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Well, Dennis Galli, I'll tell you, I've been in this game a long time. The Federal Reserve usually doesn't know what it's doing. This has rarely been the case throughout history. I'm sure they don't know even now . Remember, the people who work at the Fed are bureaucrats. I mean, these are people who can't find a normal job, so they work for the government or the Fed.
They know no more than we all think. We know they have a lot of power, but I'm sure they know no more than you and I do . Of course, no more than me. Well, maybe I'm not the only one who knows that inflation will rise, and with it, interest rates. Many governments have been printing staggering amounts of money, Dennis, in recent weeks or months, and that has always led to higher inflation.
Higher inflation is on the horizon. Be careful. I'm worried. As you said, Dennis, you and I and some other people know the real reasons for all this, but Washington or any other government will not do what is needed. Let's say the Fed said, " Okay, you're right." They would reduce the money supply, raise interest rates to very high levels, but within a few weeks or six months they would say, "Oh my God, this is too painful." They would immediately give up , relax restrictions , start printing huge amounts of money, and it would all start over .
This requires an enormous amount of discipline, which I fear is lacking in most political circles in the United States, and perhaps in no other country. It takes enormous discipline and effort to overcome inflation, especially after many months or years of printing money. It works pretty much the way you said, but eventually people say, "I'm not going to play this game anymore," and they put their money somewhere else—in another country, commodities, real assets, or something like that.
They stop investing in government bonds. They stop investing in the markets. Simple markets, and they start investing in real assets to save themselves, to protect themselves. And that's a good question. The US stock market is growing for the longest period in American history. I mean, since 2008, everything has been going great.
We have never had such a long period of success in the history of the US stock market. Maybe everything has changed. Maybe Washington has solved all our problems. Maybe things are different now. I doubt it, but I was worried. I'm worried. I have a lot of cash. Almost all of my money is in US Treasuries, or in the US, well, a little bit in China, but the US and China, because I feel like this party is going to be over soon .
I wish I had always known about candles. I know this has been going on for decades, centuries. Everyone is crazy about new technology, whether it's railroads, electricity, cars, whatever. We are all very worried. Stocks are soaring very, very high. People make a lot of money, and then many lose staggering amounts, the party ends , and we start all over again .
I mean, this isn't my, not my first...This isn't my first party, Dennis. Well, Dennis , this is one of the few times in world history where every market, almost every market in the world, is hitting new highs. Everyone has been very well the last few days. This rarely happened. So , if there is a new place, I have n't found it yet.
Yes, I have some money in Uzbekistan, but don't count on Uzbekistan to save you. Well, everyone has to make their own decisions, but, Dennis, I own the gold, I own the silver. Everyone should have some silver in their closet. Everyone should have a little gold under their bed. Gold has been around for thousands of years; Jesus Christ was sold for 30 pieces of silver, you know, a long, long time ago.
So , silver and gold have always been something that protects people and has great value for hundreds of years, and it will probably continue to be so . Well, I have no idea, but I know what you said has happened many times. People look for a safe haven, whatever it is, and gold and silver have often been safe havens throughout history, and I don't see much else these days other than gold and silver .
I own both, and who knows if it's the right choice, but right now I'm holding gold and silver. I mean, crypto is another great technology. It changes everything we know. I don't have any investments in crypto. If you are smart enough and know the right people and companies, you might be able to make an investment.
Dennis, this isn't the first time a new technology has come along and changed the world. The crypt is already changing everything we know. If you understand it—act. But only if you really, really understand what you're doing. Listen, Dennis, the world is running out of known oil reserves, whether we like it or not.
And when they say that oil is running out, I mean the known reserves. Therefore, energy prices will likely remain high for the rest of your and perhaps my lifetime. Maybe we'll find a huge new oil field somewhere, but it hasn't happened yet. Meanwhile, known reserves continue to decline. I'm sure they are there, Dennis, I just haven't looked.
I've been lazy lately. So yes , I am sure that there are huge opportunities in the defense sector in the world. I just don't know what those possibilities are now. Well, I know that throughout history, humanity has looked for alternatives, looked for competitive currencies. They usually came to gold and silver.
Gold and silver are still attractive to me. I own both . I know that we will always need competitors, and we will look for them. The US dollar is certainly an imperfect currency . I mean, the United States is the largest debtor country in world history. But people don't know what else to do, so they turn to the US dollar.
I have US dollars. Not because I think they are a great currency, but simply because I know that everyone will turn to them. Well, Dennis, the most important advice I can give anyone is: stick with what you know. Don't listen to other people. Don't listen to newspapers, television, or the internet. If you only invest in what you know well , you will probably survive.
If you start listening to hot tips, you will most likely go broke. Please just stick with what you are good at . Some will say, "That's boring." Don't worry. Be boring. Be boring if you want to stay solvent. Jim, that's great advice. We're experiencing technical difficulties with our connection today, so let me publicly thank you for your patience.
I appreciate you taking time out of your schedule to join us today. You are very generous with your time, and I really appreciate it. Thank you. Thank you, Dennis. I look forward to meeting you again.
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