The Tucker Carlson Show - Luke Gromen： Why the CIA Doesn’t Want You Owning Gold, & Is Fort Knox Lying About Our Gold Reserve？

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00:00:15.620 So it's amazing to me to watch countries spending, a bunch of countries,

00:00:21.900 spending so much effort, money on gold

00:00:26.840 at a moment where technology dominates the conversation

00:00:30.940 and crypto and AI are the future,

00:00:32.660 and gold is the oldest and most primitive medium of exchange.

00:00:38.620 I mean, cultures have been using gold around the world,

00:00:41.380 every culture around the world for at least 6,000 years as a store of value,

00:00:46.160 and they still are.

00:00:47.660 Why?

00:00:49.220 Because it's worked.

00:00:56.840 It is when things get spicy, gold has a 6,000-year track record,

00:01:17.920 and I think store of value, your point store of value is really critical, right?

00:01:21.160 Because currency has medium of exchange, unit of account, store of value.

00:01:26.060 Those are the three functions of money.

00:01:27.840 And we have moved on from gold as a unit of account.

00:01:32.080 Our bank accounts aren't denominated in gold.

00:01:34.160 We moved on from gold.

00:01:35.220 I'm not walking around with gold coins in my pocket.

00:01:37.900 Unfortunately.

00:01:38.300 But it has always retained that store of value component of money

00:01:45.900 and, and critically, at the, at the highest levels of finance.

00:01:50.340 The global central banks who are running our currency and monetary system,

00:01:56.740 as much as we have moved away from gold and those other functions,

00:02:00.880 as much as we've moved to fiat currency,

00:02:02.520 as much as technology has developed,

00:02:04.080 as much as our economies have developed,

00:02:06.180 they have always continued to hold their gold.

00:02:08.500 And in the last 10, 11 years,

00:02:11.540 I think one of the big origin stories of macroeconomics,

00:02:16.540 as they have developed over the past 10 years,

00:02:20.020 has been the fact that global central banks,

00:02:24.200 on net, in 2014,

00:02:27.480 stopped growing their holdings of treasury bonds.

00:02:30.020 So global central banks have not bought a treasury bond on net.

00:02:32.840 In fact, they've sold about $300 billion worth.

00:02:35.660 U.S. Treasuries.

00:02:36.180 U.S. Treasury, since 2014.

00:02:37.640 In their, they're called FX reserves,

00:02:40.020 which is basically their piggy bank.

00:02:42.800 And they've bought about $600 billion worth of gold.

00:02:45.880 That doesn't, I mean, okay,

00:02:47.360 that doesn't make any sense at all.

00:02:49.300 In an era of biotech and nanotechnology and AI,

00:02:52.800 and, you know, everything is abstract and digital.

00:02:55.020 Everything is technology.

00:02:56.020 Why would gold, which doesn't have, like, great inherent, like, value,

00:03:01.860 what is gold actually worth?

00:03:03.820 Like, well, you can't eat it.

00:03:05.700 You can't eat your house with it.

00:03:06.920 And why, why the stranglehold on human beings from gold?

00:03:12.680 And why did it emerge in these separate cultures,

00:03:15.680 as we know from the archaeological record,

00:03:17.520 on separate continents, had no contact with each other.

00:03:20.000 At roughly the same time, they all decided that gold was the most valuable thing.

00:03:23.960 Like, what is that?

00:03:24.720 There is a mystery at the heart of gold, no?

00:03:26.260 Yeah, I think it ultimately evolved to that because it is,

00:03:32.060 because it isn't used for anything, right?

00:03:34.380 So there's something called stock-to-flow in commodities,

00:03:37.040 if you analyze commodities.

00:03:37.980 And stock-to-flow is just what is the stock of inventory of that commodity

00:03:42.960 and what is the flow?

00:03:44.960 How much of it do you use a year?

00:03:46.600 And the lower the stock-to-flow ratio, the more it is a commodity,

00:03:50.540 and the higher stock-to-flow ratio, the more it is like money.

00:03:53.660 And so, for example, oil has a stock-to-flow ratio.

00:03:58.640 When oil inventories are globally,

00:04:00.380 a really high stock-to-flow of oil might be 1.2.

00:04:04.760 When they're low, they might be 1.1.

00:04:06.480 If they get below 1.1, you're going to know

00:04:07.940 because you're going to see prices skyrocketing at the pump.

00:04:10.740 Very low stock-to-flow.

00:04:12.400 Wheat, copper, similar types of low stock-to-flows.

00:04:16.140 Silver is, I don't know, as of a few years ago, around 30 to 1, right?

00:04:20.520 Because silver is both a monetary metal and an industrial metal.

00:04:24.740 Gold is 60 to 1 or more.

00:04:27.320 And so, I think ultimately, I don't know that these ancient cultures

00:04:30.920 were thinking about gold in terms of stock-to-flow,

00:04:34.420 but I think ultimately what they were looking at is

00:04:36.980 stock-to-flow means it keeps well, right?

00:04:40.820 You can put gold in.

00:04:42.180 It's the most money-like commodity there is.

00:04:45.980 And that's why I think independently around the world,

00:04:49.340 all these cultures, excuse me,

00:04:52.020 arrived at gold as the savings store of value par excellence.

00:04:59.260 That's so interesting.

00:05:00.920 So, I said, well, how weird that gold would be,

00:05:05.080 you know, the most enduring store of value

00:05:06.740 because you can't eat it or heat your house with it.

00:05:08.940 And you're saying that's why it's the most enduring.

00:05:11.880 It's precisely why.

00:05:13.040 I mean, it's easily divisible, right?

00:05:14.980 So, even in old days using old technology,

00:05:17.560 thousands of years ago,

00:05:18.280 you could divide it into very small amounts.

00:05:21.060 It doesn't rust.

00:05:22.440 And so, there were obviously, in the old days in particular,

00:05:25.000 very practical applications.

00:05:27.180 You know, you store a bunch of your wealth in wheat

00:05:29.140 and it gets mold and it's all gone, right?

00:05:32.600 Oil, you have a spill, it's all gone.

00:05:35.320 The gold, it's much more portable,

00:05:37.320 it's divisible, it's malleable, it doesn't rust.

00:05:39.380 So, there's, I think, some practical things.

00:05:40.620 But I think, ultimately, it's the most money-like thing

00:05:44.320 with those physical aspects.

00:05:47.220 And it has always been for all recorded history.

00:05:50.400 I do think there's something at the core there

00:05:53.220 that I don't understand.

00:05:55.460 But it's just demonstrable.

00:05:57.780 It's just true.

00:05:58.720 It's true.

00:05:59.480 So, and it endures even in this hyper-technical age.

00:06:04.440 I would say one more thing about gold

00:06:05.980 that I find fascinating

00:06:06.880 is that it is the most private of all currencies.

00:06:10.620 So, the great lie of my lifetime

00:06:12.720 is that crypto was going to be private

00:06:14.320 and was going to free us from, you know,

00:06:15.780 surveillance and control.

00:06:16.760 And that is just not proven true

00:06:17.860 and no one's really tried hard to make it true,

00:06:19.700 which tells you a lot about how much people lie

00:06:21.860 and what the real agenda is, which is control.

00:06:24.500 But gold can actually be moved around privately

00:06:27.960 and stored privately.

00:06:29.980 I mean, there's not a digital record of gold.

00:06:31.460 And that leads to my question,

00:06:33.820 which is, like,

00:06:35.120 what the hell is going on

00:06:36.680 with gold flows around the world?

00:06:37.920 Gold physically moving from one country to another.

00:06:41.160 Why isn't that transparent?

00:06:43.160 This is public money.

00:06:44.960 This is the reserves of different countries

00:06:46.840 owned by the public of those countries.

00:06:49.000 And there's no sort of transparent record of it.

00:06:52.260 Am I missing something?

00:06:54.320 The transparency varies, right?

00:06:56.320 So, in the end, it isn't very transparent.

00:07:01.320 That's very attractive.

00:07:01.900 How can a country move its part of its gold reserve

00:07:04.300 to another country without telling its population?

00:07:07.240 And the funny thing is, is...

00:07:08.480 No, but, like, is that outrageous

00:07:09.400 or am I just missing something?

00:07:10.600 Well, they would say,

00:07:12.220 well, we tell you,

00:07:12.920 you just have to pay very close attention, right?

00:07:14.640 So, you can look in the UK trade statistics.

00:07:17.500 They show you how much gold is leaving London.

00:07:19.380 They don't want to advertise that,

00:07:20.760 but there are times...

00:07:21.620 Do they tell you where it's going and why?

00:07:23.760 The Swiss data are very, very good.

00:07:26.140 They show you...

00:07:27.280 The Swiss data, right.

00:07:28.320 Wow.

00:07:28.720 Swiss data are always good.

00:07:30.420 Yeah, the Swiss are very precise.

00:07:32.200 So, you can...

00:07:32.900 You have an idea,

00:07:33.860 but again, when I say it's transparent and not,

00:07:36.200 those data,

00:07:37.080 as long as what it is,

00:07:38.140 what they classify as non-monetary gold,

00:07:40.440 according to IMF shipping classifications,

00:07:44.320 we'll call them,

00:07:44.700 however they...

00:07:45.180 Industrial classifications.

00:07:46.580 Non-monetary gold gets recorded.

00:07:50.300 Monetary gold, to your point,

00:07:53.020 doesn't have to be declared as it moves.

00:07:55.080 It's how I understand the rules.

00:07:57.860 And so, when you see the monetary gold movements,

00:08:00.760 there is still very much an element of secrecy

00:08:05.340 and non-transparency.

00:08:07.360 And yes, some of that is the public's money,

00:08:09.400 and it's not being disclosed why it's moving

00:08:12.280 and how much exactly you...

00:08:14.960 It's almost like being in the movie Jaws, right?

00:08:23.480 Where early on, you know there's a shark out there,

00:08:25.640 and you see the impact of the shark,

00:08:27.820 and every now and then you'll get a glimpse of it,

00:08:29.580 but you don't really fully see the shark very often.

00:08:33.480 Whenever you have secrecy,

00:08:35.140 you have deception and fraud, period.

00:08:37.540 Generally, that's true.

00:08:38.240 That's the purpose of it, I would argue.

00:08:41.020 Privacy being different from secrecy.

00:08:43.340 But, you know, something that should be disclosed that's not

00:08:46.160 is not disclosed for a reason.

00:08:48.040 And so, when you have huge movements,

00:08:50.440 it might over...

00:08:51.020 You tell me if I'm overstating this,

00:08:52.260 but there are now big movements of gold

00:08:54.460 between countries right now, correct?

00:08:56.760 Correct.

00:08:57.800 And we're not exactly sure why.

00:09:00.060 Correct.

00:09:00.400 And we don't really know the volume, as you just said.

00:09:04.920 And so, someone's getting rich and someone's getting poor,

00:09:08.060 but none of this is public.

00:09:09.380 Like, I smell scam afoot.

00:09:12.320 You know, it's one of these things where

00:09:13.980 gold has long been the competitor to the dollar system.

00:09:21.760 And once you start getting into competitors

00:09:25.980 to government currencies,

00:09:27.620 which are, as you noted,

00:09:30.400 the method, a very effective method of control, right?

00:09:35.600 This is why we use dollar sanctions,

00:09:36.960 why we've been using dollar sanctions.

00:09:41.260 That quickly gets into the reason for,

00:09:46.320 I think, at least some of the reason

00:09:47.420 for the secrecy around gold

00:09:48.800 as it relates to governments,

00:09:50.480 which is, number one,

00:09:55.040 or excuse me, as Greenspan said,

00:09:57.480 that, you know, the only currency

00:09:59.320 that's better than the dollar

00:10:00.340 is gold.

00:10:01.600 And it's been that way for a long time.

00:10:03.060 And that's, that's,

00:10:03.860 he said that in 2013 or 2014.

00:10:05.960 And so, that,

00:10:08.480 number one,

00:10:09.360 is there's a perception, right?

00:10:11.240 Where if you're trying to be a manager

00:10:13.180 of the dollar,

00:10:14.340 as the U.S. government is,

00:10:16.380 that is a perception

00:10:17.520 you are trying to manage.

00:10:18.720 And so, I think there's some element of that.

00:10:20.040 I think there are other countries that have been,

00:10:23.520 for example, the Chinese have been buying lots of gold.

00:10:27.260 They have long said,

00:10:28.260 you can find it in Wikileaks documents from 2009,

00:10:33.140 that China's buying gold to kill two birds with one stone.

00:10:36.520 It's number one,

00:10:37.080 it will build up and help internationalize the renminbi over time.

00:10:40.440 And also,

00:10:41.460 the Americans and the Europeans,

00:10:42.580 they specifically said,

00:10:43.760 have historically tried to prevent gold from rising too much

00:10:47.120 in order to increase the prestige

00:10:50.620 and the attractiveness of their own currencies.

00:10:53.220 And so, we're buying gold for that reason.

00:10:54.880 So, you get into this,

00:10:57.560 gold is very much a geopolitical metal

00:10:59.240 because when you think of it in those terms,

00:11:01.240 if you're China

00:11:02.040 and you're buying lots and lots of gold,

00:11:04.840 as China has done at times over the last 15 years

00:11:07.720 after the great financial crisis,

00:11:09.960 let's be clear,

00:11:11.620 that can be construed in certain circles in Washington

00:11:13.840 and in Brussels and in London

00:11:15.180 as a tax on those nations' currencies.

00:11:18.540 And so, it is in the interest of nations

00:11:21.880 nations that might want to diversify from the dollar,

00:11:26.760 from the euro reserves,

00:11:29.140 in which FX reserves are primarily denominated in.

00:11:34.900 It behooves those nations

00:11:37.300 to have a level of secrecy around it as well.

00:11:39.540 So, it's that element of

00:11:40.880 trying to manage currency systems

00:11:45.260 from two opposite sides of the coin.

00:11:48.900 Okay.

00:11:49.240 So, let me,

00:11:49.980 this is directly to your point.

00:11:52.380 This is the Google result

00:11:54.620 if you type in

00:11:55.760 which countries own the most gold.

00:11:57.760 Who's got the biggest gold reserves

00:11:59.300 in the United States?

00:12:00.340 Have you seen this list?

00:12:02.020 I have.

00:12:02.900 I'm reading this to you

00:12:03.560 because it's just so clearly bullshit.

00:12:05.520 It's so clearly not true.

00:12:07.460 So, this is in order,

00:12:08.780 the countries with the largest gold reserves.

00:12:10.380 U.S. won.

00:12:11.100 Okay.

00:12:11.860 Number two, Germany.

00:12:13.720 Number three, Italy.

00:12:14.880 Italy.

00:12:15.680 Okay.

00:12:15.960 It's got an economy like the size of Ohio.

00:12:18.380 France,

00:12:19.620 Russia,

00:12:20.600 China.

00:12:21.880 Switzerland, Japan, India, Netherlands.

00:12:26.180 You're telling me that China is

00:12:29.440 one, two, three, four, five,

00:12:31.420 is number six

00:12:32.220 and India's number nine?

00:12:37.320 That's a lie.

00:12:38.620 That's just a flat out lie.

00:12:40.000 Like, that is not the actual ranking.

00:12:41.640 That's not the,

00:12:42.160 and those-

00:12:42.460 There is no chance.

00:12:43.480 You're telling me France

00:12:44.460 has bigger gold reserves than China?

00:12:46.460 And this is why,

00:12:47.520 when I say it's a political

00:12:48.460 and a geopolitical medal, right?

00:12:50.120 Because those are the official monetary reserves.

00:12:53.900 Chinese have been bringing in

00:12:55.020 thousand plus tons of gold every year.

00:12:57.340 The Indians have been doing it.

00:12:57.740 The Indians have been stockpiling gold

00:12:59.160 for thousands of years.

00:13:00.140 I mean, to their great credit,

00:13:01.140 I'm not criticizing them.

00:13:01.960 Oh, yeah.

00:13:02.480 Yeah, the chart of gold in Indian rupees

00:13:03.700 looks like apple in dollars.

00:13:05.180 It's up and to the right forever.

00:13:07.800 So, I guess the only point I'm making

00:13:09.980 again and again and again

00:13:11.420 is at the heart of this

00:13:13.040 incredibly important phenomenon,

00:13:15.220 the movement of gold around the world,

00:13:16.320 is a lie.

00:13:16.980 Like, there's lying.

00:13:17.540 Like, we don't actually know

00:13:18.800 what the stake in the play is.

00:13:19.640 There's not great clarity.

00:13:20.640 No, there's-

00:13:21.080 Not great clarity, right.

00:13:22.000 There's massive lying.

00:13:23.800 And again, whenever there's massive lying,

00:13:25.960 there's going to be massive fraud.

00:13:27.500 And there's a reason for it, right?

00:13:28.600 There's always a real reason why that is.

00:13:32.020 Why, you know, for that, for that.

00:13:33.340 So, Fort Knox is one of the places,

00:13:35.540 the physical places in the United States

00:13:37.000 where we're told our gold is stored.

00:13:39.080 Half, maybe, supposedly, of our reserves.

00:13:41.380 Yeah, I want to say, yeah,

00:13:42.660 there's some there.

00:13:43.160 There's some in Denver.

00:13:43.880 There's some at West Point.

00:13:44.700 Right, right.

00:13:44.920 Spread around.

00:13:45.600 But Fort Knox is the famous one.

00:13:47.060 Yep.

00:13:47.400 And, you know, members of Congress,

00:13:49.460 almost all of them with the last name Paul,

00:13:52.080 have been calling for an audit of Fort Knox

00:13:54.260 for, I mean, just decades.

00:13:55.920 And if you really press,

00:13:57.900 it doesn't look like Fort Knox

00:13:59.560 has been actually audited

00:14:01.560 for close to 100 years since the 30s.

00:14:03.600 I think that's right.

00:14:04.240 I stand open to correction.

00:14:06.260 They said it was audited in the 70s,

00:14:08.040 but it wasn't actually audited.

00:14:09.800 It was like some of it was audited.

00:14:12.440 Why is it so hard

00:14:13.960 with the federal workforce,

00:14:15.760 you know, including contractors,

00:14:17.380 like 10 million people

00:14:18.460 to just like go through

00:14:20.320 the contents of the vaults

00:14:21.660 and weigh them

00:14:22.460 and make sure that they're not

00:14:23.460 gold-plated titanium

00:14:24.340 and make sure they're all there

00:14:26.260 and then figure out who owns them.

00:14:27.660 Like, why is that so hard?

00:14:29.320 We're told, oh, that's too complicated.

00:14:31.260 Really?

00:14:32.320 No, I don't think it's anything

00:14:33.100 to do to your point.

00:14:33.920 It's not complicated at all.

00:14:36.040 I think it comes down to policy

00:14:38.540 and that gold is a geopolitical metal.

00:14:40.540 And if you go back to,

00:14:42.540 again, declassified documents

00:14:44.820 and of conversations

00:14:46.240 and memos around

00:14:47.640 a lot in the 70s,

00:14:49.700 and you'll see some familiar names there,

00:14:51.440 Volcker, Kissinger,

00:14:53.720 Weintraub,

00:14:55.420 some of those types of names.

00:14:56.500 The US in the 60s

00:15:00.720 was losing a lot of gold, right?

00:15:02.660 The system was essentially

00:15:03.800 dollar is pegged to gold,

00:15:05.660 $35 an ounce.

00:15:07.200 Everything else is tamed to the dollar.

00:15:09.400 And it started becoming clear

00:15:10.920 as we got deeper and deeper

00:15:12.780 in Vietnam

00:15:13.200 and guns and butter with LBJ

00:15:14.820 that we didn't have the gold

00:15:16.560 to cover our debt offshore

00:15:19.120 at $35 an ounce.

00:15:20.480 Were countries trying to redeem their gold?

00:15:22.320 They were.

00:15:22.920 Yeah, we went from,

00:15:23.980 I want to say after World War II,

00:15:25.180 we had 18,000 tons of gold,

00:15:27.100 official gold.

00:15:28.260 And by the time we got to call it 71,

00:15:31.160 we were down to the 8,100 we have today.

00:15:33.180 And that's where...

00:15:33.820 No way.

00:15:34.420 So we shipped out about 10,000 tons of gold

00:15:36.540 to satisfy these deficits.

00:15:38.680 Actual physical gold.

00:15:39.900 Oh, absolutely.

00:15:40.560 Like, here are my dollars,

00:15:41.580 send me my bars?

00:15:42.300 If I recall the story correctly,

00:15:43.660 the French sent warships into New York

00:15:45.960 to pick it up.

00:15:46.740 Oh, yeah.

00:15:47.840 No way.

00:15:48.880 Oh, yeah.

00:15:49.320 Yeah.

00:15:49.540 And we were sending, you know,

00:15:50.680 if I recall correctly,

00:15:51.840 we were sending an airplane a month

00:15:54.120 to Riyadh with bullion, right,

00:15:56.400 to settle gold deficits

00:15:57.300 as we had agreed to.

00:15:58.220 Yeah, by the way,

00:15:58.780 Saudi,

00:16:00.240 one of the richest countries per capita

00:16:01.580 in the world,

00:16:02.780 is not even in the top 10

00:16:04.000 for gold holding.

00:16:04.460 Oh, Saudi owns so much gold.

00:16:06.360 It's just not on the official list.

00:16:11.220 Sorry.

00:16:11.580 I'm just, again,

00:16:12.340 I'm making the same point again,

00:16:13.500 which is the numbers are lies.

00:16:15.000 Right.

00:16:15.280 So, but,

00:16:15.640 and I think the reason

00:16:16.520 why the numbers are lies

00:16:17.540 is when you,

00:16:18.900 or why there's not great clarity, right?

00:16:21.300 Why they manage the optics

00:16:23.000 in the way they're clearly

00:16:23.980 managing the optics

00:16:24.900 is you can go back.

00:16:29.560 Once we closed the gold window

00:16:30.840 in 71,

00:16:32.300 Nixon said,

00:16:32.780 hey, no more gold.

00:16:33.700 You know,

00:16:33.880 the dollar's now free floating.

00:16:35.240 And you can read

00:16:36.860 from these declassified documents

00:16:38.380 that the U.S.

00:16:39.380 very much had an interest

00:16:40.720 in getting gold

00:16:42.400 out of the system.

00:16:43.440 We didn't want,

00:16:44.600 because there were,

00:16:45.260 there was a,

00:16:45.920 one of the declassified documents

00:16:48.680 in question,

00:16:50.200 there is,

00:16:52.660 there was a proposal

00:16:53.460 that was afoot

00:16:54.580 in 73, 74

00:16:56.500 by the Europeans

00:16:57.260 to revalue their gold

00:16:59.120 to settle oil deficits, right?

00:17:02.180 Because Europe

00:17:02.720 doesn't have a whole lot of oil.

00:17:03.880 They were importing

00:17:04.320 a bunch of oil.

00:17:04.860 Oil had gone up

00:17:05.360 a bunch in price.

00:17:06.020 So they had a bunch

00:17:06.380 of oil deficits.

00:17:06.920 They were looking

00:17:08.160 to basically revalue gold

00:17:10.460 and then settle deficits

00:17:11.820 with OPEC in gold.

00:17:14.360 And the Americans

00:17:15.000 in question,

00:17:16.240 excuse me,

00:17:19.040 Kissinger,

00:17:20.060 Weintraub,

00:17:20.520 Volcker,

00:17:21.160 said this isn't

00:17:21.700 our interest.

00:17:22.200 This is not what we want.

00:17:22.920 We want the Saudis

00:17:24.260 not getting gold.

00:17:25.040 We want them getting

00:17:25.660 treasury bonds.

00:17:26.860 And so,

00:17:28.240 right,

00:17:28.600 the famous Bill Simon deal.

00:17:30.000 And so I think,

00:17:31.100 I think,

00:17:31.640 I can't believe

00:17:32.100 they took that deal.

00:17:32.980 I think it might have been

00:17:36.240 a gold or the lead

00:17:36.920 type of deal

00:17:37.480 at that point in time.

00:17:39.900 You know,

00:17:40.040 we'll give you not only,

00:17:41.200 you know,

00:17:41.420 you take the gold,

00:17:42.160 you take the lead.

00:17:42.820 And the gold is,

00:17:43.560 we'll provide you protection,

00:17:44.560 we'll provide you weapons,

00:17:45.280 we'll let you access

00:17:45.860 to our markets.

00:17:46.440 And if you don't do it,

00:17:48.060 we're going to regime change you.

00:17:49.420 And oh,

00:17:49.600 by the way,

00:17:49.980 we'll give you maybe

00:17:50.820 a sweetener on your,

00:17:51.820 you know,

00:17:51.980 I think it's very possible

00:17:52.900 they were getting higher

00:17:54.140 than market interest rates

00:17:55.380 on the treasury bonds

00:17:56.160 for decades

00:17:56.820 as part of that deal.

00:17:57.720 Who knows?

00:17:58.180 But,

00:17:58.700 What do you mean,

00:17:59.060 who knows?

00:18:00.140 It's,

00:18:00.580 it's,

00:18:01.260 it's not something

00:18:01.980 that's ever been disclosed,

00:18:02.900 but.

00:18:03.420 Well,

00:18:03.580 how can we,

00:18:04.980 we,

00:18:05.380 we give country specific

00:18:08.480 interest rates on treasures?

00:18:09.680 I think,

00:18:10.060 I have heard credible rumblings

00:18:11.180 from people

00:18:11.880 that were

00:18:12.620 around then

00:18:14.840 that part of that deal

00:18:16.040 may have been the,

00:18:16.780 not just countries,

00:18:17.860 just Saudi,

00:18:18.920 may have gotten a sweeter deal

00:18:20.260 than other countries.

00:18:22.160 How could,

00:18:22.560 but how can that not be disclosed?

00:18:24.760 It's how you get a $10,000 wrench

00:18:26.480 at Department of Defense.

00:18:28.400 Wrenches don't cost 10 grand.

00:18:30.140 It's right.

00:18:30.780 You move stuff around a little.

00:18:33.800 This is why they're always

00:18:34.700 encouraging us

00:18:35.460 to get mad at each other

00:18:36.340 about race

00:18:36.960 and the tranny stuff.

00:18:38.500 You know what I mean?

00:18:39.040 It's like,

00:18:39.420 because the big things

00:18:40.280 are just not even,

00:18:41.080 not even.

00:18:41.720 Well,

00:18:41.880 you know,

00:18:42.440 in fairness,

00:18:43.040 I think,

00:18:45.040 you know,

00:18:45.600 it's always about power

00:18:46.620 and control,

00:18:47.000 right?

00:18:47.140 This is about control

00:18:47.860 of the system.

00:18:48.420 This was the dollar system.

00:18:49.420 Clearly 71 was a default

00:18:50.920 in the gold.

00:18:51.760 And so we were trying

00:18:52.600 to sort of get around this.

00:18:54.740 And so I think

00:18:55.120 sort of the original sin,

00:18:57.240 or again,

00:18:57.540 origin story

00:18:59.100 of the refusal

00:18:59.980 of wanting

00:19:00.620 to even talk about

00:19:01.700 or,

00:19:02.120 you know,

00:19:02.600 what is an audit,

00:19:04.000 you know,

00:19:04.220 what is,

00:19:05.060 is,

00:19:05.460 you know,

00:19:05.780 as it relates

00:19:07.060 to audits

00:19:07.700 of Fort Knox

00:19:09.520 is once we close

00:19:11.280 that gold window,

00:19:12.100 I think that,

00:19:13.120 you know,

00:19:13.520 generation of leadership,

00:19:14.740 70s,

00:19:15.200 80s,

00:19:15.620 and didn't want

00:19:17.360 to talk about gold

00:19:18.780 and going in

00:19:19.580 to audit it

00:19:20.220 brings gold back up

00:19:21.640 and brings it back up

00:19:23.060 that,

00:19:23.340 hey,

00:19:23.380 we defaulted

00:19:24.220 on our gold clauses

00:19:25.380 like twice

00:19:26.720 in the past 80 years,

00:19:27.600 by the way,

00:19:27.960 FDR defaulted

00:19:28.800 on gold clauses

00:19:29.480 to the domestic Americans.

00:19:31.540 So I think

00:19:32.460 the original origin story

00:19:34.740 was about

00:19:35.520 this reticence

00:19:36.840 about is the gold there?

00:19:39.340 Has it been audited?

00:19:40.160 What is an audit?

00:19:40.900 Has it been fully audited?

00:19:41.800 Has it been fully assayed?

00:19:42.900 All of the things

00:19:43.580 you would think

00:19:44.280 are pretty easy to do.

00:19:45.020 I think go back

00:19:46.060 to that policy

00:19:47.780 of petrodollar,

00:19:51.380 we don't want gold

00:19:52.340 back in the system,

00:19:53.360 the Europeans do,

00:19:54.340 we don't,

00:19:55.160 this is the deal,

00:19:56.140 we threw our weight

00:19:56.820 around in the 70s

00:19:57.820 and sending people

00:19:58.620 into Fort Knox

00:19:59.560 to show them

00:20:00.140 we have the gold

00:20:01.000 doesn't help us

00:20:02.560 remove gold

00:20:03.500 from the system

00:20:04.180 and ultimately,

00:20:05.620 why do we want

00:20:06.040 to remove gold

00:20:06.540 from the system?

00:20:07.780 Control and it's easier

00:20:08.760 to run deficits

00:20:09.380 without tears.

00:20:10.060 Sure,

00:20:10.320 because gold

00:20:10.780 is an anchor in reality.

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00:22:33.800 What's so interesting, boy,

00:22:36.100 you're teaching me a lot.

00:22:38.380 Thank you.

00:22:41.300 They don't want to talk

00:22:41.960 about gold,

00:22:42.300 and they haven't since

00:22:43.200 the default of 71,

00:22:44.560 which is never described,

00:22:45.400 by the way,

00:22:45.580 as a default.

00:22:46.640 And it was.

00:22:47.800 Well, of course.

00:22:48.540 Right.

00:22:48.840 You're not making good

00:22:49.520 on your promise.

00:22:50.240 Of course.

00:22:50.600 It's a default.

00:22:52.280 They don't want to talk

00:22:53.000 about gold.

00:22:53.340 The U.S. government

00:22:53.700 doesn't want to talk

00:22:54.140 about gold.

00:22:55.060 Ever since then,

00:22:56.080 which is my whole lifetime,

00:22:57.400 people who are interested

00:22:58.040 in gold have been derided

00:22:59.480 as, quote,

00:23:00.320 gold bugs.

00:23:02.220 And it just occurred to me,

00:23:04.180 it's one of those phrases

00:23:05.320 that's so devastatingly effective.

00:23:07.240 You're like a nutcase.

00:23:08.720 Yeah.

00:23:08.960 You're buggy.

00:23:09.780 Yeah.

00:23:09.900 You're crazy.

00:23:10.760 Right.

00:23:10.900 Bug house.

00:23:11.440 Of course.

00:23:12.080 Mental patient.

00:23:13.480 And it reminds me so much

00:23:14.500 of the term conspiracy theorist.

00:23:16.580 So CIA,

00:23:17.680 possibly with the help

00:23:18.360 of a foreign government,

00:23:19.420 murders the president

00:23:20.880 of the United States.

00:23:21.840 And it's super obvious

00:23:23.000 that that happened

00:23:24.500 in 1963,

00:23:25.560 and nobody believes

00:23:27.180 the Warren Commission,

00:23:28.080 and it's like,

00:23:28.420 it doesn't make any sense,

00:23:29.240 actually.

00:23:30.220 And so they start calling

00:23:31.260 anyone who raises questions

00:23:32.260 about it a conspiracy theorist.

00:23:34.200 And that was a phrase

00:23:35.360 that was devised

00:23:36.120 by the intel community

00:23:37.100 to discredit people

00:23:38.380 who asked uncomfortable questions.

00:23:40.140 And you sort of have to wonder

00:23:41.420 if the phrase gold bug,

00:23:42.640 this is just occurring to me now,

00:23:44.240 is in a species of that, right?

00:23:46.140 It's entirely possible.

00:23:47.000 Shut up, gold bug.

00:23:47.880 It's entirely possible.

00:23:48.920 And even to this day,

00:23:50.220 people who,

00:23:50.880 and I know some of them,

00:23:51.940 who are interested in gold

00:23:53.200 and sort of follow,

00:23:54.480 you know,

00:23:54.840 its global movements

00:23:56.640 and buy gold,

00:23:57.480 physical gold,

00:23:58.700 non-abstract gold,

00:24:00.080 they're embarrassed of it.

00:24:02.320 Oh, yeah.

00:24:03.020 I mean,

00:24:03.160 I mean,

00:24:03.580 there's like a social sanction

00:24:04.780 to even talking about gold.

00:24:06.320 Oh, it's fascinating.

00:24:07.180 I've been working

00:24:08.060 in investment research

00:24:08.920 for 30 years

00:24:09.940 and at high levels

00:24:11.320 at major institutions

00:24:12.580 around the U.S.,

00:24:14.080 around the world

00:24:14.720 as, you know,

00:24:16.500 doing investment research

00:24:17.660 for major money managers.

00:24:19.540 And it's fascinating

00:24:21.380 what you say

00:24:22.160 because there is always,

00:24:24.920 not amongst all of them,

00:24:26.020 but amongst a lot

00:24:27.920 of investment professionals,

00:24:29.300 they watch gold.

00:24:31.880 They watch it

00:24:33.060 more than you would think,

00:24:35.720 more than the average American

00:24:36.400 would think.

00:24:36.940 They own it.

00:24:38.080 But there is that stigma

00:24:39.420 where it's sort of,

00:24:41.160 you know,

00:24:41.820 you know,

00:24:42.680 hey,

00:24:43.640 you see gold?

00:24:44.780 You know,

00:24:45.080 it is.

00:24:46.600 There is a,

00:24:47.880 stigma is too strong a word,

00:24:49.240 but there is a...

00:24:50.880 Kind of.

00:24:51.460 A little bit.

00:24:51.860 I was with one

00:24:52.680 of the richest people

00:24:53.260 in the world the other day,

00:24:54.120 a very famous investor.

00:24:55.120 I'm sure you know him,

00:24:55.960 wonderful guy.

00:24:57.320 And somebody said to me,

00:24:58.140 you know,

00:24:58.260 he buys gold.

00:24:59.080 And I said to him,

00:25:00.020 off camera,

00:25:00.680 do you buy gold?

00:25:01.600 And he's like,

00:25:01.980 yeah,

00:25:02.180 among other things.

00:25:03.200 Sure.

00:25:03.880 I said,

00:25:04.260 do you buy a lot of gold?

00:25:05.040 Yeah,

00:25:05.320 buy a lot of gold.

00:25:05.880 But he clearly

00:25:06.780 just didn't want to...

00:25:07.740 It's even to someone,

00:25:09.460 you know,

00:25:09.800 open-minded,

00:25:10.700 brilliant person,

00:25:11.660 it's not something

00:25:14.140 that people talk about

00:25:15.160 in public.

00:25:15.880 It's almost like admitting

00:25:16.620 you have some kind

00:25:17.140 of weird fetish

00:25:17.760 or something.

00:25:18.760 I dress up

00:25:19.820 in a chicken costume,

00:25:20.640 I don't want to talk about it,

00:25:21.600 but you know what I mean?

00:25:22.620 Well,

00:25:22.880 and it's fascinating,

00:25:23.660 right,

00:25:23.780 because it is,

00:25:25.280 I think it goes back

00:25:26.120 to that original point

00:25:26.900 of why those movements

00:25:28.340 are shrouded in secrecy,

00:25:29.680 which is gold

00:25:33.000 on some level

00:25:34.520 is a hedge

00:25:36.980 or an insurance policy

00:25:38.320 against the existing system

00:25:40.400 as it has been allowed

00:25:41.520 to evolve

00:25:42.280 over the last 50 years.

00:25:43.440 And so once you get

00:25:45.420 to a certain level

00:25:46.740 of wealth,

00:25:48.000 power,

00:25:48.660 influence

00:25:49.200 within that system,

00:25:51.380 you clearly understand

00:25:53.800 the Achilles heels

00:25:55.180 and the risks

00:25:55.900 and how that system

00:25:57.020 will at some point,

00:25:58.620 mathematically,

00:25:59.580 certainly,

00:26:00.080 it could be next week,

00:26:01.300 it could be 50 years from now,

00:26:03.980 will at some point

00:26:05.280 need to be reset

00:26:06.600 in some fashion.

00:26:07.820 You understand that.

00:26:08.820 And it is not

00:26:10.860 in your interest,

00:26:12.960 socially,

00:26:13.240 financially,

00:26:13.940 et cetera,

00:26:14.320 to advocate

00:26:17.060 or advertise

00:26:17.800 that you are hedging

00:26:19.240 or insuring

00:26:19.940 against the collapse

00:26:21.480 of that system.

00:26:22.440 No, right.

00:26:22.980 Or the restructuring

00:26:23.760 of that system.

00:26:24.060 No, I mean,

00:26:24.600 no, you make a great point

00:26:25.900 and I shouldn't,

00:26:27.160 thank you for saying that

00:26:27.960 because it's not just

00:26:29.860 yet another

00:26:30.460 Intel community-inspired

00:26:32.120 conspiracy,

00:26:33.460 though it is that,

00:26:34.680 obviously,

00:26:35.020 but it's also,

00:26:36.580 it is in some sense

00:26:37.740 like almost unpatriotic

00:26:38.840 to say,

00:26:40.820 you know,

00:26:41.120 I'm all about

00:26:41.940 golden land

00:26:42.760 or whatever

00:26:43.260 about physical assets

00:26:44.200 because what you're saying

00:26:44.880 is I don't believe

00:26:45.760 in the system

00:26:46.360 of the U.S. government.

00:26:47.520 Well, which is horribly ironic

00:26:49.240 because if you go back

00:26:50.540 to 1948,

00:26:51.860 Warren Buffett,

00:26:52.620 famous investor,

00:26:53.840 poo-poo's gold

00:26:54.340 every chance he has

00:26:55.180 and his father,

00:26:57.860 Congressman Howard Buffett

00:26:59.220 from the state

00:26:59.960 of Nebraska,

00:27:00.700 wrote a missive,

00:27:01.400 you can still find it online,

00:27:02.620 saying gold convertibility

00:27:04.600 is essential

00:27:05.900 to human freedom

00:27:06.640 in which on the first page

00:27:08.020 he says,

00:27:08.520 look,

00:27:08.840 the first thing

00:27:09.820 autocrats

00:27:10.800 and evil empires

00:27:12.700 that we just got done fighting,

00:27:14.060 right,

00:27:14.220 this is 1948,

00:27:15.320 first thing they did

00:27:16.420 when they got to power

00:27:17.480 was remove the convertibility

00:27:20.300 of their currency to gold.

00:27:22.720 So it's ironic,

00:27:23.680 it's always ironic

00:27:24.220 to me,

00:27:24.440 people say,

00:27:24.740 well,

00:27:24.920 you own gold,

00:27:25.560 you're anti-American.

00:27:26.300 I said,

00:27:26.440 there's nothing more American

00:27:27.900 than gold.

00:27:28.900 People say,

00:27:29.220 well,

00:27:29.320 what does gold do?

00:27:29.960 It's useless.

00:27:30.540 I said,

00:27:30.760 no, no,

00:27:31.020 gold,

00:27:31.480 the very use of gold

00:27:33.520 is that

00:27:34.820 as long as you can

00:27:36.640 convert your currency

00:27:37.820 into gold,

00:27:39.540 you are still a free person.

00:27:41.100 When you can no longer

00:27:42.560 do that,

00:27:44.380 your vote really

00:27:45.360 doesn't matter

00:27:45.940 because they control

00:27:46.680 the currency,

00:27:47.200 right?

00:27:47.320 It's the famous statement,

00:27:48.260 give me control

00:27:48.800 of a nation's currency,

00:27:49.760 I care not who makes

00:27:50.480 its laws.

00:27:51.060 The Warren Buffett thing,

00:27:51.940 man,

00:27:52.120 that's like,

00:27:53.700 I mean,

00:27:54.320 it,

00:27:54.700 right,

00:27:55.080 he's famously

00:27:56.180 mocking gold buyers,

00:27:57.740 right?

00:27:58.180 Of course,

00:27:59.100 I would say

00:27:59.920 Warren Buffett,

00:28:00.460 you know,

00:28:00.660 so much to admire there

00:28:01.700 and be impressed by

00:28:02.400 and I am

00:28:02.860 and all that,

00:28:03.560 but he's a political player

00:28:05.080 among many other things.

00:28:06.400 He's a very powerful

00:28:07.880 political player

00:28:08.380 and in particularly

00:28:08.940 for the banks,

00:28:09.760 right?

00:28:10.000 Think about who they go to.

00:28:11.300 Of course.

00:28:11.840 1989 or six

00:28:13.180 with Solomon,

00:28:14.300 who is a big player

00:28:15.420 in the 98 long-term

00:28:16.420 capital bank,

00:28:17.340 rescues,

00:28:18.960 Buffett,

00:28:19.600 Buffett,

00:28:20.000 great financial crisis.

00:28:21.380 There's lots of great

00:28:22.300 investors out there.

00:28:23.180 Warren Buffett is,

00:28:23.860 you know,

00:28:24.000 near the top of that list,

00:28:24.840 of course.

00:28:25.400 And he's a legendary

00:28:26.740 investor,

00:28:27.140 of course.

00:28:27.440 Of course.

00:28:28.580 However,

00:28:29.620 massive propaganda

00:28:30.940 around Warren Buffett.

00:28:32.960 Of all the investors

00:28:33.960 in the world,

00:28:35.020 who's received

00:28:36.000 more slavishly,

00:28:38.760 sort of ass-kissingly

00:28:40.440 positive press

00:28:41.780 than Warren Buffett?

00:28:43.440 Like,

00:28:43.620 there's never been

00:28:43.980 a bad word.

00:28:44.540 You're not allowed.

00:28:45.080 He's like the Oprah.

00:28:46.160 It's the all-shocks.

00:28:47.020 Yeah,

00:28:47.160 it's the all-shocks.

00:28:47.880 But no one has been

00:28:49.780 promoted more aggressively

00:28:50.860 by the American media

00:28:52.040 than Warren Buffett.

00:28:53.360 I think that's fair

00:28:54.180 and it's,

00:28:54.500 you know,

00:28:54.660 it's interesting

00:28:55.100 because it's-

00:28:55.520 But he's a hard-asset guy.

00:28:56.900 He's absolutely a hard-asset guy.

00:28:58.020 He literally bought

00:28:58.680 Borsheim's jewelry store.

00:29:00.400 Oh, yeah.

00:29:00.680 Which sells gold.

00:29:01.440 He bought railroads, right?

00:29:02.480 Exactly.

00:29:03.340 Railroads and-

00:29:03.960 Omaha Steaks

00:29:04.800 and like,

00:29:05.280 this is not,

00:29:05.980 this is a guy

00:29:06.620 whose whole philosophy

00:29:08.240 is about,

00:29:09.060 you know,

00:29:09.880 buying physical things.

00:29:11.160 Yeah,

00:29:11.400 oh, yeah, absolutely.

00:29:11.920 With an inherent value.

00:29:12.940 And he's,

00:29:13.480 you can go back to-

00:29:14.280 He's against gold.

00:29:15.260 Oh, yeah.

00:29:16.460 He's not against gold.

00:29:17.580 He's,

00:29:17.900 you can see,

00:29:19.320 you know,

00:29:19.480 and this goes back

00:29:20.000 to that conflict

00:29:20.580 of once you become

00:29:21.480 big enough within the system,

00:29:22.660 it's not in your interest

00:29:24.000 to highlight

00:29:26.740 some of these things.

00:29:27.400 I mean,

00:29:27.620 one of his Berkshire letters

00:29:29.840 from late 60s,

00:29:31.260 early 70s,

00:29:31.780 he highlights

00:29:32.200 that basically Berkshire,

00:29:33.220 it might have been

00:29:33.500 in the late 70s,

00:29:34.820 Berkshire stock

00:29:35.560 priced in gold

00:29:36.400 had gone nowhere

00:29:36.980 for 10 or 15 years.

00:29:38.540 And he,

00:29:38.800 I mean,

00:29:39.040 that flat out shows you,

00:29:40.180 right?

00:29:40.380 So all of these

00:29:41.100 productive business

00:29:41.740 and all these things

00:29:42.300 he says about these

00:29:42.900 productive businesses

00:29:43.460 over time,

00:29:44.140 100% true.

00:29:45.560 And there are instances

00:29:47.560 in history

00:29:48.460 where gold outperforms,

00:29:51.820 where gold preserves

00:29:52.560 purchasing power,

00:29:53.160 where currencies are

00:29:53.760 being debased.

00:29:54.340 It's interesting.

00:29:55.260 He frequently talks about,

00:29:56.980 well,

00:29:57.140 I started investing in,

00:29:58.280 I think it was

00:29:58.640 when I was 10 years old,

00:29:59.480 I bought my first stock,

00:30:00.500 which would have been

00:30:00.920 1941 or 42,

00:30:02.500 which just happened

00:30:03.300 to be basically

00:30:03.760 the all-time

00:30:04.540 generational low

00:30:05.600 of U.S. stocks

00:30:06.260 because we won

00:30:07.240 the battle of Midway

00:30:07.940 and at that point

00:30:08.460 it was sort of obvious

00:30:09.500 we were going to win

00:30:09.920 World War II

00:30:10.440 and so on and so forth.

00:30:11.720 But I always say

00:30:12.860 to clients and friends,

00:30:14.480 like,

00:30:14.840 yes,

00:30:15.700 and look back

00:30:17.200 15 years.

00:30:19.400 The prior 15 years

00:30:20.960 from 1918 to 1939,

00:30:24.540 1915 to 1931

00:30:26.300 were catastrophic

00:30:28.120 for financial assets

00:30:29.340 of all types

00:30:30.500 in the West.

00:30:31.560 Gold,

00:30:32.200 like,

00:30:32.500 all you wanted to own

00:30:33.420 was gold.

00:30:33.980 And so,

00:30:34.640 it's interesting,

00:30:35.200 I think part of,

00:30:36.240 you know,

00:30:36.460 the point being,

00:30:37.040 part of,

00:30:37.640 I think,

00:30:37.940 your view of the world

00:30:38.940 depends upon

00:30:39.680 when you're born

00:30:40.340 and what happens

00:30:40.960 as you're growing up.

00:30:41.520 It's sort of that cycle theory

00:30:42.760 of, you know,

00:30:44.800 the fourth turning.

00:30:45.640 I think it affects

00:30:46.180 your views

00:30:47.120 on investments too.

00:30:48.460 Why wouldn't it?

00:30:49.300 Of course.

00:30:49.860 And it affects your views

00:30:50.600 on the future in general.

00:30:51.940 Sure.

00:30:54.000 And as you just said,

00:30:55.960 the degree to which

00:30:57.240 you're vested

00:30:57.740 in the system

00:30:58.460 currently in place

00:30:59.440 affects your outlook

00:31:00.700 and affects very much

00:31:01.800 what you're willing

00:31:02.240 to say in public.

00:31:03.540 And the bigger

00:31:04.360 you are within that,

00:31:05.440 the more pressure

00:31:06.920 can be applied to you,

00:31:08.080 right?

00:31:08.360 If you don't get

00:31:10.020 deal flow

00:31:10.660 on Sunday night

00:31:11.680 if you are pumping goals,

00:31:13.660 if you're Warren Buffett,

00:31:14.780 or you have,

00:31:16.960 you know,

00:31:17.140 you don't get

00:31:17.920 the approval

00:31:18.680 of whatever thing

00:31:21.180 you need approved

00:31:22.180 or from the congressman.

00:31:24.220 It's just,

00:31:24.800 look,

00:31:25.100 I'm not opining on it.

00:31:26.120 It's just how

00:31:26.420 the game is played.

00:31:27.500 Well,

00:31:27.640 it was so obvious

00:31:28.440 I'm not a financial expert,

00:31:30.480 that's for sure,

00:31:31.540 but I have been

00:31:32.160 in the media

00:31:32.540 my whole life

00:31:33.160 and I know

00:31:33.540 what a fluff job

00:31:34.220 looks like.

00:31:35.400 And I know,

00:31:36.440 no,

00:31:36.680 I do.

00:31:37.160 I know a lot about it

00:31:38.160 and I watch Warren Buffett.

00:31:39.520 I've never been

00:31:39.880 against Warren Buffett.

00:31:40.540 I'm not against him now,

00:31:41.600 but I mean,

00:31:42.620 the amount of promotion

00:31:43.500 that guy received

00:31:44.680 from the system

00:31:45.640 told you everything

00:31:47.040 about his orientation

00:31:48.860 and the incentives

00:31:49.860 in place for him

00:31:50.820 and like,

00:31:51.220 they were promoting

00:31:51.760 Warren Buffett

00:31:52.300 and Warren Buffett's

00:31:52.980 worldview

00:31:53.420 like very aggressively.

00:31:55.880 And so,

00:31:56.660 you know,

00:31:56.960 I didn't believe

00:31:57.460 half of it

00:31:57.900 and you shouldn't either.

00:31:58.880 That's my view of it.

00:32:00.060 Yeah,

00:32:00.160 I think you always

00:32:00.740 want to think critically

00:32:01.420 about this stuff.

00:32:02.280 You think?

00:32:02.880 Yeah,

00:32:03.140 I think so.

00:32:03.820 Absolutely.

00:32:04.620 So give us a sense

00:32:05.960 of where gold

00:32:06.880 is flowing

00:32:07.340 in the world right now

00:32:08.220 to the extent we know.

00:32:09.420 To the extent

00:32:09.880 what we can see,

00:32:11.000 I would describe it

00:32:13.100 simply as

00:32:13.880 from the UK

00:32:14.800 and the EU

00:32:16.460 to a lesser extent

00:32:17.500 into the US.

00:32:19.160 It's still flowing

00:32:20.160 into China.

00:32:21.000 It flows into China

00:32:21.660 all the time.

00:32:23.180 But

00:32:23.700 they're the big delta,

00:32:25.860 the big change

00:32:26.720 in since the Trump

00:32:28.260 election essentially

00:32:29.700 has been a significant

00:32:32.280 ramp up

00:32:33.020 in the flows of gold

00:32:34.180 out of the UK

00:32:35.080 into the US.

00:32:37.180 So that would seem

00:32:37.980 good for the US.

00:32:38.760 Yeah,

00:32:39.880 historically,

00:32:40.780 when you

00:32:41.700 see where gold

00:32:43.480 is flowing,

00:32:44.100 that's your economic winner.

00:32:45.500 That's who's winning.

00:32:46.880 And where the countries

00:32:47.840 that are losing gold,

00:32:48.780 those are the countries

00:32:49.320 that are losing.

00:32:49.760 That goes back

00:32:50.340 several hundred years.

00:32:52.720 That's sort of how it works,

00:32:53.980 which makes sense, right?

00:32:54.640 I would say several thousand years.

00:32:55.520 Yeah,

00:32:55.840 exactly.

00:32:56.860 Yeah.

00:32:58.540 So do you,

00:32:59.560 and I should have asked this earlier,

00:33:00.620 do you anticipate

00:33:01.600 any time in the future

00:33:02.800 where gold

00:33:03.320 is no longer regarded

00:33:04.440 as a measure

00:33:05.100 of economic strength

00:33:06.340 and health?

00:33:06.920 Does it ever get

00:33:08.460 eclipsed by crypto?

00:33:12.120 No,

00:33:12.640 I don't think so.

00:33:13.560 I don't,

00:33:14.020 you know,

00:33:14.960 at some point,

00:33:15.740 Bitcoin could compete

00:33:16.460 with it,

00:33:16.780 in my opinion,

00:33:17.400 possibly,

00:33:17.900 but I think that's

00:33:18.420 far down the road

00:33:19.260 and failing that,

00:33:22.080 it would take something

00:33:25.360 unforeseeable, right?

00:33:26.180 We discover,

00:33:27.280 we discover an asteroid

00:33:29.220 that has,

00:33:29.960 you know,

00:33:30.340 gazillions of dollars

00:33:31.360 of gold on it

00:33:32.160 and we develop

00:33:33.040 the ability

00:33:33.620 to go up there

00:33:34.760 and bring it back cheaply

00:33:35.780 in a way that competes

00:33:36.600 So gold is almost

00:33:38.100 hovering at about 3,000,

00:33:39.800 a little under 3,000 an ounce.

00:33:41.400 It's clearly going to make it

00:33:42.400 to 3,000,

00:33:42.900 I would guess.

00:33:44.440 Is there a threshold

00:33:45.480 at which,

00:33:46.100 like,

00:33:46.500 it becomes,

00:33:47.320 because there's a lot of gold

00:33:48.240 actually on the Earth's crust,

00:33:49.340 a lot,

00:33:49.960 and it's just too expensive

00:33:50.660 to extract it,

00:33:51.520 but is there a threshold

00:33:52.340 at which,

00:33:52.800 like,

00:33:53.600 gold production

00:33:54.160 just ramps up dramatically?

00:33:55.500 It becomes worth it

00:33:56.440 to, like,

00:33:56.760 extract a lot more gold

00:33:57.860 and it affects the price

00:33:59.480 because of supply and demand.

00:34:01.360 Yes,

00:34:01.740 is ultimately,

00:34:03.040 its supply will be

00:34:04.040 a function of price

00:34:04.700 and then there's a lot

00:34:07.140 of it in the ocean,

00:34:07.640 right?

00:34:07.860 In theory,

00:34:08.320 if you sort of dry out

00:34:10.060 the oceans

00:34:10.480 and filter it,

00:34:11.220 filter it,

00:34:11.680 yeah.

00:34:11.780 You know,

00:34:12.200 you could,

00:34:12.860 and that's just a question

00:34:13.620 of price

00:34:14.060 and the question

00:34:15.300 of price

00:34:15.700 is ultimately

00:34:16.220 a question

00:34:16.900 of energy efficiency,

00:34:19.580 right?

00:34:19.820 If you wanted to,

00:34:21.780 you know,

00:34:22.080 that's,

00:34:22.500 that's how much energy

00:34:23.740 do you need to expend

00:34:24.800 to dig

00:34:27.000 and get that

00:34:27.900 out of the crust

00:34:28.780 where it is

00:34:29.520 and refine it down

00:34:30.360 so that it makes sense

00:34:31.360 and right now

00:34:32.760 it's going to cost you

00:34:33.460 way more in energy

00:34:34.380 in order to get that

00:34:35.800 and so they're not,

00:34:36.600 you're not going to do that

00:34:37.240 and so if price goes up enough

00:34:38.600 then it makes sense

00:34:40.060 for you to expend

00:34:40.760 that amount of energy

00:34:41.700 to do that

00:34:42.700 and I think that's

00:34:43.160 a really important point

00:34:44.740 that ties back

00:34:45.500 to our stock to flow

00:34:46.580 and why gold is valuable

00:34:47.700 is when you think of it

00:34:49.680 in those terms

00:34:50.380 of it is,

00:34:51.640 you need to expend

00:34:52.580 a lot of energy

00:34:53.620 to get gold

00:34:54.840 and the price of gold

00:34:55.860 determines how much energy

00:34:57.560 you're willing to expend

00:34:58.620 to get it,

00:35:00.080 it's just a compressed

00:35:01.340 and portable storage

00:35:02.660 of energy

00:35:03.240 and,

00:35:04.380 and,

00:35:05.100 so that raises a deeper

00:35:06.240 and more fundamental question

00:35:07.860 which is

00:35:08.500 do the great powers

00:35:10.380 have a built-in incentive

00:35:11.680 to keep energy prices higher

00:35:13.260 than they would

00:35:14.060 naturally be

00:35:15.040 in a truly free market?

00:35:16.940 Depends which great power,

00:35:18.120 right?

00:35:18.360 The Chinese,

00:35:19.320 all else equal,

00:35:20.220 want to build

00:35:20.640 a consumer society,

00:35:21.580 they would like to have

00:35:22.300 energy prices cheaper.

00:35:24.360 America,

00:35:24.920 we like cheap oil

00:35:26.080 but not as cheap

00:35:26.860 as we used to like it

00:35:27.800 because now we have shale

00:35:28.700 so we want,

00:35:29.520 you know,

00:35:30.140 we want Goldilocks oil

00:35:31.260 so,

00:35:31.800 you know,

00:35:32.000 above $90

00:35:33.240 starts to be a problem

00:35:34.800 for our consumer,

00:35:35.960 below $70

00:35:36.700 starts to be a problem

00:35:38.220 for our shale industry

00:35:39.300 and,

00:35:39.780 and so

00:35:40.320 if you look at

00:35:41.540 the price of West Texas

00:35:42.680 crude intermediate,

00:35:43.860 WTI crude oil

00:35:44.920 over the last

00:35:45.480 two,

00:35:46.140 three years now,

00:35:47.080 oil's been 70 to 90

00:35:49.000 and I think that's,

00:35:50.120 so like,

00:35:50.420 we need Goldilocks oil.

00:35:51.560 The Europeans,

00:35:52.740 same kind of thing,

00:35:53.480 they need a cheaper oil.

00:35:54.440 The Russians,

00:35:55.640 they would probably like

00:35:56.600 more expensive oil.

00:35:57.360 The Saudis,

00:35:57.840 you know,

00:35:58.260 Saudi has $90

00:35:59.440 fiscal break even,

00:36:00.700 you know,

00:36:00.880 anything below 90,

00:36:02.680 they're borrowing money

00:36:03.640 and things get spicy

00:36:05.040 over there

00:36:05.800 if they don't maintain

00:36:07.220 their promises

00:36:07.680 to their people.

00:36:09.520 So,

00:36:10.060 but,

00:36:10.520 okay,

00:36:10.700 so you're talking

00:36:11.060 about hydrocarbons.

00:36:12.200 Correct.

00:36:13.080 But,

00:36:14.240 you know,

00:36:14.900 there's been,

00:36:15.980 for all the talk

00:36:16.820 of the Green New Deal,

00:36:17.640 now we're getting far afield

00:36:18.440 but I think it's really

00:36:19.100 fundamental to the world,

00:36:20.140 where all the talk

00:36:21.340 of the Green New Deal

00:36:21.900 and all these new forms

00:36:22.840 of energy

00:36:23.360 and,

00:36:23.780 you know,

00:36:24.520 renewables

00:36:25.080 and green technology,

00:36:26.740 it's really been

00:36:27.580 pretty shockingly lame.

00:36:30.140 Really?

00:36:30.640 I mean,

00:36:30.720 it's like windmills

00:36:31.500 and solar panels,

00:36:32.580 both of which

00:36:33.020 are just like

00:36:33.480 kind of absurd.

00:36:34.220 there are like

00:36:36.320 a lot of advanced

00:36:38.040 technologies,

00:36:38.920 particularly in biotech,

00:36:39.760 that are moving

00:36:40.240 like crazy fast,

00:36:41.520 AI crazy,

00:36:42.380 crazy fast.

00:36:43.720 Energy generation

00:36:44.680 technologies

00:36:45.360 are not moving

00:36:46.080 crazy fast at all.

00:36:47.660 Like,

00:36:48.080 no one's like,

00:36:48.780 hey,

00:36:49.260 actually there's a

00:36:49.980 brand new nuclear

00:36:50.760 breakthrough,

00:36:51.300 like we're not building

00:36:51.820 any nuclear.

00:36:52.640 Like you,

00:36:53.520 conceivably,

00:36:54.240 if you got off

00:36:54.620 hydrocarbons,

00:36:55.180 could,

00:36:56.420 I don't know,

00:36:57.100 why isn't there

00:36:57.820 a greater effort

00:36:58.380 to figure out

00:36:59.300 cheaper ways

00:37:00.920 to produce energy?

00:37:02.680 I think a lot of it

00:37:03.760 is on some level

00:37:04.480 political,

00:37:05.000 right?

00:37:05.240 I think there's...

00:37:05.860 Okay,

00:37:06.100 right.

00:37:07.440 So maybe if,

00:37:08.680 maybe the Green New Deal,

00:37:09.840 I mean,

00:37:10.080 obviously it's

00:37:10.640 anti-civilization,

00:37:11.760 it's anti-human,

00:37:12.840 it's really dark

00:37:14.060 and it's built on a lie,

00:37:15.680 but it's also built

00:37:17.400 on geopolitical realities,

00:37:19.880 right?

00:37:21.300 I think so,

00:37:22.340 yeah.

00:37:22.700 I mean,

00:37:23.000 it's,

00:37:23.660 look,

00:37:23.840 there are things

00:37:24.380 we could do

00:37:24.900 that would ramp up

00:37:26.000 energy production fast

00:37:27.280 that is nuclear.

00:37:29.580 Like,

00:37:29.800 we should have,

00:37:30.720 we should be building

00:37:31.400 nuclear plants

00:37:33.000 a bunch every year

00:37:34.280 as far out as the eye

00:37:35.360 can see.

00:37:35.840 But if you really got,

00:37:37.620 you know,

00:37:38.920 nuclear or any form

00:37:40.280 of energy down

00:37:41.100 in,

00:37:41.520 in hydrocarbon equivalents

00:37:43.140 to like $10 a barrel oil,

00:37:45.060 equivalent,

00:37:46.120 you'd like blow up

00:37:48.800 the,

00:37:50.960 like the world

00:37:52.020 financial system,

00:37:52.900 kind of.

00:37:53.900 Um,

00:37:54.480 I think it depends.

00:37:56.660 There's a lot of other

00:37:57.380 puts and takes.

00:37:58.580 You know,

00:37:58.880 and some of that

00:38:01.420 gets into,

00:38:02.400 you know,

00:38:05.080 how you would have to,

00:38:06.200 you'd probably have to

00:38:06.800 restructure some debt.

00:38:07.760 Some of that is how gold,

00:38:08.920 gold,

00:38:09.700 right?

00:38:09.900 Because the Saudis

00:38:10.460 at $10 a barrel.

00:38:12.340 But again,

00:38:12.940 that then gets into gold,

00:38:13.940 right?

00:38:14.140 Where we go,

00:38:14.720 okay,

00:38:14.940 well,

00:38:15.360 as partly some grand deal,

00:38:17.100 now this is far afield,

00:38:18.260 but some sort of grand deal,

00:38:20.560 we are going to revalue

00:38:22.420 oil and gold reserves,

00:38:25.080 right?

00:38:25.280 Or,

00:38:25.480 or we're going to revalue gold

00:38:26.680 so that Saudis,

00:38:27.600 like Saudi doesn't care

00:38:28.420 how they get paid.

00:38:29.480 If,

00:38:30.040 if,

00:38:30.360 if oil goes to 10,

00:38:31.460 but their gold goes up to

00:38:32.920 10,000,

00:38:34.640 they still have all the money.

00:38:35.800 They get compensated for past.

00:38:37.280 Well,

00:38:37.300 right.

00:38:37.560 But if energy,

00:38:38.180 as you just said,

00:38:38.880 if energy prices dropped,

00:38:40.360 you know,

00:38:40.660 far below what we can currently imagine,

00:38:42.520 then the price of gold would also drop

00:38:44.060 because the price of extraction of gold

00:38:46.280 would,

00:38:46.480 would drop.

00:38:47.620 So you'd have a,

00:38:48.680 maybe.

00:38:48.920 Well,

00:38:49.140 yes.

00:38:49.680 Yeah.

00:38:49.840 Fair,

00:38:50.280 fair.

00:38:50.560 If you can apply that energy.

00:38:51.700 Yeah.

00:38:51.920 Yeah,

00:38:52.200 sure.

00:38:52.640 Right.

00:38:52.920 But I mean,

00:38:53.160 you'd have two competing forces.

00:38:54.340 Your,

00:38:54.420 your cost of energy to mine gold

00:38:56.160 would go down.

00:38:56.780 But at the same time that

00:38:58.060 if you drop energy,

00:38:59.940 there's two groups of,

00:39:00.800 you know,

00:39:01.240 nations in the world.

00:39:02.020 There's a U S as a reserve currency.

00:39:03.320 And then there are U S creditors

00:39:05.100 that import energy and U S creditors

00:39:06.520 that export energy.

00:39:07.220 Right.

00:39:07.520 And they all own a bunch of bonds.

00:39:08.820 Yes.

00:39:09.020 And they own a bunch of financial assets.

00:39:10.580 And so if oil drops really low,

00:39:12.820 all of your oil exporting creditors

00:39:16.300 are going to sell their dollar assets

00:39:18.120 because they're going to need to,

00:39:19.960 because right.

00:39:20.920 Saudi owes money at $90 a barrel.

00:39:23.320 And if they don't pay that money

00:39:24.760 for social programs,

00:39:26.520 et cetera,

00:39:27.440 place,

00:39:28.080 the place has political problems.

00:39:30.020 Yes.

00:39:31.140 And so they're going to be selling treasury bonds.

00:39:32.980 They're going to be selling stocks.

00:39:34.380 And that creates,

00:39:35.360 and the U S economy is so leveraged

00:39:37.360 that that it's,

00:39:38.920 that's not going to take a lot of selling

00:39:40.040 to create an economic crisis from it.

00:39:41.760 So you'd have to reach,

00:39:43.080 basically you would get into a situation

00:39:45.120 where in some way,

00:39:46.680 shape or form,

00:39:47.160 the fed would be printing money again

00:39:48.540 as a result of oil prices getting too low,

00:39:51.060 which is in theory,

00:39:51.700 a good thing,

00:39:52.260 which then could actually be net good for gold.

00:39:55.120 Right.

00:39:55.580 So there's,

00:39:56.180 there's,

00:39:57.560 there's puts and takes depending on.

00:39:59.960 Basically you're describing a world

00:40:01.460 that's so complex and interconnected

00:40:03.900 where,

00:40:05.400 you know,

00:40:06.220 global finance,

00:40:07.140 the cost of energy,

00:40:08.100 and then,

00:40:08.920 you know,

00:40:09.400 the geostrategic stuff,

00:40:10.440 you know,

00:40:10.780 military rivalries,

00:40:12.020 it's all of a piece.

00:40:14.640 So it's like pretty scary

00:40:17.120 to mess with any single factor in that

00:40:19.140 in a dramatic way.

00:40:20.120 That's kind of what I mean.

00:40:20.960 It's disruptive.

00:40:21.540 It's potentially disruptive.

00:40:22.480 Super disruptive.

00:40:23.080 Yeah,

00:40:23.220 it's potentially,

00:40:23.800 and,

00:40:23.980 and I think that's ultimately the,

00:40:26.320 the power and the encouraging thing about gold.

00:40:28.580 Gold is always thought about as a,

00:40:30.420 oh,

00:40:30.520 you're buying gold,

00:40:31.120 you're a doomer,

00:40:31.920 the world's going to end.

00:40:33.300 No,

00:40:34.380 part of the problem of what I just described,

00:40:37.040 change in and of itself isn't a problem,

00:40:38.860 but rapid change,

00:40:39.960 when you have high levels of debt,

00:40:42.060 it's the debt that creates the problem.

00:40:43.900 And so if you,

00:40:45.780 when you look around

00:40:46.740 and you see these central banks

00:40:47.980 buying all this gold

00:40:49.040 and having all these countries

00:40:50.280 buying this gold,

00:40:51.660 if you revalue gold enough

00:40:54.440 to basically re-collateralize

00:40:56.340 or buy down,

00:40:57.340 effectively buy down your debt

00:40:58.760 so that you have low debt levels,

00:41:00.920 then you can make dramatic,

00:41:03.120 more dramatic changes

00:41:04.340 to the economic system

00:41:06.060 and its connections

00:41:07.000 without running the risk

00:41:09.380 of blowing up the financial system,

00:41:11.640 right?

00:41:11.800 Because whether gold,

00:41:12.760 you know,

00:41:13.720 once you take,

00:41:16.500 you introduce something deflationary

00:41:18.440 into a debt-based system,

00:41:20.300 the debt starts to go boom,

00:41:21.740 right?

00:41:21.980 People don't generate the income

00:41:23.500 to pay the interest.

00:41:25.340 In a more equity-based system

00:41:27.480 or in a gold,

00:41:28.620 I hate to say gold-based

00:41:30.020 because it's,

00:41:30.820 I'm not talking about a gold-backed currency,

00:41:32.360 but if your debt to GDP is low

00:41:36.160 because you've revalued your gold

00:41:37.900 much higher

00:41:38.720 and restructured your balance sheet,

00:41:40.920 a deflationary recession

00:41:43.460 or a restructuring of the economy

00:41:45.400 that is deflationary

00:41:46.280 or a good energy introduction

00:41:48.900 or AI productivity enhancement

00:41:50.800 that is deflationary,

00:41:52.120 that can be weathered

00:41:54.300 and benefited from

00:41:55.600 without blowing up

00:41:56.460 the debt-based system.

00:41:57.660 So gold is paradoxically

00:41:59.160 a way to foam the runway

00:42:03.320 for a major change,

00:42:05.140 be it geopolitically

00:42:06.160 or energy or AI,

00:42:08.200 something deflationary.

00:42:09.100 Foam the runway.

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00:45:06.600 So you said a minute ago

00:45:07.720 that big picture,

00:45:10.080 over time,

00:45:11.540 countries that are acquiring gold

00:45:13.640 are stronger

00:45:14.120 and countries that are

00:45:15.260 seeing their gold reserves

00:45:16.780 depleted or weaker.

00:45:18.200 Seems obvious.

00:45:19.260 Over time, yeah.

00:45:19.860 You're running, right?

00:45:20.760 You're saving more

00:45:21.620 than you're spending, essentially.

00:45:23.200 And the United States

00:45:24.460 is acquiring gold

00:45:26.080 because why?

00:45:29.040 That's the $64,000 question

00:45:30.940 in markets right now.

00:45:31.700 It is the official nominal reason

00:45:34.760 being given in markets

00:45:37.540 and in the media

00:45:38.280 is that Trump's administration

00:45:41.160 may or may not put tariffs

00:45:43.280 across any number of countries

00:45:45.380 as we've discussed,

00:45:46.160 including possibly gold hubs

00:45:48.500 like the UK.

00:45:49.760 And if you put a 25% tariff

00:45:53.400 on the UK across all items,

00:45:55.460 just to pick a number,

00:45:57.260 you run the risk.

00:45:58.640 The mechanical impact of that

00:46:00.300 would be to increase

00:46:01.160 the price of gold 25%.

00:46:04.500 And the problem is,

00:46:06.020 is that...

00:46:06.420 Tariffs against American imports

00:46:08.200 of British goods?

00:46:09.400 Yes, exactly.

00:46:10.740 But other than like shortbread,

00:46:12.700 is there a British export?

00:46:14.100 Not really, no.

00:46:14.780 Right.

00:46:15.420 They're a twin destination, no.

00:46:17.580 So...

00:46:17.880 They don't make anything, right?

00:46:19.040 Not on net, no.

00:46:19.880 No.

00:46:20.320 Not on net.

00:46:20.880 And so this is what the story is,

00:46:26.540 is that there's been

00:46:27.840 this massive flow of gold

00:46:29.300 out of the UK to the US

00:46:30.840 because tariffs might happen,

00:46:33.780 which would impact the price of gold

00:46:35.660 in a manner such that

00:46:37.480 it would be very disruptive

00:46:38.500 to what are called

00:46:40.700 basically spread trades,

00:46:42.560 that gold traders in New York

00:46:44.440 or London,

00:46:45.280 bullion banks

00:46:45.940 that traffic in gold bullion,

00:46:48.180 they may have a position on

00:46:51.220 in gold futures in New York

00:46:52.760 and a physical gold position

00:46:54.220 in London.

00:46:55.320 And if a tariff were to change

00:46:57.140 the price relationship

00:46:58.500 between those two,

00:47:00.020 it could create

00:47:00.940 significant losses for them.

00:47:02.380 And so the response is basically

00:47:04.080 bring the gold here

00:47:05.880 to mitigate that risk.

00:47:07.120 That is the official story.

00:47:09.120 There is absolutely

00:47:10.380 a strong element of truth to that.

00:47:14.700 With that said,

00:47:16.060 the longer this goes on

00:47:18.220 and the gold flows continue,

00:47:21.260 the less that story

00:47:24.080 holds up as the sole reason.

00:47:27.160 When we go back in time to 2020

00:47:29.500 and during COVID,

00:47:30.640 we saw a very similar spike

00:47:32.900 in gold futures

00:47:34.740 relative to spot prices in London.

00:47:36.540 And it was driving

00:47:37.720 a massive flow of gold

00:47:39.080 out of London here

00:47:39.920 because of COVID,

00:47:40.740 because supply chains broke down

00:47:42.920 with the shutdowns of flights

00:47:44.180 and what have you.

00:47:44.700 A lot of gold is shipped

00:47:45.660 on transatlantic commercial airliners

00:47:49.480 in the cargo holds.

00:47:50.280 And so those flows stopped.

00:47:51.940 It drove a mismatch.

00:47:53.720 And what the COMEX,

00:47:55.780 the gold futures exchange

00:47:57.560 in the U.S. did,

00:47:59.720 ultimately,

00:48:00.620 one of the things

00:48:01.180 to sort of settle

00:48:02.840 those markets down

00:48:03.980 was to,

00:48:05.220 what I'll say,

00:48:05.860 change the rules

00:48:06.600 for the layman.

00:48:07.300 They introduced

00:48:08.140 a gold futures contract

00:48:10.140 that made

00:48:11.980 the good delivery

00:48:13.500 denomination,

00:48:14.880 I think 400 ounces

00:48:15.780 in London,

00:48:16.260 100 ounces in New York,

00:48:17.820 either or, right?

00:48:19.120 So that, okay,

00:48:19.760 well, the gold that's here

00:48:20.560 is fine,

00:48:21.000 so we don't need to move it.

00:48:22.060 So they took a step

00:48:22.800 to change the rules

00:48:23.660 to settle the market down.

00:48:25.600 Another famous example

00:48:26.560 we were talking about

00:48:28.060 before we got on air

00:48:29.460 was the Hunt Brothers

00:48:30.920 run on silver.

00:48:31.760 They tried to corner

00:48:32.340 the silver market

00:48:32.940 in the 80s.

00:48:33.780 This was COMEX,

00:48:34.780 and they changed the rules

00:48:35.900 on the Hunt Brothers.

00:48:36.500 Once it became apparent

00:48:37.700 that the Hunt Brothers

00:48:38.900 were successfully

00:48:39.800 cornering physical silver,

00:48:41.680 they changed the rules.

00:48:42.920 They set the market

00:48:44.420 to sell only.

00:48:45.620 You couldn't buy

00:48:46.900 gold or silver futures,

00:48:48.300 and you could only sell,

00:48:49.740 and the market

00:48:50.160 promptly tanked.

00:48:53.180 At any point in time,

00:48:54.580 Trump,

00:48:55.280 Besant,

00:48:56.460 Rubio,

00:48:57.760 other American officials

00:48:59.340 could come out

00:48:59.980 and say and clarify,

00:49:01.520 we're not going to put

00:49:02.740 tariffs on gold.

00:49:03.440 There will never be

00:49:04.040 tariffs on gold.

00:49:04.660 There's a lot of countries

00:49:05.420 in the world

00:49:05.760 where there's no VAT.

00:49:06.500 They'd have VAT

00:49:07.040 that there's no VAT on gold.

00:49:08.940 So this is the long,

00:49:10.400 my point being that

00:49:11.080 the longer this goes on

00:49:13.400 without a rule change

00:49:15.420 or a political pronouncement

00:49:16.940 about tariffs,

00:49:18.200 political clarification

00:49:19.080 about tariffs,

00:49:20.980 the more likely it becomes,

00:49:23.620 in my opinion,

00:49:24.700 speculatively,

00:49:25.680 that the tariffs

00:49:26.800 are on some level

00:49:28.500 as reason for the gold flows

00:49:30.460 cover.

00:49:31.720 The gold's being brought here

00:49:32.960 for some other reason,

00:49:33.900 and they're just saying.

00:49:34.480 So what could,

00:49:34.980 I mean,

00:49:35.320 and that always is,

00:49:36.240 the likely explanation,

00:49:37.920 that there's something else

00:49:39.560 that accounts for at least

00:49:40.960 part of a phenomenon

00:49:42.540 that you're watching.

00:49:43.800 So what could

00:49:44.900 that other reason be?

00:49:46.680 I think there's two things.

00:49:49.620 There's a tactical reason.

00:49:51.000 There's a strategic reason.

00:49:52.200 The tactical reason is

00:49:54.180 if you Google

00:49:57.540 gold revaluation,

00:49:59.680 you'll find a number of stories

00:50:02.400 in any mainstream financial media

00:50:04.400 over the last two,

00:50:05.640 three,

00:50:05.820 four weeks.

00:50:06.280 There has been

00:50:06.920 increasing speculation

00:50:07.820 in the aftermath

00:50:08.940 of Trump's election,

00:50:10.040 and in particular,

00:50:11.240 in the aftermath

00:50:11.920 of Scott Besant

00:50:12.780 being approved

00:50:13.420 as Treasury Secretary,

00:50:14.600 that there is a gimmicky,

00:50:17.920 but completely legal

00:50:19.620 and mandated

00:50:20.420 in the rules way

00:50:21.680 by which the United States

00:50:23.480 could revalue

00:50:25.720 its gold,

00:50:27.100 which it currently holds

00:50:28.580 on its books

00:50:29.080 at $42 per ounce

00:50:30.620 up to the current market price

00:50:33.380 and in so doing,

00:50:34.920 or even higher,

00:50:36.200 and in so doing,

00:50:37.920 it creates

00:50:38.840 a bank deposit,

00:50:41.340 basically,

00:50:41.920 at the Treasury's

00:50:43.280 bank account

00:50:44.360 at the Fed

00:50:45.000 that the Trump administration

00:50:47.040 could then use

00:50:48.440 to buy down debt,

00:50:51.500 to not have to borrow

00:50:53.220 as much.

00:50:53.740 It's effectively

00:50:54.500 money printing

00:50:55.380 through gold.

00:50:56.500 It's creating money supply

00:50:57.880 using gold

00:50:59.260 through basically

00:50:59.940 an accounting gimmick

00:51:00.880 that is already on the books.

00:51:01.720 But that gold

00:51:02.100 would never be sold to anyone?

00:51:03.300 Never be sold to anyone.

00:51:04.060 It's just literally

00:51:04.740 an exchange of paper.

00:51:05.640 So the United States

00:51:06.640 would not lose

00:51:07.180 its gold reserve?

00:51:08.400 There's no chance of that?

00:51:10.340 Not under that transaction,

00:51:12.140 no.

00:51:13.180 Okay.

00:51:13.940 As it's been explained to me.

00:51:15.060 Because you'd hate to get

00:51:15.340 to a point

00:51:16.040 where the nation

00:51:17.760 has so much debt

00:51:18.820 backed by nothing

00:51:21.400 other than its navy,

00:51:23.540 which may become

00:51:24.500 irrelevant thanks to drones.

00:51:25.820 So you could see

00:51:26.640 this all moving very fast.

00:51:27.860 It's like all of a sudden

00:51:28.420 we owe the world

00:51:29.040 trillions of dollars,

00:51:30.020 but where's the collateral

00:51:31.440 where policymakers

00:51:33.620 are forced to sell off

00:51:35.800 physical assets

00:51:36.780 that belong to the country?

00:51:38.440 Oil, water,

00:51:40.060 because we have

00:51:40.540 some of the world's largest

00:51:41.760 fresh water reserves

00:51:42.780 in the Great Lakes,

00:51:43.640 and gold.

00:51:45.560 I don't think,

00:51:45.960 is that a crazy way to think?

00:51:47.160 I think ultimately

00:51:50.260 there'll be no need

00:51:51.600 to do that

00:51:52.080 because you've got

00:51:52.760 the assets

00:51:53.560 and you've got

00:51:53.940 a printing press, right?

00:51:54.880 So ultimately

00:51:55.500 it's really a function

00:51:56.340 of the currency.

00:51:57.520 Of course,

00:51:58.320 as long as you're

00:51:58.840 the world's reserve currency.

00:51:59.740 And even if we're,

00:52:00.560 I mean,

00:52:00.720 I think we will be,

00:52:01.520 but they'll always have

00:52:02.620 the ability to print dollars.

00:52:03.900 It's just a question

00:52:04.640 of what happened.

00:52:05.020 But what if nobody

00:52:05.220 wants them?

00:52:06.680 It would just

00:52:07.440 depreciate faster.

00:52:08.800 Right.

00:52:09.300 But I mean,

00:52:09.880 at some point,

00:52:12.480 like if I take a loan

00:52:14.260 against my house,

00:52:14.900 if I have a mortgage

00:52:15.340 on my house,

00:52:15.940 and also if I don't pay it,

00:52:18.000 you know,

00:52:18.460 the holder of that mortgage

00:52:19.500 gets my house.

00:52:20.640 There's collateral.

00:52:21.820 So like,

00:52:22.820 where's the collateral

00:52:23.580 in the United States

00:52:24.380 other than like,

00:52:25.760 I don't know,

00:52:26.300 people like us?

00:52:27.260 I don't,

00:52:27.480 you know,

00:52:27.620 what is the collateral?

00:52:28.100 The collateral is,

00:52:29.420 it's a complicated question.

00:52:31.800 It's,

00:52:32.220 I mean,

00:52:32.480 on some level,

00:52:33.520 it's the threat of violence.

00:52:34.320 I think some of what

00:52:35.060 we're seeing in terms

00:52:35.800 of these,

00:52:36.400 you know,

00:52:36.760 discussions around

00:52:37.800 will we leave NATO

00:52:38.720 or will we not?

00:52:40.580 This is a,

00:52:41.540 this is a discussion

00:52:42.540 that goes back

00:52:43.160 to the 70s.

00:52:43.940 There was something

00:52:44.380 called the blessing letter,

00:52:45.440 Carl Blessing

00:52:46.140 was a governor

00:52:47.200 of the Bundesbank,

00:52:48.280 the German Bundesbank.

00:52:49.540 And the French

00:52:50.700 were asking for their gold back.

00:52:51.880 Others around the world

00:52:52.760 were asking for their gold back

00:52:53.700 in the 60s and 70s.

00:52:55.660 I guess the blessing letter

00:52:56.900 might have been late 60s.

00:52:58.320 The Germans

00:52:59.000 started hinting about

00:53:00.080 asking about their gold back.

00:53:01.700 And the Americans

00:53:02.500 sent a letter

00:53:03.720 that essentially said,

00:53:05.360 you know,

00:53:06.280 if you ask

00:53:07.260 for your gold back,

00:53:08.220 we will have to reconsider

00:53:09.700 store,

00:53:10.600 stationing US troops

00:53:12.060 in West Germany

00:53:13.080 to protect you

00:53:13.860 from the USSR.

00:53:15.440 So you're going

00:53:16.160 to keep taking dollars

00:53:17.120 or else we're going

00:53:17.760 to bring our boys home

00:53:18.720 and you can deal

00:53:19.540 with the Soviets yourself.

00:53:20.860 And the Germans

00:53:21.400 never asked for their gold back.

00:53:22.960 And so

00:53:23.620 what collateralizes

00:53:26.380 is a complicated

00:53:29.040 multi-body,

00:53:30.220 right?

00:53:30.520 It's,

00:53:31.440 it is

00:53:32.340 goodwill,

00:53:33.780 protection,

00:53:34.640 access to markets,

00:53:36.080 the threat of violence,

00:53:37.000 military protection.

00:53:38.000 There's,

00:53:38.520 gold is way,

00:53:39.500 way down there.

00:53:40.540 I don't think the gold

00:53:41.500 is thought of as collateral

00:53:42.620 at all,

00:53:43.400 but it could be

00:53:45.180 as a reserve asset

00:53:47.180 if we wanted to change

00:53:48.540 the system.

00:53:48.920 We would need to have it

00:53:50.220 if we wanted to change

00:53:51.780 from the system

00:53:53.120 we've,

00:53:53.760 we've been in

00:53:55.440 for the last 50 years.

00:53:56.280 And that kind of gets

00:53:56.860 to the strategic side of it.

00:53:58.140 What if we have no choice?

00:53:59.120 What if,

00:53:59.420 I mean,

00:53:59.560 because we're not the only

00:54:00.320 decision makers

00:54:01.000 in this process.

00:54:02.380 We're not,

00:54:03.020 true.

00:54:04.300 I think you would see

00:54:07.760 some sort of

00:54:08.700 grand deal

00:54:09.760 be discussed

00:54:10.700 ahead of that.

00:54:12.180 And I think that's,

00:54:12.860 you know,

00:54:13.020 some of what we're seeing

00:54:13.860 in real time

00:54:14.660 when we talk about us

00:54:16.420 and the Russians

00:54:16.960 and the Saudis

00:54:17.800 and the Chinese

00:54:18.380 all getting together

00:54:19.020 in Saudi

00:54:19.440 and talking about,

00:54:20.380 you know,

00:54:21.160 probably not how the Yankees

00:54:22.160 are going to do this year.

00:54:24.020 And probably not just

00:54:24.640 the end of the war

00:54:25.240 in Ukraine.

00:54:26.220 No,

00:54:26.580 I,

00:54:26.800 absolutely,

00:54:27.580 I don't think it's only

00:54:28.120 about the war in Ukraine.

00:54:29.060 Of course not.

00:54:29.840 You know,

00:54:30.000 those are,

00:54:30.400 think about what you've got there.

00:54:31.340 Because the war in Ukraine

00:54:32.220 is not about Ukraine

00:54:33.080 and never has been.

00:54:34.300 You know,

00:54:34.740 you've got the four biggest,

00:54:35.780 you know,

00:54:35.980 Saudi,

00:54:36.540 U.S.,

00:54:37.200 China,

00:54:37.660 or Russia,

00:54:38.200 although that's 40%

00:54:39.400 of global oil production.

00:54:40.820 And U.S.,

00:54:41.700 China is,

00:54:43.340 what,

00:54:44.220 probably 60%

00:54:45.520 of global oil imports?

00:54:46.880 Global,

00:54:47.220 global oil.

00:54:48.780 So you can,

00:54:51.080 oil's going to have a role there.

00:54:52.340 Now,

00:54:53.060 the strategic side

00:54:54.200 of what

00:54:55.120 I think we're seeing

00:54:56.700 in the gold movement

00:54:57.940 is

00:54:58.960 ultimately

00:55:01.200 what,

00:55:02.020 if you,

00:55:02.480 if you take a step back

00:55:03.880 and try to see the forest

00:55:05.820 for the trees

00:55:06.300 of what

00:55:06.740 the Trump administration

00:55:08.020 is trying to do,

00:55:11.060 the Ukraine war

00:55:13.480 showed us

00:55:14.100 we got outproduced

00:55:15.020 by the Russians

00:55:15.580 badly.

00:55:16.740 We couldn't produce shells.

00:55:17.840 We couldn't produce

00:55:18.560 Stinger missiles.

00:55:19.300 We couldn't,

00:55:20.260 we were reliant

00:55:22.080 on essentially

00:55:24.220 China

00:55:24.820 to supply our industrial base,

00:55:26.340 to supply our defense base.

00:55:27.560 We've been borrowing money

00:55:28.500 from China

00:55:28.940 to build weapons

00:55:29.700 to face down China

00:55:30.520 using Chinese components.

00:55:31.500 It's not a good strategy

00:55:33.140 when your biggest

00:55:34.020 geopolitical adversary

00:55:35.540 is China.

00:55:37.500 And so,

00:55:38.380 starting with COVID.

00:55:40.300 Could it be that

00:55:40.900 we were using

00:55:42.000 Chinese components

00:55:42.980 to arm

00:55:43.860 the Ukrainians

00:55:45.720 in a war

00:55:46.340 against Russia,

00:55:48.000 which has lied

00:55:48.620 with China?

00:55:49.840 I think

00:55:50.300 that absolutely

00:55:51.380 could be the case.

00:55:52.060 And I think that

00:55:52.500 we know the Chinese

00:55:53.400 were supplying Russians

00:55:54.340 with dual-use goods

00:55:55.360 as well.

00:55:56.840 So China's on both sides.

00:55:58.560 China's on both sides.

00:55:59.460 And critically,

00:56:00.180 think about the implications

00:56:02.320 of this, right?

00:56:03.000 So we,

00:56:04.560 America,

00:56:05.180 when we wore

00:56:06.080 the dominant power,

00:56:07.780 we were the ones

00:56:08.640 supplying

00:56:09.960 the weapons

00:56:11.220 to these types

00:56:11.920 of conflicts.

00:56:13.060 Now we didn't

00:56:13.860 really have

00:56:14.600 the ability

00:56:15.120 to credibly

00:56:17.100 say,

00:56:18.600 Ukraine,

00:56:19.620 Taiwan,

00:56:20.860 and Israel,

00:56:21.680 we can supply

00:56:22.520 all of you at once.

00:56:24.260 Empirically,

00:56:24.840 we demonstrated

00:56:25.780 over the last three years,

00:56:26.780 it was impossible.

00:56:27.500 We were moving

00:56:27.900 patriot systems

00:56:28.620 out of Israel.

00:56:29.460 to Ukraine

00:56:30.580 and then,

00:56:31.380 you know,

00:56:32.160 having to backtrack

00:56:33.760 in certain areas

00:56:34.600 in different conflicts

00:56:36.760 as a result of that.

00:56:38.720 When paired with

00:56:39.540 what happened in COVID,

00:56:40.540 which was,

00:56:41.740 hey,

00:56:41.860 we need more PPE

00:56:43.340 and supplies

00:56:44.080 and what have you,

00:56:44.600 and China said,

00:56:45.760 just as soon as we get,

00:56:47.220 you know,

00:56:47.540 ours,

00:56:47.800 we were dependent

00:56:48.200 on China and COVID.

00:56:49.880 And we,

00:56:50.720 it was made crystal clear

00:56:51.940 to Washington

00:56:53.140 that the defense

00:56:55.100 industrial base

00:56:56.100 has been too hollowed out

00:56:58.060 by this currency system

00:57:00.580 whereby

00:57:00.960 we export dollars

00:57:03.300 and we export our factories

00:57:05.440 and our workers

00:57:06.040 and China sends us stuff

00:57:08.360 and we send them dollars

00:57:09.220 and they send us goods

00:57:11.560 and,

00:57:11.940 and,

00:57:12.500 sorry,

00:57:14.100 they send us goods,

00:57:14.700 we send them dollars

00:57:15.320 and then they reinvest those dollars

00:57:16.560 in our financial markets

00:57:17.400 and that's fine.

00:57:18.060 That has been how the world

00:57:19.180 has worked for 50 years

00:57:20.100 and it's been great

00:57:21.260 for Wall Street,

00:57:21.800 it's been great

00:57:22.100 for Washington,

00:57:22.740 it's been great

00:57:23.120 for China,

00:57:23.580 it's not been great

00:57:24.100 for the,

00:57:24.420 the American middle

00:57:25.480 and working class

00:57:26.080 whose factories

00:57:26.580 got offshore to China

00:57:27.500 and Washington was fine

00:57:29.680 with that

00:57:30.000 until all of a sudden

00:57:30.820 they realized

00:57:31.420 this process

00:57:33.320 has gone so far,

00:57:34.780 we cannot credibly

00:57:36.240 fight a war

00:57:37.180 without Chinese factories

00:57:38.660 and the defense department

00:57:39.820 is saying,

00:57:40.840 and they began saying

00:57:41.440 it 10 years ago,

00:57:42.020 no mas,

00:57:42.480 we're done here,

00:57:43.000 this is,

00:57:43.820 we need to start reshoring

00:57:45.300 as a matter

00:57:45.680 of national security

00:57:46.500 and the,

00:57:47.120 the origin problem

00:57:49.500 is the structure

00:57:51.640 of this dollar system

00:57:53.040 and so,

00:57:53.780 we need to get out

00:57:55.140 of the business

00:57:55.680 of supplying China

00:57:57.120 the dollars

00:57:57.780 to buy up the world

00:57:58.660 and that means

00:57:59.680 we need to change

00:58:00.680 the currency system

00:58:01.600 that's been in place

00:58:02.220 for 50 years.

00:58:02.920 Well,

00:58:04.000 when you say

00:58:04.680 these types of things,

00:58:05.780 the instant response,

00:58:07.220 the correct response

00:58:08.020 is,

00:58:08.320 well,

00:58:08.440 okay,

00:58:09.140 if the US

00:58:09.880 isn't going to run deficits,

00:58:11.880 run up debt

00:58:12.540 to supply the dollars

00:58:13.660 to the world,

00:58:15.160 who will?

00:58:15.900 No one else will.

00:58:16.880 The Chinese won't

00:58:17.840 and no one else can

00:58:18.660 and that is correct

00:58:19.680 and the answer is

00:58:21.420 is then

00:58:22.080 you're going to have

00:58:22.860 to settle deficits

00:58:24.140 in something else

00:58:25.520 that is nobody else's debt,

00:58:27.160 nobody else's liability

00:58:28.200 and that is gold

00:58:29.640 and I think

00:58:30.300 that's where this is going

00:58:31.520 which is

00:58:32.140 and I think

00:58:32.800 it's part of the reason

00:58:33.380 why the US

00:58:33.940 is actually buying gold

00:58:35.380 is to try to

00:58:36.480 turbocharge

00:58:38.140 this change

00:58:39.140 to the system.

00:58:39.980 When you hear

00:58:40.540 President Trump say

00:58:41.860 we want to go back

00:58:42.620 to tariffs

00:58:43.100 and cut income taxes,

00:58:44.340 when you hear

00:58:44.720 Marco Rubio

00:58:45.420 on his confirmation hearing

00:58:46.620 say within 10 years

00:58:49.040 we are going to be dependent

00:58:50.040 on China for everything

00:58:51.160 if we do not take

00:58:52.320 aggressive actions

00:58:53.280 to change

00:58:54.140 and start to reshore,

00:58:55.780 change this currency system

00:58:56.960 and reshore.

00:58:58.700 When you have

00:58:59.540 Senator Vance

00:59:00.380 say what he said

00:59:01.680 in 2023

00:59:03.080 to Powell

00:59:03.860 about

00:59:04.520 the dollar

00:59:05.760 increasingly being

00:59:06.660 a resource curse

00:59:07.680 about which Vance

00:59:08.360 is very familiar

00:59:09.100 having grown up

00:59:09.800 in West Virginia

00:59:10.580 and Southern Ohio

00:59:11.380 and seeing the

00:59:11.960 deindustrialization.

00:59:12.880 the chapter

00:59:15.160 and verse

00:59:15.460 this administration

00:59:16.080 understands this problem.

00:59:16.920 What the current

00:59:20.280 Vice President

00:59:20.720 J.D. Vance

00:59:21.180 said to

00:59:21.980 the Fed Chairman.

00:59:23.740 So in 2023

00:59:24.540 he said

00:59:26.080 that

00:59:27.920 the dollar

00:59:29.100 shows the hallmarks

00:59:31.040 of a resource curse

00:59:32.060 which is

00:59:33.020 it's often called

00:59:35.340 Dutch disease.

00:59:36.060 I might refer to it

00:59:37.080 as air

00:59:37.220 which is effectively

00:59:38.720 if you're Saudi Arabia

00:59:40.860 and you discover

00:59:41.580 that you are

00:59:42.020 the biggest

00:59:42.460 lowest cost

00:59:43.040 producer of oil

00:59:43.860 you produce

00:59:44.300 a lot of oil

00:59:44.880 and the rest

00:59:45.320 of your economy

00:59:45.980 shrivels up

00:59:46.580 and does nothing.

00:59:47.460 You know

00:59:47.620 it withers away

00:59:48.420 and it ultimately

00:59:49.220 becomes a strategic

00:59:50.180 handicap

00:59:51.500 or a strategic risk.

00:59:52.520 And you get

00:59:52.760 corruption

00:59:53.120 every time.

00:59:53.680 Exactly.

00:59:54.840 And Vance's

00:59:56.880 point was that

00:59:57.740 the dollar's

00:59:58.580 reserve status

00:59:59.460 we are the

01:00:00.120 Saudi Arabia

01:00:00.760 of money.

01:00:01.460 That's how the

01:00:01.920 system has worked

01:00:02.420 for 50 years.

01:00:03.140 We produce

01:00:03.660 the world's

01:00:04.080 reserve currency

01:00:04.740 we're the

01:00:05.740 Saudi Arabia

01:00:06.280 of money

01:00:06.780 and what has

01:00:07.580 followed is

01:00:08.400 the hollowing

01:00:10.320 out of industries

01:00:12.440 other than

01:00:13.340 those most

01:00:14.160 closely tied

01:00:15.300 to the money

01:00:16.000 printer

01:00:16.260 to the dollar

01:00:16.780 Washington

01:00:17.540 Wall Street

01:00:18.680 and his

01:00:21.340 point is

01:00:21.820 it is becoming

01:00:22.480 this resource

01:00:23.660 curse of

01:00:24.440 being the

01:00:25.120 Saudi Arabia

01:00:25.800 of money

01:00:26.420 is increasingly

01:00:27.300 not good

01:00:28.820 for the

01:00:29.080 American middle

01:00:29.600 class

01:00:29.980 the American

01:00:30.480 working class

01:00:31.200 the U.S.

01:00:31.740 defense

01:00:32.000 establishment

01:00:32.420 he specifically

01:00:33.360 cited our

01:00:34.100 inability

01:00:34.640 to produce

01:00:35.640 shells

01:00:36.220 for Ukraine

01:00:36.880 in his

01:00:37.680 question to

01:00:38.340 Powell

01:00:38.580 in 2023

01:00:39.320 and you

01:00:39.580 can find

01:00:39.880 this online

01:00:40.280 you can

01:00:40.520 google it

01:00:40.820 I think

01:00:40.960 it was

01:00:41.120 April

01:00:41.500 or March

01:00:42.020 of 2023

01:00:42.580 and so

01:00:45.100 it showed

01:00:45.500 a fundamental

01:00:46.100 understanding

01:00:46.880 of this

01:00:47.480 connection

01:00:48.180 between

01:00:49.100 the

01:00:49.740 structure

01:00:50.720 of the

01:00:51.280 dollar

01:00:51.540 system

01:00:51.980 over the

01:00:52.340 last 50

01:00:52.920 years

01:00:53.280 and the

01:00:54.400 situation

01:00:54.840 in which

01:00:55.120 we find

01:00:55.580 ourselves

01:00:56.000 where our

01:00:56.520 defense

01:00:56.920 industrial

01:00:57.500 base

01:00:57.920 is so

01:00:58.420 hollowed

01:00:59.000 out

01:00:59.340 and our

01:01:00.020 debt

01:01:00.280 level

01:01:00.580 so high

01:01:01.440 we cannot

01:01:02.760 credibly

01:01:03.340 fight a

01:01:03.980 war against

01:01:04.660 our major

01:01:05.120 adversaries

01:01:05.640 without

01:01:05.960 them supplying

01:01:06.960 us and

01:01:08.260 our debt

01:01:08.600 is so

01:01:08.940 high

01:01:09.420 that

01:01:10.520 they can

01:01:11.560 weaponize

01:01:12.080 our debt

01:01:13.100 against us

01:01:13.780 and so

01:01:14.600 ultimately

01:01:15.260 I think

01:01:15.780 the strategic

01:01:16.900 reason why

01:01:17.640 we're starting

01:01:18.220 to see

01:01:18.660 gold

01:01:19.140 re-enter

01:01:19.760 the conversation

01:01:20.500 why central

01:01:21.440 banks have

01:01:21.800 been buying

01:01:22.240 gold for

01:01:22.680 10 to

01:01:23.000 12 years

01:01:23.620 why the

01:01:24.280 U.S.

01:01:24.640 is

01:01:24.860 gold

01:01:26.860 is

01:01:27.520 we're likely

01:01:28.100 moving to

01:01:28.720 a system

01:01:29.500 advocated

01:01:31.280 for by

01:01:32.160 the policies

01:01:32.800 of the

01:01:33.320 United States

01:01:33.920 if not

01:01:34.280 outright

01:01:34.660 saying hey

01:01:35.560 we want

01:01:35.920 gold

01:01:36.220 to be

01:01:36.520 we want

01:01:37.820 gold to

01:01:38.500 be the

01:01:38.640 neutral

01:01:38.800 reserve

01:01:39.120 asset

01:01:39.940 but we

01:01:41.060 can see

01:01:41.500 the policies

01:01:42.140 and they

01:01:42.540 are functionally

01:01:43.200 indistinguishable

01:01:44.900 from saying

01:01:45.340 we want

01:01:45.700 gold to

01:01:46.000 be the

01:01:46.200 neutral

01:01:46.380 reserve

01:01:46.620 asset

01:01:46.980 I think

01:01:47.700 what we're

01:01:47.960 going to

01:01:48.160 do is

01:01:48.500 move

01:01:48.920 toward

01:01:49.300 a system

01:01:49.880 where

01:01:50.320 the foreign

01:01:51.860 capital

01:01:52.340 flows

01:01:52.740 basically

01:01:53.000 we bring

01:01:53.560 factories

01:01:54.020 but we

01:01:54.320 put tariffs

01:01:54.760 on

01:01:54.980 we lower

01:01:56.380 income

01:01:56.660 taxes

01:01:57.240 U.S.

01:01:57.800 consumer

01:01:58.040 spending

01:01:58.360 rises

01:01:58.860 the

01:01:59.760 dollar

01:02:00.960 we start

01:02:03.240 to see

01:02:03.680 foreigners

01:02:04.560 send goods

01:02:05.860 here

01:02:06.100 also

01:02:07.040 pay

01:02:07.280 us

01:02:07.440 tariffs

01:02:07.840 start

01:02:08.540 to

01:02:08.700 reinvest

01:02:09.100 in

01:02:09.220 our

01:02:09.360 factories

01:02:09.860 instead

01:02:10.160 of

01:02:10.300 just

01:02:10.440 buying

01:02:10.680 our

01:02:10.820 treasury

01:02:11.100 bonds

01:02:11.520 and

01:02:12.180 our

01:02:12.480 financial

01:02:12.780 assets

01:02:13.260 employment

01:02:14.840 goes up

01:02:15.520 building

01:02:16.820 goes up

01:02:17.280 growth

01:02:17.680 goes up

01:02:18.240 ultimately

01:02:19.180 though

01:02:19.660 if they're

01:02:21.140 not

01:02:21.360 recycling

01:02:21.920 their

01:02:22.240 dollars

01:02:22.800 into

01:02:23.480 they can

01:02:25.100 only put

01:02:25.400 so much

01:02:25.700 in

01:02:25.820 factories

01:02:26.280 they're

01:02:27.340 not

01:02:27.460 putting

01:02:27.660 them

01:02:27.720 in

01:02:27.820 treasury

01:02:28.060 bonds

01:02:28.320 anymore

01:02:28.620 they

01:02:28.820 haven't

01:02:29.080 for

01:02:29.200 some

01:02:29.360 time

01:02:29.740 what

01:02:30.020 are

01:02:30.200 they

01:02:30.300 going

01:02:30.420 to

01:02:30.500 put

01:02:30.660 it

01:02:30.760 in

01:02:30.940 if

01:02:31.360 they

01:02:31.500 have

01:02:31.660 a

01:02:31.760 surplus

01:02:32.100 left

01:02:32.380 over

01:02:32.660 from

01:02:32.900 dealing

01:02:33.180 with

01:02:33.380 us

01:02:33.660 where

01:02:34.080 they

01:02:34.160 can

01:02:34.240 put

01:02:34.320 their

01:02:34.440 surplus

01:02:34.680 dollars

01:02:35.120 etc

01:02:35.460 I

01:02:36.980 think

01:02:37.140 the

01:02:37.280 answer

01:02:37.520 is

01:02:37.640 gold

01:02:37.900 and

01:02:38.060 I

01:02:38.160 think

01:02:38.320 the

01:02:40.080 flows

01:02:41.160 of

01:02:41.400 gold

01:02:41.740 the

01:02:41.940 longer

01:02:42.280 we

01:02:42.540 go

01:02:43.080 where

01:02:45.040 the

01:02:45.440 tariff

01:02:45.820 story

01:02:46.460 it's

01:02:47.000 just

01:02:47.160 tariffs

01:02:47.580 and

01:02:48.200 it

01:02:48.300 just

01:02:48.440 keeps

01:02:48.640 coming

01:02:48.960 which

01:02:49.980 I'm

01:02:50.180 hearing

01:02:50.460 is

01:02:50.680 still

01:02:51.200 to

01:02:51.420 this

01:02:51.580 point

01:02:51.780 continuing

01:02:52.260 to

01:02:52.440 keep

01:02:52.580 coming

01:02:52.860 gold

01:02:53.120 flowing

01:02:53.420 in

01:02:53.660 the

01:02:54.240 more

01:02:54.460 likely

01:02:54.920 in

01:02:55.220 my

01:02:55.380 opinion

01:02:55.740 when

01:02:56.120 married

01:02:56.560 with

01:02:56.800 the

01:02:56.960 pronouncements

01:02:57.560 from

01:02:57.740 Trump

01:02:58.180 Rubio

01:02:58.740 Vance

01:02:59.300 Stephen

01:02:59.820 Mirren

01:03:00.120 the

01:03:00.380 Council

01:03:01.060 of

01:03:01.180 Economic

01:03:01.500 Advisors

01:03:02.100 Besant

01:03:03.780 the

01:03:04.240 more

01:03:04.560 likely

01:03:05.120 it

01:03:05.340 is

01:03:05.720 that

01:03:06.200 these

01:03:06.480 flows

01:03:06.840 of

01:03:07.040 gold

01:03:07.440 into

01:03:07.840 the

01:03:08.040 U.S.

01:03:08.460 are

01:03:08.580 effectively

01:03:09.140 front-running

01:03:10.800 what will

01:03:11.080 likely be

01:03:11.540 a higher

01:03:12.100 price

01:03:12.480 of

01:03:12.660 gold

01:03:13.180 driven

01:03:13.900 there

01:03:14.320 by

01:03:14.600 the

01:03:14.800 recycling

01:03:15.400 of

01:03:16.020 global

01:03:16.340 trade

01:03:16.900 more

01:03:17.660 into

01:03:17.960 gold

01:03:18.500 and

01:03:19.260 less

01:03:19.660 into

01:03:20.300 U.S.

01:03:20.880 financial

01:03:21.160 assets

01:03:21.520 than has

01:03:21.900 been the

01:03:22.180 case

01:03:22.400 over the

01:03:22.680 last

01:03:22.900 50

01:03:23.520 years

01:03:23.640 it's

01:03:23.820 just

01:03:23.940 an

01:03:24.120 incredible

01:03:24.560 story

01:03:24.900 if

01:03:25.080 what

01:03:25.220 you're

01:03:25.340 saying

01:03:25.540 is

01:03:25.700 right

01:03:26.000 it's

01:03:26.260 incredible

01:03:26.860 because

01:03:28.060 really

01:03:28.660 it's

01:03:30.160 a

01:03:30.260 move

01:03:31.040 toward

01:03:31.280 the

01:03:32.080 fundamentals

01:03:32.600 toward

01:03:32.940 the

01:03:33.060 past

01:03:33.440 it's

01:03:33.640 actually

01:03:33.860 moving

01:03:34.160 backward

01:03:34.660 what

01:03:35.600 you're

01:03:35.740 saying

01:03:35.980 is

01:03:36.120 the

01:03:36.260 future

01:03:36.480 is

01:03:36.640 like

01:03:36.800 building

01:03:37.280 more

01:03:37.520 factories

01:03:38.040 and

01:03:38.320 buying

01:03:38.600 more

01:03:38.800 gold

01:03:39.220 really

01:03:39.580 I

01:03:40.480 thought

01:03:40.660 we

01:03:42.580 were

01:03:42.700 moving

01:03:43.020 to

01:03:43.260 a

01:03:43.380 far

01:03:43.740 more

01:03:43.960 abstract

01:03:44.420 I

01:03:44.780 mean

01:03:44.880 I'm

01:03:45.180 thrilled

01:03:45.380 by

01:03:45.580 it

01:03:45.700 let me

01:03:45.880 just

01:03:46.040 say

01:03:46.260 but

01:03:47.060 it's

01:03:47.160 the

01:03:47.300 opposite

01:03:47.720 of

01:03:47.980 what

01:03:48.140 I

01:03:48.280 think

01:03:48.420 many

01:03:48.620 of

01:03:48.740 us

01:03:48.840 anticipate

01:03:49.240 which

01:03:49.620 is

01:03:49.800 a

01:03:49.960 world

01:03:50.180 that

01:03:50.360 is

01:03:50.560 increasingly

01:03:51.180 abstract

01:03:51.620 and

01:03:53.160 you're

01:03:53.440 describing

01:03:53.800 world

01:03:54.160 that

01:03:54.300 is

01:03:54.460 increasingly

01:03:54.920 concrete

01:03:55.500 I

01:03:57.360 think

01:03:57.660 or an

01:03:57.900 economy

01:03:58.320 an

01:03:58.600 economy

01:03:58.940 yeah

01:03:59.180 and

01:03:59.360 I

01:03:59.480 think

01:03:59.860 I

01:04:00.060 think

01:04:00.720 there

01:04:00.860 will

01:04:00.980 still

01:04:01.220 be

01:04:01.560 growth

01:04:02.200 in

01:04:02.660 services

01:04:03.260 and

01:04:03.420 the

01:04:03.520 abstractions

01:04:04.140 and

01:04:04.220 these

01:04:04.380 things

01:04:04.780 the

01:04:06.120 technology

01:04:06.440 this

01:04:06.900 doesn't

01:04:07.080 mean

01:04:07.200 technology

01:04:07.660 stops

01:04:07.960 progressing

01:04:08.380 and

01:04:08.580 when

01:04:08.680 I

01:04:08.800 say

01:04:08.940 factories

01:04:09.420 I

01:04:10.440 would

01:04:10.620 use

01:04:10.840 the

01:04:11.120 broadest

01:04:11.660 possible

01:04:12.040 definition

01:04:12.420 of

01:04:12.580 factory

01:04:12.860 right

01:04:13.120 so

01:04:13.340 making

01:04:13.700 things

01:04:14.100 robotic

01:04:15.380 factories

01:04:15.900 they're

01:04:16.240 making

01:04:16.480 things

01:04:16.840 exactly

01:04:17.340 and

01:04:17.860 that

01:04:18.260 I

01:04:18.420 think

01:04:18.760 is

01:04:19.240 where

01:04:20.500 this

01:04:20.740 is

01:04:20.900 going

01:04:21.200 and

01:04:21.360 again

01:04:21.580 critically

01:04:22.060 I

01:04:22.780 think

01:04:22.920 the

01:04:23.100 reason

01:04:23.420 it's

01:04:23.660 going

01:04:23.980 there

01:04:24.440 and

01:04:25.640 I

01:04:25.760 think

01:04:25.900 the

01:04:26.080 reason

01:04:26.500 these

01:04:27.500 policymakers

01:04:28.240 again

01:04:28.740 Trump

01:04:29.420 Besson

01:04:29.960 Rubio

01:04:30.540 Vance

01:04:31.140 chapter

01:04:32.620 and verse

01:04:33.240 is

01:04:34.580 it has

01:04:34.880 become

01:04:35.240 clear

01:04:35.960 that

01:04:36.420 the

01:04:36.700 status

01:04:37.200 quo

01:04:37.540 dollar

01:04:37.940 system

01:04:38.480 has

01:04:38.780 become

01:04:39.240 an

01:04:39.480 acute

01:04:39.880 national

01:04:40.380 security

01:04:40.880 threat

01:04:41.260 to

01:04:41.420 the

01:04:41.560 United

01:04:41.800 States

01:04:42.140 on

01:04:42.320 two

01:04:42.480 fronts

01:04:42.800 we

01:04:43.440 can't

01:04:43.740 make

01:04:43.880 weapons

01:04:44.280 which

01:04:44.720 we

01:04:44.900 keep

01:04:45.180 hearing

01:04:45.460 we

01:04:45.820 can't

01:04:46.040 make

01:04:46.160 them

01:04:46.300 fast

01:04:46.560 enough

01:04:46.760 to

01:04:46.920 credibly

01:04:47.420 defend

01:04:48.460 our

01:04:49.200 allies

01:04:49.740 and

01:04:51.220 project

01:04:53.040 power

01:04:53.420 and

01:04:54.920 our

01:04:55.640 debt

01:04:55.820 has

01:04:55.980 gotten

01:04:56.140 so

01:04:56.420 high

01:04:56.920 that

01:04:57.920 that

01:04:58.120 too

01:04:58.380 has

01:04:58.600 become

01:04:58.860 a

01:04:59.060 national

01:04:59.380 security

01:04:59.920 threat

01:05:00.340 and

01:05:00.860 this

01:05:01.360 sort

01:05:01.560 of

01:05:01.660 checks

01:05:01.940 both

01:05:02.280 boxes

01:05:02.720 of

01:05:03.300 in

01:05:04.000 terms

01:05:04.240 of

01:05:04.380 this

01:05:04.540 systemic

01:05:04.980 change

01:05:06.220 and

01:05:08.040 it

01:05:08.360 makes

01:05:09.640 America

01:05:10.000 great

01:05:10.260 again

01:05:10.460 so

01:05:11.060 the

01:05:11.160 people

01:05:11.360 built

01:05:11.600 this

01:05:11.760 country

01:05:11.980 built

01:05:12.180 it

01:05:12.260 because

01:05:12.420 they

01:05:12.580 wanted

01:05:12.820 freedom

01:05:13.160 one

01:05:13.400 word

01:05:13.580 freedom

01:05:14.000 they

01:05:14.260 wanted

01:05:14.460 freedom

01:05:14.720 from

01:05:14.900 oppressors

01:05:15.460 who

01:05:15.600 forced

01:05:15.860 them

01:05:16.020 to

01:05:16.200 buy

01:05:16.500 overpriced

01:05:17.240 tea

01:05:17.560 then

01:05:18.380 blockaded

01:05:18.960 them

01:05:19.140 when they

01:05:19.340 tried to

01:05:19.640 dump it

01:05:20.000 into the

01:05:20.360 ocean

01:05:20.640 how'd that

01:05:20.960 work out

01:05:21.340 well we

01:05:21.680 built

01:05:21.880 America

01:05:22.280 in

01:05:22.600 response

01:05:23.100 so it's

01:05:24.420 time to

01:05:24.680 throw your

01:05:24.960 big

01:05:25.380 overpriced

01:05:26.080 wireless

01:05:26.600 contract

01:05:27.140 overboard

01:05:27.660 to

01:05:27.980 a new

01:05:28.340 tea

01:05:28.620 party

01:05:28.860 you don't

01:05:29.120 have to

01:05:29.520 pay

01:05:29.780 a hundred

01:05:30.400 dollars

01:05:30.700 a month

01:05:31.220 just to

01:05:31.540 use a

01:05:31.860 phone

01:05:32.120 most people

01:05:32.940 don't

01:05:33.680 use that

01:05:34.260 much in

01:05:34.660 services but

01:05:35.140 they pay

01:05:35.360 it

01:05:35.460 anyway

01:05:35.780 our

01:05:37.040 cell phone

01:05:37.520 company

01:05:37.860 pure

01:05:38.120 talk

01:05:38.340 says no

01:05:38.880 to those

01:05:39.280 prices

01:05:39.700 with a

01:05:40.460 qualifying

01:05:41.020 plan you

01:05:41.560 can choose

01:05:41.940 an iPhone

01:05:42.460 14 or

01:05:43.220 a Samsung

01:05:43.640 Galaxy

01:05:44.220 for nothing

01:05:45.440 zero

01:05:45.980 get premium

01:05:47.240 service on

01:05:47.780 America's most

01:05:48.400 dependable 5G

01:05:49.300 network it

01:05:49.780 only takes a

01:05:50.240 minute to

01:05:50.580 switch we

01:05:51.640 highly recommend

01:05:52.320 it no

01:05:52.580 hassle no

01:05:53.080 gimmicks just

01:05:53.860 honest to

01:05:54.360 goodness

01:05:54.620 wireless

01:05:55.080 priced

01:05:55.540 right

01:05:55.900 so you get

01:05:56.780 your iPhone

01:05:57.320 14 or

01:05:58.040 Samsung

01:05:58.380 Galaxy for

01:05:59.080 nothing

01:05:59.580 zero dollars

01:06:00.220 with a

01:06:00.420 qualifying

01:06:00.780 plan

01:06:01.160 go to

01:06:01.860 puretalk.com

01:06:02.860 slash

01:06:03.120 tucker

01:06:03.400 visit

01:06:04.020 puretalk.com

01:06:05.780 slash

01:06:06.040 tucker

01:06:06.220 for details

01:06:06.840 America's

01:06:08.200 wireless

01:06:08.460 company

01:06:08.880 I mean

01:06:10.220 it's an

01:06:10.480 that's an

01:06:10.980 amazing

01:06:11.320 story that

01:06:12.300 you're

01:06:12.460 telling

01:06:12.780 I guess

01:06:14.060 here's the

01:06:14.720 flying

01:06:15.000 the ointment

01:06:15.320 there's an

01:06:16.520 entire

01:06:16.760 class of

01:06:17.160 people some

01:06:17.560 of the

01:06:17.700 richest

01:06:17.860 people in

01:06:18.180 our

01:06:18.280 society

01:06:18.640 some of

01:06:18.960 whom I

01:06:19.160 know

01:06:19.340 you know

01:06:19.640 too

01:06:19.860 who've

01:06:20.880 gotten

01:06:21.200 you know

01:06:21.700 rich

01:06:22.540 beyond

01:06:22.960 the

01:06:23.220 dreams

01:06:23.440 of

01:06:23.580 creases

01:06:23.860 by

01:06:24.460 really

01:06:24.780 doing

01:06:25.020 nothing

01:06:25.280 and

01:06:25.420 adding

01:06:25.620 nothing

01:06:25.980 just as

01:06:26.920 parasites

01:06:27.260 on the

01:06:27.620 financial

01:06:27.860 system

01:06:28.300 you probably

01:06:30.100 would be

01:06:30.320 more generous

01:06:30.920 than I am

01:06:31.380 in describing

01:06:31.820 what they

01:06:32.140 do

01:06:32.300 but

01:06:32.500 they're

01:06:33.040 useless

01:06:33.640 people

01:06:34.080 who've

01:06:34.520 looted

01:06:34.760 the

01:06:35.360 country

01:06:35.680 but

01:06:36.520 they're

01:06:36.680 really

01:06:36.840 powerful

01:06:37.220 they're

01:06:37.420 the biggest

01:06:37.740 donors

01:06:38.080 and so

01:06:39.160 they're

01:06:39.340 going to

01:06:39.500 stand by

01:06:40.000 and just

01:06:40.420 let

01:06:41.160 their

01:06:41.800 world

01:06:42.600 collapse

01:06:43.020 well

01:06:44.320 I don't

01:06:44.580 think so

01:06:45.220 I mean

01:06:45.700 I don't

01:06:46.000 you know

01:06:46.860 it's one

01:06:47.140 of these

01:06:47.360 things

01:06:47.620 where

01:06:48.040 I think

01:06:49.480 you know

01:06:50.020 what's

01:06:50.600 Charlie

01:06:50.860 Munger

01:06:51.080 say

01:06:51.240 you show

01:06:51.580 me an

01:06:51.800 incentive

01:06:52.020 I'll show

01:06:52.300 you an

01:06:52.480 outcome

01:06:52.740 right

01:06:53.100 it was

01:06:53.480 one of

01:06:53.720 Charlie

01:06:53.980 Munger's

01:06:54.280 famous

01:06:54.480 quotes

01:06:54.720 and so

01:06:55.440 I don't

01:06:55.620 I don't

01:06:55.900 see them

01:06:56.180 as

01:06:56.360 I don't

01:06:56.620 see them

01:06:56.840 as

01:06:57.060 parasites

01:06:58.260 or whatever

01:06:58.780 I think

01:06:59.040 I see them

01:06:59.760 as rational

01:07:00.500 people

01:07:00.820 responding

01:07:01.200 to it

01:07:01.540 I don't

01:07:02.980 think you

01:07:03.240 can stand

01:07:03.660 back

01:07:04.020 and say

01:07:04.460 like

01:07:04.880 you know

01:07:06.140 I don't

01:07:06.720 know

01:07:06.880 I don't

01:07:07.140 want to be

01:07:07.400 too mean

01:07:09.500 but like

01:07:09.860 it's

01:07:10.120 it's harder

01:07:11.040 for the

01:07:11.340 layman

01:07:11.620 me

01:07:12.060 to understand

01:07:13.420 sort of

01:07:14.260 the added

01:07:14.740 value

01:07:15.120 is that

01:07:15.360 the term

01:07:15.620 that they

01:07:15.880 use

01:07:16.080 of some

01:07:17.280 of these

01:07:17.640 quote

01:07:18.000 industries

01:07:18.600 it all

01:07:19.060 seems

01:07:19.380 fake

01:07:19.780 it all

01:07:20.220 seems

01:07:20.720 sort of

01:07:22.520 the product

01:07:23.000 of short

01:07:23.260 term

01:07:23.400 thinking

01:07:23.820 it seems

01:07:24.620 very mercenary

01:07:25.280 it seems

01:07:25.640 disconnected

01:07:26.060 from the

01:07:26.420 national

01:07:26.700 interest

01:07:27.140 it seems

01:07:28.260 greedy

01:07:28.700 among other

01:07:29.340 things

01:07:29.660 and basically

01:07:30.760 disgusting

01:07:31.160 and it hasn't

01:07:31.660 made the

01:07:31.880 country

01:07:32.120 stronger

01:07:32.840 it's made

01:07:33.220 it in fact

01:07:33.640 weaker

01:07:33.940 it's

01:07:34.400 made the

01:07:35.340 country

01:07:35.500 you just

01:07:35.760 described

01:07:36.160 totally

01:07:37.720 overwhelmed

01:07:38.420 by debt

01:07:38.900 and can't

01:07:39.340 even

01:07:39.520 produce

01:07:39.920 artillery

01:07:40.260 shells

01:07:40.620 think about

01:07:41.840 it

01:07:41.960 right

01:07:42.100 so

01:07:42.280 the system

01:07:43.660 we set

01:07:44.200 up

01:07:44.560 when you're

01:07:45.660 the Saudi

01:07:46.000 Arabia

01:07:46.320 of money

01:07:46.780 as we've

01:07:47.760 been

01:07:47.980 since

01:07:48.320 71

01:07:48.840 you're

01:07:50.320 going

01:07:50.600 to have

01:07:51.180 dollar

01:07:51.540 Dutch

01:07:51.840 disease

01:07:52.240 this is

01:07:52.860 the resource

01:07:53.300 curse

01:07:53.560 Vance

01:07:53.760 talked

01:07:53.980 about

01:07:54.160 in

01:07:54.240 23

01:07:54.520 and so

01:07:55.040 you're

01:07:55.660 going

01:07:55.860 to have

01:07:56.460 two

01:07:56.860 sectors

01:07:57.540 grow

01:07:58.020 to the

01:07:58.520 detriment

01:07:58.780 of all

01:07:59.080 other

01:07:59.260 sectors

01:07:59.680 federal

01:08:00.900 government

01:08:01.280 and finance

01:08:03.300 insurance

01:08:03.660 real estate

01:08:04.420 the fire

01:08:05.000 industry

01:08:05.220 finance

01:08:05.580 now

01:08:06.080 both

01:08:07.320 of those

01:08:07.800 industries

01:08:08.200 are absolutely

01:08:09.040 and I'm

01:08:09.620 not calling

01:08:10.140 them parasites

01:08:10.680 but they

01:08:11.440 are parasitic

01:08:12.060 industries

01:08:12.380 they make

01:08:13.040 money

01:08:13.340 by taking

01:08:14.380 a small

01:08:14.780 cut of

01:08:15.200 everything

01:08:15.560 that comes

01:08:15.960 in

01:08:16.180 and if

01:08:17.640 you just

01:08:18.280 think about

01:08:18.740 this

01:08:19.120 intuitively

01:08:19.800 biologically

01:08:20.480 in the

01:08:21.040 natural

01:08:21.280 world

01:08:21.660 if you

01:08:22.580 have a

01:08:22.780 small

01:08:22.980 parasite

01:08:23.360 on you

01:08:23.820 you have

01:08:24.020 a small

01:08:24.400 whatever

01:08:24.760 gut

01:08:25.360 parasite

01:08:25.940 it takes

01:08:26.640 a little

01:08:26.900 bit of

01:08:27.140 every meal

01:08:27.520 you eat

01:08:27.920 maybe you

01:08:28.780 don't feel

01:08:29.060 100%

01:08:29.460 but you're

01:08:30.140 fine

01:08:30.700 the parasite

01:08:32.060 is great

01:08:32.560 and you're

01:08:33.200 fine

01:08:33.560 at some

01:08:35.180 point

01:08:35.620 the parasite

01:08:36.200 gets so

01:08:37.220 big

01:08:37.640 if it's

01:08:38.000 allowed to

01:08:38.380 get so

01:08:38.820 big

01:08:39.240 that it's

01:08:39.620 taking

01:08:40.100 too many

01:08:41.220 of your

01:08:41.540 calories

01:08:42.040 you start

01:08:43.080 to wither

01:08:43.580 and you

01:08:43.980 die

01:08:44.280 ultimately

01:08:44.800 and that

01:08:45.240 is where

01:08:45.760 we're at

01:08:46.420 unfortunately

01:08:47.340 that's

01:08:48.000 the symptoms

01:08:48.800 of this

01:08:49.340 are 100,000

01:08:50.520 people a

01:08:51.020 year dying

01:08:51.420 of drug

01:08:51.740 overdoses

01:08:52.300 the inability

01:08:53.700 to make

01:08:54.120 shells

01:08:54.680 the hollowing

01:08:56.120 out of the

01:08:56.420 defense

01:08:56.680 industrial base

01:08:57.720 and these

01:08:58.980 are the

01:08:59.320 things

01:08:59.920 that this

01:09:01.980 fixes

01:09:02.300 I mean

01:09:02.540 it's

01:09:03.000 you know

01:09:04.300 I look at

01:09:04.880 myself

01:09:05.200 I was

01:09:05.680 a fairly

01:09:07.000 smart kid

01:09:07.400 I was going

01:09:07.620 to architecture

01:09:08.200 didn't like

01:09:08.600 architecture

01:09:09.000 I could have

01:09:09.320 done engineering

01:09:09.800 but I

01:09:10.700 absolutely

01:09:11.380 35 years

01:09:12.640 ago

01:09:12.920 looked at

01:09:13.640 and said

01:09:13.820 okay well

01:09:14.420 I could

01:09:15.600 study really

01:09:16.120 hard

01:09:16.640 and never

01:09:18.060 go out

01:09:18.300 to the

01:09:18.500 bars

01:09:18.800 and graduate

01:09:20.160 in five

01:09:20.560 years

01:09:20.880 in engineering

01:09:21.420 or

01:09:22.580 I could

01:09:24.200 get really

01:09:24.780 good grades

01:09:25.400 a lot

01:09:26.260 less effort

01:09:26.760 go out

01:09:27.380 to the

01:09:27.560 bars

01:09:27.740 three four

01:09:28.100 nights a

01:09:28.420 week

01:09:28.620 and graduate

01:09:29.260 in four

01:09:29.520 years in

01:09:29.800 business

01:09:30.140 and in

01:09:30.900 finance

01:09:31.200 and I

01:09:32.520 you know

01:09:33.340 I made

01:09:33.680 a self

01:09:34.220 you know

01:09:35.760 I made

01:09:36.140 a it's a

01:09:36.700 tragedy

01:09:36.980 the commons

01:09:37.440 problem

01:09:37.680 right

01:09:37.820 I did

01:09:38.260 what was

01:09:38.540 best for

01:09:38.840 me

01:09:38.980 and my

01:09:40.240 family

01:09:40.540 most of

01:09:41.400 my friends

01:09:41.740 made the

01:09:42.060 same

01:09:42.180 choice

01:09:42.400 I'm not

01:09:42.720 you know

01:09:43.040 I

01:09:43.240 people respond

01:09:44.540 to incentives

01:09:45.000 and this

01:09:46.360 but this

01:09:46.820 this fundamentally

01:09:47.560 changes the

01:09:48.120 incentives

01:09:48.480 when you

01:09:49.120 do this

01:09:49.840 neutral

01:09:50.700 reserve

01:09:51.060 asset

01:09:51.460 so to

01:09:51.880 answer

01:09:52.060 your

01:09:52.200 question

01:09:52.520 there are

01:09:54.100 a lot

01:09:54.200 of people

01:09:54.380 vested

01:09:54.760 in the

01:09:54.980 a lot

01:09:55.220 of people

01:09:55.500 vested

01:09:55.820 yes

01:09:56.120 powerful

01:09:56.460 how are

01:09:56.840 they

01:09:56.940 I think

01:09:57.760 what we

01:09:58.060 have been

01:09:58.300 watching

01:09:58.680 over the

01:09:58.960 last

01:09:59.140 five

01:09:59.500 years

01:09:59.980 and I

01:10:00.400 think

01:10:00.500 this

01:10:00.640 part

01:10:00.960 of

01:10:01.120 the

01:10:01.420 the

01:10:02.260 you know

01:10:02.680 the

01:10:03.080 Trump

01:10:03.420 versus

01:10:04.040 you know

01:10:04.980 the

01:10:05.320 no

01:10:06.300 question

01:10:06.840 the

01:10:07.200 animosity

01:10:08.380 to him

01:10:08.720 manifest

01:10:09.240 in party

01:10:09.620 politics

01:10:10.060 oh yeah

01:10:10.600 I think

01:10:10.980 absolutely

01:10:11.340 and I

01:10:11.820 think

01:10:12.060 there

01:10:12.220 has

01:10:12.380 been

01:10:12.560 a

01:10:12.900 sort

01:10:14.720 of

01:10:14.900 the

01:10:15.240 a

01:10:16.780 progression

01:10:17.520 of the

01:10:17.860 U.S.

01:10:18.320 you know

01:10:18.480 what was

01:10:18.920 you know

01:10:19.880 1960 to

01:10:21.040 1980

01:10:21.420 what's good

01:10:21.800 for GM

01:10:22.140 is good

01:10:22.340 for America

01:10:22.760 and then

01:10:23.200 from 1980

01:10:23.720 to 2020

01:10:25.680 what's

01:10:27.000 good

01:10:27.740 for

01:10:28.360 Goldman Sachs

01:10:29.760 is good

01:10:30.040 for America

01:10:30.540 and I

01:10:31.120 think

01:10:31.240 starting

01:10:31.780 Trump

01:10:32.660 introduced

01:10:33.160 some of

01:10:33.480 these

01:10:33.600 concepts

01:10:34.020 16 to

01:10:34.560 20

01:10:34.800 but I

01:10:35.020 think

01:10:35.140 COVID

01:10:35.420 and then

01:10:36.860 the

01:10:39.300 war in

01:10:39.580 Ukraine

01:10:39.960 reinforced

01:10:40.680 it

01:10:41.000 I

01:10:41.680 think

01:10:41.800 we're

01:10:41.940 shifting

01:10:42.240 to a

01:10:42.540 what's

01:10:42.740 good

01:10:42.980 for

01:10:43.140 the

01:10:43.280 U.S.

01:10:43.640 defense

01:10:43.920 industrial

01:10:44.400 base

01:10:44.760 and

01:10:45.140 middle

01:10:45.340 and

01:10:45.460 working

01:10:45.660 class

01:10:46.120 is good

01:10:46.620 for

01:10:46.780 America

01:10:47.140 and so

01:10:47.600 there's

01:10:47.960 you know

01:10:48.860 this

01:10:49.360 to your

01:10:50.060 point

01:10:50.340 this

01:10:50.780 old

01:10:51.520 what's

01:10:51.880 good

01:10:52.000 for

01:10:52.160 Goldman

01:10:52.440 Sachs

01:10:52.840 is good

01:10:53.100 for

01:10:53.260 America

01:10:53.700 wing

01:10:54.440 of the

01:10:54.760 world

01:10:55.140 the

01:10:55.360 Robert

01:10:55.600 Rubens

01:10:56.040 and

01:10:56.420 the

01:10:56.620 you know

01:10:57.180 the

01:10:57.340 Larry

01:10:57.520 Summers

01:10:57.940 and a

01:10:58.160 lot

01:10:58.240 of

01:10:58.300 these

01:10:58.420 guys

01:10:58.640 you're

01:10:58.800 seeing

01:10:59.020 lament

01:10:59.380 against

01:10:59.700 all

01:10:59.880 the

01:11:00.000 tariffs

01:11:00.300 and

01:11:06.860 if

01:11:07.340 because

01:11:08.480 what

01:11:08.720 you're

01:11:08.880 talking

01:11:09.180 about

01:11:09.340 the

01:11:09.480 two

01:11:09.680 most

01:11:09.980 pronounced

01:11:10.720 dynamics

01:11:11.800 are

01:11:12.360 going

01:11:12.680 to be

01:11:13.280 the

01:11:14.100 real

01:11:14.560 value

01:11:15.100 of

01:11:15.320 long-term

01:11:15.920 treasury

01:11:16.700 bonds

01:11:17.040 long-term

01:11:17.560 dollar

01:11:17.900 bonds

01:11:18.340 will fall

01:11:19.180 relative

01:11:19.700 to

01:11:20.120 industrial

01:11:20.600 assets

01:11:21.020 production

01:11:21.720 equities

01:11:22.680 etc

01:11:23.120 so

01:11:23.540 these

01:11:25.020 guys

01:11:25.300 may

01:11:25.500 have

01:11:25.620 less

01:11:25.800 political

01:11:26.300 power

01:11:26.820 but

01:11:28.020 the

01:11:28.200 reality

01:11:28.620 is

01:11:28.900 that's

01:11:29.360 just

01:11:29.500 a

01:11:29.640 marking

01:11:29.860 to

01:11:30.040 market

01:11:30.340 their

01:11:30.660 worldview

01:11:31.200 has

01:11:31.520 been

01:11:31.660 proven

01:11:31.960 wrong

01:11:32.300 we

01:11:32.480 can't

01:11:32.780 make

01:11:32.920 shells

01:11:33.140 there

01:11:33.320 are

01:11:33.580 100,000

01:11:34.060 people

01:11:34.300 dying

01:11:34.540 of

01:11:34.660 drug

01:11:34.840 overdoses

01:11:35.260 every

01:11:35.520 year

01:11:35.660 you

01:11:36.100 do

01:11:36.360 have

01:11:36.540 a

01:11:36.660 hollowed

01:11:36.920 out

01:11:37.020 defense

01:11:37.340 industrial

01:11:37.760 base

01:11:38.000 we

01:11:38.140 do

01:11:38.340 have

01:11:38.500 too

01:11:38.620 much

01:11:38.780 debt

01:11:38.980 like

01:11:39.300 those

01:11:39.680 things

01:11:39.940 are

01:11:40.080 no

01:11:40.300 longer

01:11:40.780 debatable

01:11:41.480 they're

01:11:41.760 all

01:11:42.020 empirically

01:11:42.500 true

01:11:42.800 they're

01:11:43.020 all

01:11:43.240 empirically

01:11:43.720 shown

01:11:44.120 to be

01:11:44.760 hurting

01:11:45.020 the

01:11:45.200 US

01:11:45.380 so

01:11:45.720 they

01:11:46.120 can't

01:11:46.400 argue

01:11:46.580 on

01:11:46.720 the

01:11:46.860 merits

01:11:47.120 so

01:11:47.300 they've

01:11:47.440 got

01:11:47.520 to

01:11:47.620 attack

01:11:48.100 the

01:11:49.080 people

01:11:49.420 trying

01:11:49.820 to

01:11:50.040 implement

01:11:50.400 it

01:11:50.700 but

01:11:50.900 in

01:11:51.040 the

01:11:51.140 end

01:11:51.440 I

01:11:52.260 don't

01:11:52.460 think

01:11:52.800 they

01:11:53.000 can

01:11:53.320 win

01:11:53.840 this

01:11:54.060 argument

01:11:54.400 anymore

01:11:54.740 because

01:11:55.080 events

01:11:55.680 have

01:11:55.880 proven

01:11:56.280 them

01:11:56.560 wrong

01:11:56.980 the

01:11:57.200 system

01:11:57.600 is

01:11:57.780 going

01:11:58.340 to

01:11:58.580 change

01:11:59.060 because

01:11:59.740 the

01:11:59.920 US

01:12:00.120 military

01:12:00.600 is

01:12:00.860 not

01:12:01.140 going

01:12:01.420 to

01:12:01.600 sit

01:12:01.800 here

01:12:01.980 and

01:12:02.080 go

01:12:02.260 you

01:12:02.840 know

01:12:03.020 what

01:12:03.200 guys

01:12:03.460 you're

01:12:03.720 right

01:12:03.960 let's

01:12:04.340 keep

01:12:04.580 that

01:12:04.820 system

01:12:05.200 and

01:12:05.400 we'll

01:12:05.540 just

01:12:05.700 have

01:12:05.840 China

01:12:06.120 make

01:12:06.360 everything

01:12:06.680 for

01:12:07.000 us

01:12:07.140 in

01:12:07.240 five

01:12:07.540 years

01:12:07.840 and

01:12:08.020 when

01:12:09.520 you

01:12:09.840 want

01:12:10.020 us

01:12:10.140 to

01:12:10.260 face

01:12:10.480 down

01:12:10.660 the

01:12:10.800 Russians

01:12:11.140 over

01:12:11.580 in

01:12:11.980 Georgia

01:12:12.700 or

01:12:13.160 Lithuania

01:12:14.580 we'll

01:12:16.020 ask

01:12:16.380 the

01:12:16.540 Chinese

01:12:16.840 to

01:12:17.000 make

01:12:17.160 weapons

01:12:17.500 for

01:12:17.660 it

01:12:17.760 that's

01:12:18.320 not

01:12:18.440 going

01:12:18.540 to

01:12:18.620 happen

01:12:18.940 so

01:12:19.320 if

01:12:19.600 that's

01:12:19.920 not

01:12:20.320 going

01:12:20.600 to

01:12:20.760 happen

01:12:21.120 and

01:12:21.660 if

01:12:21.780 we're

01:12:21.880 not

01:12:22.200 going

01:12:22.380 to

01:12:22.500 default

01:12:22.800 on

01:12:22.980 our

01:12:23.140 debt

01:12:23.440 then

01:12:24.780 the

01:12:24.980 only

01:12:25.220 outcome

01:12:25.800 is

01:12:26.340 they're

01:12:27.620 going

01:12:27.720 to

01:12:27.800 have

01:12:27.920 to

01:12:28.000 restructure

01:12:28.420 this

01:12:28.640 system

01:12:28.940 in

01:12:29.220 this

01:12:29.480 way

01:12:29.740 which

01:12:30.000 will

01:12:30.480 be

01:12:30.620 good

01:12:30.780 for

01:12:30.900 these

01:12:31.040 people's

01:12:31.420 equity

01:12:31.700 bases

01:12:31.980 right

01:12:32.140 there'll

01:12:32.280 be

01:12:32.380 a lot

01:12:32.640 more

01:12:32.820 bank

01:12:33.060 loans

01:12:33.340 so

01:12:33.760 it's

01:12:34.000 just

01:12:34.200 more

01:12:34.540 it's

01:12:35.340 not

01:12:35.500 catastrophic

01:12:36.140 it's

01:12:36.520 just

01:12:36.680 catastrophic

01:12:37.080 to

01:12:37.260 a

01:12:37.420 world

01:12:37.700 view

01:12:38.060 but

01:12:38.540 the

01:12:38.680 world

01:12:38.900 view

01:12:39.140 like

01:12:39.440 to

01:12:39.780 any

01:12:40.040 objective

01:12:40.500 observer

01:12:40.900 is

01:12:41.160 already

01:12:41.500 dead

01:12:41.900 could

01:12:42.720 I

01:12:42.900 mean

01:12:43.060 just

01:12:43.260 to

01:12:43.400 ask

01:12:43.660 a

01:12:43.780 kind

01:12:43.900 of

01:12:44.020 google

01:12:44.240 question

01:12:44.660 because

01:12:44.840 I

01:12:44.960 can't

01:12:45.280 control

01:12:45.620 myself

01:12:45.920 but

01:12:46.160 you know

01:12:47.460 you'd

01:12:47.860 hate

01:12:48.060 to see

01:12:48.420 manufacturing

01:12:49.020 come

01:12:49.340 back

01:12:49.720 and

01:12:50.960 then

01:12:51.140 discover

01:12:51.520 the

01:12:51.720 only

01:12:51.940 manufacturing

01:12:52.600 is

01:12:52.940 like

01:12:53.240 machines

01:12:53.980 that

01:12:54.180 kill

01:12:54.360 other

01:12:54.560 people

01:12:54.980 could

01:12:55.920 you

01:12:56.060 also

01:12:56.420 because

01:12:56.860 that's

01:12:57.660 totally

01:12:58.700 disgusting

01:12:59.220 you

01:12:59.820 can't

01:13:00.360 be

01:13:00.440 proud

01:13:00.640 of

01:13:00.740 a

01:13:00.840 country

01:13:01.180 whose

01:13:01.760 only

01:13:01.980 export

01:13:02.380 is

01:13:02.680 bombs

01:13:03.540 I

01:13:03.940 mean

01:13:04.080 that's

01:13:04.540 you

01:13:05.520 can't

01:13:06.440 be

01:13:06.540 proud

01:13:06.680 of

01:13:06.780 that

01:13:06.880 that's

01:13:07.060 totally

01:13:07.280 immoral

01:13:07.600 so

01:13:08.500 you

01:13:08.720 need

01:13:09.100 military

01:13:09.760 you

01:13:09.940 need

01:13:10.060 weapons

01:13:10.380 but

01:13:10.680 you

01:13:10.940 also

01:13:11.200 want

01:13:11.400 to

01:13:11.480 build

01:13:11.620 things

01:13:11.880 that

01:13:12.000 are

01:13:12.100 beautiful

01:13:12.420 and

01:13:12.620 uplifting

01:13:12.980 and

01:13:13.140 life

01:13:13.320 enhancing

01:13:13.640 also

01:13:13.980 could

01:13:14.460 you

01:13:14.580 get

01:13:14.720 that

01:13:14.900 too

01:13:15.120 I

01:13:15.660 think

01:13:15.820 absolutely

01:13:16.260 I

01:13:16.460 mean

01:13:16.640 ultimately

01:13:17.960 you

01:13:19.240 think

01:13:19.520 about

01:13:19.700 everything

01:13:20.180 we've

01:13:20.560 shifted

01:13:20.940 to

01:13:21.560 you

01:13:21.900 know

01:13:21.980 this

01:13:22.220 system

01:13:22.560 has

01:13:22.680 required

01:13:22.900 us

01:13:23.120 offshoring

01:13:24.020 infrastructure

01:13:25.860 manufacturing

01:13:26.620 etc

01:13:27.000 that

01:13:28.720 stuff

01:13:28.940 needs

01:13:29.120 to

01:13:29.220 be

01:13:29.340 rebuilt

01:13:29.680 right

01:13:29.940 we're

01:13:30.220 sort

01:13:30.560 of

01:13:30.760 when

01:13:30.960 you

01:13:31.080 look

01:13:31.380 at

01:13:31.500 the

01:13:31.760 flows

01:13:32.240 of

01:13:32.400 the

01:13:32.500 last

01:13:32.680 50

01:13:33.000 years

01:13:33.580 our

01:13:37.000 infrastructure

01:13:38.100 looks like

01:13:38.720 we lost

01:13:39.060 a war

01:13:39.440 it's

01:13:40.160 been

01:13:40.700 hollowed

01:13:41.620 out

01:13:41.920 it's

01:13:42.260 been

01:13:42.580 dilapidated

01:13:43.520 and so

01:13:44.360 there's

01:13:44.720 decades

01:13:45.660 of open

01:13:46.160 field

01:13:46.440 running

01:13:46.840 of

01:13:47.460 I mean

01:13:48.600 I'm an

01:13:49.060 investor

01:13:49.340 in a

01:13:49.540 private

01:13:49.780 equity

01:13:50.180 investment

01:13:51.140 in

01:13:51.500 U.S.

01:13:51.980 electrical

01:13:52.620 infrastructure

01:13:53.220 it's

01:13:54.140 boring

01:13:54.540 business

01:13:54.820 they just

01:13:55.080 make

01:13:55.280 metal

01:13:55.660 bending

01:13:55.880 stuff

01:13:56.180 that

01:13:56.320 goes

01:13:56.500 into

01:13:56.620 transformers

01:13:57.300 it's

01:13:57.420 absolutely

01:13:59.560 the future

01:14:00.160 and

01:14:00.800 they've

01:14:01.740 got

01:14:01.940 so much

01:14:02.520 demand

01:14:02.940 they can't

01:14:03.460 hire

01:14:03.640 enough

01:14:03.840 people

01:14:04.260 once

01:14:05.580 you get

01:14:07.360 the right

01:14:08.040 incentives

01:14:08.460 in place

01:14:08.960 in terms

01:14:09.560 of the

01:14:09.820 monetary

01:14:10.180 system

01:14:10.820 and those

01:14:11.580 flows

01:14:12.060 the markets

01:14:13.220 will start

01:14:13.620 to work

01:14:14.120 and they'll

01:14:14.440 start to

01:14:14.840 feed on

01:14:15.160 themselves

01:14:15.540 and then

01:14:15.840 we can

01:14:16.120 get into

01:14:16.680 things

01:14:17.040 okay

01:14:17.280 wow

01:14:17.520 we have

01:14:17.800 enough

01:14:18.040 demand

01:14:18.340 now we

01:14:20.900 need to

01:14:21.160 build

01:14:21.320 the power

01:14:21.680 plants

01:14:21.960 once we

01:14:22.220 build

01:14:22.340 the power

01:14:22.740 plants

01:14:23.100 then we

01:14:23.460 can build

01:14:23.860 more

01:14:24.240 high-speed

01:14:24.880 rail

01:14:25.180 we build

01:14:25.460 more high-speed

01:14:25.860 rail

01:14:26.120 we need more

01:14:26.540 train stations

01:14:27.500 we need more

01:14:28.420 electricians

01:14:28.980 we need more

01:14:29.420 totally

01:14:29.820 and it can

01:14:30.640 feed on

01:14:31.020 itself

01:14:31.300 it's not

01:14:31.920 easy

01:14:32.220 there's

01:14:32.520 a high

01:14:33.700 degree of

01:14:34.080 executional

01:14:34.680 risk

01:14:34.960 not least

01:14:35.680 of which

01:14:35.960 is

01:14:36.160 because we

01:14:37.500 have

01:14:37.680 dawdled

01:14:38.020 so long

01:14:38.420 because this

01:14:39.120 other wing

01:14:39.920 of Washington

01:14:40.700 has been

01:14:41.140 so successful

01:14:42.000 in fighting

01:14:42.560 off what has

01:14:43.060 long been

01:14:43.540 obvious to

01:14:44.080 the military

01:14:44.500 and others

01:14:45.000 we got to

01:14:46.480 run fast

01:14:46.900 we got to

01:14:47.280 run not

01:14:47.820 quite on a

01:14:48.260 Manhattan

01:14:48.600 project type

01:14:49.780 of time

01:14:50.160 frame

01:14:50.380 but we

01:14:50.700 need to

01:14:53.420 be aggressive

01:14:54.240 in doing

01:14:54.760 this

01:14:54.980 and I think

01:14:55.240 it's part

01:14:55.600 of the reason

01:14:56.000 why we've

01:14:56.580 seen the

01:14:57.040 Trump

01:14:57.240 administration

01:14:57.660 be so

01:14:59.520 aggressive

01:14:59.900 with some

01:15:00.240 of their

01:15:00.400 moves

01:15:00.620 so early

01:15:01.060 on

01:15:01.300 it has

01:15:02.000 been

01:15:02.240 fascinating

01:15:03.160 how quickly

01:15:03.900 they've been

01:15:04.380 doing things

01:15:05.320 and moving

01:15:05.920 fast and

01:15:06.480 breaking

01:15:06.960 stuff

01:15:07.360 and some

01:15:07.660 of the

01:15:07.780 stuff

01:15:07.960 it's

01:15:08.380 oops

01:15:08.780 we didn't

01:15:09.220 need to

01:15:09.460 do that

01:15:09.760 but I

01:15:11.020 think that

01:15:11.440 speed

01:15:12.160 reflects

01:15:13.060 in my

01:15:13.500 opinion

01:15:13.700 my read

01:15:14.040 of that

01:15:14.280 speed

01:15:14.680 of action

01:15:15.260 by the

01:15:15.560 Trump

01:15:15.720 administration

01:15:16.100 is a

01:15:17.100 nod

01:15:18.600 towards

01:15:18.940 understanding

01:15:19.500 that this

01:15:20.120 needs to

01:15:20.680 get going

01:15:21.400 fast

01:15:21.900 it's so

01:15:22.500 big picture

01:15:23.280 it's just

01:15:24.000 so impressive

01:15:25.100 you know

01:15:28.200 just from a

01:15:28.840 management

01:15:29.260 perspective

01:15:29.860 like that

01:15:30.360 they're thinking

01:15:30.900 in these

01:15:31.380 terms

01:15:31.820 and I think

01:15:33.240 we know

01:15:33.560 that they're

01:15:33.900 thinking in

01:15:34.340 these terms

01:15:34.840 they absolutely

01:15:35.540 are you can

01:15:35.980 see it in

01:15:36.340 their public

01:15:36.680 pronouncements

01:15:37.260 J.D. Vance

01:15:37.780 specifically

01:15:38.520 maybe I'm

01:15:39.080 tell me if you

01:15:39.980 think I'm

01:15:40.220 giving him too

01:15:40.660 much credit

01:15:41.000 but he

01:15:42.000 seems to have

01:15:42.600 thought about

01:15:43.060 this like

01:15:44.080 holistically

01:15:44.600 like in a

01:15:45.160 big way

01:15:45.700 you

01:15:46.500 described that

01:15:47.680 exchange with

01:15:48.740 Jerome Powell

01:15:49.200 I mean are you

01:15:50.860 getting indications

01:15:51.460 that Vance

01:15:52.540 has a big

01:15:53.540 picture in

01:15:53.940 mind

01:15:54.220 I think

01:15:55.940 Vance

01:15:56.600 understands

01:15:57.680 it at

01:15:58.780 a level

01:15:59.480 as good

01:16:01.840 as any

01:16:02.200 politician

01:16:02.920 that I've

01:16:03.480 seen in

01:16:03.860 this country

01:16:04.460 in my

01:16:06.040 in

01:16:06.520 decades

01:16:07.640 and I

01:16:08.480 think some

01:16:09.040 of that

01:16:09.420 is

01:16:09.840 you know

01:16:11.160 if viewers

01:16:12.480 haven't

01:16:12.900 watched

01:16:13.560 Hillbilly

01:16:14.280 Elegy

01:16:14.600 or read

01:16:14.880 the book

01:16:15.160 Hillbilly

01:16:15.500 Elegy

01:16:15.900 he understands

01:16:17.760 that it's

01:16:18.020 such an

01:16:18.280 intuitive level

01:16:18.840 because he

01:16:19.120 lived it

01:16:19.500 he was in

01:16:19.880 Middletown

01:16:20.200 Ohio

01:16:20.540 he saw

01:16:21.040 what happened

01:16:21.360 in Middletown

01:16:21.760 Ohio

01:16:21.980 he saw

01:16:22.400 what happened

01:16:22.720 to his

01:16:22.880 family

01:16:23.120 he saw

01:16:23.480 the hollowing

01:16:25.040 out

01:16:25.300 so much

01:16:26.200 so that

01:16:26.700 Larry

01:16:27.140 Summers

01:16:27.540 one of the

01:16:27.860 people

01:16:28.100 trying to

01:16:28.800 fight this

01:16:29.300 was publicly

01:16:30.760 praising

01:16:31.500 Vance

01:16:32.900 and Hillbilly

01:16:33.540 Elegy

01:16:34.040 in 2017

01:16:35.500 you can find

01:16:36.360 it on X

01:16:36.920 saying oh my

01:16:37.660 gosh I had

01:16:38.260 no idea

01:16:38.800 this was

01:16:39.120 happening

01:16:39.560 so I

01:16:40.580 think Vance

01:16:41.180 he's such a

01:16:41.680 foolish man

01:16:42.420 Larry Summers

01:16:43.580 damn that's a

01:16:44.500 whole different

01:16:44.800 topic

01:16:45.000 no but just

01:16:45.460 like for

01:16:45.800 it's

01:16:46.220 I mean

01:16:46.560 as smart as he is

01:16:47.460 it's yeah he's

01:16:48.320 as smart as he is

01:16:49.420 I mean air quotes

01:16:50.080 because I mean

01:16:51.440 we're constantly

01:16:52.260 bombarding this

01:16:52.860 propaganda about

01:16:53.440 how smart all

01:16:54.060 these different

01:16:54.460 people are

01:16:55.000 oh they're so

01:16:55.400 smart

01:16:55.740 really are they

01:16:56.380 so smart

01:16:56.800 how are they

01:16:57.220 how do they

01:16:57.700 order their

01:16:58.100 own lives

01:16:58.640 for one thing

01:16:59.320 smart

01:16:59.840 like how's

01:17:00.220 your marriage

01:17:00.620 doing

01:17:01.020 like your kids

01:17:01.660 respect you

01:17:02.220 like how smart

01:17:02.880 are you actually

01:17:03.660 what's the

01:17:04.660 you know

01:17:04.900 what's the

01:17:05.220 your output

01:17:05.940 what have you

01:17:06.340 created

01:17:06.860 that's

01:17:07.380 worth having

01:17:08.480 like smart

01:17:09.600 people almost

01:17:10.220 by definition

01:17:10.760 would have

01:17:11.340 sort of

01:17:12.180 successes

01:17:12.580 right

01:17:13.000 what's his

01:17:13.660 success

01:17:14.060 I don't

01:17:14.340 really get

01:17:14.720 it

01:17:14.880 gathering

01:17:15.360 you know

01:17:16.260 merit badges

01:17:16.820 whatever I'm

01:17:17.280 sorry

01:17:17.440 anyway so

01:17:18.060 yeah

01:17:18.340 the whole

01:17:18.760 leadership

01:17:19.040 class is

01:17:19.560 like that

01:17:19.940 there's

01:17:20.200 so smart

01:17:21.400 really show

01:17:21.800 me how

01:17:22.220 then it's

01:17:23.780 you know

01:17:24.340 so Vance

01:17:24.860 I think

01:17:25.360 really gets

01:17:26.360 at a

01:17:27.200 he lived

01:17:27.920 it

01:17:28.080 he saw

01:17:28.980 like more

01:17:30.320 than anyone

01:17:31.340 in that

01:17:32.100 seat that

01:17:32.860 we've seen

01:17:33.340 in our

01:17:33.620 lifetimes

01:17:34.140 I would

01:17:34.600 argue

01:17:34.940 saw

01:17:36.380 and is

01:17:37.500 spoken

01:17:37.980 about

01:17:38.600 has spoken

01:17:40.560 about

01:17:41.100 the resource

01:17:42.480 curse

01:17:42.820 and so

01:17:43.720 Vance

01:17:44.360 you know

01:17:44.900 the dollar

01:17:45.480 dutch disease

01:17:46.000 what happened

01:17:46.640 to manufacturing

01:17:47.220 what happened

01:17:47.720 to families

01:17:48.180 what happened

01:17:48.720 to the social

01:17:49.340 fabric

01:17:49.860 of the middle

01:17:50.820 and working

01:17:51.120 class across

01:17:51.700 America

01:17:52.100 and he wrote

01:17:52.560 about it

01:17:52.900 you know

01:17:53.260 the movies

01:17:53.620 about him

01:17:54.020 and

01:17:54.140 in 2023

01:17:58.080 he specifically

01:18:00.180 linked

01:18:00.980 reserve currency

01:18:02.420 status of the

01:18:03.000 dollar

01:18:03.260 specifically said

01:18:04.760 it might not

01:18:05.260 be a good

01:18:05.680 thing for the

01:18:06.080 US

01:18:06.360 specifically said

01:18:07.720 we are getting

01:18:08.080 wildly outproduced

01:18:09.260 by the Russians

01:18:09.840 in Ukraine

01:18:10.320 and we can't

01:18:11.220 credibly maintain

01:18:11.940 our defense

01:18:12.860 obligations

01:18:13.520 because we don't

01:18:14.080 have the industrial

01:18:14.620 base to do so

01:18:15.300 because of the

01:18:16.560 dollar system

01:18:17.260 and the resource

01:18:17.840 curse

01:18:18.240 and kind of

01:18:19.560 left it open

01:18:20.060 for Powell

01:18:20.560 to kind of

01:18:20.980 say hey

01:18:21.320 you know

01:18:21.600 you got two

01:18:22.360 minutes to answer

01:18:22.900 you know

01:18:23.240 what do you

01:18:23.820 think

01:18:24.100 and

01:18:24.340 I think

01:18:27.120 he gets

01:18:27.840 it

01:18:28.080 so fundamentally

01:18:29.840 from

01:18:30.500 we talked

01:18:31.580 earlier about

01:18:31.980 you know

01:18:32.260 where you

01:18:32.960 grow up

01:18:33.580 leads and

01:18:34.480 influences

01:18:34.920 your views

01:18:35.400 on investing

01:18:35.920 in the world

01:18:36.400 etc

01:18:36.700 the time

01:18:37.460 frame

01:18:37.660 in which

01:18:37.920 you

01:18:38.020 grow up

01:18:38.220 and where

01:18:38.520 you

01:18:38.640 grow up

01:18:38.860 think about

01:18:40.060 the time

01:18:40.500 frame

01:18:40.720 in which

01:18:41.000 he grew

01:18:41.360 up

01:18:41.640 and where

01:18:42.300 he grew

01:18:42.680 up

01:18:42.920 and

01:18:43.440 and he's

01:18:44.520 brilliant

01:18:44.900 and his

01:18:45.400 ability to

01:18:46.000 just

01:18:46.460 synthesize

01:18:47.360 data

01:18:47.740 and understand

01:18:48.720 not just

01:18:50.140 the direct

01:18:51.160 linkages

01:18:51.840 but the

01:18:53.420 second and

01:18:54.000 third

01:18:54.240 derivative

01:18:54.880 implications

01:18:56.120 and the

01:18:57.020 policies

01:18:57.660 that could

01:18:58.400 be taken

01:18:59.040 the levers

01:18:59.680 that could

01:18:59.960 be pulled

01:19:00.480 to move

01:19:01.940 those

01:19:02.540 second and

01:19:03.220 third

01:19:03.340 derivatives

01:19:03.720 in a way

01:19:04.560 that is

01:19:04.900 beneficial

01:19:05.460 to fix

01:19:06.520 to really

01:19:07.300 fix the

01:19:07.900 issue

01:19:08.180 and not

01:19:08.480 just

01:19:08.720 print money

01:19:09.520 and try

01:19:09.740 to paper

01:19:10.060 over it

01:19:10.840 he's

01:19:12.200 very

01:19:13.300 encouraging

01:19:13.680 in my

01:19:13.900 opinion

01:19:14.180 kind of

01:19:14.980 shocking

01:19:15.300 I think

01:19:15.920 a lot

01:19:16.240 you don't

01:19:17.220 want to

01:19:17.420 curse him

01:19:17.760 he's the

01:19:18.020 vice president

01:19:18.480 not the

01:19:18.700 president

01:19:18.980 but on the

01:19:19.700 other hand

01:19:20.040 I think

01:19:20.340 some people

01:19:20.720 in the last

01:19:21.100 month

01:19:21.400 have looked

01:19:21.680 at some

01:19:22.200 of the

01:19:22.360 things

01:19:22.520 J.D.

01:19:22.760 Vance

01:19:22.940 has said

01:19:23.320 and written

01:19:23.740 and been

01:19:24.920 sort of

01:19:25.220 stunned

01:19:25.720 by how deep

01:19:26.680 and well

01:19:27.600 expressed

01:19:27.900 they are

01:19:28.380 you're not

01:19:29.280 used to that

01:19:29.940 last

01:19:31.180 weekend

01:19:31.460 is a

01:19:31.660 perfect

01:19:31.920 example

01:19:32.340 and again

01:19:33.200 it goes

01:19:35.020 to that

01:19:35.300 whole

01:19:35.720 the existing

01:19:36.580 system

01:19:37.100 that's

01:19:37.300 empirically

01:19:37.700 been proven

01:19:38.260 to not

01:19:39.060 be what's

01:19:40.040 right for

01:19:40.520 us

01:19:40.760 all you

01:19:41.980 heard about

01:19:42.420 last

01:19:42.760 weekend

01:19:43.160 was how

01:19:44.000 he had

01:19:44.840 insulted

01:19:45.540 free speech

01:19:46.860 in the UK

01:19:47.580 and in

01:19:48.080 the EU

01:19:48.540 and I

01:19:49.980 thought

01:19:50.140 is that

01:19:50.340 what they

01:19:50.500 were saying

01:19:50.960 oh my

01:19:52.460 goodness

01:19:52.800 they were

01:19:53.180 every

01:19:54.380 wilting

01:19:55.520 flower

01:19:56.100 about

01:19:56.680 liberal

01:19:57.600 free

01:19:58.020 speech

01:19:58.580 and blah

01:19:58.980 and I

01:19:59.660 think

01:19:59.860 they buried

01:20:00.740 the lead

01:20:01.180 they're

01:20:01.700 idiots

01:20:02.140 I mean

01:20:02.380 they're

01:20:02.500 just

01:20:02.660 liars

01:20:03.040 he said

01:20:04.680 Germany

01:20:05.860 you were

01:20:06.320 the only

01:20:06.980 country

01:20:07.720 that did

01:20:08.820 not

01:20:09.120 follow

01:20:09.720 and I

01:20:10.220 quote

01:20:10.520 the

01:20:11.160 stupid

01:20:11.940 Washington

01:20:12.640 consensus

01:20:13.500 of the

01:20:14.120 70s

01:20:14.720 80s

01:20:15.240 and 90s

01:20:16.040 that

01:20:16.280 deindustrialized

01:20:17.200 all of

01:20:18.080 us

01:20:18.340 and now

01:20:19.240 you're

01:20:19.480 choosing

01:20:19.740 to

01:20:19.920 deindustrialize

01:20:20.740 that passage

01:20:22.520 alone

01:20:22.880 tells you

01:20:23.400 the

01:20:23.540 Biden

01:20:23.800 administration

01:20:24.180 blew up

01:20:24.780 their

01:20:24.940 effing

01:20:25.360 natural

01:20:25.660 gas

01:20:26.020 pipeline

01:20:26.580 I mean

01:20:27.000 it

01:20:27.160 deindustrialized

01:20:28.000 the country

01:20:28.360 for them

01:20:28.980 and they're

01:20:29.280 such

01:20:29.520 self-hating

01:20:30.380 cucks

01:20:30.680 that they

01:20:30.900 said not

01:20:31.160 a word

01:20:31.400 about it

01:20:31.820 they've

01:20:32.000 been

01:20:32.120 trained

01:20:32.560 for 80

01:20:32.940 years

01:20:33.100 to hate

01:20:33.400 themselves

01:20:33.760 and the

01:20:34.420 net

01:20:34.600 result

01:20:34.920 is the

01:20:35.260 total

01:20:35.600 destruction

01:20:36.100 of the

01:20:36.800 heart

01:20:36.960 of Europe

01:20:37.240 which is

01:20:37.540 Germany

01:20:37.820 sorry

01:20:38.160 it is

01:20:38.560 it's

01:20:38.900 it's

01:20:39.120 been

01:20:39.320 it was

01:20:39.920 shocking

01:20:40.300 to me

01:20:40.780 how is

01:20:41.080 this

01:20:41.300 the world

01:20:42.100 it's not

01:20:42.600 how is

01:20:43.380 this good

01:20:43.640 for the

01:20:43.860 United

01:20:44.000 States

01:20:44.260 to destroy

01:20:44.860 Europe

01:20:45.320 it makes

01:20:47.060 no sense

01:20:47.460 it's

01:20:47.640 vandalism

01:20:48.240 on a

01:20:48.560 scale

01:20:48.820 that most

01:20:49.220 people

01:20:49.420 don't

01:20:49.640 understand

01:20:50.140 and I

01:20:51.240 anyway

01:20:51.940 god bless

01:20:52.540 J.D. Vance

01:20:53.020 for saying

01:20:53.440 that he's

01:20:53.780 absolutely

01:20:54.060 right

01:20:54.360 and he's

01:20:54.680 and yeah

01:20:55.160 and that

01:20:55.440 ties back

01:20:55.940 into this

01:20:56.220 whole point

01:20:56.600 of these

01:20:56.900 policymakers

01:20:57.580 are telling

01:20:58.260 when was

01:20:59.040 the last

01:20:59.300 time you

01:20:59.500 had the

01:20:59.760 vice

01:21:00.040 president

01:21:00.460 of the

01:21:00.640 United

01:21:00.800 States

01:21:01.280 call

01:21:01.880 the

01:21:02.120 70s

01:21:02.780 80s

01:21:03.120 90s

01:21:03.620 holy

01:21:03.960 grail

01:21:04.520 this is

01:21:05.320 the dollar

01:21:05.920 system

01:21:06.500 stupid

01:21:07.860 the stupid

01:21:09.400 Washington

01:21:10.060 consensus

01:21:10.680 I don't

01:21:11.960 ever

01:21:12.320 remember

01:21:12.640 hearing

01:21:12.840 that

01:21:13.060 and if

01:21:13.760 it was

01:21:13.980 a one

01:21:14.280 off

01:21:14.540 okay

01:21:14.860 whatever

01:21:15.140 but we've

01:21:15.720 heard it

01:21:16.100 the interactions

01:21:17.320 with Powell

01:21:17.860 Trump saying

01:21:19.020 I want to

01:21:19.380 make us

01:21:19.760 like great

01:21:20.280 like we

01:21:20.580 were

01:21:20.740 1870

01:21:21.300 1913

01:21:22.160 which is

01:21:22.860 tariffs

01:21:23.360 low income

01:21:24.120 tax

01:21:24.380 no income

01:21:24.800 tax

01:21:25.160 Rubio

01:21:26.700 saying

01:21:27.060 listen

01:21:27.380 guys

01:21:27.720 we can't

01:21:28.420 make

01:21:28.780 stuff

01:21:29.160 in 10

01:21:29.500 years

01:21:29.740 we're

01:21:29.940 going to

01:21:30.000 be

01:21:30.200 dependent

01:21:31.200 on China

01:21:31.660 for

01:21:31.860 everything

01:21:32.400 we need

01:21:33.000 Besant

01:21:33.820 saying

01:21:34.300 in his

01:21:35.160 confirmation

01:21:35.560 hearing

01:21:36.040 Wall Street

01:21:36.480 has had

01:21:36.680 a great

01:21:37.000 run

01:21:37.380 Main

01:21:38.480 Street

01:21:38.680 has really

01:21:39.040 suffered

01:21:39.460 it's

01:21:40.200 Main

01:21:40.400 Street's

01:21:40.780 time

01:21:41.120 we need

01:21:41.520 to pursue

01:21:41.780 policies

01:21:42.380 that bolster

01:21:42.980 Main

01:21:43.260 Street

01:21:43.540 Wall Street

01:21:43.980 will still

01:21:44.340 be okay

01:21:44.960 they'll still

01:21:45.800 do fine

01:21:46.220 maybe not

01:21:46.680 as well

01:21:47.200 but it's

01:21:47.580 Main

01:21:47.800 Street's

01:21:48.180 time

01:21:48.420 we need

01:21:48.740 a Main

01:21:49.020 Street

01:21:49.240 these

01:21:49.740 policymakers

01:21:50.360 are telling

01:21:51.160 us

01:21:51.380 and it

01:21:52.160 all in

01:21:52.540 my opinion

01:21:53.060 goes back

01:21:53.600 to the

01:21:53.880 structure

01:21:54.280 of the

01:21:54.620 system

01:21:55.060 which is

01:21:56.120 as long

01:21:56.720 as we

01:21:57.140 store

01:21:57.700 global

01:21:58.220 surpluses

01:21:58.860 in our

01:21:59.140 financial

01:21:59.480 markets

01:21:59.900 and in

01:22:00.220 particular

01:22:00.580 treasuries

01:22:01.060 that system

01:22:02.380 is going

01:22:02.560 to continue

01:22:02.960 you move

01:22:03.820 to a

01:22:04.160 neutral

01:22:04.420 reserve

01:22:04.800 asset

01:22:05.180 like

01:22:05.560 gold

01:22:06.080 because

01:22:06.900 now

01:22:07.360 when they

01:22:07.800 store

01:22:08.020 money

01:22:08.260 in gold

01:22:08.700 price

01:22:09.060 of gold

01:22:09.360 goes up

01:22:09.900 currencies

01:22:10.260 can move

01:22:10.700 around

01:22:11.080 we can

01:22:11.440 it's a

01:22:12.000 natural

01:22:12.320 rebalancing

01:22:13.020 mechanism

01:22:13.660 the dollar

01:22:15.040 will weaken

01:22:15.460 against other

01:22:15.980 against the

01:22:16.440 yuan

01:22:16.620 right

01:22:16.840 what have

01:22:17.040 we been

01:22:17.260 saying

01:22:17.500 we want

01:22:17.760 the Chinese

01:22:18.160 to weaken

01:22:18.460 the yuan

01:22:18.760 weaken the yuan

01:22:19.320 excuse me

01:22:19.620 strengthen the yuan

01:22:20.140 strengthen the yuan

01:22:20.920 strengthen the yuan

01:22:21.460 strengthen the yuan

01:22:21.980 if gold

01:22:23.280 goes up in

01:22:23.840 dollars and

01:22:24.460 doesn't go up

01:22:24.940 as much

01:22:25.280 in yuan

01:22:25.780 by virtual

01:22:27.420 flows into

01:22:28.520 you know

01:22:29.100 dollar flows

01:22:29.680 into gold

01:22:30.200 and fewer

01:22:30.700 yuan flows

01:22:31.720 into gold

01:22:32.720 the dollar

01:22:34.060 is going to

01:22:34.420 go down

01:22:35.180 versus the yuan

01:22:36.140 which is the very

01:22:37.060 thing we've been

01:22:37.780 trying to get

01:22:38.540 the Chinese

01:22:39.020 to do

01:22:39.400 to stop

01:22:39.900 dumping so much

01:22:41.080 cheap product

01:22:42.220 here

01:22:42.500 gold will take

01:22:43.700 care of it

01:22:44.180 it just does

01:22:46.740 what it's

01:22:47.580 are you advising

01:22:48.580 the new

01:22:48.940 administration

01:22:49.400 no

01:22:50.340 I hope you

01:22:51.880 will

01:22:52.160 the only

01:22:54.160 criticism I

01:22:54.840 would have

01:22:55.160 of your

01:22:55.400 critique

01:22:55.700 which I

01:22:56.000 think is

01:22:56.240 kind of

01:22:56.480 brilliant

01:22:56.740 and very

01:22:58.500 well explained

01:22:59.140 is that I

01:23:00.280 think you

01:23:00.540 may be

01:23:00.960 undervaluing

01:23:02.080 or underrating

01:23:03.080 the ferocity

01:23:04.880 of the response

01:23:05.560 I don't disagree

01:23:06.840 I'm from DC

01:23:08.060 and I just

01:23:09.080 think the stakeholders

01:23:10.160 as we call them

01:23:11.020 the people who are

01:23:11.500 benefiting from the

01:23:12.140 system in place

01:23:12.920 can be really

01:23:14.140 ferocious

01:23:14.620 in protecting that

01:23:15.680 I agree

01:23:16.420 and one of the

01:23:16.940 things I

01:23:17.420 don't have as much

01:23:19.660 familiarity with that

01:23:20.420 and so I would

01:23:20.920 admit naivete

01:23:22.040 towards the degree

01:23:22.980 of that

01:23:23.400 to a certain

01:23:23.860 extent

01:23:24.160 one thing I

01:23:24.780 would say

01:23:25.160 to me

01:23:25.480 it's killed

01:23:25.640 like a million

01:23:26.160 people in Ukraine

01:23:26.900 for like no

01:23:27.540 reason

01:23:27.960 so clearly

01:23:29.220 they don't care

01:23:30.300 about the human

01:23:30.980 cost

01:23:31.380 and it's

01:23:32.120 from a layman's

01:23:33.680 perspective

01:23:34.220 I thought

01:23:36.220 a lot of

01:23:37.120 the Trump

01:23:37.720 appointments

01:23:39.200 were interesting

01:23:40.020 in and of

01:23:40.400 themselves

01:23:40.780 but as you

01:23:41.380 know

01:23:41.560 there's

01:23:41.760 appointments

01:23:42.100 and then

01:23:42.360 there's

01:23:42.480 confirmations

01:23:43.040 and so I

01:23:43.480 was withholding

01:23:44.020 judgment

01:23:44.380 to see

01:23:45.000 and I

01:23:46.260 think there

01:23:47.020 is some

01:23:47.860 to me

01:23:48.640 again

01:23:48.960 as a

01:23:49.280 Washington

01:23:49.800 layman

01:23:50.260 encouraging

01:23:52.500 that he

01:23:53.800 picked Vance

01:23:54.400 number one

01:23:54.840 after what

01:23:55.360 Vance said

01:23:55.780 that to me

01:23:56.300 was check one

01:23:56.660 most important

01:23:57.260 thing

01:23:57.500 I agree

01:23:57.900 so okay

01:23:58.980 Vance gets it

01:23:59.660 on that policy

01:24:00.220 but then

01:24:00.660 when you see

01:24:01.420 when you see

01:24:02.400 Tulsi

01:24:03.680 very unpopular

01:24:05.180 in the beltway

01:24:05.800 okay

01:24:06.180 not only

01:24:06.660 does she get

01:24:06.920 picked

01:24:07.160 she gets

01:24:07.640 confirmed

01:24:08.040 RFK

01:24:09.740 Jr.

01:24:10.720 I know

01:24:11.020 not only

01:24:12.000 gets picked

01:24:12.860 but gets

01:24:13.400 confirmed

01:24:13.940 like

01:24:14.360 cash

01:24:15.500 yesterday

01:24:16.220 okay

01:24:16.780 another

01:24:17.320 so

01:24:17.640 point being

01:24:18.640 that you

01:24:19.200 are seeing

01:24:20.280 you know

01:24:21.460 Hegseth

01:24:21.940 unpopular

01:24:23.600 confirmed

01:24:24.400 so there's

01:24:25.120 this slate

01:24:25.860 of people

01:24:26.600 that are

01:24:27.700 non sort

01:24:28.500 of deep

01:24:30.620 state

01:24:30.980 if we

01:24:31.260 will

01:24:31.540 get

01:24:32.920 picked

01:24:33.280 and get

01:24:34.480 confirmed

01:24:34.980 and so

01:24:35.320 to me

01:24:35.780 you know

01:24:36.080 I would

01:24:36.340 I would

01:24:36.840 defer to

01:24:37.200 your

01:24:37.300 but as

01:24:37.800 a layman

01:24:38.520 to Washington

01:24:39.140 the fact

01:24:39.520 they got

01:24:39.780 picked

01:24:40.080 and then

01:24:40.560 that they

01:24:40.760 got confirmed

01:24:41.580 is at least

01:24:43.140 encouraging

01:24:43.860 that

01:24:44.760 that fight

01:24:46.820 that I

01:24:47.120 think

01:24:47.400 is

01:24:47.920 presents

01:24:49.000 executional

01:24:49.960 risk

01:24:50.280 to this

01:24:51.860 optimistic

01:24:52.580 view of

01:24:53.200 where we

01:24:53.560 could be

01:24:53.900 in 2

01:24:54.360 3

01:24:54.740 5

01:24:55.060 10

01:24:55.220 years

01:24:55.480 in my

01:24:56.640 opinion

01:24:56.980 it's

01:24:57.460 those

01:24:58.680 appointments

01:24:59.120 and what

01:24:59.540 have you

01:24:59.820 have

01:25:00.000 on some

01:25:00.920 level

01:25:01.120 mitigated

01:25:01.740 or at

01:25:02.140 least

01:25:02.380 their

01:25:02.680 victories

01:25:03.020 their

01:25:03.680 victories

01:25:03.960 they're

01:25:04.300 huge

01:25:04.660 victories

01:25:05.100 and you

01:25:06.100 know

01:25:06.240 we're now

01:25:06.760 31 days

01:25:07.700 in

01:25:08.040 I don't

01:25:08.680 know when

01:25:08.840 this is

01:25:09.060 going to

01:25:09.240 air

01:25:09.380 but we're

01:25:09.820 a month

01:25:10.080 and a

01:25:10.300 day

01:25:10.520 into the

01:25:11.000 administration

01:25:11.340 and

01:25:11.840 they've

01:25:12.700 won almost

01:25:13.100 everything

01:25:13.460 except

01:25:13.680 Matt

01:25:13.900 Gates

01:25:14.180 and

01:25:14.820 you know

01:25:17.920 I think

01:25:18.360 it's

01:25:18.500 incredible

01:25:18.860 I've

01:25:19.120 never

01:25:19.260 seen

01:25:19.440 anything

01:25:19.620 like

01:25:19.760 this

01:25:19.880 nothing

01:25:20.080 like

01:25:20.260 this

01:25:20.400 has

01:25:20.540 happened

01:25:20.760 in

01:25:20.880 my

01:25:21.000 lifetime

01:25:21.320 in

01:25:21.620 Washington

01:25:21.900 on the

01:25:23.180 other

01:25:23.320 hand

01:25:23.680 it was

01:25:24.140 really

01:25:24.360 a

01:25:24.540 victory

01:25:24.820 over

01:25:25.120 the

01:25:25.260 Republican

01:25:25.600 Senate

01:25:26.020 which is

01:25:27.380 a collection

01:25:27.960 of some

01:25:28.220 of the

01:25:28.440 worst

01:25:28.660 people

01:25:29.020 I've

01:25:29.440 ever

01:25:29.760 met

01:25:29.980 but also

01:25:30.400 some

01:25:30.580 of the

01:25:30.760 dumbest

01:25:31.200 and weakest

01:25:31.840 and

01:25:33.220 so it's a

01:25:34.360 great victory

01:25:35.140 and I love

01:25:35.560 to see them

01:25:35.940 humiliated

01:25:36.500 and you know

01:25:37.260 every day

01:25:37.840 that some

01:25:38.960 of these

01:25:39.160 people weep

01:25:39.780 is a

01:25:40.020 happy day

01:25:40.400 for me

01:25:40.800 on the

01:25:41.160 other

01:25:41.320 hand

01:25:41.660 like

01:25:42.040 they're

01:25:42.300 not

01:25:42.580 you know

01:25:42.840 some

01:25:43.020 of the

01:25:43.300 stakeholders

01:25:43.880 in the

01:25:44.180 current

01:25:44.480 financial

01:25:45.060 system

01:25:45.460 are

01:25:46.420 smart

01:25:47.080 and

01:25:47.480 serious

01:25:47.940 and they

01:25:48.360 you know

01:25:48.660 they are

01:25:48.860 not

01:25:49.060 people to

01:25:49.420 play

01:25:49.580 with

01:25:49.720 at all

01:25:50.140 I think

01:25:51.200 they're

01:25:51.340 completely

01:25:51.640 ruthless

01:25:52.040 I think

01:25:52.640 they are

01:25:53.060 you know

01:25:53.500 willing to

01:25:53.900 resort to

01:25:54.280 things

01:25:54.520 it's hard

01:25:55.040 to even

01:25:55.340 to imagine

01:25:55.800 and I

01:25:57.200 don't know

01:25:57.440 I just think

01:25:57.740 there's a

01:25:58.000 fight ahead

01:25:58.660 I think

01:25:59.300 it's

01:25:59.540 I would

01:26:00.240 defer to

01:26:00.600 your

01:26:00.720 judgment

01:26:00.920 on it

01:26:01.200 but I

01:26:01.480 intuitively

01:26:02.240 makes perfect

01:26:02.700 sense to me

01:26:03.140 yeah

01:26:03.520 one last

01:26:04.520 question

01:26:04.900 where does

01:26:05.620 this leave

01:26:06.180 the

01:26:06.540 average

01:26:07.560 person

01:26:07.960 the retail

01:26:08.540 investor

01:26:09.000 whatever

01:26:09.300 we're

01:26:09.500 calling

01:26:09.780 that

01:26:10.260 person

01:26:10.560 now

01:26:10.860 on the

01:26:11.280 question

01:26:11.520 of

01:26:11.660 gold

01:26:11.920 like

01:26:13.160 you know

01:26:14.240 I mean

01:26:14.960 if governments

01:26:16.420 love gold

01:26:17.060 if gold

01:26:18.240 plays a

01:26:18.920 really

01:26:19.940 essential

01:26:20.340 part

01:26:20.700 of the

01:26:20.980 global

01:26:21.140 financial

01:26:21.440 system

01:26:21.780 which

01:26:21.960 you've

01:26:22.180 described

01:26:22.500 I think

01:26:22.780 in great

01:26:23.080 detail

01:26:23.420 is it

01:26:24.620 wise

01:26:24.940 for the

01:26:25.180 average

01:26:25.340 person

01:26:25.660 to take

01:26:25.920 delivery

01:26:26.240 on gold

01:26:27.000 and just

01:26:27.440 bury it

01:26:27.700 in his

01:26:27.840 yard

01:26:28.100 yes

01:26:28.540 I think

01:26:29.120 I think

01:26:29.500 the average

01:26:29.920 investor

01:26:30.380 should have

01:26:30.900 probably

01:26:31.200 five to

01:26:31.780 ten percent

01:26:32.380 of their

01:26:32.680 net worth

01:26:33.160 in gold

01:26:33.880 bullion

01:26:34.260 coins

01:26:34.640 it's

01:26:35.820 fascinating

01:26:36.140 throughout

01:26:36.440 I've been

01:26:36.840 in the

01:26:37.160 investment

01:26:37.400 research

01:26:37.700 business

01:26:38.020 for 30

01:26:38.440 years

01:26:38.760 and

01:26:39.360 one of

01:26:40.660 the

01:26:40.920 it's

01:26:42.080 offensive

01:26:42.400 on some

01:26:42.920 level

01:26:43.160 but it's

01:26:43.520 an old

01:26:44.460 saw

01:26:44.660 because it's

01:26:45.120 true

01:26:45.360 is once

01:26:45.840 you start

01:26:46.320 to see

01:26:46.800 retail

01:26:47.200 investing

01:26:47.780 retail

01:26:48.380 investors

01:26:48.820 plowing

01:26:49.340 into

01:26:49.620 something

01:26:50.180 en masse

01:26:51.140 right

01:26:51.540 run away

01:26:52.100 and a lot

01:26:52.600 of times

01:26:53.000 the banks

01:26:53.600 too by the

01:26:54.020 way the

01:26:54.220 commercial

01:26:54.460 banks

01:26:54.860 run away

01:26:55.900 and you

01:26:56.480 know we

01:26:56.640 saw that

01:26:57.080 with you

01:26:57.800 know dot

01:26:58.500 com stuff

01:26:59.100 in the late

01:26:59.400 90s

01:27:00.160 I remember

01:27:03.040 them well

01:27:04.600 right and

01:27:05.000 then it

01:27:05.280 was you

01:27:05.860 know sand

01:27:06.780 state real

01:27:07.380 estate and

01:27:07.940 subprime

01:27:08.300 mortgages and

01:27:09.100 those kind

01:27:09.660 of things

01:27:09.880 and in

01:27:11.360 the last

01:27:12.220 three to

01:27:13.180 four years

01:27:14.580 the biggest

01:27:16.440 marginal

01:27:17.300 buyer of

01:27:18.220 long-term

01:27:18.920 U.S.

01:27:19.480 treasury

01:27:19.840 bonds

01:27:20.380 has been

01:27:21.360 U.S.

01:27:23.240 retail

01:27:23.580 they've been

01:27:24.440 investment

01:27:24.800 funds

01:27:25.120 right so

01:27:25.620 the biggest

01:27:26.360 buyers of

01:27:27.020 2, 3, 5,

01:27:29.240 7, 10, 20

01:27:30.160 and 30 year

01:27:30.940 U.S.

01:27:31.420 treasury bonds

01:27:31.920 they've been

01:27:32.520 buying anywhere

01:27:33.220 from 60 to

01:27:34.000 70 percent

01:27:34.860 of new

01:27:36.100 issuance

01:27:36.620 for the last

01:27:37.420 three to

01:27:37.680 four or five

01:27:38.000 years and

01:27:38.420 that's I'm

01:27:39.140 not saying

01:27:39.400 there's any

01:27:39.700 risk to

01:27:40.160 treasury bonds

01:27:40.800 on a nominal

01:27:41.180 basis there

01:27:41.680 isn't however

01:27:42.660 no it sounds

01:27:44.060 totally safe

01:27:44.920 you're gonna

01:27:46.840 get every

01:27:47.180 dime you're

01:27:47.580 promised but

01:27:48.320 we can't

01:27:48.880 guarantee you

01:27:49.520 what those

01:27:50.580 dollars will

01:27:51.840 buy you in

01:27:52.580 the real world

01:27:53.320 those dimes

01:27:53.740 will be worth

01:27:54.260 right

01:27:54.480 that's why

01:27:55.160 you know

01:27:55.460 when you've

01:27:56.320 got this

01:27:56.700 dichotomy

01:27:57.460 where for

01:27:58.000 40 years

01:27:59.120 you know

01:28:00.020 from 1974

01:28:00.760 to 2014

01:28:01.920 global central

01:28:03.320 banks were

01:28:03.680 buying treasury

01:28:04.180 bonds and

01:28:04.980 they were

01:28:05.200 selling gold

01:28:05.580 why would

01:28:05.900 you ever

01:28:06.340 buy a

01:28:07.040 bond from

01:28:07.720 from the

01:28:08.240 same person

01:28:08.780 who can

01:28:09.040 print the

01:28:09.420 currency

01:28:09.780 I just

01:28:11.680 don't

01:28:11.880 understand

01:28:12.220 that

01:28:12.720 I mean

01:28:13.100 if you

01:28:13.460 believe the

01:28:13.940 inflation

01:28:14.320 numbers

01:28:14.840 and like

01:28:15.360 look

01:28:15.640 there are

01:28:16.000 I mean

01:28:16.400 it's

01:28:16.780 it's

01:28:17.060 kind of

01:28:17.280 like a

01:28:17.640 rigged

01:28:18.040 system

01:28:18.380 right

01:28:18.700 like

01:28:19.520 the

01:28:19.740 government

01:28:20.120 is issuing

01:28:20.820 the debt

01:28:21.560 which is

01:28:23.020 held in a

01:28:23.460 specific

01:28:23.720 currency

01:28:24.220 but that

01:28:24.620 same

01:28:24.880 government

01:28:25.260 prints

01:28:25.640 that

01:28:25.840 currency

01:28:26.300 yeah

01:28:27.500 and that's

01:28:27.900 why they're

01:28:28.240 they're so

01:28:28.680 hyper-focused

01:28:29.280 on the

01:28:29.560 Fed

01:28:29.760 managing

01:28:30.160 inflation

01:28:30.600 oh I

01:28:30.940 know

01:28:31.080 it doesn't

01:28:31.820 make any

01:28:32.220 sense

01:28:32.600 it's

01:28:32.800 kind of

01:28:33.180 a rigged

01:28:33.580 game

01:28:33.820 it is

01:28:34.420 my ignorance

01:28:35.260 protects me

01:28:36.040 from bad

01:28:36.460 investments

01:28:36.940 because like

01:28:37.500 if it doesn't

01:28:37.880 make sense

01:28:38.260 I'm not

01:28:38.780 not that I

01:28:39.260 invest

01:28:39.560 but like

01:28:39.960 you know

01:28:40.140 what I

01:28:40.260 mean

01:28:40.380 no

01:28:40.540 intuition

01:28:41.360 is to

01:28:42.420 be trusted

01:28:42.780 well that

01:28:43.060 just like

01:28:43.520 that just

01:28:43.880 doesn't

01:28:44.100 make sense

01:28:44.640 that was

01:28:45.520 ultimately

01:28:45.940 why I

01:28:46.280 first got

01:28:46.600 interested

01:28:47.260 in gold

01:28:47.460 because

01:28:47.600 the key

01:28:48.300 question

01:28:48.740 is not

01:28:49.240 do you

01:28:49.880 get paid

01:28:50.360 back

01:28:50.740 what they

01:28:51.100 owe you

01:28:51.760 the key

01:28:52.180 question

01:28:52.520 is what

01:28:52.760 you just

01:28:53.160 said

01:28:53.360 which is

01:28:53.720 what is

01:28:54.400 the value

01:28:54.880 of what

01:28:55.160 they pay

01:28:55.400 you back

01:28:55.880 you may

01:28:56.900 get every

01:28:57.340 dime

01:28:57.600 back

01:28:57.920 but maybe

01:28:58.220 those

01:28:58.400 dimes

01:28:58.600 aren't worth

01:28:59.000 anything

01:28:59.400 well

01:28:59.820 and they

01:29:00.260 determine

01:29:00.600 what the

01:29:00.840 dimes

01:29:01.020 are worth

01:29:01.440 so it's

01:29:01.960 a rigged

01:29:02.360 deal

01:29:02.660 and it's

01:29:09.260 when the

01:29:10.560 US

01:29:11.100 you know

01:29:11.500 depths of

01:29:11.920 the great

01:29:12.140 financial

01:29:12.440 crisis

01:29:12.840 came out

01:29:13.340 and they

01:29:13.540 said

01:29:13.900 okay now

01:29:14.800 we're going

01:29:15.020 to print

01:29:15.260 a trillion

01:29:15.600 dollars

01:29:15.960 and we're

01:29:16.200 going to

01:29:16.300 buy treasury

01:29:16.740 bonds

01:29:17.000 QE

01:29:17.380 and I

01:29:18.200 remember

01:29:18.460 thinking to

01:29:18.900 myself

01:29:19.180 going

01:29:19.460 how can

01:29:21.560 an oil

01:29:21.840 producer

01:29:22.160 like Russia

01:29:22.740 or our

01:29:23.420 factory base

01:29:24.020 like China

01:29:24.520 look at

01:29:24.960 that

01:29:25.140 and say

01:29:25.600 so I'm

01:29:26.560 going to

01:29:27.160 expend all

01:29:27.860 this energy

01:29:28.460 to pump

01:29:28.900 this oil

01:29:29.420 and produce

01:29:30.060 it and

01:29:30.320 refine it

01:29:30.820 and ship

01:29:31.220 it and

01:29:31.520 send it

01:29:31.940 and pay

01:29:33.260 you for

01:29:33.560 dollars

01:29:33.960 and then

01:29:34.540 put that

01:29:34.940 those dollars

01:29:35.820 into treasury

01:29:36.480 bonds

01:29:36.900 and you're

01:29:38.560 just going to

01:29:39.220 click a couple

01:29:40.040 keys on a

01:29:40.460 computer

01:29:40.800 and buy

01:29:41.760 a trillion

01:29:42.160 dollars

01:29:42.460 of treasury

01:29:42.820 why would

01:29:43.820 I sell

01:29:44.240 my oil

01:29:44.940 and store

01:29:45.480 my surpluses

01:29:46.320 in treasuries

01:29:46.920 that was

01:29:47.300 what first

01:29:47.660 and sure

01:29:48.360 enough

01:29:48.620 guess what

01:29:49.100 happened

01:29:49.380 later in

01:29:49.740 2008

01:29:50.240 or into

01:29:51.760 2009

01:29:52.240 2010

01:29:52.560 Russia

01:29:53.520 started

01:29:54.280 buying

01:29:54.700 gold

01:29:55.080 in their

01:29:55.700 reserves

01:29:56.040 of course

01:29:56.720 the Chinese

01:29:57.440 same thing

01:29:58.300 how could

01:29:58.840 you sell

01:29:59.360 all this

01:29:59.780 stuff to

01:30:00.120 the United

01:30:00.380 States

01:30:00.500 like actual

01:30:01.000 storm

01:30:01.340 in treasury

01:30:01.800 yeah

01:30:02.180 and store

01:30:03.460 it in

01:30:03.820 treasury bonds

01:30:04.360 and have

01:30:04.620 the Americans

01:30:05.020 print it

01:30:05.920 and sure

01:30:06.400 enough

01:30:06.700 Chinese

01:30:07.480 gold

01:30:07.760 purchase

01:30:08.080 started rampant

01:30:08.500 so for

01:30:09.480 me

01:30:09.700 when you

01:30:10.020 go back

01:30:10.700 to what

01:30:11.000 does it

01:30:11.200 mean

01:30:11.320 for US

01:30:11.660 retail

01:30:12.020 it's

01:30:13.020 the same

01:30:13.460 type

01:30:13.860 of

01:30:14.040 dynamic

01:30:14.580 the United

01:30:15.080 States

01:30:15.320 government

01:30:15.680 owes its

01:30:16.120 baby boomers

01:30:16.780 right now

01:30:17.200 it's

01:30:17.560 United States

01:30:18.460 takes five

01:30:18.980 trillion dollars

01:30:19.540 a year

01:30:19.780 in tax

01:30:20.120 receipts

01:30:20.420 and right

01:30:20.760 now

01:30:20.900 we're

01:30:21.040 paying

01:30:21.360 baby

01:30:21.660 boomers

01:30:22.000 in

01:30:22.160 entitlements

01:30:22.580 3.3

01:30:23.200 trillion

01:30:23.500 dollars

01:30:23.800 of that

01:30:24.060 so about

01:30:24.600 70

01:30:25.280 almost 70%

01:30:26.860 of receipts

01:30:27.360 are going

01:30:27.620 to boomers

01:30:27.960 has there

01:30:28.400 ever been

01:30:29.100 a generation

01:30:29.760 that deserves

01:30:30.300 it less

01:30:30.800 I'm serious

01:30:33.080 has there

01:30:33.700 ever been

01:30:34.180 a generation

01:30:34.740 has there

01:30:35.940 ever been

01:30:36.180 a more

01:30:36.360 destructive

01:30:36.720 generation

01:30:37.320 a more

01:30:37.580 self-involved

01:30:38.180 generation

01:30:38.780 a more

01:30:39.900 annoying

01:30:40.280 generation

01:30:40.980 if I could

01:30:41.560 I just

01:30:41.900 I take

01:30:42.380 you know

01:30:42.680 as a

01:30:42.900 Gen X

01:30:43.240 and I

01:30:43.520 take it

01:30:43.820 again

01:30:44.000 it's

01:30:44.220 it's

01:30:44.660 I try

01:30:46.100 to put

01:30:46.300 myself

01:30:46.600 in their

01:30:46.940 shoes

01:30:47.200 and it's

01:30:47.640 it's

01:30:48.060 look

01:30:48.380 if I

01:30:48.700 was born

01:30:49.160 when they

01:30:49.420 were born

01:30:49.860 and their

01:30:50.140 parents

01:30:50.440 came home

01:30:50.820 from

01:30:50.960 World War

01:30:51.280 II

01:30:51.480 and basically

01:30:51.960 had you

01:30:52.400 know

01:30:52.520 16 kids

01:30:53.480 and like

01:30:53.860 let them

01:30:54.680 go be

01:30:55.200 free range

01:30:55.620 chickens

01:30:56.000 and they

01:30:56.420 they just

01:30:56.760 sort of

01:30:57.080 I love

01:30:57.400 all that

01:30:57.820 they were

01:30:58.340 general

01:30:58.740 they were

01:30:59.380 they were

01:30:59.960 a product

01:31:01.060 of the

01:31:01.580 environment

01:31:01.960 and

01:31:02.300 the time

01:31:02.920 they lived

01:31:03.220 talking about

01:31:03.680 themselves

01:31:03.900 that's

01:31:04.240 I love

01:31:04.900 huge families

01:31:05.560 I love

01:31:05.880 prosperity

01:31:06.400 I like

01:31:07.220 peace and

01:31:07.800 freedom

01:31:08.060 I like

01:31:08.540 all that

01:31:08.880 stuff

01:31:09.180 what I

01:31:09.940 don't like

01:31:10.320 is self-involvement

01:31:11.240 and

01:31:12.180 those people

01:31:13.540 never stop

01:31:13.920 telling their

01:31:14.240 own story

01:31:14.720 the stupid

01:31:15.600 Vietnam Wars

01:31:16.340 every cliche

01:31:17.260 about Woodstock

01:31:18.220 and the dumb

01:31:18.680 civil rights

01:31:19.280 movement

01:31:19.600 which actually

01:31:20.020 didn't really

01:31:20.380 help anybody

01:31:21.020 and everything

01:31:21.820 about it

01:31:22.380 was just

01:31:22.720 like

01:31:22.980 just

01:31:23.800 it was just

01:31:24.500 they were

01:31:24.760 drowning in

01:31:25.460 Lake Me

01:31:26.000 and I was

01:31:26.900 raised around

01:31:27.640 people like

01:31:28.140 that

01:31:28.420 and they

01:31:28.920 were my

01:31:29.220 teachers

01:31:29.600 and I

01:31:30.140 every single

01:31:31.180 one of my

01:31:31.420 teachers

01:31:31.640 went to

01:31:31.920 Woodstock

01:31:32.300 every single

01:31:32.820 one of my

01:31:33.100 teachers

01:31:33.380 was at some

01:31:33.760 sit-in

01:31:34.160 and some

01:31:34.440 lunch

01:31:34.800 counter

01:31:35.100 in Greensboro

01:31:35.680 or so

01:31:35.920 it's like

01:31:36.220 they all

01:31:37.180 were participating

01:31:37.780 in these

01:31:38.320 same mass

01:31:39.060 market

01:31:39.440 cliches

01:31:40.180 which

01:31:41.440 they thought

01:31:42.540 were like

01:31:42.860 a sign

01:31:43.180 of you know

01:31:43.800 unique

01:31:44.520 individualism

01:31:46.060 or something

01:31:46.340 but they

01:31:46.580 were all

01:31:46.960 like a

01:31:47.260 herd

01:31:47.520 they were

01:31:47.800 like

01:31:47.940 dumb

01:31:48.500 and

01:31:49.400 narcissistic

01:31:50.200 and

01:31:51.200 mediocre

01:31:51.600 did you

01:31:52.060 not notice

01:31:52.440 that

01:31:52.720 I

01:31:53.340 would agree

01:31:53.820 with the

01:31:54.080 narcissism

01:31:54.660 as a

01:31:56.600 generation

01:31:57.040 yeah I

01:31:57.380 would agree

01:31:57.640 with that

01:31:58.080 talking about

01:31:59.700 Selma all the

01:32:00.420 time and I

01:32:00.720 would be like

01:32:01.100 how is Selma

01:32:02.160 like have you

01:32:03.060 been to Selma

01:32:03.840 like it's an

01:32:04.440 actual place

01:32:05.160 with actual

01:32:05.720 people like

01:32:06.280 are they

01:32:06.500 thriving

01:32:06.940 you know

01:32:07.980 all these

01:32:08.480 people are

01:32:08.880 like you

01:32:09.300 know just

01:32:09.760 lecturing you

01:32:10.240 about how

01:32:10.480 great they

01:32:10.820 were because

01:32:11.060 they were

01:32:11.220 at Selma

01:32:11.680 and I

01:32:12.080 was I

01:32:12.880 was wanted

01:32:13.260 and then I

01:32:13.660 wound up in

01:32:14.060 Selma

01:32:14.220 you ever

01:32:14.380 been to Selma

01:32:15.340 I've never

01:32:16.080 been to Selma

01:32:16.420 yeah you

01:32:16.700 should go

01:32:16.900 to Selma

01:32:17.240 and then you

01:32:19.260 can tell them

01:32:19.660 like shut

01:32:20.580 up actually

01:32:21.720 because like

01:32:22.260 the sum

01:32:22.660 total of

01:32:23.040 your efforts

01:32:23.520 was you

01:32:24.080 know like

01:32:24.440 poverty

01:32:25.280 despair

01:32:25.860 and chaos

01:32:26.340 like you

01:32:26.700 didn't actually

01:32:27.140 achieve anything

01:32:27.780 so be quiet

01:32:28.720 sorry you can

01:32:29.720 feel my

01:32:30.220 resentment

01:32:30.520 no no no

01:32:30.960 so think

01:32:33.420 about that

01:32:33.740 right so if

01:32:34.220 you're getting

01:32:34.580 3.3 trillion

01:32:35.520 in receipts

01:32:36.700 you're so rational

01:32:38.600 and nice

01:32:39.240 and I'm like

01:32:39.760 such a lunatic

01:32:40.420 excuse me

01:32:41.420 excuse me

01:32:42.460 but how do

01:32:45.640 you get them

01:32:45.960 to pay more

01:32:46.360 for their own

01:32:46.700 care

01:32:46.920 well simple

01:32:47.400 you get them

01:32:47.780 into treasury

01:32:48.180 bonds

01:32:48.520 and then you

01:32:49.380 tell them

01:32:49.660 inflation's 4

01:32:50.440 you give them

01:32:50.820 a 4.4%

01:32:51.800 on the treasury

01:32:52.300 bond

01:32:52.560 and you actually

01:32:53.060 let inflation

01:32:53.620 run 6

01:32:54.700 8

01:32:55.100 right exactly

01:32:55.960 and that's why

01:32:56.880 you need to

01:32:57.520 also as an

01:32:58.180 investor

01:32:58.540 whether you're

01:32:59.260 a boomer

01:32:59.660 whether you're

01:33:00.180 not a boomer

01:33:00.720 or younger

01:33:01.000 you need to

01:33:01.980 own some gold

01:33:02.440 because over

01:33:02.940 time

01:33:03.480 you'll lose

01:33:05.180 on your bonds

01:33:06.160 but your gold

01:33:07.040 will more than

01:33:08.100 compensate you

01:33:08.800 for that inflation

01:33:09.560 you maintain

01:33:11.000 your purchasing

01:33:11.680 power

01:33:12.140 and you know

01:33:14.040 I think your

01:33:14.340 stocks will

01:33:14.860 and certainly

01:33:15.260 you know

01:33:15.820 if broadly

01:33:16.520 diversified

01:33:16.960 but that gold

01:33:17.640 is ultimately

01:33:18.560 the release

01:33:20.060 valve

01:33:20.580 that that is

01:33:21.500 happening

01:33:21.860 that that

01:33:22.240 and it needs

01:33:23.020 to happen

01:33:23.440 but basically

01:33:24.040 we're not

01:33:25.080 going to be able

01:33:25.360 to have an

01:33:26.220 election

01:33:26.560 where

01:33:26.900 and say

01:33:27.920 hey boomers

01:33:28.660 we need you

01:33:29.280 to pay more

01:33:30.100 for your

01:33:31.440 care

01:33:31.940 then no

01:33:32.400 politician

01:33:33.040 will be in

01:33:33.740 office after

01:33:34.240 trying to do

01:33:34.800 that

01:33:35.040 if they raise

01:33:35.780 taxes on

01:33:36.340 boomers to

01:33:36.740 do that

01:33:37.080 so what do

01:33:38.080 they do

01:33:38.420 because they

01:33:38.920 can't do

01:33:39.260 that

01:33:39.480 they take

01:33:39.960 sort of the

01:33:40.560 politically

01:33:41.180 uncourageous

01:33:42.000 way out

01:33:42.320 which is

01:33:42.680 you inflate

01:33:43.460 you have

01:33:44.560 to inflate

01:33:45.160 and that's

01:33:45.560 what they're

01:33:46.280 doing

01:33:46.580 what they have

01:33:47.080 been doing

01:33:47.400 what they're

01:33:47.980 going to

01:33:48.220 continue to

01:33:48.780 keep doing

01:33:49.140 in my opinion

01:33:49.680 and that's

01:33:50.720 why I think

01:33:51.780 you want to

01:33:52.340 own I think

01:33:52.860 retail investors

01:33:53.660 need to own

01:33:54.280 five ten percent

01:33:55.160 of their of their

01:33:55.960 assets in gold

01:33:56.560 billions

01:33:56.800 so it's

01:33:57.240 I didn't check

01:33:58.380 the spot

01:33:58.700 price this

01:33:59.120 morning

01:33:59.320 but

01:33:59.580 2950

01:34:00.840 ish

01:34:01.420 where do

01:34:03.360 you think

01:34:03.500 it goes

01:34:03.880 in the next

01:34:04.560 I know you

01:34:05.180 hate questions

01:34:05.640 like this

01:34:06.080 but like

01:34:06.640 I can't resist

01:34:08.780 final question

01:34:09.540 where could

01:34:10.620 gold go

01:34:11.500 so

01:34:13.720 this is

01:34:15.320 something in

01:34:15.680 our business

01:34:16.080 I say

01:34:16.380 if you give

01:34:16.840 a price

01:34:17.200 never give

01:34:17.480 a time

01:34:17.840 right now

01:34:18.220 of course

01:34:18.780 I'm sorry

01:34:19.660 I know

01:34:20.100 it's okay

01:34:20.420 it's okay

01:34:20.800 no I do

01:34:22.400 it to be

01:34:23.200 self-aware

01:34:23.760 and parody

01:34:24.140 myself

01:34:24.540 on some level

01:34:25.160 but in all

01:34:26.360 seriousness

01:34:26.640 over time

01:34:27.680 one of the

01:34:28.320 metrics I have

01:34:28.980 looked at

01:34:29.580 when we're

01:34:30.400 talking about

01:34:31.100 a restructuring

01:34:31.620 of a system

01:34:32.020 we talk about

01:34:32.500 the debt levels

01:34:32.980 being a problem

01:34:33.520 all these things

01:34:33.920 I have a metric

01:34:35.080 that looks at

01:34:35.840 the market value

01:34:37.000 of US official

01:34:37.900 gold right

01:34:38.400 so let's

01:34:38.820 let's pretend

01:34:39.400 it's all there

01:34:39.860 we had that

01:34:40.720 discussion already

01:34:41.280 let's pretend

01:34:42.040 it's all there

01:34:42.560 or it's being

01:34:43.100 brought back here

01:34:43.700 maybe as we

01:34:44.240 speak

01:34:44.500 but it's all

01:34:45.660 there

01:34:45.900 there's a metric

01:34:47.300 that I follow

01:34:47.840 that is the

01:34:48.380 US official

01:34:49.260 gold

01:34:49.800 as a percentage

01:34:51.340 of the

01:34:52.940 foreign held

01:34:54.260 portion

01:34:55.840 of the US

01:34:56.500 federal debt

01:34:57.200 right

01:34:57.620 so it's

01:34:58.000 what percentage

01:34:58.780 at market price

01:34:59.760 what percentage

01:35:00.540 is the United States

01:35:01.800 official gold

01:35:02.440 collateralizing

01:35:03.540 our foreign held

01:35:04.980 debt

01:35:05.240 because in the end

01:35:05.800 we can cram down

01:35:06.620 our own people

01:35:07.300 but we have to

01:35:08.080 we have to

01:35:08.620 maintain

01:35:09.420 foreign

01:35:09.720 creditors

01:35:10.620 yeah

01:35:10.800 so long term

01:35:12.540 the average

01:35:13.540 going back to

01:35:14.200 I think

01:35:14.480 1960 or 1950

01:35:16.020 that number

01:35:16.900 was 40%

01:35:18.420 US official gold

01:35:19.680 at market price

01:35:20.540 collateralized our debt

01:35:21.420 by on average

01:35:22.140 40%

01:35:22.660 as recently

01:35:24.460 as 1989

01:35:25.260 that number

01:35:25.840 was 20%

01:35:26.700 in the

01:35:28.800 dollar crisis

01:35:30.180 of 79-80

01:35:31.460 that number

01:35:31.980 was 135%

01:35:33.500 that was a true

01:35:34.100 gold bubble

01:35:34.540 in other words

01:35:35.100 if our foreign

01:35:35.900 creditors would have

01:35:36.520 been so inclined

01:35:37.120 we did it

01:35:37.520 they could have

01:35:38.080 demanded gold

01:35:39.520 for treasuries

01:35:40.560 and we still

01:35:41.060 would have had

01:35:41.320 a third of our

01:35:41.780 gold left over

01:35:42.300 okay

01:35:42.600 where is that

01:35:43.480 number today

01:35:43.980 that number

01:35:44.740 today

01:35:45.080 with gold

01:35:45.660 having risen

01:35:46.440 40%

01:35:47.860 in the last

01:35:48.800 year

01:35:49.100 is at 9%

01:35:50.820 yeah that's bad

01:35:51.360 so gold

01:35:52.140 in my opinion

01:35:52.700 minimum

01:35:53.980 over time

01:35:55.100 probably has to

01:35:57.160 rise at least

01:35:57.900 2x

01:35:58.340 and probably

01:35:58.660 more like

01:35:58.960 4x

01:35:59.600 just to get

01:36:00.080 back to

01:36:00.380 historical

01:36:00.820 levels

01:36:01.260 assuming

01:36:01.800 no further

01:36:02.760 growth in

01:36:03.180 the debt

01:36:03.520 and assuming

01:36:04.240 no

01:36:05.300 ever again

01:36:05.940 and assuming

01:36:06.820 no

01:36:07.400 dollar crisis

01:36:10.160 that leads

01:36:10.880 it to go

01:36:11.200 over 40%

01:36:12.280 and so

01:36:13.000 it's still

01:36:14.100 paradoxically

01:36:14.880 one of the

01:36:15.220 cheapest assets

01:36:15.760 on the board

01:36:16.340 when you look

01:36:16.900 at it

01:36:17.120 relative

01:36:17.640 to the debt

01:36:18.680 outstanding

01:36:19.140 and the way

01:36:19.480 this probably

01:36:20.340 needs to be

01:36:21.000 resolved

01:36:21.440 from a debt

01:36:22.480 perspective

01:36:22.960 and an economic

01:36:23.780 restructuring

01:36:24.280 perspective

01:36:24.580 China clearly

01:36:25.060 thinks so

01:36:25.600 yep

01:36:26.080 if people

01:36:27.000 found what

01:36:27.820 you said

01:36:28.260 compelling

01:36:28.840 and smart

01:36:30.080 and really

01:36:31.100 insightful

01:36:31.500 my views

01:36:32.240 where do they

01:36:33.020 read more

01:36:34.220 of your insights

01:36:35.280 we have

01:36:37.020 institutional

01:36:37.720 and mass

01:36:38.500 market products

01:36:39.360 at

01:36:39.660 fftt-llc.com

01:36:41.800 I appreciate it

01:36:43.220 thank you

01:36:43.660 thank you

01:36:44.140 we want to

01:36:49.180 thank you

01:36:49.420 for watching

01:36:49.860 us on

01:36:50.220 spotify

01:36:50.860 a company

01:36:51.240 that we

01:36:51.620 use

01:36:51.920 every day

01:36:52.500 we know

01:36:52.700 the people

01:36:52.980 who run

01:36:53.260 it

01:36:53.380 good people

01:36:54.080 while you're

01:36:55.080 here

01:36:55.380 do us a

01:36:55.960 favor

01:36:56.140 hit

01:36:56.600 follow

01:36:57.240 and tap

01:36:58.040 the bell

01:36:58.680 so you

01:36:59.000 never miss

01:36:59.420 an episode

01:36:59.840 we have

01:37:00.980 real conversations

01:37:01.720 news

01:37:02.180 things that

01:37:02.600 actually matter

01:37:03.440 telling the truth

01:37:04.240 always

01:37:04.720 you will not

01:37:05.320 miss it

01:37:05.840 if you follow

01:37:06.820 us on

01:37:07.420 spotify

01:37:07.800 and hit

01:37:08.000 the bell

01:37:08.320 we appreciate

01:37:09.100 thanks for

01:37:09.500 watching

01:37:09.820 bye

01:37:33.380 bye

01:37:33.540 bye

01:37:34.420 bye

01:37:35.440 bye

The Tucker Carlson Show - February 24, 2025

Luke Gromen： Why the CIA Doesn’t Want You Owning Gold, & Is Fort Knox Lying About Our Gold Reserve？

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