TDI Podcast: Schiff – Monetary Overdose (#938)

27:00Since then, the U.S. stock market has lost about 70 % of its value if you price it in gold. Right, in gold. Well, but we don't usually do that because we own dollars, but yes. Yeah, that is a massive bear market. It's up. It's doubled in dollars, right? But who cares? Gold has gone up more than 10x. Right, so the point would be, if nothing else, just have both. Let me tell you some numbers here. Earnings per share, Newmont Corporation. It's called Newmont Corporation now. They sophisticated it. It's not called mining anymore. It's Newmont Corporation. NEM, price to earnings, 14.4, far lower than the S &P 22 forward, right?

27:40You got gross profit margin, 57%, net profit margin, 29%, return on equity, 20%, stocks up 113 % this year to a 52-week high right now. And its earnings and its revenue growth over the next few years are all estimated to be nicely higher and higher by, you know, 4, 5, 6, 10 % per year. Not a tech stock, but for what it is, I agree with you. Some good quality stuff there. But it's only at 14 times earnings. Yep. And that's basically 14 times trailing earnings too, because analysts assume that the price of gold is not going up. Yeah. But the price of gold is already much higher than it was when they earned their money over the last 12 months.

28:26So the stock is not really trading at 14 times earnings. It may be under 10 times earnings based on what it's actually going to earn. But if you want to know what it's priced at based on 2027 earnings, It could be five or six times earnings because gold prices aren't going to stop rising. Especially if the dollar comes down. They're just going to keep earning more and more money on every ounce of gold they put out of the ground. And think of it like this, right? The fact is people get all charged up and excited when Netflix says they're going to have a dollar increase per user spread across their total user base.

28:59And that means X amount of dollars, more revenue to them, which drops down to pretty much pure profit on the margin, right? Because you just add the price. That's the same thing you're talking about with gold. Yeah. But here's the difference. right? When you're a company like Netflix, as you raise your prices, you are going to eat into your business. I mean, some people are going to say, yeah, I can't afford it. Right. So as the price goes up, like if Netflix tries to double their prices, they're not going to double their revenue. There's going to be a number of customers who just quit, right?

29:32They're not going to pay the higher price. So there's less demand for Netflix as you raise the price. With gold, it's actually the other way around. The higher the price, the more people want to buy it. Right, exactly. So like if the price of gold doubles, not only does Newmont's revenue double because they don't sell less gold because it's more expensive. They keep on buying it. They may even buy, but their profits explode because their costs don't double, right? So you're valuing Newmont not based on its revenues, but based on its profits. So if you double the revenue, you could quintuple the profits.

30:14Right, right, exactly. No, no, it's great. I like it. I like it. Listen, we're going to talk about, I want to talk about your current outlook on the U.S. economy. We have to get to Bitcoin. I want to take a quick break. We'll come right back. All right, so listen up. Let's talk about interactive brokers for a second here because at Interactive Brokers Bond Marketplace, you can access over 1 million global bonds, including global and corporate and municipal bonds, all in one place. That's really important. With IBKR's bond search tool, finding and comparing yields against other brokers has never been so easy.

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31:29All right, we're back with Peter Schiff from Europe Pacific Asset Management. I told you we're going to talk about the U.S. economy. We've been talking about that, but let's get Peter. One of the hats you wear, of course, is talking about pricing and expectations and client management. But you also do a bit of an economist, right? I think that's something you enjoy doing. Am I right? Yeah. I mean, I'm a self-taught economist, although I did take some econ classes in Berkeley. But, you know, I spent most of my time trying to correct the mistakes of my professors. So I didn't really learn anything.

32:07I tried to teach economics to my professors. But although I wasn't completely self-taught because I learned from my father. So let me ask you this. Who was also self-taught because he had the same problem when he was in college. His economics professors didn't know what they were talking about either. It's a genetic thing. Oh, shake him, shift again. Great. So here's a question. Two questions. First, I have been a student of economics and would study charts and trends and look inside the numbers, break it down. And for a long time, early in my career, I thought that the economics were a major driver of the economy.

32:47I don't think anybody who started before, let's say, I'm just going to pick a year, the year 2000. Before the year 2000, I think that was a very standard process, right? Even if you were a bottoms-up kind of person, you'd still look at the top-down economic condition of things and all that. However, over the last five years or so, I have been like, you know what? Some of this economic stuff is just not telling me anything about what's going to happen in the near term or the long term. I don't know about the long term because it hasn't been long enough. But it hasn't tell me what I need to know about the markets.

33:20What's different now? Or maybe tell me that I'm full of shit. About what? I missed it. About whether or not the economics today are really important to the markets. Well, look, they're important to me because I'm a big macro guy. And I can't help but view everything from that perspective. and trying to invest for the end game, not just trying to ride whatever wave of momentum happens to capture the fancy of the public or even professional investors. I think right now it's all just been about liquidity and the Fed and, you know, just, you know, Tina, like no alternative, whatever they call that anachronism was, there's no alternative.

34:11and everybody just keeps piling in. And it becomes a self-perpetuating situation where the more money chases a small number of stocks, the better those stocks do. And the better those stocks do, the more money that wants to get in. And so it kind of feeds on itself until eventually it implodes on itself. And we haven't gotten to that point yet, but it seems like every time we do get to a point where the market's imploding, The Fed backs up the truck and cranks up the presses to bail it out. And I think most of the people who are managing larger pools of other people's money don't even understand economics.

34:55They don't get it. And they've been living in this fantasy world of monetary heroin for so long that they're just numb to it. They just don't know. and even a lot of Republicans, a lot of people have bought into the MAGA nonsense, like that stuff that Trump is saying. But none of this stuff is going to work. All this stuff is going to backfire. It's throwing gasoline on a fire. Yeah, no, I hear you. So when it comes to the economy today then, where we are today, looking forward with the information we know, are we talking about recession, stagflation, something else entirely? What's the near and midterm outlook?

35:39Well, you know, I do think it's stagflation, but I don't think it's going to be stagflation light. I hear a lot of people say, well, it's not going to be as bad as the 70s. I think they're wrong. I think it's going to be worse than the 70s. So it's going to be stagflation heavy where it's not just a stagnant economy. We're going to be in a worse recession than the great recession that we had after the financial crisis. So serious economic contraction. But we're going to have higher inflation than we had during the 70s. Really? Wait, wait, wait. When is that projected? Because we just had a bout that was pretty ugly, not terrible, not 70s style.

36:19But it was enough to be like, oh, that didn't feel so good. No, it was 70s style. What are you talking about? I mean, like. Well, it was a little. They didn't have to crack it. Well, we got to 9%, right, for one year. Yeah. But if we measured prices during that year, the way they measured them during the 70s, it would have been about 18%. You know, we don't have the same CPI that we had back then. And, you know, the highest inflation ever got back then was maybe 11, 12 % for one year. It didn't get much higher than the nine, but that was with a much more honest CPI. So I think that right now, I mean, we're having pretty high inflation.

36:58As I said, that if you annualize the number that we just got today, that's 5 % inflation, but that's probably 10 % inflation if you had a more honest CPI. I'm looking at a chart right now on a company called ShadowStats, which you probably are familiar with. He does great work. He's been on the show many times. And we're looking at, actually, if you look back to 2000, and this just goes back. I don't know if I click this chart here. But you look back and you see that the rate of inflation came down, but it was still on the 1990-based, 1990-based, which is obviously the alternative they have, which is past the 1970s, obviously.

37:39We're still at like 8 % he's showing. Oh, yeah. That's pretty hot. Oh, yeah. And the Fed is talking about 2%. Like, oh, yeah, we're just near 2%. They're not even in the ballpark at 2%. Yeah. So it's pretty scary times. I agree with that. And it's funny because most people know it but don't want to admit it going out. Listen, I was in – seriously, I'm in Florida. We've got fish everywhere down here, right? Local fish is mahi-mahi. I went to a store here, a regular grocery store. I was just puttering around looking for something else. I happened upon the fishing fish area. No, the fish. It was$34 a pound for mahi-mahi.

38:15That's not even funny. That's like a$4,$5,$8 fish down here. $34. And they can get away with it. Do you know 90 % of our seafood is imported? Yeah. I mean, you'd figure with all these oceans and rivers and lakes, you figure we could catch our own fish. I've been out there. It's not so easy. But yeah, I get it. I get it. So let's talk a little bit about something that I think is important because of all the things that are going on that could go wrong, that could be beneficial for a while but then burst, in your opinion. One of the things that's interesting is you have a much different opinion on something that is very near to dear to a lot of people, and that is cryptocurrency and Bitcoin.

38:57I mean, you know I got to ask that because I'm getting texts already for people that know you're coming on. It's like, hey, did you ask him? Did you ask him? Did you ask him? So the question that keeps coming up, you know, has anything changed in your mind about Bitcoin? And by the way, to be totally up front with you, I am not an advocate of Bitcoin as a gold alternative, just to be clear. I think Bitcoin and cryptocurrencies or whatever you want to call them exactly are an interesting speculative asset. Have at it with you with that in mind. But you have been a critic and you even, I think I said once that Bitcoin is worthless, which by the way, from a fundamental value, I think that is true, but that is going to go to zero.

39:34Tell me a little bit about where you are now. Yeah, well, it's funny because you started off the conversation asking about me being a contrarian. Yeah. And so I'm even a contrarian in the Bitcoin world because the Bitcoiners think they're the contrarians, right? But I'm a contrarian to them. And, you know, because I was at the Bitcoin conference, the last one in Las Vegas, there were 35 ,000 people in attendance. And I was probably the only one who was anti-Bitcoin or negative on Bitcoin. But I was probably the most popular person there because everybody knew me. And a lot of people, you know, credited me for buying Bitcoin.

40:11Now, I say they'll eventually blame me for buying Bitcoin because they're going to end up losing money. But, yeah, look, I think Bitcoin is just another speculative bubble. I don't think there's any real value in Bitcoin or any of these other altcoins that people gamble with. You're right. I mean, they are speculative tokens. And to the extent that there's a buyer there, then there's a market. and to the extent that the sellers want to hold because they expect a moonshot. You know, Michael Saylor says Bitcoin is going to go to 10 million or 20 million. And so never sell your Bitcoin. So if the people that own their Bitcoin don't want to get rid of it and more people want to buy, the price is going to go up.

41:06Yes, I mean, that's going to happen. But the problem becomes when you run out of new buyers and the holders eventually want to sell, whether they want to or whether they just need the money. And then at some point, the bottom drops out because there's nothing of real value there. It's all about the speculation. I'm buying Bitcoin because I believe I can sell it to somebody else at a higher price. Well, why is that person going to buy it? Well, because he has the same belief. Well, when you run out of greater fools, the whole thing collapses. And, you know, the Bitcoin community, especially the, you know, the OGs, the big guys that are, you know, have the big whale wallets, they've done a great job of promoting this thing.

41:54And then when they kind of ran out of suckers in the private market, they got Wall Street in on the game to come up with all these ETFs. and then when they started running out of demand there, they took over the Trump administration or first they got Trump elected and then - They were definitely helpful. They had some plenty of political money to spread around. Well, yeah, the Bitcoin, that was the largest donors came from crypto and now Trump has basically not only embraced the industry, it's now his family business. They're all in on crypto. His cabinet is all crypto. He's got a crypto czar.

42:34They've got a crypto Bitcoin strategic reserve, a crypto stockpile and a Bitcoin strategic reserve. But here's the interesting thing. The high point for Bitcoin, four years ago, October of 2021, Bitcoin today is more than 15 % lower than it was four years ago in gold. On gold terms. Okay. So in terms of gold, and Bitcoin is presenting itself as the alternative to gold. It's digital gold, right? It's better than gold. You know, gold is the analog, Bitcoin. Bitcoin is digital, right? So four years ago, over those four years, Bitcoin is down 15 % in terms of gold. Now, what's happened over those four years?

43:29All the Bitcoin ETFs were launched. None of them existed four years ago. We had the entire NFT craze that hadn't happened. You had El Salvador make it, you know, the official legal tender. You had Michael Saylor begin to buy tens of billions worth. Then you had all the copycat Bitcoin treasury companies who have been buying it up. Then you had the Trump administration, the Bitcoin president. And so despite all of that massive hype, Super Bowl ads, celebrity endorsements, all this stuff, Bitcoin's gone down. Yeah, it's gone up in dollars, but so is everything else. Right. But in terms of real money, in terms of gold, you had been better off four years ago just putting it all in gold.

44:17Right. So when you talk about the I think it's important because I think some people have a heart would have a hard time wrapping themselves around this. When you keep talking about the idea of this in terms of gold, it's a relative discussion. You're saying, when you say that, you're saying that gold outperformed. Well, I'm saying, right. But Bitcoin went down priced in gold. If gold is real money, right? Yep. You can buy more Bitcoin with an ounce of gold today than you could four years ago. So the price of gold in terms of Bitcoin has gone down. Now, the price of stocks have also gone down.

44:53The price of Bitcoin. Just about everything. But the point is Bitcoin was hyped up as a alternative to gold in that it was going to be better. Right. You should buy Bitcoin instead of gold. Well, if you did, you're worse off. You should have just bought gold. And, you know, and that's going to continue because I look, I think the bottom is going to drop out of this scheme. It's just a pyramid. It's a you know, it's a Ponzi. Gold is real. Gold is real money. Gold has actual value. and so more people are going to figure that out. I think what helped power Bitcoin originally, the reason Bitcoin went from nothing to 50, 60 ,000, 70 ,000, that initial move is because gold went sideways from 2011 to 2024, the price of gold went sideways.

45:43And so a lot of people got frustrated with gold. They had expected it to go up and that kind of allowed an opening for Bitcoin to capture a lot of gold's thunder because Bitcoin was going up while gold was going sideways. Well, gold's not going sideways anymore. Gold's going up. It's going up more than Bitcoin. And so now I think a lot of that frustrated money that went into Bitcoin and left gold is going to go back to gold. The problem is it's going to be very hard to get it out of Bitcoin because there's not a lot of buyers there. Yeah. Well, one thing you have to admit, I think you have to admit, is, and you're making the case to yourself, that the Bitcoin marketing slash development slash megaphone is pretty darn powerful and they have really created a really cool mousetrap to promote it.

46:31There's nothing like that in the gold industry, let's be honest. No, because there's not as much money to be made promoting gold. I mean, I know I sell gold, shift gold. We don't make very much money when you buy gold from us. We make like 1%. It's not a big markup. Now, there are some gold companies that rip people off and they charge 40, 50 % for crap coins. Yes, but in the scheme of things, that's not that much money because it's not a big sector. There's so much that's being made in crypto because you make these crypto tokens for nothing and then you sell them for a lot of money. So there are a lot of people who are getting rich on crypto, but they're getting rich because other people are dumb enough to buy it.

47:10That's why they're getting rich. They're not creating any value. They're not producing any wealth. they're just sucking money away from other people. Now, a lot of people have lost money in Bitcoin. They just don't know it yet because they haven't sold, right? So they think they've made money because they have these tokens and on paper they have a certain value, but they're not selling. So they haven't really made anything. But when they try to sell and so does everybody else, the price collapses and then they realize how much money they lost. You're talking about a big rug pull is what you're talking about.

47:42And the fact that all of a sudden everybody wants to sell at Cascades and there's not the liquidity out there that potentially could be. I want to ask you a question about - And this is a giant, look, this is a giant pump and dump. And now the pumpers are the Trump administration. The US government is pumping up Bitcoin so Trump's friends can unload their Bitcoin on the public. And they're doing a hell of a job of it, aren't they? Well, they've done a pretty damn good job. Really good. There's so much selling that the price hasn't gone up. I mean, Bitcoin is what? Stagnate. What is it? $112 ,000,$100 ,000.

48:16Right around there. Yeah, I mean, but it was the same price three months ago. Yep. Let me ask you one question, pick your brain about something, since you know about gold coins. I happen to own a bunch of gold coins. I have 1982 to 1988 China Pandas. Perfect condition. Good stuff? Well, I mean, I don't know if there's any collector value there, but, I mean, if they're made of gold in their one-ounce coins, they're worth their weight in gold. Yeah, exactly. There you go. There you go. Talk to me about Austrian economics. Explain what it is really quickly and why you're a big advocate. Well, as far as I'm concerned, Austrian economics is economics.

48:54I mean, it's like, you know, what's the difference between astronomy and astrology? Well, astronomy is an actual science. Astrology is just a bunch of BS, right? Yeah, okay. And so the economics that most people believe in, whether it's Keynesian, you know, supply side, monetarists, whatever, I think that's the equivalent of astrology, especially Keynesianism. But Austrian economics is really rooted in true economics, in the wealth of nations, Adam Smith, and then expanded by Mises. but Austrian economics is what allowed me to know that the 2008 financial crisis was coming it allows me to understand the unintended consequences of government policies that catch everybody by surprise you know when we had the 2008 financial crisis the idea was that it was some kind of black swan that nobody could have saw coming when it was something that was so obvious, I saw it from a mile away because I was looking at it from the prism of the Austrian school, but they weren't.

50:10And so all this stuff that happens that surprises people is because they don't really understand economics. If they understood it, they wouldn't be surprised when the obvious happens, but it's not obvious if you don't understand it. Yeah. No, I get that. I get that entirely. And it's funny because - And the Austrian school does understand the business cycle and how governments cause it. But also, the Austrian school understands that the problem of the business cycle is during the boom, when everybody else is happy. That's when the problems occur. That's when the mistakes are made. Well, the excess.

50:53The recession. Right. The recession is, from the Austrian perspective, that's the good thing. That's when the mistakes are corrected. That's when you pay the piper and fix the mistakes and lay the foundation for a real economic growth. But the Keynesian theory and the modern theory is that we should try to perpetuate the booms as long as possible and mitigate the busts, which is the worst thing you could do because what you're doing is you're causing the disease and then you're preventing the cure by, by, by giving the patient more of the disease. Right. This is the old forest burning and not growing and not allowing it to burn down.

51:37You know, with that in mind, there has been some discussion that the, the, the traditional economic cycle trough to peak, you know, back around and all that, the whole psychology behind it is dead. The Fed is not going to let it happen, right? No matter what happens, they're going to adjust and they're going to come in. They're going to provide more monetary policy stimulus through some mechanism or another. Never let anything go down like they didn't let, for example, in the latest banking situation, you know, the signature banks, all those guys really didn't let anybody fail during that. What did they do?

52:10Well, the banks loaded up on all this debt that was long term and they just kept it on their books. And all of a sudden, the valuations of the bank's assets went down precipitously as interest rates came up. And the Fed came in and said, don't worry about it. We guarantee we'll buy it back for full price from you right now and making a satisfaction of the books and records that they required. So if, in fact, if, in fact, I'm throwing this out there, not saying it's absolutely correct, but if, in fact, the economic cycle is dead, does that really create even a bigger problem long term? Well, yeah.

52:44I mean, I think that the problem is going to come in this cycle. This is, I think, going to be the equivalent of the monetary overdose because the Trump administration and the Fed are going to be under the impression that if they just do what they did before, they'll get the same result. and I'm talking about the monetary and fiscal policy that we had after the stock market crash in, well, the big tech bubble burst in 2001, 2002, the stock market or financial crisis of 2008, the COVID crisis of 2020, they're gonna do the exact same thing that they did then. They're gonna slash interest rates and print a bunch of money.

53:38But given where we are right now, I don't believe we're going to get high like we did before. I think we're going to OD. And that means that the dollar is going to collapse because this time, the fourth time, will not be the charm. The fourth time, the world does not want our dollars. They're already selling them. They're already buying gold. And so the dollar is going to fall rather precipitously. And that is going to put upward pressure on interest rates and consumer prices. So that's why this recession is going to be so much worse than the prior recessions, because it's going to be accompanied by higher interest rates and much higher consumer prices.

54:32And so the way the Fed has been able to stimulate the economy is its ability to lower rates without crashing the dollar. But once it can't do that anymore, then the cure actually or the stimulus becomes a sedative. The more they try to stimulate the economy with cheap money, the more they end up sedating it. So the Fed is actually going to harm the economy it's trying to help. Now, of course, it was always doing long-term harm. That was why I was opposed it. But at least, you know, it helped in the short run, right? But now it's not even going to help in the short run. It's going to hurt in the short run and the long run.

55:15Yeah, so let me try to encapsulate this for you and tell me what you think. We have monetary heroin that keeps on being pumped in the system for many years on and off. This time it's going to be a monetary overdose, but this time there's no monetary Narcane. Yeah, basically. Is that basically the point? Yes. How long do we have to go? I don't know. Well, come on. We need to know that answer. That I can't tell you. But look, the fuse is a lot shorter than it was. How long? But look, look at what's going on with gold. That tells you that time is running out. So I think when the Fed cuts rates, you know, next week, I think, because that's when they're supposed to meet, right?

56:05Next week? 16th? Yeah. 17th, something like that. If the bond market really gets a hit, takes a hit on that rate cut, that could be a sign that, you know, it's coming. Yeah. And look at the dollar. I mean, look where the, you know, watch for a bigger crack in the dollar. I mean, the dollar's down on the year quite a bit, but it's still, it's been hanging out these last few months. It hasn't really made new lows. Hasn't recovered, but it hasn't made new lows. But if we start to see the dollar hitting fresh lows, the bond market going down, long-term rates rising, and gold continuing to spike, you know, that's a pretty good sign that we're running out of time.

56:43Yeah, I hear you. Speaking about running out of time, thank you. Peter Schiff, Europe Pacific Capital and Asset Management and gold. and we're going to have all the information on where people can get you, but you can tell me also over on the show notes for episode number 938. How do people see you, watch you, hear you, get you, all that? Well, first of all, Shift Gold, if you want to buy some gold and silver, which I would recommend. I mean, if you don't own any, you need to own it. At least 5, 10 % of your overall portfolio should have physical gold and silver and take custody of it, have it with you.

57:17And so we can deliver it to you at Shift Gold. So just go to shiftgold.com and you can either load up your shopping cart or you can talk to one of my representatives that will help you pick out what to buy. And nobody will pressure you and no one will bait and switch you into these overpriced coins because we don't sell them. We just sell the real stuff. Then I mentioned gold stocks. Even though they've more than doubled this year, they are still very cheap. I think they could double again next year, maybe triple next year, even though they've already doubled. I mean, the thing is, nobody even talks about them.

57:55Nobody's buying these stocks. Nobody owns these stocks. They're completely off of everybody's radar. It's not sexy. It's not sexy. Let's be honest. Well, you may think it's sexy. It's sexy to you. But a lot of people don't say. You know, I got a gold fund, the Europe Pacific Gold Fund, E-P-I-G-X is the no-load symbol. You can buy my fund. anywhere on any discount broker. What makes my fund so valuable right now is we have a lot of private placements that are not being counted in our value. And so as the market's gone up, this year we've lagged performance-wise because we have all these stocks that haven't gone up, but they've actually gone up.

58:33We just can't price them. But when these companies go public, all of a sudden it's going to be a big deal. But we've got a great portfolio. I think people are going to make a ton of money in these stocks. Yeah, there's risk, but relative to the potential, I don't think you can beat it anywhere else in the market. So if you're willing to take a risk, I think for my money, and my money is pretty much a lot in gold stocks, that's where you want to go. But we have broad portfolios. You know, my dividend payer strategy, get this. I have a mutual fund that just invests in foreign dividend paying stocks.

59:08It's up over 42 % this year. This year. Yeah, utilities, real estate trusts, pharmaceutical companies, tobacco companies, food and beverage companies, right? Basic companies that pay dividends, 42%. So this is what's going on. People are pulling their money out of the U.S. market and investing internationally. This is a trend that I believe is going to continue for many, many years and it's still early. So if you want to get information on all of our strategies, all of our funds, transfer an account over to us. You can go to my website at europac.com, E-U-R-O-P-A-C.com. I also put out a newsletter, a free newsletter.

59:50You can subscribe to that at shiftsovereign.com. Two or three emails per week will arrive in your inbox. They're free, right? And there's a lot of good insight in there. And if you want to listen to me, you know, I do the Peter Schiff Show podcast. at least once a week, sometimes twice, depending on what's going on and how much time I have. But you can listen to it on my YouTube channel, Peter Schiff, also on schiffradio.com or anywhere they have podcasts. I'm going to be doing another one, I think, tonight, I think. And then follow me on social media. I mean, I'm on Facebook, I'm on YouTube, I said, I'm on Instagram, TikTok, but, you know, where I spend the most time is on X.

1:00:35That's where I've got almost 1.2 million followers. So X, you definitely got to follow me there because I'm constantly putting my thoughts out real time. Nobody does that for me. I do them all. I write them all myself. So when you're following me on X, you're following me. Love it. Love it. Love it. Love it. Hey, thanks for coming on. We'll get to do this again one day real soon. When you're down in Fort Lauderdale, let's have a drink. Yeah. You know, I was there not that long ago. My next trip to Florida is Orlando coming up next month. All right. Very good. A little bit far from me, but we'll do it.

1:01:06I'll see you soon, buddy. Thanks. All right. Take care. Thanks. Phew. That was pretty intense. I loved it. Talked about a lot of things all the way from monetary heroin to Bitcoin going to zero. We talked about Austrian economics. We talked about U.S. dollar teetering. We talked about everything that's going on in the economy. So what else can you ask for in this, right? Thanks for joining me this week. Next week, it turns out, it's going to be a great week. great people coming aboard over the next I have some great guests don't forget to listen to DH and Plugged as well and make sure to visit the site where you find everything you need to know about us over on thedisciplinedinvestor.com thanks for joining me again I'll see you again real soon

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