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people in Silicon Valley think that they're very very smart and many of them are but they get carried away they lower their standards they think everything is okay and that penis has always led to problems all over the world throughout history when there's a long period of prosperity Banks get excited and get confident and they think they're smart and they start making loans that they wouldn't make otherwise that's what's happening in the U.S at Silicon Valley Bank is very very excited they thought they were smart and it's happening again and don't worry before this is over we're going to have some horrible economic problems everywhere the U.S is the largest economy in the world and certainly the most the largest financial Market in the world so if we start having problems in the U.S they will snowball everywhere whether we like it or not you know Silicon Valley went bankrupt a couple that led to another bank in the U.S having trouble well the next thing you know is Credit Suisse in Switzerland a very large Swiss bank is having problems so all of these things snowball what happens in one country has an effect in others maybe not directly not the same week but we're all interconnected these days especially financially and that's going to lead more and more problems you should be worried what should be done and what they will do are two different things the U.S Central Bank like most central banks and they're not very smart people that's why they work for the government the American Central Bank they're all very very worried they are starting to think that they have solved the problems of inflation because some prices oil is down grains are down which always happens in any Market so they think they have solved the problems they will maybe they will raise interest rates one more time a small amount but for the most part they think they have solved the problem and that they don't want to cause more economic problems and so we will see a Slowdown in interest rate increases in the US for a while but in 1980 the 1970s we had this problem interest rates in the US will own short-term treasury bills was 21 percent 21 on short-term government paper that just shows you how bad it can be the inflation problem is going to be worse this time so interest rates will have to go very very hot and not this week not this month because Washington doesn't know what to do but before this is over we are all going to see very very high interest rates everywhere or or much much much worse inflation but I would suspect eventually we will see very high interest rates yes markets always have ups and downs nothing new about them yes before this is over we will have a serious correction later in 2023 but at some point the uh well as I said the central bank is going to stop raising interest rates everybody will think things are okay we'll have a big rally that will probably be the last big rally for long time and it will happen because everybody will think everything is okay now it's not okay because inflation will come back in a big way which means an interest rates will go very high which means that the world economy will have a major major problem next year or the year after or later this year this is been Fabulous As you know of somebody in India has been doing something right now the Chinese stock market is down because they their reaction to the virus was much worse than many other countries in the world so I mean of those two if I were buying something I would buy China now instead of India because China's down a lot and India's been a very strong stock market I don't like to buy things that have been strong I like to buy things that have been weak a 90 group is very smart people that I read about in the US I read that there's one but I don't know so I do not know know if there's any accuracy or not I have no position I have not long or short any of those companies at all I have not done the homework the research I do not know uh whether the accusations are correct or not I do know that those people on both sides are very smart people that I am watching agriculture has been depressed for many years though agriculture is still a place with lots of opportunities I mean agriculture has been terrible the average age of farmers in America is 58 the average age of farmers in Japan is 66.
agriculture has been horrible many places in the world so whenever there's a horrible problem in something they're usually opportunities so I find I am looking at agriculture for opportunities it's a great place but there are many parts of the Indian economy which could be and will be very successful again in the future I wish your government would be less interventionist I wish your government would stay out of the way more uh but I wish I had about all governments I certainly wish that about the U.S in a big way so you know India has been at times in history one of the world's great agricultural Nations you will be again if the government will get out of the way I am looking to buy more energy not today but eventually because Energy prices have been coming down and the world's known reserves of oil and natural gas continue to decline fracking came along and helped us for a while but fracking cannot save us for a long time so there will be opportunities again in energy I am not buying at the moment but I am watching because I see the prices coming down and I know that the world's reserves of oil and gas known reserves of oil and gas continue to decline foreign
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