The Financial Survival Network hosted and founded by Kerry Lutz. For over a decade and 5000+ podcasts going strong, Kerry brings to you thoughtful and conversational interviews with many of the greatest minds of investing and societal trends.
Weekly visits by John Rubino, Nick Santiago, Andy Schectman, and many others.
After all, knowledge is power and FSN is a tremendous resource to hear what the mainstream media might not be telling you..
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Summary: FSN has always analyzed economics, but we are currently facing economic insanity. The gold standard is now more relevant than ever, and Nathan Lewis comes on the show to talk about global phenomena that have been taking place; the world market economy has experienced much change over the years, and a Keynsian governmental perspective is prevalent. Tune in for more.
Highlights: -Lewis has been writing for 17 years now. He started with what was known and expanded -We’ve seen inflation kick in, and expansion of the government into the economy -The Magic Formula outlines the fundamental recipe that made the whole world wealthy: stable money and low taxes -Between 1994 and 2016, nominal GDP in US dollars in China grew by 26 times because they had the ‘magic formula’ -This tapered off when China took a more authoritarian stand -We’ve been in an economic predicament with the Chinese for many years, and have more recently discovered this -The flood of new labor onto the world market economy came due to the lifting of communism and strict trade agreements -Advances in communication allowed more things to be produced in China rather than the US, which created struggles for US workers -We should have all the components of a major industrial economy contained in the United States -China does have a legitimate claim to Taiwan -The Canadian trucker movement is spreading -There are now Austrian devotees that see the value in free markets -The internet can amplify these messages and make them more universal -We’re kind of in the era of Keynsian government with big governments
Useful Links: Financial Survival Network New World Economics Nathan Lewis – Time to Cut the Federal Government in Half Nathan K. Lewis – Is the Gold Standard Our Salvation?
Andy and I get on the podcast today to debrief the flash crash in Gold; 24,000 contracts were dumped and prices drastically went down. This was intended to produce a major shock factor in the market. This makes for an excellent buying opportunity as markets do not always behave this way, and the price will most likely shoot back up again due to the high demand. We talk inflation, debt, and the realization of modern monetary theory—all of which are worth thinking about in the current economic state.
-Flash crash in Gold - went down $100/oz - has been bouncing around
-Andy Scheckman - milesfranklin.com
-What is going on with Gold/Silver?
-24K + contracts dumped - $4B worth
-It is a poor idea to dump that many contracts at one time, but it is done for effect
-There is no more manipulated market than the metals market
-This is a heck of a buying opportunity because markets don’t behave this way
-The price is most likely going to shoot back up because of the high demand
-Month-in, month-out, the big losers are speculators, who do the same thing over and over again and aren’t afraid to lose
-the government is the one accommodating loser
-$27 trillion in debt
-Less workers, high inflation-
-the only way you can manipulate a market over time is if you push it in the direction it’s moving
-Bloomberg - gold is going lower because the economy is getting stronger
-Fear of lending money out into an economy - banks are swimming in liquidity
-Wells Fargo pulling away from lines of credit
-The best things in life are transitory
-Inflating will get much worse
-People should be reigning in their debt
-People should be putting gold and silver away, not increasing their debt
-Purchasing power is being destroyed
-full modern monetary theory
We have seen this before but it turns around very quickly