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as I look around the world bonds are a bubble bonds have never been this expensive in history property in many places New Zealand Korea many places properties of bubble because of low interest rates well interest rates are going to go higher the property is not a great place many stocks were a bubble Samsung went up every day 10 cent went up you know many stocks were forming a bubble let's calm down now but the only asset that I know is still cheap is I mean Commodities silver is down 75 from its all-time high you know these things are very very cheap and those are not bubble numbers so and if we're going to have inflation which we are if you own the things that go up in price when there's inflation you make money and by definition Commodities go up when there's inflation look around a lot of people I know are investing in crypto and having fun and making money many have already disappeared and gone to zero I don't invest in them because the balls say they're going to be money and my answer to that is if and when all our money is on our computer is going to be government money it's not when the U.S government says okay this is money now and every government is working on crypto money they're not going to say this is money but if you want to use that money wouldn't use that money that's not the way bureaucrats think that's not the way politicians think they want control they want to regulate everything and so in my view if they're just trading Vehicles Farm have at it and I'm not a good Trader I'm using crypto crashes don't change your mind about you know any consumer behavior that might be destabilizing or that's not your your loss things changed and I have to change too but no I don't see anything that's going to make me if suddenly the euro is all nominated in crypto then I'll have to change but no I don't see that so it's been over 13 years since in the US it was a problem that's the longest in American history and I use America since it's the largest so we're going to have recessions again and we're overdue there's a lot of pessimism around right now and I usually when there's a lot of pessimism something happens to cause the pessimism to garage so I would suspect some maybe peace in Ukraine I don't know I'm just guessing something will happen everybody will get optimistic again uh we'll have one last blow off we often have blow-offs in markets after a long long rise and we have a blow off I would suspect he'll have a blow off and that's the time to sell and to sell short that's I hope I'm smart enough to short that blow off 2008 we had a big problem because of too much debt yeah look out the window the debt since 2008 has skyrocketed everywhere look at Japan look at America look at everywhere the death has gone up by staggering amounts since 2008 so I don't see how the next one cannot be the worst in my lifetime it just seems to be a simple conclusion is there any prescription that you have not just for investors but what do you want to see governments policy makers looking at right now resign most government policy makers have no clue certainly not in Washington D.C so no I mean I would tell them yes stop spending money and reduce the debt do you think they're going to do that well in America we've had three central banks the first two central banks disappeared because of mistakes this one's going to disappear too eventually we've only had three in the U.S three Goods two good Central Bankers in my lifetime India had a very good Central Banker a few years ago but as I look around in my history I don't remember very many good Central Bankers most of these guys are bureaucrats and academics they don't know what they're doing they know what they read they know how to keep their job but they don't care about you and me they care about their job and most of these Paul we have one named Paul volcker who ended the inflation of the 70s but it's because he knew what to do and the president said to him you can do anything you want to give Jimmy Carr his name was Jimmy Carter the president he said you can do anything you want and welcome said are you sure Carter said yes well Carter lost the presidency because volcker took interest rates and you you won't believe this but at the end of 1979 treasury bills and the U.S yielded over 20 percent that's not a typo over 20 long-term government bonds yielded over 15 percent because volcker knew what he had to do and he did that we may have that problem again and China certainly has had a bubble of property bubble which Beijing has talked about ending for several years they never did anything but now it's happening the property bubble is popping oh you're going to have more bankruptcies in China and Beijing says they'll let people go bankrupt I hope they mean it it'll be good for China it'll be good for the world and then we can start over but Michelle America became the most successful country in the 20th century but along the way we had Civil War bankruptcies riots in the massacres in the streets we had many problems but we became very successful China will have problems but I anyway live in Asia because of China and I want my children to know Asia and to speak Mandarin because I don't see anybody else in the 21st century what is your current outlook on the subject of food inflation well agriculture has been a disaster for 30 years or so the average age of farmers in America is 58 the average age in Japan is 66 I mean farming has been a disaster for a long time the Chinese have a wonderful word weiji it means disaster and opportunity the same thing so I see great opportunities in agriculture I've invested in agriculture and I plan to invest more because either we're not going to have clothes we're not going to have food or agriculture is going to continue to get better what about this current current run of food price growth especially I mean do you see obviously it's very hard to predict with all the weather impact as well but where are we on the food inflation story well inventories are being worked down because of the war and because of the virus I would I am investing in agriculture and plan to invest more because I see something has to change and it's starting to change and the war of course in Ukraine makes agriculture even more it makes it more attractive because there is no food because you the China the Russians and the ukrainians are both huge producers of food if you're having a war you don't plan many crops and so things are going I think things are going to get better I recall that you've told young investors to get involved in Goods commodities well if you like working Outdoors agriculture as I said the average age of farmers in Japan is 66.
nobody wants to be a farmer that means there's opportunity because there's not much competition well let me take one other audience question uh you know what it what is your view on India well if you can only visit one country in your life I would urge you to visit India there's no place no place like it the food the size the men the women everybody it's very very exciting
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