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never before in recorded history has that been so high uh unfortunately the united states is the largest debtor nation in world history i don't like saying any of this i'm an american citizen voter taxpayer like you but it's the highest debt that any nation in the history of the world has ever had i knew for many years that america was building up its debt i knew that our politicians were incompetent and out of control but no i never expected it to go this high before it collapsed we will have a collapse someday because history shows it always happens but i never expected to get this high theory going around now you call mmt more money today they say don't worry we'll just print it we'll just print it there's not a problem at all so if you listen to them you should not worry not worry at all however i have read a little history and i've been around a while and i know that throughout history when you build up gigantic deaths eventually it leads to a crisis or a semi crisis we had a problem in 2008 as you remember well since then the debt has skyrocketed all over the even china now has a lot of debt china helped bail out the world in 2008 but even china now has a lot of debt so it's going to be a big mess okay so let's say we have a new brattonwood what are they going to do if you wipe out the debt well a lot of creditors are not going to be particularly happy if they wipe out the debt endowments insurance companies pension plans they're not going to be very happy if all of a sudden they found out the debt is wiped out what's the answer and that's the problem right now because the debt is the highest level ever in recorded history and to repeat america is the single largest debtor nation in world history it's never happened like this before so when will this end i don't know i'm not very good at market timing uh at the moment markets around the world are skyrocketing nearly all markets so but that always comes to an end eventually i i'm not shorting anything right now but i can see i can see bubbles starting to form in some assets i've been to this movie i've seen this movie before i know how it ends yeah i don't know when it's going to end but i know in the next couple years it's going to end and it's not going to be fun but it is certainly happening all over the world america's not the only i mean we apparently according to the numbers have been hit worse by the virus than any other nation and who knows if the numbers are valid or not but it's certainly gotten worse and it's not helped anybody many companies families countries that are suffering and it's not unfortunate it's not over yet at least in most places it's not over yet you can come up with a universal basic income i miss you everybody it sounds wonderful who's going to pay for it where's the money going to come from that's my question again sure mmt more money today says just print it throughout history when you have people lose confidence in money or governments all of us peasants have some gold and silver in the closet we have some silver under the bed over there you know we forget what the politicians say forget the academics you know we're gonna have some gold and silver hidden away and i will too and i will have more i just don't know when i'm going to buy more well the most important things are to be prepared because it's not going to be fun when we have problems next time it's never as fun but next time it's going to be worse because the debt is so so high so what i am trying to do with my daughters and everybody is to make sure that they develop their own personal skills they both speak perfect chinese for instance so i'm trying to prepare them for what perhaps will be the 21st century if i'm right chinese is going to be an extremely important language in their lifetime and so i'm that's one of the things i'm trying to prepare them for i've been teaching them since they were born that they must save their money one of the first things i did was to give them piggy banks six piggy banks to be exact so they would learn that when you get money you save it money is not to be spent it's to be saved and ultimately invested and so since they were little babies whenever they got money they learned to go over and put it in the piggy bank as you know many people's lives have been destroyed because they didn't understand money they ran up debts they didn't have savings they didn't invest so the most important thing that i wanted them to learn was money is to be saved and invested not spent and i think that is sinking into them so far so good i have learned that you cannot do enough homework research preparation there's always more you can do and you better do it because something will hit you out of left field otherwise belief is not enough you have to really know what's going on don't believe in belief believe in facts believe in reality make sure you know that you are right because if you just get passionate or hope or believe something you're probably going to suffer a lot so my main advice to everybody is just stay with what you know and then there won't be too much belief it'll be based on on reality and when things go wrong you will know better than most what to do and how to react uh if you just believe something you're probably not going to know what to do you're probably not going to know how to react when it goes against you so just it nobody likes to hear this advice but the answer is just stay with what you know if i told you you could only have 20 investments in your life you wouldn't jump in and out of things you wouldn't jump into things that you heard on the tv or something and you would be better prepared because then when something goes wrong you will know what to do simple guy like me who's just researching it etc etc will not know nearly as much as you do because you know i hope you know a lot more about it and that's how you become successful nobody wants to hear that it gets too boring but if you want to be successful be boring whenever there are hard times people look for easy answers i mean socialism and communism a great story it sounds wonderful we have tried you know mr marx was around over 150 years ago it's a good story very good story a lot of people liked it and a lot of people tried it but in the last 150 years we have found out it doesn't work nor does socialism work so sure but people who first of all don't have the experience or don't read history or don't see what's really happened love the story but i can tell you given human nature since it's a good story and it's an easy story more people will try it when things get really bad or try mmt you know more money today any good story easy story people will try because they think oh that'll save us unfortunately there's no free lunch this is just human nature i'm talking about you don't have to go around the world to know about human nature you read some history if nothing else and people will look for the easy answer and no i know it's not going to work and i know it'll make it worse in the end if you look at america in the past 15 years people just printed and spent and borrowed huge amounts of money after 2008 everybody said okay this is the only thing we can do we have to borrow a lot of money and spend a lot of money and print a lot of money it's the only way to save us fools like me said wait a minute guys it's going to make it worse in the end it's going to make it much worse in the end it's good to be old i don't have to worry about how this is going to wind up it's not a good time to be young because all the young people are going to be facing huge i mean gigantic debts and problems over your lifetime and it's not going to be an easy you may try easy answers like 2008 but in the end somebody has to pay the price
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