America vs the Old European Elites, the Fed Could Be Our Friend w/ Tom Luongo
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All right, well, I'm here with an interesting guest, someone who's been shaking up podcasts and different friends have been referencing him and sending episodes of his content on different shows. And I thought it would be great to have him on to kind of figure out where he's coming from because he's representing a perspective that we often don't hear.

amongst the crowd that we hang out with. I've never considered myself a libertarian, but I've got a lot of libertarian friends. And it's one where we say, hey, look, we don't really like the Federal Reserve, but we have our guest here today to kind of explore this with us, Tom Longo. How are you doing?

I'm good, Dave. Thank you for the invite. I almost just catastrophically hit the wrong key on my keyboard and shut my computer down. So good thing I didn't, and then we can move on. But I'm like, oh my God, that was bad. Hi, how are you? Good to meet you. And let's get into it. Yeah, so tell us a little bit about just quickly your background and how you came to pontificate and get into the Federal Reserve and the markets and your unique angle on it.

Well, okay, let's just, you know, I don't know. I took the world's smallest political quiz somewhere around 1999, found out I was a libertarian and why I was angry at the world. And then all that made sense to me. And then slowly but surely, I, you know, just kind of fell down the rabbit hole. And, you know, I was working as a chemist for a long, long time. That's my background as an analytic bench and research chemist. And I did stints in, you know, high energy physics, quantum mechanics labs. I've done work in soil and water science. I've done

work in the metal finishing industry and electrochemistry and metallurgy. But then as all that ended, I had my hobby. And my hobby was kind of libertarianism and politics. And so I went down that whole rabbit hole of learning everything I could about Austrian economics and whatnot. And I've always been a writer and I've always been a blogger. So eventually, the whole phase of my career ended and I wound up having to figure out what to do with my life.

eventually I just wound up, I wound up monetizing my hobby and I wound up as able to start writing about markets and finance and whatnot. Got a job at Newsmax in 2013, writing one of their gold related newsletters. And that's just kind of slowly. Then, you know, eventually I went independent in 2017 with gold goats and guns. And I'm doing that now along with, I also write another newsletter for Newsmax, um, a separate one, uh,

than what I did originally. But what happened to me over the course of time was I realized that we had to, much like Tom Woods did when he first started really hitting the podcast scene and whatnot, he said, we need to have people who are better communicators of these ideas. And that really resonated with me. And I saw what Tom was trying to do and has been very successful. I thought that was very cool.

But what I was dealing with living in and around a college town, Gainesville, Florida, was that I was dealing with having to try and figure out how to talk to all of these, you know, kind of, you know, middle, middle to upper middle class midwits that are all lefties and that don't understand. And they're all basically Marxists and trying to explain this stuff. And I figured if I could learn how to talk to them in their language.

then I can talk to anybody about this stuff. Cause I've always felt that we have a fundamental deficit in our communications, the way we communicate about these things. And so I worked on that for a long, long time, you know, not officially not, you know, no one saw it. I was doing my doing it personally behind the scenes. And so when it got to that, that point of, you know, I'm just doing the gig at this point,

writing financial newsletters, getting better at geopolitics and reading the board and reading the way the world operates and having to get down and dirty into politics and practical politics to give people actionable information about what to do with markets. I found the basic Austrian story just to not be particularly interesting. I have no problem doing so now because I do it on every other podcast I do. I look at guys like Peter Schiff and I go, look, you're not helping.

the cause at all, because you're just saying, you know, buy gold, buy gold, buy gold. And that's not a viable strategy for people trying to put a portfolio together over the course of their life. Maybe one day you'll be right about everything. And maybe you won't. And, you know, Austrian economics is great, but as a filter with which to view the world and view how capital flows and everything else. But it isn't particularly good about timing,

Right? Timing is not what we talk about at all because we're just talking about things in the theoretics. We're not really talking about things at the practical level. It's all philosophy. It's all, you know, argument in the classical sense and not really. And, you know, what do we do? How do we interface and deal with the real world that exists around us? Because the real financial markets built on all these faulty premises, built on all this, you know, crappy fiat money and all the rest of it, that's nice that you can critique it

But the reality is that it's, by the way, it's far more resilient than we make it out to be in all of our rhetoric. And in doing so, what we wind up doing is we wind up filling people with a lot of good information that's unactionable.

In a real practical sense, it's unactionable because, okay, that's great. The system's going to fail. Okay, so what do I do? How do I plan for my kid's college fund? Or what do I do? And what you wind up doing is you wind up scaring the bejesus out of people. And they all, like me, start hobby farms and build their own houses and all this other stuff and waste 15 years of their life not building wealth. And so now what? So...

At some point during COVID, I realized that things were, you know, having just writing every day and watching markets every day and having a Patreon and having a whole bunch of people who I've, you know, inspired to do great work. And I have this like whole, you know, my patrons, I have a private server that we chat on all day long and with a variety of different perspectives in it.

And everything from people who manage a billion dollars in hedge funds to people who are just like me, this geopolitics is their hobby. And everything in between. And so you get all these perspectives on things and you learn a lot, financial professionals from everyone, and you're like, okay. And when you really start to dig down into things, it was somewhere around June of 2021. This is a very, for anybody who knows my pattern, they'll know what I'm talking about. In June of 2021, Jerome Powell-

at the June meeting raises the reverse repo payout rate five basis points above the Fed funds rate and breaks the world. Like the whole of the structure of the markets to that point completely changed.

And I saw it first as a breakdown in the euro and then attended other effects after that. And I watched the reverse repo facility balloon from $450 billion to $2.5 trillion by Jackson Hole. And by that point, I'm like, what's going on here? Something is not right. Could Powell at the Fed be fighting back against what I saw was this creeping globalism where we were on our way towards a...

a world central bank, central bank digital currencies, the whole WEF program to, which I always knew was the plan, the kind of agenda 2030 plan to dispense with the idea of national sovereignty, do away with the national central banks, roll them up and the commercial banks up into one monolithic central bank that issues all the currency and all the credit and

with the central government. Now, central government would be the UN. The central bank of the world would be the IMF and or the BIS and everything else would eventually go the way of the dodo. And I said to myself, that doesn't make any sense if all these ultra powerful Wall Street bankers actually run the world. That doesn't make any sense. They don't want that because they're the ones that actually print the money. The Fed doesn't print the money. The commercial banks print the money. No, they get it from the Fed and the Fed gets to price that money. But

The commercial banks, which are the very things that built the United States, are mostly free banking system throughout the 19th century is what built the United States. And the history of the 20th century can actually be thought of as the century in which the vibrant commercial local community commercial banking system of the United States, free banking system of the United States was subsumed into a Bank of England style oligopoly.

headed by the Fed and the sub and the, and the, and the systematic corruption of the original federal reserve, which I would tend to have agreed with. But I mean, the original conception of the Fed was far better than what we have today. Yeah. And I said, could that be what's going on here? So do you, what do you think? Just curious. And I hope you keep your thought where you want to go with that. But as a side, what do you think of like some of the,

founding mythology of Fed criticism amongst the right-wing and conservatives, libertarians like G. Edward Griffin's creature from Jekyll Island and the kind of mystique and the aura of, oh, it's this big thing. Is that a little overblown in your estimation?

I don't know. At this point, Dave, it's a good question. I'll be honest with you. I don't even care, to be honest with you. I think it's irrelevant at this point because the Fed is no longer anything close to that. Do I believe that there was a movement to try and install a Bank of England-style central bank here in the United States by what I would call, I don't know if I'm allowed to curse on this podcast, but a bunch of British, evil, communist people

Yes, I believe that. Yeah. But that was 1907 through 1913. I know J.P. Morgan just wanted a lender of last resort to get, because the panic of 1907 was a big deal. And, you know, the panic of 1857, which was the first transnational banking crisis in the history of the world. Really? I mean, transatlantic. Let's put it that way. The first transatlantic one. Maybe not transnational, but transatlantic one.

These were a big deal. And one could argue that they were intended to nudge the United States towards the need for a central bank in order to...

To blunt the rise of, well, certainly the Panic of 1857 was probably meant to blunt the rise of the industrial north by crippling the banking system, which we know at this point now that the British and the French were absolutely stoking southern secession to create a civil war in order to break the country up because they wanted their cheap primary input producers in the south to continue growing.

their monopoly of monopolizing their production to then sell the finished goods back to the United States and keep the trade deficit between continental Europe and the United States exigent in perpetuity. And that's an argument for what was going on behind the Civil War. It's one angle of the Civil War. And it's one, by the way, that our Misesian brethren like Tom DiLorenzo miss completely in all of his discussions about tariffs because I read Tom's books.

And I used to think that they were very explanatory, but they're only one. They're only explanatory of one aspect of this. They leave out the whole British French colonization of the of the of the South, the recolonization of the South with the intent of breaking the United States up, because if the United States doesn't

is able to industrialize. It then becomes a competitor to continental Europe, which eventually is what happens by the time Reconstruction is over. We move into the beginning of the 20th century. And that's when the British, who are at that point our greatest enemies, become our greatest allies. Well, why? Because they put...

British Tories effectively in charge of our government, the election of Herbert Hoover and the splitting of, you know, the election of Herbert Hoover and Teddy Roosevelt splitting off the Bull Moose Party and everything was absolutely done in order to make sure that, not Hoover, Wilson, Roger Wilson. I always get this too confused. I don't know why. But Wilson's election is easily...

One of the worst things that ever happened, and the more I dig into it, the more I realize that absolutely that was designed by continental European powers in order to affect another, what amounts to another American revolution or another, you know, in this case, we had one good one, the first one. Then we had two bad ones, the Civil War, which thankfully in many ways failed, even though my heart's with the South because I think they're right. As a libertarian, I'm like, yes,

The South was right. They have the right to self-determination. But yeah, if you get the self-determined, then you get to break up the United States and the continental Europe gets to continue colonizing the world and pushing us towards global communism. Cause that's fascinating how there's so many, there's so many facets and angles to history, isn't it? You know, it's very complicated. Yeah. Because history isn't because like one of the, one of the fundamental problems that,

You know, and I'll be honest with you. I'm very susceptible to this. And I get my partner in crime over at Gold Goats and Guns, Dexter White, who is a historian, has to like smack me on the wrist every once in a while and go, no, Tom, it's not, there's no one narrative. There's no one singular through line. We're very good at post hoc narrative.

creating that, but you always have to kind of shift the perspective. You got to turn down the volume on some focuses and up, raise the volume on others and then go, Oh, look, it's a big tapestry. Yeah. Yeah. It's a big, it's just a bunch of vectors. And it kind of reminds me of some of the nuance that folks like Daniel McAdams and Ron Paul at their Institute do where, you know, there's one group that's very excited every time there's a freedom movement afoot around the world. And then they always are,

kind of pour the cold water on, well, look at the CIA here and look how this is for, you know, and it's like, it's kind of hard to know. Like some people say, oh, Malay is not what he's cracked up to be. But if you're living in Argentina, he certainly seems to be doing things in a way that are for your benefit. However, you know, you can always take the other angle of there's trade-offs and what's going to happen at the global scale. And it,

It's a really hard balance to take that bifocal approach, the dispassionate bifocal approach to look at both the particular domestic angle. And there's multiple facets there. And then also like you're doing with the geopolitical frame. So that's just interesting. It is. It's very difficult. And then and it's very easy for people to misinterpret what you're saying. Right. And I don't.

Because they want a binary black or white answer, right? Yeah. And because we live in such a hyper-politicized world where so many of the commentators themselves glow our government assets or their limited hangouts or this, that, or anything else, that when you hear someone, especially someone like me speak, you're like, well, who does this guy, who is this guy working for? Is he working for the Russians? Is he working for the Jews? Is he working for this one? I'm working for nobody except me. I'm just not willing to,

You're trying to get us to love the Federal Reserve. That's what you're up to. I get it. Well, I'm getting you to stop. What I'm actually getting you to do is to stop worrying. Yeah. And for a small amount of time, love what the Federal Reserve is. There's a book there. What's that name of the movie? It's the movie. It's Dr. Strangelove. I'm tripping Dr. Strangelove, right? Okay. So what I mean by that is,

What I mean by that is we are in a war for the control of the value of money. And right now, like it or not, one of the reasons why we should be, why our criticisms of central banking are trenchant and worth pursuing and worth promulgating is that it is evil, but it's also powerful.

And so in a war between central banks, unfortunately, if you've got the biggest and the baddest central bank on the block, why would you get rid of it tomorrow? Isn't that what your opponents would want you to do? So it's amazing how quickly whenever the Bank of England or the ECB really get in the trouble or really when the euro dollar system, when the offshore dollar shadow banking system gets into serious financial trouble because the Federal Reserve starts doing

America's work as opposed to the globe's work. It's amazing how quickly all the libertarians suddenly have all of this platform. They all of a sudden like rise in all the Google search rankings. All of a sudden they get amplified. All of a sudden they get YouTube hits. All of a sudden people, they wind up, you know, that happens and they don't understand that they're literally being amplified for reasons by the very people they profess to hate.

And they don't see it. I'm like, I'm not taking that bait because I understand how the world works. Right. I'm not saying I'm the only one. It reminds me of Nassim Taleb's approach, you know, where he talks about the specialist knowledge.

of the academician that you know you flip a coin 50 times and you get heads and then you say okay what's the probability that if i flip it for the 51st time it'll be heads or tails this is still 50 50 and it's like well this is the difference between street knowledge and academic specialist knowledge is the academic doesn't realize when it's a loaded die you know it's a loaded

When it's a loaded coin, that's got two heads. That's got a head on both sides. Like, you know, no, it's always going to be heads until you change the coin. Right. Right. Because they've set up the back from a, from a, from a scientist perspective or from my, my science background, what I would say is when you set up the boundary conditions of the problem,

of the experiment you're setting up. You always set up boundary conditions around it. You always try to decide on, okay, we're going to set these variables as constants. We're going to set these are the variables we're going to, and by doing that, what we're doing is we're defining the edges of the universe of this system that we're going to study in order to tease out one particular variable and see what its effect is on that system as best as we can. We can't always do that, but we try and control as many variables as possible

And that's called sending the boundary conditions. Well, we're really good at analyzing free market effects within the system that we currently have. Problem is the boundary conditions of the market economy, of the economy that we currently have today aren't real. They're all artificial. They've got tariffs and rules and laws and central banks and this and politicians and all of this stuff. And those are the boundary conditions. Yeah.

And then we're allowed to operate as a free market within that, but we're always going to wind up with a certain set of outcomes that behoove the people who set up the boundary conditions in the first place. And then we wonder why all the, for example, why all the capital accretes to that class. Well, they're the ones that set up the boundary conditions to ensure that the money always flows, that the capital always flows up to them, leaving us starving and gasping for air. Yeah. Last half a day of us recording this,

You know, Elon Musk just tweeted out, Ron Paul's one of his shows where he said, we need to have competing currencies. We need to slowly phase the Fed out. And you agree with that in large part. I do agree with slowly phasing the Fed out. But you're slow, 50 years or, you know what I mean? I don't have a timeframe. I'm not going to put a timeframe on it because I don't think it's up to me to do that. Because I think what's important is that we understand what the Fed's role is right now.

Let's look at how the Fed has already reformed some of the world. What I've been describing for the last three years is that the fourth American revolution, the Declaration of Independence, second Declaration of Independence was actually happened in March of 2017. Why? Well, Trump is inaugurated on January 20th.

Right after that, he nominates or is given Jerome Powell to nominate as Janet Yellen's successor to the Federal Reserve. It's the first thing that Powell does when he walks into the office. Literally, the ink is not dry on his confirmation, and he empowers the secured overnight financing rate to replace Libor. Literally, Trump is inaugurated, Powell is instantiated at the Fed, Sofer, which had been sitting on the books...

And sitting as a pilot study and as a white paper at the Fed for 15 years, or 10 years since the financial crisis, 10 years. The financial industry knew all about SOFR. They were like, yeah, it's coming. Yeah, it's coming. And it never came. It kept not coming. It kept not coming. It kept not coming under Geithner and under Yellen. And the reason is because SOFR is incredibly important. Because for the first time in our history,

previous to when we, okay, let's, let's just back up. So what I said earlier about the entire trade deficit between us and continental Europe. So all throughout the 19th century, that massive trade deficit that we ran against Europe, if we want to understand what a world looks like, where one side has a central bank and industrial dominance, and another side doesn't have a central bank and doesn't have dominance, we have the 19th century.

They used their central banks to pay for wars in order to attempt to destroy the United States, who didn't have the ability to fight back with the value of the dollar. We used tariffs, which at the time was the right way of going about it. So that's what we had to do. But we weren't really in control of our own fiscal monetary policy back then.

continental europe was they held the purse strings uh based on you know under a gold standard under a hard money system nominally that's what we were dealing with bimetalism was a way to try to push back against that right with the a little bit yeah so we get we get it so we so we get so we get out of that phase and we then we get a central bank and then we come out of world war ii europe is bankrupt and

And then what happens to the Fed? It goes from being a consortium of regional lenders of last resorts that are supposed to be the 12 member banks. Regional banks are also supposed to be fighting amongst themselves, excuse me, for capital.

So if money flows to California and California's, you know, cost of dollars should be 5% because the demand for dollars is so high. That means that in Mississippi or under the Atlanta Fed, it should be three and a half. Well, what would happen then? We would naturally, capital will flow preferentially to areas controlled by the Atlanta Fed.

because they can borrow money at 3.5%, California would get starved, and we'd see a normalization eventually of interest rates around the two of them. But Mississippi and Alabama would grow up, and Georgia would grow up, and California would attenuate. But that never happened. Well, it didn't happen after FDR ruined the Fed by creating a single Fed funds rate, national Fed funds rate. Now, California is borrowing...

at 75 basis points below where it should be at, say, 4%. And Mississippi is borrowing at 75 basis points above where it should be. But guess what? Mississippi stays poor. California keeps getting rich. It's the same argument. It's the same thing that they did to the euro with Germany. If Germany had the Deutsche Mark, the Deutsche Mark would be at $2 and the Italian lira would be at $0.60. Or the Greek drachma would be at $0.50. Right?

Money should flow to Greece. It should flow to Portugal. It should flow to Ireland and the pigs. But it doesn't. It keeps flowing to Germany. So what happens under that system is the Italians borrow against using the Germans' credit rating at German prices to buy German cars. And then Germany runs a massive trade surplus internally within the European Union and consolidates power to itself, which is why the Germans run the European Union. Mm-hmm.

Okay, same thing here. It's why California runs the, up until recently, ran America. Wall Street and the military industrial complex in California ran the United States. Now,

So far, now at the same time, once Bretton Woods breaks down, we get off the gold standard, and then we establish the dollar reserve standard. What happens between 83 and 85? Well, the first thing that happens is that we finish working out the excesses of the 1970s, where everything peaks during the – where interest rates peak and the –

The recession of 1983, craters. The economy craters and starts climbing back up again. In 1984, we get the world standardizes all dollar debt around LIBOR. Can you explain what that is? Sure. LIBOR is the London Interbank Offer Rate.

which is the way we price dollars around the world. So your credit card was, and your mortgage and your car payment and your company's credit revolver and everything else was indexed to LIBOR. So if you wanted to borrow money, someone quoted, the bank quoted you LIBOR plus or minus LIBOR, right? So LIBOR priced dollars. Well, who's pricing LIBOR?

Not the United States. The Bank of International Settlements, would it be them? City of London. 18 City of London banks. Not us. That's 1984. Wait, in 1985, we get the Plaza Accord where they then try and fix all the currencies relative to each other. It's the same damn thing. We have LIBOR, a monolithic...

borrowing rate with fixed exchange rates. It's not going to benefit us. It's going to benefit whoever is, wherever the money is flowing to. And since we are running now a trade deficit with Europe, they're back in control of our monetary policy again. Now, SOFR represents the first moment in history where the United States is actually in charge of its own monetary policy.

Why? Who conceived of this? Jerome Powell was part of it. I don't remember. I think it was John Williams was the original architect who's now the head of the New York Fed. Is actually, I think, the architect of SOFR. Like Powell, you know, Williams and a few other people at the Fed worked it out. Now, so Powell comes in March, in February of 2017. Yeah.

Williams has moved from the Atlanta Fed to the New York Fed right after that. And SOFR starts its pilot program. What's SOFR? SOFR is the Secured Overnight Financing Rate. What does that mean? It means that as opposed to having 18 city of London bankers sit around on a conference call at the end of the day and pricing dollars based on what they need it to be, we have a market-driven rate based on the demand for dollars within the repo and money markets here in the United States. That means we're pricing dollars.

So it's closer to what Ron wants. Ron Paul. Yeah. Okay.

We are pricing our own dollars. We already have reformed the Federal Reserve. We have SOFR, which we are now forcing on the rest of the world. They have to price dollars. So the market is determining the price of money. We do have a market. We have a much more market. I wouldn't say SOFR is a market-driven rate, but it's much more market-driven today than it was then. So in effect, over the long term, SOFR actually has the ability to get rid of the Fed funds rate. Right.

where the Fed would actually really will be following the market when the market says, no, no, no, we really need the policy rate to be down to 3%. Why? Because the market is literally telling us we needed to be at 3%. But so here's the interesting part about this. So why was this so pernicious, this whole LIBOR versus SOFR thing? Well, here's the gig. Why do we have tariffs? Why does Germany still run tariffs on American cars via the Marshall Plan? You know, these are tariffs that were put in place in the Marshall Plan. Why?

Because we felt the need to, because we were so much more efficient than them that they put tariffs on in order to try and protect their industries, right? Okay, well, guess what? That's not the case anymore, but we're still doing it. So what you wind up, what you have is if the United States economy is more powerful and more efficient and more vibrant and can handle a higher cost of capital than everybody else that uses dollars around the world, then...

If when the Federal Reserve raises interest rates, because again, same problem we've always had, what should the policy rate be? I don't know. The Fed's just raising interest rates based on a whole bunch of lagging indicators and reading tea leaves.

Right. That's a fair criticism of the Fed. That criticism hasn't gone away. I don't know what the actual rate of interest should be. I just know that the Fed is reacting to what it thinks it sees as the reasons why it needs to raise or lower interest rates. It's not reality, but at least they are responding to a series to to what it looks like a a a rational set of variables that they're

that they're pricing dollars at. They're using the price dollars at. So let's just assume that the Fed has some degree of competence.

I know that's a hard thing for libertarians to wrap their heads around, but let's just start there. So we assume that and we assume we have a more powerful economy than the rest of the dollar using world. So that means that if we raise interest rates, we can absorb that cost, the higher cost of capital better than they can. They need the rate. They're Mississippi. We're California in my previous example.

They can handle five and a half. We can handle five and a half percent. They can't handle more than 3%. Fed raises the five and a half.

Our banking system doesn't implode at five and a half. Christine Lagarde over the ECB is like, and whoever the guy is over at the Bank of England, scrambling to try and protect the pound, protect the German Bund and the UK guilt, scrambling. Go look at the TIC report. It's screaming at you that they're like soaking up excess treasuries to try and keep the exchange rates down. And they're playing all these games. It's crazy.

And it's been going on for three years, ever since Powell started stealth tightening in June of 2021, where he raised the reverse repo payout rate and set the stage for a very liquid SOFR market that would come into effect in 2022. But what we have is we can handle a higher rate than they can, but they're the ones setting the cost of dollars. So the minute they get into trouble, right, we have to respond to them. Well, why? Because

We raised it, say Powell raises rates to 5%, but LIBOR, but they can only handle three. So the minute Powell goes beyond 3%, what happens to the cost? What happens to overseas? LIBOR blows out to the upside because the demand for dollars is so high, people are willing to pay anything to get them in the overnight funding markets.

Because they've got payroll to make on Friday because they've got a loan that they've got a, that they've got a service on Thursday afternoon, blah, blah, blah, blah, blah. So all of a sudden LIBOR, which should be trading around three or 4% blows out to 8%. Okay. We have a, what Jeff Snyder would call a Euro dollar event. LIBOR blows out the Euro dollar futures curve inverts. But what happens? Because all of our debt is indexed to LIBOR. Our, our debt goes up to 8%. We, we,

We don't have a problem with dollar liquidity in our credit systems. They do. They price their dollars above where we are. They force that back onto us. So now all of a sudden, LIBOR's at 8%. Your adjustable rate mortgage goes up by 500 basis points above the Fed funds rate. All of a sudden, the banks are demanding 30% on your credit cards.

Your car loans are 11%. Your new mortgage originations are now prime plus eight as opposed to prime plus three, whatever it is, yada, yada, yada. And what does that do? It creates a slowdown in the American economy because of the credit system seizing up, which enforces the Fed to cut rates before they've liquidated all the malinvestments from the previous cycle. And we, as Austrians, sit there and go, see, the Fed doesn't know what they're doing.

But it was always the euro dollar system that was pricing the dollars. That was the problem. So now, fast forward to 2022. I'm the only guy out there literally saying Powell's going to raise to 6%. Why? Because he's got SOFR. We're going to find out how vibrant the American banking system is, whether or not it can handle 5%, 4%, 5%, 6%. I said 6%. He wound up getting to 5.5%.

You know, sue me. We only got the five and a half. Fine. But we got the five and a half. When he got to a point and started raising everybody everywhere, libertarians, monetarists, everybody screamed Powell's going to get the 1% and have to go back to the zero bound. So implode the entire shadow banking system. Maybe, maybe he did, but it didn't affect the American markets. You know why? Because the American banks all knew this was coming.

Because Powell and the Fed rolled out SOFR over a five-year period from 2017 to 2022. All the banks in the United States were ready for SOFR. They had already shifted to this mindset. They weren't worried about LIBOR blowing out. They weren't worried about any of this. And LIBOR eventually was stuck having to do this.

having to be constrained to 25 to 30 basis points above the Fed funds rate, because that's the difference between collateralized and uncollateralized rate. And that was it. And it was over. And Powell raises to 5.5%. They're over there screaming.

governments are collapsing over there. Germany, France, England, all of them, all their governments are collapsing. All their, all their, the Germans, German industrial capacity is down 10%. They can't afford to, they're now scrambling to like rig oil markets and all this stuff. And the only reason they're still even alive is because we had a bunch of European, what I would call Davosians, you know, Davos, um,

uh, quizlings running our government, Janet Yellen at treasury, Gary Gensler at sec, Joe Biden and the Democrats and everybody else all doing the, all setting money, all setting fiscal policy on DC to try and undermine the tight monetary policy that the federal reserve is. I advise this to the look treasury and the fed are not on the same page here. It's a, it's obvious it's a war and the feds winning to our benefit because the longer this goes on, it's,

if the American economy can handle this, we're going to get a recession just in time to get rid of Joe Biden or Kamala Harris, because the American people are going to just blame the recession and the inflation and everything else, rightly so, on Joe Biden. And now we're here. We have an independent, we have a banking system in the United States that's independent of the euro dollar system. They have to respond to us

As opposed to us having to respond to them. They used to be the tail that wagged the dog. Now the dog is going, you know what? We bark, you run. And you're not part of the dog anymore. You get to choose. We're the alpha dog and you're really just, you're the pups. And like it or not, folks,

That's the way it has to be. And no matter how much you may or may not like the United States at this point because you think we're an evil empire and all the rest of it, news for you. You think we're bad. You really want to have the world run by a consortium of Chinese and European technocrats? You saw the world they want to give us. It was called COVID. How does the COVID scheme fit into your model? Easy. Okay.

Powell was raising interest rates in 2019. JP Morgan refused to repo, take as collateral European sovereign debt all through 2019. The American banks were already breaking their, the G-SIBs were already breaking their relationships with Europe. They saw this coming. They fomented it. And these people had to dump COVID on us and then dump a whole and freeze the global economy, seize the bond markets.

The U.S. Treasury market was an operation. One of the aspects of COVID was there was an operation against the Federal Reserve to force Powell back to the zero bound because Jerome Powell and the Federal Reserve will always act under one instance and one instance alone. When the U.S. Treasury market seizes up, they will act. That's it.

All the rest of this discussion about the wealth effect and, you know, stock market, who's in the stock markets and everything else. That's all nonsense. That's all. That's all 1999 stuff. That's all Greenspan. That is not today at all. Today is only a Jerome Powell has already proved. If you're not, if you don't think I'm right about this, Jerome Powell raised interest rates the week of the worst banking crisis in the United States in March of 2023 since Lehman Brothers.

And he raised interest rates another quarter point. Just, oh, by the way, to make everybody know, really, I'm serious. We're not going to be blackmailed by Janet Yellen, which at the time was all about the debt ceiling increase and all this other stuff. So it was insane. So I'm like, right now, like it or not, the Fed's doing God's work right now. Because Powell and company are literally...

trying to bankrupt all of these pedophilic, disgusting, old, degenerate European banking cartels that stand behind all of these terrible leaders that we all look at and go, why do they keep re-electing Emmanuel Macron? What are they doing putting Keir Starmer in power or Ursula von der Leyen or all these horrible people? Well, it's because they don't have democracy in Europe.

They don't have rights either, by the way. Go read their constitutions. And they have to destroy the United States. You think it was like some kind of... I'm sorry, go ahead. So just, yeah, we're the only what? Let me just let you finish your thought. We're the only real constitutional republic where the people...

are superior in theory to the government so they have to destroy the constitution they were probably they were probably involved with the 2020 shenanigans too then right absolutely well but more importantly think of it this way why do you think obama governed by executive order why why do you think they kept why do you think they ran roughshod over the chevron deference

to create a managerial class and a government run by executive branch agency rather than by the executive himself and the legislature. The legislature abdicated all of its responsibility to declare war on

to set regulations on the economy or anything else. They let all the agencies do the work. And when you have a globalist cabal at the head of the Fed and the Treasury Department and Congress and in the executive branch, then what are you going to get? You're going to get globalist policies. It means that this whole unconstitutional framework is just going to run...

like clockwork because it's just the bureaucracy so is powell alone in this new fed system or does he have a whole stack board of good guy or he's he's he has been he has his power base has been eroded go back to the uh the insider trading scandal of 2021 2021 where right before he was reaffirmed and that's a whole nother story that's a whole big intrigue story of intrigue because the biden administration was literally trying to get rid of him

They got three of his biggest lieutenants, his biggest hawks on the FOMC, Kaplan, Corita, and Rosengren, replaced by literal University of Stanford commies that all went to school. Two of them went to school, were students of Kamala Harris's father. And then if you want to really get freaky about this, go listen to Candace Owens tell us that Kamala Harris is MKUltra.

Yeah. And then this whole thing begins to look like, it looks like an entire alternate history of the United States. And Powell, by the way, just so you guys know, for those of you who haven't heard me say this before, Powell's eighth generation American. He traces his lineage back to like Jamestown. Okay. Why is there so much discord, at least publicly with Trump's rhetoric? Is that just shadow boxing? Yeah. Yeah.

I'm sorry. Hold on. They hate Trump because Trump. No, it's fine. They hate Trump because Trump understands all this. Trump really does understand all this. So he gets what Powell's up to.

I mean, I don't know that he was originally in. I don't know if he was originally briefed on what was going on here. He was fighting for his life. He was fighting for his life during COVID. And he thought he really needed the money to be able to fight, you know, COVID, what they were doing during COVID-19. Where at the same time, Powell was like, I really don't want to go back to the zero bound. I really don't want to do this.

Because he understood that the zero bound in QE means that the Fed has no real power. The Fed is just another shadow bank at that point. Even after this new term, he's kind of signaled some aggressive postures towards power, like we want more control and all that. Are they just playing around or are they on the same page here? I think they're on the same page because I'll be honest with you. I think Trump was finally told that, look, Wall Street's on your side.

And Wall Street were the ones that told Powell to do what he did. Look, the banks took a major, major hit during this rate hike cycle. They all had their balance sheets dramatically impaired. We ran a 110 basis point inversion of the 210 spread. I mean, it was insane. But it needed to be done because you needed to have...

The markets overseas drained of all the excess leverage and then forced them to start putting their seed corn on the table in order to fund all their grand plans to try and extend and pretend and wait everybody out.

That's what they always do. They're like, okay, well, we'll spend a few hundred billion dollars now, but eventually we'll get rid of Trump and we'll wait him out and then we'll come back into power. And that's what they're trying to do now. We'll come back into power in 2029 and we'll start all over again. Ain't happening because the demographic shift has already happened against them. Like the kids that are coming up behind us, they're not interested in this stuff. They know it's all a scam.

Our generation, Gen X, we understand it. What they're going to try and do now is neuter Trump to keep him from being able to implement anything that he wants to do.

The problem is they don't have any real power to do that. By they, you're referencing to the powers of the European families and all that. Yeah, and their quislings within our government. You know, the Pelosi's and the Mitch McConnell's and all the people. The Obama's. Is Obama dethroned now? What happened to him? Oh, yeah. I think Obama's finally done.

So they're going to throw him away like an old puppet? They're just like, you're done. You're trash. You couldn't get the job done. You lectured the black voters too hard this time. You failed your magic trick. Go home. I think that may be what's happening. But at the same time,

They're not going to let this go. They're losing on every front. So, of course, they have to make moves to try and recapture the momentum. They're going to go with that COVID thing? They love that. That seemed to work well. No, they're going for World War III with the Russians. Yeah. They've already tried the COVID thing. Now, Putin is aware of this. All he's got to do is just turn the other cheek perpetually, I guess, right? That's what he's been doing. Yeah.

That's what he's been. That's what Iran's been doing. Good God. Iran's been so turning up the cheek about so much. Well, they kind of have to, because they're being told by the Russians to do that as well. Um, the Russians aren't dumb and you know, the Russians also don't care if the Russians don't care who runs Iran, by the way, they don't care if the mullets stay in power. Actually, I think the Russians would prefer for the mullets to be overthrown and the reformists to take power in Iran, which is, which the Iranian people want. Um,

Reform is being hit by us in Israel or something else? What do you think? Well, the situation there is, I'm actually going to make it kind of simple. If the Russians, if the Americans pull back in their support of Israel, okay, and I don't mean that we're going to like throw Israel under a bus and leave them to themselves, but if we don't give them a blanket backing to go and,

go off half cock around the region and kill everybody that looks at them cross-eyed. What I mean is if you cut off the foreign aid and you cut off much of this stuff, then at the same time as the Russians pull back out of the region, and then if you, in effect, you move the major powers back, then all the minor powers have to deal with each other, which is part of the reason why Turkey moved into Damascus, because now Turkey is going to fill the power vacuum.

And play the role of traffic cop. While the Iranians stew in their problems. And the Israelis begin to stew in their own problems. Because the Israelis can't go against the Turks. Like, you can fight militias like Hezbollah and Hamas. And some IRGC militias in Syria. You're not fighting the Turkish army, BD. It's the most credible army in the region. They have F-16s too, you know. And...

And they have American technology too, you know. So this is like, and the whole Sunni world is beginning to realize, I think they're beginning to realize that Erdogan's move in Damascus is a stroke of genius on his part. And, you know, you could have a lessening of Israeli and Iranian tension simply because without the major powers backing their adventurism, now they have to do it with their own resources. Right.

Neither of them have those resources. Iran doesn't really have the ability to credibly strike Israel. And Israel, without our support, can't fly an air force. So now what? So their belligerents might start dying on the vine. And the Americans and the Russians...

can come to the negotiating table i think trump just put it out today he's like i think we should have a basically a g2 between us and china and tell the europeans to go scratch and the europeans are freaking out because i've always said i've been saying i've been saying for two years dave that like trump and trump and china that's the easiest that's the easiest negotiation in the world what do you see in the chinese what do you see that as hey

Because the Chinese no more want to take Taiwan than Russia wants to take Poland. And your model, it's really been, I mean, not to scapegoat one group, but I mean, seriously, it's been these old European family powers that have been forcing us to fight with Russia and China and all this shit. Yes, yes.

That's the history. That's World War I. Why does Trump play into the... I mean, again, I know about performance art here, but why does Trump play into the, oh, China shit in the first term? He did it in 20... Remember, the world in 2016 is not the world of 2024. It's still under the...

It's a different world. Live war or whatever, right? It's this different world. And in many ways, it's just a different world. Yeah. And, you know, talking about what Trump did in 2016, 2018, you know, he was right to put, I mean, relatively speaking, here's the problem. It's like, was he right to put tariffs on China in 2018? Yes.

Were we able to get rid of the IRS and get rid of the administrative state here in the United States? No. Did we get the Chevron deference overthrown last summer? Yes. Did we get jargony, which took away the star chamber courts of all the administrative states?

The administrative star chamber courts of the three other agencies? Yes. Is that a different world? Yes. Is SOFR now the law of the land where it's now pricing dollars around the world and we're three years into this project and the whole world is having to really think about what's happening here. The Chinese are issuing dollar-denominated sovereign debt to flood the dollars they own into China.

the Southeast Asian markets to help their trading partners in Thailand and Malaysia and Indonesia deal with the service or dollar denominated debt and pay it all back in yuan, which they're building up as a function of their trade surplus with China in the first place. These guys are getting paid in yuan for their nickel and their timber and their rice and their, and, and, and, and palm, palm oil and whatever.

And they don't have anything to do with them. Well, now they can take dollar-denominated loans to pay off their dollar-denominated debt and then pay back those loans in yuan that they're running a trade surplus with. China stabilizes their food producers and their timber and natural resource producers, their input producers that keep their people fed and working. And we...

Which I believe firmly that the Fed wants out of this whole trippin's paradox of being the world's reserve currency. And this is how you do it gently. This is one angle on how you do it gently. There's many other things that are happening to have that occur. One of which is just make the price of dollars more frigging expensive and force people to pay down their dollar-denominated debt, which will take a generation. But it's going to happen over the course of a couple of business cycles.

It's not going to happen overnight. We're not going to just wake up one morning and all $70 trillion worth of dollar-denominated debts will be paid off tomorrow. No. Anybody who's selling you that story is a punter. He's selling you a lie.

So you mentioned Wall Street's on board with this new approach. I mean, I guess the average person listening to this who's not familiar with your perspective would say, you know, I've always thought the Wall Street guys were internationalists too. I thought they were, you know. Well, I'll put it this way. When the globalists were ascendant and they owned all the levers and we still had balance sheet room to lever up around the world and for Wall Street to get fat and happy with,

They had to go along with it. But you know, the minute they had the opportunity to change the rules of the game board, they took it. Like if Sofer languished around for two years before under Trump's first, you know, while Powell was there, no, I wouldn't be here today arguing this. But literally in order. Yeah.

Like, just like in 2020. So COVID was their attempt to try to kill that baby and drown it. Yes. And drown it in sleep, just like the Civil War. Just like the Civil War was an attempt to drown the burgeoning industrial power of the United States in its crib. So it really was an attempt to kill America so they could globalize the whole thing and depolite the world and all that nonsense.

Absolutely. Absolutely. There's no doubt in my mind about that. How did they fail with COVID? Was it really the truth tellers? I mean, I've had a lot of the COVID science and doctor truth tellers. I mean, I'm just saying, I know there's multi-framers to this, but. Yeah, I think that I'll be honest with you. I thought about this a lot. And I think the best way to describe it is that they just reached for the boob too early on prom night. I didn't hear you.

That they reach for the boob too early on prom night. That they just tried this thing well before we were prepared for it emotionally and physically. They needed another 10 years to move out the old

move out. They needed to get us out of the way. Honestly, they needed to get us out of the way. They needed to get us old enough that we didn't care anymore. So they tried to go for the rape and assault of America too quickly, basically. Well, they had to because Brexit and Trump accelerated the timetable on them. Yeah.

So is your model good news for people around the world and developing countries who have been under the thumb of these colonialists? Could you speak to them for a second? Because I've got an international audience that enjoys. No, I mean, this is the. People in India, people in Africa, Congo. We've got an audience in Congo. This is the moment that everybody is hoping for. This is the promise of the original America.

that we would be the leaders of the world that would bring the world out of feudalism and out of the darkness by proving... Remember one thing here, folks. Why do they need to kill the United States? At a philosophical level. Why? Because they're all, at the end of the day, they're all the sons and daughters of kings and chancellors, you know, of the divine right of kings. They believe that government is superior to the people. Right.

We are the exception. We are the example of saying, no, no, the people are superior to the government. And not in that weird hybrid way where they have the Magna Carta over in England, but they don't actually. I'm sorry, but the Magna Carta has been dead in England forever and a day. And I know Englishmen who will argue with me about this. I'm sorry, I just disagree. Because they know that our Constitution is superior to theirs.

Our constitution, our legal structure has to be destroyed from a philosophical level. We have to prove to the world that this free market individualist thing doesn't work and that you need to be ruled by your betters and we're your betters. They need to prove that to the world. That's why we have to fail. Okay. They need to kill us.

And I'm telling you that what we have to do is restate that, no, no, no, no, no, you're wrong.

And we can work our way out of this. And we can. There's many. The one thing we're not going to do today, because I think we should just be wrapping. We're trying to wrap up soon. But one of the things, because I'm going to talk, and I'm talking about this in every other podcast I do, which is the ways to recapitalize the United States. We can recapitalize this country very easily. The $36 trillion worth of debt, this, that, all that, it's all just a balance sheet problem. That's all it is.

Okay, you look at it as it's a balance sheet problem. And I'm telling you, it's possible. Because we're the United States. If we were Germany, no. If we were the Congo, no. If we were Thailand, no. We're the United States. We can do this because we have the massive capital base and the massively dynamic economy that all you have to do is do exactly what

eon and vivek are talking about and what trump is going to do when he walks into power and he starts auditing two trillion dollars with ngos and and government departments and freezes their budgets you don't think we can we can like chop two trillion dollars in the budget on january 21st i know exactly how to do it audit everything nope you're all under executive or um executive branch audit

Show us your books. Get your books together. Money stops flowing tomorrow until you show us your books as to how you spent the money we've already given you. Most of the departments have 90 days worth of money in the bank to pay their people, to fund their operations. USAID, all that crap that Mike Benz talks about, they got 90 days in the bank, these people. It'll all end. The spending stops. Now what?

Is the media going to sell this as some kind of hostile coup fashion? Of course they are. Because they're owned by the British and the frigging Davos. Of course they are. And you want to know what? No one cares because no one trusts the media. Someone ran a poll on Twitter yesterday saying, what do you trust more than your government? I'm like, the media. You know, like the punch and the diddy party. All these great, great answers that people came up with. My answer was the media. And you know how much I frigging don't trust the media. I don't trust them at all.

Yeah, what's that stupid drone story about? You know, he has on that. Oh, the drone, that's just, again, it's just another psyop. It's the dumbest psyop of all time. It's literally the end of Watchmen.

What's the point of that? Like, why do they do it? Oh, the point of that is pure distraction and to get and to try and push. I don't get it. Well, distract from what they're probably going to do over in overseas. At the same time, they're going to try and push for legislation, the NDAA to go through, you know, all of this stuff. And they're going to try and use this cover for false flag. Mm hmm.

I don't know whether it's going to work or not, but I know that's what they're trying. But the whole thing is a massive psyop to get people to be scared of something. And I'm like, really? How about you people glow? You're no different than the Patreon front guys all walking around with your

With your just taken out of the bag swastika flags and your high and tights and you're all wearing the same watches and you're all wearing the same clothes and you're all wearing the same military watches and the same military haircuts. Yeah, you all glow. It's all nonsense. If you look around, Dave, you're seeing all of these groups disband overnight. Chris Wray resigns from the FBI and like,

Four different, like, terrorist organizations disbanded overnight. I'm like, white supremacy groups all disbanded overnight. I'm like, huh? Yeah, I wonder why. Maybe because they were all feds? Their cash out payment stopped, didn't they? They got rid of the cash out payment. Yeah, the checks were stopping. It's just hilarious. They're out there, like, Biden. He's not Joe Biden. He's not issuing pardons. Issued, what, 8,000 fucking pardons in the last, you know, week and a half? Like, are you kidding me? Come on.

It's just, it's hilarious. It's rats. Again, just because I want to land the plane, but just for the sake of argument, a lot of people say, but the elections are not safe and integrity, you know, so. That is an important part. We do have to get election. We do have to get the elections back under control. We have a, we have great elections here in Florida.

We are happy to export our, our, our, our Florida election system to the rest of the country. Did you see the cheekiness of the Florida secretary of state offering to the Florida election system to Arizona the night of the election? It was hilarious. I mean, I was like,

But it's going to come. The people want it. They're tired of it. All these people are going to be voted out of office. It's going to take some time to get our scallops and get these people moved out. But if that's what we want, eventually it will happen. But it starts at the top. And you know that their goal now is to try and start a war that Trump can't avoid. You know what would help? Extend it.

You know what would help is if Bobby can actually get these seed oils and all their trash out of the food system. Because, man, when everybody's thyroids and everything are functioning well again, the level of creativity and resilience and ambition and charisma will just flow back. We'll be like, where the hell were we for 100 years? Well, it's like coming out of the Soviet Union, right? Yeah.

You know, abortion was the primary means of birth control. Men were drinking themselves to death. Like Russian men had a life expectancy of 56 years. Right. Abortions as a percentage of live birth were insane. It's all, you know, within the first 10 years of Putin being in power, all those metrics dropped by 95%.

Deaths by alcohol poisoning. Life expectancy of Russian men has now reached normal age again. It's now reached the 70s. It's rising rapidly. When you give people hope, when you give people an opportunity to make something of themselves, they do it. And you just have to like, you know, we can get out of this. It's going to take a supreme act of will.

It's going to take a supreme, it's going to take a Herculean effort. And it's going to take everybody, not everybody, just enough people to say, okay, look, I don't care what you did before. I'm talking about like between you and your neighbors or whatever. I don't care that you went crazy during COVID. I don't care. I don't care that you called me a Nazi. I don't care. I don't care. By the way, we're getting back to work. So it's okay. Yeah, that's so true.

But, you know, for the people who perpetrated all this, oh, no, no, no. They all get hung up, hung over the Washington Reflecting Pool and fed to hyenas. Like Anthony Fauci? No, no. I'm still long- What about that part of it? That's an ironclad part of it. You can't repeal that part. And he's, they're going to get. Yeah, okay.

yeah it'll happen hey tom i really appreciate your time and it's good to see uh florida neighbor doing good good stuff and you know getting this message of i think it's good to be optimistic and you've made a great case for optimism and it fits with a lot of a lot of the things that i've seen independently and a lot of other great truth tellers out there and now i know why well maybe some things that i've seen are happening on my end that i i was like

Why did they receive Ron Paul so willingly? That'd be interesting. When I put that interview in motion, man, I mean, it was a God thing how it all came together, but there was also a receptive party on the other end, and I was very surprised by that. I was like, I'm used to the glass ceiling that Ron Paul and his friends get about discourse, and I thought, why are they bringing him into this?

I mean, we could take your angle. You were saying that they might be lifting up his voice to counter the Fed's power right now. No, I don't think so. Because Ron is the one... Remember, even when Ron... I've said this many times. I told her, I was trying to tell this one when I went to the Mises Institute and I spoke. I said, even Ron never argued directly for ending the Fed tomorrow. Even when he was running for president back in 2012, he said it's time...

We have to roll the Federal Reserve back. We have to roll back Social Security. We have to roll back Medicare. We have to, like good doctors, we have to exercise our libertarian, Hippocratic Oath, which is we have to try and do as little harm as possible while we roll this back. And, you know, there are many ways to do that. And I really urge people to just

Think about what we can do. Think about, listen carefully to what people like Musk and Vivek and others are talking about. Scott Besant over at Treasury has multiple plans in order to figure out how to mobilize capital to get it flowing. If we can get a normalized yield curve,

out of the Federal Reserve. I think the Fed's going to cut rates hard next year. I was the proponent that the Fed should raise rates hard. I also think the Fed's going to cut harder than the market is expecting. Why? Because they need to get a normal yield curve, 3% on the low end, 5% on the long end, so the community banks can start lending against the positive 210 spread. And we can get car loans originated and we can get small business loans originated. And if we can do all that while drastically cutting regulations...

We can start the turnaround very quickly. And that is something we libertarians have been talking about for years. We always bring up the depression of 1920 and do nothing harding. Well, we have to do everything in order to get to the point where we stop doing stuff to bind down the American economy, which is all very much a European problem.

project make us look like the european union why in order to bring us down to their level as opposed to them trying to aspire to our level they want us brought down low why because they want they want to be in charge they don't want us to be more powerful than them they want they want to be in control on the other end and they want and they want a return of their feudal system that they had

And it's their mindset. It's who they are. It's their imprinting. It goes back hundreds of years. It's who they are. And there's nothing. And until they are bankrupted and removed from the scene, the world, we're going to have to continually face them trying to nip at our heels. And we have to just say, that's enough. No more.

They trotted out Curtis Yarvin in the conservative podcast circles to try to push, you know, the King thing. I don't know what that has to do with this, but it's interesting to think about because there's been a, there's been an attempt. I'll leave it here. There's been an attempt from this new right to kind of denigrate the founders and everything and denigrate the founding. And that wasn't, you know, go back to the King thing and all that. And, you know, it's, you know, I think it's interesting. It could probably a AstroTurf psyop of some sort, uh,

Yeah. Hey, Tom, I really appreciate your time. What's your website? And do you have a financial newsletter for folks who want to know what to invest in? I don't know if you do that kind of thing. I'm just through that. What I do is I, yeah, my, the site is gold goats and guns.com. I can get on Twitter. Do you have a gold, a gold thing you're going to, you like? No, I don't. I don't. The thing is called gold goats and guns for a variety of reasons. Yeah.

My Twitter handle is TFL1728. And you can follow me on Patreon at patreon.com. We do a monthly newsletter, which I'm literally hip deep in the middle of writing right now, as well as I do twice weekly private podcasts for my patrons and private blogs and whatnot for them as well. I go over the state of the markets. We do technical analysis. We do bespoke chart reads. And that's how I mostly communicate to my people on a regular basis, along with having a private chat server where everybody gets together and

and tries to figure out what's coming next because, and I've been telling you, I have the best people in the world. They are unfreaking believable, what they uncover for me every day. And they bring the world to me. I don't even, I have a paid, I have a research staff that pays me and I love them dearly because they're as motivated as I am. Let's make this world a better place. Let's figure out how to stay one step ahead of these people. I appreciate your time. Thank you. Great. Thank you, Dave. Thank you.

Bye.