Transcript
0:00
the banking sector
really is a scary place to leave your money largely because it's uninsured uh
uh to you know
0:07
a large degree um
it's it's overvalued it's it's under capitalized and
0:12
overleveraged I
think leaving your money in the bank right now is as risky as it gets we're
almost 200 trillion in debt
0:18
we're broke we're
insolvent uh we're divided we're not United our country is is looked at as a
laughing stock with
0:24
the border the
elections Judicial System all of this craziness that we see happening is not
lost on the rest of the
0:31
world and so yeah I
I think this is going to only get more and more real Lena and people need to
prepare and and
0:37
that means getting
their house in order like a hurricane is coming a financial hurricane um but
also a real
0:44
[Music]
0:51
hurricane hello
everyone welcome back today I have With Me Andy shackman Andy
0:57
is the owner of
Miles Franklin and investment company that specializes in Precious Metals the
company was founded
1:04
by Andy and his
father back in 1989 Andy it's so good to see you welcome back Lena it's great
to be here
1:11
thanks for having me
it just seems that things are starting to spin a little faster I don't know if
it's me but sure
1:17
seems like it is
anyway but it's great to be back thanks for having me absolutely now it's it's
great to have
1:22
you I have so many
questions for you and things that I would like to discuss and I know our
viewers are certainly looking
1:28
forward to hearing
from you too I saw multiple comments saying please bring Andy back and um yeah
I was looking
1:34
forward to this
conversation like um so we're starting to hear more and
1:40
more about the
issues in the banking sector the banking industry is facing um
1:46
trouble and we see
commercial banks are carrying more than $517 billion dollars in unrealized
1:54
losses on their
books the FDIC recently issued a report indicating that at least
2:00
63 Banks us-based
Banks are at risk of insolvency so that's really bad news and
2:07
uh of course another
thing we have to talk about is commercial real estate commercial real estate
debt is clearly a
2:13
taking time bomb and
um now that the fed the other day indicated that there will
2:19
be just one rate cut
I think it's fair to say that refinancing the commercial
2:25
uh commercial real
estate loans would be more challenging so what is your take on on the stability
of the banking sector
2:32
in the United States
I think the banking sector is a ticking Time Bomb it's massively
2:38
overleveraged and
massively under capitalized and the I mean if you look
2:43
at the commercial
real estate situation Lena it is a ticking Time Bomb I mean I
2:49
think you can see
that in no greater example than what we recently saw in St
2:54
Louis where the
former 1 AT&T Center the third largest building in in all of St
2:59
Louis 40 44 stories
tall which was sold for $25 million to a Real Estate
3:05
Investment Trust in
2006 just sold for $3.6 million now think about that for a
3:11
moment how do we
continue to see these types of of literally um destruction of
3:19
equity and and
massive hits to the balance sheets of these Regional Banks before we start to
see a very big
3:25
problem a trillion
and half dollars or more in these leases and loans that that
3:30
need to to to be
reset within the next year all at higher rates spells very big
3:36
problems for a
banking sector that you know at during the pandemic was allowed
3:42
to relinquish
reserve requirements down to zero and so yeah I think we are nowhere near out
of the woods yet for
3:49
the banks and and
quite frankly you had Powell saying that we will see uh
3:54
consolidations
that's not to be uh surprised and um look I would simply say
4:00
to you that that
we're a long way away from being safe in the banks and when we
4:06
talk about the FDIC
it has 130 billion or so in assets backing over 18 trillion
4:13
in deposits you know
people most people there are a lot of people who don't understand the
significance of this they
4:19
don't understand
that bail-ins were written into law in The Dodd Frank act most people don't
even know what a
4:24
bailin is in essence
the depositors are un unsecured General creditors I.E the
4:30
last to be paid in a
banking issue what's happened is that uh you know the
4:36
banks that have have
failed already first you had silicone and signature that we legally bailed out
by the fed by
4:43
Janet Yellen uh by
by um the president you know she said it was a uber majority
4:48
vote between the
fomc the F FDIC herself and the president but made it very clear
4:54
that if banks fail
in the future that they won't be bailed out they will be bailed in unless they
are deemed through
4:59
an Uber majority
vote to be too systemic the other banks that have failed have been gobbled up
by the likes of JP
5:05
Morgan or other
larger Regional Banks so people really haven't had to think about
5:10
the significance of
a bank bailin which basically means anything above the FDC
5:16
level which we just
just um talked about as being fugazi um goes in to the to the the
5:24
kitty to bail in the
indiscretions of the bank and I think that you know just
5:29
by them telling us
that they're all these troubled banks these problem Banks
5:35
more indication that
it will happen and you know they lay crumbs at your feet so that they can say
see we told you but
5:41
the question really
becomes what happens if it starts to become systemic this is why credit Swiss
had to be bailed out by
5:48
UBS and and and why
silicon and signature had to be bailed out because there are banks that are
systemically
5:55
tied through
derivatives to the industry that if they go the daisy chain really I
6:00
think could be
something that we really don't have an idea of how fast it plays out and what
does happen but leaving
6:06
more money than the
FDIC BS limit covers into a bank I think
6:12
is is really naive
at this point absolutely and um in terms of
6:17
commercial real
estate because that's what's sort of driving the volume of unrealized losses
what is your
6:24
expectation let's
say for the next six months uh till the year end do you do
6:29
you think that we
will see the same type of uh short sales and selling at a
6:34
really significant
loss throughout the United States or do you think it will mostly concentrate in
in certain uh
6:40
Market areas I think
it'll be in you know they call it the urban Doom Loop where people are moving
away from the
6:47
big cities as things
get worse and then things get worse because people are moving away from the big
cities there's
6:52
something called the
cloward Piven theory that people should check out it blew my mind when I read
it it's about
6:58
um it it it speaks
to a husband and wife cloward and Piven they were um
7:03
professors at
Columbia University in the 60s interesting that Obama went there as did mine
Albright and Bill bar and Eric
7:10
Holder and um you
know many of the people who are influential including Jared Bernstein this
knucklehead uh
7:17
Chief Financial or
chief economic adviser to the um to the Biden
7:22
Administration I'm
sure many people have seen that that video that was going around Twitter where
he really embarrassed himself and and the Office
7:29
of the of the
presidency really as being the chief economic adviser but this is you know this
is a guy that that went to
7:36
school there too and
the whole thing of it is to overwhelm the system the inner cities uh through
mass mass
7:43
participation on
entitlement welfare system and on uh blowing up the inner
7:48
cities I mean if you
look at 17 million people that have come into this country illegally a large
part portion of them
7:54
are in these big
blue cities which now by the way they're trying to give uh extra votes in the
Electoral College to
8:02
these blue cities I
mean you can't make it up but the whole premise is to create a surf Dum of
people that will never
8:07
vote Republican that
will in essence render the elections moot because they will always vote for the
Dole and the
8:13
premise is that you
overwhelm the system and which leads to Universal basic income and and on the
way to socialism
8:20
let's hope it
doesn't happen but this was taught and if you read about the cloward Piven
Theory you'll be like my
8:25
goodness gracious
this is what they're doing but this is what's happening in the inner cities
people are moving away
8:30
because of what you
see in the inner cities and and and they have no interest in going to work in
these uh tall office
8:38
buildings that have
you know a massive carry cost if they can work from home and feel safe and
that's what you see
8:43
happening so I think
it will be concentrated in places like you know New York City San Francisco any
of the big
8:49
inner cities
Philadelphia where you're seeing a a massive amount of Migrant
8:55
issues and uh people
working from home these these loans these these leases are
9:01
real and people are
just walking away from them and yeah I I think because it
9:07
it feeds upon itself
when all of the people leave the office buildings what happens to the
restaurants and the bars
9:13
and the shops around
it and and they start to leave and then it just feeds upon itself so yeah I I
think that this
9:19
is really a very big
problem that people should keep a close eye on right and um one of my uh videos
was
9:27
focused on the
commercial real estate State debt and how it impacts the banking system and um
I noticed that
9:34
there were several
comments that were effectively kind of very similar and they said well why are
they selling
9:40
these multi-million
dollar commercial real estate buildings you know many of them are downtown so
very very good
9:46
locations well what
used to be a good location um why are they selling them at a loss instead of
waiting and just you
9:53
know seeing if
things get better and my take on it is exactly like you just pointed out is
that their forecast their
10:00
expectation is not
good they they don't expect there to be U nice restaurants
10:06
around they don't
expect there to be um many nice uh entertainment ven venues or
10:11
things that would
attract people whom they want to um see as their customers
10:17
moving forward yeah
exactly and you have to understand that the difference between a home mortgage
and a commercial
10:23
real estate loan is
that they're largely non recourse uh if for the commercial
10:28
real estate me
meaning that there is no recourse you just give them the keys and say I'm out
and you lose whatever you had into it but when you take a look at
10:35
these buildings the
maintenance of these buildings is worth more than they're bringing in it's as
if I placed a very
10:41
very large order for
a client who says I want $10 million worth of silver and the price of Silver
Falls by a dollar and
10:48
I'm out tens of
thousands of dollars because the client disappears and doesn't pay for the
order do I hold it
10:54
and wait for it to
hopefully come back what if it falls another dollar and then another at what
point do you realize my
11:01
goodness this is
this is a weight around my ankles and I'm falling into the water what happens
so I think it it's a
11:07
decision that has to
be made it's not one that people really like to make but these are real
situations what's
11:14
happening to the
inner cities to me Lena is is is just horrific and very sad when
11:20
you see lawlessness
in the inner cities when you see police officers beat up in Manhattan in broad
daylight when you see
11:27
this this um you
know wonderful places like San Francisco turn into and and and
11:34
um uh what's the the
capital of California I was just there I couldn't
11:39
believe my eyes uh
why Sacramento I mean you can't believe what you see when you walk down these
streets tents and people
11:47
doing drugs right
out in front of you and you're not really going to want to walk to a ball game
or to dinner or back
11:53
to your car at the
end of the night or I mean any of these things you're not going to let your
16-year-old daughter
11:59
work at a at a at a
you know at a mall in the inner city in one of these big
12:04
malls just like the
big one in San Francisco biggest one they just shut the doors and left the
biggest hotel in San
12:10
Francisco gave back
the keys because at some point it just becomes ridiculous
12:15
and I think that's
where we're at right now I mean there'll be Parts where you don't see these
horrible uh parts of the
12:22
country where you
don't see these these this type of horrible um Market action but remember it's
the regional banks
12:30
that hold 70% of the
commercial loans and so it doesn't have to be in your
12:36
state where this
happens for it to affect you because the systemic nature of all of these Banks
and how they're
12:42
all tied together
and through derivatives and the reinsurance and all of these things that are
all tied
12:48
together
systemically has a far-reaching effect but yeah I think it it's naive to think
that the commercial real estate
12:55
problem will not
really begin to put strain on the banks and by a broader uh
13:00
stroke also the
economy because you're seeing these inner cities just start to shrivel up many
of them anyway and and I
13:08
think it's just
beginning the urban D Doom Loop so uh as the big as the big
13:13
money leaves these
cities goes to places like Texas and Florida um South Dakota
13:19
Wyoming and moving
away from the craziness what's going to happen to everyone who's still there if
they have
13:24
the ability to move
they will and if not it will just become worse and worse and worse and these
big these big highrises
13:31
that have huge nuts
attached to them um you know what happens there I don't know do they turn turn
them into public
13:38
housing I'm not
really quite sure but I will also tell you that it doesn't help the situation
when you've had years
13:45
worth of zerob bound
federal funds rate and really low interest rates and really
13:50
you know copious
amounts of money poured into the system where the the valuations of these
buildings have gotten way out
13:57
of control way out
of whack the price Discovery what is the real value as rates go higher and to
find equilibrium
14:04
between Rising rates
and property value is going to be a very painful experience as well so the
valuations on these Banks
14:12
balance sheets most
of them are fugazy when you see a building in St Louis that
14:17
sells for $3.6
million that was $25 million 12 years ago Houston we got a
14:24
problem a big
problem and and that's just the tip of the iceberg so I guess
14:29
we'll see how it
plays out but if I were a betting man yeah you wouldn't see the Federal Reserve
Chief say yeah there's
14:35
going to be a lot of
bank consolidations that's a nice way of of saying it he's telling us there's
going to be more
14:41
problems in the
banking sector and um I think we're by no stretch of the imagination out of the
woods and then
14:48
you know we could
also look at at these fintech companies like we see beginning to have problems
like we just saw here
14:54
last week the
fintech companies that where there's disputes about the amount of money that is
owed between the you
15:00
know the fintech
company and the banks that they're representing so there's a lot of of stuff
right now where the
15:06
banking sector
really is a scary place to leave your money largely because it's uninsured uh
uh to you know a large
15:13
degree um it's it's
overvalued it's it's under capitalized and overleveraged I
15:19
think leaving your
money in the bank right now is as risky as it gets some people predict the
banking
15:26
crisis to be worse
than that of 200 eight and of course that's that's that's
15:31
really bad news of
course the scenarios and the circumstances are completely different but if
that's what's in store
15:38
for us a 2008 style
financial crash what does that mean for consumers what does
15:45
that mean for small
businesses or those who have small businesses and most
15:50
importantly how long
do you think that it could last I think things can go longer than
15:57
anyone thinks
possible and you know um I I I what does it what does it mean
16:05
for the average
consumer I mean look look at look at this um what's the name
16:10
of the bank uh
synapse and the Tennessee based evolve Banking Trust and and
16:16
synaps was the
middleman this fintech and they're saying that $112 million that people have
have been locked out
16:23
and there's a
disagreement between how much money is owed to to the bank through you know the
16:29
middleman is saying
well we don't know that much and and then you have the CEO say we never
imagined a scenario like
16:35
this could play out
that no regulator would step in and help I guess what does it mean is that I
think people have a a
16:42
a misguided sense of
safety with FDIC um with with funds being insured um
16:49
look one big bank
failure in FDIC is insolvent and when you realize that you
16:55
know they only have
130 or 40 billion back in 18 trillion this could go a
17:00
whole lot worse and
if you look at the bailout legislation uh and read about it
17:05
it basically says
that the FDIC has a couple of mandates in this when this happens and the first
is to is to you
17:13
know make sure that
the assets are redistributed the
17:19
the general the the
depositor is is uninsured General creditor um and they
17:25
end up getting paid
last anything over the FDIC number but that FDIC number of 250,000 they have up
to four years to
17:32
pay it out uh and so
when you any any of the excess would be paid out in stock of
17:37
the new bank that
takes over for it know people are going to dump that stock immediately because
the stock doesn't
17:42
pay the bill I think
it can go a whole lot worse than people imagine because look the truth of it is
this all it
17:49
really takes is for
One bank to be bailed in just one because the public doesn't know what bail-ins
mean and One
17:55
Bank gets bailed in
and people say my God they lost everything and and it would create a panic like
you could not
18:01
imagine and it it
what starts out as a trickle turns into a flood and you know how could
something like this happened
18:07
well you know a lot
of the things that I've talked about with you and with others for four years is
about the loss
18:13
of the Petro dollar
status and the the demand for the dollar globally has has been synthetic since
last 50 years since
18:21
74 everyone's had
the stockpile dollars well I'm sure you've already covered the fact that Saudi
Arabia has has agree or
18:29
or decided to not
reup the Petr dollar exclusivity deal with the United States
18:34
meaning they can
sell their oil and any other currency they want and so what does that mean for
the demand for the dollar that synthetic demand is is now
18:42
fractured the dollar
hegemony is over what does it mean how fast will other countries stop stop
accumulating dollars
18:49
and accumulate other
forms of currency to purchase energy that's really the question and what would
it mean when all
18:56
of those dollars
come flooding home and hit our Shores creating much much higher inflation than
we're expected to receive
19:03
or or to deal with
and the byproduct of that spike in inflation is interest rates have to rise to
compensate for it
19:10
this is not
controlled by Powell but by the market what would the industry look like the
banking industry at 10%
19:16
interest rates Boom
the whole thing blows up and so now you start to see massive systemic problems
where several
19:22
banks are failing
all at once FDIC can't handle it banks are bailed in you ask me
19:28
are I ask you what
happens then how do people react when a dozen 15 20 30 banks
19:35
have failed because
they're all underwater and how about the insurance companies that are loaded
with treasuries which have done poorly in the
19:42
last year and a half
with the 500 basis point increase in rates what happens when that happens when
rates Spike and
19:48
they start to
fracture the amount of panic I think would be extraordinary so
19:54
you know this is the
thing I think you have to be proactive you it's like buying Insurance health
insurance no one
20:01
wants to confront
their own mortality it's like buying homeowners insurance you don't get mad
when you come home
20:06
after paying your
your your your home insurance premium and your house hasn't burned down you're
not upset about that
20:13
but if it did you're
you know you did the right thing it's the same thing here if you're not a
contrarian you're bound to be a victim when this all breaks
20:20
loose and I think
the probability of a breaking loose Grows by the day but you know a modern
monetary theorist would
20:26
want this they would
want a calling of the banks and that's L brainer number two at the White House
in terms of
20:32
economic advisory
policy modern monetary theorists ran point to Fed now develop the cbdc with MIT
well she's really
20:39
happy that we see
Bank consolidations how big does the problem go uh what
20:45
triggers it well
that's anyone's guess but I I'll tell you this I would not want to wait and
find out and that's why
20:50
I tell people you
know one place to go is is fed direct. goov or fedn now.gif
20:58
and buy treasuries
of very very very short duration disintermediating the banks because I think
the banks are in
21:05
trouble and I don't
know which ones or how fast or how systemic but everything that I see around me
will tell me that
21:11
they're in trouble
and especially when you look at the problems with commercial real estate which
would then spill over
21:18
into residential
real estate because a four or 3% mortgage is fantastic until you lose your job
and then what happens
21:25
so all of the assets
that we value have been loan to Skyhigh proportions with zero bound federal
funds rate for the
21:32
last 20 years and
and easy money created distortions and asset prices and when we see rates rise
uh which I think we will
21:40
because look the
rest of the world isn't buying our bonds anymore we've proven the weaponization
of the dollar is about as stupid as it can get and now we just
21:47
voted to actually
confiscate Russian assets and give them to the Ukraine I mean that's about as
dumb as dumb gets
21:54
and almost too
stupid to be stupid and so as the rest of the world buys commodi ities instead
of treasuries which I
22:00
believe have become
more valuable than the currency you purchase them with um and playing by a new
set of rules uh you
22:07
will see rates rise
and the strain that puts on the system the banks uh the commercial real estate
the companies
22:13
around it the
businesses around it and the economy at large will start to have systemic
effects and reverberate through
22:20
the entire economy I
think that this is not just centered on Commercial Real Estate it is a symptom
of a bigger
22:27
problem and when
commercial real estate blows up and the banks blow up then what happens and so
I think you have to look
22:33
two or three steps
ahead but Lena I think it's never been more important to to think differently
to be a contrarian
22:39
to think outside the
box and and safety in the banks is something that is a misconception in my mind
that always
22:46
never was but it is
now it seems it really does seem that
22:51
we're in a perfect
storm right so not only is it becoming obvious that uh the banking sector is is
in serious trouble
22:59
but also the Petra
dollar agreement with Saudi Arabia just expired it wasn't renewed and it was
clear I think leading
23:06
up to the expiration
that Saudi Arabia wasn't really going to play along the same lines as it did
maybe 50 years ago
23:14
so I guess my
question is what is um what is your take on the expiration of
23:19
the deal itself why
did we the United States did we attempt to renew it did we
23:25
have maybe
alternative ways to ensure that uh the Petro dollar status would be
23:31
maintained going
forward was there a plan or is it just something that was you know and let's
just say an
23:39
oversight well look
I mean like I said Jared Bernstein's thesis is to lose the world Reserve status
that's first and
23:45
foremost and and if
you wanted to lose the world Reserve status you make a big deal about going
green you sign
23:51
executive orders to
do so and then you weaponize a dollar and not just weaponize it but confiscate
and when I
23:57
say confiscate let's
just call call it what it is it's stealing and that's what they're doing and
you make the entire
24:03
southern hemisphere
say my God I mean we're next we're out so much so that gold is now the second
largest held in
24:10
in all Global
Central Bank Reserves exceeding the Euro for the first time ever and so the
dollar and the Euro are
24:16
falling out of
Central Bank Reserves and gold jumped to its highest level um in
24:21
27 years at almost
18% reserves if we believe the numbers that that we hear
24:27
but look this is a
very very very very big deal there was just a meeting you know we talked about
200 meetings bricks
24:34
meetings leading up
to the big one in October there was just one in novag where 21,000 people
attended from 139
24:41
Nations there were
80 billion dollar nearly signed of bilateral deal signed
24:46
on the sidelines
these are deals that are no longer using the dollar for settlement you chip
away at the dollar
24:52
settlement the the
the the these countries selling treasuries and buying gold chips away at the
reserve status 59
24:59
Nations we are told
officially will plan to join the bricks um 59 this is no longer a very um small
uh
25:09
nothing Burger this
is something very significant is encompassing the majority of human population
three of the four
25:15
largest nuclear
arsenals on the planet the majority of global GDP all I mean
25:20
there was just an
article and I think it's all it's very important that this
25:25
is all put together
but there was just an article that came out by um JP Morgan
25:32
and let me see if I
can find it right here I think I can which says that
25:39
China controls the
majority of all of the rare earth metals and I just want to
25:44
read this really
really quick because I think it's important that we put all of
25:50
this together this
this whole this whole growing group of countries put together
25:57
and says that um
bear with me here it is in 202 this
26:04
is from JP Morgan
and their research analyst her name is Amy ho she's the global head of um she's
the executive
26:12
director of
strategic research and Joyce Chang the global head of research and it says that
the current tariff
26:18
announcement on the
18 billion of Chinese Imports has elevated the debate on whether China's
dominance in the critical mineral supply chain will
26:25
emerge as the latest
Battleground for us China strategic competition and I know you asked me about
Saudi but they're all
26:31
tied together China
produces 68% of the world's Rare Earth uh things like mag
26:37
which are used for
things like magnets and batteries 70% of its graphite which is used for
lubricants electric motors
26:42
and and nuclear
reactors but the real dominance lies in the processing China process 100% of
the world's graphite
26:49
Supply 90% of the
rare Earths and 74% of the Cal balt we haven't thought this out
26:56
very well and so
when you realize all these countries are joining together based upon
Commodities as zultan posar
27:02
said why would the
Saudis want to take our currency which we have proven we're going to choose
inflation over austerity
27:09
uh for for oil why
would they want our bond uh our bonds that have formed
27:14
poorly and more
importantly have become weaponized and we will take them from you and even use
them to fund the
27:20
country you're in a
war against if we don't align ideologically so what you are seeing is something
that is a lot
27:27
bigger than it
appears on the surface and I think what we are seeing is is a a growing chorus
of
27:34
countries that are
finding safety and numbers and when you realize that every country in the
world's had to accumulate
27:39
and hold dollars
literally since 1974 and this now is over you're seeing these
27:45
countries I think
use that as motivation to accelerate this Union and James
27:52
Rickards has an
interesting take on things and and he talks about the reason we haven't seen
the com settlement
27:58
currency yet is
because he they need to have greater mass and if indeed you have
28:05
560 countries that
want to do this you now have mass his his theory is regardless of the gold
backing of the
28:11
currency which it
may be I mean why else would gold be reclassified tier one why are the central
banks buying it the way
28:17
they are using the
suppression of the Western Market to run cover for it the paper price in
28:23
essence but he says
look there's 10 countries right now and if they sell
28:28
with one another
even in a common settlement currency those 10 countries are the only ones that
will accept it so
28:34
how do you go
shopping if you only have nine other countries to choose from well if you have
50 or 60 countries on board
28:41
now you have 50 or
60 countries that you can buy goods and services from you have the majority of
human population of
28:47
global GDP of
military might all of the shipping lanes and and and the natural
28:53
resources they are
doing this very methodically they are thinking this out um very seriously
they've also
28:59
officially applied
to project embridge and I know you've talked about that before I've talked
about it it came out
29:07
in 2021 and project
embridge is a very big deal project embridge is a joint um
29:14
Central Bank uh
digital currency crossborder payment system that was developed by China Hong
Kong Thailand
29:21
and the United be of
emirats and I've been saying for a while now that I think gold and oil have
been
29:26
remonetized um
completely and totally they are being used as as money viewed
29:32
as money more
important than the dollar bills that buy them and the first two trades that
they did in 2023 their test
29:39
trades that China
did with this was the first one for oil and the second one for gold using the
digital youan and
29:45
crossborder payment
well now you have as of June 5th Saudi Arabia has joined a chin dominated
Central Bank digital
29:51
currency cross
border trial in what would be another step towards less of the world's oil
trade being done in
29:57
dollars the move
announced by the bis on Wednesday will see Saudi Arabia Central Bank become a
full participant of
30:04
project embridge and
at the same time you just got um the Saudi Crown Prince turned down an
invitation today to go to
30:12
the G7 meeting so
he's strengthening his ties with the bricks joining the the the
30:19
the Belt Road with
all the other OPEC countries joining the bricks new development Bank joining
the Shanghai
30:24
cooperation
Organization no longer selling oil just for dollars and making that very well
known um joining project
30:31
embridge I mean you
can see little by little by little they are entrenching themselves with with
this portion of the
30:38
world that you know
and now they're saying we don't want to go to the G7 meeting and use as an
excuse for it you
30:44
can see this is real
and what is the significance when they finally there there's a theory out there
called
30:50
project Sandman I
don't know if you're familiar with it or not but project Sandman is basically
and and I don't
30:56
know how how much
verac we put into it but 150 175 countries that have agreed
31:02
to dump the dollar
and the treasury all at the same time when that is what is the trigger
31:07
don't know but by
not renewing the Petro dollar deal I would say that's a pretty damn big trigger
if you ask
31:13
me you brought up so
many important things you brought out China's capacity to uh produce to um
refine um natural
31:23
resources which of
course plays uh to its strength to affect actively
31:28
manufactures thanks
to its transition that it has already started um years ago
31:34
when it invested
into its uh industrial base to make sure that it is efficient
31:39
that it doesn't use
too much energy and that it's able to produce Goods at a very low price point
that will of course
31:45
attract buyers
across the world and of course you brought up the Petra dollar and uh project
embridge so
31:53
um this is truly a
perfect storm and I think people here in the United States they're not hearing
about all of this
31:59
because the
mainstream media is absolutely omitting this they're acting as if this is not
happening um but what
32:07
can an average
person let's just say a person who's working you know 9 to-5 um
32:14
what can they do
given all of this information what would you do if you were that person to
protect your assets
32:22
I know gold of
course is a safe haven asset but what would be like the top three things that
you would do uh after
32:29
hearing uh this
information I would do best I could to to mitigate my exposure
32:34
to traditional
assets um like stocks like bonds um I would uh do the best I
32:41
could to get out of
debt and get rid of variable rate debt especially um do the
32:46
best you can to pay
off any variable rate debt or consolidate variable rate debt into a fixed rate
if you have the
32:52
ability to do so I
would pay yourself first and let the laws of compounding work for you instead
against you and pay
32:59
yourself first
meaning if you don't pay yourself first if you're always just trying to uh make
ends meet and not
33:06
paying yourself
first um you'll never get off the wheel you'll never get out of the Rat Race
you have to let the laws
33:12
of compounding work
for you instead of against you so you know it's easier said than done I guess
and I'm not trying to
33:19
to ignore that I
know 65% of this country is live living paycheck to paycheck and 45% earning
over six
33:27
figures paycheck to
paycheck so what do you do you try to get out of debt you try to pay yourself
first um and you
33:34
prepare for a
hurricane a financial hurricane you have food and water and batteries and
things that you would need
33:40
to survive for a few
months you have some small denomination currency fives and tens and 20s at home
as much as you
33:47
can have safely at
home you buy some gold you buy some silver small silver coins doesn't matter
how much when I
33:54
started this company
with my father um 34 years ago Lena he told me that
34:00
there'd only be one
ruler he'd fire me and this was the greatest gift my dad's ever given me or
anyone for that matter
34:06
and he said I need
to buy something gold or silver every two weeks when I get paid period That's
was 34 years ago and
34:11
I've owned my
company for over two decades he's been retired I talk to him every day he won't
fire me anymore but
34:18
I've honored my
promise to him and I bought something every two weeks for 34 years and it's
money to me it's wealth
34:24
it's not an
investment and and it was the greatest great gift he ever gave me told me how
to prioritize taught me how
34:31
to prioritize myself
and my future first and and show me how to let laws of
34:36
compounding and cost
averaging work for me that is the best advice I can give because I do think
this is real look we
34:43
live in a just in
time Society all of this stuff would come at the expense of credit as well as
rates rise and Banks
34:50
collapse you will
see a massive credit contraction and just as bullish as as easy money and and
and and and wide
34:58
openen credit um has
been for asset prices the opposite would be in play if all of a
35:04
sudden credit
contracts tremendously just think about how much credit is used to bring a loaf
of bread to a grocery
35:11
store starting with
the farmer who's on credit to buy the the you know his his um his giant tractor
whatever they're
35:18
called uh and the
and the the seeds to plant the field and once he Harvest it he has to deliver
the the wheat to the
35:25
the trucking company
who's on credit to buy the trucks and the diesel fuel who delivers it to to the
um uh to the you
35:32
know the grain silo
where they they turn it into wheat they're on credit and then back to the truck
to bring it to the
35:39
baker they're on
credit the baker's on credit to bake the bread who then gives it back to the
truck who's on credit to
35:45
deliver it to the
grocery store there's so many pieces of credit that touch just
35:50
a simple loaf of
bread going from you know seed to finished product at the
35:55
grocery store we're
just in time but that's just one thing so I think people need to understand
that this isn't just
36:01
about the banks and
the economy or the dollar this is also about everything because the whole world
lives on credit
36:08
and when we see a
massive credit contraction that would be brought on by a massive dollar
devaluation rates
36:15
Rising Banks
collapsing everything is tied together and that's you know why I
36:21
think it becomes
even more distressing when you see what's happening in this country um the
lawlessness the open
36:27
borders you know the
election questions the judicial system questions all of the things that have
created a country that
36:33
is no longer United
makes it only that much worse I think you have to prioritize yourself right now
and save
36:41
the world one person
at a time starting with yourself uh I wish my message was more
36:46
cheery Lena but I
think we are getting to a point where look you got the big bricks meeting in
October and the
36:51
election in November
and things seem to be spinning faster and faster and faster and faster every
single day do we really
36:58
think that it will
be smooth sailing between now and the end of the year and even if we do have an
election God
37:04
willing half the
country is going to be angry so I think you need to prepare as if there's a big
storm coming and what
37:10
does that storm look
like well use your imagination how bad could it get God Only Knows hope for the
best prepare for
37:16
the worst and if you
prepare and it everything is smooth sailing so what you leave your gold and
silver to your
37:22
family members you
donate food to a food shelf or eat it you you know reluctantly prepare pring is
something that needs to
37:28
be done like buying
life insurance I think this has never been more important and the Saudis not
only snubbing the G7
37:35
but not renewing the
Petro dollar deal and all of the moves that they have made along with the
United barab Emirates who
37:41
last time you and I
talked we talked about how they have publicly said we don't want to take the
dollar anymore
37:46
and they were the
seventh largest exporter of oil in the world a brics member right alongside
Saudi Arabia and
37:52
an OPEC member so
this is starting to become reality how bad does it get how
37:58
fast does it happen
I don't know but it is scary to your point that people are not able to get out
of the way of what
38:04
they don't see
coming and I haven't heard this or seen any of this on the mainstream at
38:09
all absolutely I I
don't think I've seen anything either and but I think since I
38:15
started this channel
I'm seeing more and more people uh starting to realize that the current uh
monetary system The
38:22
Current financial
system is based on the confidence in the United States economy
38:28
and since not many
people seem to have that much confidence in the US economy right now due
38:34
to high national
debt it's it's absolutely surging uh due to deficits
38:41
spending um all of
these things consumer uh delinquency rates are rising as well
38:47
so things are
definitely starting to um show some cracks at this conference um
38:53
that just ended on
June 7th uh you have Putin who said the Breton Wood's monetary system is dead
and gone and the
38:59
current one is based
on the confidence in the US economy he said there is no other guarantee so to
say other than
39:06
confidence in the US
economy and the current Global Financial system and and that's right and and
confidence behind a
39:12
system that's lost
its bearing that's creating a trillion dollars in debt every hundred days that
is going around
39:18
the world imposing
sanctions and stealing money from other countries and giving it to the country
they're fighting a war against as the world
39:23
Reserve currency who
is largely viewed as being hypocritical across the entire southern hemisphere
uh it's it's it's
39:30
true I mean we used
to be backed by gold we aren't we are Fiat and now Nations don't need to
stockpile dollars to buy
39:37
oil according to the
deal not being um reup yeah this is a big deal what is the
39:42
dollar other than
you know the confidence of an economy that is now a
39:47
country that is now
uh 34 almost 35 trillion in debt plus Medicare Part B 99
39:54
trillion in the
whole Medicare Part D the prescriptions 22 Social Security 77
39:59
trillion we're
almost 200 trillion in debt we're broke we're insolvent uh we're divided we're
not United our
40:05
country is is looked
at as a laughing stock with the border the elections Judicial System all of
this craziness
40:10
that we see
happening is not lost on the rest of the world and so yeah I I think
40:16
this is going to
only get more and more real Lena and people need to prepare and and that means
getting their house in
40:22
order like a
hurricane is coming a financial hurricane um but also a real hurricane and the
respect that you
40:28
should have things
like food and water and batteries and dog food and anything that you think you
need because if
40:35
things got really
really bad how fast would the grocery stores be empty and and I hate to sound
this way but I think
40:41
you know when you
realize that 17 million people have entered this country illegally they just
busted you know
40:47
eight or nine people
uh that had you know terrorist affiliations that were
40:53
planning on doing
damage look if 1% of these people want to mess with the country prior to the
election in some
40:59
awful way that's
what 170,000 people so how about 5% that's bigger than any
41:05
standing army and
and they're in this country and and you know how significant is it I'll let you
all decide that and
41:13
but I as a father of
three kids I've never been more scared uh about this and
41:19
again buying gold
and silver Lena it's not to get wealthy It Is wealth that has outlived
everything the world's ever
41:25
thrown at it and at
the same time the central banks are buying it at levels the world's never seen
uh first quarter
41:31
2024 outpace first
quarter 2023 is the biggest ever Bank of India just bought
41:36
one and a half times
what they bought all of last year in the first four months of the year and
brought home 100 metric tons from the bank of England uh
41:44
Saudi Arabia Egypt
and a half a dozen uh African countries repatriated all their gold from the New
York fed the
41:50
counterparty risk
the loss of trust we've shattered the glass against the the wall how do you put
it back together
41:57
before Mom and Dad
get home you don't it's impossible now maybe Trump can slow things down a bit
but I wonder have we
42:03
crossed that line
where we will ever have trust again the way we once did and
42:09
when you realize
just how indebted we are at the same time you have you know complete and total
lack of of
42:16
fiscal um
responsibility uh it's completely irrational the amount of money that we spend
and the debt we're
42:22
creating a trillion
dollars every hundred days um this is not getting better anytime soon and and
nor will
42:30
inflation I don't
care what they say look take imagine the the budget is balanced right now you
still have 200
42:37
175 trillion in
unfunded liabilities who's going to pay for Medicare Medicaid Social Security
and government military
42:43
pensions who's going
to pay the the the Congressional budget office said by 2031
42:49
100% of tax revenue
will go just to pay the interest on the debt and mandatory
42:55
entitlement like
Social Security which means military spending which is discretional would have
to be borrowed
43:00
that doesn't take
into account the 17 million people who are in this country illegally who's
going to pay for them
43:05
their clothes their
food their medical their schooling their housing I mean we haven't thought this
through and I just
43:13
think it's about
time that it's going to accelerate and I think um if I had to
43:20
guess something will
happen between now and the end of the year that are going to Rattle people and
wake people up and
43:27
maybe it's
commercial real estate maybe it's the banks maybe it's some awful event God
forbid I don't know what it is
43:33
but to think that
it's not and to see the Petro dollar deal not be reup and to see the Crown
Prince turn down going to
43:39
the G7 meeting and
to see all of these things 50 plus countries want to join the Bricks now and
have want to formally
43:47
apply um yeah this
is getting real what started out four years ago when I was
43:52
talking about this
as a crazy theory has frighteningly turned real and I I think
43:58
that this is
something people people need to U pay close attention to so who is the media
you're the media you're a
44:05
whole lot better
than than watching any of the mainstream and people like you who have the
courage and and the hard
44:12
work I know how hard
it is to stay up to speed I know how hard you work and and you this isn't even
your main job I I
44:19
know how much you
care and people should respect and admire what you are doing
44:25
people can't get out
of the way of what they don't see coming and there are very lot of a lot of
very well read R well
44:31
read people out
there who think they know what's coming but they're reading the wrong stuff and
44:37
they will get run
over by this if if if we see for whatever reason a massive
44:43
dumping of dollars
due to the the Petro dollar deal no longer being en forc the
44:48
byproduct of which
is spiked interest rates it will be a religious experience for this country as
all of the assets
44:53
are inversely
correlated to a spike in rates but not just the assets the banks and the
insurance companies are too so
44:59
it's real so prepare
like something bad is coming and hope it never does if it does you'll be damn
glad you prepared or
45:06
maybe it means
there's a hell of an opportunity when this when the dust settles maybe we the
American Spirit prevails and we are able to pull out
45:12
from this nose dive
and a new Administration does you know Foster confidence and and and you know
build
45:19
this country unite
this country again and and that would be great this country has always I think
done best with its
45:25
back to the wall and
and that would be great but to prepare um and not prepare
45:31
I think is foolish
so that's kind of my message Lena and I respect you a lot for what you do
you're one of the few people
45:38
out there honestly
who get it and that's why the minute I I saw your first video
45:43
I don't know a year
ago I'm like wow she's one of the very few who's talking about this stuff and I
give you a lot of
45:49
respect for the
courage to do it and and how articulate you are in bringing what
45:54
is real news to to
the public and I hope more and more people start uh following
46:00
you and it'll be my
pleasure to help that out by sending that out to you know 80,000 people that we
talk to and
46:07
encouraging people
to to watch real news and uh and that would start with you know people like
46:13
yourself well Andy
first of all thank you so much for your kind words and for your feedback I
really appreciate that
46:19
and it it really
does mean a lot because people don't realize how uh for me personally this is
very much a onew
46:25
woman show so uh
getting things to work the way I want them to and um editing
46:30
and uh finding the
information that would I would like my viewers to know that certainly takes um
a certain amount
46:37
of energy I know how
much time it takes I know how much effort it takes and you bring up new stories
almost every day so
46:44
I will vouch for you
it's it's a constant I spend three four hours a day every day seven days a week
I'm sure you
46:49
do too and it shows
that's why you have three or 400,000 subscribers and that's why I watch every
video you post it's
46:57
about trying to
gather as much information as possible from people like you and others out
there who are doing the same thing and then make your own
47:03
decision um trust
your gut things don't feel right I think people understand that they just don't
feel right and um
47:10
let's hope we're
wrong but uh I would say this I would I would simply say this that our current
Administration has done
47:17
more to harm this
country than any external foe could have ever have done over the last few years
and uh it's not
47:23
over yet and we have
a few months left that I think will be exponentially more
47:28
volatile and as the
Chinese curse says interesting and I hope I'm wrong I truly honest to God hope
I'm wrong but I don't
47:34
think I am and you
can see that for for for MBS to not go to the G7
47:40
meeting and to not
reup that deal is a significant of anything that has ever happened in all of
our lives but how
47:45
many people
understand that yes it hasn't like bang collapsed but I assure
47:51
you that it is not a
good omen when you see the dollar lose its hemony and in in
47:56
essence that what is
what just happened and how fast it unravels to what degree
48:02
I guess we'll see
but um I think it it it certainly the fuse has been lit when
48:07
does the fuse hit
the firecracker don't know but I think it's closer than it's ever been in my
life and I would really
48:14
like our viewers to
to understand that none of this is a really um big shock
48:20
right there were
signs and and red flags for several years now that uh if itively
48:27
said that this is
something that might happen you really need to prepare for this and for our
leadership this is
48:33
something that you
really need to take into account and try to mitigate those risks um because
West Asia has been very
48:40
very unstable and
we've seen the UAE sius Bashar Al Assad became part of the
48:46
Arab League I
believe uh last year again so they welcomed him back so um I think
48:52
those are the things
that were the signs that you know MBS may not choose to go to a G7 Conference
next time around that
48:59
things might not
really work out in uh the favor of of uh the United States in
49:04
that region and and
so none of this is a is a big shock it's it's been a long time coming and now
finally it's
49:10
starting to uh come
to light and more and more people are starting to realize what this means for
them and for their
49:17
children and for um
generations to come that are now um having to uh deal with
49:24
massive truly
massive national debt that that will certainly impact their quality of life and
what type of um uh comfort
49:32
and life they're
going to be able to afford so with that being said um of
49:38
course gold and
silver are the go-to safe haven assets and I know it's very
49:43
difficult to say
what will happen in the next six months as you mentioned for for the reasons
that you mentioned but what
49:50
is your prediction
with respect to gold price now through the end of 2024 we
49:56
have the bricks
Summit coming up we have uh elections coming up are there any other things
important events that are
50:03
uh going to take
place between now and the end of the year that would impact the price of uh
precious metals well
50:10
those are the
biggest of course I mean the flow of gold from west to east this transfer of
wealth that that I've been
50:16
talking about for a
long time now is huge and I think the underestimating of the significance of it
is is a problem
50:23
we're seeing so much
gold and silver flow Eastward just the other day uh three Fridays ago $500
million worth of
50:31
gold was delivered
to Brinks Hong Kong which is a comx facility by the way and
50:37
and they're all in
kilo bars which is ironically what trades at the Shanghai Gold Exchange it's as
if they are uh
50:43
draining our
exchanges having them sent over in exchange for physical to places like Brinks
Hong Kong and then trucked
50:48
over to the Shanghai
Gold Exchange I think that when you talk about how high gold and silver will
get it will go
50:54
higher than um
people think possible because it's as if it's playing by a new set of rules the
the the price action
51:01
the resiliency um is
unlike anything I've seen they hit it it comes right back up
51:07
um I think that the
currency that buys these Commodities um is not as valuable as the
51:14
Commodities
themselves this is zultan posar saying Breton Woods 3 Breton Woods one when we
took over for the pound
51:20
sterling Breton
Woods 2 when we became the Petro dollar and that may be over right now and
brettonwoods 3 A system
51:26
that will be all
about Commodities you look at the Chinese they bought the London Metals
exchange recently that's not the bullion lbma but it's the lme
51:33
which is all the
base Metals um copper zinc you know you name it I already read to you that they
control the majority of
51:40
all the rare Earths
you know Russia produces more wheat than the West does China struck deals on
the Belt Road all
51:46
around the world in
in you know under industrialized countries to help bring their Commodities
their natural
51:53
resources to the
fold so you are are witnessing system that is breaking away from opaque debt
Promises by a broke
52:00
insolvent and viewed
as a hypocritical Nation to to one of Commodities and transparency this is real
and how high
52:07
does it go I don't
know higher than anyone thinks possible would be my guess and I don't know if
it happens between
52:13
now and the end of
the year but you can see when you see the central banks which are the most not
only the most
52:19
well-funded but but
the most well-informed traders in the world bu at levels that we are seeing
right now it
52:24
should tell you when
you see India take a 100 metric tons back from the bank of England when you see
Saudi Arabia and
52:30
Egypt who just
joined bricks bring all their gold back from the New York fed when you see the
bundas bank the bank of
52:36
Austria Hungary
turkey Poland the Czech National Bank they did the same thing too bought
brought all their gold back
52:42
from the New York
fed in the Bank of England um when you see turkey be one of the largest buyers
of gold in the world
52:48
and apply to Bricks
these are all things that are happening and there's no coincidence in fact the
the global gold
52:55
Supply right now is
as with the central banks is basically as high as it was right before Nixon
closed the gold
53:01
window it's as if
these these people in the no are preparing for a gold standard gold has now
just outpaced the Euro for
53:08
the first time ever
in terms of Holdings and Central Bank holdings and you know
53:13
so it's number three
dollars gold Euros what is gold it's the only other tier one asset so the
significance of it is
53:20
huge in a system
that lacks trust that wants to inspire trust it will have to be backed by some
53:26
and for the bis
which is the most powerful Bank on the planet the central bank or Central Bank
to reclassify gold
53:33
as the only other
tier one asset in the world and to see the central banks buy it and repatriate
it removing
53:39
counterparty risk
the way that they are I don't know if it's by the end of the year or or later
or sooner I would just
53:46
simply say in a
world of no guarantees and probabilities the probability of gold outpacing
people's expectations to
53:53
me is extraordinary
it will go higher than anyone thinks possible and you take out the Central Bank
53:58
manipulation that
forever has been orchestrated on the comx and on the lbma
54:04
where the lbma right
now trades almost three billion ounces of silver per day that's that's that's
three and a half
54:10
times Global Mine
Supply where they're trading 200 million ounces of gold per day that's not
normal and you know they
54:18
only have I don't
know how many ounces of gold that they only have 300 million ounces of silver
yet they're trading
54:24
almost three billion
I'm not not sure how many ounces of gold the lbm has but the point of it is the
rehypothecation
54:30
of all of these
Metals by the bullion banks in the west have created an environment where the
price has been muted and they didn't want the price to
54:37
rise because they
wanted everyone happy in in in Western currencies and investing in Western
treasuries and
54:43
western western um
assets that made the Western Bankers wealthy well the game is
54:49
changing because now
you have countries wealthy enough coordinated enough sophisticated enough to
stand for
54:54
delivery and they're
draining the exchange using these make Bel prices in years past no one stood
for delivery it
55:01
was just a way to
hedge exposure or to gamble now there're standing for delivery and standing for
delivery means
55:07
these naked
contracts this rehypothecation is enough to put companies Banks or hedge funds
out of
55:13
business like that
and so yeah it's it's different when I say gold and silver tra are playing by a
new set of rules I mean
55:20
that um and I think
you will see this come to a head at some point but how
55:25
high does it go by
the end of the year I don't know and to make a guess would only be a guess but
I will say higher
55:31
than people think
possible over time and you buy it not for that reason you don't
55:36
buy it to get
wealthy you buy it because it is wealth that has outlived everything the
world's ever thrown at it
55:42
and now you know the
more things change the more they stay the same here we are again the central
Bankers who know the
55:48
Playbook buying and
possessing repatriating from the bank of England I.E the lbma and the New York
fed I.E
55:55
the comac we don't
want you holding our medals we don't trust you anymore you've proven
56:00
untrustworthy we see
the amount of Leverage the amount of rehypothecation we see the risk in holding
your assets
56:06
are you holding our
assets and it's time to break free into a new system that will be about
transparency Commodities
56:13
and physical
possession which removes any and all counterparty risk and that's what these
Commodities offer is is an
56:21
escape from that
type of of confiscation of assets and when you see the us who
56:26
just voted to to to
take the 5 billion that we're holding and turn it into
56:31
Munitions and give
it to the Ukraine and the 280 billion that the European Union is holding and
take the interest from
56:37
those Securities and
use it to give to the Ukraine for rebuilding it for for
56:42
all sorts of things
including weapons that's a whole different thing and I think no one will ever
trust us again
56:48
Lena I think you
cross that line you break that trust you shatter that trust there will be
consequences which brings
56:55
me back full full
circle to title of my speech that I'm giving in bokeh here
57:00
next month at Rick
rules conference and I wanted to call it as it too stupid to be stupid I I
turned it a little bit
57:07
more political but
you have to ask yourself with Jared Bernstein being the lead economic adviser a
man who
57:12
advocates for losing
the reserve status um with number two being L brainer a
57:18
modern monetary
theorist who wants to see the banks collapse wants to see a central bank issued
digital currency
57:23
could these things
actually be possible is it is it possible that we let the country go to Hell by
letting people in
57:30
and destabilizing it
and creating disunity by by having people question the the Cornerstone of this
country the
57:37
the judicial system
the electoral system the immigration system the wokeness that we see could it
be that we we told the
57:45
Saudis we're going
green and and and then go on this this weaponization um sanction binge you look
57:54
around and you could
see why the hell would these countries want to hold our treasuries when they
not only with all of the stuff I just said they've
58:00
performed like crap
over the last year and a half and we're choosing inflation over austerity and
inflating currency an
58:05
unstable bond market
that can be confiscated and a country that is no longer the beacon of light at
least at
58:13
outward appearance
that it once was and you have to ask yourself is this stuff just too stupid to
actually not be
58:20
planned I don't know
it it feels that way to some degree either that or the people who are supposed
supposedly our
58:27
elected leaders are
are um leading us down a very dark path where uh hopefully
58:33
we can pull up from
it here over the next few months but God help us if not if this current
Administration stays in
58:38
office again I think
we're in big trouble and I think you need to prepare as if that's the
58:44
case Andy thank you
so much this was a fascinating conversation as always um
58:49
how can our viewers
contact you yeah and I hope you invite me back again because you know this is
why I
58:55
don't talk about
this stuff at parties or with friends unless they ask me because really it
doesn't
59:01
portray happy
exciting news but I would rather know what's coming and be able to
59:07
get out of the way
of it and and not just survive maybe even Thrive than be run over by it Lena I
hope I'm wrong and
59:14
you know what scares
me more than anything is that this stuff that I've been talking about in I
don't know 3,000
59:20
videos since 2019
that are still out there I've been right and I don't take
59:26
joy in that I mean
it scares me actually the stuff that I've talked about when everyone thought I
was crazy in 2019
59:33
saying the Saud
would dump the Petro dollar and the bricks would come big and strong and all of
these things that have
59:39
happened I'm
frightened by it so what do I do I I I try to distance myself from
59:46
traditional assets I
try to remove counterparty risk uh if you want to buy gold and silver please
put in the
59:52
subject line Lena
sent me we will give you white glove service we will send you a price list that
we don't publish that
59:58
will be as good or
better than anywhere in in the country uh we will answer any questions that you
heard on this or
1:00:04
previous shows or
anything that you have questions about IRAs you name it um we'd
1:00:10
love to earn your
business that's what I do I I look at gold and silver as escape from The Matrix
I try and be completely
1:00:17
objective and and
the only other place that I have felt comfortable to put my own money over the
last six months to a
1:00:23
year has been really
really really short-term us treasuries 6 months in duration or less and I don't
know where
1:00:30
else to put it yes I
own a precious metals company but I believe enough in it and what it represents
in terms of
1:00:36
removal of
counterparty risk and an asset base or asset class that is being
1:00:42
voraciously
accumulated by the central banks who know the Playbook they're not just the
wealthiest or the most
1:00:47
well-informed so
please take it for what it's worth yes I think people should buy precious
metals whether it be for me or
1:00:54
anyone else and I
think that people should do the best they can to get out of debt and prepare
and um that's what I
1:01:01
would do and if you
have other assets you don't want to put it all into Metals go to
treasurydirect.gov that goes right
1:01:07
to the US uh
treasury you you disintermediate the risk of the banking
1:01:12
sector and you can
buy I don't know six month 90day
1:01:18
treasuries that um
will I think give you the liquidity you want and and take a
1:01:24
lot of the risk in
the banking sector out of the equation and if the government fails we're all in
trouble so
1:01:29
that's what I would
do and I would love to talk with your listeners if they have questions for me
again info@ miles
1:01:35
franklin.com direct
them to me I will try and get to as many as I can and um I
1:01:41
really love coming
on your show Lena I hope you'll have me back because I think the next few
months will be the craziest
1:01:47
few months of my
career and I would love to ride shotgun with you a little bit more and and you
know talk about it as
1:01:54
things start to
unfold thanks Andy I look forward to having you back thanks Lena
1:02:02
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