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STARTS AT 9PM ET: Note, this isn't an interview with Col. MacGregor, only a commentary on an interview he gave.
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Seth Holehouse is a TV personality, YouTuber, podcaster, and patriot who became a household name in 2020 after his video exposing election fraud was tweeted, shared, uploaded, and pinned by President Donald Trump — reaching hundreds of millions worldwide.
Titled The Plot to Steal America, the video was created with a mission to warn Americans about the communist threat to our nation—a mission that’s been at the forefront of Seth’s life for nearly two decades.
After 10 years behind the scenes at The Epoch Times, launching his own show was the logical next step. Since its debut, Seth’s show “Man in America” has garnered 1M+ viewers on a monthly basis as his commitment to bring hope to patriots and to fight communism and socialism grows daily. His guests have included Peter Navarro, Kash Patel, Senator Wendy Rogers, General Michael Flynn, and General Robert Spalding.
He is also a regular speaker at the “ReAwaken America Tour” alongside Eric Trump, Mike Lindell, Gen. Flynn.
Ladies and gentlemen, welcome to Man in America. I'm your host, Seth Woolhouse. Colonel Douglas MacGregor, someone who doesn't really mince words, someone who is very careful with what he says, is not just put out kind of wild conspiracies of what he thinks might be happening or what could happen, was on an interview recently with Patrick Bet David. And he said something that I'm seeing shared a lot around the Internet that really kinda shit spent shivers into my own spine. We said that he thinks there's a very strong chance that over the course of the next twelve months that we could see a bank shutdown, you know, two to three weeks where the banks actually just close.
Seth Holehouse:Now he doesn't talk about, you know, whether it's because of a bank failure or maybe it's is it because of there's bank runs and to stop it from getting worse. But the bank shutting down for two to three weeks is absolutely significant. I mean, it's it's almost like our power grid going down for a couple of weeks, and this is dire. So what happens to American society at that time? And this coincides, oddly enough, with news out of a Iowa of another bank that has has collapsed that now has been absorbed into a larger bank and other news about Citibank, which is kind of worrisome.
Seth Holehouse:So joining us today is doctor Kirk Elliott to help us make sense of this. So we're gonna be jumping right into the are the clip of MacGregor, what he says, analyzing it, and and this will be a shorter episode that's right to the point. So folks, please enjoy this economic update with doctor Kirk Elliott. Kirk, it's great to have you on, man. Thank you so much for for being back again.
Speaker 2:It's great to be back with you. Even though I'm traveling today, this isn't my normal studio. Yeah. I don't have lights like this at home and you know? But but I I never like to miss a show, so therefore, I'm doing it while I travel.
Seth Holehouse:I I really appreciate that. So I wanna dive into to something, you know, actually quite quickly. This is quite urgent, this this warning. You and I have talked a lot about what could happen with the banking system. We've warned people about the, you know, sovereign debt crisis, the derivatives markets, just everything that's wrong with our our system, but also that there you know, people wake up one day and they go to the ATM, and it says you cannot access your account.
Seth Holehouse:And people could say, well, these are wild conspiracy theories or whatever. But colonel Douglas MacGregor was recently on with Patrick Bette David. And I wanna play this this about a minute clip. He's talking about what he thinks will happen in leading up to twenty twenty four elections, so probably over the next twelve months. And let me just go ahead and play this, because and this is here on Twitter.
Seth Holehouse:This is really, really intense. So let me go ahead play this for for for folks.
Speaker 3:You're absolutely right. I don't think we'll ever get to the twenty twenty four election. I think things are going to implode in Washington before then. I think our economic financial condition is fragile. It's gonna come home to roost in ugly ways.
Speaker 3:I I will tell you, I don't know exactly how it will happen. I think we're gonna end up in a situation where we find out the banks are closed for two or three weeks and nobody can get into them. You think so? I think we're gonna run into something like that. Yeah.
Speaker 3:I also think that the levels of violence and criminality in our cities is so high that it it's going to spill over into other places in society. Plea people that normally think they can live remote from the problem are now beginning to be touched by the problem. Then I look at this thing in Ukraine. I think Ukraine is going to lose catastrophically. It's going to be a complete collapse.
Speaker 3:And that too is going to have an effect here at home because people are gonna say, wait a minute. Everybody told us Ukraine was winning. Everybody told us x, y, and z. I mean, sort of the Russian hoax on steroids. All of those things are going to come together or converge in some way that's gonna prevent us from reaching, you know, the status quo.
Speaker 3:Oh, another election. Oh, another set of campaigns and so forth.
Seth Holehouse:So what do you make of that? I mean, I know we've talked a lot about this. We've talked about if there's more bank collapses and the bank runs begin, how they've they've even talked about as a necessary measure measure to prevent further bank runs and collapsing, stopping people from accessing their accounts temporarily. But, I mean, this this I guess, do you think? Because he's not some crazy conspiracy theorist.
Seth Holehouse:This is a he's a very decoyed colonel. So, Kirk, I'll pass it to you.
Speaker 2:So when you hear messages like that that sound really ominous and they're from a credible source who's not normally, like, just reactionary just trying to get you know, be a media hound. Right? It it's alarming. And so you hear that and say, well, wow. Bank's failing.
Speaker 2:Right? Banks might be closed for two to three weeks. Right? It's like that that would create mayhem. That would create social unrest if people can't access their their funds.
Speaker 2:See, because most of America is living paycheck to paycheck. They're using the ATM machines. They're they don't of America, sadly doesn't hardly have enough money at the end of the month to even survive. Right? So so this is the backdrop to that.
Speaker 2:Well, then we have to ask ourselves a question. What causes banks to fail? Well, there's a couple of things. Number one, withdrawals are more than deposits, and they just simply run out of money. Number two, the money, the deposits that they do have, this is malinvestment.
Speaker 2:They've they've got bad investments because they invest in the same things that you and I. Right? They invest in stocks, bonds, mutual funds, companies. If they're going down and they don't have enough inflow coming in to cover those losses and withdrawals coming out because under Biden's magnificent economic plan for America, people are they're losing wages. Wages are coming down.
Speaker 2:They don't have enough money to survive. So, therefore, there's more withdrawals than there are deposits. So you you start to add those things up, and it spells destruction for banks. Now you add to that, Basel III, the Basel III International Accord that that was signed basically to try to prevent more bank failures, I think they're actually going to add more bank failures. And that is this.
Speaker 2:You know, since about March of twenty twenty, reserve requirement at banks was taken down to zero. Meaning, banks don't have to have any money on hand. They could lend out a % of all deposits. They do that to try to stimulate the economy. It's like, oh, give out more loans, give out cheap money, you know, just get it out there, get people spending, that'll stimulate the economy.
Speaker 2:Well, the the ugly part is when that 0% reserve requirement is coupled with a declining economy where inflationary pressures are going up, the cost of borrowing is going up, and people can't afford to make their loan payments. Wages are coming down, which means they don't have a a big bottom line at the end of the month. There's nothing left over. There's gonna be more withdrawals coming out than deposits. Well, when you have a 0% reserve requirement, Seth, what are bankers hoping and praying for?
Speaker 2:That not everybody goes to get their money out on the same day. Right? Because it's not going to be there. So this is why Silicon Valley Bank went down. This is why First Republic went down.
Speaker 2:This is why Signature Bank and Silvergate Bank, Credit Suisse. This is why they all kinda went belly up simply because they had 0% reserve requirement. They didn't have enough money in the bank. They might not have been at zero, but by policy wise, they they could have been at zero. Well, they had more withdrawals than they had money going in.
Speaker 2:Therefore, they failed. There was kind of a run on the bank, and that was bank failure one point o. I think what's coming is bank failure two point o, the second round. And when, you know, when so I think what's gonna happen is my my original projection might be off on it. I thought, oh, this is gonna probably start come around January.
Speaker 2:Because looking into the holiday season, which you and I have talked about on previous shows, cardboard box sales are down, like, 80%. The retailers are not expecting to have any retail sales during this holiday season or else cardboard box sales would go up. So what comes July? People being laid off or, I'm sorry, in January. What else comes in January?
Speaker 2:'6 of the nine largest oil producers in the world join the BRICS nations, stripping away demand for the US dollar as the petrodollar. That means there's no foreign capital inflow. Any kind of spending that we want, stimulus money, raising the debt ceiling, entitlements, all of that is gonna have to come from us just printing money, which we don't have. So that's gonna cause even more inflation, rising interest rates even further to slow down that inflation. So here's where we come January.
Speaker 2:All of this is like a vicious storm hitting us all at once from different fronts. Right? So so I think that he's right. I think that this colonel, when he speaks of banks failing and civil unrest and chaos, I think that he's right. I I think it's gonna be bank failure two point o.
Speaker 2:Well, oddly, you know, right before the show when we were talking about this, it's like, hey, Seth, did you see that another bank failed over the weekend? The regional bank in Iowa. They they went basically, they failed. Went into FDIC receivership. It's like, is it starting again?
Speaker 2:Too early to tell. Right? It's too early to tell if this is gonna be another but it's yet another regional bank that failed. But then coming coming on top of that was Citibank, not a regional bank, but literally, like, the third largest bank in North America. Project Bora Bora, they're laying off more than 10% of its workforce.
Speaker 2:And and the CEO, Jane Fraser, she you know? So what did Jane say? Said there's gonna be a lot of good hardworking employees that have to be laid off, and this is hard decision for us, but we need to do it. Well, why do they need to do it? Because they don't have the profitability there.
Speaker 2:There's fewer people making loan payments, more withdrawals than there are deposits. Even Citigroup, Citibank is actually feeling the economic hit of of Biden's economic plan. Right? So so it's like, man, if they're gonna lay off more than 10% of its workforce, what would just 10% be? Because they're gonna lay off more than 10%, but what's 10%?
Speaker 2:They have 240,000 employees. So that's 24,000 people without jobs with this. Their their employees are running scared. They're wondering if they're even gonna have a job. They don't know they don't know what to do.
Speaker 2:Why are they afraid they're not going to have a job? Because the bank isn't profitable. There's so many delinquencies in in cars, you know, auto loans, so many delinquencies in mortgages, personal bankruptcies, corporate bankruptcies, the inability for people to make their loan payments on time. You know, this is this is what banking in America is now looking like. Well, add to that the whole Basel three accord thing, which they raised the reserve requirement to 20%.
Speaker 2:So they did that to stop banks from failing. Now this is why they did it. It's like, man, if if banks have to have 20% on hold, you know, reserve held back, then they have a buffer. They have a rainy day fund. Right?
Speaker 2:And they're not gonna go out of business so quick. Well, okay. We take that with a grain of salt. Because when you come from 0% requirement to now 20%, let's just say you're a billion dollar bank, which isn't really big for a bank. I mean, that's I mean, it's big, but it's not it's not huge.
Speaker 2:They would have to have $200,000,000 in reserves. That's sort of 20% reserve requirement. So from zero to 200,000,000, were they gonna come up with the 200,000,000 if they didn't have it from the jump? I don't know. It's like, doesn't just come out of thin air.
Speaker 2:So what are the It's like, is the colonel bright? Are we gonna have banks shut down? I mean, when you empirically add up the evidence, this the story that he's telling us is not a reactionary tale of conspiracy theory. It's like this this is kind of reality. It's an ugly reality that banks are undercapitalized.
Speaker 2:We've got massive amount of bankruptcies coming. We've got a sluggish economy that's slowing down even further. And when the Fed, Seth, says that they're gonna pause interest rates, well, pausing interest rates, people take that as a positive. Say, oh, they're winning the war on inflation. They get to pause interest rates.
Speaker 2:It's like, no. Winning the war on inflation means that the rise in interest rates that we've had 10 out of the last eleven months, month after month after month after month, it means that they would actually lower interest rates if they're actually winning the war on inflation. But they let interest rates go sky high. Now the pause, they're pausing them at that high level. That doesn't mean that they've won the warrant inflation.
Speaker 2:That means they know that we still have inflation, and they're gonna pause rates at these high prices, these high cost of borrowing rates, and that truly is gonna kill the economy. That one thing tells us they haven't won the war on inflation. And what the colonel is telling us about civil unrest and bank failures, it's probably not a dystopian future, you know, decades down the road. I mean, it could happen this year. Especially come January, which is only, what, two months away, you have loss of demand for the US dollar because of the BRICS nations.
Speaker 2:You've got the the unemployment that's probably going to come from a soft retail season, and they're probably gonna raise rates another quarter of a point based on the Fed's own words. All of that's and then pause. Right? So all of that tells me he's probably right.
Seth Holehouse:Hey, folks. I have a quick message for you. Thank you so much for watching, listening to this interview. I have one small request. If you're enjoying what you're listening to, could you please share this interview with one person?
Seth Holehouse:Just one person. Because of censorship and shadow banning, it's so hard to get this content out to more people. And the only way we can really do it is when you help by sharing it. So if you like what you're listening to, hit pause, share it with one person. Helps so much.
Seth Holehouse:Thank you so much. And so for people that have, you know, there's a lot of folks that they work their whole life. They're saving, they're putting away that nest egg and say they've got, you know, say, 50,000 in this account and a hundred thousand in savings, and they've got a a Vanguard IRA, etcetera. These are all, you know, these are all banks that are managing their money or they're trusting. When that day comes that might come as colonel McGregor is discussing, what's that look like?
Seth Holehouse:What's that look like in let's, like, walk through the the eyes of the average American that just trusts this system and all of a sudden can't access their entire net worth that's liquid that it's actually sitting in the US dollar. What what's that day look like?
Speaker 2:Well, let's say you have $10,000 in your bank, and you you write checks on that to pay for groceries, pay for anything else. Well, shoot. If the banks are closed, you're not gonna be able to access those funds. What if you wanna go to the ATM machine? If the bank is closed, you're not gonna be able to get money out.
Speaker 2:Are you gonna be able to use a credit card if the bank is closed and they can't reconcile at the end of every day to try to figure out what your balance is, I don't know. I mean, I don't I don't know the answer to that. However, people trying to get to their cash, trying to access their balances when they're living at the margin, when even when amazing people, amazing god fearing people who love Jesus and have an amazing family and they just wanna feed their kids will probably go to almost any length to feed their family. Right? It's like where this is where even even good people start to go a little bit haywire is when they run out of money and their family is starving.
Speaker 2:Right? So so one bank failing isn't going to cause that. Across the board, bank failures probably would cause unrest and societal collapse and craziness that that follows. What follows societal collapse? Martial law, things happening in the streets that you don't want, riots looting because people need to, you know, break into stores to get their food.
Speaker 2:I mean, this is what happens on a widespread banking collapse. It won't happen if one, two, or three banks close. I mean, it won't. It just simply won't. There's still enough of them out there that are open, but but what he's talking about is more of a widespread, almost like pandemic style bank closures because they've simply run out of money.
Speaker 2:And we've hit critical mass on inflation. People can't afford to live. If they raise rates yet another 25 basis points or a quarter of a point, how many people are gonna be able to afford their credit card payments or their home equity lines or anything that's adjustable? Or how many people are gonna even be able to afford to buy a new house? And it's like, these numbers are going to be dwindling, which will cause more economic mayhem and collapse.
Seth Holehouse:And so because even if there isn't necessarily widespread bank failure, like I say, a banking collapse, it could just be perhaps a couple of banks that start having runs. They they start seeing that number of the overall deposits in the banking system sharply decline. And that might be enough just to say, kinda like, okay, we're gonna we're gonna lock down two weeks to slow the spread. Right? So don't leave your house for two weeks, and this is gonna help us stop the pandemic from getting out of control.
Seth Holehouse:It's the same thing. Where maybe it's not the entire banking system that collapses, but it could just be this pause where it's okay. Look, you can't access your account for two weeks, but you're right. I can't see a scenario where society wouldn't spiral out of control if people no longer have access to money. I mean, you're gonna see like, we see what happens in other countries.
Seth Holehouse:You see people burning down the banks, breaking into the federal buildings. I mean, it it the the people, you take away their food or their money for more than a couple of days, and they will go absolutely crazy. And so what do you think would happen to precious metals during that time? Because that's like, this is like, for me, it makes me glad that I've I've really tried to painfully hedge against this and slowly chip away and put a little bit in the silver, a little bit in the gold over time, because that's still there. There's no bank that can tell me, hey.
Seth Holehouse:You can't withdraw an ounce of silver to go trade it for some bread at the local farm market.
Speaker 2:I mean, when you have so there's a couple reasons why go why precious metals go up and reasons why they go down. Right? So why do they go down? Let's answer that one first. Why would gold and silver go down?
Speaker 2:Well, during the Reagan years, for example, everything else was going up. Stocks, bonds, mutual funds, real estate. They were going up because we had lowering interest rates, lowering taxes, job creation, and political peace. For the most part, we had political peace. I mean, Gingrich had the contract with America where Democrats and Republicans were talking and getting along and cutting deals.
Speaker 2:The Cold War was won. The Berlin Wall came down. I mean, really, everything was pretty good. And it was so good that that Bush, you know, Bush number one, proceeding Clinton decide and both Bush, Clinton, and Reagan used all of Reagan's policies because they were good. It's like, if it ain't broke, let's not fix it.
Speaker 2:Right? So Reagan's economic policies lasted about twenty years. Trump had the same economic policies. They only lasted about four because then it was almost like a communist takeover of America. Right?
Speaker 2:And and under the Biden administration, they changed everything. It's like, no. We we don't care. This is this is not the world that we're creating. Right?
Speaker 2:So but under Reagan or Trump policies, when you have lowering taxes, lowering interest rates, job creation, people spend money, it's amazing. Right? And so there's no need to really look for tangible assets like gold and silver because everything else is booming. Right? So so but fast forward to today.
Speaker 2:We don't have lowering taxes. We have raising taxes. We don't have lowering interest rates. We have raising interest rates. We don't have job creation.
Speaker 2:We have wage reduction. So policy wise, everything is different. So when it's a 80 degrees off, you're gonna have a 80 degree difference, exactly opposite. So instead of people having money to spend causing the stock market to go up, people don't have money to spend, stocks come down. As a flight for quality, gold and silver tend to do well.
Speaker 2:They just people want to invest in something that's going up. So there's gonna be more demand for the metals. Now second to that is other just more economics one zero one stuff. The COMEX depositories are running out of silver. Right?
Speaker 2:There there's very little available. So because of the high manufacturing demand for electronics, solar power, EV cars, vehicles, whatever. Right? So so you've got supply chain disruptions causing low supply, high demand. Prices go up during that.
Speaker 2:All things also go up with inflation. If it's a thing, it's gonna have higher prices during inflation. Right? So groceries, cars, oil, gas, eggs, meat, gold, silver. All of that goes up because there are things, and we are living in an inflationary world because the government's response to a declining market is to print money because we need it.
Speaker 2:Right? We don't have enough money at the end of every month to fund all the entitlements, expenditures, everything that we've got. So, therefore, we've gotta print like there's no tomorrow. We will just print, print, print, print, print. That's inflationary.
Speaker 2:That causes things to go up. Gold and silver are a thing. So no matter how you look at it, whether it's political chaos, not political peace, inflationary pressures, or supply chain disruptions, everything is pointing towards gold and silver right now, but especially silver. And here's the thing. I'm not God.
Speaker 2:I don't control the markets. There is no guarantee that things will keep going up or things are gonna keep going down. We don't know what we don't know. But what we are looking at are the propensity for them to go up because these are the exact fundamentals that do cause them to move, sure enough, I'm gonna take advantage of it. You know, March of twenty twenty, you know, what was that?
Speaker 2:Three three years ago, little three and a half years ago, What was what was silver? It was $11.91 an ounce. Today, it's 23 it's over 23. Well, that's amazing. Right?
Speaker 2:That's that's literally tripling in the last three and a half years. That's a great return. So have the trends changed? Trend hasn't changed. The fundamentals causing those trends have become more intense, which means probably going to start accelerating that trend.
Speaker 2:So all we do is is take biblical wisdom, understanding, discernment, knowledge, and that creativity that God gives each and every one of us to make a wise decision on how you allocate into safety in a world where there's no guarantees.
Seth Holehouse:And that's exactly what it is. And we've we've talked about this and and hearing MacGregor mentioned that it just this was reminder to me and why I you know, it's like I've I've consistently talking gold and silver because for me, if that day comes, I hope it doesn't. But there is a strong chance it could come. If that day comes, you go to log on to your account. They say, sorry, you can't access your funds two, three weeks.
Seth Holehouse:And maybe it doesn't come back. Maybe it comes back as a sort of digital currency. They say, look, we're gonna be converting your funds into a digital currency. That is that right there is the exact scenario of why I believe gold and silver is so important. And so for all the people that are watching and listening, and this isn't a sales pitch.
Seth Holehouse:Like, I the same reason why I say buy storeable food, buy ammo, you know, get solar, do whatever you can. Make sure you have a good water source. Like, we're heading into 2024. We're heading into, I think, an insane year so that if that happens, you're not left with nothing, you still have some portion of your wealth that you've set aside, that you can use to barter with to trade for food or whatever it is, just to get through that time. So, you know, Kirk, you're someone that I trust.
Seth Holehouse:It it you know, like a brother, and and that's why I enjoyed doing the shows with you. So if folks want to talk to you and say they're ready to move, say it's it's 10% of their savings or 10% of their, you know, their four zero one k's. You know, I'm ready to put this into just as an insurance policy into gold and silver. What's the best way for them to get ahold of you?
Speaker 2:So go to the link that you have on each one of these shows. Fill out a little bit of information. Right? Because and and what's that link?
Seth Holehouse:GoldwithSeth.com.
Speaker 2:So GoldwithSeth.com, and you just fill out that form right there that's on the screen. And then one of my team members will will call you back, say, hey. What was it that Kirk and Seth were talking about that caused you to wanna reach out? Right? And because we wanna make sure we're answering all of your questions and to bring you to a point of peace, not a point of anxiety.
Speaker 2:We're trying to melt away the anxiety. And then we'll we'll set you up with an appointment with one of my amazing advisers, right, that'll dig in a little bit deeper and map out a strategy for success moving forward. Now you could also just simply give us a call, (720) 605-3900. That's (720) 605-3900. Just say that Seth, sent you, and the same thing will happen.
Speaker 2:I'll ask you some questions, get you set up for a free consultation, and move forward from there. So that's the best way to do it. And again, everything that we do, it's a free consultation. You don't know what you don't know. Right?
Speaker 2:And so what we wanna do is map out a strategy. If you don't like it, you just walk right away. Right? But if you do, like, literally 90 plus percent of everyone that calls us is like, this is amazing. Let's get something done.
Speaker 2:Let's get it done yesterday. It's like, I can't get it done yesterday, but we'll get it done really fast. Because in an IRA, for example, if a client has an IRA, my team will do everything except you filling out fifteen minutes of paperwork. We'll handle the asset transfer. I'll call you when the funds show up, and it goes into physical gold or silver.
Speaker 2:And I would do physical silver right now. If it's a non IRA, you could take delivery of it, or we could set up a storage account. Either one. Right? So so the thing is that could be done immediately.
Speaker 2:That could be done in a day where an IRA generally takes about two weeks to to fill because your old custodian needs to wire the funds over. So and they sometimes are a little bit sticky on their fingers with your money. They don't wanna get rid of it. So but this is where my team will help out a lot and and get them to comply quicker than than normal. So so that's the process.
Speaker 2:Mean, from anywhere from a day to two weeks, we could get you allocated into metals personally or through your retirement account assets in an IRA. And, right now, it's I believe it's the best thing in the world for us to do with the portion that you decide you wanna do it with because I don't see an asset that's any safer. Doesn't mean it's risk free. Everything in life has risk. Right?
Speaker 2:We don't even know if we're gonna wake up tomorrow. But when you've got inflationary pressures, political chaos, uncertainty, inflationary pressures, rising interest rates, rising cost of borrowing, wars and rumors of wars, oil prices going through the roof because of Israel and Hamas, we couldn't even elect a speaker of the house for, like, weeks. It's like, what's going on? Right? All of that is very bullish.
Speaker 2:It causes gold and silver to go up. We're just taking advantage of that.
Seth Holehouse:The thing is is that it doesn't have to be someone's entire net worth. Even a few thousand dollars. If you have that sitting when no one else on your street can access or no one else in your neighborhood could even access their money, and you're the one that has, you know, 50 ounces of silver set aside or an ounce of gold set aside, you're the one that can actually access that, that could be such a significant difference. So even even a small amount that's really about working with you too is that if someone calls in and say, look, Kirk, I've only got $1,000 your team's like, okay, we're gonna we're gonna make it work. So, Kirk, it's always nice having you on.
Seth Holehouse:I appreciate the time you you make for this, and I appreciate you coming on. So thank you again for for being here with us today.
Speaker 2:You bet. It's my pleasure.