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 hi this is Mike Maloney and I've got a very very special guest with me probably the most articulate man I have ever met in my life when it when it comes to explaining things Nobody Does it Better Than Rick rule Rick how are you doing Mike I'm doing very well the better for visiting with you again it's been a long time actually yeah we had you out to Los Angeles uh a long time ago to um uh appear in our hidden secrets of money series I believe it was episode seven and uh you articulated how the

United States gets to export their inflation and their budget deficit to the rest of the world uh so why don't we start off with a a short thing about uh how the world the the US dollar as the world's Reserve currency gives us this exorbitant privilege that gives us a standard of living in the United States higher than the rest of the world well I think that's a wonderful place to start um it is in fact true that post-world War II uh there were a variety of international Accords put in

place that accorded the U.S dollar uh the status of the world Reserve currency it is also true that there were no viable competitors at the time it's not like we necessarily foisted this on people uh it's that we had the deepest most liquid and most transparent Financial system in the world we had the most functional uh government securities business in the world which is to say the U.S treasury Securities and relative to other economies and other currencies we were well managed uh I I used that phrase

advisedly we were well managed compared to the others as opposed ultimately to well-managed that notwithstanding the US dollar uh became and the U.S treasury market became the global standards with regards to fund and in fact wealth flows and this accorded us as you suggest a standard of living that was probably higher than we deserved based simply on the output of the U.S economy we got in effect transfer fee and we were able to issue currency because other people's debts and credit and their trade were

denominated in our dollars uh it got to the point in fact where uh we could export from the United States what were in effect dreams pieces of paper with a promise printed on them and in return the world would send us oil they would send us computers they would send us cars it was a wonderful trade and in fact Mike it still is a wonderful trade but the truth is that we our political class at least but I think the voters share the blame have decided to obviate some portion of this exorbitant privilege by among other things uh

exporting extraterritorially U.S values and imperatives around the world uh including to some companies pardon me some countries that don't share uh our values in addition to the fact that we are doing our best to weaponize our currency we have also uh I would say debased our government securities Market the U.S government as detour owes 33 trillion dollars in on balance sheet liabilities which is to say bonds outstanding but over a hundred trillion dollars in net present value of entitlement obligations

which is to say The Detour in the U.S treasury Securities Market uh owes about 130 trillion dollars uh to creditors and proposes to service this debt with a budget that's in deficit this year an estimated three trillion dollars so the United States is doing really truly amazing thing we're debasing our currency at the same time that we're wrecking our treasury market uh and the world puts up with this the world does put up with it as Doug Casey famously says the U.S dollar is the worst currency in the

world with the sole exception of every other currency yeah we can talk about cbdc's uh and the brics currency later which we will in a minute yeah you know Max Kaiser used to call it the leper with the most fingers left we left we left ruefully of course right right but the privilege that we've been granted is being chipped away at by every politician of this Century every one of them has sold us out and it's it's very expeditious uh to uh use something so convenient as the dollar as

a weapon uh but in the long run it undermines the United States of America and I see everybody that has used it as a weapon is somewhat of a Trader to the you know to our children and our grandchildren they are the ones that are going to suffer for the weaponization for and the short-term gains and the political ground that somebody might gain from these actions Mike what you say is so true if you read the mainstream press going really all the way back to the Nixon Administration uh we blamed de Gaulle as an example for

pointing out our exorbitant privilege it wasn't de Gall that was debasing the US dollar uh it was in fact us uh now people say that the dollar is under attack from Moscow the dollar is under attack from Tehran the dollar is under attack from Beijing that's ridiculous the dollar is under attack from Washington yes we are obviating our own Advantage uh which is as you suggest probably traitorous yeah you know um one of the things I wanted to ask you about because we're talking about the

dollar here and debasing it and the Dollar's loss of value and the fact that inflation respects no borders and if half of the currency roughly you know half of the the reserves are uh 60 are outside of the United States and then 80 percent of international trade is being conducted in U.S dollars uh actually it's more than that it's 88 I believe right now um that means that there are as many dollars if not more outside of the United States and there are inside of the United States and when we expand the

currency Supply and do deficit spending to fund stuff inside of the United States we're devaluing the dollars including those outside the United States States so that inflation is also this uh stealth wealth tax that we are placing on the rest of the world and the you you called it a fee for that they pay for uh us being the Hub of the international monetary system can you expand on that fee well think about it it's a great business uh we have the ability to export a system that's truly a spectacular franchise uh

think about the fact that uh in a way uh we're a broker uh we don't have to have the wealth we just have to handle the wealth and the truth is we have a system that wealth and trans that wealth and transfer is denominated in and we get uh a farthing a little tiny piece of every transaction that takes place in the world and we impose a little tax on every Saver in the world because as unstable as our currency is it seems to be more stable than the competition this franchise or as de Gaulle put it

this exorbitant privilege is uh maybe the most important part of the American franchise it is certainly the thing that we export the most efficiently and the idea the idea that we are actively engaged in diminishing the value of the franchise uh were it not so tragic uh would be amusing it's important too that your listeners focus on part of what you said uh which is to say in addition to the weaponizing of the dollar the attempt to impose extraterritorially America's values and political norms

that the damage that we are doing to our own Savers and other Savers by diminishing the purchasing power The Net Present Value the purchasing power of the dollar uh I think Bears note uh you will see recent self-congratulatory utterances from the government about the fact that they have brought down uh inflation uh taking credit I guess is an example for the decline in Energy prices which they had nothing to do with and I know I'm going off the reservation here a little bit but I want to make the

point with regards to the deterioration deteriorating value of the dollar that when they make those self-congratulatory utterances about declining inflation they are talking about an artificial construct which is say their CPI the Consumer Price Index and they are acting as though that's a cost of living index now Mike there's many ways that I could attack the construct of the CPI but the easiest in terms of conflating it with the cost of living index is to point out that the CPI doesn't include tax

now if I didn't have to pay the tax I wouldn't quite so much about the index but the truth is that uh for Americans at least access the largest single household expense that they face greater than shelter greater than Transportation greater than food and greater than energy combined and so when the policy wonks tell you about declining inflation in the sense that they are saying that the increase in the cost in your cost of living has been moderated relative to the interest that you might

receive on your savings they're lying there's only two choices they are either unwitting or they're unscrupulous those are the only two choices possible and that's not a very good choice from my point of view and that's the other part of the diminishment of the American franchise that I think that Americans need to pay attention to Yeah so basically uh you also consider it the CP live right it ABS I mean maybe it isn't a deliberate lie yeah uh I I noticed that when it's convenient for

them they don't include food or fuel now the truth is if your viewers look at me it's pretty obvious I like to eat uh and I do travel by plane and drive and drive so the idea that when it's convenient the CPI doesn't include food or fuel doesn't make it very useful to people who either eat or drive uh well you know one of my measurements is uh since the FED took control of the U.S dollar back when they they opened their doors in November of 1914. uh and uh you know passed it in 1913 but opened in

1914. uh and since then the price of gold which is one of the best measures and because you can't make it lie has gone from the the dot the price of the dollar has gone from 1 20th of an ounce of gold to one two thousandth of an ounce of gold and therefore the dollar has lost 99 if you use the CPI I believe it is uh 90 I can't I just did a presentation on this it was 96.7 I believe so um uh it's it's got uh 3.3 I'm not 3.1 percent of its purchasing power left from the 1913-1914

which brings me to something and I hope you don't see this as an ambush but I would like to invite you to join me uh in not referring to the dollar anymore as money um you know it was Aristotle the first uh defined the three primary functions that money must have there's attributes such as divisible and portable and things like that but the functions the three primary functions me a unit of account a medium of exchange and a store of value right if it has lost 99 of its value since the Federal Reserve uh took

over and since we started converting what was true money that had no debt back you know when you used gold that was money it's not backed by debt to assist somewhere everything all a currency is borrowed into existence whether it's Bank credit or whether it is the U.S uh uh you know if the Federal Reserve uh creating uh dollars to buy something and they're owed back plus interest and this thing of everything being owed back plus interest requires a system that always has more and more and

more debt attached so you always have to dilute the currency Supply so I I hope that Confucius said the beginning of wisdom is to call Things by their proper name and uh I first sort of tripped on this in 2005 and I've been studying it ever since the difference between currency National Fiat currencies and money and to me National currencies are sort of an enslavement tool so uh I want to ask you a couple of questions here um let me see I need to get to my uh chapter four which is online um

uh do you believe that money should be a store of value now Aristotle to uh major Economist and the even the Federal Reserves say that money must be a store of value do you agree with that statement I do uh I think it's less important though that I agree uh I think that it should be ideally up to the individual uh as to which medium of exchange they use and whether that Medium of exchange should be a store of value I have to agree with you uh fundamentally uh and I mostly denominate my savings uh in fact

in Gold I understand that I live in a world where I need a medium of exchange and I understand too that the convenience of that Medium of exchange diminishes my purchasing power right holding in Gold it's so liquid that within 24 hours you can be back into currency and and you can make it uh transaction easily and have the convenience of currency but the uh retention of value that gold has uh so the next question is is there inflation [Laughter] boy you're you're lobbing me some real

soft ones today well the the ultimate thing is you're going to answer yes and I want to ask you are those those two things are they aren't they mutually exclusive I completely completely agree with you uh too many people however who agree with you and I have problems with tactics uh I deal with people all the time who was a consequence of the diminishment of purchasing power of dollars refused to maintain U.S dollar um liquidity I have been through three periods uh where Capital markets seized or

semi-seized as a consequence of a lack of liquidity and despite that that's right despite the fact that I understand that holding U.S dollar denominated savings products results in a diminishment of my uh purchasing power I do it because I regard the diminishment of my purchasing power as an option premium so that I can have liquidity when there isn't liquidity in the markets if you as you suggest or maybe didn't suggest but as you do as I have done where you have some of your liquidity and gold

you need to remember to be able to sell it too many people that have a slavish adherence to Gold won't sell it when it has performed as a store of value in other asset classes become cheaper if you regard gold as a liquid asset you have to remember in periods like 2008 uh when you have a 50 decline in major Equity indexes that if you regard gold as liquidity you have to use it as liquidity uh there are too many people who say I bought gold for seven hundred dollars you know or whatever the number was back

then it's now 6 20. the Dow has fallen by 50 and you won't accept a 15 loss on your gold to use it as liquidity it's very important if you're regarding gold as well as liquidity to use it as liquidity it is great cash but it's volatile cash if you denominate your living and your standard of living in U.S dollar terms yeah well I I try to uh I mean everybody uses the dollar as a yardstick and it makes a lousy yardstick but that's what everybody uses and so uh I do as well

but every once in a while I try to take a step back and say what is this priced in Gold what is this priced in silver well you know because those are my major Investments um and uh let me see so you know we've been yet what I would like to do though is invite you to start to start trying to call the US dollar and the Yen and the pound and the and uh the Euro uh National Fiat currencies or anything but money uh calling them money to me it's it's bestowing uh some attributes and accolades on them that they do not

deserve I believe they deserve our disdain uh they uh are borrowed into existence and what backs them is our future taxation to pay the principal and interest on the treasury bonds uh and that is a form of enslavement they've already sold off a portion of our futures um you agree right I mean absolutely true again to quote Doug Casey who's very quotable what they really are is floating abstractions uh they have uh common acceptance and there is some value in the network effect but we do our very best to destroy

destroy the value of the network effect so you recently compared cbdc's to cancer tell us about this because I thought it was just wonderful the way you phrased it well you know platform hosts occasionally need a simple declarator declaratory inflammatory statement to include to increase viewership and there was a little Showmanship in that certainly an individual who has cancer has more threat from the cancer than he or she probably has from Central Bank digital currencies but I would suggest

to you that a broad spread implementation and acceptance of uh Central Bank digital currencies would have a greater negative societal impact than cancer does in the Aggregate and that's where I was going with that the idea that your cash your savings exists as a license from your government is terrifying to me uh if you combine the idea of a technologically cancelable currency however it's held with uh artificial intelligence and the Chinese technology around so-called social scoring or

social credit you come to a circumstance where your savings which are the result of the utility that you created in society the other work that you you've performed can be canceled uh which really truly means that you are in effect slave of the State uh if you want to see a recent example of this in real time just look north of the U.S border uh in Canada prime minister Trudeau was locked into a pretty good fight with a domestic political constituency the truckers that disagreed with his policy the

consequence of that is that Mr Trudeau the prime minister of Canada seized the bank accounts the brokerage accounts and some insurance accounts of Canadians who had made donations to the truckers uh even before his pronouncement in other words he made donations to them illegal retroactively without recourse to the courts and used the power of the state to seize the bank accounts the brokerage accounts and some insurance accounts of Canadians who disagreed with him politically I I'm not doing this just to disparage

Trudeau although I enjoy disparaging Trudeau I pay taxes in Canada I'm doing it to point out the inherent evil in a central bank digital currency where your wealth exists as a license from the state this is truly terrifying I and I don't want this to sound partisan I would like voters who like Biden uh to think about having Trump in control of being able to cancel their savings I would invite voters who like Trump to consider the efficacy of having Biden in control of their savings there is no

good outcome where you assign other people the right to manage or cancel or license your own work uh and I really truly think this is terrifying [Music] uh I absolutely agree in my book I called it an evil beyond all evil uh the brics uh countries are getting together in August and uh you know this originally started out with them talking about launching a common gold-backed currency and the at first there were 20 19 countries that wanted to join the brics alliance now the last article I read 41 plus countries are interested in

signing on for this is there enough gold available at the current U.S dollar price uh if if it was I know you've said that it probably won't be truly gold-backed uh you know fully convertible in other words however uh uh if it were to be truly gold-backed to support all of that trade uh wouldn't the gold price have to be far far higher than it is today multiples uh the simple answer is yes but let's go a little deeper the common currency of the bricks as it's envisioned by China

is not a currency it's a settlement system if you were going to have a currency which supplanted the domestic currency of the potential signatories to the brics agreement the amount of gold that would be necessary to back a currency that was a medium of exchange for ordinary citizens in ordinary day-to-day transactions would exceed the value of all the gold on the planet never mind the gold controlled by China and Russia and India I think what the sober proposal of the bricks would be would be to

establish what was ineffective bank with their gold reserves where the individual companies had drawing rights secured by their gold and settleable in Gold so that the net differences at the end of a quarter as an example in trade balances between Russia and China could be settled in units of exchange that could be redeemable for gold I don't think that any uh rational person would propose the cancellation of the ruble the Rand uh the Yuan uh and have these bricks uh have this currency uh effectively buying

uh candy bars in Moscow or or leaders of gasoline uh in Beijing uh I think the rational proposal is to have it rather than as a currency uh a system of settlements uh I actually talking about the net where uh if there's a trade surplus or a trade deficit that difference can be settled in Gold but trillions of dollars of exchange can happen and only billion dollars billions of dollars would be that net difference so uh correct it's actually a better idea than a fractional Reserve uh yeah I think we've had with

gold standards in the past I don't think we'd be welcome but to the extent that they they did that I'd be I'd be happy to see the US join it uh as I say I I think it's I I think it's being caused to occur as a reaction to the United States the weaponization of the Swift banking system and the fact that countries like China that still have over a trillion dollars in U.S treasury treasuries pardon me understand that the deterioration of the value of the purchasing power of the U.S treasury

relative to the interest rate that they get paid means that they're suffering a 3.5 a half percent annual diminishment in their purchasing power by holding U.S treasuries I can understand from their point of view in the scope and scale of the size of their surpluses that they would rather hold gold it also protects them from the extraterritorial imposition of U.S will I'm not defending the actions of the Chinese State or the Russian State or the Iranian State or the South African state or

the U.S state but I understand that from their point of view a multi-polar world is preferable and probably more stable than a unipolar world particularly when the people who control the unipolar world are at least unofficially declared enemies of yours I can understand from their point of view why they would want to do that right I can also see why uh they they can't uh willingly uh give up their own uh National currencies because a national currency affords you the ability to be able to inflate and you

get into a war you inflate which confiscates the wealth of your own citizens and transfers that purchasing power to the government so it's all stolen purchasing power uh but uh if if they went on a common currency it uh takes away so the ability of capital control and the ability to steal from your own citizenship you know part of me uh wants a more polar more multi-polar world for other reasons as an example uh some of the most eager philosophical adapters of the brics currencies uh have been Frontier and emerging market

economies uh in Africa uh about 50 of their government's operating budgets come from foreigners uh I'm not particularly interested personally in subsidizing The Adventures of the Zimbabwe government or the Congolese government or the student government I would rather see them uh subsidize their own activities I don't want to pay them to deprive their citizens of basic rights I would rather that they they if nothing else uh financed the sort of evil that they do of their own accord rather than having having me do it I'm

all for multilateral institutions that are made up of policy makers and funded by policy makers who get if you will the benefit of that money I I would rather that they funded it than I funded it when I look at the self-determination pronouncements coming out of African governments I think it's a hell of a good idea uh he who pays the piper calls the tune and they are suggesting that their economies and their politics are manipulated by foreigners well of course they are because the foreigners provide

50 of the operating budgets for their government I would love to see their governments if not self-funding be funded by their peers not by me excellent um you know Janet Yellen recently and we know how often she's been right she said that uh there that the U.S dollar will slowly lose its uh Reserve currency status and uh that uh the uh this brics movement is not really a threat uh and I just made a video on S curve adoption and like uh Doug Casey I he was talking about something else but I believe it was him that said well

things happen really slowly until the day they don't and then they happen really fast do you agree with that when it comes to uh uh I think dollars dominance I think in this case Ms Yellen is probably more right than wrong in the sense that so many of the debts in the world are denominated by US dollars that demand for US Dollars stays strong and until you know right now the bricks is an idea uh let's say as an example that Nigeria ran a trade surplus with China a big Trade Surplus with China in oil

and the Nigerians decided that they wanted the Chinese cold uh how do they get it uh uh I I think that despite our best efforts to wreck the dollar uh it will be the reserve currency for the balance of my life uh for the record I'm 70. I think that we will continue to diminish our franchise but you know Mike some years ago uh you probably remember this I was going around the world selling various Sprott products but in particular our exchange traded physical gold trusts to Sovereign wealth funds

around the world and I won't mention the country but let's just say it was an Asian country that we had a reasonable relationship with and I looked and saw that in the Sovereign wealth fund the predominant asset liquid asset was U.S treasuries and I was curious about that I said you know first of all as an American thank you um you know I I love this circumstance we love being subsidized by you and I pointed out at the time the discrepancy between the maintenance of the purchasing power

uh in U.S treasuries relative to the interest rate that they were being paid and pointed out too as gently as I could uh the deteriorating financial position of the detour the U.S government the debt and deficits and I said you know from my point of view the U.S treasure feels sort of like a lie and my counterpart looked at me and smiled and said ah yes Mr rule but a deep and liquid lie unlike the lies other people tell us and then I said so you trust us and he said no of course not but we trust you more than we trust each other

and I think that's important when you and I look at the U.S treasury market and when you and I look at the US dollar uh and and we think about the American dream that we were brought up with We compare the US dollar and the U.S treasury market with perfection other people have to take a much more pragmatic View and they have to compare it with the Alternatives now at the Rick rule level uh having the the basics of my wealth because my wealth exceeds the transactional needs that I have having

that in gold makes absolute sense uh absolute sense we will need to develop the mechanisms on a global basis for gold as the store of wealth to be applicable to say nor just Bank the Norwegian Sovereign wealth fund uh or acidic that's something that's going to have to develop over time and I think that the default During the period of time that a transition occurs if it occurs we'll see the continued dominance of the U.S treasury market relative to other Securities markets in the world and the

continued dominance of the US Dollars and exchange mechanism merely because there is no default position okay um so I want to move on to uh a question I've got you know you talked about recession insurance but uh with all of the hyper bubbles that are currently going on you know I think the markets will probably go up for a couple more months it could even go up into next year but uh with the with the hyper bubbles where they're at I just think that this correction is going to be horrific when it finally happens

and I want to know what assets uh you see that because when bubbles pop that is deflationary for a certain sector or whatever but it could be pretty much uh you know economy wide um uh so what assets do you see as the best performing going into the future for both inflation and deflation we've we've got inflation and if we if there's a hint of deflation we know we know what the fed's Playbook is it's inflate inflate inflate so uh um what do you see as the best strategy going forward with the potential of

hyper bubbles in every area except I call it the almost everything bubble because I don't think gold and silver are in bubbles I this is going to sound like a very esoteric response I I think the most important investment that somebody can make particularly young person is in their own education and attitudes uh as risky as Congress is the biggest risk that I face is conveniently located to the left of my right ear and to the right of my left ear uh so the first thing is don't make mistakes the your own business

might be Recession Proof if you have a durable competitive advantage over your competitors relative to your customers uh I think in a less esoteric sense that people who don't store some of their long-term wealth uh in precious metals are probably making a mistake I continue to believe that some very large the equities of some very large companies that have durable competitive advantages over their peers have good long-term value it doesn't mean that their share price can't fall by 50

percent uh in a sell-off that takes down everybody uh what I have built my own personal wealth on because I understand natural resources are low-cost commodity producers who produce a commodity that is in temporary over Supply but is necessary for the well-being of humankind when uranium was selling at ten dollars a pound and it costs 35 dollars a pound to produce it it was pretty clear to me that the price of the uranium had to go from 10 bucks to 35 bucks or the lights would go off worldwide when uh during the covid scare and by

the way the Biden scare and the Greta scare the oil price went briefly negative before settling out of 20 a barrel it was very clear to me that the market clearing price of oil on a global basis the incentive price was 60 a barrel that meant that the oil price had to go from 20 to 60 or around the world nobody's cars would start so I personally believe in investing in uh setups if you will circumstances that are probabilities in my case I have enough education in natural resources that I have concentrated the bulk of my

own net worth on low-priced commodity producers that produce substances that are necessary for the material well-being of humankind where I believe that irrespective of economic conditions I will outperform other sectors of the economy I too have specific expertise in financial services so despite the fact that I'm allegedly retired at age 70. I started my seventh Bank banking is a wonderful business and I happen to believe that a a well-run bank which is to say a sanity-based bank in a circumstance where many other

Financial Services competitors suffer from mismatches of assets to liability will allow me to outperform my competitors in terms of delivering utility to my customers in a way that will save me in the long term from circumstances as a downturn make no mistake if you have a 2008 style liquidity collapse you will see the prices of every asset class temporarily decline Mike you will remember the gold price held up for 24 hours in 2008 and then it too came off like a boulder off a bridge because the

cell decision isn't made by gold bugs it's made by margin clerks and everything that has a bid gets hit what happens though is that the good assets come back yeah the gold and silver bottomed in October and the stock market didn't bottom until the following March right so yes there was that big sell-off goal went from I think 1100 down to below eight uh and uh 21 and fell to like seven and the gold stocks fell by half it's important to note that the gold stocks came back right but it's important to note that in

a liquidity crisis the price of everything falls like a boulder off a bridge now if you have maintained sufficient liquidity which is why I maintain U.S dollar liquidity you can take advantage of that circumstance rather than being taken advantage of by that circumstance but to do that you have to have the knowledge so that you can segregate the value of something from its price yeah okay so um I wanna you've you've got a an investment Symposium coming up here I want you to tell everybody about that

because they you know you've already piqued their interest on the things that uh that your that the majority of your wealth is personally invested in uh but I want you to also sort of wrap when you know when you're when you after you've told us about the investment Symposium if you had to pick just one thing to get you through the next five years what would it be well oil oil and gas uh oh okay the oil and gas assets are being priced by the market like Mr Biden is right Mr Biden is suggesting that the oil companies need

to spend more money to bring gasoline prices now with the understanding it's going to put them out of business in 2030. that isn't going to happen uh and oil markets oil Equity markets uh are suggesting that peak oil demand takes place in 2032. I think peak oil demand takes place in 2065 and I think that the oil business tapers off gradually for 40 years after that so assigning a terminal value to the net present value of oil and gas Assets in 2032 is just plain stupid uh the oil industry as a consequence of

politics is under investing in sustaining a new project Capital to the extent of about a billion dollars a day 365 billion dollars a year perversely uh this will keep oil prices and natural gas prices higher for longer this uh deferment of sustaining Capital impacts uh the industry's ability to produce if you'd like evidence of that look at Venezuela and Mexico uh so uh investing in oil companies that are efficient operators uh who unlike their peers are investing reinvesting enough money in their business to

maintain their production while also using some of the Surplus cash to reward shareholders by generous dividend yields and share BuyBacks uh I think are the most secure form of Investments the best juxtaposition between risk and reward that I see for the next decade there are other Investments that are more speculative that have a possibility of greatly outperforming the oil business but when I juxtapose the certainty of return in the oil business with the relative risks to reward I don't see a better business in the world

than the oil and gas business okay so tell us about your Symposium that's coming up in just a couple of days and how people can you know if if they are if tickets are still available and they are local uh they could attend live but this is also an online event so people can sign that right away and it happens in just a few days right people who have enjoyed this discussion uh people who have a world view or are at least receptive to the world view uh that has been discussed by you and I for the last 40 minutes we'll enjoy the

conference here's why in the first instance it stood the test of time the conference has been around for about 30 years it's been under my stewardship for 21 years uh it is a product that has been profitable every year and has brought back a core of people every year which is say which is to say we know how to serve a market that has our world view and our interests how do we do that particularly we have great big picture thinkers we have Jim Rickards Daniela D Martina booth uh Nomi Prince Grant Williams uh

Doug Casey you know Bill Bonner people who espouse the world view that you and I have discussed today and that is not a world view that most people can see on CNBC or CBC or or things like that if you agree with the world view if your world view is more libertarian and more contrarian more value-oriented the second thing that we do is we serve the natural resource investor by having investors uh portfolio managers uh an analysts who have stood the test of time people who have been enduring ups and

downs in the market for 30 or 40 years not the kind of analyst who seven years ago couldn't spell lithium but rather people with deepened enduring experience in natural resources and precious metals investing more importantly than that Mike we have a group called The Living Legends these are people who have built multi-billion dollar public companies from scratch talking about the lessons that they've learned building the companies how you react in Bull markets however you reacting bear markets this has made

these these people these experiences have made these people really good investors in their own right because they understand how you construct value in these markets one of the things I particularly like doing is asking the Living Legends to name me three stocks that they own that they don't run that is to say the attributes in Investments uh that they see with other people it has been profitable for me to follow their advice but I've also learned an awful lot maybe more importantly than that at our

conference we regard the exhibitors as content too most conferences regard them as advertisers and the qualification to appear is merely a check that caches in our conference every public company exhibitor uh has to own has to have its stock owned in accounts managed by the directors of the conference unfortunately Mike it isn't true that every stock I buy goes up but it is true that if I own the company I have a good enough sense of its fundamentals that I have been willing to invest my treasure in them

uh finally the conjunction of all of these attributes which is to say analysis Paradigm knowledge opportunity means that I have a conference that has a gold-plated money back guarantee if you attend the conference live in Boca Raton Florida July 23rd through 27th or more probably if you attend the conference virtually from the comfort of your own home first of all you will have the ability to access the conference tapes in totality for six months it's impossible that you can absorb 55 hours of programming in four days and

get all of the lessons that we propose to teach you so you'll have six months to refresh your memory and increase your comprehension of the topics that we suffer that we covered but more importantly than that I think uh if for any reason at all you don't think that you got full value uh from your conference tuition email me and I'll give you your money back no questions asked now caveat to that I would prefer if you ask for your money back that you tell me what I did wrong so I can make next year's conference

better but that's not a requirement and I'm proud to say that in 22 years of offering a money back guarantee I've had to refund less than one tenth of one percent of the tuitions that we've charged but suffice it to say if you are interested in the libertarian natural resources precious metals worldview we will provide you the type of Paradigm That You Don't See other places and we'll back that up with analysis we'll back it up with opportunity and we'll back it up

with the knowledge of people who have built multi-billion dollar natural resource companies from scratch all of that comes with a gold-plated money back guarantee wrapper okay so uh give people the web the dates again and the website where they can sign up the URL July 23-27 uh rules symposium.com okay Rick failing that you can go to ruleinvestmentmedia.com uh which is my own website and by the way if I might Mike uh I'll give people an incentive to do that I have now for five years graded people's natural resource portfolios for

free go to ruleinvestmentmedia.com list your natural resource stocks I personally will rank them one to ten one being best ten being worst I will comment on individual issues if I think my comments might have value and this is an absolutely free service I've now performed 80 000 portfolio reviews in five years ruleinvestmentmedia.com list your natural resource docs please no crypto please no tech stocks please no pot stocks just natural resource stocks okay excellent you know I want to thank

you so much this has been a great conversation and I hope that we can make this a regular event for the viewers so uh thanks everybody for watching and I'll uh we'll get together again Rick thanks thank you Mike I appreciate it okay