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The Fed doesn't know anything. That's how they get jobs. They don't care about you and me . They want to stay in office. And they think they can hold out if they give everyone a bunch of money and keep rates low. This often works. And that's exactly what they're doing now. I have no idea what they're thinking.
I know they think they are omniscient, omnipotent, and able to control everything. I know this has been extremely rare in the history of America or any central bank, but they are confident that we are right there. I mean, that would be great. I hope so . But I guess I'm a little older or more experienced.
I know that we have lived without economic or stock market crises for the longest time in American history. They will say: see, we know what we are doing. We solved the problem. Janet Yellen has two Ivy League degrees. Maybe she's smarter than all of us . Maybe everything is fine now. I am skeptical.
I'm waiting to play for relegation. I'm not going to buy. America is living the longest in history without a recession or stock market problems. So history suggests that we are approaching problems. So, either we've solved the problems and Washington is saying, " Don't worry, this won't happen again," or we're very close to a crisis .
I think he's proposing this because the idea is attractive, he wants votes, and it could help him get elected. And what will he do next? If we abolish income tax, which everyone would like, the bills still have to be paid. And this is the next question. I don't know if Mr. Trump realizes that he will have to pay the bills without income tax.
But if it worked—yes, it would be great. At the same time, someone would have to cut costs enormously, which would be very beneficial for America. But this inevitably leads to many consequences. Tax cuts, tax repeal, and then spending cuts. That would be incredible. But how will we pay the bills? Washington consumes a lot of electricity.
Someone has to pay for it. I don't see any way the US can repay the debt, let alone reduce it. I have two children, they are, you know, teenagers. In fact, they are facing huge problems because America has such a huge debt. You know, 100 years ago, Britain was the richest and most powerful country in the world.
After 50 years, it went bankrupt because the debt kept growing and growing. They continued to spend money. And this is not a printout. Britain went from being the richest country in the world to being bankrupt in just 50 years. Couldn't pay the bills. The IMF had to provide it with special loans. So, I look out the window .
How will we ever be able to repay the debt? Washington says this over and over again. The media repeats this, and most people have never in their entire lives imagined that anything bad could happen in America . It's just someone else's opinion. This is something people couldn't even think about. And if you brought it up, they would say, " Go away." Give us some peace.
We are America. Everything is different here. "We are the largest debtor in the history of the world." That's what's different. The debts are staggeringly high . I know that there are banks, you know, there are several thousand banks in the US , that can't all be reliable and solvent if no one makes mistakes.
The debt is over $40 trillion, and that's just this year. So, of course, we will have banking problems, which will lead to currency problems, and they will lead to problems in the investment market , problems with bonds and stocks. This has to be the worst thing in my life . And you know, in 2008 the Chinese came and saved us all.
Even China has a lot of debt now. So who will save China? There is no one left. North Korea? I doubt it. There is more than one way to declare default. Well, not this year. Not anytime soon . But there is more than one way to declare default. You can just print more money and pay the bills, and then there will be no default.
And everyone continues to live as if nothing is happening and everything is fine. Currency may become less and less valuable, and you will be given more and more of it. You think everything is fine, but you and your wife or husband realize that there is a problem. There is no logic to the BRICS, except that some guy at a brokerage firm once saw a big map on the wall and said, “Look at these big countries.
Let's call them BRICS and make a name for ourselves." That's all that happened. There is no logic, except that these are large countries with large economies. But that doesn't mean they can't try, and they will. Many are trying now, because these numbers are staggering. We, America, will someday not be able to pay our bills.
And someone besides me is starting to get worried about it. And when that happens, it will be a huge financial and economic problem. We may be in for the worst bear market. We're probably going to see the worst bear market of my lifetime because the debt is too high. Remember 2008, there was a big problem then.
Since 2008, debt has risen rapidly everywhere. So the next bear market is going to be very serious and nobody is doing anything about it except they are going to print more money, but that is not going to solve the problem. This only makes it worse . And to answer your question, it makes people think, "Okay, we need another currency." What will we find to replace the US dollar?
And this causes even more economic turmoil. If BRICS comes to you and says, "Here's a new currency, you should use it." Many people will ask, “Wait, what is this? Will this work? How will this work? Many people will have questions. And that's why such things are very complex and difficult to implement.
Silver has fallen 40% from its all-time high or thereabouts . Gold is reaching historic highs. I own both. I'm not selling anything. If I were buying something today, I would buy more silver, simply because it is cheaper. The historical maximum price for silver is $50 per ounce. It is currently selling for around $32.
So, the price has fallen significantly compared to its historical peak. Gold is reaching historic highs. Traditionally in markets, when retail investors appear, regardless of the market, it is a signal to be concerned. And the fact that they are not in a hurry yet tells me that it might be better to buy more silver.
I guess we should end the conversation and go buy more silver. Now this has not yet become a mass phenomenon. This movement in gold, silver, and precious metals tells me we should be buying more. There will come a time when you will look out the window and see crowds of people in stores buying up silver and gold.
I have never bought, sold, or shorted Bitcoin. I don't see any logical reason for this. This seems like a very good tool for trading. Many people traded and made a lot of money from it. Many cryptocurrencies, as you know, have gone bankrupt and disappeared. But the crypt still exists. However, I don't see any logical reason for Bitcoin to exist.
So I'm not participating in this . Maybe someday I'll be smart enough to join in. But for now, I'm doing nothing but observing. I would advise people to learn to be proactive. If that means having a lot of cash, then that's good. But even if you have cash, you have to have the right cash. Is this US dollars?
Are these Mexican pesos? What is this? I currently own US dollars. My plan is that if and when the US dollar goes up sharply, people will seek a safe haven. Hopefully I'll be smart enough to sell my US dollars. I don't think I'll invest all my capital in silver and gold, because then it will be difficult to buy bread or something like that.
I certainly own silver and gold and will definitely own more, but I don't see them as a replacement or competitor to the US dollar yet. I don't know who the new competitor will be. Maybe I mean that the " gold bulls" are saying they will use gold again. This will be the gold standard. Maybe I'm skeptical about the many problems with the gold standard.
Anyway, when you talk about confiscation in the US, I assume. This wo n't happen soon. I just think there will be too much fuss and it will be difficult because everyone will hide their gold and silver under the bed. So I think it's going to be a huge logistical and political nightmare. You know, in the 1930s, gold was money, so it was easier to say something like that, but now gold is not money.
So if they just confiscate your gold, they are essentially robbing you. Then, in the 1930s, Roosevelt said, "Look, we have to reform the financial system, the monetary system, and gold is money." So we have to change that. There is no logical explanation that I know of why they would confiscate your gold and silver.
If they do , put more under the bed. I learned that if people are interested in something, they become very diligent students. But if you tell them to read a lot about wheat, and wheat doesn't interest them, they won't learn. They will not be enthusiastic. It will be a waste of their time and yours.
So I would advise people to find out what they like. And if you are interested in money or silver, read about it and maybe it will inspire you to buy some. But maybe you're saying, "You know, I'm not interested in that." "I'm interested in wheat." And you will become a farmer and be very rich in a generation or two. If people ask you, "Who's interested in silver?" Buy more. Read more.
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