Peter Schiff: Economic Armageddon - Bonds & Dollar in Crisis

0:00Welcome back. We are joined today by Peter Schiff, the CEO of Euro-Pacific Asset Management and also the host of the very popular Peter Schiff Show. Thank you for coming back on the program. It seems well one of the big news of today is the oil prices. We see now Brent Crude surpassing $107 per barrel and well the Trump administration has worked very hard to talk down the oil over the past few months. It seems every Monday morning the Iran War is announced to be over but yeah this time it doesn't seem to work. I was wondering how do you interpret this prices? Is it only about the Iran War and the Middle East on fire or is there a bigger story here? Well there's a bigger story but I think Iran is certainly part of it and as we're speaking Brent oil which is more significant for us here in America

1:00but Brent is at $1060 up another almost 6% today and maybe even more problematic for the US economy are bond yields rising along with oil. So we've got the yield on the 10 year at a new high. We're almost at a new 20 year high. We're at a 19 year high but we're at $493 on the 10 year and the 30 year is at $534 so this is also probably at least the new 19 year high in 30 year yields but the the dangerous part is there's no end in sight to where you know we're ahead of here. Rates rates are still low if you don't count the period since the 2008 financial crisis. So we've been living in an aberration and now we're coming back to reality. We have a lot of debt in this country and we need to be paying a much higher rate of interest. We also have a lot of inflation and the inflation is going to just continue to rise as the rising gas prices is showing you oil

2:06prices. A diesel price is I haven't even checked them but I can only imagine where they are but they were already at an all time record high before the big move up today. So this is a huge problem and the war you know we've lost this war there's no question that that's the case. In fact I was predicting that we were going to lose it the day we started it and and it's it's probably further away from ending now maybe than it was when we did start it. Even Trump now concedes that the war is not going to end until after the midterms but even that is not going to end and I don't think it's going to end until you know I ran guess what it was. Yeah well I was hoping well it seemed like Trump knew that wars were not the way to go. I mean he was quite critical of the war in Afghanistan, Iraq, Libya, Syria. None of them really worked out and he was very vocal about this but he appears to have come down this path nonetheless.

3:12Yeah he changed his mind or somebody changed it for him but I agreed with the old Trump. I don't agree with this Trump and there's a lot of other things about the modern Trump. Trump is way worse in his second term than he was in his first the stuff that he's doing the stuff that he's saying. I mean I think I think mentally I think there's there's some problems there just like with Biden you know Biden had some problems the Democrats covered it up. Now Trump has happened problems. Nobody's covering it up. Everybody's just in denial because you know he's out there talking all the time and this stuff he says is completely ridiculous. I mean nobody could lie like this. He's delusional. I think Trump believes the stuff that he's saying. I don't think he's just out there lying. I think he's living in some kind of fantasy world. Yeah and other Republicans are refusing to you know to point that out. Yeah now I also like very much the Trump of the

4:14election campaign the one who wanted to bring down waste to have some physical discipline restore or be a some production. Well it ideally re-industrialize somehow or an end all of this wars. I mean there seems to be a common theme there recognizing that what had been done for the past decades wouldn't wasn't working anymore and it's time to tighten up but yeah I guess he fell in line but another big news to besides the oil prices going through the roof is of course the bond markets which are in seemingly in deep trouble we see now even a lot of US allies are shifting from being buyers to being sellers. You know if you take a step back what is the why there's significance of this? I mean the why the impact on the economy. From what again? The the falling bond market. The fact that even allies now are selling or at least they're not buying. Yeah look I mean the

5:18Japanese the Japanese are big sellers now to defend the yen you know the Norwegian sovereign well fund as announced at what 60 billion or so of treasury sales. Look at the treasury is being sold that that's why the price is going down but it's not just foreigners who are selling look at look at the biggest buyers domestically other than the Fedor Reserve where the US government trust fund Social Security Trust Fund for example Social Security Trust Fund is a big seller of treasuries. It has to sell treasuries to make the Social Security payments. So everybody is selling who the hell would buy them. I mean why would you buy them? The yields are not high enough. You know 5.3% on a 30 year no thank you. I'm not going to loan my money to the US government for 30 years at that lower rate of interest given how much debt they already have and how much inflation they're already creating. I'll let alone how much creation debt inflation is going to be created between now and the maturity of these 30 year bonds. So you race you're going to

6:24go a lot higher people are going to be surprised at how high rates are going to go and a lot of people you know in the financial world don't even really have much of a memory of dealing with with with rates that are higher double digit. You know they weren't managing money or they went around it in 1970s or even the 1980s a lot of people that are working on Wall Street. Most of their careers have been you know 0% interest rates or you know artificially low interest rates. But the same thing is going to happen in the other direction with oil prices. People are going to be surprised at how expensive oil gets especially when the dollar starts to weaken which is a forecast I've been making for a while it hasn't happened yet but where it has happened obviously in terms of purchasing power the dollar has lost a lot of its purchasing power and especially against gold that you know you can see that but it hasn't really declined on foreign exchange markets yet but it's going to and I think it's going to decline substantially and

7:26that's going to put even more upward pressure on both interest rates you know bond yields and oil prices and other prices other commodity prices. What is the administration doing about this though because it looked you commented on the lies and they do get more absurd by the day I heard best sense responding to how to deal with the 40 trillion dollar debt this you know will grow our way out of it so that didn't seem like he was planning to cut anything but what else is the the government actually doing is it intervening somehow to manage the bond markets to bring down the oil prices I mean how much do you think they're doing? The only thing they're doing is making it worse last night when Trump was speaking at this Republican midterm convention he bragged about the big beautiful bill and said it was the greatest bill in the history of America

8:28but all that bill did was replace taxes with borrowing we cut taxes increased spending and borrowed the difference and so it was just a bill to blow up the deficit which were already huge and he thinks that was a great bill so we're doing nothing now yes the Treasury Department is trying to cover up some of the symptoms of rising bond yields by buying bonds by you know doing its own operation twist where it sells some short term bonds and then buys some of the long term bonds back from the market to try to keep yields from rising even faster than they're already rising but you know that that's not going to solve the problem you know they got to stop the deficit spending and they're not going to do that just it's a political non-starter in fact what did Trump promise last night he promised to send everybody five thousand dollars well where's that money get it

9:28coming from that's just another trillion that we're going to have to borrow right so you know there is no sign of any fiscal responsibility so if you own treasuries the smart thing to do if you were dumb enough to buy them in the first place is this sell them so yields are going to keep rising and that's a big problem when we have so much debt it's the national debt is over 40 trillion and it's rising every day yeah the five thousand dollars well is that if the Republicans are voted for I mean I know it's supposed to sound enticing but this can really destroy the economy though I mean I think it's a one point three trillion dollars it will cost the US government I'm you know that money doesn't come out of nowhere I guess it's well right they would have to print it the Fed would have to print it we'd have to just have a lot more inflation and so everybody would have more money but it wouldn't matter because everything would cost more so the extra money wouldn't get you any extra stuff you'd end up with the same quantity of stuff it would just cost

10:33a lot more yeah you would think something that would solve would be while all of this is happening the US and Iran are attacking each other's oil tankers and refineries yet many striking Saudi Arabia the Europeans are refusing to buy Russian energy it seems like there are some you know let's call them low-hanging fruit solutions but no one appears to be going for those but what do you think what are the reasons though for the US allies to sell these bonds is it just bad investments or are some of them running out of money as well that they need to cover the bets because well like the Gulf states are in a tight spot now though well in some cases like Japan they you know they're selling US treasuries in order to buy back yen to intervene in the foreign exchange market other countries you know may need money for other purposes and so they're they're getting it by selling treasuries but I think a lot of countries are making a strategic decision

11:36that owning treasuries doesn't make viable financial sense that the yield on treasuries is not going to be high enough to offset the declining value of the US dollar which is ultimately what you own when you own treasuries and I think central banks are deciding that they would rather own other assets and in particular gold I think central banks are deciding that gold is better to hold than treasuries and not only is it better economically but better politically because when you hold treasuries you're still beholden to the US government the US government has the ability to sanction and weaponize your own treasury reserves but if you have gold safely within your own border that you defend the US government has no ability to do anything I mean we would have to actually invade you and take your gold by force we don't have to do anything we could take your treasuries with the stroke of a pen and so you're very vulnerable if you hold treasuries you're secure

12:38if you hold gold not only from inflation but you're secure politically when you own gold so that's what's happened and then you know a lot of other investment managers like you know the Norwegian sovereign wealth fund they're just allocating out of treasuries it does better places for their money they just don't see that the risk reward makes sense and so they're moving on to other assets and that is a huge problem for us but if all of these countries are no longer buying the US bonds Japan of course is a big one who's buying them then how because the US deficit is well only continues to grow someone has to buy all of this where they all selling to I don't well obviously the Fed is buying some because the balance sheet has been growing and so the Fed Reserve is doing some stealth QE or not maybe so stealth or just not all in a QE but obviously there maybe there's some speculators that are buying maybe there's

13:43some insurance companies that need to buy they're matching some assets with liabilities but that's a good question you know I mean I think obviously we're running out of buyers that's why the market keeps going down and so in order to entice buyers we need higher yields and I think that that's going to continue because as we deplete the people willing to buy a treasury and accept the yield let's say on a 10-year treasury of 4.94 where we are now here are people that like well I might buy at 5% okay the yields go to 5% and then we exhaust those guys and now maybe we have to go to 5 in a quarter to get some more buyers and then maybe we need 5.5 or we start running out of the buyers at any given yield but you know the problem too is as bond yields keep rising bond prices keep falling that means the people who bought the bonds at lower yields are losing money

14:44and they may want to turn around and dump those bonds onto the market before they lose even more and that forces yields up higher I mean we are in a major bear market in bonds you know when we talk about the fact that yields are the highest they were in 19 years you have to go back to 2007 to find yields as high as the yields we got now but there's a big difference between then and now we were in a bull market back then yields were trending down now we're in a bear market and bonds and yields are trending up so you know we're at you know 5.34 on a 30-year and headed higher we're not headed lower like we were back then so if you look backwards the where were yields you know 10 years before they were way up there we had yields over 10% we're headed back there well it seems like a yeah crisis now is predictable many people are said in 2008 when that

15:48when the housing crisis erupted sparking the global financial crisis that you know no one could have predicted this and but you wrote a book two years before out in 2006 I remember I read that you know before the housing crisis and but it did make me think now though how do you see the crisis we're heading into now how how's comparable to the 2008 housing crisis well I think I think the crisis that we're headed to is going to be worse I think we have a bigger bubble that encompasses more assets but the government was still in a position in 2008 to bail out markets to bail out homeowners to bail out lenders they're no longer in that position because they took on so much debt to bail everybody else out that the next crisis is not necessarily about private credit but

16:49about sovereign credit and and therefore the bailout option won't exist the list print more money won't work so you know QE won't work this time because it will actually make the underlying problems worse not temporarily solve them it will make them worse the minute we try to implement it so this downturn is going to be inherently much much worse because there's no safety net the losses are going to be far more substantial and if the losses are not nominal and so if you don't end up losing your money so your bank doesn't fail you don't lose your deposits it's only because of massive inflation that is destroyed the value of those deposits so as far as the purchasing power Americans are going to come out of this crisis much poorer than they came out of the 08 crisis on a on a you know on a relative basis well when we went into 2008 the

17:53the US national debt was that a bit over nine trillion dollars was you suggest now we're with now over 40 trillion it is I guess some options are off the table but maybe on this 40 trillion dollar store are there any other numbers or issues that brings you concern well what else should people keep on doing well well remember the 40 trillion dollars is the tip of the debt iceberg the the iceberg itself is the unfunded lied abilities which are a lot higher higher than that you over a hundred trillion higher so there's an enormous amount of commitments that the US government has made that it's not funded and it can't possibly meet these commitments and so either it has to default on those commitments or it has to inflate in order to meet them but it's going to meet them with money of substantially diminished value so this is a huge problem that's been growing

18:57much as years for decades you know I didn't just start talking about this stuff I've been talking about it for a long time because this is a real problem we've succeeded in kicking the can down the road and that's why people have been able to say off Peter Shiffee's just a permabare you know he's a stop clock you know I'm not I'm not wrong about any of this stuff it's just taking longer for us to be held accountable because we've been able to postpone the pain but the tradeoff is we get the pain later but it's what it's more pain it's worse it's going to hurt a lot more because we didn't bite the bullet and deal with it you know five years ago 10 years ago 20 years ago right we we've been allowing the problems to get worse because dealing with them is also painful it's just even more painful to deal with it later but nobody cares about dealing with it later because that's somebody else's problem the politicians like well I might not be in office later investors well I may be dead by that right so nobody cares about what happens later they just care

20:01about what happens right now but the problem is eventually later becomes now and then you deal with it well another thing which is different now though that is in 2026 as opposed to 2008 is the the tech sector in the stock market it's quite huge how do you how do you assess what you know people refer to the AI bubble that is all this yeah additional money which is being pumped into these companies and it's not really producing the revenue which it was supposed to do is what will be tied into the energy prices the bond the bond markets well yeah the AI story you know is obviously you know I mean to me it looks like a bubble is it possible that it's not is it possible that all of this spending and all the catbacks

21:03is going to be profitable one day yeah if that's the case then then it's not a bubble I mean we won't know that until after the fact but it certainly has all of the the hallmarks and the makings of a bubble because it's very likely that the investments are not going to pay off not because AI isn't going to work it works it is probably going to work even better but the way it ends up working may undermine the profitability of a lot of the investments that are being made today there may be a lot more competition then these hyper scarlet was realized the margins may not be as high as they believe the energy costs may remain high therefore the cost of the inference or the tokens or whatever may mean that we can't make is quick a transition from labor to AI and robotics and so maybe the profits that they anticipate won't be realized in time and the meantime the cost of borrowing the money they need to make

22:08the investments is going up and it's going to go a lot higher and so that will further undermine the viability of what's happening so there's a big risk associated with this in the short run I mean there's no doubt in my mind that that AI is going to be a major beneficial development unless of course we all end up being killed and were wiped out and were extinct which you know apparently a lot of smart people who work in these frontier labs have a real fear that this is a non-zero probability you know they can argue whether it's 10% or 20% but you know things that are 10% probable happen all the time that's not you know I mean if you add a 10% chance of getting in a car accident every time you drove you probably wouldn't get in a car I mean if I had a 10% chance of dying doing something I would never do that thing

23:09so 10% is not you know is not nothing you know yeah when it comes to stuff like you know getting struck by lighting the odds are 10% they're so infantensibly small and even with driving the odds of dying are still low enough that I'm going to take the chance because I don't want to not drive but if the odds were 10% yeah no you you you couldn't get me behind we all I would stay it's too dangerous I wouldn't want to take I wouldn't want to take that chance so yeah I mean obviously if that's the case then I'm wrong right but but if that's not the case if if it doesn't you know destroy us if it actually you know continues to you know be aligned with our goals and it values human life and it wants to improve human life not eradicated or its own sake then I think it's going to be a wonderful innovation that's going to improve the lives of

24:13all humans on the planet over time you know even more so but but you know between now and then we got some serious problems and it would be much better if we were embarking on this journey from a position of financial strength the problem is we're trying to make all these investments when we're already broke yeah well it seems like part of the problem is that the technologies are moving too fast as well because if you look at the kind of the German case study they usually would be cautious and you know wait and see what works and then put in the investments where they know it's going to produce something but because the technologies are advancing so fast there's this fear of falling behind so they just jump in and you know pour in money where where they don't want to fall behind and they make all these malinvestments you know chase down things which aren't working out especially in the green energies and of course having the Chinese as

25:15a disfast moving rival everyone is also even more concerned about falling behind but I I was wondering given that we see all of these problems building up do you see like a time frame for when all this should well might unravel because again you're one of the main ones who have been worrying about this for now the past what two and a half decades and you know you one of the I've gotten I've gotten a lot of stuff right and people would be surprised by how much stuff I've gotten right but one of the things that I've never really been able to get right is the time frame it's like I have no idea it's already taken a lot longer than I suspected 20 years ago so I mean obviously you know rates are rising now they're going to keep rising so far the stock market is kind of shrugged it off the economy has kind of shrugged it off but you know how much longer can that happen you know I don't know I mean you know we're living on the edge right now I mean literally you know there can be a major crisis any day any day the bonds could crash the stock

26:23market could crash housing I mean we're really you know just on on the precipice here but we could stand the precipice you know for months or years we'll see you know but it seems like the economic troubles which the US is getting into now it has much what wide ramifications studies if for example the petrile or dollar system doesn't work anymore that is you know the Gulf country really sell their oil they can't reinvest their oil money into US bonds indeed they must eventually begin to sell this bonds I mean what do you see the being the future though of the petrile dollar system because that's very much tied up to the dominant position of the US dollar and suddenly you're talking about the entire international economic architecture yeah look well the petrile dollar has been in jeopardy for for some time now and you know that was a major advantage for the US when we went off the gold standard we had to come up with some other thing backing the dollar and you know the fact that oil was traded in dollars was very

27:29helpful because it was no longer backed by or redeemable and gold and I think in a way the Iran war may have been fought in in part to try to preserve the dollar status but it may have backfired you know and it's actually weakening our status which I think it is and I think it's accelerating the move away from the petrile dollar and you know just another reason not to own dollars not to own treasuries at a time when America needs foreigners to buy treasuries more than ever because we're we've got more of them to sell than ever we have more debt than ever well when Scott Besson he made some comments which supports your thesis there which is he was arguing that well the the military actions against Venezuela was a great success because now they will also sell their oil in US dollar he and also argue that after Iran has been defeated they would also begin to sell in dollars and he argued even Russia after the Ukraine war would return

28:34to selling its own energy in dollars so perhaps excessive optimism there but nonetheless the thinking appeared to go down this this road about restore potential stability I don't believe anything that's not best it says I think he's just a yes man he's there to put positive spin on on Trump and try to portray Trump in the best possible light in fact even yesterday when Trump promised to send everybody in America a $5,000 dividend check he's up there applauding that he's the secretary of the treasury he knows that we don't have the money in the treasury to send everybody 5,000 I mean the way Trump was framing it it's like we're running these huge surpluses now and we have all this extra money that we could just you know share with the taxpayer because you know we're swimming in surpluses we have massive deficits we're $3 trillion a year deficits there's no surplus

29:35to share there's no dividends there just bills we he we can't send everybody a check we got to send everybody a bill hey here's how much you owe you don't get anything but he's there applauding so he he's just a liar I think in fact everybody in the Trump administration their job is just us talk about how great Trump is you can't listen to any of these guys talk without them flattering Donald Trump and of course when Donald Trump talks he just spends half of his speech flattering himself and and and so you know I guess if you know Trump probably has somebody watching all the television networks all this you know is is is guys and gals that are in his cabinet and that they're not flattering him enough they're probably going to be out of a job because that's their job talk about how great Trump is it's good at the branding though but at some point the reality also have to fit in there um no I well that's a good point the whole premise of why people should why

30:38every American should get $5,000 was that was he says the country is hotter than ever you know they're doing all this successes but yeah the the whole assumptionary is you had making big money and let's share it with the people but the dose numbers aren't really there so again then it would either have to be through taxation or printing the money either way recipients of this $5,000 probably wouldn't be better off I assume but the best thing though he also uh I've been uh you know advocating for these tariffs to re-industrialize and uh you know well the best thing you know the US had to grow its way out of the debt and in first I thought in all fairness if the AI technology is really working as Elon Musk says everything will be you know we will be able to produce everything vast quantities you know perhaps it will be something to it but but you know maybe being overly optimistic but um but if the US is gonna you know grow its way out

31:42of the 40 trillion it needs re-industrialization and you know this was supposed to be achieved through the tariffs uh we haven't heard much about that uh you know the tariff at all uh still being used. Well the tariffs again another thing I got right the tariffs have achieved nothing other than making goods more expensive uh America's trade deficits have really not improved in fact last year was our merchandise trade deficit was at an all-time record high 2025 we had the biggest deficit in goods in our history uh this year is uh not that much better it's you know it's not it's not the the worst anymore it's like the fourth worst year in history um the country that's winning the most from our tariffs is China China had a record surplus last year and they're gonna beat it with an even bigger surplus this year yes their trade surplus with America did go down but their surplus with everybody else went up our deficit with China went down but our deficits with everybody else went up so we didn't achieve anything but Americans got the bill that's all from the failure

32:45of the of the tariffs to work which I knew they weren't gonna work as I said that the minute that they were announced even before they were announced I said they wouldn't work and I was also honest about who was gonna pay them Trump was lying and saying that the foreigners that's why whenever he talks about tariffs the people applaud like last night I'm gonna put tariffs on wine and everybody is applauding don't they drink wine he's basically saying I'm gonna make all your wine more expensive yeah that's great you know you I mean he's promising to raise taxes on everybody that's at the convention and all the people at the convention are clapping they have no idea they're they're so clueless but um does do you have any trick up it sleeve though I mean that's the Trump administration can it revalue its gold or is there any I mean any any great trick it can pull to pay off his debt in an easier way that's not that that's not going to help I mean you know the gold

33:45is worth what it's worth it doesn't matter how we officially counted on the books you know we have a certain amount of gold and it's worth what it's worth you know officially recognizing it that it's worth a lot more you know we carry it on the books as if it were you know 42 dollars in 22 cents whatever we all know that that's not true we know what it's worth um so look you know now if they want to use that to repudiate debt yeah well you know that but they you know they can do that I think it just default on the debt and they can inflate it away which is more likely what they're gonna just gonna print a bunch of money how much do we owe you here you go how much are you okay let's just crank up the presses you know problem is the money isn't worth very much if anything at all which is why the smart money is getting out now they're not waiting for that well you've always been very pessimistic on crypto well especially bearish on Bitcoin I would say if for good reasons but but it also has become an important tool though for many countries to

34:47circumvent all the sanctions of the US so for example the Russian A7 network it uses this rubble-backed stablecoin and dollar-based tether to trade freely you know without this western obstruction yeah but that's not Bitcoin that's not Bitcoin that's just a stablecoin that's got nothing to do with Bitcoin but yeah look you know I've conceded at times that the Bitcoin price could go up because people were dumb enough to buy it or speculate on it but I've never seen any real value there and I think the ultimate price is gonna be near zero and I still believe that even though the current price is you know 77,000 but you know most people who own Bitcoin are losing money most people who own Bitcoin would have been better off had they invested in almost anything else instead the only people who are still ahead in Bitcoin are the ones that bought it a long time ago but they're in the minority the majority of people have come in and it lasts four or five years

35:52and they're down but not only are they down on their Bitcoin they missed out on all the gains they could have made have they invested in something else so it's been a big disaster for most people but I think it's gonna be a disaster for a lot more people because even the people that still have paper gains in their Bitcoin they're gonna lose those because this the whole thing is gonna implode I mean this is a bubble for sure maybe AI is a bubble and maybe it's not but Bitcoin is pure bubble there's no chance that it's not a bubble because there's absolutely no value there so that that's why I've you know I've I've had the position that I've had and you know a lot of people are in denial because they think I was wrong just because the price has gone up for so long as I've been pointing out that the whole thing is worthless but you know it's not going to matter you know if I if I've been saying Bitcoin is a scam and it's from a hundred dollars and a thousand dollars and ten thousand dollars and you know you think I'm wrong I'm wrong well one day you wake up and it's a dollar or less was like wrong no I wouldn't wrong you could say I was

36:58early but you can't say I was wrong especially if you wrote it up and then wrote it all the way down because then it doesn't matter that you were correct if you bought Bitcoin at a thousand dollars and you still own it and you're like yeah you see I was right I bought it at a thousand and now it's seventy seven thousand but if you don't sell it and you hold it and it goes all the way down to a hundred or ten so that you're lost ninety percent of your money it didn't matter that you were right for a while you were wrong because you didn't sell and so you didn't make any money you you could have made money if you had sold but you didn't sell because you were holding you were holding out because you thought you would make even more money and so you're greed prevented you from realizing some of the profits that your speculation actually could have delivered if you were smart enough to take them but the only reason that people had such big

38:01profits was so many people were dumb enough not to take their profits on the way up people refused to sell and that's why the price kept going up because everybody was holding out and continues to hold out for the moonshot million dollar Bitcoin ten million dollar Bitcoin whatever people are delusional enough to believe well if the US though is heading into this crisis the end game here with a yeah crisis in the dollar with the bond market and the wider economy where does the smart money go these days are you optimistic about China Russia India Brazil Europe I am optimistic on investments in those countries I think there's a lot better valuations there I think emerging markets are particularly well positioned to benefit from the demise of the dollar and a re reorganization of of global capital flows and global trade I think the country is that that have the production have the cards Trump's got it backwards when he thinks we hold the cards because we have all the

39:04people who borrow money that they don't earn to buy things that they don't produce you know we're living off the global gravy train we're the ones that are taking advantage of everybody else we're ripping off the world it's not the other way around Trump doesn't understand how this works but yeah I think the smart money is doing what I'm doing a lot of smart money are my clients right I think if you've got an account with me you're you're the smart money and we're investing abroad we're buying gold and silver I've been buying gold since it was under 300 it's $4,400 I've been buying it since it was under 300 silver is about 65 I've been buying it since it was $4 I mean so obviously I've been right to buy these metals most people have made more money in gold or silver than they did in the stock market there's a reason for that it's because of the things that I'm saying are true the warnings that I'm issued issuing need to be heated the people who have heated them and bought gold and silver you know have the gains

40:08to show for it and it's not too late to buy because the price is probably going to keep going up so you should go to shift goal.com and buy some gold and silver right now I mean don't wait by by today just you know the longer you wait the more expensive it's going to be and you know you should go to your pack asset management your pack.com and consider opening up an account for us to manage of global equities if you have a large enough portfolio we do separately manage accounts if you have a smaller portfolio you can consider my mutual funds you can buy my mutual funds no load at any discount broker you can get information on all my funds at your pack.com but these are the funds that I believe will do extremely well in an environment where US stocks and bonds don't and even if US stocks and bonds go up I think these these portfolios will go up more so you know check them out you know you got to you know obviously everything has risks no matter what you do but I think the risk reward is much better internationally than it is domestically and you know

41:10so all that is spelled out in these funds so you know go to my website or you know talk to the advisors that work at your specific asset management and you know just keep listening to my podcast keep following me on on X I mean you know I am pointing out all the lies that people are being fed by the mainstream whether it's Wall Street the media the government but they're getting they're getting the truth from me and I'm not the only one that that's telling the truth but I'm one of the louder voices and that's so you should you pay attention well I've left a link in the description to your specific asset management and again I've been reading your books for the past 20 plus years so I'm a huge fan and I would advise everyone to also check these out and also of course your very informative podcasts so thank you it's always a pleasure. Hi, take care.

42:23so