Transcription
Well, I will tell you, I do own gold. I do own silver. I have never sold any of my gold and silver. I hope that I'm smart enough for my children to have my gold and silver someday.
I have sold nearly all of my shares. I still own shares in China and I still own shares in US Pakistan. And I'm trying sitting here with a lot of cash in US dollars, mainly not in other currencies. And I'm trying to figure out what to do next.
I guess for silver, it's a long-term triple top. You know, first went to 50 back in 1980. It's now making new highs. I'm not selling my silver. If it goes down, I hope I'm smart enough to buy more. Unless, I mean, if the world comes to an end, I'll have to liquefy my gold and silver. But I hope that doesn't happen in my lifetime.
But, as I say, I've sold nearly all my shares around the world because for the one of the few times in my life, nearly every market is making all-time highs. That has rarely happened. And in my experience, when everybody's having a good time, it's time to look out the window and say, "Wait a minute, something's going to go wrong."
Well, Washington will tell you that everything is great and you don't have to worry. It's different now. Be careful when you hear it's different now. But they will tell you, you don't have to worry anymore. We figured out the answer. We know how to solve the problems. However, US markets been going up since 2009. That's the longest in American history. Trump will tell you, "See, we've solved the problem. Everything is okay now."
Okay, I'm worried. I'm not selling short yet because I don't see the wild hysteria that these things usually turn into. Looks like I sold too soon, but I'm not selling short yet.
No country in world history has ever been so deep in debt as the US is, and it's getting worse every day. I know enough history to know that every country that gets into this kind of situation eventually has horrible problems. In 1925, Britain was the richest, most powerful country in the world. 50 years later, Britain was bankrupt. IMF had to bail them out. Margaret Thatcher saved Britain. But what really saved Britain was the year Margaret Thatcher took power, 1979, was the year the North Sea oil started flowing. If you give me the largest oil field in the world, I'll give you a very, very good time. And Britain is now going to have debt problems again.
But I'm an American citizen and I'm telling you what's happened in the US. I mean, I look at the numbers and I say to myself, can they not subtract in Washington? They probably cannot. You know, most of them are not very smart. That's why they go to work for the government. But just this year alone, the numbers are staggering. Well, I read enough history to know that this always ends badly.
I am not. Partly because I'm lazy. You know, that takes work. There's some staggering fortunes to be made if you can get the right silver stocks or the right gold stocks, but that takes work. And for me, it's simpler just to buy the gold to buy the silver. But if you're smart enough to figure out the stocks, I mean, my gosh, you'll make much, much more money if you buy the right stocks cuz then you get leverage, huge leverage. If you buy the right stocks.
Well, you should throw in palladium, too. Platinum and palladium are certainly alternatives. I don't own either at the moment. I have in the past, but when push comes to shove, in my experience, if you walk down the street, you go to India. They all know what gold is. They all know what silver is. But if you said to them, here we got some platinum, they'll probably turn around and go the other way. Cuz platinum and platium, yes, you and I know are have great value. But in the backwoods, many people never heard of platinum and palladium, but they all know about gold.
They're politicians. They want to do anything they can to make people happy. They look for easy answers. Now, a 50-year mortgage is great. The payments go down a lot. In the end, of course, you pay much, much more in interest payments in the end. Many people say, "Ah, my mortgage payments have been cut by a lot. That's great." Well, that's shortsighted if you ask me. But no, it's one of those gimmicks that politicians love because it makes a lot of people happy and everybody's fine except the people who can add. The people who can add and multiply and subtract realize what's going on.
Everybody who knows a little bit of economics knows that when you print a lot of money, it has always led to inflation. But most of these guys who work for the government don't care cuz they're assume that they'll be gone by the time it gets to be a serious problem. It'll affect you. It'll affect me. But they think that it won't affect them because there is a lag effect when you print a lot of money. That's what these guys count on. That's why they work for the government.
We have had periods of great friendship in the past 50 years. We've had the opposite. I don't see any reason that we shouldn't [clears throat] be great friends. Except history shows that when you have a dominant country and a rising country, they have nearly always clashed and it sometimes it turns into shooting war.
Talking about history now, reading history, yes, China's least rising country. US is the most successful country in the world right now, but we have gigantic debt and it's getting worse. That always has led to problems. I know that a 100 years ago the British currency was the currency around the world. If you took an international trip, you took pound sterings with you cuz that was recognized anywhere. 50 years later, Britain was totally bankrupt.
But I [music] know what has happened to every country that's been on top throughout history. It makes me sad. I've got young children. They're going to have serious serious problems in their lifetime. It's a good time to be an old American. It is not a good time to be a young American because in their lifetime is what the British went through and everybody before the British and I hope everybody is aware of what's coming and I hope that they protect themselves whether it's gold or silver or there many ways to protect yourself but I hope everybody is aware of what's going to happen. And if you don't know, read some history and you'll find out.
There's no reason for Americans to shoot Russians or Russians to shoot Germans or any of it. No reason for the Chinese to get involved except for the fact that we're all human beings and we always have gotten angry. You know, somebody will come along and say it's not our fault. It's those horrible foreigners that are causing the problems. But likewise in other countries, they say the same thing. They say it's all the evil Americans. This is the way the world has always worked. You think they know that in Washington? You think they know that in London, Tokyo, they're all bureaucrats [music] throughout history. They get angry at each other. They don't know why. You have to blame your problems on the foreigners. You don't think that the people in Japan and the government are going to say, "Ah, it's our fault. We have made mistakes." Oh, vote for the opposition. Get rid of us cuz we've made mistakes. That's not the way governments work.
Doesn't matter who you are. Again, if this were 1910, [music] the British, the German, everybody was very happy. The royal families used to vacation together. You know, a few years later, they were slaughtering each other in the trenches of Europe, cursing each other. And these were people who had been singing and dancing and having picnics just a few years before. They were great friends, no question. But in 1914, they all said, "Ah, this will be over by Christmas." By the way, they always say when the wars start, "Don't worry, the boys will be home by Christmas." And 6 months later, they all look at each other and say, "How did we get into this stupid war?" And they say, "How do we get out?" The problem is by then there's no way to get out cuz so many emotions have been built up. So many everything has been built up. They're going to continue to slaughter each other and spend gigantic amounts of money. Of course, few years later, they all say, "Why didn't we stop it?" And the problem is there's no way out until you just kill a lot more people and spend a lot more money.
There was a some historians recently did a study of US history. The US has been a country since 1776, more or less. Every year except 19 years, we've been at war with somebody. I mean, [music] the people in Washington seem to like war. Now, I'm not picking on the US here. We could probably say this about nearly every country in the world. Countries always go to war, but we're not good at winning wars anymore, but nobody's good at winning wars anymore. But it doesn't matter. We can sit down, buy them tea, buy them coffee, and explain, but they don't care because they go home and look at the television, and the television says, "Those people are evil, rotten people. Got to shoot them." And many people will tell you, "Yeah, we're the most successful country in the world." And we are.