Latest / SILVER / GOLD / $UFD Meme Coin Investing & Global Economics / Andy Schectman: The FACTS are STAGGERING 😳 (Silver Price & Gold)

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Andy Schectman: The FACTS are STAGGERING 😳 (Silver Price & Gold) · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

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My mentor Richard Russell, God rest his soul, said if you make
0:02
7% a year you are a rock star. This is a guy that that was an
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analyst in in in Dow Theory, the Dow theory letters for 50-60
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years and he says you make 7% a year, you are a rock star.
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Well, you know gold is appreciated by 9.1% per year for
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the last century, for the last 25 years.
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And yet no one notices it because it's the tortoise, not
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the hare. And you take Bitcoin out of the
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equation, which started from zero.
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It's outperformed every asset class, period that you can think
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of. Everyone.
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Bond stocks, you name it handsomely.
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Without the counterparty risk, without the default risk and all
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of the stuff associated with the US government.
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Today, we're fortunate to be joined again by Andy Schechtman,
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CEO of Miles Franklin. Andy, welcome to Ron's Basement.
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Great to be in the basement, brother.
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I was telling you that growing up in Minnesota, all the fun
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things we did as kids and and high school and with that
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girlfriend and I always seemed to be down in the basement and
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you know, they don't have basements here in Florida any
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longer. I don't get to hang out in the
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basement. So it's always a treat to come
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back and hang with you. So thanks for having me buddy.
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Yeah, well, hey, I'm I'm 54 years old and I'm hanging out in
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the basement with a giant stuffed bear.
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So well, hey, you know that's all good.
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That's all good. You know it's it's just brings
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me back to my childhood is all. And we all got to grow up
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sometime, I guess. That's right.
1:35
That's right. So it's been a few months since
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we talked. I think last time we talked the
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price of gold was probably around $2100, silver was maybe
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20-3 dollars. What what's changed in the last
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three months, Andy? Are we Has the world become a
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nicer, more friendly place or is it still an environment where
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silver and gold could could act as a a safe harbor for for those
2:00
of us who who decide to protect ourselves with it?
2:03
Well you know since we last talked we had our our brain dead
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Treasury Secretary in Brazil and that you know for people keeping
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track that's the bee and bricks who said, you know it's not
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enough. And in Brazil, she said this
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right not enough to sanction the Russian 380 billion in forex
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reserves. And I think they vote on this
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tomorrow, but we need to confiscate those Russian forex
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reserves. And you know, just here last
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week she gave an interview from the too stupid to be stupid
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continuation category of, you know, she gave an interview with
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with CNBC where she said if China aids Russia in any
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capacity to their war machine their their war machine that
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that we would sanction their companies, their banks in
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Beijing themselves. So you know, Ron, it's OK for us
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to give $200 billion to the Ukraine with no congressional
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oversight overall at all. But if China wants to aid their
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their ally in the BRICS group in any capacity that is remotely
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deemed a contribution to their war effort, well, we will
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sanction everyone from the government down to all the
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companies, companies in the banks.
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So, excuse me, frog in my throat.
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It is. It is this, this sanctioning and
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this hypocritical sanctioning at that, where it's OK for us to do
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it but no one else that is putting a floor under the price
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of gold. I believe that these countries
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are shedding treasuries and accumulating gold, which has no
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counterparty risk and it has no sanction risk and no
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confiscation risk and no default risk.
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I think that is what's happening.
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A transition slowly from Treasuries to gold is what's
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doing it. Yeah, yeah.
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Like a like a double standard. It seems like we have with a lot
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of the world and it feels like a lot of the world is kind of
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calling monkey on that saying, well, you know what, we're,
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we're not going to play this game any longer.
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How important or how big of a factor would you say
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geopolitical uncertainty, a war is in terms of supporting the
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price of precious metals? I guess we could even look back
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throughout like not all of history, but let's say over the
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last thousand years, you know, I get this notion and and and I've
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heard it said that that that it's one of the primary factors
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that when countries don't get along, they typically don't want
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to hold each other's paper money or IO us.
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What they really want are things like silver and gold.
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Do you think that's what's playing into this, this, this
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movement that we've seen with with central banks around the
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world acquired? 100%, But it's one thing to be,
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you know, it's one thing to be 1 country versus another with
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their local currencies. It's another thing when it is
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the world reserve currency and A and a world reserve currency
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that is is broke and accumulating $1 trillion in debt
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every 90 to 100 days. It took 200 years to do it the
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first time. It is one thing for a country
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like ours where every single country on the planet has had to
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stockpile dollars in order to buy oil for the last 50 years.
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And it's another thing altogether when that country,
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which is supposed to be neutral as the issuer of the reserve
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currency, can go around making sanctions saying we can do this
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but you can't. And and if we don't align
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ideologically, we won't just sanction you the way we did
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Iran, but we are actually going to confiscate your assets and
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give them to your foe, who you're fighting a war against.
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And I say this all the time, the way the world looks at us,
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right? You know, and and our media does
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such a crap job, Ron, of telling the world what's happening,
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telling the US what's happening. They don't get it.
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They don't get the way that people look at us and and look
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at Iraq as an example, right? We invaded them 20 years ago.
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We destroyed their country looking for weapons of mass
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destruction. But we're sorry.
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We didn't find any. Sorry, but here we are, 20 years
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later. We're still occupying their
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country. Can you imagine if we were
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invaded and 20 years later, there's still a military force
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here? And they came under the guise of
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one thing and and, well, it wasn't there.
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But they never left. And we're still sanctioning 14
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of their banks for having the audacity to trade with Iranian
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banks, to buy liquid natural gas, to cool their homes in the
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middle of a hot summer. 14 of their banks are being sanctioned
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and they made 95 billion in oil revenue last year.
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In 23 the the Iraqis did, but they're not allowed to control
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that, at least not yet. I think there's rumbling or they
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may have just reached a deal. But the point is they asked for
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a billion dollars late in the year last year and we said it's
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not a good time. So what have they done?
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Well, they've made trading in dollars illegal.
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If you own a business, you will go to jail.
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If you trade in dollars and your business will be taken by the
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state, they have formally applied to the bricks.
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They are in the process of kicking Western coalition forces
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out of the country. And now, for the past six
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months, since January, there are no dollar bills in the whole
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country. They would have been taken out
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of all the banks. And when you look at the way
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that the world views us as hypocritical, we can come in.
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We can destroy your country, we can topple your regime, We can
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sanction your banks. 20 years after, we came in under one
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pretense that was false. And we can still control your
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your money, your oil revenue, your natural resources.
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I mean, they look at us as ridiculously, you know, silly.
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Just like us telling China, you, you do this, we're going to
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sanction you and Beijing and the and the banks.
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And yet we just gave, just voted to give another 60 billion to
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the Ukraine, $200 billion, yet 5 billion to build a border wall
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just because Trump had his name attachment.
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Well, that's insane. We can't do that.
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And look what's happened. 12 million people have entered this
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country illegally. So when you have the
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Congressional Budget Office, which is the last non partisan
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group in Washington say that in less than 7 years by 20-30 one
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100% of all tax revenues will just go to pay the interest on
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the debt and mandatory entitlement spending.
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Think of it this way, Ron. How does our country remain the,
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you know, the powerhouse militarily and financially, when
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you know military spending is discretional?
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We'll have to borrow everything to fund our military and to fund
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all of these other things that we're doing, borrowing money to
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give it away. You can't make it up.
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And not only that, people don't get how big the problem is right
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now. Medicare Part B as in boy is
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99.5 trillion underfunded, Medicare Part D 22.1 trillion
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underfunded and Social Security 77 trillion underfunded.
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That's 175 trillion bucks in in underfunded promises.
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And a trillion seconds ago was 31,688 years ago.
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I mean, it's just too stupid to be stupid and put it all and and
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then come full circle. We have $8.9 trillion in
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Treasuries that need to be reset at higher interest rates this
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year. And if China's selling
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Treasuries, in fact, they're this close to moving from #2 to
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#3 behind the United Kingdom, where Jim Willie thinks that
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we're funneling money under the table to the UK and to Ireland
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to buy our treasures because no one else wants them to maintain
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an illusion that we are not in engaging in, in, you know,
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monetization of the bond market, which is the road to Weimar
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Republic. So we're supposed to believe
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that, you know, UK and Ireland and what's it called, Cayman
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Islands are the three biggest holders of our treasuries.
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If indeed China is selling treasuries, and they are, they
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were at 3 trillion, now they're at just over 700 billion.
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So they're totally shutting and they're buying gold instead.
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And if the Fed, which was the number one holder of Treasuries
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is China #2 for now, if they are quantitatively tightening,
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letting those Treasuries roll off the balance sheet, who the
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hell is going to buy 10 trillion a year for the next 10 years?
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It says we have to do 10 trillion a year.
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By the way, in February, China dumped 22.7 billion in
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Treasuries. They're dumping Treasuries, and
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that's why rates are rising and buying gold.
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That's why there's a floor underneath it 'cause it can't be
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sanctioned away from them. And it's massively outperformed
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the bond bond market for the last 25 years.
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It's averaged 9.1% compounding for 25 years since 2000 to where
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it is now. When no counterparty risk, no
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sanction, no confiscation, no default risk, it is replacing
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the Treasury in a historical context.
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The Treasury has about that big of a historical footprint,
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another country's debt as being an asset.
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So these things are all happening rapidly, but the world
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looks at us as broke, insolvent, hypocritical and and all out
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flat out stupid. And I think that they are using
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the leverage of our suppression of the markets.
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And I want to read something to you in a minute about that
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against us. And that's where we're at.
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But you, you forgot one word. I would ask you this question.
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Do they view us as a bully? I mean, I love my country.
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I was born in 1970. I remember the bicentennial
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celebration. I get the feeling, and I don't
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like this, that a lot of the world also views us not only as
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hypocritical but it's kind of a a bully.
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And that we're at this, we're at this along with the word is
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precipice. Or this, this point in time
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where just when we need the world to need our dollars more
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than ever, right? Like right now we have so much,
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like you said, so much, so many treasuries 10 trillion that need
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to be refinanced. We we need the world to need our
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our dollars more than ever. The world is kind of standing up
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collectively whether it's China selling treasuries or obviously
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the formation of the bricks and then the five additional
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countries and thirty additional plus countries that want to
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join, they're all collectively at the same time saying no more
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like like and it's is it. It's kind of a scary situation.
12:03
Well, I think it's intended and I've been very consistent in
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saying this. You know, you look at the lead
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economic advisor to the country, Jared Bernstein, graduated from
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Columbia University, which is another thing I want to talk
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with you about. But his thesis is to lose the
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reserve status. It's a privilege we can no
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longer afford. I think I've talked with you
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about this before. Dethrone King Dollar is a report
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he wrote advocating for the immediate removal of the reserve
12:30
status. So by weaponizing the dollar,
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saying to the world, if we don't align ideologically, we're going
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to sanction and maybe even confiscate your assets.
12:37
And and then look, I got kids, I want them to grow up in, in in a
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great environment and and have, you know, clean air and water
12:44
and everything. But to tell Saudi Arabia the
12:47
linchpin and OPEC of the of the dollar hegemony that we're going
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green is about as stupid as you can get.
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So you weaponize and you say we're not going to use oil much
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anymore. You get the ball rolling in
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terms of, you know, global dedolorization, global
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treasurization at at a time when you continue to inflate at a
13:08
massive rate because you are addicted to spending, borrowing
13:11
money from the world only to give it to the Ukraine, which
13:14
makes it makes us more divisive. You know, the Chinese and the
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bricks and all. You know, the Shanghai
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Cooperation Organization, the largest regional financial and
13:24
military group in the world that, you know, the president of
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Belarus. I've been saying for three years
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they will be in bricks. So will the EUR Asian Economic
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Union. Well, president of Belarus says
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they need to get into the bricks immediately.
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He's calling for a summit cooperation.
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They around the belt Rd. initiative and in the bricks
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they're building roads and bridges and maritime channels
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and railways and building gold mines and and and silver mines
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and oil refineries and oil rigs and all of these things in a
13:49
cooperative fashion. They are cooperating instead of
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coercing and being a bully. There is no question about it.
13:56
There is no question about it that I think the world looks at
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us as being tyrannical and bully and and hypocritical and yet you
14:03
know the Chinese you don't see them fighting wars all over the
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world do you and and say what you want about them but their
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path is through cooperation rather than coercion and and and
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we choose the other path and I I think it's it's very interesting
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to look at things that way and and that's probably why they're
14:21
growing and we're starting to become less and less and less of
14:25
a of of of an asset or a currency or a treasury that the
14:30
world wants to hold because of that.
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metals. But yeah, but Andy, we're
15:11
supposed to be afraid of the Chinese, right?
15:13
If you if you if you watch CNN and Fox News we've been kind of
15:18
and I'm sure you've you know we just absorb it by being
15:20
Americans like we've been programmed over the last 10
15:23
years that the Chinese are are they're almost like like the
15:25
Japanese were considered back in the 80s like you need to be
15:28
afraid of the Chinese and they're going to attack Taiwan.
15:32
And. But then if if China is such an
15:35
expansionist country. I heard a Chinese person say
15:37
this once they're like we built a wall around our country.
15:41
Like we don't really want to expand.
15:43
And if you I get very passionate about this like if you look at
15:47
it it like where does China have military bases outside of China
15:51
Maybe they do. Look I'm not a military expert
15:54
but I think it's very safe to say that if you look at where we
15:57
have military bases all around the world no one comes anywhere
16:01
close to us. And I've heard the Chinese say
16:04
before, like you have us surrounded, I think Japan, a few
16:08
other places with nuclear weapons.
16:11
You know, I mean, we, we would never stand for that.
16:14
But we have this picture painted to us that we're the good guy,
16:18
we're the nice guy. And you said it earlier that it
16:20
feels like the Chinese are going around the world building
16:23
things. And I don't want to be.
16:25
I'm I, I love my country. I'll say that one last time.
16:28
But we're going around the world blowing stuff up, you know, and
16:31
and creating and we do it under this.
16:34
It's always this. There's either a tyrant that we
16:36
need to get rid of or a humanitarian issue, but it seems
16:41
like when the truth comes out, it there, there it it comes down
16:44
to something to do with power and resources, oil, whatever the
16:47
case may be. Yeah, 100%.
16:50
And I think the world is, is tired of it and you know, a
16:55
couple things that I that I think are worth discussing just
17:02
about the bricks and and then we can go on talk about gold and
17:05
silver and whatnot. But you know, for a long time,
17:10
because of Sergey Glasyev, the Finance Minister of Russia, we
17:15
have, I've said for three years, largely because of what he's
17:18
been saying, that the bricks would ultimately issue a
17:22
currency that was pegged to commodities.
17:28
And and we've said that it would be a digital currency, one that
17:31
can sidestep the SWIFT system and and all of that stuff.
17:35
So we said all that too. So there there's a very
17:38
interesting, let me just pull it up here, a very interesting
17:41
tidbit that came out of an article in TASS.
17:48
It's a Russian news agency, and in it, let me just find it here.
17:52
There is a Russian finance minister who is talking about
17:59
what he'd been talking about the the new currency and everything
18:03
that he is saying in it. Ron, I've been saying for three
18:06
years because of what Glasyev is saying.
18:09
So, and I've said on your show before, the first thing that he
18:12
said was the idea of a currency. There'll be two baskets.
18:16
And we knew that the first would be a basket of local currencies.
18:19
Of all the countries involved, we've known that and the second
18:22
would be a basket of commodities.
18:23
This is why I've spoken so much about gold as being the only
18:26
other Tier 1 reserve asset as as reclassified by the DIS.
18:31
This is why I focused on the repatriation efforts of all of
18:34
the central banks repatriating their gold from the the New York
18:38
Fed and the Bank of England. And as a side note, you're
18:40
you're getting, I think Representative Mooney from West
18:43
Virginia, I think is where he's from.
18:45
You know, conditioning the IRS or petitioning the Fed and
18:47
saying who's brought back their gold even under the Freedom of
18:50
Information Act and they won't give that information out.
18:53
I find it interesting. So we've known all of this,
18:56
right? And then he said the second part
18:58
will be it'll be in digital form and we've known that and we've
19:03
talked a lot about the Project M Bridge, which is their digital
19:06
platform that allows them to trade cross-border sidestepping
19:10
Swift. They did the first ever in late
19:12
23 gold purchase using Digital Yuan.
19:16
We've talked about all that and all that.
19:18
We know that's nothing new, but what is interesting is what he
19:23
says about the new system. And I want to read you something
19:27
here because they understand what we're doing.
19:29
Right before I read it to you, I want to read to you one other
19:33
thing and then I'll read to you his comment.
19:37
This is a comment from the head of the Shanghai Gold Exchange.
19:40
In 2014, Shanghai Gold will change the current gold market
19:43
with it's consumed in the East but priced in the West
19:45
arrangement. And when China has the right to
19:47
speak in the international gold market, the true price of gold
19:50
will be revealed. He said that 10 years ago,
19:54
almost to the day. And so he's saying, look, when
19:58
we when the real price we are allowed to really speak meaning
20:01
I think that means when the price is quoted in Shanghai,
20:05
when the price is quoted in Moscow, not on the on on the
20:09
fraudulent rehypothecated over leveraged Comex and LDMA.
20:13
Now why do I say that? Listen to this, he says.
20:17
And I've been saying this is going to happen.
20:19
He says the second part is price.
20:21
This is the Russian finance minister.
20:22
And by the way, his name for people who want the name is Yuri
20:26
Yushakov. And he says, Yuri says the
20:29
second part is price. For the moment, let's underline
20:33
that for the moment, price is determined by Western
20:35
speculation. We produce these commodities and
20:38
we consume them, but we do not have our own price mechanism
20:41
which will balance supply and demand.
20:44
During the COVID panic, the price of oil fell to nearly
20:46
zero. Now he's wrong.
20:47
We know it went to -40 a barrel because there were way more
20:51
tankers lined up in the Gulf of Mexico than there was the
20:53
ability to to unload them. So you know the stupidity of the
20:57
futures market put it in -40 a barrel anyways.
21:00
It's impossible to make any strategic planning for economic
21:03
development if you do not control prices of basic
21:05
commodities. Here's the kicker.
21:07
Price formation with this new currency will get rid of Western
21:11
exchanges of commodities. They understand that we're
21:14
suppressing the price of gold and silver, but it goes on.
21:18
And he says that's why we also developed the new Bricks Grain
21:21
Exchange, where global prices are primarily determined by the
21:23
Chicago Commodity Exchange. Moscow also seeks to move away
21:27
from trading grain and other soft commodities for the US
21:29
dollars in favor of the national currencies of the bricks member
21:33
states. So they're going after the
21:36
grains like China just cancelled a huge grain order with the
21:39
United States and Australia and replaced it with Russia will pay
21:42
for it in yuan, which is immediately convertible into
21:44
gold on the Shanghai Gold Exchange.
21:46
The only other tier one asset. The Chinese bought the London
21:49
Metals Exchange a few years ago. That's the base metals, copper
21:52
and zinc and lead and steel and and and now they're warehousing
21:56
metals traded on the LME in China.
21:59
So they're not only going around the world cooperative in a
22:02
cooperative fashion building gold and silver mines and oil
22:05
refineries natural gas all of the stuff rare earths in Africa
22:08
and bringing it out industrializing these countries
22:12
cooperatively. And but they're they're bought
22:15
the LME, they're they're buying and and cornering the the market
22:19
on grains and and they want to change the price setting
22:21
mechanism on that too. And then they tell us for the
22:25
moment prices of precious metals are set in the West that ain't
22:29
going to last and that's what they're doing.
22:31
They're using the suppression of the paper markets which we do to
22:35
maintain an illusion of dollar and bond market supremacy and
22:39
strength against us to drain the shelves.
22:42
And when they do have their chance to speak like he's
22:45
saying, in other words, when the real price is revealed, it'll be
22:49
a religious experience. For those people who think that
22:52
this drawn out little by little process of D dollarization and D
22:57
treasurization is a nothing burger and they disregard it and
23:03
Pooh Pooh it it'll be a very, very, very big mistake.
23:06
And I think indeed they are incredibly methodical and
23:10
regimented in the way that they are doing this.
23:13
So you will see prices higher than anyone ever thinks
23:16
possible, but not until we go over the Cliff.
23:19
And I don't know when that is. It's when probably when the
23:22
West, No one in the West is stupid enough to sell another
23:25
ounce of gold or another drop of oil or another bushel of wheat
23:28
at these make believe prices. And that comes to an end very
23:31
quickly. If you're looking to buy gold,
23:34
silver, or platinum, do yourself a favor and check out PIM Becks,
23:38
the online precious metals bullion dealer and sponsor of
23:42
Ron's Basement. I was a happy customer before
23:45
they offered to support the channel.
23:48
You'll find they have the best prices, quality and service.
23:52
I think Pembek's is best, and you will too.
23:55
And be sure to tell him that you're from Ron's basement.
23:58
Yeah, it it feels like the world is changing very rapidly.
24:05
But like you said, at the same time, we don't know for sure
24:08
when it all falls apart. So over my right shoulder there,
24:10
I have my Jenga game out 'cause I've heard you talk about it
24:13
like Jenga, right? Like you, little piece by piece
24:17
by piece, and everything's fine. The tower's great.
24:20
It's still look, you know, sturdy.
24:22
And then it's just that one last piece that gets pulled out in
24:25
the whole thing. The whole thing.
24:27
Well, that's just it. The Jenga game can take hours
24:29
and people out, Gosh, but the speed at which it all comes
24:32
down, that's a good analogy. Little by little takes a long
24:37
time. But you know, people have grown
24:39
obsessed with instant gratification and that's not
24:41
quick enough for most people. And you watch the rise of NVIDIA
24:44
and the rise of Bitcoin and people, you know, it's a it's a
24:46
rush, it's a high and that's how it's supposed to be, right?
24:49
My mentor Richard Russell, God rest his soul, said if you make
24:52
7% a year, you are a rock star. This is a guy that that was an
24:56
analyst in in in Dow Theory, the Dow Theory letters for 50-60
25:01
years. And he says you make 7% a year,
25:03
you are a rock star. Well, you know, gold is
25:06
appreciated by 9.1% per year for the last century, for the last
25:09
25 years. And yet no one notices it
25:13
because it's the tortoise, not the hare.
25:15
And you take Bitcoin out of the equation, which started from
25:17
zero, It's outperformed every asset class period that you can
25:22
think of. Everyone bond stocks, you name
25:24
it handsomely, without the counterparty risk, without the
25:27
default risk and all of the stuff associated with the US
25:30
government. So yes, this is a trend that is
25:33
being done methodically and and I think they understand this.
25:38
Now one other thing and I'm not going to take the time to go
25:41
over this, but I want, I want to task everyone with doing
25:44
something for me, please. You know I have said if it were
25:49
just all of that stuff we've done around the world we could
25:52
probably pull ourselves out of it because we were a united
25:55
country. We were a country that had, you
25:58
know, the best judicial system in the world, the best electoral
26:02
system in the world, the best immigration system in the world.
26:04
We respected our teachers and our policemen and women and our
26:08
parents and and we respected authority, but doesn't mean we
26:11
couldn't challenge it, but we respected it.
26:13
And we believed in God and we did right by one another.
26:17
But we were united, right? And yeah, we had differences of
26:20
opinion, but we were a united country and and you look at all
26:23
the shit that's happened in this country, Ron, and all the things
26:26
that I just said. It's the inverse of that really.
26:29
You know, I mentioned to you Jared Bernstein, the architect
26:31
in my mind of the D dollarization theory, right the
26:34
the world reserve status is the privilege we can't afford
26:37
anymore. Well, he along with President
26:39
Obama. And who else Obama him.
26:43
Madeleine Albright, the former Deputy Deputy Secretary of the
26:47
United Nations. Who else?
26:50
Let me just read a couple more. The current Secretary of State,
26:55
Anthony Bilkin, who just happens to Lincoln, who just happens to
26:58
be in China right now. And then the former attorney
27:02
generals Bill Barr and Eric Holder.
27:04
They all graduated from Columbia.
27:06
And in particular, I'm focusing on Obama, Obama and Jared
27:10
Bernstein. Jared Bernstein is the chief
27:12
economic advisor of the US government.
27:14
And I think it's his idea to to to tell Saudi Arabia we're going
27:19
green and to weaponize the dollar, to make all of these
27:22
countries join the bricks and to to leave the dollar.
27:25
And if you realize that they went to Columbia and there is a
27:31
theory, and I don't know if you've heard of this theory,
27:33
have you ever heard of the Cloward Piven theory?
27:35
No, I have not. You.
27:37
I want everyone out there to Google the Cloward Piven theory.
27:40
CLOWARDPIVAN. The benefit of those who don't
27:46
know Richard Cloward and Francis Fox Piven.
27:48
They were husband and wife, 2 professors who taught at
27:51
Columbia University. They outlined a plan to
27:53
socialize America by overwhelming the system with
27:55
government spending and entitlement programs.
27:58
And when you read this, I'm not joking.
28:01
It will blow your mind. It'll blow your mind because
28:06
it's happening in real time. Letting 12 million people in
28:08
here illegally. One of the one of the tenants of
28:11
it is is they say. They specifically mentioned
28:15
targeting America's large cities for the colossal welfare push.
28:17
A series of welfare drives in large cities, we believe, would
28:21
impel action on a new federal program to redistribute income.
28:24
They reveal the best way to achieve their goals is to create
28:27
a new loyal voting bloc out of the rapidly increasing number of
28:30
welfare recipients. How about the 12 million people
28:32
who just came in? You think the lever vote would
28:34
be deported or have their free money taken away from them?
28:38
They talk about the intentional destructions of Made America's
28:42
major systems will compel the federal government to develop a
28:46
communist universal basic income program.
28:50
And they say that they both agree that the mainstream media
28:53
would play a critical role in their organized attack against
28:56
America. To quote Cloward and Piven, as
28:58
the crisis develops it will be important to use the mass media
29:01
to inform the broader liberal community about the
29:04
inefficiencies and injustices of welfare.
29:07
I want you to think about this as it pertains to all of the
29:10
people that have been LED into this country illegally and they
29:13
talk about a massive drive to recruit the poor under the
29:17
welfare rolls. 12 million illegals here. 63% of non
29:22
citizens right now, 63% are actively utilizing some form of
29:28
taxpayer funded welfare. Only 35% of American households
29:31
are. They are overwhelming the
29:33
cities. They are overwhelming the the
29:36
welfare system. When I mentioned that the the
29:40
Congressional Budget Office sees that by 20-30 one 100% of tax
29:45
revenue goes just to pay the interest on the debt and the
29:47
mandatory entitlement. That doesn't take into account
29:49
the 12 million people in here illegally.
29:52
How do you clothe them, house them, food them, school them,
29:55
educate. How do you do that And and and
29:57
that's the point. I want people to read this and
30:00
think about it, Read it. It will take you 15 minutes Max
30:03
10 minutes. Read the Clower Piven strategy
30:05
and realize that Obama and Jared Bernstein went there, including
30:08
Anthony Bilkin. And wonder are they students of
30:10
this ideology? Because when you read it, you
30:12
will be, Oh my God, it's exactly what they're doing.
30:16
And then put it into a broader context of what we're doing
30:18
outside the country. We are trying to create the
30:21
reset. They are trying to reset the
30:23
system by incentivizing the world to say America's lost
30:27
their mind both here and there and we don't need dollars
30:30
anymore. And why would they do that?
30:32
Because Richard Russell, as I mentioned my mentor, said the
30:34
Fed 10 year, 15 years ago. He said the Fed has two choices,
30:37
inflate or die. How about find a villain?
30:40
And so sons of bitches, Xi Jinping and Putin and OPEC, how
30:43
could they dump this? How could they do it?
30:45
How could they dump dollars? And when they did that, you
30:48
point to them as blowing up the system.
30:50
Because when everyone dumps dollars and they hit our shores,
30:53
creating hyperinflation. Because every country in the
30:56
world's had to stockpile them for 50 years to buy oil.
31:00
The banks, the insurance companies, massively over
31:02
leveraged and undercapitalized and filled with Treasuries.
31:05
Boom. The dollar boom, stock market
31:08
boom, the bond market boom, the real estate market boom, they're
31:10
all inversely correlated to that moment.
31:12
And they did it to us. But that's when Leo Brainerd,
31:16
the number two. And God help us if Obama wins
31:19
again. I mean, excuse me, there's a
31:20
Freudian slip. If Biden wins again, she will be
31:24
the head of the Fed. She will be the Fed's secretary
31:28
number one at the Fed. Lael Brainerd, a modern monetary
31:31
theorist. She was #2 at the Fed recently
31:33
underneath Powell. She ran point for Fed Now, which
31:37
is Venmo and on on steroids, backed by the Fed that will take
31:41
the place of checks and wires shortly.
31:43
And she developed the CBDC with MIT.
31:46
She will be the head of the of the Federal Reserve.
31:49
She's a modern monetary theorist and this is what she wants.
31:52
Have No Fear. We know you've lost everything.
31:54
Just take the CBDC will make you whole.
31:57
Now is that is that supposition? Yeah.
31:59
Everything up to that point is fact.
32:01
When you talk about what it could lead to, sure.
32:04
If we lose the reserve status in the world dumps dollars, you
32:07
will see a religious experience. And very, very quickly, the
32:10
thought of a central bank digital currency becomes real.
32:13
Universal basic income, it becomes real.
32:15
The Cloward Piven theory, it becomes real.
32:18
And when you see this stuff and that's how the hell are we not
32:20
clinging to the privilege of being the world reserve?
32:22
Why are we doing everything we can to piss the world off?
32:25
To sanction, to bully, to coerce, to confiscate instead of
32:29
embracing and doing things cooperatively.
32:32
And that's that's where you know you got to try and put all this
32:36
together. And that's the outcome that I
32:37
see. I hope I'm wrong, but that's
32:39
what I do see. Andy, look, I have a degree in
32:43
accounting and I worked for one of the big four accounting
32:45
firms. So you know, I have a basic
32:49
financial knowledge, maybe advanced financial knowledge.
32:53
I I don't want to sound, I don't want to scare anybody, right.
32:57
And and what you talked about lays out a pretty scary
33:01
scenario. But what you talked about with
33:03
the Cloward pavement theory is what's going on right now.
33:07
And if you apply a calculator, basic arithmetic to the
33:12
situation, there really is no way out.
33:15
There really is no way out. I mean and then if you compound
33:19
that with like we talked about kind of geopolitical
33:22
developments in the world, it it exacerbates the situation, it
33:27
gets downright scary. I mean do you see like I I guess
33:33
it's six or one half dozen, the other gross devaluation in the
33:37
dollar, which will mean like let's call it very, very high
33:42
inflation in our future and and do you think that people that
33:46
are holding physical metals will have a life raft during that
33:51
environment? Well, there's great strength in
33:53
the dollar right now which is very strange.
33:55
It's counter intuitive. It's because a lot of countries
33:58
need to accumulate dollars to make good on their dollar based
34:01
debts and that that's a short term phenomenon.
34:04
I think there will be more and more and more countries that
34:07
will join the bricks will join this, this group with safety in
34:10
numbers. And there's another 36 countries
34:13
that have formally applied. 20 some that have been formally
34:15
applied, which we'll find out in October who who they admit.
34:19
But yes, ultimately I do believe the dollar's days as being the
34:22
supreme world reserve currency. At least the single look you
34:25
could argue our hegemony is, is is gone right now.
34:29
The supremacy is still there. It still is the major currency
34:34
and and the strength globally is, is crazy how strong the
34:38
dollar is And and and it's hurting a lot of these smaller
34:42
industrialized nations that would love nothing more than to
34:44
never use a dollar again because they have to sell more of their
34:47
local currency to buy dollars to to buy commodities, oil or
34:50
whatever or to pay their debts. So it's created a temporary
34:55
strengthening of the dollar. But ultimately, and This is why
34:57
I think people that that go out on a limb and say in three
35:00
months or this date, it's going to happen mathematically, like
35:04
you say with arithmetic mathematically, economically and
35:08
and then sprinkle some logic on it, it's going to happen.
35:10
Don't know when. But yeah, I think ultimately the
35:13
dollar will lose a tremendous amount of its value and it will
35:17
come in, in the light of it no longer being sought after
35:22
because of our actions in terms of sanctioning and confiscation
35:26
because of our massive stupid you know heroin addicted
35:31
spending binge. That the that the government is
35:35
on the irresponsible spending bitch of of creating a trillion
35:39
dollars in debt every hundred days and 100 billion in interest
35:43
payments new interest payments every hundred days.
35:46
It it's it's reaching that point like a hockey stick of it going
35:50
parabolic and it all goes hand in hand.
35:52
But yes, ultimately the dollar will lose a good deal of its
35:55
value. Not sure when, but I wouldn't
35:57
want to be 60 seconds late. And I think it's better to be 6
36:01
months, six years or 16 years early than it is 60 seconds late
36:04
when this, you know, once in a lifetime Rubicon is crossed over
36:09
moving from one system or one reserve currency to perhaps
36:13
another. Yeah, I mean, you know, and I'm
36:15
in my mid 50s, so my entire life I've had the experience that the
36:21
dollar was worth something, right?
36:24
That and I was taught growing up that the banks are the safest
36:28
place to keep your money, right? My parents are in their 80s.
36:31
They firmly believe the banks are, you know, that ask, ask
36:36
people in that generation, even my generation, I think they say
36:38
the banks, it's that normalcy bias, it's that recency bias,
36:42
right? Like I've never experienced what
36:46
may be someone who's my age or your age.
36:50
I'm sure you're younger than me experienced in Venezuela, right.
36:55
Like they've experienced the situation they've experienced
36:57
and and and I know that it's it's different.
37:01
You know if you talk about Argentina or you talk about
37:03
Venezuela, people say well yeah but they're not the world
37:06
reserve currency and they're not the the most powerful.
37:09
But I would argue the point that you know the laws of mathematics
37:13
don't care how big you are. The laws of mathematics apply to
37:17
large company countries just like small countries and and
37:21
I'll and I'll still go back to that point that the basic
37:23
mathematics don't work. I mean it it's in as you talked
37:28
about and it's hard to put into words.
37:31
It's like we're in this little period where yeah the dollar
37:35
still strong. Look at you know the dollar
37:37
index is at one O 6 and you know if you compare the dollar to the
37:40
euro or the yen, the dollars. But it's it's kind of a mirage
37:43
like everything became a big mirage.
37:45
I like to argue the point about the Fed.
37:48
You know that when we were on the gold standard in this
37:51
country, the the Fed was a bank. It seems like to me that the
37:56
Federal Reserve has now become more of a public relations firm
38:00
than a bank, right? Like they're more concerned with
38:04
what they're communicating to the market to influence people
38:08
to behave in a certain way. Then they are about just strong
38:12
fundamental banking and and money issues does that.
38:16
They've been wrong on everything that they've tried to influence.
38:19
You know, there was no inflation, then it was
38:20
transitory, then, then it was gone, now it's back, you know,
38:25
Bernanke said The subprime crisis is contained and then it
38:28
blows up a few days later. They've been wrong on
38:30
everything. And is that intentional?
38:32
Maybe, maybe not. Are they inept?
38:34
Maybe. Maybe, maybe not.
38:35
Not sure. But yeah, I mean look, the Fed
38:37
and the government seem to be much more connected than they
38:40
ever were either or as well in in the respect that, you know in
38:44
2008 the Fed balance sheet was seven, 800 billion and ballooned
38:48
up to 9 trillion. Most of that ballooning was the
38:53
the purchase of of U.S. Treasuries, which were now
38:56
supposedly they're selling, but we're letting roll off their
39:00
balance sheet. But yeah, the the the Federal
39:02
Reserve is certainly neither federal nor a reserve and and
39:05
they are massively broke by the way, you know, all of the excess
39:09
money that the Fed earns, they give to the Treasury goes into
39:14
the Treasury General Account Fund and they are way
39:17
underwater, which means the Treasury's not getting that
39:19
money for the first time ever. They've been getting it since
39:22
its existence over 100 years and now they're way underwater
39:25
because of all of the increasing yields and all the low yielding
39:31
treasuries and mortgage-backed securities that they're hanging
39:33
on to. They are way underwater, so
39:35
they're not giving that money to the Treasury.
39:37
So not only is the Treasury not getting that, the Fed isn't
39:40
buying their treasury, supposedly they're letting them
39:43
roll off their balance sheet and all of the countries like China
39:45
are dumping them in favor of. Also, who finances are stupid
39:50
addictive fiscal behavior? I don't know who's going to buy
39:53
those treasuries. I don't know they're going to
39:55
have to monetize. It that's that's what leads to
39:58
why my Republic so all of these things, there's a, you know
40:02
they're happening and there's a quickening going on.
40:04
Things are happening much faster than before And you know what is
40:09
the the the climax Is it in October or November Who knows?
40:13
Does it continue to go on? Who knows.
40:15
But. I think that there will be
40:17
consequences for for these actions, no question about it.
40:20
And This is why you buy gold and silver, Ron.
40:23
It's not to get wealthy, it is wealth.
40:25
And when you see the central banks buying more gold and
40:28
silver than at any time in history, they are far more than
40:30
the most well funded. They're the most well informed
40:32
traders in the world. They know where things are
40:34
going. They know the script.
40:36
They're they're they're clued in on the agenda and if you watch
40:39
what they're doing and and care less about the price because as
40:44
I read to you, the bricks and the the chairman of the Shanghai
40:48
Gold Exchange, they understand what we are doing by suppressing
40:50
price. They're using it against us.
40:52
This is why they're not bitching about it.
40:54
If they're stupid enough, they're thinking to suppress the
40:56
price. This is why you can only
40:58
suppress a a market or manipulate a market for an
41:02
extended period of time by pushing in the direction that is
41:05
going. Now I would add not only is it
41:07
going higher, but in back in the day, you know when they started
41:11
suppression years and years and years and years ago, maybe 40
41:14
years ago, India and Russia and China, they couldn't stand up up
41:17
to the West. They, they weren't sophisticated
41:19
enough, wealthy enough, clever enough as it pertains to catch
41:23
on to what we were doing. And I think they all are now.
41:27
They know exactly what we're doing and have for a while and
41:30
been using that against us. This is why they're not
41:32
bitching. This is why they're OK with when
41:35
they slam it down. And This is why it bounces right
41:37
back up, because they continue to accumulate everything from
41:41
wheat and corn and and soybeans to base metals to precious
41:45
metals to rare earth metals, and they're striking relationships
41:48
all around the world in a cooperative manner.
41:51
They're doing it the right way and we are kind of the last
41:55
vestiges if you will, of of a of a terminal empire that is seems
41:58
to be moving in the wrong direction in every way,
42:01
Indebtedness, morally, socially, economically, politically, you
42:05
name it. Where where we seem to just be,
42:08
you know throwing in the towel almost in so many of these areas
42:12
and you wonder is it intentional?
42:15
Are we trying to reset the system and point to a villain,
42:19
those guys, instead of the brain dead monetary policy and the
42:22
irresponsible fiscal policy of the government?
42:25
You know, I don't know. I'll let that be for everyone
42:28
else to decide. But it sure feels that way to
42:30
me, to be honest with you. First, Mining Gold is a
42:32
development company advancing two of the largest gold projects
42:36
in Canada, Spring Pole in Ontario and Du Parquet located
42:41
in Quebec. Each already has 5 million
42:44
ounces of gold reserves but exploration initiatives are
42:48
underway at both projects to find even more gold.
42:53
First, mining is well financed, has zero debt, and owns an
42:57
interest in four additional Canadian gold development
43:00
projects. Yeah.
43:02
It'll it'll be interesting to see how it how it all plays out.
43:06
And you know, I I read articles that say and you obviously have
43:10
a much better feel for this than I do having you know been the
43:13
CEO of Miles Franklin now for many years.
43:17
But it feels like and what I'm reading is that like a lot of
43:21
even average Americans aren't buying precious metals, right.
43:25
I mean there's the stacking community.
43:27
There's the people that that that turn off the mainstream
43:31
media news and maybe just dig in a little bit deeper to
43:35
understand what's going on that are buying precious metals.
43:38
But you know my neighbors aren't buying a lot of gold and silver.
43:42
I I know that and what I actually do read is that is that
43:46
even like a pawn shops and that people are selling you know
43:49
these these storefronts that have we buy gold, we buy gold
43:53
that people are are selling them some of the metals that they do
43:56
have and that and that a lot of that is being melted down and
44:01
directly or indirectly leaving the United States and and
44:05
heading east. Yeah, that's true.
44:07
If you look at the ETF numbers, GLD and S will be there falling
44:12
off at a 45° angle. Now when I mentioned that to my
44:14
buddy Bill Holter, I agreed to a degree with what he's saying.
44:17
He said, yeah, that's a lot of it is the share redemptions
44:20
where the big, big money can come in the like the baskets,
44:24
the the authorized participants, the commercial banks, they can
44:27
redeem their shares in a very private manner without much
44:31
visibility, like taking delivery off of COMEX and they can drain
44:35
the exchanges. But that's part of it.
44:36
I mean it's also the American public has been selling into the
44:39
rally and and buying NVIDIA and Bitcoin, which have been
44:43
extraordinary, right. And I get that you look at the
44:47
across the pond at the at the Asian ETFs they're going
44:50
straight up and they continually get stopped because of there's
44:55
so much volume they have to the circuit breaker is triggered and
44:57
they got to stop it and let let it catch up.
44:59
The demand in Asia is off the charts.
45:01
The demand in this country is non existent.
45:03
I've been saying for months that's a massive contrarian
45:06
indicator and if it's been rising in the face of positive
45:10
real return. Now if you believe the bullshit
45:11
numbers out of the BLS and and that's why I say bullshit, take
45:14
the L out and that's what it is. The numbers are a lie.
45:18
They're telling us inflation is 3%.
45:20
John Williams will say inflation I know is 11% and he just uses
45:23
the same numbers the way they used to use them before they
45:25
changed them. But even if it let's just take
45:27
them at face value, OK, So you're making a positive real
45:31
return on a six month treasury of over 2% without any risk
45:34
supposedly, right. So in the face of a positive
45:37
real yield, in the face of a strong dollar, the price keeps
45:41
going up. In the face of lack of Western
45:43
participation, in fact very, very little Western
45:46
participation, it still goes up. It's the central banks that are
45:49
doing this. It's the Chinese public that is
45:51
doing this and people that get it, that is doing it, using the
45:55
suppression against us. And it's a shame that the public
45:59
either surprised that it got this high, had been holding on
46:02
for a very long time and just capitulated or forced to sell
46:06
that are doing that at a time when the biggest and most
46:09
sophisticated and well informed money in the world is buying at
46:11
a level the world's never seen. So you are right.
46:14
And it is a contrain indicator. We've seen a lot of very large
46:18
sales and mostly by folks 70 years or older and spending 10s
46:22
of millions of dollars because they're like this world is going
46:25
to shit. This country is not the country
46:27
I grew up in and they're more keenly aware of it.
46:30
They're not as concerned about making tons of money as much as
46:34
they are keeping it, preserving it and passing it on.
46:37
And I'm dead serious on this. It's shocking the amount of
46:40
older people that have placed very, very large orders with us
46:43
over the last several months, all of them lamenting the same
46:46
thing when silicone and signature failed.
46:48
We added 14,000 clients in 45 days.
46:50
That is what I ultimately expect to see when there is some event
46:54
when the American public wakes up.
46:56
But it's the antithesis of that right now.
46:58
And the price keeps going higher without the Western
47:01
participation. Yeah, it's it's a big, big
47:04
contrarian indicator and it just goes to show that this is being
47:09
driven by much larger factors, much, much larger forces.
47:13
And I would say it's being driven by the most
47:15
sophisticated, well informed money on the planet and and
47:19
that's really what's going on the central banks.
47:21
Yeah. And it's interesting you you
47:23
talk about large orders from older people because what we
47:28
both know is that with age comes wisdom.
47:31
So what are they seeing that that maybe you know the the the
47:36
20 something or 30 something crowd isn't seeing that if
47:40
you're in your 70s or 80s and you've and you've lived long
47:44
enough to gain that wisdom that that suddenly moving to gold and
47:49
silver seems like a a good idea. Andy, thank you.
47:53
I, I have a a new perspective on world events.
47:58
I want to make sure I have this right.
47:59
You mentioned it earlier. That the the theory That is it.
48:03
Cloward. Piven.
48:04
Cloward. CLOWARDPIVEN.
48:08
And then for kicks, put Dash Jared Bernstein and you'll see
48:12
that he's an advocate of this and it'll blow your mind.
48:15
The Cloward Piven theory taught at Columbia University in the
48:18
60s by a husband and wife professor And you just got to
48:22
wonder, is this is this the path that they've chosen for It's
48:25
when you read it, you'll be like, my God, this is exactly
48:27
what's happening. It's it's is a coincidence.
48:30
I don't know. Maybe I'll leave it up to you to
48:32
decide. Yeah.
48:33
Now, the part that you read that I heard today during our
48:35
conversation definitely sounds like the set of circumstances in
48:40
which we find ourselves right now.
48:42
If people want to learn more about you, oh, you don't go to.
48:48
Milesfranklin.com Of course we only allow limited purchasing on
48:51
there. Send us an e-mail at info at
48:53
miles Franklin if you'd like to see a really, really, really
48:56
competitive price list. Maybe more so, or as much as
48:59
anyone in the industry or any questions you heard on this
49:02
interview you want to ask about it or anything else.
49:05
Info at Miles Franklin And just for, you know, just for our own
49:10
internal sake, if you just let us know that you you saw me on
49:13
Ron's basement, that'd be great. Just like to know where you're
49:16
coming from and no obligation in requesting a price list, just
49:20
want to make sure that people know they can ask questions or
49:23
ask to be contacted as well. If not, we won't and we'll just
49:26
send you what you're looking for.
49:27
So info@milesfranklin.com and Ron, I appreciate it brother.
49:32
You're one of the good guys. I follow what you do.
49:34
I love coming into the basement and look forward to coming back
49:38
downstairs with you again sometime real soon.
49:40
It's our it's our quarterly update unless you want to do it
49:43
sooner, right? You're all you're always welcome
49:46
here. There's a lot of great people
49:48
you and I were talking about Jake from Jake's Custom.
49:51
Club. Yeah, one of the greatest guys
49:53
ever. Yeah, he's a he was in the
49:55
basement. He came by month and a half ago.
49:57
We did a live stream from down here and I think it it goes
50:01
along with what you talked about today, he he likes to refer to
50:04
you as the time traveller because you have a uncanny
50:10
ability to see into the future, right?
50:12
You're Of course you're going to be humble and say no, you're.
50:15
Not all lucky, man. I mean, I saw I, I.
50:18
There are a lot of things I thought would happen that never
50:20
did or took a lot longer than I thought, right?
50:22
I saw stuff a few years ago. People thought I was nuts.
50:26
The bricks and the Belt Road and all of these things.
50:28
And lo and behold, they've happened.
50:29
And the quickening by which they are happening, the speed at
50:32
which they're accelerating actually has me concerned more
50:35
than anything. So thank you Jake.
50:37
You know I love you. And I've had dinner with Jake
50:40
and and his family and he's a good dude.
50:43
And anyways, for what it's worth Ron, I do love being on here.
50:47
And I think with the Big Bricks meeting in October and the
50:49
election in November of God willing, let's let's try and
50:53
connect again sometime this fall and take a look at the tea
50:56
leaves and see where we're at. That sounds great to me.
50:59
Andy, thank you. And on behalf of our viewer,
51:01
thank you for all the information insights that you
51:04
shared with us and we will see you again soon in the basement.
51:08
Look forward to it. In the meantime, you all be
51:11
well. All the best to you and your
51:13
family, Ron, and to everyone else out there.
51:16
Stay well, as the Chinese curse reads, may you live in
51:18
interesting times. And boy oh boy, these are
51:20
getting interesting. So thanks for having me, dude.
51:22
I'll look forward to seeing you soon.
51:24
Thank you. Bye, bye.