we are teetering on a knife's edge we are in a dangerous spot in history it's this this Deja Vu of 2005 6 and seven all over again people justifying why the real estate that they are invested in is going to be exempt from the coming crash and it is exactly the same this denial that to me is just spooky and suggesting that we're going to go through this crash and painful period but I want want to show you how big this is and how it relates to the other legs of the [Music] economy happy turkey day I want to wish


everyone a Happy Thanksgiving and I am here in Utah right now I'm going to be spending Thanksgiving with some of my family and but of course I want to talk about the economy I'm not here to talk about Thanksgiving right now now now the economy is sort of like a three-legged stool uh there are three pillars three legs that hold up the economy and you know we look a lot at the stock markets uh but that is just one of the legs when you think of the economy I'm looking out a window here when you think of the


economy you think of businesses and you know gas stations grocery stores all the cars are going around that's the economy Banks and so on and um uh so those are all businesses and so in the financial markets we use the publicly listed companies the stock market as our proxy for the economy but there are two other legs that are extremely important uh one is the real estate sector real estate is a huge portion of the economy and then the third leg is the debt markets the bonds and notes and bills and so on uh


and the debt markets are also the backbone of the banking system it's their monetary system that they use between one another it's their assets that they you know they hold mortgages and they hold bonds and bills and notes treasure us treasuries usually and so those are the three main legs that hold up the economy so you've got you know the weight on top the seat is the economy and it's the uh the there's also the weight that sits on it of government spending and and all of the other things


that we do so let's take a look at some of these legs and see what the health is now in the last video that was released with Allan Hibbert and and myself uh we analyzed real estate home price index this is Robert Schiller's data of Yale University and we took the the chart that was in the book and we updated it and extended it and we found it had gone from about uh 110% overvalued to about 125% overvalued now this data goes all the way back to 1880 and what Dr Robert Schiller has done is inflation adjusted


it so you're seeing the value not the price it's the home PR real home price index and adjusted for inflation which is real pricing uh they are real estate is currently about 125% overvalued and this is the 20 City index so um it's it's pretty much representative of what is going on in the United States and what you see here is the greatest real estate bubble in history and so uh we're going to take a look at another way that this you know another set of proof another way of measuring it that shows


the same thing but I do want to say that I have been presenting this since 2004 right about where that arrow is um my first video and you can find it uh on this channel uh is the Silver Summit in 2004 and I present this chart uh but it was only up to where that arrow is and I tell people that this is uh the greatest real estate bubble of all time and it's going to have disastrous con consequences and all bubbles burst and so I was warning people back then and then a year later I joined Robert kosaki


the author of Rich Dad Poor dead the largest selling Financial book in history uh speaking to audiences of Real Estate Investors all over we traveled the world from uh 2005 to 2010 in 2006 and seven uh there were the Learning Annex real estate investment Expos and Robert had a uh PBS a public broadcasting system special that would air and then they would have this uh convention in each of these major cities I missed the San Francisco show but there were 30 30,000 attendees at the Los Angeles Convention Center and then


15,000 each at Atlanta and New York and 10,000 each in Chicago and Boston and so in just one year I spoke to 880,000 people live which is more than anybody in my sector has spoken to in their lifetimes uh and uh that I was warning people I was showing this chart I was showing the Dow gold ratio I was showing the gold real estate ratio and I was showing investors that real estate was hugely uh overvalued in fact Robert used to open up the show with like in Los Angeles he goes real estate's going to


crash and all you flippers in the audience are going to get slaughtered so here's all these people that come to see the real estate Guru of all real estate gurus and he's telling them real estate is going to crash but he promoted cash flow investing not speculation on homes and so he was warning people and it did crash and people got slaughtered well I would present this evidence and people would uh about one out of 10 or maybe two out of 10 would take this evidence in and maybe consider


protecting themselves but the other eight or nine out of 10 people would find would have some justification some reason to dismiss this even though they were highly leveraged on real estate uh they would find a way to ignore it oh but real estate only goes up that's I heard that one a lot oh but you know where I'm invested there's a shortage of this type of housing that I'm investing in well it doesn't matter if there's a supply demand issue or if there's a shortage if you are uh


overleveraged and we go into a crisis if something becomes unaffordable it's just unaffordable to everybody it's reached it's bubble Peak and it's going to crash uh so over the next 5 years you know in 2006 2007 2008 I was warning people of this and then the book my first book came out one month before the Leman Brothers you know the global financial crisis of 2008 and I had been warning people for a long time to get ready for this the few that did listen that took in the information that is just numbers


they took in the numbers uh they sort of weighed the evidence and then they protected themselves and you know a friend of mine uh Russ gray who you will see interviewed here uh sometime soon um he said to me recently that boy if I had taken out equity and instead of buying more real estate bought some gold the reverse correlation of the gold going up while the real estate was crashing and it went up big time so your gold like uh doubled during during the time where real estate fell by half uh if I had


taken that Equity out he said uh I would have been protected through all of this and so we're going to be interviewing Russ to get his real life experience of going through the agony of uh the global financial crisis of 2008 and how it affected him now you got to remember that uh the global financial crisis of 2008 was all triggered by the real estate collapse and Rel estate derivatives and it almost shut down the world financial system so let's take a look at more proof that real estate is


in the massive bubble and you know Alan Hibert and I went through these charts in the last video in some depth so I'm duplicating a little bit of this here but I've got a lot more that you need to see and how it all relates to this uh this is the home price to median household income ratio so this is how many years of your income you are paying for a home if you were to save up everything uh you know not eat not clothe yourself not live anywhere for uh four years is what people were paying


four four and a half years and then during the peak of the 2007 67 uh8 bubble uh it got up to about 6.75 years 6 and 3/4 years and now it's at seven and a3d years so it is this is two ways of looking at it and it's the biggest bubble in history now um this is where I started warning people and I was all you know since 2015 I think I've also been using the uh the mortgage calculators to show the uh affordability of a home because this is just the the price to median household income if you


take the mortgage payment to median household income it is much more volatile than this and uh it's it's just absolutely soared uh in the past two years we went from 3% 30-year mortgages to 75% 30-year mortgages and alen I Allen and I showed in the last video that um a million dooll home uh at uh 3% gives you a $4,000 mortgage payment and this the same mortgage payment today only buys you a uh a uh $600,000 home so the affordability has gone down by 40% you get 40% less uh house for the same


mortgage payment but what we didn't show is that if you still want that um that million dooll home the mortgage payment has gone up by 66% that is huge uh and so the affordability it doesn't matter um if there is a shortage of real estate if nobody can afford it and what I am experiencing is this Deja Vu people justifying you know I stopped doing all uh presentations and interviews in 2018 so that I could knuckle down and get my book done and uh like I said I had uh Allen and another researcher and an


editor uh uh working on it with me that were on my payroll basically and uh trying to get this thing done and make it uh something that was very very comprehensive and had all of the information in one place and then recently I started doing interiew you know the book is done so now I started doing interviews and making public appearances and I just appeared at a real estate conference a bunch of Real Estate Investors and then I did a uh an interview on a real estate Channel and there's these justifications of oh but


there's this shortage of real you know it's this this Deja Vu of 2005 six and seven all over again people justifying why the real estate that they are invested in is going to be exempt from the coming crash and it is exactly the same this denial uh that uh uh is to me is just spooky and suggesting that we're going to go through this crash and painful period but I want to show how big this is and how it relates to the other legs of the economy this was real estate and you know you see that it's


gone from four uh years of income for paying for a house to uh 7 and A3 so this is crazy it's the biggest real estate bubble in history like we said in the last video but let's take a look at the stock markets real quick hi I just wanted to take a moment and thank you for subscribing and mention that if you'd like to help our Channel please consider my company goldsilver.com the next time you buy precious metals we're one of the most trusted names in the industry our prices are sharp delivery


is fast and we have an insiders program where you find out exactly what I'm doing with my own Investments thanks for making goldsilver.com your dealer and now back to the video and this is PE ratios so it's the price of a stock divided by the earnings per share to sort of come up with a valuation whether you're paying too much or too little for a stock and what you see is that this goes back to 1880 and all the way into to the mid90s the mean was about 14 and they used to say that fair value was 12 uh you know


back in in the early 2000s when we were in the I I would hear that uh fair value was 12 and we were in a bubble uh and the at least the people that I was following the people measuring the numbers and um what you see here is that we've just come off of the second largest stock market bubble in history uh and it has B this chart is from the book it's bounced back up since then and Allen and I will be covering uh these other legs of the economy in detail in separate videos but I felt that it was


sort of an emergency and you need all of the information in one place so that you can compare it and hold it all in your head at once and so I'm making this video but this has B bounced back up to 30.8 uh which puts it back up you know in it's almost as high as the 32 or 33 that I think it was at 32 in 1929 before the great stock market crash of 29 and the Great Depression so we're up at 30.8 and you see that the mean is about 14 except the bubble Century we have been living in these um crazy times


where people are looking at these crazy valuations and you can see that we had a hyperbubble going on in the year 2000 and in 2021 it was another hyperbubble and so we're just in a Super Bubble right now up at 30.8 but there are other ways of looking at this other ways of measuring it so uh where were we when the when the real estate crisis triggered the stock market to collapse as well uh you know we were up at about um 27 uh 27 maybe 28 and so we were nowhere near where we're at today and we you


know the stock market is coming down uh from what is that about 37 or 38 uh PE ratios it came down it bounced back up to 30.8 uh and so we are at at much higher bubble bubble levels than when the crisis of ' 08 happened the stock market is in a greater bubble and the higher the cliff the bigger the fall so the worse the crash uh will end up being but there's other ways of measuring this this is the buffet indicator so you're taking all of the publicly listed stocks all of the shares times the price per share gives


you the valuation of all of the publicly listed companies they have no business being larger than the economy so what we're doing here is we're taking the GDP of the United States and dividing it by the uh publicly listed companies and what you come out with is the value of the publicly listed companies the mean was about 60% of the economy here in the 50s 60s 7s 80s and 90s and then this Century it went insane and uh we had a bubble that was a super bubble in the year 2000 and then it was pushed back


into a bubble by the Federal Reserve uh and Allen Greenspan taking interest rates down to 1% and uh real estate went into a b a Super Bubble because of that uh and then the crash of 2008 and Ben beran's response has pushed and then Yellen and then Powell has pushed the stock market back up into a hyperbubble the greatest bubble in history we are deflating from that now this uh was as of when the book was published so Allan and I will update the this in an upcoming video but we're coming off of


the greatest stock market bubble in history and it's been deflating it hasn't crashed yet uh if something else uh triggers that we will see a crash and so I think 2024 could be a historic year however it's an election year and they are going to try and kick this can down the road and push it off as long as possible the longer that they put this off the worse it will be so that's where we were back in two when when Real Estate peaked and started to crash and it drugged the stock market down with it


but there's other ways of measuring this this is the number of uh average work hours so the uh average wage uh you know how many work hours do you have to accumulate to so that the amount of currency that you've saved the number of Dollars is equal to the points on the S&P 500 and that gives you uh the dollars that it would require if the points was one share of the S&P 500 so how many work hours does it take to buy one share of the S&P and you can see this goes back to 1860 and for the first 130 years of this


chart it never exceeds 40 and it doesn't go under 10 uh and after you have been in a bubble it usually Vis visits severely undervalued territory it'll go down to to 10 but but it you know the average here is 22 hours of work is fair value to buy one share of the S&P and we're up at 122 this is uh so we've we've have a crazy valuation Century right now where everybody is sort of used to these crazy evaluations but right now we are at insane levels we're Way Beyond just


crazy and so when this corrects what it's suggesting is that to get back down to fair value the stock markets would have to uh crash by 82% to get back down to that 22 and to go to 10 it's a 92% crash that it would take or uh alternatively what you could have is incomes could go up five and a half times and then it would return to 22 it would return to that mean if everybody's income went up five and a half times it would be inbalance with the stock Market but it's not it's out of bounds it's


totally insane so let's move on and and you know where where were we uh in when Real Estate triggered the stock market crash that's where we were at about 70 or 70 75 uh and now we're up at 122 so the crash that is going to when these crashes trigger each other now in the year 2000 that was only a stock market crash uh real estate was just taking off it was not affected by the stock market crashing crashing and Bonds were not affected at all they kept on in their perfect uh bull market and


so it was that was stocks only then in 2008 real estate was in a hyperbubble and stocks were in a just a bubble or Super Bubble and real estate drugged down stocks with it so it was a real estate and stock market crash but where are we with bonds this is the uh the bond bull market that started in 1982 so you've got this uh this uh bull market that goes on for more than 40 years and it's just an absolutely Picture Perfect bull market so this is the 30-year uh treasury so the longest Bond and um and it broke its uh trend


line here and so the bond bull market is a officially over and uh it the according to Bloomberg the 30-year treasury is has lost 53% so existing 30-year treasuries before the interest rates started going up have lost 53% of their value and where were we back in 2008 we were down there we were at a we were lower than where the bond market already is but the bond market is something that is like the fuse for the stock market and the real estate uh Market the collapse of these giant uh super bubbles


and Hyper Bubbles and so the bond market was in a Super Bubble and that is popping so all three legs of the economy but this is like a picture of the debt markets now when um the US gets into trouble and they want to do more spending they want to do bailouts they need currency the Federal Reserve is handcuffed as to how they create currency the Federal Reserve Act specifies that they can only create currency by typing currency into existence and buying uh an asset that is fully backed and guaranteed as to the


principle and interest by the US government or in other words by you the taxpayer and so the Federal Reserve has to buy a US Treasury or now with the uh you'll see uh shortly with the nationalization of Fanny May and Freddy Mack in 2008 that made them uh a government backed security which they could also buy uh and so uh but they have to buy that through their primary dealers there uh 18 to 32 uh brokerage houses and they're the world's largest brokerage houses so they're buying them from the financial


markets and they buy these assets with brand new currency that flows into the financial markets and then the uh the brokerage houses have to go out and replace those assets that they just sold and they usually buy a higher yielding stock or another Bond and then they turn around and sell those bonds again to the treasure to the Federal Reserve next month uh and so uh it's pumping currency into the financial markets blowing the financial markets up into a bubble wherever the Curren new currency goes


first uh creates a it inflates that sector and so people that derive their net worth from their stock portfolio uh get Wealthy by the Federal Reserve diluting the currency Supply stealing wealth from the average person put uh taking that dilution and putting the excess wealth that's taken from the middle class and it goes into the stock market and makes Bill Gates uh twice as rich as he was before they started all this process uh and then um when somebody that derives their net worth from their stock portfolio when they


sell a little bit of those stocks uh and then they spend it in the general economy they're getting a whole lot more dollars for their stock and then they get to spend that stock that those dollars into the economy and that increases the uh the currency Supply in the general economy and causes prices to rise because it's causing the dollar to go down it has less value when they dilute the currency Supply and so this whole process of uh QE and everything has done this giant wealth transfer uh and it's skewed and tipped


the scales of the economy way out of balance and uh whenever they're out of balance the correction uh the the further out of balance they get uh the more violent the correction is and so we we are the the correction has started you can see it here in bonds and the stock Market uh is down from where it was at the end of 2021 why this was the trigger and when they first started doing this I covered this and made these charts that the FED effective fed funds rate this is the percent change from a


year earlier and it's the greatest rate of change in history nothing like this had ever been done before and you've got to realize that all of the debt that's out there the uh the uh us treasuries are the backbone of the and mortgages there these are the backbone of the financial system the it's the monetary system that the banks use imagine the banks having a brick wall inside and there's the monetary system we use and then there's the monetary system that they use all of the Bank Reserves and uh


treasuries and mortgages and mortgage back Securities and the Bank Reserves only exist in accounts at the Federal Reserve that the banks have have and they pay each other and settle accounts in these Bank Reserves uh and uh the the bonds though and the mortgage back Securities when you change rates at this rate a mortgage back security that was done with a uh threeyear uh I mean with a 3% 30-year fixed uh is not as valuable as a brand new mortgage at 75% that's a much more valuable product and so it it


causes the existing loans the existing assets that are on the bank's balance sheets to fall dramatically the same thing with the treasuries uh a 30-year treasury that was issued back when uh rates were were very very low uh is not worth what a brand new treasury is today uh at the rates that uh currently exist and so the assets that are on the bank's balance sheet change very rapidly so where were we in 200 we were right there you can see that this rate of change nothing happened like this throughout all of the


qes and everything so this is the trigger that is is uh currently causing the uh collapse of the bond market and uh the stock market is going down and real estate kept on soaring so we have these three legs of the economy uh and one is growing longer while the other two are getting shorter causing a very unbalanced stool uh so how did the the crisis of 2008 play out I've I've presented this before but I want to present it again just as a reminder and I changed the format just a little bit


so in April of 2007 New Century Financial went bankrupt and so this was a a fairly large event that uh people went wow that's unusual and then nothing happened so nobody was worried 5 months later there were Bank runs at England's Northern Rock Bank and and people goes wow that hasn't happened since the Great Depression that's unusual but then everything got better and 6 months later be Sterns collapses so you've got five months and six month pauses in here you know we had in March and April we had


the what I believe is just the first leg down the first uh uh wave in the crisis that we are about to go in and I think 2024 if they can keep everything from falling apart in 2024 then it's 2025 that all hell breaks loose and uh and you're going to see I mean this is going to be the greatest financial event in history it's going to make this pale by comparison so you've got five months then six months then four months indac and Countrywide Financial collapse and that really starts triggering things


then two months later Fanny May and Mac are nationalized once they nationalized them all the mortgage back Securities that they held are now fully guaranteed by the US government and the Federal Reserve can buy them and this was part of Ben beran's plan going back to his 2002 speech deflation making sure it doesn't happen here where he laid out the road map of everything he would do once the FED reaches the zero bound he said we're not out of ammunition there's a whole bunch of stuff we can do one of


them was expanding the menu of assets the menu of assets that the Federal Reserve can buy and uh and mortgage back Securities became a new item on the menu uh but one week after that Leman Brothers the largest bankruptcy in history Leman Brothers was not a bank this is a brokerage house so it doesn't show up on any of these charts of bank failures so that so you've got five months 6 months 4 months two months one week one day later AIG was bailed out now that's an insurance company it's not


a brokerage house it's not a bank but it was a systemically important insurance company and had it failed the entire Global Financial system would have Frozen up so it was bailed out who pays for these bailouts you do any taxpayer pays pays for these bailouts and anybody that gets to experience inflation later so all of us it isn't the government it isn't the Federal Reserve all they can do is steal wealth from all of us and then give it to these organizations N9 days after that Washington Mutual this


was the largest bank failure in history one month after that the fed's troubled assets relief program uh one month after that City Group gets bailed out one month after that General Motors and Chrysler get bailed out and one month after that Bank of America now remember Bank of America because they've been they got bailed out in 2008 to the tune of20 billion and you ain't seen nothing yet uh these are this is the bank bailouts but this chart was done before uh First Republic Bank and um so what


you see here the very center of each circle is on this timeline up here and so these are the first uh uh bank failures and then you have indac and Country Countrywide here and so that's much earlier than uh Washington Mutual and then all of the rest of the bank failures and then the crisis of 2008 the global financial crisis of 2008 finally Peters out in 2012 and you know there's a few more uh but you know we've only had this happened March and April of 2023 signature Silver Gate Silicon Valley uh uh First Republic and


then uh credit Swiss which if that had had been allowed to fail you know what happens is a systemically important Bank a globally systemically important Bank uh if they're going to fail they arrange a shotgun wedding between it and another bank and so UBS absorbed uh credit Swiss if it had been on this chart the circle most like likely would have more than filled the chart from top to bottom uh this was huge and basically it it did fail but then was merged uh before they were actually closed and went into


liquidation uh so uh I'm you know I'm just pretty darn certain for myself I'm my uh but see that is an opinion but it's an opinion that is based on a whole lot of data I like to look at the data and then create my opinions working backwards from whatever the facts are instead of having an opinion and then trying to prove that opinion um so uh let's take a look at where we were in 2008 as far as the banks financial conditions now in 2008 there were there was a lot of exposure to the real estate


crisis and that's what caused all of the bank failures but 2008 is right there and uh this is is the unrealized losses on the bank's balance sheets uh so if and you've got two classes of unrealized losses there's all the uh bonds and notes usually longer term bonds and notes bills are the short-term treasuries uh that are held to maturity and that's the red area and the ones that are available for sale are marked to Market but when you are holding it to maturity you can hold those on your


balance sheet at face value well what they done here is calculate the losses if they really disclosed what the if they marked all of those uh held to maturity uh bonds and notes to uh to Market you would see these enormous losses look at where we were in 2008 before the global financial crisis started and the world monetary system almost froze compared to today and the Crash hasn't even started yet the banks are in some serious trouble actually now the last two bars in that Gray Zone are estimates that uh the financial


times here and the source is the FDIC uh but they've added these estimates but uh the last time I showed this chart which was during the uh financial crisis of uh 2023 in March or April I showed this chart and it only had uh the um first we now have bars up to the third quarter of 2023 that are real on this chart and uh we only had to the end of 22 I think uh when I first showed this chart so this is updated um and it shows that we are teetering on a knife's edge we are in a dangerous spot in history uh this is the


four biggest Banks net unrealized losses the red one is Bank of America which got bailed out in 2008 and this is sort of scary for me it's one of uh the banks that I you know I bank with a number of Banks and Bank of America is one of them that I use uh I might go for a little bit less exposure after seeing this uh this graph but um this is pretty scary and it goes up to the third quarter of 2023 so it's pretty recent data uh so where were we in 2008 2008 is even on this graph um have we passed the point of no return


well the point of the point of no return is the return or lack thereof this is a chart from my book uh that is one of the most important charts that there is and basically if the if we if the country goes a dollar deeper in debt if the treasury borrows a dollar and it gets spent into the economy what is the return and for every dollar that we went in debt back after World War II we would get between $6 and 8 of growth in GDP now a lot of this has to do with the demographics that were involved and


we're coming out of the Great Depression so growth was much easier uh but as we built up more and more debt and there's interest due on that debt there's less and less return uh what happened in right there that's the 2008 Global financial crisis and all of the uh the QE 1 2 3 uh and we are now at a point and we haven't been able to get back to the point where we can borrow a dollar and grow the economy quicker than we are grow going in debt so um right now the politicians are able to spend more


currency uh than our income and the return for that expenditure is not a return that makes up for it we the the old rules from before 2008 no longer apply and the problem is no politicians know this and we're trying that their remedies are to try to borrow our way to prosperity to to uh do deficit spending and spend our way out of debt and it's not working it's not working since 2008 the old rules no longer apply all they can do is dig the pit deeper and deeper and deeper so ever since 2008 for every


dollar that we borrow and go deeper in debt we only get 30 to 50 cents worth of GDP growth this is a death spiral and as the uh interest on the national debt grows and it is taking off like a rocket and in just past couple of years it's gone from about half a trillion to a trillion dollars a year so it's basically doubled the uh the interest on the national debt and we aren't anywhere near you know uh in the next two years we have to refinance uh more than half it's 16 trillion of the uh the 33


trillion so it's right about half of our national debt is going to roll over in the next couple of years and that has to be refinanced at these very high rates and so you're going to be seeing uh $2 trillion a year going to interest on the national debt so it's going to be sucking up all of the discretionary spending but the politicians are just going to increase the deficits and which and and this is a death spiral uh what the only way to lower long-term interest rates is for the FED to start buying the


long-term bonds and if they start buying the long-term bonds it means the treasury can issue more at low rates but when the FED buys all of these uh bonds and stuff it scares Bond investors and the bond investors demand a higher rate rate of interest for the risk they're taking what is the risk of loaning your currency to the government for 30 years uh that is the interest rate that they're asking for compensation for that amount of risk and the more they see uh the national debt being monetized by the


fed and the currency Supply being diluted the more the higher the interest rate they're going to want so the only buyer left is then the if they want to keep the interest rates low the only buyer left is the Federal Reserve no private investor is going to be crazy enough to loan their currency to the government for that period of time and so this begins a death spiral this that coupled with this chart of a negative return uh for each dollar we go deeper in debt and so it's this death spiral


that goes down and it'll be speeding up and speeding up and speeding up and so uh the point of no return like I said is the return or lack thereof and so uh this three-legged stool of uh stocks real estate and bonds debt uh is we've got uh two of those legs are currently starting to disintegrate and they're getting shorter while the other leg is being extended by growing the debt the growing the size of the bond market the bond market is the largest market in the world the debt markets


and uh 33 trillion of it is uh our national debt and that is going to be growing at this exponential rate but it's not growing out of this like uh old uh hard Oak they're using like Bolsa wood that has cracks in it already and extending it as quickly as possible so you've got this really weak uh leg that's getting longer and longer and longer while the other two are getting shorter and then you pile on the weight of wars and deficit spending and a crisis where they're going to do all of


these bailouts and who eventually pays no matter whether they're creating currency to do it or using your currency in your deposits as a bailin which was you know that was passed so this is legal to do in the United States the banks will be able to do to take a percentage of your deposits and give that to these failing uh and it creates this moral hazard where you get these uh cor these corporations these uh giant entities through a crisis where they you know they would have collapsed and you


make it so that they know that well the government's going to bail us out every time this happens it just increases what Alan Greenspan labeled moral hazard and so they become more Reckless and the next time around it's just worse and we are about to experience the next time around remember the first time it was just one leg of this stool the year 2000 it was stocks and then in the same decade we had real estate and stocks two legs had a problem and then this time around the bubbles the the uh legs have


gotten longer they've gotten unstable and they've got cracks in them and two of the legs are already starting to crumble and disintegrate and so uh we've got bubbles in all three legs two of them stocks and bonds are starting to crumble and disintegrate and going back to that Deja Vu of the 2005 6 and seven talking to investor Real Estate Investors and showing them data that this is in a bubble and it's going to end badly oh no no no I'm in this sector of real estate or there's this Supply


shortage and like I said if you can't afford it it doesn't matter if there's this Supply shortage the bubble will still burst and so I'm sorry to leave you with such you know I'm laughing here because I'm going to close this with Happy Thanksgiving uh all I want to do is I want to remind everybody that in every crisis there is an opportunity and I believe the biggest crisis in history is coming straight at us it it I think either 2024 2024 should really be a historic year of uh everything like


falling apart and the the biggest it's going to make the 2008 Global financial crisis look like a flea on a dog's butt sorry uh it's it's going to be big but there is an opportunity in there for those who can find it so again Happy Thanksgiving and we'll see you next time thanks hey guys just want to let you know that we'll be running a black Friday deal at goldsilver.com if you want to turn some of your currency into real money you'll get fantastic deals like 20% 30% or even 55% off premiums on


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