Transcription
You've been talking for a long time about a breakdown in the world, a breakdown in societies. Joe had asked you, "Are we there yet?" And you said, "Yeah, we're here."
Let's step back from the sensational and and be clear about what I mean. The monetary order is breaking down. What I mean by the monetary order is fiat currencies and debt as a storehold of wealth is not being uh held by central banks in the same way. The biggest market to move last year was the gold market far better than the tech markets and so and so on. and it the US markets underperformed foreign mon markets because of the fact you could see it in the numbers of the central banks and so on.
So let's just look at the fact that on the other side of trade deficits and trade wars are capital and capital wars is you look at the what is happening and why it's happening and who's buying it. Let's just take a moment on that capital war issue. Okay, we know that both the holders of US dollar denominated debt at which is money and the those who need it the United States are worried about each other, right? So if you have other countries who are holding it and they're worried about each other and we're producing a lot of it, that's a big issue, right? So you have to explain what is going on with fiat currencies generally speaking.