Latest / Financial Survival Network / Blow-Out Jobs Report — John Rubino #5851

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Blow-Out Jobs Report — John Rubino #5851 · Financial Survival Network

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And every time there's a good financial number that comes out that scares the markets
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into thinking that maybe interest rates are going to keep cooing up, which they
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are, you know. And it's what appened today was we had to blow
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out jobs number, like you said, and interest rates went up in the
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US. You're listening to Carrie Letts's Financial Survival Network where you get valuable information
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ever, And welcome. You are listening to watching the Financial Survival Network.
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I'm your host, Kerrie Letts. Well, blowout jobs report? What does
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that do? It breaks the markets because bad news is good news and good
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news is bad news. And I'll leave it to John Rabe you find him
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at Rabeto dot substack dot com to figure out which is which because I don't
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know anything anymore. John. So is the job report a good sign or
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is it a bad sign? Hey? Jerry, Well, you know,
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normally rising employment is a good thing, and it would be in the normal
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world, but this isn't the normal world, and end up, especially with
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the financial markets. They they got so full by the FED pausing in its
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interest rates increases last month, m into thinking that this was it, that
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we were done and we were going to go back to easy money. But
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it turns out that's not the case. And every time there's a good financial
1:38
number that comes out, that scares the markets into thinking that maybe interest rates
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are going to keep coming up, which they are, you know. And
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so it's what happened today was we had to blowout jobs number, like you
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said, and interest rates went up in the US. The ten year treasury
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no yield is now back up over four percent in the US, and mortgages
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are backup over seven percent. So those numbers are extremely bad for financial asset
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prices because, for instance, stocks compete with bombs, and when the yield
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on a bond or on a money market fund or a short term piece of
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treasury paper or whatever the rises way above the dividend yield and the average stock
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then people see no reason to take the risk of stocks when they can get
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twice the yield by buying fixed income paper, and so that's bad for the
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stock market. Also, rising interest rates lead to recessions, which is also
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bad for stock crisis. So now stocks it starts, are down hard today
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as interest rates are out and the reason for that is that now everybody's starting
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to think, oh my god, maybe interest rates are going to go up
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and that's going to break the market and cause of recession? And what kind
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of a recession will it be? Will it be really deep and dark like
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two thousand and eight, two thousand and nine, will it be even worse
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than that, like the the gloom and doom set And soon you've got stocks
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tanking now And in any event, this market is so overdone. You know,
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this is the worst market breath that the US hayson P five hundred has
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ever seen. There are only five stocks now recounting for almost half the increase
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in the SMP five hundred in the last year, and that can't be sustained.
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So you know, we're at at the point where interest rates are still
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going up, and that they're at they're at a level that can break the
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market. Eden stocks are starting to fall and the Fed has no choice but
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to raise from here and definitely not tightened from here. So this is a
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really it's really a normal historical setup or a nasty equities bear market. So
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let's see if it plays out that way. But this is how it went
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in nineteen ninety nine and two thousand when the tech stock bubble burst, and
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in two thousand and seven two thousand and eight when the housing bubble burst,
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interest rates went up along with stocks until rates were high enough to break the
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market. We're kind of back there again right now. So let's see if
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it plays out the same way, which means, let's see if we get
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a nasty equities bear market from all of it. Hey, and it threw
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in on that. On top of all that, the Supreme Court saying that
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the President doesn't have the authority to negate student loan debt, which is supposed
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to cost to student loan borrows, and now fifteen point one billion per month,
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and you you got the makings of an interesting economic meltdown. One thing
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I would like to point out I've pointed out on other shows John the top
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publicly traded homes builders last week, so other stocks hit a five year high,
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and with interest rates going up, is is completely counterintuitive. And and
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we also saw a new home sales rebound. Was it either last week or
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the week before. So maybe all this is just the subterfuge and the money's
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really going to start pouring out even more soon. I'm not sure what to
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think. I have the home builders as short candidates on my substack portfolio,
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and the reason for that is that, as you said, rising mortgage rates
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tending to hurt the housing industry and the home builders in particular, because they're
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you know, they're like the leverage play. You know, they've got hey
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roles and they've got inventory and everything, so they need a steady flow of
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new houses and they fat rise up. Then their business model just crashes and
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burns and their stocks tank at all. That has happened in the past,
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so we'll see if it happens again. But they're down hard today at least
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where you're right. Yeah, everything's down pretty hard today, and the home
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builders are among the stocks that are getting act along with all the commodity complex
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and you know, gold and silver. Everybody's down. I have a big
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long portfolio on the subtack and literally one stock out of maybe thirty is up
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today. And that's something I'm junior miner that has some specific thing happening today.
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It's really good. Otherwise everything is getting smashed us to struck plutonium in
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the Ukraine or something like. Yeah, I should have looked at see why
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it was up, you know, because there might be a reason. Well
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I know what it is. I'm sorry, and I do know what it
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is. They fired their CEO a couple of days ago. Well that's bullet
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and well you know, the stock tanked. So now it's rebounding from being
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down like twelve percent a couple of days ago when most of the miners were
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up. So I don't know everything. Effectively, everything is down now,
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okay, So, as you like to call it, the big toy indicators
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flashing RV sales and ROLLIC sales are down bigly. We've been sounding the alarm
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about rolex Is for a good three or four months, but normally you'll get
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a blip on that indicator and then they'll go higher. It just tells me
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that things in China are way worse than anybody any of you out there think.
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It's even in really weird times. There's a lot of billionaires out there
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buying the most expensive thing in whatever category, right, so there's always a
7:24
market or high end stuff, which means when when high end things roll over
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that means you've got trouble in a sector of the economy that doesn't normally display
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trouble. And rolexes are a good time event. So so rbs, I
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mean, our RV's a one step down. They're not the rolex population.
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They are the you just say eat a bellomn RVs are for suburban guys.
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Well, actually there are two categories of RB buyers. One is the people
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in the RB subculture where they drive around and they park at different places,
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meet their friends and have a great time. That's fine, that's that's a
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subculture that does its phone thing, and that they aren't really a sign of
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anything. But the part of the RV market that is a sign of something
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is the suburban male. It's always the husband, okay, who has the
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boat and the motorcycle and a big house and he's looking around for the next
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toy, and he says, why don't I buy a house on wheels pop
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one hundred and fifty thousand dollars and drive it somewhere once every three months?
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You know, That's basically how it works. So at the peak of the
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cycle, when when guys like that are at their most confident, is when
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RV sales boom, and then at the bottom of the cycle, when everybody's
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having to go through their toy inventorI and sell them all. Um, that's
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when RB prices crash. So we're starting to see that market rollover rbs.
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RBY prices are down, RBY sails are down, but he's still wearing your
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overall. You know. I looked up what it costs to borrow money to
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buy an RV, and the potential interest rate is crazy. Like at the
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low end it's just eight or nine percent, so it's not much more than
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a house, but the range can go up into the twenties and thirties percentage
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wise, which means if you don't have great credit you try to buy an
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RV, they believe you dry and so there's probably people out there doing that
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too. So at higher rates really impact everything bought US sales, home sales,
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RV sales. I don't know how many people buy rolex Is on credit,
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but there's probably a number out there that dode if you have to borrow
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to buy a Rolex. Yeah you're not a legit rich guy, you know,
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but you're a pretender. Yeah you're opposer, but credit. Look,
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credit runs the economy. So the question is when things really start blowing up,
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John, how long is it going to take the FED to go into
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full scale panic mode and say, uh, we didn't really mean it.
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We're going to support economic growth and inflations under control. We're not worrying about
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that. So everything is great. By the way, a July fourth cookout
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was up, but twenty nine percent this year from last year. So I
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mean, yeah, especially if you're cooking steak, then it's up even more.
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It's like double hot dogs. Well, whatever they throw in there,
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hot dogs are the ultimate proof that the substitute effect is alive and will right,
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because if they can't get whatever they throw in there, they can always
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find something cheaper to put into a hot dog. Right. Um. Yeah,
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that's like the old saying is you don't never want to see how your
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laws and your sausages get made. Odd dogs are then example of that case.
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You know, you go to a hot dog factory and never eat hot
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dogs again. That actually happened to my sister. She went out a tour
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of a hot dog factory. This is like forty years ago, and she
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never ate meat after that. She not only stopped eating hot dogs, she
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became a vegetarian. Is though the same thing happened with Milton Burrel. His
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friend took him on a tour of a slaughterhouse, and this was back in
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the forties, and for the rest of the guy's life sixty some odd years,
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he never eat another piece of meat. So this is a case where
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ignorance truly is bliss. Well, you know what I think that we should
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ask Robert F. Kennedy Junior to do when he becomes president is put on
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amcourt, not cam qurters what you know, killibras, Yeah, body jams
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like the car what webcams, that's the word. I was thinking of webcams
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in all the slaughter house so that there would be channels where we could go
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online to see what's happening in you know, sniffield farms, um slaughter houses,
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and then we would see where our food comes from. And I think
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that would be very useful information. You know, I've talked about this with
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other people who said, no, now we you know, nobody would eat
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meat anymore. We can't do that. Well, you know, if that
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would be the price of knowing the truth, so be it. But you
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know, I think we should know all of this stuff, all these things
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where we we only do things because we don't know the truth of it.
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We should really know the truth of it, and slaughter houses are definitely one
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of those things. Maybe then they can put some cams up in the cricket
12:45
farms, since that's what the World Economic Form is trying to get us to
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eat, to insect protein because it's good for you, right, yeah,
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yeah. You know. The thing is, I don't necessarily have anything against
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the concept of eating bugs, because eating you know, when you think about
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eating meat, that's pretty gross too, and I totally do that, But
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if it comes from the World Economic Forum, I'm automatically against it now.
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So it doesn't even you know, seventeen minutes cities or whatever, fifteen minutes
13:15
cities, you name it. There. Every one of their ideas is horrible
13:20
or at least easy to spin in a horrible way. So, you know,
13:26
the only optimistic thing that I get from the World Economic Forum and George
13:33
Soros and people like that that they're all incredibly old. You know, Bill
13:37
Gates is a he's seventy something years old. Klaus Schwab is looking like Joe
13:43
Biden, and George Soros just retired, So it could be that that whole
13:46
generation of would be dictators is going to leave the stage before they succeed in
13:54
taking over. The next generation who comes in won't be nearly as crazy as
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the current generation. We'll see. That would be a nice thing to hope
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for. Paris's son seems to be as crazy as him, like when it
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comes to putting in prosecutors who just let criminals walk, and well, you
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know, we don't have to get into all that, but yeah, what's
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bad for the World Economic Forum is generally good for humanity. But if you
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watch what's happening in France, I mean, this is like the George Foy
14:26
Floyd riots on steroids. They've called out forty thousand cops. If it continues
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all much longer, they'll be there'll be a shoot to kill or shoot to
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injure. Well, that is the that is the inevitable result of open borders.
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If you if you let so many people come in that um it's impossible
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to integrate and assimilate them into a society in an orderly way. M Then
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you get stuff like this because you basically create a second cl as citizen read
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that is so big that it can't be managed, and that's what happened with
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Europe in general, in France in particular, and uh, you know,
15:11
what's what is their choice now? Um, they could round up the last
15:16
five years worth of immigrants and ship them to Algeria or someplace, or they
15:20
could try to assimilate them, um in ways that it would be incredibly uncomfortable
15:28
for the you know, the native French population. And I don't know what
15:33
other solution there is. You know, you only have those two solutions because
15:35
um, either you you know, you change your culture in ways that make
15:41
it possible for everybody to get along, or you slice off a big chunk
15:46
of the culture and ship it somewhere else. And neither of those is a
15:50
workable solution. So I don't know what they're They're prognosis is it doesn't look
15:56
good. No, well, you know, they kind of have these things
15:58
that happened regularly, Like New Year's they burn hundreds of cars throughout the country.
16:07
They burned down the public library in Marseille. Now, like what library
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wasn't doing any harm? Where they're going to put their homeless people. If
16:17
it's like the United States, we house a lot of homeless people during the
16:22
day at libraries, public libraries throughout the country. So which is really where
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not where you should put awnless people. You know, any plans we're putting
16:32
our kids, we should not simultaneously put homelest people. But um, yeah,
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you know we're we're seeing the early version of what France is going through
16:40
because the quality of life in our big cities is already just plunging. Oh
16:45
and that's not that's not largely an immigration thing. That's more of a drug
16:52
and mental illness thing, you know, where we're just not managing those populations
16:57
the way you have to. You know, there are places that have done
17:02
it well. Switzerland confronted the whole drug thing and solved it, and a
17:07
lot of cities that don't have homeless people. You know, they figure it
17:10
out and made it work. You need they see the solutions cross political lines.
17:18
That's the problem. You need some stuff that conservatives are appalled by,
17:22
and you need some stuff that liberals just won't do under any circumstances unless there's
17:27
the gun to their head in order to make us to work. Apparently based
17:32
on the places where it has worked, So we need some really painful compromise
17:38
on these issues or other or else it's just going to keep getting worse,
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you know, And we need to obviously close down the southern border for ten
17:47
years while we try to sort out all the people that have come in and
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in the last few years. And then we need to institute policies it tongue,
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you know, make it illegal to camp in downtown San Francisco, stuff
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like that. Yeah, and not just there, it's Austin. It's the
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only cities where homelessness isn't really a huge huge problem are the cities that really
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crack down on public drug use. And they arrest these people and they say,
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you can go to jail, or you can go to drug treatment,
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but you're not going back, and they keep doing it until finally, hopefully
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these people come to terms. But you know, if PJ. Or Rourke
18:34
said that, I think it was him that said a liberal is just a
18:38
Republican who hasn't been mugged yet. Well, yeah, maybe we should change
18:44
that to a liberal is a conservative who hasn't stepped in human excrement yet in
18:51
one of our major metropolitan areas across the country. Yeah. Yeah, you
18:56
know, in this given time, if we don't have a societal collapse because
19:02
of our finances and we don't have a nuclear war. We won't work this
19:06
stuff out because these problems are solvable, immigration and homelessness and drug use,
19:12
that this is all stuff that can be fixed by a healthy society willing to
19:18
think outside the box. My beer, especially for my kids who are going
19:23
to have to live there a dull lodge in the world that we're creating,
19:26
is that we're not going to be the kind of healthy society that's able to
19:30
fix these basic problems because we're screwing up on such a fundamental level. Otherwise,
19:34
we're on the verge of World War three twice with Russia and China,
19:40
and we're we're heading off a financial cliff that is just going to be so
19:45
brutal when the time comes. But yeah, but all of that is a
19:49
little bit further down the road, and right now we've got a garden variety
19:53
or recession coming, garden variety, equities, bear market, that kind of
19:57
stuff. And so that's a lot to talk about for us in an ongoing
20:03
way. But we still got these big looming things out there. But I
20:10
think are the really scary part of the picture today. Let's not forget that
20:14
our generation, the baby boomers are also retiring, drawing down on Social Security
20:19
and Medicare and Medicaid too, because if you don't have enough money for a
20:25
nursing home, you go on Medicaid in most states, and they pay for
20:29
it. So intractable, intractable problems by any stretch, How do you You
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can't say to you and me, Look, we understand you paid into Social
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Security and Medicare your whole lives, but there just isn't enough to go around,
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So take half. You know that is not a recipe to get reelected
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in the modern America, is it No? But mathematically it has to happen
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one way or an of it. Here's what baby boomers did when seen through
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the eyes of younger generations. Here we the boomers brand forty or fifty years
21:11
of extremely easy money policies which made our stocks go way up and our houses
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go way up. So we have massive paper wealth right now, and younger
21:22
generations are closed out of easy stock market profits and of homeownership at all.
21:27
Right, So now a lot of us are healthy. You know, we're
21:33
going to live a really long time, and so these guys are you know,
21:36
they're hoping to inherit pretty well. But we're not going to die.
21:40
You know, Boomers are just sto going to kill over and let those guys
21:44
inherit all this stuff that we accumulated. We're gonna keep it for a really
21:48
long time. So, you know Gen X millennials, they they've got a
21:52
difficult twenty or thirty years ahead of them watching us enjoy our retirements while they
22:00
can't even buy a starter house. Um. So politically, um, they're
22:06
gonna lean towards massive cuts and Social Security and Medicare, but they're not going
22:11
to be able to get it through because we're still such a politically powerful generation
22:15
that we will protect our benefits. So um, you know we're gonna We're
22:19
gonna go to the grave as a completely self interested generation. They've dominated the
22:26
world for the from you know, beginning to end. It's historians will not
22:30
be kind to Baby boomers. Right. So we got some big court rulings.
22:34
But the first one is in Supreme Court. It's a federal District court
22:38
judge in Louisiana who've banned a number of government officials from contacting social media with
22:48
the intent of a suppressing speech. Now it doesn't apply to crime. FBI
22:53
can still talk to them if there's somebody's committing a crime, it doesn't apply
22:59
toal security. But I think the fruxt of it is they're trying to get
23:04
the government out of the disinformation determination business. Basically the Secretary of State can't
23:11
contact them, Homeland Security cannot contact them, whole list of government officials.
23:18
I mean, this could really be a major victory for the people. Huh.
23:23
Oh, this is huge. It has the authoritarian left absolutely treaked out.
23:30
There are some details that have to be understood with this which make it,
23:33
you know, less likely to stick, but also way more interesting.
23:37
But this was a couple of Republican states going to court in the court of
23:48
a Trump nominated judge. Okay, and see he came out and said what
23:52
you just said? He said, yeah, yeah, you can't the FBI
23:55
can't get involved with private character of companies telling them to censor people who are
24:00
saying, oh, I don't think kids should be vaccinated, or you know,
24:03
having basic difference of opinion with government policy. So it's possible that because
24:08
of the people involved right now, that this gets overturned on appeal. But
24:15
it's also possible that the appeals go all the way to the Supreme Court who
24:19
will be really sympathetic to this idea. So it could be that this goes
24:22
back and forth for a year and some the Supreme Court who just locks it
24:27
down, you know, who makes it the law of the land wherever,
24:30
and that that would be I think it would be very cool, you know,
24:33
if if we ratified the First Amendment by making it, you know,
24:40
explicitly unconstitutional for governments to get involved in public speech, which that's the way
24:47
it always should have been. You know, it was only lately that these
24:49
novel concept Yeah. Yeah, and if we lock that down, then then
24:56
you will have to say that Trump was an incredibly consequential president, right because
25:03
it's basically his judicial system and making all this happens. Yeah, you know,
25:07
he he is locking or well, if this goes all the way to
25:11
the Supreme Court and is upheld by the Supreme Court, Trump will have locked
25:17
down some very important freedoms for a generation, if not more. In fact,
25:22
we are going to put a link to the decision. I'm getting it
25:26
off a politico, but it doesn't matter, you know. My personal opinion
25:32
is that this is pretty much bulletproof. He issued it on July fourth,
25:38
of his ear which is like, all right, I just don't see any
25:45
court having the cahonies to overturn this. Maybe they'll dump it on a procedural
25:52
basis. So it's only a seven page decision. I encourage all of you
25:59
out there to read it. I just think it's bulletproof. I don't think
26:04
doesn't mean they won't find a way around it, okay, because hey,
26:11
that's what lawyers do. But and hey, what about the fact that the
26:15
New York Times has outraged over this that the government can no longer control disinformation
26:22
or what they determined to be disinformation. You know, one man's propaganda is
26:26
another man's truth. John, this could be the most important case from the
26:33
courts. I mean, there's a few of them out there, but the
26:37
courts have basically failed us during the pandemic. They failed us. You know,
26:45
in so many instances the court has failed us. Will this be the
26:48
one example where they actually come through and protect the constitution and what the country
26:55
stands for. I think that going again, this decision going to be very
27:02
very difficult, no matter who nominated you as judge. That's going to be
27:07
fun to watch when when the appeal layouts in like a DC court or something
27:12
like that so much some very liberal set of judges have to hear it and
27:18
they have to publicly agonize over what to do about it. That's going to
27:22
be fun, you know, And knowing that the Supreme Court is there as
27:26
a backstop makes it something we can just enjoy instead of worrying about. Because
27:33
even if the liberal court of the liberal appeals court decides to overturn that decision,
27:41
there's still another step. It still goes to the Supreme Court. So
27:45
so we'll see. But yeah, I think I think there's a lot of
27:47
theater that's going to be fun to watch between here and the end of this
27:52
process. You know, it might be a couple of years really before of
27:56
where this is completely settled. How do you justify how do you justify it?
28:00
Though as the government free speech blah blah blah, you know, how
28:07
do you justify censorship? You know, I don't think there is a justification
28:12
for it, especially when the censorship is so inconsistent where it's really aimed at
28:21
one aspect of the political spectrum. You know, it's generally people on the
28:26
right who are getting censored. People on the left can say and do whatever
28:30
they please. Maybe this is all a result of Musk's takeover of Twitter.
28:37
The meantime, we had three other big rulings there. One an affirmative action
28:42
where basically the court said, you can't use it to consider who goes who's
28:48
admitted to a college, web design bakeries, compelled speech where they can't be
28:56
forced to do work, or gays or any other people that they don't agree
29:03
with, especially on religious grounds. Seems to be some merit there. And
29:08
then finally student debt, where the court pretty much said, it's a great
29:15
idea, but the President does not possess the powers to forgive or to basically
29:22
declare a college debt jubilee for a portion of college debtors, or as we
29:30
like to think of them, John A's college student loan debt slaves, right,
29:36
So it's kind of like we could be going to a civil war over
29:40
this. Could be like the dread Scott case of student loan debt, which
29:45
causes the young overindebted up to their eyeballs. Students with student loan debt dropouts
29:53
whatever, it's mainly dropouts, so have the problem people who actually complete their
29:57
degree most of them are. But maybe it'll cause a rebellion among college you
30:04
know, student loan debtors. All right, that goes back to the baby
30:07
boomer thing. You know, we got through college when it was super cheap,
30:11
right, and to the extent we took on loans at all, the
30:15
stock market went up so much that we paid those loans off with no trouble.
30:18
And so we're free, most of us. But the generations that followed
30:23
have you know, two hundred and twenty seven thousand dollars to get a second
30:27
tier law degree, stuff like that that they'll never get out from under.
30:32
And our student loans, the loans where you can't even declare bankruptcy or get
30:36
up. Yeah, okay, so in bankruptcy you literally can never get out
30:41
from under them. Hotel California, Yeah yeah, the ivy like but she
30:47
could never leave. So anyhow, that's a very big that that actually that
30:52
that court case was a separation of powers. Bright whether Congress makes a law
31:00
that spends money on something, what the presidents allowed to come back and say,
31:03
oh, no, okay, we're just going to cancel that whole you
31:07
know, the spending program and everything, and it serves out he can't.
31:10
According to the Supreme Court, Congress has to manage a spending program, which
31:15
is what the student loan plan is. The other one that's really interesting was
31:21
about a web designer who didn't want to make a website for a gay wedding
31:25
or something like that, which that's been a debate that's been going on for
31:27
a long time, like if you're a bakery, do you do you have
31:30
to make cakes for people who your religion says you shouldn't participate with and everything,
31:38
And then that's always been a fascinating argument because both sides kind of have
31:44
a point, right, But in this case, they made it a freedom
31:48
of speech issue, where by participating in you know, by making a wedding
31:55
cake or by setting up a website or something like that, you're you're participating
32:00
in public speech and you're being compelled to speak in a way that you disagree
32:07
with. And that's what the Supreme Courts had was that you cannot compel speech
32:10
in this way. So so, okay, it sounds like that settles all
32:15
those different cases out there that have been pending for a long time, I
32:22
think, and I think so. And we've got a link to the decision.
32:25
This one's directly the Supreme Court, so you can read it there long,
32:30
long winding road. Like the Beatles said, I mean this is this
32:36
is one of those ones that the lawyers will fight over for years. But
32:42
the concept is Congress has power of the purse and it's up to them to,
32:49
you know, to basically pull the plug on student loan debt. But
32:52
you know what it's going to happen. We talked about basically debt. JU
32:57
believes they're having one in China now. Millions and millions of people have stopped
33:02
paying their mortgage payments because they were paying mortgages on hollow shells and buildings that
33:09
would never be built because the developer abandoned them. The money all got stolen.
33:15
They took the deposits. That's a little lightning and thunder going on it
33:20
in Florida here for a change, they took they took all the money and
33:23
they used it to finance other projects, payoff CCP officials, and now there's
33:30
no money left to finish them and the buyers are left holding the bag.
33:35
Point is, it's not just a unique situation here in the US, it's
33:38
a global situation. John. The only thing that's gonna be able to treat
33:45
the problem here, to save the patient is a complete debt jubilee. Believe
33:51
that for the past, since I got in, since I started doing these
33:55
podcasts, I think that's what it's going to be now. Well, Kirie
33:59
in flay is a form of debt jubilee in that it makes your debt,
34:02
you know, five percent or ten percent less onerous every year, so in
34:07
the same way that it's a tax increase, right, So that's a secret
34:10
way to do this stuff. You just inflate away the currency. A full
34:16
on debt jubilee would run into a lot of the same problems as a you
34:22
know, student loan forgiveness or something like that, because you would need an
34:28
actual law that passes Congress and the Senate and is signed by the President.
34:34
So you need all those different groups going along with it. And that's a
34:38
pretty hard sell, as we see right as we are, it's a it's
34:44
a very hard sell. But in the end, there is no solution other
34:49
solution because as you've said, and I've said many times on the show,
34:53
the debt is unsustainable. The increase in the rate of debt is unsustainable.
34:59
And now with interest rates going up, the ability to service the debt it's
35:04
becoming harder by the day. Arry, you know, you know what there
35:07
apparently is something that they can do, which is stimmy checks. They did
35:12
that already and got away with it. What are Congress. Yeah, well,
35:17
and but giving constituents free money is something that kind of sells pretty well,
35:25
at least in stressful times. So it's possible that you pass something like
35:29
that, only make the check bigger. Make it fifty thousand dollars stimmy check
35:32
for everybody. Of course, you destroy your currency, but you get reelected.
35:38
Well, fifty thousand dollars stimmy check if you don't have any student loan
35:43
debt, and keep it. If you do, you got to use that
35:46
check to pay down your student loan debt. Any halfway measure, it's just
35:52
not going to work. You know, there's going to be an ah home
35:55
aha moment where everyone on the planet realizes can't pay it back and we're gonna
36:04
have to start. This goes back to the Bible. You know, every
36:07
seven years a mini jubilee, in every forty nine years, a major debt
36:14
jubilee. I don't see any other way, but hey, we'll see to
36:17
what they come up with the Biden administration to try to counteract this the meantime,
36:22
I think I'm going to lose my power here. We're having a massive
36:25
thunderstorm. Maybe we'll get a tornado. Who knows. Make sure you go
36:30
over to John's substack. It's Robino dot substack dot com. We're always at
36:37
Financial Survival Network dot com. Leave your comments below please, and John we'll
36:43
catch up with you in a couple of weeks. All right, Cheris,
36:45
see you go run around in the rain a little bit. That sounds like
36:47
fun. Thanks for listening to carry Lens's Financial Survival Network, your solution to
36:53
today's trying times. For the latest, go to Financial Survival Network dot com.
37:00
Ential Survival Network now more than ever,