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never before in history has there been so much money printing by all the central banks at the same time we've had money printing before here and there and sometimes many places but never have you had so much money burning by so many central banks so much borrowing so much spending so this is unique in that period just the magnitude of it and whether we like it or not all of that money sloshing around has to go somewhere doesn't matter those are the facts now I don't particularly like it because it's going to come to an end someday and I've been around long enough to know that when it comes to an end a lot of people are going to suffer maybe even me I mean I hope I don't but I do know that a lot of people are going to suffer suffer badly and eventually well eventually they've run out of trees if they keep printing money and printing money and printing money eventually something happens and it comes to an end and this will come to an end too all of a sudden plans are starting to gather bubbles are starting to form new people are rushing into the market and telling their friends oh there's this new thing called the stock market and it's so much fun and it's so easy and you can make money and they all Rush In And then spacs facts come around often at the end of longboards back them around for 300 years but they often rise again whenever there's a long bull market I mean this is not my first rodeo I've seen all this before but even if I hadn't you can look it up read about it it always happens and it's happening again but Elliot it does always from doing in eventually well it various it's under things his thought the war can cause uh people to get out of get out of markets central banks can realize the mistake they can change their mind and start Stop Printing money and start raising interest rate started cutting back various things have caused this to happen to happen in the past it used to be a signal that some people use was when the Central Bank raised interest rates three times one two three first time scared people but then around second time scared people rallied again but the third time was out everybody get out now who knows who knows I don't know if that's going to be the case at the end this time but I'm certainly watching like everybody else I haven't sold out yet haven't sold short yet but I'm certainly worried because I see bubbles forming in many countries in many asset classes that's happening everywhere I mean not everywhere but nearly everywhere the Chinese were amazing enough have been less crazy than the rest of us they've been a little more restrained but even they have certainly borrowed and printed and spent a lot of money nearly everybody's been doing it I'm sure we if I looked on North Korea hasn't been doing but most in most places have been have been getting involved to some degree or another we often uh may go the other way we have the correction and then we have the central banks panning and they print even even more money and then we have the wild blow off often we have blow-offs in Market when they get out of hand comes the time where just everything goes up every day it used to be called a blow-off I guess it still would be called a blow off if we have one sure why not if the central banks Panic which they might if things do go down for you know all they care about are their jobs they don't care about you and me they care about keeping their jobs so if they suddenly get worried they could print even more money and buy even more assets sure why not we've had blow-offs in history all over the world it has happened many times my present inclination is that I would expect a blow off before this ends if you want to survive you just stay with what you know because when things start going wrong if you don't know what you're doing you're really going to get whipsawed all sorts of different ways if you don't know what's happening and you don't know what you're doing get out I mean you don't have to stay in the markets all the time yeah you might miss something for a while so what I promise you it's better to miss something for a while than lose everything when things go really wrong so my advice is just stay with what you yourself know and if you don't know stay out if you want to jump in and out go to it maybe you can go on the Internet or the TV or something it's not the way I do it but who knows I have to stay with the fundamentals of markets that I have seen over the years and read about over the years that these things do happen and at the end of longboard markets we sometimes do have blowouts so we have a lot of new people coming in getting very excited and carried away and they do strange things I've been around long enough to know this can happen and try to judge it and try to get it right well there is no question that America is now the largest debtor nation in the history and world that is not good it's we've had big debts at the end of World War II but we also had gigantic savings which had been forced by the depression and by the war during the war there were all sorts of controls and restrictions and so America had big savings offsetting its big debt and we paid off the debt with the savings after the war because we had all this capacity we built a lot of factories during the war so America had capacity savings to offset the debt we don't have any savings now we don't have any excess capacity of much excess capacity now no no this is a very different situation from the late 1940s we are the largest debtor nation in the history of the world we are over extended militarily all over the world we have troops in over 100 countries we certainly didn't have troops in over 100 countries in the 1940s so we are doing things which may cause us to have problems down the road they certainly have in history caused other countries to have problems and if that's the case the end of the American Empire may be a bit of a stretch but it certainly could be the top in the 1920s the UK was the richest most powerful country in the world that was no number two 50 years later they were bankrupt IMF had to fly the London Airport and bail them out literally bail out what had been the richest most powerful country in the world only 50 years before but what has happened throughout history can happen will happen when it happens to us I don't know but I do know what's going to happen to us because I can look out the window and see the debt look at all that debt you know and it's not getting better it's getting worse America is certainly making a top I don't particularly like saying it but I have to deal with facts but not in the century Mississippi river is going to dry off and go away I don't think the Rocky Mountains are going to collapse America's still going to be there but it'll certainly be different just as the UK was just different I certainly can see inflation is here I can certainly see gigantic money planning which is always led to inflation throughout history so yes I certainly expect inflation I'm prepared for inflation and I own some silver I own some gold I own Commodities you know I've certainly been investing in complimited Commodities is the only asset class that are not expensive now bonds are a bubble bonds have never been this expensive in history stocks are beginning to form some bubbles probably oh my gosh go to Korea go to New Zealand go many places property is a huge bubble in many parts of the world commodity is the only thing that are not I mean Silver's down 60 from its all-time high Sugar's down 60 percent any Commodities are still down a lot so that's the only place I know of where there's not a bubble in where things are still cheap and historically money printing has led to inflation and if you own the things that go up in price it might even make a lot of money you know if we're going to have electric cars electric cars use a lot more copper than petrol than gasoline cars so now ways to make money I hope uh if one is attentive and stays stays prepared I mean the history usually doesn't repeat itself it does Rhyme of course uh whether it's like the 70s or not I I don't know it doesn't really matter if commodity prices go up it went up in the 70s but they've been up many times in history you go back through history you'll see we've had long periods when somebody's go up for a while then they go down for a long period of time maybe we're in one of those periods again you own them and they go up you don't care what it's like all you care is oh my gosh they're going up and I own them and I'm making money I don't know if it's like we certainly had a lot of money printing them and a lot of excess spending then but we've never had spending like rehab now I don't think we've ever had money printing like we're having now with those guys in Washington you know they keep getting us into Wars Afghanistan failed Iraq failed you know Vietnam failed we keep getting into Wars we kill a lot of people and we lose a lot of money and yet the more guys in Washington don't seem to learn their lessons you know history is pretty clear that whenever countries have gotten overextended militarily and financially and politically it often leads to big big changes not necessarily for the good maybe for the other side it leads to good changes the Germans had a wonderful time when Rome got overextended it went into decline it started collapsing the Germans had a great time the Romans didn't thank you
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