Latest / Financial Survival Network / Stagflation Storm Is Here - Dennis Tubbergen #6385

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Stagflation Storm Is Here - Dennis Tubbergen #6385 · Financial Survival Network

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  Speaker 1: I think we're headed for a stagflationary environment, which is
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  Speaker 1: just miserable economically. We get higher prices likely and things
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  Speaker 1: we have to buy, and lower prices and things we
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  Speaker 1: own as the economy can tracts.
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  Speaker 2: So I think that's where we're at it. It's it's
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  Speaker 2: not great news, but I think it's reality.
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  Speaker 3: You're listening to Carrie Lutz's Financial Survival Network, where you
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  Speaker 3: thrive in today's trying times. You need the Financial Survival
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  Speaker 4: And welcome you are watching and listening to the Financial
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  Speaker 4: Survival Network. I'm your host, Carrie Lutz. And it's things
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  Speaker 4: that just keep coming. Can't keep up with all the news.
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  Speaker 4: I'm a pretty avid follower of multiple streams and sources
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  Speaker 4: of news, and I can't keep up with it. I
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  Speaker 4: don't know how you will keep up with it either.
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  Speaker 4: But to help us keep up with what's going on
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  Speaker 4: in the financial world is our good friend Dennis Tubergen
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  Speaker 4: and Denniss. Been a while since we last spoke. It's
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  Speaker 4: great to have you back. So what is going on
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  Speaker 4: with the economy and the world at large here?
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  Speaker 1: Well, Carrie, first, thanks for having me back. I think
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  Speaker 1: you look younger every time I see you.
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  Speaker 4: I will it's the lighting. It's only the letter me.
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  Speaker 1: Well, I think I think the big economic story, at
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  Speaker 1: least in my view, is that I think we're seeing
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  Speaker 1: the emergence of stagflation, which has been in my forecast
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  Speaker 1: for a very long time.
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  Speaker 4: I think that the.
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  Speaker 1: Inflation numbers are heating up when you look at the
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  Speaker 1: March numbers significantly higher from February to March, up about
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  Speaker 1: point nine percent year over year, up about three point
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  Speaker 1: three percent. I think that we don't see what has
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  Speaker 1: happened as far as oil prices that have been that
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  Speaker 1: are included in that inflation calculation. So I expect it
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  Speaker 1: by May June we're going to see much higher inflation numbers.
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  Speaker 1: And at the same time, we have the Atlanta Fed
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  Speaker 1: with a GDP now forecast cutting growth estimates. So I
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  Speaker 1: think we're headed for a stagflationary environment which is just
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  Speaker 1: miserable economically. We get higher prices likely and things we
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  Speaker 1: have to buy, and lower prices than things we own
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  Speaker 1: as the economy can tracts. So I think that's where
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  Speaker 1: we're add It's it's not great news, but I think
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  Speaker 1: it's reality.
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  Speaker 4: And yet precious metals prices hit a peak and they've
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  Speaker 4: headed down. You know, Now silver is close to that. Well,
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  Speaker 4: let's see where it is. Silver's right around seventy five bucks.
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  Speaker 4: It's down a couple cents. Actually, it's right above seventy five.
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  Speaker 4: Gold is trading at forty seven hundred plus. Why aren't
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  Speaker 4: they going higher when you and I and the rest
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  Speaker 4: of the world knows what's coming here?
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  Speaker 1: Dennis, Well, I think, Carrie, when you look at gold
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  Speaker 1: and silver, first of all, the decline we saw on
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  Speaker 1: January thirty as related to silver, there were a lot
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  Speaker 1: of coincidences that happened that day, and I think that,
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  Speaker 1: you know, a drop from one hundred and twenty one
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  Speaker 1: down to sixty six sixty seven somewhere in there. I
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  Speaker 1: think there were a lot of things there to make
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  Speaker 1: that look like it was a bit contrived. So I think,
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  Speaker 1: you know, conspiracy theories aside, that market got a little
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  Speaker 1: bit ahead of itself. I think what we're seeing here
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  Speaker 1: is a normal correction and consolidation when you look at
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  Speaker 1: prices in relation to a twenty week moving average on
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  Speaker 1: both charts, both gold and silver remain in an uptrend.
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  Speaker 1: I think what we're seeing here is just healthy consolidation
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  Speaker 1: and a larger uptrend. So I think we're going to
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  Speaker 1: see much higher prices moving ahead. I think if that
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  Speaker 1: market had kept going, I would be in a position
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  Speaker 1: that I would have suggested maybe taking some profits. But
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  Speaker 1: I would say this is behaving pretty normally, and I
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  Speaker 1: think the market is just digesting some gains before these
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  Speaker 1: prices go much higher.
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  Speaker 4: And man like, I love when people tell me what
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  Speaker 4: I want to hear, even if it's who knows, I
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  Speaker 4: tend to agree with you, because, aside from everything else silver,
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  Speaker 4: but I'm a stacker, I have to admit, been doing
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  Speaker 4: it for decades. It's like the use picture demand production
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  Speaker 4: picture alone means it's got to go higher. And then
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  Speaker 4: when you throw in the investment to demand, which will
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  Speaker 4: inevitably escalate as things become apparent. Where else can it
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  Speaker 4: go but up?
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  Speaker 1: Yeah? I mean you've got for the last five years,
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  Speaker 1: you've got a deficit between industrial demand and mining output
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  Speaker 1: of about million ounces. Ever five years, that's a billion
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  Speaker 1: ounces Comax is running short on inventories. I think if
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  Speaker 1: Comax has delivery issues, which I don't think that is
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  Speaker 1: out of the question. I think you could see that
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  Speaker 1: be a catalyst that moves silver prices much higher, very quickly. So,
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  Speaker 1: you know, I think fundamentally speaking, nothing has changed. I
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  Speaker 1: think what we're seeing here is a normal technical correction.
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  Speaker 4: Yep. Well I don't know about normal, but it's definitely
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  Speaker 4: a technical correction. Like you said, it looks contrived, you know,
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  Speaker 4: like people always think, well, they only make good prices
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  Speaker 4: of gold and silver go down, But what really really
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  Speaker 4: happens is something way more complicated than that. They manipulate
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  Speaker 4: it on the up and the down. So when they
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  Speaker 4: see that silver is going higher and higher, they know
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  Speaker 4: they can't stop it. But if they jump on the
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  Speaker 4: bandwagon and make it go to an unsustainable number one
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  Speaker 4: hundred and twenty one forty four, then when they pull
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  Speaker 4: the rugout, you know, it's one of those Junga games
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  Speaker 4: where all the blocks just go smashing to the ground
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  Speaker 4: and then we have to start building them up again.
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  Speaker 4: That's my kind of diagnosis of what's happening, not alleging
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  Speaker 4: any wrongdoing, of course, nobody would ever manipulate the markets
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  Speaker 4: with day Dennis Well.
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  Speaker 1: I like to think there's a unicorn out there that
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  Speaker 1: poop skittles too, but that doesn't happen. I think when
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  Speaker 1: you look at the coincidences, as I said, that happened,
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  Speaker 1: you know, websites going dark, I think you saw a
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  Speaker 1: lot of institutional short sellers short positions.
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  Speaker 2: I think they got out of those very favorably.
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  Speaker 1: I don't think that it's conspiracy theory. I think those
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  Speaker 1: markets are manipulated. There are actually traders from big banks
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  Speaker 1: around the world that were convicted of felonies for actually
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  Speaker 1: manipulating those markets.
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  Speaker 2: So it happened the.
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  Speaker 4: Biggest bank in the world, JP Morgan Chase, right, Yeah, I.
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  Speaker 1: Wasn't gonna mention names, but yeah, so yeah, so you
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  Speaker 1: take a look at just what's happened in the past.
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  Speaker 1: They're fairly easy markets to manipulate. They're not big markets.
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  Speaker 1: But as soon as I mean, when you look at
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  Speaker 1: what's going on around the world, here you have central
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  Speaker 1: banks that are the custodians, if you will, of FIOD currencies,
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  Speaker 1: and now the largest reserve asset buy central banks around
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  Speaker 1: the world collectively speaking, is gold. So that really tells
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  Speaker 1: you all you need to know about precious metals. Here
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  Speaker 1: are the institutions in charge of monetary policy around the
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  Speaker 1: world that are stacking gold, and they're not really dumping
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  Speaker 1: US dollars, but on a percentage basis, gold is now
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  Speaker 1: the largest reserve asset of all central banks around the world.
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  Speaker 1: So I think that tells you really all you need
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  Speaker 1: to know about where precious metals are likely going to go.
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  Speaker 4: I could not agree with you more. And it's just logical,
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  Speaker 4: you know. I heard something alarming about bitcoin from a
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  Speaker 4: friend who's really wired into the financial world. I don't
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  Speaker 4: know if it's true or not, and I hesitate to
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  Speaker 4: repeat it. But the reason why crypto is doing so
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  Speaker 4: badly now is because supposedly, in six months, quantum computing
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  Speaker 4: will evolve to the point where the keys are basically
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  Speaker 4: they don't protect the currency anymore. The keys will be
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  Speaker 4: broken because computing speed AI combined with quantum computing will
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  Speaker 4: just make it like doing a math problem like two
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  Speaker 4: plus two equals five. I mean four. If you're a liberal,
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  Speaker 4: it's five. If you're like a normal person, it's four.
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  Speaker 1: Well, I grew up in the era of flashguards, so
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  Speaker 1: I knew you made a mistake there.
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  Speaker 2: You know.
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  Speaker 1: That's an interesting theory, and I think it goes beyond
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  Speaker 1: what what my mind can comprehend. But I think it
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  Speaker 1: boils down to confidence. Whenever you talk about currencies and
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  Speaker 1: bitcoin ethereum, I mean picked the crypto. It's a digital
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  Speaker 1: unit of air. There's no tangible value, there's no intrinsic value.
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  Speaker 1: And a really smart guy back I think it was
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  Speaker 1: in the sixteen hundreds by the name of Voltaire, said
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  Speaker 1: that all currencies eventually return to their intrinsic value. So
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  Speaker 1: I would not be shocked at some point in the
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  Speaker 1: future if bitcoin and all the other cryptos return to
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  Speaker 1: their intrinsic value, which is I like you, I'm a
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  Speaker 1: gold stacker. I'm a silver stacker, and I think that
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  Speaker 1: at some point in the future, going back to confidence,
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  Speaker 1: there's going to be some currency in the world that
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  Speaker 1: will somehow, some way be tied directly or indirectly to metals.
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  Speaker 1: I just think that that's what's always happened historically, and
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  Speaker 1: I don't think this time is going to be different.
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  Speaker 4: I could not agree with you more. There's just no
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  Speaker 4: way that the current system is sustainable. The thing that's
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  Speaker 4: amazing Dennis is it's lasted as long as it has,
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  Speaker 4: but you know why, and Armstrong really covers this. It's
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  Speaker 4: like it's a platform. It's not like the US dollar
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  Speaker 4: is just a measure of value currency unit. It's a
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  Speaker 4: platform and the whole world is set up to trade
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  Speaker 4: on it, and there are no alternatives. Now, it looked
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  Speaker 4: like crypto was going to be one, but I'm thinking
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  Speaker 4: maybe not here because for one thing, for value, you
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  Speaker 4: need a stable unit, all right. The dollar is way
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  Speaker 4: more stable than a one unit of bitcoin. You know,
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  Speaker 4: you can't transact business, and a currency that goes up
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  Speaker 4: and down fifty percent in a matter of weeks can't
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  Speaker 4: be done.
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  Speaker 1: Yeah, And it's interesting because there's some articles I've read
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  Speaker 1: of late at China now is, you know, aspiring for
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  Speaker 1: the yuon or the rennanbi the official currency, to become
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  Speaker 1: a reserve currency. And they point to the fact that
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  Speaker 1: trade has gone from about one percent of worldwide trade
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  Speaker 1: in the yuon to three point seven percent. That's a
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  Speaker 1: far cry from what happens in US dollars. So it's
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  Speaker 1: not the euro, it's not the yen. You know, the
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  Speaker 1: dollar is really the best house in a bad neighborhood
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  Speaker 1: to use that analogy, and where else are you going
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  Speaker 1: to go other than gold and silver.
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  Speaker 4: I always say, Dennis, it's the best looking house in Baltimore.
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  Speaker 2: With apologies to everybody in Baltimore.
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  Speaker 4: Yeah. Well, hey, if you can't get out, you can't
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  Speaker 4: get out.
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  Speaker 2: You know.
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  Speaker 4: Let's talk about migration numbers. You mentioned it in our
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  Speaker 4: pre call. Tell us what they're really telling us.
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  Speaker 1: Well, I think what they're telling us, bottom line, carry
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  Speaker 1: is that capital goes where it's respected.
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  Speaker 2: So you have the state of.
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  Speaker 1: War Washington imposing a nine point nine percent just called
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  Speaker 1: a ten percent income tax on incomes over a million dollars.
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  Speaker 1: We then have Howard Schultz, who I think in the past,
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  Speaker 1: from what I at least recall, had a bit of
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  Speaker 1: a liberal bent, is now.
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  Speaker 4: Well not really, I'm just teasing.
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  Speaker 1: But moving to sunny Florida, framed that his kids are
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  Speaker 1: on the East Coast and he wants to be closer
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  Speaker 1: to the kids, but Florida has no state income tax.
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  Speaker 1: Starbucks corporate headquarters moving to Tennessee coincidence all or coincidence, Dennis,
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  Speaker 1: purely a coincidence, And Florida, when IRS released its migration
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  Speaker 1: numbers I think the migration numbers were from twenty twenty three,
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  Speaker 1: Florida picked up over twenty billion dollars in income. So
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  Speaker 1: you've got affluent people, capital voting with their feet. Look
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  Speaker 1: at the billionaires that left California. You've got the two
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  Speaker 1: founders of Google that one moved to Florida, unmoved to Nevada.
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  Speaker 1: At why no.
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  Speaker 2: State income tax?
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  Speaker 1: So so I mean I think you're seeing Uh, and
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  Speaker 1: now you start talking about a billionaire tax. You know,
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  Speaker 1: you listen to the Bernie Sanders of the world, and Uh,
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  Speaker 1: that's just going to be an invite to have the
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  Speaker 1: billionaires move out of the United States and move somewhere else. Uh.
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  Speaker 2: Capital votes with his feet. It goes where it's respected.
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  Speaker 1: And everybody's got a tipping point, and I think in
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  Speaker 1: a lot of states you're seeing a lot of the
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  Speaker 1: affluent people say, look I hit my tipping point.
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  Speaker 2: I'm gonna move. I'm going to fix this because I
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  Speaker 2: have the ability to do.
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  Speaker 1: So.
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  Speaker 4: I love it. I mean that's what it is. Capital
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  Speaker 4: goes where it's treated best or where it's treated less bad.
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  Speaker 4: Put it that way. You know, Florida has lots of
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  Speaker 4: issues as well. Every state does. But in so many
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  Speaker 4: different ways, Florida is ahead of the country, is working.
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  Speaker 4: We have this guy, the CFO, Blazing Goglia, one of
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  Speaker 4: your about him. He's identified two billion dollars worth of
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  Speaker 4: fraud in local municipal budgets since October when he was appointed,
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  Speaker 4: and he's barely gotten started. And Florida has become a model, like,
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  Speaker 4: for instance, in voting. You know, no sooner did the
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  Speaker 4: polls close. Florida is ahead of everybody else just about
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  Speaker 4: for voting totals done within minutes, you know, and that
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  Speaker 4: came from a two thousand election. And you know, like
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  Speaker 4: I say, we have a lot of issues here because
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  Speaker 4: we've got twenty first century infrastructure with the nineteen twenty's
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  Speaker 4: paperwork literally, but that is getting addressed. And this guy
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  Speaker 4: is like a force of nature. He's basically doge at
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  Speaker 4: the state level. But they call it the Department of FAFO,
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  Speaker 4: which is something like Florida something analysis, but you know
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  Speaker 4: what it really stands for. And this guy is like
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  Speaker 4: throwing people in jail. I mean, that's how serious he is.
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  Speaker 1: Well, you know, and if there's that much fraud in Florida,
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  Speaker 1: what do you think fraud looks like like in California,
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  Speaker 1: if you're honest, the city, I guess said the County
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  Speaker 1: of Los Angeles, the City of Los Angeles. Forgive me
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  Speaker 1: if I get the the municipal structure wrong. But there's
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  Speaker 1: enough spent on every homeless person in.
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  Speaker 4: That county eighty one dollars.
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  Speaker 1: It buys each one of them a tiny house to
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  Speaker 1: live in. So where's all this money going? Is not
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  Speaker 1: going to the homeless people? You know, at eighty one thousand,
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  Speaker 1: you could put them up in at least a red
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  Speaker 1: roof in permanently.
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  Speaker 2: I mean, it's it's it's there's fraud.
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  Speaker 4: So uh, you know, I.
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  Speaker 1: Think that, you know, it's interesting to see if that's
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  Speaker 1: the number in Florida, what's the number in Minnesota, what's
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  Speaker 1: the number in Washington? What's the number in California?
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  Speaker 4: Dennis, It's stupendous. Florida is probably the epicenter of Medicare
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  Speaker 4: medicaid fraud. We're talking tens of billions of dollars would
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  Speaker 4: not surprise me. Uh, you know, it's but but the
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  Speaker 4: difference is like Florida is actually trying to do something
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  Speaker 4: about it, and these other ones, you know, they're just like, oh, nothing,
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  Speaker 4: to see here move along like Minnesota. And you know,
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  Speaker 4: but it's what people don't realize is the Great Society.
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  Speaker 4: Lyndon Johnson's Great Society Program was totally based on fraud.
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  Speaker 4: It was a it was there to facilitate fraud on
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  Speaker 4: a grand scale, and it's been very successful in that
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  Speaker 4: in that regard.
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  Speaker 1: Well, and you know a lot of what you're seeing
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  Speaker 1: happen now in the big cities like Philadelphia, Detroit. I
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  Speaker 1: mean you can link that decline back to the Model
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  Speaker 1: Cities program that was part of that Great Society program. So, uh,
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  Speaker 1: bottom line is when government gets involved and there's big
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  Speaker 1: money involved, they'll be fraud, they'll be inefficiency, and it
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  Speaker 1: will end up in worse shape than when we found it.
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  Speaker 4: Exactly. Could not agree more. Hey, Dennis, where do we
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  Speaker 4: find you? How do we connect with you on the web?
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  Speaker 1: Dennis Tubergen dot com is the easiest way. There's links
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  Speaker 1: to all my stuff there and there's even some interviews
• 17:23
  Speaker 1: there that you'll see me wearing hair so my haircut
• 17:27
  Speaker 1: has changed. But yeah, Dennis dot com if anybody wants
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  Speaker 1: to check it out, all right, excellent.
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  Speaker 4: Appreciate it. Hey, questions comments for Dennis myself. Shoot me
• 17:37
  Speaker 4: an email kl at Carrie Leuts dot com. Don't forget
• 17:41
  Speaker 4: my book. It's on Amazon and wherever fine books used
• 17:45
  Speaker 4: to be sold. America's Great parking scam, You've been robbed,
• 17:49
  Speaker 4: and in it, I basically chronicle the grift that's taking
• 17:54
  Speaker 4: place at our curb side. We already paid for our
• 17:57
  Speaker 4: curbs and now they're making us pay a guin and
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  Speaker 4: again and again. Lawsuits pending in the United States District
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  Speaker 4: Court for the Southern District of Florida. I'll keep you posted, Dennis,
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  Speaker 4: great talking to you. Thanks for coming on.
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  Speaker 3: Darius, thanks for having me, Thanks for listening to Carrie
• 18:14
  Speaker 3: Letz's Financial Survival Network, your solution to today's trying times.
• 18:19
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• 18:24
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