Episode #36: Something Wicked This Way Comes, The Unfiltered Truth About Our Economy W/Kelsey Williams

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Look from the very first episode
this podcast.

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I told you that I would always
tell you the truth is, I

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understand it doing that
sometimes means having to say

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things that are unpopular or
even unpleasant, this is going

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to be one of those episodes.
Now for about the last six

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months, I have seen massive
instability in the economy and

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I've had just an overall gut
feeling that Something Wicked,

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This Way Comes.
Now, when I get those gut

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feelings, I reach out.
Two people who are way smarter

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than me about the topics.
I am having those feelings

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about.
It's for this reason that I

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brought Kelsey Williams back on
the podcast.

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Now, you're going to get
straight talk and straight up

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truth about where the economy is
and spoiler alert it ain't

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great.
We then go into an in-depth

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history of the financial system
of the United States, including

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the birth and role of the fed
and the Bretton Woods Summit.

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And what that all means in
historical context, Kelsey then

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moves on to tell us what he
thinks may be coming our way and

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What we can do to help, whether
that coming economic storm.

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Now you're going to get in-depth
history and Analysis on this

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episode about the economy that
you normally don't see on major

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news networks and from political
and economic pundits.

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And that's next on this episode
of the Mormon Renegade podcast,

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So, I just want to take a moment
to thank you.

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The Listener, when I started
this podcast I wasn't sure if

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anyone would really listen.
Now to my surprise, this thing

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has taken on a life of its own
and that's all due to you the

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listener, spending your time
here with me, and it means a

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great deal to me now, as a
husband and father, I'm keenly

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aware of how important time is.
It feels like there's just never

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enough of it.
So when you are spending your

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time here, listening to this
podcast, I feel a responsibility

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to never waste your time in that
Spirit as this podcast has

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grown.
I feel like I need to do you the

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listener.
Justice, I want to continue to

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produce good content and upgrade
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better equipment and better
software and that all takes

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money.
Now, I've tried to advertise,

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but you'd be surprised.
There's not a lot of people want

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to advertise on a Mormon
fundamentalist podcast.

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I know surprising right now if
you want to help support the

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podcast, you can do that.
One of two ways.

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The first is go over to Mormon
Renegade.com and hit the Donate

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You can make a one-time donation

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Set it up to be a monthly

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recurring donation your choice
entirely now.

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Option number two because I'm a
capitalist.

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If you want to head on over to
Mormon Renegade.com, click on

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the store button.
You're going to find that.

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We've got some new swag out, we
got some T-shirts, we have a

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tote, we have cell phone cases,
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We got a bunch of stuff in more.
It's going to be on the way.

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So if you feel like, that's
something you could do again,

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head on over to Mormon Renegade
and check all that stuff out.

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If you're not in that position
to do.

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So I completely understand.
We're all squeezed right now

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with high gas prices and high
inflation.

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So even if you can't please keep
listening and maybe keep the

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podcast in your prayers, so we
can continue to grow produce.

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Good content and better audio
quality.

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Thank you.
Your listing to the Mormon

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Renegade podcast.
Well Kelsey, welcome back man.

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Good to be here.
How are you doing Dave?

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I'm good man.
Have you been you know going to

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school having fun not writing?
Yeah, I know man, and I'll tell

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you what, speaking of writing
high.

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So enjoy getting your stuff when
it pops up on my feed because it

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just breaks everything down.
So well, you just have a gift

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for being able to Explain these
Concepts these Concepts and

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these principles and kind of
deciphering where we're at and

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what's going on in a way that
even a guy like me can

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understand so good on you for
being able to do that?

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Well, I appreciate that.
So for the listeners you're

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going to get a very holistic
view of what's happening right

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now.
With the economy that I don't

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think you're going to get very
many in very many other places

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and that's because in a podcast
we have time to We break down

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what's going on so where you
might normally just get, you

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know, five or ten minutes tops
on your evening news or on your

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favorite opinion, Channel or
whatever the case is, you're not

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going to get the the entire
breakdown of what's Happening

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Here.
And as Kelsey, and I talked

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about what it is, we want to do
with this episode.

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We really did want to take a
holistic view of what's

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happening, and we kind of
touched on a little bit and the

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other two episodes.
Yes.

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But not like what?
I think we're about to do now so

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I'm super excited to do this.
So Kelsey let's just start here.

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Where are we right now?
What is happening as we speak

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with the economy.
Alright, we are about eight or

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nine months, maybe 10 months
into an effort by the Federal

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Reserve to coerce interest rates
up to a More normalized Level,

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that's what is going on.
And the reason I say coerce is

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because they don't really
control interest rates.

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Interest rates are a function of
bond prices.

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Happens in the bond market, they
can influence more directly

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short-term rates, and they have
control over one particular show

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short-term rate, that's the
discount rate, which is what

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people here.
Being reported the FED raised

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the discount rate by 75 basis
points.

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But most people probably don't
understand what the discount

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rate I was just going to say, I
know we touched on a little bit

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in one of our other episodes.
Yes.

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But I think it'd be good to go
back and talk about what the

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discount rate is.
It's also been called the

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discount window, right?
Yeah, the discount rate is the

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rate that member banks pay to
borrow money directly from the

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Federal Reserve.
And that's why when the FED

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raises that raid or lowers it
right now, by raising it, they

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are putting a damper on any
motivation that a banquet have

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to borrow money because the
rates higher that, that sort of

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subdues things if you will,
hopefully, they're there their

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ideas by doing that.
Um, the effects of inflation

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will subside.
Okay.

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That's that's their purpose and
goal and doing it, all right?

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And there's a lot of risk
involved and we'll get into

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those, but there are risks
involved with doing it.

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The other thing that's important
for people to recognize is that

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they're not doing anything to
actually fight inflation.

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They're simply making the cost
of the credit.

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That's made available more
expensive.

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So remember when we have all of
the bailouts in the emergency

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money and the previous crises a
couple of years ago and 2008

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when the FED made all that money
available, It came directly from

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the FED to member banks, primary
Banks.

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And then other member banks,
they could borrow money at

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abnormally Chi braids, and then
they turn around and Loan it,

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and that was supposed to
increase activity and kind of

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re-inflate.
What happened?

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You know, are all of its
activity.

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So they're encouraging when they
do that borrowing and lending

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and other words, more of the
same things that God is into

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this mess anyway.
Okay.

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They expand the supply of money
and credit but they do that

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continuously.
Anyway, by raising the interest

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rates, they hope indirectly that
they can put a damper on some of

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that activity which Each won't
fuel the higher prices were

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seeing.
Now if I'm not mistaken and

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correct me if I'm wrong here,
I'm trying to remember back, you

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know, back to about that time.
I'm under the understanding as

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well that when those bailouts
happened, I believe it was

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Polson who was the acting Fed
chair at the time.

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Correct me if I'm wrong there,
but and I think he basically

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kind of strong-armed every Bank
into taking the money.

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Is that correct?
There was some of that their

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that their influence was look,
you need to do this, we've got

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to get this under control, so
take the money well and even

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when they took it, it was cheap
enough.

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They just sat on it, right?
They didn't loan it out right

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away because they were concerned
about it.

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They didn't.
And it was, it was so cheap.

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It was like, well, why should we
bother?

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You know, we can, we can do
something with it to Certify

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borrowing with it.
But why add more risk?

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And we'll just hang on to it for
a while.

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In the other thing I'd heard is
that basically, it was one of

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those things where they were
pressuring everybody to take it.

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So it would re-instill
confidence back into the market.

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So, the idea was that all the
bank's took it, you didn't know

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which banks were the
unhealthiest, which would

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essentially in theory, create
this idea of well, you know, We

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really don't know which banks
are strong and which ones are

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weak.
So they were hoping it would

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calm down.
Some of that market volatility.

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Is that right?
I believe that's correct.

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And but you re you've raised a
point that I think is just as

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important there is another
interest rate called the FED

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funds rate.
And the FED funds rate is the

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rate even though it's called the
FED funds rate is the rate that

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member banks charge each other
to borrow money on an overnight

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basis.
And the reason that they need to

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is because they have to be in
Balance according to the FED

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regulations, if you've got a
billion dollars in deposits on

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hand, those billion dollars are
a liability, but you can loan

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out 900 million of that or 90%.
If you fall below that 10%,

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Reserve ratio, you're in
violation of the FED rags.

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And so, you've got to borrow
money to bring yourself in

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balance and so on an overnight
basis, the banks will borrow

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money from it.
Each other, someone might have a

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surplus over that minimal amount
and they'll loan money.

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So but it's a market-driven
according to conditions,

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expectations, someone, some Your
institution might be having more

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trouble, it might have other
implications.

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Well, that changes the FED funds
rate all the time.

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It's a market-oriented rate
between and among the member

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banks, but the banks in order to
get themselves into balance each

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night also have the option of
borrowing directly from the fed

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and that's where the discount
rate comes in because they'll

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pay what the discount rate is.
Everything the FED is doing

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right now is geared to raising
rates to a more normal level

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because they are protecting the
dollar.

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And the reason is, if they can
get rates up where they were

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before, was they were providing
all this money, very cheaply and

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that inflation because that's
when inflation is Was showing up

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in terms of a dollar which
continued to lose purchasing

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power at a very, very sharp rate
and the threat of losing all

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viability and a crew run on the
dollar complete collapse.

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If you will, that is where they
were.

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If they kept feeding money into
the system at very cheap rates

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that were just feeding an
addiction that already.

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Is it existed?
They're trying to protect the

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Dollar by raising rates but
there are risks involved of

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doing in that way.
They're not actually fighting

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inflation.
Their plant for trying to keep

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the dollar from Accelerating its
decline or collapsing depending

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on where you know how far along
that path.

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We are I got you now with that
discount window that used to 0,

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must be a sign of Shame if a
bank had to go to that.

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Right?
Exactly.

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And you know why is because by
the time they got to that point,

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it meant the FED would know that
they were out of balance right?

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If they could stay in the
circle.

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With the other Banks but it's
sort, it was sort of a red alarm

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thing which so makes his wage.
Second, how come you just didn't

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you, you know the FED will be
thinking?

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Why didn't they just do this in
the in the FED funds market with

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the other Banks?
Well, they probably couldn't get

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the money so they had to go to
the fed.

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The FED will give it to him,
buddy, tips them off.

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So then the FED would probably
introduced its stringent

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requirements, so you got to get
back in line at.

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Banquets not know.
And then, you know, The

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publicity associated with it.
So that's why they would

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reluctantly not want to go
directly to the FED in order to

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00:14:40,100 --> 00:14:44,500
counter that the Feds that will
then what we've got to do is

227
00:14:44,500 --> 00:14:47,400
we've got to make it available
cheap enough so they'll all want

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00:14:47,400 --> 00:14:53,700
to go here come to the and and
and that a bank who does really

229
00:14:53,700 --> 00:14:57,600
need.
It isn't going to shy away if

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00:14:57,600 --> 00:15:00,000
others are doing it because it
won't be a tip-off.

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00:15:00,300 --> 00:15:04,700
There's no need for me to go.
Oh, to you as as my sugar?

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00:15:04,700 --> 00:15:09,100
Daddy, mr.
Fad, if I can do this on my own

233
00:15:09,800 --> 00:15:11,400
and that's where the shame came
in.

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00:15:12,200 --> 00:15:13,900
Gotcha.
Gotcha.

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00:15:14,100 --> 00:15:18,800
And because as I read up on that
just a little bit, it almost

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00:15:18,800 --> 00:15:21,000
sounded like a payday loan for
banks.

237
00:15:21,200 --> 00:15:23,600
Right?
Where where it was like they

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00:15:23,600 --> 00:15:26,500
were like oh crap we're out of
money, we got bills.

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00:15:26,500 --> 00:15:28,900
Do where do we go?
And they went to the pay, you

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00:15:28,900 --> 00:15:32,200
know, the payday loan place
essentially is what the Discount

241
00:15:32,200 --> 00:15:35,100
window that's that's the origin
of the fed.

242
00:15:35,100 --> 00:15:43,500
The Fed was designed to be an
organization that promoted and

243
00:15:43,500 --> 00:15:49,500
encouraged an environment that
would allow member banks to

244
00:15:50,000 --> 00:15:54,000
create and lend money.
And when they got in trouble,

245
00:15:54,000 --> 00:15:58,100
the FED would be there to help
provide some kind of safety net.

246
00:15:58,100 --> 00:16:02,300
So if you had everybody under
the same umbrella, It was either

247
00:16:02,300 --> 00:16:07,100
to easier to work with when
there was a problem, then the

248
00:16:07,100 --> 00:16:10,500
previous histories which where
you know they were pretty

249
00:16:10,500 --> 00:16:13,500
severe.
They didn't last as long but

250
00:16:14,000 --> 00:16:17,600
Banks were independent.
So this way they could argue

251
00:16:17,600 --> 00:16:20,500
that what we can, we have better
control over the system.

252
00:16:20,500 --> 00:16:24,200
This way God that was the
argument given but not that.

253
00:16:24,200 --> 00:16:29,100
That necessarily is the
Functioning reason behind the

254
00:16:29,100 --> 00:16:33,900
feds origin, but that's what
they proposed and I definitely

255
00:16:33,900 --> 00:16:37,100
want to go to the feds origin
and covered Bretton Woods and

256
00:16:37,100 --> 00:16:40,200
all the important stuff here
because sometimes we got to know

257
00:16:40,200 --> 00:16:42,600
where we've been in order to
know where we're going or where

258
00:16:42,600 --> 00:16:45,800
we're at.
But before we get there, you you

259
00:16:45,800 --> 00:16:49,000
had said something that that
caught my attention.

260
00:16:49,000 --> 00:16:52,300
You said that the FED is
attempting to bring interest

261
00:16:52,300 --> 00:16:56,300
rates up to a normal level.
So I'm going to ask probably a

262
00:16:56,308 --> 00:16:57,800
little bit of a loaded question
here.

263
00:16:57,800 --> 00:17:00,300
What's a normal level for
interest rates?

264
00:17:01,400 --> 00:17:07,800
There's been some studies done,
you go back. and, you know, even

265
00:17:07,800 --> 00:17:11,599
if you look back over the past
couple hundred years at interest

266
00:17:11,599 --> 00:17:16,599
rates or a period of time, they
were always think of mortgage

267
00:17:16,599 --> 00:17:18,300
rates where we're mortgage
rates.

268
00:17:18,300 --> 00:17:22,200
You know, when I bought my first
house, a mortgage rate was a

269
00:17:22,200 --> 00:17:26,300
percent that was standard.
At one time.

270
00:17:27,000 --> 00:17:31,500
They went up considerably higher
and then they came back down to

271
00:17:31,500 --> 00:17:34,300
a more normal level.
But that was generally around

272
00:17:34,300 --> 00:17:37,000
8%.
And again, the mortgage rate is

273
00:17:37,000 --> 00:17:42,800
always a derivative or function
of more other interest rates,

274
00:17:42,800 --> 00:17:45,300
like treasury rates, And that
sort of thing.

275
00:17:45,300 --> 00:17:48,700
And that's the standard.
Most people look at their

276
00:17:48,900 --> 00:17:53,200
though, there's usually a margin
marginal increase or difference

277
00:17:53,200 --> 00:18:00,200
between what it costs to borrow
money versus the treasury, what

278
00:18:00,200 --> 00:18:04,400
the treasury pays by issuing
treasury bonds, but that rate is

279
00:18:04,400 --> 00:18:08,800
going to be up closer and I'd
say broad range between four and

280
00:18:08,800 --> 00:18:11,800
eight percent.
What has happened for the past

281
00:18:11,800 --> 00:18:16,300
40 years ever since Paul Walker
was the head of the FED?

282
00:18:16,400 --> 00:18:20,000
Is it rates of Decline and they
never stop these?

283
00:18:20,000 --> 00:18:23,300
We got to a point where maybe,
you know, they had, of course,

284
00:18:23,300 --> 00:18:28,500
been very high in the 80s, but
that was because of Market

285
00:18:28,500 --> 00:18:32,800
forces, and because of the
effects of inflation people in

286
00:18:32,800 --> 00:18:37,100
want to loan money or borrow
loan money for 30 years to

287
00:18:37,100 --> 00:18:41,300
somebody, even the US
government, if inflation, which

288
00:18:41,300 --> 00:18:46,200
was running at 12 percent or
more Was going to continue and

289
00:18:46,200 --> 00:18:50,200
erode, the value of their money
that was tied up, earning a

290
00:18:50,200 --> 00:18:54,700
percent 9 percent.
So interest rates on treasuries

291
00:18:55,700 --> 00:19:00,600
long-term bonds, whereas like a
15 or 20 year bond.

292
00:19:00,800 --> 00:19:06,700
They were up around 15 percent
and that was unusually high, but

293
00:19:06,700 --> 00:19:09,800
it was concurrent with high
inflation.

294
00:19:11,300 --> 00:19:17,100
What the FED did in the US
government together back when

295
00:19:17,100 --> 00:19:22,200
Clinton was President has
started emphasizing shorter term

296
00:19:22,200 --> 00:19:26,300
borrowing?
And that said, well, it'll make

297
00:19:26,300 --> 00:19:29,100
it cheaper.
The problem is the cheaper

298
00:19:30,000 --> 00:19:35,800
didn't make the quality of the
credit any better and it

299
00:19:36,100 --> 00:19:40,900
continued to drive rates down,
pushed encourage people bought

300
00:19:41,000 --> 00:19:43,200
Into it.
You know the bond market is like

301
00:19:43,200 --> 00:19:48,800
a vigilante or a policeman if
the by if people don't like

302
00:19:48,800 --> 00:19:53,200
where rates are they don't buy
the bonds and if the demand is

303
00:19:53,200 --> 00:19:56,700
there for the bonds that drives
the rates down and say it's like

304
00:19:56,700 --> 00:20:00,200
a seesaw, that's all it is.
It's inverse rates are going up.

305
00:20:00,200 --> 00:20:03,600
The value of the bonds is
dropping, that's what's

306
00:20:03,600 --> 00:20:09,100
happening now.
And that's the problem though is

307
00:20:09,100 --> 00:20:11,400
we're so used to cheaper.
Money.

308
00:20:11,600 --> 00:20:16,300
That even if rates returned on a
on their own basis, to more

309
00:20:16,300 --> 00:20:21,100
normal levels, it would still
cause a lot of damage and

310
00:20:21,100 --> 00:20:26,100
destruction, which I think has
to be something we experience

311
00:20:26,100 --> 00:20:27,900
before, we can actually get
better.

312
00:20:29,300 --> 00:20:33,900
That's what I was afraid.
You were going to say, so, What?

313
00:20:33,900 --> 00:20:38,300
Let me ask you this right now
and this is just me driving back

314
00:20:38,300 --> 00:20:40,700
and forth to work every day.
You know, there's there's

315
00:20:40,700 --> 00:20:46,100
Billboards up that, you know,
have like the the you know what,

316
00:20:46,100 --> 00:20:49,900
what a rate is right now to like
buy a home and it's floating

317
00:20:50,300 --> 00:20:53,400
just under seven.
I think it's 675 if I'm not

318
00:20:53,400 --> 00:21:01,700
mistaken. so, if a normal rate
is 8, And we're almost at seven

319
00:21:01,700 --> 00:21:08,200
now with really no signs that
the rate increases have slowed

320
00:21:08,200 --> 00:21:12,700
inflation.
Where do they have to be in

321
00:21:12,700 --> 00:21:17,500
order for the FED to have
accomplished its goal of slowing

322
00:21:17,500 --> 00:21:22,900
down inflation?
Well there's a couple of issues

323
00:21:22,900 --> 00:21:29,100
here.
The first is we're talking about

324
00:21:29,100 --> 00:21:32,800
the effects of inflation because
that's what the higher prices

325
00:21:32,800 --> 00:21:36,300
are the inflation, is the Fed
expanding the supply of money

326
00:21:36,300 --> 00:21:39,800
and credit without knowing what
that's going to lead to.

327
00:21:39,800 --> 00:21:43,300
They've already created the
inflation and they're not

328
00:21:43,500 --> 00:21:47,900
backing off on that necessarily.
It's happening all the time

329
00:21:47,900 --> 00:21:50,600
because of fractional Reserve
Banking and everything else.

330
00:21:50,600 --> 00:21:55,600
So inflation is not stopping and
nobody's trying to stop the

331
00:21:55,600 --> 00:21:58,900
inflation but they have raised.
The price.

332
00:21:59,800 --> 00:22:03,600
So, the credit that they make
available is cheaper.

333
00:22:04,000 --> 00:22:07,900
I mean, it's more expensive now
than it was, but it's like if

334
00:22:07,900 --> 00:22:14,200
you're an alcoholic and you're
addicted, And somebody raises

335
00:22:14,200 --> 00:22:17,300
the price of your booze, but
still offers it to you.

336
00:22:17,800 --> 00:22:21,700
What do you do?
I mean, you have to have it you

337
00:22:21,700 --> 00:22:28,200
know people don't stop buying
gasoline and and so what you

338
00:22:28,200 --> 00:22:32,700
know, there's a point where
people at this point a normal

339
00:22:32,700 --> 00:22:39,300
interest rate level Is not
necessarily going to change a

340
00:22:39,300 --> 00:22:43,200
lot.
It could but it will be

341
00:22:43,200 --> 00:22:48,300
difficult because the effects of
going to that level are having a

342
00:22:48,300 --> 00:22:54,400
horrendous effect on current
asset prices, because bond

343
00:22:54,400 --> 00:22:59,300
prices have dropped over 30, 30,
and value in the last two years.

344
00:22:59,900 --> 00:23:04,400
If you bought a bond paid a
hundred thousand dollars for it.

345
00:23:04,900 --> 00:23:11,700
This is Long-term bonds.
Even if even a US Treasury over

346
00:23:11,700 --> 00:23:14,000
the past couple of years that
treasury bond.

347
00:23:14,000 --> 00:23:18,500
The long-term is now worth 30%
less than you paid for it.

348
00:23:18,900 --> 00:23:24,900
Because the interest rate you
locked in Is much cheaper than

349
00:23:24,900 --> 00:23:29,000
what they're paying now.
So it's not worth the same.

350
00:23:29,000 --> 00:23:35,300
So what happens is the bond
price drops to a level that the

351
00:23:35,300 --> 00:23:39,500
interest rate being paid.
Correlates to what today's

352
00:23:39,500 --> 00:23:42,100
market interest rates are.
And that's the way the bond

353
00:23:42,100 --> 00:23:46,700
market works all the time.
The problem here is that the

354
00:23:46,700 --> 00:23:50,300
higher interest rates go,
whether they're forced or

355
00:23:50,300 --> 00:23:53,400
whether they move up on their
own, trying to get them to a

356
00:23:53,408 --> 00:23:59,000
normal level is creating Havoc
with all asset prices.

357
00:23:59,000 --> 00:24:04,600
It means everybody that's used
to cheaper, prices can afford

358
00:24:04,600 --> 00:24:08,100
the higher prices, or they have
Investments.

359
00:24:08,100 --> 00:24:12,100
That were made betting on lower
rates or rate staying low.

360
00:24:12,200 --> 00:24:17,700
So they're getting killed that
way. so you have all asset

361
00:24:17,700 --> 00:24:23,200
prices dropping reflecting, the
fact that money is more

362
00:24:23,200 --> 00:24:27,500
expensive than it was, and we're
used to paying a lot less and we

363
00:24:27,500 --> 00:24:34,100
can't So you have the potential
for bankruptcies credit

364
00:24:34,100 --> 00:24:39,000
collapse.
A lot of things including bank

365
00:24:39,000 --> 00:24:45,600
failures.
Geez, um Let me let me ask you

366
00:24:45,600 --> 00:24:49,500
this and if you don't want to
answer it, I totally understand.

367
00:24:50,900 --> 00:24:53,000
Could some of this be
intentional?

368
00:24:53,000 --> 00:24:56,400
I've been doing a little bit of
reading your stuff.

369
00:24:56,500 --> 00:25:02,000
Some some stuff from like the
70s on economy.

370
00:25:04,000 --> 00:25:07,300
Could some of this be
intentional in the form of

371
00:25:07,300 --> 00:25:15,800
demand destruction on certain
items it could be and I guess

372
00:25:15,800 --> 00:25:20,600
that's what is like what you've
got first.

373
00:25:20,700 --> 00:25:24,100
First, the Spectre that rates
are increasing and all these

374
00:25:24,100 --> 00:25:29,300
problems are getting worse and
then you've got the possibility

375
00:25:29,300 --> 00:25:34,100
that it's all part of a design,
a long-term design and plan,

376
00:25:34,300 --> 00:25:36,700
which I believe it very well
could be.

377
00:25:36,900 --> 00:25:40,200
But it's very important to
recognize is that the problem

378
00:25:40,200 --> 00:25:44,700
we're in is the result of what
the FED has done in the way.

379
00:25:44,700 --> 00:25:49,500
It's acted for over 100 years,
the effects of inflation are

380
00:25:49,500 --> 00:25:53,600
always unpredictable.
We don't know the extent of the

381
00:25:53,600 --> 00:25:59,400
damage that's done by expanding
the supply of money and credit

382
00:25:59,500 --> 00:26:05,900
by making it available cheaply
until we see it show up in the

383
00:26:05,900 --> 00:26:09,600
loss in purchasing power of the
dollar and that's when we can

384
00:26:09,600 --> 00:26:11,900
say, okay?
What you're seeing in terms of

385
00:26:11,900 --> 00:26:15,800
inflation on CPI reported or
producer prices on a

386
00:26:15,808 --> 00:26:20,200
month-to-month basis.
Those have been reported every

387
00:26:20,200 --> 00:26:24,600
month for decades.
It's an issue now because it's

388
00:26:24,600 --> 00:26:28,200
higher than it was, but it's
still not as bad as it was in

389
00:26:28,200 --> 00:26:34,100
that 80s, but we're so used to
it being so cheap.

390
00:26:34,300 --> 00:26:37,800
That's having a big impact
because we are built into our

391
00:26:37,800 --> 00:26:41,000
own activities, the lower
prices.

392
00:26:41,000 --> 00:26:45,300
And what that means is that now
people can't afford to carry the

393
00:26:45,300 --> 00:26:48,300
same amount of debt, that's why
people are priced out of the

394
00:26:48,300 --> 00:26:52,800
markets, who would ordinarily
not be or why people simply say,

395
00:26:52,900 --> 00:26:56,200
Say, well, I'm not going to pay
that much to borrow it.

396
00:26:56,300 --> 00:27:00,700
I'll pay cat if they have it or
whatever or they won't.

397
00:27:01,000 --> 00:27:07,600
So it is having an effect
because we are fueled by credit

398
00:27:07,600 --> 00:27:11,800
the world economy is fueled on
credit.

399
00:27:13,000 --> 00:27:17,300
So credit is more expensive.
That means it costs more.

400
00:27:19,400 --> 00:27:22,200
And and we're fueled on credit
to the point.

401
00:27:22,200 --> 00:27:29,100
And this we went over this about
I think the point 100% point was

402
00:27:29,100 --> 00:27:36,400
about a year or two ago, it cost
more money to produce a unit of

403
00:27:36,400 --> 00:27:39,400
productivity now than you get
in.

404
00:27:39,400 --> 00:27:43,400
Other words, it used to be the
ratio kept going up.

405
00:27:43,400 --> 00:27:50,000
So 50% cost and you get Your
unit of credit and then it was

406
00:27:50,000 --> 00:27:54,000
80 percent for each additional
dollar of productivity, 80

407
00:27:54,000 --> 00:27:58,700
cents, yelled yielded, one
dollar of productivity.

408
00:27:59,000 --> 00:28:05,300
Now it costs more than one
dollar of credit debt to produce

409
00:28:05,300 --> 00:28:09,600
a dollar of productivity so it
costs more now to yield it.

410
00:28:09,600 --> 00:28:17,000
So we are bankrupt.
In a very clear technical way.

411
00:28:17,300 --> 00:28:21,500
If it costs is like a company
says, hey we need a new

412
00:28:21,500 --> 00:28:24,500
employee.
How are we going to pay for

413
00:28:24,500 --> 00:28:26,300
that?
It's going to cost 100,000 a

414
00:28:26,308 --> 00:28:29,500
year.
Well if they're going to borrow

415
00:28:29,500 --> 00:28:32,000
money it's going to cost them
110,000.

416
00:28:33,000 --> 00:28:35,200
I mean that's that's what it
comes down to.

417
00:28:35,300 --> 00:28:39,400
We wouldn't it doesn't make
sense to say you would do that.

418
00:28:39,500 --> 00:28:43,300
But that's where we are on the
basis of all the credit that's

419
00:28:43,300 --> 00:28:47,800
been expended and made available
at the rates and now is the

420
00:28:47,800 --> 00:28:50,200
rates go up.
And the credits more expensive

421
00:28:50,200 --> 00:28:53,400
is more expensive to maintain
the credit that exists.

422
00:28:53,400 --> 00:28:55,600
It's more expensive to borrow
new money.

423
00:28:57,500 --> 00:29:02,200
Jeez, bankrupts probably a
pretty good word for it.

424
00:29:02,500 --> 00:29:05,800
What, what is preventing the
rest of the world from just

425
00:29:05,800 --> 00:29:08,900
saying, you know what?
Let's let's save that question,

426
00:29:08,900 --> 00:29:11,500
actually.
Let's let I'll go back to that,

427
00:29:11,500 --> 00:29:14,800
when, after we've talked about
how we got here.

428
00:29:15,100 --> 00:29:18,600
I think we've painted a pretty
good picture of where we're at,

429
00:29:19,800 --> 00:29:22,600
which it sounds like, we're kind
of teetering on the brink.

430
00:29:23,300 --> 00:29:28,300
Yeah, I think we are.
Let's talk about.

431
00:29:28,400 --> 00:29:30,600
Let's next talk about how we got
here.

432
00:29:30,900 --> 00:29:33,800
Let's talk about, you know,
where the FED came from, what

433
00:29:33,800 --> 00:29:38,200
the FED is.
And then after that, lets I want

434
00:29:38,200 --> 00:29:41,400
to pick your brain and see if we
can't.

435
00:29:41,400 --> 00:29:44,300
Maybe project out a little bit
on maybe things, we should keep

436
00:29:44,300 --> 00:29:48,200
our eyes out for That sounds
good to me.

437
00:29:48,600 --> 00:29:52,900
All right.
So real quick, let's let's

438
00:29:52,900 --> 00:29:56,500
define what the FED is because
and I know we've touched on a

439
00:29:56,508 --> 00:29:59,100
little bit before, but I feel
like it's worthwhile in

440
00:29:59,100 --> 00:30:02,400
painting, this kind of holistic.
Picture of where what's going

441
00:30:02,400 --> 00:30:06,200
on?
How would you best describe the

442
00:30:06,200 --> 00:30:12,700
FED to someone who just hears
the word fed on the on their

443
00:30:12,700 --> 00:30:16,600
local news or, you know, Fox
News or CNN or wherever it is?

444
00:30:16,600 --> 00:30:19,500
They're looking you hear the
word fed and you automatically

445
00:30:19,500 --> 00:30:21,500
think it's a government
organization.

446
00:30:21,500 --> 00:30:25,500
Is that the case?
No, it is not fed.

447
00:30:25,500 --> 00:30:33,400
Federal Reserve is very simply
put a Bankers Bank And the

448
00:30:33,400 --> 00:30:40,600
origin of the FED is steeped in
controversy and it does involve

449
00:30:40,600 --> 00:30:44,600
politicians at the time and
international Bankers from

450
00:30:44,600 --> 00:30:49,500
Europe and the us although most
of it most of the Bose who were

451
00:30:49,500 --> 00:30:54,500
in The u.s. came from Europe.
Originally and the story is laid

452
00:30:54,500 --> 00:31:00,700
out very very clearly and it's
not a burden, something to read

453
00:31:00,700 --> 00:31:08,800
but the book Return to Jekyll
Island by Edward Griffin, that

454
00:31:08,800 --> 00:31:14,500
wordy Griffith has some great
history about International

455
00:31:14,500 --> 00:31:19,600
money lending and also the
origin of the Federal Reserve

456
00:31:19,600 --> 00:31:24,200
and the connection between the
Federal Reserve and other money

457
00:31:24,200 --> 00:31:29,100
banking interests. anyway,
without, you know, being too

458
00:31:29,100 --> 00:31:34,800
specific in order to get the
Federal Reserve approved by

459
00:31:34,800 --> 00:31:42,200
Congress in this country, there
had to be some efforts made

460
00:31:42,200 --> 00:31:47,200
because the people didn't want a
National Bank after Andrew

461
00:31:47,200 --> 00:31:52,900
Jackson, abolished the National
Bank when he was president.

462
00:31:53,800 --> 00:31:57,500
That was it, it was like there
wasn't until the Federal

463
00:31:57,500 --> 00:31:59,900
Reserve, the Federal Reserve is
a central bank.

464
00:31:59,900 --> 00:32:05,700
That's what modern banks are,
but it is a national bank, if

465
00:32:05,700 --> 00:32:09,900
you will because it gives
control of the money over to a

466
00:32:09,908 --> 00:32:16,000
bank, the bank creates the money
In the past governments would

467
00:32:16,000 --> 00:32:19,800
create their own money.
Well, the FED needed the support

468
00:32:19,800 --> 00:32:24,100
of the government because they
need in Congress to vote for

469
00:32:24,100 --> 00:32:27,600
them.
So how can we organize this and

470
00:32:27,600 --> 00:32:31,400
get control of the money?
The way they do that is they

471
00:32:31,400 --> 00:32:38,800
told the US government that if
we can get this Approved.

472
00:32:39,000 --> 00:32:42,900
We will guarantee that the US
Treasury will never run out of

473
00:32:42,900 --> 00:32:47,600
money and the way they do that
is they they work with them to

474
00:32:47,600 --> 00:32:50,500
provide whatever they need.
So the treasury and the

475
00:32:50,500 --> 00:32:53,600
government can continue to
expand and expand and do the

476
00:32:53,600 --> 00:32:56,900
things the government does that
was the agreement.

477
00:32:57,700 --> 00:33:02,300
So that's why the feds involved
even though you hear treasury

478
00:33:02,300 --> 00:33:04,900
direct auctions and all of that
stuff.

479
00:33:05,700 --> 00:33:09,300
The Federal Bank, the the
Central Central Bank, the

480
00:33:09,300 --> 00:33:14,300
federal US Federal Reserve Bank
of the ones that guarantee that

481
00:33:14,300 --> 00:33:17,800
the treasury ends up with
exactly what they say.

482
00:33:17,800 --> 00:33:21,100
They need in the amount of
Treasury bonds that are issued,

483
00:33:21,900 --> 00:33:26,700
and it does end up being a
surplus and additional money

484
00:33:26,700 --> 00:33:32,400
because it's used as money, even
though it comes through that

485
00:33:32,400 --> 00:33:38,800
channel, It's not a, it's not a,
it's an increase in the money

486
00:33:38,800 --> 00:33:42,800
supply because when the the US
government gets their money for

487
00:33:42,800 --> 00:33:46,100
the treasuries that they issue,
they turn right around and spend

488
00:33:46,100 --> 00:33:48,000
and it goes right back into the
system.

489
00:33:48,800 --> 00:33:53,500
So, back in the system, now you
have an additional increase in

490
00:33:53,600 --> 00:33:58,200
what I call Money Capital, which
are the treasury bonds that were

491
00:33:58,200 --> 00:34:03,400
just issued.
So credit expansion is just as

492
00:34:03,400 --> 00:34:05,600
much.
Inflation as printing, press

493
00:34:05,600 --> 00:34:09,400
money.
And that's happening every time.

494
00:34:09,400 --> 00:34:15,100
The FED goes to auction,
absolutely, who is so, let me

495
00:34:15,100 --> 00:34:17,600
out, let me ask this question
here and trying to figure out

496
00:34:17,600 --> 00:34:21,800
how the FED really works.
Is there any sort of government

497
00:34:21,800 --> 00:34:26,500
oversight than to the FED right?
Is there a treasury secretary

498
00:34:26,500 --> 00:34:30,600
somewhere that says, hey, we
need more Capital, does the FED

499
00:34:30,600 --> 00:34:34,300
take their cues from anybody or
is the government taking their

500
00:34:34,300 --> 00:34:40,199
cues from the fed?
This The FED does what it's

501
00:34:40,199 --> 00:34:46,800
doing, although it will work to
a certain extent to accommodate

502
00:34:47,300 --> 00:34:51,300
some situations but not to the
point that it doesn't look

503
00:34:51,300 --> 00:34:55,199
independent.
And that's the feds concern as a

504
00:34:55,207 --> 00:35:01,100
central bank and part of this
International banking operation,

505
00:35:02,100 --> 00:35:06,200
they don't want to draw
attention in a way that would

506
00:35:06,200 --> 00:35:10,100
put them in a bad light because
if people really understood

507
00:35:10,100 --> 00:35:13,800
everything, they would demand
that the FED, be abolished,

508
00:35:14,300 --> 00:35:19,100
which certain politicians know
and recognize and have called

509
00:35:19,100 --> 00:35:24,200
for Ron Paul is the one that
comes to mind.

510
00:35:24,600 --> 00:35:28,800
He's probably at the Forefront
of those who have spoken out

511
00:35:29,000 --> 00:35:36,600
about it, the FED operates by
lending money creating money

512
00:35:36,900 --> 00:35:42,600
that Banks and with fractional
Reserve create and land in

513
00:35:42,600 --> 00:35:46,400
perpetuity.
So that's that's why the FED

514
00:35:46,400 --> 00:35:50,200
exist.
Now in order to get into Since

515
00:35:50,200 --> 00:35:53,600
they had to promise that they
would make sure that the

516
00:35:53,600 --> 00:35:58,900
treasury didn't run out of money
so that there is a process.

517
00:35:58,900 --> 00:36:05,300
We don't have to specifically
get into it today but that was

518
00:36:05,300 --> 00:36:08,400
the guarantee.
Then they had to do a Grassroots

519
00:36:08,400 --> 00:36:14,600
campaign to get owners and
businesses up to speed and that

520
00:36:14,600 --> 00:36:19,700
happened by the influence of
certain politicians.

521
00:36:19,900 --> 00:36:23,800
Sharon's businessman.
Who could convince people that

522
00:36:23,800 --> 00:36:25,900
way this is really in our best
interest.

523
00:36:26,700 --> 00:36:32,500
So it was a publicity campaign
and the first time it was voted

524
00:36:32,500 --> 00:36:37,200
down and they had to come back
and do it again and make certain

525
00:36:37,200 --> 00:36:40,700
changes.
And in the beginning, they

526
00:36:40,900 --> 00:36:45,900
didn't want the term Bank used
because people didn't want a

527
00:36:45,900 --> 00:36:49,700
National Bank.
It was the Federal Reserve not

528
00:36:49,800 --> 00:36:52,900
Federal Reserve Bank.
The why Federal?

529
00:36:53,000 --> 00:36:55,900
Because if people thought it had
something to do with the

530
00:36:55,900 --> 00:37:00,500
government, they would see some
kind of protective interest for

531
00:37:00,500 --> 00:37:05,100
their on the they are part.
So Federal Reserve made it sound

532
00:37:05,100 --> 00:37:08,300
good.
I think and it wasn't a Federal

533
00:37:08,300 --> 00:37:12,400
Reserve Bank because if we call
it a bank, which it was then,

534
00:37:12,400 --> 00:37:16,000
people think national bank, and
they won't want it, and they

535
00:37:16,000 --> 00:37:20,900
won't allow there.
Pollock the politicians to vote

536
00:37:20,900 --> 00:37:24,600
for.
So I'm going to ask for names

537
00:37:24,600 --> 00:37:27,400
who were the politicians that
that were out there stumping?

538
00:37:27,400 --> 00:37:30,000
For this?
I don't have all the names.

539
00:37:30,400 --> 00:37:33,000
I'd have to sit here and read
them out of the book, but there

540
00:37:33,000 --> 00:37:38,100
was, there were very well-placed
member of the House of

541
00:37:38,100 --> 00:37:41,500
Representatives.
There were well-known Bankers,

542
00:37:43,300 --> 00:37:47,000
Kuhn Loeb had some
representatives.

543
00:37:47,000 --> 00:37:54,500
There, your JPMorgan Chase.
And at that time and others but

544
00:37:54,900 --> 00:38:01,300
again it's it's it was
politicians and bankers from the

545
00:38:01,300 --> 00:38:06,300
US but the ties to the European
banking system were there and

546
00:38:06,300 --> 00:38:10,100
they wanted a central bank in
the United States.

547
00:38:10,700 --> 00:38:16,300
That would be part of this
organization and they recognize

548
00:38:16,300 --> 00:38:22,200
the power and the potential for
growth in America such That it

549
00:38:22,200 --> 00:38:25,900
would help.
With their efforts to have this

550
00:38:25,900 --> 00:38:29,600
put in place.
So now the quit the thing is,

551
00:38:29,600 --> 00:38:35,600
this goes beyond that there are
other layers where it's more a

552
00:38:35,600 --> 00:38:42,900
matter of social control Beyond.
Just the idea of the money, you

553
00:38:42,900 --> 00:38:48,000
know, the money was used by
those who wanted to pursue this

554
00:38:48,000 --> 00:38:52,300
and it goes back, you know?
Again it goes back quite a long

555
00:38:52,300 --> 00:38:55,100
time.
The Federer.

556
00:38:55,100 --> 00:38:59,700
If you look at it in the in
there a hundred and some years

557
00:38:59,700 --> 00:39:05,700
ago is when we saw the income
tax introduced, we saw the

558
00:39:05,700 --> 00:39:10,300
origin of the Federal Reserve.
We saw the introduction of the

559
00:39:10,300 --> 00:39:17,100
public school system.
All these things are part of the

560
00:39:17,100 --> 00:39:21,100
movement that takes us away from
what we had and what we were.

561
00:39:22,200 --> 00:39:27,100
You know, I'm glad you brought
that up because if you go back a

562
00:39:27,100 --> 00:39:34,500
hundred years that is the that's
the Golden Era of the

563
00:39:34,500 --> 00:39:39,300
progressive, right?
And I'll just tell a quick story

564
00:39:39,300 --> 00:39:45,700
here and that was during the
presidential run that would end

565
00:39:45,700 --> 00:39:49,900
up being between Barack Obama
and John McCain.

566
00:39:50,400 --> 00:39:54,700
I remember as a young father and
husband, I was watching the

567
00:39:54,700 --> 00:39:57,500
debates and it was between
Hillary Clinton and Barack

568
00:39:57,500 --> 00:39:59,000
Obama.
And someone asked Hillary

569
00:39:59,000 --> 00:40:04,000
Clinton, if she was a liberal
and she said, you know, I'm kind

570
00:40:04,000 --> 00:40:06,600
of shying away from the word
liberal these days.

571
00:40:07,000 --> 00:40:12,700
I prefer the term Progressive
which has a rich American

572
00:40:12,800 --> 00:40:16,600
Heritage and and kind of spun it
and but it got me, curious.

573
00:40:16,600 --> 00:40:18,700
I was like, well, what's a
progressive?

574
00:40:19,000 --> 00:40:21,400
And so I went and looked it up
and it was a horror show.

575
00:40:21,500 --> 00:40:25,600
So Kelsey, I mean, it was folks
involved in Eugenics, but you're

576
00:40:25,600 --> 00:40:30,100
right in the sense that they
understood in that time because

577
00:40:30,100 --> 00:40:32,900
their ultimate goal was, they
wanted to progress past the

578
00:40:32,908 --> 00:40:37,500
Constitution?
They wanted the two things that

579
00:40:37,500 --> 00:40:41,600
Hillary Clinton is famous for
saying this, the two things that

580
00:40:41,600 --> 00:40:47,200
they want out of the picture,
our religion, And the

581
00:40:47,200 --> 00:40:49,100
Constitution.
Yep.

582
00:40:49,300 --> 00:40:51,600
Yep.
And and their thoughts were that

583
00:40:51,600 --> 00:40:56,600
they could do it slowly.
They so, you know, as much as it

584
00:40:56,600 --> 00:40:59,300
pains me to say this, they've
done a really good job with

585
00:40:59,300 --> 00:41:01,200
their plan because they
understood that, this could be

586
00:41:01,200 --> 00:41:07,100
100 to 120 year plan, but they
they've worked the system really

587
00:41:07,100 --> 00:41:14,500
well to get to where they are.
And so when, when you get to a

588
00:41:14,500 --> 00:41:17,500
book, like the creature of
Jekyll Island, which is one that

589
00:41:17,500 --> 00:41:22,400
I read that you mentioned, yes,
you know, Jekyll Island is a

590
00:41:22,400 --> 00:41:28,800
swampy island off the coast of
Louisiana and I'm like, you

591
00:41:28,800 --> 00:41:33,700
know, if you want to create
something you think is good,

592
00:41:33,700 --> 00:41:36,400
don't set it up in a place that
looks like the lair of a bond

593
00:41:36,400 --> 00:41:38,000
villain.
Right.

594
00:41:38,000 --> 00:41:41,200
I mean, maybe a swampy, nasty
Island isn't the place to be

595
00:41:41,200 --> 00:41:46,000
doing this but some of those
founding members were like Chase

596
00:41:46,000 --> 00:41:51,400
and JP Morgan and I mean very
recognizable names today, right?

597
00:41:51,600 --> 00:41:56,700
Right.
And if and so, they're still

598
00:41:57,600 --> 00:42:02,200
members of the FED, correct?
Well yeah, you see we don't

599
00:42:02,200 --> 00:42:06,000
there's been a transition and
over the generations of people.

600
00:42:06,000 --> 00:42:10,700
But yeah, I mean that family
connection and the moneyed

601
00:42:10,700 --> 00:42:14,300
interest in the organization's,
you know?

602
00:42:14,800 --> 00:42:19,500
For and as we mentioned earlier,
Bretton Woods spawned off the

603
00:42:21,000 --> 00:42:25,000
the internet, the World Bank and
that sort of thing.

604
00:42:25,000 --> 00:42:29,900
And then you've got other
organizations of social All

605
00:42:29,900 --> 00:42:37,600
political category that all our
part and and some of them are

606
00:42:37,600 --> 00:42:42,500
not some are connected in some
art but they're still a huge

607
00:42:42,500 --> 00:42:48,700
movement.
To try and get us to a different

608
00:42:48,700 --> 00:42:51,200
point.
And they are, they have been

609
00:42:51,200 --> 00:42:55,500
patient but I think they reached
a point where they decided they

610
00:42:55,500 --> 00:42:59,600
can't be patient any longer.
And so they're pulling out all

611
00:42:59,600 --> 00:43:04,000
the stops which leads back to
what you asked about.

612
00:43:04,000 --> 00:43:09,100
The possibility of is what's
happening right now when in the

613
00:43:09,100 --> 00:43:13,000
financial markets and with the
economy, is that part of an

614
00:43:13,000 --> 00:43:16,300
organized effort to bring About
something else and I think it

615
00:43:16,300 --> 00:43:19,300
very well could be.
I think very much that it could

616
00:43:19,300 --> 00:43:21,200
be.
You know, I'm going to go out on

617
00:43:21,200 --> 00:43:25,800
a limb here and I fully expect
to get some push back from this.

618
00:43:27,900 --> 00:43:31,800
Especially if okay, just for
everybody out there, listening,

619
00:43:31,900 --> 00:43:35,000
if I all of a sudden died in a
tragic accident, go ahead and

620
00:43:35,000 --> 00:43:37,000
ask some questions.
I'm not suicidal.

621
00:43:37,300 --> 00:43:42,400
Let's get that out of the way,
but I don't think Donald Trump

622
00:43:42,400 --> 00:43:45,900
was the savior of the Republic.
I do think that Donald Trump

623
00:43:45,900 --> 00:43:51,100
scared the crap out of these
folks who want to do this

624
00:43:51,600 --> 00:43:54,800
because they potentially saw
that one guy with nothing to

625
00:43:54,800 --> 00:43:59,500
lose could Could unravel their
plans in eight years and I think

626
00:43:59,500 --> 00:44:02,900
they did everything they could
to get him out so that their

627
00:44:02,900 --> 00:44:07,000
plans weren't frustrated.
And I think now they've decided,

628
00:44:07,000 --> 00:44:09,400
they're going to keep their foot
on the accelerator and finish

629
00:44:09,400 --> 00:44:11,300
the job.
That's that's my fear.

630
00:44:11,400 --> 00:44:14,400
I hope I'm wrong.
I could be wrong but it's

631
00:44:14,400 --> 00:44:16,000
definitely a thought that I've
had.

632
00:44:17,100 --> 00:44:20,000
I want to go back to the fed and
its Inception here for a minute.

633
00:44:20,000 --> 00:44:28,200
Kelsey We look at this fact that
they had to kind of sell the FED

634
00:44:28,200 --> 00:44:32,100
to the American people.
Now, the American people by and

635
00:44:32,100 --> 00:44:35,400
large weren't fans of a central
bank, right?

636
00:44:35,400 --> 00:44:38,300
I mean, we can go clear back to
the founding where Jefferson

637
00:44:38,300 --> 00:44:44,200
says that an a National Bank is
more dangerous than a standing

638
00:44:44,200 --> 00:44:47,000
army.
How were they?

639
00:44:47,000 --> 00:44:50,900
And then you had, of course,
Andrew Jackson, who did abolish

640
00:44:50,900 --> 00:44:54,800
a National Bank.
How is it that they were able to

641
00:44:54,800 --> 00:44:56,700
sell this?
Obviously they, you know, one of

642
00:44:56,700 --> 00:44:59,500
the promises was, is that the
treasury would never run out of

643
00:44:59,500 --> 00:45:04,000
money, but was there other
promises that were made in

644
00:45:04,000 --> 00:45:06,300
conjunction with the creation of
the FED?

645
00:45:07,300 --> 00:45:10,600
Yes, there were and that promise
to the government was behind

646
00:45:10,600 --> 00:45:13,700
closed doors.
So the public didn't know about

647
00:45:13,700 --> 00:45:18,100
that.
That That was so that the

648
00:45:18,100 --> 00:45:24,600
executive branch could put some
pressure on the legislature on

649
00:45:24,600 --> 00:45:28,000
the con Congress.
At least they had a talking

650
00:45:28,000 --> 00:45:29,800
point.
Here's why you guys need to vote

651
00:45:29,800 --> 00:45:32,700
for this, okay?
Because we won't run out of

652
00:45:32,707 --> 00:45:36,700
money and since you're the ones
that do Appropriations, I mean,

653
00:45:36,700 --> 00:45:40,800
that's that's the simple
practical nature, all right.

654
00:45:40,900 --> 00:45:48,700
And but again, In terms of
convincing people, this went on

655
00:45:48,700 --> 00:45:52,700
for several years because people
were convinced in their head, it

656
00:45:52,700 --> 00:45:55,200
was the the, you know, the wrong
thing.

657
00:45:58,400 --> 00:46:03,600
The idea of centralization of
money was just as much an F

658
00:46:03,600 --> 00:46:06,900
Messiah, as a strong central
government.

659
00:46:07,000 --> 00:46:10,600
You know, it was the same thing,
you know, economy and politics

660
00:46:10,600 --> 00:46:12,800
now.
Listen, it's our personal

661
00:46:12,800 --> 00:46:15,000
freedoms.
Let us deal with this or figure

662
00:46:15,000 --> 00:46:15,500
it.
It out.

663
00:46:15,500 --> 00:46:21,000
So so what they were told what
people were told in the way a

664
00:46:21,000 --> 00:46:30,100
lot of this came about was that
the public image of the Federal

665
00:46:30,100 --> 00:46:38,700
Reserve was presented as an
institution, that would be able

666
00:46:38,900 --> 00:46:44,600
to minimize the impact of the
economic cycle.

667
00:46:45,700 --> 00:46:52,300
When things deteriorated and
basically it was to help avoid

668
00:46:52,400 --> 00:46:56,400
panics and crashes.
So the public image of the Fed

669
00:46:56,400 --> 00:47:00,800
was we don't have to have those
panics in crashes.

670
00:47:00,800 --> 00:47:05,700
We can control that That's what
they said to people.

671
00:47:05,700 --> 00:47:10,400
Now, you can look at it two
ways, you don't like the

672
00:47:10,400 --> 00:47:15,700
conspiracy theory, you can say,
well that seems reasonable and

673
00:47:15,700 --> 00:47:18,800
they weren't doing it out of
Deceit.

674
00:47:18,900 --> 00:47:24,200
So that makes sense, okay.
But all you have to do is look

675
00:47:24,200 --> 00:47:27,800
back at their pattern and and
look back at the history and the

676
00:47:27,800 --> 00:47:33,500
track record and you find that
they skewed the Gold.

677
00:47:33,500 --> 00:47:38,700
But they did not in any way,
soften the impact.

678
00:47:39,300 --> 00:47:48,000
What they did is create a series
of unintended events that

679
00:47:48,500 --> 00:47:53,500
increased in volatility over
time and the frequency

680
00:47:53,500 --> 00:47:56,200
increases.
So the traditional panic in

681
00:47:56,200 --> 00:48:01,000
Crash was syringe you know
pretty horrific but it was

682
00:48:01,000 --> 00:48:04,500
centered in a specific bank.
It might have lived you know,

683
00:48:04,500 --> 00:48:08,000
blood into other Banks but it
was quick.

684
00:48:09,500 --> 00:48:11,400
They figured out a way to deal
with it.

685
00:48:11,700 --> 00:48:14,700
What was the central bank?
We simply step in and say, okay,

686
00:48:14,700 --> 00:48:17,200
here's some money, make it
available.

687
00:48:17,700 --> 00:48:20,800
All right?
So that that was the the idea

688
00:48:20,800 --> 00:48:26,600
was the public was convinced if
you will that we can smooth

689
00:48:26,600 --> 00:48:29,200
things out.
So economically, we won't have a

690
00:48:29,207 --> 00:48:34,000
problem and then they caused the
Great Depression about 12 years

691
00:48:34,000 --> 00:48:37,400
later, 18 years.
Yeah, I was going to say.

692
00:48:37,400 --> 00:48:40,300
I think that At that, they
definitely had a hand in.

693
00:48:40,300 --> 00:48:46,800
And to be fair, FDR was
certainly someone who empowered

694
00:48:46,800 --> 00:48:50,700
the FED during that time but
people don't remember or I

695
00:48:50,707 --> 00:48:53,900
should say.
Now, they don't learn that, the

696
00:48:53,900 --> 00:48:57,200
Depression was only the Great
Depression in America.

697
00:48:57,500 --> 00:49:02,300
Most other countries got out of
it fairly quickly because it's

698
00:49:02,300 --> 00:49:05,300
my understanding, the FED kept
tinkering with things that kind

699
00:49:05,300 --> 00:49:08,000
of prolonged it, is that true.
Oh, absolutely.

700
00:49:08,000 --> 00:49:13,200
They Resisted on every front
accepting what was happening and

701
00:49:13,200 --> 00:49:17,500
what was happening.
And that was a simply collapse

702
00:49:17,700 --> 00:49:21,600
because and that that's kind of
the situation we're in

703
00:49:21,700 --> 00:49:25,500
everything had been fueled to a
point that it couldn't sustain

704
00:49:25,500 --> 00:49:28,900
itself any longer.
And there was a depression going

705
00:49:28,900 --> 00:49:31,600
on in this country, all through
the Roaring 20s.

706
00:49:32,800 --> 00:49:39,600
It was in the heartland of
America was in the rural areas.

707
00:49:39,900 --> 00:49:44,500
There was a commodity crash
right after World War 1 because

708
00:49:44,500 --> 00:49:49,100
commodity prices have been
supported by government and that

709
00:49:49,100 --> 00:49:54,800
crash in commodity prices made
living on a farm or in the

710
00:49:54,800 --> 00:49:59,000
country depression of horrible
consideration.

711
00:49:59,800 --> 00:50:03,900
But in the cities they were
seeing Wiggly somewhat exempt

712
00:50:03,900 --> 00:50:10,000
from that to a degree until the
FED decided not to keep loaning

713
00:50:10,000 --> 00:50:13,100
money.
So cheaply that sound familiar.

714
00:50:13,400 --> 00:50:20,800
Yeah we're going to pull back on
this and what that did is it

715
00:50:20,800 --> 00:50:25,700
started reducing the level of
economic activity even before

716
00:50:25,700 --> 00:50:30,600
the stock market crashed.
The stock market crash itself

717
00:50:30,700 --> 00:50:36,100
didn't cause the depression.
It was simply an outgrowth of

718
00:50:36,100 --> 00:50:45,200
the speculative aspects of being
able to borrow as much as 90% of

719
00:50:45,200 --> 00:50:49,800
your stock purchase, just being
an ordinary guy off the street.

720
00:50:50,500 --> 00:50:56,900
The bank's fueled, the stock
market blow off and then it

721
00:50:56,900 --> 00:51:01,100
collapsed under its own weight.
But by raising the interest

722
00:51:01,100 --> 00:51:07,700
rates, the In the late 20s,
economic conditions, had already

723
00:51:07,700 --> 00:51:11,200
started deteriorating in the
cities and other places before

724
00:51:11,200 --> 00:51:14,700
the stock market crashed, and we
knew about Europe Europe was

725
00:51:14,700 --> 00:51:19,500
having trouble before anyway, so
that kind of confirmed

726
00:51:19,500 --> 00:51:23,600
everything.
Then once the crash occurred and

727
00:51:23,700 --> 00:51:29,000
the layoffs started and all the
economic activity decreased,

728
00:51:29,700 --> 00:51:33,900
Prices were falling, then the
government stepped in and said,

729
00:51:33,900 --> 00:51:37,400
nope, you can't love you can't
lower your prices.

730
00:51:37,400 --> 00:51:40,300
You have to hire them at this
rate, you got to do that.

731
00:51:40,300 --> 00:51:43,600
We're going to put work programs
in place so they were fighting a

732
00:51:43,607 --> 00:51:46,300
natural event.
It's like going and say, look

733
00:51:46,300 --> 00:51:51,700
I'm sick, my body is releasing
toxins, I've got to go through

734
00:51:51,700 --> 00:51:54,300
this to get better.
So we go in and we take cough

735
00:51:54,300 --> 00:51:57,400
syrup to suppress the cough, so
we don't get that out of our

736
00:51:57,400 --> 00:51:59,400
system and we do everything
else.

737
00:51:59,500 --> 00:52:03,700
Son to keep the toxins in our
body just so we don't have the

738
00:52:03,700 --> 00:52:06,600
symptoms.
The depression would have been

739
00:52:06,600 --> 00:52:10,100
over considerably sooner if they
let it run, its course.

740
00:52:11,500 --> 00:52:15,300
You know it?
Yeah, I and again, correct me if

741
00:52:15,300 --> 00:52:17,700
I'm wrong.
Could you got, you know, way

742
00:52:17,700 --> 00:52:22,400
more than I do on this stuff.
And I only know some things from

743
00:52:22,400 --> 00:52:26,000
a few books that I've read, but
I remember I read a book during

744
00:52:26,000 --> 00:52:30,800
2008 because well, if you were a
surveyor you were you were

745
00:52:30,800 --> 00:52:35,300
pretty slow.
But I remember reading a book

746
00:52:35,500 --> 00:52:43,000
that compare different responses
to economic Distress and what

747
00:52:43,000 --> 00:52:46,400
the outcomes were.
And this will tell everyone how

748
00:52:46,400 --> 00:52:50,500
much of a nerd.
I am I walked away from that,

749
00:52:50,500 --> 00:52:54,400
reading that book with a
newfound, respect for Calvin,

750
00:52:54,400 --> 00:53:00,500
Coolidge when Coolidge takes
office, he's facing a couple of

751
00:53:00,500 --> 00:53:02,400
things.
He actually takes the oath of

752
00:53:02,400 --> 00:53:06,300
office, by candlelight most
houses.

753
00:53:06,300 --> 00:53:10,900
In America, didn't have radios.
Most people didn't have a car

754
00:53:11,300 --> 00:53:15,400
But by the time he was done with
his terms as president, most

755
00:53:15,400 --> 00:53:17,900
people had radios, most people
had cars.

756
00:53:18,300 --> 00:53:22,100
What, what you don't find out is
that when he takes office,

757
00:53:22,100 --> 00:53:24,800
they're already facing a
natural.

758
00:53:25,400 --> 00:53:28,600
Like you were saying, outgrowth
of bad policy.

759
00:53:29,000 --> 00:53:32,700
And they asked him what he wants
to do and everyone comes at him

760
00:53:32,700 --> 00:53:36,800
with all these different ideas
of things he can do to make it

761
00:53:36,800 --> 00:53:39,300
better.
And he essentially says I'm not

762
00:53:39,300 --> 00:53:44,500
going to do anything except cut.
Taxes and make it as easy on the

763
00:53:44,500 --> 00:53:47,600
American people as we can to do
business through this.

764
00:53:48,200 --> 00:53:51,400
And out of that is the outgrowth
of like the Roaring 20s.

765
00:53:51,400 --> 00:53:56,500
Does that sound right to you?
Yeah, I'm not as I've read this

766
00:53:56,500 --> 00:54:00,300
stuff before some of it I've
read years ago and I don't

767
00:54:00,300 --> 00:54:06,200
necessarily remember all the
specifics but I agree generally

768
00:54:06,200 --> 00:54:09,800
with what you're saying, I just
can't confirm it specifically.

769
00:54:09,900 --> 00:54:12,500
Okay.
Because that because I know what

770
00:54:12,500 --> 00:54:16,600
happened after that.
And and and before that and and

771
00:54:16,600 --> 00:54:23,100
I remember, you know, that
they're you remember the show

772
00:54:23,100 --> 00:54:26,300
All in the Family?
Yep.

773
00:54:26,300 --> 00:54:30,300
Parted it 1970.
And that's when I think we first

774
00:54:30,300 --> 00:54:37,900
saw the influence of the change
in television programming, if

775
00:54:37,900 --> 00:54:43,200
you will, But there was a song
that Edith and Archie would sing

776
00:54:43,400 --> 00:54:47,500
at the beginning of the show
while she played the piano and

777
00:54:47,500 --> 00:54:53,800
one of the lines was mr.
We could use a man like Calvin.

778
00:54:53,800 --> 00:54:57,500
Coolidge again, a president like
Calvin, Coolidge or something to

779
00:54:57,500 --> 00:55:03,100
that effect.
So and and yet every and and

780
00:55:03,100 --> 00:55:09,900
again it was that conservative.
Understanding and approach as

781
00:55:09,900 --> 00:55:15,000
compared to someone like Woodrow
Wilson, a progressive and

782
00:55:15,400 --> 00:55:19,400
Franklin, Roosevelt government
expansion, and that sort of

783
00:55:19,400 --> 00:55:25,500
thing.
So yes, yes, I, you know, he

784
00:55:25,500 --> 00:55:30,400
would have been somebody that we
could say is not going to be a

785
00:55:30,400 --> 00:55:34,400
puppet necessarily.
And less.

786
00:55:35,300 --> 00:55:39,900
What he did was just because it
was important enough to have a

787
00:55:39,900 --> 00:55:42,300
breather in there.
Somebody said, yeah.

788
00:55:42,700 --> 00:55:44,600
But I agree.
Yeah.

789
00:55:44,600 --> 00:55:47,800
Very different.
And I, I walked away from

790
00:55:47,800 --> 00:55:49,900
reading that book and for the
life of me, I can't remember the

791
00:55:49,900 --> 00:55:52,900
title or the author, but I
remember I walked away from that

792
00:55:52,900 --> 00:55:56,500
book with this very, very
profound understanding that.

793
00:55:56,500 --> 00:55:59,600
Oh I think I fear the
government's response to a

794
00:55:59,600 --> 00:56:03,200
crisis more than the crisis
itself in E % of the case.

795
00:56:03,700 --> 00:56:10,400
That, that is a very healthy
fear and an excellent

796
00:56:10,400 --> 00:56:12,900
observation.
And that's what people don't

797
00:56:12,900 --> 00:56:16,600
understand.
I don't think most people

798
00:56:16,600 --> 00:56:21,500
understand is that what the
government proposes?

799
00:56:21,500 --> 00:56:26,800
As a cure for a problem is
usually worse than the problem

800
00:56:26,800 --> 00:56:28,900
itself and letting it take
place.

801
00:56:29,400 --> 00:56:34,400
It'll exacerbate things, It
counters, what needs to happen

802
00:56:34,800 --> 00:56:39,300
so we don't get better and sets
us up for a potential Calamity

803
00:56:39,300 --> 00:56:41,100
later.
That's even worse.

804
00:56:42,100 --> 00:56:45,200
In addition to the fact that all
they're doing is fighting the

805
00:56:45,200 --> 00:56:52,800
effects of their own errant
policies and complete ignorance

806
00:56:52,800 --> 00:56:55,200
of economic fundamentals or
ignore.

807
00:56:55,500 --> 00:56:58,700
Not using it.
Not abiding by them.

808
00:57:00,100 --> 00:57:06,100
Yeah, yeah.
I just I think it was Einstein,

809
00:57:06,100 --> 00:57:08,700
who said that those who create
the problem.

810
00:57:09,900 --> 00:57:14,200
Are 99% of the time, not the
ones who are going to know the

811
00:57:14,200 --> 00:57:19,300
solution out of that problem.
And I think that's probably

812
00:57:19,600 --> 00:57:22,800
exactly where we're at.
Now, we've kind of talked about

813
00:57:22,800 --> 00:57:24,200
the FED a little bit here.
Kelsey.

814
00:57:24,200 --> 00:57:28,400
Let's, let's move on to probably
the at least what I think,

815
00:57:28,400 --> 00:57:29,800
unless you can think of
something else.

816
00:57:29,800 --> 00:57:35,400
The next major Benchmark in in
Central Banking, and how we find

817
00:57:35,400 --> 00:57:38,500
ourselves in the situation we're
in now, teetering on the brink

818
00:57:39,300 --> 00:57:41,600
Which is Bretton Woods.
Can you explain to us?

819
00:57:41,600 --> 00:57:43,300
What Bretton Woods was real
quick.

820
00:57:44,100 --> 00:57:50,500
Sure the Bretton Woods monetary
conference in 1944 was

821
00:57:52,000 --> 00:57:59,500
programmed as a conference to
help restore.

822
00:58:01,300 --> 00:58:04,900
The country War, devastated,
countries, who was it had a very

823
00:58:04,900 --> 00:58:10,500
public service sounding mission
We're going to, we've got to get

824
00:58:10,500 --> 00:58:13,000
things in order.
We're going to help countries

825
00:58:13,000 --> 00:58:16,200
rebuild.
We're going to, we need to

826
00:58:16,207 --> 00:58:18,900
provide stability to the banking
system.

827
00:58:19,200 --> 00:58:26,200
So all of this was a part of it
and in doing so though, there

828
00:58:26,200 --> 00:58:30,500
were a couple of other things
that came out of that, which

829
00:58:30,500 --> 00:58:33,100
were intended.
And that was because those who

830
00:58:33,100 --> 00:58:37,300
were promoting the conference,
had other ideas about what it

831
00:58:37,300 --> 00:58:41,900
was supposed to accomplish.
Each one of those was to get us

832
00:58:42,000 --> 00:58:48,400
off the gold standard so that
governments would be free to

833
00:58:48,400 --> 00:58:51,400
spend money create and spend
money.

834
00:58:53,100 --> 00:58:57,000
Gold.
As real money is a restraint on

835
00:58:57,000 --> 00:58:59,600
governments and governments.
Don't like it.

836
00:59:00,200 --> 00:59:03,800
Conspiracy are not a government.
Does not like to be.

837
00:59:03,800 --> 00:59:09,200
Told you cannot spend more money
than you have, and you can't

838
00:59:09,200 --> 00:59:13,500
create money.
Well, gold was limited.

839
00:59:13,900 --> 00:59:18,800
You couldn't go out and just
bring more of it into the

840
00:59:18,800 --> 00:59:22,500
formula.
So it's a natural restraint on

841
00:59:22,800 --> 00:59:24,900
Events and that's why it was
successful.

842
00:59:27,100 --> 00:59:34,100
So they want to gold out of the
way and so what you already had

843
00:59:34,100 --> 00:59:40,400
ten years earlier Roosevelt's
executive order, which took

844
00:59:40,400 --> 00:59:45,400
away, gold from American
citizens and in doing so they

845
00:59:45,400 --> 00:59:49,100
call that a criminal action if
you were to hold on to it and

846
00:59:49,107 --> 00:59:51,200
they and then they portrayed it
that way.

847
00:59:51,400 --> 00:59:56,700
So, people would start thinking
about it in an egg, Native

848
00:59:56,700 --> 01:00:00,800
fashion as well.
And by doing so.

849
01:00:02,700 --> 01:00:08,200
They assumed, they could justify
their actions but what it did is

850
01:00:08,200 --> 01:00:11,200
scare people too.
And they wanted that because

851
01:00:11,200 --> 01:00:15,100
they wanted to make sure people
turn their gold in and that was

852
01:00:15,100 --> 01:00:21,600
done in order to facilitate the
need perceived and quotes by

853
01:00:21,600 --> 01:00:24,900
government to be able to spend
money to get us out of the

854
01:00:24,900 --> 01:00:29,800
depression.
So the expansionist policies of

855
01:00:29,800 --> 01:00:35,100
government.
All of that was a part of it,

856
01:00:35,100 --> 01:00:37,400
but it was getting gold out of
the system.

857
01:00:38,000 --> 01:00:41,400
That was that one?
And then the dollar was given

858
01:00:41,400 --> 01:00:43,900
the role of the world's Reserve
currency.

859
01:00:44,100 --> 01:00:47,300
And that was the trade-off.
We said, well, look, what do we

860
01:00:47,300 --> 01:00:50,500
rely on?
If we don't have gold, okay,

861
01:00:51,900 --> 01:00:55,300
what year, what year was Bretton
Woods?

862
01:00:55,300 --> 01:01:05,000
What year did that taking 44,
and Who were the major players

863
01:01:05,000 --> 01:01:11,500
in in that?
In that I guess meeting or

864
01:01:11,800 --> 01:01:13,200
Summit however, you want to put
it.

865
01:01:13,200 --> 01:01:18,200
Who were the major players here?
Well you GHIN had some of the

866
01:01:18,700 --> 01:01:23,500
money banking at first, but you
had representatives of various

867
01:01:23,500 --> 01:01:28,500
countries and you had those who
see the meeting was organized in

868
01:01:28,500 --> 01:01:36,000
order that the real purpose
behind this was to create the

869
01:01:36,900 --> 01:01:42,400
World Bank and the bank for
international settlements.

870
01:01:43,300 --> 01:01:51,600
So and again the idea behind
that was to have a funnel where

871
01:01:52,300 --> 01:01:55,300
we could have by getting rid of
the dollar this week, goes back

872
01:01:55,300 --> 01:01:59,600
to those long-term plans.
If we get rid of gold, we in

873
01:02:00,000 --> 01:02:04,100
thrown the dollar as the world's
Reserve currency, we can then

874
01:02:04,600 --> 01:02:09,600
create eventually a single
currency.

875
01:02:11,200 --> 01:02:14,100
And that single currency,
whatever we call.

876
01:02:14,100 --> 01:02:17,600
It said, they want to call it
special drawing rights again,

877
01:02:17,700 --> 01:02:22,200
more power and control
centralized in an all-purpose

878
01:02:23,300 --> 01:02:27,300
government, authorized idea.
You know, that sort of thing.

879
01:02:27,400 --> 01:02:32,600
Take a male, a little more of
the personal individual freedoms

880
01:02:32,900 --> 01:02:37,600
and control over your own lives.
So because they were pushing the

881
01:02:37,600 --> 01:02:40,700
more control if you control the
economy.

882
01:02:41,000 --> 01:02:46,400
You can control people.
And so all of this was part of

883
01:02:46,400 --> 01:02:50,400
this Century, long effort to
move us away.

884
01:02:50,900 --> 01:02:55,900
I I feel the it's the move
toward One World Government and

885
01:02:55,900 --> 01:02:59,200
socialism.
That's the way I see it and and

886
01:02:59,200 --> 01:03:02,500
the socialism is presented in a
way that would be positive for

887
01:03:02,500 --> 01:03:06,600
people.
But and and then there's those

888
01:03:06,600 --> 01:03:09,100
who say it doesn't work, but it
does work.

889
01:03:09,100 --> 01:03:13,900
It just doesn't work the way
those who get taken in by its

890
01:03:13,900 --> 01:03:16,300
appeal.
Think it's supposed to work.

891
01:03:16,300 --> 01:03:21,400
You still end up with serfdom
and a small group of Elites who

892
01:03:21,400 --> 01:03:25,600
profit and are in control and
everybody else has to do the

893
01:03:25,600 --> 01:03:31,000
bidding.
My son right now is in college

894
01:03:31,300 --> 01:03:34,200
and he came home, he has to take
classes on.

895
01:03:34,300 --> 01:03:39,700
On economics and I don't know
which one but he came home and

896
01:03:39,700 --> 01:03:41,500
he's like, Dad.
I think I know what what

897
01:03:41,500 --> 01:03:44,500
socialism is and I was like, oh
yeah, what's socialism?

898
01:03:44,800 --> 01:03:47,300
I'm liking the fact you have to
ask, you know, tell me in this

899
01:03:47,300 --> 01:03:50,000
household really kind of pisses
me off because I thought we'd

900
01:03:50,000 --> 01:03:53,200
been through this, but go ahead.
So I was expecting.

901
01:03:53,200 --> 01:03:56,200
You know, whatever.
Leftist answer, he has is about

902
01:03:56,200 --> 01:04:01,000
to regurgitate.
And he says, Dad socialism is

903
01:04:01,000 --> 01:04:04,900
like internet dating.
They're going to present the

904
01:04:04,900 --> 01:04:07,800
best possible picture, but when
you get there she looks nothing

905
01:04:07,800 --> 01:04:10,700
like what she does in her
picture in her profile pic.

906
01:04:12,000 --> 01:04:14,700
And in that moment, I don't
think I've ever been more proud

907
01:04:14,700 --> 01:04:18,000
as a father.
So I yeah.

908
01:04:18,100 --> 01:04:19,900
Yeah.
No, you're right that.

909
01:04:19,900 --> 01:04:24,600
That promise of that, socialist
Utopia is always a horror show.

910
01:04:24,600 --> 01:04:29,300
It never is not a horror show
and so I'm always really

911
01:04:29,300 --> 01:04:33,400
skeptical and nervous about it
when they start talking openly

912
01:04:33,400 --> 01:04:35,200
about Out it.
Yeah.

913
01:04:35,300 --> 01:04:40,600
Um, so you had I'm just going to
kind of recap here a little bit.

914
01:04:41,000 --> 01:04:45,200
You first have within America.
The the organization of the fed

915
01:04:45,600 --> 01:04:49,000
put together by.
We'll just call them what they

916
01:04:49,000 --> 01:04:50,500
were.
They were the elites of the

917
01:04:50,500 --> 01:04:52,000
time.
They were the politicians.

918
01:04:52,000 --> 01:04:55,900
They were the bankers, they put
this monstrosity together.

919
01:04:56,300 --> 01:04:59,100
They sell it to the American
people as something that will

920
01:04:59,100 --> 01:05:03,600
prevent depressions and hard
recessions.

921
01:05:03,700 --> 01:05:05,600
Yes.
And it's going to smooth it out

922
01:05:05,600 --> 01:05:09,200
and don't worry.
This is capitalism's best friend

923
01:05:09,200 --> 01:05:12,500
and you're going to love us
later for this so that gets sold

924
01:05:12,500 --> 01:05:16,100
to the American people.
Then you have Bretton Woods

925
01:05:16,300 --> 01:05:19,900
which seems to be somewhat
similar to the FED only on a

926
01:05:19,908 --> 01:05:22,600
global level.
Is that correct?

927
01:05:25,000 --> 01:05:30,600
Yes, yes.
The Federal Reserve is as a

928
01:05:30,600 --> 01:05:36,900
brainchild of the European.
Moneyed interest in central

929
01:05:36,900 --> 01:05:39,500
banks.
So we need, they wanted

930
01:05:39,500 --> 01:05:44,900
something an organization
clearly visible in this country.

931
01:05:46,100 --> 01:05:56,500
So that it that it takes some of
the potential viewing of

932
01:05:56,500 --> 01:06:01,000
connections between Bankers.
If it happens here on on-site

933
01:06:01,000 --> 01:06:05,200
and not as likely to be looking
at possible connections, between

934
01:06:05,200 --> 01:06:07,900
what goes on here and what goes
on in Europe.

935
01:06:08,800 --> 01:06:14,300
So and it was part of the big
plan because there wasn't any,

936
01:06:14,300 --> 01:06:18,300
there wasn't an institution
located in the United States.

937
01:06:18,300 --> 01:06:25,800
Plus it provides more direct and
immediate reaction control to

938
01:06:25,800 --> 01:06:30,100
all of the events, things
strategy, wise, and everything

939
01:06:30,100 --> 01:06:35,700
else for what their purpose is
So in correct me if I'm wrong

940
01:06:35,700 --> 01:06:38,700
here, Kelsey again, I'm just
going off of things I've read

941
01:06:38,700 --> 01:06:44,100
years ago and I'm sure because,
you know, my memories by not

942
01:06:44,100 --> 01:06:46,000
perfect by any stretch of the
imagination.

943
01:06:46,700 --> 01:06:51,500
But the other promise we made at
Bretton Woods is if you become,

944
01:06:51,500 --> 01:06:55,300
you know, basically give us your
gold to other countries.

945
01:06:56,200 --> 01:06:58,400
Gold will no longer be the
reserve currency.

946
01:06:58,400 --> 01:07:02,100
It'll be the American dollar and
we promise not to inflate our

947
01:07:02,200 --> 01:07:03,100
Our money.
Is that correct?

948
01:07:03,100 --> 01:07:06,900
Yes.
That the implication was exactly

949
01:07:06,900 --> 01:07:10,300
what you said.
What, what they agreed to do

950
01:07:10,300 --> 01:07:20,200
was, they would officially value
gold at a fixed price and that

951
01:07:20,200 --> 01:07:25,300
foreign governments would would
receive dollars in international

952
01:07:25,300 --> 01:07:28,700
trade, but those dollars could
be turned in for a fixed amount

953
01:07:28,700 --> 01:07:31,900
of gold.
Well, obviously, if you continue

954
01:07:31,900 --> 01:07:37,000
to Inflate the currency and the
dollars lose purchasing power.

955
01:07:38,700 --> 01:07:44,500
You're not getting the same for
your money as you would and so

956
01:07:44,500 --> 01:07:50,300
they said we want our gold, you
know, the dollars are losing

957
01:07:50,300 --> 01:07:52,200
value.
So we're going to turn it in.

958
01:07:52,200 --> 01:07:58,000
You told us we get, you know,
$35 an ounce I want or whatever.

959
01:07:58,000 --> 01:08:04,000
They're fixed pricing at the
time and I think that's what the

960
01:08:04,000 --> 01:08:07,100
government promised to do said.
We're the dollar will be the

961
01:08:07,100 --> 01:08:12,100
reserve currency but we will
guarantee x amount of gold

962
01:08:13,200 --> 01:08:15,900
versus the dollar so you can
turn them in later.

963
01:08:15,900 --> 01:08:18,399
We'll just continue.
Use dollars the dollar in

964
01:08:18,399 --> 01:08:21,899
essence became as good as gold
if you will.

965
01:08:23,300 --> 01:08:27,500
That was the idea if I'm not
mistaken back in 2010 or 2012,

966
01:08:27,500 --> 01:08:30,200
didn't Germany, basically say,
hey, we want some of our gold

967
01:08:30,200 --> 01:08:35,899
back and we said no they did and
that was their own goal that had

968
01:08:35,899 --> 01:08:40,200
nothing to do with the exchange
of dollars.

969
01:08:40,200 --> 01:08:43,200
That was gold that was simply
stored here that was theirs.

970
01:08:44,100 --> 01:08:48,399
Back in the 60s is we're late
60s.

971
01:08:49,200 --> 01:08:53,800
That's when the foreign
government started He's claiming

972
01:08:53,800 --> 01:08:57,600
the goal that was legally and
rightfully theirs based on

973
01:08:57,600 --> 01:09:02,600
dollars which were iou's for a
fixed amount of gold and that's

974
01:09:02,600 --> 01:09:07,600
when eventually led to Nixon
closing the gold window and

975
01:09:07,600 --> 01:09:11,300
saying now we're not give you
they would sometimes devalue the

976
01:09:11,300 --> 01:09:14,399
dollar which meant raising the
gold price.

977
01:09:14,500 --> 01:09:18,100
So if you're holding an IOU that
you're supposed to be able to

978
01:09:18,100 --> 01:09:24,200
get it at $20 an ounce and then
it was 30 to 50. 3450.

979
01:09:24,200 --> 01:09:27,500
And then it was, you know,
people went up all the time.

980
01:09:28,000 --> 01:09:33,399
So they kept getting haircuts on
their the money that was owed

981
01:09:33,399 --> 01:09:37,100
them and then mixes what we're
not going to give it to you at

982
01:09:37,100 --> 01:09:39,600
all.
Now that was all part of the

983
01:09:39,600 --> 01:09:44,399
plan but we didn't know when and
where and I don't think they did

984
01:09:44,399 --> 01:09:46,000
either.
We were just they were just

985
01:09:46,000 --> 01:09:50,200
looking for a point because this
dike we talked about earlier,

986
01:09:50,200 --> 01:09:53,600
goes back, a century eventually
Actually.

987
01:09:55,100 --> 01:09:58,200
We'd have a currency.
Now we're hearing all the talk

988
01:09:58,200 --> 01:10:05,300
about a reset and and some type
of digital currency, I'm sure

989
01:10:05,300 --> 01:10:10,700
that that's an offshoot or an
extension of these plans that go

990
01:10:10,700 --> 01:10:13,300
back a hundred years.
They didn't know what it would

991
01:10:13,300 --> 01:10:15,700
be called or how it would
actually come about.

992
01:10:15,700 --> 01:10:21,400
So technology has helped bring
the possibility more in line.

993
01:10:22,300 --> 01:10:30,800
But again, The people in control
are using what's happening to

994
01:10:30,800 --> 01:10:35,300
push them closer to their goals
from 100 years ago.

995
01:10:35,500 --> 01:10:41,500
Those organizations are.
Okay, before we go, there is

996
01:10:41,500 --> 01:10:44,600
there anything in the history of
this that you feel like we

997
01:10:44,600 --> 01:10:47,600
didn't cover?
Well we didn't gloss that we may

998
01:10:47,600 --> 01:10:50,300
be glossed over or we just
didn't talk about it all.

999
01:10:52,500 --> 01:10:55,800
I think with there's there's a
couple things that I think are

1000
01:10:55,800 --> 01:10:59,000
important for people when
they're looking at all this and

1001
01:10:59,008 --> 01:11:01,700
trying to relate it to what's
happening right now.

1002
01:11:03,000 --> 01:11:07,800
The first of all, financially
and economically the problems

1003
01:11:07,800 --> 01:11:11,800
that we're facing.
Are not something that happens

1004
01:11:11,800 --> 01:11:16,000
spontaneously that we have any
control over or could have

1005
01:11:16,000 --> 01:11:19,900
prevented.
They are a direct result of the

1006
01:11:19,900 --> 01:11:27,000
policies of the Federal Reserve.
To expand the supply of money

1007
01:11:27,000 --> 01:11:33,200
and credit continuously all
governments inflate and destroy

1008
01:11:33,200 --> 01:11:35,800
their own currencies by
governments.

1009
01:11:35,800 --> 01:11:39,200
We include central banks, so
that goes on intentionally,

1010
01:11:39,700 --> 01:11:45,400
anything else appurtenant so
that such as conspiracy interest

1011
01:11:45,400 --> 01:11:49,600
or organizations wanting to push
us in a direction away from our

1012
01:11:49,600 --> 01:11:54,300
Traditional Values.
All of that that's It's being

1013
01:11:54,300 --> 01:11:58,400
used for that even though it's
presented as being something

1014
01:11:58,400 --> 01:12:00,200
else.
So I think people need to look

1015
01:12:00,200 --> 01:12:04,700
at it and say, okay, why, why is
in the vernacular of the day?

1016
01:12:04,700 --> 01:12:09,300
Why is inflation so bad?
Well, fed has been expanding the

1017
01:12:09,300 --> 01:12:11,400
supply money and credit for 100
years.

1018
01:12:11,500 --> 01:12:15,200
That's what happens when you do
that and you can't control that

1019
01:12:15,200 --> 01:12:19,400
neither can, they nor can they
be predicted how bad those

1020
01:12:19,400 --> 01:12:22,500
effects can be except to know
that?

1021
01:12:22,500 --> 01:12:26,300
They will be more More frequent
and more volatile.

1022
01:12:27,200 --> 01:12:31,100
And eventually the house of
cards will come down.

1023
01:12:31,900 --> 01:12:36,300
That's I think the overview from
all of this instead of hoping

1024
01:12:36,300 --> 01:12:40,900
that the FED pivots or that
they're doing something right,

1025
01:12:40,900 --> 01:12:44,400
or wrong.
The point is, I don't think they

1026
01:12:44,400 --> 01:12:49,500
can control it anymore.
That another collapse similar to

1027
01:12:49,500 --> 01:12:53,400
what happened 12 years ago.
I don't think they're going to

1028
01:12:53,400 --> 01:12:56,300
have a handle on it and we could
very well be in a deep

1029
01:12:56,300 --> 01:13:01,400
depression that could last for
many years and then we'd see the

1030
01:13:01,400 --> 01:13:06,000
fed and the government coming
out with all sorts of new

1031
01:13:06,000 --> 01:13:11,100
regulations, in order to try to
prop things up or restore and

1032
01:13:11,100 --> 01:13:14,200
get us back to another level,
which will make things even

1033
01:13:14,200 --> 01:13:17,500
worse and take away more of your
personal freedom.

1034
01:13:18,000 --> 01:13:20,100
Wow.
Wow.

1035
01:13:21,100 --> 01:13:25,900
You know, in Thing is that it's
not like it's not like if we

1036
01:13:25,900 --> 01:13:28,300
wouldn't have looked at history
we couldn't kind of see it

1037
01:13:28,300 --> 01:13:34,100
coming, right?
Because Again, the only thing

1038
01:13:34,100 --> 01:13:37,200
that's different now is the
magnitude of the crisis that

1039
01:13:37,200 --> 01:13:40,400
they have created.
But, but good the governments

1040
01:13:40,400 --> 01:13:48,100
and central banks have forever.
Been ultimately responsible for

1041
01:13:48,800 --> 01:13:52,500
the deterioration of of a
country's currency and a

1042
01:13:52,500 --> 01:13:57,900
country's Financial well-being.
I think what is unique this

1043
01:13:57,900 --> 01:14:00,200
time?
And correct me if I'm wrong, is

1044
01:14:00,200 --> 01:14:06,400
that maybe for the first time
you have one currency that's the

1045
01:14:06,400 --> 01:14:09,600
world's currency and we just
happen to be it.

1046
01:14:09,900 --> 01:14:14,200
How much of that is keeping us
afloat?

1047
01:14:14,200 --> 01:14:19,000
How much of that is, is directly
responsible for us, not having

1048
01:14:19,000 --> 01:14:24,700
collapsed yet because As you
said as we talked about before

1049
01:14:24,700 --> 01:14:28,100
with Bretton Woods we basically
said we will be the gold

1050
01:14:28,100 --> 01:14:32,400
standard and we will never
inflate our currency that kind

1051
01:14:32,400 --> 01:14:35,800
of puts the rest of the world on
the hook with us it's almost

1052
01:14:35,800 --> 01:14:39,600
like financially mutually
assured destruction, right?

1053
01:14:41,300 --> 01:14:44,100
Right, I don't let one point
here.

1054
01:14:44,500 --> 01:14:50,900
I I don't know, but I'm not
convinced that the government

1055
01:14:50,900 --> 01:14:55,100
promised not to inflate.
I think they implied that by

1056
01:14:55,100 --> 01:14:58,300
fixing the goal price, but I
don't think their intention was

1057
01:14:58,300 --> 01:15:02,600
to not inflate, I think they
full, well, expected and

1058
01:15:02,600 --> 01:15:06,300
intended, and I don't think they
promised it that way to him.

1059
01:15:06,700 --> 01:15:11,000
They just said we will guarantee
that you can always turn your

1060
01:15:11,000 --> 01:15:13,500
dollars in.
See if you have that guarantee.

1061
01:15:14,000 --> 01:15:16,400
You're not as concerned about it
as long.

1062
01:15:16,600 --> 01:15:21,600
Long as you can get, what is
rightfully yours, but the

1063
01:15:21,600 --> 01:15:26,700
inflation became so bad and it
was so obvious that they were

1064
01:15:27,100 --> 01:15:30,700
pushed to a position of saying
this isn't right.

1065
01:15:30,900 --> 01:15:35,400
We're accepting 20 dollars a
barrel for, you know, or two

1066
01:15:35,400 --> 01:15:40,700
dollars a barrel for oil for the
last 50 years country, you know,

1067
01:15:41,100 --> 01:15:45,700
that oil crisis was changed to a
patriotic thing.

1068
01:15:45,700 --> 01:15:49,200
And it really The bed it was was
our own country that brought us

1069
01:15:49,200 --> 01:15:51,900
to that with everything in terms
of it.

1070
01:15:52,200 --> 01:15:58,200
But the implication was there.
I don't think they ever intended

1071
01:15:58,200 --> 01:16:02,300
not to inflate and I think
that's important when we're

1072
01:16:02,300 --> 01:16:06,300
looking at all this.
It was get us off the gold.

1073
01:16:06,400 --> 01:16:09,900
Do what we need to take away
something, but don't take away

1074
01:16:09,900 --> 01:16:15,100
this yet and then eventually it
goes away and and something

1075
01:16:15,100 --> 01:16:17,300
comes up and presents.
An opportunity.

1076
01:16:17,300 --> 01:16:19,800
We could say, hey, here's what
we've been waiting for.

1077
01:16:20,000 --> 01:16:23,400
Boom, plus closed the gold
window and will appeal to

1078
01:16:23,400 --> 01:16:29,800
national pride.
Those Europeans were destroying

1079
01:16:29,800 --> 01:16:33,700
our dollar now.
They weren't, they want our

1080
01:16:33,700 --> 01:16:37,500
gold.
You told them you were dealing

1081
01:16:37,500 --> 01:16:41,300
in the transaction.
That was, we couldn't do that

1082
01:16:41,300 --> 01:16:45,300
with a contract in this country.
You know, private citizens

1083
01:16:45,300 --> 01:16:51,100
couldn't So anyway, I think
that's important to clarify

1084
01:16:51,100 --> 01:16:53,800
people.
People are never going to be

1085
01:16:53,800 --> 01:16:58,300
told what's actually going on or
what the risks are.

1086
01:16:59,300 --> 01:17:03,100
It's always going to present it
in a way that makes the bad

1087
01:17:03,100 --> 01:17:06,500
guys, look good.
So, right now, you know,

1088
01:17:06,500 --> 01:17:11,200
everybody's hoping that chairman
Powell rides to the rescue and

1089
01:17:12,200 --> 01:17:16,400
gets us out of this mess but
that's like looking to the Dole

1090
01:17:16,400 --> 01:17:22,500
to go out after the criminals
and bring all your money back to

1091
01:17:22,500 --> 01:17:25,200
you.
Well, yeah and let's just say he

1092
01:17:25,200 --> 01:17:29,000
did have that change of heart.
I'm not sure there's any

1093
01:17:29,000 --> 01:17:33,600
mechanisms or levers at his
disposal that can magic

1094
01:17:33,600 --> 01:17:39,700
magically cure this.
I agree and I don't think that

1095
01:17:39,700 --> 01:17:44,900
we know what actually goes on
inside the Fed see, do you

1096
01:17:44,900 --> 01:17:52,200
remember, you know, there are
certain people that Do not.

1097
01:17:53,400 --> 01:17:58,300
And will not.
Have access to the Federal

1098
01:17:58,300 --> 01:18:03,900
Reserve the way it's been
proposed because and if certain

1099
01:18:03,900 --> 01:18:10,000
people nominated for it actually
were accepted and put on the

1100
01:18:10,000 --> 01:18:13,700
board it would open up a big can
of worms.

1101
01:18:13,700 --> 01:18:21,600
So when you look at people who
serve And the government and

1102
01:18:21,600 --> 01:18:25,000
like, treasury secretaries and
other places.

1103
01:18:25,000 --> 01:18:30,500
And either before or after who
might end up being part of the

1104
01:18:30,500 --> 01:18:37,100
FED like Janet Yellen other.
There are people legally

1105
01:18:37,100 --> 01:18:41,900
politically financially.
There are some serious deep

1106
01:18:41,900 --> 01:18:48,300
connections.
That go back many many years

1107
01:18:49,200 --> 01:18:53,900
that are all part of this effort
to move us away from the things

1108
01:18:53,900 --> 01:18:57,100
we value.
The Constitution and religion.

1109
01:18:58,600 --> 01:19:02,200
God can take our money and our
and control over our own

1110
01:19:02,200 --> 01:19:04,600
destiny.
Gotcha.

1111
01:19:05,900 --> 01:19:11,000
Okay so we've covered the, we've
covered where we are now and I

1112
01:19:11,008 --> 01:19:13,600
don't want to put words in your
mouth here, but you think we're

1113
01:19:13,600 --> 01:19:14,900
teetering on?
The brink.

1114
01:19:15,400 --> 01:19:17,800
I think it could happen very
easily.

1115
01:19:17,800 --> 01:19:21,900
I just feel like I felt that
before.

1116
01:19:21,900 --> 01:19:29,600
I think it could have happened.
You know in 28 2011 it's like

1117
01:19:30,500 --> 01:19:38,900
there's just enough.
Possibility to allow for the the

1118
01:19:38,900 --> 01:19:42,400
expectation.
The FED might be able to pull us

1119
01:19:42,400 --> 01:19:48,000
out of something, but I think
happening this quickly on the

1120
01:19:48,000 --> 01:19:54,400
heels of the covid thing and
2008 to 2011.

1121
01:19:54,400 --> 01:20:01,100
I think we're much closer to
that single event that would

1122
01:20:01,100 --> 01:20:03,600
Usher us into an entirely
different.

1123
01:20:03,700 --> 01:20:08,000
Different world, right?
We got used to and not an

1124
01:20:08,000 --> 01:20:13,800
unprepared for K now.
And we covered the past.

1125
01:20:13,800 --> 01:20:16,400
How we got here?
What the feds role has been?

1126
01:20:16,800 --> 01:20:21,200
What Bretton Woods has been and
and kind of explained how we got

1127
01:20:21,200 --> 01:20:23,400
here.
Now, I want to look down the

1128
01:20:23,400 --> 01:20:27,000
road a little bit.
I want to, I want to talk about

1129
01:20:27,700 --> 01:20:32,800
about some things and then maybe
ultimately, Something that

1130
01:20:32,800 --> 01:20:38,900
people can do individually to at
least survive.

1131
01:20:38,900 --> 01:20:42,600
What's coming up?
Because I don't do it.

1132
01:20:42,600 --> 01:20:44,700
Well, okay, I'm just going to
say it.

1133
01:20:44,700 --> 01:20:48,600
I don't do it very often on on
this podcast.

1134
01:20:50,300 --> 01:20:55,300
But I have a profound fear.
In a belief that we're about to

1135
01:20:55,300 --> 01:20:58,900
head into sometimes that
certainly My Generation has

1136
01:20:58,900 --> 01:21:02,000
never seen, so I know my kids
have never seen.

1137
01:21:03,700 --> 01:21:07,300
However, if you got a little
time to prepare, there's got to

1138
01:21:07,300 --> 01:21:12,200
be some things we can do to
lessen lessen the pain.

1139
01:21:12,200 --> 01:21:14,400
A little bitter, at least be
able to withstand the pain a

1140
01:21:14,407 --> 01:21:18,200
little bit.
So, let's, let's look down the

1141
01:21:18,200 --> 01:21:20,900
road here a little bit.
Kelsey, what would you expect to

1142
01:21:20,900 --> 01:21:23,600
see from the FED in the upcoming
months?

1143
01:21:23,600 --> 01:21:32,400
A six months into the new year?
I I think the FED for quite some

1144
01:21:32,400 --> 01:21:39,700
time has been acting on a
reactionary basis and by that, I

1145
01:21:39,700 --> 01:21:48,200
mean they are just as much
Unable to steer the ship as any

1146
01:21:48,200 --> 01:21:50,900
of us might be in terms of what
do we do?

1147
01:21:51,600 --> 01:21:54,100
Where do we go?
How do we, how do we get, where

1148
01:21:54,100 --> 01:21:56,500
we want to be?
What they are doing is putting

1149
01:21:56,500 --> 01:22:00,200
out fires?
I think they were very much

1150
01:22:00,200 --> 01:22:05,900
afraid that if they continued
their cheap money and credit

1151
01:22:06,000 --> 01:22:10,100
approach that the dollar would
be destroyed.

1152
01:22:11,300 --> 01:22:14,400
And that's not in their plans
right now.

1153
01:22:15,900 --> 01:22:21,700
So if they did that, if in order
to move away from the net, how

1154
01:22:21,700 --> 01:22:23,900
to, how do they do it, what can
they do?

1155
01:22:24,800 --> 01:22:27,700
If they basically stopped
inflation it's like we said

1156
01:22:27,700 --> 01:22:32,600
before if that was the real goal
to just stop and plaiting, they

1157
01:22:32,600 --> 01:22:35,800
would just stop creating money
and credit but a certain amount

1158
01:22:35,800 --> 01:22:39,600
of inflation has to be there to
maintain things because they've

1159
01:22:39,600 --> 01:22:44,300
been doing it so long.
So there is a certain increase

1160
01:22:44,300 --> 01:22:50,200
in the cost of living that is
absolutely critical just to stay

1161
01:22:50,200 --> 01:22:54,200
afloat and that's where we've
been for a number of years.

1162
01:22:54,300 --> 01:23:00,200
So When you get to a point
where, you know you see things

1163
01:23:00,200 --> 01:23:06,800
improve and increase on
productive side, maybe 4%

1164
01:23:06,800 --> 01:23:10,400
annually in Flint inflation is
under that number your heads

1165
01:23:10,400 --> 01:23:15,100
above water.
But if our productivity is

1166
01:23:15,100 --> 01:23:20,200
increasing at a slower rate and
then a cost of living is going

1167
01:23:20,200 --> 01:23:25,400
up, like, it has been, that's
just a circumstance that well,

1168
01:23:25,400 --> 01:23:28,200
we're not quite ready to have
this fall apart.

1169
01:23:28,400 --> 01:23:31,600
So what are we going to do about
it without triggering a

1170
01:23:31,600 --> 01:23:34,800
collapse?
And that's the biggest concern

1171
01:23:34,800 --> 01:23:40,800
here is if they do this and
pursue it, can they do it long

1172
01:23:40,800 --> 01:23:43,700
enough to see the results?
If they want that are

1173
01:23:43,700 --> 01:23:50,400
acceptable, without triggering a
credit collapse and that I'm not

1174
01:23:50,400 --> 01:23:55,700
sure, meaning it wouldn't take
much of an event.

1175
01:23:56,300 --> 01:23:58,700
All we need is one of those over
the weekend.

1176
01:23:58,700 --> 01:24:07,500
Headlines, that some big firm or
big bank has Confess that they

1177
01:24:07,500 --> 01:24:10,200
are bankrupt.
They don't have the money.

1178
01:24:10,200 --> 01:24:14,100
You know, another long-term
Capital Management from the 70s

1179
01:24:14,100 --> 01:24:18,800
or Salomon Brothers you know it
doesn't matter.

1180
01:24:18,800 --> 01:24:25,700
The big the big interest that
firms there on the edge all the

1181
01:24:25,700 --> 01:24:31,300
time and it won't take much with
this kind of an increase in

1182
01:24:31,300 --> 01:24:34,200
rates and any decrease in
liquidity.

1183
01:24:34,200 --> 01:24:39,600
You throw in the collapse in
asset prices and we could have

1184
01:24:39,600 --> 01:24:42,400
one of the wake up one day and
find out the stock market is

1185
01:24:42,400 --> 01:24:48,200
down 25%.
And so I think there's an

1186
01:24:48,200 --> 01:24:50,800
unknown here.
It's hard to say, Well, what

1187
01:24:50,800 --> 01:24:53,100
we'll, what can we expect to
receive from the fed?

1188
01:24:53,100 --> 01:24:55,900
I'm not sure.
I know, I don't trust them.

1189
01:24:56,800 --> 01:24:59,600
I don't trust him enough to
think what they'll do.

1190
01:24:59,900 --> 01:25:04,800
And that's probably a bigger
issue for most people is, you

1191
01:25:04,800 --> 01:25:09,000
know, that normalcy bias bias,
the well, the federal step in

1192
01:25:09,000 --> 01:25:13,700
they'll have to they'll stay the
FED caused the depression.

1193
01:25:13,700 --> 01:25:18,900
They cause the, the Problems
associated with Y2K.

1194
01:25:18,900 --> 01:25:26,400
After the fact, they created the
Carotid collapse that we saw 12

1195
01:25:26,400 --> 01:25:29,600
years ago.
Why do we think that we couldn't

1196
01:25:29,600 --> 01:25:34,800
have another one?
And so if they'll continue to

1197
01:25:34,800 --> 01:25:41,100
jump back and forth as they see
things happen in order to

1198
01:25:42,200 --> 01:25:49,400
stabilize things and hopefully
keep the cost of living from

1199
01:25:49,400 --> 01:25:53,800
going shooting higher that
that's about all I could say

1200
01:25:53,800 --> 01:25:57,500
about it, but I don't have a lot
of faith that they'll be very

1201
01:25:57,500 --> 01:26:01,600
successful.
Yeah, because it almost feels

1202
01:26:01,600 --> 01:26:05,700
like, I don't know.
This might be a bad analogy, but

1203
01:26:05,700 --> 01:26:09,200
it almost feels like we've had a
bear chasing us for a while.

1204
01:26:10,000 --> 01:26:13,700
And we've entered we've a, we've
emptied the clip to the gun and

1205
01:26:13,700 --> 01:26:17,200
the bear still coming, right?
I'm not sure there's a whole lot

1206
01:26:17,200 --> 01:26:21,100
more they can do.
I mean, because if you were to

1207
01:26:21,100 --> 01:26:26,700
raise those rates, you know
dramatically, you're just going

1208
01:26:26,700 --> 01:26:29,300
to Cripple the economy anyway,
so I'm not sure.

1209
01:26:29,500 --> 01:26:34,300
A whole lot left that they can
do go ahead.

1210
01:26:34,800 --> 01:26:40,300
Well, as you say, if they get
rates up to a level and are able

1211
01:26:40,300 --> 01:26:44,900
to more normal level and are
able to maintain them and the

1212
01:26:44,900 --> 01:26:52,000
economy hasn't fallen apart or
at least it seems like it's work

1213
01:26:52,000 --> 01:26:55,500
a workable thing.
Then then they have the

1214
01:26:55,500 --> 01:26:59,300
possibility to bring rates down
again.

1215
01:26:59,400 --> 01:27:02,100
A little bit and maybe work it
up.

1216
01:27:02,100 --> 01:27:05,800
That way, two steps forward one
step back where to step, you

1217
01:27:05,800 --> 01:27:08,500
know, maybe that's in there
thinking, you know, as a

1218
01:27:08,500 --> 01:27:15,400
possibility the way and
investors are today, They seem

1219
01:27:15,400 --> 01:27:19,400
to want to create the situation
that forces the Fed.

1220
01:27:19,400 --> 01:27:24,000
So in their own minds, they
already have well inflation was

1221
01:27:24,000 --> 01:27:28,100
down a couple of tenths of a
percent last month so the FED

1222
01:27:28,100 --> 01:27:31,300
won't have to be as aggressive
in their rate hikes and they

1223
01:27:31,300 --> 01:27:33,500
just assume that that's going to
happen.

1224
01:27:33,500 --> 01:27:39,100
So we get a rally but I think
they think it's too easy for the

1225
01:27:39,100 --> 01:27:43,500
FED to change things and I just
don't think it is.

1226
01:27:45,000 --> 01:27:49,000
Okay, we've talked about that
we're on the brink.

1227
01:27:51,200 --> 01:27:54,100
What does it look like when we
tip over the brink?

1228
01:27:55,900 --> 01:28:01,800
What kind of things do we would
would the laws of it of economy.

1229
01:28:02,500 --> 01:28:07,400
Tell you you could expect as an
average family living in a

1230
01:28:07,400 --> 01:28:11,600
middle to end you know, a
middle-income household.

1231
01:28:11,600 --> 01:28:16,300
What does that look like?
I would say the first thing we

1232
01:28:16,300 --> 01:28:19,200
should do would be to go back
and look at what happened in the

1233
01:28:19,200 --> 01:28:24,300
depression.
Because you would see if we have

1234
01:28:24,300 --> 01:28:28,600
the credit collapse that ushers
in deflation which means the

1235
01:28:28,600 --> 01:28:31,500
dollars are worth less but there
won't be enough around.

1236
01:28:31,600 --> 01:28:33,900
You know, the government is the
Fed is shrinking.

1237
01:28:33,900 --> 01:28:37,000
Its balance sheet just by
sitting on the assets that it's

1238
01:28:37,000 --> 01:28:44,000
holding without selling any of
those bonds that they Bought up

1239
01:28:44,200 --> 01:28:48,000
a decade ago.
They've dropped to Third and

1240
01:28:48,000 --> 01:28:50,700
value.
Anyway, so they're balanced seat

1241
01:28:50,700 --> 01:28:54,200
is shrinking just by holding
assets that are declining.

1242
01:28:54,200 --> 01:28:59,600
So you got it you have a
deflation price levels, come

1243
01:28:59,600 --> 01:29:03,400
down, you can buy more for your
dollars but they're less dollars

1244
01:29:03,400 --> 01:29:06,700
in circulation.
People don't have the money, you

1245
01:29:06,700 --> 01:29:10,100
have job layoffs, you have
bankruptcies.

1246
01:29:10,600 --> 01:29:12,900
You have companies going out of
business.

1247
01:29:13,500 --> 01:29:19,200
You have unemployment levels.
Is increasing and staying at

1248
01:29:19,200 --> 01:29:25,400
high levels, all of that.
Continuing and then the

1249
01:29:25,400 --> 01:29:29,700
government comes in and tries to
do wave its magic wand and makes

1250
01:29:29,700 --> 01:29:33,000
everything worse.
So, I think that would be the

1251
01:29:33,000 --> 01:29:36,000
first thing I do is look back
and read about what was it like

1252
01:29:36,000 --> 01:29:39,000
during the Depression.
I mean, if you tell somebody

1253
01:29:39,000 --> 01:29:42,500
they say, listen, how are you
going to feel about things?

1254
01:29:42,600 --> 01:29:48,300
If you suddenly find that your
Oh, one k-- is worth one.

1255
01:29:48,300 --> 01:29:53,400
Third of what it is.
Right now, or was eight months

1256
01:29:53,400 --> 01:29:58,300
ago, how are you going to feel?
And how are you going to feel?

1257
01:29:59,000 --> 01:30:04,500
If you come home and say, I've
lost my job and you don't have a

1258
01:30:04,500 --> 01:30:09,300
month, no money to pay your
mortgage but it isn't just you.

1259
01:30:09,600 --> 01:30:16,200
It is your neighbors and a large
percentage of the population and

1260
01:30:16,300 --> 01:30:19,200
you see the shutter doors and
windows.

1261
01:30:19,300 --> 01:30:25,900
And you realize Is that weave?
Fifty years of economic progress

1262
01:30:25,900 --> 01:30:29,400
is gone away.
I mean, that that's where I

1263
01:30:29,407 --> 01:30:34,300
would start.
I and, and it's because we have

1264
01:30:34,300 --> 01:30:42,400
never had to deal with anything
severe enough long enough, since

1265
01:30:42,400 --> 01:30:47,100
the Great Depression
economically, each succeeding

1266
01:30:47,100 --> 01:30:51,300
generation, when you look at
them and You observe them,

1267
01:30:52,500 --> 01:30:59,100
Because of how successful we
have been industrially.

1268
01:30:59,600 --> 01:31:06,800
Technically technologically, we
have a level and lifestyle that

1269
01:31:07,800 --> 01:31:12,300
is beyond what anybody could
have imagined even 25 years ago.

1270
01:31:13,400 --> 01:31:19,000
So it would be so dramatic to
lose a couple of Decades of

1271
01:31:19,000 --> 01:31:22,600
that.
I mean, you know, I just love to

1272
01:31:22,600 --> 01:31:26,800
tell how, you know, said we're
talking about the size of

1273
01:31:26,800 --> 01:31:34,300
computers in in my business
management class and and, and

1274
01:31:34,300 --> 01:31:38,600
I'm like, I didn't even have a
computer when I went to school

1275
01:31:38,700 --> 01:31:42,200
in college.
And, and when I filled up the

1276
01:31:42,200 --> 01:31:44,800
gas, Gas tank.
It cost two dollars and fifty

1277
01:31:44,800 --> 01:31:52,000
cents but half of what you're
paying for one gallon so But

1278
01:31:52,000 --> 01:31:55,400
again when you take something
away, that's there, the effect

1279
01:31:55,400 --> 01:31:57,700
is different.
You can go back and look at a

1280
01:31:57,700 --> 01:32:02,300
period and see their progress
today and you could see.

1281
01:32:02,500 --> 01:32:05,700
Wow, we're on top of the world
then because we didn't have

1282
01:32:05,700 --> 01:32:09,900
anything to compare it to once
we been here and then go back to

1283
01:32:09,900 --> 01:32:14,400
that the effect is horrendous
because then it plays with your

1284
01:32:14,400 --> 01:32:23,300
psychological and well-being and
your ability to just cope with

1285
01:32:23,300 --> 01:32:27,000
what happens.
So I believe a great part of

1286
01:32:27,000 --> 01:32:31,900
this is being prepared to
accept.

1287
01:32:33,200 --> 01:32:37,100
Severe conditions that are
unknown and unpredictable.

1288
01:32:38,200 --> 01:32:40,700
I don't know how you do that
other than going back to

1289
01:32:40,700 --> 01:32:44,500
something so severe that you
aren't aware of it.

1290
01:32:44,700 --> 01:32:48,800
I mean, ask any, anybody today
about the Great Depression, I

1291
01:32:48,800 --> 01:32:52,700
mean, they think you were crazy
and in most people, this, the

1292
01:32:52,700 --> 01:32:55,600
current generation, they don't
have a good memory of what was

1293
01:32:55,600 --> 01:32:59,100
going on in 2008.
They don't remember the real

1294
01:32:59,100 --> 01:33:01,300
estate crisis.
They don't remember the

1295
01:33:01,600 --> 01:33:06,400
automobile price collapse, or
any of the things associated

1296
01:33:06,400 --> 01:33:10,100
with that.
Yeah, I think they're going to

1297
01:33:10,100 --> 01:33:17,300
learn pretty quickly.
Some of some of the guys that I

1298
01:33:17,300 --> 01:33:23,200
have to direct it work are in
their mid twenties so they never

1299
01:33:23,200 --> 01:33:25,800
experienced really what 2012
was, right?

1300
01:33:25,800 --> 01:33:29,500
I mean, 2008 was right.
I mean they were they were they

1301
01:33:29,500 --> 01:33:34,100
were just way young kids.
And trying to explain to them.

1302
01:33:34,100 --> 01:33:37,200
You may want to put some of that
over time, money up a little bit

1303
01:33:37,200 --> 01:33:40,600
or do something with it
worthwhile because it's not

1304
01:33:40,600 --> 01:33:43,200
always guaranteed to be there
and it's like talking to a brick

1305
01:33:43,200 --> 01:33:48,300
wall but likewise I would say
this, I was probably much the

1306
01:33:48,300 --> 01:33:52,900
same way prior to 2008, right?
I remember I worked for a firm

1307
01:33:53,100 --> 01:33:59,200
who whose owner we would empty
our trash or the the maids would

1308
01:33:59,200 --> 01:34:01,600
empty the trash in the office at
night and then he'd go

1309
01:34:01,600 --> 01:34:02,800
rummaging.
I'm through.

1310
01:34:03,100 --> 01:34:06,100
Now this is a guy who owned a
thriving business but he would

1311
01:34:06,100 --> 01:34:10,700
go through and rummage out the
cans and turn them in for for

1312
01:34:10,700 --> 01:34:13,800
money.
And when I asked someone who

1313
01:34:13,800 --> 01:34:16,700
worked there who knew him really
well, he said that's just left

1314
01:34:16,700 --> 01:34:20,700
over from the Great Depression.
He weathered that and he was you

1315
01:34:20,700 --> 01:34:23,000
know, very still cognizant of
it.

1316
01:34:24,600 --> 01:34:27,000
I think you're right.
I think we have to look back at

1317
01:34:27,000 --> 01:34:30,500
times on times where, where,
that was the case.

1318
01:34:31,300 --> 01:34:33,600
Do you have any?
Commendations as far as reading

1319
01:34:33,600 --> 01:34:36,200
material or anything like that,
that does a good job of

1320
01:34:36,200 --> 01:34:41,300
explaining it.
I, you know, there are books on

1321
01:34:41,300 --> 01:34:46,200
the depression that you can go
online and just click Great

1322
01:34:46,200 --> 01:34:50,700
Depression, 1930s.
And you'll find various articles

1323
01:34:51,100 --> 01:34:56,700
and depending on the source of
the article, it might change,

1324
01:34:56,700 --> 01:35:00,000
you know, somewhat, the impact
your impression you get, but the

1325
01:35:00,000 --> 01:35:04,200
general ideas will be Fairly
consistent from what I've

1326
01:35:05,900 --> 01:35:10,200
learned in doing that.
And at least read what was going

1327
01:35:10,200 --> 01:35:13,100
on Reed.
What Reed?

1328
01:35:13,400 --> 01:35:18,800
Something about the depression
and Pharma Farmland America in

1329
01:35:18,800 --> 01:35:24,300
the 20s.
Read about what the Federal

1330
01:35:24,300 --> 01:35:28,300
Reserve and the stock market was
like and people borrowing money

1331
01:35:28,300 --> 01:35:34,200
margin loans and what occurred
there and you get an impression

1332
01:35:34,200 --> 01:35:39,800
of that that doesn't go away.
And then you look at the way

1333
01:35:39,800 --> 01:35:45,200
people are today about their
Investments and I just think

1334
01:35:45,200 --> 01:35:51,100
there's there's a there's a
great unknown that is not Parent

1335
01:35:51,100 --> 01:35:55,700
to them.
The risk doesn't seem to be

1336
01:35:55,700 --> 01:35:57,900
there for them.
They just assume that it's a

1337
01:35:57,900 --> 01:36:02,600
temporary inconvenience and that
it'll all be restored.

1338
01:36:04,500 --> 01:36:06,000
You know.
Some people might think it's

1339
01:36:06,000 --> 01:36:09,400
good that we haven't had to deal
with that but I think it's

1340
01:36:09,400 --> 01:36:14,500
something that's been postponed
that needed to happen and would

1341
01:36:14,500 --> 01:36:18,600
have been over quickly enough.
Had they let it happen now.

1342
01:36:18,600 --> 01:36:22,100
We're just making things.
It's more severe when they do,

1343
01:36:22,100 --> 01:36:24,800
it's like, you know, when you
hear somebody died and you say,

1344
01:36:25,100 --> 01:36:31,400
wow, I don't where they sit, why
didn't know that and then you

1345
01:36:31,400 --> 01:36:35,100
find out they had something
Brewing inside them that, you

1346
01:36:35,100 --> 01:36:38,000
know, the symptoms did the signs
of it were there, but they were

1347
01:36:38,000 --> 01:36:41,200
ignored or they treated all the
symptoms.

1348
01:36:41,200 --> 01:36:44,800
So nobody knew worried, they
might not even know Ty.

1349
01:36:45,200 --> 01:36:47,100
I just feel.
It's something like that.

1350
01:36:47,200 --> 01:36:48,800
That is something where we'll
say.

1351
01:36:50,800 --> 01:36:55,600
Now, what do we do?
And so, you know, and then then

1352
01:36:55,600 --> 01:37:02,500
again, you have the structure
What was it like, you know, with

1353
01:37:02,500 --> 01:37:07,100
bank's closing, you know, and
what your bank, the next, and

1354
01:37:07,100 --> 01:37:17,800
what's a bank holiday like and
and what about, you know, the

1355
01:37:17,800 --> 01:37:22,600
lack of economic activity.
People didn't like being home

1356
01:37:22,700 --> 01:37:26,100
for covid, but if you went out
there wasn't anything, you could

1357
01:37:26,100 --> 01:37:28,800
do because everything was shut
down.

1358
01:37:31,000 --> 01:37:33,800
And people didn't like that.
So what's it going to be?

1359
01:37:33,800 --> 01:37:41,600
Like if it happens again, you
know, I there's in some ways, I

1360
01:37:41,608 --> 01:37:46,400
feel like Covid could have been
a blessing for us right in the

1361
01:37:46,400 --> 01:37:50,800
sense of I think if we were
smart, we all would have took

1362
01:37:50,800 --> 01:37:56,800
stock of just what kind of shape
our families were in our family

1363
01:37:56,800 --> 01:38:01,900
relationships, because we were
forced to be around each other

1364
01:38:01,900 --> 01:38:04,000
for the first time.
And I don't know how long,

1365
01:38:04,300 --> 01:38:06,100
right?
You just there was nothing else

1366
01:38:06,100 --> 01:38:12,100
to do, I think My hope is
everybody, who went through

1367
01:38:12,100 --> 01:38:13,700
that?
Especially anyone who's

1368
01:38:13,700 --> 01:38:17,800
listening to this podcast has
taken stock of their family

1369
01:38:17,800 --> 01:38:20,900
relationships and kind of gotten
them stronger, because those are

1370
01:38:20,900 --> 01:38:23,000
going to need to be strong.
I think.

1371
01:38:23,000 --> 01:38:25,900
In what's coming Financial
right?

1372
01:38:25,900 --> 01:38:41,600
Where covid-19
and we can also see that there

1373
01:38:41,600 --> 01:38:48,900
are people who might generally
agree with us who still would

1374
01:38:49,200 --> 01:38:56,000
much rather see are not inclined
to embrace a situation like

1375
01:38:56,000 --> 01:39:04,200
that, you know, we're anxious to
get it over with and and also I

1376
01:39:04,200 --> 01:39:10,600
think the other thing that
that's critical here is that We

1377
01:39:10,600 --> 01:39:15,100
have such a narrow view of the
possibilities.

1378
01:39:16,800 --> 01:39:20,700
And and and that's what's going
to be difficult.

1379
01:39:20,700 --> 01:39:24,600
Is we were always looking
forward to when it was going to

1380
01:39:24,600 --> 01:39:27,000
get better.
I think we're going to be in a

1381
01:39:27,008 --> 01:39:30,600
situation where we'll think it's
never going to get better,

1382
01:39:30,900 --> 01:39:33,100
because it's going to be that
bad.

1383
01:39:33,100 --> 01:39:35,900
And we're going to say what
difference does it make?

1384
01:39:36,100 --> 01:39:39,500
How how much better can it
possibly get?

1385
01:39:39,500 --> 01:39:43,200
And how soon because it is going
to be any use to me?

1386
01:39:44,000 --> 01:39:47,600
You know, I think that's that
sort of attitude that people

1387
01:39:47,600 --> 01:39:51,000
will develop with the conditions
that were facing.

1388
01:39:53,000 --> 01:39:55,300
Number years ago, I read a book
called the age of The

1389
01:39:55,300 --> 01:40:00,300
Unthinkable by a guy named
Joshua Cooper Remo.

1390
01:40:01,500 --> 01:40:08,400
That talked about certain events
that in world history that were

1391
01:40:08,400 --> 01:40:12,600
Global in nature and left a
lasting impact on society.

1392
01:40:13,300 --> 01:40:17,800
And one of the things that I
think I took away from that more

1393
01:40:17,800 --> 01:40:21,000
than anything else was assigned,
was this idea of think out of

1394
01:40:21,008 --> 01:40:25,700
the box, right?
Maybe it won't get that bad but

1395
01:40:25,900 --> 01:40:30,600
if you're prepared for it to be
that bad you're at least a step

1396
01:40:30,600 --> 01:40:34,700
ahead, right?
And yeah I just don't think

1397
01:40:34,700 --> 01:40:39,700
anybody thinks about a
worst-case scenario no matter

1398
01:40:39,700 --> 01:40:42,400
how unlikely it is.
I think I think with the economy

1399
01:40:42,400 --> 01:40:45,900
I think we can definitely show
that this is going to happen.

1400
01:40:45,900 --> 01:40:49,800
I mean it may not be this year,
may not be next year but at some

1401
01:40:49,800 --> 01:40:52,700
point the laws of economy are
going to be obeyed.

1402
01:40:52,900 --> 01:40:57,100
Paid for the F, definitely
whether you like it or not.

1403
01:40:58,800 --> 01:41:03,100
Let me ask you this if we go
down, if our economy goes down,

1404
01:41:03,200 --> 01:41:06,300
we take the rest of the world
with us because of Bretton

1405
01:41:06,300 --> 01:41:09,500
Woods.
Correct, Bretton Woods.

1406
01:41:09,500 --> 01:41:14,000
Notwithstanding the
interconnection of an

1407
01:41:14,000 --> 01:41:19,200
international relations
regarding financial and economic

1408
01:41:19,200 --> 01:41:24,400
issues is so entrenched.
And even our societies on a

1409
01:41:24,400 --> 01:41:29,400
global basis is such that.
And then the doll, As the

1410
01:41:29,400 --> 01:41:32,400
reserve currency, the amount of
dollars in circulation that

1411
01:41:32,400 --> 01:41:39,400
dependency on occurrence.
It's just we're also linked that

1412
01:41:40,300 --> 01:41:42,700
Bretton Woods or not.
That's where we are.

1413
01:41:42,800 --> 01:41:47,200
I mean yes it's probably a Now
growth of that but you can just

1414
01:41:47,200 --> 01:41:48,800
you don't even have to consider
it.

1415
01:41:48,800 --> 01:41:53,500
We the situation is as it is
which means the inner

1416
01:41:53,500 --> 01:41:56,600
dependency.
And and that was true to a great

1417
01:41:56,600 --> 01:41:58,300
degree anyway during the
Depression.

1418
01:41:58,500 --> 01:42:04,100
In the u.s. might have been able
to avoid what happened in Europe

1419
01:42:04,300 --> 01:42:10,700
or at least minimized it.
But then again, you know, are we

1420
01:42:10,700 --> 01:42:14,600
talking about random events or
are we talking about something

1421
01:42:14,600 --> 01:42:21,700
that's been orchestrated by
other forces, right?

1422
01:42:22,600 --> 01:42:26,500
I'm just, I'd be curious to see
what other nations reaction

1423
01:42:26,500 --> 01:42:30,900
would be towards us, right?
Right, you guys did this we

1424
01:42:30,900 --> 01:42:33,300
threw in with, I'm sure we're
going to hear that.

1425
01:42:33,400 --> 01:42:36,400
I think we're hearing seeing
some of the now, your Europe's

1426
01:42:36,400 --> 01:42:38,800
in bad shape.
They've got their own problems

1427
01:42:38,800 --> 01:42:42,600
and, and it's all there.
They're relatable to the things

1428
01:42:42,600 --> 01:42:46,400
we're talking about.
But you know, when things are

1429
01:42:46,400 --> 01:42:50,100
going bad for you, it's easy to
point your finger at somebody

1430
01:42:50,100 --> 01:42:54,300
else. when it comes to the
financials, I think there's a

1431
01:42:54,300 --> 01:42:59,200
lot of justification for talking
about the dollar and what what's

1432
01:42:59,200 --> 01:43:03,300
happened on the other hand, when
you look at the state of other

1433
01:43:03,300 --> 01:43:07,800
currencies in the world and the
way, government's responded to

1434
01:43:07,800 --> 01:43:14,600
covid in terms of personal
freedoms, and, and financial and

1435
01:43:14,600 --> 01:43:21,400
economic issues, We're all in
the same boat and nobody I think

1436
01:43:21,400 --> 01:43:28,000
deserves more blame at least
with respect to who caused this

1437
01:43:28,000 --> 01:43:32,400
or where we are.
I think I think it is a world

1438
01:43:32,400 --> 01:43:37,400
type of event and pointing
fingers isn't isn't going to

1439
01:43:37,407 --> 01:43:44,500
matter, right?
So if you're again, an average

1440
01:43:44,500 --> 01:43:48,000
Middle come middle-income,
family, We are there.

1441
01:43:48,300 --> 01:43:51,600
What would you recommend?
If someone was to have this same

1442
01:43:51,600 --> 01:43:53,700
conversation?
You, and I just hadn't said,

1443
01:43:54,200 --> 01:44:01,700
what can I do to prepare as best
as I can and there again, I

1444
01:44:01,700 --> 01:44:08,300
would focus on what do we know
could hurt you if you look

1445
01:44:08,300 --> 01:44:13,100
what's your exposure, liability
wise, what are you depending on

1446
01:44:13,400 --> 01:44:15,000
that?
You might want to do

1447
01:44:15,400 --> 01:44:17,700
differently.
If you knew Something really bad

1448
01:44:17,700 --> 01:44:20,000
was going to happen.
So when you look at everything

1449
01:44:20,000 --> 01:44:26,600
and say okay you know simple
things like well if there really

1450
01:44:26,600 --> 01:44:29,700
was a collapse in asset prices
and it didn't get better right

1451
01:44:29,700 --> 01:44:33,000
away maybe I shouldn't have all
my money in stocks.

1452
01:44:33,600 --> 01:44:40,500
You know that that's that's an
initial thing that just takes

1453
01:44:40,500 --> 01:44:43,000
away.
A certain amount of anxiety if

1454
01:44:43,000 --> 01:44:46,100
you're having to deal with other
things and then you find that.

1455
01:44:46,600 --> 01:44:52,000
Your 401k is worthless.
So you know I would do some of

1456
01:44:52,000 --> 01:44:55,000
those things that are pretty
traditional that really might

1457
01:44:55,000 --> 01:45:00,500
not matter at all if things get
that so bad but they were sister

1458
01:45:00,500 --> 01:45:04,100
helped as far as preparing and
feeling better and it gives you

1459
01:45:04,100 --> 01:45:07,500
a fighting chance knowing that
you're not tied up that way.

1460
01:45:09,300 --> 01:45:14,100
So from an investing standpoint,
I would be less inclined to be

1461
01:45:14,100 --> 01:45:18,300
more aggressive.
And be much more conservative in

1462
01:45:18,300 --> 01:45:23,700
my Approach and not expect, what
has worked traditionally to

1463
01:45:23,700 --> 01:45:28,400
continue to work.
And that means you might want to

1464
01:45:28,400 --> 01:45:34,400
say, okay, well, what if I can't
use the ATM or get cash, what do

1465
01:45:34,400 --> 01:45:37,100
you do?
And you need to cash and you

1466
01:45:37,108 --> 01:45:40,500
can't use your bank card.
I mean these are the things that

1467
01:45:40,500 --> 01:45:43,400
I think like what?
Let's think about the system.

1468
01:45:43,400 --> 01:45:46,700
What are you depended on?
Well, every Monday morning, I go

1469
01:45:46,700 --> 01:45:50,000
to the ATM where I go to my bank
and I cash a check and I get

1470
01:45:50,000 --> 01:45:53,200
some cash.
Okay, well you might want to

1471
01:45:53,200 --> 01:45:55,200
think about having some cash on
hand.

1472
01:45:56,200 --> 01:45:59,100
Right.
You know, you might want to

1473
01:45:59,100 --> 01:46:02,800
think about having some food
storage is some kind just to

1474
01:46:02,800 --> 01:46:06,300
just and you can look at it and
say, hey, forget a collapse,

1475
01:46:06,300 --> 01:46:09,000
what if you're out of work
Right?

1476
01:46:09,000 --> 01:46:12,300
You don't have any money.
I mean, forget about the system,

1477
01:46:12,800 --> 01:46:15,300
how vulnerable are you as an
individual?

1478
01:46:15,600 --> 01:46:19,500
So can you feed your family for
a month?

1479
01:46:20,100 --> 01:46:23,000
Three months?
What happens?

1480
01:46:23,000 --> 01:46:27,500
If all of the banks are closed,
what happens if there is no

1481
01:46:27,900 --> 01:46:32,800
functioning stock market
indefinitely, what happens, you

1482
01:46:32,800 --> 01:46:37,300
know, ask yourself the what ifs
and let your mind go.

1483
01:46:37,300 --> 01:46:40,500
And then say, okay now, Now, how
am I Von der, but what can I do?

1484
01:46:40,600 --> 01:46:46,300
And, you know, there's, you
can't escape it, you can't avoid

1485
01:46:46,300 --> 01:46:49,900
it.
But you can at least start

1486
01:46:49,900 --> 01:46:55,400
thinking about it enough to say,
well, I'd want to know I could

1487
01:46:55,400 --> 01:47:00,300
do this and I want to know,
okay, if and there's layers to

1488
01:47:00,300 --> 01:47:03,800
this.
So just do it layer upon layer

1489
01:47:03,800 --> 01:47:07,700
upon layer and then you look
back and say there's really not

1490
01:47:07,700 --> 01:47:11,700
much else.
Can do I can continue to do what

1491
01:47:11,700 --> 01:47:16,700
I'm doing and be comfortable but
if x happens I won't care that

1492
01:47:16,700 --> 01:47:19,500
much.
If y happens well it'll affect

1493
01:47:19,500 --> 01:47:24,100
me not as bad if Z happens it
probably isn't going to matter

1494
01:47:24,100 --> 01:47:28,800
what I did, right?
Just depends on how bad Z is.

1495
01:47:29,400 --> 01:47:33,800
So at least get yourself to the
point where you can sustain life

1496
01:47:33,800 --> 01:47:41,300
and maybe have some Productive
efforts at keeping your family,

1497
01:47:41,300 --> 01:47:47,500
close and living, some sort of
of of an enjoyable life or

1498
01:47:47,500 --> 01:47:52,300
surviving.
If that's what it comes to when

1499
01:47:52,300 --> 01:47:57,400
some of these things aren't
there because the financial, if

1500
01:47:57,400 --> 01:48:03,100
it's severe enough will lead to
the economic and the structural

1501
01:48:03,600 --> 01:48:05,800
Society issues.
Yeah.

1502
01:48:08,400 --> 01:48:12,200
And I'm about to talk about
something, very intangible in a

1503
01:48:12,208 --> 01:48:15,400
conversation where we've talked
about things that are very

1504
01:48:15,400 --> 01:48:17,700
tangible in terms of finance and
money.

1505
01:48:18,200 --> 01:48:25,800
But I had a good friend who he
worked for FEMA as the initial

1506
01:48:25,800 --> 01:48:34,200
Disaster, Response individual
and he said, I can tell you From

1507
01:48:34,800 --> 01:48:41,800
studies that those who had faith
in some sort of God, somehow,

1508
01:48:42,300 --> 01:48:47,300
fared way better than anybody
else who didn't in those kinds

1509
01:48:47,300 --> 01:48:49,900
of situations.
He was talking in this instance

1510
01:48:49,900 --> 01:48:52,700
about Katrina because that was
the one that he had responded to

1511
01:48:52,700 --> 01:48:58,500
her I think and I think this is
why covid may have been a

1512
01:48:58,500 --> 01:49:05,300
blessing that we have not yet
understood The, we're gonna get

1513
01:49:05,300 --> 01:49:09,500
tossed back to a time.
I feel where we're going to find

1514
01:49:09,500 --> 01:49:11,800
out real quick, what's real and
what's not?

1515
01:49:13,700 --> 01:49:19,200
I think that this whole thing
with the economy is because we

1516
01:49:19,200 --> 01:49:22,700
in some respects have denied
reality for so long.

1517
01:49:23,700 --> 01:49:27,100
And reality and Truth is going
to have its day at some point.

1518
01:49:28,200 --> 01:49:33,300
And if your personal Foundation
isn't built upon things that are

1519
01:49:33,300 --> 01:49:40,100
real upon things that are solid
time-tested, I think you're

1520
01:49:40,100 --> 01:49:45,500
going to struggle a lot and get
get your get your family

1521
01:49:45,500 --> 01:49:49,700
relationships back, right?
You may have kids that come home

1522
01:49:49,700 --> 01:49:52,500
to live with you after they've
been out for so long.

1523
01:49:55,600 --> 01:49:58,800
We better be in a place.
I apologize.

1524
01:49:58,800 --> 01:50:04,100
I just feel this in my guts.
We'd better get into a place to

1525
01:50:04,100 --> 01:50:08,800
where we can have good strong
families again and weather this

1526
01:50:08,800 --> 01:50:12,400
storm together.
Because if we can't, we're going

1527
01:50:12,400 --> 01:50:15,400
to be in some your troubles will
be magnified.

1528
01:50:16,100 --> 01:50:19,000
Yeah, yep I agree.
I agree.

1529
01:50:19,100 --> 01:50:27,900
It's just everything is become.
You know again emphasis and

1530
01:50:27,900 --> 01:50:35,000
focus is always on the material,
The Superficial, the financial

1531
01:50:37,200 --> 01:50:41,700
productivity education.
I mean we All these things are

1532
01:50:41,700 --> 01:50:43,400
great.
They make life, wonderful.

1533
01:50:43,600 --> 01:50:47,700
But there has to be something
more basic to give it meaning.

1534
01:50:48,900 --> 01:50:59,000
And we think as a society have
lost, something that It just

1535
01:50:59,000 --> 01:51:07,500
seems to take away.
I kind of, you know what's

1536
01:51:07,500 --> 01:51:09,600
important?
We don't we don't even value

1537
01:51:09,600 --> 01:51:11,300
life itself.
No.

1538
01:51:11,300 --> 01:51:18,200
They used to and yet and I and
maybe it's because life isn't as

1539
01:51:18,200 --> 01:51:23,700
dear and precious to most people
today, as it was 200 years ago.

1540
01:51:24,700 --> 01:51:27,700
Yeah.
Maybe if we were more fearful,

1541
01:51:27,900 --> 01:51:29,900
we'd have a better appreciation
of life.

1542
01:51:29,900 --> 01:51:32,700
I mean, I don't want to see that
at all.

1543
01:51:32,800 --> 01:51:36,300
I'm I'm very comfortable where I
am, what I'm doing.

1544
01:51:36,400 --> 01:51:39,400
I look at the things I've done,
and that's another thing.

1545
01:51:39,500 --> 01:51:42,300
What can you do to prepare?
Go do something.

1546
01:51:42,300 --> 01:51:49,000
You've been waiting to do now,
you know, if you are, if you are

1547
01:51:49,100 --> 01:51:59,400
equipped and prepared to take a
trip or some kind of do an event

1548
01:51:59,400 --> 01:52:02,700
that you haven't done before and
you're waiting for the right

1549
01:52:02,700 --> 01:52:05,600
time, You may not get that
chance.

1550
01:52:05,900 --> 01:52:10,400
So do it fine time.
Now, that's something I would

1551
01:52:10,400 --> 01:52:13,600
definitely tell you and that's
good for a lot of people,

1552
01:52:13,600 --> 01:52:18,100
regardless of what happens.
So many people plan around the

1553
01:52:18,100 --> 01:52:22,900
future that they plan to the
point of excluding ever doing

1554
01:52:22,900 --> 01:52:25,300
the things they really want to
do or enjoying it.

1555
01:52:25,300 --> 01:52:28,100
So, I would definitely say go do
some things.

1556
01:52:28,800 --> 01:52:33,000
Absolutely, you know, that I
reminds me of back.

1557
01:52:33,100 --> 01:52:36,000
When I was living on the East
Coast with my kids, when they

1558
01:52:36,000 --> 01:52:41,000
were little and we're a huge
football fan family.

1559
01:52:41,000 --> 01:52:44,500
Kelsey, and dude, I must have
dropped.

1560
01:52:44,500 --> 01:52:46,500
I don't even want to put a
dollar amount on it but we

1561
01:52:46,500 --> 01:52:52,700
visited every NFL stadium we
went from, you know, Foxboro to

1562
01:52:53,000 --> 01:52:59,000
the to the new Meadowlands we
went to Pittsburgh and Baltimore

1563
01:52:59,500 --> 01:53:06,300
we went to Philly and we went to
Carolina all the way down to

1564
01:53:06,300 --> 01:53:10,300
Georgia to Atlanta.
And I look back.

1565
01:53:10,300 --> 01:53:13,300
And I think, man, that was a lot
of money, but I wouldn't trade

1566
01:53:13,300 --> 01:53:16,400
it for anything in the world
because of the, because of the

1567
01:53:16,400 --> 01:53:19,600
memories I made with my kids.
Yep, absolutely.

1568
01:53:20,200 --> 01:53:23,300
I agree.
And, and so those things have to

1569
01:53:23,300 --> 01:53:30,400
factor into that, but I want to
kill see, is there anything?

1570
01:53:30,400 --> 01:53:32,700
We didn't cover you want code
wanted to cover?

1571
01:53:35,400 --> 01:53:40,100
I can't think of anything right
now and I know you know, once we

1572
01:53:40,100 --> 01:53:44,400
turn off the microphone will
probably think of something we

1573
01:53:44,400 --> 01:53:48,700
wish we had a said.
But what I would like to say, I

1574
01:53:48,700 --> 01:53:53,700
would like to appeal to hear
your listeners and say, look, we

1575
01:53:53,700 --> 01:53:57,400
like doing it.
You and I really enjoy this and

1576
01:53:57,400 --> 01:54:03,100
I and and I think we'd like
sharing it with others and I

1577
01:54:03,100 --> 01:54:07,700
know Dave you hear from them I
would like to hear from some of

1578
01:54:07,700 --> 01:54:12,600
you and the way you can do that
is to just go to my website and

1579
01:54:12,600 --> 01:54:15,500
sign up to get my articles and
they're free.

1580
01:54:15,500 --> 01:54:19,800
I don't sell anything.
And you can be notified by email

1581
01:54:19,800 --> 01:54:23,500
when you when I publish a new
article and that'll give me an

1582
01:54:23,500 --> 01:54:26,700
indication.
How much good are we doing her?

1583
01:54:26,700 --> 01:54:28,500
People want to hear this, you
know?

1584
01:54:28,500 --> 01:54:32,900
And so yeah, I would like to
hear.

1585
01:54:33,100 --> 01:54:36,700
Something for back from people.
And look, I can speak personally

1586
01:54:36,700 --> 01:54:39,100
to this, right?
Because because I'm on your

1587
01:54:39,100 --> 01:54:42,600
list.
There is nobody, I have

1588
01:54:42,600 --> 01:54:46,700
encountered that's as good as
breaking down complex, economic

1589
01:54:46,700 --> 01:54:51,600
principles and ideas, as there
is Kelsey Williams, he can, he

1590
01:54:51,600 --> 01:54:54,400
can break that down in a way
that's understandable.

1591
01:54:54,800 --> 01:54:57,200
And many times.
I have been fortunate enough to

1592
01:54:57,200 --> 01:55:01,000
receive those and have a better
idea of what's happening, and I

1593
01:55:01,000 --> 01:55:02,800
can make better informed
decisions.

1594
01:55:02,800 --> 01:55:05,900
And again, it doesn't cost.
Anything just go.

1595
01:55:06,000 --> 01:55:08,100
What, where can they find you
again?

1596
01:55:08,100 --> 01:55:12,200
To subscribe, Kelsey, the URL.
Well, is Kelsey Williams

1597
01:55:12,200 --> 01:55:15,300
goal.com that's that's all it
is.

1598
01:55:15,300 --> 01:55:18,500
It's Kelsey's goal, facts, but
they all the think I do is just

1599
01:55:18,500 --> 01:55:22,400
type in Kelsey Williams
goal.com, take you, right to the

1600
01:55:22,400 --> 01:55:25,100
homepage, go down to the bottom
of the page.

1601
01:55:26,000 --> 01:55:30,300
And you'll see subscribe here.
Click on it, type in your email

1602
01:55:30,300 --> 01:55:34,700
address, you'll get an email
back for verification, click on

1603
01:55:34,700 --> 01:55:39,700
it to verify and every time I
publish a new article, you'll

1604
01:55:39,700 --> 01:55:44,000
get a notice us go to that
website.

1605
01:55:44,100 --> 01:55:47,900
Smash that button that says
subscribe and get on there

1606
01:55:48,300 --> 01:55:51,700
because the stuff Kelsey and I
covered today in two hours.

1607
01:55:51,700 --> 01:55:54,100
We're sitting right at two hours
right now.

1608
01:55:54,800 --> 01:55:59,100
We just skim the mountaintops
man and Kelsey does a great job

1609
01:55:59,100 --> 01:56:01,800
in Breaking that down further.
So please head on over there.

1610
01:56:01,800 --> 01:56:04,900
Smash that button.
Don't rely on just me for your

1611
01:56:05,400 --> 01:56:08,500
for your information and and go
to the source.

1612
01:56:08,500 --> 01:56:13,400
Go to Kelsey And and read that
stuff because that's going to

1613
01:56:13,400 --> 01:56:17,700
allow you to have more
information on what's going on.

1614
01:56:17,700 --> 01:56:21,500
And it's going to allow you to
prepare more and I don't feel

1615
01:56:21,500 --> 01:56:26,200
like we have a ton of time.
So please read his stuff and get

1616
01:56:26,200 --> 01:56:30,100
yourselves together because I I
just feel it in my gut, some bad

1617
01:56:30,100 --> 01:56:33,700
things are coming our way and we
need to be prepared for it.

1618
01:56:34,900 --> 01:56:37,700
Kelsey, you are an absolute rock
star, man.

1619
01:56:37,700 --> 01:56:39,800
I love talking to you every
single time.

1620
01:56:39,900 --> 01:56:43,300
When we do this, what the
listeners don't know is how

1621
01:56:43,300 --> 01:56:47,300
often we speak on the phone?
And not only do I think you're a

1622
01:56:47,300 --> 01:56:49,000
rock star.
I just love talking to you and I

1623
01:56:49,000 --> 01:56:50,700
love the fact.
We've been able to become

1624
01:56:50,700 --> 01:56:54,500
friends through this process.
I appreciate it very much, Dave.

1625
01:56:54,500 --> 01:57:00,100
I feel the same way and it makes
talking for two hours.

1626
01:57:00,500 --> 01:57:05,200
A pleasure.
I think really enjoy it.

1627
01:57:05,200 --> 01:57:08,400
I really enjoy it.
All right, Kelsey hang around

1628
01:57:08,400 --> 01:57:11,000
for a few minutes or so.
Other things I want to talk

1629
01:57:11,000 --> 01:57:14,600
about other than that everybody
else will see you next time.