WEBVTT 00:00.000 --> 00:07.620 There's a lot of talk of de-dollarization, as more countries around the world can't and don't want to trade in U.S. dollars. 00:08.060 --> 00:10.720 But which currency will replace the U.S. dollar? 00:11.180 --> 00:16.980 Now, some people are asking, could even China's currency make a serious dent on the U.S. dollar? 00:20.580 --> 00:25.780 My answer to this question for years has been no one currency will replace the U.S. dollar. 00:25.780 --> 00:30.780 It will be a number of currencies as we have increasing multi-polarity. 00:31.240 --> 00:33.860 That's true with currencies. It's true with geopolitics. 00:34.120 --> 00:38.220 It's true when you ask, where's the next place where successful people are going to want to move? 00:38.640 --> 00:41.360 The answer is there are more options than ever. 00:41.820 --> 00:44.460 Some people are going to move to Dubai. Some are going to move to Singapore. 00:44.960 --> 00:49.700 Some are going to move to Belgrade, Serbia. Some are going to move to somewhere really far flung. 00:50.000 --> 00:51.740 There are so many options out there. 00:51.820 --> 00:54.560 What we're seeing is the breakdown of these great powers. 00:54.560 --> 00:57.540 But China wants to capture a slice of those U.S. dollars. 00:57.880 --> 01:01.700 And I recently came across an article in Hong Kong's South China Morning Post. 01:01.900 --> 01:07.440 They asked, can China's yuan, now a familiar face around the world, become a must-have currency? 01:07.680 --> 01:11.260 And one of the numbers in this article is truly shocking. 01:11.800 --> 01:14.860 They say China's yuan has become more acceptable to foreign countries, 01:14.920 --> 01:18.740 but authorities still maintain tight control of fund flows under its capital account. 01:19.140 --> 01:20.180 That is true. 01:20.180 --> 01:28.320 So the story goes that when China's homegrown ARJ-21 regional jet was delivered to Indonesian airline Transnusa this past May, 01:28.700 --> 01:35.840 the leasing deal was carried out not in dollars, not in euros through one of the Irish subsidiaries that leases aircraft. 01:36.600 --> 01:42.080 But using the yuan, with an arrangement that held us a milestone in the internationalization of the Chinese currency. 01:42.740 --> 01:49.300 So you have a number of countries, a number of companies getting into the aircraft game in a bigger way. 01:49.300 --> 01:52.900 Partially at the back of Boeing having a lot of problems. 01:53.340 --> 01:59.040 And partially at the back of these countries want to be bigger players in important industries. 01:59.680 --> 02:07.500 The article quotes the Shanghai government, who says that this pioneering transaction highlights the high level of openness in the Lingang special area, 02:07.800 --> 02:11.560 promoting yuan internationalization and strengthening international cooperation. 02:11.560 --> 02:18.660 The aircraft was exported through the Lingang region, a free trade zone in southeast Shanghai that was set up in 2019, 02:19.380 --> 02:21.920 promoting foreign investment and financial opening up. 02:22.380 --> 02:28.780 China's growing economic influence in trade with the rest of the world has made the yuan more acceptable to foreign countries 02:28.780 --> 02:34.280 compared to 20 years ago when Beijing first began to experiment easing its capital controls. 02:34.400 --> 02:37.560 Now what have we said was also happening about 20 years ago at the turn of the century? 02:37.560 --> 02:43.080 About one quarter as many countries in the world were sanctioned by the U.S. government. 02:43.280 --> 02:44.920 It's been the century of sanctions. 02:45.380 --> 02:48.880 And what have we also told you in the last 20 or so years? 02:49.640 --> 02:55.220 Places you never would have lived in, never would have invested in, never would have thought of have now become, 02:55.620 --> 02:58.240 if not household names, serious contenders. 02:58.700 --> 03:02.100 Who took Dubai seriously at the turn of the century? 03:02.640 --> 03:06.960 And before you know it, people are moving there and a lot of things are happening. 03:07.260 --> 03:10.660 And there's a lot of places that don't get nearly the press that Dubai gets. 03:10.780 --> 03:14.360 Those are the places that we talk about, those are the places that we share with our clients. 03:14.840 --> 03:20.780 If you're looking for a place to diversify your assets, lower your taxes, protect your freedom, have a plan B, 03:21.360 --> 03:22.700 go to nomadcapitalist.com. 03:22.780 --> 03:24.580 We have more options than anybody. 03:24.720 --> 03:29.340 I was just next to the CKO, our chief knowledge officer in a flight pops up, 03:29.340 --> 03:33.120 oh, we got an alert about the corporate tax rate increasing in Eswatini. 03:33.720 --> 03:37.580 We keep our eye on more places that I think anybody else in the industry. 03:37.840 --> 03:41.080 And this is why we realize there's more options out there. 03:41.440 --> 03:48.440 And so the bottom line is there are so many different players in the game now compared to what I was born. 03:48.680 --> 03:52.240 There were a few geopolitically and financially important countries in the world 03:52.240 --> 03:55.540 and the rest were just kind of struggling to make it. 03:56.100 --> 03:58.530 That is a dramatically different situation today. 03:58.530 --> 04:02.830 That can benefit you if you choose to get your residences and citizenships 04:02.830 --> 04:05.950 and diversify your money and banks and choose to set up your offshore trust 04:05.950 --> 04:08.850 and just choose to take advantage of all the world has to offer. 04:08.970 --> 04:10.090 That's what we help our clients do. 04:10.490 --> 04:12.050 But China is playing the same game. 04:12.670 --> 04:19.190 In the first half of 2024, the yuan made up 52% of China's cross-border payments and receipts 04:19.190 --> 04:22.350 compared with 43% for the US dollar. 04:22.970 --> 04:27.570 So just this year, 52% of cross-border payments 04:27.570 --> 04:32.850 are in Chinese, and maybe in the yuan, only 42% of the US dollar. 04:32.990 --> 04:34.970 That's a 9% delta. 04:35.610 --> 04:40.210 This is what the article calls the yuan share in China's cross-border payment 04:40.210 --> 04:41.610 climbing significantly. 04:42.450 --> 04:43.150 Here's why. 04:43.910 --> 04:46.770 10 years ago, not 20 years ago, not turn of the century. 04:47.330 --> 04:53.850 10 years ago, the figures stood at 23 and 67% respectively. 04:53.850 --> 04:56.430 That's according to Bank ANZ. 04:57.370 --> 05:01.830 So from 23 to 52%, that's a game changer. 05:02.010 --> 05:02.690 They didn't just flip. 05:03.310 --> 05:05.850 They flipped and blew the delta wide open. 05:06.670 --> 05:10.890 So what you're seeing is countries around the world increasingly 05:10.890 --> 05:13.690 willing to accept the yuan in trade. 05:14.110 --> 05:15.510 What does that tell you? 05:16.310 --> 05:19.570 Well, what it tells you is, you know, I grew up in the United States. 05:19.910 --> 05:21.870 If you're sitting in the US, if you're sitting in Canada, 05:21.870 --> 05:24.310 if you're sitting in Australia, the UK, some Western country, 05:24.390 --> 05:26.630 and you're watching Western TV and you have Western friends, 05:26.670 --> 05:28.250 and your world is pretty much in the West. 05:28.710 --> 05:31.130 You would think, who wants this Chinese thing? 05:31.570 --> 05:33.390 The world tells us China's terrible. 05:33.830 --> 05:35.090 Who wants to deal with them? 05:35.290 --> 05:36.050 They're the worst. 05:36.650 --> 05:40.190 Well, the so-called entire global south, these emerging countries 05:40.190 --> 05:42.430 that are pretty much non-aligned. 05:43.410 --> 05:47.450 Africa, increasingly South America, very much increasingly Asia. 05:47.610 --> 05:48.810 We just saw numbers recently. 05:48.810 --> 05:53.610 Malaysia, 75% of Malaysians, some of the nicest people, 05:54.450 --> 05:56.890 they said, if we had to choose between the US and China, 05:56.990 --> 05:58.410 75% would choose China. 05:59.590 --> 06:02.290 Now, do you think they're all voting against their best interest? 06:02.510 --> 06:03.970 Or do you think maybe they know something 06:03.970 --> 06:08.010 or they think something about China that the West does not? 06:08.950 --> 06:11.370 And so whether you agree with them or not, 06:11.790 --> 06:16.330 they're going to be more likely as China offers them better deals. 06:16.330 --> 06:17.490 And we've seen that. 06:17.670 --> 06:19.590 It's been a big theme from African countries. 06:20.110 --> 06:21.370 China gives us a better deal. 06:21.910 --> 06:24.390 I keep seeing story after story after story, 06:24.490 --> 06:26.910 not just from the South China Morning Post in Hong Kong, 06:26.910 --> 06:28.250 but from papers all around the world. 06:28.570 --> 06:30.930 I follow a lot of news in Africa, the Middle East. 06:32.490 --> 06:34.690 And hey, China's bringing us a better deal. 06:34.970 --> 06:37.830 It's not just about the geopolitics. 06:37.930 --> 06:39.230 It's about the trade. 06:39.670 --> 06:40.770 So you can like it. 06:40.830 --> 06:41.630 You can not like it. 06:41.650 --> 06:42.990 You can say, oh, they're making a mistake. 06:43.190 --> 06:44.710 Well, this is what's happening. 06:44.710 --> 06:48.210 From 23% to 52% more than double, 06:48.750 --> 06:51.010 dramatically flipped it and, you know, 06:51.070 --> 06:52.430 opened that, you know, closed the delta. 06:52.790 --> 06:54.770 Article continues in mid-China's pursuit of building 06:54.770 --> 06:57.050 the world's second largest economy into a financial power. 06:57.190 --> 06:58.910 A strong currency and infrastructure are key. 06:59.070 --> 07:00.450 That's one of the things that China didn't have. 07:00.590 --> 07:01.990 Ah, they get this currency. 07:02.170 --> 07:02.790 It's controlled. 07:03.030 --> 07:03.810 Who wants it? 07:04.170 --> 07:07.930 Well, the countries that have been shut out by the US. 07:08.910 --> 07:10.830 And again, let's go back to when I was born. 07:11.050 --> 07:11.930 Turn 40 this year. 07:12.190 --> 07:13.130 Go back to when I was born, 07:13.130 --> 07:14.870 before the Berlin Wall fell. 07:15.110 --> 07:17.390 Very different world in just 40 years. 07:18.450 --> 07:20.710 The US figured, hey, whomever we don't like, 07:20.990 --> 07:23.250 we'll use our might and we'll just shut them out. 07:23.810 --> 07:26.450 And they'll be eating bugs because what's the competition? 07:27.010 --> 07:29.370 Soviet Union was on its last leg, collapsed. 07:30.110 --> 07:30.910 I remember being a kid. 07:31.030 --> 07:31.390 I told it. 07:31.870 --> 07:33.350 Watching stuff in elementary school. 07:33.730 --> 07:34.650 Oh, here's the Chinese. 07:34.870 --> 07:36.210 They're riding bicycles to work. 07:37.010 --> 07:38.270 They ain't riding bicycles anymore. 07:38.830 --> 07:40.050 The world has changed. 07:40.050 --> 07:42.970 And so all those countries that the US used to say, 07:43.190 --> 07:44.430 we don't like you. 07:45.250 --> 07:48.310 Maybe we tried to invade your country or topple your regime 07:48.310 --> 07:49.290 And we couldn't do it. 07:50.210 --> 07:51.290 So we don't like you. 07:51.610 --> 07:53.550 You're going in the naughty list and you're just going 07:53.550 --> 07:55.310 To be written off into the ash heap of history. 07:55.810 --> 07:58.650 Well, number one, those countries have grown a lot faster 07:58.650 --> 07:59.110 In the West. 08:00.110 --> 08:01.350 They've gotten together. 08:02.150 --> 08:03.490 They've gotten more confident. 08:04.110 --> 08:06.730 And they've said, okay, what's our solution? 08:07.030 --> 08:08.090 We're not going to do the US. 08:08.090 --> 08:09.410 We're not going to involve the US. 08:10.390 --> 08:11.670 What's the US answer? 08:12.230 --> 08:14.990 Well, there's a symbiotic relationship between the government 08:14.990 --> 08:17.810 That people elect and the attitude they take 08:18.430 --> 08:20.010 And the actual people themselves. 08:20.490 --> 08:23.150 I'll tell you what we see, even right here on this channel 08:23.930 --> 08:28.590 Is arrogant people who say, well, if they don't want to do 08:28.590 --> 08:29.930 Things that way, we don't need them. 08:30.010 --> 08:30.350 We're better. 08:30.530 --> 08:32.110 We don't need these hellhole countries. 08:32.470 --> 08:34.570 Okay, well, what happens all the quote unquote hellhole 08:34.570 --> 08:37.550 Countries get together and they are more than half 08:37.550 --> 08:38.610 Of the world's population. 08:38.810 --> 08:39.150 Look at bricks. 08:39.770 --> 08:41.750 It's a big chunk of the population. 08:41.970 --> 08:45.550 You got, you know, 1.3 billion, 1.4 billion. 08:45.670 --> 08:48.230 There's a couple of new countries, you know, added 6, 7, 08:48.290 --> 08:50.390 You know, 100 million in each country. 08:50.730 --> 08:54.630 If something like 3.5 billion countries out of the 10 08:54.630 --> 08:56.370 That are now in what they call bricks plus. 08:58.110 --> 08:59.930 You think they don't want to make more money? 09:00.650 --> 09:02.510 You think they don't see everything with the internet 09:03.090 --> 09:04.910 And, you know, people are getting wealthier 09:04.910 --> 09:06.670 And more people are getting to the middle class. 09:06.670 --> 09:09.170 You think that they just want to stay where they're at? 09:09.730 --> 09:12.050 Whether you like it or not, you agree with them or not. 09:12.450 --> 09:13.170 They're going to be there. 09:13.370 --> 09:14.990 That's a big force to be reckoned with. 09:15.730 --> 09:18.330 And they're saying it's our time to shine. 09:19.010 --> 09:21.790 This is the, you know, listen, the internet and global 09:21.790 --> 09:24.090 Connectivity and global trade wasn't always going to 09:24.090 --> 09:25.850 Just benefit the U.S. and Germany. 09:26.590 --> 09:28.010 It was going to benefit everybody. 09:29.050 --> 09:32.990 But those people, those countries have remained shut out. 09:33.590 --> 09:34.970 Not all of them have. 09:35.810 --> 09:37.750 Indonesia is not necessarily shut out. 09:38.130 --> 09:40.710 But they're saying, hey, let's just be greater friends 09:40.710 --> 09:43.890 With this party in our region and let's develop more ties 09:43.890 --> 09:46.650 And let's not involve the drama that comes with the U.S. 09:46.890 --> 09:48.970 I left the U.S. for a number of reasons. 09:49.150 --> 09:49.890 Many were personal. 09:50.530 --> 09:54.470 Well, from a business side, lower regulation, less paperwork, 09:55.050 --> 09:56.930 Got to save some money and taxes. 09:57.690 --> 10:00.410 Those are all reasons people go where they're treated best. 10:01.150 --> 10:02.270 Those are the five magic words. 10:02.450 --> 10:03.450 Go where you're treated best. 10:03.450 --> 10:05.610 And it works for countries, too. 10:05.830 --> 10:07.690 It works for businesses. It works for people. 10:09.270 --> 10:13.790 If there's a better deal over here, less hassle, less risk, 10:14.550 --> 10:17.090 Less potential blowback, yeah, we're going to go over here. 10:17.170 --> 10:19.490 We'll pay for our jet. We'll lease our jet in the Yuan. 10:20.350 --> 10:21.730 Enough a dollar, not the Euro. 10:22.470 --> 10:25.110 And when that happens long enough, you're going to see 10:26.250 --> 10:30.330 The final gasps of a certain level of power 10:30.330 --> 10:32.850 From the high-tax Western legacy-brained countries. 10:33.190 --> 10:36.250 She-a-lay, chief economist for Asia at BBVA Bank Research 10:36.250 --> 10:38.570 That has strong currency means everyone would like to hold it. 10:38.610 --> 10:40.850 It also means it could be used in financing like the U.S. dollar. 10:40.990 --> 10:42.950 It's a currency that could be used in multiple venues. 10:43.410 --> 10:47.810 In July 2024, the Yuan retained its position as the fourth most active currency 10:47.810 --> 10:49.330 For global payments by value. 10:49.650 --> 10:50.990 You probably wouldn't think that. 10:51.390 --> 10:54.110 You know, if you're watching Western media, 10:54.610 --> 10:57.270 Because they want to tell you, China, they're falling apart. 10:57.470 --> 10:59.110 Look at the housing crisis. Look at that. 10:59.110 --> 11:01.810 Listen, I'm not here advocating for China, right? 11:02.070 --> 11:03.770 I don't-China is irrelevant to me. 11:04.130 --> 11:06.730 What is relevant to me is you. 11:07.070 --> 11:10.270 You live in a high-tax, legacy-brained Western country. 11:10.390 --> 11:10.810 Many of you do. 11:12.070 --> 11:15.870 And you think that things are going to go on the way they always have. 11:16.270 --> 11:18.070 Now, you realize that's changing. 11:18.690 --> 11:20.610 The fault lines, the cracks are showing. 11:21.090 --> 11:24.310 People like each other's throats in countries like the U.S. 11:24.910 --> 11:26.550 But you may think, hey, we have more time. 11:26.550 --> 11:28.950 You may think, I don't have to divorce by my business. 11:29.190 --> 11:30.590 I don't have to divorce by my money. 11:30.870 --> 11:36.790 What happens when this big flip gets even bigger 11:36.790 --> 11:38.410 And happens in more countries? 11:38.850 --> 11:43.330 And a greater percentage of world trade shifts to the so-called global stuff? 11:44.330 --> 11:45.610 Well, I'll tell you what happens. 11:46.150 --> 11:49.930 You see Western powers becoming less and less and less geopolitically relevant. 11:50.450 --> 11:53.950 That geopolitical relevance always fed into the financial relevance. 11:55.010 --> 11:56.470 Petrodollar, many other things. 11:57.250 --> 12:00.870 The hegemony goes down. Relevance goes down. 12:01.130 --> 12:04.790 Now, forget the ego impact of that because I think a lot of people somehow 12:05.270 --> 12:08.130 Think that being from a big Western country that's important 12:08.130 --> 12:10.710 And people know about it is something to be proud of. 12:10.830 --> 12:12.330 I banish that from your mind. 12:12.590 --> 12:14.630 You should be proud of yourself and what you've accomplished 12:14.630 --> 12:15.910 And your impact on the world. 12:16.170 --> 12:18.690 Not the fact that I'm an American and everybody wants our dollar. 12:18.810 --> 12:19.310 Who cares? 12:21.270 --> 12:24.770 But your government is going to have to find more ways 12:24.770 --> 12:26.870 To not only bring in money but keep its relevance. 12:27.170 --> 12:30.610 Do you think the kid who had all the toys wants to see other kids 12:30.610 --> 12:33.310 Taking some of the toys? Do they want to start sharing? 12:33.730 --> 12:36.170 No. So what do they do? They throw a temper tantrum. 12:36.530 --> 12:40.630 Like a caged tiger. Like an animal you backed into a corner. 12:41.090 --> 12:44.090 They come out swinging. They're going to come out swinging financially. 12:44.590 --> 12:46.350 They're going to raise your taxes. Look at the UK. 12:47.490 --> 12:50.210 Every day I wake up, I get more headlines. 12:50.450 --> 12:52.250 They want a new tax. They want this new tax. 12:52.390 --> 12:56.590 And I'm telling you, I've never seen politicians in all my life 12:56.590 --> 12:59.390 Doing it with such a smile and with such imperiousness. 12:59.550 --> 13:03.770 This new labor party in the UK, they hate the successful. 13:04.050 --> 13:06.390 They're looking at every possible way to screw you. 13:06.830 --> 13:09.370 And every time it's like, oh, you added sales tax 13:09.370 --> 13:12.150 And their public school tuition. Yeah, they're jerks. 13:12.970 --> 13:15.290 How dare they not send their kids to our government schools. 13:15.290 --> 13:16.990 It was like literally what one guy said. 13:18.350 --> 13:22.370 They are coming out with great pleasure to take all the money that they can. 13:22.490 --> 13:25.650 They're going to raise your taxes higher than you've ever seen. 13:26.510 --> 13:29.110 And it's not just in the UK. It's going to happen in other countries too. 13:29.210 --> 13:31.630 The playbook will be a little bit different, but it will basically be the same. 13:32.910 --> 13:36.670 People who had a monopoly on power. People who had a monopoly on a wealth. 13:36.990 --> 13:40.870 Or alas. Not happy that now they have to share. 13:41.710 --> 13:43.690 Not happy that now they don't get to call the shots. 13:44.450 --> 13:47.610 They don't have the heft. You are going to pay the price. 13:48.310 --> 13:53.910 So what I've told folks in the UK is better years too early than a day too late. 13:54.170 --> 13:55.970 They're going to roll out all these new taxes. 13:56.470 --> 13:59.310 You want to find a place to be before that happens if you value your money. 13:59.830 --> 14:01.990 But it's not just the actual taxes themselves. 14:02.170 --> 14:03.830 It's the attitude that comes with it. 14:03.870 --> 14:06.410 And who knows in what other way that manifests itself. 14:07.090 --> 14:09.930 That all comes from this. 14:11.030 --> 14:15.610 It all comes from other countries decide to cut out the country you live in. 14:16.450 --> 14:20.090 The currency you use. And as that becomes less and less relevant. 14:20.210 --> 14:23.590 I'm not saying it becomes irrelevant. The dollar is not going to toilet paper. 14:23.690 --> 14:25.210 Now we can look at the last 100-year chart. 14:25.630 --> 14:29.790 It's effectively toilet paper over 100 years, but it's not toilet paper tomorrow. 14:30.870 --> 14:33.710 It won't be irrelevant. It will always have a role. 14:33.810 --> 14:36.230 But it will be sharing the stage with many other players. 14:36.450 --> 14:38.270 It will be a much smaller player. 14:38.270 --> 14:42.770 What we know is changes happen at the margins. 14:43.350 --> 14:45.590 I've told you before I think the U.S. home ownership rate 14:45.590 --> 14:50.770 pre-global financial crisis was 69%. I think at the trough it was 63%. 14:51.830 --> 14:55.550 Even in the Great Depression unemployment peaked at 26%. 14:55.550 --> 14:59.750 It's not like nobody had a job. Three out of four people had a job. 15:00.810 --> 15:06.090 It's those marginal changes. Look at unemployment when it goes from 4% to 6%. 15:06.090 --> 15:08.670 Bad stuff happens. Home ownership goes in a few points. 15:09.410 --> 15:11.210 Foreign direct investment comes out. 15:11.930 --> 15:15.150 Any of these things. Marginal declines have big impacts. 15:15.590 --> 15:19.350 We've shared the numbers of how the U.S. dollar has gone from 15:19.350 --> 15:22.790 the 70s to in the 50s in terms of world reserve currency. 15:23.370 --> 15:25.450 This is going to keep pushing that in the wrong direction. 15:25.670 --> 15:28.490 And I think it's a big part of what's happened because the changes 15:28.490 --> 15:32.730 that you've seen this century. People have more acutely seen them. 15:32.730 --> 15:36.530 Obviously due to the pandemic, but in the last five and ten years, 15:37.270 --> 15:40.170 I started Nomad Capitalist in 2012. People thought I was nuts. 15:40.910 --> 15:43.170 Who would want to leave the West? Why would you want a second passport 15:43.170 --> 15:45.270 in a Caribbean country if you're an American or Canadian? 15:45.510 --> 15:48.810 And people now are realizing it. Yeah, I want to move to a country 15:48.810 --> 15:52.150 no one's heard of. I want a second passport from a smaller country 15:52.670 --> 15:56.710 because we realize this stuff right here is driving the big 15:56.710 --> 15:59.850 governments that have the power and lose it to get angry. 16:00.490 --> 16:03.170 Get a citizenship of a country that never had the power. 16:03.670 --> 16:07.550 There's no anger to have. Move your assets to a place where 16:07.550 --> 16:10.590 their business is managing assets. They're not going to be 16:10.590 --> 16:15.170 imperious to you like Kier Starmer is or Justin Trudeau is 16:15.170 --> 16:19.390 or what's his name? Tony Albania, Australia. 16:20.930 --> 16:23.830 Go somewhere where you are treated best. That's what 16:23.830 --> 16:26.130 Nomad Capitalist helps our clients do. You can go to 16:26.130 --> 16:30.490 nomadcapitalist.com. We help seven, eight and nine figure 16:30.490 --> 16:35.350 entrepreneurs and investors to do that. We also help people 16:35.350 --> 16:38.710 remove the ego of saying that somehow being an American is 16:38.710 --> 16:41.470 an advantage. It's not. It's going to be a disadvantage. 16:42.030 --> 16:45.950 It already is in terms of global business and banking and 16:45.950 --> 16:48.290 all those things. It's going to be a bigger disadvantage. 16:49.090 --> 16:51.970 If not even for yourself, for your kids, have dual 16:51.970 --> 16:54.410 nationality. Don't be tied to the past. 16:54.410 --> 16:58.670 Don't be tied to legacy brand countries gasping for air as 16:58.670 --> 17:02.110 they lose power. Have a second passport, have second 17:02.110 --> 17:04.730 residence permits, have some money somewhere else when they 17:04.730 --> 17:07.810 want to come for you. That may sound extreme. 17:09.190 --> 17:11.230 They've done it time after time after time. 17:12.670 --> 17:16.550 You want to have a backup plan. And this is why.