๐ŸšจGet your money before it's too late ๐Ÿ•ฐ๏ธ Martin Armstrong

00:46:43
https://www.youtube.com/watch?v=PqGF0Ea2eEs

ุงู„ู…ู„ุฎุต

TLDRIn this interview, Martin Armstrong discusses the economic challenges facing the world, emphasizing an impending global recession marked by stagflation. He attributes much of the economic decline to misguided policies in Europe, COVID-19 lockdowns, and ongoing geopolitical tensions. Armstrong warns of potential capital flight as governments may soon impose controls through digital currencies. He critiques the tariff strategies from Trump's presidency and emphasizes the historical context of economic data interpretation. Gold is viewed as a vital asset as central banks prepare for geopolitical and economic crises, further underscoring the significance of understanding the complexities of global economics.

ุงู„ูˆุฌุจุงุช ุงู„ุฌุงู‡ุฒุฉ

  • ๐Ÿ’ฐ Consider securing assets before digital currencies impose government controls.
  • ๐Ÿ“‰ The recession began last May and may not stabilize until 2028.
  • โš–๏ธ Gold is viewed as a safe asset during economic uncertainty.
  • ๐ŸŒ Geopolitical tensions significantly impact global economies.
  • ๐Ÿ“Š Misguided Euro policies have exacerbated Europe's economic issues.
  • ๐Ÿ’ธ Be aware of capital flight risks in the current financial climate.
  • ๐Ÿ” Mainstream media often lacks credibility and spreads propaganda.
  • ๐Ÿ“ˆ Tariffs have complex implications for both local and global economies.
  • โš”๏ธ Ongoing war mongering diverts attention from essential economic concerns.
  • ๐Ÿš€ Historical context is crucial to understanding current economic trends.

ุงู„ุฌุฏูˆู„ ุงู„ุฒู…ู†ูŠ

  • 00:00:00 - 00:05:00

    Concerns regarding the banking industry and potential capital flight are emphasized, suggesting that individuals should withdraw their funds before digital currencies are fully implemented, as this would lead to strict controls on capital.

  • 00:05:00 - 00:10:00

    The conversation introduces Martin Armstrong, a market forecaster who highlights the global recession beginning in May, characterized more by stagflation rather than growth, linked to poor economic decisions in Europe such as lockdowns and sanctions on Russia.

  • 00:10:00 - 00:15:00

    Armstrong explains that the recession will not reach its lowest point until around 2028, exacerbated by war-mongering which detracts focus from economic issues and leads to stagflation and potential civil unrest.

  • 00:15:00 - 00:20:00

    The host asks about the wild fluctuations in financial markets, to which Armstrong attributes much of it to media misinformation and a loss of credibility in mainstream news, coupled with political motives influencing economic narratives.

  • 00:20:00 - 00:25:00

    He comments on the introduction of digital currencies, suggesting that they may be instigated to combat capital flight as fears of conflicts grow, paralleling historical actions taken during previous wars to prevent capital outflow.

  • 00:25:00 - 00:30:00

    Armstrong discusses the implications of tariffs during Trump's presidency, illustrating that legitimate tariffs can serve as negotiation tools, while excessive ones can provoke trade wars, especially with countries like China.

  • 00:30:00 - 00:35:00

    Discussion continues on the potential economic ramifications of China dumping US treasuries and shifting to gold, emphasizing historical economic relationships and the misunderstanding of trade accounts by leaders and economists.

  • 00:35:00 - 00:40:00

    Armstrong reiterates a bleak view on government debt and fiscal policy, warning that continued borrowing without a strategy for repayment could lead to serious financial crises, echoed by European entities pushing for conflict as a distraction.

  • 00:40:00 - 00:46:43

    In closing, Armstrong recommends personal financial vigilance, noting urgency in securing assets, especially as governments may impose stringent controls over personal wealth in the transition to digital currencies.

ุงุนุฑุถ ุงู„ู…ุฒูŠุฏ

ุงู„ุฎุฑูŠุทุฉ ุงู„ุฐู‡ู†ูŠุฉ

ููŠุฏูŠูˆ ุฃุณุฆู„ุฉ ูˆุฃุฌูˆุจุฉ

  • When does Martin predict the recession will gain momentum?

    Martin predicts that the recession started last May and suggests it will not bottom out until about 2028.

  • What does Martin think about the European economic situation?

    He believes Europe's handling of sanctions and energy policies has caused significant economic harm and political tension.

  • How does Martin view gold in the current economic climate?

    He sees gold as a neutral asset that central banks are accumulating to protect against geopolitical instability.

  • What does Martin think about the potential for digital currencies?

    He warns that digital currencies could lead to government control over personal wealth, emphasizing the need to secure assets before such measures are enforced.

  • How does Martin assess the current media landscape regarding financial news?

    He claims mainstream media has lost credibility and often spreads propaganda instead of factual reporting.

ุนุฑุถ ุงู„ู…ุฒูŠุฏ ู…ู† ู…ู„ุฎุตุงุช ุงู„ููŠุฏูŠูˆ

ุงุญุตู„ ุนู„ู‰ ูˆุตูˆู„ ููˆุฑูŠ ุฅู„ู‰ ู…ู„ุฎุตุงุช ููŠุฏูŠูˆ YouTube ุงู„ู…ุฌุงู†ูŠุฉ ุงู„ู…ุฏุนูˆู…ุฉ ุจุงู„ุฐูƒุงุก ุงู„ุงุตุทู†ุงุนูŠ!
ุงู„ุชุฑุฌู…ุงุช
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ุงู„ุชู…ุฑูŠุฑ ุงู„ุชู„ู‚ุงุฆูŠ:
  • 00:00:00
    be more concerned about the uh the
  • 00:00:02
    banking industry
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    um capital flights if you do want to get
  • 00:00:08
    some money out I would do it before
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    um it's too late uh once they do move to
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    to uh
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    the digital currency you got fullblown
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    controls coming on
  • 00:00:23
    [Music]
  • 00:00:36
    hello and welcome to another edition of
  • 00:00:38
    Triangle Investor Interviews i'm your
  • 00:00:40
    host Lucian Valkovich and in today's
  • 00:00:42
    edition we are joined by the market
  • 00:00:44
    forecaster and founder of Armstrong
  • 00:00:46
    Economics Mr martin Armstrong as always
  • 00:00:49
    great to have you here Martin welcome
  • 00:00:51
    back well thank you for inviting me it's
  • 00:00:54
    always good to speak to everybody
  • 00:00:56
    everywhere i mean that's important I
  • 00:00:58
    think
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    um you know I do podcasts in Serbia and
  • 00:01:03
    this one's in Croatia so I mean Italy I
  • 00:01:06
    mean all over so um Brazil
  • 00:01:10
    you are Britain only
  • 00:01:13
    yeah it's good to see all the how
  • 00:01:16
    uh people think in all these different
  • 00:01:18
    countries and and and how it's really
  • 00:01:21
    developing anymore yeah from the
  • 00:01:24
    different angles it's always good to
  • 00:01:26
    hear opinions from the different angles
  • 00:01:28
    agreed i like that as well uh Martin uh
  • 00:01:31
    you pointed out couple of times that we
  • 00:01:33
    are entering global recession so I want
  • 00:01:36
    to start with that uh when do you
  • 00:01:38
    predict that the recession could show
  • 00:01:41
    momentum uh or start at what point the
  • 00:01:45
    people will understand which direction
  • 00:01:46
    we are heading
  • 00:01:49
    well it it really started last
  • 00:01:53
    May
  • 00:01:55
    um but this is a different type of
  • 00:01:59
    recession it's more like
  • 00:02:01
    stagflation so you see the economy
  • 00:02:04
    um is not growing but you're seeing the
  • 00:02:09
    u inflation rising
  • 00:02:12
    a lot of this has been because of um
  • 00:02:17
    really stupid decisions particularly in
  • 00:02:20
    in Europe
  • 00:02:22
    um I mean you had the lockdowns from
  • 00:02:26
    COVID which wiped out a lot of small
  • 00:02:29
    businesses then you had the climate
  • 00:02:32
    change then you throw on top of that
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    sanctions against Russia so okay that
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    was good so our energy costs have
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    expanded dramatically um and when you
  • 00:02:44
    look at it
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    um
  • 00:02:48
    Germany's economy has actually shrunk by
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    at least 3% and it may even come out to
  • 00:02:54
    closer to five uh because you wiped out
  • 00:02:58
    a lot of the small businesses between
  • 00:03:00
    COVID and climate change and then um you
  • 00:03:04
    know then the sanctions against you know
  • 00:03:06
    Russia i mean um I mean this whole idea
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    that oh well we'll put sanctions on
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    Russia cut off their energy sales and
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    therefore the country will decline and
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    and you know he just turned and sold it
  • 00:03:22
    to India and and and China i mean so
  • 00:03:25
    what are you doing you're just shooting
  • 00:03:28
    yourself in the in the head for no
  • 00:03:30
    reason you know it's u uh you
  • 00:03:34
    know most of this is just you know
  • 00:03:37
    propaganda primarily from Ukraine you
  • 00:03:40
    have
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    um you know they keep telling everybody
  • 00:03:45
    "Oh if we fall all of Europe's going to
  • 00:03:47
    fall." I don't think the Russian people
  • 00:03:49
    are interested in in invading all of
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    Europe
  • 00:03:54
    um anymore they are going back to
  • 00:03:57
    communism you know it it's um the
  • 00:04:00
    average person everywhere just wants to
  • 00:04:04
    get along you know let me feed my family
  • 00:04:07
    take care of it they're not interested
  • 00:04:08
    in wars and stuff like this those are
  • 00:04:11
    always created by the uh by the elites
  • 00:04:14
    basically
  • 00:04:17
    um and um I mean they had even you know
  • 00:04:22
    questioned
  • 00:04:24
    uh you know Herman Goring at at the uh
  • 00:04:28
    Norberg trials how would you get all the
  • 00:04:31
    people to follow you he said "Oh that's
  • 00:04:32
    easy just tell them they're going to be
  • 00:04:35
    attacked." And you know and he if you
  • 00:04:38
    read his speech that's exactly what
  • 00:04:40
    they're doing to us today
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    the the fear yeah it's it's it's the
  • 00:04:46
    same thing
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    um so you have Poland uh ordering all
  • 00:04:52
    males to uh get military training uh
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    teaching how to use a gun in in grade
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    school now i mean what are you going to
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    do send a whole bunch of 10 year olds
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    out you know i
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    mean it's it I mean these are the
  • 00:05:08
    leaders that do this stuff um yeah yeah
  • 00:05:12
    the the the the fear factor is present i
  • 00:05:15
    agree uh just quick return to the
  • 00:05:18
    recession so if we if you are right we
  • 00:05:21
    really get to the recession times do you
  • 00:05:24
    predict a long recession some form of
  • 00:05:27
    financial and monetary reset
  • 00:05:31
    yes i mean the recession is not going to
  • 00:05:33
    bottom until about 2028
  • 00:05:37
    and in part all this wararm
  • 00:05:42
    mongering has uh basically shifted the
  • 00:05:46
    focus to oh let's build up armies things
  • 00:05:49
    of this nature rather than pay attention
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    to the economy and the
  • 00:05:53
    people so you're shifting things so
  • 00:05:56
    that's causing also u the
  • 00:06:00
    stagflation uh as you have these you
  • 00:06:03
    know sanctions and things of this nature
  • 00:06:06
    um I mean and you know moving to
  • 00:06:09
    renewables and wind power it just
  • 00:06:11
    doesn't work
  • 00:06:14
    um you know
  • 00:06:16
    um you know I live in Florida we get
  • 00:06:19
    hurricanes and my next door neighbor has
  • 00:06:21
    like a Tesla and I said "Well when the
  • 00:06:23
    hurricane comes I can put your wife and
  • 00:06:25
    the kids in my car i can tie you to the
  • 00:06:28
    roof because your Tesla's not going to
  • 00:06:30
    go far enough to get out of the way you
  • 00:06:31
    know."
  • 00:06:33
    Um so it it's we have to be practical
  • 00:06:37
    about some of this stuff it's
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    um I mean the first Clean Air Act was
  • 00:06:43
    was passed you know in in I think it was
  • 00:06:46
    in 560 AD by Justinian you know in
  • 00:06:50
    Bzantium because back then they were
  • 00:06:52
    used wood you know
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    um so it's you know you've always had
  • 00:06:58
    these things for for a long time so the
  • 00:07:01
    recession we see is more of an economic
  • 00:07:06
    um decline as far as economic growth is
  • 00:07:09
    concerned but at the same time because
  • 00:07:12
    you're shifting towards war that uh
  • 00:07:16
    creates inflation so it ends up being
  • 00:07:19
    more of a stagflation so economic
  • 00:07:22
    decline but but prices are rising and
  • 00:07:25
    then that often leads to even civil
  • 00:07:28
    unrest
  • 00:07:30
    yeah uh Martin how are you viewing this
  • 00:07:34
    financial market roller coaster we have
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    a day of 2,000 uh points down going down
  • 00:07:41
    three 3,000 points the next day up how
  • 00:07:44
    are you viewing this
  • 00:07:46
    most of this is because
  • 00:07:50
    um mainstream media has been really it
  • 00:07:54
    is fake news
  • 00:07:56
    uh they've they've been taken over by
  • 00:07:58
    more or less the left and
  • 00:08:03
    um they you know were bashing these
  • 00:08:06
    tariffs
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    etc
  • 00:08:09
    um the whole tariff
  • 00:08:12
    issue was just democratic propaganda in
  • 00:08:18
    1932 um the smooth holy tariffs came out
  • 00:08:22
    in in June of 1930 the crash already
  • 00:08:25
    began so no serious economist has ever
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    uh even attempted to argue that the
  • 00:08:33
    tariffs caused the great depression i
  • 00:08:35
    mean that was just political rhetoric um
  • 00:08:39
    what caused the great depression was
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    basically
  • 00:08:44
    um just about all of Europe defaulted on
  • 00:08:48
    its debt britain went into a moratorum
  • 00:08:50
    canada South America i mean that's what
  • 00:08:53
    wiped out 9,000 banks in the United
  • 00:08:56
    States not tariffs um
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    but so you had the media talking about
  • 00:09:04
    you know the tariffs and oh this is it
  • 00:09:06
    it's going to depression etc and then
  • 00:09:09
    they scared everybody into dumping you
  • 00:09:13
    even have Bloomberg News which any
  • 00:09:15
    technical
  • 00:09:17
    analyst was just shocked by uh you know
  • 00:09:21
    the NASDAQ you know had declined oh the
  • 00:09:25
    NASDAQ's now in a bare market and the
  • 00:09:27
    S&P soon to follow it didn't even take
  • 00:09:30
    out a technical uptrend line you know
  • 00:09:33
    why are you putting out this sort of
  • 00:09:37
    commentary um it it it was more of it
  • 00:09:42
    beginning to look like they were trying
  • 00:09:45
    deliberately
  • 00:09:47
    um just to discredit Trump on anything
  • 00:09:50
    you know they've tried so many things
  • 00:09:53
    you know uh signal gate and I mean and
  • 00:09:57
    um I don't you know so well it's
  • 00:09:59
    terrorists oh we'll beat them with that
  • 00:10:01
    one
  • 00:10:02
    um so that's the problem we have
  • 00:10:06
    mainstream media has has completely lost
  • 00:10:10
    all credibility um Gallup polls show
  • 00:10:13
    them I think at the very bottom um and
  • 00:10:18
    uh maybe number two from the bottom i
  • 00:10:21
    mean it the the days of the 60s of
  • 00:10:24
    actually believing the press and CBS
  • 00:10:26
    news and and that's why a lot of people
  • 00:10:29
    go to these things anymore um podcasts
  • 00:10:33
    have become the only place to to even
  • 00:10:35
    get you know
  • 00:10:37
    respectable information uh that's not
  • 00:10:40
    propaganda all the time
  • 00:10:44
    and so I I think that's largely what
  • 00:10:48
    you're looking at but we're not showing
  • 00:10:51
    a uh prolonged bare market um and that's
  • 00:10:55
    why it bounces back quickly you
  • 00:10:58
    know the big problem you'll have is that
  • 00:11:04
    um you know you have Europe pushing for
  • 00:11:08
    you know digital currencies already this
  • 00:11:11
    is for
  • 00:11:12
    control what they're worried about is
  • 00:11:15
    capital flight
  • 00:11:18
    so if you look at World War I what did
  • 00:11:21
    they do they shut down all the stock
  • 00:11:23
    markets they don't want money to
  • 00:11:27
    leave
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    and so when the first bullet is shot
  • 00:11:33
    there in Europe you're probably going to
  • 00:11:35
    see capital controls you won't be able
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    to get anything out uh things of that
  • 00:11:39
    nature so
  • 00:11:42
    um prior to that we've had you know
  • 00:11:45
    you're seeing people moving the gold
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    reserves
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    uh out of London and and Switzerland to
  • 00:11:52
    New York why because they were afraid
  • 00:11:54
    that you know with all this wararm
  • 00:11:57
    mongering uh I mean you have you know
  • 00:12:00
    the the former head of you know PM of of
  • 00:12:06
    Estonia unbelievably coming out and
  • 00:12:08
    saying "Oh Russia's too big and it needs
  • 00:12:10
    to be broken
  • 00:12:12
    up." How would they respond if Putin
  • 00:12:16
    said "Oh the Europe doesn't look like it
  • 00:12:18
    should work and we it it should be
  • 00:12:19
    broken up." or United States you know
  • 00:12:22
    just put the you know the shoe on the
  • 00:12:24
    other
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    foot
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    um so it you know these things are not
  • 00:12:32
    um conducive to you know a good economy
  • 00:12:37
    and
  • 00:12:38
    and I've learned I look I've had dinner
  • 00:12:42
    with some of these neocons i've looked
  • 00:12:44
    them in the eye you do not see a warm
  • 00:12:45
    light trust me uh they're just very evil
  • 00:12:49
    they hateful people um
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    and when um after 911 and Gorbachov
  • 00:13:00
    stood up Reagan wanted to go meet with
  • 00:13:02
    them i was in Washington they couldn't
  • 00:13:05
    say he was a communist anymore so they
  • 00:13:09
    said "Oh you can never trust a
  • 00:13:11
    Russian." And he rejected it and went
  • 00:13:15
    and met and otherwise the Berlin Wall
  • 00:13:17
    wouldn't have fallen all right um but
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    their number one rule and you if you
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    look at it objectively you can see it
  • 00:13:28
    throughout Europe the first thing they
  • 00:13:31
    say never talk to your opponent why
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    because there might be a peace in the
  • 00:13:38
    negotiation you know um if they prevent
  • 00:13:41
    people from
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    talking then you hear just one side of
  • 00:13:46
    the propaganda
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    and
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    um you know it's it's like the two of us
  • 00:13:53
    are in a bar and I decide I'm going to
  • 00:13:55
    punch you in the face well why because
  • 00:13:58
    well I knew you really wanted to punch
  • 00:14:01
    me well who threw the first you know no
  • 00:14:05
    it's really self-defense because I knew
  • 00:14:06
    you wanted to hit me
  • 00:14:08
    you know um I mean this is the the
  • 00:14:12
    nonsense that we're into anymore um and
  • 00:14:15
    you won't negotiate we won't talk
  • 00:14:19
    um you had uh amazingly Merkel there was
  • 00:14:25
    the mince agreement that was supposed to
  • 00:14:27
    allow the Donbas to vote and separate um
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    I mean you're there in Croatia i mean
  • 00:14:35
    the the end solution to the break up of
  • 00:14:38
    Yugoslavia was everybody broke up
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    according to ethnic lines
  • 00:14:44
    uh that's what should have happened in
  • 00:14:47
    Ukraine um
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    and so you had Merkel and France i mean
  • 00:14:53
    they negotiated the mint agreement and
  • 00:14:56
    then when
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    um she actually publicly
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    admitted which was shocking even to me
  • 00:15:05
    that they never really intended to honor
  • 00:15:08
    the peace agreement it was just to allow
  • 00:15:10
    Ukraine to build an army so why would
  • 00:15:13
    somebody negotiate with you
  • 00:15:15
    again that's why Trump said "No you
  • 00:15:18
    can't be at the table." Oh this is
  • 00:15:20
    outrageous europe should be at the table
  • 00:15:23
    you lied the last
  • 00:15:25
    time should anybody trust you ever again
  • 00:15:30
    um you know
  • 00:15:32
    it's you know this and honestly on from
  • 00:15:36
    Putin's
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    side I would be cautious about a peace
  • 00:15:40
    deal because this is are you going to do
  • 00:15:42
    the same thing i agree to peace well you
  • 00:15:45
    build up all your armies and then you
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    know that's what you did in
  • 00:15:50
    Ukraine uh and you have the head of
  • 00:15:53
    Poland telling all males to show up for
  • 00:15:56
    military training and teaching how to
  • 00:15:58
    use guns in grade school now I mean this
  • 00:16:02
    doesn't sound like somebody who wants
  • 00:16:03
    peace
  • 00:16:05
    yeah very interesting take on a lot of
  • 00:16:08
    topics you covered over here uh quick
  • 00:16:12
    return to
  • 00:16:13
    the to to Trump's tariffs uh how are you
  • 00:16:18
    viewing actually his presidency so far
  • 00:16:21
    is this uh are the tariffs just a part
  • 00:16:25
    of a bigger geopolitical plan and being
  • 00:16:28
    used as a tool in a global economic
  • 00:16:30
    chess match not as a suic suicidal
  • 00:16:33
    policy mistake
  • 00:16:35
    yes that that was the case look a 10%
  • 00:16:39
    tariff is a legitimate economic tariff
  • 00:16:43
    when you start going 20 30 40% stuff
  • 00:16:46
    like that that's political it's to
  • 00:16:49
    promote
  • 00:16:52
    negotiation i think that has worked
  • 00:16:56
    um to a large extent in the Middle East
  • 00:16:59
    in Europe and
  • 00:17:00
    Canada not with
  • 00:17:03
    China you know um I disagree with Trump
  • 00:17:06
    on that i think he doesn't understand
  • 00:17:09
    Asian culture is
  • 00:17:11
    different uh you want to do something
  • 00:17:14
    like that you pick up the phone and you
  • 00:17:15
    talk privately
  • 00:17:17
    you don't do it
  • 00:17:19
    publicly when you do it publicly that's
  • 00:17:21
    like slapping somebody in the face
  • 00:17:24
    now China cannot back down
  • 00:17:29
    um because then it makes their leaders
  • 00:17:31
    look
  • 00:17:32
    weak you know and
  • 00:17:36
    um I you know as far as the trade war
  • 00:17:40
    with
  • 00:17:43
    China I would say that you're looking at
  • 00:17:46
    that is a real trade war now and it it
  • 00:17:50
    will escalate i think that you're going
  • 00:17:53
    to see I mean if China wants to put on
  • 00:17:56
    the maximum you know
  • 00:17:59
    um it it has banned rare earths to
  • 00:18:03
    shipping to United States I think it bas
  • 00:18:06
    you know you know what's next it should
  • 00:18:08
    do medicine that will really drive
  • 00:18:11
    everybody crazy yes meanwhile you have
  • 00:18:14
    the EU um cozying up to China
  • 00:18:21
    um So I I don't think that
  • 00:18:26
    uh this is
  • 00:18:27
    is with what he did to China i disagree
  • 00:18:32
    with it should have been basically a
  • 00:18:34
    private phone call um you can't you know
  • 00:18:39
    what you can do with Canada and Europe
  • 00:18:41
    is one thing um you know it's like I
  • 00:18:44
    want $100 no I'll give you 50 all right
  • 00:18:47
    get 75
  • 00:18:49
    you know that's not the way it is in
  • 00:18:51
    Asia
  • 00:18:53
    yeah uh China could actually crash the
  • 00:18:56
    US dollar by dumping uh US treasuries in
  • 00:19:00
    replacing its central bank reserves with
  • 00:19:03
    gold do you see that scenario well look
  • 00:19:06
    they they it wouldn't crash the dollar
  • 00:19:10
    they they have about 10%
  • 00:19:14
    uh of the US national debt but they've
  • 00:19:17
    been selling that off for a couple years
  • 00:19:19
    now
  • 00:19:21
    um the reason they're going to gold and
  • 00:19:24
    a lot of these you know gold bugs etc
  • 00:19:27
    get it wrong oh they they're not buying
  • 00:19:29
    because they think it's going up um
  • 00:19:32
    they're buying m mainly because it's
  • 00:19:35
    neutral all right you know
  • 00:19:39
    um they had US
  • 00:19:42
    dollars because you have to sell your
  • 00:19:46
    products in the United States in dollars
  • 00:19:49
    so you take the dollars back so what do
  • 00:19:51
    you do with them all right um most
  • 00:19:55
    people don't realize how these trade
  • 00:19:57
    statistics actually work uh and I'm not
  • 00:20:01
    even sure Trump does um you have a
  • 00:20:05
    capital account and you have a current
  • 00:20:07
    account the current account is what
  • 00:20:09
    people refer to as the trade
  • 00:20:12
    account the capital account is all right
  • 00:20:15
    so uh China buys US debt so that goes
  • 00:20:20
    through the capital account all right
  • 00:20:23
    it's a capital investment however all
  • 00:20:26
    interest dividends and things of that
  • 00:20:29
    nature that you earn on a US investment
  • 00:20:32
    goes to the current account so it makes
  • 00:20:34
    a trade deficit look bigger when it's
  • 00:20:37
    got nothing to do with
  • 00:20:39
    goods um
  • 00:20:42
    and I was helping the Japanese reduce
  • 00:20:46
    the trade surplus that was fictional
  • 00:20:48
    back then we were uh I had had them
  • 00:20:51
    buying gold in New York uh shipping it
  • 00:20:54
    to London selling it there so as long as
  • 00:20:56
    it was whatever it is didn't matter
  • 00:20:59
    you're buying something in New York and
  • 00:21:01
    you're exporting it out it reduces you
  • 00:21:04
    know the trade deficit all right um it
  • 00:21:08
    was just gold you know it wasn't you
  • 00:21:10
    know manufactured products or something
  • 00:21:13
    this is the problem all these
  • 00:21:16
    um trade numbers there's nobody actually
  • 00:21:19
    at the dock counting the number of
  • 00:21:22
    Toyotas in or BMWs or something like
  • 00:21:25
    that it's just cash flows that's
  • 00:21:28
    it so it you know
  • 00:21:31
    it like I said if if they bought you
  • 00:21:35
    know all the US national debt and then
  • 00:21:37
    $1 trillion dollars in interest had to
  • 00:21:40
    be paid to them that would go through
  • 00:21:41
    the current account and you go "Oh my
  • 00:21:43
    god we have a trillion dollar deficit."
  • 00:21:46
    You know it's got nothing to do with
  • 00:21:47
    trade it's it's it's you know income off
  • 00:21:51
    of interest and dividends go through
  • 00:21:53
    there so I mean I say I I'm not sure a
  • 00:21:56
    lot of world leaders even understand
  • 00:21:58
    this um yeah last time you were in my
  • 00:22:02
    show you said uh that people were
  • 00:22:04
    optimistic when Donald Trump was elected
  • 00:22:06
    and that he will drain the swamp and
  • 00:22:09
    clean things up and you said one great
  • 00:22:11
    thing it's not a and I quote you it's
  • 00:22:14
    not a swamp it's an ocean i remember
  • 00:22:17
    that uh do you believe that there is
  • 00:22:20
    absolutely no chance that President
  • 00:22:22
    Trump could turn things around for a
  • 00:22:25
    better tomorrow
  • 00:22:28
    um well his uh operation Doge is is
  • 00:22:34
    doing that this time where he it
  • 00:22:39
    um the first time
  • 00:22:42
    in it was the deep state that that
  • 00:22:45
    picked his cabinet and everybody was
  • 00:22:48
    stabbing him in the back this time he
  • 00:22:51
    picked his cabinet before he even got to
  • 00:22:53
    Washington mhm that was very significant
  • 00:22:57
    political move all right i'm not You're
  • 00:23:01
    not going to do this to me
  • 00:23:03
    again all right so you know and you see
  • 00:23:06
    them all freaking out you know oh Elon
  • 00:23:09
    Musk and look
  • 00:23:12
    um you need somebody like Elon Musk to
  • 00:23:14
    come in why because somebody within the
  • 00:23:17
    the government is never going to audit
  • 00:23:20
    themselves
  • 00:23:22
    um I mean if you go to a bank for a loan
  • 00:23:26
    you say "Okay fine where's your
  • 00:23:28
    financial papers?" Well here I did them
  • 00:23:30
    that's not
  • 00:23:32
    acceptable uh here I say I made this
  • 00:23:35
    much well you know I need an accountant
  • 00:23:38
    to do that you know it's you know but
  • 00:23:41
    this has been the problem i mean you've
  • 00:23:45
    had numerous stories coming out about
  • 00:23:48
    like the Pentagon missing you know one
  • 00:23:51
    two trillion dollars and nobody knows
  • 00:23:53
    where it went how and they you know
  • 00:23:57
    internally they cannot audit
  • 00:24:00
    themselves they're paid you know to look
  • 00:24:02
    the other way i mean you know corruption
  • 00:24:04
    is is pervasive everywhere
  • 00:24:08
    uh in in any government it's it's this
  • 00:24:11
    is just the way it is um so I think
  • 00:24:15
    Trump
  • 00:24:16
    is doing his best to reduce the
  • 00:24:20
    corruption in Washington i think he's
  • 00:24:22
    made a mistake with the tariffs on
  • 00:24:26
    China so I'll give him credit for what
  • 00:24:29
    he's done correctly and I I got to say
  • 00:24:31
    you know what he's done incorrectly
  • 00:24:34
    um you know I you know it's it's I'm not
  • 00:24:38
    partisan that way so Sure um we just
  • 00:24:41
    have to look at the economics and what's
  • 00:24:43
    good or what's bad that's it um without
  • 00:24:46
    all the propaganda yeah uh you mentioned
  • 00:24:50
    very interesting thing uh when you
  • 00:24:52
    talked about Europe about digital
  • 00:24:54
    currency uh Martin do you see any form
  • 00:24:58
    of global cancelling paper currencies
  • 00:25:01
    and imposing digital currency with
  • 00:25:04
    strict government control
  • 00:25:07
    um Europe is moving in that way because
  • 00:25:09
    they have a debt
  • 00:25:11
    crisis the main reason they are looking
  • 00:25:14
    for war with
  • 00:25:16
    Russia
  • 00:25:19
    is the euro was um was not designed
  • 00:25:24
    correctly um as you know when they were
  • 00:25:27
    forming it they came to me i sat down
  • 00:25:29
    and said okay fine this is how we create
  • 00:25:32
    a currency
  • 00:25:33
    and you the the critical thing to
  • 00:25:37
    compete against the dollar was you had
  • 00:25:40
    to consolidate all the debts of the
  • 00:25:42
    member
  • 00:25:43
    states and Hermit Cole of Germany
  • 00:25:47
    um wouldn't allow the German people to
  • 00:25:49
    vote because he he knew that he would he
  • 00:25:52
    before he died he even admitted that he
  • 00:25:54
    would have lost seven to three so he
  • 00:25:57
    took Germany into the Euro uh himself
  • 00:26:01
    with no public vote
  • 00:26:04
    and his criteria was no consolidation of
  • 00:26:07
    the debt and I warned him in 98 i said
  • 00:26:10
    "This is not going to you know survive
  • 00:26:13
    i'm telling you and you're certainly not
  • 00:26:15
    going to all all the promises that they
  • 00:26:18
    made were all all just fictional lies um
  • 00:26:21
    everybody paying me the same interest
  • 00:26:23
    rate." All this um and we just seen you
  • 00:26:27
    know oh don't worry about
  • 00:26:30
    authoritarianism because nothing can
  • 00:26:33
    pass without a unanimous vote then
  • 00:26:35
    Hungary says I don't want to give money
  • 00:26:37
    to Ukraine well they changed that rule
  • 00:26:40
    it's no longer needed to be unanimous
  • 00:26:43
    yeah
  • 00:26:44
    um they've lied about absolutely
  • 00:26:47
    everything now from a um an an investor
  • 00:26:52
    standpoint if I had a a portfolio of10
  • 00:26:56
    billion dollars I could pick up the
  • 00:26:58
    phone and say "Buy me $10 billion of US
  • 00:27:01
    treasuries." No
  • 00:27:02
    problem i can't do that with Europe i
  • 00:27:06
    still have to decide do I want French do
  • 00:27:08
    I want German you know you have to still
  • 00:27:11
    pick and choose so all they did was
  • 00:27:14
    transfer the volatility of currencies to
  • 00:27:17
    the bond markets
  • 00:27:19
    um and I warned them this is what would
  • 00:27:22
    happen why because if you look at the
  • 00:27:25
    United States the single interest rate
  • 00:27:27
    only applies federally you get 50 states
  • 00:27:30
    and they all pay different interest
  • 00:27:32
    rates based upon their credit rating
  • 00:27:34
    simple as that i mean that's just you
  • 00:27:36
    know not being clairvoyant that it's
  • 00:27:39
    just the way economics works um and they
  • 00:27:43
    told me in
  • 00:27:45
    98 they just had to get the euro in and
  • 00:27:48
    they'll worry about the debts later well
  • 00:27:51
    now the debt is is coming to a real
  • 00:27:55
    crisis level and the problem that Europe
  • 00:28:01
    has that's different than the United
  • 00:28:03
    States
  • 00:28:05
    um if California went bust it doesn't
  • 00:28:08
    affect the federal government
  • 00:28:10
    all
  • 00:28:11
    right in Europe because you never
  • 00:28:14
    consolidated the debts we saw what
  • 00:28:16
    happened in 2010 with
  • 00:28:19
    Greece greece got into a debt
  • 00:28:21
    crisis what happened the traders go
  • 00:28:24
    "Okay who's next?" Oh Spain uh so one
  • 00:28:29
    country can set off a contagion in all
  • 00:28:32
    of them
  • 00:28:34
    uh which is
  • 00:28:37
    not this is why you know they didn't
  • 00:28:40
    consolidate the debt they understood
  • 00:28:43
    what I
  • 00:28:44
    said but to get Germany in they had to
  • 00:28:48
    compromise with with
  • 00:28:51
    coal and here we are 2025 and they still
  • 00:28:55
    haven't revisited the debt issue in
  • 00:28:57
    since 98
  • 00:29:00
    yeah uh Martin let's touch a bit on gold
  • 00:29:03
    uh do you why why do you think that
  • 00:29:07
    banks are still very aggressive on
  • 00:29:09
    buying gold what message are they
  • 00:29:12
    sending
  • 00:29:14
    mainly that's a message about war
  • 00:29:18
    um gold does not really go up with
  • 00:29:21
    inflation i mean that's just a sales
  • 00:29:24
    pitch um
  • 00:29:26
    gold peaked in 1980 at 8
  • 00:29:30
    $875 went down for 19 years you know um
  • 00:29:35
    US national debt inflation went up you
  • 00:29:39
    know it goes up during geopolitical
  • 00:29:42
    crisis and that's what we're at now
  • 00:29:46
    uh the sanction on on Russia was the
  • 00:29:50
    stupidest thing I've ever
  • 00:29:52
    seen because what happened
  • 00:29:56
    um threatening you know taking Russia
  • 00:30:00
    out of the Swift
  • 00:30:01
    system and then you had them threatening
  • 00:30:04
    China oh if you help them we we can do
  • 00:30:07
    the same to you so they created
  • 00:30:10
    bricks
  • 00:30:12
    okay this is what you want so they we
  • 00:30:15
    now have divided the world economy in
  • 00:30:19
    two
  • 00:30:21
    so if we you know go to
  • 00:30:27
    war they default on debts that's
  • 00:30:30
    standard so if China had 10% of US
  • 00:30:33
    national debt for argument sake and we
  • 00:30:36
    went to war with China you think they're
  • 00:30:38
    going to pay it of course not all right
  • 00:30:41
    so this is why you're seeing the central
  • 00:30:44
    banks moving to
  • 00:30:47
    gold so it's not oh US okay fine they
  • 00:30:51
    don't want to buy euro debt
  • 00:30:53
    either japan dumped like 50 billion euro
  • 00:30:57
    debt you know and you know a couple
  • 00:30:59
    months ago i mean you know Europe goes
  • 00:31:02
    into into war they're not going to
  • 00:31:06
    pay you know just look at Ukraine it had
  • 00:31:08
    debt it it suspended all its debt it
  • 00:31:11
    hasn't paid any anything on its debt
  • 00:31:13
    despite all the money it gets from the
  • 00:31:15
    United
  • 00:31:16
    States
  • 00:31:18
    um
  • 00:31:19
    so this is what happens you know and so
  • 00:31:23
    they go to gold mainly because it's
  • 00:31:27
    neutral
  • 00:31:29
    um you can't default on it it it's it's
  • 00:31:33
    not a question of oh we think it's going
  • 00:31:35
    to go from 3,000 to 4,000 they're not
  • 00:31:37
    they're not investors um I mean I talked
  • 00:31:41
    to a lot of central banks and I can tell
  • 00:31:43
    you if it went down to 2,000 it doesn't
  • 00:31:45
    mean they're going to sell all right um
  • 00:31:50
    that's it's just parking money yeah what
  • 00:31:54
    about the retail gold the smalls man
  • 00:31:56
    gold do you see a scenario of gold
  • 00:31:59
    confiscation from the governments or or
  • 00:32:02
    gold taxation for gold becoming
  • 00:32:04
    impossible to hold by the retail or very
  • 00:32:08
    hard
  • 00:32:09
    yeah look in in Europe
  • 00:32:13
    um it's different in United
  • 00:32:16
    States in a lot of the states there's no
  • 00:32:19
    sales tax on precious metals like I'm
  • 00:32:22
    here in Florida you can buy gold or
  • 00:32:23
    silver no tax on it you try and buy
  • 00:32:26
    silver bars in London there's a 20% VAT
  • 00:32:29
    tax um so
  • 00:32:33
    um the biggest problem with I would say
  • 00:32:38
    the retail side is that
  • 00:32:43
    um if you wanted to leave the country
  • 00:32:46
    can you take it with
  • 00:32:47
    you uh in in Italy if you looks like you
  • 00:32:51
    have too much gold jewelry on they take
  • 00:32:52
    it off and they weigh it
  • 00:32:56
    um so it's it's again the governments
  • 00:33:01
    understand this is money and they don't
  • 00:33:05
    want money to leave so you know I would
  • 00:33:09
    not you know if you can
  • 00:33:13
    possibly buy gold in the United States
  • 00:33:16
    and leave it over here that I would do
  • 00:33:19
    because the problem is you may not be
  • 00:33:22
    able to get out with it that that's the
  • 00:33:24
    real problem when
  • 00:33:27
    uh in the United States
  • 00:33:31
    they they were they didn't confiscate
  • 00:33:34
    gold from
  • 00:33:36
    individuals that they couldn't
  • 00:33:39
    do what they did was they confiscated
  • 00:33:42
    the gold from the
  • 00:33:43
    banks all right uh even the Federal
  • 00:33:46
    Reserve people don't realize the Fed had
  • 00:33:48
    to turn over its gold to the Treasury
  • 00:33:51
    um
  • 00:33:53
    and basically what that was about was
  • 00:33:57
    simply you need a license if you don't
  • 00:34:00
    do it we cancel your license
  • 00:34:03
    um so it's it's more of a regulatory
  • 00:34:06
    type threat um
  • 00:34:09
    and I mean there is no actual attempt to
  • 00:34:14
    confiscate it that way mhm um and the
  • 00:34:18
    reason US can't do the digital currency
  • 00:34:21
    and Trump came out and said no there
  • 00:34:23
    won't be one is because constitutionally
  • 00:34:27
    it's impossible in the United
  • 00:34:30
    States the we have the fourth amendment
  • 00:34:34
    which is u against search and
  • 00:34:37
    seizure so the Fed has come out and said
  • 00:34:40
    no we can't do this because they
  • 00:34:43
    couldn't possibly look at your account
  • 00:34:45
    they would need a court order to do so
  • 00:34:48
    um so that's why you see individual
  • 00:34:52
    banks trying to create them all right
  • 00:34:55
    but not the Federal
  • 00:34:57
    Reserve uh so I don't see this digital
  • 00:35:02
    currency as
  • 00:35:05
    um replacing you know all paper money
  • 00:35:08
    globally mhm um look Swiss has you know
  • 00:35:13
    canceled all its its
  • 00:35:15
    currency they people used to hold the
  • 00:35:18
    thousand uh Swiss Frank
  • 00:35:21
    notes gone um the
  • 00:35:25
    dollar you know almost 70% of the
  • 00:35:28
    dollars circulate outside the country
  • 00:35:31
    why because the US has never cancelled
  • 00:35:34
    its currency
  • 00:35:36
    um if you have a you know a $5 bill from
  • 00:35:40
    1861 is still legal although it's
  • 00:35:43
    probably worth a hell of a lot more to a
  • 00:35:46
    collector um but Europe is routinely
  • 00:35:50
    cancelled currencies all the time and
  • 00:35:53
    that's you know purposely designed for
  • 00:35:56
    taxes that maybe you have you know a few
  • 00:36:00
    hundred,000 euros stashed away in a
  • 00:36:02
    safety deposit box sort of thing yeah
  • 00:36:05
    and you have to come out and exchange it
  • 00:36:08
    oh where'd you get this did you pay
  • 00:36:10
    taxes on it you know this is what they
  • 00:36:12
    pull off um France even you know cancel
  • 00:36:16
    the you know 10 frank coins even i mean
  • 00:36:19
    it it was just they go crazy with this
  • 00:36:21
    stuff so that's why the euro is not
  • 00:36:26
    um really a reserve currency
  • 00:36:30
    internationally and neither is the Swiss
  • 00:36:32
    Frank now uh
  • 00:36:36
    so you know you can't cancel the
  • 00:36:38
    currency like this and expect people to
  • 00:36:40
    have confidence in it yeah uh what about
  • 00:36:43
    silver do you see silver in some mix uh
  • 00:36:47
    of becoming more monetary asset it it is
  • 00:36:51
    considered as a monetary asset but among
  • 00:36:53
    the retail maybe not among the bigger
  • 00:36:56
    systems or countries do you see that
  • 00:36:59
    happening
  • 00:37:01
    yes i look there there's always a black
  • 00:37:06
    market throughout history doesn't matter
  • 00:37:08
    what government you're talking about if
  • 00:37:11
    they move to digital currencies and try
  • 00:37:14
    and eliminate cash
  • 00:37:16
    um the black market will be uh small
  • 00:37:19
    denominations probably old silver coins
  • 00:37:22
    things of this nature
  • 00:37:25
    um and maybe gold for the larger
  • 00:37:28
    transactions
  • 00:37:31
    uh and that's the way it it basically
  • 00:37:34
    you know will always develop no matter
  • 00:37:36
    what they they try to do um but I mean
  • 00:37:41
    the people have to understand like the
  • 00:37:45
    why did a German hyperinflation take
  • 00:37:49
    place it's not because they printed
  • 00:37:52
    money that was the result of what
  • 00:37:57
    happened in December
  • 00:37:59
    22 and you can buy these bonds on eBay
  • 00:38:02
    uh they confiscated 10% of everybody's
  • 00:38:05
    assets and they handed him a
  • 00:38:08
    bond once they did
  • 00:38:11
    that people moved money out of the
  • 00:38:13
    country that's why in 1933 uh Hitler
  • 00:38:17
    made it illegal for a German to have an
  • 00:38:20
    offshore account he was trying to bring
  • 00:38:21
    all the money home all right uh that's
  • 00:38:24
    why they uh went through hyperinflation
  • 00:38:29
    these people lost confidence in the
  • 00:38:31
    government they wouldn't accept the
  • 00:38:32
    currency anymore and they transferred
  • 00:38:35
    their assets into everything other than
  • 00:38:37
    German marks um and that's why Hitler
  • 00:38:41
    responded in 33 to outlawing um foreign
  • 00:38:45
    accounts and that's why Switzerland in
  • 00:38:47
    1934 created numbered accounts to
  • 00:38:51
    protect all the foreign accounts that
  • 00:38:52
    were there
  • 00:38:53
    um so you know look this is what will
  • 00:38:57
    happen once you have you lose the
  • 00:39:00
    confidence the capital flees and that's
  • 00:39:04
    always
  • 00:39:06
    what you know I don't care what century
  • 00:39:08
    you look at it's always the same thing I
  • 00:39:11
    mean history repeats because human
  • 00:39:14
    nature does not change
  • 00:39:17
    politics change you know the events
  • 00:39:19
    change but we respond to similar events
  • 00:39:22
    the same way all time yeah agreed uh
  • 00:39:26
    Martin last last question uh what
  • 00:39:29
    sectors do you see as a ticking bomb i
  • 00:39:32
    mean that could fast track us to
  • 00:39:35
    financial reset or a stock market crash
  • 00:39:37
    do you see that uh in a banking sector
  • 00:39:40
    real estate sector some other sectors
  • 00:39:45
    um well the big problem that I see
  • 00:39:51
    um is mostly in
  • 00:39:54
    Europe
  • 00:39:57
    um this pressure for war is quite
  • 00:40:01
    astonishing
  • 00:40:03
    um if you look at Switzerland and Sweden
  • 00:40:08
    both were neutral during World War I and
  • 00:40:12
    two so their countries were spared the
  • 00:40:15
    people you know they weren't bombed uh
  • 00:40:18
    and the the value of their
  • 00:40:21
    currency
  • 00:40:23
    continued both have surrendered that
  • 00:40:27
    neutrality today
  • 00:40:29
    um Switzerland u was confiscating I
  • 00:40:34
    think it was over eight billion dollars
  • 00:40:35
    of of Russian any Russian accounts uh
  • 00:40:39
    you also had Sweden joining NATO you
  • 00:40:42
    what happened to the
  • 00:40:43
    neutrality you know they they've
  • 00:40:45
    completely
  • 00:40:47
    flipped
  • 00:40:49
    so I think that's the problem you see
  • 00:40:52
    with the pushing for digital currency
  • 00:40:55
    there in Europe and be careful about the
  • 00:40:57
    banking system
  • 00:40:59
    um
  • 00:41:02
    and the the way
  • 00:41:04
    these debt sovereign debt crisis take
  • 00:41:08
    place
  • 00:41:12
    um all all
  • 00:41:16
    governments they keep borrowing money
  • 00:41:18
    year after year they have no intention
  • 00:41:21
    of paying anything
  • 00:41:22
    off um so why are we borrowing
  • 00:41:26
    uh you know it's it's like well I don't
  • 00:41:28
    know that's what we always did you know
  • 00:41:29
    it it's there's nobody there with a
  • 00:41:32
    light on anymore really
  • 00:41:36
    so historically what happens is when
  • 00:41:41
    you're in a Ponzi scheme you have to
  • 00:41:43
    sell the new debt to pay off the
  • 00:41:47
    old crisis comes when you nobody's
  • 00:41:50
    willing to buy the new
  • 00:41:53
    debt and That's where the war comes
  • 00:41:59
    in if you keep beating these war
  • 00:42:02
    drums and
  • 00:42:07
    um then you know people are going to be
  • 00:42:09
    cautious and not going to buy the debt
  • 00:42:11
    you don't buy the debt you basically
  • 00:42:14
    can't pay off the old debt you get into
  • 00:42:16
    a sovereign crisis and this is why they
  • 00:42:18
    need
  • 00:42:19
    war they need a distraction
  • 00:42:25
    um you know the tariffs in Canada uh a
  • 00:42:29
    lot of Canadians that I've spoken to
  • 00:42:31
    they said we should thank Trump because
  • 00:42:34
    they didn't even know that each province
  • 00:42:36
    acts like its own country and puts
  • 00:42:39
    tariffs on each other which would be
  • 00:42:42
    totally illegal in the United States all
  • 00:42:44
    right
  • 00:42:45
    um that would be like France putting
  • 00:42:48
    tariffs on Germany you know it's it's
  • 00:42:50
    uh
  • 00:42:53
    uh you know you know that's what you
  • 00:42:56
    know the problem was in Canada uh you
  • 00:42:59
    had some tariffs like in Quebec
  • 00:43:02
    agricultural against American a products
  • 00:43:06
    of 250%
  • 00:43:11
    um so I mean I think you know Europe is
  • 00:43:14
    still much more
  • 00:43:18
    uh on the socialistic Marxist
  • 00:43:21
    agenda and and these things don't work
  • 00:43:26
    um there was an economist from the 19th
  • 00:43:30
    century that nobody seems to listen to
  • 00:43:33
    was David Ricardo and he came up with
  • 00:43:37
    his observation it's called comparative
  • 00:43:41
    advantage you don't try and grow a head
  • 00:43:43
    of lettuce in Saudi Arabia it's going to
  • 00:43:45
    cost you $10 to import water you know
  • 00:43:49
    fine you can grow it all right when you
  • 00:43:51
    can buy it for 50 cents from somebody
  • 00:43:53
    else
  • 00:43:54
    um and so if you're putting on a
  • 00:43:59
    tariff to protect a job then maybe
  • 00:44:02
    you're overpaying that person for that
  • 00:44:04
    job maybe you should just get a
  • 00:44:06
    different job because at the same time
  • 00:44:09
    what you're doing is you're raising the
  • 00:44:11
    cost of living to everybody else
  • 00:44:15
    um you know Europe got into the tariff
  • 00:44:18
    thing after uh mainly after World War I
  • 00:44:25
    um even sugar
  • 00:44:28
    uh refining and everything took place in
  • 00:44:31
    Europe uh Britain was the financial
  • 00:44:34
    capital of the
  • 00:44:37
    world running around with World War I
  • 00:44:41
    what happened they lost
  • 00:44:43
    everything sugar production went off to
  • 00:44:45
    the Caribbean etc so then they put in
  • 00:44:47
    extremely high tariffs and raised them
  • 00:44:50
    33 times after World War I before
  • 00:44:56
    1929 why because they were trying to
  • 00:45:00
    protect
  • 00:45:02
    uh
  • 00:45:03
    local operations to
  • 00:45:07
    restart so it wasn't so much the
  • 00:45:11
    um oh his price is cheaper than ours
  • 00:45:13
    they were really trying to restart from
  • 00:45:15
    from scratch and that's where all the
  • 00:45:18
    tariffs came in and that's what smoothie
  • 00:45:20
    from the great depression in the United
  • 00:45:22
    States it was a response to that
  • 00:45:25
    um so we have to understand you know
  • 00:45:28
    it's
  • 00:45:30
    um when you do put on the tariffs you
  • 00:45:34
    are basically supporting u somebody
  • 00:45:37
    getting paid more than maybe they should
  • 00:45:39
    um and it reduces everybody else's
  • 00:45:42
    standard of having
  • 00:45:45
    so I'd be be more concerned about the uh
  • 00:45:48
    the banking
  • 00:45:49
    industry um capital flights if you do
  • 00:45:54
    want to get some money out I would do it
  • 00:45:55
    before
  • 00:45:57
    um it's too late uh once they do move to
  • 00:46:01
    uh
  • 00:46:03
    the digital currency you got fullblown
  • 00:46:07
    controls coming on
  • 00:46:09
    so we should get our money before it's
  • 00:46:11
    too late right i would think so yes and
  • 00:46:14
    you may not be able to get on a plane
  • 00:46:16
    with gold anymore
  • 00:46:18
    yeah uh that was Martin Armstrong martin
  • 00:46:22
    great chat and learning session for me
  • 00:46:25
    as always uh with you thank you very
  • 00:46:27
    much for coming to my show well thank
  • 00:46:30
    you um take care there in Croatia it's a
  • 00:46:34
    an interesting area
ุงู„ูˆุณูˆู…
  • Recession
  • Stagflation
  • Gold
  • Digital Currency
  • Capital Flight
  • European Economy
  • Political Tension
  • Tariffs
  • Media Credibility
  • Economic Policies