hi this is mike maloney and i'm joined once again with jeff clark and adam taggart jeff how are you doing i'm doing great mike great to be back with you of course and adam uh -founder of peak prosperity thanks also for joining us this week thanks for having me back again guys uh totally excited for today well last time mike got a hog for saying money instead of currency and the week before adam got it so i'm gonna try to keep my uh good record here this week we'll see what happens so


well this first article i want to bring you guys attention is about the ecb the european central bank saying that they're not only going to continue with currency printing they're actually going to accelerate it because of yields rising uh they want to try and cap that and so they're going to print even more currency uh to try and cap yields so it's quite interesting what they're doing they have a fancy little name for it but it's basically just yet another form of qe so mike what's your reaction to


the ecb doing this well uh you know it's these idiotic keynesians just will not admit when they are wrong they just keep on doubling down on the same thing that is going to bring some sort of there's going to be a catastrophic end to this now they've gone so far that i just don't see any uh alternative other than some sort of really bad meltdown happening uh you know for the general population for the gold and silver investor it'll be great but uh these these keynesians like i


said they can't admit when they are wrong they're just going to print and print and print currency because they can't print money yeah uh so totally agree with mike i think this is um it's just another sign that the the central planners are painted into a corner um and i see this as just the latest desperate act um really you know they're the reason why they're doing this mike said it's rising rates which really is kryptonite to uh the financial asset price bubble that


they've blown by all their currency printing um but they've also admitted in this latest statement uh with ecb that that they are trying to do economic growth um in the eurozone which is just continued to remain sluggish and no huge surprise because it was sluggish pre-coronavirus and coronavirus obviously didn't help at all so they're really kind of stuck trying to you know bring back to life an economy that really can't grow the way that they want it to and at the same time they're incredibly


worried about these franken markets that they've created uh correcting it all because i i don't know if you guys saw the uh the statement from jeff grimlock this week but um he stated the obvious which is that people are starting to believe that this stimulus that all the central banks around the world and and um legislatures around the world uh are issuing is now permanent right um they are believing that that's become a feature um of the system and i i think that's totally true and as


mike said if indeed that's the case and it seems to be the answer to everything now is just print more right it is going to accelerate uh the transformation of these national fiat currencies into confetti i've got a little bit more to say about that but but let me hit the football back to you jeff to comment on this too before i do well i also want to point out we have a chart here of the bank of canada's balance sheet and you can see just i mean it looks like a bitcoin chart just how much currency they're printing


we know australia extended their program in january japan's doing the same thing uh the us of course so this is a global thing at least in the advanced economies of the world where they're just that that is their solution like you say adam is just a print print print uh mike uh what do you think this is a global thing uh well you know it's the bank of canada hyper inflating their base currency supply but the thing is every country on the planet is doing this and then you can see it it


doesn't matter uh which chart you put up you could replace this with the ecb or the bank of japan or you know they're all the same uh it is insane the amount of currency printing again it's showing that everything these guys are doing just to to support what adam was just saying these are emergency maneuvers one after another and they have not stopped the emergencies have not stopped since the crisis of 2008 and that was a crisis that was caused by alan greenspan's response to the uh the


the uh nasdaq crash you know the crash of 2000 uh lowering interest rates holding there for too long what is most sensitive to interest rates well that's uh the real estate market and he was responsible one person for creating you know most responsible for creating the real estate bubble all of the derivatives that we created during that time made it very unstable uh but alan greenspan is actually the person that created it it's one keynesian you know who used to be a an austrian a hard money


at hard money advocate the gold standard uh and uh so dan can bring in a nose and then take it away i said money but i meant money um uh but uh these guys all of them you know ben bernanke just took over from alan greenspan but this has been going on now for 20 years uh this uh the manipu extreme manipulation of interest rates bubble after bubble after bubble that they're creating and they're determined this time not to let the bubble pop like uh adam called it frankenmarkets or how did you say it adam yeah i know


exactly frank in markets right and if i could mike let me just build on the comment that jeff made looking at the uh the ecb sorry the bank of canada um balance sheet there and commenting on bitcoin because um there's uh you know an economic concept called gresham's law which basically says that capital goes to where it's best treated and you know what's happening is as you as you begin to debase the currency um capital tries to find a better you know place to go and right now a lot of it is going into


bitcoin that's one of the big reasons why bitcoin is it has an exponential uh chart like that right now is because a ton of capital is going there because it doesn't want to be devalued sitting in u.s dollars um and i'm mentioning this because the same thing is going to happen for the precious metals they are more under the thumb of the central planners right now than the cryptocurrencies but but that could change but at some point in time the jig is going to be up and enough people are going to realize


what's going on with the currency that they are going to take uh their capital and put it into you know they're going to switch it from paper currency into real forms of money and we've seen this happen all throughout history we saw it happen in roman times as they began to clip the coinage the unclipped coins were taken out of circulation by the populace because they knew that those coal coins had more silver it's why you don't see pre-1965 coins when you get change at the market


anymore because people have taken those coins out of circulation because they know they have silver content in them right so um i'm just going to tie this to a quote from last week you may remember that uh the headlines last week elizabeth warren was floating the concept of a two percent wealth tax and uh you know many many people but this one particular billionaire said well look you know if you do that people are gonna hide their wealth and he just looked at the camera and said go buy gold and that is exactly what


happens when people feel that their capital is being abused by ho by holding it in the dominant form of currency so you know i just want to wrap this up by saying these exponential moves that we're seeing in bitcoin and whatnot we're going to start seeing that in the precious metals again soon as enough people wake up to realize that you know all of these desperate actions by the central planners are accelerating the devaluation of these fianc currencies and then gresham law is going to kick


into effect and we will see a very large probably very quick move of capital out of paper and into hard money i've got something that i'd like to add to that is that you just said very quick very large and very quick and the time to buy precious metals is when they're falling and they become easier to get if you're going to buy real metals if you're going to buy a gold and silver that's physical that's real that you can have in a storage account or hold in your hand those the premiums uh shrink on the way


down and then when everybody tries to get them at the same time those premiums go huge and so uh waiting for the last moment to me you know i've been getting prepared for this for many years and i see a big payoff uh within the next couple of years here uh so waiting too long uh to me is not a good plan bad strategy yes good well mike you mentioned alan greenspan and here's another tweet of the day i want to bring to your attention this is kind of fun this is from trevor chow and he basically put


all four fed chiefs there in one video and you put it to a song we're not going to play it for you out of copyright concerns but you can play it yourself if you click on this tweet it's real short it's kind of amusing and one of the lines they say is we're never going to tell a lie and of course that hasn't exactly panned out for these individuals so it's uh it's absolutely hilarious everybody should take a look at this and basically uh i think the tweet said they're all singing the same song


uh and they are alan greenspan ben bernanke janet yellen and powell they are all singing the exact same song uh it's and they're wrong these keynesians have let us down a path into a minefield that has gotten more and more and more dense and one day they'll be in a spot where it doesn't matter which way they step the whole thing is going to blow up on them you can't manipulate the market the market is a self-balancing mechanism uh anything that is uh man-manipulated is not self-balancing because no person


can account for all of the different forces in the free market some uh imbalances have to build up somewhere and then the correction when you when you've gotten it this far out of balance the correction is more of an implosion than a correction what do you think uh adam what was your reaction to watching that little clip there oh i think i laughed just as hard as you guys did um you know sort of um uh tears of uh you know laughed until i cried uh and maybe a little bit of cries of sadness for how uh


you know distorted and um uh you know how how much they basically just wrecked the prospects uh of this nation but as mike said earlier you know greenspan started this and it really you can say it was one man who had the power to do this and he's had three successors since then who all had the opportunity to do something different uh and they didn't so it's a super funny tweet but in in some crew way i think the joke is on us that uh you know we've let these guys run the ship estate so far


off its course here um i guess my last thought on this is consider what mike said you know at this point in time the the the future is becoming much much easier predict to predict um because the the different option sets have been collapsing now really to only two right this system either collapses under its own weight and um we have some sort of massive massive deflationary crunch price wise you know massive price correction that really clears out all the malinvestment and all the evils of the


system or the central planners win and they just sort of print things into oblivion it's another type of default but it's just through destruction of the currency and so it's sort of good that you know those of us that are trying to plan for this we we don't have too many options to have to decide between now both options aren't very good and they're pretty polar opposites in many ways but i do think bringing things back to the focus of this this video the precious metals are one of the few


places that will do you well no matter which of those two binary outcomes happens if the if the currency is killed through you know runaway currency printing um obviously you're holding on to a store value of that wealth and if it's a deflationary crunch all the mal investment's going to get cleared yes precious metals prices will probably come down a bit with all that but as we've seen in previous financial crises they usually go down because they're getting sold because they have value and


people are having to meet margin calls and once those that for selling is done they then begin to rise to their true value again largely kind of almost back to gresham's law where people are funneling their capital into things that have true intrinsic value so it's one of the very few options on the table that's going to serve you no matter which fork of that path we go down yes good point adam well said and that ties into our viewer comment uh today as well this is from mark pedry uh mark i don't


know if i'm saying your name right i think a lot of people look at gold and silver the way i used to like i was making a purchase i'm not buying fiat i'm exchanging useless fiat into gold and silver like i would any other currency but the main difference is i'm my own bank so it sounds like he took the words right out of mike maloney's mouth what do you think mike yes he's uh selling currency and buying money that's what he's doing and money will get through this


uh the currency may or may not uh we'll see what happens when the fed and the ecb and everybody else goes to uh digital cryptocurrencies the the fed coin or whatever they're going to call it um because that does give them more control uh a lot more control and they'll be able to uh go negative on interest rates and they'll be able to uh print more and more and more currency and sort of keep you in the game uh but at the same time they're not going to be able to stop people from


getting rid of their currency and buying something that's real whether it's real estate you know certain real estate is way overvalued and in a bubble though but some real estate isn't so uh real estate commodities precious metals and cryptos uh they're going to people are going to be fleeing uh for these things and this is an example of it he sold uh currency and he bought money yes adam uh be your own bank by buying uh real money gold and silver what do you think i think he nailed it i don't know if i


have really much more to add on that that's a great comment yes it is so well we're going to wrap this video up here with uh mike reading us the meme of the day um but don't forget if you haven't read mike's book you can still do so it's free he's giving away for free click on the link below this video and if you haven't signed up for a newsletter remember everything we do and everything we announce everything we offer does come through our newsletter so you can get that


um just by signing up and make sure you get everything so no matter what happens to youtube you always get uh communications from us so so mike what's our meme of the day well this is fred rogers mr rogers uh making a picture for the viewers and the viewers are are usually you know between three and five years old i think so it's when governments try to perform a service i'm not very good at it but it doesn't matter and it's so true uh they they you know uh i was having a conversation


with dan our producer the other day about uh you know the socialists always say well who's going to provide the roads well you know when when government provides it look at the service you get you get stuck in traffic for hours on end trying to get somewhere you get uh eight uh people standing around trying to fix a pothole and one guy is working seven people are watching and that's what you're paying for so it's it's just a perfect example of the government giving us less for more


yes well put well thank you guys this was a great video uh thanks adam for joining us again this week and i'll see you both next week pleasure as always thanks jeff and mike see you later jeff see you then