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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 or 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 burning 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 uh the history shows that it's very clear there's 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 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 wrong 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 is 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 debt is there the debt goes higher every day i know what it caused in 2008 it's got to be worse next time around uh eventually of course we might have will have hyperinflation uh britain ended with not hyper like venezuela but very serious and the value of the currency went down 80 against the us dollar over a few decades that's pretty serious stuff 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 if venezuela had been declining for a long time that zimbabwe was in the class you know zimbabwe at one time was the richest country in the british empire 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 to rate the way of britain don't panic yet but it doesn't mean we can't have a serious inflation and a decline 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 u.s 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 as 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 good to be oh it's good to be an old american in 2021.
it's not good to be a young american in 2021. uh 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 don't 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 burn a lot of money spend a lot of money and keep interest rates down they will do their best but 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 i don't say that with great pleasure i just say i have to deal with facts uh well 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 uh sometime in the future my timing is never very good but i will definitely buy more of both because before this is over both are going to skyrocket mrs yellen and mr powell say no don't worry about leave gold and silver alone you don't need it you don't that's a that's antique that's okay 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're going to have a little gold under the bed because we know that when things collapse gold and silver will help you it won't take care of it will help you so i
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