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it's happening it's going to happen one way or the other it depends on how fast the crisis happens a crisis would accelerate it or a crisis may make us all refer to i don't know computer money or gold or who knows what we'll try uh well the us is having as i told you last time though we're going to the next time the world has a problem it's going to be the worst in my lifetime here it is it is the worst in my lifetime uh the reason i said it was because there was so much debt built up in the world as you know in 2008 we had a big problem because of too much debt well since then the debt everywhere has skyrocketed even in china the debt has built up so the problems were ripe and ready to come the u.s mark was having a blow off a bit of a bubble if nothing else had been going up for 10 years which was the longest in recorded history in the united states so the world was ready it was overdue and here we are there would have been some reason some some places were already slowing down as you know and then along came the bubble and now we have the excuse we always have an excuse markets markets are different from economies we're going to have economies getting worse nearly everywhere for a while markets first are different as you know nearly every government in the world has started printing staggering amounts of money and spending staggering amounts of money like the likes of which have never been seen in recorded history america's debt is now higher than in the second world war you can believe that america was already the largest debtor nation in the world and then it alone came this and america's added trillions that's trillions with a t trillions amount of debt and printed trillions more mr keynes himself if you read what he says says yes when times are good you spilt you build up a lot of reserves and then when you need them you spend them mr keynes would not approve of what's been going on anywhere because nobody built up reserves even china has a lot of debt now uh mr keynes you know back when uh at the end of the uh before he said wait a minute this is not what i meant well i meant that everybody build up staggering amounts of debt just keep spending and keep spending so yeah mr cain said in bad times you spend your reserves he did not say spend your grandchildren so anything that i am buying and i have bought a couple of things i'm buying one because they're so beaten down that no matter what happens uh they're not gonna i don't think they're gonna go down much more uh i mean i'm gonna give you an example that i'm not by venezuela first i cannot buy venezuela because i'm in america and it's sanctions so americans cannot buy but someone who is able to buy venezuela could probably buy venezuela now because no matter how bad things get venezuela is not going to go down very much and it may if any and it may start reviving so there are things like that now again i'm not buying venezuela i'd like to but i cannot but i'm trying to find things like that stocks companies that are in that kind of situation and i have bought a couple of those recently a lot of people would go out and buy x it's the damnedest thing i've ever seen and nothing about it nothing at all but they go and buy which is nice because you're a guru sir well okay but that in other people but it's insane it's a terrible way for for investors to invest everybody wants a hot tip but hot tips will bankrupt you this has happened throughout history politicians love to blame foreigners when their problems you pick any country in history that it's very easy for politicians to blame foreigners they have different languages different skin different hair different food martin i cannot tell you how many times i've heard people say and they smell bad and their food smells bad their food smells bad so politicians love to stir it up and uh it's happening again is it sane is it rational no of course not american china should be bringing prosperity to the whole world together but it's very very easy to raise to stir up animosity and that's what they're doing they're not going to sit around and say oh all you other americans are horrible people it's the foreigners that are the horrible people and it often leads to worse as you well know trade wars shooting wars it never has been a good thing in the end but it's happening now as we both sit here and watch you
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