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it's better to earn one percent per year than to lose 20 per year and bear markets lead to big losses one thing about interest rates in inflation they will eventually go high enough to offset the effects of inflation i have never known the imf to be fighting about anything i don't even bother i mean the best thing we could all do is abolish the imf we're not because the too many people who make money off the imf they've never been right about anything that would be a way towards solving some of our problems we abolish their imf the world bank well we'd be on the way we spend on the world bank and the imf every year huge amounts of money all those guys that are bureaucratic work they love working for the imf they get tax-free pensions they get high salaries they get all sorts of perks they think it is heaven you know who's paying for it yeah plus you should go back and read some of the imf's annual reports some of the things they have said and you would be stunned stunned at how many times they said southeast asia is great and then next year there's a gigantic crisis in southeast asia i could go on and on i wish i had bought bitcoin at a dollar for five dollars michelle i wish i'd bought ibm in 1914.
i wish i'd done a lot of things i wish i'd bought amazon at a dollar and all i said was i wish there's no level at which i would buy those cryptocurrencies uh unless something dramatic changes no i guess if suddenly the eu used bitcoin as its national global currency then you would have to and it's no longer cryptocurrency it's a computer currency backed by government bitcoin is wonderful for people who buy it and sell it and trade it i know people who are having fun training nothing wrong with that but if it ever becomes successful as currency which they say it will no government's going to allow that nobody no government wants to lose its control they all love their monopoly they're not going to give up their monopoly i wish they would but they aren't this is not the worst bear mark in my life this is nothing this is nothing oh my gosh i have seen some astonishing bear markets not just in the u.s all over the world you know what the debt has happened i mean the u.s has increased his debt by several times since 2009.
japan oh my god they can't even count the debt in japan many countries in the world the debt just goes higher and higher and higher 2008 was because of too much debt it's much worse now they don't know how to fix it the only thing michelle in 1980 interest rates on treasury bills u.s treasury bills were over 20 percent that's not a typo 20 it cured inflation it solved the problem finally no because we've made so many mistakes this time around interest rates will have to go very very high we will have a serious recession many people will go bankrupt we're going to have a lot of problems there's no other way to solve the problem we have a choice we need to raise interest rates a lot and have a lot of pain or we let people continue to print money and have horrible horrible inflation and cause even more pain there's not much not many choices i am all for cutting taxes it's always better for any country any economy the fewer taxes the better if we cut taxes we're going to have big push into the economy but while these guys are printing money it's just going to make inflation worse we i don't know how we solve the problem of too much inflation without pain investors should only invest in what they themselves know a lot about they shouldn't listen to hot tips on tv even on kitco news that's a terrible way to invest stay with what you know i can tell you some of the things i'm doing when you have inflation if you own the things that go up in price you make money i mean agricultural goods are going to go higher before this is over energy will go higher before it's over everything will go higher before it's over real good if you own those kinds of things you will do well if you know how to sell short then you can sell short many things many stocks not just in america all over the world and make a lot of money if you don't know how to do either of those put your money in the bank and wait what i have said is we're going to have more bear markets we've always had bear markets now in washington they say no we're not everything is okay now no more bear market if you believe them don't listen to me but i know more bear markets are coming and what i have said is the next one is going to be the worst in my lifetime 2008 we had a problem with too much debt michelle since 2008 the debt oh my god look out the wonder the dead is skyrocket everywhere so the next bear market has to be horrible before this bear market is over of course many stocks are going to go down 70 80 90 percent that's the way bear markets work no of course that's going to happen i just don't know when it is it's been 13 years since we've had big problems and that's the longest in american history could go for 30 years who knows who knows but it's already overdue on a historic basis and it's very very expensive and it always goes down a lot when it goes down we have very high valuations we have staggering debt we have a lot of new investors coming in michelle it's not my first rodeo i've seen this movie i know how it works they're all going to lose a lot of money i hope i'm not one of them my outlook is that if we have peace if something there's a lot of pessimism around right now huge amounts of pessimism whenever there's a lot of pessimism it often leads to a rally if something happens in ukraine there'll be a big rally oil will go down grains will go down stocks and everything will go up for a while i don't know what will cause the rally but we're probably going to have a big rally that rally is i hope i'm smart enough to sell that rally because that's probably the last big route it could be very big rally but that's probably the last time obvious for me would be if something happened in ukraine i have no idea i don't have any inside information but if something happens that would cause a big route nothing goes straight up or straight down things go up like this there are always corrections along the way and maybe there's something else going on but in my experience corrections are normal and common they happen all the time my plan is if there's peace in ukraine agriculture is going to go down all grain prices are going to go down for a while and that's the time to buy but if there were peace we might make new highs but still that would not negate the bear market i would suspect that there will be some positive development in ukraine in the next few weeks yes if not before that would trigger a drop big drop in grains a big drop in oil which would cause a big relief rally in stocks because everybody would say inflation's okay now no more problems hooray buy stocks buy a big drop in grains a big drop in oil which would cause a big relief rally in stocks because everybody would say inflation's okay now no more problems hooray buy stocks buy bonds but still that would not negate the bear market i would suspect that there will be some positive development in ukraine in the next few weeks yes if not before that would trigger a drop
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