Greg Mannarino: Fed Is Intentionally Consolidating The Banking System With Rate Hikes & Bank Crisis?
Summary
Macro Outlook: The guest argues central banks engineered distortions via rate hikes and liquidity, setting up a debt-market reckoning and prolonged stagflation.
Market Breadth Risk: He highlights extreme concentration in mega-cap tech (AAPL, MSFT, NVDA, GOOGL, AMZN, META, TSLA) and warns valuations are stretched and fragile.
Energy/Crude Oil: OPEC supply discipline and structural underinvestment point to higher oil prices; even large banks advise clients to add crude exposure.
Energy Crisis Theme: He sees paper selling suppressing futures while physical markets tighten, setting up another energy crisis over the next few years.
Commodities Rotation: A debt-market meltdown could force a major risk-off shift with capital rotating into commodities in aggregate as a primary beneficiary.
Precious Metals: He specifically pitches physical silver as the most undervalued asset and a core store of wealth, with gold also discussed as a hedge.
Financial System Risks: Anticipates bank consolidation, potential credit freezes, and growing control via CBDCs, urging investors to prioritize real assets outside central bank debasement.
Transcript
hi everyone this is Jason biak with Wall Street from Main Street welcome back to another Wall Street from Main Street podcast interview today's special guest is a returning guest he's been making Finance YouTube videos about investing in the economy for many years he's also a former Wall Street Floor Trader for many years Greg manorino thank you for joining me again well thanks for having me I'm happy to be here with you so Greg we're recording this interview on Wednesday May 24th 2023 more nonsense with the debt ceiling seems like it's Kabuki theater both political parties are trying to stab each other in the back in public blaming everyone else but really it seems that neither political party wants to cut spending what type of damage do you think these fed interest rate hikes are doing though I'm glad you brought that up well you know what what to me you know I've been talking about this since day one I I I've pretty much outlined for people and this is my perspective and of course people entitled to their own but uh look they've been at this for quite a long time we haven't seen any real uh uh relief at all for people this isn't has not to me it was never meant to actually stop or reverse inflation here this is just a a way that they can uh lessen the availability of credit to small businesses which are failing at a staggering Pace uh and to cost the consume of course the economy of course the consumer um moving towards their new system and I've outlined this since since literally since day one I explained to people that this this uh Central Bank cycle of raising rates here would would wreak havoc on the economy as it has done we watch what's going on here with the regional Banks here and this is in my opinion going to get worse going to bleed off I think the big banks are in a lot of trouble from at least nine months ago I started explaining to people that the banks are in trouble because why three things no deposits no loans and no deals uh so this one there's a lot underlying this as you are well aware of and I will talk more about this during this little talk we're having here but oh yeah everything is in my view everything that the FED is doing uh is working to their favor and they're they're I mean it's insane over the past week alone they've run two surveys to see how the consumer and small businesses are doing in this environment and uh to my shock uh how about no you know it's it's doing exactly what it's supposed to do that is hurt the consumer crush the small businesses here and and in my opinion this is is just the beginning I believe sincerely in my heart of hearts this is going to get worse they're not going to stop this has been um something that's been in the works for a very very long time all we're doing is living in the side effect of what central banks have planned a long time ago and you know what is their goal to be the lenders and buyers of The Last Resort I've explained this since day one uh they are hell-bent on what what have they been doing creating distortions that are Beyond anyone's wildest dreams I think uh across the spectrum of asset classes here and so everything is you know it's going exactly how they want it to go and it's going to get a lot worse for people unfortunately moving forward I just want to add to your points there about the distortions in the stock market I just saw a chart about distortions in the U.S housing market about what people what home prices are the increase in home prices over the last three four decades with artificially cheap interest rates and the FED subsidizing 30-year mortgage versus the rent the charts just um one of the charts is going parabolic for home prices over the last 30 or 40 years and that's because the FED is subsidizing 30-year mortgages along with the US government also with stocks Greg I just saw a chart out that in case you missed it the combined market cap of alphabet or Google Amazon Apple meta Microsoft and Tesla is up to 2.4 trillion dollars since the start of this year that is 1.5 times the total market cap of the German tax index so it's so it's just really what a handful of U.S stocks plus Nvidia the market cap for Apple now is larger than I think the entire market cap of the United Kingdom or London Stock Exchange yeah it's pretty extreme it's pretty unbelievable here you know there's another phenomenon going on here that more people right now are owning are owning stocks than they have in a long time and that's usually a bad sign um you know what we heard from JPMorgan today they're telling you you probably saw this too they're telling their clients to lighten up on exposure to the stock market while at the same time telling people to gain exposure to gold and crude oil this is what they're telling their own clients now this is kind of interesting you know I think energy uh especially after we just heard a word of Adam OPEC they're uh they're warning quote unquote of much higher energy prices moving forward I mean duh I think you gotta be you know I'm not you got to be nuts to not realize that this is how it's going to play out here and um with with regard to exposure to longer than the market you know I can't say uh like I I'm net long this Market at midnight long market for a very very long for a long time but there's going to be a moment of Reckoning and there's no doubt about it you know with regard to the debt ceiling and we'll talk more about that if you like how this is going to play out I mean what do we find out today today from the Federal Reserve how they're willing to uh add liquidity to the market in the event that there's a debt default here what are they trying to say they're going to buy it all they're going to prop it out that's what they get we have no resemblance of a free market anymore no free market no free market economy the whole system is twisted and it's going to get more Twisted in my opinion moving forward it's crazy well it's nuts if like you said if they keep adding liquidity programs while they're raising interest rates I mean they have to pay out the FED is deeply cash flow and negative If the Fed had to adhere to General accepted accounting principles and Mark to Market accounting the FED would be insolvent the FED would have enormous Mark to Market losses on all the well look at the interest payments when the FED raises interest rates the average person is not thinking about that 2 trillion plus that the large banks have parked at reverse repo the fed's paying out High interest rates on that on that cash part there and then all the cash from the quantitative easing programs the last 15 years that interest on excess reserves so the fed's just paying out enormous amounts of interest payments on all that cash there the fed's deeply cash flow negative now oh yeah and so and I think the whole system is well the system the whole what people need to know and is and they know this already if they follow my work is the whole system operates in a Perpetual deficit or a Perpetual vacuum that's how it works that's at its core and you know unfortunately we're getting closer and closer you in my opinion to that moment of of Reckoning when I I don't know but it's it's going to be uh interesting to see I mean everything that I think you and I have went over from a very long time ago it's all playing out uh people can look back on all work and and uh and say you know what these guys got it right and you know we're not always right you know of course but you know for the most part in aggregate for the big picture I think we've nailed it for quite a long time it's just so obvious I think you know to people like you and I and people that follow our work because because you know some people just have the ability to maybe think a little more than the next guy and uh I I'm I really believe that's true some people just have the ability or maybe it is that people have developed the sense that you know they don't want to pay attention to the things that maybe scare them a little bit me I I don't get scared of nothing I'd say okay this is what's going on what do I need to do about it um you know to at least try to get myself on the right side of it to keep myself and I'm a big part of this is obviously you know it's trying to stay ahead of the curve understand what's going on looking at the bigger picture uh and and just just kind of you know I laugh a lot if you notice in my videos like I laugh I can't stop laughing sometimes I just can't believe what we're seeing here it's just it's La La Land on an incredible scale it's a Twilight Zone it's a Twilight Zone even really is it's a twilight zone or it's a comedy show or it's a freak Show something along those lines but you know again like I said you and I we we've done our job man we've been keeping people ahead of the curve for years so I'm I'm happy that to say that we've both done that well we've been warning people about the Council on effect I mean even regardless of fed policy the asset prices have been divorced from reality so you'll look at the general U.S stock market indexes their divorce from other stock market indexes now but they're definitely divorced from the real economy you look at home prices the bond market the Fed was artificially capping interest rates so you had all these Bond Traders when the Fed was lowering interest rates or capping them they would put on these leveraged Bond trades but of course which is risk part of risk parity but of course once the FED started raising interest rates we saw this with the re um the 2019 great hiking cycle when that ended Jerome Palace also fed Sherman with repo Madness every time the FED hikes rates really since 2008 it just causes another boom and bust cycle and then the FED has to come in there and paper things over with more bailouts and rules changes absolutely 100 I think you know people people have been holding long-term debt they're in a lot of trouble they're a lot of trouble right here and the bank's got to be flush with this stuff I mean this you know there's all this underlying stuff going on that you know people aren't being told about and don't or don't know about the entire system is insolvent the entire system operates in a vacuum and we'll go or unfortunately we're all going to pay the price for it I mean this it's just the way it is it runs these booming bus Cycles absolutely but this time this time I think we're leading up to something a lot bigger here they want to and this is because the system is now so toxic they It's gotta you know they're looking for this in my opinion they're dismantling it piece by piece looking to issue in their new system you're completely digital consent completely Fiat um there's a system here unfortunately they're gonna force people to use it uh and they're gonna have no choice unfortunately but you know I tell you something if nothing else if nothing else it's interesting to watch now with regard to what you were talking about home prices I I just covered this today in my post Market video and I've done this before you know it's gotten so distorted and my definition of a bubble is very simple is when an asset when any asset becomes out of the when average price let's say of a house is so far out of the reach of a person making an average salary right now uh that's the definition of a bubble so you know when that with the average guy the average girl can't afford an average priced home that's a bubble so we clearly have a massive bubble here in real estate and it's being deliberately inflated here um and then look there's no way on this Earth off this Earth or anywhere else that central banks didn't know that by artificially suppressing race for all these years it wasn't going to create Maryland Investments wasn't going to create distortions and everything else that we're seeing now of course they knew it we know it they knew it too so you know it's just the inevitable normalizing if you want to call it of the entire system and that's that's all what a crash is when MPE you know that you know why didn't why do markets are are a part of a market or a housing crater why because they're trying to establish fair value they're trying to fall back on you know what what they're designed to do right now everything is just so distorted that nothing make nothing makes sense but it's going to and it's gonna in my opinion it's gonna over correct in a massive way so I mean the problem the problem if it over corrects for too long Greg you have the US federal government tax revenues at the federal level and state and local level and the you brought up home prices at the state and local level I mean a lot of these uh state and local governments are still increasing property taxes so as home prices were Rising the Fed was inflating the US federal government was subsidizing 30-year mortgage here here in the US a lot of cities I mean they yeah you're nailing it to the wall but I mean the Federal Reserve has inserted itself in every single transaction whether it's involving real estate or whether it's going to the store and buying something by sucking the purchasing power out of the currency the you know usually a market or a transaction has a buyer and a seller yeah well there's a buyer and a seller but now we have this third entity in here with central banks in this case the Federal Reserve who has injected itself into every single transaction that even individuals make on their own but again by devaluing the currency and this is something that's been going on as you know for a very long time in my opinion it's going to accelerate they have no intention at all to stop inflating because that's where essential bank's power resides it's an ability to inflate and that's why we're in the situation that we are today including this debt ceiling and and funneling money for Wars and every freaking thing else here and that's why we're in this dire shape we're in a terrible position right now and unfortunately it's uh it's only going to get worse from here it's in my opinion there's no relief in sight well do you think that the FED is the buyer of Last Resort for U.S treasuries because DC neither political parties actually talking about major spending cuts they're really just fighting over the rate of increase in spending and so it seems to me you look at the foreign governments whether that's Japan China Germany the countries that normally run large trade surpluses and buy a lot of us treasuries recycle the reserves back into us treasuries they're not doing that in fact you're seeing more headlines Greg that the non-g7 central bank so uh Singapore Poland uh a lot of other Emerging Market countries they're buying gold tonnage they're not buying us treasuries so do you think then the fed's gonna have to be one of the buyer blast Resort oh absolutely 100 I've been telling people that for years using using years and then that's exactly what they want they want to they want that position um in my in my opinion and they're working towards that they have been for a very very long time um they're buying it all and they've been buying it all for years and they're going to continue to buy more and until they uh this well all this is doing is increasing the Stranglehold that this is that this Twisted institution has on all of us we gotta look I've been telling people for a long time now we need a revolution we need a Revolt here we we or we we we're being ruled by an institution that has zero oversight we have no say so they can do whatever they want whenever they want it uh how's that work how can we have a free Society if we have this entity uh literally on us all that is unrelenting that will not get out of the way all they want is more control that's all this is it's it's a mechanism or it's a it's a a a way to uh assert more control on everybody and everything and unfortunately who's paying the price for that we are I mean we're watching an entire class of people become extinct something that you and I think have been talking about for years the middle class is going away they're going away we are moving towards a new feudal system and it's so in our face right now this is where we're going what are they doing too they're creating dependency on the system to try to get as many people they can to depending on their system so when the issue in the new one people okay they're gonna have no choice oh please help us save us but that's where it's going this can't be fixed this no fix here it could only come apart and then be rebuilt and they're taking it apart right now in my opinion piece by piece they've been doing it for a long time but it's accelerating yeah I agree I think we're headed we're towards the end of the road to serfdom as fa hayock wrote about and it's because of stagflation even at three percent the average person doesn't understand this Greg so even post 2008 if the Federal Reserve Bank was running a real inflation rate three four percent here we are 15 years later people's purchasing power is almost cut in half even at a inflationary people's like oh three percent inflation is not that big while over 15 20 years I mean it adds up very very quickly over a long period of time it's incredible you know it's another great Point you're absolutely right you know we have two per that's our goal is two percent you'll have to Fed that up hit that up two percent two percent two percent I mean it's every it's just it's an incredible thing it's kind of like well we both know it wasn't two percent it was at least between dependency it was like three to eight percent don't worry that's what they're trying to sell us all but you know I think everyone that follows all work those are kind of a line of nonsense that is just you know it's not real um it's it's never been real but people buy it they hear this stuff it gets you know forced on them via the mainstream propaganda and they oh okay oh that sounds nice just two percent uh okay he's in my nickels and my dimes oh it's okay I mean come on man I'm telling you we need a revolution but people aren't going to do it they just they've been so lulled into a sense of I guess either learn helplessness or or they just don't give a damn well they start they're gambling they're hustling they're gambling they're looking for a side hustle they're uh the the levels of ethics and morals in society because of people's Bills going up and all the cost of everything people just they're becoming morally bankrupt and they're just we're turning into a nation of speculators and gamblers I mean like people are chasing just insanely high valuations on Apple stock and Nvidia they're chasing whatever they can to try to make quick profits to try to um offset stag play tax lie absolutely that's what they're doing and it's always the same story and it always ends the same way you know it just it's we just we just don't know when I mean you're gonna have a lot of people are gonna say hey when when when who knows when I don't think about it I'm sure you don't either because there's no way to pinpoint it all we could do is outline what's happening with and and the most likely worst place is going to go because we've seen this before it's not like oh this is all Uncharted well a lot of this is Uncharted Territory but this is we've never seen anything like this before but there's a lot of similarities to all of these kind of uh events how they eventually all end up and that's where we're going I mean it's so clear and people I think like I said we've done we've done a good job keeping people ahead of the people who follow our work I think are the most prepared of anybody else they know what's going on and they know what to do about it you know in my view at least from a financial standpoint but I go beyond that I tell people you know love each other care about each other be charitable find like find groups of people like mine people you could count on in a worst case scenario because I sincerely believe in my heart of hearts that we are Marching into a worst possible case scenario so Greg I want to draw on your experience as a Floor Trader working on Wall Street what happens if the government actually starts with short selling bans so similar to 2008 or maybe even worse because we've had Jamie Diamond just come out and say they should ban short selling on banks well what has happened in the past when you were trading on the floor and the government has talked about banning Short Selling well first of all I I I I don't think that's gonna happen I really don't think that's gonna happen first of all you need for a market to function you need these these elements to it okay people don't even understand that but again it although you know it's complex but in order for the system to function unfortunately or fortunately whoever you want to look at it um Short Selling is an integral part of how the system works they don't like it they're going to take the whole system down and redo it there's a lot been a lot of talk for years years and years about banning Short Selling Banning shorts selling vanishes in my and it's just not going to happen here because again what are they going to do what are the big institutions going to do the big institutions when this comes down and it's going to are going to be betting against their own clients as they always do uh and and that's probably a mechanism through some dark pool however they're gonna work it uh and again it's it's just the same situation here more cash is made when a market drops and then people like Jamie Diamond is well aware of this when a market drops to when it rises and it's made faster and and I think these major institutions uh when you hear something like that come out of the mouth of a a Wall Street Bank super Bank CEO you got to believe the polar opposite is true and he's laughing he's laughing because he knows that him and his institution and whoever else is going to be they're going to be reaping big fat rewards off of all that and then you know what's gonna happen nothing nothing's because they can't it's it's a hard thing to prove I think another thing they're going to do is they're going to have their they're going to work work it in a way that there's no way to actually find out and Norwood Regulators even look at it anyway they only look at people like you and I you and I are the only ones that get in trouble these big big institutions they get they get a fine they get a slap on the hand they they never even have to admit guilt how's that imagine that imagine a situation where you you do something wrong you don't even admit you did it did it wrong you just pay a little fine an insignificant cost of business fine which they they know it's it's baked in anyway and they just walk away scot-free I mean really when was the last time you are anybody else heard of a large institution or or a big wig at any of these institutions getting in any kind of trouble it's always the little the small guy I think it was interesting yeah yeah well Emily yeah in the back room but generally I mean Enron was an outlier I mean that was just incredible what a story you know what I tell people America is becoming I look at and the world has become Enron via this situation uh that they've created here so people should watch the what's the name of that movie oh my God the smartest guys in the room go out and rent it or however you watch a movie and the smart watch the smartest guys in the room and oh the documentary it's a documentary yeah change it will change your life you ever see it no I've seen the author who wrote the book though I think Bethany McLean wrote the book yeah she's fantastic because she's actually uh I I know her personally oh cool yeah she was just on Wealthy on a couple days ago yeah yeah yeah and um it's just it's that that is a mind-blowing documentary and she nailed it to the wall I mean you want to talk about nailing it to the wall people need to watch that and see how that whole thing went down and and how the little guy got decimated on on an unbelievable scale while the bigwigs walked out of there a couple of them walked out of there with hundreds of the millions of dollars sure some of them went to jail and one of them supposedly died you know with George Bush's great friend here oh what was the name the the the CEO guy whatever nfla or Skilling it's like Kenneth Lake Kenny boy that was George Bush's nickname from Candy boy he just happened to just you know die uh I don't believe that he ever I have to see the body and take it DNA sample uh but uh yeah the other guy did go to jail for a little bit he's out now um but he'll probably get hired by another large company because he knows how to cook the books Financial engineering now no hardly anyone goes to prison for it I mean the last time I think large Bankers went to prison was the 1980s savings alone Scandal uh Corazon was an enormous John Corzine MF Global stuff he did no prison time hey just talking about Nvidia they're up 25 after hours right now wow it that the valuations on that stock are are insane considering but I guess maybe people are worried about like China invading Taiwan and then semiconductor Supply I think there's part of that priced in but I mean once that if that risk geopolitical risk wears off that stock could crash but the valuations on these things like um a handful of big cap tech companies the rest of the stocks Greg in the um Russell 2000 so the small cap index the rest of the stocks are doing very very badly so it's really what Microsoft Apple Nvidia and a few other companies and that's about it yeah it's been it's been like that for a while a couple of big companies the large cap so they carry the market you know it's that's another phenomenon that we've seen too at the top of every I'm not saying we're at a top here but you know because I I like I said I've been along the market I'm still in that long I play around with it here and there trying to short it here and there once in a while you know like uh take a recipe why one of my trades went bad recently but that's okay uh I can't I can't win them all but um the best life in the big city anyway all interesting stuff I have to say so I want to get your thoughts on the oil market right now um I've been speaking with oil Traders hedge fund managers that specialize in Commodities and they were telling me just almost every day Monday through Friday for months now that billion many billions of dollars of oil Futures contracts are just being created and dumped onto the market and it's paper oil meanwhile the the producers of the oil so OPEC the Saudis are talking about this and it looks like there's going to be Supply constraints long term do you think this is another train wreck a couple years from now with another energy crisis oh Beyond any doubt 100 we're going to have that again I think you've been here with the Saudis are saying about this they're like they're not going to they're not going to allow um and they won't they they you know this organization here another one that should be gone in my view OPEC um they're they're gonna play this to their favor as they always do uh it's an incredible thing here but not only are we moving towards an energy crisis and we're moving towards look we live unfortunately in a crisis in an environment that only exists moving from crisis to crisis to crisis each crisis requires more and more it has to be thrown at it it's a deliberate thing um there's no such thing of things running smoothly anymore it's just always crisis okay and then move on to the next Crisis and the next one is worse and you know all the mechanism to borrow all the mechanism to keep pulling cash into the now to keep the debt-based economic model going um but there's no doubt about it I've been telling people if I I I've been saying that the right spot that people need to think about and this is just my opinion but I think people need to look into this is uh is Commodities in aggregate I think Commodities and aggregate are going to uh Skyrocket at one point here look cash is just gonna eventually we're gonna get a meltdown here in the debt Market that's going to spin people's heads around like the Exorcist and that's going to crush Equity markets around the world and cash is just going to move it's just gonna move from one place to another and the other PLA and that place is going to be commodity it's in my view I've been saying this Friday for like 10 years and you know eventually that's how I was going to play out risk on will become risk off and uh and then we're gonna get an overcoat and over shooting over correction or whatever you want to talk about it and it's everything and then it's Gonna Roll the other way as it always does well I think what the FED did with the interest rate hike so the FED claimed that they're fighting inflation but they created so much currency them and other central banks so the money supply numbers if you look since 2008 the Austrian true money supply numbers are up over 160 in the money supply and then again Greg from 2020 to 2022 they increased it by another about 50 percent the Austrian true money supply so these are not M1 M2 the Austrian School of Economics anesis Institute calculates it differently Murray rothbard wrote about another Austrian Economist wrote about it so you had just an insane increase in the money supply I the analogy I would use is they took the car up to over 120 miles per hour and then they just land on the brake so if you're driving super fast and all of a sudden you slam on the brakes I mean it's not very smart what's going to happen the after effects no because again this is part of what they're doing here in my view to um dismantle the system they had to do these things um in order for it to work out and it everything is working out exactly like they wanted to they're in full control people think oh they lose they've lost control now this is exactly what they want they're creating all of this they've created this environment of extremes and this environment of extremes I I I don't even think they're done I think it's gonna get more extreme well look at the warnings that Janet Yellen I mean she's she's not talking about necessarily Bank bailout she's talking about shotgun weddings Force Bank mergers but that's making basically too big to fail Banks larger we're eliminating uh the consumer's choice of banks because there's going to be a lot less banks in the next couple years that's what this is all about I consolidation of the uh it's making the two big steps fail much bigger um it's it's all they they have to do this they have to consolidate the banking system less institutions less players here for the new system and the new system is coming it's just it's just a matter of time before it's rolled out but in order to do that they have to they have to set it up the right way and that's part of it here they have to play it on to people it's a game oh we have to do this and this is and then we're going to have a fire sale on the assets of this company and these are going to get bought for pennies on the dollar and uh we haven't seen anything yet I think you know they're trying to distract us they don't want us to know what's going on here but nothing has been solved with regard to the smaller institutions at all yeah I totally agree yeah there's going to be a lot more of this moving forward well as we've been talking about this before we started recording a couple days ago I mean I had a conversation with a banker at a large Bank a week or so ago and he showed me some models I can't publish them publicly told me not to because then people would figure out kind of which bank he works for and the stuff he sent me it was just shocking that basically none of the banks had in their contingency plans that the FED would raise interest rates this high so basically the banks are they have enormous losses on their old Bond portfolio they have enormous losses on mortgages they give out at lower interest rates that are locked in at lower interest rates they have enormous losses on Commercial Real Estate and then their depositor so if they're a smaller Bank their depositors are leaving for greed or for fear to either a large Bank a money market fund or a uh they're buying treasuries from treasury direct which are a quote unquote safer and not higher interest rate so basically the FED with the the rapid pace of the interest rate hikes they basically made the banking system insolvent now with it yes and it's it's been installed but like I was saying earlier it has to operate that way in a Perpetual deficit it can never be solvent it can't be whole ever that's the way that's how it works and it can't work another way unfortunately are you talking are you talking about um fractional Reserve banking or something else well we have zero we have no Reserve now there's a there's not even a fraction Reserve System it's zero observed no but um yeah but but the whole system has to operate in the deficit it's the debt-based economic model it must constantly it's a vacuum under it all the time and that vacuum has to always be maintained uh in order in order to function I mean what do I always I tell people this I was like you want to end this system you you know how you know how we could take down central banks yeah we want to take down the FED prevent them from issuing one single dollar just one of debt if we could if we were able to prevent the Federal Reserve from issuing one single dollar of debt The Institute dies but it's that simple and that's why you have the constant unrelenting spending spending spending finding reasons to fund Wars and finding reasons to fund you know vaccines and whatever it might be it has to constantly constantly go work like that it can't work another way if we if if we really were to cut spending uh and we were able to like I said prevent the fed from issuing one dollar we could start a global domino effect which would wipe out the central banks around the world they have to function in deficit all the time central banks issue one product as you well know their product is in debt the more debt they issue the stronger they become period we since 2008 also Greg especially the Federal Reserve Bank I mean they create currency out of thin air and then they go and pick out winners and losers who they're going to get give bailouts to what asset prices are going to subsidize or inflate or move up because then all these levels of government need the tax revenues too so they're creating you said the system is a vacuum I mean I would argue the system actually resembles more of a Ponzi scheme because the deck can oh no well a Ponzi scheme is a Ponzi scheme is like a vacuum too it has to constantly be fed if you don't feed it it just it goes down the rat hole into into nothingness and that's what we have it's it it's a Ponzi it's a humongous epic Ponzi uh I'm glad you used that word because I've explained it in the same ways too it's a Ponzi and they have to keep finding reasons to borrow more and they create more cash out of nothing it's it's exactly like a Ponzi I will I get in trouble with my mainstream Finance friends and my mainstream hedge fund and manager friends a lot of them for seeing it publicly but the system with the currency growth the debt base fiat currency growth and the credit growth how it's resembled for decades now I mean it closely resembles the Ponzi scheme because the debt can never be mathematically paid off and yet it keeps growing and growing and growing it's restructured it's reissued it grows and in the interest payments on the debt now we're finally getting to the real math problem here because the US federal government Greg what three or four expenses now for the federal government are taking up most of the tax revenues including interest payments on debt military spending entitlements and that's I think over 50 percent of the tax revenues and no energy C is wants to talk about this publicly really no and it's a problem that's been brewing for a very very long time and it's it's again we're reaching a moment what I call a moment of Maximum saturation and and the the opening act of this moment of Maximum saturation is surging inflation like we're seeing right now and then again Central bank's going to get in here and have to buy more and buy more and buy more and by doing that and at the same time raising rates inflation is going to still move higher I mean it's just it's a self-fulfilling feeding mechanism here and it just can't stop and and again part of it and this is by Design obviously uh they knew this would happen so it continues this way and there that's why they realize in my view that this system cannot sustain itself so we'll get what's going to end up happening unfortunately is we are going to witness and I think it's going to be pushed on all of us another major crisis because again we function from crisis to crisis to crisis there's going to be another crisis here and this one this one is gonna in my my view is going to be an implosion in the debt market and then we're going to see wage spike in an uncontrolled fashion that's going to spin people's heads around it's going to be like and then we'll get and then there's the the potential and I think is a very real for a a whole system to lock up a credit freeze like that was that you see what people don't get and is in 08 the problem wasn't the Market's crashing that was just the side effect of what was going on here the capital injections into the system as you know were just to unlock it it was there was no inter Bank lending no inter system lending it was just stopped and that would if that happens and I think it will again ATMs don't work credit cards don't work debit cards don't work no cash out of the banks transactions stop um and that's really what they're trying to push off here and why they're so desperate now to keep inflating at least for now I've been saying they're not done they're not done at the end of last year they're not done I think we're getting close to them I'm telling you I was talking to Joe zalente about this just the other day um about how this is playing out and uh with you me and him honestly are all on the same page we have we're seeing exactly the same thing and that says something to me so do you think then other governments and other central banks that are running trade surpluses or have cash have US Dollars have us treasuries they're seeing what happened to Russia back in February 2022 with the sanctions and 300 billion of Russia's reserves were just confiscated that's basically a bill in at the macro level the US federal government change policies and penalize Russia that's 300 billion that's not coming back to them is that why these other governments in central banks are saying hey we're not going to buy as many U.S treasuries we don't like the policies but we also see how Russia was treated so we're going to diversify away from us treasuries in the US dollar into other stuff unfortunately we're seeing the fall of an Empire and the world is aware that you you're aware of it I'm aware of it the people that follow our work are aware of this the the the the landscape of the world is is changing very rapidly and uh I I do believe it's gonna end um in in in literal catastrophe meaning War a global war I think is definitely in the cards um you know this is gonna it's like a rabid animal being pushed into a corner and and and and you know we do have a pretty strong military and that military might will be pointed in any direction inward or outward that they want but this is definitely the United States is failing um it's being designed to fail um I I really you know and central banks are solidifying their power especially the European Central Bank the bank of England uh the Federal Reserve uh they they they're working together in concert to do this and in this you know this is the Brick Nations and stuff that I'm saying hey hold on a minute you know uh we know what's going on we see what's happening so and we and we don't want to be part of that so what we're doing here is we're going to do our own thing so this is just setting up opposite sides here so you can see there and to me the writing is on the wall it's on the wall it's just a matter of time and just watching it all unfold so I'm hearing a lot of brainwashed people talk about how this is the perfect example Marx was right of late stage capitalism I totally disagree I don't think we have really any capitalism unless you're a small business owner and you're getting people you don't absolutely no you're 100 right yeah I mean no capitalism yeah I mean the Federal Reserve Bank is not a capitalist entity it's a government protected cartel uh if you look at the the legal cases well if you look at the legal cases where the FED is sued the lawyers just make the most ridiculous arguments sometimes they say that their government entity and sometimes they say that they're private so they they argue whichever they want they get away with whatever they want no other entity has that type of power here in the United States that the Federal Reserve Bank does I think Greg and I know you've read a lot of history this looks like the end of an Empire so the the US is just so wasteful at this point I mean we're paying almost a trillion dollars per year now just on debt uh just on interest payments on the national debt the national debt's growing rapidly people in DC don't seem to care because what they're like Nancy Pelosi they're trying to either get rich quick like AOC who I think is worth over five million dollars in under five years in Congress and then or they're trying to get richer like Nancy Pelosi who's arguably been the top performing hedge fund manager trading on inside information in the last 10 or 15 years exactly I told people to see that exact case you know 100 it's the truth it's corruption the full the full of Empires is always the same it always ends for the same reason and generally it's corruption here yeah I mean the level of morality everyone's so short-sighted you have so many people doing gambling or loose morals and all this crazy behavior by grown ass adults acting like immature little babies or teenagers now is just nuts and then everyone is trying to get rich quick with some type of scheme or or there's tons of people Greg and they've been reaching out to me like asking me and they don't have any Stock Market trading experience they don't know how to read any fundamentals and they're asking how to trade stock options trying to get rich quick and stuff like that it's just tons of red flags right now we saw this though when uh back in early 2022 when the crypto market and the altcoins and the nfts just peaked tons and tons of people I was getting messages about from all these different people about like trying to set up all these crypto scams or is crypto going to come back am I going to be a millionaire in a couple years it was just ridiculous questions exactly you know look the other thing is people trying to survive so they're looking for any you know like people are getting crushed and they're getting crushed by the design so they're looking for any well can they gonna jump into the stock market can I buy this can I do that how can I make ends meet uh you know credit card that household that uh personal that's soaring out of control it's um it's absolutely freaking crazy bro it's completely out of control well this is you've said the FED will raise interest rates more I think they're hitting a limit here so maybe in the private sector they're racing I think they're gonna pause the next month I would be shocked if they don't pause for a little bit um I thought they might would like last year at the end of the end of the last year I thought we would get um a pause early this year we're kind of in the middle of the year now but we're gonna get a pause um for sure with the FED I I I I can't imagine that I'm really I'm wrong uh in all the years I've been at this I've only been wrong three times through God what the FED would do so if I'm wrong on this I would be kind of shocked so um but like I said I think the damage is already done to the private sector Greg so you were talking about small business um the interest rates you look at the interest rates of small businesses the small cap indexes uh on the stock market so these are the smaller companies they're costly capitals higher than say a JP Morgan or a large corporation so they're in Dire Straits right now with their balance sheet and interest payments on debt they're trying to cut back on their spending because of interest payments or credit card or their consumers just not spending their consumer doesn't have the the discretionary income so I I think the damage is already done from the rate hikes I mean the banking system at this point is a mess right now and uh it seems like the FED is just ho-hum we're going to force more mergers we're going to do Secret bailouts and then what they're going to consolidate everything for Central Bank digital currencies and less Freedom Beyond any doubt that's exactly how it's going to go well that's what they're trying to do I mean and people the worst part of it is most people are okay with it they don't care they're like they're willing to surrender whatever they got to do so just to I don't know it's it's a very interesting thing to see honestly it's it's pretty damn freaky you you're saying that people are apathetic so some people a lot of people are already paying their smartphones with what a cash app or venmo or they uh use uh what Zell one of their banking apps so they're like oh it's a government cryptocurrency it's no big deal oh absolutely yeah I think that's a big part of it people they just you know people haven't taught any of this stuff they just you know all they want to know is okay I go I get up I go to work I earn money well actually when you go you get up and you go to work all you're doing when people don't understand in my view is they're working to earn the right to borrow that cash from the Federal Reserve that they don't even own it's an incredible thing they you know it's it's so sick to me to think about it like the cash that we work for okay we don't own it you know that it's owned by the issuing Central Bank but it's issued back to the central bank plus interest okay it's being debased you have to earn that too of course uh at a very quick you know rapid pace is getting out of control pretty much sums it up well unfortunately and like I said people there's just the apathetic was the good word they just either they don't care they don't want to care and they're going to care I think you know then they're gonna sit around and do this what happened why did this happen I don't understand why why why why well you know people that you and me and a lot of other people have been talking about this for a long long time and now and then when it gets real ugly well then uh that's unfortunately I think people will fall back on their ideology or the degrees or whatever types of bias they get from watching the media because a lot of people are blaming capitalism for all this unfortunately unfortunately yeah moving away from that it seems like more people want to be taken care of from Cradle to grave and they're more than willing to vote for anyone with like it matters anyway I don't think all votes count at all um uh I think the central banks are the government but you know they're willing to do whatever they got to do so that someone will take care of them so they can get things for free uh whatever it is just it's crazy the human the human race or at least here in the United States I mean people are more like like animals like they live in the now they don't think about why things are or how things may affect them down the line it's like okay I want I want this instant gratification I want I want to be satisfied now I don't care what the cost is it's very it's it's just so crazy well the average person also doesn't know how big of a Hypocrites these entities are so these large corporations don't believe in capitalism don't believe in free markets excuse me the privates are profit uh privatized and the losses are socialized so heads we win tells you lose and so like the CEO Jamie dimon of JP Morgan the Insiders that JP Morgan are selling a lot of their Bank stock I think over 22 million of their shares were just sold because they know that there's a lot of problems coming meanwhile Wendy's uh entities these Banks like JP Morgan or others get caught manipulating a market since what 2008 they paid tens of millions of dollars in many different fines for Market manipulation whether it's Libor which was um Global interest rates or foreign currency exchange they're manipulating gold and silver markets they they pay a fine this is enormous hypocritical but they're talking about banning short selling on Bank stocks I mean if there's no short sellers who's going to cover to buy you need buyers and sellers in each market transaction or the crash could actually be worse if you've been short selling it it's not going to make any difference here this whole thing is going to get real whether they ban it or don't ban it or whatever it might be there's no way to stop the market from attaining some kind of reality at one point and then and then it's it's not even that you know it's going to be by accident this in my view is going to be again more money is made when the market drops than when it rises faster they're not going to stop this is what they do it's a repetitive cycle goes on and on and it'll happen again too even when this thing come gets real it's gonna get unreal again and then get real after that it's this is not going to be the end-all it's going to always be the same because it always is since since it's Inception well also I think the average person doesn't understand nominal Returns versus role returns so some of this top performing stock markets were in Zimbabwe or Venezuela but that's because the currency was collapsing so there was nominal returns in the stock market people saw oh the stock market in Zimbabwe there or Venezuela or Argentina is going up a lot but what they weren't also paying attention to is making inflation adjustments to the currency because the currency is being debased faster at a faster rate than the stock market is going up so just talk to the people who've survived those countries and escaped about the stock market going up because yeah for a while they were gambling on the stock market going up but it wasn't maintaining their standard of living their standard of living was still collapsing because the current CD basement and the the corruption in the government uh was ruining the economy well yeah I mean you know look people are going to have their delusions or whatever they want but they can people everyone's people are going to get a wake up call here bro and you and me we can say you know what everyone at least we told you about it do you think crypto is going to be allowed or do you think the private crypto like that corner do you think there's going to be some type of tax or ban on it in the Nazis individual it's a totally different thing and then people have actually in look people who have cryptocurrency now me being one of them I don't use this stuff would I no let me let me correct that I I have bought things with Bitcoin in the past in fact I bought gold with Bitcoin I bought a bunch of it gold with Bitcoin about a year ago no a little older than that but a year and a half ago um but most people don't transact in this stuff they they hold they hold it now with this essential basic are gonna do the FED with the digital currency is going to be used as a mode of transaction completely different than same name I guess maybe I don't know what they're going to call it you know then then the the what people currently are holding you know Bitcoin Litecoin whatever it might be so it's a totally different animal in my view it won't it won't change my perspective I think when the eventual meltdown happens just cash is going to move the Commodities like I said and I also think it's going to go into the big cryptos more than likely you just cash doesn't fly away to money Heaven as you well know it just moves from one reality into another and that's where it's going to go here too it's going to end up in commodity it's going to end up some of it into cryptocurrencies mostly Commodities are gonna are gonna be the biggest beneficiary I think of the debt Market implosion which is going to happen and then this the following stock market Fallout around the world on the back of uh spiking rates and well maybe a locking up of the system we'll see how it goes I just want people to be ready for it do you think um buying buying assets that the fed and other central banks can't print because you think then long term the goal for these governments and central banks whether it's the fed the European Central Bank bank of Japan is to devalue these Fiat currencies so if you buy and hold if you're in cash for many years so dollars Euros Japanese Yen Chinese Yuan you're going to be intentionally devalued then well that's what they've been doing forever they're not going to stop I mean they're going to race to the bottom I've been telling people this for how many 10 years that that central banks are purposely sucking the purchasing power out of their currencies and they're doing this by Design yeah and that's what I mean you know people think it's funny people think that this issue with inflation is just an issue here in the United States people don't realize this is pretty much a worldwide phenomenon it's actually worse it's been worse in other countries I mean because when the dollar is strong the other currencies are normally weaker against the dollar and the inflation that we've gotten here in the United States since 2008 a lot of it has actually just been imported so it's been lower levels of stagflation for a while up until the last couple years that was what the high levels the the uh teen levels so 13 14 15 16 17 according to Shadow stats those were high levels of stagflation but there were low levels of stagflation a lot of it for many many years prior to 2020 and 2021 I I've been telling people that the the number one export product of the United States is inflation I I I I I believe that's true I really do I maybe I'm crazy but I don't know I think that I think it's true I I think you're I think you're right I think the US has exported many many trillions of dollars over the years and they continue to do approach crazy situation man I just um I don't know what are people gonna do about is the bottom line I still feel the best the most undivided asset is silver physical silver I think people need to own it I look at the Dow gold ratio gold silver ratio in case people wondering who are listening to this for the first time but maybe don't know who I am what would I do but uh you know very it's very simple for me to say what I do and that is uh you know at least from a financial standpoint you know you gotta um you gotta hold units of wealth because the system is it's just so sick and twisted at this point it just can't go on forever it's not designed to and they're they're getting ready to uh to make their move to the new system and it's gonna it's not going to be pretty and if my enlisters want to follow your work how did they do so oh just go to my website traderschoice.net or my YouTube blog just Google me I'm pretty much everywhere
Greg Mannarino: Fed Is Intentionally Consolidating The Banking System With Rate Hikes & Bank Crisis?
Summary
Transcript
hi everyone this is Jason biak with Wall Street from Main Street welcome back to another Wall Street from Main Street podcast interview today's special guest is a returning guest he's been making Finance YouTube videos about investing in the economy for many years he's also a former Wall Street Floor Trader for many years Greg manorino thank you for joining me again well thanks for having me I'm happy to be here with you so Greg we're recording this interview on Wednesday May 24th 2023 more nonsense with the debt ceiling seems like it's Kabuki theater both political parties are trying to stab each other in the back in public blaming everyone else but really it seems that neither political party wants to cut spending what type of damage do you think these fed interest rate hikes are doing though I'm glad you brought that up well you know what what to me you know I've been talking about this since day one I I I've pretty much outlined for people and this is my perspective and of course people entitled to their own but uh look they've been at this for quite a long time we haven't seen any real uh uh relief at all for people this isn't has not to me it was never meant to actually stop or reverse inflation here this is just a a way that they can uh lessen the availability of credit to small businesses which are failing at a staggering Pace uh and to cost the consume of course the economy of course the consumer um moving towards their new system and I've outlined this since since literally since day one I explained to people that this this uh Central Bank cycle of raising rates here would would wreak havoc on the economy as it has done we watch what's going on here with the regional Banks here and this is in my opinion going to get worse going to bleed off I think the big banks are in a lot of trouble from at least nine months ago I started explaining to people that the banks are in trouble because why three things no deposits no loans and no deals uh so this one there's a lot underlying this as you are well aware of and I will talk more about this during this little talk we're having here but oh yeah everything is in my view everything that the FED is doing uh is working to their favor and they're they're I mean it's insane over the past week alone they've run two surveys to see how the consumer and small businesses are doing in this environment and uh to my shock uh how about no you know it's it's doing exactly what it's supposed to do that is hurt the consumer crush the small businesses here and and in my opinion this is is just the beginning I believe sincerely in my heart of hearts this is going to get worse they're not going to stop this has been um something that's been in the works for a very very long time all we're doing is living in the side effect of what central banks have planned a long time ago and you know what is their goal to be the lenders and buyers of The Last Resort I've explained this since day one uh they are hell-bent on what what have they been doing creating distortions that are Beyond anyone's wildest dreams I think uh across the spectrum of asset classes here and so everything is you know it's going exactly how they want it to go and it's going to get a lot worse for people unfortunately moving forward I just want to add to your points there about the distortions in the stock market I just saw a chart about distortions in the U.S housing market about what people what home prices are the increase in home prices over the last three four decades with artificially cheap interest rates and the FED subsidizing 30-year mortgage versus the rent the charts just um one of the charts is going parabolic for home prices over the last 30 or 40 years and that's because the FED is subsidizing 30-year mortgages along with the US government also with stocks Greg I just saw a chart out that in case you missed it the combined market cap of alphabet or Google Amazon Apple meta Microsoft and Tesla is up to 2.4 trillion dollars since the start of this year that is 1.5 times the total market cap of the German tax index so it's so it's just really what a handful of U.S stocks plus Nvidia the market cap for Apple now is larger than I think the entire market cap of the United Kingdom or London Stock Exchange yeah it's pretty extreme it's pretty unbelievable here you know there's another phenomenon going on here that more people right now are owning are owning stocks than they have in a long time and that's usually a bad sign um you know what we heard from JPMorgan today they're telling you you probably saw this too they're telling their clients to lighten up on exposure to the stock market while at the same time telling people to gain exposure to gold and crude oil this is what they're telling their own clients now this is kind of interesting you know I think energy uh especially after we just heard a word of Adam OPEC they're uh they're warning quote unquote of much higher energy prices moving forward I mean duh I think you gotta be you know I'm not you got to be nuts to not realize that this is how it's going to play out here and um with with regard to exposure to longer than the market you know I can't say uh like I I'm net long this Market at midnight long market for a very very long for a long time but there's going to be a moment of Reckoning and there's no doubt about it you know with regard to the debt ceiling and we'll talk more about that if you like how this is going to play out I mean what do we find out today today from the Federal Reserve how they're willing to uh add liquidity to the market in the event that there's a debt default here what are they trying to say they're going to buy it all they're going to prop it out that's what they get we have no resemblance of a free market anymore no free market no free market economy the whole system is twisted and it's going to get more Twisted in my opinion moving forward it's crazy well it's nuts if like you said if they keep adding liquidity programs while they're raising interest rates I mean they have to pay out the FED is deeply cash flow and negative If the Fed had to adhere to General accepted accounting principles and Mark to Market accounting the FED would be insolvent the FED would have enormous Mark to Market losses on all the well look at the interest payments when the FED raises interest rates the average person is not thinking about that 2 trillion plus that the large banks have parked at reverse repo the fed's paying out High interest rates on that on that cash part there and then all the cash from the quantitative easing programs the last 15 years that interest on excess reserves so the fed's just paying out enormous amounts of interest payments on all that cash there the fed's deeply cash flow negative now oh yeah and so and I think the whole system is well the system the whole what people need to know and is and they know this already if they follow my work is the whole system operates in a Perpetual deficit or a Perpetual vacuum that's how it works that's at its core and you know unfortunately we're getting closer and closer you in my opinion to that moment of of Reckoning when I I don't know but it's it's going to be uh interesting to see I mean everything that I think you and I have went over from a very long time ago it's all playing out uh people can look back on all work and and uh and say you know what these guys got it right and you know we're not always right you know of course but you know for the most part in aggregate for the big picture I think we've nailed it for quite a long time it's just so obvious I think you know to people like you and I and people that follow our work because because you know some people just have the ability to maybe think a little more than the next guy and uh I I'm I really believe that's true some people just have the ability or maybe it is that people have developed the sense that you know they don't want to pay attention to the things that maybe scare them a little bit me I I don't get scared of nothing I'd say okay this is what's going on what do I need to do about it um you know to at least try to get myself on the right side of it to keep myself and I'm a big part of this is obviously you know it's trying to stay ahead of the curve understand what's going on looking at the bigger picture uh and and just just kind of you know I laugh a lot if you notice in my videos like I laugh I can't stop laughing sometimes I just can't believe what we're seeing here it's just it's La La Land on an incredible scale it's a Twilight Zone it's a Twilight Zone even really is it's a twilight zone or it's a comedy show or it's a freak Show something along those lines but you know again like I said you and I we we've done our job man we've been keeping people ahead of the curve for years so I'm I'm happy that to say that we've both done that well we've been warning people about the Council on effect I mean even regardless of fed policy the asset prices have been divorced from reality so you'll look at the general U.S stock market indexes their divorce from other stock market indexes now but they're definitely divorced from the real economy you look at home prices the bond market the Fed was artificially capping interest rates so you had all these Bond Traders when the Fed was lowering interest rates or capping them they would put on these leveraged Bond trades but of course which is risk part of risk parity but of course once the FED started raising interest rates we saw this with the re um the 2019 great hiking cycle when that ended Jerome Palace also fed Sherman with repo Madness every time the FED hikes rates really since 2008 it just causes another boom and bust cycle and then the FED has to come in there and paper things over with more bailouts and rules changes absolutely 100 I think you know people people have been holding long-term debt they're in a lot of trouble they're a lot of trouble right here and the bank's got to be flush with this stuff I mean this you know there's all this underlying stuff going on that you know people aren't being told about and don't or don't know about the entire system is insolvent the entire system operates in a vacuum and we'll go or unfortunately we're all going to pay the price for it I mean this it's just the way it is it runs these booming bus Cycles absolutely but this time this time I think we're leading up to something a lot bigger here they want to and this is because the system is now so toxic they It's gotta you know they're looking for this in my opinion they're dismantling it piece by piece looking to issue in their new system you're completely digital consent completely Fiat um there's a system here unfortunately they're gonna force people to use it uh and they're gonna have no choice unfortunately but you know I tell you something if nothing else if nothing else it's interesting to watch now with regard to what you were talking about home prices I I just covered this today in my post Market video and I've done this before you know it's gotten so distorted and my definition of a bubble is very simple is when an asset when any asset becomes out of the when average price let's say of a house is so far out of the reach of a person making an average salary right now uh that's the definition of a bubble so you know when that with the average guy the average girl can't afford an average priced home that's a bubble so we clearly have a massive bubble here in real estate and it's being deliberately inflated here um and then look there's no way on this Earth off this Earth or anywhere else that central banks didn't know that by artificially suppressing race for all these years it wasn't going to create Maryland Investments wasn't going to create distortions and everything else that we're seeing now of course they knew it we know it they knew it too so you know it's just the inevitable normalizing if you want to call it of the entire system and that's that's all what a crash is when MPE you know that you know why didn't why do markets are are a part of a market or a housing crater why because they're trying to establish fair value they're trying to fall back on you know what what they're designed to do right now everything is just so distorted that nothing make nothing makes sense but it's going to and it's gonna in my opinion it's gonna over correct in a massive way so I mean the problem the problem if it over corrects for too long Greg you have the US federal government tax revenues at the federal level and state and local level and the you brought up home prices at the state and local level I mean a lot of these uh state and local governments are still increasing property taxes so as home prices were Rising the Fed was inflating the US federal government was subsidizing 30-year mortgage here here in the US a lot of cities I mean they yeah you're nailing it to the wall but I mean the Federal Reserve has inserted itself in every single transaction whether it's involving real estate or whether it's going to the store and buying something by sucking the purchasing power out of the currency the you know usually a market or a transaction has a buyer and a seller yeah well there's a buyer and a seller but now we have this third entity in here with central banks in this case the Federal Reserve who has injected itself into every single transaction that even individuals make on their own but again by devaluing the currency and this is something that's been going on as you know for a very long time in my opinion it's going to accelerate they have no intention at all to stop inflating because that's where essential bank's power resides it's an ability to inflate and that's why we're in the situation that we are today including this debt ceiling and and funneling money for Wars and every freaking thing else here and that's why we're in this dire shape we're in a terrible position right now and unfortunately it's uh it's only going to get worse from here it's in my opinion there's no relief in sight well do you think that the FED is the buyer of Last Resort for U.S treasuries because DC neither political parties actually talking about major spending cuts they're really just fighting over the rate of increase in spending and so it seems to me you look at the foreign governments whether that's Japan China Germany the countries that normally run large trade surpluses and buy a lot of us treasuries recycle the reserves back into us treasuries they're not doing that in fact you're seeing more headlines Greg that the non-g7 central bank so uh Singapore Poland uh a lot of other Emerging Market countries they're buying gold tonnage they're not buying us treasuries so do you think then the fed's gonna have to be one of the buyer blast Resort oh absolutely 100 I've been telling people that for years using using years and then that's exactly what they want they want to they want that position um in my in my opinion and they're working towards that they have been for a very very long time um they're buying it all and they've been buying it all for years and they're going to continue to buy more and until they uh this well all this is doing is increasing the Stranglehold that this is that this Twisted institution has on all of us we gotta look I've been telling people for a long time now we need a revolution we need a Revolt here we we or we we we're being ruled by an institution that has zero oversight we have no say so they can do whatever they want whenever they want it uh how's that work how can we have a free Society if we have this entity uh literally on us all that is unrelenting that will not get out of the way all they want is more control that's all this is it's it's a mechanism or it's a it's a a a way to uh assert more control on everybody and everything and unfortunately who's paying the price for that we are I mean we're watching an entire class of people become extinct something that you and I think have been talking about for years the middle class is going away they're going away we are moving towards a new feudal system and it's so in our face right now this is where we're going what are they doing too they're creating dependency on the system to try to get as many people they can to depending on their system so when the issue in the new one people okay they're gonna have no choice oh please help us save us but that's where it's going this can't be fixed this no fix here it could only come apart and then be rebuilt and they're taking it apart right now in my opinion piece by piece they've been doing it for a long time but it's accelerating yeah I agree I think we're headed we're towards the end of the road to serfdom as fa hayock wrote about and it's because of stagflation even at three percent the average person doesn't understand this Greg so even post 2008 if the Federal Reserve Bank was running a real inflation rate three four percent here we are 15 years later people's purchasing power is almost cut in half even at a inflationary people's like oh three percent inflation is not that big while over 15 20 years I mean it adds up very very quickly over a long period of time it's incredible you know it's another great Point you're absolutely right you know we have two per that's our goal is two percent you'll have to Fed that up hit that up two percent two percent two percent I mean it's every it's just it's an incredible thing it's kind of like well we both know it wasn't two percent it was at least between dependency it was like three to eight percent don't worry that's what they're trying to sell us all but you know I think everyone that follows all work those are kind of a line of nonsense that is just you know it's not real um it's it's never been real but people buy it they hear this stuff it gets you know forced on them via the mainstream propaganda and they oh okay oh that sounds nice just two percent uh okay he's in my nickels and my dimes oh it's okay I mean come on man I'm telling you we need a revolution but people aren't going to do it they just they've been so lulled into a sense of I guess either learn helplessness or or they just don't give a damn well they start they're gambling they're hustling they're gambling they're looking for a side hustle they're uh the the levels of ethics and morals in society because of people's Bills going up and all the cost of everything people just they're becoming morally bankrupt and they're just we're turning into a nation of speculators and gamblers I mean like people are chasing just insanely high valuations on Apple stock and Nvidia they're chasing whatever they can to try to make quick profits to try to um offset stag play tax lie absolutely that's what they're doing and it's always the same story and it always ends the same way you know it just it's we just we just don't know when I mean you're gonna have a lot of people are gonna say hey when when when who knows when I don't think about it I'm sure you don't either because there's no way to pinpoint it all we could do is outline what's happening with and and the most likely worst place is going to go because we've seen this before it's not like oh this is all Uncharted well a lot of this is Uncharted Territory but this is we've never seen anything like this before but there's a lot of similarities to all of these kind of uh events how they eventually all end up and that's where we're going I mean it's so clear and people I think like I said we've done we've done a good job keeping people ahead of the people who follow our work I think are the most prepared of anybody else they know what's going on and they know what to do about it you know in my view at least from a financial standpoint but I go beyond that I tell people you know love each other care about each other be charitable find like find groups of people like mine people you could count on in a worst case scenario because I sincerely believe in my heart of hearts that we are Marching into a worst possible case scenario so Greg I want to draw on your experience as a Floor Trader working on Wall Street what happens if the government actually starts with short selling bans so similar to 2008 or maybe even worse because we've had Jamie Diamond just come out and say they should ban short selling on banks well what has happened in the past when you were trading on the floor and the government has talked about banning Short Selling well first of all I I I I don't think that's gonna happen I really don't think that's gonna happen first of all you need for a market to function you need these these elements to it okay people don't even understand that but again it although you know it's complex but in order for the system to function unfortunately or fortunately whoever you want to look at it um Short Selling is an integral part of how the system works they don't like it they're going to take the whole system down and redo it there's a lot been a lot of talk for years years and years about banning Short Selling Banning shorts selling vanishes in my and it's just not going to happen here because again what are they going to do what are the big institutions going to do the big institutions when this comes down and it's going to are going to be betting against their own clients as they always do uh and and that's probably a mechanism through some dark pool however they're gonna work it uh and again it's it's just the same situation here more cash is made when a market drops and then people like Jamie Diamond is well aware of this when a market drops to when it rises and it's made faster and and I think these major institutions uh when you hear something like that come out of the mouth of a a Wall Street Bank super Bank CEO you got to believe the polar opposite is true and he's laughing he's laughing because he knows that him and his institution and whoever else is going to be they're going to be reaping big fat rewards off of all that and then you know what's gonna happen nothing nothing's because they can't it's it's a hard thing to prove I think another thing they're going to do is they're going to have their they're going to work work it in a way that there's no way to actually find out and Norwood Regulators even look at it anyway they only look at people like you and I you and I are the only ones that get in trouble these big big institutions they get they get a fine they get a slap on the hand they they never even have to admit guilt how's that imagine that imagine a situation where you you do something wrong you don't even admit you did it did it wrong you just pay a little fine an insignificant cost of business fine which they they know it's it's baked in anyway and they just walk away scot-free I mean really when was the last time you are anybody else heard of a large institution or or a big wig at any of these institutions getting in any kind of trouble it's always the little the small guy I think it was interesting yeah yeah well Emily yeah in the back room but generally I mean Enron was an outlier I mean that was just incredible what a story you know what I tell people America is becoming I look at and the world has become Enron via this situation uh that they've created here so people should watch the what's the name of that movie oh my God the smartest guys in the room go out and rent it or however you watch a movie and the smart watch the smartest guys in the room and oh the documentary it's a documentary yeah change it will change your life you ever see it no I've seen the author who wrote the book though I think Bethany McLean wrote the book yeah she's fantastic because she's actually uh I I know her personally oh cool yeah she was just on Wealthy on a couple days ago yeah yeah yeah and um it's just it's that that is a mind-blowing documentary and she nailed it to the wall I mean you want to talk about nailing it to the wall people need to watch that and see how that whole thing went down and and how the little guy got decimated on on an unbelievable scale while the bigwigs walked out of there a couple of them walked out of there with hundreds of the millions of dollars sure some of them went to jail and one of them supposedly died you know with George Bush's great friend here oh what was the name the the the CEO guy whatever nfla or Skilling it's like Kenneth Lake Kenny boy that was George Bush's nickname from Candy boy he just happened to just you know die uh I don't believe that he ever I have to see the body and take it DNA sample uh but uh yeah the other guy did go to jail for a little bit he's out now um but he'll probably get hired by another large company because he knows how to cook the books Financial engineering now no hardly anyone goes to prison for it I mean the last time I think large Bankers went to prison was the 1980s savings alone Scandal uh Corazon was an enormous John Corzine MF Global stuff he did no prison time hey just talking about Nvidia they're up 25 after hours right now wow it that the valuations on that stock are are insane considering but I guess maybe people are worried about like China invading Taiwan and then semiconductor Supply I think there's part of that priced in but I mean once that if that risk geopolitical risk wears off that stock could crash but the valuations on these things like um a handful of big cap tech companies the rest of the stocks Greg in the um Russell 2000 so the small cap index the rest of the stocks are doing very very badly so it's really what Microsoft Apple Nvidia and a few other companies and that's about it yeah it's been it's been like that for a while a couple of big companies the large cap so they carry the market you know it's that's another phenomenon that we've seen too at the top of every I'm not saying we're at a top here but you know because I I like I said I've been along the market I'm still in that long I play around with it here and there trying to short it here and there once in a while you know like uh take a recipe why one of my trades went bad recently but that's okay uh I can't I can't win them all but um the best life in the big city anyway all interesting stuff I have to say so I want to get your thoughts on the oil market right now um I've been speaking with oil Traders hedge fund managers that specialize in Commodities and they were telling me just almost every day Monday through Friday for months now that billion many billions of dollars of oil Futures contracts are just being created and dumped onto the market and it's paper oil meanwhile the the producers of the oil so OPEC the Saudis are talking about this and it looks like there's going to be Supply constraints long term do you think this is another train wreck a couple years from now with another energy crisis oh Beyond any doubt 100 we're going to have that again I think you've been here with the Saudis are saying about this they're like they're not going to they're not going to allow um and they won't they they you know this organization here another one that should be gone in my view OPEC um they're they're gonna play this to their favor as they always do uh it's an incredible thing here but not only are we moving towards an energy crisis and we're moving towards look we live unfortunately in a crisis in an environment that only exists moving from crisis to crisis to crisis each crisis requires more and more it has to be thrown at it it's a deliberate thing um there's no such thing of things running smoothly anymore it's just always crisis okay and then move on to the next Crisis and the next one is worse and you know all the mechanism to borrow all the mechanism to keep pulling cash into the now to keep the debt-based economic model going um but there's no doubt about it I've been telling people if I I I've been saying that the right spot that people need to think about and this is just my opinion but I think people need to look into this is uh is Commodities in aggregate I think Commodities and aggregate are going to uh Skyrocket at one point here look cash is just gonna eventually we're gonna get a meltdown here in the debt Market that's going to spin people's heads around like the Exorcist and that's going to crush Equity markets around the world and cash is just going to move it's just gonna move from one place to another and the other PLA and that place is going to be commodity it's in my view I've been saying this Friday for like 10 years and you know eventually that's how I was going to play out risk on will become risk off and uh and then we're gonna get an overcoat and over shooting over correction or whatever you want to talk about it and it's everything and then it's Gonna Roll the other way as it always does well I think what the FED did with the interest rate hike so the FED claimed that they're fighting inflation but they created so much currency them and other central banks so the money supply numbers if you look since 2008 the Austrian true money supply numbers are up over 160 in the money supply and then again Greg from 2020 to 2022 they increased it by another about 50 percent the Austrian true money supply so these are not M1 M2 the Austrian School of Economics anesis Institute calculates it differently Murray rothbard wrote about another Austrian Economist wrote about it so you had just an insane increase in the money supply I the analogy I would use is they took the car up to over 120 miles per hour and then they just land on the brake so if you're driving super fast and all of a sudden you slam on the brakes I mean it's not very smart what's going to happen the after effects no because again this is part of what they're doing here in my view to um dismantle the system they had to do these things um in order for it to work out and it everything is working out exactly like they wanted to they're in full control people think oh they lose they've lost control now this is exactly what they want they're creating all of this they've created this environment of extremes and this environment of extremes I I I don't even think they're done I think it's gonna get more extreme well look at the warnings that Janet Yellen I mean she's she's not talking about necessarily Bank bailout she's talking about shotgun weddings Force Bank mergers but that's making basically too big to fail Banks larger we're eliminating uh the consumer's choice of banks because there's going to be a lot less banks in the next couple years that's what this is all about I consolidation of the uh it's making the two big steps fail much bigger um it's it's all they they have to do this they have to consolidate the banking system less institutions less players here for the new system and the new system is coming it's just it's just a matter of time before it's rolled out but in order to do that they have to they have to set it up the right way and that's part of it here they have to play it on to people it's a game oh we have to do this and this is and then we're going to have a fire sale on the assets of this company and these are going to get bought for pennies on the dollar and uh we haven't seen anything yet I think you know they're trying to distract us they don't want us to know what's going on here but nothing has been solved with regard to the smaller institutions at all yeah I totally agree yeah there's going to be a lot more of this moving forward well as we've been talking about this before we started recording a couple days ago I mean I had a conversation with a banker at a large Bank a week or so ago and he showed me some models I can't publish them publicly told me not to because then people would figure out kind of which bank he works for and the stuff he sent me it was just shocking that basically none of the banks had in their contingency plans that the FED would raise interest rates this high so basically the banks are they have enormous losses on their old Bond portfolio they have enormous losses on mortgages they give out at lower interest rates that are locked in at lower interest rates they have enormous losses on Commercial Real Estate and then their depositor so if they're a smaller Bank their depositors are leaving for greed or for fear to either a large Bank a money market fund or a uh they're buying treasuries from treasury direct which are a quote unquote safer and not higher interest rate so basically the FED with the the rapid pace of the interest rate hikes they basically made the banking system insolvent now with it yes and it's it's been installed but like I was saying earlier it has to operate that way in a Perpetual deficit it can never be solvent it can't be whole ever that's the way that's how it works and it can't work another way unfortunately are you talking are you talking about um fractional Reserve banking or something else well we have zero we have no Reserve now there's a there's not even a fraction Reserve System it's zero observed no but um yeah but but the whole system has to operate in the deficit it's the debt-based economic model it must constantly it's a vacuum under it all the time and that vacuum has to always be maintained uh in order in order to function I mean what do I always I tell people this I was like you want to end this system you you know how you know how we could take down central banks yeah we want to take down the FED prevent them from issuing one single dollar just one of debt if we could if we were able to prevent the Federal Reserve from issuing one single dollar of debt The Institute dies but it's that simple and that's why you have the constant unrelenting spending spending spending finding reasons to fund Wars and finding reasons to fund you know vaccines and whatever it might be it has to constantly constantly go work like that it can't work another way if we if if we really were to cut spending uh and we were able to like I said prevent the fed from issuing one dollar we could start a global domino effect which would wipe out the central banks around the world they have to function in deficit all the time central banks issue one product as you well know their product is in debt the more debt they issue the stronger they become period we since 2008 also Greg especially the Federal Reserve Bank I mean they create currency out of thin air and then they go and pick out winners and losers who they're going to get give bailouts to what asset prices are going to subsidize or inflate or move up because then all these levels of government need the tax revenues too so they're creating you said the system is a vacuum I mean I would argue the system actually resembles more of a Ponzi scheme because the deck can oh no well a Ponzi scheme is a Ponzi scheme is like a vacuum too it has to constantly be fed if you don't feed it it just it goes down the rat hole into into nothingness and that's what we have it's it it's a Ponzi it's a humongous epic Ponzi uh I'm glad you used that word because I've explained it in the same ways too it's a Ponzi and they have to keep finding reasons to borrow more and they create more cash out of nothing it's it's exactly like a Ponzi I will I get in trouble with my mainstream Finance friends and my mainstream hedge fund and manager friends a lot of them for seeing it publicly but the system with the currency growth the debt base fiat currency growth and the credit growth how it's resembled for decades now I mean it closely resembles the Ponzi scheme because the debt can never be mathematically paid off and yet it keeps growing and growing and growing it's restructured it's reissued it grows and in the interest payments on the debt now we're finally getting to the real math problem here because the US federal government Greg what three or four expenses now for the federal government are taking up most of the tax revenues including interest payments on debt military spending entitlements and that's I think over 50 percent of the tax revenues and no energy C is wants to talk about this publicly really no and it's a problem that's been brewing for a very very long time and it's it's again we're reaching a moment what I call a moment of Maximum saturation and and the the opening act of this moment of Maximum saturation is surging inflation like we're seeing right now and then again Central bank's going to get in here and have to buy more and buy more and buy more and by doing that and at the same time raising rates inflation is going to still move higher I mean it's just it's a self-fulfilling feeding mechanism here and it just can't stop and and again part of it and this is by Design obviously uh they knew this would happen so it continues this way and there that's why they realize in my view that this system cannot sustain itself so we'll get what's going to end up happening unfortunately is we are going to witness and I think it's going to be pushed on all of us another major crisis because again we function from crisis to crisis to crisis there's going to be another crisis here and this one this one is gonna in my my view is going to be an implosion in the debt market and then we're going to see wage spike in an uncontrolled fashion that's going to spin people's heads around it's going to be like and then we'll get and then there's the the potential and I think is a very real for a a whole system to lock up a credit freeze like that was that you see what people don't get and is in 08 the problem wasn't the Market's crashing that was just the side effect of what was going on here the capital injections into the system as you know were just to unlock it it was there was no inter Bank lending no inter system lending it was just stopped and that would if that happens and I think it will again ATMs don't work credit cards don't work debit cards don't work no cash out of the banks transactions stop um and that's really what they're trying to push off here and why they're so desperate now to keep inflating at least for now I've been saying they're not done they're not done at the end of last year they're not done I think we're getting close to them I'm telling you I was talking to Joe zalente about this just the other day um about how this is playing out and uh with you me and him honestly are all on the same page we have we're seeing exactly the same thing and that says something to me so do you think then other governments and other central banks that are running trade surpluses or have cash have US Dollars have us treasuries they're seeing what happened to Russia back in February 2022 with the sanctions and 300 billion of Russia's reserves were just confiscated that's basically a bill in at the macro level the US federal government change policies and penalize Russia that's 300 billion that's not coming back to them is that why these other governments in central banks are saying hey we're not going to buy as many U.S treasuries we don't like the policies but we also see how Russia was treated so we're going to diversify away from us treasuries in the US dollar into other stuff unfortunately we're seeing the fall of an Empire and the world is aware that you you're aware of it I'm aware of it the people that follow our work are aware of this the the the the landscape of the world is is changing very rapidly and uh I I do believe it's gonna end um in in in literal catastrophe meaning War a global war I think is definitely in the cards um you know this is gonna it's like a rabid animal being pushed into a corner and and and and you know we do have a pretty strong military and that military might will be pointed in any direction inward or outward that they want but this is definitely the United States is failing um it's being designed to fail um I I really you know and central banks are solidifying their power especially the European Central Bank the bank of England uh the Federal Reserve uh they they they're working together in concert to do this and in this you know this is the Brick Nations and stuff that I'm saying hey hold on a minute you know uh we know what's going on we see what's happening so and we and we don't want to be part of that so what we're doing here is we're going to do our own thing so this is just setting up opposite sides here so you can see there and to me the writing is on the wall it's on the wall it's just a matter of time and just watching it all unfold so I'm hearing a lot of brainwashed people talk about how this is the perfect example Marx was right of late stage capitalism I totally disagree I don't think we have really any capitalism unless you're a small business owner and you're getting people you don't absolutely no you're 100 right yeah I mean no capitalism yeah I mean the Federal Reserve Bank is not a capitalist entity it's a government protected cartel uh if you look at the the legal cases well if you look at the legal cases where the FED is sued the lawyers just make the most ridiculous arguments sometimes they say that their government entity and sometimes they say that they're private so they they argue whichever they want they get away with whatever they want no other entity has that type of power here in the United States that the Federal Reserve Bank does I think Greg and I know you've read a lot of history this looks like the end of an Empire so the the US is just so wasteful at this point I mean we're paying almost a trillion dollars per year now just on debt uh just on interest payments on the national debt the national debt's growing rapidly people in DC don't seem to care because what they're like Nancy Pelosi they're trying to either get rich quick like AOC who I think is worth over five million dollars in under five years in Congress and then or they're trying to get richer like Nancy Pelosi who's arguably been the top performing hedge fund manager trading on inside information in the last 10 or 15 years exactly I told people to see that exact case you know 100 it's the truth it's corruption the full the full of Empires is always the same it always ends for the same reason and generally it's corruption here yeah I mean the level of morality everyone's so short-sighted you have so many people doing gambling or loose morals and all this crazy behavior by grown ass adults acting like immature little babies or teenagers now is just nuts and then everyone is trying to get rich quick with some type of scheme or or there's tons of people Greg and they've been reaching out to me like asking me and they don't have any Stock Market trading experience they don't know how to read any fundamentals and they're asking how to trade stock options trying to get rich quick and stuff like that it's just tons of red flags right now we saw this though when uh back in early 2022 when the crypto market and the altcoins and the nfts just peaked tons and tons of people I was getting messages about from all these different people about like trying to set up all these crypto scams or is crypto going to come back am I going to be a millionaire in a couple years it was just ridiculous questions exactly you know look the other thing is people trying to survive so they're looking for any you know like people are getting crushed and they're getting crushed by the design so they're looking for any well can they gonna jump into the stock market can I buy this can I do that how can I make ends meet uh you know credit card that household that uh personal that's soaring out of control it's um it's absolutely freaking crazy bro it's completely out of control well this is you've said the FED will raise interest rates more I think they're hitting a limit here so maybe in the private sector they're racing I think they're gonna pause the next month I would be shocked if they don't pause for a little bit um I thought they might would like last year at the end of the end of the last year I thought we would get um a pause early this year we're kind of in the middle of the year now but we're gonna get a pause um for sure with the FED I I I I can't imagine that I'm really I'm wrong uh in all the years I've been at this I've only been wrong three times through God what the FED would do so if I'm wrong on this I would be kind of shocked so um but like I said I think the damage is already done to the private sector Greg so you were talking about small business um the interest rates you look at the interest rates of small businesses the small cap indexes uh on the stock market so these are the smaller companies they're costly capitals higher than say a JP Morgan or a large corporation so they're in Dire Straits right now with their balance sheet and interest payments on debt they're trying to cut back on their spending because of interest payments or credit card or their consumers just not spending their consumer doesn't have the the discretionary income so I I think the damage is already done from the rate hikes I mean the banking system at this point is a mess right now and uh it seems like the FED is just ho-hum we're going to force more mergers we're going to do Secret bailouts and then what they're going to consolidate everything for Central Bank digital currencies and less Freedom Beyond any doubt that's exactly how it's going to go well that's what they're trying to do I mean and people the worst part of it is most people are okay with it they don't care they're like they're willing to surrender whatever they got to do so just to I don't know it's it's a very interesting thing to see honestly it's it's pretty damn freaky you you're saying that people are apathetic so some people a lot of people are already paying their smartphones with what a cash app or venmo or they uh use uh what Zell one of their banking apps so they're like oh it's a government cryptocurrency it's no big deal oh absolutely yeah I think that's a big part of it people they just you know people haven't taught any of this stuff they just you know all they want to know is okay I go I get up I go to work I earn money well actually when you go you get up and you go to work all you're doing when people don't understand in my view is they're working to earn the right to borrow that cash from the Federal Reserve that they don't even own it's an incredible thing they you know it's it's so sick to me to think about it like the cash that we work for okay we don't own it you know that it's owned by the issuing Central Bank but it's issued back to the central bank plus interest okay it's being debased you have to earn that too of course uh at a very quick you know rapid pace is getting out of control pretty much sums it up well unfortunately and like I said people there's just the apathetic was the good word they just either they don't care they don't want to care and they're going to care I think you know then they're gonna sit around and do this what happened why did this happen I don't understand why why why why well you know people that you and me and a lot of other people have been talking about this for a long long time and now and then when it gets real ugly well then uh that's unfortunately I think people will fall back on their ideology or the degrees or whatever types of bias they get from watching the media because a lot of people are blaming capitalism for all this unfortunately unfortunately yeah moving away from that it seems like more people want to be taken care of from Cradle to grave and they're more than willing to vote for anyone with like it matters anyway I don't think all votes count at all um uh I think the central banks are the government but you know they're willing to do whatever they got to do so that someone will take care of them so they can get things for free uh whatever it is just it's crazy the human the human race or at least here in the United States I mean people are more like like animals like they live in the now they don't think about why things are or how things may affect them down the line it's like okay I want I want this instant gratification I want I want to be satisfied now I don't care what the cost is it's very it's it's just so crazy well the average person also doesn't know how big of a Hypocrites these entities are so these large corporations don't believe in capitalism don't believe in free markets excuse me the privates are profit uh privatized and the losses are socialized so heads we win tells you lose and so like the CEO Jamie dimon of JP Morgan the Insiders that JP Morgan are selling a lot of their Bank stock I think over 22 million of their shares were just sold because they know that there's a lot of problems coming meanwhile Wendy's uh entities these Banks like JP Morgan or others get caught manipulating a market since what 2008 they paid tens of millions of dollars in many different fines for Market manipulation whether it's Libor which was um Global interest rates or foreign currency exchange they're manipulating gold and silver markets they they pay a fine this is enormous hypocritical but they're talking about banning short selling on Bank stocks I mean if there's no short sellers who's going to cover to buy you need buyers and sellers in each market transaction or the crash could actually be worse if you've been short selling it it's not going to make any difference here this whole thing is going to get real whether they ban it or don't ban it or whatever it might be there's no way to stop the market from attaining some kind of reality at one point and then and then it's it's not even that you know it's going to be by accident this in my view is going to be again more money is made when the market drops than when it rises faster they're not going to stop this is what they do it's a repetitive cycle goes on and on and it'll happen again too even when this thing come gets real it's gonna get unreal again and then get real after that it's this is not going to be the end-all it's going to always be the same because it always is since since it's Inception well also I think the average person doesn't understand nominal Returns versus role returns so some of this top performing stock markets were in Zimbabwe or Venezuela but that's because the currency was collapsing so there was nominal returns in the stock market people saw oh the stock market in Zimbabwe there or Venezuela or Argentina is going up a lot but what they weren't also paying attention to is making inflation adjustments to the currency because the currency is being debased faster at a faster rate than the stock market is going up so just talk to the people who've survived those countries and escaped about the stock market going up because yeah for a while they were gambling on the stock market going up but it wasn't maintaining their standard of living their standard of living was still collapsing because the current CD basement and the the corruption in the government uh was ruining the economy well yeah I mean you know look people are going to have their delusions or whatever they want but they can people everyone's people are going to get a wake up call here bro and you and me we can say you know what everyone at least we told you about it do you think crypto is going to be allowed or do you think the private crypto like that corner do you think there's going to be some type of tax or ban on it in the Nazis individual it's a totally different thing and then people have actually in look people who have cryptocurrency now me being one of them I don't use this stuff would I no let me let me correct that I I have bought things with Bitcoin in the past in fact I bought gold with Bitcoin I bought a bunch of it gold with Bitcoin about a year ago no a little older than that but a year and a half ago um but most people don't transact in this stuff they they hold they hold it now with this essential basic are gonna do the FED with the digital currency is going to be used as a mode of transaction completely different than same name I guess maybe I don't know what they're going to call it you know then then the the what people currently are holding you know Bitcoin Litecoin whatever it might be so it's a totally different animal in my view it won't it won't change my perspective I think when the eventual meltdown happens just cash is going to move the Commodities like I said and I also think it's going to go into the big cryptos more than likely you just cash doesn't fly away to money Heaven as you well know it just moves from one reality into another and that's where it's going to go here too it's going to end up in commodity it's going to end up some of it into cryptocurrencies mostly Commodities are gonna are gonna be the biggest beneficiary I think of the debt Market implosion which is going to happen and then this the following stock market Fallout around the world on the back of uh spiking rates and well maybe a locking up of the system we'll see how it goes I just want people to be ready for it do you think um buying buying assets that the fed and other central banks can't print because you think then long term the goal for these governments and central banks whether it's the fed the European Central Bank bank of Japan is to devalue these Fiat currencies so if you buy and hold if you're in cash for many years so dollars Euros Japanese Yen Chinese Yuan you're going to be intentionally devalued then well that's what they've been doing forever they're not going to stop I mean they're going to race to the bottom I've been telling people this for how many 10 years that that central banks are purposely sucking the purchasing power out of their currencies and they're doing this by Design yeah and that's what I mean you know people think it's funny people think that this issue with inflation is just an issue here in the United States people don't realize this is pretty much a worldwide phenomenon it's actually worse it's been worse in other countries I mean because when the dollar is strong the other currencies are normally weaker against the dollar and the inflation that we've gotten here in the United States since 2008 a lot of it has actually just been imported so it's been lower levels of stagflation for a while up until the last couple years that was what the high levels the the uh teen levels so 13 14 15 16 17 according to Shadow stats those were high levels of stagflation but there were low levels of stagflation a lot of it for many many years prior to 2020 and 2021 I I've been telling people that the the number one export product of the United States is inflation I I I I I believe that's true I really do I maybe I'm crazy but I don't know I think that I think it's true I I think you're I think you're right I think the US has exported many many trillions of dollars over the years and they continue to do approach crazy situation man I just um I don't know what are people gonna do about is the bottom line I still feel the best the most undivided asset is silver physical silver I think people need to own it I look at the Dow gold ratio gold silver ratio in case people wondering who are listening to this for the first time but maybe don't know who I am what would I do but uh you know very it's very simple for me to say what I do and that is uh you know at least from a financial standpoint you know you gotta um you gotta hold units of wealth because the system is it's just so sick and twisted at this point it just can't go on forever it's not designed to and they're they're getting ready to uh to make their move to the new system and it's gonna it's not going to be pretty and if my enlisters want to follow your work how did they do so oh just go to my website traderschoice.net or my YouTube blog just Google me I'm pretty much everywhere