“We Don’t Have a Market” — Gold Is Warning You | Gregory Mannarino
Summary
Gregory Mannarino returns to Soar Financially to discuss the growing cracks in the debt market, why stocks continue to hit record …
Transcript
We are going to get these this uncontrolled selloff here in the debt market at a point of choosing of the Fed Treasury or Trump Fasy Fed Treasury complex here. And that's going to be the moment where this all breaks loose because when rates spike in an uncontrolled fashion, this is what I've been warning about forever. We're going to see the stock markets of the world melt down so fast, people aren't going to be ready for it. The cracks are getting wider and wider. I can even fit into them now. And we need to discuss what do these cracks mean? Is the market going to break down eventually? What does the bond market tell us right now? Yields are elevated, but they're not concerning yet perhaps. And I'm really curious what my guest has to say about what I just said. His name is Gregory Manorino. Really looking forward to bringing him back. We spoke last early February, about February 10th before the whole hubbub there in the Middle East. Uh that sent stock markets much much higher. S&P 500 at a record high if you recall. Uh, and the bond yields also surging, but not to a catastrophic level. Really curious what his thoughts are on the whole thing or the whole market. Actually, not the thing, the market of course. But before I switch over to my guest, hit that like and subscribe button. Helps us out tremendously with the algorithm and we really, really appreciate it. Now, Greg, it is a great pleasure to welcome you back on Soore Financially. Thanks so much for making the time. >> Thanks for having me. I appreciate you. Appreciate being here. Thank you. >> Absolutely. Yeah, we got lots to talk about cuz uh you were on last on February 10th and a lot has changed since then of course and maybe to to summarize what you said like the debt market is where it's going to fail and the question is now three and a half months or four months later where what's the state of the debt market right now and give give us an overview what's the state of the general market perhaps >> we don't have a market we have we have a distortion mechanism uh that's what we have being priced off of action in the debt market that's all this is um the the the war since we spoke is an accelerant here which will pull vast amounts of debt into the system to keep it propped up and the market's loving it as you can see especially with the new Fed chair that we just got and uh that's going to make a big difference as well. Every mechanism conceivable things we can't even imagine are going to be thrown at us to keep the mechanism going. It's it's a double-edged sword. Excuse me. They keep rates suppressed. Um, which again, yeah, we have seen the the debt market kind of uh flash warning signals over and over again. But every single time it gets out of control, meaning when we start seeing a spike here in the benchmark, which is the 10-year yield, what happens? Just a miracle. Some entity gets in here and starts buying all the debt, dollar drops, and the market's loving it. Um, and the mechanism behind that, I don't think that's going to stop anytime soon. I think is going to continue uh until we reach a point of uh well well the the Trump slash Fed/Treasury complex lets it all go. I mean that's the reason why that this whole merger had to take place to manage the debt market and it is it's the checkmate kind of a situation here on the debt market. Um and it's it's it's a wrecking machine for the economy. Abso freakingutely. We just found out that our economy lost 419,000 jobs last month. It's not gonna stop. Um and and that mechanism again a wrecking machine. It's it's incredible thing. The double-edged sword is this currency devaluation, artificially suppress rates, vast debt expansion, wrecking machine for the economy, but it's also uh uh another accelerant for the stock market to move even higher. Um, I think anyone betting against this market, and I've been saying this for the longest time, has got to be nuts. Uh, it doesn't I'm not in this market on the long end anymore. I pulled out of this months ago like all the so-called smart money did. Uh, but I am trading this market using credit spreads. I put these out every Saturday for anyone that follows my work that wants to get uh gain a little edge here on the market. These are free uh for anyone who subscribes to my uh my substack here. Oh, anyway. But uh and anyone who can't afford a subscription gets it for free. Just ask me for it. Reach out and subscribe. I'm not there's no payw wall here. I'm asking people to almost voluntarily support the work because I've given away thousands and thousands and thousands of subscriptions to people who say they can't afford the 40 bucks a year. That's okay. Some people can't afford 40 bucks a year. That's the kind of situation that we're in economically and everything else here. Bottom line is this, man. Uh we we're going to enter a new phase of debt creation, debt expansion, currency devaluation. of course on a massive scale the bottom line is the United States is the I call it the the detonation zone but but the fallout here uh the is going to is spreading all over the entire world and this this war uh is obviously a very key component here warning after warning not just for me uh but we got another one from the IAA just this morning uh a warning of a possible rationing coming up here not too far off and you know Look, JP Morgan warned about the same thing. We got a lot of banks warning about this here. It's all deliberate, of course, to bring people into their a state of well, people are already thrown into a state of confusion. You know, from one minute, you know, we have a president telling us he doesn't care that talks have stopped with Iran. 15 minutes later, he tells us that talks are back on and they're rapid fire and we could get another deal this week. Can't make it up. This is why people can't prepare. They can't be be allowed to know how this is unfolding. They have to be kept in that state of delusion that obviously exists in some some people's heads here. Uh and and again a a failsafe kind of thing. It's very sad that people aren't allowed to know, but they're seeing it and they are. Bottom line is we don't have a market. We have some kind of a distortion pricing off of the debt market. It's an incredible thing to witness here. Cracks are everywhere. The debt market is the time bomb of time bombs. It will go off at a time of their choosing. And again, that's why the Fed, Treasury, Trump complex exists to buy it all. No one wants our debt. No one wants our dollars. No one wants our products. America's being isolated on the world. States. Our economy is in literal collapse. Uh and and the uh the blast radius is is from the United States is engulfing the world. That's where we stand. Yeah, like on on the debt market like is it the fuse has been lit obviously like you you you just pointed out the question is how long is that fuse and it's probably pretty short now. Um but is there a certain level in terms of yield where you say okay the fuse is is completely gone. The dead bomb is about to explode. Like the fuse is already inside the bomb. We're just waiting for it to to set it off or like is is there a certain level? >> No. How how it's going to work is this. It's the pace. It's the pace at how we see bond yields react. We will eventually see uh 20 30 40 maybe even 50 basis point jumps higher in let's say the benchmark the 10-year yield here in the day. That's going to be the signal. We've seen this kind of reaction to 20 in a day or so maybe a little more than that over the last few months. and the market gets rattled. But then the market realizes that, you know, okay, don't worry. Sit back, buy the dip here because the Fed Treasury complex is gonna jump in here and start issuing more debt, buying more debt. T US Treasury is buying back its own debt via a mechanism of of swapping uh short-term debt, long-term debt. It's an incredible mechanism that's going on here. Really is. People have no idea any of it's happening. But yeah, no, there's no actual level. Um and the market the market okay will be comfortable pretty much wherever it sits um as long as there's no rapid movements to the upside uh in succession. I mean if we were to see like 20 basis points in one day then another 20 followed by another 20 or whatever that would rattle the market no doubt. Um, but then you got to weigh the dollar along with the two. You know, the there's a compensatory mechanism that exists in here and that's what the MMRI is based on. I have a tool that's free to everyone to use. Everyone can look it up. It's called the Manoral market risk indicator. It weighs the dollar uh uh or the Dixie or the relative strength of the dollar based against the benchmark 10-year yield with a little little cute little equation that I came up with here using the golden ratio. Uh, and it comes up with a number. Uh, and yeah, we're we're in a a very bad spot right now with regard to that. We're in a very very close to an extreme risk situation, but extreme risk doesn't mean the market is going to blow up at any given moment. The MMRI is a pressure gauge. Basically, it's not a crash indicator, but I think it's worthwhile to for people to keep their eyes on. Again, it's free to everyone, everyone who listens to your work, anyone in the world. Just look up um Manorino market risk indicator or MMRI and you could utilize that that tool. I think it's very very important here. So look man, I think people just have to realize that the dynamics in play are going to remain the way they are and people are going to be forced to suffer almost like a boiling frog. People are suffering right now everywhere. They can't survive. They can't make meat. 85% of middle class Americans are now blowing through and probably around the world blowing through their their budgets uh their monthly budgets here. And this is about to get a lot worse here. There's no way that we're going to see any relief with regard to uh they strip war out. Let's take the war away. Does anyone here listening believe that we're going to miraculously stop seeing currency devaluation? We have a president that keeps going for a weaker dollar every moment he possibly can. We need lower rates. We don't need lower rates. We much higher rates. What people don't realize and they've been duped is is uh they say, "Okay, well, you know, uh low rates are good." No, rates are low rates are not good here. Destroys the purchasing power of the currency. No politician will tell them that. But if they want to look back on history goes back as far as you want to go when were the most successful times for we the people of anywhere any nation here it's not during a period of low rates it's during a period of much higher rates here you get initial pain but the low rate mechanism sure it's a beautiful thing for the stock market that's what it's designed to do you suppress rates you weaken the dollar it opens up a doorway for cash to make its way into risk assets or stock market we have the biggest bubble we've ever seen a most highly leveraged market market in the history of humanity uh valuations that are way beyond.com levels or anything like that. So there's a big crack for you. But that doesn't mean the market's going to drop anytime soon anything significantly because every time it tries to correct we haven't had a normal correction in this market. I can't even tell you when that even happened. I don't remember anymore. Uh it doesn't happen anymore because you got the Fed Treasury Trump complex in here. And I say Trump complex because his guy is now sitting in the Federal Reserve. This um Kevin Walsh guy uh who is now the the the Fed chair guy is hiding his vast wealth behind uh confidentiality agreements. But that's okay for the American people. Hide all your wealth here. He could have been paying off who knows what. Uh you know, pet pedophiles and everything else. What else would you expect in this kind of an environment when that's what we have sitting behind the resolute desk, a protector of pedophiles, of course. >> Uh he is of course part of the Epstein class himself. And and that's where this is going. It's very unfortunate. Um but who's paying the price? Well, it certainly isn't the Epstein class people. They're reaping the rewards of a weaker dollar. Who benefits from the weaker dollar? It certainly isn't the American people. They can't survive with the dollar dollar that keeps getting destroyed from the inside. The Cantalon effect here uh basically weaken the currency. Who gets the currency first? Well, it's of course the entrepreneur class, the rich people, they get the the currency before it's devalued, before it trickles down to people like you and me. And then we get destroyed from within. So when you hear a president, a politician, a central banker say, "We need a weaker dollar," you know they're not talking to you. They're talking to the Epstein class people. And then when you hear that also again that we need lower rates, that's also to prop up the stock market, weaker dollar. Who owns 90% of the world stock market? Of course, it's the Epson class again. So, as the people of the world, they're just systematically wiped out from within our economy and everything else connected to it here as we are thrust into a new system. Well, we know who benefits from it. So, it's not going to stop until people say enough. I think we're all pretty much on the same page. >> No, AB. Absolutely. The question is like where is that tipping point of course right like when when when is enough enough? Um >> you know that's what I've been wait when people rise up when people say right now people this the boiling frog. People don't know which end is up anymore. They don't and they're just dealing with it thinking that some kind of miracle is going to happen and it's going to change. It's not going to change. The dynamics in play are pointing in one direction. That is everything we're seeing is about to get exponentially worse over the next few months. I say late summer, late summer this is going to be unrecognizable from where we are right now. And the worst part is it's already in the pipeline and if we want to put the war into the current dynamics that are in play, there's a massive lag effect here. People think this, you know, this happens, you automatically get an effect with regard to the economy. No, there's a there's always a lag effect with regard to how this plays out. So even if the even if they came up with the best deal in the history of the world and I want people to realize that now we got three months into this war and we haven't seen not one not one core objective uh of why this we even started this war where Trump got started this war fulfilled not one has been realized that is the definition of abject failure or this is all by design of course to keep people pressured that's the word that the uh the mainstream media is using so I kind of uh adopt ed it as of late. Of course, it's a mechanism to keep multiple things are going on here. No other endeavor on the planet generates a need for greater borrowed or more borrowed dollars than war. The expansion of war, the buildup to war, nothing. Uh and all these numbers are fake that they're throwing at us here with Hegath with his 29 billion. It's more than like, you know, four times higher than that. Uh according to their own data if you just dig through it. But of course, what would we expect from an administration that does nothing but lie and cheat and steal and frontr run the market? But the market's looking into those trades that Trump leaked prior to him making an announcement on crude oil. It's amazing. It really is. But don't nobody should expect an arrest just like the FC files. But uh yeah, but that's again this uh it's a crazy mechanism here, man. But yeah, luckily the tipping point is I don't I don't see one. I think people are the tipping point is going to be hit people so dramatically. It's not we're not going to be able to see it really. We can see the signs of it un unraveling, but the actual the the moment when let's say you know the the freight train hits, it's it's meant to hit people by surprise. Tell people there's a deal tomorrow or the next day even though talks aren't happening. Uh tell people that something's going to happen and they they hold up the market gets hope and the crude oil drops and the stocks go up and everything. I'll tell you what would hit the market and in my opinion the market that we don't have would be if there was a resolution to all this that would probably turn into a massive I mean look I could be wrong I'm just throwing out my an idea here that I think if a deal were actually reached a real deal we would probably see a sell the news moment in the market u and as long as they kept rates suppressed and the dollar being pushed lower here and losing purchasing power the market could power back very fast and regain the incredibly unbelievable uh distortion effect here with regard to valuations makes no sense. So look, man, what do we do? We keep betting against the system. They they want to tell us that gold and silver isn't real money. I don't sell this stuff. I have no stake in it. I do own a heck of a lot of this stuff. Silver is uh one of my largest investments here. I think physical silver, even in the current environment, is massively undervalued based upon where the Dow Jones industrial average could potentially go. We got to look at this. You know, people say a lot of things, man. I haven't heard anyone really put a better value uh based in dollars uh on how the market should play out other than how I've come up with this. I think I'm not tooting my own horn here, but it just makes sense. We have to figure out where the bottom of the market is with regard to the Dow. Then we have to price gold off of that. And then we can make an assumption as to where silver is going to go. Where's the Dow? We're in La La Land. The market's probably eight times overvalued right now. If we if we pick a target eight times lower than we are now, uh I see we're going to get a a minimum of one to one, probably two to one, maybe three to one favoring gold and then a potential 10 to1 silver. 15 to1 is a no-brainer, but that's where we're going. So, this is why I say silver is the most undervalued financial asset on the planet earth. But with regard to the bigger picture, man, we're are we're our best assets, man. We got to align our we got to bring our lions together. I call my people lions, your people lions, too. If people are sitting here listening to this and shaking their heads and saying, you know what, this guy got it right. Well, they they should consider themselves a lion because that's exactly what's happening. Everything we just spoke about. Yeah. >> I'm trying to figure out where the stock market is getting its confidence from. Um is the confidence just coming from liquidity because there's no other home globally for for money to be parked or invested in. It's like I'm I'm I'm curious because like everything we just discussed would would signal or mean that the stock market should be much lower at least under pressure. But the VIX everything is seems to be normal or actually at low levels. Um why is that? Like why isn't the stock market still so confident? >> The market is confident because it knows that the harder that the economy is pushed through the crust of the earth flattened out basically are we're in absolute decline right now. The more easy money is going to be pumped into it. And that mechanism is going to continue to exacerbate the underlying problem for the economy which of course crushes it even harder while it pushes the stock market up even higher. Uh everything is based upon action in the debt market. You know that we started off talking about this. If the market believes that the Fed Treasury Trump complex in here is going to keep you know uh vastly inflating the debt. This is how it works. Okay. When people when you look at the stock market, the market has to adjust itself to increasing debt levels, it it does this here by trading on higher multiples. So when you have a mechanism that is fueling uh the system with more debt, okay, we're completely illquid. We have a system here that operates in a perpetual vacuum. It's debt based. It's and it it the the liquidity must be found and pumped into it via war, via disease, via shut down the economy. Whatever they have to do to keep propping it up that mechanism to pull more debt into the system here, the market will have to adjust, okay, uh to to trading on a higher multiple. So you get this multiple expansion cycle and the stock market could go much higher. Look, man, they could callull half the population, maybe three/4ers of it of the world. They could shut down the economy and they actually did once. what happened to the market. It went higher. They didn't call the population. They tried to. And maybe we haven't even seen that because I believe we're going to end up facing an event here. I really do believe this. I mean, people might think I'm crazy and maybe I'm out there, but I really feel like we are going to face a depopulation event here. And I I want people to be ready for this because how it has to happen. Because here's the situation. Let's let's talk about that just for a second here. If we realize here that we're pulling cash into the now to support pulling cash into the now from our future here in greater and greater amounts all it does is sustain the illusion of normaly we are we are already going to be we're seeing it now uh a resource problem here where okay look man it's still there in the stores okay the stores are pretty much stocked up but some people can't afford these things right now so that's a scarcity issue developing in real time and I'm not talking about people at the lower end. I'm talking about people in middle in middle class more middle 26% of of US US middle class people and I could this is probably the same stat for other nations as well are now middle class people 26% year-over-year using buy now pay later uh scams or systems here to get necessities. We're already starting to see it but eventually this is going to play out into a resource problem. I wrote a paper 10 years ago called global debt and the human bubble. I hope people take a time, open up a window right now and look it up. Global debt and the human bubble and you'll see where this is going to play out. We are going to face a resource problem here. Pandemonium in the streets and people are going to be at each other's then we're going to see more control. What's this all about? Where are we leading to? A system of more freedom and more liberties? No, we're leading to a system of maximum control, a whole new paradigm, a whole new set of rules. the same thing that I've been telling people for 10 years and now it's pretty evident that you know what it's unfolding in real time. >> You you often say people need to become their own central bank there Greg. So um like what does that look like in real life? Like give give us some practical advice. How do you become your own central bank in with given everything you just mentioned? >> It couldn't be easier. I think we got to look at suppressed assets, real things that you can hold in your hand. They're right here. gold and silver. That's it. You know, look, man, from a financial standpoint, this is the easiest environment in the history of God's earth that is now under other, I guess you could say, some kind of other entities control to stay ahead of it. Uh, but they don't want people to know that. They don't want people, how many people, I mean, your people get it and my people get it, but you know, regular people walking the street do not realize that you can actually buy gold and silver. I love gold, don't get me wrong. It's my second favorite financial asset on the planet, but silver is where it's at. If you look at again the Dow gold ratio, and you look at the gold silver ratio, I mean, it's a no-brainer that silver is it. It's it it. I also think people need to have uh some cryptocurrency in their portfolio. I think this stuff is going to balloon uh uh as well moving forward. But that's my take on it's not for everyone. I get it. But if you had to pick one asset, I'd say silver, man. That's how you become your own central bank. Uh again, it's my number one uh uh outside the system asset that I hold. That's it. I'm an open book. Everyone knows what I'm doing. I've been buying this stuff for forever, for freaking ever now. I started buying silver. It was eight bucks, maybe eight bucks. I bought it all the way up to 40 bucks. It came down. I kept buying wherever it is today. And then we're going to see multiples higher on this here, man. But you know, look at this is the whole the thing is this. We could look at the financial system and say, "Okay, this is what we need to do." All right. Beautiful. it's fantastic because it's too easy. Um the bottom line is this is going to devolve or evolve, I don't know, however you want to look at it, into a credit event. And that's really what they're thrusting upon us. The reason why they've been inflating the system the way that it is here and it's obviously bleeding out to the global economy with inflating prices here, vastly inflating debt here, uh factories in the United States, everywhere. They're all dying. Uh and all the headlines will tell you something different. You got to read through the data. It's kind of interesting here. Just as an example of that today, if you look at the headlines, I don't know when this video is going to actually come out, but if you were to look at the headlines today, they're going to tell you a job post job postings just jumped, >> but hiring just dropped 419,000. Can't make it up. So, people read the headlines, they don't read through the rest of the thing, and they know people don't do it. Bottom line is it's a deception. It's a massive deception campaign. But the real reality is what we're going to end up facing is the stopping of the flow of debt or credit through the system. That's what was taking down the entire world system during the financial crisis that Bernanki told us was contained to subprime. You remember that whole thing over there? Uh and how he was rushed before our loving caring representative said if we don't start pumping billions into the economy, we won't have an economy by Monday. He didn't say a market. the Dow had already fallen by 50%. Okay, it's not about the stock market. It's about a credit event a lot because again, what does this mean? If in fact we will and we're going to see this, there's no doubt about it. Going back to the debt market because it's the key, we are going to get these uncontrolled selloff here in the debt market at a point of choosing of the Fed Treasury or Trump Fury Fed Treasury complex here. And that's going to be the moment where this all breaks loose because when rates spike in an uncontrolled fashion, this is what I've been warning about forever. We're going to see the stock markets of the world melt down so fast, people aren't going to be ready for it. Then it's not just about the stock markets. All trans once the debt market melts down, which is the currency melts down with it because currencies, this currencies are units of debt. They're not units of wealth here. The whole system locks up. Transactions stop zeros across the board and there will be pandemonium in the trade. Um, that's where we're going. There's no This is where they're thrusting us into. when people are concerned about you know this and then that and the other thing. The bottom line is they don't realize the greatest danger facing us all right now uh is the uh upcoming credit event and that's what we're going to face. This is why I say we could sit and look at gold and silver and Bitcoin and the market and whatever. It's all well and good and it's fun and dandy and lovely, right? But the bottom line is we need each other more than than anything else. We need to align. We need to come together. We need to realize that we're not each other's enemies because they once you divide a nation, a family or anything else we cannot stand. That's why this current situation is what it is. We've been divided, therefore conquered and therefore we are falling. America has fallen. And we are the hub. We are the hub of what's going to of a plague. I call this a plague that we've seen throughout history. Now it's in our own time. This plague here has now infected the planet and some people more than others here and it's taking them down with it. And unfortunately, it's the minority that rules. It's not the majority and until the majority takes control, everything's going to get worse. >> Greg, one last question perhaps about seasonality. Like we're going into the summer phase or period now. Uh volumes are usually lower. Is that when you expect maybe a credit event or a market breaking event to happen when volumes when nobody's paying attention? >> Look, man, all I do is look at that 10-year yield. I'll be I look at the whole yield curve, but I focus on the 10-year yield mostly because that's the benchmark where everything presses off for the most part. I will sit back and I watch this all the time. If I see an uncontrolled sell off a day, okay, it's not going to really if we see a 20% a 20 basis point jump in the 10-year yield market might react. If I see it followed by another by a 30 and then we start to see that pressure uh which of course as as that bond yields rise, it's going to pressure the stock market. That's it. I don't sit and ponder when and with when this is going to happen, when is that going to happen. I just prepare um and try to prepare the people that follow my work and I think the people that follow your work too, uh they get it. And we're sitting here preaching to the choir. I hope people share this work. I hope people get this stuff out there because I don't know where they're going to get this kind of information from. I'll be honest with you. I'm a guy that's maybe been a little too obsessed with this over the years, but I mean people, anyone that wants to go back and look at track record here of me and my lions here, it's it's literally second to none. And I think that we're, you know, look, man, we're all in this together. We just got to look at the signs. Look for what's happening here. Not to say, okay, it's going to happen at this time or at this place. We realize it's unfolding now. It is happening now. We're inside it currently. Um it it it's a multistacked crisis event situation here and it's not just one thing. It's multiple multiple angles and I don't think one part of it is an accident or a comedy of errors or anything. Yeah. People realize this happened and people know there's something wrong. People walking around at least who get it probably wonder why sometimes they just feel like things are off because there's a there's a a frequency there's a vibration and people are in touch with it. I think for the most part, you know, you want to study numbers and this that and the other. I think it's all well and good. Be careful where you get your data from. That's the truth. Because all the government data is fake. Every bit of it. The headlines are all meant to keep people twisted and believe nonsensical things. The deal tomorrow is since we won the war on day one. Here we are now 3 months into this war. And we haven't won a damn thing. And the American people and the people of the world, they're all the people of the world are paying for it now. So look, man. Yeah. So bottom line is this. People, become your own central bank, bet against the debt. That's all well and good. you know, you want to play this market, that's fine, too. There's this there there's definitely is some cash to be made there. Convert that into uh uh becoming your own central bank. Don't you can't be I don't I is I I've been saying the market's going to go up and it's been, but I'm not in it. Okay. I usually I I like to own I was in JPQ and JP. Look, I'm an open book. Everyone knows what I'm doing uh for a long time collecting monthly dividends on these. It was very nice. It was very nice, but I feel like the risk right now is is is so extreme. There's other ways to make it work for us. So, that's it. So, the smart money, and I'm not talking about myself here, has already exited this market for the most part here. And, uh, the golden parachutes, yeah, uh, the rich got them, and everyone else don't got them. So, it's it's it's time for people to realize, man, it's it's time for action, not talk anymore. You got to start doing things. >> Absolutely. No, I really really appreciate your sincere words here, Greg. Fantastic. Um, really really interesting conversation. I know you mentioned it, but maybe just to repeat it for our audience, where can they follow your work? Where can they reach out to you? Oh man, I'm the easiest guy in the world to find. Let let them follow you. Don't worry about me. You're the guy that's giving me the message. I'm just the guy out here. If they want to find me, there's my name. Just look me up. You'll find me. >> Perfect. Perfect. Greg, tremendously appreciate your time as always. Thank you so much for coming back on. Always enjoy our conversations here. Thank you so much for coming on Sore Financially and uh we we'll we'll talk soon. Everybody else, thank you so much for tuning in. Tremendously important insights here from Greg Manorino. Um, if you enjoyed this conversation, of course, follow Greg, but also hit the like and subscribe button on our channel. Leave a comment down below. What's your golden parachute? Have you have you put uh anything? Do you have a nest egg? Do you have something to put to put away? Are you your own central bank already? Let us know. Really curious to read your comments about all of that. Thank you so much for tuning in. Don't let your emotions run your investments for you. Take care out there.
“We Don’t Have a Market” — Gold Is Warning You | Gregory Mannarino
Summary
Gregory Mannarino returns to Soar Financially to discuss the growing cracks in the debt market, why stocks continue to hit record …Transcript
We are going to get these this uncontrolled selloff here in the debt market at a point of choosing of the Fed Treasury or Trump Fasy Fed Treasury complex here. And that's going to be the moment where this all breaks loose because when rates spike in an uncontrolled fashion, this is what I've been warning about forever. We're going to see the stock markets of the world melt down so fast, people aren't going to be ready for it. The cracks are getting wider and wider. I can even fit into them now. And we need to discuss what do these cracks mean? Is the market going to break down eventually? What does the bond market tell us right now? Yields are elevated, but they're not concerning yet perhaps. And I'm really curious what my guest has to say about what I just said. His name is Gregory Manorino. Really looking forward to bringing him back. We spoke last early February, about February 10th before the whole hubbub there in the Middle East. Uh that sent stock markets much much higher. S&P 500 at a record high if you recall. Uh, and the bond yields also surging, but not to a catastrophic level. Really curious what his thoughts are on the whole thing or the whole market. Actually, not the thing, the market of course. But before I switch over to my guest, hit that like and subscribe button. Helps us out tremendously with the algorithm and we really, really appreciate it. Now, Greg, it is a great pleasure to welcome you back on Soore Financially. Thanks so much for making the time. >> Thanks for having me. I appreciate you. Appreciate being here. Thank you. >> Absolutely. Yeah, we got lots to talk about cuz uh you were on last on February 10th and a lot has changed since then of course and maybe to to summarize what you said like the debt market is where it's going to fail and the question is now three and a half months or four months later where what's the state of the debt market right now and give give us an overview what's the state of the general market perhaps >> we don't have a market we have we have a distortion mechanism uh that's what we have being priced off of action in the debt market that's all this is um the the the war since we spoke is an accelerant here which will pull vast amounts of debt into the system to keep it propped up and the market's loving it as you can see especially with the new Fed chair that we just got and uh that's going to make a big difference as well. Every mechanism conceivable things we can't even imagine are going to be thrown at us to keep the mechanism going. It's it's a double-edged sword. Excuse me. They keep rates suppressed. Um, which again, yeah, we have seen the the debt market kind of uh flash warning signals over and over again. But every single time it gets out of control, meaning when we start seeing a spike here in the benchmark, which is the 10-year yield, what happens? Just a miracle. Some entity gets in here and starts buying all the debt, dollar drops, and the market's loving it. Um, and the mechanism behind that, I don't think that's going to stop anytime soon. I think is going to continue uh until we reach a point of uh well well the the Trump slash Fed/Treasury complex lets it all go. I mean that's the reason why that this whole merger had to take place to manage the debt market and it is it's the checkmate kind of a situation here on the debt market. Um and it's it's it's a wrecking machine for the economy. Abso freakingutely. We just found out that our economy lost 419,000 jobs last month. It's not gonna stop. Um and and that mechanism again a wrecking machine. It's it's incredible thing. The double-edged sword is this currency devaluation, artificially suppress rates, vast debt expansion, wrecking machine for the economy, but it's also uh uh another accelerant for the stock market to move even higher. Um, I think anyone betting against this market, and I've been saying this for the longest time, has got to be nuts. Uh, it doesn't I'm not in this market on the long end anymore. I pulled out of this months ago like all the so-called smart money did. Uh, but I am trading this market using credit spreads. I put these out every Saturday for anyone that follows my work that wants to get uh gain a little edge here on the market. These are free uh for anyone who subscribes to my uh my substack here. Oh, anyway. But uh and anyone who can't afford a subscription gets it for free. Just ask me for it. Reach out and subscribe. I'm not there's no payw wall here. I'm asking people to almost voluntarily support the work because I've given away thousands and thousands and thousands of subscriptions to people who say they can't afford the 40 bucks a year. That's okay. Some people can't afford 40 bucks a year. That's the kind of situation that we're in economically and everything else here. Bottom line is this, man. Uh we we're going to enter a new phase of debt creation, debt expansion, currency devaluation. of course on a massive scale the bottom line is the United States is the I call it the the detonation zone but but the fallout here uh the is going to is spreading all over the entire world and this this war uh is obviously a very key component here warning after warning not just for me uh but we got another one from the IAA just this morning uh a warning of a possible rationing coming up here not too far off and you know Look, JP Morgan warned about the same thing. We got a lot of banks warning about this here. It's all deliberate, of course, to bring people into their a state of well, people are already thrown into a state of confusion. You know, from one minute, you know, we have a president telling us he doesn't care that talks have stopped with Iran. 15 minutes later, he tells us that talks are back on and they're rapid fire and we could get another deal this week. Can't make it up. This is why people can't prepare. They can't be be allowed to know how this is unfolding. They have to be kept in that state of delusion that obviously exists in some some people's heads here. Uh and and again a a failsafe kind of thing. It's very sad that people aren't allowed to know, but they're seeing it and they are. Bottom line is we don't have a market. We have some kind of a distortion pricing off of the debt market. It's an incredible thing to witness here. Cracks are everywhere. The debt market is the time bomb of time bombs. It will go off at a time of their choosing. And again, that's why the Fed, Treasury, Trump complex exists to buy it all. No one wants our debt. No one wants our dollars. No one wants our products. America's being isolated on the world. States. Our economy is in literal collapse. Uh and and the uh the blast radius is is from the United States is engulfing the world. That's where we stand. Yeah, like on on the debt market like is it the fuse has been lit obviously like you you you just pointed out the question is how long is that fuse and it's probably pretty short now. Um but is there a certain level in terms of yield where you say okay the fuse is is completely gone. The dead bomb is about to explode. Like the fuse is already inside the bomb. We're just waiting for it to to set it off or like is is there a certain level? >> No. How how it's going to work is this. It's the pace. It's the pace at how we see bond yields react. We will eventually see uh 20 30 40 maybe even 50 basis point jumps higher in let's say the benchmark the 10-year yield here in the day. That's going to be the signal. We've seen this kind of reaction to 20 in a day or so maybe a little more than that over the last few months. and the market gets rattled. But then the market realizes that, you know, okay, don't worry. Sit back, buy the dip here because the Fed Treasury complex is gonna jump in here and start issuing more debt, buying more debt. T US Treasury is buying back its own debt via a mechanism of of swapping uh short-term debt, long-term debt. It's an incredible mechanism that's going on here. Really is. People have no idea any of it's happening. But yeah, no, there's no actual level. Um and the market the market okay will be comfortable pretty much wherever it sits um as long as there's no rapid movements to the upside uh in succession. I mean if we were to see like 20 basis points in one day then another 20 followed by another 20 or whatever that would rattle the market no doubt. Um, but then you got to weigh the dollar along with the two. You know, the there's a compensatory mechanism that exists in here and that's what the MMRI is based on. I have a tool that's free to everyone to use. Everyone can look it up. It's called the Manoral market risk indicator. It weighs the dollar uh uh or the Dixie or the relative strength of the dollar based against the benchmark 10-year yield with a little little cute little equation that I came up with here using the golden ratio. Uh, and it comes up with a number. Uh, and yeah, we're we're in a a very bad spot right now with regard to that. We're in a very very close to an extreme risk situation, but extreme risk doesn't mean the market is going to blow up at any given moment. The MMRI is a pressure gauge. Basically, it's not a crash indicator, but I think it's worthwhile to for people to keep their eyes on. Again, it's free to everyone, everyone who listens to your work, anyone in the world. Just look up um Manorino market risk indicator or MMRI and you could utilize that that tool. I think it's very very important here. So look man, I think people just have to realize that the dynamics in play are going to remain the way they are and people are going to be forced to suffer almost like a boiling frog. People are suffering right now everywhere. They can't survive. They can't make meat. 85% of middle class Americans are now blowing through and probably around the world blowing through their their budgets uh their monthly budgets here. And this is about to get a lot worse here. There's no way that we're going to see any relief with regard to uh they strip war out. Let's take the war away. Does anyone here listening believe that we're going to miraculously stop seeing currency devaluation? We have a president that keeps going for a weaker dollar every moment he possibly can. We need lower rates. We don't need lower rates. We much higher rates. What people don't realize and they've been duped is is uh they say, "Okay, well, you know, uh low rates are good." No, rates are low rates are not good here. Destroys the purchasing power of the currency. No politician will tell them that. But if they want to look back on history goes back as far as you want to go when were the most successful times for we the people of anywhere any nation here it's not during a period of low rates it's during a period of much higher rates here you get initial pain but the low rate mechanism sure it's a beautiful thing for the stock market that's what it's designed to do you suppress rates you weaken the dollar it opens up a doorway for cash to make its way into risk assets or stock market we have the biggest bubble we've ever seen a most highly leveraged market market in the history of humanity uh valuations that are way beyond.com levels or anything like that. So there's a big crack for you. But that doesn't mean the market's going to drop anytime soon anything significantly because every time it tries to correct we haven't had a normal correction in this market. I can't even tell you when that even happened. I don't remember anymore. Uh it doesn't happen anymore because you got the Fed Treasury Trump complex in here. And I say Trump complex because his guy is now sitting in the Federal Reserve. This um Kevin Walsh guy uh who is now the the the Fed chair guy is hiding his vast wealth behind uh confidentiality agreements. But that's okay for the American people. Hide all your wealth here. He could have been paying off who knows what. Uh you know, pet pedophiles and everything else. What else would you expect in this kind of an environment when that's what we have sitting behind the resolute desk, a protector of pedophiles, of course. >> Uh he is of course part of the Epstein class himself. And and that's where this is going. It's very unfortunate. Um but who's paying the price? Well, it certainly isn't the Epstein class people. They're reaping the rewards of a weaker dollar. Who benefits from the weaker dollar? It certainly isn't the American people. They can't survive with the dollar dollar that keeps getting destroyed from the inside. The Cantalon effect here uh basically weaken the currency. Who gets the currency first? Well, it's of course the entrepreneur class, the rich people, they get the the currency before it's devalued, before it trickles down to people like you and me. And then we get destroyed from within. So when you hear a president, a politician, a central banker say, "We need a weaker dollar," you know they're not talking to you. They're talking to the Epstein class people. And then when you hear that also again that we need lower rates, that's also to prop up the stock market, weaker dollar. Who owns 90% of the world stock market? Of course, it's the Epson class again. So, as the people of the world, they're just systematically wiped out from within our economy and everything else connected to it here as we are thrust into a new system. Well, we know who benefits from it. So, it's not going to stop until people say enough. I think we're all pretty much on the same page. >> No, AB. Absolutely. The question is like where is that tipping point of course right like when when when is enough enough? Um >> you know that's what I've been wait when people rise up when people say right now people this the boiling frog. People don't know which end is up anymore. They don't and they're just dealing with it thinking that some kind of miracle is going to happen and it's going to change. It's not going to change. The dynamics in play are pointing in one direction. That is everything we're seeing is about to get exponentially worse over the next few months. I say late summer, late summer this is going to be unrecognizable from where we are right now. And the worst part is it's already in the pipeline and if we want to put the war into the current dynamics that are in play, there's a massive lag effect here. People think this, you know, this happens, you automatically get an effect with regard to the economy. No, there's a there's always a lag effect with regard to how this plays out. So even if the even if they came up with the best deal in the history of the world and I want people to realize that now we got three months into this war and we haven't seen not one not one core objective uh of why this we even started this war where Trump got started this war fulfilled not one has been realized that is the definition of abject failure or this is all by design of course to keep people pressured that's the word that the uh the mainstream media is using so I kind of uh adopt ed it as of late. Of course, it's a mechanism to keep multiple things are going on here. No other endeavor on the planet generates a need for greater borrowed or more borrowed dollars than war. The expansion of war, the buildup to war, nothing. Uh and all these numbers are fake that they're throwing at us here with Hegath with his 29 billion. It's more than like, you know, four times higher than that. Uh according to their own data if you just dig through it. But of course, what would we expect from an administration that does nothing but lie and cheat and steal and frontr run the market? But the market's looking into those trades that Trump leaked prior to him making an announcement on crude oil. It's amazing. It really is. But don't nobody should expect an arrest just like the FC files. But uh yeah, but that's again this uh it's a crazy mechanism here, man. But yeah, luckily the tipping point is I don't I don't see one. I think people are the tipping point is going to be hit people so dramatically. It's not we're not going to be able to see it really. We can see the signs of it un unraveling, but the actual the the moment when let's say you know the the freight train hits, it's it's meant to hit people by surprise. Tell people there's a deal tomorrow or the next day even though talks aren't happening. Uh tell people that something's going to happen and they they hold up the market gets hope and the crude oil drops and the stocks go up and everything. I'll tell you what would hit the market and in my opinion the market that we don't have would be if there was a resolution to all this that would probably turn into a massive I mean look I could be wrong I'm just throwing out my an idea here that I think if a deal were actually reached a real deal we would probably see a sell the news moment in the market u and as long as they kept rates suppressed and the dollar being pushed lower here and losing purchasing power the market could power back very fast and regain the incredibly unbelievable uh distortion effect here with regard to valuations makes no sense. So look, man, what do we do? We keep betting against the system. They they want to tell us that gold and silver isn't real money. I don't sell this stuff. I have no stake in it. I do own a heck of a lot of this stuff. Silver is uh one of my largest investments here. I think physical silver, even in the current environment, is massively undervalued based upon where the Dow Jones industrial average could potentially go. We got to look at this. You know, people say a lot of things, man. I haven't heard anyone really put a better value uh based in dollars uh on how the market should play out other than how I've come up with this. I think I'm not tooting my own horn here, but it just makes sense. We have to figure out where the bottom of the market is with regard to the Dow. Then we have to price gold off of that. And then we can make an assumption as to where silver is going to go. Where's the Dow? We're in La La Land. The market's probably eight times overvalued right now. If we if we pick a target eight times lower than we are now, uh I see we're going to get a a minimum of one to one, probably two to one, maybe three to one favoring gold and then a potential 10 to1 silver. 15 to1 is a no-brainer, but that's where we're going. So, this is why I say silver is the most undervalued financial asset on the planet earth. But with regard to the bigger picture, man, we're are we're our best assets, man. We got to align our we got to bring our lions together. I call my people lions, your people lions, too. If people are sitting here listening to this and shaking their heads and saying, you know what, this guy got it right. Well, they they should consider themselves a lion because that's exactly what's happening. Everything we just spoke about. Yeah. >> I'm trying to figure out where the stock market is getting its confidence from. Um is the confidence just coming from liquidity because there's no other home globally for for money to be parked or invested in. It's like I'm I'm I'm curious because like everything we just discussed would would signal or mean that the stock market should be much lower at least under pressure. But the VIX everything is seems to be normal or actually at low levels. Um why is that? Like why isn't the stock market still so confident? >> The market is confident because it knows that the harder that the economy is pushed through the crust of the earth flattened out basically are we're in absolute decline right now. The more easy money is going to be pumped into it. And that mechanism is going to continue to exacerbate the underlying problem for the economy which of course crushes it even harder while it pushes the stock market up even higher. Uh everything is based upon action in the debt market. You know that we started off talking about this. If the market believes that the Fed Treasury Trump complex in here is going to keep you know uh vastly inflating the debt. This is how it works. Okay. When people when you look at the stock market, the market has to adjust itself to increasing debt levels, it it does this here by trading on higher multiples. So when you have a mechanism that is fueling uh the system with more debt, okay, we're completely illquid. We have a system here that operates in a perpetual vacuum. It's debt based. It's and it it the the liquidity must be found and pumped into it via war, via disease, via shut down the economy. Whatever they have to do to keep propping it up that mechanism to pull more debt into the system here, the market will have to adjust, okay, uh to to trading on a higher multiple. So you get this multiple expansion cycle and the stock market could go much higher. Look, man, they could callull half the population, maybe three/4ers of it of the world. They could shut down the economy and they actually did once. what happened to the market. It went higher. They didn't call the population. They tried to. And maybe we haven't even seen that because I believe we're going to end up facing an event here. I really do believe this. I mean, people might think I'm crazy and maybe I'm out there, but I really feel like we are going to face a depopulation event here. And I I want people to be ready for this because how it has to happen. Because here's the situation. Let's let's talk about that just for a second here. If we realize here that we're pulling cash into the now to support pulling cash into the now from our future here in greater and greater amounts all it does is sustain the illusion of normaly we are we are already going to be we're seeing it now uh a resource problem here where okay look man it's still there in the stores okay the stores are pretty much stocked up but some people can't afford these things right now so that's a scarcity issue developing in real time and I'm not talking about people at the lower end. I'm talking about people in middle in middle class more middle 26% of of US US middle class people and I could this is probably the same stat for other nations as well are now middle class people 26% year-over-year using buy now pay later uh scams or systems here to get necessities. We're already starting to see it but eventually this is going to play out into a resource problem. I wrote a paper 10 years ago called global debt and the human bubble. I hope people take a time, open up a window right now and look it up. Global debt and the human bubble and you'll see where this is going to play out. We are going to face a resource problem here. Pandemonium in the streets and people are going to be at each other's then we're going to see more control. What's this all about? Where are we leading to? A system of more freedom and more liberties? No, we're leading to a system of maximum control, a whole new paradigm, a whole new set of rules. the same thing that I've been telling people for 10 years and now it's pretty evident that you know what it's unfolding in real time. >> You you often say people need to become their own central bank there Greg. So um like what does that look like in real life? Like give give us some practical advice. How do you become your own central bank in with given everything you just mentioned? >> It couldn't be easier. I think we got to look at suppressed assets, real things that you can hold in your hand. They're right here. gold and silver. That's it. You know, look, man, from a financial standpoint, this is the easiest environment in the history of God's earth that is now under other, I guess you could say, some kind of other entities control to stay ahead of it. Uh, but they don't want people to know that. They don't want people, how many people, I mean, your people get it and my people get it, but you know, regular people walking the street do not realize that you can actually buy gold and silver. I love gold, don't get me wrong. It's my second favorite financial asset on the planet, but silver is where it's at. If you look at again the Dow gold ratio, and you look at the gold silver ratio, I mean, it's a no-brainer that silver is it. It's it it. I also think people need to have uh some cryptocurrency in their portfolio. I think this stuff is going to balloon uh uh as well moving forward. But that's my take on it's not for everyone. I get it. But if you had to pick one asset, I'd say silver, man. That's how you become your own central bank. Uh again, it's my number one uh uh outside the system asset that I hold. That's it. I'm an open book. Everyone knows what I'm doing. I've been buying this stuff for forever, for freaking ever now. I started buying silver. It was eight bucks, maybe eight bucks. I bought it all the way up to 40 bucks. It came down. I kept buying wherever it is today. And then we're going to see multiples higher on this here, man. But you know, look at this is the whole the thing is this. We could look at the financial system and say, "Okay, this is what we need to do." All right. Beautiful. it's fantastic because it's too easy. Um the bottom line is this is going to devolve or evolve, I don't know, however you want to look at it, into a credit event. And that's really what they're thrusting upon us. The reason why they've been inflating the system the way that it is here and it's obviously bleeding out to the global economy with inflating prices here, vastly inflating debt here, uh factories in the United States, everywhere. They're all dying. Uh and all the headlines will tell you something different. You got to read through the data. It's kind of interesting here. Just as an example of that today, if you look at the headlines, I don't know when this video is going to actually come out, but if you were to look at the headlines today, they're going to tell you a job post job postings just jumped, >> but hiring just dropped 419,000. Can't make it up. So, people read the headlines, they don't read through the rest of the thing, and they know people don't do it. Bottom line is it's a deception. It's a massive deception campaign. But the real reality is what we're going to end up facing is the stopping of the flow of debt or credit through the system. That's what was taking down the entire world system during the financial crisis that Bernanki told us was contained to subprime. You remember that whole thing over there? Uh and how he was rushed before our loving caring representative said if we don't start pumping billions into the economy, we won't have an economy by Monday. He didn't say a market. the Dow had already fallen by 50%. Okay, it's not about the stock market. It's about a credit event a lot because again, what does this mean? If in fact we will and we're going to see this, there's no doubt about it. Going back to the debt market because it's the key, we are going to get these uncontrolled selloff here in the debt market at a point of choosing of the Fed Treasury or Trump Fury Fed Treasury complex here. And that's going to be the moment where this all breaks loose because when rates spike in an uncontrolled fashion, this is what I've been warning about forever. We're going to see the stock markets of the world melt down so fast, people aren't going to be ready for it. Then it's not just about the stock markets. All trans once the debt market melts down, which is the currency melts down with it because currencies, this currencies are units of debt. They're not units of wealth here. The whole system locks up. Transactions stop zeros across the board and there will be pandemonium in the trade. Um, that's where we're going. There's no This is where they're thrusting us into. when people are concerned about you know this and then that and the other thing. The bottom line is they don't realize the greatest danger facing us all right now uh is the uh upcoming credit event and that's what we're going to face. This is why I say we could sit and look at gold and silver and Bitcoin and the market and whatever. It's all well and good and it's fun and dandy and lovely, right? But the bottom line is we need each other more than than anything else. We need to align. We need to come together. We need to realize that we're not each other's enemies because they once you divide a nation, a family or anything else we cannot stand. That's why this current situation is what it is. We've been divided, therefore conquered and therefore we are falling. America has fallen. And we are the hub. We are the hub of what's going to of a plague. I call this a plague that we've seen throughout history. Now it's in our own time. This plague here has now infected the planet and some people more than others here and it's taking them down with it. And unfortunately, it's the minority that rules. It's not the majority and until the majority takes control, everything's going to get worse. >> Greg, one last question perhaps about seasonality. Like we're going into the summer phase or period now. Uh volumes are usually lower. Is that when you expect maybe a credit event or a market breaking event to happen when volumes when nobody's paying attention? >> Look, man, all I do is look at that 10-year yield. I'll be I look at the whole yield curve, but I focus on the 10-year yield mostly because that's the benchmark where everything presses off for the most part. I will sit back and I watch this all the time. If I see an uncontrolled sell off a day, okay, it's not going to really if we see a 20% a 20 basis point jump in the 10-year yield market might react. If I see it followed by another by a 30 and then we start to see that pressure uh which of course as as that bond yields rise, it's going to pressure the stock market. That's it. I don't sit and ponder when and with when this is going to happen, when is that going to happen. I just prepare um and try to prepare the people that follow my work and I think the people that follow your work too, uh they get it. And we're sitting here preaching to the choir. I hope people share this work. I hope people get this stuff out there because I don't know where they're going to get this kind of information from. I'll be honest with you. I'm a guy that's maybe been a little too obsessed with this over the years, but I mean people, anyone that wants to go back and look at track record here of me and my lions here, it's it's literally second to none. And I think that we're, you know, look, man, we're all in this together. We just got to look at the signs. Look for what's happening here. Not to say, okay, it's going to happen at this time or at this place. We realize it's unfolding now. It is happening now. We're inside it currently. Um it it it's a multistacked crisis event situation here and it's not just one thing. It's multiple multiple angles and I don't think one part of it is an accident or a comedy of errors or anything. Yeah. People realize this happened and people know there's something wrong. People walking around at least who get it probably wonder why sometimes they just feel like things are off because there's a there's a a frequency there's a vibration and people are in touch with it. I think for the most part, you know, you want to study numbers and this that and the other. I think it's all well and good. Be careful where you get your data from. That's the truth. Because all the government data is fake. Every bit of it. The headlines are all meant to keep people twisted and believe nonsensical things. The deal tomorrow is since we won the war on day one. Here we are now 3 months into this war. And we haven't won a damn thing. And the American people and the people of the world, they're all the people of the world are paying for it now. So look, man. Yeah. So bottom line is this. People, become your own central bank, bet against the debt. That's all well and good. you know, you want to play this market, that's fine, too. There's this there there's definitely is some cash to be made there. Convert that into uh uh becoming your own central bank. Don't you can't be I don't I is I I've been saying the market's going to go up and it's been, but I'm not in it. Okay. I usually I I like to own I was in JPQ and JP. Look, I'm an open book. Everyone knows what I'm doing uh for a long time collecting monthly dividends on these. It was very nice. It was very nice, but I feel like the risk right now is is is so extreme. There's other ways to make it work for us. So, that's it. So, the smart money, and I'm not talking about myself here, has already exited this market for the most part here. And, uh, the golden parachutes, yeah, uh, the rich got them, and everyone else don't got them. So, it's it's it's time for people to realize, man, it's it's time for action, not talk anymore. You got to start doing things. >> Absolutely. No, I really really appreciate your sincere words here, Greg. Fantastic. Um, really really interesting conversation. I know you mentioned it, but maybe just to repeat it for our audience, where can they follow your work? Where can they reach out to you? Oh man, I'm the easiest guy in the world to find. Let let them follow you. Don't worry about me. You're the guy that's giving me the message. I'm just the guy out here. If they want to find me, there's my name. Just look me up. You'll find me. >> Perfect. Perfect. Greg, tremendously appreciate your time as always. Thank you so much for coming back on. Always enjoy our conversations here. Thank you so much for coming on Sore Financially and uh we we'll we'll talk soon. Everybody else, thank you so much for tuning in. Tremendously important insights here from Greg Manorino. Um, if you enjoyed this conversation, of course, follow Greg, but also hit the like and subscribe button on our channel. Leave a comment down below. What's your golden parachute? Have you have you put uh anything? Do you have a nest egg? Do you have something to put to put away? Are you your own central bank already? Let us know. Really curious to read your comments about all of that. Thank you so much for tuning in. Don't let your emotions run your investments for you. Take care out there.