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again i think being a debtor if you if you put the borrowed money to the correct use uh you could become a big winner through inflation because inflation is a massive transfer of wealth from uh creditors to debtors especially when the inflation is not accurately reflected in the interest rate that you're borrowing because obviously if the the lenders understand how much inflation there's going to be they're going to build that into the interest rate and you're going to pay a higher premium but clearly inflation premiums are not in the interest rates now a lot of that has to do with government intervention government has missed price credit because of government intervention borrowing money is much cheaper than where it would be if there was a free market so whenever a government makes something artificially cheap well you're going to get more of it right so you you want to take on more debt because you're not paying a real market price for that debt yeah um but you know if you just borrow a bunch of money and then just take a vacation and you know buy some clothes and some consumer electronics you know you're not going to have anything to show for the borrowed money but if you use it to accumulate real assets especially income producing assets you know then then it's a home run for you as far as your net worth is going to be i mean so i like to buy income producing assets in countries that i think have much sounder economic fundamentals which is why i'm you know not buying in the us i'm buying stocks outside the us i'm also trying to buy companies that have a lot of resources that have real value and not just natural resources but man-made uh you know plant equipment uh companies that generate earnings today not that have pine to sky estimates so well maybe we'll make money in the future but right now we're losing a ton of money right i want companies that are making money now and that are paying dividends now and that can raise their prices along with their costs and return that to me as a as a shareholder and i think you know i think gold and silver are underpriced because people are under estimating how bad inflation is going to be and i think a lot of people have you know made the false assumption that well you know even if there is a lot of inflation people are just going to buy bitcoin and not gold i think that's completely wrong uh so i think people are overestimating the long-term staying power of bitcoin or other cryptocurrencies uh so looking beyond that bubble there's going to be a lot of money moving back into a real asset a real inflation hedge and and so i think obviously the bigger leverage then is going to be the mining stocks because those stocks will really go up a lot relative to the increase in the price of gold and silver got it got it now when you say you're looking at real estate in countries with sounder fundamentals what countries make the top of that list well not just real estate i mean i'm not buying like property i'm buying companies some of the companies i own are property trusts where they own commercial property or industrial property i'm not really okay residential property yeah um per se um but it's more businesses that i'm you know that i want to own uh than just being a landlord i mean that's still a business uh collecting rent but uh and i have i have those type of stocks but i'm invested you know in asia southeast asia in europe south america australia new zealand i mean those areas um you know a pretty good diversified mix i mean you know no countries are perfect but you know i think of the developed countries the us is in a uniquely vulnerable position as the issue of the world's reserve currency uh you know we've had this exorbitant and privilege and losing that privilege is going to have profound implications that other nations are just not going to have to deal with that because they never got the privilege to begin with so their economy has never got to be completely transformed based on uh the exercise of that privilege so when you've built an economy around a certain set of dynamics and then you don't have that anymore like america we built an economy where we all spend money we all borrow money we don't have to produce stuff we just print money and buy whatever we want uh and we've been doing that for a long time and when we can't do that anymore it's going to be a huge problem in the united states and you know how we're going to react to that politically it's very very dangerous you know given you know the mood of the electorate and how they view things right uh so i think it's you know assets here it's very very risky politically uh assets united states um and the value of our assets relative to uh assets overseas problems have certainly been building up over decades not years right and there were a lot of people who read the writing on the wall you know back in the 60s and 70s and warned about where we were headed and they were right uh it's just taking a lot longer to get there than they would have imagined and i think therefore because the warnings have been coming for so long without any dire consequences the earn the warnings are now dismissed right because hey look i mean clearly it's not a problem but if you go back and you look at america let's say in 1970 and you look at what's changed over these 50 years or so you know back in 1970 i mean america or even even 1980 but america was the world's uh wealthiest creditor nation now we're the biggest debtor nation so we've gone from a position of extreme uh assets to extreme liability we used to have the world's biggest trade surpluses now we have the world's biggest trade deficits so clearly right we've gone from a position of strength to a position of weakness when it comes to global trade and of course trade surpluses and being a net creditor nation go hand in hand because the reason you become a creditor nation is because you invest your trade surpluses right but we've had deficits and we've had to finance those deficits by selling off our assets so we've gone from being way up here to being way down there right so that's a big transformation in 1970 very few married women worked because their husbands made enough money to support them now almost all married women work by necessity not by choice it's not that like well they're liberated they were liberated before when they they had they didn't they they could choose not to work now they kind of are forced to work because um their husbands can't support them the way they could in 1970.
um and so the fact that you now need two people to support a family as opposed to one i mean that represents a significant decline in standard of living i also think people have smaller families today than they did back then not by choice but by necessity they can't afford uh to support kids the way they could back down also back in 1970 the average american was much better prepared for retirement they had a lot more retirement savings uh today people have no savings in fact they're loaded up with debt uh you know a lot more people own their home free and clear you know didn't have a mortgage most people didn't have a car loan they had a car by 1970 but they didn't really have a loan now people got mortgages on their cars you know so we we have a much weaker economy we've been able to maintain the trappings of wealth by going into debt by sending our women into the workforce so a lot of these things have happened because had the women not gone to work we probably would have had a crisis a long time ago right if the women tried to stay home we the whole thing would have imploded uh or if we weren't able to borrow all this money and keep going deeper into debt but one of the reasons that this was even happened was because of countries like china that were willing to make all the stuff that we didn't and trade it for all the money that we printed it was the dollars reserve currency status that enabled this because if we couldn't run these trade deficits we would have had an economic collapse decades ago right right you know so a lot of things that people didn't necessarily consider in 1970 because they didn't have a crystal ball they didn't know that the women would go to work they didn't know that all these new ways of borrowing money would be invented so that we can keep on kicking the can down the road they probably didn't think of china was going to end up being our biggest uh you know supplier and our biggest lender we'd be able to borrow all this money or even japan i mean japan was nothing in 1970 uh and and and so a lot of things happened that enabled us to delay the day of reckoning but now people think that day is never going to come because you know it's eluded us for so long but clearly there are so many signs right that we're close i i seriously doubt another 50 years is going to go by and people can be like ah you know peter schiff was saying that 50 years ago and look everything is yeah we have 100 trillion dollar debt what's the problem you know i i don't think we're gonna get you know to that point or if it went on another 50 years it wouldn't be 100 trillion it'd be you know what's after a trillion uh a quadrillion whatever it would be some huge number right now but it's obviously not going to get there something is going to happen uh in this decade you know right and probably in the earlier part not not the end you
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