Latest / Financial Survival Network / Your Job Isn’t Going to China — John Rubino #5889

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Your Job Isn’t Going to China — John Rubino #5889 · Financial Survival Network

0:00
The labor market in general seems to be weakening. The what was it openings?
0:05
Job openings just got cut by like one point five million, which was
0:10
a big number in the context of job openings, and that that was a
0:14
restatement of the past few months plus the latest month's number. So it wasn't
0:19
you know, the market wasn't as strong as it seemed, and the current
0:22
numbers are pretty weak too. You were listening to carry Letts's Financial Survival Network,
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Financial Survival Network now more than ever. And welcome. You are listening
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to watching the Financial Survival Network. I'm your host, Carrie Lutz. Eight.
0:58
We're at the third to last day or second to last day of the
1:02
months. We got John Rabino on with us. John, labor market data
1:07
is mixed. Are we adding jobs? Are we taking jobs away? Or
1:11
they we one things for sure this time. We know the jobs aren't going
1:15
to China, right Hey, Carry No, it doesn't look like that,
1:19
but There is a lot of stuff going on out there that are kind of
1:23
cross currenty in the economy, and the label market is a big example of
1:26
that, because just in the last few months, unions have been striking or
1:34
threatening to strike and getting some serious settlements to to the big airlines, United
1:38
and American in the US both gave their pilot unions double digit raises for the
1:45
next four years, so over ten percent a year for forty straight years.
1:49
Yeah, yeah, yeah, and has double digit wage inflation right there,
1:57
And the FED knows. The FED doesn't see rising stock wanted real estate prices
2:02
as inflation. It ignores those, but when wages go up, it takes
2:07
that very seriously. So make makeup of that what you will about the the
2:12
elites or whatever. But the unions are now suddenly finding themselves with some power
2:19
and they've got a lot of ground to make up. So they're they're threatening
2:22
to strike or they are striking. And who else was it it was?
2:25
Was it FedEx or Ups one of those guys just gave their union employees big
2:34
raises and and so that's spreading across the country. So we've got wage inflation
2:38
coming from the unionized sectors of the economy. At the same time, the
2:45
labor market in general seems to be weakening. The what was it openings,
2:50
Job openings just got cut by like one point five million, which was a
2:54
big number in the context of job openings, and that was that was restay
3:00
of the past few months plus the latest month's number, So it wasn't you
3:02
know, the market wasn't as strong as it seemed, And the current numbers
3:07
are pretty weak too. And so home sales at the same time, which
3:13
is that that's almost up there with employment as far as a sector that affects
3:20
the overall strength of the economy. Home sales are frozen. They got revised
3:23
down dramatically over the past few months, and currently they're they're way down year
3:29
over year, which makes sense, right because mortgage rates have spiked, which
3:34
effectively doubles the monthly cost of a house if the house price doesn't come down,
3:38
and so far prices haven't come down, so only cash buyers are still
3:45
robust in this market, like the people flying in from out of the country
3:49
to Florida unseen. Yeah, see see that that is still a strong part
3:55
of the market. But in other places where people actually have to take out
3:59
more just forget it. You know, you really can't do it unless you're
4:02
going to buy half the house that you can afford, which means you're going
4:06
to settle for something that Nobody buys half the house they can afford, because
4:11
if they can afford more house, they tend to get excited and buy the
4:15
most house they can afford, because that's how the shopping process works. So
4:19
if houses aren't selling that these people can't take out the mortgage to buy them,
4:25
that's going to slow the economy down dramatically too. So you know,
4:30
most signs point towards the slowing economy, but in certain sectors, wages are
4:35
going up dramatically. Now the fit is liable to interpret this as wage inflation
4:41
becoming a problem, and they're liable to go higher for longer with interest rates,
4:46
which is what your own pile just said in his last speech. He
4:48
surprised the market by implying that rates we're going to go higher and stay there
4:54
longer than the markets were expecting. So you knows, But it doesn't look
5:01
like we're going to get fed easing anytime soon, and I think it's gonna
5:05
happen, is there and there has to be that big crisis out there,
5:08
some part of the secret of the market has to break, and then the
5:12
FED will go back to bailing everybody inside out. Then it'll happen quickly.
5:15
Remember how quickly they bailed out the banking sector when a Silicon Valley bank and
5:20
they're still bailing it out. They're going, yeah, but they didn't waste
5:24
any time. Within a week, they were doing things that added liquided each
5:29
of the market. So let's something, let's something bigger. They messed up
5:35
there because what happened there was that Jenny ill And drew the line in the
5:42
line in the sand, We're not going to bail out banks. This time
5:46
is different. And then Silicon Valley Bank failed, and you know, they
5:51
took like a week or two to bail it out to find a quote unquote
5:57
suitor for it, and then three other banks failed, and then all of
6:00
a sudden they said, no, no, just kidding. All deposits are
6:04
backstopped though, we're not going to let you. We're not going to let
6:08
you lose your deposits. We're not going to have bail ins regardless what Don
6:12
Frank said. And that was that. So in Florida, sales are down
6:16
like a third, but prices are up because inventories are still incredibly short.
6:23
I mean, that's the thing. It's a tale of several markets. But
6:28
in popular places, even though the sales are down, the inventory still down.
6:34
So what that will amount to, I don't know. But people are
6:39
still fleeing to these key states like Texas, like Tennessee, Georgia, the
6:46
Carolinas, you know, basically the southeast where low taxes more than makeup for
6:53
increased mortgage rates. We'll see. The migration thing is kind of a walk
7:00
though, because if you're in California and you want to move to Texas,
7:02
you kind of have to sell your California house. And if you don't have
7:06
to sell your calahorc for in your house, you're in the top one percent,
7:10
then we're not talking about you. You know, ninety nine percent of
7:13
the country pretty much has to sell one house to move into another. So
7:16
you get a sail over here and a purchase over there, and it doesn't
7:20
affect the macro numbers all that much. But the question is for housing,
7:25
what is going to make inventory spike and cause prices to crash? And I
7:31
think it's going to be two things. One is is baby boomer demographics.
7:36
You know, we're getting older, and so our boomers have not sold their
7:43
McMansions. But the idea was always that there was going to be a demographic
7:46
real estate crash because the richest, biggest generation in American history had loaded up
7:51
on real estate and bought too much house during previous credit bubbles, and they
8:00
they can't go up and down the stairs in the three story house anymore,
8:03
and it's gonna keep Who's going to keep four thousand square feet clean? You
8:07
know, It's just something that a seventy five year old doesn't want to deal
8:09
it. But a growing number of boomers are heading into that age range and
8:15
so they kind of have to start lightening up. They got a downsize,
8:18
So that's going to happen. And the question is will something happen to spook
8:22
boomers into doing it all at once? So will it be more graduating the
8:26
other thing? It will go ahead. You have all I was just gonna
8:30
say, don't forget. Many of you out there have three percent mortgages and
8:35
you want to downsize, and assuming you don't buy the house for cash,
8:41
you're going to get a mortgage. You're going to get a seven percent mortgage,
8:43
which means your mortgage will be double dollar for dollars. So you buy
8:48
half the house and your payment stays the same. So why move. That's
8:54
why everybody's frozen in their houses houses right now, because moving is an incredible
9:00
expensive process. You know, you're leaving a cheap money place going to an
9:03
expensive money place, and yet at some point it's going to have to happen,
9:09
just because all those stairs, luckily in its places. I don't have
9:15
anything. Yeah, one of the reasons I bought it because it's on one
9:18
level. But I totally know what you're saying, and who wants to maintenance
9:22
the upkeep? You know, you own a house, you get to be
9:26
real good friends with your handyman, your plumber, your electrician, and there's
9:31
always stuff breaking on it, you know, always, and there's always stuff
9:35
to do. You know. My wife and I had a six thousand square
9:39
foot house in Idaho and that was insane. We'd become empty mesteroms and there
9:46
were there were just the two of us in the you know, in this
9:48
big house where empty rooms get dusty. Even if you don't do anything in
9:50
there, you'll go away for a weekend, it's covered in dust. So
9:54
the maintenance is insane, and so we did the downsizing thing and toilets go
10:01
bad. Then they start running and boss, it's drip even though no one's
10:05
using it. Well, if you had, if you have five bathrooms something,
10:09
yeah, like you said, something is always dripping. We had we
10:13
had this. Okay, wait, I'm not gonna get too far afield here,
10:16
but we had a plumber who I was only partially kidding. I offered
10:20
him our spare bedroom. I told him he could move in if he wanted
10:22
to be, because he's at our household often and not and he saves and
10:26
saves my butt every time I being waked. But but anyhow, Yeah,
10:30
see, that's that's the situation that boomers are in now, especially with multi
10:33
story houses of course, because it really is like if you've got a hip
10:37
that's cooling and you need to get a replaced, but you're trying to put
10:41
off the replacement, which is probably seventy percent of sixty five year olds right
10:46
now. If you don't you don't want to sleep on the third floor,
10:50
have all your you know, your TV room in the walkout basement, and
10:54
then have the kitchen on the first place. It's just it's a crazy life,
10:58
very painful to any out. That's that's one thing. The other thing
11:03
is Airbnb now suddenly actual Yeah yeah, well yeah, because let's say you've
11:07
got seventeen properties, which is not an unusual number for these airbnb entrepreneurs.
11:15
You've got a mail, yeah, you have major carrying costs, and the
11:20
minute your revenue dips, you have to start lightning up on inventory. And
11:26
you know, hospitality is usually a victim of a slowing economy. I fewer
11:31
people are in hotels, fewer people can afford are and be especially air Andbnb
11:35
turned out not to be a good deal anyhow. It's got all those hidden
11:37
fees and stuff, and so it's not even really that popular anymore compared to
11:46
hotels, which are at least clean and simple and understandable. So there's going
11:50
to be a del uge of inventory out of airbnbs as soon as the economy
11:56
has any kind of a little hiccup, and that deluge is gonna just pour
12:01
onto the market because there's so many airbnb units. You know what I think
12:05
that I don't have the stat correct or perfect, but it's it's something like
12:11
the inventory of houses that people don't actually that the owners don't actually live in.
12:18
It is ten or twenty times the inventory currently for sale right now,
12:24
so they you know, Airbnb trouble could just swamp the existing market for homes
12:31
for pre months, you know, and that could happen. So in twenty
12:37
twenty one, the US had an average of two and a quarter million active
12:41
listings. So I think that's two and a quarter million units. Bryant's had
12:46
one point to China at one point one five. And Okay, that we've
12:52
actually got we actually have statistics on all this stuff. Job well, this
12:58
is nights. That's not going to do us any good. Okay, it
13:03
does get you somewhere when you compare that with inventory of homes for sale and
13:07
throw in houses that have been bought as investments, just places to poe under
13:11
cash, you know, because the average rich person owns three or four properties.
13:16
Now. Yeah, Nashville is a city where they had like thousands of
13:22
units built just to be Airbnb's. They're built specific for that purpose, you
13:28
know, three four story you know, buildings with units in them. And
13:35
you don't go all out on the kitchens. You just make it. You
13:37
make the place look nice and clean. You don't go all out on anything
13:41
on it, and you know, you make it conducive to people who are
13:46
short stay vacation type tenants, and that isn't necessarily what a renter wants when
13:56
it was built, you specific, So it's going to be interesting. But
13:58
talk about real estate problems and bubbles and collapses. You know, China,
14:05
supposedly there's sixty four million units that are empty in the entire country, and
14:13
you know, it is the largest asset class in the world, Chinese real
14:16
estate. Fortunately only Chinese own it, and most of its substandard construction,
14:24
not built to spec And you know, in China, it's like in the
14:30
United States, you don't start paying your mortgage till you close on your house.
14:33
In China, you pay the mortgage when you sign on the dotted line,
14:39
and it could be years before you even get that house or that apartment.
14:43
And that's what's led to a mass of mass defaults, you know,
14:50
strategic defaults. And then in China, your foreclosure might happen, but your
14:56
debt never goes away, and it's in your social cre its score. And
15:01
I guess, I guess you could probably move to Siberia and be happier than
15:05
staying in Chida once you got the reputation as a deadbeat, you know.
15:09
So it's an untenable situation that's made worse by the system, by the corruption,
15:18
and by malinvestment because they didn't need sixty four million units to stay empty.
15:24
John, You know. Yeah, China blew itself the biggest real estate
15:28
bubble and human history, and it's bursting and they're trying to figure out what
15:33
to do about it. They're they're easing in various ways, they're cutting interest
15:37
rates and running up bigger deficits. But at the same time, the U
15:41
one is falling. So during that box that we've been talking about for the
15:46
fettle these years, when the currency is falling, but you still have to
15:50
stimulate the economy because you've got some sectors blowing up. But the more you
15:56
stimulate the zombie sectors, the more the currency drops, which is inflationary.
16:03
So you got this this death spirer potential in China right now. We don't
16:07
know how it's going to play out exactly, but they're they're in the early
16:11
stages of something like that, so it's and it's not clear they understand how
16:17
to fix any of this either. Because remember ask guys are. You know
16:19
it's a communist dictatorship. Then they don't really get markets. Yeah, they
16:25
get you can you can dictate to the banks to lend to housing. You
16:30
know, they know markets work from that point of view, but they don't
16:33
really know how market's clear via the price mechanism and through bankruptcy and things like
16:40
that. And then I don't think they like the idea to live they hear
16:42
it. Listen to this. You're gonna love this because human nature being human
16:47
nature, government tries to stop you from doing things. As long as they
16:52
don't throw you in jail, you don't. You just figure out ways around
16:56
it and deal with the fallout later. So in China, if you bought
17:00
a place for like half a million, you on, and the market price
17:06
is two hundred and fifty thousand, you on, they won't let you sell
17:10
it for that. Okay, you're not allowed to sell it as for a
17:14
loss because that's going to disrupt the market. So you know what these smart
17:18
people do, John, You're gonna love this. And I saw this on
17:22
China Fact chasers. These guys speak Mandarin, they're fluent, they know what's
17:27
going on there. They have sources all over. They will say all right,
17:33
i'll sell it to you for half a million, or i'll buy it
17:36
for half a million, but you've got to give me two hundred fifty thousand
17:40
back two hundred fifty thousand you on back in gold. So it appears that
17:47
the prices are staying higher, but under the table they're paying off the buyer
17:55
in gold to reduce the price. But the stated price of the unit at
18:00
the stated sale price stays up there and everybody's happy. And this is the
18:04
problem with price controls and and really even more corrupt than our central government.
18:14
Yeah that end is that great. Yeah, that's but you know, and
18:18
in the end, you still did sell your house for half what you paid
18:22
for it. Yeah, if I'm understanding that process. So, so losses
18:26
are still getting taken, people are being impolyetish, and that has to play
18:32
out somewhere, somewhere. Those losses have to be booked, and at some
18:37
point somebody goes bankrupt. And that's what China is facing right now, that
18:41
there's really no way out of a credit bubble except to take the losses.
18:47
You know, you can't you can't move them around forever, and you can't
18:49
paper them over forever, and China is going to find that out, So
18:52
it's not clear how to solve China's got a lot of problems right now.
18:56
They've got big demographications too. The China Policy or one child policy for all
19:02
those years left them with a shortage of women, so they don't have households
19:07
warming. They've got a lot of very lonely guys with no prospects forever having
19:11
a family or anything. And that's economically a big problem too, because you
19:17
don't have very you don't have a lot of babies being born in that kind
19:21
of situation, so their population is actually shrinking. And it's not clear how
19:29
a capitalist economy survives, especially a financialized capitalist economy where there's a lot of
19:36
debt, survives a shrinking population because you've already got all these retirees that have
19:41
to be taken care of. But if there aren't enough workers to do that,
19:45
there's not enough tax revenue coming in, the government then has to make
19:51
good on those promises by printing money, which destroys the currency and so on.
19:55
So China has multiple problems that all lead to a gigantic, crazy crisis.
20:00
We'll just have to see about the timing, but I think the yuan
20:03
isn't trouble the mother of all, because they're cutting their rates and the yuan
20:11
is basically disintegrating. So I want to revisit a topic that I know is
20:17
on both of our list for today, and that is the bricks countries.
20:22
Now everybody's saying the bricks, well, they want to get rid of the
20:26
dollar. All right, Well that's foregone conclusion. It's going to happen at
20:30
some point. I don't particularly think it's this point. But China's own currency
20:34
is on the brink of crisis. The country is having a meltdown the equivalent
20:41
of what the United States had in nineteen twenty nine, only much worse because
20:45
they've got about fifteen times or about eight times more people than the US had.
20:52
The US had like under one hundred million people back then, and the
20:56
you know. So, so China has to find a way out of their
21:00
own currency crisis. That is inevitable and that is going And the more the
21:07
yuan goes into crisis, the better it is for the dollar on a relative
21:11
basis in the other world's currencies that may hold value, like the euro and
21:18
even the Canadian dollar, the Australian dollar. So they need a way out,
21:22
and I think the bricks concept is as much a way out for these
21:27
countries to flee their own failing currencies as it is for them to stick it
21:33
to the US. Just my theory. I could be wrong, but I
21:38
personally have celebrated the death of the dollar many times and have been totally off
21:45
the mark. Yeah, okay, several things about that. The big fiat
21:49
currencies like the dollar and the yen and the euro are all losing value.
21:56
You know, we had we had a ten percent inflation shilly in twenty twenty
22:00
two and it hasn't gone back down to two percent yet. So they're losing
22:06
value and they will continue to lose value. That's a that's a that's a
22:08
given separation. Yeah, it's a given, and it's separate off from the
22:11
bricks. But yeah, it's not clear how the bricks could well, I
22:15
mean, they couldn't go completely to another shared currency. They couldn't do a
22:19
Euro kind of common currency market at all because their currencies are too unstable.
22:26
You know. That would be like a bunch of Italy is trying to form
22:30
a currency unit and lookout of a jourman to anchor some of the whole,
22:34
the summit is greater than the whole, a little synergistic thing. Yeah,
22:40
they think they can pull off, right, Well, what Jim Rickards had
22:42
an interesting take on this, and he said that they wouldn't get rid of
22:47
their own national currencies, but what they would do is create a shared trading
22:52
currency for them to trade back and forth with each other. So so Russia
22:56
doesn't have to take rootpies, which it can, you is, for much
23:00
of anything in return for its oil. It would take that gold backed common
23:04
currency. And you know, these guys have been accumulating gold for quite a
23:08
while, so it's possible that at the right price, you know, gold
23:14
would have to be revalued upward, but maybe not so much that it becomes
23:19
debilitating. And they back their shared currency with gold, and they just trade
23:26
with each other in something that represents a certain weight of gold, and so
23:32
their their currencies can do what they do their national currencies, but they've still
23:37
got this trading currency which is rock solid. And that's I mean, that
23:42
would be technically pretty tricky too, but it's something that if it could be
23:47
pulled off, would make a ton of sense, because that's that's a great
23:51
currency to have or bilateral trade because you always know what it's worth. You
23:56
know, the dollar price of gold exists out there twenty four seven, so
24:00
you always basically have a dollar cross rate for your currency. So in theory,
24:07
that could be done, and that would explain their aggressive accumulation of gold,
24:15
or would it would give down a reason to rationalize their accumulation of gold.
24:21
So we'll city. I don't know. I think they're a long away
24:23
from anything like that. You know, the problem is like nobody's going to
24:29
trust. Hey, look, our banks are in trouble, but so far
24:32
the FED has back stopped them. And you know, we're not going to
24:37
see any bank runs. We'll see a currency collapse before we see a bank
24:41
run. John, you agree with that, well, I see bankrupt leading
24:45
to a currency collapsed. Yeah, cried. Could well play out for sure.
24:51
In China, the banks have already collapsed, but it's not it's not
24:56
like publicized, like there are a bunch of banks that have collapsed and the
25:02
people try to get their money out and they say, ah, later,
25:07
you know, don't worry about it. Your money is safe, Your money
25:11
is safe. Don't worry about a thing, right, But the reality is
25:15
that they've got daily currency withdrawal restrictions in their banks in place, and I'm
25:23
going to toot my own horn here for a change. I said years ago.
25:29
The reason HAF the reason they were doing the Belt and Road initiative and
25:33
all of these projects outside of China that were money losers. They were doing
25:40
it to get money out of the country. It was flight capital disguised as
25:45
investment capital, supposedly achieving the PPC's goals of you know, investing outside the
25:56
country and building influence. But in reality, we're laundering money out of the
26:00
country and putting it into money losing projects. Because of the projects making money,
26:07
then you got to bring it back to China. But if it's losing
26:10
money and nobody really knows the scope of the losses, then you've got to
26:12
keep feeding it because the Chinese don't want the project to collapse because then there's
26:18
a loss of face. So they've used this to literally launder trillions of dollars
26:23
out of the PRC. This is what's happened, man, You know,
26:27
I know it. You can see it now. It's as clear as day
26:30
now that they're in trouble. Yeah. Yeah, that wasn't an actual capitalist
26:37
country, not that not that we are. You know, when I saw
26:41
some of the place and there's saying America's better, you know, we're I
26:45
think not at all. Yeah, you know the elites in the US in
26:51
the million dollars stash all over the place. Did you catch the article like
26:55
thirteen thousand, five hundred the wealthiest Chinese have fled the country? Now I
27:00
didn't see that with that, Hey, that that's why Jancouver has the most
27:04
expensive real estate yea Vancouver. Yeah, yeah, And like they just bust
27:14
in this woman who is the head of the largest Chinese immigration company that helped
27:21
people get out of the country, and she didn't do anything wrong. They
27:25
just busted her for whatever reason they busted her. Right, Yeah, I
27:30
didn't see any of that, but I totally believe that that's the case.
27:34
You know. See, that's another reason why you can't have a competing reserve
27:38
currency with the dollar. When your country has capital controls in place, it
27:45
be free for Yeah. Yeah, you have to be able to move that
27:48
money around with nobody putting you a jail. Where So Russia and China are
27:52
not ready for that yet. No, that's not to say they won't be.
27:56
Uh. I think there's going to be a major house cleaning in China
28:00
and Russia too for that matter. But the house cleaning is going to take
28:03
place in China first. There is a I want to call it a theory,
28:11
but a belief, maybe a superstition widely held in China that every dynasty,
28:18
it's not necessarily a superstition, but a belief that every dynasty ends with
28:25
massive flooding. And then the regime is faced with its own inability to deal
28:32
with that flooding, and then they get swept out. And that is potentially
28:37
where the PRC, the PPC, whatever is, People's Party whatever, Communist
28:44
Party CPT been calling it the wrong thing, Chinese Communist Party. That's potentially
28:52
CCP. That's potentially where we're at right now. And that combined with with
29:00
what's happening in Russia. You know, I don't know whether Ukraine's winning or
29:04
losing. If you watch their propaganda, they're about to drive a wooden stake
29:08
through Putin's heart or what the space where a normal person would have a heart.
29:14
Right, But sometimes in this world you win by not losing, right,
29:22
and the fact that they haven't lost yet they might very well lose.
29:25
I think it's probable they will, but the fact that they have it now
29:29
for almost two years makes them the winner here, right. I think we're
29:33
in for a massive cataclysm around the world. John, Can you think,
29:38
can you name one country for me where they like their government? Well,
29:45
no, when you when you start borrowing insane amounts of money, the government
29:52
loses the trust of the people. And that's where we are now. That
29:53
the whole trustism thing where yeah, it's global, nobody trusts their government because
29:59
they're government is broke obviously, I mean Switzerland's not broke, and and actually
30:04
Russia is not broke. They didn't accumulate too much debt and they have a
30:08
lot of gold and oils. So but but you know, the Russia Ukraine
30:14
thing, Russia wins if Ukraine is neutralized and NATO does not go any further.
30:19
And I think we're close to that. At what price? At what
30:22
price? You know, quarter of a million casualties, that's not a win.
30:27
And the you know, wards are inflationary in and of themselves, So
30:33
inflation is going to pick up because of these wars. In every area where
30:38
there's a ward, there's inflation. Oh yeah, absolutely. But if global
30:44
inflation pushes up the price of oil and gold and the other stuff. Russia
30:48
has river They're a resourced economy, so they actually benefit partially from the IF.
30:55
But I mean they're they're thinking national See this is a this is an
30:57
existential thing for Russia. They can out NATO on their border. It's existential
31:04
now because I think the West has perceived I think it's much like World War
31:10
One. The West has perceived Russia as a declining empire, and World War
31:15
One was about carving up pieces of declining empires. The Austro Hungarian Empire,
31:22
which was like this accidental agglomeration of countries that Austria Hungary never really set out
31:29
to do. They just kind of it all fell in their lap. And
31:32
then the Ottoman Turk Empire, and it was all about chopping that up for
31:37
resources. And now the intent of this war has always been, I realize
31:42
this recently, to chop up the Russian Empire for resources because it holds some
31:49
of the most you know, treasured and highest grade resources that haven't been developed
31:57
in any any country in the world, and they want to chop it up.
32:02
And China wants their piece too, They want Siberia so they can get
32:07
the resources in Siberia and get rid of a bunch of people. They've been
32:12
colonizing or attempting to colonize the Russian the pyto Russian border for like forty years,
32:17
and the Russians have resisted it. But I wonder, I wonder what's
32:22
happening there now. Nobody has reported upon it. Well, the difference between
32:27
today and World War One is that we're talking about car Yeah, we're carving
32:31
up nuclear or powers that that. I mean, if you've got hypersonic nuclear
32:37
tipped missiles, nobody's gonna carve you up to One of those missiles can take
32:45
out an entire aircraft carrier group. It wore a major city. I mean,
32:50
Seattle could be vaporized in literally twenty minutes. Yeah, make the mission
32:54
right this minute. So then that's yeah, so if the you know,
33:00
I wouldn't put anything past the psychopaths running the US government. Yeah, I'd
33:05
actually think they're gonna occupy and carbuk Russians. But they're not, because that's
33:12
that's an existential threat to Russia obviously by definition, and they've got nukes.
33:16
So yeah, hey, so don't don't do that. In neo cons Please
33:21
don't try anything stupid you that we're dealing with though. You know, you
33:24
know what, like we say, John, what do we learn from history?
33:30
The one thing we learned from history is we'd all learn from history.
33:32
I mean, you know, if if Turkey had a nuke or Austria had
33:37
a nuke in World War One, the result would have been a lot different,
33:42
right, Oh my god. In World War One, they and they
33:45
totally would have used those weapons too, because they were you know, they
33:49
were morons. Yeah, and and they were all existantially threatened. Everybody was
33:53
ext existentially threatened back downd. So yeah, that could that could have easily
33:59
turned into a new your war, and so could this. So I think
34:02
I think that will happens. The lesson is don't don't put morons in charge
34:08
of your country, you know, that's the Yeah, And you know,
34:13
war should definitely, definitely definitely be a last resort, not you know,
34:22
they say war is what happens when it's just a way of resolving disputes when
34:29
politics can't, or something to that effect. You know, uh, I
34:35
think it's something like diplomacy is war by another name or something? Yeah,
34:38
yeah, right, yeah, when war is a form of diplomacy, right,
34:44
whatever, it's a it's a really interesting situation. Hey, we're so
34:49
lucky here in the United States are now, Uh we could sit back in
34:53
our chairs on our zoom calls and pontificate it's not real to us, But
35:00
that's what's happening. There's no other reason to go after Russia other than to
35:06
plunder it, and we kind of did that after communism fell and Yeltson came
35:12
in and we kind of pushed through all these oligarchs. But then you know,
35:16
Yeltson got wise and he let Putin come in, and Putin replaced our
35:22
oligarchs with his oligarchs. And hey, by no means do we support this
35:28
man. I think he's a stone cold killer who's capable of anything. But
35:35
I think big mistake initiating this war, even though he probably was pushed into
35:40
it. Hey, well that is it for today. We really ran along
35:45
there, But that's okay. Make sure you go to John's substack Rabino substack
35:51
dot com our site Financial Survival Network dot com. John. We will will
35:57
touch base in a couple of weeks. Thanks Jaredsia, Thanks for listening to
36:00
carry Lens's Financial Survival Network your solution to today's trying times For the latest,
36:07
go to Financial Survival Network dot com. Financial Survival Network now more than ever