Central Bank Digital Currency CBDC is Coming

Central Bank Digital Currency CBDC is Coming

[Music]
hi Ed thank you very much for joining us
today how are things in
Hawaii uh you know they’re recovering
from the fires unfortunately uh you know
it’s business as usual um which is good
the economy is slightly coming back here
after the the the devastating fires but
uh you know the one thing we’re
concerned with is the federal government
Aid isn’t all that great and people are
struggling to rebuild and it’s a slow
process so
unfortunately uh you know disaster
capitalism seems to be raring its ugly
head meaning the typical developers are
going to come in and try to scoop up
land from people who need money and Ed
how is the tourism business is it coming
back uh it came back a couple months
after after the fires but it’s starting
to slow again I have friends that uh
have small businesses and they’re
indicating that things are not good
right
now and I have to ask you Hawaii has
many beautiful islands but what’s your
favorite island the one I live on
Maui it’s been a few years since I was
in Hawaii but I remember Kawaii I spent
a few days there and I was just blown
away by the raw natural beauty of it
yeah kaai is beautiful and uh it’s it
it’s breathtaking but it’s um a lower
populated island and personally I like
living on Maui there’s more of a
cultural center uh Kawai is beautiful
but you know a little more isolated so I
am based in Toronto and I always
complain about the cost of living here
what’s the cost of living like in Hawaii
or now well the cost of living is is is
always been high in Hawaii um what’s
interesting is um I used to think gas on
Hawaii was expensive it’s running around
four well at Costco it’s at $4 at the
other gas stations it’s at 480 and my
friends in California in LA are paying
up to six seven bucks a gallon so I I
feel blessed in many ways well that’s
incredible so let’s move on now I want
to have a discussion with you on the
economy and you and your team have
written a lot about the money supply and
I want to start right here why don’t you
take us through your thesis of the money
supply and what it means to the US
economy yeah
so uh in go back to
2020 uh we were uh what people may or
may not remember in 2019 uh the global
economy was starting to slow and there
was a lot of indications that uh there
might have been there might be a credit
event because the Federal Reserve
overnight window was was going haywire
in September um but then miraculously Co
came along and provided um an excuse to
print unpr did amounts of money so Co
when you look at the spending on covid
here’s a little statistic from 2009 the
financial crisis to
2019 we grew the federal deficit by 11
trillion so about 1.2 trillion a year
and then after uh covid hit in 2020
we’ve spent eight plus trillion it’s and
it’s growing maybe up to nine now I did
this as of like you know towards the end
of 23 so let’s call it 9 trillion that’s
about
2.5 trillion a year added to the deficit
um and so Co was a war but it’s warlike
spending and uh Wars tend to be
inflationary and re-inflate uh the you
know the complex and you know one of the
the bankers of the world have a have a
have a saying inflate or die deflation
obviously is very bad for Bankers so we
had an inflationary event occur in 2020
when the Federal Reserve printed 65%
more money supply um uh than the
previous year the highest increase in
the money supply ever and money supply
and policy moves like that don’t happen
immediately in the economy uh they take
some time to Ripple through H usually
one to two years let’s call it 18 months
and so 18 months later in 21 we started
to see inflation and that’s when uh
inflation took off
um then the FED went on uh in uh in 2022
they went on their unprecedented rate
hike cycle and we got to remember we had
zero interest rates for 14 years uh
basically uh with an attempt at raising
rates in
2017 um and uh that increase in uh
interest rates that fast caused the
money supply you over year growth so
money supplies took off after the covid
spending
and that that’s what the the
year-over-year growth went like this and
then it plummeted uh when they started
tightening and it went a negative
year-over-year growth for the first time
since uh
1930 and uh historically when you go
back into the into the historical record
that’s usually Then followed by economic
contractions and bank failures what was
interesting was when the money supply
went negative in uh in in uh November of
2022
you know there’s like I said there’s a
lag on money supply uh policy moves so
really the the the the the Crux of the
money supply contraction is going to
start hitting the economy in full force
probably this may and that’s the that’s
18 months from November of 2022 what was
interesting was we saw bank failures in
March of last year if you remember uh
they were quite scary Silicon Valley
Bank went by by First Republic went
bye-by there a couple one or two others
and um what was what was alarming about
that was the speed with which they just
disappeared and they were the some of
the biggest bank failures we’ve ever
seen at the time I did some
interviews and I said uh the the the
Federal Reserve and the treasury are
going to try to either slow they want to
control the implosion so and they did a
good job I I thought it could go two
ways either they lose control or they
control it and they did the bank term
funding program kind of put a a a finger
in the Dyke but that program ended uh
March 11th of this year and uh we see
New York New York uh Community Bank uh
you know hitting new lows in the stock
price they ran into trouble so I think
there’s going to be Regional Bank
consolidation and bank failures uh going
forward
um so that’s that’s going to be a
problem because that’s less Credit in
the economy money supply going negative
is going to be less Credit in the
economy and less credit means less e
economic activity uh this should have
caused uh the uh a decline in the
financial markets but it didn’t and the
reason is is that the uh government
stepped in at the treasury and that
we’re seeing unprecedented government
spending that’s really kind of given
these quote unquote good GDP numbers so
if you if you break down what’s going on
in GDP and in employment mostly
government jobs mostly government jobs
and uh what do we know about a
government job it’s not pro there’s no
productivity associated with it so this
is in fact it might you could you could
you could argue it’s negative
productivity so in the short term it it
it provides a stimulus in the long term
it’s going to reverberate back into to a
less productive economy so where we sit
right now is we have money supply really
going to start affecting the economy
this may we think uh we think uh our our
economic cycle indicators are still in
recessionary levels that hasn’t occurred
in the real in the numbers yet but
what’s interesting is they they went
down hit a low last year and they
started to rise but they’ petered out
and we’ve seen this before in our in our
economic model there’s a kind of a
deadcat bounce we think we’re there and
uh the Federal Reserve is also it’s an
election year and the Federal Reserve is
doing a quiet stealth QT taper
quantitative so they’re they’re tapering
without really talking about it and then
they’re talking about tapering later but
they’re doing it right now actually it’s
kind of they their their quantitative
tightening is less and less every month
if you look at the at the numbers so
it’s an election year they’re spending
like crazy
they’re going to try to hold this thing
through
November so let’s just summarize all of
that so when you talk about the money
supply the money and the components of
the money supply that’s the fuel to
drive the economy there’s a when there’s
a lot of money in the system I’m jumping
on a plane I’m flying to Las Vegas I’m
going to see You2 and I’m spending $25
for a drink and so I’m cir or I’m
helping to stimulate the economy
conversely when there’s a contraction
within the money Supply there’s less
money in the system and I’m not jumping
on a plane and flying to Las Vegas or
some other place yeah kind of has knock
on it has knock on effects but it starts
with the banking system so the banks
make less uh loans loan standards are
tightening uh and that just slowly
reverberates throughout the economy and
usually small businesses get hit first
corporations don’t tend to have a
problem because they can issue uh debt
in the cap debt or equity in the capital
markets but there’s a of zombie
companies out there right now and right
now credit spreads are tight we expect
those to start uh widening sometime uh
late summer early fall at which point we
think that’s when the the the reality in
the financial markets hooks up with the
reality in the real economy so as crazy
as this may sound the stock market is at
all-time highs it’s probably going to
have a little correction scare soon then
it’ll rally to a new high in the summer
uh
you know when we look at it technically
and then from there things get very
interesting um the stock market uh went
down a lot in
22 uh then it it had a tremendous uh
rally since October of 20 uh
22 uh and it really took off at the end
of
23 but the the makeup of that market is
different than the rally into into the
top in 22 the rally in 22 was most you
know all stocks kind of participated
you’ve heard of what everyone’s talking
about the Magnificent 7 so this is a
really bifurcated market and uh it’s
being held up by these Mega cap stocks
and that usually can’t sustain itself
and uh it’s it’s risk reward here is
very very bad and if you have a longer
if you’re a Trader you know you know
good luck to you but if you’re like a
long-term investor and you have a 5 to
10 year time frame uh risk here is quite
High
and I want to ask you one more question
about the money supply when you talk
about the contraction in the money
supply and the current situation we find
ourselves in when was the last time or
how does this time compareed to other
Cycles well uh the the money supply went
started coming down before uh it went
year-over-year growth negative so it
peaked it peaked earlier in uh
20202 and then started coming way down
when the raid hik started it went
negative in November of 2022
year-over-year growth and that’s the
first time since
1930 and we looked historically I have a
friend Tim wood he’s a Cycles analysis
he’s got his own work you can go look at
Cycles man.com but he went back all the
way to the 1800s and every time uh money
supply went year-over-year growth
negative uh there was a uh it was
associated with a a banking crisis uh of
some kind and remind me again what’s the
leg effect associated with the money
supply or
contraction 18 months so there was an
18mon leg on inflation from the
2020 uh spending and then there was an
there’ll be an 18mon we think around an
18mon lag with the contraction which can
it honestly it could hit any time
between now and summer but we we suspect
given what the Federal Reserve is doing
and the treasur is doing with their
iscal irresponsibility they’ll be able
to kind of hold it up a little a little
longer but not much longer so you made
mention of how strong the economy is and
it’s growing at 5% annualized give or
take we’ve also had 25 consecutive
quarters of unemployment below 4% the
last time we saw that was in
1969 you may mention of the fact that
the stock market is trading at all-time
highs and um numerous stocks of course I
got to talk about Nvidia but I think
it’s up 80% on the year Bitcoin is up
50% on the year so it’s definitely risk
on but if I was to take the other side
of your argument it looks to me it looks
like everything’s great what am I
missing hi I hope you’re enjoying the
interview one of the reasons we do these
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show notes now back to the
interview well yeah everything’s great
except the real economy uh you know the
real economy isn’t doing well the
unemployment numbers uh are we think at
this point getting to the point of
fraudulent if you look at what happened
in 2023 every payroll number they
reported they revised down so and to the
tune of a million and a half jobs uh for
the full year
2023 and most of the jobs that are being
reported uh are government jobs and are
part-time jobs they call it the gig
economy and uh what do we know about
that uh we know that uh low-paying jobs
and if you need three of them just to
make basic needs that’s not a growth
model now that’s a very good point I
might have to be taking one of those gig
jobs I
agree so you also touched on the debt
levels in the US and right now the
federal debt is around $35 trillion and
it’s actually growing by I believe it’s
a trillion dollars every 100 days is
that correct that’s correct like it’s
it’s just mind-blowing what’s happening
but so let’s talk a little bit about
more about the debt and listen we’ve
both heard about the debt levels for
decades now and yet the economy
continues to push ahead and it really
has no long-term impact or so it seems
but you think
otherwise yeah so let’s look at the
numbers so when the great financial
crisis happen
I think we’re at 60% debt to GDP
ratio uh we’re we’re at 120% now
addition in in addition at the in during
the great financial crisis if you look
at all public debt um state and local at
the end of the financial crisis 2009 was
30% and since then uh that ratio and the
government was
70% uh the federal government since then
that ratio has gone to 90% Federal 10%
state and
local why did that occur well I don’t
this is a little history lesson but
there was a lot of concerns after the
great financial crisis that states and
municipalities and counties would go
bankrupt well the feder the federal
government has been subsidizing their
budgets so uh if you look at uh the um
the budgets most of the states get an
injection from the feds that’s also
caused kind of a centralization of power
so the states
Governors you know when they especially
in Texas and Florida when they talk a
big game they still are beholden to the
feds for a lot of their budget so the
fed the fed the federal balance sheet
has been subsidizing state and local and
now we’re at
120% and at some point that becomes
unsustainable and I would say that
growing the deficit up trillion dollars
every hundred days we’re getting close
we’re getting close um so something’s
got to give and uh it’s just a matter of
time yeah it’s truly remarkable like if
you and I are talking in a year from now
where’s the debt level going to
be well uh let’s see a year another
three trillion so 37 38
yeah what’s another trillion dollars so
we let’s talk a little bit more about
the regional banking system you touched
on that and Silicon Valley Bank and and
I would agree with you it’s amazing how
fast the feds were able to contain that
so it didn’t spread but now we have this
issue with the New York Community Bank
and I guess my question to you is do you
think there’s more coming yeah there’s
definitely more coming because there’s
two things going on with the with the
bank with those Banks we call them the
regional Banks and uh they uh for 14
years had zero were paying zero on the
their deposits and and that’s their
that’s the liability side of the balance
sheet and their assets were loans and
treasuries and you know corporate bonds
if they bought them for their for their
portfolio make the spread that banking
is nothing more than uh lending short
barring short lending long and you make
an interest rate spread because most of
the time the interest rate curve is
positively sloped well when the FED went
off on its unprecedented rate hiking
cycle uh people started to notice well
and so they had all these Bonds in their
portfolio some of which were just simple
safe treasuries and those went down 30%
in price when you go from zero to you
know treasury bonds safe safe bonds so
they they went down in price so their
Mark to Market was um now this is Mark
to Market held to maturity so they
weren’t bankrupt right away but but the
on the on the liability side the deposit
side they they couldn’t
raise uh the deposit rate that they paid
to their Savers fast enough because they
didn’t have the so they would have
started losing money had they matched
the Federal Reserves new rate of
eventually five and a half percent so
what happened uh in in in March of uh
2023 and it started happening prior to
that
uh people were starting to figure out
well I got
$50,000 in in my savings account earning
zero I can go buy a three-month T bill
for 4% 5% so it’s called a
disintermediation of the regional
banking system so their deposits started
to go so what what what what what the
FED did when that became apparent was
they they made loans to these Banks uh
but the deposits are still continuing to
flow out because the current interest
rate on a money market fund or us bill
is 5 and a half percent and they have
not raised their they’re not competitive
in the marketplace so that’s that’s
number one they’re losing they’re losing
their you know like I said they’re uh
borrowing short lending long so they’re
they’re losing their liability their
their their deposits are flying now
we’re coming
into uh an economic contraction and
credit will start to sour that’s already
started in the commercial real estate
market and a lot of these Regional banks
have commercial real estate exposure so
as time rolls they have two problems uh
deposit flight and credit problems so
that’s why I I expect to see more
problems in the regional banking system
and I suspect we’ll see some shotgun
marriages between those Banks and the
Big Money Center Banks over the course
of the next two years and it depend it
it may not happen for a couple more uh
months this year we might not I mean New
York Community Bank may get sold to
somebody but you know I just know in the
next two years we’re going to see we’re
going to see some sort of a movement on
that and you know quite honestly uh at
the time Silicon Valley Bank and the
other ones failed I said this is exact
if you wanted to issue a central bank
digital currency it’d be easier to do it
with only six major banks in the US
rather than the current number which is
hundreds so it’s a lot easier to do a
cbdc uh if you don’t have a bunch of
Banks and I want to have a discussion
with you on that but before we do that
let’s just summarize a lot of the points
that you’ve just made so first of all in
spite of the fact that the economy is
growing at 5% that the S&P and the
NASDAQ are trading at or near all-time
highs you think we’re in for some
trouble and in both the economy and also
the stock market so maybe you can just
expand on that and what will be the
Catalyst to take everything down well
typically typically so we got an
election in November um there’s going to
be a lot of uncertainty Associated
around that uh and markets top when
there’s a lack of buyers so this we’re
we’re in a kind of a bubble a bubble in
in in seven stocks Nvidia is up 80% it’s
got the its Market valuation is the same
as all of the Chinese stock market so
you know what do we know about bubbles
when when they burst they burst fast and
quick in I’ve been Nvidia is is being
pumped up because of the excitement
about Ai and what what what do I know
about semiconductor companies they’re
cyclical so at some point uh it’s going
to be valued like a cyclical company and
uh that that that again that’s why I
think the stock market probably Peaks
lat summer so uh you really don’t need a
catalyst it’s just and again the money
supply will be the money the contraction
from the money supply will be hitting so
liquidity will start drying up so really
if you’re playing the the trading game
here good I mean you know day trader you
know you know what you’re doing but if
you’re a long-term investor and you’re
putting new money to work today uh I
think you’re not going to be happy in
two to three
years and what sort of pullback are you
looking at in both the economy and also
in the S&P well it’s it’s it’s hard it’s
hard it’s hard to gauge that because um
one of the problems right now is that uh
the stock market is actually one of the
biggest assets to the fed and the US
government and that it creates the only
thing we have left right now we’re not
really we have no manufacturing jobs we
have government spending and we have the
wealth effect on the stock market and so
the stock market needs to be saved at
all costs so it depends on what we see
from the response from the Federal
Reserve once the contraction happens so
you know I’m thinking anywhere from a 30
to 50% draw
down and then they’ll try to save it if
it goes if it goes below 50 that means
they’ve lost control because
traditionally they’ve been able to save
it at at a 50% we had a 50% draw down in
2000 50% draw down in
09 anything more than that then we have
we have what we call Great Depression
type retra where you retrace 90% 80% of
all the gains so I can’t tell you like
until I see what the fed and uh the
government does but they’ll do something
and I think that’s when they introduced
the
cbdc okay so let’s talk about that hi I
hope you’re enjoying the interview one
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show notes now back to the
interview yeah I mean look the
cbdc is a for me personally I think it’s
I’m against it because I know I know the
the abuse of power that can be made with
it basically you can link it to
everything so you can start to impose uh
social controls on people you can debank
people turn off their uh bank account if
you want to so it’s it’s it’s kind of a
modern-day slavery system and if they
wanted to you know if somebody got into
the office and said and was a vegan and
said I we’re going to impose meat
quotas uh technologically they’d be able
to prevent you from buying more meat at
the grocery store meaning the clerk
couldn’t even transact for you it’s that
kind of control and that kind of control
we always know will be abused so I’m a
I’m I love cash I’ve been to to protest
I I spend cash as much as I can in all
restaurants and uh when I go out
shopping I I’m I I I I pay in cash
well we’ve actually had a situation here
in Canada of all places if you can
believe it but where the government
actually did that very thing against the
trucker Convoy I believe that was two
years ago but I’m sure you read about
that yeah no so that was that that was a
beta
test um and what they didn’t count on
was the moment they did that the
blowback was huge and there was an
immediate um uh fear in the fincial
markets were if you were uh outside of
Canada and you had money in Canada you
said I want my money back so there was
actually uh a draw down uh in in in the
B the banks figured that out pretty
quick they started seeing fast movement
and I think they went to the Trudeau
folks and said you guys uh
no yeah it’s hard to believe in all
countries in the world I would never
never did I ever think that would happen
in Canada but they don’t they have
Central Bank digital currencies in
China uh you know I don’t know if they
do yet I think they’re testing them um
but they have other methods of control I
mean they have social social credit
scores so you know if you they have an
AI system where if you go online and you
say bad things about the government you
can’t can’t get an airplane ticket you
can’t so I think I don’t think it’s a
cbdc more it’s more just a monitoring
system that uh
is pretty pretty pretty orwellian so to
speak and the whole motive or objective
behind implementing Central Bank digital
currencies is just to control the
population is that right well I think
ultimately that’s that’s the people who
the people who are pushing this that’s
what they want I think there are a lot
of players in it that don’t they think
it’s great and convenient and I I think
they’re just
naive you know we we’ve seen um this a
famous uh clip of a uh Bank of
international settlements uh Banker uh
speaking about how you can control many
things with the cbdc and he basically
revealed the
plot and how he said we can we we can
control how they how people spend their
money I mean he said
it and how do cryptocurrencies fit into
this whole pieces well cryptocurreny I
mean I I’m not a a Bitcoin or crypto
expert because I kind of I’m I’m I’m 56
I kind of miss that but I think they’re
legitimate
Alternatives um my only fear would be if
if there was a solar flare like in the
1800s the cartin effect and we lost all
of our
electricity what’s Bitcoin worth with no
electricity so that that’s that’s a
that’s like a a Black Swan event so you
can’t worry about that but I do think
cryptocurrencies are legitimate
especially Bitcoin there’s a lot of
speculation and fraud in the crypto
World we’ve seen you know fraud in the
crypto world so like any new market it’s
the wild west but I think uh uh
cryptocurrencies are around to stay
because people view them as an
alternative to runam Mo central banks
and government
spending Ed you have written in the past
that a trump Biden rematch would be the
worst possible outcome and it looks like
we’re going to have that why did you say
that well because uh it the the the
choic is
between so Trump will be a lame duck
president so he’s already served one uh
term so he’ll get in there and uh he’ll
you know he’ll be a lame duck President
right away Biden is you know corrupt and
old and a puppet in my humble opinion
and we’re going to see come this fall a
strategy by the Democrats to remove
remove Trump from the ballot and or put
him in jail and that’s going to cause a
lot of societal angst and anger and the
two camps are completely living in
different
realities and you know I’m not gonna I’m
not gonna argue which ones more real has
a better GP gra uh grip on reality but
when you have that kind of polarization
where people uh other you know look at
the other people as the others uh it’s
it’s it’s it’s a a toxic brew so I think
we’re going to see things we’ve never
seen come this fall um and I and I do
think as we get closer to the election
the capital markets will start to become
very nervous
because uh the rule of law will come in
here uh there’ll be a lot of chaos a lot
of protests a lot of um it it’s going to
be bad it’s not
good it’s going to be interesting times
that is for sure and then when we look
out into 20 in 25 especially when it
comes to the economy and the financial
markets what do you think happens well
so like I said I think I think uh stock
markets kind of peak out this summer um
and then and and and and it again it can
be a
2201 kind of decline where it takes two
years to go down 50% or it can be fast I
I don’t know but what I do know is um if
Trump
wins you know then they’re going to lay
uh this recession at his feet uh if
Biden wins they’ll try to hold it up but
I don’t think they’ll be able to hold it
up for very long so we’re looking at uh
2 uh end of 24 beginning of 25 as as as
a very turbulent time and again because
of the because of the money supply going
down in November of 22 and still still
down there this could happen at any time
so like I could be wrong
you know we we we we could blow up now
and there’s Black Swan events out there
that could derail this like the bank of
Japan is having problems there’s
currency issues with the Yen right now
um and the Yen carry trade has been a
big fund of Global Financial assets for
a long long time and the yen is flirting
with a uh technical level that’s very
scary to the the bank of Japan it’s it’s
uh the US dollar uh Japan uh
um trade is valued at 151 right now and
if it breaks out much higher than this
level uh that could cause some some T
some turbulence so Japan is faced with a
difficult choice they need to either uh
keep rates low or raise rates to save
off inflation and you know they have you
know do they save the global economy or
do they save their own
economy that’s and and and and that’s
something the Federal Reserve can’t
control right now there’s been a lot of
Central Bank coordination but at some
point um This Global debt uh problem
we’ve had gets the release valve always
has been currencies so if we have a
currency crisis in a major Western uh
not Western but major economy like Japan
it’ll have knock on effects throughout
the global Financial
system so that’s that that could occur
at any
moment and let me just expand on that a
little bit okay so you’re saying the us
or the carry trade that everybody was
doing in Japan they were B basically
borrowing money in Japan and then
investing it elsewhere throughout the
world yeah correct I mean Japan has been
zero forever and the Yen uh has been
pretty stable but uh the problem has
been since um since covid Japan has
printed way more
money uh than anybody and they’re um I
think the central their own Bank of
Japan’s assets are at the same uh level
as their GDP annual GDP growth every
year so that’s a ra we’re the US is at
25% so our our our federal reserves
balance sheet is at 25% of our annual
GDP Japan’s ratio is one to
one so if they do start increasing
interest rates so the the point the
point is the Yen needs to devalue and
they’re trying to prevent that but at
some point the Market’s going to figure
out the Yen needs to go a lot lower and
devalue and and that and that’ll blow up
the the the Yen carry trade and that
that’ll be a giant Global Margin Call
but again that I can’t predict when
that’s going to
happen
fascinating anded as we wrap up you have
painted a picture of very negative
picture with the economy and the US
markets and if there was one thing that
might derail your whole thesis and where
we see the market continue to go higher
what would it
be
um what would it be uh well if Biden
decided to reverse all his economic
policies if I mean if he uh unleashed
the energy complex and drove the price
of oil way down if he um started to do
what Trump was trying to do bring
manufacturing jobs back I mean if if
there could
be you know if if if he could reverse
his policies that that would that and
that could be something I don’t see but
I don’t think he’s going to do that and
then a trump
Victory uh could give a lot of optimism
but I do think that there’s so much pent
up dislocations in the in the Global
Financial system that I think it’s it’s
not trp will have difficulty his first
term first year of his first term second
term I
mean so they’d have to be any any kind
of reversal policy would would would
blow up my
thesis and you know I want to say
something about interest rate Cuts so
the FED is on pause and you need people
need to understand something about what
happened in 2000 and
20078 before the down the downturn of
the financial markets the fedal res res
erve have been in a policy of kiking
interest rates to cool the economy they
then paused then they started
cutting cuts are generally viewed as
bullish but not when uh you’re going
into a recession they’re very bearish so
the Federal Reserve I think is pausing
because they’re seeing what’s going on
in the credit uh complex but they’re not
talking about it and if you see
short-term interest rates start to
really go down quickly that’s a sign
bad things coming well that was a
fascinating discussion and it sounds
like the back half of 2024 is going to
be an interesting one to say the least
and I want to thank you for making time
with us today and I look forward to our
next
discussion thank you James good to be
here
[Music]

Hard Assets Alliance : http://hardassetsalliance.com/?aff=BSC

Ed Dowd of Phinance Technologies and former BlackRock Portfolio Manager, provides his views on the U.S. economy, the Regional Banking Crisis, Central Bank Digital Currencies, and why the Trump-Biden Rematch is the worse possible scenario.

Timeline

00:00 Intro
00:12 Hawaii
01:09 Favorite Island
02:17 US Economy
04:12 Money Supply Goes Negative
05:45 Bank Failures
07:25 Government Spending
08:40 The Fed
09:05 Let’s Summarize
09:50 Small Businesses Collapsing
10:18 Stock Market Risk
11:30 Impact of Money Supply
13:06 What Am I Missing?
15:20 Debt Levels
18:01 Regional Banks Collapsing
22:10 Catalyst Coming
23:55 S&P Target
25:10 CBDC Coming
26:15 Controlling Bank Accounts
26:58 Canada Freezes Bank Accounts
28:33 Motive of CBDC
29:20 Crypto Currencies
30:18 Trump Biden Rematch Bad
31:55 Trouble Coming 2025
34:20 Japan Carry Trade
35:50 Wrap Up
37:59 Conclusion

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