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Join me for a critical economic update with Kirk Elliott, PhD.
To learn more about investing in gold and silver visit - http://goldwithseth.com, or call 720-605-3900
Join me for a critical economic update with Kirk Elliott, PhD.
To learn more about investing in gold and silver visit - http://goldwithseth.com, or call 720-605-3900
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 Hulghouse. Now, folks, you've heard me talk a lot about what happens if the petrodollar goes away. What happens if the agreement that we have with Saudi Arabia, where basically we protect them, look the other way with their crimes against humanity, etcetera. Let them use our military.
Speaker 1:And they, in exchange, force the entire world to trade oil in the US dollar. What happens when that ends? And so there's some breaking news this week that I wanna go over with you, but I brought on Kirk Elliott to discuss this because this is right up his neck of the woods. So we're going to dive right in. So Kirk, thank you so much for joining us tonight.
Speaker 2:Oh my word. It's my pleasure. It's always great to be with you, Seth.
Speaker 1:Yeah. Thanks. It's like talking to a brother.
Speaker 2:It's good
Speaker 1:to have you here. So let's just go ahead and dive right in. This is gonna be a little bit shorter of a show. It's it's one kind of more breaking news topic. So I'm gonna bring up an article here, which I came across that came out earlier this week.
Speaker 1:Now this is from oilprice.com. Keep in mind, folks, this isn't from, you know, infowars.com. Though I love Alex Jones' work he's doing, this isn't from some more conspiracy esque website. This is a very, very mainstream website, oilprice.com. Let me just go and read a few of these highlights, and then I I really wanna get your interpretation of this, Kirk, because this is much more your wheelhouse than mine.
Speaker 1:So the article headline is Saudi Arabia reiterates commitment to China regardless of US concerns. And so what they say is that Saudi Arabia last week reiterated its commitment to China as its most reliable partner and supplier of crude oil. Now in an MBS, who is the crown prince of Saudi Arabia, if I understand correctly, seemingly now sees The US as a partner for just its security considerations. And how Saudi Arabia's strategic pivot effectively ends marks the end of the 1945 core agreement between The US and Saudi Arabia that defined their relationship up until extremely recently. Now I'm gonna scroll down.
Speaker 1:There's one more paragraph towards the bottom here I want to highlight, which says, given the transition of Saudi Arabia away from The US and towards China and towards the senior Saudis do look at sorry. And the senior Saudis do look at the issue in these terms, whatever they say publicly, there's also every reason to expect Riyadh to continue to back China's effort to undermine the power of the US dollar in the global energy markets. So basically, what they're saying is that behind closed doors, the Saudis are backing China to undermine the power of the US dollar. So Kirk, right now, we're seeing inflation. We're seeing the real estate market crater.
Speaker 1:There's all kinds of issues, but this seems like it's something different. So explain to us what this means and what you see happening with Saudi Arabia.
Speaker 2:Okay. So this is like an octopus with a lot of legs. So Okay. I mean, it really is. And so I'll try to kind of just nail down a few of them.
Speaker 2:So you go back to the 1944, '19 '40 '5, right? That was the Bretton Woods agreement. And what did it do? Okay. So so that agreement that you that you referenced there, it was kind of the Saudi Arabia kind of arrangement was was an offshoot of that.
Speaker 2:Basically, was a system that created a collective international currency exchange regime where the where it was based on two things, the U. S. Dollar and gold. Okay, so what did that do? It made the US dollar the reserve currency of the world.
Speaker 2:So all these international settlements from country to country were basically based in US dollars. So that system started to give us excess. Right. So as things all these things were happening, Brazil was buying stuff from Russia or maybe China was buying stuff from Japan or whatever. Right.
Speaker 2:They're not trading in their own currencies. They're trading in the US dollar. It gave us built in demand, which was we were the de facto reserve currency of the world. Okay? So when you have all these countries basically paying in US dollars, right, that builds demand for the currency.
Speaker 2:So when we have that, we could print without discretion. We could just amass all this debt, have all these stimulus, have all these expenditures, all these entitlements, keep raising the debt ceiling and not have to worry about it. That's how we got to where we were. But something kind of changed big time in in 1971. So part of that agreement was the international currency exchange regime based on the US dollar and gold.
Speaker 2:Nixon closed the gold window. Right? He he basically removed international settlements in gold off the table because France wanted some debt that we owed them. They want it paid in in their gold stash. Well, Nixon said, no way, Jose.
Speaker 2:We're gonna give you worthless dollars.
Speaker 1:Basically, the US government up until then, we were saying, you give us we're gonna hold your gold, which is not a tier one asset, and we'll give you the US dollar in exchange. And then France was like, hey. We want our gold back. And Nixon is like, sorry. We're gonna actually re renegotiate that, and you can't have your gold anymore.
Speaker 2:Right. So so a lot of people blame Nixon for the inflation we have today. And and in hindsight, you know, there's there's a consequence to every action. Right? It's true.
Speaker 2:He caused a lot of inflation by basically removing gold from the dollar completely. But I understand why he did that. I mean, all else being equal, would you want to keep gold or keep the worthless U. S. Dollars?
Speaker 2:Like, okay, we're keeping our gold. We're going to we're going to close the door to paying any country in gold. We're only going to pay you in U. S. Dollars, which then built in more demand for the U.
Speaker 2:S. Dollar. Right. It kept building into this system of reserve currency status. So fast forward then to the Russia Ukraine conflict.
Speaker 2:Well, President Biden in one fell swoop basically killed the US dollars, the world's reserve currency, by one in consequences to every action. Right? Taking Russia off the SWIFT system, which is the basically it's the messaging board for all international bank wires. Well, so if he said, Okay, we're going to shackle, we're going to handcuff Putin and say, you can't get any wires in for oil or agriculture stuff and you can't send any out. We're going to economically destroy you.
Speaker 2:So what did Putin say? Putin said, all right, I'm going to go to China because China has an eastern version equivalent of the of the SWIFT program called SIPPS. So of course, China said, sure, Russia, you can join our Eastern Banking Coalition. Right. So now there's dozens of countries that are part of this.
Speaker 2:So what did Biden do in that one move? He basically removed all of these economies from around the world from transacting in the Western banking system. It went to BRICS. So now you start to see this emergence of the BRICS nations as more than just a manufacturing superpower, now an economic superpower. With China, they already have a nuclear military complex.
Speaker 2:Right? It makes them really big on the international scale to compete against Western economies. So then they took it one step further when about a month or two ago, Saudi Arabia petitioned to actually be part of the BRICS nations. And so it's like, oh boy, now they've got oil, right? They've got one of the largest producers of oil on the planet as part of their consortium or part of this membership of the BRICS nations.
Speaker 2:And what did Saudi Arabia say? It's like, we don't want to take U. S. Dollars in exchange for oil anymore. It's like, uh-oh, there goes the petrodollar system, which in 1971, this is kind of the timing is is very not it's conspicuous, but not.
Speaker 2:So when Nixon closed the gold window, we replaced the gold backed dollar with an oil backed dollar by basically then becoming a petrodollar. Right. We all hear the term petrodollar. What does that mean? It means that all settlements in oil, whenever any country buys oil, it doesn't matter what if Australia is buying it from Saudi Arabia, if Brazil is buying it from Iran or whatever, they're paying for it in the U.
Speaker 2:S. Dollar. That's the petrodollar. So now we're still this reserve currency, right? When we have all this demand for U.
Speaker 2:S. Dollars globally because we have to print them to fund the demand for oil globally, not just in America. So when Saudi Arabia says we don't want the U. S. Dollars anymore, we're closing off the petrodollar system.
Speaker 2:You know who else did? So did China. So did Russia. So did all these other countries. So what is this?
Speaker 2:This is economic warfare, and and they're they're trying to destroy the Western financial system. And you know what, Seth? They're winning at it. They they they truly are because now what just because the demand for the US dollar is going away and the petrodollar system is going away, our reserve currency status is going away. Does that mean our debt goes away?
Speaker 2:No. How about our our entitlements, our Social Security, our welfare, our debt service on our national debt? Nope. None of that goes away. So since we have no foreign capital coming in in petrodollars or in any kind of reserve currency status, When I say none, it's just diminishing greatly and it's going to go away.
Speaker 2:What does that mean? It means we're left with an inflate or die scenario, meaning we've just got to print money like there's no tomorrow to fund all of this stimulus and raising the debt ceiling and paying people to stay home and all this stuff under Bidenomics, right, and all this entitlements and everything that's been going on for decades. We just have to print our way out of it because there's no foreign capital inflow coming in. China knows this. Russia knows this.
Speaker 2:Saudi Arabia knows this. So when they're now in cahoots with each other and all part of these BRICS nations, how do you win any kind of a battle? Well, you have to have a competitive advantage. You have to win. You have to have something that's better than anybody else has.
Speaker 2:Well, what are the BRICS nations building? Manufacturing superpower, now banking economic superpower, military with nuclear capability. They're truly winning on all of these grounds. And so it is because of our inept foreign policy. It's because of stupid decisions coming out of Washington.
Speaker 2:And now I don't know if that's a battle that can be won without a lot of pain, with a lot of discomfort as our standard of living has to decrease. They have to raise interest rates to slow down the inflation from printing money like there's no tomorrow because there's not an awful lot of capital inflow coming in.
Speaker 1:So it's almost like they're they're trapped in this downward spiral that Yeah. Every time you try to fix it, it makes it worse. You try to fix it, it makes it makes it worse. And so if you know, what does it look like if the dollar actually really, like, do would we see large nations all of sudden saying, you know what? Like, Saudi's made that move.
Speaker 1:We're gonna start dumping our treasuries. We don't wanna hold the US dollar. And if that starts happening, which I I've also I'm seeing stories about that, is it just then that, like, it's a kinda like no one wants be left with the US dollar? And would we quickly then see a collapse of of the value of the dollar around the world and obviously here in America?
Speaker 2:You would. And China started doing this already. So for the first time in the last twenty years, the Chinese holdings of U. S. Treasuries dipped below a trillion dollars.
Speaker 2:So what are they doing? They're dumping U. S. Treasuries on the open market because interest rates are going up. And China is not stupid in this because as interest rates go up, the value of those Treasuries come down because the Treasury is nothing more than a thirty year bond.
Speaker 2:So when interest rates go up, the value of bonds comes down. So they're dumping it because they know what? The Fed has already announced that we're going to raise rates next month and the month after and the month after. Right? So if you held these things, why would you keep holding on to them if you know next month they're gonna be worth less?
Speaker 2:Two months from now, they're gonna be worth less than less. Right? They're getting rid of them. But they're not just getting rid of them. They're getting rid of European bonds.
Speaker 2:Because when the Fed raised rates three quarters of a point, so did the European Union. They raised rates the very next day, three quarters of a point. So there's these competitive devaluations. China's dumping everything on the open market to get rid of those toxic assets. So here's the problem.
Speaker 2:When you when you do that, you force all of these countries, not just America, into an inflate or die scenario because they still need capital. They still have to run their company country. And so this is where the inflationary pressures persist, which is why if you read the the notes from Jerome Powell when he raised rates yesterday, Well, he said three things. Number one, we're raising rates three quarters of a point. Number two, it's like, uh-oh, we're raising rates too much and it's killing real estate and everything else.
Speaker 2:So we're going to start to slow down the rate of increase. So instead of three quarters, maybe next time it's a half, maybe it's a quarter, right? Because this is one of those problems you just alluded to it. The same medicine that could heal the patient, raising rates to kill inflation also kills the patient. There's there's really no good outcome here.
Speaker 2:But the third thing that they said, which was the creepiest part, which is why silver today was up well over five and a half percent in one day. It was up over a buck is because he said inflation is the greatest issue that we are facing as a nation, and we will keep raising rates until it stops. Okay. So they said they're going to slow down the rate of increase, but they're not going to stop it. See, this is what happened in 1983 when when in the late seventies interest rates got up to 18% because inflation was 14.3.
Speaker 2:They had to actually slow that down, and it didn't slow down inflation until rates got to 18%. Jerome Powell just tipped his hat to to let people know. It's like, hey. I warned everybody. This might be ugly.
Speaker 2:We're gonna have to raise rates, you know, indefinitely until inflation stops. This is why markets are starting to really react to this. And if I were China and I were any of the BRICS nations, I would actually be doing a silent cheer because their policies of dumping US Treasuries has forced us into this, and they're winning a battle economically.
Speaker 1:So it we're really I mean, it looks like you know, I'll take I'll take a step back. I try to be really, really realistic about what's happening in the world. And anything that I talk about on the show, I'm this is reflected in my real life. Like, so for me, I'm worried. I'm concerned.
Speaker 1:I'm thinking, you know, should I try to, you know, like, we bought our house on a, you know, 33% mortgage. I'm thinking, well, that's kind of free money these days, because I can't I can't go back and get that. So it's like, should I maybe just not, you know, of course, I'm still paying my house off. I'm thinking, okay, maybe instead of having money sitting in the bank, I should have money sitting in gold or silver. Because my worry is what happens?
Speaker 1:You know, what happens when we start to see this, the I mean, it really it feels like we're at the end of a a cycle, like that we're at the end of the Western financial system. It's not like we're at a place in history where, well, inflation's gonna get bad for a little while. Let's just kind of buckle down and and take it. It's like, it's not just America. It's Europe.
Speaker 1:It's the yen. It's basically all the countries that aren't hopping onto this boat. It's almost like that's what's happening. It's like we're on the Titanic, the the Western financial Titanic system. And we hit the iceberg, and we're sinking.
Speaker 1:And the iceberg was put in place by the BRICS nations, by China. They put that in place, but they've also got their big steamliner right next to us. And all the countries that were on the Western financial system Titanic are now saying, we're hopping over there. Yet the problem is that the for lot of the American public, it's like our bank accounts, our savings are all in the hall of the of the Titanic. Right?
Speaker 1:So but the the new system is really, like, it's never being, you know, gold backed, etcetera, whatever they're working on over there. So, I mean, am I correct with the whole analogy that, like, that that's where this is at? Like, it isn't just like another time of we'll get through this?
Speaker 2:That's where we're at. I mean, so and we can tell that this is where we don't really even need to speculate. Right? Because we can see what China is doing. We can see all the international treasuries that they're dumping.
Speaker 2:We can also see that that the the move towards a central bank digital currency is not just Federal Reserve thing. It's not just American. Ninety percent of all the central banks around the world are going to this. And so their their problem that they have is we've got these inflationary pressures. We've got people that don't trust us anymore.
Speaker 2:So we're gonna fix it. We're gonna fix it with transparency and cryptocurrency and this and that. This is so they create a problem that's bad enough. Am I talking conspiracy theory? I think I'm talking reality theory because it's actually happening.
Speaker 2:Right? Is we create a system that's bad enough that people will want this, but what they want is not really what they want. Right? Because what they're going to get is complete loss of freedom. It's complete subservience to the government.
Speaker 2:We're all going to be serfs because they can track every single transaction that we make. So if you can destroy paper currency, which is private, and have everybody with a digital currency that's perfectly traceable, there's no privacy. There's transparency of every transaction. There's continuity from from transaction to transaction to transaction of source of funds. If they don't like you, if you step out of line with their narrative, no buying or selling for Seth.
Speaker 2:No buying or selling for Kirk. No buying or selling for you. Right? This is the world that they're going to sell. What do they get?
Speaker 2:They get a world of Allegiant robots, basically, that just goes to the government for their support, for their ability to even collect or use money. See, all of this is is based in the system. And what what is why am I even bringing this up? Because China was the first country in the world to really adapt a central bank digital currency. When they had the Olympics over there, you couldn't get in unless you used your digital app based wallet thing to actually purchase your tickets.
Speaker 2:Right? It was the test. And now it's starting to move and just spread like those octopus tentacles that I talked about at the beginning of the show. I don't know if this can be stopped politically or economically, but what we can do is invest in something that's get out of the system kind of
Speaker 1:that's the question is that for folks that have, you know, you know, say their money sitting in their IRA, or they've got their money sitting in a in a bank account or a four zero one k. I mean, personally, I think that things like land and property are more safe. But when your money's in this US dollar based system, what what do they do?
Speaker 2:Well, land and property is is relatively safe. You know? Because it's a thing, it'll go up with inflation. People might be able to buy it. Right?
Speaker 2:They might not be able to qualify for it. But here's the thing. Because you still have to pay property taxes on it, do you really truly own it? I mean, try not paying taxes. Your your property goes to auction.
Speaker 2:Somebody else could buy it on a property tax lien. Right? Even when you own it, what if they jacked up property taxes to a bajillion percent, which they could do? It's like you don't pay it. It comes over to our control.
Speaker 2:Who's to stop them? Right? So so, really, what I love about tangible assets that are not debt based, that don't have a property tax attached to them like gold and silver, it truly is get out of the system. You take delivery of it. You could use it for barter if you need to.
Speaker 2:It's not digital. It's not in the Internet somewhere. Right? It's what I love about tangible assets that are private is, number one, take out all the extreme things we're talking about. It's just a stinking good investment, Seth.
Speaker 2:It's got silver went up 5.3% today. Right? Since February, the year February, '20 '2 years, its average has been 11.7% a year. That's not too shabby, but it's accelerating. As the world continues to deteriorate, the appeal, the demand, the lack of supply is just causing prices to go up.
Speaker 2:So here's where it's a great investment. Number two, it's one of those rare kind of investments that actually protect other things other than your finances. When you have something that's private, not tied to an impending central bank digital currency system, what are you also protecting? Your religious freedom, your political freedom, your economic freedom, your personal freedom, your health freedom. Right?
Speaker 2:Because all those transactions are not necessarily public under a big brother, Orwellian, brave new world type model. This is where I it fits so many different puzzle pieces to people who love freedom, that love privacy, who don't want their investments to erode because of stupid government policy that neither you nor I can control. It fits a lot of those bills. And so so but but here's where you can strip all of that ugly stuff away and just say, what's a good investment today, Kirk? Silver.
Speaker 2:I mean, it's doing better than the stock market. It's doing better than real estate. It's doing better than gold. It's doing better than everything. Right?
Speaker 2:And that's
Speaker 1:always is it a good investment, but it's also I I mean, one way I look at it is we talked about the whole Titanic issue. And it's almost like we have an opportunity right now. So say all of our it's like each of us has a savings box on the Titanic that's crashing. It's like right now, we can take that box and put it on the other ship. You know, we we have a chance to take that that or put it onto a life raft and save it.
Speaker 1:We don't have to see we don't have see everything that we've worked for, and work to protect and work to save for our children and for our grandchildren. We don't have to see all of that go down with the ship.
Speaker 2:Yeah, 100%. I mean, that's really what it boils down to. And in a world where we are so busy right now, Seth, our phones ring off the hook. Why? I don't know.
Speaker 2:I think everybody in this industry, their phones are ringing off the hook, right, because people are looking for safety. But just our firm with the depository, which is a national depository, they receive 50 to 70,000 ounce silver bars a day. That's their inflow. Our company alone buys 100 to 150 a day on average.
Speaker 1:Wow.
Speaker 2:We're taking in more than the than the national depository is bringing in in a day. Just one company, let alone the thousands of other ones that are out there. What does that tell us about global supply? Tells us that it's really, really low. And the the numbers that we talked about, I think, three weeks ago on this show, all else being equal, the current trend, the the down draw on on COMEX deliverable silver, silver will be extinguished in five months.
Speaker 2:We're seeing that kind of play out. When we take more as a company than than they're bringing in on a given day, it means we're starting to diminish those available supplies. And we're just one company, let alone other companies, let alone hedge funds, let alone other countries, let alone the likes of Sony, LG, Samsung, Tesla, all these companies that need silver for manufacturing. It paints a really amazing picture for investors who want something to minimize their risk and maximize their return. Because when you have low supply or no supply and demand has gone through the roof, prices just go up.
Speaker 2:Mean, that's what I look at, being logical about things. You don't have to be sensational. But when you have the sensational things that line up with the logical things, it's like, oh, my word, this might be the best investment that we could have for this time in history.
Speaker 1:Yeah. And there's a lot of folks that might say, you know, look, you know, hey, you know, you're you're saying that the sky is falling. The sky is falling. It's like, look, six months ago, I was talking about diesel shortages and warning people. You know, I remember I did a the the death of diesel was my thumbnail probably on a four months ago.
Speaker 1:And now you got Tucker Carlson coming out, and the mainstream media is saying, hey. Like, our diesel supply may run out in twenty days. Right? You know, I've been talking about food shortages, you know, six months ago. So the the the reality is is this is our reality.
Speaker 1:Like, this is really where things are at. So anyway, Kirk, I I told you I wouldn't keep you too long. It's hard to always keep these short. But and so I'll just say your company, and folks, just so you know, Kirk is a supporter of Man in America. And I work with him because I trust him.
Speaker 1:He's the person that I use. If I wanna buy silver, I call Kirk. And I look. And I've got a lot of contacts in the industry, but I trust Kirk more than anybody else that I know. And how his firm works is that you call up, you don't just call up and buy something, you call up and set an appointment.
Speaker 1:You talk to someone who's an adviser that really talks and understands your situation, where you're at, what your goals are, how many children you have, your grandchildren, what the goals are for them. And they really work out a solution that fits you. It's not about just selling you something you don't need. It's really about listening, listening to what your worries and your fears are, taking those away and just giving us comfort and saying, look, you know, we've got a lifeboat for you. You you don't have to go down with the Titan with the Titanic.
Speaker 1:And so, Kirk, what's the best way that people can get ahold of you?
Speaker 2:Call me. Call our office. (720) 605-3900. That's (720) 605-3900. Just say Seth sent you, or you have a link that they can go to too.
Speaker 1:That's goldwithSeth.com. That's the easy link. Just goldwithSeth.com. It takes you there. They can set an appointment.
Speaker 1:And look, I've already been getting feedback from people that that have called you and they said, look, it was an amazing process. Like, and it's like, whether it was Kirk or Ashley, your CEO, or one of other advisors they're working with, is saying it's this is a good, like, Christian company. They're patriots. So it's the kind of people, the kind of folks that you really want to do business with.
Speaker 2:Thank you so much for those kind words. I mean, I'd like I'd love to say that we try, but it's just who we are. It's just don't really have to try when it's who you are. But but really, we what we try to be is intentional, because when you're intentional, you'll be unforgettable in somebody's lives. And we want to be that conduit that brings peace and financial freedom and helps you map out a strategy for success moving forward.
Speaker 2:Irregardless of all the nonsense that we're hearing about in the global economy and everything else and all of our freedoms that are eroding. The reason, Seth, that you and I can have a smile on our faces, A, we know how this battle is won, but B, we know that there are options and there are solutions that bring success and that allow us to thrive in the face of most people who aren't listening are just concerned about even surviving. Right? And we can thrive.
Speaker 1:Absolutely. Well, Kirk, thank you so much for being here. Have a wonderful evening and weekend, and we'll have you back on next week.
Speaker 2:Sounds good, brother. We'll see
Speaker 1:you Take care.