Latest / Man in America Podcast / Is the END of the European Banking Dynasties Imminent? — David Jensen Interview

Transcript

Is the END of the European Banking Dynasties Imminent? — David Jensen Interview · Man in America Podcast

• 0:02
  Seth Holehouse: Ladies and gentlemen, welcome to Man in America. I'm your host Seth Woolhouse. So you probably don't see a video right now because my guest could only come in via audio today. So this is gonna be an audio only interview, but I think it's gonna be really enjoyable. It's because it's jam packed with critical information.
• 0:19
  So joining us today is David Jensen, someone that understands the financial world better than most people I've ever come across. Now I recently heard him on SGT report with Sean over there, and I find a way to get it got ahold of him. I said, gotta come join my show because the information that he presents and the narrative that he puts together on what's happening with our global financial system is extremely important. So I hope you really enjoy this interview with David Jensen. Before we get started, make sure you're following me on social media Man in America and at Man in America on US on Twitter.
• 0:54
  Every show is also done as a podcast. So if you would rather listen instead of watch, just go to your favorite podcast app and search for Man in America, and you'll find me there. Alright, folks. Let's jump into this interview with David Jensen. Alright.
• 1:08
  Well, David, thank you so much for joining us on the show today. It's an honor to have you here.
• 1:12
  Speaker 2: My pleasure, Seth. It's it's good to be with you this first time.
• 1:16
  Seth Holehouse: Yeah, absolutely. Oh, I felt great and lucky because I heard you. I listened to SGT report, and I heard a recent interview you did with him. And I thought, gosh, this guy really understands what's happening with the financial system. And thankfully, I was able to get ahold of you and have you on the show.
• 1:34
  So for a lot of the listeners, it might be their first time, you know, seeing you or hearing you. So can you give us just a quick background on just what you do and what gives you this perspective you have on the financial industry?
• 1:46
  Speaker 2: Well, I background is I'm I'm an engineer. Worked in the aviation industry as a professional engineer. Worked on the Bombardier programs and on some military programs as well. And I went back to university in the nineties, and I did a corporate law degree and a MBA. And I came out of that schooling, I guess about 02/2003, I started to see signs that things were not as they should be.
• 2:20
  So it's been quite a long path for me. And what happened to me at that time was that I recognized and it's been an ongoing process. It is not by any means an overnight process, but that the entire economy and the entire system in which I was a fervent believer is basically structured on endless money printing and bubble blowing and crashes, and that instead of having organic growth based upon steady increase in productivity that we have an economy based on just pure money printing and or currency printing, really, because we don't have money. But the currency that we have is a debt based currency. So if you're gonna print the currency and blow bubbles, you're gonna have to continually increase the debt, and it reaches an endpoint where, you know, the economy no longer functions because you just increased the debt so much, and there's so much money sloshing around or currency sloshing around that you have essentially runaway inflation in the end, and that's the point that we are at now.
• 3:27
  So, you know, my first step kind of in a public focus was back in 02/2007. David Dodge, who's the governor of Bank of Canada, was giving a speech at the Vancouver Board of Trade in Vancouver. And I I spoke to him after his presentation because he had been visiting professor at the University of British Columbia in Vancouver where I did my MBA, and I was chatting with him about he was saying that this we were seeing the the trouble in the o seven markets with the asset backed commercial paper market crashing, and he was just saying it's an adjustment to risk, risk tolerance, and that once we've gone through this, that the economy will get back into steady growth again. And I said, well, you know, my perspective, from what I can see at this point, is is that we have a a system which is based upon continual debt increase, not productivity output increase, and that it's it it's been predicated on on rigging certain markets, including the gold and the silver market. And, you know, I think that what we're seeing here now is that we're in for basically a Austrian school type of crash where your credit system can no longer create the appearance of growth through through added debt and that the markets are going to let go.
• 4:52
  So that's brought me to this point here. I'm spending most of my time running private a couple of private gold and silver mining companies, but I try to get my my thoughts out to the public as best I can to share what I've found over the years and also to get feedback from people. But I I'm hoping to play a productive role in terms of informing people and helping people adapt and and prepare for for what is coming because it's gonna be a bit of a rough ride.
• 5:22
  Seth Holehouse: So gosh, I can imagine that with the background that you've had and seeing the writing on the wall for so long that, you know, for a lot of folks, it's there is now the reality is just starting to settle in of where we're at. But you've been you've seen this for a while. And so but you mentioned, you know, kind of looking at what's coming and that it's it will be a rough time. What what do you see unfolding? I know that no one, you know, one has a crystal ball, but based upon where we're at, where the global financial system is, what what do you see coming next?
• 5:54
  Speaker 2: Well, my view is that the the economy crashed in in the late nineteen eighties, just after Greenspan became Fed chairman. The Federal Reserve, the central planners there at the Fed, decided that they were going to embark on a policy of of blowing bubbles, sequential bubbles and frequent bubbles, and then and then to crash those bubbles. So they would blow the bubbles by essentially running loose money, and then they would tighten the money supply and crash the bubble, and then blow another one to compensate for the crash. That works for a period of time, but what they've had to do now with the with the o eight crash was they had to embark on this new new added, call it in air quotes, to tool. And and that tool was quantitative easing, which if you want to distill it down into the vernacular, it's basically, printing money and faking asset prices.
• 6:52
  And so that was what really changed after o eight, and I and I saw the o eight crash, and I and I did not see beforehand that they would embark on this QE process, but we we've seen it well and truly since. And and the problem with that policy is it it doesn't clear from the economy the malinvestment created by the Fed's bubble blowing, by the loose money. And so what we're at the stage that we're at now is that even that quantitative easing bubble of printing assets and giving the cash to banks no longer works because of the very high inflation that we have post COVID. And what happened with COVID there was that they increased the total amount of money in the economy by 40% over a over a two year period, and that's what's driven price inflation so high. So if the Fed embarks on this quantitative easing, this money printing scheme, again, in any meaningful level, it's going to send prices of goods goods prices and commodities, oil, energy, everything, food, any anything that's real of intrinsic value, it's gonna send it through the roof.
• 8:13
  And that's going to spike interest rates and then bring down this debt laden economy that we now have. So this is we're we're at the point now where they need to do something, because it's visible that inflation's running high, assets are being yanked out of the banks because the banks their balance sheets are are highly impaired, and there's enough people that can see the problem in the banking system that they're pulling their money out. But there's very little, to do right now, in terms of repairing the bank balance sheet because that money printing scheme of quantitative easing has been pulled away out of the hands of the central planners at the central banks globally. And we're now going to see the consequences of this forty year period of of extraordinarily loose money.
• 9:11
  Seth Holehouse: And what do you think those consequences look like?
• 9:16
  Speaker 2: I think it's a debt system failure, a spiking interest rates, crashing debt values, including bonds, which are the majority of the holdings of pension funds. Ultimately, because all of the West has debt based currencies, when the debt markets fail, the currencies fail as well, or have stepwise devaluation to them. So now there is one thing that the that the banks can try to do to repair things, and that is to seize the assets of depositors and get those assets basically, let's just look at the savings portion. But they can seize savings accounts and convert all or some of them it'll probably be some of it, not all of it, and convert that into stocks in the banks. So that takes that off the liability side of the bank's balance sheet and converts it into equity in the bank.
• 10:23
  So we've seen this before in Cyprus and in Greece, and they basically seized deposits and then converted it into bank stock that you couldn't, for instance, sell for thirty years. And also, a portion of it was converted into an interest free loan to the bank, which would be repaid after thirty years. So that's kind of the point we're at now, Seth, where the money printing debt bubble scheme has reached a terminus, and further juice only creates more inflation and higher interest rates, which compounds the problem. So I'm getting ready to see liquidation of of assets in the financial system, asset values disappear and then also seizure of assets by the banks and conversion of the those assets, the deposits into bank stock.
• 11:20
  Seth Holehouse: Which is basically a a a bail in. Right? That's so that's what we're That
• 11:24
  Speaker 2: is a bail in.
• 11:25
  Seth Holehouse: So so for people that have money sitting in a savings account somewhere where they feel like, oh, it's it's safe. It's with this medium, you know, regional bank, etcetera, that when to kind of to save themselves, and I think that it's already written into the contracts of the banks, they can basically say, we're seizing your money, converting it into, you know, a stock in the bank or whatever, which is really useless, and that the people are ending up end up with nothing. I mean, sounds like, you know, looking at this and and, you know, looking and and studying, you know, Weimar Republic or Venezuela, that this is a different scenario than the housing crisis in 02/2008 or even the Great Depression, which was a panic and bank runs, because neither of those were the collapse of a currency. And so this is what seems to be the, you know, kind of the, we're on the edge of the the collapses debt based currency system, but really the the collapse of the what what is the world's reserve currency, which it's not like, you know, say Venezuela where it just affects Venezuela and maybe some neighboring countries.
• 12:32
  I mean, the countries all over the world are holding their assets in US dollar. So that this seems to be like a pretty significant event.
• 12:45
  Speaker 2: It is. And, I mean, basically, the the the debt bubble slash money printing scheme of the central banks has has reached its limits, but there's nothing special about The US. All of the Western countries in particular have been embarked on this scheme of of loose money. There's nothing special about The US. They've just to the largest scale in terms of, you know, the the value of the dollars that were that were utilized the way they were and were created the way they were.
• 13:22
  But I think what comes out of all this ultimately is a hue and cry and anger from the public. And then what we're going to see now is the central planners are going to say, well, those bankers are bad. They're so bad that we can't go with a bank created the banks create currency when they make loans. The first thing people have to understand is that the majority of money is created by bank loans, which is why the bank balance sheets keep increasing, and the amount of loans keep increasing when you run loose money. But the banks create the loan from nothing, and put the cash in the accounts of the borrower, and then put the loan on their balance sheet as an asset.
• 14:03
  But I think what comes of all of this is that that the government say, those bankers are really bad. Look what they've done. Negating the fact that this was all operated by central bankers who are the central planners operating underneath the auspices of in the control of the government. But what they're going do is point their fingers at bankers and talk about how bad they are, and how the solution for all this is going to be a central bank digital currency. So the central planners crisis created by the central bankers and the banks under the overview of the government is is is going to be solved by the government saying the only way to deal with this is for we, the central planners, to take more control.
• 14:47
  And and as a consequence, you need to have the central bank digital currency where, you know, the government will be the single repository for all savings. And and, you know, here's here's some money, and we'll give you universal basic income, but we also need to make sure you do the right thing. So, you know, we need to highly control how you spend this money as well. So I think this is the the kind the kind of the final domino to drop in terms of putting in place a control state where the voice of individuals is taken away, and it's put in the hands of the usual suspects.
• 15:28
  Seth Holehouse: And so if that's you know, because I've spoken a lot about this before and talked to a lot of different guests about the the dangers of the CBDC. And but if so, if that's coming in, it seems like what I'm seeing to be in piecing it together is that there's and I guess you could say that there's wars happening at the very high levels of our society. It's not like there's just one central group of bad guys that are taking over the entire world with no opposition. I see it as there's multiple groups. And if you look at what's happening with the BRICS nations and the the currency, you know, the plans that they have to have a commodity backed currency, like with Russia, for instance, pegging the ruble to gold and, indications that other nations would be following and then then creating their own basket of currencies that are tied to commodities, it seems like that would be a competing system to a central bank digital currency that would probably be coming out of the European central banks.
• 16:26
  How do you how do you think those two systems will interact? I mean, is the bricks or is what they're doing just gonna be folded under, or is that gonna be a competitor that will weaken the efforts of of pushing the whole world into a CBDC?
• 16:43
  Speaker 2: Well, I I think that the the major countries of the BRICS are each going to have their own central bank digital currency, first of all. That that's not that that's not something that can't happen. So what what you end up with is major blocks. You end up with Europe. You end up with the BRICS.
• 17:01
  You end up with North America. And, you know, the old Latin American model was that you had a two tiered currency system. One was the local currency for controlling citizens, and the other one was typically USD, US dollars used for trade, and the wealthy and society used between each other because cyclically and regularly, local currency had its buying power destroyed. But you can have a digital electronic currency in many areas and spheres, and then still have a a global unit of exchange, but both of them being digital currency backed. So or or digitally sorry, digital currency founded.
• 17:51
  But what you may have with China, for instance, is that they go to a gold yuan, which is a gold backed unit of currency for international trade as a way to gain international authority and control just as The US did it with their petro currency since the nineteen seventies.
• 18:12
  Seth Holehouse: That okay. So that makes sense. Now, do you think would you foresee a rise in parallel economies? And because I know that for myself and a lot of the listeners, we see this coming and we're thinking, well, I will do everything possible to not participate in this. And so a lot of folks are, you know, pulling their money out of the, out of the dollar and they're putting it into silver, gold, gold backs, ammunition, food, you know, even diesel fuel.
• 18:41
  Like I went out, you know, like a year ago, we had these these shortages. I went
• 18:45
  Speaker 2: out and
• 18:45
  Seth Holehouse: bought a a 300 gallon diesel tank and thought, well, I might as well buy some diesel because that's gonna become an asset in the future. So do you think that there's gonna be pushback in a decentralized way like that? Alright, folks. I've got a quick message for you. As you can hear in this interview, the financial system is going through some massive changes.
• 19:06
  No. This isn't just some sort of minor recession or things are down because the job reports. We're going through a fundamental transformation from an old system into something else. And this old system is this US dollar fiat system, which has been a tool of the elites for a very long time to fund their global wars and to fund all their, you know, blackmailing and money laundering, and it is coming to an end. Now the end of the system is a good thing in a lot of ways as we're talking about because it means we're gonna return hopefully back to sound money, but it's a bad thing because for a lot of us, our entire life savings are tied up in this US dollar, in this fiat currency.
• 19:46
  And so if you're concerned about what's gonna happen to your money, which I think is a very fair, way to think right now, which I'd be very concerned, I am concerned, one solution I can highly recommend is putting your some of your assets into physical gold and silver. Right? As we're talking about here, can see in this interview, we discussed how the silver values, the gold values are being suppressed. Now, look, I'm not trying to predict something and say, look, you're gonna make a lot of money with this, but personally, I think that once this old system really falls, their ability to control and and manipulate the prices of silver and gold will end. And I think that we're gonna see the prices of gold and silver reach highs that we could never imagine.
• 20:28
  But even if they don't, and they just hold their value amidst the collapse of a major currency like the US dollar, you're at least preserving your wealth. So I highly recommend if you're interested in this, the first step, set up a free consultation with doctor Kirk Elliott. This guy understands gold and silver like you wouldn't believe. He does a free has a free wealth consultation with him or someone on his team, where they're gonna walk you through, see what your goals are, see where your money is at, and put together a solution for you, and it's free, best of all. So to learn more about this, go to goldwithseth.com.
• 20:59
  Again, just open up a new tab on your computer or your phone, goldwithseth.com. You scroll down, there's a simple form you fill out for this free consultation or just call (720) 605-3900. Again, goldwithseth.com or (720) 605-3900 to set up your free consultation today.
• 21:22
  Speaker 2: I think there is going to be I think that the biggest challenges are gonna be in the urban centers where there aren't a whole lot of resources. And people, by and large, have most of their money wrapped up in very small parcels of real estate. What I do see arising here is, as you mentioned, parallel economies, and the the biggest the biggest enemy of this fiat debt currency system has been silver over over the last century. And and the reason for that is that silver is so highly distributed globally in the hands of citizens. Basically, it's it's peer to peer, person to person exchange when you use it, and the government is screened out of of the process, as is the banks.
• 22:08
  And just to give you a sense that there's been about, in round numbers, 50,000,000,000 ounces of silver mined throughout history, and about 25,000,000,000 ounces of that is still above ground. Now about a third of that in round numbers, about 8,000,000,000 ounces is in bar and coin form, and the rest of it is in various industrial things and silverware and and jewelry, etcetera. But I see that as being the most viable means of exchange, and I think it can arise quite quickly as the price control is lost through the trading in London primarily, but also in New York, where they they trade basically fiat units of silver and gold in in in terms of using unbacked promissory notes for settlement of trade of gold and silver. So they historically, like, ten years ago, they were trading two and a half times annual mine supply every day of gold and silver in the London in the London market. And so what happens now is that as trust is lost in the system, that individuals are going to be looking for getting hold of physical metal, and then that will become the key.
• 23:29
  There will be shortage. And as we've seen with the palladium market starting in 2016 when there are shortages, it totally destroys the ability to artificially set the price using these promissory notes in London and New York. And so what I see is ultimately price control being lost in silver, and then it's going to jump, in my view, manifold times in terms of value. And then because of its highly distributed nature, it allows person to person exchange. But the biggest challenge that we have is the intermediary time from the onset of crisis to the realization that citizens hold this form of money.
• 24:10
  It's not a currency, but it's money because it has intrinsic value, And that's gonna be the rough patch, to put it as gently as I can. There's gonna be a very rough period where exchange is very difficult, and there's mass shortages to the point where individuals recognize the value of what they have and start to utilize it, as a as a means of exchange. And because it competes and it's a superior form of exchange a superior medium of exchange compared to digital currency, it'll probably be outlawed, but that will only, in my view, drive up its desirability to individuals, and it would just move it into a black market.
• 25:01
  Seth Holehouse: So you answered a little bit of one of the biggest questions I had, which is really how they're suppressing the price of silver, because I've had a lot of different guests talk about that, and I've understood that they're doing that. But am I correct in understanding that the way that these these bankers and these central planners are suppressing the value of silver, as an example, is you say having these almost like these fiat promissory notes where they can artificially inflate the supply of silver almost in an unlimited way, which allows them to keep down this, you know, so supply and demand, if they have unlimited supply of it, then they can keep the price at say $25 an ounce. Is that how they're doing it?
• 25:46
  Speaker 2: Yeah. Yeah. In short, just to give you some background, in in the nineteen seventies, over from 71 to 80, the amount of money, in The US system as measured by the money stock, m m m two is it's called m two. It's a measure of the amount of money in the system. But it went up by about 2.3 times, and the amount the price of gold and silver went up by twenty one and twenty five times in that nine year period because of the money printing that went on.
• 26:21
  And so starting in 1987, the Thatcher government brought in the what's called the big bang financial system reform, and part of that reform was that it handed over control of the London, gold and silver, platinum, and palladium markets. It handed over control of those markets, to the Bank of England, who are the central bank for The UK, for Britain. And, gold and silver were warning systems of loose money, and control of the warning system was handed over to The UK Central Bankers. So since 1987, what we've had is that they that the Bank of England, having oversight over that market, permitted trading. And and by the way, the the the London market is is has been more than 85% of of global daily gold and silver trading, just to give you an idea of how important that market in London is.
• 27:28
  And so it basically gave control of oversight of the pricing system to the central bankers, and it's no wonder that gold and silver, which are the essential warning system of loose monetary policy by the central bankers, was suppressed by the permitting of the use of trade of promissory notes. They they basically terminated the requirement to have metal or bullion in the market in order to trade that metal. So in in essence, you could just write a contract with promise to deliver if the other party wanted the metal itself. And, of course, that led to this completely wild trading where, you know, you have hundreds and hundreds of times the amount of metal that's available being traded in the market because you have these promissory notes or you can call them tickets, basically. They're just electronic or paper promises.
• 28:27
  And that's what led to the apparent oversupply of this metal. And and there's been other things that have happened in the in the meantime in the market. I won't dig into that now, but that's essentially the underpinning of of the rigging system was this transition of a of of The UK and and US markets in in London and New York to this promissory note trading system, which led to the, you know, the underperformance. And and just as a final point here, since 1980, the amount of money in the in the in The US system, and we'll call it m two again, That's a it's not the best measure, but it's a measure that's published and easily accessible. It's increased by 13 and a half times since 1980, but today, the price of silver is only half of its 1980 high price, and gold is only doubled, while you've had a 1350% increase in the amount of money, and you've seen the debasement or dilution of the unit of The US currency to that level.
• 29:31
  Seth Holehouse: That makes a lot of sense. So, basically, in understanding it is that they've the central planners, the central bankers, through their fiat kind of currency system through this, you know, it's really, I've heard referred to as Babylonian money magic, right? Through the ability to create money out of nothing, they've been able to use that money, which we know that, you know, they've used it to fund the military industrial complex, to fund all the wars, to fund all these social programs. And you know, when you see these, these country or these, these large corporations like Nike, for instance, or what and whatnot, that are destroying their businesses, like Bud Light recently, right, where it's, you know, go woke, go broke. It's almost like they don't really care because there's this unlimited money supply.
• 30:21
  And that's kind of a simpleton way of looking at it, but that kind of represents to me the, that they have used this basically unlimited supply of money to fund all of their evil empire, but also to suppress the value of items like gold and silver. And so now that we're entering into the kind of the the the the end, you know, they it's like they've been blowing up the balloon, right, of of this money so much that, you know, I guess you can call it inflation. Right? Eventually, it pops. And when it pops, the whole system comes down.
• 30:57
  What also comes down with it is their ability to suppress all these other assets. And so it's almost like, not overnight, but during that period, everything gets reset to its real value again, which means a dollar goes to zero and silver goes to whatever. Is that is that a a good way of understanding it?
• 31:18
  Speaker 2: Yeah. The currency becomes rejected. And and we saw that we saw that, for instance, in in in in Venezuela with the peso crisis in 02/2002. They in in a few weeks, they had a 70% devaluation of the peso, and people rejected it. They wouldn't accept it in the stores.
• 31:38
  And, you know, what happened was that street markets were set up for trade, and the unit of exchange became individual links of gold necklaces in order for food to be bought and sold and for fuel to be bought and sold. But it's yeah. Essentially, what they did was they they they shut off the warning systems. And then just like you could turn off the warning systems in a nuclear power plant and and run it at 200% of rated output for a short period, That's essentially what they've done with the global financial system since the nineteen eighties. And, yeah, they they funded wars and and and funded some social programs, etcetera.
• 32:14
  But the biggest thing that they did was that they blew a succession of financial bubbles. And what that did was that it extracted wealth from the middle class where the bulk of the wealth used to be held into the hands primarily of an extraordinarily small class of individuals who were able to strip the wealth out of the hands of the public by operating in the financial system using the central banking as the wealth extraction primary mechanism that allowed this blowing and crashing of successive bubbles. It's been a tremendous wealth ratchet that's really tightened up the grip of the vast majority of global wealth into the or a large portion, I should say, of the world's wealth into the hands of a very small subset of individuals.
• 33:10
  Seth Holehouse: And so if we look at the examples in history that show us just little kind of small windows to peer into what happens when the trade kind of the true valuation kind of resets itself, like as with Venezuela, for instance, where, you know, you see that the iconic pictures of people with a wheelbarrow full of the local currency to buy a chicken, as an example. But I heard you mentioned, you know, on Sean's show that they could also, for an ounce of silver, a family of four could feed itself for a month. So is that is that kind of a little bit like a micro example of that what happens when the the the levers of control no longer work anymore and things kind of balance out?
• 33:57
  Speaker 2: It is. I guess the biggest challenge is is that the North American and European food production system is is really dependent on on a functional supply chain. And the supply chain itself depends on fiat currency up until now. And as I said, it's the transition time that kills where there's going to be disruptions to food supply and energy supply, etcetera, etcetera. But that's also how you get people to accept the central bank digital currency.
• 34:33
  You say terrible things have happened, mistakes were made, and the way to make sure this never happens again is you need to take a central bank digital currency, you need to take a digital ID, universal basic income, and then, you know, live in your sustainable 400 square foot apartment. Right? So this is this is how you this is how you forcibly transition an economy by making people desperate. And it's been recognized for a long time if you read you know, it's a big new Brzezinski and Henry Kissinger and some of these key players, they know that the way to transition economies and and societies into something people would not normally tolerate is by first making desperate and then offering them the solution.
• 35:24
  Seth Holehouse: Yeah. Creating crisis and then offering them protection from it, you know, at at some loss of freedom. And, yeah, there's there's I mean, there's a quote from Kissinger I came across at one point that was something like that. If you can if you can create something that they will fear, then people will gladly get up a little bit of their freedoms for protection from that perceived, you know, feared item. Right.
• 35:47
  And so, which, I mean, gives me even more motivation to say, okay, well, I'm gonna do everything possible to prepare now and plan, you know, that way I'm not one of these people that in order to feed my family, I'm forced to get into a, you know, a digital ID breadline, You know, you have kind of put it bluntly, like like we saw as what's happening in different countries around the world. And so I know this this is this is more of a curious question, and it may not be as easy to answer. But if the the price of silver was not suppressed, if all of the mechanisms of controlling the price of silver were removed amidst this, what kind of value would you see silver returning to?
• 36:27
  Speaker 2: Well, that's a good question. I mean, if it was if we didn't have this debt bubble, you'd have an equilibrium price. Right? But the challenge here is is as the debt bubble collapses, if there's very few things that hold value, and and the value of silver and gold is that they're portable, highly portable media of exchange. Right?
• 36:51
  So they can actually become overvalued in a crisis. And so, you know, if we just if we look at, let's say, the 1980 high end price, and say it's, like, $50, but there was still a functioning fiat money system, so that it hadn't reached its full value, because it hadn't replaced the fiat currency yet. But if you look at that 1980 high price of plus or minus $50 an ounce, and then you say, no. The amount of the amount of currency in the system has been increased by 13 and a half times since then. You know?
• 37:39
  Now this could be out by 50 or 75%, but it just gives you a sense there of the potential value of these things. But we've lived since, you know, the late eighteen hundreds when silver was actually demonetized. We've lived in a system which they initially went to a gold backed system, because the gold backed system was far more concentrated and controlled by the money centred banks in New York and London. But it's very difficult to to give an estimate. But, historically, if we look like, the shekel was a Middle Eastern, and it wasn't Israeli by any means.
• 38:16
  It was a Middle Eastern unit of of currency. And it was roughly 11 grams, so call it one third of an ounce. And the typical pay for a soldier or a skilled laborer was about 1 shekel or one third of an ounce of silver for a day's labor. So there's two kind of examples of the potential value of it, where it is used as a as a functioning medium of exchange and as money. You know, it's durable, it's divisible, it's portable, and it has intrinsic value.
• 38:49
  Right? Those are the four characteristics of money. But, anyways, those those are are two kind of examples of what it can reach in a in a crisis time or on a sustained return to gold and silver as money again. So a very tough question, Seth. It's very tough to estimate these things because of we've had more than a a century of of of fiat money where what they call the elastic currency was created by the central planners.
• 39:18
  Seth Holehouse: It's also I can see how it's difficult to answer because what do you what do you measure it by? Right? You know, because there's the adage that people say, well, you know, an interesting thing with an ounce of gold is, say, you know, in 1920, you could take an ounce of gold and you could go buy a suit with it, right? Or a $20 bill, right? We could go buy a suit.
• 39:38
  Yeah. They say, well, now, you know, you can still take that same ounce of gold and go buy a suit with it, right? Whereas $20 is not by Yeah.
• 39:44
  Speaker 2: The labor the labor that goes in, but the labor that goes into a suit now is maybe 10% of what it was back in eighteen hundreds. I think that's the part that's missed in it. And the cost of creating the textiles is so much less.
• 39:57
  Seth Holehouse: That's a good
• 39:58
  Speaker 2: point. Yeah. You can still buy you can still buy a suit with an ounce of gold, but, you know, the net the net labor and and resource cost that goes into it is is maybe a tenth or or less than what it was back then. So it it's very there are all kinds of measures, and nobody knows for sure, and it may well be regional in terms of its valuation. But, you see, it doesn't get valued against currencies ultimately, I think, because the currencies become rejected.
• 40:30
  Seth Holehouse: Yeah.
• 40:30
  Speaker 2: Right? The central planners have showed their hand now. Like, we've got more than a century of mess that they've created with control over the currency. And so I think the way you value you value these these these the two monetary metals, the essential monetary metals that have a four thousand year history as money, is you value them against other goods. So, you know, how much does a set of tires cost?
• 40:59
  And how much does a hundred pounds of potatoes cost in terms of gold or silver? And I don't think that there's going to be a it'll be very difficult to get people, especially in the front end of a crisis, and I'm with front end, I mean the first five years, to exchange these valuable units of money, for the the fiat currency that's being soundly and and roundly rejected globally. I think you can exchange labor for them, and you can you know, goods and services can be exchanged for them. But I think we're going to have a real serious issue here in terms of loss of trust of the public for these unsound and highly destructive currencies.
• 41:46
  Seth Holehouse: Yeah. That that makes sense. And so I I guess, you know, it's, I think as I mentioned before, we got into the show, but you know, one of the goals that I have with these kinds of interviews is just to try to take a sober look at where we're at. And there's a lot of folks, and I think a lot of people are listening, they understand, but maybe their spouses don't, or their kids don't, and they try, they talk to them, and you know, eyes kind of glaze over a little bit, and okay, hey, you know, turn football back on. But, you know, I do think that, you know, that's something I really try to remove myself from what I want my life to be and just try to look at what I I see unfolding around me.
• 42:31
  And it does seem, and again, you're talking to you even more so, but it does seem like that we are entering into a period that we've maybe never been, you know, been through in our lifetime, or even the past few many generations, but that we're entering into something that could be, you know, much more significant even in the Great Depression. Is that is that what you're seeing?
• 42:55
  Speaker 2: Yeah. I think so. Because we have the same setup for a crash as the Great Depression. But during the Great Depression, America had a a sound monetary unit based on on gold. When I say sound, I mean, they basically took it out of the hands of the citizens, made it illegal to own gold from 1933 to 1971.
• 43:21
  But the unit of trade wasn't questioned globally, and the unit of trade wasn't the unit of exchange, pardon me, wasn't questioned within the country because of the recent exchangeability of the currency for the gold, and the US treasury still held a lot of gold at that point. So people trusted the system, and and they were willing to exchange labor and goods for for the unit of exchange that was given out by the by the treasury by the by the, you know, by the treasury itself and modulated by the central bank. So I think what we're gonna have now is a rejection of that by people that have observed patterns in the past, and they're they're going to not accept it. And I I guess, as I mentioned earlier, that a very good analog is is what happened in Argentina with the peso crisis is that in a few weeks, with the 70% devaluation, that the population said that we we don't want that stuff. We don't want to exchange our goods for that stuff because it's unsound, and who know who knows if it loses another 70%.
• 44:40
  And that's why immediately the system flipped over. They they couldn't access US dollars because the banks were shut, and they wouldn't hand over dollars in appreciable amounts. And once they reopened and that's why they turned to individual units of gold necklaces for a unit of money to to have the exchange that was necessary for a to maintain some semblance of of of life. We
• 45:09
  Speaker 3: have a
• 45:09
  Speaker 2: lot farther to fall in the West, Europe and North America. And as I said, we're much more dependent on supply chains than they were in in Venezuela sorry, in in Argentina in in 02/2002. So we still have to see how this plays out, but I think it's a it's a it's a good note for what happens when these crises hit.
• 45:33
  Seth Holehouse: Yeah. That's a good it's a good point as well, and it reminds me of just when you talk about supply chain, everything, you know, like, as of right now, you know, we we grow food. We have gardens. I have chickens and whatnot. But if I want strawberries, you know, go to local, you know, grocery store, and we like organic, you know, so we'll get strawberries and I'll look at the you know, grown in Mexico.
• 45:55
  Very common. And, you know, so a lot of the food that that I'm eating, that people are used to eating, and at the end, that the most of the supply chain, most of the food supply chain is built upon a really, really insanely complex supply chain of, you know, you know, being picked with some sort of advanced technology, some sort of, you know, a big machine that, you know, that needs a lot of diesel fuel to pick and to harvest, it gets shipped, it gets processed, and then it has to be in refrigerated shipping, and then eventually it makes it to the grocery store, and the grocery stores only keep a couple days worth of food on hand because it's all electronically kind of modulated. So when something, when they sell out, it comes on the next order automatically. Like that whole system with a, with a failing currency, the whole system collapses. And if but if you look at what happened in the Great Depression, not only were the supply chain so simple, I imagine for most people, they went to a local grocery store that was selling what the local farmers were selling to the grocery store, which was selling to people.
• 47:01
  So the supply chain was so simple. But also, the majority of people had gardens. They knew how to can food. They knew how to hunt. They knew how to fish.
• 47:09
  And especially nowadays, now I live out in the country and my neighbors, you know, they, know how to hunt deer, they know how to fish, we've got gardens. But that's the small, that's the minority in America. If you look at the populations in the city centers where, I mean, I foresee that to be very difficult because that's a whole other that's a whole other difference between now and the Great Depression period. Not to mention the morality of people, the social unrest that we had, the fact that during the Great Depression, the government seemed to be trying to help the people, right, in introducing victory gardens even and everything like that. Whereas now it seems like the government just wants us all dead.
• 47:52
  Sometimes it feels like that's the that's their goal.
• 47:57
  Speaker 2: Wow. Yeah. I if I if I recall correctly, I I think that in during the Great Depression or the 1930 that about eighty percent of the of The US population, lived on farms and in small communities. And now, in terms of the farm population, I think it's about 3.5% or 4% of the total population. That has dramatically changed.
• 48:20
  And as you mentioned, the personal disposition and basically the narcissism that's seized the psyche of our culture, it works against people being productive when they think that they have entitlements, right? So it's a very, very challenging setup, and it, as you say, we can't predict exactly what's going to happen or what we want to happen, but we can kind of prepare for the things that we see developing in front of us.
• 48:54
  Seth Holehouse: Exactly. Exactly. And that's why I think that these conversations are very important at this day and age, because it helps give people more insight, and we know what's coming. So, well, David, I I really, really appreciate the time that you've spent with me today. I wanna encourage folks to check out your Substack, right, which is this JensenDavid.Substack.com.
• 49:17
  I'm gonna put that in the the show description as well. And I know you're also, I think, you're on what, on Gab, which is how I found you. You have a Telegram and and Getr. Is that correct?
• 49:27
  Speaker 2: Yeah. I I used to be on more platforms, but I I was posting some medical research papers on Twitter back in December 21 on ivermectin, and I was deplatformed there. And then LinkedIn deplatformed me for posting research papers. Legitimate medical research papers were being posted in the deplatform there. So, yeah, I've kind of fallen back to a position of basically putting out videos occasionally, commenting what I see, and hopefully helping people get a perspective that maybe can help to shape their worldview and help them prepare for a disruptive time that we have coming.
• 50:10
  Seth Holehouse: Great. Well, your your advice is really, really appreciated and your wisdom. And it's it's been such a it's it's been very nice speaking with you because you have a way of breaking these things down in a way that makes makes sense and easy to listen to and easy to process. So, you know, thank you again for coming on. We'll definitely have to do this again, perhaps in a couple of months once things unfold more and we've got more to talk about.
• 50:34
  But again, I encourage people to check out your links in the description to the show. So David, thanks again for coming on.
• 50:40
  Speaker 2: It was my pleasure, Seth. Thank you.
• 50:41
  Seth Holehouse: Absolutely. Alright, folks. I hope you enjoyed that interview with David Jensen. I learned a ton, especially about the manipulation of the silver and gold prices and how that whole mechanism works. So anyway, I thought that was an incredible interview with David Jensen.
• 50:57
  I've now got an urgent economic update with you. So we're gonna be following up with an interview with Doctor. Kirk Elliott. So hang on tight folks, it's gonna be a critical show for you to continue watching. Thank you so much for joining us today.
• 51:11
  Speaker 3: Hey, Seth, it's so great to be with you and man, brother, you nailed it. It is the de dollarization of the world. And if you look back throughout history, reserve currencies, I mean, they've always had one, but they last on average eighty to a hundred years throughout history. So, you know, before us, it was it was Britain. Before Britain, you had Portugal, you had Spain, you had the Dutch, you had I mean, it just goes back, and and the length of time is eighty to a hundred years where there's reason for that.
• 51:49
  Right? Because what is a reserve currency? So let's let's define that first, right? It says all international settlements are traded in the world's reserve currency to add monetary stability to a fractured world. Right?
• 52:02
  So so, for example, we go back to 1944, the Bretton Woods agreement basically made the US dollar the world's reserve currency, and then they amplified that in the seventies with the emergence of the petrodollar, meaning all oil settlements too are traded in US dollars. So so what does that do? It builds in demand for the currency because everything, even more so than just domestic use of your money, it's needed for all international settlements of like everything. Right? So so therefore, a country has to print more than what they need domestically to fund all of those expenditures.
• 52:39
  Well, people forget after decade after decade after decade of basically that happening and say, wait a second, America, you're flooding the globe with your currency. Right? You've got $32,000,000,000,000 worth of debt, you're just printing like there's no tomorrow. Well, if I were a policymaker at the Fed in charge of printing money, I would say, I have to. It's what a world reserve currency does.
• 53:05
  But the rest of the world says, well, we don't care anymore. You've squandered your time in the sun. Look, you've ruined everything. You've gotten way too much debt. You're devaluing your currency.
• 53:14
  So we want something new. But that's just human nature. So we happen to be alive during that eighty to one hundred year span of the US dollar being the reserve currency, it's going to fail. But that's the human psychology element of it. The reality of it is you've got other big players that want to be the world's reserve currency next because look what it did to America, became the most profitable, industrious, amazing nation ever in the history of the world, and so people want that.
• 53:51
  So who wants it now? The BRICS nations. But to replace the US dollar, you have to have what are the common elements? A super strong military, a super strong economy, and super strong global political structure, something that people actually honor and revere and are kind of afraid of, so to speak. So do any of the countries in the BRICS nations really have that in and of themselves?
• 54:23
  Not really. I mean, they have a lot of those elements, but together collectively, they've got them all. Massive military, massive political exposure, massive economy, they've got it all. So therefore, now all you have to do is start dismantling your competition, and this is what they're doing. So you go back, we don't have to go back far, like a week and a half.
• 54:50
  Right? So what started happening? Brazil started to say, okay, hey, China, we're not gonna trade in US dollars anymore, we'll trade in the yuan. And then India made a a deal with Russia that said, hey. We're gonna trade in the rupee instead of the dollar.
• 55:08
  And then there's a trilateral agreement between Saudi Arabia, Iran, and Russia saying we're gonna trade in in the ruble. It's like boom, boom, boom. It just keeps happening. But this goes back to Russia basically telling India, and then Italy, and then Portugal, it's like, well, and Poland. It's like, you can buy our oil, but we're not going to take dollars for it.
• 55:32
  I mean, this goes back to the beginning of the Russia Ukraine conflict. So this has been being dismantled underneath our nose for like the last year. But everyone says, Oh my word, it's happening like all of a sudden. It's not really all of a sudden, but it appears like it because now it's gaining critical mass, and we've got country after country after country dismantling. Then what?
• 55:57
  Last week, Japan basically snubbed their nose at the g seven nations and said, we know that in December we signed this accord that was gonna cap out Russian oil at $60 a barrel, But you know what? We hear this big sucking sound, this vacuum of power leaving the West and going to the East, and so we wanna be on a winning team. And basically, they basically kicked their allies, you know, while they were down, said, we're we're actually gonna do something here with with Russia, with China. So so what did they do? I I I understand, Seth, politically why they did it.
• 56:39
  Because they wanted to be part of winning team, but they've got big bad China breathing down their neck. They don't want a war. There's right there on the South China Sea, it's like, what what are we supposed to do? You know, this this new power structure is going to be the world's reserve currency. We wanna be part of that team.
• 56:55
  So they got rid of their allies. And that one action, not their words, but their action, we lost the biggest ally that we had in Asia. And then what you just alluded to with Macron in France, see, we rebuilt France after World War II. We've been a very strong ally with them since World War II. Well, just over the weekend, Macron, the president of France, meets with Xi in China and says, you know what?
• 57:26
  We're gonna reduce dependence on the US dollar. Okay. What did Xi tell France? They probably said, hey. We're gonna be the world's new reserve currency.
• 57:35
  You know? Join our power block because it's obvious that The US is squandering their time in the sun. Right? It's like the power is
• 57:44
  Seth Holehouse: Just, you know, from the horse's mouth, here's what he says. So reading this article, it says, French president Emmanuel Macron has suggested that Europe, not just France, so he's suggesting that Europe should reduce its dependency on The United States amid reports that some countries have begun, quote, de dollarizing. So here's what he said, quote, there is great risk Europe gets caught up in crises in crises that are not ours, which prevents it from building its strategic autonomy. He told Politico, and he continued, He says that the paradox would be that overcome with panic, we believe we are just America's followers. So, you know, you see this, like, is significant.
• 58:26
  And you made a good point when you mentioned that people want to be on the winning team. Right? So here in America, we look at teams and you have team loyalty. Like, grew up in Ohio, and my dad is loyal to the Cleveland Browns. Doesn't matter how little the chance or how little the odds are the Browns ever winning a Super Bowl.
• 58:44
  He's disloyal. But countries aren't loyal to countries out of emotion. They're loyal because out of protection, safety, greed, etcetera. And so what's happening is that America is no longer the team that people want to be on. And so when you see this shift happening, you know, like, one of the the one of my favorite guests I've had on is a guy Michael Yon, who's one of the most seasoned war correspondents there is.
• 59:14
  And we're talking about famine. I remember asking him about, like, what is the trigger for this? And he talked about it. He said, look. He said, with with famine, he goes, I don't focus on what the spark is that ignites everything.
• 59:26
  He's like, I focus on the conditions. He goes, you focus on there could be 30 different conditions that all make famine a spark away. It doesn't matter what the spark is. Look at the conditions. And so if you look at like what we, you know, are talking about with the dedollarization that collapsed the dollar, don't think about, okay, what is the one thing that's gonna happen that then, okay, that's when it happens and since focus on looking at all the data and say, okay, are the conditions ripe for this?
• 59:55
  Are we seeing this? And so actually, I have a to show here, this is a Twitter thread from a handle called the prepared homestead. And so this was and this is from about a week ago just showing the past week before that, all of the different kind of significant things that happened globally. And I went and I highlighted the ones that relate to the dollar or financial relationships between America. So we talk about conditions versus the spark.
• 1:00:24
  These are the conditions. So I'll read through these quickly and kind of summarize. Okay, Saudi Arabia enters trade alliance with China, Russia, India, Pakistan, and four central Asian nations to step further away from alliance in the dollar. China and France complete first liquid natural gas trade using Chinese Yuan, ending reliance on the US dollar for energy trades. China and Brazil agree to settle trades in their own currencies dishing the US dollar.
• 1:00:48
  Brazil, Russia, India, China, South Africa, BRICs, are developing a new currency. Saudi Arabia partners with China to build a Chinese oil refinery for twelve billion dollars. Kenya signs a deal with Saudi Arabia and UAE to buy oil with Kenyan shillings instead of US dollars. There goes your Bretton Woods agreement. President of Kenya tells citizens to get rid of the US dollars.
• 1:01:10
  You and I covered that. Association of Southeast Asian Nations considers dropping the US dollar, euro, yen, and British pound for local currency financial sentiments. India to sell trade in Indian rupees with certain countries instead of US dollars. Chinese yuan surpasses the euro to become Brazil's Second largest currency in foreign reserves. US social security funds are projected to run up by 2033.
• 1:01:33
  It'd be a miracle if we made it to twenty twenty twenty thirty three. Former president Trump says that Biden is directly responsible for the bank failures and creating an economic catastrophe that will only get worse. Saudi Arabia agreed to join the Shanghai Cooperation Organization as a dialogue partner, China led security block. We learned the BRICS reserve currency could be potentially backed by gold and other commodities such as rare earth elements. Bank deposits fell a hundred and 26,000,000,000, 2 hundred and 20 5 billion since the banking crisis started.
• 1:02:05
  33 tons of gold were withdrawn from JPMorgan vaults. 4,800,000 ounces silver were sold from COMEX this past week. So that's and that's just the events from a single week. I mean, one of these things happening a year ago was enough cause for me to get on here and to make a show saying, look, folks, dedollarization is happening. China and Russia or, you know, China and Saudi Arabia had a meeting.
• 1:02:31
  Right? But now it's like we're seeing countries all over the world. And now the countries that aren't even thought of as being these BRICS alliance countries like France that are saying that we're dishing the dollar side. I mean, I feel like that we are on the edge of a precipice here. We're on the edge of a cliff.
• 1:02:50
  If not, maybe we've already we're already in in free fall.
• 1:02:55
  Speaker 3: Well, I agree. And, you know, so they're in competition. They're in competition to be the world's reserve currency. They wanna kick the US dollar out. So how is the best way to do that?
• 1:03:09
  Again, if you can't make yourself look good on your own merits, then make your competition look bad. Well, it's not too hard to make your competition look bad. Over the weekend, I saw a video. It was from October. It's a little bit older, but Biden was being interviewed at a in an ice cream parlor.
• 1:03:26
  And he's got there with this big waffle cone with two scoops of ice cream going, well, heck. Lick. Right? And so the reporter says, hey. Are you concerned about the demise of the dollar?
• 1:03:34
  This was back in October. And he said, no. But I am concerned about the demise of the rest of the global economy. So I take a step back, and first I wanted to laugh, and then I wanted to cry. Was like, This is real legit stuff.
• 1:03:48
  And his actions preceding that actually amplify his message of he's not really the president of The United States. He wants to be like the president of the world. He's more concerned about them. What other actions have come from there? Well, instead of worrying about our pensions, our retirees' assets, he's sending billions of dollars to Ukraine to fund their pensions.
• 1:04:12
  Right? It's like, country are you the president of? So if I were Xi in China, I'm looking at this and saying they've got the most weak, incompetent leadership ever. And if you find a weakness, just like in any sport, you brought up the Cleveland Browns. So let's say you've got Nick Chubb as the running back, and you're playing a team that has a defensive line that's just a sieve, right?
• 1:04:36
  What are you gonna do? You're gonna run them up the middle every single time, time after time after time because you can't stop that guy, right? So this is what the rest of the world is now seeing, incompetent leadership. We've got we've got a banking crisis. We've got everything that's happening with unsustainable debt, inflationary pressures, political consequences of of geopolitical conflict.
• 1:05:02
  Right? It's like, oh my word. So let's just make a run for it right now. Right? And I think that's what's happening.
• 1:05:09
  They're seeing this open door of opportunity as The US can't withstand and can't stand under the pressure of the debt and the inflationary pressures and the rising interest rates. So the world would be crying out for a change, and it doesn't take too much to win that battle when everybody wants a change. And I think that's what's happening right now.
• 1:05:32
  Seth Holehouse: Absolutely. It it really is. I mean, you can see it. I I couldn't agree more. That's exactly what's happening right now.
• 1:05:38
  And so, you know, one just, you know, question for you. So when I finish that list, actually, I'll pull back up again, but the last two points there, how 33 tons of gold were withdrawn from JPMorgan vaults, 4,800,000 ounces silver were sold from the COMEX. And I've seen a lot of different reports indicating this that really over the past three or four years that the the people in the know, the central banks, the giant wealthy families, they have been hoarding gold and silver like we've never seen before. But you're in the gold and silver business. And so you and you're I mean, you we were talking before the show started, you can't hire fast enough to support what's happening.
• 1:06:16
  So what are you seeing from the average American? Because, of course, it's like, okay, it's one thing if, you know, sir Jacob the Rothschild is buying more gold. It's like, okay, well, he also owns, you know, 47 yachts and 17 castles and all that. But what are you seeing? Because you've got your finger on the pulse for how the average American that's I I would say that that's more awakened to what's happening, right, is feeling right now watching all this going around.
• 1:06:45
  So what are you seeing in your business in terms of volume or the overall just sentiment of the people that you're that you're helping?
• 1:06:55
  Speaker 3: So we're seeing America collapse with all of this. Right? And people are just exploding with fear. I mean, really, I can't even think of a better term. They're exploding with fear, and they call, say, I don't know what to do.
• 1:07:12
  My banks are failing. I gotta get money out of the banks. I don't know what's happening in Europe, but I hear all this news that it's even hitting Fox News. It's hitting mainstream news that the US dollar is losing its reserve currency status, its petrodollar status. Right?
• 1:07:26
  So so as you see all of this happening, it's like they're scared. They're scared, and they know what to think. And then they call their current employer, they can't get out of their four zero one ks, and then that makes it even worse. And so it's like, well, maybe I could just sit in cash. Well, I don't want to sit in cash because banks are failing.
• 1:07:48
  I mean, it's just this implosion of there's no hope, right? And when people lose hope, hope deferred makes a heart sick. So this is what I'm seeing on a daily basis is people calling and they've lost hope, and they don't know what to do. And this is where we need to spread this message of light because when you lose hope, you're willing to listen to almost any kind of a solution, right? Where the government's coming in with, yeah, banks are failing, stock market's failing, inflationary pressures, look, we're losing reserve currency status, but hey, we've got this solution, the central bank digital currency thing, know, well, that'll bring order to the system.
• 1:08:34
  But that's not going bring order, it's going to make matters worse. You never trust a solution that's actually being brought to you by the people that caused the problem, right? So therefore, what are we doing? We're shouting it from the rooftops week after week after week. It's like there is a solution.
• 1:08:52
  There is hope in this, and the hope is, A, that Jesus is still on the throne and none of this is a shocker to Him, but you've also got solutions. There will be solutions for us to thrive in the midst of this storm, in the midst of the chaos, and that's what these people that call that are just gripped and paralyzed with fear and crying on the phone with me dozens a week, and we're praying with them and trying to bring peace, but showing them a solution, it's like, you know what, you're afraid your cash in the bank's gonna go away, you're afraid that your stock market profits are eroding to almost nothing, real estate's collapsing, but what's happened to silver? Like what we were talking about, all those ounces of gold and silver drawn out of those JPMorgan vaults, where are they going? Well, they're going to wealthy individuals or they're going to countries as they're backing up their reserves with gold. But why?
• 1:09:51
  Why would billionaires or countries we're talking about a lot of ounces coming out, or a lot of tons really, coming out of these vaults. Well, they're not going to do that to make a bad decision. They're billionaires for crying out loud. They're captains of industry. They're countries.
• 1:10:10
  They see a paradigm shift happening right underneath their nose, so they're just moving to safety. They're not operating in fear, they're operating in wisdom and courage to do the right thing. So we should just follow in their footsteps, right? It's like, all right, if billionaires and big banks are moving out and pulling their stuff out and countries are moving out, well let's do the same thing because we don't want to sink with the sinking ship, and that's what those actions tell me is happening. Not only are countries leaving the US dollar, there's tons of gold and silver leaving the vaults, and going into which hands we don't know, but that's not an individual, that's not you and me that's causing that kind of a move.
• 1:11:00
  That's countries, that's hedge funds, that's massive central banks, that's what's causing that kind of a move.
• 1:11:07
  Seth Holehouse: And I think that the common person is is really catching up to that. I mean, some of the conversations that we've had, I I mean, are you seeing, like, an influx of people reaching out and saying, you know, now that this is on Fox News, like my husband or my wife or my children, they finally they finally see. Are you seeing like a big shift towards people's, you know, kind of finally ready to pull their money out and move it into things like gold and silver?
• 1:11:36
  Speaker 3: Yeah, I mean, for example, you've got people that watch your show, you've got people that watch the other shows that I'm on, and they've been in tune and awakened to all of this for a year plus, right? And they're thinking, but other people who are accustomed to their normal advisor at Merrill or Goldman Sachs or whatever saying, Altman stocks stinky going to bonds and bonds stinky going to stock, and just this old normalcy bias, well, those are the ones that kind of cause the viewers of this show, even though we're telling the truth, to not do something. It doesn't become truth until Fox News talks about it. It's like, well, that's the same exact message, right? But once it hits the mainstream, you know that, oh boy, it really is happening, right?
• 1:12:22
  We were just a year in advance. But as we're identifying these things, really it doesn't take somebody with two PhDs to figure it out, it doesn't take an amazing researcher like you to figure this out, Seth. When people run out of money, the stock market will do bad. When governments are running out of money and printing without discretion, they're not going to last. Right?
• 1:12:45
  You're going to have inflation. When that happens, people don't spend as much, and when people don't spend as much, companies need to lay off because there's no revenue streams coming in. And this is this vicious cycle that's playing itself out, and I don't wanna sound conspiratorial or anything like that, but I think this is exactly how they want it. Because the same people bringing in the new system are the same ones that were in charge of the old system. It's a zero sum game, right, they actually win either way, but they win more under the new system because then it becomes all about people control.
• 1:13:22
  It has nothing to do with private transactions, it has nothing to do with paper currency that's still private. You could go to the gas station, the grocery store, farmer's market, flea market, whatever, pay for cash, and it's a private transaction. That's what they're trying to get away from because you can't tax private transactions if people don't report them. So they're wanting to tax us into oblivion, and if we don't comply, well they'll shut you off from buying or selling. This is what all of this is all about.
• 1:13:52
  But you needed a big enough crisis to get people to want a system where you give up your privacy and your freedom in exchange for perceived peace. This is I believe the crisis that's right underneath our nose. This isn't a normal collapse, this isn't a correction, this is the change of a global currency system. That's what's happening right now, right underneath our nose.
• 1:14:17
  Seth Holehouse: Yeah. You've really summed it up. Absolutely. This this isn't just a depression, isn't a stock market collapse, it's a change of the global currency system. So for so for the folks that are watching or listening, if you're nervous, you're watching this happening, you're worried look, I couldn't recommend more just reaching out to Kirk's team.
• 1:14:39
  It's free. Just just have a consultation. Talk to someone that lives and breathes this market. Ask them your questions. You know?
• 1:14:47
  So say you have your Vanguard, you know, manager is saying, oh, you know, silver is bad for this reason. Bring that information. Set up a call. At least do a little bit of research because just being paralyzed with fear doesn't really get us anywhere. So I'll pull up the website folks can go to.
• 1:15:04
  So it's goldwithseth.com. So if you go to the website goldwithseth.com, you scroll down to the bottom, there is a little form. Fill that out. That's how you can set up a free consultation. Or if you want to, you can just call (720) 605-3900.
• 1:15:22
  Again, it's (720) 605-3900. Just talk to Kirk and his team. So, Kirk, as usual, it's always and I really appreciate you making the time for this. I I get so much positive feedback from the viewers and from the listeners just saying, gosh, I've learned so much from Kirk. Thanks for having him on weekly.
• 1:15:43
  People really wanna stay they wanna stay tuned. They see that things are changing in a seismic way. So thank you again.
• 1:15:50
  Speaker 3: You bet. It's my pleasure. We'll talk to you soon.
• 1:15:53
  Seth Holehouse: Alright.