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hey mce crew i know that some people feel as though some of the information we give here is doom and gloom it's not it's just factual okay now i want you to hear because hearing it from me is one thing sure i own a financial services company uh but i'm no jp morgan i readily admit that okay they've got three trillion dollars on their balance sheet they're one of the largest banks in america in the world say what you will about them they know what they're talking about so i want you to hear from their ceo jamie dimon as he explains his view on what's coming in our economy we're going to dig into this because this guy has a lot to say in this clip look i'm an optimist you know i i said they're storm clouds they're big storm clouds they're it's a hurricane it's right now it's kind of sunny things are doing fine you know everyone thinks that the fed can handle this that hurricane is right out there down the road coming our way we just don't know if it's a minor one or super storm sandy or uh yeah sandy or or uh andrew or something like that and it's you you better brace yourself so jp moore is bracing ourselves and we're going to be very conserving our balance sheet on with all this capital uncertainty we're going to have to take actions and you know i kind of want to shed non non-operating deposits again which we can do in size you know to protect ourselves so we can serve clients in bad times and so that that's the environment we're dealing with and you know i i'm i think it's okay to hope that'll end up okay i hope it that's my goldilocks i hope who the hell knows okay guys let's chop some of this up all right now first of all you see how he ended that off who the hell knows when the ceo of a major global bank with three trillion dollars on their balance sheet expresses that type of exasperation it means that we're in uncharted territory okay we're in big time uncharted territory and that is why i'm a big advocate for falling back on those fundamental financial principles that have stood the test of time like buy low sell high uh pay off debt to the extent that you can especially that high interest credit card debt you're going to need uh some flexibility and you're going to need some cash flow where we're going you're also going to need and you're part of the reason why you're going to need that cash flow is because you're going to need to be able to seize opportunities because a lot of assets are gonna and already have and will continue to become less expensive and much more affordable these are the times and we did a video on this a long long time ago before we moved up to the current level of production value but we did a video talking about how it was one of the rothschilds now if you know the rothschilds you know they know whatever else is true about them they know money okay that family has existed uh in the financial services industry for literally centuries okay so they know they know what they're talking about and one of the rothschild said the time to make money i'm paraphrasing here but here's the quote is when there's blood in the streets and what he meant by that is when there is chaos out there and he literally meant blood because he's talking about revolutions wars uh recessions as well bear markets these are the times when you can prosper now you're not going to buy something low today and then have it just all of a sudden run up 15 tomorrow it's gonna take time okay again i'm not a trader there are plenty of trading channels out there on youtube where you can get that type of advice uh if that's what you want to endeavor in i'm a long-term investor i want to see my assets appreciate and provide income okay i'm not into the high frequency trade thing so the other thing that diamond mentioned and he was very specific about this he said that they can shed non-operating deposits what does that mean well first you got to understand that when you deposit money into a bank and they hold it there for you in a savings account or in a certificate of deposit that is a liability for them it's not an asset for them it's a liability in that you can come into that bank at any time and request all of the money you have that's why in a cd there's certain you know penalties if you do the early withdrawal thing um if you go into the bank right now you've got ten thousand dollars in that bank and you say i want to withdraw 9900 dollars from my savings account watch how they act okay it's not going to be an instant transaction and you'll probably get the attention of the bank manager okay it's going to take a while because you basically are taking away their ability to put money into play to lend on your ten thousand dollars let's say you have a let's just say you have a ten to one um on the they call it the um what's the term fractional reserve lending so let's just say you have ten to one that means that if you deposit ten thousand dollars in the bank it gives you a bank the bank the ability to lend out one hundred thousand dollars they can literally create money the government allows them to do that okay um the fed specifically uh has that arrangement with them so if you take out your ten thousand you are taken away from them the ability to lend out 10 times that they're gonna have an issue with that okay but what diamond is saying is to the extent that we're going into this new territory where lending actually might slow down a little bit can you imagine a bank calling you up and saying come get your money we don't want this liability on our books right now so come and get your money or go into a negative interest type of environment where it actually costs you to keep money in the bank because they don't want your money right now you're almost at that point you're so far under the level of uh inflation either number the 8.5 or the 15 real inflation 15 which includes food and energy your savings products are so far under that in terms of the interest that they're getting it doesn't make any sense to keep money in a bank okay in a savings or a uh certificate of deposit any of those savings products sure you need money in a bank to transact bills and things like that that's why me personally i don't keep uh any more money in the bank than it would take to you know pay bills and do those automatic bill pay things now let's talk about another financial institution where you're more of a partner in the equation than you are as a depositor in a bank an insurance company takes your money that you pay in premiums and it invests that money and so it sets up a scenario whereby you can get a better return off of a permanent properly structured permanent life insurance policy than you would ever be able to get at a bank okay uh now there are also all kinds of incentives that come with choosing a an insurance company as your financial institution where you're going to keep some of that money all right the bank still has its purpose if you need a loan to propel your business the bank's the place to go okay to get that loan sure they're going to want to see you with some money on deposit okay if you want a business credit card a lot of these small banks are going to say well you need to have some money in here with us you need to have some stake in the game here okay so yeah if you want to alone to propel you know you to be able to do other things in your business or you want a mortgage bank is a good option also if you want to take advantage of fractional lending excuse me if you want to take advantage of fractional lending you say how can i get on this thing where someone puts in a hundred dollars and it gives uh the bank the ability to lend a thousand dollars how do i get in on that you can do your due diligence and figure out a bank to invest in to buy shares from a publicly traded bank okay now let me give you another little nuance banks are governed by the federal reserve the federal reserve bank jamie uh not jamie dimon um jerome powell fed chair the credit unions are governed a little different so if you want to keep money in a scenario whereby you have less control by the fed and let me tell you why i'm talking about that we're going to bring it all home here in a second because when you look at these banks and the ability to bail in not bail out where the government comes and gives them money remember what i said a few moments ago your deposits are liabilities and if a company gets in trouble then there are several mechanisms in america where you can shed liabilities and if a bank sheds liabilities then that means your deposits are at risk now you might say well what about the fdic sure you got two hundred fifty thousand dollars you're insured up to that amount with the federal deposit insurance company but i want you to keep this in mind if you look at the rules that govern that system they don't have to make you whole immediately they've got all kinds of actuarial tables that give them uh the rights to you know piecemeal you especially depending on your age someone older is going to be made whole sooner because they presumably have less time on the earth than someone younger okay so if you've got if i've got it you know money i want to keep it in a situation where i'm more of a partner and that partnership is uh at the financial institution that you rarely think about you think about banks all the time because you pass them several times a day they're on every corner but you don't think about insurance companies when people think of insurance companies they usually think of loss well if i die or if the car gets into an accident everything will be made whole but when we talk about properly structured permanent life insurance you have to remember that it's really got more benefits here in the here and now than it does uh in the hereafter for for you and your family okay especially when you consider tax benefits you're able to uh accumulate money and have it grow tax-free you're able to access it tax-free if you do it correctly as a loan and you're able to pass that money on and make it into generational wealth legacy wealth unencumbered by taxation okay so we had that discussion and then there are the brokerage companies that's another financial institution you could put money with when you could invest in a publicly traded company uh diamond jamie dimon who we heard from ceo of jp morgan he's he's telling you that the waters are getting rough and not even he with with trillions of dot think about the resources that this man in this bank has access to okay when there's something going on in the world of finance the president calls people like jamie diamond all right and he has told you that hey look a lot of this i don't even know what's going to happen that's a very honest answer but if you are in a situation where you have assets okay hard assets paper assets what are paper assets well what are hard assets real estate gold silver what are paper assets stocks bonds um insurance policies now all of this stuff you've got to do your due diligence when i'm not giving you personal financial advice um and then let me close this out the way i always do well not always could sometimes do the asset that has the highest revenue and profit potential is your own business a business that you own and you manage okay we've done a lot of talk around that um if you go to the community page we've got our webinar coming up on the 15th that's going to go over legacy wealth and we'll have some discussion about having your own business in there as well because that's something you can also pass on to your heirs as a as an aspect of legacy wealth so go to the community page scroll down to register for that if you're so inclined uh there is no monetary cost there is a temporal cost an hour of your time okay so that's what we've got going on all right today i want you to seriously think about these things because if this guy who's the captain of a really really big ship is saying that he's got the binoculars and he's looking and he's seeing a bunch of storm clouds okay out there on the horizon you heard him use the term hurricane and he was very adamant when he used that term it's a hurricane okay so thank you for what it's worth guys i'll talk to you soon
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