00:00:26.000Turning point USA is the place where we're starting high school and college chapters every single day to make sure your kids and grandkids share your values.
00:00:33.000Turning point USA, we are making hope happen.
00:01:03.000He's done an amazing job building one of the most powerful youth organizations ever created, Turning Point USA.
00:01:09.000We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
00:02:40.000And then, you know, silver obviously is up almost 4% today.
00:02:45.000So anytime you have any economic insecurity, potential war, wars happening, people are going to dive into assets that they feel comfortable with.
00:02:56.000And gold and silver are obviously going to fit that.
00:03:21.000They actually just announced they're going to buy more gold this morning, but they mine a lot of palladium.
00:03:27.000And palladium is used in catalytic converters and a lot of different manufacturing things that are out there.
00:03:34.00040% of the palladium in the world is mined in Russia.
00:03:37.000Where is that palladium going to come from now?
00:03:39.000Obviously, it's not going to get moved the way it was.
00:03:41.000Palladium's reacted positively to that.
00:03:43.000So I think we're seeing a situation where a lot of these precious metals, we knew with inflation they were going to go up, but now with this, with what's happening in Ukraine and Russia, it's really putting a hamper on supply.
00:03:55.000And we're going to see some big supply issues and precious metals over the next six months.
00:03:59.000Yeah, so just talk in general about kind of, you know, how we see historically the debasing of currency.
00:04:05.000Like this is not, this is nothing new.
00:04:07.000You know, regimes have a tendency to do this over a period of time.
00:04:10.000Yeah, I mean, I mean, we could go back, obviously in history, we can go World War I, a great example.
00:04:14.000And when people talk about really heavy inflation, you know, there was a thing called wheelbarrow inflation where after World War I, Germany was broke and their currency was worth nothing.
00:04:27.000This is the first time, I think, in modern day that inflation is getting reported closer to what it actually is.
00:04:35.000I mean, if you go back and you take the CPI numbers of what it used to be when Reagan was in office, inflation is well over 15%.
00:04:48.000So now we're seeing it because the things that people are buying every day, the goods, food, I mean, obviously gasoline prices are going through the roof.
00:04:56.000You know, these are things people need every day to survive.
00:04:59.000These things are going up in an astronomical way and it's making it very difficult for people just to live day to day.
00:05:06.000So they're looking for items that have a limited supply that are going to perform well in a safe environment so that they can survive and pay for their day-to-day living.
00:05:17.000So everyday people are kind of confused by all this when it comes to inflation and like how to navigate it.
00:05:26.000The federal government used to be on a gold standard, but isn't any longer.
00:06:02.000But that's what they've been reporting.
00:06:04.000So now you have a situation where different currencies across the world are being devalued because we're trying to spend our way out of this situation.
00:06:17.000So you have a situation where the new administration is trying to create more debt with their new bill and this infrastructure bill that they're doing.
00:06:48.000So my digital money is our crypto arm.
00:06:51.000And what's interesting with having crypto is the beauty behind this situation is if you're living in Ukraine and someone needed to send you money and the banks are closed and they're limiting the amount of money you can take out, which they've done.
00:07:04.000You could have somebody from anywhere in the world send you Bitcoin and you could potentially use that Bitcoin to get out of the country because crypto is fast, because there's no bank involved.
00:07:17.000It has all these elements that people love and it's decentralized.
00:07:21.000So I think having crypto in the mix right now, I mean, we're seeing upwards of $20 million in donations to Ukraine in different cryptocurrencies.
00:07:31.000They wouldn't have been able to do that before because the banks weren't able to transact that way.
00:07:36.000So it's giving another avenue for people to donate and to send money to friends or potentially to a government that was never around before that.
00:08:21.000Everything else has been wiped away if you go back that far in history.
00:08:25.000So yeah, you basically have to have some sort of standard.
00:08:28.000And that's why they've been talking a lot about, you know, the world's been talking a lot about potentially going back to having some gold backing our currency, which would make a lot of sense.
00:08:38.000And there's been people in governments.
00:08:40.000There's Representative Mooney who's been pushing legislation to try to go back to at least a partial gold-backed system.
00:08:46.000Because at the end of the day, people that save money, people that typically 20, 30 years ago would put money in an account, a bank account, they can't do that anymore.
00:09:13.000So I think that's why, you know, right now precious metals have done so well is because I think people realize the downside risk is sort of low.
00:10:49.000You rarely see this kind of focus and commitment.
00:10:51.000They recently shared with me that they are doubling down and want to literally double their total number of happy customers in the next year.
00:10:59.000If you're struggling with back pain, neck pain, shoulder, hip, or knee pain, even general muscle aches and pain, then I'm suggesting you order their three-week quick start, still discounted, only $19.95.
00:11:35.000The president will absolutely use the word inflation tomorrow, and he will talk about inflation in his speech.
00:11:40.000Of course, that is a huge issue on the minds of Americans.
00:11:43.000Now, one thing to note is one of the best, most important steps that the Senate could take is to confirm his slate of eminently qualified nominees to fill out the Federal Reserve Board, given they have a very important role as it relates to inflation.
00:12:57.000And it'll be interesting to see because, you know, the Expedia CEO is saying that this summer is going to be the best travel summer that we've had in a long time.
00:13:08.000But it'll be interesting to see if that plays out.
00:13:11.000I mean, if oil prices continue to go up, are people going to be wanting to take those trips?
00:13:15.000It could really hamper travel this year.
00:13:19.000Obviously, it could affect prices for traveling airlines.
00:13:22.000I mean, there's a ripple effect to this.
00:13:24.000And if these skirmishes continue, are people going to feel comfortable traveling?
00:13:29.000So a lot is happening right now that it could affect our economy and could put us in a worse financial situation because a lot of industries, our hospitality, we need to have a big summer.
00:13:41.000We've had a few years where nothing much is really happening.
00:14:25.000This is the fastest consumer inflation, the fastest rate of price increases we've seen for just about everything since February 1982.
00:14:33.000Anybody who's gone shopping for a car in the grocery store, whatever the case may be, knows that everything is more expensive right now.
00:14:41.000Yeah, prices are going up because it's really, you don't have to overcomplicate this.
00:14:47.000When you increase the amount of dollar bills in circulation and you don't have a correlated amount of growth or new value being created, then you're going to have dollars chasing value.
00:15:02.000I think people now are really realizing like, hey, you know, maybe getting that energy efficient vehicle, maybe it makes sense.
00:15:08.000You know, I know people are driving less day to day, but obviously if gas goes to $6, $7, it's going to make a big difference in everyone's bottom line.
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00:17:43.000Stock market is down 650 points, 675 points now.
00:17:48.000Stock market's not the investment it used to be.
00:19:02.000Minimum wages have gone up in a lot of states.
00:19:05.000So it has gone up, but probably not enough.
00:19:08.000And, you know, unfortunately, when you're in a situation when inflation is moving that fast, you know, for this gentleman, you know, every week that $20 is getting less and less gas.
00:19:33.000Once we realized that we're going to keep interest rates relatively low forever.
00:19:38.000And once the banks realize that they don't have to pay any money on saving, once they got away with that, I mean, we even had, you know, in Switzerland, they had negative bank accounts where they were paying you like 10% below.
00:20:47.000Well, and I think like overall, like more people working from home, more people are going to just settle into their house and they need to.
00:20:55.000You know, the one thing about during the pandemic that I was the best statistic was that credit card debt dropped by like 60%.
00:21:02.000People actually were, ironically, even though a lot of people were either out of work or making a lot less or just working, they were saving money.
00:21:33.000I mean, that would be the way that we could curtail a lot of the spending.
00:21:37.000If every government contract, you were able to see where all that money was going for on the blockchain, people would be held more accountable.
00:22:28.000But we would be able to do trade together because there's a replacement for that.
00:22:32.000It's like, oh, well, you don't have chickens, but you have dollar bills instead of chickens and I could use the dollar bills to go buy fuel instead of the chicken.
00:22:46.000Well, I mean, there's a lot of states that have allowed people to pay tax in gold and silver.
00:22:54.000Utah is the one, but there's other states that come to mind.
00:22:58.000There's also states that are allowing people to pay in crypto too.
00:23:02.000So they're changing how states are able to receive funds.
00:23:08.000I have clients that pay for some of their goods in silver.
00:23:12.000I have one of my oldest clients, he pays his mechanic in silver.
00:23:15.000He's been paying his mechanic in silver for a long time.
00:23:18.000It's been easy to sort of barter with that.
00:23:21.000So yeah, to your chicken analogy, the other flip side of that too is when someone's bartering with cows or chickens, and then when the transaction ends up happening, a few chickens get sick, it's not an equal trade.
00:23:36.000And money's supposed to replace the perishable component of goods, right?
00:23:40.000Especially in those things that have short spans, right?
00:24:23.000But the beauty is, is when we retire, wherever the markets, let's say the market's down and let's say it goes down for a few months in the stock market.
00:24:31.000If gold's up, then if you need money to live, you liquidate some of that gold.
00:24:37.000That's the problem with people is that they dive into everything.
00:24:40.000Yeah, and look, I mean, we have, you know, we talk a lot about gold is also really good if things really fall apart.
00:24:46.000And that's the other thing is that if there's a collapse, like a legitimate economic collapse or something that we wouldn't expect like COVID, you know, that goes even further, sure.
00:24:56.000Then all of a sudden having hard metallic assets to be able to trade or to be able to, you know, barter on are really important.
00:25:48.000I mean, you remember during Christmas time, you know, goods that were coming over from China, you know, those crates to get those crates, you know, out to be shipped, they went from a few thousand dollars to 20 or 30 or 40,000.
00:26:00.000Well, how does a company recoup that cost?
00:26:03.000They have to increase the cost of those items.
00:26:06.000So, you know, across the board, this is happening.
00:26:09.000You know, every all the oil prices, obviously we're, we're moving to get off oil to be, you know, so dependent on oil.
00:26:16.000And we're moving in that direction, but it's going to be 10, 15, 20 years before we can do that.
00:26:21.000So, you know, energy costs, I don't know how anyone can say that could be greedy corporations.
00:26:25.000I mean, these are things that are happening.
00:27:00.000And people that don't realize that are not watching that and feel like they can do things the same, you know, unfortunately are going to be in a bad position.
00:27:09.000And that's why this gig economy has blown up.
00:27:13.000I mean, people since COVID have like realized, like, I got to, I got, maybe I have this job for whatever reason, but I got to do things on the side of bringing in more income.
00:27:21.000So it's created this firestorm of all these entrepreneurs.
00:27:44.000And we make sure that they have the opportunity to survive, especially in the first few years, starting a business, as you know, first few years.
00:28:30.000I mean, if you're delivering items, say you have a product that you're delivering, let's say, you know, you got something you're delivering day to day.
00:28:38.000I mean, your cost has gone up, what, 20, 25% over the last six months?
00:28:44.000So we got to get inflation under control and we got to create a way where people can really kind of take the power back and really focus on creating opportunities for their families and not be so beholden on working for certain corporations.
00:29:09.000I was like, it's unique that as a gold company, you guys are getting into that.
00:29:12.000Well, we found when we started getting into crypto that the cryptocurrency, the person that believes in anti-government, the person that wants to take the gold and silver for themselves and control their destiny is the same mindset typically of a crypto.
00:29:29.000Someone that buys and loves crypto, they love the decentralized, the peer-to-peer.
00:29:33.000You and I can, we can send money back and forth, right?
00:29:36.000We don't have to worry about the banks.
00:29:38.000We don't have to worry about anything.
00:29:40.000And also, the value of what we're sending back and forth is not manipulated by the Fed.
00:29:59.000Being an entrepreneur and running a business are not for the faint of heart.
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00:33:02.000The blockchain is creating that system.
00:33:04.000So your doctor, whatever doctor you go to, let's say you got some emergency, you're in a car accident, you fly in and they don't know that you're allergic to penicillin and something happens, which happens all the time, right?
00:33:49.000This task force, I actually look at it as a positive for crypto because they're actually creating a task force to find people that are stealing crypto.
00:33:58.000So that's really what the task force is.
00:34:00.000Now, the double-edged sword of that is they're also trying to find people that aren't paying taxes on crypto.
00:34:05.000I'm sure that's a big part of the division, but there's been a lot of hacks in crypto.
00:34:10.000So a lot of people, they've created a vision.
00:34:21.000And they just want to make sure that platforms that are buying it, people that are buying it.
00:34:27.000That's one of the great things about this country is that if you buy an asset and you buy Bitcoin at 39,000 and it goes to 200,000, you want to reap the benefits of that.
00:34:36.000You don't want to get stolen by some guy in some country.
00:34:40.000So I think they're looking for ways to sort of protect the investment for people is the way I look at it.
00:34:56.000So I think it's interesting right now is the conversation about, I think an interesting conversation about crypto is good versus evil, right?
00:35:04.000So the good of crypto right now is that someone in the Ukraine could get, they can't get enough money from the bank.
00:35:11.000They go and someone sends them crypto.
00:35:21.000A lot of their traditional ways of getting funding is sort of changing.
00:35:24.000So there is two sides to the coin, right?
00:35:28.000So what they're going to be monitoring, this task force is going to be monitoring now, is they're going to be looking for influx of crypto into things that people wouldn't normally see, like NFTs.
00:35:39.000If there's big purchases of NFTs going back and forth, this wouldn't be a normal place for people to see these transactions.
00:35:45.000So I think they're going to be monitoring this to see if that's a way that they're sort of funneling money to kind of go around the sanctions that are happening in Russia.