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And, uh, you once said that Donald Trump thinks he's smarter than history. Uh, maybe someone should give him some additional history lessons. Yes you're right. The problem is that Mr. Trump is not smart enough to understand the lessons of history. In other words , many people are not intelligent enough to understand history .
Everyone always says, "This time it 's different. Don't worry. This time it 's different." I've read enough to know that this time is never different. And if there are problems, they will cause pain. China is going to be the most important country in Asia. It already is . It is becoming increasingly successful, and will continue to be so.
After being at the bottom for decades or centuries, China is rising back to the top. He has done it in the past. And he does it again . I don't know why. If you know why, don't tell anyone. Just tell me so we can get rich . Okay, but what about those risks ? No, of course not. I mean, everyone ...I mean, China will have depression.
China will have a war. China will have all the problems that any country in the world has, especially any rising country. China will have all those problems. Everyone has them. That's how human beings are. Unfortunately, we make mistakes. But it's part of life. I can't find any place in the world I can go where there is no depression, where there is no war.
I mean, everyone throughout history has had depression, war, bankruptcy, problems. China too. The United States has had them and will have them. The United States has had some huge wars. Also internal wars. Internal depression. But it has still been successful. China will have enormous problems. Don't worry.
But he will survive. Is Wall Street too big and important for the US economy ? That's how the world has always worked . If we were sitting here in 1925, 1926, we would be talking about London. I mean, London was the center of the world. The British Empire dominated everywhere. The London market, London's financial landscape dominated the world.
And the world survived. Some even prospered. That's what will happen to the US. Now, Britain has gone bankrupt. And yet the world survived. This has always happened. But that's what happened. That's what always happens. If we go back to any century in the world, someone was at the top, someone was rising, someone was declining.
And somehow we all survived. That's always been the case. Don't think that the United States will be back on top in 100 years. No. He won't. In 100 years, it will probably be China. Don't know . But it won't be the United States. It just ca n't be. The United States is already the most indebted nation in the history of the world.
No nation in world history has had as much debt as the U.S. does now. And it's getting worse. However, I've read enough history to know that whenever that happens, countries go into decline. They don't like it. It's not their choice, but it's what always happens. No country maintains economic dominance forever.
Great Britain once dominated world trade through its empire, industrial strength, and financial institutions. London was the world's leading financial center before American influence gradually overtook it. This transition demonstrates how economic leadership can change from one nation to another over generations.
Today, the United States remains exceptionally influential, but rising public debt, political divisions, and economic pressures raise questions about its long-term position. However, decline does not necessarily mean collapse. Nations can adapt, reform, and remain prosperous despite losing their former dominance.
The essential lesson is that past success does not offer permanent protection against future mistakes. So the question is: will laziness and greed destroy the West? They've always done it. I mean, and I'll tell you, there are some very dangerous words. When people used to say, "This time it's different." If people tell you, "This time it's different." Leave the room.
Because this time is never different. So, do you think there are some precise and well-defined patterns in our societies? Do they repeat themselves? Well, I don't know if they are accurate or well-defined, but I do know that all nations have had ups and downs. Every century has had someone on top and someone on the bottom.
And nobody has stayed on top for very long. That's because we are human beings. And human beings make mistakes. Not me, everyone else makes mistakes. That's the problem. Everyone says it like that, just like you. Many people make mistakes. That's the problem. Therefore, it has always been a problem and it always will be.
So , if someone tells you not to worry, just get out of there. Alright . Whether we like it or not, people need capital to grow and develop. Therefore, you can now say that the people who provide the capital are parasites. Alright. But the world would be better. I mean , Henry Ford developed the automobile.
Someone invested money in him. Were they parasites? Or is the world better off because we all have cars? Electricity. There was a time when it was for speculators. My God, horrible speculators. But if it weren't for those horrible speculators, we wouldn't have electricity. And the world is better because we have electricity.
The world is better because we have cars. Yes. Many people have problems. And many investors lose a lot of money and cause problems. But that's life. Oh. I wish I could live without problems. Yes. And now I guess I don't know if that would be wonderful or not. But it sounds wonderful. I doubt it, but it sounds wonderful.
Government borrowing can finance infrastructure, support essential services, and stimulate economic activity. However, excessive debt can become dangerous when interest payments consume increasing portions of public revenue. For the United States, managing its debt remains a major long-term political challenge .
Addressing these problems often requires difficult decisions involving taxes, spending, and economic priorities. These measures create difficulties, making political leaders reluctant to implement them. Britain's economic reforms during Margaret Thatcher's term illustrate an attempt to reverse the nation's decline, although their consequences remain debated.
Economic recovery rarely follows a painless path. Sustainable progress depends on balancing immediate needs with future financial stability. The United States is now the most indebted nation in the history of the world. No nation has ever had as much debt as the U.S., and I've read enough to know that it has always caused problems.
Countries that accumulate a lot of debt have always fallen into decline and experienced problems. It leads to economic problems and has often led to war. Not always, but it has often done so. And I mean , I know enough to know that the U.S. will have serious problems in the next century. I know the U.S.
will have big problems. Is that a good thing? Well, I'll be dead. So I hope I don't mind. My children will have to put up with it. My children will have to learn to adapt and adjust. Whether that means they have to leave the United States, I don't know. They will have to decide. But the United States, I mean, I'll repeat this.
No country in world history has remained on top for too long. All those who have been at the top have fallen into decline. It's always been like that. Whether we like it or not, it has always happened. And it will happen again. Well, what I was really saying, what I was trying to say, was that California is full of bureaucratic rules and tries to take away the assets of successful people.
And China in those days was not...China was trying to help people succeed and become rich. That wasn't so much the case in California back then . But it will probably still be that way . In China, being rich is a good thing. Being rich in California is nice, but it's not so great for many people. But this has happened to everyone .
100 years ago, London was the center of the world. That changed. Do you remember Margaret Thatcher? Margaret Thatcher arrived. He said we had to change. We had ruined England . We were going bankrupt, and that's what happened . And he tried to change in order to save Great Britain. Because in those 100 years, Great Britain made many mistakes, went into a lot of debt, borrowed a lot of money, and was no longer the country it used to be.
Margaret Thatcher helped save Great Britain. Great Britain also discovered oil in the North Sea. Well, Margaret Thatcher had the largest oil field in the world . If you give me the world's largest oil field, we'll have a great time . I promise you. Well, Margaret Thatcher had the North Sea, which helped save her and save Great Britain.
But oil fields don't last forever. Margaret Thatcher is no longer here. Great Britain is no longer the most important country in the world. And certainly not the richest country in the world. Financial markets can be controversial, especially when investors accumulate substantial wealth while others face economic hardship.
However, investment plays an important role in financing innovation, businesses, and technological progress. Many transformative industries have relied on people willing to invest money in uncertain ventures. Without access to capital, promising ideas may never become practical products or services.
However, investing carries real risks, and speculation can contribute to instability when expectations diverge from reality. The challenge is to distinguish productive investment from reckless behavior. A healthy economy needs both entrepreneurial ambition and responsible oversight, recognizing that financial risk can generate extraordinary advances while simultaneously producing significant losses.
Well, the problem is that if I or anyone else went to Washington and said, "Oh my God , we have to do something." And everyone would say, "Yes, you're right. We must cut spending and we must reduce the debt." And everyone would say, "But the problem is that six months later or a year later, everyone would say, 'No.
This is too much pain. This is terrible. We don't want this much pain. Stop. Stop. Stop. Stop. Stop cutting the debt. Spend. Spend. Spend again. Spend again.' Because nobody wants pain. Nobody wants to suffer . And I can add that I know that solving the problems that America has is going to be painful.
And nobody wants pain . Even if we all know it's good for us and we should do it. Yes, when you have big problems, it takes a lot of pain to solve them. Yes. I wish there was an easy way. I wish there was an easy way. I don't know of any easy way. And you once said that Donald Trump thinks he's smarter than history .
Perhaps someone should give him some additional history lessons. Yes. You're right. The problem is that Mr. Trump isn't smart enough to understand the lessons of history. I mean, many people aren't smart enough to understand the lessons of history. Everyone always says that this time is different. I don't know Do n't worry.
This time is different. I've read enough to know that this time is never different. And if there are problems, they will cause pain. We can sit around and prove to everyone that anyone can read that trade wars have never been successful. But they always say it's different. This time is different. Okay.
I hope so . This time has never been different. Trade wars have always caused problems. Trade wars often lead to armed conflicts, not always, but often. People who have trade wars don't worry. Now it's different. Everything will be fine. It's never been different . This time. So worry. And if you see trade wars breaking out, worry.
How do you remember George Soros and your work with him? In Europe, people talk about him a lot, and negatively. Yes, I did, but that was decades ago. You could also ask me where I went to university. I mean, I don't know. I have no idea where he went or what he's doing, or anything else. It was a long, long time ago, decades ago.
So I don't know . International trade disputes often begin with promises to protect domestic industries, create jobs, or strengthen national security. However, retaliatory tariffs and restrictions can raise costs, disrupt supply chains, and damage ties between trading partners. When governments respond to each other's economic measures with ever- increasing restrictions, businesses and consumers can ultimately bear the brunt of the consequences.
History offers repeated warnings about the dangers of economic confrontation, though the effects vary depending on circumstances and policies. Trade tensions also intensify geopolitical rivalries. Effective leadership requires examining the evidence rather than assuming that known problems will disappear with new policies.
Historical awareness helps leaders recognize risks before they become more difficult to manage. In the 1970s, you achieved great success in the market. The S&P 500 rose less than 50%, while your portfolio grew more than 4,000%. How do you do something like that? We both loved what we were doing. I didn't consider it work.
I loved it. That was all. I wanted to do that. Find investments. The market is fascinating to me at that time. So I loved what I was doing . He did too. So that's what we did. I suppose sometimes , when people really love something , they're successful. I mean, if you love football, you'll probably be a good football player.
Well, we both loved what we were doing. We were both younger back then, and we did well . But what were the foundations of this success? Your education, your nose for things, your intuition, or, I do n't know, but mostly curiosity. Skepticism. We didn't believe what everyone else believed. Because in the markets, often everyone believes the same thing .
Everyone says... So now the question is, if you can tell young people how to get rich, what should they do? How should they prepare for this? Be skeptical. Be skeptical, but you also said they have to study history and philosophy. Is that enough? Well, yes, you have to know something. You have to have some Knowledge.
Yes. History gives you a great deal of knowledge. You learn that the world isn't always the same. It's always changing. Philosophy can teach you to think, to think for yourself. And if everyone comes along and says the sky is blue, maybe you'll think , is the sky really blue? Maybe you'll start thinking and asking questions .
I don't know how to tell you how to be successful, but I do know that we were skeptical, inquisitive, and curious, and we loved finding things that were changing. If you can find change, if you can find change before other people, you'll probably be successful . Investing successfully requires more than financial resources or sophisticated techniques.
Curiosity, independent thinking, skepticism, and continuous learning can help people identify opportunities that others overlook. Studying history reveals how economic conditions change , while philosophy encourages people to question assumptions and examine arguments carefully. Young investors need to learn to evaluate evidence, understand uncertainty, and resist following the crowd simply because an idea seems popular.
Recognizing change early can create opportunities, but success is never guaranteed, and every investment involves risk. Ultimately, the most valuable advantage may be intellectual discipline: asking better questions, remaining open to new information, and learning from past mistakes. History rewards those who dare to think for themselves.
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