Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / **Andy Schectman** The FACTS are SHOCKING 😳 (Silver & Gold)

Transcript

**Andy Schectman** The FACTS are SHOCKING 😳 (Silver & Gold) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

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This whole system is against us. It's it's literally set up
0:03
against the people who are in large part unsecured general
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creditors of their own money and their own securities.
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And So what? Gold and silver arts me.
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Aside from being wealth in times of uncertainty, aside from the
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fact that the biggest money in the world is accumulating it,
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aside from the fact that it's the only other Tier 1 reserve
0:23
asset in the world, it is not simultaneously someone else's
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liability when you hold it in your own possession where you
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can be your own bank, your own insurance company.
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Today, we're fortunate to be joined by Andy Checkman.
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He's a respected voice in the precious metals community, CEO
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of Miles Franklin. We're going to talk about recent
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exaggerated movement in the metals prices and some big
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picture things that are going on in the world right now that can
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affect the metals. Andy, welcome to Ron's Basement.
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Good to be in the basement again, Ron.
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Happy holidays to you and everyone else out there.
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Good to be back. I've been watching you from afar
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and I'm a fan and that's it's always nice to be back in the
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basement. So thanks for having me.
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Wow, that's a a great honor to be hearing that from you.
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And I know it's you and I talking, but we have a third
1:21
person, right, who's joining us, our viewer, and they all think
1:24
very highly of you and are always interested to hear what
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you have to say about what's going on in the world.
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And there's a lot going on in the world.
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And. Even you know, if we focus in on
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the gold and silver price, the last five days have been let's
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say a little exaggerated in terms of price moves.
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Any general thoughts on on what you're seeing out there?
1:48
Yeah, I mean I think certainly to the downside we've seen
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exaggeration. Now you could argue that the to
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the upside that we saw on Sunday is that breakout that US gold
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bulls have been expecting for a very long time And what we saw
2:04
Monday is the other shoe dropping, what we've been
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conditioned to understand for a very long time.
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And that to me is just emblematic of how big of a of a
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deal this really is. It's a very high stakes game and
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it's one where you could argue at least I could, that this is a
2:21
game of world. Hello Minnie, this is a game of
2:24
world reserve status. I got my dog with me, my
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computer where I'm normally sitting back there the other
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day, literally shut off in the middle of about four hours worth
2:33
of work that I had been doing. And I just got a box delivered
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to me today with a new computer. So I kind of had to pivot.
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I'm on the couch here in front. But anyways, yeah, the the
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exaggeration it is, is emblematic of how big of a deal
2:48
this is. This is a high stakes game where
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the West is being challenged for hegemony and and I think they're
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going to not go down without a fight for sure.
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But you can see when you see what we saw Sunday night the
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type of action that all of us expect to see before this is all
3:07
said and done. And yeah it's it's been
3:09
volatile. Typically when you see markets
3:12
that blow off or really take off you, you see greater volatility,
3:17
volatility leading up to that moment and that's exactly what
3:22
we're seeing right now. But I think there's a reason we
3:24
saw things take off and I'd like to to chat on about that if you
3:28
don't mind and and we can talk about anything else.
3:31
But you know I've been talking for a very long time about the
3:36
bricks. I think that's kind of what kind
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of put me on the map in terms of all of the videos I've done,
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almost 1400 of them over four years, that that talk about the
3:48
dollarization, that talk about the Belt Rd. initiative, that
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talk about Gold's Pier One revision ultimately leading to
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the bricks and Saudi Arabia really being the linchpin of the
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dollar hegemony. And I've focused a lot on that,
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maybe even ad nauseam. And I think Ron, because you
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know there are certain things that really matter to me.
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That's the primary trend as Richard Russell used to call it,
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the way the river flows now because you're flowing down the
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river, you see things on the shore and stick sticking out of
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the water. You can call that periphery, you
4:23
can call that noise. To me it's it's the the
4:26
direction of the primary trend that really, really matters.
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The identification of the primary trend is I think the
4:35
key, and to me anyway, the primary trend is of global de
4:40
dollarization is of a coalescence of what amounts to
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the majority of human population.
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When you talk about the belt Rd. initiative in and of itself,
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close to 75% of human population.
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And then you throw into it the bricks and the Shanghai
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Cooperation Organization and the Eurasian Economic Union and all
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of these people that are coalescing, finding strength in
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numbers against the Western coercion, the Western hegemony,
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the the, the perception of hypocrisy.
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You know, why do I say that? You know, we we invaded, we
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invaded Iraq 20 years ago, 2003. We toppled their regime.
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They would tell you it was done illegally as we went there in
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search of weapons of mass destruction.
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And sorry, we didn't find any of you guys, but we're still here
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20 years later. We're sanctioning 14 of your
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banks because, well, you tried to trade with Iran to buy liquid
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natural gas. I understand it's 140° where you
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are. You want to cool your homes, but
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you can't trade with Iraq, So Iran rather.
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So we need to sanction those banks.
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And by the way, all the oil revenue that you make, we're
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going to hold at the New York Federal Reserve.
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And I know you made $90 billion last year in oil revenue and I
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know you asked us for a billion dollars a month ago, but our
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answer is no, you can't have it. So what did Iraq do?
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They made trading in dollars illegal.
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If you own a business and you trade in dollars, you can go to
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prison and lose your business. And as of January 1st of this
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coming 2024, there will be no green dollar bills in any of the
6:18
bank branches anywhere throughout Iraq.
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And this is supposedly after we did them a favor by toppling
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their, their authoritarian regime and installing a
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democratic regime. And you know, here we are 20
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years later, still occupying them, telling them what they can
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and can't do with their money, sanctioning their banks.
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And you can see it's this type of hypocrisy and coercion that
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the West is, is famous for, that the rest of the world is
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standing up against. And I think that's kind of the
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theme of what I've talked about for a long time.
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And so I focused on Saudi Arabia.
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Saudi Arabia being the linchpin of the dollar hegemony and.
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And over the last few years, what has Saudi Arabia done?
7:02
Well, they've joined the Belt Rd. along with every other OPEC
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country. They're all on the Belt Rd.
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every one of them. They've joined the bricks and as
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of January 1 will be a full-fledged member.
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They've joined the Shanghai Cooperation Organization, which
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is the largest regional financial and military
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organization on the planet. And then they told the folks in
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Davos, yeah, you know, we're open to taking other currencies
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for oil. We're open to taking other
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currencies for oil, which leads me to this last week.
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Now, Saudi Arabia didn't make this provocative statement that
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they're going to take other currencies for oil.
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But you know, there's a summit going on in the United Arab
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Emirates right now. Now the United Nations Summit on
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climate control and climate issues, 200 companies, excuse
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me, 200 countries from around the world, all in Dubai at this
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summit. Now here's where it gets
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interesting. It's being presided over by the
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chairman of the state owned United Arab Emirates oil
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company. He's presiding over this this
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summit and the day before they invite 200 countries to this
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summit, as the 7th largest oil producing country in the world,
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as an OPEC member, as a country that was just admitted to bricks
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right alongside of Iran and Saudi Arabia amongst a few
8:26
others, the United Arab Emirates has now told the world they will
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no longer take dollars for oil. Now maybe this was a coincidence
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the day before 200 countries come into Dubai for this
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stomach, but it's probably not a coincidence and to me it is a
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massive shot across the bow. There was a presentation at this
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summit where the former President of Ireland was
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speaking about climate change and she was interrupted by the
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chairman of the state owned oil company who's presiding over
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this week. So let me just, let me just make
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this clear. If we go green, we're going to
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send population, human population back to the Stone
9:12
Age, into the caves. So my point is, is that sides
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are being chosen. And when you see the United Arab
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Emirates, who is traditionally a Western friendly country now
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joining the BRICS formally and telling the world as 200
9:29
countries come into their living room now we're no longer taking
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dollars for oil. We're this close to the rest of
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OPEC and Saudi Arabia and all of the countries that have been
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accumulating dollars forever to buy oil for the past 50 years
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really not having the need to do so.
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Because if they say, listen folks, you're going green
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anyway. You signed an executive order to
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go green. We're partnering up with the
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rest of our brothers and sisters on the Belt Road and the bricks
10:02
and the and 80% of human population that's not going
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green. So we're going to take other
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currencies for oil. And when that happens, Ron, when
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that happens, and it's becoming increasingly clear that it
10:14
probably will happen, every country on the planet that's
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been incentivized or really had to own dollars for the last 50
10:21
years in order to buy oil no longer has to.
10:24
And what happens when they all dump dollars simultaneously and
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the world all of a sudden no longer needs dollars to buy oil
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because there's another settlement currency that OPEC
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takes and all of those dollars come home and hit our shore
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creating massive, massive inflation, the byproduct of
10:41
which has spiked interest rates. So I think what you saw is Asian
10:46
buying of gold and the rest of the world accumulating gold.
10:49
In the Western response to now there are, there is the
10:52
conventional wisdom that yeah, you have a lot of people, this
10:56
is a triple top. You have a lot of people who had
10:59
2000 baht gold who were finally selling, they were capitulating
11:04
and we've seen some of that and to a degree some of that is
11:06
true. That's natural market dynamics.
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But I also want to believe that the rest of the world, the
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majority of human population, sees what is unfolding.
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And this is a massive, massive shot across the bow, right along
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with Brazil now joining OPEC. You are seeing these countries
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choose sides and find strength in numbers, pushing back against
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the Western hegemony, the Western hypocrisy and the
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Western system. And when we see OPEC make that
11:35
final statement because after all we are going green, we did
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sign an executive order saying by 2050 we're 80% green, by
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twenty 3050% we're moving away from the combustion engine.
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Why would they want to sell their oil for dollars that where
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we've pretty much chosen inflation over austerity and
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then recycle those dollars into bonds where the last three years
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really hasn't been so great for bondholders.
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So this is something that's getting very serious and this
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volatility that we are seeing in my mind is less market dynamics
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and more East versus West where E is accumulating and West is
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pushing back. And this is a game that I expect
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to see much more volatility and many more admissions just like
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we saw from the United Arab Emirates.
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But heaven forbid when it comes to all of OPEC making this
12:26
decision very, very quickly, it becomes a religious experience
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in this country. So to me, Ron, this is the
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beginning of the end of the Petro dollar and the beginning
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of some, as the Chinese curse says, very, very interesting
12:38
times in this country leading up to the 2024 election and all of
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the things that go along with that.
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So I want to point out to our viewer the importance of this
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Petro dollar concept. Because if we if we go back ten
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years ago, pretty much all the oil in the world was traded for
12:57
dollars and those dollars needed somewhere to go.
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And the United States was happy to say, oh, you can buy our
13:04
treasury bonds. And that enabled us to live far
13:08
beyond our means and accumulate what's now grown to be $34
13:14
trillion in debt. And now, as we need that money
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and we need people to buy our bonds, excuse me more than ever,
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we're being faced with a situation where the world is
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changing, as you pointed out with the United Arab Emirates
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and and we could really be facing a a horrible financial
13:35
situation in this country. But I think this is what they
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want Now people would say, why the hell would you say that?
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Well, let me try and explain. First of all, you're right,
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we're right. We're damn near at $34 trillion.
13:46
A trillion seconds ago was 31,688 years ago.
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Neanderthals stalking the plains of Europe was a trillion seconds
13:55
ago. And you know, we're accumulating
13:59
debt at such a fast pace, it's ridiculous.
14:01
We we we accumulated 500 billion in debt in the month of October.
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It took almost 200 years to do that the first time.
14:08
Now we do it in four weeks. And that's an annualized rate of
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6 trillion a year. And when you talk about 30-4
14:15
trillion, that excludes Medicare, Medicaid, Social
14:17
Security and government and military pensions, which exceed
14:21
100 plus trillion. Now you said something very
14:23
interesting and that was about the treasuries and that's right.
14:26
That was part of the deal that we struck with the Saudis.
14:29
You value oil in dollars and then recycle those dollars in
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treasuries and that gives you a return that that helps us, that
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helps you and for that will protect you.
14:40
Well, we know that Saudi Arabia signed a military agreement with
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Russia. We know that Saudi Arabia joined
14:46
the BRICS and the the Shanghai Cooperation Organization, the
14:50
largest military, regional military organization in the
14:53
world. They're in essence standing
14:55
behind two of the three largest nuclear arsenals on the planet.
14:58
So they've got some safety there and then the the coalition of
15:02
all these countries together gives that safety in numbers.
15:05
But when you talk about the bond, Saudi Arabia's at about a
15:08
seven or eight-year low in bond holdings.
15:11
They're not rolling them over as they mature, they're buying gold
15:14
with it. Like the Chinese who are at 17
15:17
year lows in treasury holdings and multi multi well forever
15:22
decade highs in gold accumulation.
15:25
The central banks over the last year and a half have bought more
15:27
gold than ever in the 70 year history of central banks.
15:31
Roughly they bought more gold since they start keeping
15:34
records. And so the central banks are
15:36
trading their their, their debt, their their U.S. debt for gold.
15:42
And if you go back throughout history, you know, sovereign
15:44
debt as an asset is a relatively new phenomenon in the historical
15:49
context. And watching what's happened to
15:51
the bond market, it's no surprise that these countries
15:55
are selling debt, not rolling it over and buying gold, which the
15:59
BIS, the Bank of International Settlements reclassified as
16:02
what, the only other Tier 1 reserve asset in 2019 next to
16:08
U.S. dollars. It's the foundation of what's
16:10
coming next. And there is no coincidence that
16:13
the world central banks are buying gold at such a copious
16:16
rate, using the western suppression to run cover for it.
16:20
And this is a big deal, because think about this as a central
16:24
bank's the most well funded but well informed traders on the
16:27
planet. Dump dollars and buy gold, dump
16:31
treasuries and buy gold. Who's buying all the treasuries?
16:35
Oh yeah, it's us. It's the the the the public
16:39
chasing yield, leaving the banks, making the banks more
16:42
fragile. It's the hedge funds, it's the
16:44
the money markets or the money managers rather that, that are
16:47
trying to find yield after a decade plus of no yield.
16:51
So they're buying the bonds as the rest of the world sells
16:54
them. Now it's a whole lot easier to
16:56
reset the system if you're paying back yourself.
16:59
But I don't know if we talked about this the last time we were
17:02
on the show. We may have.
17:03
But the two economic advisors that lead the United States
17:07
government for economic policy. One is Jared Bernstein, whose
17:11
whole thesis is, is loss of the world reserve standard.
17:14
He has publicly advocated for years for the for the
17:18
relinquishment of the dollars reserve status as it is a
17:20
privilege that we can no longer afford that it creates trade
17:24
imbalances and distortions. He's written articles that were
17:27
picked up in the New York Post called Dethrone King Dollar.
17:32
And when when Trump slapped tariffs on China, he said great,
17:35
hopefully we lose the reserve status.
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This was picked up in the Washington Post.
17:40
This is the lead economic advisor to the US government.
17:43
So let's weaponize the dollar. Let's tell Saudi Arabia we're
17:47
going green. We'll we'll we'll confiscate
17:50
Russia's foreign reserves. We'll do the same thing to Iran,
17:54
two of the BRICS members. And then we'll tell the linchpin
17:56
of the dollar hegemony, Hey, think it's been great guys, but
18:00
we're going green and sign an executive order to attest to
18:03
that. So instead of embracing the
18:05
exorbitant privilege of being the world reserve, we're doing
18:08
everything we can to tell the world we don't want it anymore.
18:11
And then you look at #2 and it's Leo Brainerd.
18:14
She's a modern monetary theorist.
18:16
She wants the banks to blow up. So the fact that the banks are
18:19
record record over leveraged and under capitalized is great.
18:24
And the fact that everyone's leaving to regional banks and
18:27
going to the money markets, which the Federal Reserve is
18:29
allowing them to put the fund, the money market funds into the
18:32
overnight reverse repo market which is paying 5 1/3% with
18:36
daily liquidity. If they didn't want that exodus,
18:39
they would have shut that off months ago.
18:41
But what's even more telling than that is the draining of the
18:44
reverse repo market and all the money leaving the commercials.
18:48
They're going directly to treasurydirect.gov where you can
18:51
go right to the US government and buy treasuries, short term
18:54
treasuries paying a yield greater than the overnight
18:57
reverse repo market, maybe five and a half 5.4% for a one month
19:01
treasury or 90 day treasury, 6 month treasury and take all the
19:05
risk out of it, the bank risk. So what you are seeing in my
19:10
opinion is exactly unfolding the way the two chief economic
19:14
advisors in this country wanted to unfold.
19:18
One says let's lose the reserve status and does everything he
19:21
can or we can to make that happen.
19:23
And the other wants to lose all of the 4500 regional banks.
19:28
I mean, she's the one who developed the central bank
19:30
digital currency with MIT. She's the one who brought Fed,
19:33
now public here just a few months ago, which in a matter of
19:37
a few months will replace checks and wires.
19:39
It's instant settlement backed by the Fed.
19:41
It's like Zell and Venmo backed by the Fed only on steroids, is
19:44
what she wants culling of the banks.
19:47
But why do this, right? Why?
19:49
Well, we have 100 and 5000 and 60 trillion in debt, you know,
19:54
34 trillion on the balance sheet, the rest unfunded.
19:57
And it's, you know, people say, well, how do you pay that off if
20:00
if a trillion seconds was 31,688 years ago, how the hell do you
20:05
pay it off? Well, you can inflate.
20:07
That's what most people will say.
20:08
Or you can default in fact. Ron, we're at 130% debt to GDP
20:12
almost exactly. There's never been a country in
20:15
history that's come back from that.
20:16
Either they default outright or they inflate 100% of the time.
20:21
So we can inflate or we can default or we can choose option
20:24
#3 and that's find a villain. And that villain is Xi Jinping
20:28
and OPEC and Putin for destroying the the US for
20:32
dumping the dollar as world reserve.
20:34
And now you have a rallying crime besides almost all of the
20:38
debt. Medicare, Medicaid, Social
20:41
Security, government, military pensions, the majority of the 34
20:44
trillion, and now all the bonds that we're buying, we default on
20:48
ourselves. So as a modern monetary theorist
20:51
at Lael Brainerd is the one who ran with MIT.
20:55
The development of the new central bank digital currency
20:57
that the BIS also wrote into law says everyone needs to have 1 by
21:01
2025. Biden signed that executive
21:04
order. Go ahead and develop it.
21:07
Now you can say to people, hey, it's their fault that the whole
21:11
system collapsed. And if everyone dumps dollars,
21:14
everything collapses at once because the byproduct of that
21:17
hyperinflation would be interest rates that spike to the moon.
21:21
Stocks, bonds and real estate would collapse in that
21:23
environment. As with the dumping dollar,
21:25
crush the dollar. But what about the banks?
21:28
Oh yeah, they're massively over leveraged and under capitalized.
21:31
They collapse too. And most people don't even know
21:34
what a bail in is. It's written into law.
21:36
That means you're an unsecured general creditor of the bank.
21:39
That means you lose everything. And that's why there was such
21:42
outrage when Silicone Bank and Signature Bank were bailed out.
21:45
Evidently they were too systemic, Janet Yellen said.
21:48
But when everything collapses, that's the only way the people
21:51
listening to your show would take the CBDC.
21:54
No one wants it. Loss of privacy, government
21:57
control. But if everything blows up and
22:00
it was their fault, not ours, theirs.
22:04
You know what, Ron? Sign on the dotted line.
22:06
Lil Brainerd is here. Have No Fear with her central
22:08
bank digital currency that has to be rolled out by 2025
22:12
according to the VIS. Take the central bank digital
22:16
currency where modern monetary theorists, after all, will make
22:19
you whole. Don't worry about it.
22:21
You'll get your money that was lost in the bank.
22:24
The money that was lost in your 4O1K.
22:26
Hey, it's now on your CBDC account.
22:29
All I got to do is sign on the dotted line.
22:31
Could this be what they're intending to do?
22:34
Or could it be too stupid to be stupid?
22:37
I don't know. But all I can tell you is I
22:39
personally feel that the people running this country may be
22:43
diabolical, but they're not stupid.
22:46
And they understand that there are very few options when you go
22:50
this far down the road with suppression of interest rates,
22:53
with flooding the world with money and and creating this much
22:57
debt and there's no way back from it.
22:59
So it's inflate its default or it's door #3.
23:04
Find a villain that created it all and a rallying cry to usher
23:07
in a new system, One that's backed by what the only other
23:11
Tier 1 reserve asset that the central banks, not only the
23:14
richest but the most well informed traders on the globe,
23:17
are buying hand over fist, using the stupid suppression of the
23:20
western markets to run cover for it.
23:23
I believe we are seeing that unfold right in front of us
23:26
right now. Yeah, it feels like we are
23:29
living in a very confusing world, in a world where the kind
23:36
of the Western powers have created this illusion, smoke and
23:42
mirrors type situation. That's very hard for anyone.
23:46
And I, and I'll compliment you because I think you're able to
23:48
describe it as well or better than anyone that I've heard.
23:53
And I really mean that and and and as I, as I listen to you or
23:58
as I do my own research, right, 'cause I know you're like me, I
24:01
encourage people listen to a lot of different sources, develop
24:04
your own thesis about this. My gut keeps going back to
24:08
precious metals as a as a store of value, you know, no matter
24:14
what they, you know, because look, I mean, you know, math is
24:19
math. And as we look at these numbers
24:21
and we look at the situation and we try to discern what's going
24:25
on out there, what the Fed's doing, what the government's
24:28
doing also on a bigger picture, like you talked about what's
24:30
going on in the world, I keep coming back to the precious
24:35
metals. And as you mentioned it, it
24:38
feels like the rest of the world outside of the United States is
24:43
moving toward precious metals when we look at what the central
24:46
banks are doing. And, and and I wanna circle back
24:49
to something that you talked about earlier, 'cause I think
24:51
it's important to point out that this trend that we're seeing in
24:55
the world is really happening. And and and I'm glad I get to
25:00
throw this in because you, I know you know this, but I think
25:03
it didn't come into your mind. We need look no further than I
25:07
think it was just earlier this week when Vladimir Putin went to
25:11
Saudi Arabia and the United Arab Emirates, and I don't know if
25:15
you saw footage of those visits, but they greeted him like a
25:19
returning hero with fighter jets, you know, putting out
25:23
smoke of the Russian flag. They had boulevards lined with
25:27
the Russian flag. And I mean, he there, there's an
25:31
arrest warrant for him in the West, right?
25:34
But he goes to Saudi Arabia, United Arab Emirates, and he's
25:37
greeted like a hero. And I mean, what do you, what do
25:40
we make of all this? I mean, it really is happening.
25:44
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25:47
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25:51
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25:55
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26:01
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26:06
will too. And be sure to tell him that
26:08
you're from Ron's basement. And this is, this is the scary
26:11
part of it all, is that I think the red look 80% of the world is
26:15
still trading with Russia even though they're sanctioned.
26:18
And, and I think the Western, the Western hypocrisy, the
26:22
Western hegemony, the Western suppression, the Western
26:25
sanctions has grown old to the rest of the world.
26:27
And I think the rest of the world looks at things
26:30
differently. And that's why I talk about
26:31
Iraq. I mean, it's a perfect
26:33
explanation to say, you know, maybe the West does things the
26:38
wrong way. And I say that with all due
26:41
respect to a country that I love, that has done more for me
26:44
than I could have ever have dreamed.
26:45
I'm a patriot. This country.
26:47
I started from nothing. My parents sold their life
26:50
insurance policy. And my dad, whose middle name is
26:52
Miles, borrowed 60 grand from his best friend, whose middle
26:54
name was Franklin, in 1989, to start this company in the one
26:58
room office the size of a closet.
27:00
And I I mean to to get to where I am 33.
27:03
Almost 34 years later, I pinched myself.
27:05
How the hell did I do it? It's because this country
27:07
afforded me these opportunities. But you can still be a patriot
27:12
and look at this and say, what the hell are we doing?
27:14
Why are we doing all of these things?
27:16
To To lose the good graces of the majority of the world,
27:22
certainly of most of our creditors.
27:24
And unless it's being done by design.
27:27
And when you talk about coming back to precious metals, look
27:30
precious metals are wealth. They're not an investment.
27:33
They're money that has outlived 2 world wars, German
27:35
hyperinflation, the Great Depression, every pandemic,
27:38
everything horrible that's ever happened in this world or ever
27:41
been thrown at metals. That's what it is.
27:43
But there's even a bigger reason and and to me it is what Doug
27:46
Casey coined the phrase that he coined that I I borrow quite
27:50
often. I'd like to give them credit for
27:51
it. And that is that precious metals
27:53
are two of the only assets, gold and silver rather two of the
27:57
only assets that are not simultaneously someone else's
28:00
liability. The the phrase counterparty risk
28:03
is something that's going to take on a whole new level of
28:06
icky before this is all said and done.
28:09
I mean read the book The Great Taking by David Rogers Webb.
28:12
Go to thegreattaking.com. It'll blow your damn mind.
28:15
Period. Anyone who's read it, it's a
28:18
free book. It's 100 page PDF.
28:20
Or go to YouTube and watch him narrate it for you himself.
28:23
It will take you an hour and a half to watch it.
28:25
It'll blow your mind. This whole system is is designed
28:30
and has case law going back to the Lehman Brothers collapse to
28:34
where even securities held in your name.
28:38
You are subordinate to the custodian because those shares
28:41
are lent out to other institutions, and if those
28:44
institutions go bankrupt, the custodian has priority over you,
28:49
the person who owns it, free and clear.
28:52
Sorry, that's the law. But people don't know that.
28:55
Just like they don't know there's money market gating that
28:59
was put into place during the Dodd Frank Act after Lehman
29:03
Brothers collapsed, with all of the money markets going upside
29:06
down and they held a lot of the money market funds.
29:09
It's called breaking the buck. They pass money market gating
29:12
laws. If the shoot hits the fan,
29:14
pardon my French, and everything starts to collapse, you're
29:16
stuck. You can't get out.
29:18
But look at all the money that's gone into money markets.
29:20
No one knows what bail in's are. This whole system is against us.
29:24
It's it's literally set up against the people who are in
29:28
large part unsecured general creditors of their own money and
29:33
their own securities. And when you realize that
29:36
nothing is held in in bearer bond or bearer form any more,
29:40
people don't hold the stock certificates.
29:42
They're held by custodians who then lend them out,
29:45
rehypothecate them or lend them to be sold short or whatever
29:49
they do. If that entity they lend them to
29:52
goes bust, the custodian has priority over you.
29:56
Those aren't yours anymore. They have priority over you in
29:59
terms of those shares. So it's a very, very scary
30:03
thing. I think people need to read it.
30:04
And So what? Gold and silver arts me.
30:06
Aside from being wealth in times of uncertainty, aside from the
30:10
fact that the biggest money in the world is accumulating it,
30:13
aside from the fact that it's the only other Tier 1 reserve
30:16
asset in the world, it is not simultaneously someone else's
30:19
liability when you hold it in your own possession where you
30:23
can be your own bank your own insurance company and.
30:26
And I think I think that's really a point that also has to
30:29
be hammered home. But yeah, the rest of the world
30:31
does not look at Russia majority of it the way that we do.
30:35
And I think that there's a lot to be said for the way he was
30:38
greeted. First, Mining Gold is a
30:40
development company advancing two of the largest gold projects
30:44
in Canada, Spring Pole in Ontario and Duparque, located in
30:49
Quebec. Each already has 5 million
30:52
ounces of gold reserves, but exploration initiatives are
30:56
underway at both projects to find even more gold.
31:01
First mining is well financed, has zero debt and owns an
31:05
interest in four additional Canadian gold development
31:08
projects. I heard Ray Dalio say recently
31:11
when it comes to all the debt in the world, I've heard the number
31:15
over $300 trillion and you were you've mentioned how many
31:20
seconds a trillion are. I think it's important for
31:23
people to remember also that a trillion dollars is 1,000,000 *
31:28
1,000,000. That's one trillion.
31:31
That's a lot, right, 1,000,000 * 1,000,000.
31:34
But Ray Dalio said that that with this $307 trillion in debt
31:39
in the world and and again, that doesn't really account for all
31:43
of it, that it's like impossible for that to ever get paid back
31:48
like everybody thinks. And and that goes back to
31:50
counterparty risk, right? Everybody thinks they're going
31:54
to get paid back with some form of value, but with in terms of
31:59
real value, there's just not enough wealth or or work
32:04
capacity in the world to ever pay back all that money.
32:08
And and as we talk about silver, you know, I have a a little 3 oz
32:13
Silver Heart, but I bought my wife for Valentine's Day that
32:16
she lets me keep down here in the basement.
32:18
But right, like, I hold this right.
32:20
I mean, it's mine. It has, I guess you would call
32:24
it, intrinsic value. I'm not relying.
32:27
And sentimental value. And that's nice thing too, when
32:29
you pass it on to your family. Think about that.
32:32
You know, if if you were giving something to your daughter or
32:35
your granddaughter, a heart, a silver heart.
32:37
Well, grandpa gave that to me. And it's not only intrinsic
32:40
value, time tested, but it means something.
32:42
He thought about me, he did it. And there are very few things
32:44
that you can say that about as you pass them on to your family.
32:47
Yeah, yeah. And I'm not, I'm not relying on
32:50
anybody. This is not, you know, at my
32:52
bank up the street or in a brokerage account or anywhere or
32:57
it's not the money that I loaned to a friend of mine, even that I
33:01
have this risk that I may not get paid that like this is real.
33:04
This is is real value. Yeah, I want to mention two on
33:08
the BRICS real quickly. I heard something last night
33:11
that I was not aware of that Now Venezuela, there's like 20
33:16
other, yeah, twenty other countries that want to join
33:19
BRICS or have explicitly said two of which are Venezuela,
33:24
which I don't want to quote this, but I did read recently
33:27
that Venezuela has like an incredible amount of oil.
33:31
Believe it's it's I believe it's I wanna say 16 or 17 it's either
33:36
16/17/18 or 19. It's right in there.
33:38
I've, I've read it 100 times. I'm not sure between 16 and 19%
33:42
of the of the known oil reserves in the world.
33:45
Yes, absolutely. Massive amounts of oil in
33:48
Venezuela and I didn't know this Nigeria and I think in you know
33:53
in in the United States we we kind of ignore Africa but Africa
33:57
is very resource rich and that Nigeria is, is is wanting to
34:02
join and they have Africa's biggest population and Africa's
34:07
biggest economy as well. So I mean, like, this is real
34:12
what's going on, right? So there are 40 countries that
34:15
have either formally or informally expressed interest on
34:19
top of the 11. Now since the new administration
34:23
got into Argentina, evidently they are declining the offer and
34:28
I think that is maybe temporary, but none the less So what you
34:33
have the majority of human population that is signing on
34:37
and I call it logarithmic decay. I think that's a great phrase
34:41
whereby it it's kind of like how did Hemingway go, broke little
34:45
by little then all at once. Well, Venezuela in and of itself
34:49
wouldn't be a threat, but it's little by think of it as an axe
34:54
swing at a tree, chop, chop, chop, chop, chop, chop.
34:58
Little by little by little by little by little by little bang
35:01
all at once. There's all my glasses all at
35:03
once. So, you know, and then the tree
35:06
falls, well, where are we? I mean, how big of a chop was
35:10
United Arab Emirates to the tree?
35:13
And that's the question. So with all of these countries
35:16
signing on, you know, there was a lot of people that were bummed
35:18
out that they didn't come out with this unified settlement
35:22
currency back to gold. Now we backed by gold.
35:24
We were told by the Russian Finance minister over a year
35:27
ago, almost two now, that they would back it by commodities.
35:31
And Jim Records told everyone that they would issue it in the
35:35
meeting in August in in Johannesburg.
35:38
And they didn't. And I I'm glad they didn't
35:40
because, you know, people talk about cryptocurrency adoption,
35:43
right? You got to have the adoption,
35:45
well in order to to stand up to the dollars world reserve status
35:50
or at least settlement status, right.
35:53
The fact that the dollar is the primary settlement currency for
35:56
commodities around the world if you settle outside the dollar in
36:00
all of these deals. And in fact that was the promise
36:03
that the BRICS countries made at the last meeting.
36:06
They said, look, all you finance ministers, go back to the
36:09
drawing board, come back to the meeting in Russia next August
36:13
and tell us your findings and we will talk about a common
36:16
settlement currency. But in the meantime, let's all
36:19
trade in local currencies. So look at all the deals that
36:22
are being made. the United Arab Emirates has 15 countries that
36:25
they are going to work with and trade in local currencies.
36:29
Look at the deals between Brazil and and and China, they're
36:33
selling corn and soybeans now for yuan and and Saudi or or
36:39
China is accepting rial for things that they're trading and
36:42
they're using their local currencies whether it be rupee
36:44
or ruble or or yuan or whatever it may be.
36:48
They are sidestepping the dollar in settlement little by little
36:51
by little by little by little. And that affects the settlement
36:55
value of the dollar, which eventually affects the reserve
36:58
status of the dollar. And even our supposed allies,
37:03
you know France and Mccrone, who was right there with us when we
37:06
sanctioned Russia, was asked to be asked if he could be invited
37:11
to to the BRICS meeting. And even though they turned him
37:14
down, he went to China, struck A50 point trade arrangement with
37:18
with Xi Jinping from 5G to military engagement, and did a
37:23
huge deal with United Arab Emirates and liquid natural gas
37:27
paid for it in yuan. All of these would have been
37:30
settled in dollars, little by little by little, and these
37:34
countries are finding safety in numbers.
37:37
Two of the three largest nuclear arsenals in the world standing
37:40
behind this. This is not something to be
37:42
taken lightly and most of the so-called pundits in this
37:46
country will tell you that'll never happen.
37:48
Who's going to trust China? Who the hell trusts us anymore?
37:51
You know Lady Liberty holding the scales of justice
37:54
blindfolded. If you put Trump on one side and
37:56
Biden on the other, do you think they balance out?
37:59
Do you think the world notices that we think the world notices
38:02
are open border and and the country being filled with 10
38:05
million people illegally or the fact that we are divided as
38:08
we've ever been. We this country is famous for
38:11
with with its back against the wall being united in the common
38:14
cause. Right We ain't united anymore.
38:17
We there's lawlessness and and and no respect for authority and
38:22
and and you know black, white, red, blue, Vax, Novax.
38:25
Everyone's at each other's throats and it's scary.
38:28
This is not the country we grew up in and so we're not in a good
38:32
position. On top of that, you have record
38:34
student debt, 1.6 trillion, which is the largest asset of
38:37
the United States government by the way, as pathetic as that is
38:40
on their 2022 balance sheet, part of their 5 trillion in
38:44
assets, that's 40% of it. We have record home debt.
38:47
I think it's like 17 trillion in terms of a consumer debt, record
38:52
mortgage debt, record credit card debt.
38:55
The public is 65% is paycheck to paycheck. 45% / 6 figures
39:01
paycheck to paycheck, lowest savings ever.
39:04
We are not in a good position to be united against a problem.
39:09
And everyone says, well you know who's going to.
39:11
That's where gold and blockchain technology come in.
39:14
What is gold? That's the only other tier one
39:16
asset in the world who's been buying it all.
39:18
Oh yeah, all those central banks, and we've been told
39:22
they're going to issue a common settlement currency packed in
39:25
commodities. Sure.
39:26
Well, how about using blockchain technology to show the veracity
39:29
and immutability of it? Makes sense.
39:31
Have it audited. Do it the right way.
39:34
It's their one chance to stand up to the hegemony.
39:37
But you look at the way they're doing things.
39:39
China goes into Saudi Arabia and brokers a peace deal between
39:43
Iran and Saudi Arabia, countries who have hated each other, Sunni
39:46
and Shiite. Why?
39:48
Because their enemy's enemy is their friend.
39:50
They're now building embassies in each other's country,
39:52
building roads and railways between Iran and Iraq.
39:55
They've hated each other. Why?
39:57
Because their enemy's enemy is their friend.
39:59
They're doing things in a cooperative manner, going to
40:01
South America, going to Africa as you mentioned, resource rich
40:06
building, roads, bridges, maritime channels, oil and gas
40:09
refineries, gold and silver mines, giving them the ability
40:14
to industrialize. Their country to bring their
40:17
country up in standard of living in a cooperative fashion.
40:21
Yeah, China's gonna benefit. But they're These countries are
40:24
benefiting too, without a gun to their head.
40:27
And that's what I you took the words right out of my mouth.
40:29
It feels like there's outside of the USA lot more cooperation
40:35
going on and it feels like that unfortunately that when our
40:41
country has been involved over the last several decades,
40:45
there's more confrontation going on and that these other
40:49
countries are working together to help further things.
40:53
And I want to circle back to something you said as well.
40:55
I consider people like you and like me real patriots because we
41:01
are willing to speak up and I think that the you know I don't
41:06
want to sound you know go back to the founding fathers.
41:08
But the founding fathers of this country I believe are not real
41:13
happy with the direction that that a lot of things have gone
41:17
have gone to in the last several decades.
41:21
And and I and I think that the people that have, and I respect
41:25
you because you have a lot of courage to speak up and say,
41:28
hey, I love my country and I love my country so much that I'm
41:32
willing to speak up, that I don't necessarily agree with
41:36
everything that's going on right now.
41:40
Yeah, I think about it. Thank you for that.
41:41
I think about that. It is a little frightening.
41:44
I mean, I am out there all over the place and I do.
41:46
I try to be respectful in the way that I say it.
41:50
I'm not telling people to, you know, evade taxes or do anything
41:54
illegal or to use violence. It's funny.
41:57
There was a poll taken by a College in Virginia, one of
42:00
these smaller colleges, and it basically came back and said
42:03
almost 50% of Democrats believe that violence is justified in
42:07
getting their point across. And about 40, some percent of
42:10
Republicans say the same thing. And so you have, and this is
42:15
here in this country, right? So demonstrations and whatnot.
42:18
I left Minneapolis because of this.
42:21
CNN tried to tell us it was peaceful demonstrations.
42:23
My asset was they burnt down the city that I loved.
42:26
I mean literally for blocks and blocks and blocks and blocks.
42:30
You had burnt down buildings, spray painted buildings.
42:33
I mean broken glass. It was crazy.
42:37
I left because of it. And I will tell you that I think
42:43
that the people who aren't saying something, if they
42:46
believe it, you know, maybe they'll regret it.
42:49
I don't know. I I think that's my duty to do
42:51
so. I try to do it politely but I
42:54
appreciate that it is scary and and I am a patriot and I do love
42:57
this country and the country's done a lot for me.
42:59
But I think we're heading in the wrong direction and
43:02
unfortunately I think the people at the helm understand exactly
43:05
what they are doing and either that or they're just completely
43:08
naive and and that's even a scarier thought.
43:12
Yeah, yeah, yeah. It's interesting times in which
43:16
we live. And I I always try to
43:18
communicate to my viewers and I feel like you're kind of feel
43:21
the same way. It's like we're willing to pull
43:23
our pull our heads like we don't want to be asleep.
43:25
We want to see what's going on. We we don't have to necessarily
43:31
like what's going on, but in a lot of ways, in most ways, like
43:36
we aren't responsible for what's happening out there, but we have
43:39
to accept what's going on within the United States within the
43:43
world. And and what we're trying to do
43:46
is, you know develop a thesis, develop a way to protect
43:50
ourselves, protect our families. And when I look it it and and
43:54
and it's been great hearing from you, 'cause you really pull
43:56
together what can often times be a lot of very, you know,
44:00
confusing factors and present them in a way that is much more
44:04
clear than I think the the most people can.
44:07
It feels like the big trends out there, unfortunately, right,
44:11
because we love this country. But, but if we look at what's
44:14
going on in the world, we look at what's going on domestically
44:17
here, it feels like it's inevitable that the value of the
44:23
US dollar is likely to continue to be diluted, depreciated,
44:29
whatever term you want to use for a loss of value.
44:33
And you know, when I, again, I'll go back to when I think
44:37
about what can I do, what what has no county counterparty risk,
44:42
I always seem to default back to gold and silver right as I run
44:45
it through my, the, my, the analysis in my head.
44:49
And so, you know, on behalf of all of our viewers, Andy, thank
44:53
you. You know, you exert a lot of
44:55
energy and and I know it's obvious that you spend a lot of
45:00
time thinking about these things and that you care and and and
45:04
not just care about your pocketbook or care about your
45:08
business, which I know you care about both of those, but about
45:13
the country and about the people.
45:15
And I, you know, I would even say about the viewer who joined
45:18
us today on this. 100% and I appreciate you saying that.
45:23
You know, first of all, you said something at the beginning here
45:26
that we live in interesting times.
45:27
That's a Chinese curse. May you live in interesting
45:29
times. I'll just throw that out there.
45:31
And as far as capitalistic endeavors, starting a business
45:36
from nothing but a loan from a friend 34 years ago and wanting
45:42
to do right by your fellow man, they don't have to be mutually
45:45
exclusive. And really, that's what a good
45:49
business is, right? And you know, if you're old
45:51
enough to remember what it was like to go into a hardware store
45:54
where the owner hopped across the town or the minute you
45:56
walked in, came and said, hey Andy, how are you?
45:59
Knew your name, shook your hand. What can I get for you today?
46:02
Ran a great business, made you feel important, did right by you
46:06
and ran a good business. That's what my model is.
46:09
And do the right thing and and have a business that your family
46:13
can be proud of, that you can be proud of, but do the right
46:16
thing. And there are too many people
46:18
who are. We've become so jaded that you
46:20
know capitalist capitalistic intentions and doing the right
46:23
thing have to be mutually exclusive.
46:25
No they do not. And I appreciate, I appreciate
46:27
very much you saying that I do fry very hard to I don't know to
46:33
to sound the alarm bells and I think about it all the time.
46:36
Why am I doing this? We we we're, we're over 9
46:39
billion in sales in 34 years. I don't need to do this and I
46:44
mean I've been I went to see the police concert at at the Hard
46:47
Rock. I mean Sting at the Hard Rock
46:50
Cafe a few months ago and walking through the casino and
46:52
some guy screams my name from the blackjack table.
46:55
I don't know who he was. He knew who I was.
46:57
I'm out there and it's a little freaky sometime and but I feel
47:02
that it's something that I can't even explain it.
47:04
I get up every morning and I I get in front of of a camera like
47:08
this and I feel good about it. I sleep good at night.
47:11
I feel it's it's it's my patriotic duty as much as it is
47:14
yours. Take that for what it is.
47:16
I mean it, but I do think these are very, very interesting times
47:21
And if I had to guess, they were only going to get exponentially
47:25
more interesting. There's about 100 and 1400 and
47:28
$15 billion that was lent out to these these very, very over
47:33
leveraged banks in this emergency funding program by the
47:36
Fed that is due to be paid back in March.
47:38
And of course the election and of course the FBI saying
47:42
Christopher Wray, I think his name is saying that he's seeing
47:45
red, the alarm bells flashing more than he's ever seen.
47:49
That he's very worried about homegrown terror cells, 10
47:52
million people in this country illegally, many of which are on
47:55
the terror watch list that they've caught.
47:57
How many didn't they catch? What's going to happen?
48:00
Are there going to be false flags?
48:01
I don't know. But if you look at all of these
48:04
things converging together, where where Lindsey Graham gets
48:09
on Fox and says to my friends in the United Bear of Emirates, if
48:12
you join the bricks, you're an enemy of the United States.
48:15
Really. I mean, do you see all of these
48:17
things coming together? Find a villain.
48:20
There they are. Those sons of bitches did this
48:22
to us. So my point to you is that
48:25
recency bias, normalcy bias, the status quo needs to be
48:29
reevaluated from time to time, even the best laid plans.
48:33
And when you talk about gold and silver, I think about it all the
48:36
time. Poke a hole in your argument,
48:37
Andy. What else could you buy?
48:40
The only thing that I own other than my home and I have some
48:46
mining shares other than precious metals are extremely
48:52
short term treasuries, 90 days or less.
48:54
I don't even feel great about it to be honest with you.
48:57
I don't know where to put your money.
48:58
I try so hard to think where would I put it.
49:02
And in a world of imperfect choices to me, I keep coming
49:04
back to gold and silver as well. Not to become wealthy, but
49:08
because they are wealth. And when you see the biggest
49:11
money in the world accumulating it the way that they are.
49:14
Where even in silver, India imported another 60 million
49:18
ounces in October on top of 304,000,000 oz last year, China
49:22
imported 10 million ounces in October.
49:24
They're continuing to drain the exchanges of all of the big, big
49:28
quantities. They're using the suppression of
49:31
price to run cover for, for their acquisition to reposition.
49:36
If the biggest, most well informed money in the world is
49:39
doing this, then the price means nothing.
49:41
It is the greatest tool of misdirection.
49:44
And so when you can remove counterparty risk in terms in
49:47
times of great uncertainty and and and look at what the biggest
49:51
money and and realize that it's been money and wealth for 5000
49:55
years, it's not an investment, it's wealth.
49:58
I come back to it as well. So whether you buy it from Miles
50:01
Franklin, hopefully you do, or from any reputable company out
50:05
there do it. Get out of debt.
50:07
Pay yourself first. Buy some gold and silver and
50:11
chips will fall where they may. Because as you say, these are
50:14
indeed, and as the Chinese curse says, these are hell of
50:17
interesting times as far as I'm concerned.
50:19
Well, Andy, again on behalf of everyone who's joined us, right,
50:24
it's you and me, but we've had someone listening and joining us
50:27
all along. You've been a a a great wealth
50:31
of knowledge. And if if someone does want to
50:34
learn more about your company, is it milesfranklin.com, I will
50:38
put a link to it in the description of the video.
50:41
And by yeah, by the way, guys, Andy owns a company that sells
50:44
silver and gold. Yes, I do and it is
50:48
milesfranklin.com. We do publish a list that is far
50:52
more competitive than our website which only allows you to
50:56
go up to 10 grand and that would be info@milesfranklin.com.
51:01
Just send us an e-mail and let us know that you're looking for
51:05
the updated price list and or questions on anything from
51:09
precious metals I raised to questions about anything you
51:12
heard here. All of our 14 brokers are
51:15
personal friends of mine that I've been friends with most of
51:18
my life, many of which go back to to grade school.
51:21
Some of them were on Wall Street, Some of them have
51:23
degrees from Wharton. Some of them have a master's
51:27
degrees in business administration from Temple
51:29
University. Very, very distinguished careers
51:32
even before they started working here.
51:35
Many of them years and years and years ago, they're family.
51:37
We're a big family. We, all the people here treat
51:41
this company as if it were their own.
51:43
So you can call and ask any questions with no obligation to
51:46
place an order. That's what we're here for.
51:48
If we do a good enough job answering your questions and
51:50
gaining your trust, then hopefully we'll earn your
51:52
business too. But info@milesfranklin.com for
51:56
the price list or for any questions whatsoever, and then
51:59
just for genericmilesfranklin.com is
52:02
indeed the website around it. I love coming back to the
52:05
basement. The world is getting crazy.
52:07
I hope you'll have me back. Whether it be before the end of
52:10
the year. We're getting close.
52:12
Probably not. But there's a lot that's going
52:14
to happen in 2024. And I promise you I would love
52:17
to come back and sit in the basement with you and and chat
52:21
because I think they'll be a lot to talk about as things start to
52:24
accelerate here in the maybe the the 9th inning, let's call it.
52:30
Yeah, it feels like 2024 is set up for a lot of excitement.
52:35
And not to mention the fact that we also have this presidential
52:39
election, which I don't think people are really giving enough
52:43
focus on in terms of the potential, you know, contentious
52:47
nature of what could unfold in the country.
52:49
So, and I just wanna point out to you Andy, I do have the
52:52
Django board on the Christmas tree, so you.
52:55
Know, piece by piece by piece by piece, Logarithmic decay.
52:59
What's the one piece that tips it over?
53:01
That's logarithmic decay. Yeah.
53:03
Could it be? And that's what's happening
53:04
here, Yeah? Yeah, yeah.
53:06
Very interesting. Well, I know I'm not alone when
53:09
I when I say you're probably one of the greatest assets to the
53:11
precious metals community. Thank you for those lovely
53:14
words. I appreciate it and I try hard
53:17
and I know you do too. And that's the best any of us
53:19
can do. So thank you.
53:22
And thank you for what you're doing as well and for letting me
53:25
be a tiny piece of it and coming into the basement and saying a
53:29
few words to you and and the people watching.
53:31
So it is an honor and it's something that I enjoy doing.
53:35
So hopefully we can do it again before too long, yeah?
53:39
Yeah, this is what it's all about and we definitely will do
53:42
it again. Thank you.
53:44
And to you and everyone else out there, Happy Holidays and I hope
53:48
2024 is filled with health and prosperity and all the best.
53:55
To everyone out there, it's going to be a It's going to be a
53:57
crazy year. Maybe time to buckle up, but
54:00
look forward to Ryan Shotgun with you, Ron and and talking
54:03
about it again and watching things unfold in real time.
54:08
Sounds great. Thank you, Andy.
54:10
Thanks again for having me. You stay well, buddy.