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Well, I certainly have sold me most of my shares around the world. I own more gold. I own more silver. Uh I have a lot more cash, US dollar cash. So, it's changed in that sense. But I am very cautious and and worried. Well, I own silver. I own gold. And I hope I'm smart enough to buy I bought some more silver yesterday.
I hope I'm smart enough to buy more of them if they go down. Uh, yes, I own them, but I don't see at this stage of history to sell all my assets and put it into gold and silver. Those days may come, but I don't see them yet. Absolutely. It It is outrageously high. Over 36 trillion. Interest payments are over a trillion dollar.
When you say 36 trillion, that's what's recorded. That's their own balance sheet. But there's a gigantic amount of offbalance sheet debt. I mean over a 100red trillion. I mean the numbers just cannot be comprehended. And nobody seemed to. First of all, Washington doesn't even count them. They they report the 36 trillion or whatever the number is, but they don't report the 136 trillion with all the offbalance sheet numbers.
100 years ago it was Britain and people said, "Oh, don't worry. The British pound is the gold standard for currencies." Believe it or not, 50 years later, 1976, Britain was bankrupt. They went from number one in 1925 or whatever that was to totally bankrupt in 1976, bailed out by the IMF. It has happened before in history often, and it's going to happen again.
I don't like saying it, but I can see what's coming. Yeah, the writing is on the wall. The problem is we've been preaching about that since 2008, 2009 with the all the money printing. The writing has been on the wall for the last 15 years, Jim. And we've been managing to kick the can down the road. And you you said like don't use the word different, but is it different this time?
Like are we misinterpreting real economy here? Of course, it's not different. It's never different this time. And I can add, I can subtract, I can know the numbers. The numbers are going to overwhelm us. And at some point, it's going to be too late. It'll be on the evening news every day. The situation will be so dramatic.
It's not there yet. Most people in the evening news don't know about the debt. But there will come a time when everybody will know about it. Oh my gosh. And that's called a serious bare market. Uh good good good point. Absolutely. Um Jim, on on the debt side, there's two ways to sort of mitigate the debt.
One is of course just stop spending and don't increase the debt load, but also just grow GDP. Um productivity growth and other factors weigh in here. Do you see GDP developing in a positive way here? Uh just talking about the Atlanta Fed, for example, came out with some numbers that were actually negative due to golden boards, funny enough.
Um what are your thoughts? Well, the American economy has been expanding since 2008, 2009, and it's still going on, but I think I see signs that we're coming to an end. Whether I see it or not doesn't matter. I know that this economy will slow down somewhere along the line. I know that historically we're getting there already.
And when it happens, it's going to be terrible because the debt is so unbelievably high now and we're all going to scream. Now, I think the voices are getting louder here, but ju just to drill down a little bit on the signs um besides the is there anything else you're you're looking at that makes you nervous or where you see cracks appearing?
I mean, there a few small wars scattered around. We've seen this before in history. Sometimes the small wars turn into bigger wars, but there are several conflicts going on in the world right now. They don't make the evening news normally, but they're getting bigger. And that will lead to even more of a bare market if and when we have a serious bare market.
Yes, of course. Higher interest rates, inflation, debt, all of these things are adding up. Now, you could say this has happened before. It certainly has, but I'm afraid that now it's to the point where it has it's so high and such a big problem, it's going to have more of a dramatic effect on all of us in the next year or two.
Well, it's partially because silver was not on everybody's mind the way gold is. I mean, if you turn on the TV, you open the newspaper, the first thing you read about is gold because that's historically traditionally the safe haven. As far as I can see, that's the only reason now that it's not both and that both aren't going up, but certain silver certainly moved up.
It hasn't moved up as much as gold. And if I were going to buy one today, I'd buy more silver, but I will buy more of both before this is over. Yeah. No, abs. Absolutely make makes a lot of sense. Um, one thing I'm trying to make sense of, Jim, is uh the price move in copper. Uh, Jeffly Gunduck is su suggesting a 60% chance of a recession.
Others have been calling for a recession. So, I'm trying to make rhyme and reason of the copper price move. We're almost at $5 a pound again. What do you make of that? What is copper, Dr. Copper telling you here, Jim? Well, as far as I can see, it's just that people need hard assets to protect themselves.
Many people understand they need hard assets, real assets, whatever they are. And copper is one of those. It's very liquid. It has many uses around the world and people are trying to protect themselves. Maybe there's another reason. Maybe it's deeper, but it's certainly part of it. Would you throw China into the race here or into the discussion saying China is starting to spend more money, printing money as you said, um to to stimulate the economy?
there's daily news out of uh Shanghai just that there's more money being, you know, tossed around. It's a gigantic country and if they start pumping money to revive things, it's going to have an effect on lots of assets including copper, especially copper in China's case. Um, but we we brought up China into the discussion.
Might as well stay on China for a second here. um m we're we're entering we're starting to see more of a multi-polar world. The US is not the sole um ruler of the world anymore. We've see other powers emerging like China. Others are mentioning Russia to a degree as well. What what do you see China where do you see China's role moving forward here?
Well, as far as I can see, China is going to be the most important country in the 21st century. It already is in in some sectors. It's happening. And yes, this has happened often in history. 100 years ago, it was Britain and then it became the US. Unfortunately for us, I think it's now changing again and the world is now moving to a Chinese ccentric economy.
But I repeat, Kai, this has happened many times in history. It's it's certainly something to be concerned about, aware of, but it has happened often and is I hope we all live long enough to see it happen many times, many times in history. Well, with with the I'm suggesting I'm not trying to put words in your mouth, but given a 100redyear cycle, do you think the US has 20 more years, maybe 19 more years to go before uh its 10 year is up?
Well, 10 years up, that's a deep statement. Um, if we were sitting here in 1954, uh, we would have looked at ahead and said Britain is coming to the end, and it was. There's no question. We can look back and know that Britain was at the end of the road and things were changing. But did the world I mean, you and I both continued to be alive.
Britain continued to exist. The world continued. Yes. Britain lost its status. The US is going to lose its status. But will we still go to Paris for holidays? Will we still do things that we did before? Yes. Yes. Some of us will still continue to prosperous. I hope you and I are two of those people.
Yeah. Finger fingers crossed, Jim. Absolutely. Hope we benefit from this gold run at least. Um, you know, we we spoken nine months ago, which is an awful long time uh ago. I'm curious like has has your investment uh thesis changed at all? Like we we talked about a few things and have you reallocated some of your money?
Have you moved things around a little bit because you I mentioned you you mentioned you bakeistan before and other places that you invest in. Has that shifted at all? Well, I certainly have sold most of my shares around the world. Uh I own more gold. I own more silver. Uh I have a lot more cash, US dollar cash.
So it's changed in that sense but I am very cautious and and and worried I guess worried is the right word now worried about what's going to happen makes a lot of sense and maybe final question here Jim like would you invest in Europe right now that the indices are running Jeff Gundlock I keep coming back to him because I've seen his uh monologue earlier his his 45minut data presentation that's why he's fresh on my mind but he he's been investing in Europe since 2021 and uh he see his his play seems to be playing out pro uh uh in a in a in a proper way right now.
Are are you investing in Europe at all? Is that of interest? I don't think I have any shares, any investments in Europe, any significant investments in Europe right now. That's partly because I'm lazy, but also because I see problems coming worldwide. And when they come, they're going to come worldwide this time.
I still own a few shares in China, a few shares in Usbekistsan, but I've sold most markets around the world because I see problems coming and I'm too lazy to pick the four or five countries that'll do okay. No, fantastic, Jimmy. That that's awesome. Um, and definitely a shift from previous statements, you know, me mentioning that you've sold a lot of shares that you you haven't told me that before.
So, that's a that's a fun fact here. Um, Jim, anything else our investors and our audience should be aware of before we let you go here? Be very careful. Be very, very careful. Especially these days, a lot of new investors are coming in. The new investors always think it's easy. Remember, they call up their friends and say, "Oh, this thing called the stock market is very easy." It's not easy. Just be very careful and be worried.
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