We the People Pay the Piper!!

We the People Pay the Piper!! www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
So I was thoroughly annoyed this morning. It was a
column by the ceover competitor of mine, Ken Fisher, from
Fisher Investments. You see his commercials everywhere everywhere, and from
time and time he writes for The New York Post,

(00:36):
and he had a column today how I learned to
stop worrying about the national debt even though it's thirty
five trillion dollars. Hum again, you got me to click
on that article, Ken, I did, And basically what he's
saying here, he's saying, you know, the thirty five trillion.

(01:00):
He says, it looks like a big number. Looks like
a big number. He said, to consider that in twenty
twenty it was twenty seven trillion, it's now thirty five trillion.
But he says, eh, people have been yelling and complaining
and shrieking about this for years. He says, it's the
most controversial claim I've made yet. But I'm not afraid,

(01:23):
and more importantly, you shouldn't be either. That's because when
the numbers are certing that in real terms, Uncle Sam
has less debt than years past, not more. He says,
that sounds like malarkey, and when all the noise, one
certainly couldn't be blamed for being skeptical. Please allow me
to explain. And again he points out, and he's he's

(01:46):
not wrong here, It's not wrong, he points out again,
Our debt is in dollars. Okay, it's in dollars. And
because the value of our dollar, the purchasing power of
our dollar, continues to drop, you are paying back the

(02:09):
debt with less money. And he's calling that an upshot.
The US real repayment costs on its debt have shrunk
drastically since COVID official inflation rose fully twenty percent. But
you know, and I know that it's really more than that,

(02:30):
maybe thirty percent. Not wrong. So he's saying twenty twenty
is twenty seven trillion dollars got shrunk in real repayment
terms by maybe six to eight trillion dollars. Honey, they
shrunk the debt. He said. Inflation is your enemy, but
it's Uncle Sam's friend. Yeah, Ken, you're saying this, but

(02:55):
it's almost like you're saying this is somehow a good thing.
Somebody's got to pay. We the people pay. You can't.
You can't make it disappear. We are paying for it
because we are losing purchasing power. Again, you talk, he

(03:21):
talks about this, it's like, Oh, don't worry about the
national debt. Yeah, you gotta worry about the national debt. Yeah,
you have to worry about the value of your dollar.
I've done this before. I have a one hundred trillion
dollars Zimbabwe banknote. One hundred trillion dollar Zimbabwe bank note.
Last time I checked it was worth forty cents. Who

(03:46):
is it? Javier Malay from Argentina. What did he say?
He said, if the cure, if the cure for the
cure for basically, I guess making it in everybody is
printing more money, printing more money. Have the government spend
more money in printing more He said, Well, the cure

(04:06):
for stupidity would be just to print more diplomas. And
again this is what Fisher is saying. Now I get it.
Fisher is in the same business I am. When it
comes to asset management and yeah, you also get asset inflation.
It goes along with everything else, and that's obviously good

(04:29):
for business. But again I've made this perfectly clear that
you know, quite frankly, it's distorted and people's purchasing power
dropping by as much as it has and continues to
have it occur. It's not just this transitory thing like
they try to put it over the past several years,

(04:49):
been going on for some time. You mean to tell
me it wouldn't be better, Ken if we actually had
solid money and we weren't spending more more than we
can afford. I'm at a loss. My friend at a loss.
Watchdog on Wall street dot Com