the housing market is in terrible shape in case you haven't realized affordability has never been worse people can't afford to buy a home they can't afford to rent a home and there are so many people that say the housing market will only continue to go up and then there are people like me that believe a massive correction is necessary in this video with Mike Maloney he has prepared charts to prove to you why the housing market must correct and that we may see a massive correction that no one is expecting it


could be 50% price reductions in the United States as far as home prices and our current state of the economy may just end up rendering us in a recession that is far worse than the Great Depression hope you enjoy the [Music] show Mike first I'd like to thank you so much for your hospitality when we we were on our trip to Puerto Rico man it was it was just so awesome meeting you sitting down with you on our Tuesday night podcast and uh I really you know I I can't say how much I value your


opinion and you know also I mean we share a lot of the same sentiments that I mean the the economy the US econom is in terrible shape right now uh you know we may be looking at another Global financial crisis maybe worse than what we experienced about 15 years ago uh but I know who you are but for the audience that didn't watch our Tuesday night podcast just tell everybody who's Mike Maloney okay well um first I want to say right away that I think you I I agree the crisis that is coming I believe is


probably going to be a whole lot worse than 2008 uh this could be the greatest crisis in history um now uh I I'm somebody when my father died back in the 80s he left my mother uh in a state that should have taken care of her for the rest of her life wife and we got her a financial planner who then in the crash of the NASDAQ proceeded to lose more than half of it and I ripped everything away from him and I started studying the markets and I uh ended up um I WR read a paper from Ben Bernan called deflation making sure it doesn't


happen here I read that in in about 2004 and it just completely changed my life I uh gave the business that I was in which was producing trade shows for high-end audio and home theater equipment to my business partner um I made an alliance with Robert kosaki the uh real estate Guru of all gurus uh and I wrote Rich dad's guide to investing in gold and silver when this financial planner had lost so much of my father's estate I uh started studying the stock markets to wonder you know trying to


figure out what went wrong why did the NASDAQ crash Why did it go into this bubble and that led me to studying the economy and you can't study the US economy in isolation you have to study the global economy and there I I realized that it was the hard money Advocates the precious metals sector that uh really watches International Trade flows currency flows and trade flows internationally and other uh types of economists and so on are not as um as concerned about uh credit and international trade flows the hard money


Advocates are also big Advocates they they love monetary history and when I found monetary history I just fell in love and I just started studying this like every day and then I made this alliance with Robert kosaki I I saw him I believe in 2003 and uh I um started going to his conferences and stuff that he he'd have uh events in uh Scottsdale Arizona uh you know small events where he'd be uh a three-day event where you go and do a book study or something like that and by 2005 uh I had gotten to know him just


enough to where I could ask him can I be the rich dat advisor for precious metals because the very first um uh event that I showed up at I was the only one that brought charts so I caught him coming back from luncha uh and I said I've got these charts here's the Dow gold ratio and here's nine different currencies measured in gold from 1900 until today and I I offered to get them reproduced for everybody and he just says no we'll handle it and then he put me on stage later uh that during that conference uh


and then he did it in the next conference the next conference and and then in front of 5,000 at in at the Los Angeles Convention Center and then uh I did the uh Learning Annex uh real estate wealth Expos uh that he was doing and so the next time I spoke with him was in front of 30,000 people at the LA Convention Center and then 15,000 in Atlanta 15,000 in New York 10,000 in Chicago 10,000 in Boston um and um what I'm seeing today though is so similar I started showing data uh of the scale of


the real estate bubble that was happening and this was Robert Schiller's Dr Robert Schiller of Yale University this was his data uh before he did the uh S&P the Schiller SNP Index this was when he was still just at Yale and so I was showing this data back in 2004 and five and warning people that real estate was going into the biggest bubble in history and that this this would have negative consequences and so uh anyway when I saw what was coming after reading that paper from Ben Bernan deflation


making sure doesn't happen here which he wrote in 2002 I don't think I read it until 2004 that's when I just decided to completely change my life because that paper is a was a road map to the future the future that we're in right now and uh so I mean I really did change my life I I changed businesses I wrapped my entire life around uh economics monetary history precious metals and recently I wrote another book my second book called uh the great gold and silver Rush of the 21st century and what I wanted to do


there was to try and condense all of the information that somebody needs as to where the global economy is right now and uh the potential outcomes comparing this to especially the precious metals bull market of the uh the 1970s uh so that you can see what the outcome will probably be this time around and so so that's called the Great gold and silver Rush of the 21st century and people can go and get uh there's chapters three and four are free online at GG sr21 uh so the hard the the easiest


chapter chapter three and the most fun probably and then the hardest chapter chapter four are both online and I needed them there so that I can make improvements uh after the book was the print book was published so uh that's my background and that's I also opened up a precious metals dealership in 2005 called goldsilver.com and we've grown to be one of the largest online precious metals dealers in the world and I introduced um being able to purchase like you're purchasing a book on Amazon


where you can just uh you know put a down payment on a credit card wire transfer or you can buy the whole thing on a credit card if you want but there's credit card fees but uh you can purchase lock in a price right now purchase online take delivery your home put it in an IRA and I was also the first to create storage Accounts at Brinks for our customers it's actually your storage account we do the billing on behalf of Brinks but it's in your name uh and we have vaults in uh um in uh Singapore


Hong Kong Canada the US and uh Europe and I think Dubai or I can't remember so well you so Gold's hit new highs I mean so yeah that's definitely and you know Mike you are probably one of the highest regarded teachers on money I I mean I love everything that you do um for everybody listening you can check out the show notes all of Mike's links are below um I have his books I highly recommend it and um I can tell you I mean he has this uh like whole Chronicle of money you know the teaching people


about uh you know the value of money understanding the monetary uh value the difference between uh money and fiat currency uh you know it's just it's just amazing stuff but you know Mike and I you know one of the nice things sitting down to dinner together when I was in Puerto Rico is you know and we've talked about this even afterwards um you know a lot of people don't really understand what's happening in the economy and how markets react and to the debt and things like that and and to the monetary policy


and we want to dive in here Mike because uh you showed me taught me a lot um I've been in the housing market since 198 9 serving the housing market uh I was a contractor a builder I work for home builders and uh you even said to me that a lot of the real estate people that you talk with don't understand everybody wants to cheerlead and say well you know it's a supply and demand issue and you know we're not going to see a correction in our Market maybe somewhere in the US but not here and but let's just dive in


Mike because um the the value and the charts that you've put together I just want everybody to um understand and guys when we're looking at uh or hearing information I think this is the important thing a lot of people just want to listen to mainstream media and there's a lot of a you know agenda based messaging going on when you're listening to the media talk right because uh you know let's face it you know they they don't want to tell you exactly what's happening because you know we might


respond differently and you know stop spending money and doing doing whatever that would be important to to say ourselves and you know to really um not continue to Kick the Can down the road but when we look at the data the data doesn't lie and I believe if we want to be smarter tomorrow we have to take a step back and just look at some historical data because even though history doesn't always repeat itself there are Cycles in this guys there are Cycles in the economy and when we understand how these bubbles are


created and what happens when they are what do downturns look like we have to look at the chart so Mike just kind of take it away and uh let's let's tell everybody what's in the chart okay uh first I do want to say uh when you were referring to the difference between currency and money and the uh resources that uh on my YouTube channel I've got something called hidden secrets of money and I think that's uh one of the things that you were referring to a little while absolutely love it it follows the


history of money but more importantly how it affects you today uh you know there's there's many different uh documentaries and such on on the history of money but I I most people do not show how uh something that happened in Athens in 407 BC is similar to what is happening right now uh so anyway the economy is basically like a three-legged stool there are three main pillars that hold up the economy uh there's obviously the stock markets people think about the economy and they think about the grocery store and the


gas station and so on uh and then there's the debt markets which are big and then uh the real estate market these are the three main pillars real estate uh debt which is the bond market and the stock market and so um I'm I want to take you through these three legs of the economy and show you where they are now because in 2008 we had that was basically a real estate crisis but it also drugg the stock markets down with it uh and so in in the year 2000 we had there was a stock market bubble and we


had a stock market crash it didn't touch real estate it didn't touch Bonds in 2008 we had a real estate bubble but the stock markets were also