WEBVTT

00:00.000 --> 00:03.580
This chart was predicting greater than $9,000 an ounce,

00:03.980 --> 00:07.300
but now that seems like an absurdly low price.

00:14.980 --> 00:16.780
Okay, hi, I'm Mike Maloney.

00:17.000 --> 00:18.920
I'm the author of the two best-selling books

00:18.920 --> 00:20.660
on investing in precious metals,

00:20.820 --> 00:24.360
and I have a gigantic presentation and not enough time.

00:25.140 --> 00:28.400
So Dan here, my producer-director,

00:28.500 --> 00:31.360
was trying to get me to just cut this down to a few frames,

00:31.480 --> 00:33.880
but you'll see it's pretty much impossible

00:33.880 --> 00:38.040
and so that I could relax and not have to talk so fast.

00:38.620 --> 00:42.500
But my presentation is Protect, Profit, and Prosper

00:42.500 --> 00:45.340
during Chaos, Crisis, and Catastrophe.

00:45.820 --> 00:50.500
I do believe that there is a giant correction coming up,

00:50.880 --> 00:52.740
correction, crash coming up.

00:53.860 --> 00:58.640
And so most of these presentations are laid out

00:58.640 --> 01:01.160
as problem, solution, and benefit.

01:01.160 --> 01:05.420
And this is basically the problems.

01:05.800 --> 01:09.160
The problems are that the financial markets are currently...

01:09.840 --> 01:13.360
You know, I did a presentation in November of last year

01:13.360 --> 01:15.220
at Rebel Capitalists Live,

01:15.580 --> 01:19.180
and I took a lot of the important charts

01:19.180 --> 01:23.680
that show that we are in hyperbubbles from my book,

01:24.040 --> 01:26.820
and those charts are from October of 2022.

01:26.820 --> 01:29.050
And so in this presentation,

01:29.600 --> 01:33.300
I've updated just a few of the select charts

01:33.300 --> 01:37.360
that show how massive these bubbles are right now.

01:37.740 --> 01:41.110
And with every financial correction or crash,

01:41.900 --> 01:43.080
there is an opportunity.

01:43.340 --> 01:44.700
There is always an opportunity.

01:44.880 --> 01:47.660
In fact, I'd argue if you position yourself right

01:47.660 --> 01:51.420
that the opportunity is such that you can make

01:51.420 --> 01:55.220
a whole lot more in a much shorter period of time

01:55.220 --> 01:58.160
than you can with traditional investments.

01:59.220 --> 02:01.940
And these crashes, when these bubbles pop,

02:02.200 --> 02:04.180
these super hyperbubbles,

02:05.050 --> 02:07.740
it's going to lead to a very bad economy.

02:08.100 --> 02:11.280
There will be high unemployment and high rates of homelessness,

02:11.840 --> 02:14.800
and it will probably lead to what I call

02:14.800 --> 02:17.120
financial crisis 2.0.

02:17.560 --> 02:18.800
Why is it 2.0?

02:18.900 --> 02:22.020
Because if you think that the global financial crisis of 2008

02:22.020 --> 02:24.540
was bad, this is going to be more than twice as bad.

02:25.320 --> 02:27.860
And that will lead to political unrest,

02:28.320 --> 02:30.000
and it'll probably be global.

02:31.180 --> 02:32.680
You know, we've seen rioting,

02:32.880 --> 02:35.140
and yet the economy is supposed to be doing well.

02:36.300 --> 02:38.200
That political unrest, what happens?

02:38.360 --> 02:41.420
What do leaders of countries do?

02:41.560 --> 02:45.880
What do the politicians do when there are things

02:45.880 --> 02:48.880
like crashes and a lousy economy,

02:48.880 --> 02:51.420
high unemployment, high homelessness?

02:52.080 --> 02:53.340
Do they raise their hand and they go,

02:53.460 --> 02:56.240
it was me, I did it, it's all my fault, no.

02:56.660 --> 02:58.420
They usually create a distraction,

02:59.000 --> 03:00.720
and throughout much of history,

03:01.220 --> 03:02.760
that distraction has been war.

03:03.600 --> 03:05.980
And you can sort of, you can smell it,

03:06.060 --> 03:07.520
you can feel it right now.

03:08.020 --> 03:10.800
We are like getting sucked into these wars

03:10.800 --> 03:13.000
in the Middle East and the Ukraine,

03:13.280 --> 03:17.240
and this is a very, very dangerous period of time right now.

03:17.240 --> 03:21.260
And so I want you to remember this,

03:21.420 --> 03:24.180
the bubble century and then the saying,

03:24.480 --> 03:26.640
the higher the cliff, the bigger the fall.

03:27.260 --> 03:29.200
And so my first data here,

03:29.360 --> 03:32.380
this is the only way that you can measure the stock market

03:32.380 --> 03:34.360
that shows that it's not in the,

03:34.460 --> 03:36.840
currently in the greatest bubble in history.

03:37.180 --> 03:39.060
We're right there, right now,

03:39.440 --> 03:41.840
so we're in the third largest bubble in history,

03:42.000 --> 03:46.640
but the valuations of stocks are much higher than 1929.

03:46.640 --> 03:49.400
This is the price earnings ratio.

03:50.000 --> 03:54.780
So it's how many times the earnings per share per year

03:54.780 --> 03:56.780
that you're going to pay for it.

03:56.860 --> 04:01.360
It used to be that fair value was considered 12 or 15 times earnings.

04:01.580 --> 04:03.420
That was fair value for stocks.

04:04.020 --> 04:06.880
Now this is the S&P 500, so it's all average,

04:07.100 --> 04:08.940
it's a broad average of the stock market,

04:09.020 --> 04:10.380
but notice that red line.

04:11.020 --> 04:13.240
That used to be considered fair value.

04:13.240 --> 04:16.920
And actually this indicator,

04:17.660 --> 04:21.220
this is Robert Schiller's data, it goes back to 1881.

04:21.940 --> 04:24.120
And so fair value was very well established

04:24.120 --> 04:26.420
and then everything went insane

04:26.420 --> 04:28.800
and we are in the bubble century.

04:29.480 --> 04:32.760
This is where the global financial crisis started.

04:33.320 --> 04:37.300
It started at much lower levels than we're at today.

04:37.300 --> 04:43.980
And undervalued is down under seven.

04:44.120 --> 04:45.820
So what would happen if we had a crash

04:45.820 --> 04:50.420
that took us down to undervalued where it always went before?

04:50.780 --> 04:53.580
I do believe that with the next big crash

04:53.580 --> 04:57.100
we've got all these people on the verge of retirement

04:57.100 --> 05:00.720
and they're relying on their investments in their savings.

05:00.980 --> 05:05.320
And when you see people losing 50, 60, 70, 80,

05:05.320 --> 05:09.840
some will lose 90% of what they're counting on for retirement,

05:10.120 --> 05:14.040
that they're going to be very risk averse after that

05:14.040 --> 05:16.300
and they're going to shy away from the stock markets.

05:16.860 --> 05:19.000
That's what causes undervaluation

05:19.000 --> 05:22.280
is when people shy away from this investment.

05:23.020 --> 05:26.700
But PE ratios are the only way that you can measure it

05:26.700 --> 05:30.800
that doesn't show it at historically overvalued levels.

05:31.180 --> 05:32.960
Nothing like this has ever happened.

05:32.960 --> 05:34.200
This is the Buffett indicator.

05:34.900 --> 05:36.720
So it's the value of...

05:36.720 --> 05:39.900
It's basically what is the dollar value

05:39.900 --> 05:43.040
of all the publicly traded stocks put together

05:43.800 --> 05:47.900
divided by the entire economic output

05:47.900 --> 05:49.780
of the United States of America

05:49.780 --> 05:53.840
and currently the stock market is twice.

05:54.280 --> 05:55.920
The value of it is double,

05:56.020 --> 05:59.200
the entire economic output of the United States.

05:59.720 --> 06:01.360
And there was a fair value range.

06:01.360 --> 06:02.960
I'll show you that in the next chart.

06:03.400 --> 06:06.080
But 50 to 70% is fair value.

06:06.220 --> 06:10.960
And what you see is the markets went down into fair value in 2008

06:10.960 --> 06:15.740
but then Ben Bernanke in response to the global financial crisis

06:16.220 --> 06:18.060
created so much currency

06:18.060 --> 06:20.080
and the way that currency is created,

06:20.320 --> 06:23.400
it has to be directed into the financial markets

06:23.400 --> 06:26.940
when the Federal Reserve is creating currency.

06:27.360 --> 06:29.760
It goes directly into the financial markets

06:29.760 --> 06:32.820
and then Jerome Powell with his response to COVID

06:32.820 --> 06:35.380
has pushed this into a bubble

06:35.380 --> 06:37.920
that we have never experienced before.

06:38.040 --> 06:39.820
This is the first time in history

06:39.820 --> 06:43.140
that we've been to this level of overvaluation.

06:43.740 --> 06:45.760
So that was the crash of 2008

06:46.440 --> 06:48.300
that wiped out a lot of people.

06:48.500 --> 06:50.160
A lot of people were hurt in that.

06:50.480 --> 06:53.220
Look at the scale of the potential crash

06:53.220 --> 06:55.420
if we go to the undervalued area.

06:55.420 --> 06:59.460
This will dwarf 2008.

07:00.400 --> 07:03.660
This is proof that that Buffett indicator is correct.

07:04.220 --> 07:08.260
My researchers had to really dig deep for this one.

07:09.640 --> 07:12.240
One of them searched the internet

07:12.240 --> 07:14.920
and it was like a month for him to find this paper

07:14.920 --> 07:18.160
by Dmitry Kufchenov and Kaspar Zimmerman,

07:18.500 --> 07:19.620
two economists in Europe,

07:19.740 --> 07:22.060
that measured 17 advanced economies

07:22.060 --> 07:24.800
and created a Buffett indicator for the world

07:24.800 --> 07:27.780
going all the way back to 1870.

07:28.380 --> 07:31.240
What it shows is that there was an equilibrium

07:31.240 --> 07:33.720
with the stock market and the economy.

07:34.200 --> 07:36.660
The price levels of everything else in society

07:36.660 --> 07:40.240
and then in the late 90s everybody went insane

07:40.240 --> 07:43.980
and started paying these multiples for stocks

07:43.980 --> 07:45.300
that were just insane.

07:45.740 --> 07:48.640
This data ends in 2016.

07:49.280 --> 07:51.480
If I was to update this chart right now

07:51.480 --> 07:54.700
it would go right off the top of the scale.

07:55.340 --> 07:56.720
This is the number of work hours.

07:56.880 --> 07:59.180
This is automatically inflation adjusting.

07:59.920 --> 08:02.540
The number of work hours it takes to buy one share

08:02.540 --> 08:03.860
of the S&P 500.

08:04.620 --> 08:07.380
The average used to be 23 worker hours.

08:07.820 --> 08:09.120
Today it's 123.

08:10.760 --> 08:12.880
This one goes back to 1860.

08:13.400 --> 08:15.780
The Civil War started in 1861.

08:16.900 --> 08:19.840
This is very, very reliable data

08:19.840 --> 08:22.240
and you're looking at it from a whole bunch

08:22.240 --> 08:23.700
of different directions now

08:23.700 --> 08:27.460
and so when they all corroborate each other like this

08:27.460 --> 08:31.860
what you've got is pretty much a slam dunk proof

08:31.860 --> 08:33.120
that this is true.

08:33.540 --> 08:36.120
The markets are incredibly overvalued

08:36.120 --> 08:39.400
and for some reason people connect the economy

08:39.400 --> 08:40.760
with the stock market now.

08:41.040 --> 08:42.520
If the stock market is doing good

08:42.520 --> 08:44.900
they think the economy is doing good.

08:45.140 --> 08:46.780
It should be the other way around

08:46.780 --> 08:47.700
but it's not.

08:47.700 --> 08:50.860
Now, most of you are real estate investors

08:50.860 --> 08:54.080
and this is Dr. Robert Schiller's data on real estate.

08:54.600 --> 08:58.200
Now I've been presenting this data since 2004.

08:58.840 --> 09:01.340
So in 2005, 2006, and 2007

09:01.340 --> 09:04.400
I was with Robert Kiyosaki

09:04.400 --> 09:06.480
and he was taking me around the world.

09:06.620 --> 09:08.200
He likes people that disagree with him.

09:08.460 --> 09:10.000
I was presenting this information

09:10.000 --> 09:12.740
and I was saying real estate is going to have

09:12.740 --> 09:14.420
an enormous correction soon

09:14.420 --> 09:16.480
and you have to get prepared for it

09:16.480 --> 09:19.780
and most of the people ignored what I had to say

09:19.780 --> 09:22.500
because it'd go on for another year

09:22.500 --> 09:24.800
and there was no correction and then another year

09:24.800 --> 09:25.720
and then when it finally,

09:26.460 --> 09:29.060
when I was finally proven to be right

09:29.060 --> 09:31.560
a whole lot of those people were broke

09:31.560 --> 09:34.000
real estate fell by about 50%

09:34.000 --> 09:38.380
and during that time from in 2008

09:38.380 --> 09:40.500
gold bottomed it under $800

09:41.240 --> 09:44.480
and by 2011 it was $1,900

09:44.480 --> 09:47.620
so it had almost tripled at the same time

09:47.620 --> 09:50.000
that real estate fell by about half.

09:50.640 --> 09:54.420
This is proof that the whole system

09:54.420 --> 09:56.180
is crumbling right now.

09:56.620 --> 09:59.820
The whole financial system, the monetary system

09:59.820 --> 10:02.800
is broken and you don't have

10:02.800 --> 10:05.720
I believe that we don't have a whole lot of time left.

10:06.200 --> 10:08.680
What we've got here is bank reserves.

10:08.920 --> 10:12.260
There is a separate monetary system that the banks use

10:12.260 --> 10:15.280
that's not part of the monetary system that we experience.

10:15.840 --> 10:18.480
Every member bank of the Federal Reserve system

10:18.480 --> 10:20.580
has a checking account at the Federal Reserve

10:21.220 --> 10:22.600
that's called bank reserves

10:22.600 --> 10:25.020
and at the end of the day they all do settlement

10:25.020 --> 10:29.100
they pay each other and borrow from each other and so on

10:29.100 --> 10:32.040
and so the bank reserves

10:32.040 --> 10:36.000
it only took 40 to 50 billion of bank reserves

10:36.000 --> 10:39.280
to make the financial system run smoothly for decades

10:39.280 --> 10:40.880
that's all they required.

10:41.440 --> 10:42.880
That's the upper left.

10:43.420 --> 10:46.760
The upper right is the interest paid on reserves

10:47.050 --> 10:50.500
and there was no interest rate until 2008

10:50.500 --> 10:51.580
so it's at zero.

10:52.380 --> 10:54.940
Then Ben Bernanke when he did QE

10:54.940 --> 10:58.180
he created a whole bunch of currency

10:58.180 --> 10:59.480
a whole bunch of bank reserves

11:00.130 --> 11:02.660
and to keep that from leaking out of the banks

11:02.660 --> 11:03.760
and causing inflation

11:04.050 --> 11:06.460
he decided to pay interest on them

11:06.460 --> 11:08.840
but when one man has the arrogance

11:09.120 --> 11:10.780
to think he knows so much

11:10.780 --> 11:12.720
that he can like fix the economy

11:12.720 --> 11:15.740
with just his ideas

11:16.460 --> 11:18.440
that comes back to bite you

11:18.440 --> 11:21.260
because there's always unintended consequences

11:21.260 --> 11:25.460
and he won the Nobel Prize for this stuff

11:25.460 --> 11:28.900
and we are about to suffer the unintended consequences.

11:29.900 --> 11:34.160
The Federal Reserve buys financial assets

11:34.160 --> 11:36.580
that have to be guaranteed as to the principle

11:36.580 --> 11:38.920
and interest by the United States government

11:38.920 --> 11:40.900
that's part of the Federal Reserve Act

11:40.900 --> 11:42.560
so they're pretty much handcuffed

11:42.560 --> 11:45.820
to just buying U.S. Treasuries

11:45.820 --> 11:47.240
and mortgage-backed securities

11:47.240 --> 11:50.800
and they have to buy them through a network

11:50.800 --> 11:52.860
of what are called primary dealers

11:52.860 --> 11:55.060
the biggest brokerage houses on earth

11:55.060 --> 11:58.200
there are always between 18 and 30 of them

11:58.200 --> 12:01.040
but if you watch this

12:01.040 --> 12:03.160
the Federal Reserve makes a profit

12:03.160 --> 12:06.520
I don't have data before 2011

12:06.520 --> 12:08.340
on the payments to the Treasury

12:08.340 --> 12:09.780
but at the end of every week

12:09.780 --> 12:12.120
the Federal Reserve is supposed to deduct their expenses

12:12.120 --> 12:15.520
and then they pay all of their member banks

12:15.520 --> 12:17.440
the stockholders in the Federal Reserve

12:17.440 --> 12:19.040
a 6% dividend

12:19.040 --> 12:22.100
whatever is left over goes to the U.S. Treasury

12:22.100 --> 12:24.980
the U.S. Treasury puts it into the general fund

12:24.980 --> 12:27.860
and that lowers the deficit that week

12:27.860 --> 12:30.040
if they don't get that payment

12:30.040 --> 12:35.000
they then have to issue more U.S. Treasury bonds, bills

12:35.000 --> 12:36.680
or notes that week

12:36.680 --> 12:38.560
and put us further into debt

12:38.560 --> 12:41.800
and then what nobody has done

12:41.800 --> 12:43.420
and I'm really surprised because

12:44.000 --> 12:46.140
we came up with this and it's in my book

12:46.140 --> 12:47.800
and it's in a free chapter online

12:47.800 --> 12:48.960
that you can download

12:48.960 --> 12:50.720
and you can email it to anybody

12:50.720 --> 12:55.580
but no financial analyst or economist has done this

12:55.580 --> 12:57.460
you take the number of bank reserves

12:57.460 --> 12:59.320
times the interest rate they're paying

12:59.320 --> 13:02.200
and you get the amount that Ben Bernanke

13:02.200 --> 13:03.720
typed into existence

13:03.720 --> 13:07.620
and gave to the biggest brokerage houses on earth

13:07.620 --> 13:09.220
actually it's their banks

13:09.220 --> 13:11.380
their division all of the brokerage houses

13:11.380 --> 13:14.160
have a bank that's connected with it

13:14.160 --> 13:17.280
and so I'm going to start playing this now

13:17.280 --> 13:19.560
and you'll see them all going live

13:19.560 --> 13:20.940
at the same time

13:21.140 --> 13:23.240
and so the bank reserves are pretty constant

13:23.240 --> 13:26.780
and then when 2008 comes on

13:26.780 --> 13:29.400
you'll see interest rates go up

13:29.400 --> 13:30.840
there's now an interest rate

13:30.840 --> 13:31.900
there wasn't before

13:31.900 --> 13:36.520
and you see that there's a few billion here

13:36.520 --> 13:38.040
that were paid to the banks

13:38.740 --> 13:41.640
and nothing yet on the payments to the Treasury

13:41.640 --> 13:43.640
because that data doesn't exist

13:43.640 --> 13:46.600
but this all, all of these payments

13:46.600 --> 13:48.160
came out of your pocket

13:48.460 --> 13:50.020
so now we're continuing

13:50.020 --> 13:54.100
and we've had QE1, QE2, QE3

13:54.100 --> 13:56.460
and you see the payments to the Treasury

13:57.100 --> 13:58.520
reducing the deficit

13:58.520 --> 14:00.620
so they don't have to indent you

14:00.620 --> 14:03.120
more in the future with the national debt

14:03.120 --> 14:05.300
and then this stops again

14:05.860 --> 14:08.520
in March of 2022

14:09.060 --> 14:11.320
you'll notice that as the interest rate goes up

14:11.320 --> 14:12.840
those payments go down

14:12.840 --> 14:17.500
and then the interest rate's going to come down

14:17.500 --> 14:19.240
the payments will start going up

14:19.240 --> 14:22.180
and the amount of bank reserves

14:22.180 --> 14:23.860
when Jerome Powell

14:23.860 --> 14:25.860
when COVID happened

14:25.860 --> 14:26.660
and the pandemic

14:26.660 --> 14:30.920
he made Ben Bernanke look like a little piker

14:30.920 --> 14:32.980
that you know his response to it

14:32.980 --> 14:34.520
with the amount of currency creation

14:34.520 --> 14:36.480
in such a short period of time

14:37.180 --> 14:39.340
but the interest rates are low

14:39.340 --> 14:40.920
when the interest rates are low

14:40.920 --> 14:44.020
those payments to the biggest banks

14:44.020 --> 14:45.560
and brokerage houses in the world

14:45.560 --> 14:47.040
sort of go flat

14:47.040 --> 14:49.620
but then in March of 2022

14:49.620 --> 14:51.620
he started raising rates

14:51.620 --> 14:54.120
at the fastest pace in history

14:54.120 --> 14:57.020
and you'll see what happens next

14:57.500 --> 14:58.940
so the banks here

14:58.940 --> 15:01.760
I think that says $157 billion

15:02.620 --> 15:04.580
that they had been paid thus far

15:04.580 --> 15:07.700
and there's still payments to the Treasury going on

15:07.700 --> 15:10.700
however they're lower than they would have been

15:10.700 --> 15:14.100
every week some of it is going over to the banks

15:14.400 --> 15:16.980
but watch what happens starting in March

15:16.980 --> 15:17.980
and then in September

15:17.980 --> 15:20.680
the Federal Reserve went bankrupt

15:20.680 --> 15:22.400
they are broke

15:22.400 --> 15:24.520
and they cannot pay the Treasury

15:24.520 --> 15:26.560
so you'll see what they owe the Treasury

15:26.560 --> 15:28.400
and you're going to see where it went

15:28.400 --> 15:30.280
and it all came out of your pocket

15:31.500 --> 15:32.840
now they go broke

15:33.860 --> 15:35.620
they currently owe the Treasury

15:35.620 --> 15:36.980
close to $200 billion

15:37.760 --> 15:39.440
and when you add that $200 billion

15:39.980 --> 15:41.640
to the amount that

15:41.640 --> 15:43.480
they didn't pay the Treasury

15:43.480 --> 15:45.000
each week before that

15:45.000 --> 15:46.200
that they were paying the banks

15:46.200 --> 15:49.760
the total is that you have been billed

15:49.760 --> 15:52.080
almost half a trillion dollars

15:52.080 --> 15:55.200
and whenever the interest rate goes up

15:55.200 --> 15:58.800
it literally rains a deluge of free currency

15:58.800 --> 16:02.620
on the biggest banks and brokerage houses in the world

16:02.620 --> 16:04.100
and you paid for it

16:04.100 --> 16:08.100
because those Treasury bonds, bills and notes

16:08.100 --> 16:09.900
that were issued to make up for this

16:10.720 --> 16:13.320
are going to be paid for out of your taxes

16:13.320 --> 16:14.780
so if you pay taxes

16:15.240 --> 16:17.660
this gift that Ben Bernanke made

16:17.660 --> 16:19.340
to the biggest banks on earth

16:19.340 --> 16:20.800
came out of your pocket

16:21.800 --> 16:24.380
this is a chart that shows that

16:24.380 --> 16:27.240
basically I said this at George Gammon's

16:27.240 --> 16:28.880
Rebel Capitalists Live

16:28.880 --> 16:29.420
we're screwed

16:31.440 --> 16:33.660
when we go a dollar deeper in debt

16:33.660 --> 16:34.840
that's that red line

16:34.840 --> 16:37.400
when the US borrows a dollar

16:37.400 --> 16:39.960
and the national debt goes up by one dollar

16:39.960 --> 16:41.480
what do we get back?

16:41.480 --> 16:44.200
well after World War II in the 1950s

16:44.200 --> 16:45.280
they would borrow a dollar

16:45.280 --> 16:48.440
and we'd get somewhere between six and eight dollars

16:48.440 --> 16:49.860
worth of GDP growth

16:50.320 --> 16:53.520
and this is where politicians have been sort of trained

16:53.520 --> 16:56.640
that they can borrow and spend their way to prosperity

16:56.640 --> 16:59.140
that we can borrow ourselves out of a hole

16:59.140 --> 17:00.800
because it used to be true

17:01.360 --> 17:03.940
but as we built up more and more debt

17:03.940 --> 17:05.840
this has gone down and down and down

17:05.840 --> 17:08.980
and then when Ben Bernanke introduced what I call

17:08.980 --> 17:10.140
Bernanke economics

17:10.140 --> 17:12.960
when he changed the fundamental economics

17:12.960 --> 17:16.380
of how the US monetary system

17:16.380 --> 17:19.180
and thus the world monetary system works

17:19.980 --> 17:22.840
this went negative in 2008

17:22.840 --> 17:24.700
and it's been negative ever since

17:24.700 --> 17:27.600
and today this was updated just recently

17:27.600 --> 17:30.620
and today when we borrow a dollar

17:30.620 --> 17:33.560
we get 50 cents worth of GDP growth

17:33.560 --> 17:36.900
and so when all of the politicians do

17:36.900 --> 17:39.600
this amazing deficit spending that they are doing

17:39.600 --> 17:43.760
and currently we spend about 35% more than our income

17:43.760 --> 17:45.440
every single month

17:45.440 --> 17:49.940
and all they do is they dig a deeper hole for us

17:49.940 --> 17:52.840
and one day the walls of that pit that we are in

17:52.840 --> 17:54.560
are going to start collapsing

17:54.560 --> 17:57.040
but that creates a big opportunity

17:57.040 --> 17:59.120
so will we have a stock market crash?

17:59.640 --> 18:00.960
I'm almost certain of it

18:00.960 --> 18:04.320
that headline bloodbath is probably quite appropriate

18:04.320 --> 18:06.440
will it lead to higher unemployment

18:06.440 --> 18:08.420
and higher homelessness rates?

18:09.100 --> 18:10.580
I can almost guarantee it

18:10.580 --> 18:12.940
I mean I really think

18:12.940 --> 18:15.340
that this is lying out there in the future

18:15.340 --> 18:18.400
and I don't think we have a whole lot of time

18:19.160 --> 18:21.460
will it lead to social unrest?

18:21.740 --> 18:24.100
Yes, we've already got rioting

18:24.100 --> 18:27.360
what's going to happen when the economy gets really bad

18:27.360 --> 18:29.360
high unemployment and high homelessness

18:29.360 --> 18:32.540
is you're going to have a lot more conflicts going on

18:32.540 --> 18:35.160
around the world so we're heading in

18:35.160 --> 18:37.840
to a period of extreme chaos

18:38.640 --> 18:40.800
now the distraction throughout history

18:40.800 --> 18:42.800
has been to get involved in war

18:42.800 --> 18:45.140
are we going to? I believe so

18:45.140 --> 18:47.120
because I mean you can smell it right now

18:47.120 --> 18:48.700
we're right on the brink of it

18:48.700 --> 18:52.080
we're being sucked in to two wars globally right now

18:52.080 --> 18:55.020
and that is so that the politicians can say

18:55.020 --> 18:57.080
well it's not my fault you've got to be patriotic

18:57.080 --> 18:58.400
and you've got to support this war

18:58.400 --> 18:59.640
so you've got to support me

19:00.340 --> 19:01.960
and it's just a distraction

19:01.960 --> 19:04.560
but where does all of this pain

19:04.560 --> 19:06.240
and suffering and death

19:06.240 --> 19:08.480
end? Once this starts

19:08.480 --> 19:10.320
the emotions build

19:10.320 --> 19:12.840
and you just want to get back at the other guy

19:12.840 --> 19:15.120
and so to keep this from escalating

19:15.120 --> 19:17.700
there's no politician talking about peace

19:17.700 --> 19:19.940
they're all trying to outmaneuver each other

19:19.940 --> 19:23.460
and so how do we keep this

19:23.460 --> 19:26.220
contained? How do we keep it from escalating?

19:27.340 --> 19:30.640
History proves that this is a very difficult

19:30.640 --> 19:31.920
thing to accomplish

19:31.920 --> 19:34.460
and what's the worst

19:34.460 --> 19:36.080
outcome possible?

19:37.460 --> 19:38.180
For the first time

19:38.180 --> 19:40.740
I mean back in the Cuban Missile Crisis

19:40.740 --> 19:43.180
this was a possible outcome

19:43.180 --> 19:45.140
and right now

19:45.140 --> 19:47.480
we are just so we're always

19:47.480 --> 19:49.380
like minutes away from

19:49.380 --> 19:51.180
World War III now

19:51.180 --> 19:53.800
with the Ukraine conflict especially

19:54.820 --> 19:57.320
and so once this

19:57.320 --> 19:59.460
gets going how do you keep it

19:59.460 --> 20:01.040
from running away and will they

20:01.040 --> 20:02.960
so you have to sort of

20:02.960 --> 20:03.640
I'm

20:05.280 --> 20:07.080
I'm preparing for the worst

20:07.080 --> 20:09.080
but planning for the best actually

20:09.080 --> 20:12.040
because there is an opportunity in this

20:12.040 --> 20:14.500
and I do believe that if we can get through

20:14.500 --> 20:16.160
just the next five years

20:16.160 --> 20:17.540
that between AI

20:17.540 --> 20:19.820
artificial intelligence and robotics

20:19.820 --> 20:22.560
that we have an incredibly bright future

20:22.560 --> 20:23.780
in front of us

20:23.780 --> 20:25.780
that all of

20:25.780 --> 20:28.640
the economics, the monetary system

20:28.640 --> 20:29.820
everything that we've been

20:29.820 --> 20:32.400
depending on is going to be

20:32.400 --> 20:33.580
pretty much irrelevant

20:33.580 --> 20:36.120
and we're going to see levels of prosperity

20:36.120 --> 20:38.680
that we just can't even imagine right now

20:38.680 --> 20:39.700
or

20:39.700 --> 20:41.720
I think it's a binary outcome

20:41.720 --> 20:44.360
or we end up dealing with

20:44.360 --> 20:45.660
a future like this

20:46.560 --> 20:48.500
and that will plunge us

20:48.500 --> 20:51.040
into a dark ages

20:51.040 --> 20:52.460
with the way how intricate

20:53.040 --> 20:54.400
supply chains are

20:54.400 --> 20:55.960
and the monetary system

20:55.960 --> 20:58.800
and then everything connected to that

20:58.800 --> 21:00.260
even the education system

21:00.260 --> 21:01.740
I just think that

21:01.740 --> 21:03.900
Elon Musk has warned about

21:03.900 --> 21:07.200
the possibility of a future dark age

21:07.200 --> 21:09.180
so chaos plus

21:09.180 --> 21:09.860
crisis

21:10.780 --> 21:13.060
equals catastrophe but I want to show

21:13.060 --> 21:14.860
you how I'm trying to turn it

21:14.860 --> 21:16.060
into my opportunity

21:16.880 --> 21:18.960
and this is the great precious metals

21:18.960 --> 21:20.440
bull market of the 70s

21:20.440 --> 21:21.860
I've turned it into a horse race

21:22.720 --> 21:24.480
and the number

21:24.480 --> 21:26.720
four horse there is the stock market

21:26.720 --> 21:28.600
if you had bet a buck

21:28.600 --> 21:29.520
on

21:30.840 --> 21:32.780
August 15th, 1971

21:32.780 --> 21:34.940
when gold became free trading

21:34.940 --> 21:36.880
on that day and then this race

21:36.880 --> 21:39.000
ends January 1980

21:39.000 --> 21:40.600
when gold and silver peaked

21:40.600 --> 21:42.720
if you had bet on the stock market

21:42.720 --> 21:44.800
your return would have been a buck

21:44.800 --> 21:46.140
40 so you bet a buck

21:46.140 --> 21:48.400
you got a buck 40 back but was it the same

21:48.400 --> 21:50.140
dollar? we had double digit

21:50.140 --> 21:52.460
just raging inflation during the 70s

21:52.460 --> 21:54.080
actually that buck 40

21:54.080 --> 21:56.360
would only buy 30 cents

21:56.360 --> 21:57.900
worth of goods and services

21:57.900 --> 22:00.220
if you had spent the original

22:00.220 --> 22:02.620
dollar back in 1971

22:02.620 --> 22:04.080
the buck 40

22:04.080 --> 22:05.640
only bought 30 cents

22:05.640 --> 22:07.800
so the actual purchasing power

22:07.800 --> 22:10.280
went down by 70%

22:10.280 --> 22:12.220
real estate didn't fare that

22:12.220 --> 22:13.780
much better you bet a buck

22:13.780 --> 22:16.000
you got $2.30 back

22:16.000 --> 22:18.000
but it still didn't keep ahead of inflation

22:18.000 --> 22:19.760
gold you bet a buck

22:19.760 --> 22:22.140
you got $25.10 back

22:22.140 --> 22:22.940
silver

22:23.840 --> 22:25.040
$41.30

22:25.040 --> 22:27.580
from a single buck to that date

22:27.580 --> 22:29.740
that was the greatest bull market in history

22:29.740 --> 22:31.960
only to be eclipsed by cryptos

22:33.640 --> 22:37.100
what was the world like in 1970

22:37.500 --> 22:39.300
who drove the price of gold

22:39.300 --> 22:41.780
from $35 to $873

22:41.780 --> 22:43.740
that was the actual

22:43.740 --> 22:45.060
peak in 1980

22:45.600 --> 22:46.480
well up until

22:46.480 --> 22:48.840
the first day of 1975

22:49.480 --> 22:51.900
it was only Canada and western Europe

22:51.900 --> 22:53.540
it was illegal in the United States

22:53.540 --> 22:54.160
in Australia

22:54.160 --> 22:57.740
first day of 75 it became legal

22:57.740 --> 22:58.660
in the United States

22:58.660 --> 23:00.840
76 Australia

23:01.640 --> 23:03.920
back then news traveled really slowly

23:03.920 --> 23:05.640
you'd turn on that old vacuum tube

23:05.640 --> 23:07.300
TV set on and

23:07.300 --> 23:09.660
Walter Cronkite would tell you the price of

23:09.660 --> 23:11.180
gold but you were using

23:11.180 --> 23:12.980
yesterday's news that was

23:12.980 --> 23:15.600
7.30 in the evening after the markets are closed

23:15.600 --> 23:18.040
or you could pick up the evening

23:18.040 --> 23:19.560
paper and get

23:19.560 --> 23:21.500
yesterday's news basically

23:21.500 --> 23:23.480
or you could turn into the one

23:23.480 --> 23:25.140
and only financial

23:25.660 --> 23:27.480
program being

23:27.480 --> 23:29.440
made back then wall street week

23:29.440 --> 23:31.380
with Louis Rue Kaiser on

23:31.380 --> 23:33.480
PBS Friday night

23:33.480 --> 23:35.300
after the weeks trading was done

23:35.300 --> 23:36.580
and you had to wait until Monday

23:36.580 --> 23:38.260
to take action on it

23:38.260 --> 23:39.640
and if you wanted to buy gold

23:39.640 --> 23:41.420
you picked up your phone

23:41.420 --> 23:42.760
to call your broker

23:42.760 --> 23:45.340
he would call Chicago if it was the

23:45.340 --> 23:47.060
commodity if it was gold stocks

23:47.060 --> 23:49.240
he'd call New York and tell

23:49.240 --> 23:51.340
that office and then they had to

23:51.340 --> 23:52.880
get a message to the floor trader

23:52.880 --> 23:55.140
and you would be lucky if that trade

23:55.140 --> 23:56.820
got in on the same day

23:56.820 --> 23:59.680
today it's only North Korea

23:59.680 --> 24:01.600
where it's illegal so the number

24:01.600 --> 24:03.760
of people and the number of exchanges

24:03.760 --> 24:06.000
and markets around the planet

24:06.000 --> 24:07.580
it truly is global

24:07.580 --> 24:09.880
you know back in the 70's

24:09.880 --> 24:11.980
most of the rest of the world

24:11.980 --> 24:13.640
the Mexico

24:13.640 --> 24:15.260
South America, the Caribbean

24:15.260 --> 24:17.800
Africa, Southeast Asia

24:17.800 --> 24:19.520
there were all these commercials on TV

24:19.520 --> 24:21.960
to raise funds to save all of these

24:21.960 --> 24:23.680
starving children in all of these

24:23.680 --> 24:25.820
countries the famines that were going

24:25.820 --> 24:27.720
on back in the 70's

24:27.720 --> 24:29.720
and 80's it was really global

24:29.720 --> 24:31.780
so nobody there could afford

24:31.780 --> 24:33.400
to buy gold

24:33.400 --> 24:35.440
today we've got all of these

24:35.440 --> 24:37.420
financial news channels this is just

24:37.420 --> 24:39.740
a tiny little sample of where you

24:39.740 --> 24:41.000
can get financial news

24:41.590 --> 24:43.680
let alone the tens of thousands

24:43.680 --> 24:45.660
of like I've got

24:45.660 --> 24:47.920
a financial channel on YouTube

24:47.920 --> 24:50.300
I've got 120 million

24:50.300 --> 24:51.920
views and 3 quarters of a million

24:51.920 --> 24:52.800
followers

24:53.510 --> 24:56.180
but then there's X.com

24:56.180 --> 24:57.520
and Facebook and

24:57.520 --> 24:59.220
all of the so it's

24:59.220 --> 25:01.420
24-7-365

25:01.420 --> 25:02.860
and then

25:02.860 --> 25:05.300
you can get onto your laptop

25:05.300 --> 25:07.120
or check the price of

25:07.120 --> 25:08.200
gold on your cell phone

25:08.200 --> 25:10.640
and you can buy gold

25:10.980 --> 25:12.520
while you're crossing the Sahara

25:12.520 --> 25:14.240
on your camel today

25:14.240 --> 25:16.880
so this frame

25:16.880 --> 25:18.340
I forgot to take out I'm sorry

25:20.420 --> 25:20.980
today

25:20.980 --> 25:23.060
the number of billionaires

25:23.060 --> 25:24.460
on the planet there are more than

25:24.460 --> 25:26.280
600 billionaires in the US

25:26.280 --> 25:27.720
and in China

25:27.940 --> 25:29.700
the green countries it's

25:29.700 --> 25:31.580
50 to 599

25:32.100 --> 25:33.880
and the blue countries there are

25:33.880 --> 25:35.260
countries in Africa today

25:35.260 --> 25:37.520
where everybody was starving to death

25:37.520 --> 25:39.460
back in the 80's now that have

25:39.460 --> 25:42.160
10 billionaires in that country

25:42.160 --> 25:44.100
according to the OECD

25:44.100 --> 25:46.060
there's 55 times more

25:46.060 --> 25:47.400
currency on the planet

25:47.400 --> 25:48.980
we keep on creating currency

25:48.980 --> 25:51.280
there is 16 trillion dollars

25:51.280 --> 25:53.440
in the United States

25:53.440 --> 25:54.080
alone

25:54.080 --> 25:56.100
sitting on the sidelines

25:56.100 --> 25:58.140
waiting to go somewhere

25:58.140 --> 26:00.500
and I believe that

26:00.500 --> 26:03.120
when there's a crisis

26:03.120 --> 26:05.180
people seek safe havens

26:05.180 --> 26:06.120
they have been taught

26:06.120 --> 26:08.740
to seek US treasuries

26:09.440 --> 26:09.920
normally

26:09.920 --> 26:12.980
but the US treasury is starting

26:12.980 --> 26:13.960
to become suspect

26:13.960 --> 26:15.800
are you going to be paid back

26:15.800 --> 26:17.520
if you loan your currency

26:17.520 --> 26:19.180
to the United States government

26:19.180 --> 26:20.480
for 5, 10

26:21.080 --> 26:22.540
20, 30 years

26:23.180 --> 26:24.660
people are starting

26:25.020 --> 26:27.180
to realize our levels of

26:27.180 --> 26:28.360
debt to GDP

26:28.360 --> 26:30.480
and the population demographics

26:30.980 --> 26:32.680
sort of say that no

26:32.680 --> 26:34.540
you're not going to get paid back

26:34.800 --> 26:36.900
there are now 18 times more people

26:36.900 --> 26:39.180
who can buy 55 times more

26:39.180 --> 26:39.680
currency

26:39.680 --> 26:42.040
56 times more millionaires

26:42.040 --> 26:43.920
200 times more billionaires

26:43.920 --> 26:45.980
and 220 times more

26:45.980 --> 26:47.660
available consumer credit

26:47.660 --> 26:50.000
than in January of 1980

26:50.000 --> 26:51.420
when gold peaked

26:51.740 --> 26:53.000
now silver

26:53.980 --> 26:55.000
it's still

26:56.080 --> 26:57.900
it's a little more than half

26:57.900 --> 26:59.440
of it's 1980 high

26:59.540 --> 27:00.700
name something else

27:00.700 --> 27:02.640
that's still selling at a discount

27:02.640 --> 27:04.960
to it's 1980 price

27:06.160 --> 27:07.080
okay

27:07.980 --> 27:10.000
it advanced two frames

27:10.000 --> 27:10.620
accidentally

27:10.620 --> 27:13.360
I had my

27:13.360 --> 27:14.620
chart guru

27:15.360 --> 27:17.080
Adam Alan Hibbard

27:17.840 --> 27:19.640
create a chart where he lined up

27:19.640 --> 27:21.400
the S&P 500

27:21.400 --> 27:23.540
and gold on the day that gold

27:23.540 --> 27:25.460
bottomed from it's 1980

27:25.460 --> 27:27.860
high to today what was the lowest price

27:27.860 --> 27:29.660
and the performance

27:29.660 --> 27:31.840
of the S&P it's up almost

27:31.840 --> 27:33.300
300% but gold

27:33.300 --> 27:35.660
is up almost 900%

27:35.660 --> 27:37.420
why would anybody take

27:37.420 --> 27:39.120
all the risk that is involved

27:39.120 --> 27:41.060
you know gold is an asset

27:41.060 --> 27:42.280
you can hold in your hand

27:42.280 --> 27:44.140
and it requires no

27:44.840 --> 27:45.940
counterparty to make it good

27:45.940 --> 27:47.980
if you were in stocks

27:47.980 --> 27:49.900
and your brokerage house was

27:49.900 --> 27:52.160
Lehman Brothers what happened

27:52.160 --> 27:55.080
in 2008 to your portfolio

27:55.080 --> 27:56.640
it vanished

27:56.640 --> 27:58.480
it requires the performance

27:58.480 --> 27:59.880
of a counterparty

27:59.880 --> 28:01.200
gold does not

28:02.920 --> 28:03.860
there's something called

28:03.860 --> 28:05.180
Elliott wave analysis

28:05.180 --> 28:08.340
I had Alan line up

28:08.340 --> 28:09.900
on the day that gold bottom

28:09.900 --> 28:12.680
the previous bull market

28:12.680 --> 28:14.400
in gold the 70's bull market

28:14.400 --> 28:15.500
that's the blue scale

28:15.500 --> 28:16.840
and the blue line

28:16.840 --> 28:19.520
with today's bull market

28:19.520 --> 28:20.980
that started in 1999

28:20.980 --> 28:22.260
the orange scale

28:22.260 --> 28:24.580
and the yellow line

28:24.580 --> 28:26.880
and when we did that

28:26.880 --> 28:28.780
I had him then squeeze

28:28.780 --> 28:31.300
today's bull market in time

28:31.300 --> 28:32.980
and in magnitude

28:32.980 --> 28:34.780
and when the two peaks

28:34.780 --> 28:36.380
it's called Elliott wave

28:36.380 --> 28:38.340
where markets will go up

28:38.340 --> 28:40.260
in a 1, 2, 3 pattern

28:40.520 --> 28:42.260
or they'll go up in 5 waves

28:42.760 --> 28:44.320
and when we saw this we went

28:44.320 --> 28:46.560
oh my god this is greater

28:46.560 --> 28:48.480
than a 0.97 correlation

28:48.480 --> 28:50.580
meaning that is more than

28:50.580 --> 28:52.800
97% the same

28:52.800 --> 28:54.620
it was echoes of the past

28:54.620 --> 28:56.540
but this was for my book

28:56.540 --> 28:58.140
so the chart was done

28:58.140 --> 29:00.360
in October of 22

29:01.000 --> 29:02.580
where has it gone since

29:02.580 --> 29:03.740
today and what happened

29:03.740 --> 29:05.200
there's a divergence there

29:05.200 --> 29:07.780
why? well we had the pandemic

29:07.780 --> 29:10.340
and then we had massive currency

29:10.340 --> 29:12.120
creation and then massive

29:12.120 --> 29:14.120
inflation and gold sort of

29:14.120 --> 29:15.900
yawned and went sideways

29:16.400 --> 29:18.280
well I believe that that is

29:18.280 --> 29:19.520
just storing energy

29:19.520 --> 29:21.680
it is storing the energy of all

29:21.680 --> 29:23.200
of that inflation and currency

29:23.200 --> 29:25.500
creation and with the next crisis

29:25.500 --> 29:27.020
it is going to explode

29:27.020 --> 29:29.040
and that energy will cause it

29:29.040 --> 29:30.880
to go right off the top of this chart

29:30.880 --> 29:32.480
this chart was predicting

29:32.850 --> 29:34.900
greater than $9,000 an ounce

29:34.900 --> 29:37.060
but now that seems like

29:37.060 --> 29:38.640
an absurdly low price

29:38.640 --> 29:41.000
when you measure the quantity

29:41.000 --> 29:42.840
of gold that we have against the expansion

29:42.840 --> 29:45.020
of the currency supply against prices

29:45.020 --> 29:46.900
in fact in

29:46.900 --> 29:49.360
1999 gold was $250

29:49.360 --> 29:51.460
now it is $2,500

29:51.460 --> 29:52.880
the gold didn't change

29:52.880 --> 29:55.000
the dollar lost 90%

29:55.000 --> 29:57.160
of its purchasing power against gold

29:57.160 --> 29:59.460
and you just have to ask yourself

29:59.460 --> 30:00.640
do you think

30:00.950 --> 30:03.280
the dollar is going to gain value against

30:03.280 --> 30:05.500
things do you think prices are going to go down

30:05.500 --> 30:06.700
or are they going to

30:06.700 --> 30:08.080
will the government

30:08.080 --> 30:11.220
in the Federal Reserve get a hold of themselves

30:11.220 --> 30:12.760
and stop creating

30:12.760 --> 30:14.440
massive amounts of currency

30:15.130 --> 30:17.140
and so if you want to know more about it

30:17.140 --> 30:19.350
go to ggsr21.com

30:21.040 --> 30:22.900
and there you can there's these

30:22.900 --> 30:24.020
online chapters

30:24.940 --> 30:25.860
read those

30:25.860 --> 30:27.020
download them

30:27.020 --> 30:28.700
send them to anyone you want

30:28.700 --> 30:31.340
it's free and we don't even ask for your

30:31.340 --> 30:32.200
email address

30:32.200 --> 30:35.340
this is something that you can do right now

30:35.340 --> 30:37.960
chapter 3 is the easiest chapter to read

30:37.960 --> 30:40.440
and it will benefit you for the rest of your life

30:40.440 --> 30:41.600
it's real simple

30:41.600 --> 30:43.860
and it's about how somebody that

30:43.860 --> 30:45.740
creates a chart can create that chart

30:45.740 --> 30:47.340
to lie to you

30:47.340 --> 30:48.600
or skew your perception

30:48.600 --> 30:50.360
chapter 4 is the hardest

30:50.360 --> 30:52.380
if you want to understand how currency

30:52.380 --> 30:52.940
is created

30:52.940 --> 30:55.780
and how the global economy works

30:55.780 --> 30:57.760
and how the world's central banks

30:57.760 --> 31:00.020
and the banks enslave you

31:00.020 --> 31:01.520
and constantly

31:01.520 --> 31:04.560
suck what I call economic energy out of you

31:04.560 --> 31:06.300
suck wealth out of you

31:06.300 --> 31:08.220
chapter 4 is the chapter

31:08.220 --> 31:10.140
it's not an easy chapter

31:10.140 --> 31:11.640
it's written in 7 parts

31:12.160 --> 31:12.520
but

31:13.640 --> 31:16.200
go to ggsr21.com

31:16.200 --> 31:17.920
and goldsilver.com

31:17.920 --> 31:19.920
there is a wealth of information

31:19.920 --> 31:21.520
on both websites

31:21.520 --> 31:23.720
so problem solution

31:23.720 --> 31:24.440
benefit

31:24.440 --> 31:26.420
and hopefully

31:26.420 --> 31:29.560
I just helped you change that to problem solution

31:29.560 --> 31:30.360
jackpot

31:31.780 --> 31:33.140
so the 5Gs

31:33.920 --> 31:35.000
Robert Kiyosaki

31:35.000 --> 31:37.640
took me around the world from 2004

31:37.640 --> 31:38.800
to 2010

31:38.800 --> 31:41.560
speaking to audiences all over

31:41.560 --> 31:44.000
and he likes people that disagree

31:44.000 --> 31:44.540
with him

31:44.540 --> 31:46.760
and I got the nickname

31:46.760 --> 31:48.140
the angel of death

31:48.140 --> 31:49.620
back then because

31:49.620 --> 31:52.160
I would sort of depress the audience

31:52.160 --> 31:54.020
with my information but you know

31:54.020 --> 31:56.720
I was showing them real estate was going into a bubble

31:56.720 --> 31:58.320
the stock market is going into a bubble

31:58.320 --> 31:59.360
you got to get prepared

31:59.360 --> 32:02.400
and then the global financial crisis of 2008

32:02.400 --> 32:04.700
well we're at that point right now

32:04.700 --> 32:05.760
but as you've just seen

32:05.760 --> 32:07.620
it's much bigger than before

32:07.620 --> 32:09.760
Robert would talk about how to become

32:09.760 --> 32:12.980
super resilient and that is the 5Gs

32:12.980 --> 32:15.020
you have ground, grub, gas

32:15.020 --> 32:16.080
guns and gold

32:16.080 --> 32:18.020
well I've already got the gold

32:18.020 --> 32:20.100
but I'll show you what I'm doing

32:20.100 --> 32:21.340
to get prepared

32:21.340 --> 32:24.540
I'm making a bet on the upside

32:24.540 --> 32:26.180
and a bet on the downside

32:26.720 --> 32:28.380
so I'm preparing for the worst

32:28.380 --> 32:30.120
but planning for the best

32:30.800 --> 32:31.100
simultaneously

32:32.280 --> 32:34.620
so that wraps up the first part

32:34.620 --> 32:37.020
of my presentation at the Limitless Expo

32:37.020 --> 32:38.300
in Dallas, Texas

32:38.800 --> 32:40.880
in the coming weeks I'm going to show you

32:40.880 --> 32:42.740
how I'm preparing for the worst

32:42.740 --> 32:44.160
but hoping for the best

32:44.160 --> 32:46.600
with the rest of this presentation

32:46.600 --> 32:48.580
and an update on the farm

32:48.580 --> 32:50.680
so if you got anything from this video

32:50.680 --> 32:51.960
please like and subscribe

32:51.960 --> 32:53.580
and we'll see you next time