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history shows that no country stayed on top forever 100 200 years at the max and then they Peak and go into decline so I presume we're no different from anybody else that's but one of the problems with history is people don't learn the lessons of History you know we had a president recently who didn't know history if he did know history he said he was smarter than history I know I'm not smarter than history and history is very clear no nation and no currency by the way because they sometimes go hand in hand has stayed on top forever so America is now the largest debtor nation in the history of the world we have troops in over a hundred countries there are people who would say that we're overextended financially economically militarily and it looks like they might be right so yes no I worry it's not a good time to be young in America because what the young people are going to inherit is mind-boggling I've got two teenage kids and it disturbs me it's good to be old because I don't have to pay I don't have to pay for all of this you know I get the benefits they're borrowing a lot of money spending a lot of money pretty well I'm old okay do it it helps me but it doesn't help the future a hundred years ago Britain was the richest most powerful country in the world there was no number two 50 years later they were bankrupt literally the IMF had to fly into Heathrow to bail them out so it can happen it has happened it often happens and the symptoms the money printing the debt Etc have always led to the kind of problems you're talking about I don't think it'll happen in 2001 or 2021 or even 2022 but it's on the way and my experience and my observation is that all of this money printing it has to go somewhere it takes a long time to build a bridge or a factory but it's very easy to go online and you buy as much of anything as you want and that's what's happening everybody has a lot of money in their pocket there is a lot of money around and it's going into Financial assets will that last forever it never has but you say maybe it will maybe it will this time the history shows that it's very clear there certainly been periods when stock markets in various countries have done extremely well but it didn't make people Rich what really counts is making people a lot of money in an international currency so that you can go and buy a watch or a car or a loaf of bread or whatever it is you want to buy Washington says that this is transitory and you know if you believe the head of the Central Bank and that Secretary of the Treasury then you don't have to worry this everything is going to be great look out the window everything is going to be fantastic no worries no worries no worries I happen to be of a different view first of all the U.S stock market has gone up what 10 12 years without a serious problem uh other than some short disruptions but nothing serious that's never happened in American history and maybe maybe it is different this time Janet Yellen says don't worry we have solved the problems we won't have economic problems again she's got degrees from two ivy league universities so maybe she knows what she's talking about I happen to know she's from home we will have problems again and when they come it's going to be horrible 2008 we had a problem because of too much debt since 2008 the debt everywhere has skyrocketed skyrocketed by gigantic amounts so it would be my view that the next time we have a problem it's going to be the worst in my lifetime given that the debt is so I mean I don't that may sound like some kind of wild statement but I look out the window the dead is there the debt goes higher every day I know what it caused in 2008 it's got to be worse next time around eventually of course it may have well have hyperinflation Britain ended with not hyper like Venezuela but very serious and the value of the currency went down 80 percent against the US dollar over a few decades that's pretty serious though if you happen to be a British citizen I doubt that we will end in hyperinflation quickly that's usually towards the very very end of a decline of a long decline in Venezuela's been declining for a long time that Zimbabwe was in the you know Zimbabwe at one time was the richest country in the British Empire it's been a long way down since then they learned Mr Mugabe learned how to ruin the country and he did it took him decades but he totally ruined it and it ended in wild wild inflation I don't think we're going to have it that quickly uh in the U.S even if we're going the right way of Britain uh don't panic yet but it doesn't mean we can't have serious inflation and a client of the standard of living and a decline of the value of the currency and we probably will history is pretty clear that's what happens Social Security will be paid you may not be able to buy very much with your Social Security but you will be paid I mean in Russia they still pay the Soviet retirement obligations but it doesn't do you much good so the question is that kind of default I cannot see that happening in the U.S however the value of the money is certainly going to continue to decline as I said the British pound went down 80 percent against the value of the US dollar which replaced it as the world's Reserve currency I'm sure that the value of the US dollar is going to continue to decline everybody watching this knows that a dollar is not what it used to be it depends on whether you're buying bread or gasoline or anything it's not the same and it continues to decline and they're not on your side and I told you they want to keep their jobs I don't like saying any of this by the way except for the fact that I'm old it's it's good to be old it's good to be an old American in 2021.
it's not good to be a young American in 2021. well I mean these people don't understand much about the world and they all they care about is keeping their job in their minds their position is keep my job keep my job keep my job they don't care about your job and who care about me or my kids or their jobs they want to keep their job and the way they know to keep their job is to print a lot of money spend a lot of money and keep interest rates down they will do their best what will happen is eventually the market will say oh wait a minute wait a minute wait a minute we've seen this movie we know how this ends and the market will say we're not going to play your game anymore then it gets out of the control of the Central Bank and that's when you have serious serious bear markets it will be the worst in my lifetime it's going to be the worst in your lifetime too you don't say that with great pleasure I just say I have to deal with facts there always have been people Who come out of these things better off than they were before and sometimes rich people came out of the collapse in Germany in 1920s Rich some people came out of the American depression very rich in the 1930s most didn't but if you get it right of course you can do very well I own silver and gold and I plan to buy more sometime in the future my timing is never very good but I will definitely buy more vote because before this is over both are going to Skyrocket Mrs Yellen and Mr Powell said no don't worry about leave gold and serve alone you don't need it you don't that's a that's antique that's archaic well I'm an old peasant and I know all of us old peasants know when things go wrong we want to have a little silver over in the closet we want to have a little gold under the bed because we know that when things collapse gold and silver will help you won't take care of it we'll help you so I am buying both and I will buy more I'm also buying commodity indexes because because by definition if Commodities go higher that's inflation I mean if the price of rice goes up that's inflation so I own rice I own agricultural Commodities I own all Commodities through an index because by definition if they're going to drive up prices those will benefit um as I see the world bonds are clearly a bubble uh all over the world bonds have never been this high in the history of the world so I don't think I would start with bonds unless it's a special situation property in many places is becoming a bubble if you go to New Zealand or Korea I mean in many places in the world that are having property bubbles some parts of the U.S not everywhere there's still opportunities in the U.S if you look at stocks some stocks are beginning to form bubbles I mean Apple goes up every day 10 cent goes up every day Samsung some of these go up every day around the world because many are not so they're still the stock market is not a overall bubble not yet anyway so if I were it that person I would certainly look at some stocks perhaps but you know as I look at asset classes the single cheapest is Commodities I mean sugar is down 70 from its all-time high so it was now 50 from its all-time high this is not a typo oil is down 50 from its all-time high these are not bubbles uh so the cheapest asset class I can see Commodities um I am the world's worst Market timer I'm the single worst short-term Trader in the world I've been investing for decades so I know that that's an accurate statement yes I see Corrections taking place maybe it's over for all I know I'm not rushing out to buy yet but I do know that in many places right India right now they're having to sell a lot of gold and silver to survive so I am not buying golden this over today but I do plan to buy more sometime in the ground I may get it wrong I may buy it higher but I do know before this is over and history is very clear that when people lose confidence in governments and then money they have always flocked to gold and silver absolutely maybe they want this time maybe it will be something else but this old peasant has some over there and some over there and I'm going to have more before it's over
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