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shooting ourselves in the foot we're shooting ourselves in the arm and we keep doing these things and so the rest of the world says well what are we going to do now and so they drive themselves together we're driving the Russians to the Chinese and vice first we're driving the Iranians into the arms of the Russians and the and the Chinese all these people say well what are we gonna do we don't have any choice right so they're trying to find and they are finding ways to get around the US dollar the US banking system and the u.s.
it's not good for us this is not good no no no I'm glad that you bring that up because it leaves very well to my next question now last time that you were here and you spoke with us not here but we spoke was back in June and at that time you were very bullish on Russia and arguably you know Russian assets that they cheap end with with the rubles decline so do you see this as an opportunity that's a very good question I should watch our tea TV to find out how do I know there yeah I know you're the Russian czar the Russian oriented people I did by Russian chairs back in March I was optimistic in June I have been optimistic they've gone back down and as we speak I'm sitting here thinking about whether I should step in and start buying you not down as low as they were when they when the Crimean situation happen they may be about to break down but I'm sitting if I weren't sitting here with you Aaron I'd be trying to figure out what to do about Russian shares and Russian currency interesting no I by the way do you agree that the ruble is down all currencies are down the US dollars been going up like a rocket for a variety of reasons and therefore all currencies are down not just the ruble this is very true now I know that you're very bullish on agriculture and that I should definitely leave my job here as a journalist and go go get on the tractor which was a joke about you know how do you feel that Russian agriculture well I'm Wally bullish you know I would love Russian farms are very very cheap that you can buy a farm you can buy a tractor very cheap did you ever learn to drive a tractor you just take pictures on trakula sits on my are you just taking photographs stick it right you gotta learn it and drive it oh good javis but you could start covering the farm right you know go out to the farm sit on your tractor and talk to farmers and give reports Russian agriculture has a great future its vast lands a fertile land and they haven't been ruined like many other places of in ruin no I'm optimistic about Russian agriculture now Jim can you talk to me about China we know that China's growth is slowing so um is this a good thing or a bad thing right now it's good for the China slowing down they've had a property bubble they've had too much inflation they've had too much overheating so it's always good when you can slow something like that down now people who are suffering don't think it's good but in the big picture it's good for all of us on the subject of China what do you think about Alibaba which would take on that well she bought it on the opening you made a lot I mean on the offering you made a lot of money otherwise you lost a lot of money so I did not buy it I'm not you know important enough to get shares on the offering so I didn't buy it it may be a sign of the top of the technology market looks like it hasn't been the technology market in the u.s.
anyway it's been suffering since I'm glad that you bring it up because we actually talk about that a lot and I agree with you on that there were at the top or it was very very close to it I must be right there you must be right you know you know with your teary thank you for sharing your knowledge with us but you know we're talk about trophy assets the Chinese they're buying up a lot of trophy assets and it just came out last week they bought the Waldorf Astoria and you know it kind of reminds me of Japan when they went on they bought Pebble Beach and these other trophy assets that was back in the 90s that job that Japan did that with the golf course but could these vanity buys be contrary to indicators early very good well could be and that's a good good insight on your part I had the same thought when I saw they mean staggering we're staggering what they paid for the waldorf-astoria billion nine I mean it's unbelievable I'll never make any money out of it somebody it's something went to his head it was some guy who did it and it may be the downfall of that kid and that insurance company I I cannot see how anybody can rationalize but he did now speaking of bad indicators on this subject you know the market breath its waning and we know that but you know people like Albert Edwards I want to read you this quote they said in it he said in a tongue-in-cheek type way sell everything and run for your lives I love that sounds like something you might say oh you may well be right it looks like he is right way the breath has been terrible most stocks are down most US stocks are down in 2014 they're not up or whatever the averages are doing it has not been a good year for most investors in nearly any asset unless you happen to own bonds or the US dollar so would you say not only is the bear market coming the bear market is it's obviously not upon us but in the next errand I'm not smart enough to know things like that tell you watch your part watch your show watch your show I know the bear market will come right you know that people in Washington and New York will tell you they'll never be another bear market again when you hear that you run for the hill you run for your life you know you call your mothers fast as you can so what do I do uh no you get out as fast as you can because they're gonna it's gonna be a bear market the next bear market Aaron's gonna be much worse than the last one because the debt has gone through the roof debt worldwide including the u.s.
is skyrocket and we're all gonna have to pay a terrible price for all this money printing and all this debt yes now like he mentioned you know stocks they've dropped fifteen to twenty percent and you know this the Fed would be back to cue in a heartbeat if this were the case you know if they drop drop 20 to 15 percent 15 to 20 percent but um what about the real economy here that's what I kind of want to focus on and ask you got um sense of weakness outside the US could could come back here which we know so are you concerned at all about that well first of all what is going to happen is the market will go down at which point everybody's gonna call the Federal Reserve and they're gonna panic they're just bureaucrats and and academics I don't know anything they'll panic they'll say okay we're sorry we're sorry they'll either start QE for or they'll print more money I said no world will print even more money and he'll try to save the market the market will have a big rally and that might even turn into a bubble at that point the real economy the real economy listen the people who are getting the money being a wonderful time right and their friends who are getting all this money is being printed but the rest of the country and the rest of the world is not having such a good time these days absolutely not and you know Jim with commodity price is fine it's kind of the sign of global economic weakness so what do you think about oils recent fall what would that say to you well it says to me what it says to you but you know for some reason there's not as much demand something is weak somewhere it also says that a lot of people probably in the Middle East are dumping oil now as fast as they can because they know they may not especially those guys whatever they call Isis you know they're probably dumping all they can because if they get cut off then they don't have any money anymore so there's a bit of panic selling it seems to me going on and and the man is not as hot Europe is slow China slowed everybody's slow yeah except maybe in some parts of the US that's interesting so where do you see the greatest opportunity in the commodity space right now agriculture it's still farm prices rice buy yourself some rice buy yourself some sugar I got some sugar out of your shirt here great preach I love got myself some of your show it's free for goodness sakes not stealing from me I might steal from you before it's over but no right now just put some in my pocket know that some things are still very very cheap worldwide but most things most things should probably be avoided if I were buying shares I would buy in Russia or China or Japan not in the u.s.
interested Japan as well but Japan is now 60% 65% from its all-time high I know your parents told you to buy low and sell high you should call your mother if she didn't teach you that tell her mom I need some more lesson to take on well she bought it on the opening you made a lot I mean on the offering you made a lot of money otherwise you lost a lot of money so I did not buy it I'm not you know important enough to get shares on the offering so I didn't buy it it may be a sign at the top of the technology market looks like it hasn't been the technology market in the u.s.
anyway it's been suffering since I'm glad that you bring it up because we actually talk about that a lot and I agree with you on that that were at the top or it was very very close to it but I must be right there you right you know you know with your turn thank you for sharing your knowledge with us but you know we're - let's talk about trophy assets the Chinese they're buying up a lot of trophy assets and it just came out last week they bought the waldorf-astoria and you know it kind of reminds me of Japan when they went on they bought Pebble Beach and these other trophy assets that was back in the 90s that job that Japan did that with the golf course but could these vanity buys the contrary to indicators oh they very could well could be and that's a good good insight on your part I had the same thought when I saw they mean staggering staggering what they paid for the waldorf-astoria billion nine I mean it's unbelievable I'll never make any money out of it somebody it's something went to his head it was some guy who did it and it may be the downfall of that kid and that insurance company I I cannot see how anybody can rationalize what he did now speaking of bad indicators on this subject you know the market breathitt swinging and we know that but you know people like Albert Edwards I want to read you this quote they said in it he said in a tongue-in-cheek type way sell everything and run for your lives I love that sounds like something you might say may well be right it looks like he is right lay the breath has been terrible most stocks are down most US stocks are down in 2014 they're not up or whatever the averages are doing it has not been a good year for most investors in nearly any asset unless you happen to own bonds or the US dollar so would you say not only is the bear market coming the bear market is it's obviously not upon us but in the next Aaron I'm not smart enough to know things like that tell you watch Bart watch your show watch your show I know the bear market will come right you know that people in Washington and New York will tell you they'll never be another bear market again when you hear that you run for the hit you run for your life you know you call your mother's fast as you can so what do I do uh now you get out as fast as you can because they're gonna it's gonna be a bear market the next bear market Aaron's gonna be much worse than the last one because the debt has gone through the roof dead worldwide including the u.s.
is skyrocket and we're all gonna have to pay a terrible price for all this money printing and all this debt yes now like you mentioned you know stocks they've dropped 15 to 20 percent and you know this the Fed would be back to KeyArena harpy if this were the case that the ruble is down all currencies are down the US dollars been going up like a rocket for a variety of reasons and therefore all currencies are down not just the ruble this is very true now I know that you're very bullish on agriculture and that I should definitely leave my job here as a journalist and go go get on the tractor which we want to joke about you know how do you feel that Russian agriculture well I'm wildly bullish you know I would love Russian farms are very very cheap that you can buy a farm you can buy a tractor very cheap did you ever learn to drive a tractor you just take a big contract on my are you just taking photographs just take it right you gotta learn it and dry the thing everyone good Jarvis but you can start covering the farm right you know go out to the farm sit on your tractor and talk to farmers and give reports Russian agriculture has a great future its vast lands a fertile land and they haven't been ruined like in many other places of in ruin no I'm optimistic about Russian agriculture now Jim can you talk to me about China we know that China's growth is slowing so um is this a good thing or a bad thing right now it's good for the China slowing down they've had a property bubble they've had too much inflation they've had too much overheating so it's always good when you can slow something like that down now people who are suffering don't think it's good but in the big picture it's good for all of us on the subject of China what do you think about Alibaba which shooting ourselves in the foot we're shooting ourselves in the arm I mean we keep doing these things and so the rest of the world says well what are we going to do now and so they drive themselves together we're driving the Russians to the Chinese and vice versa we're driving the Iranians into the arms of the Russians and the and the Chinese all these people say well what are we gonna do we don't have any choice right so they're trying to find and they are finding ways to get around the US dollar the US banking system and the u.s.
it's not good for us this is not good no no no I'm glad that you bring that up because it leaves very well to my next question now last time that you were here and you spoke with us not here but we spoke was back in June and at that time you were very bullish on Russia and arguably you know Russian assets that they cheapened with with the rubles decline so do you see this as as an opportunity that's a very good question I should watch our tea TV to find out how do I know there you go no you're the Russian czar the Russian oriented people I did by Russian chairs back in March I was optimistic in June I have been optimistic they've gone back down and as we speak I'm sitting here thinking about whether I should step in and start buying you not down as low as they were when they when the Crimean situation happen they may be about to break down but I'm sitting if I weren't sitting here with you Aaron I'd be trying to figure out what to do about Russian shares and Russian currency interesting now I by the way do you know if they drop drop 20 to 15 percent 15 or 20 percent but we're not the real economy here that's what I kind of want to focus on and ask you about um sense of weakness outside the US could could come back here which we know so are you concerned at all about that first of all what is going to happen is the market will go down at which point everybody's gonna call the Federal Reserve and they're gonna panic they're just bureaucrats and and academics I don't know anything they'll panic they'll say okay we're sorry we're sorry they'll either start QE 4 or they'll print more money I say don't worry we'll print even more money and he'll try to save the market the market will have a big rally and that might even turn into a bubble at that point the real economy the real economy listen the people who are getting the money are having a wonderful time right and their friends are getting all this money is being printed but the rest of the country and the rest of the world is not having such a good time these days absolutely not and you know Jim with commodity prices fine it's kind of a sign of global economic weakness so what do you think about oils recent fall what would that say to you well assess to me what it says to you that's you know for some reason there's not as much demand something is weak somewhere it also says that a lot of people probably in the Middle East are dumping oil now as fast as they can because they know they may not especially those guys whatever they call Isis you know they're probably dumping all they can because if they get cut off then they don't have any money anymore there's a bit of panic selling it
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