| Time | Text |
|---|---|
|
Billion Seconds Coming
00:02:26
|
|
| There's a new word in our vocabulary. | |
| It's called trillion. | |
| And I have yet to find a representative or a senator who can explain to me what a trillion is. | |
| Let me explain to you, Jim. | |
| Let's assume I owe you some money. | |
| I'm going to talk seconds, not dollars, seconds. | |
| 60 seconds to a minute, 60 minutes to the hour, okay? | |
| I owe you some money. | |
| I'm going to pay you what I owe you in a million seconds. | |
| You stand back and get out your calculator. | |
| Well, that's only 12 days. | |
| You can live with that. | |
| Sure. | |
| Right? | |
| Oh, excuse me, Jim. | |
| I misspoke. | |
| I'm not going to pay you in a million seconds. | |
| I'm going to pay you in a billion seconds. | |
| Well, you get your calculator out and you discover that's 32 years. | |
| Going from million to billion is like going from 12 days to 32 years. | |
| Those are not just quantitative changes. | |
| They're qualitatively different. | |
| But excuse me, Jim. | |
| I misspoke a second time. | |
| I'll pay you, not in a million or a billion, I'll pay you what I owe you in a trillion seconds. | |
| That's 32,000 years. | |
| So now if you do your math, going from million to billion to trillion is the same thing as going from 12 days to 32 years to 32,000 years, which tells you you're not going to get paid. | |
| But it is our responsibility to prepare for the coming storms. | |
| And the tragedy that I worry about is that the least prepared population on the planet Earth for what's coming, the one that least prepared, is the American citizen. | |
| They have absolutely no grasp of what's coming. | |
| In Europe, they have a feeling for it because they've lived through these kinds of things. | |
| The experience of Germany from 1920 to 90, that's vivid in our family because my grandparents had a restaurant and they sold the restaurant to retire. | |
| By the time the formalities were finished, when it started, they could retire on what the restaurant was worth. | |
| When it finally was able to get closed, what they received was enough to buy one loaf of bread. | |
|
Inflation Lessons from Germany
00:00:44
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|
| A loaf of bread in 1920 in Germany cost about one mark. | |
| In 1923, a loaf of bread cost 760 million marks. | |
| Oh, my goodness. | |
| Now, the point is, in all kinds of cultures, they've had the experience of... | |
| See, famines are caused by mismanaging credit. | |
| It isn't lack of food. | |
| It's the inability to buy them, buy things. | |
| And Germany is one of the best examples. | |
| Well, if you look at the expansion, the debauchment of the currency in Germany, and you look at what we've been doing to the dollar, they're about equal. | |