help clients and retirees
• 18:21
  Speaker 1: do just that. Rdswealth dot com our phone number two
• 18:26
  Speaker 1: seven zero six hundred plan all right and.
• 18:29
  Speaker 3: Now it's all in the show notes of this interview
• 18:31
  Speaker 3: on Financial Survival Network dot com and O yes, when
• 18:35
  Speaker 3: you go there, sign up for your free newsletter as
• 18:37
  Speaker 3: over seventy five thousand of you have done. Ye, we're
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• 18:44
  Speaker 3: out in the.
• 18:44
  Speaker 4: Next day or two. Delle, always a pleasure. Thanks for
• 18:47
  Speaker 4: stopping by. Thank you Ery, good to.
• 18:48
  Speaker 2: Be here, Thanks for listening to carry lets this Financial
• 18:52
  Speaker 2: Survival Network your solution to today's trying times. For the latest,
• 18:57
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• 19:03
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