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I know that's going to happen. It certainly happened to all the previous world reserve currencies and international mediums of exchange and it seems to be happening now. I mean the US I don't like saying any of this since I am an American but the US is the largest debtor nation in the history of the world.
The debt goes higher and higher every day and people in Washington don't seem to care. Don't maybe some of them don't even know but they certainly don't care. Well, I own silver and I own gold. I've bought more silver recently. I'm not buying gold now because it's at all-time highs, but I will if it goes down.
My views on precious metals are they are precious and everybody should own some. And I'm afraid everybody should own more in the future because I the US is getting worse and worse and the deaths go higher and higher. And previous countries that have gotten into this situation have wound up with terrible problems.
And I I'm afraid that the US is going to wind up even more serious problems in the future cuz the debt goes higher every day. And nobody in Washington does anything about it. Well, first they'll print more money, but then they will even worse, they will put on exchange controls. They will put on regulations that will make it more and more difficult for citizens to be alive, much less to have a good life.
I mean, this has all happened before. I'm afraid the world has seen it before. And unfortunately, the bureaucrats and the politicians react the same way. They try to make life better for themselves and worse for you and me. And that's going to happen again. What about the BRICS nations? Do you think they'll be successful in any way moving away from the US dollar or combating you know the uh the US system or the or the west?
I'm sure that they will move away from the US and will be successful in doing that. That will not be good for the US. It would not be good for the world. But that will be all they will know to do. Yeah. that the problem of course is the US which has this gigantic gigantic debt system where we keep building up higher and higher debt every day and the only solution to that is to cut back.
But I'm afraid Washington will not do that. In my reading of history, tariffs have never been good for anybody. Um they have never they help a few people for a few days but then the it's over. So, I don't see any reason I don't see any historic reason to have more tariffs. But Trump doesn't understand history or he thinks he's smarter than history and he's going to do it his way.
Whether it's right or wrong, I'm afraid it's going to hurt all of us. What do I do next? That's what I have my eye on. Uh, I sold all of my shares um except China and Usbekistsan a couple of months ago. So, I'm sitting here with a lot of I put the money in US dollars. I'm sitting here with US a lot of US dollars in cash and I'm trying to figure out, okay, what do I do next?
And I that may sound strange but as I look around the world I don't see any country where I want to have put my money. I mean even Japan where the market was down for 35 years. 35 years it was down. I mean it's booming now. But I don't see any reason to invest in Japan at an all-time high. The population is declining.
The debt is skyrocketing. I don't see any place. I'm looking for a refuge. I'm looking for a place to actually to make money. Not just a refuge. I want to make money somewhere. But I see a very very limited world these days because everybody has such problems. But silver made it first high in 1980. You know, that's decades ago.
Yeah. $50 $50 an ounce. Uh, and it has made a second high at $50 an ounce. I own silver. I use I use my silver and I hope to buy more silver. I'm not buying gold right now because gold is at all-time highs, but I hope to buy more of both if they go down. Uh, they're trying to figure that out, too. The whole world is trying to figure that out.
I mean, you come up with the answer cuz we need it. We have tried the gold system. We've tried this. You may remember that the US was actually established on a silver system when the when the US was founded in 17 uh 1780 1790. U they changed to gold 100 years later. Silver has been many times in history the the standard for the world.
Uh gold replace silver and now we use gold mainly. I I suspect we will try both before this is over. I doubt if either one of them will work because the problem with a gold standard is it imposes discipline on people and politicians don't like discipline. They like it fast and loose so they can do whatever they want.
But you know I'm sure we'll try gold again before this is over. I don't The world has been trying to find a viable workable system for a few hundred years. We haven't found it yet. Maybe we will this time. No, I don't I don't see I don't see how it can be crypto, but maybe we will try. Only invest in what you yourself.
Everybody knows something a lot about something. That's where you should start. I've told some people that in my life and they say, "Oh, but Jim, that's boring." Be boring. If you want to be If you want to be successful, be boring. Stay with what you know. Don't listen to other people. Yeah. No, I know you I have I'm sorry.
Just one quick question. I know you can go down to the restaurant or the bar on Saturday and you'll hear a lot of hot stories. Don't listen. Do not listen to hot tips. Hot temps will ruin
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