Clif High - Speculation vs Investment.

Jan. 3, 2024 - Clif High

38:25

Speculation vs Investment.

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	Hello humans, hello humans.
	It's um early in the morning, a few minutes after eight, starting to rush into town.
	I'm running a little bit late here, and I've got a uh gotta go get blood drawn, have an appointment for that.
	As you're an old guy, you gotta um all these medical things, right?
	Mostly I don't fuck with doctors at all.
	This is um so I have a concierge doctor, and um I'm just doing monitoring, right?
	Because I've had the cancer and so on, so I want to keep track of what the hell is going on inside my body in a objective fashion of um actual you know reports of you know what's going on blood-wise and so on.
	So anyway, I gotta get in and get that done.
	I'm running a little bit late.
	I was doing some uh uh organization and planning and getting things going for the house remodel for the house extension, and um that cut into my time.
	I I just sort of lost track of what was going on.
	Now I gotta beat feet and get it in there.
	Anyway, though, um, so I wanted oh crap, shit.
	Okay, giant giant road blockages here.
	Oh, they're hauling material down to the um to the beach, a bunch of the uh four of the um dump trucks with the pups on the back.
	Um anyway, so I wanted to talk about um some of the non-considered, so people just don't think about it, um, effects of the difference between fiat currency and hard currency.
	And uh I want to talk about it because we're gonna be coming up to a uh point of um a re-emergence of hard currency.
	In fact, it is reemerging now in the form of the bricks currencies, okay, because the bricks currencies are going to uh even though they're fiat, they're being uh backed by resources uh from those countries, okay.
	Uh so and and we know that uh we're on the move to a hard resource-backed currency uh from literally literally millions of little indicators, right?
	But there's a bunch of giant big ones.
	One of the big ones is that China is buying uh China, the government of the country, is buying uh gold and silver as fast as is as it is able to obtain it without altering prices.
	And on top of that, they are um facilitating, not just allowing, but they're actually facilitating the introduction of gold uh and silver, uh less silver, but more gold, uh, through their population uh in as wide a possible manner.
	So in the past it would be rich people, uh so in a fiat currency, rich people would buy and hoard gold uh for the long-term uh capital gains as the uh as the fiat currencies uh inflate their way to worthlessness.
	And uh so you just see a lot of the rich guys have gold, right?
	China is not taking that approach.
	China has come up with this uh beans, gold beans, like you know, they're the size of a um small red bean, right?
	So uh we're talking little tiny droplets, so to speak, of gold.
	Um they're not formed, they're not flattened, they're not made into little coins, they're just left as a bean, a bean of gold.
	And so all of the kids in China, they know the shit's coming, they see what their government's doing, they're they're suffering under the oppression of it, and they're dealing with the um all of the problems of a very poorly managed global fiat currency scheme.
	And so they know what's coming, they're not stupid, and they're buying these little gold beans as fast as they can accumulate um wan, and then they'll go and buy another little bean, and they're starting to stash them, right?
	And so China is in terms of the population, China pop is becoming uh gold bugs, gold hoarders, and pretty soon they'll be using gold for transactions.
	Actually, it's already happening now, um, in an unofficial capacity.
	Um, the scheme that that is thought that China is working on is that it wouldn't be a uh gold back, it would not be convertible, so you wouldn't be able to take the fiat currency and convert it into gold, but there would be an official structure for gold used as currency,
	so they would be able to say to you, you'd be able to dial in, so to speak, the the daily price in one or whatever currency of that little gold bean that you've bought, and so you'd be able to know in a relatively objective fashion what it was worth in the uh economy in terms of its trading value for goods, right?
	Very much like the fiats that we have now, where they put um so many fiat numbers on a price of a good in a store.
	So here you would go on in and it would say, Okay, you know, uh these um uh big bags of rice and you know all this other stuff here would be equal to one gold bean, and so you would have it that way as opposed to having each item, so they may be marked with their fractional cost in gold beans, right?
	So I don't know how we're actually going to end up doing the uh signage aspect of the transformation to a hard money economy, uh, but we're heading there now.
	Now, this comes up uh for a lot of different reasons, right?
	But uh, so here's the thing.
	We have uh now bull bull runs, so we have booms and busts in a fiat economy.
	It can only always be this way.
	You'll always have booms and busts within an economy that is based on fiat currency, which is printed uh for extremely low cost and then supposedly is valuable just because of its creation.
	Now, what we're coming into is a hard money system, and you don't have speculative boom and bust cycles because that's all it is, all right.
	So the boom and bust cycles are entirely emotional emotional driven events.
	There's maybe a core of rationality at the beginning of it.
	Oh, you know, like, oh hey, look, this Bitcoin stuff is pretty cool, you know, it can't be um uh lost.
	I mean, you can lose it, you can lose the wallet, but I mean it can't be stolen, it's got on it's on the blockchain, so you know that it's there, you can access it from all over the planet, these are good things to have.
	There's only gonna be 21 million of them, so it's a restricted supply, so it can't be inflated artificially, unlike Ripple and all these other fuckers, the XRP and such.
	Um, and so Bitcoin is a good thing.
	So there is that that understanding at a solid level that there is an objective reality to the operation and use of the Bitcoin, right?
	Um, and then thereafter, it's an emotional thing.
	You get an emotional um attachment to a particular view of um the world unfolding around you, and you get an emotional attachment that says that oh, as the uh fiat currency continues to inflate itself, continues to create more and more and more and more and more and more and more, then the Bitcoin will be worth more in those digits, and if I need to convert to those digits, um I will have shitloads of them, right?
	I'll just have buckets of the fuckers, which I don't have at the moment.
	The same thing is true with gold or silver.
	If you bought gold and silver, and then we get into um another one of these boom and bust cycles, this would happen as the currency uh hyperinflates itself, right?
	Which it is hyperinflating now.
	Uh okay, so when Nixon took us off the gold standard uh in 1971, there were uh no there was not a billion dollars in circulation.
	So just think about that.
	There were no billionaires, there were millionaires that had managed to accumulate uh wealth, but there were no billionaires.
	Then we get into a hundred percent fiat currency in 1971, and now we're scaling to where our debt in the for the nation Requires interest payments of a trillion dollars a year.
	Okay, and it's scaling up two years from now.
	So the projection is that if if at the end of the Biden regime here and uh swearing in of Trump in uh 2025, um we would have close to a two trillion dollar annual debt payment.
	And you know, we can't make that, we won't make it that far.
	Okay, so we're at the extreme limit of the uh ability of the uh system to hold itself together.
	That's why they're trying to get us into this um central bank digital currency scheme where they think they've got the um the problems worked out in terms of you know how could they sustain it, right?
	Um I won't go into all of the reasons that they think they can sustain a CBDC where they can't sustain fiat currency.
	No fiat currency has survived more than 75 years from its introduction, and no, the United States didn't have fiat currency until 1971, uh when it was no longer backed by anything, because it had been backed by gold if you were a foreigner,
	and I know American citizens that were outside the country that participated in that through the banking arrangements that they had, where they were converting American dollars into gold in 1970 in 1971 before they shut the window.
	These were the gold speculators that temporarily caused us to get off of the gold window.
	Yeah, a bunch of horseshit.
	It's permanent, you know, they've got to go fiat, it's the death of the fiat, blah blah blah.
	So here's the thing.
	Um we have had boom cycles in sound money economies, okay.
	Uh so we've had boom cycles when we were working on a gold and silver-based um sound money economy.
	Those boom cycles are not bull runs, okay?
	So they're not an investment.
	Okay, so let me let's let's be clear in the language then.
	So when you have fiat currency, there's no such thing as investment.
	There's only speculation.
	And uh so you're speculating that there will be an emotional response to a particular level of assets that will require that will um uh incentivize people with that emotional attachment to put their fiat currency into that asset, and it's in it has no relation to the underlying value of that asset in an overall general scheme.
	It is entirely an emotional response.
	That's why we get these huge bull runs that scale the way the fuck up and then crash.
	Okay, it's has to do with the amount of fiat currency available, how fast they're creating it, and where the emotions are running.
	Um in a sound money economy, we have booms, but those booms occur because we have new sources of gold or something else that gooses the economy.
	And so if you were if you had a gold-based economy, and uh so you could and you could go on out here in the west and go to a stream and and pan gold, then you are basically converting your daily calories of energy uh into directly working for gold without doing it in an inner um you know in a step fashion.
	So uh one guy might use his energy to go out and spend eight or nine hours speculating that he can get gold out of a stream, whereas another guy said, eh, that's too much uh risk or whatever, so I'm gonna use my eight or nine hours today and I'm gonna go and you know, and uh hammer nails in um in two by fours and get gold in in exchange.
	Now, the amount of gold I'm gonna get is fixed, you know, because it's being paid out on a per hour basis sort of thing, unlike the guy who goes and and speculates by putting his feet in the stream and kicking up the dirt and then getting some and seeing if he's got any gold in it, right?
	Okay, so in a sound money economy, you can have booms, and this would be where a bunch of people go out and they discover a bunch of gold, and now you've got more money in circulation because they've introduced it by discovering it, right?
	And uh in getting it in there, it would be in a raw form, it would have costs to become a uh coin and become actual money, but those costs are trivial relative to the continual store of value that is represented by the gold.
	Now, the other form of things for booms We've seen.
	So in the uh I think it was like in the 1870s.
	Well, we'll take it up from the 1880s.
	Okay, so from the 1880s, we had a couple of booms.
	These booms were related to gold supplies in the West out here in Alaska and California.
	Coming online and being mined and so on, right?
	Now, in a sound money economy, you can have fantastic deflation, right?
	Because if we discovered a giant mountain of gold uh that you can just scrape a little, you know, two inches of dirt off the mountain and hack out a big chunk, then the amount of effort to get the gold relative to the rest of the currency deflates the purchasing palliate power of the rest of that gold just because there's so much of the shit.
	Um so it's truly a supply and demand kind of a thing, right?
	It is scarcity that creates value under those circumstances.
	If gold is not scarce, then uh we're looking at an entirely different um uh level of uh uh uh valuation for it.
	All right, now there are other things that will create booms in a sound money economy, and some of them are like in the 1880s, we had an invention period where people were making inventions.
	Um bear in mind that was uh a couple of hundred years after the end of the Kali Yuga, we're thinking better, we're getting more thoughts in our heads, we're we're able to speculate and put it all together, so we started inventing shit.
	And so the all-aluminum electric car was invented in 1889.
	It took them uh I think about 14 years to really start producing them.
	But nonetheless, uh we started having all of these inventions, and then along comes Henry Ford, and he invents on the process of inventing to create the assembly line, and that creates so all of these inventions introduced new sources of value into the sound money economy, and those new sources of value uh brought booms in that economy as we were able to do things.
	All of this is energy related people, so it was much better energy to um uh be able to put a gallon of this this fluid into your car and go 500 miles or you know, on a tank, uh, than having to, you know, stoke your horse up with hay, uh, you know, take the three days or four days to get the 500 miles, however much it would take, you know, it'd probably be more like 10 or 12, um, etc.
	Right.
	So it was the ability to do things faster with uh less dense forms of energy that propels forward those booms, and then when Henry Ford came on, even though we were starting to work with the um with a dual economy where we had a fiat in circulation, but we were still on sound money because the fiat could be converted at any bank.
	Uh so if you had 20 dollars in fiat, you could get a 20 gold piece.
	Um anyway, so uh Ford creates the assembly line and all of that, and we have another boom period, and so it was that boom period, not so much the fiat currency, but that boom period that was that created the 1920s um uh thing here in the US because Ford was bringing on all of the manufacturing, we were we were industrializing at that stage and in altering our lives through the use of energy.
	Now, bear in mind we've always known about this.
	So in those 1800s, in the 1800s, where you see the people that are on the trains just shooting the buffalo, right?
	Uh just shooting buffalo out in the plains, just shooting and shooting.
	They were paid to do that by the uh American government because the American government wanted to deprive the millions of Indians of their source of energy.
	They got their energy out of the buffalo, not only eating the buffalo, not only the buffalo hides, but also the buffalo fat.
	And so that was their the source of their energy in their economy.
	Uh we were using coal, okay, so a denser form of energy, and we wanted to they wanted to take over the the country and and get rid of all the Indians, and so they they killed all of their killed like 1.5 million buffalo in uh extremely short period of time, like maybe it was just a year, um, and and totally collapsed the economy of the native tribes, and it started the long great suffering for these people, right?
	And a mass die-off, millions died, millions died, maybe tens of millions.
	We just, you know, there's estimates that are just uh, you know, there were people that were saying there were 60 million Native Americans on this continent when the white people came from Spain, right?
	When the when the Christians showed up.
	So there were millions that died in this process.
	And it was ethnic cleansing, as are all immigrations, as are all invasions.
	And that's what's going on now is America is being ethnically cleansed top to bottom at the instructions of the mother wefers.
	Now it's my okay, so getting back to the boom and bust stuff here.
	So in a sound money economy, you don't have bull runs and you don't have crashes.
	You don't have market crashes other than through speculation at any given time.
	Even in a sound money economy, you can get conditions that will cause a crash in a particular stock, you know, um, as it becomes understood that it's not really a sound investment, that it was all hype or whatever, right?
	Um but the um the thing is here that I have to pay attention to driving.
	Okay.
	So in the uh sound money economy, um an investment is not a speculation.
	Yes, an individual is speculating that this particular company is going to be sound and will return uh his money with some level of profit, but there is no expectation under those circumstances of having the uh the underlying asset, the share of stock, uh, which you know they would print out the paper and say you had this and so on.
	It was an actual legal contract, unlike now.
	Uh, but the the share of stock would not um escalate in value simply because of printing of money, which is what's going on with our stock market now.
	There has to be some place for this money to go, and so they shovel it into these uh fake assets and the rehypothecation, etc.
	etc.
	And rehypothecation is where they same sell the shame same share of stock to hundreds and hundreds, thousands of people, because they know they're not all gonna want or they're hoping that they don't all want to sell it at the same time, and thus there's they're never gonna get caught at this game.
	That's coming to a point here where they will get caught at it as we get into the the crack up boom, because in the crack up boom, the price of all the assets, all the fake paper assets, all the fiat-driven uh bull run stuff will scale way the fuck up, and then everybody will try and get out at the same time, and nobody will be able to get out, and so no one will be able to recover well.
	Maybe uh the first few people that at that early part of that wave, they'll get some portion of their uh fiat returned to them, but it'll still be fiat, and the fiat itself will be crashing at that point.
	Anyway, so in the sound economy, we have investments, not speculation.
	In fiat money, you have speculation, so there's no point really in looking for soundness in an underlying company or whatever that you might buy stock in during a fiat uh money time.
	Rather, you should be uh, you know, a much more effective personal strategy would be to try and suss out where the emotions are going on these stocks.
	And that was my original goal back in uh 2000 when I'd come across this.
	I you know, I'd started working on it in the 90s, and I had my uh webbot stuff going, and and uh I was actually looking for uh uh being able to trade, so to speak, to have an edge in trading where I would know where the emotions were going relative to uh speculations, and thus I could get there ahead of time and sell ahead of time, right?
	So I'd I'd beat the um uh beat the hordes.
	Um and so I would accumulate just because of the basically the inflation of the money would inflate the value, the relative value, the nominal notional uh value of the asset I am purchasing, or the speculation I'm purchasing because it's not an asset.
	I don't actually own a share of stock if I buy that um on Wall Street.
	They will do everything they can to not ever send you a share of stock and to try and convince you in any number of ways not to do that, uh, because then it's outside their control, they can't resell it, blah blah blah.
	Anyway, so um the ability to make a profit in a sound money economy is entirely different than in a fiat economy, and so this is all brought to a head by uh my buddy Joe's dream, right?
	So Joe had the dream, he um uh the dream showed him that he should uh he's he's interpreted it this way, uh that uh the dream showed him that the at 38,000 um he should sell off all of his cryptos because there was gonna be a giant crash in all assets, not just cryptos, but gold and silver, etc.
	Uh, shortly thereafter.
	Now he had his dream, he had he actually he sold it 38,000 and he has had a crash, okay.
	It was not the crash of the uh the cryptos or any of that, it was not this huge devastating uh crash where silver would go from whatever currently at something around 20 um down to six dollars or eight.
	I don't remember the actual particulars, but it was a big amount of um uh a fiat currency uh numbers uh relative to gold and silver, so they would drop, you know, to less than a quarter of their value,
	uh current notional value, and so in my opinion, the only way that that can happen is that uh we revert to a sound money economy, and I could see silver costing six dollars uh an ounce in a sound money economy, right?
	Where the money was basically gold and silver or was you know uh a basket of resources, but nonetheless, the money itself uh would be much more valuable than our current fiat.
	Under those circumstances, I can see Joe's prices, but here's the problem with that.
	If that were to occur, then Joe's dream is useless.
	The reason it's useless is because it would do him no good to buy any of these assets at that point.
	Why buy silver at six dollars and hoard it, or gold for that matter, or Bitcoin on those kind of sound money economies, because there will be no speculative um inflation of the numbers within those assets.
	So, in a sound money economy, silver might stay six dollars, nominally six dollars for fucking decades, as has happened in the past.
	So an ounce of gold was twenty dollars uh here in the US, it it um long before the Fed came in.
	So an ounce of gold was twenty dollars basically from eighteen twelve to nineteen twelve, and actually it was even more than that.
	I mean, it was down to to 1920 when they started creeping up on the value of gold relative to the fiat.
	It took them a number of years to start fucking over the system.
	So during that hundred-year period of time, there was uh maybe a three or four percent increase in the overall amount of money available due to new gold supplies, because bear in mind you got to get people up there, you gotta harvest the gold and all of this kind of stuff, so there's real energy put out for it.
	Um, and so we had maybe over a hundred years, three or four percent inflation totally.
	Maybe it's not even that big.
	I'd have to go and actually look at the numbers.
	Um but that's what we can expect with a sound money economy.
	So why buy those assets at that uh uh kind of an economy?
	People will buy those simply because they're gonna be all freaked out about the death of the fiat, and uh they'll remember the death of the fiat, they'll um they'll not only be freaked out about it, they'll be living with it for you know 30, 40 years as the ripples go through the social order, and so they'll want to hoard gold and silver, but it won't be appreciating in value, it'll just not be falling in value.
	I gotta chug some coffee here for the blood work.
	It's not the best fluid for getting blood out of you, but it does give you a little bit of hydration.
	Anyway, I've got some water here, and I'll chug some of that as I head in.
	Um Anyway, so so in my sense, my understanding, Joe had a prophetic dream.
	It was accurate.
	We hit the 38,000, and damn, did he have a crash, right?
	It was not the crash of the system.
	Uh if and and as I pointed out, I've been fighting with Joe for a long time because he's got, in my opinion, he's got um he's hardened an emotional attitude about his interpretation of the dream, not about the dream, which I don't disagree with him, right?
	I don't disagree with him that the dream was prophetic.
	I'm just saying that his interpretation of it is really fucked, and he's gonna fuck himself over by selling and then not getting back in.
	So my my expectation is that there's going to be a giant wealth transfer in the form of the failure of the fiat, and we'll go through the crack up boom.
	And at that stage, we might really see hundred thousand, hundred and fifty thousand, two hundred thousand dollar Bitcoin.
	Uh, you know, it could scale to fantastically huge numbers.
	Um, but it's the currency that's worthless, not the Bitcoin being worth more.
	Um, there is an emotional attachment to it, yeah.
	More people would want it, so it would have some extra value that way, but it's really the deterioration of the uh currency that's driving it all.
	And so, in my way of thinking, Joe has got an attachment to the um, he has he's fixated his emotions on his interpretation, not on the dream itself.
	Um I I think he'll be wrong.
	I'm hope I'm hoping and I'm praying that he's wrong, okay, that there is no giant crash because and he should pray that as well, because if there was a giant crash, he wouldn't recover.
	He could buy all these assets he wanted, but they're not going back up because we would have swapped over to a sound money system in that process, and there wouldn't be this level of recovery.
	There's gonna be chaos, there's gonna be um some level of speculation in assets during this frothy period of time, but it'll all settle out and go back to the investment um cycle.
	In the investment cycle, you choose uh based on uh hard analysis of what a company is doing um or what some kind of an asset is doing, and then you invest on that, and your return comes from them actually performing.
	So you could pick a company that you know says, well, we've got a good flying car here, blah, blah, blah, blah, blah, invest with us, and they could crap out because they they could be a bunch of fucktards and not be doing the flying car thing well.
	Whereas some other car uh other car company could do a flying car thing well, and if you invested in that, that company would be worth more because they would be um on the invention edge.
	So now we're coming up in 2024 through to fuck no, maybe who knows.
	Not even going to speculate on that, but for decades, we're coming up into a huge invention cycle that is gonna just totally floor everybody.
	Now, of course, now they're gonna release a lot of the secret uh technology that's been uh reverse engineered from space aliens, blah blah blah, and so we're gonna have all of that kind of stuff impacting us, and we will do it in a sound money economy.
	So it's gonna be the best of all possible worlds.
	Um it's gonna be huge.
	Uh the sound money economy itself, even if we didn't have the invention cycle, the sound money economy itself is going to uh fuck over Joe's idea of speculative investment uh yielding results, okay?
	Uh because it's just not gonna happen.
	Um, because we won't have the fiat and the underlying uh dynamic that causes speculation.
	Speculation and and uh so there were speculative booms and there are speculative booms in a sound money economy, right?
	They're not bull runs and they're and they're not crashes, we don't have those, but booms do occur and then they gradually fade away in the process of those booms.
	So you could buy way back before we went 100% fiat, so before 1971, and really I'm talking about in the um early 1900s up through say 1930s, if you bought into um Henry Ford's operation, you would have been rewarded even if we had never gone full fiat simply because there was a demand for you know um these machines that Ford's plants were producing,
	and and so the company was more valuable, they hired more employees, they had more of the uh specie, the currency flowing through their hands so they could get more of it to stick to them, and so that was how the the mechanism worked, and you'd end up with um more value because you had bought the stock at the appropriate time, but it was not due to uh flood of speculators getting an emotional heart on about it later.
	It was people with that were hard headed in that analysts that are saying, yeah, these these cars sell, this company's got a good management program, yada yada yada, and so we get into um return on investment.
	So we in a sound money economy, you have return on investment.
	Here we have return on speculation, and that's that's all it is is to be able to emotionally front run this.
	And we can see how powerful these emotional emotions are, and it once one of these emotions sticks in your head, it's really difficult to get it shed, right?
	And so uh this is uh basically we're coming up to a period of time here in this year in which um we will see one of these scenarios go forward.
	Either Joe's mega crash will happen, and hundreds, perhaps billions of people will die.
	Okay, so bear in mind.
	If Joe's crash were to happen, and we had six dollars, and we had all the cryptos crash, and he's talking about I don't know what it would be, but maybe Bitcoin comes down to um you know a couple of thousand or six hundred or something like that.
	I don't remember the numbers that he had said in the in his dream, right?
	Just that everything was way the fuck down at that level of about six dollars silver.
	Taking that as our um metric and using today's fiat prices, and just assuming that we're staying in fiat, okay, just assuming that we don't go to a sound money um uh currency as a uh result of the the crash or in the process of the crash, but we were theoretically going to recover in fiat currency still, still use the fiat fern dollar.
	If that were the case, then at that level, six dollars silver, we're looking at less than thirty dollars for um uh a barrel of oil, and nobody makes money at $30 for a barrel of oil, and they won't even bother.
	So it costs us a dollar per 40-gallon barrel to lift oil out of the ground in Saudi Arabia, which has one of the cheapest lift costs anywhere on the planet.
	Uh then it costs us $4 a barrel to deliver that uh 40-gallon barrel anywhere else around the planet, right?
	Uh, just the transport costs, and so we've got five dollars involved in there, refining costs, etc.
	etc.
	And hand uh the handling of the so the um what do they call it the inline transport to the ships from the ships, you know, to tanker trucks, from tanker trucks, the investment in that infrastructure uh eats up a bunch of money.
	So at about $30 a barrel, if we had a sound money economy, uh you could still maybe get people to to do oil, right?
	To go and do all of the oil, but in a fiat economy, they're not going to bother because they can't make uh more fiat uh doing it.
	They can't they can't recover their cost.
	So instantly everybody would stop producing oil, there would be no more goods shipment, uh, all of the grocery stores would dry up, you wouldn't have any uh gas refined or diesel refined unless it was done at the the point of a gun, basically being mandated by the government with military behind it saying get that refinery working, get those trucks filled, get them out there to the gas stations, right?
	Because there would be no economic incentive to do it, so they'd have to do it some other way.
	So you're talking about a really mad max kind of a situation uh relative to the prices um that um uh Joe is talking about in his um uh in his dream.
	So I'm gonna barely make it in time here.
	Um anyway, so uh, under those circumstances, you know, billions of people would die because there wouldn't be any any food Shipments and there wouldn't be medicine and we'd see all the children and uh all the at-risk people would die really quick.
	Uh because it would be absolutely no fucking support, right?
	No one would go and take care of the elderly because they weren't being paid for it, and there was no food there to feed them, and the elderly are pain in the ass in the um in the nursing homes anyway, and so and there wouldn't be medicines for them, and everybody would be suffering greatly.
	And so this is the the uh like the vision that would be produced uh should we have uh a situation of the prices that Joe's talking about uh in this crash.
	So I hope he's not right, you know, because I I don't want to die in this in that kind of a world.
	I don't want to go into that kind of a Mad Max world.
	It's bad enough with what we got.
	Now we're at this period of time, and all this shit's coming unglued.
	Um, and you can really see where people's minds are and who's controlled and all of this this sort of thing if you really look at it.
	Um anyway, so our situation here uh this year, I think, will will mark this transition.
	How many years a transition will take, I don't know.
	It it's just gonna depend on how many uh how long it takes to start actually creating a sound money economy.
	Once we start creating that and speculation disappears, or it'll take maybe a year for speculation to go away just because we've been uh habituated to it um emotionally for all these decades, and uh yeah, and so basically that's my my problem with Joe's vision is that you know it it kills us all off,
	and even he does not under, I don't think he grasps that if his vision is accurate, if his interpretation is accurate, and there is going to be this giant crash of um uh assets uh there that if that is the case, then he's in a world of hurt, he's fucked over as well.
	So, like I say, I just don't think he grasps that people don't understand.
	Well, he's he's a kid, he's you know, he's under 50, so he's nobody's ever lived in a hard money economy.
	I actually have because we spent time in um because uh in Europe we'd go traveling around to various different countries that were hard money economies at those times, uh with communism and so on.

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