The Dollar's Future Under Trump & Predictions for 2026

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
For many years, the US dollar has been the world's
reserve currency, and in recent years it appears that we've
decided that, hey, we can just print it because of
the world's reserve currency. Because we're so important, we'll just
print money. We don't even need to worry about the
deaf sit Today we're going to discover, Okay, what does
that really mean? And what is Trump doing with with

(00:24):
his tariffs, with with Doge, with everything that he's doing,
and how will that impact the dollar? As we've seen
the dollar actually decrease in price even quickly over the
last few months. What do we see in the future
and how's it going to affect the average American entrepreneur.
And today I have a returning guest, Chris Whalen. Chris,

(00:46):
so good to have you back on the Well to
Bilty Show.

Speaker 2 (00:49):
Now it's my pleasure to thank you very much. Tom.
You know I have a new book coming out, Inflated
Money Debt In the American Dream, we try and explain
what you were just talking. How did we get here?
How did we go from being this poor agrarian society
before World War One to becoming the world's money and
having to run this utility for everybody, free of charge.

(01:12):
By the way.

Speaker 1 (01:13):
Yeah, so if you will give give us a little
of your background so people know where you're coming from
in this, because it's pretty impressive.

Speaker 2 (01:21):
Well, no, thank you. I'm very fortunate. I grew up
as the oldest child to Joan and Richard Whalen, and
they were among the most interesting Republican operatives of their day.
My dad was a speechwriter for Richard Nixon. He was
the Sioux chef in the kitchen cabinet of Ronald Reagan,
helped work on the first acceptance speech, Family, neighborhood, and freedom,

(01:42):
all those words you hear Donald Trump talking about, because
Reagan is his great hero. And you know, I've had
the fortune of being both a writer and an investment
banker from more than three decades. I'm one of the
odd ducks in the funeral world, but I do work
as a banker. I advise a lot of large lenders
and financial institutions investors, and then I also publish a blog,

(02:04):
the Institutional Risk Analyst. I write a column Financial Mortgage News,
and I write for other people out of time.

Speaker 1 (02:11):
Awesome, thank you, Chris. So let's start with some of
the basics. If we can because you and I have
done a lot of studying, but not all of our
listeners have. What does it mean when somebody says the
US dollar is the US is the world reserve currency.

Speaker 2 (02:30):
What it means is that about eighty percent of foreign
exchange transactions around the world have the dollar on one
side or the other. It means that more than half
of all reserve assets held by global central banks are
und dollars. And it also goes to the key point,
which is that the dollar is by far and away
the largest financial system in the world. So it accommodates trade,

(02:54):
it accommodates investments, and it's also just in general, a
benchmark for It's still a not just some means of exchange,
but a store of value in the unit of account.
The dollar is the de facto unit of account in
many countries around the world. I'm married to a lady
from Uruguay and her entire family is indexed in dollars, salaries,

(03:19):
real estate, the whole shebang. So the world is de
facto on a dollar monopoly basis, and it has been
since the Great Depression and the New Deal. The thing
that Franklin Roosevelt did was kill gold and forced everybody
to use paper money to the exclusion of all else.

Speaker 1 (03:38):
So so over the last well for a very long time.
In fact, I can tell very recently the dollar was
really strong, which means that you know, it was that
safe haven, right, I mean it was that strong dollar.
You could put your money into dollars. It was good.
In the last three months, it's dropped and really to

(04:01):
a law that we haven't seen for several several years.
What does that mean? So it's it's our dollar versus
other currencies, right, that's the the what you're what you're
measuring is our dollar versus other currencies. How does that
impact things when you have a dollar that goes from

(04:22):
say it one o six to ninety nine.

Speaker 2 (04:26):
Well, it's reflecting short term turbulence caused by President Trump's
trade policy and the market volatility we've seen. But let's
be fair that US financial markets have still been recovering
from the period during COVID and the extraordinary action that
the Federal Reserve took. The FED puts so much liquidity
into the system, and Congress as well. They spent money

(04:49):
they didn't need to, so that the Fed had to
start issuing its own t bills you remember that time
reverse repurchase agreements. Well, that indicates that they've come too far.
I always tell my readers, if you want to know
if the Fed's doing a good job or not, see
if they have to issue reverses, because that's basically saying
it's like Nicky Mouse in the film that you know,

(05:10):
Fantasia the Wizard's Apprentice, he has to mop up the
excess water, and that's what their own Powell was doing.
So the dollar, you know, got very overvalued in my view,
for the wrong reasons. It doesn't reflect our economic fundamentals
in terms of the deficit and things that other countries
have to worry about. It reflects the fact that people

(05:31):
use the dollar as the means of exchange, and it
also reflects the fact that we attract investment because we're
still the most attractive market in the world for a
lot of reasons.

Speaker 1 (05:42):
Now, now, you mentioned in your book that the that
the US has seemed to put aside the importance of
actually fiscal responsibility and that they feel like they don't
need the American textpayer, they can just promote so and
presumably that comes from this feeling that hey, we're the

(06:04):
reserve currency. We can do whatever we want. How do
you think that's happened over the last several years. How
long has this been happening, and what's the impact on
the US and the world.

Speaker 2 (06:16):
Well, it's been going on since time immemorial. Politicians don't
like raising taxes. I don't care what country you're in.
And going back to the inception of the United States,
when we had no money, when we were using gold
and foreign currency as money in this country, right up
until after the Civil War, politicians would gladly issue debt

(06:39):
rather than have to go ask people to pay taxes.
Even during the Revolution, when you would think Americans were
pulled together and we were fighting the British na they
had to fund that whole enterprise with debt. And then
the key thing was Lincoln. Lincoln fought the Civil War
with greenback currency. It wasn't even money in the days
of old. It was considered debt. It had the bear

(07:00):
interest when it was first introduced. So, you know, Americans
have always had this problem, in all societies have had
this problem. But after World War Two, all of a
sudden were on steroids because not only did the world
go off the gold standard, but it said, okay, we're
going to use dollars, and we're going to have this
thing called the IMF and this thing called the World

(07:21):
Bank that's going to help countries manage their balance of
payments in a fiat system that we all remember. Nixon
in seventy one closed a gold window. That was kind
of the end. But it was really Roosevelt to put
us on the Fiat system and took gold away. You know,
think about this. All the golden Fort Knox was confiscated
for Americans in nineteen thirty three. It was stolen from

(07:44):
the banks that were members of the Federal Reserve System.
All the shareholders of every US bank at that time
basically had their gold taken away from them by Theodore
by Franklin Roosevelt. So you know, we're come full circle.
When you see the price of the dollar going down
and go going up, that tells you what you need
to know.

Speaker 1 (08:06):
So what do you think is going to happen? I mean,
you say that the dollars come down largely as a
reaction to Trump's terrorists. There's a maybe a lack of
confidence in the dollar, But there's an argument for a
week or dollar because obviously it makes our goods less expensive.
To the world makes other goods, the world's goods, more
expensive to us. And the argument is, if you're going

(08:28):
to bring back manufacturing to the US, you need a
week your dollar.

Speaker 2 (08:33):
That's true, but it's difficult to engineer that unilatterally, as
President Trump is trying to do. You know, Donald Trump
won the election because a lot of Americans would like
to go back to simpler times. They would not mind
if the dollar was not the reserve currency and if
we didn't have to shoulder so many burdens around the world.
You know, our people in uniform are in one hundred

(08:56):
and sixty plus countries around the world doing one thing
and another to help other people. And I think that
you know, ultimately, if you want to see the dollar decline,
and I think it will in terms of its universal
use as the global reserve currency number one and number
two as the means of exchange for trade, then that

(09:17):
will happen over time. But usually that baton has passed
after a war. You know, the US took the baton
from Great Britain after World War One. During World War
One and the British were broke, So by the time
we get to World War Two, every country in Europe
was basically broke, and we ended up financing the whole
thing and then obviously producing a lot of the material out.

(09:38):
By that time, we had accumulated so much wealth in
this country that there was nobody else who could do it.
So we transitioned from the British pound, which had been
in the world's money for hundreds of years, to the dollar.
And here it is century later. We're still doing it.
But over time, I do think we're going to head
to more of a multilateral system, where, for example, countries

(10:01):
that are adjacent to one another who trade with one
another are going to hold one another's currency as reserves,
and they'll hold a dollar two. But you don't think
about it. Who could replace the dollar tomorrow if we
just decided we weren't going to use dollars, right, it's
either the euro or the yen. Nothing else is even
remotely big enough. The Chinese don't want it. The Russians

(10:23):
don't want it because you know, they're both of these
still fairly backward economies, extractive economies. They don't want to
import all that inflation. They wouldn't know what to do
with it, you know, do the Russians? Do we trust
the Russians so much. Do we want to hold their money? No.
So it's all these qualitative aspects of the United States,
the rule of law, privacy for investments, that sort of thing.

(10:44):
It keeps bringing people back here. You know, we have
a capital market for debt for real estate that other
countries don't have. Why people invest in the US.

Speaker 1 (10:54):
So does that mean we can just keep printing money?
I mean, we've got a tax bill right now going
through I'm sure we do. That would spend a whole
lot of more money. And uh and and so you know,
there's this question. You know, on one hand, Trump's raised taxes.
Terrorists are attacks, right, so there's a raising a tax.
And on the other hand is reducing income tax certainly on

(11:18):
certain groups of people such as uh, you know, waiters
and and uh uh hospitality.

Speaker 2 (11:26):
What they their act together. I don't think they'll have
a reconciliation build this year. The Conservatives in the House
are going to dig their heels it on the long hand,
and then the Republicans in the Senate, they are not
in any way, shape or form ready to follow their
colleagues in the House. So I wrote something about that
for my clients. It's monst. You know, it's good to

(11:48):
talk about. But I think what's going to happen is
they're going to extend the Trump tax cuts and that's it.

Speaker 1 (11:54):
Got it, got it. So do you think that Trump's
wanting to reduce the deficit? I mean, he hasn't seemed to.
He didn't in the first term. It doesn't really seem
to be important. And do you think it is important
to reduce the deaf sit Oh?

Speaker 2 (12:10):
I do, and I do think that President Trump has
that as one of his objectives. But he's a politician
and he's trying to hold his majority in Congress together,
which means they have to bring some goodies back to
the voter. It's just simple American politics. We are living
in a world where we want it, but we don't
want to pay for it. So, for example, we want

(12:30):
to be able to put grandma and grandpa into nursing
homes assistant living centers that are subsidized by the tax payer,
but we don't want to pay for the taxes to
cover the cost. That's what it comes down to. Do
people want grandma to come home and live with them,
to out of the basement. No, So, you know, American
society is still way out of balance in terms of

(12:51):
what we receive and what we put in in terms
of taxes, and we make up the difference with borrowed money.
The simple as that.

Speaker 1 (12:58):
So what's the end result, I mean, does that go
on forever?

Speaker 2 (13:02):
I think it will go on for as long as
the world allows it. But remember they don't have many alternatives.
Where else are they going to go? So that's the
first problem for you know, global investors, everybody, you know,
when Trump first got started six eight weeks ago, everybody said, oh, well,
we're gonna invest somewhere else, We're gonna open accounts in London,
We're gonna do this and that. Now there's not enough

(13:24):
assets out there and even begin to absorb the flight
out of the United States. And then when you talk
about gold, there's not enough gold above ground that's actually
deliverable in a large transaction to even start that conversation right, So,
ultimately we're locked in the dollars for the time being.
Will the world decide to wean itself off? Yes, I've

(13:47):
suggested something interesting that I think you would like. I
think we should allow investors to go out there and
buy all that low coupon debt that was issued during
COVID bonds that nobody wants to own because there's no
carry and use that for tech payments. Okay, so you
pay your taxes at par but you go out and
buy that twenty year bond that nobody wants. It has

(14:08):
an eighth of a percent coupon trades like.

Speaker 1 (14:11):
I'll tell you my wealthy clients would love that.

Speaker 2 (14:15):
It's a good idea we could reduce the debt.

Speaker 1 (14:18):
It's an absolute discount. It's an absolute discount on your.

Speaker 2 (14:20):
Taxes, and the Treasury is getting par value. Remember they
would have to pay interest on that piece of paper,
so it's a big savings for them. But yes, to
answer your question, Trump wants to reduce the deficit. He's
hoping to grow our way out of it. I think
that's very limited. You know, we are in a largely
mixed socialist slash capitalist system, and the socialist piece is

(14:42):
dead weight. The Democrats don't care, so you can't have
a conversation with them about growth. You know, I just
joined the New York Mortgage Bankers Association to help some
of my colleagues in the state. The politicians in New
York are almost as bad as they are in Illinois.
They don't care. All they want is power. So when
you talk to them about growth and capital and you know,

(15:03):
bringing assets back in here to build new housing, for example,
they don't care. It's almost impossible to have a conversation
with them. So the Conservatives have to carry the water.
And that's why you're seeing this division in the country.
That's why you're seeing companies relocate to places like Florida
and Texas. They don't want to be in blue states.
And that's unfortunate, you know, it really is.

Speaker 1 (15:25):
It's interesting. So one of the things you haven't mentioned
as a potential reserve currency is a cryptocurrency like a bitcoin.
That would I mean, obviously that's one that's not controlled
by a government. And is that an alternative to the dollar,
where say the euro or the end might not be.

Speaker 2 (15:49):
No, I honestly don't think so. I think cryptocurrencies are,
you know, kind of a repetition. I just wrote a
piece for my friends at AGRA about the fact that
the dollar, the Fiat dollar, created by Abraham Lincoln, was
the first cryptocurrency. If you could have talked to people
in that day and age, they would have just said, nah,
I don't want that. And the classic example of this

(16:11):
I compare the cryptocurrency advocates to the silver rights of
the end of the eighteen hundreds. At one point they
forced the treasury to buy silver with paper, and you
know what people did, They sold the paper immediately and
bought gold. The US government almost collapsed because of his silliness.
And you know, crypto is basically a way of people

(16:32):
trying to escape politicized systems, because certainly every major currency
in the world is a function of government. It is
the government's monopoly, their control of the payment system, you know,
all of those things that ultimately make it, you know functional.
In the case of the US, the positives of our society,

(16:54):
the openness, the opportunities add to that. Right. And to me,
you know the thing about coin, I'm a banker, right,
I can't have anything to do with cryptocurrencies in the
current regulatory environment unless you know, I want to trade
ETFs or something like that that's onshore, but not offshore,
because as soon as I do a transaction with somebody offshore,

(17:16):
I have a fins end problem, right, you know, So
I think, to me, cryptocurrencies are an interesting phenomenon, but
they're nothing new you know, Unfortunately, governments have a monopoly
on money, and I don't think we can go back
to the free banking period. I wish we could, but
I just don't think it's a practical matter. It's going
to happen. As soon as crypto got big enough to be,

(17:40):
like you said, to be an alternative to a dollar,
US government's going to shut it down.

Speaker 1 (17:44):
Yeah.

Speaker 2 (17:45):
And you know, by the way, that's why the Chinese
immediately prohibited it. As soon as they saw it. They said,
uh huh, it's a threat to them, it's a competitive system,
and so they immediately shut it down.

Speaker 1 (17:57):
Interesting, So how does all of this that's going on,
How does it affect inflation? I mean, we know that
tariffs increase price, but may or may not you know,
in my opinion, may or may not actually add to inflation,
just increased price. They don't change may not necessarily change
the playing demand. So the question is, but how does

(18:19):
you know the deficit? How does the dollar mean? How
does all that affect inflation? Because that's the average person.
The average person is worried about inflation and taxes, that's
what they're worried about.

Speaker 2 (18:31):
It has both inflationary and deflationary consequence. The disruptive part
is deflationary if you cause GDP to fall, if you
cause businesses to no longer be able to sell their
goods and have to restructure their operations. Apple moving from
China to India is kind of a big example of
this in terms of their phone assembly, so that on

(18:54):
the one hand. On the other hand, obviously when you
disrupt prices and you artificially push them up, you're going
to have higher inflation. So I wouldn't say unfortunately, it's
all of the above, You're going to have both.

Speaker 1 (19:05):
What do you think is going to end up with taxes?
Do you think we're there's going to be increase increases
in taxes? I mean, even the Republicans right now are
talking about increasing taxes, say over a million dollars or
five million dollars. Do you think that is an inevitability
of what's going on with the debt? So can you
can you kind of walk us through that.

Speaker 2 (19:26):
Donald Trump is a progressive, populist Republican. He is not
a Northeast pro business Republican. And he will turn on
selected parts of the business community when it's convenient for
him to do so. So for example, yes, raise the
upper bracket taxes. Absolutely, it's sort of been discussed. Get

(19:48):
rid of carried interest or private equity funds. Yeah, that's
a very ugly one, and Trump has been talking about
getting rid of that for a while. I'm embarrassed for
my colleagues that they would even do that. It's just
so peggy, But you know, it is what it is
on Wall Street, right, and then you know there'll be
other things as well. The only way you could run

(20:09):
this country is to raise some revenue, and either you're
gonna borrow it in the capital markets or you're gonna
raise taxes. Our society has got to realize if they
want to live better than Europeans, they're gonna pay European
levels of tax one way or another. So, for example,
if I have a big federal budget deficit, it means
I'm going to have higher interest rates. I'm sorry. Crowding

(20:31):
out has come back. It's now a viable concept again.
The federal government is the single biggest taker of resources
from the US capital markets today. And then you know,
the other question is how does it affect the term
structure of interest rates? So, for example, if the FED
dropped interest rates today, if they cut short term rates
a couple times this year, would long term interest rates

(20:54):
go up or down? They might go up. Now, during COVID,
we were used to, you know, the Fed would drop
interest straights, everything rallied bonds, rallied stocks rally. We may
be going back to that pre two thousand and eight
period when there was a negative correlation between stocks and bonds.
So I worry that frankly, even if the Fed gets

(21:14):
around the cutting rates this year, which I think they should,
by the way, we may still have seven seven and
a half percent residential mortgages, which is where we are today.
Part of it is just the difference between treasuries and
things like mortgages, between treasuries and high yield securities have
spreads have widened a lot, And that's partly uncertainty. It's

(21:36):
partly Donald Trump. I'm not sure how he's going to
look in a couple of years if he doesn't deliver
some pretty big benefits.

Speaker 1 (21:43):
Yeah, it's gonna say, Okay, so you think maybe we'll
get some rate adjustment before the end of the year,
What do you see for twenty twenty six, Because to me,
that's the bigger question. Twenty twenty five's disrupted. It's going
to be an upheaval. That's the way it's going to
be for twenty twenty five. What are you seeing twenty
twenty six, Because we've got midterms coming up.

Speaker 2 (22:04):
Well, as I say, they need to deliver some goods
here and there. I think there are going to be
some constituencies that were more excited about Donald Trump than
they were about Kamala Harris. And the question is can
the Democrats start to begin to have a conversation with
voters again. They crashed and burned to such a degree.

(22:25):
I was astounded when Kamala Harris spoke yesterday that apparently
was another fiasco. She doesn't seem to be able to
put consecutive sentences together in a, you know, a logical
and understandable way. So I think she ought to be
kept offline, frankly, But the Democrats need another face, They
need a couple more faces. I don't know if Gavin

(22:45):
Newston is the answer. Certainly nobody here in New York
is at all attractive, So I don't know, that's a
really interesting question. But I do think, you know, next year,
growth wise could be flatted down. You know, we're coming
up on ten years of real estate market bowl, by
the way, and we will, I think soon enough, see

(23:06):
a reset in the US markets in terms of residential homes.

Speaker 1 (23:12):
Interesting because we've already seen it, of course in the multifamily.
We've seen it in commercial, but we have not seen
it in residential society. Oh no at all.

Speaker 2 (23:23):
Kidding prime prime mortgages. Our home prices are still so
high it's almost impossible for bank to lose money on
a residential mortgage.

Speaker 1 (23:32):
Yeah, I'm not and I don't know how somebody buys
a house when it's doubled in price and the interest
rate has doubled at the same time, so you basically
quadrupled the price of owning a house.

Speaker 2 (23:46):
Well you would say that, but a house just got
sold across the street from us. I'm in New York.
I'm in Westchester County, New York, which is an affluent community,
but it's also one of the weakest housing markets in
the country. All of the judicial dates in the Northeast
are awful when it comes to volumes and also resale
of things like loans. If you look at the whole

(24:08):
loan market nationally, California is okay. You would think it
would be awful. It's not because you can do a
foreclosure in California. In New York it takes three to
four years to do a foreclosure on a delinquent borrower
if you can. Sometimes they wait so long that you
lose the lean on the house, if you could believe that.

(24:28):
So for a lot of lenders, they don't want to
have anything to do with New York. And yet the
home prices have not softened. That is my astonishment.

Speaker 1 (24:35):
That's amazing. So what do you see? What do you
see for twenty twenty six? You just see flat? Do
you see if it's flat Wintry's rates come back down
or does technology actually have a positive impact.

Speaker 2 (24:52):
I think you're going to see more of a consumer
recession next year. Credit costs are going to be higher.
We've been waiting. Hasn't happened yet. At first quarter this year,
the banks will looking okay. Most of them have reported
down credit expenses overall, which again the whole crowd's been
waiting for recession. To remember, we were going to cut
interest rates last September because of an impending recession. Has

(25:16):
not happened. So I think next year will be slower
and softer in terms of credit, real estate markets will
be flat. The FED will probably ease short term rates
by then, and we'll have to see how much of
a stimulum effect it has on the economy, simply because
it may not behave like it has in the past.
That's the thing I think is interesting about Donald Trump.

(25:38):
He has thrown a lot of things up in the air,
and that uncertainty makes people pause. It makes businesses pause decisions.
It could make consumers also pause decisions like buying a
new home or something like that. So that's the big
question mark for next year.

Speaker 1 (25:54):
All right, So get out of your crystal ball. As
an investment or a business owner, what do you do
for the next couple of years.

Speaker 2 (26:05):
I have tended to avoid, you know, I follow banks.
I published an index on the largest banks in the country.
I did buy some American Express when the markets sold
off because it got so cheap. I think most of
the banks are going to basically go sideways until we
get more clarity on credit. The Wall Street side of
the house will do okay with the volatility. The investment

(26:28):
banks are going to keep growing, aum the question is
where do you put it. I think defensive is going
to be the way I'm playing it. But I am
in gold, and I also have been going in and
out of the S and P five hundred because this
market is going to bounce both up and down. This
market wants to go back up. If you watch the
ten year treasury, despite all the stuff in the news

(26:51):
and Donald Trump and trade warris and everything else, that
ten year treasury keeps crawling back down to four percent.
And it's partly because people are buying, but it's also
just just vast amounts of cash flow that are not
being satisfied by the public markets. You've seen the train
wreck in private equity. We're going to hear a lot
more about that next year. There are a lot of
people out there with annuities that are backed with private

(27:13):
equity portfolios that are no good. And that's going to
become a big political issue too with the insurance industry.

Speaker 1 (27:20):
Well, certainly in pension plans, especially oh my god, in some.

Speaker 2 (27:25):
Real estate that they were buying commercial real estate too,
tom Oh, dear Jesus. You know, I saw my friend
George Gleese and the head of Banko's e K, who
I love. He's one of the best credit guys in
the business, but somehow he got lured in the Lincoln
Yards in Illinois, and he was with JP Morgan. For
Christ's sake, what are they doing there? But it tells

(27:46):
you that they're all chasing opportunities.

Speaker 1 (27:49):
Yeah, there's a lot going on.

Speaker 2 (27:50):
And there's not really a lot of building in Illinois,
so they figured, well, people need homes. But that project
is on it's ear right now.

Speaker 1 (27:58):
It makes me wonder, if you really wanted to be
a really good investor, follow what the pension plans are
doing and do the opposite.

Speaker 2 (28:08):
I agree with you, and I think the data would
bear you out, sir.

Speaker 1 (28:13):
So you've talked about defensive positions. Anything else that you
would suggest defensive like gold, presumably some you know, hard assets, well,
anything else that you would suggest for investors or business
owners for the next couple of years.

Speaker 2 (28:31):
Well, I own a lot of pretty solid energy stocks.
I own a couple of the texts. I wrote Nvidia
up to well over one thousand dollars and then bailed out.
So now I'm back below my entry or exit level?
Should I go back in a little bit? I own
a lot of bank preferreds. I love periods of volatility

(28:52):
like this, when that paper gets cheap, I go shopping.
So that's it. You know, about half of my books
and treasuries just because I like to follow the mortgage
market and the treasury market, and I understand it. Occasionally
I do buy some mortgage backed securities, but you know,
I've been fairly cautious because think about pre payments today.
If the Fed drops rates and we see your point

(29:14):
rally in mortgage rates, if we get down into the
high fives, if you can imagine that, you would see
some very large prepayment activity on some of these portfolios.
So I would tell people to be careful, look for
cash flow, go shopping. When you know, Chicken littles on
CNBC with his hands on his head, that's really the
best advice I could give you. Gold. It's been a

(29:35):
good trade. You know. I can't argue with that, but
it's been a long time coming. I would stick with
the gold. I would not get in and out of it.
I think it's going to go higher between the fundamentals
and the lack of supply above ground. I saw the
Chinese were selling a little bit today. That's very interesting.

Speaker 1 (29:52):
A million ounces interesting. So so one thing I'm hearing
from you is you do things that you know you're
educated into that to that point. Let's uh, let's get
Chris's new book, Inflated Money Debt in the American Dream.
Once we when we start to understand this, and I

(30:12):
realized this has been a very macro level show and
we're typically a little more micro in this show, but
we have to understand the macro in order to do
what we do on a daily basis. It's it's just
because that's what's driving everything. That's you know, that's where
the big picture is and we can't ignore the big picture.
So again, Chris's book is Inflated Money Debt in the

(30:36):
American Dream. Please, uh, you know, get educated by Chris's
book at other financial education because when you do, you're
always going to make way more money and pay wayless tax.
We'll see you next time on the Multibility Show. This
podcast is a presentation of Rich Dad Media Nestlork

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