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SVB is just the beginning. Join me for an emergency economic update with Dr. Kirk Elliott.
To learn more about investing in gold visit - http://goldwithseth.com, or call 720-605-3900
Save up to 66% at https://MyPillow.com using Promo Code - MAN
SVB is just the beginning. Join me for an emergency economic update with Dr. Kirk Elliott.
To learn more about investing in gold visit - http://goldwithseth.com, or call 720-605-3900
Save up to 66% at https://MyPillow.com using Promo Code - MAN
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 Holehouse. So you know that there's one thing that I've been talking about almost way too much according to some people over the past couple of years, which is that our banking system is at great risk. And look, as someone that is giving you information and researching, I really feel like it's my responsibility to focus on the topics I think really matter, which is why you don't see me covering DC politics very much, the bread and circus stuff, I'm trying to look at what's gonna affect you and your family the most, which is why I talk about you know food shortages, the banking system, you know preparedness, etc. Now some really frightening stuff is happening in the banking industry right now.
Seth Holehouse:Really, it's kind of coming off of SVB, Silicon Valley Bank, which we're gonna be talking about and it has major ramifications for all the other banks. It's not like this is just some isolated event in Silicon Valley. It's not gonna affect us because the trickle down effect, the ripple effect of this could be massive. And so joining us today is Doctor. Kirk Elliott, someone who's really taught me so much of what I know about the banking system, and he's going to really help us to understand what's happening right now, what might come next and what to do about it.
Seth Holehouse:So let's go ahead and dive right into this interview with Doctor. Kirk Elliott. So Kirk, as usual, it's so good to have you here. Thank you for joining us today.
Speaker 2:You bet. It's great to be with you and happy Sunday.
Seth Holehouse:Yeah, exactly. Happy Sunday. I appreciate you. I reached out to you yesterday and said, Kirk, we got to do an emergency broadcast on this because this is really, really serious what's happening. And it's really exactly what we've been warning people about.
Seth Holehouse:And some people have even said, you know, I know you've seen the comments before too. They're saying, Oh, Seth, you're a fearmonger. And why are you, know, you're always talking about the banks failing, it's not going to happen. Well, this is it's in our face. We're looking at the largest banks bank collapse since Lehman, so the second largest in our in history.
Seth Holehouse:But I want to first start off with a scene from It's a Wonderful Life, which this was the first time that I started to understand that, that's what a bank run is. So we're gonna watch a scene from It's Wonderful Life. It's about a minute long. And then we've got a special surprise with The Simpsons before we dive in. So let's go ahead and pull up this first video here.
Speaker 3:Don't look now, but there's something funny going on over there at the bank, George. I've never really seen one, but that's got all the earmarks of being a run.
Speaker 4:Now just remember that this thing isn't as black as it appeared. I have some news for you folks. I was just talking to old man Potter and he's guaranteed cash payments to the bank. The bank's gonna reopen next week. But George, I got my money here.
Speaker 4:Did he guarantee this place? Well, no, Charlie. I didn't even ask him. We don't need Potter over here. And I'll take mine now.
Speaker 4:No. But you're you're you're thinking of this place all wrong as if I had the money back in a safe. The the money's not here. Well, your money's in Joe's house. That's right next to yours.
Speaker 4:And in the Kennedy house and missus Maitland's house and and a hundred others. You're lending them the money to build and then they're gonna pay it back to you as best they can. What are gonna do? Foreclose on them?
Seth Holehouse:So there we have the interesting thing with that is he's saying, look, I don't have your money because I lent your money to Billy to build his house and Billy, I lent your money to Sally for, you know, her small business. But what's happening now is that we've given our money to the banks, but they're not lending it to our neighbor to build their house. They're investing it in high risk things or putting it into bonds, which are, you know, gonna be tanked by the rising interest rates. So there's this, it's, it's a very real scenario to look at. But before we jump into the discussion, I want to play this one more video which you just sent me and I actually haven't watched this yet.
Seth Holehouse:But for some people, if you've been following The Simpsons, The Simpsons somehow has predicted the future like dozens of times. And so this is a Simpsons episode I'm gonna bring up here. This is from, I believe you said 1996, where the Silicon Valley Bank collapses. So let's let's just take a look at this clip clip really quick.
Mel K:What do you mean the bank is out of money? Insolvent? You only have enough cash for the next three customers.
Seth Holehouse:Now, I'm not sure because in the beginning clip where it says Silicon Valley Bank, I'm not sure if that was added on or if it was originally Silicon Valley Bank, I couldn't see for that but still, that's, that's the reality. So now that we've had a little bit of kind of lightness and brevity, let's go ahead and dive into just the reality of what's happening. So Kirk, you bring us up to speed what we're looking at here.
Speaker 2:Yeah. So the reason why I wanted to show that Simpson skit, it's obviously it was made after It's a Wonderful Life, but right? They said some of the same things. But here, the Simpsons took it one little step further. What happens to a person's psyche when they don't get money?
Speaker 2:Right? It's like they start to get ugly. Right? They started to erupt in some violence in the bank. Well, that could easily happen, like, really quick.
Speaker 2:See, because what people have
Speaker 4:to
Speaker 2:realize, Seth, is when, you know, like in the Wonderful Life clip, people have this misperception of a bank. It's like, they've got all this cash in the vault, right? There's big marble columns, these big amazing adificent banks, got this vault door, and there's just wads of cash that fall out when they open the door, right? That's not how it is, right? Because when you open a checking or savings account, what are you doing?
Speaker 2:It's actually a promissory note. You're giving a promissory note to the bank that says, here's my money that I'm putting on deposit. You use it as you wish because here's the misperception. Banks aren't in the business of lending money. Banks are in the business of using your money to invest for themselves.
Speaker 2:That's what a bank does, right? So when you get a statement, like your checking account, savings account, money market statement, it's a ledger entry that says, Hey, Seth, this is technically what you kind of should have, Right? And if if you want to come out and get it out, it's it's there. But what if everybody comes back at the same time and wants their money out? It's not there because they do have it invested in the same things you and I have it invested in, plus some higher risk stuff.
Speaker 2:Right? Because banks are investing in the stock market. They're investing in the bond market. They're investing in real estate. They're investing in commercial real estate.
Speaker 2:Banks also invest in derivatives, are highly leveraged debt. Right? It's worse than debt. It's like leveraged debt. It's multiplied debt.
Speaker 2:Right? And and I I was looking yesterday. JPMorgan Chase has $55,000,000,000,000 of derivatives debt now. Bank of America has 40 something trillion dollars worth of derivatives debt. Right?
Speaker 2:So you're looking at some of these big I'm sorry, was Citi, not Bank of America. And then the third one has 27,000,000,000,000. So of the top three banks in the country, almost all of them are double to almost what the entire national debt of The United States is at 32,000,000,000,000. Right? These are just individual company banks that have taken your money, invested it, and then they invested that debt and leveraged debt.
Speaker 2:This is this is a nightmare. And so what we're seeing with Silicon Valley Bank is exactly this playing out. People wanting to get their money out of the bank, and this is what caused the run. Right? Because what people don't understand, Silicon Valley Bank is a, it's the second largest bank failure, like you said, in US history, went into FDIC receivership on Friday, meaning they didn't have enough money.
Speaker 2:But why didn't they have enough money? Well, so the nature of Silicon Valley Bank is last year they did 44% of all of the venture capital lending to all tech firm startups, right? So you've got a lot of big tech firms in there like that have massive amounts of money. So people should have gotten a little bit squirrelly, and they did when some of these big tech giants and big tech companies and startup tech companies went to Silicon Valley Bank, and said, hey, we want a line of credit. This is how it all started.
Speaker 2:And so they said, well, we will give you a line of credit, but you have to consolidate all of your bank accounts, all of your credit cards into our bank. So basically to get a line of credit, these other companies had to cancel all of their other banking relationships. So now they don't have a backdrop. They don't have another bank to actually pay payroll with. They don't have this.
Speaker 2:So so they they started to get a little bit weird when when reports were coming out that there's some financial duress at Silicon Valley Bank, and and you had company CEOs, tech company CEOs starting to pull cash out. Well, when they didn't have any cash, they they started to get notices on their mobile app and on their website, web browser. It says shut down for business. We can't get you your money. It's like, what?
Speaker 2:What do you mean? Well, the app doesn't work. We need to make payroll. We need to get money. Why can't we get it?
Speaker 2:Right? So then that started hitting social media. When that started hitting social media, it was run on the bank, right? So it started with just a few people trying to get money out. Well, over the last couple of weeks, the CEO of Silicon Valley Bank sold 3,500,000.0 shares of his own company.
Speaker 2:So did two other executives are selling just massive amounts of their own shares, which should have told you there's something wrong here. They're trying to get their money out. Right? So they knew what was going but they they know on the insides of the bank what the liquidity issues are. Right?
Speaker 2:And then when companies are trying to pull out their money, it was okay. Now now we have no money. See, they have a lot of bonds that are paying out at like 1.4 something percent yield. Well, rates are now high, so people are wanting to take the money out of their bonds and do something else and reinvest it into a higher yield bond. Right?
Speaker 2:But so they've got all this money coming out. So here's the issue. This is the big issue to me is banks can run out of money, but you very rarely see a big massive bank that runs out of money. Right? Because this one has $172,000,000,000 worth of deposits, checking accounts, savings accounts, 172,000,000,000.
Speaker 2:So what we had talked about, you and I, a few weeks ago is how the FDIC was so under insured, right? So, you know, they have these limits, $250,000 5 hundred thousand dollars FDIC limits on your accounts. People think great. They have the perception of it's a wonderful life where they got all this cash in the vault and I'm covered up to 500,000. Right?
Speaker 2:Well, are you? Right? Because FDIC only has $125,000,000,000 in assets. The deposits at this one bank alone were over 170,000,000,000. That's a $50,000,000,000 shortfall, right?
Speaker 2:Okay. So once you go the mechanics of it, anything over the FDIC insured threshold of like 500,000 is uninsured. So how much of these assets, because we're talking about big companies here, right? They don't just have 300 or $500,000 in the bank. They got millions, they got tens of millions, they've got hundreds of millions, right?
Seth Holehouse:Let's look at Roku, which you sent me. I mean, Roku, here you go, discloses that it has $487,000,000 in deposits at the failed SVB, which is 20%, twenty six % of its cash. So if FDIC comes and says, well, thankfully, you're insured for up to a quarter million. And they're like, we've got a half a billion dollars. I mean, that's that this is huge.
Seth Holehouse:This is big.
Speaker 2:The 250,000 is chump change. That's like pocket lent to them when they've got half a billion. It's like, but where does all that go? It it evaporates. And and and so some of these international decrees, the g twenty nation met, like, eight years ago.
Speaker 2:You know, they were talking about bailouts. This was actually the aftermath of Lehman Brothers. Right? So they're saying, we can't afford as countries to bail these things out. They're, you know, too big to fail.
Speaker 2:No. Companies can fail because we don't have the taxpayer dollars to bail every failed institution out. So they met in Australia basically and said no more bailouts. Right? So now we haven't had a big bailout since then.
Speaker 2:So now this one comes up. And what did Janet Yellen say yesterday? She said something about bailouts. Right? She said, there's not going to be a bailout.
Speaker 2:Well, of course not. The G20 nations met eight years ago and said there's not going to be any more bailouts. So if there's no bailouts, how does this thing get rectified? Right? Who's going to pay for it?
Speaker 2:Well, is where bail ins come into play. It's the depositors of the bank. Right? It's a special one off special purpose tax that they could tax the entire country with if they wanted to because that was a provision in the Dodd Frank Act during the Obama administration that you can do bailouts. Right?
Speaker 2:Just special purpose tax for the financial security and continuity of our economy. So me
Seth Holehouse:ask who's going to break let's just say that, so the government you know, wants us to believe they have our best interests and they're saying, okay, look at the bank system is failing, you know, we're gonna have the ability because we're protecting you to seize whatever assets are needed to fix the banking system. So let's just say that there's another corrupt bank that fails and let's just say it's a, you know, a half a trillion dollar bank, right? It says it's a $500,000,000,000 bank. They could, so are you telling me that they could then say, well, since we're not going to do a bailout using government money, taxpayer money, etc. To save this bank and to save our economy, we're going to do a bail in.
Seth Holehouse:And so we're going to take $5,000 from everybody's savings account, or we're going take $5,000 of everyone's money in the bank because we've already agreed to this and they've already set the mechanism for it that in that case they're gonna start basically raiding the coffers of the banks to kind of keep banking industry alive. Is that how it would work basically?
Speaker 2:It's exactly how it worked. That's how remember back, oh, this was a decade maybe ago when Cyprus and Greece had their financial problems, right? How did the European Union deal with it? Through a bail in. It was a 10% bail in tax.
Speaker 2:And they said, hey, people of Cyprus, you know, the the Cypriot citizens, you know, you're part of this European Union, and we've given you we've given you an infrastructure and a country to live in and a banking system, and now we need your help for that. So we're going to give a 110% bail in tax. Well, here's the issue with that. Cyprus was kind of a tax haven for the Russian mob. So when they did a 10% tax, who did they steal money from?
Speaker 2:The Russian mob. Right? It's like, okay, this terrible. But fast forward to here. Right?
Speaker 2:So taxes essentially when you pay your income taxes, they're kind of voluntary, right? Because you actually have to pay them. So I mean, if you don't, you probably go to tax prisoner, whatever happens, right? It's not a good outcome, but technically you have that choice. With a bail and tax, you don't have a choice.
Speaker 2:If it's digital, if it's a checking account, savings account, brokerage account, it's just there. They just take it. It's not voluntary at all. They just absolutely take it.
Seth Holehouse:Here's a quick question
Speaker 2:for you, Kirk. Yeah.
Seth Holehouse:Do you think that that because I remember when Biden was giving out all these stimuluses for for a COVID stimulus, but you had to submit your bank details to get that, you know, $900 wire or whatever, so doing direct deposit. Wouldn't that also work both ways by then giving them here's my wire information, here's my account information, They now have a registry of all the accounts of all the people who've accepted those. So if they had to do the reverse, they could just go straight into your account. Is that right?
Speaker 2:Well, they just made it real easy for themselves because technically I think they could have done it anyways because they're all in cahoots or JPMorgan, Citi, Wells. Right? And so that's like, hey, you big banks, you know, that are part of the World Economic Forum, part of all this stuff, all your account holders, we just we just need you to shift money back into the treasury department. Right? Via this mechanism that we now have a legal basis to do because it was signed into law during the Dodd Frank Act.
Speaker 2:It wasn't even an executive order, right? Congress passed this thing back then, which ridiculous to me, right? But so, yeah, that's that's what they could do. And here's just take this one bank. Take Silicon Valley Bank.
Speaker 2:Okay? Hundred and $73,000,000,000 of deposits. 152,000,000,000 of that was uninsured or over the $250,000 limit. So that leaves 21,000,000,000 of that's actually insured. FDIC has $125,000,000,000 So in one bank failure, they took away one fifth of all the FDIC's money.
Speaker 2:Right? One bank. But since Thursday night when all of this started to happen, Signature Bank lost 32% of its value. JPMorgan, Morgan Stanley, Citibank, Wells Fargo, they lost $55,000,000,000 in assets on Friday. Friday, 55,000,000,000.
Speaker 2:Right? That's that's almost twice. No. I'm sorry. Take that back.
Speaker 2:I I was gonna compare it to the national debt, but 55,000,000,000. Okay. So so if they if any of those go out of business and they can't make ends meet and they can't make their debt payments, look at look at JPMorgan in particular. $55,000,000,000,000 of derivatives debt. If that if that one implodes, it's lights out for the global economy, and and it's game changing.
Speaker 2:We have a new system overnight. Right? So so then you had Silvergate Bank, the one of the largest crypto lenders in the world that shut their doors on Friday for good. See, there's a contagion happening here. Right?
Speaker 2:So so Silicon Valley Bank is just the tip of the iceberg. You're having all these banks that are losing massive amounts of money. You know, the big four lost 55,000,000,000 in a day. Signature Bank lost 32%, and they're a big crypto lender as well. Silvergate went out of business on on Friday.
Speaker 2:It's like, what in the world? See, now what are this news is coming out. This news is hitting everywhere, which is why we wanted to talk about it today, Because on Monday, people are gonna probably go to their small regional banks, their community banks, their credit unions. It's like, I'm scared. I'm scared silly, and I want to get my money out.
Speaker 2:Now it's a wonderful life scene happening. Right? Because what if they don't have it? Banks across the country since the summer of COVID, summer of twenty twenty, the fed changed the reserve requirement that banks have to keep on hand in cash at zero. They don't have to have any money on hand.
Speaker 2:And with the FDIC only having a hundred and $25,000,000,000 in assets, and they just used 21,000,000,000 of it in one bank, it's like, oof, Seth. I I I mean, this has the the ugliness of a complete systemic bank failure across the board, across countries because these banks are global in nature. Right? This is a bank.
Seth Holehouse:It's almost like this has the potential to be the scale of a nineteen twenty nine financial collapse on a global level because in the twenties, though there's international banking, it's it's not nearly what it is today and so it could have been and somewhere in 02/2008 for instance now that was just the housing market that caused that. So this is the, I mean this is, I mean, this is, I mean, is this potentially one of the biggest things that happened in the past couple of decades? I mean, how significant is this and how significant are the potential ramifications of it?
Speaker 2:So the reason why you and I wanted this to air this show today is because I believe this is the biggest news story of the year. And I don't even know what the other news stories of the year are going to be. It's that big. I mean, it's huge. And let's compare this.
Speaker 2:So why I think it's so big, I don't want people to just take my word for it. 02/2009, that was only a subprime lending crisis. That's it. That was AIG running out of money because they gave too many loans to people who shouldn't have qualified for them. That was a housing market bubble.
Speaker 2:Year February was a tech stock bubble, lost 80%. One is different. This is even different than 1929 because back in 1929, the great depression, people had savings accounts. We didn't have this much debt. There wasn't such a thing as derivatives debt.
Speaker 2:And there certainly wasn't such a thing that one bank, JP Morgan could have 55,000,000,000,000 worth of it, right? I mean, this is a completely different world where we're swimming and drowning in debt. And when this implodes and people can't get their payments, they can't some companies come Monday aren't gonna be able to get into their banks and actually get money for payroll. Well, then now there's gonna be a ton of people that don't have money to feed their families because most of America is living at the margin paycheck to paycheck. Right?
Speaker 2:Well, if they can't get it? Oh, well the Fed guaranteed that you're going to be able to get money out on Monday. Well, that's up to 250,000. Right? What about these companies that have all of their assets tied up in Silicon Valley Bank?
Speaker 2:Because if they needed a line of credit because the economy stinks so bad in Biden's administration that they needed a line of credit because the economy stinks, nobody's buying anything, revenues are down, and they had to get rid of their other bank accounts to get the line of credit. They don't have a backstop. See, this has the makings of a super mess. I mean, it just really does. But did they know about it?
Speaker 2:Well, obviously some of the CEOs knew about it because they were selling off their shares like mad over the last couple of weeks. But even going back eight years, the G20 nations, when they said no more bailouts, they knew why would you have to pass legislation that says that we're not going to do this again like we did with Lehman Brothers? There's not gonna be another bailout. Well, because they they wouldn't have to pass legislation of something that might come. They knew that this was gonna come.
Speaker 2:They knew even back then that that this problem of counterparty risk of derivatives debt of banks imploding was going to happen again. And if you really think about it, it had to have, right? Because even banks with a 10% reserve requirement, Well, it doesn't take much. It takes one spark to cause 10% of your bank to come in and get their assets. It could take one company, one big company failing, and now they don't have the money in there anymore, right?
Speaker 2:And when you realize and truly understand what a bank does, which is they use your money to invest money. They don't use your money to lend it back to you and just be the safe haven place for you to get your checking or savings accounts whenever you need them. That's not what it's all about. That's the illusion of what banking is all about, but that's not what banking is all about. We're seeing that play out right underneath our nose.
Seth Holehouse:And what's interesting with this is that there's a lot of people that might say, well, it's not happening yet. And it's all, Seth, maybe you said a year ago that this could happen. And you you and I were talking on the phone, I think it was earlier or late last week about how it's almost like the financial system is a balloon. And and so, like, they keep blowing it up. You keep blowing it up.
Seth Holehouse:You keep going. But there's there's only one direction you can go. You can't let the air out of it. And so what we're looking at this is saying, look, folks, this balloon is going to pop. I don't know exactly when, you know, no one knows when the balloon exactly is gonna pop when it reaches that final point of tension where it can't hold anymore.
Seth Holehouse:But it's like we're saying this is gonna pop and people say, well, it hasn't popped yet. So I'm just gonna relax. It's almost like like that balloons filled with flammable gas that like when it pops, it ignites everything up and we're saying, hey, get away from the balloon, you know, get a fire extinguisher, do this. And a lot of people are actually right next to it saying, you know what? I trust it, you know, it's gonna be okay.
Seth Holehouse:You told me a year ago that it was gonna pop, it still hasn't popped and it's like, it's really any day and the thing is, is that look, we might go for another six months, this might this might be the first step in this. And maybe then it's another four months and maybe it's six months and then something even bigger happens. But the thing is, is the way I'm looking at this is that we're really in so many ways, we're at the end of a system, we're at the end of a financial system, the fiat currency, the derivative debt system, we're at the end of this system that's been milked for all it can be milked of, and they want to move us into central bank digital currency and clear all this off. But this is just it's one another one of those major indicators, right?
Speaker 2:Huge. And it's the tip of the iceberg, right? And what you just said was so appropriate, right? Because I would rather be a year early, six months early, three months early than a day late. A day late means you might not be able to get your funds out of the bank.
Speaker 2:I would rather be early. And we've got a lot of people that say, Hey, Kirk and Seth, you've been talking about this and it hasn't happened. Normalcy bias kicks in and people's brains like, Maybe it's just never going to happen. Well, it just happened. I mean, truly, it it just happened.
Speaker 2:Second largest bank failure in US history just happened, and they happened to take one fifth in one bank of all FDIC insurance. This is a problem. And not paying your employees is a criminal act. How many companies are not going to be able to make payroll? Now who gets charged for that?
Speaker 2:The companies? Silicon Valley Bank? I don't know. Probably the companies. Right?
Speaker 2:This has a domino effect. This has tentacles that goes out to the rest of the world. And the reason why these tentacles are so insidious is because come next week, and I'm not a prophet, I'm not making a prediction, it's just common sense and a gut feeling. When people hear this kind of story they're going to say, I want to get some of my money out of the bank. They're going to go to small community banks.
Speaker 2:They're going to go to credit unions. They're going to go to their big banks, of course, right, and start to pull money out, and we'll see how much money is actually there. But since the reserve requirement is zero, I would say it's not much. And so time will tell. But what we want to do is shout it from the rooftops a warning that the end of a banking system as we know it is probably underneath our nose.
Speaker 2:Well, also And this just the big mistake of it.
Seth Holehouse:I'll pull one more article up as we're kind of concluding here. This happened to be on Friday, the same day all of sudden it was happening, saw this article pop up in ZEROHedge. Wells Fargo warns customers of quote incorrect balances or missing transactions. And so if you read into this, there's all, there's a lot of Twitter threads, people are saying, look, you know, I went to the bank and I'm missing $7,000, I'm missing $10,000, The bank is down. Right?
Seth Holehouse:People are really, really upset. And Wells Fargo is on Twitter saying, Oh, sorry, you were working on it. But is this is this a coincidence that the same day that all this is happening, all of a sudden one of the biggest banks in America, you know, people are logging on to check their account and they're saying, Oh, sorry, you're missing $7,000. It's a technical error. It will come back, but is it really or is this the beginning of the kind of the holes poking through in this system?
Speaker 2:We'll see. But if somebody in my family starts to sneeze, I start to give them vitamin C. It's like, I don't want everybody else to get sick. These are the sneezes starting to happen. I don't know if it's a coincidence or not, but I think the timing is weird to tell you that much.
Speaker 2:So I I would just urge people to, like, there is light at the end of this tunnel. There's things that you can do, right, to protect and preserve, and it would not be keeping too much money in the bank right now. Yeah. It would not keeping too much of your assets in the stock market because as banks fail, people are going to actually automatically assume other paper markets, stocks, bonds, mutual funds, they're all going to come down too. We're probably, probably going to see a sell off.
Speaker 2:And if we don't, it's because stimulus money is being printed by the trillions that we're not seeing that's being injected into the system because there's no way you can have this kind of a news and not have it impact the markets negatively.
Seth Holehouse:Exactly. And and folks, this is why obviously Kirk and I talked about this, I talked about it on my own as well. Why I'm such a big believer in silver and gold, especially silver right now is because it pulls you out of this system. It's not like, hey, come buy something from us. It's not that at all.
Seth Holehouse:Like whether you work with Kirk Elliott or you've got your own person, you know, like I I wanted the same way I'm saying, hey, go buy seeds, go buy food. If you can get some chickens, you know, pull some money out, put it into silver and gold because what happens is that let's just say tomorrow, like hypothetically, say I had $10,000 and tomorrow I go to my bank and they're like, Sorry, you know, you were the thirty first person and we only had the money for the first thirty people, which is how it's gonna work with FDIC, that money is evaporated. But if I take that money, the thing is, is it's not like you're taking money and you're buying silver. All you're doing is you're taking that money and just converting its value into a different vehicle. And so you still have $10,000, it's just that your $10,000 is now in silver coins sitting in your safe or, you know, buried in your backyard instead of having a number on a bank, a number on your account you log in.
Seth Holehouse:So for people that have that hesitancy, I mean even this morning I was explaining the situation to my mother and she's gotten some silver over the years because I've really encouraged it, but she was talking, goes, You know, Seth, I should probably pull most of my money out of my savings and my four zero one ks and put it into precious metals, like, what do you think? And it's like, Yeah, like, Mom, like I'm, like, this is the same advice I give my own mother. And so like that's where we're coming from with this.
Speaker 2:Absolutely. I mean, the way that I invest my clients assets, same way I invest my grandma's, my mom's, my own, right? Because if it's good enough for me with a couple of PhDs and stuff, it's good enough for everybody else. Right? Our goal is to minimize risk and maximize your return.
Speaker 2:When you see these risks, a lot of them were foreseen, unsustainable debt inflationary pressures, higher taxes, higher interest rates, Those are all foreseen. What we just saw, a lot of people could see it if they were on the inside, but to many, it was like a black swan event. It just came up out of the blue over the last forty eight hours and boom, wipes out people's bank accounts. Right? Those are the risks that we're trying to protect ourselves from as well.
Speaker 2:The things that we don't know that are out there, but they're really out there. It's like a shark swimming around underneath you in the depths and the blackness of the ocean. Right? It's just because you can't see it doesn't mean it's not there. Right?
Speaker 2:It's there. And what we are seeing right now is like that hidden shark in the depths and the blackness of the ocean that just really is going to come up and attack people when they expect at least. Now we can't say we expect at least. We actually are expecting something to happen here, right, because banks are stressed across the country. I'd be interested to see what happens to the big four, right, when they lost $55,000,000,000 on Friday, and now you've got banks that aren't gonna probably open up on Monday morning or there's gonna be massive lines of people waiting to go get stuff.
Speaker 2:Right? This is this is gonna get a little bit interesting. I mean, there was there was images video images of Brentwood, you know, California, you know, banks there where people lined up for blocks. I mean, you can YouTube the images, right, people lined up for blocks waiting to get in. We don't know if they got their money or not, but the point is they heard the news.
Speaker 2:They're going in to get their cash. This is why I think starting next week, it is going to happen pretty widespread.
Seth Holehouse:Yeah. And one thing is that when this starts happening, like in a in a larger way, people are gonna be flocking to precious metals. So and I'm not a a prophet either, but I would expect to see the prices of especially the premiums go through the roof for silver and gold and the supply, especially the the silver supply which you know is already drained that so it could be that in thirty days that you can't buy silver or you know what I mean because everyone else just if this if this happens a lot of people are gonna be flocking so either a) it'll be too you won't be able to find it or b) maybe it's trading for 300% over premium because everyone's rushing to get it. So, you know, again, rather be a year early than a day late. So, so folks, if you want, like I said before, if you have someone that you work with that you trust, great.
Seth Holehouse:If you don't, and you want a recommendation of someone that I trust, because I'm very cautious of who I work with, Kirk is my guy. He's the guy, if my mom says, Seth, I'm ready, I say, okay, here's Kirk's cell phone number. Tell him it's Seth's mom, he'll take care of you. That's just how it works. So, folks, if you want, if you're interested in this, just check it out.
Seth Holehouse:Go to the website goldwithseth.com. Alright. You can also call (720) 605-3900 or goldwithseth.com. Just scroll down, fill out this really simple form here and they will contact you. So again, it's GoalsSeth.com or (720) 605-3900.
Seth Holehouse:But also I will tell people that this week is probably gonna be crazy. So I imagine when Kirk opens his doors on Monday morning, they're gonna have the phones ringing off the hook. So just be prepared for that. Be prepared, you know, to kind of set the expectations. I mean, what do you how do you expect this week to go, Kirk?
Seth Holehouse:And what would your message for people be?
Speaker 2:I think it's going to be crazy. If you call us, you know, you don't have to call us numerous times. We will get your message, and we'll probably call you back within forty eight hours, right, or sooner. I just wouldn't expect an hour, which is normally or, you know, just because I'm expecting this week to be absolutely bonkers. Right?
Speaker 2:So be patient. I mean, you don't you're not going to have to wait a week. You're not going to even have to wait till the end of the week. We will get back with you to schedule an appointment with one of us pronto.
Seth Holehouse:And you're not going to run out of silver in the next week, right?
Speaker 2:No. I mean, famous last words, but I don't doubt it. Right? So, there's no such thing as a guarantee in this world. But no, I doubt it.
Speaker 2:Silver is in short supply, but it's not a day's supply.
Seth Holehouse:Good. Good. All right. Well, Kirk, thank you so much for coming on a weekend on a Sunday. I know this, you know, you're very busy with your church schedule today and I appreciate you making time for this because this is an important topic.
Seth Holehouse:And, yeah, I just I really appreciate you, Kirk, what you're doing. It's you're really helping a lot of people.
Speaker 2:It's my pleasure. We'll talk to you again soon.
Seth Holehouse:Alright. Take care.