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Join me for an important economic update with Dr. Kirk Elliott.
To learn more about investing in gold visit - http://goldwithseth.com, or call 720-605-3900
For high quality storable foods and seeds, visit http://heavensharvest.com and use promo code ...
Join me for an important economic update with Dr. Kirk Elliott.
To learn more about investing in gold visit - http://goldwithseth.com, or call 720-605-3900
For high quality storable foods and seeds, visit http://heavensharvest.com and use promo code SETH to save 15% on your order.
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 we're continuing to see things unravel with the banking system. Now most recently, we had Pac West, who law is now down, I think, 80% of their market cap. They're seeing a mass, you know, fleeing of dollars of capital flight leaving the deposits there.
Seth Holehouse:And there's also some concerns and some warnings from some pretty major financial folks about the government and what actions they might take to prevent the bank runs from continuing, which are pretty draconian. But, hey, this is, you know, 02/2023 under Biden. So what would you expect? So folks, today I'll be talking with Doctor. Kirk Elliott to be talking about all of these issues and a lot more.
Seth Holehouse:So enjoy this interview. Also, quick reminder that every show is also done as a podcast. So if you want to listen instead of watch, just get your favorite podcast app, search for Man in America. You can also find me on Rumble and on the Rumble channel LFA TV. So LFA TV, it's a great channel.
Seth Holehouse:They got a lot of great stuff on there. You can check me out there as well. Alright, folks. Let's dive in this interview with Doctor. Kirk Elliott.
Seth Holehouse:Kirk, it's great to see you, man. How are you doing?
Speaker 2:I'm doing well. It's great to see you.
Seth Holehouse:Yeah, it was good seeing you in Miami as well for the reawaken event. I mean, was, you know, just obviously a a big event, lots of energy, a lot of people waking up, and you always leave those events feeling just inspired and, you know, having more hope for the nation.
Speaker 2:Well, that's what it's all about. Right? I mean, Clay does such an amazing job on bringing everybody together, like topic after topic, whether it's the economy or health or things or spiritual side, right, politics, bringing it all together, because a lot of times it feels like we're alone in this battle. Right. But when you come away from that, it's like, oh my word, I'm not alone.
Speaker 2:There's thousands of people that just came to this event, think like me around the country. You know, it's got to be people are waking up everywhere. And that's that's what I feel whenever I leave any one of those because I go to a lot of them is there is hope. There's people fighting. This is for our freedoms, right?
Speaker 2:Our personal freedoms, economic freedoms, our health freedoms, our religious freedoms, all of them. Right. And it's just an amazing thing to go to. But, yeah, we we had a great time there. We loved seeing you.
Speaker 2:We loved being with the other show hosts that were on. Loved meeting all of our clients there because there's a lot of them. And it was just it was just really a good weekend.
Seth Holehouse:Yeah. It really was. And it was interesting because you could see in talking to a lot of people there, you mentioned, you know, kind of the feeling of being alone. And that was something that gave me encouragement. Because a lot people they told me in the feedback and talking to the audience members, said, look, you know, it's it's shows like yours that make me feel less alone.
Seth Holehouse:Like, I can't have these conversations with my family. I can't talk about this with my spouse or my children. But having being able to tune in and listen to a conversation between you, and they mentioned your name a handful of times as well, people that just see things the same. It really it really helps them.
Speaker 2:Right.
Seth Holehouse:Yeah. But some some crazy things are certainly continuing to unravel, though, amidst all this. And and, you know, keep in mind that my perspective is that I have a lot of hope for the American people and for our future, especially for the good people, but I also wanna be really just very sober about where things are at. And, you know, because, you know, you and I have really, you know, kinda honed in on the on the economic aspect of our world, and I've learned so much from you. I think that we should continue just really trying to wrap our heads around what's happening, especially as we're looking at the continuing bank runs.
Seth Holehouse:Because as much as they're telling us that everything is okay, all the indicators are showing the opposite. And there's actually a warning from a pretty big hedge fund manager that we're gonna get into that I think is, like, is shocking to say the least. But let's go ahead and start with this article that you sent me about PacWest. Right? This is another one of the big banks that we've been eyeing and how their shares continue to tumble.
Seth Holehouse:Actually, I've got a little chart down here where you can see that you do not want your stocks to look like that. Right? Like, that looks like it's the opposite of what happened to the votes for Joe Biden. Right? It's just like a vertical line down.
Seth Holehouse:But what they're saying though with this is that, you know, there's just this news from late last week that their shares dropped another 20%, and they're already down 80%. But after bank deposits fell 9.5%, so almost 10% of all their bank deposits in the last week fled that banking system. So what can you what can you make of that?
Speaker 2:Well, when you think about why banks fail, it's it's pretty easy. They have more withdrawals than they do deposits. I mean, it just boils down to that. And but this problem, like we've talked about before, goes back to March of twenty twenty when the Federal Reserve changed the reserve requirement to zero because banks don't have to have anything on hand. Well, Kirk, why is it stupid?
Speaker 2:Why would they do that when they have to write checks and, you know, people have checks and savings account withdrawals and everything that they do? Well, the lower the reserve requirement goes, the more a bank can lend out. So there's or more money that they can use to invest. Right. So it's in the bank's best interest and to try to stimulate the economy, because if you lend out a ton of money, like all of it, you've got all that money kind of working for you.
Speaker 2:Well, where this becomes a real problem is when people's wages are declining, prices going up, people can't afford to live like we have right now. Then a 0% reserve requirement, which they use to try to stimulate the economy and get more people to purchase, it doesn't even matter. I mean, you could probably put the interest rates to negative. And if people don't have money, they simply don't have money. They're tapped out.
Speaker 2:Doesn't matter if interest rates were negative 15%. They're still not going to spend because they don't have it. And the other part of that problem is banks have no liquidity. I mean, as we've seen over the last since the beginning of this year, you know, over the last five months, the basically M2 money supply is shrinking. It's not growing.
Speaker 2:It's shrinking, which means that not just our people pulling money out of the system, but because it's shrinking more than that. We can tell it's down by $500,000,000,000, half a trillion in the first four months of this year. That's basically the Fed pulling money out of circulation. Not all of that is people getting out of dodge and going somewhere else. That's way too big of a number for that.
Speaker 2:So the Fed is simply pulling money out of circulation in exchange for a central bank digital currency, the Fed Now app, right, that has complete transparency and control. So they've got to show momentum somehow, some way. And I believe that's what's happening because, Seth, if if you ask around, if I ask around, not many people have much money in the banks to withdraw. Right? They don't.
Speaker 2:So where's all this money being pulled out of the bank coming from? It's stuff that we haven't really have in our hands anyways. It's it's money that the Fed has injected into the banking system over the years, and they're just pulling it out. The banks aren't lending it to people anyways. So really, that that impact is not going to impact consumers all that much, in my opinion.
Speaker 2:It's ultimately going to really hurt the banks as they have no capital anymore to lend. And even if they wanted to, the Fed doesn't let them have it. Right? Because they're they're future casting, going down the road and saying this this economy doesn't look good. Paper money is going away.
Speaker 2:But the more that these things decline, the quicker we can get our end game way, which is central bank digital currency, because it's complete command and control. So I think all of this appears. And I hate to be Mr. Conspiracy theory guy, but to me, it's not really a conspiracy, not when the dots line up so well is they're they're dramatically impacting the system in a negative way to pull paper money out because you can't tax paper money. You can't control people with paper money, but you can with digital.
Speaker 2:So in the finance world, for anything to be born, something else needs to die. And this is what's dying is paper based money creation via the central bank that we've been used to since the early nineteen hundreds that's dying in exchange to give birth to a central bank digital currency, which is all about command and control, knowing everything you spend on everything. That's the world that we're headed into.
Seth Holehouse:And so, you know, you mentioned the m two money supply and and that, you know, made me think of this article when I mentioned this kinda getting into this, but this is something that I'm just gonna read through some of this because my jaw hit the floor when I came across this. And this is okay. Let's go. Let's dive in. So US government may freeze American bank withdrawals as currency panic and capital flight mounts.
Seth Holehouse:This is from the macro guru, Hugh Hendry. So I'm gonna read a little bit of this for the folks because this is this is so important. Like, this is so important. So hedge fund manager and macroeconomic expert Hugh Hendry just issued a major warning on The US banking system and the American economy as a whole. In a new interview on Bloomberg Markets, Henry says mass panic and capital flight away from The US banking sector is entirely justified.
Seth Holehouse:He says a further decline in the m two money supply, which in part tracks money in liquid checking accounts, could convince the US government to step in and prevent citizens from taking their capital out of the banking system. He says, quote, sometimes it's kind of relevant to panic. I would recommend you panic. You've seen the biggest waterfall decline in m two right now. M two is deposits, not loans.
Seth Holehouse:That's the deposits fleeing the system and going into money market funds. That could reach a crescendo where the Treasury and the Fed may have to come in and actually restrict your right as a US citizen to pull money out of The US banking sector. It continues, Henry Henry says capital flight from The US banks is not solely about fears on whether the FDIC will ensure deposits above $2.50 k and a blanket guarantee on deposits would not solve the problem. He says, quote, there is capital flight deposit flight from the banking sector seeking yield. I fear that.
Seth Holehouse:I don't say this lightly, but in 1934, the Federal Reserve Act confiscated gold from US citizens. We're at the point where the Fed and Treasury officials, I'm sure, are having to consider a gate a gate lock on unite on US bank deposits. So, I mean, we've we've talked about balance. Right? We've, you know, we've talked about the idea that, you know, in in order to save this banking system that they might seize some of your money and and kind of put it towards the, you know, kind of bailing out the the banks, right, as you saw happen in Cyprus.
Seth Holehouse:But this is a whole different thing because this is something like, if there's one trend I've seen the past couple of years, especially under Joe Biden, it's that the federal government and the federal agencies are really pushing the limit on the amount of control they're willing to exert on on We the People and how much they're willing to shred the constitution. So I could see them I mean, look, we saw them saying, shut down your restaurants, you know, social distance, wear a mask, it's for your own safety. We're protecting you. I could see them saying, you know what? We're gonna temporarily we're gonna restrict and limit your bank withdrawals because if you overdo it, it's gonna collapse the banking system.
Seth Holehouse:So we're gonna protect you. I mean, I mean, when I when I show I show this to you, what are your thoughts on this?
Speaker 2:Well, so my thoughts are we don't have to look much farther back than even what happened in Zimbabwe. I'm sorry, not Zimbabwe. Zimbabwe was a hyperinflation, which they had to limit people's withdrawals. Right. But again, people had nobody.
Speaker 2:It's like good grief when they have over a % inflation a year. This is terrible. But Nigeria, Three Weeks ago, they limited people's withdrawals out of the bank accounts to $40 a month instead of $40 a week, which is what Nigerians need to survive on. They limited the withdrawals to $40 a month, but they forced that issue on people. Why did they do that?
Speaker 2:Well, it wasn't because they really cared about people taking money out of the bank. It's because they wanted to control them. And only point 5% of that population actually wanted central bank digital currency. Well, by the time they were done forcing the issue, you had 60% adoption rate. Why did they do?
Speaker 2:They starved out their population. Said unless you agree to the central bank digital currency thing, we're just not going to give you enough money to live on. We'll only give you $40 a month instead of $40 a week. Man, that's living on 25% of what you normally have. It's a loss of 75% when you can't get that out of the bank.
Speaker 2:And they're saying, you've got to deal with what we tell you you're going to do and live on it and you're going to be happy about it. Right? Well, it's like, what if I'm not? What if what if I need more than $40 a week?
Seth Holehouse:Well, what's crazy, Kirk, is is, like, ten years ago, I would have looked at that story and said, well, yeah, that's Africa. Like, that would never happen here in America. It would have been so easy to write it off and say, well, yeah, that's Africa. Right? But now, you know, I would honestly, like, I wouldn't be surprised if we saw our own government and our own Federal Reserve attempt to, you know, pull the same kinds of shenanigans here in The United States.
Seth Holehouse:It's sad to say that, but it's it's how it's how I truly feel.
Speaker 2:Well, I agree. I mean, none of us want that. Americans, we want a strong dollar. We want this to be strong and so we can move forward with confidence and invest with confidence. But politicians don't even know what's going on.
Speaker 2:These these international nongovernmental organization agreements have nothing to do with Congress. Right? They have nothing to do with anything except that they can get the bill passed by Congress. And the bill might say, We're just gonna use stimulus money. We're going to use money that's printed out of thin air maybe, which is which are just bank deposits issued by Chase.
Speaker 2:They they rubber stamp the back of the check. Say, hey. Before we even deposit it, slip this money over into the Fed at the Federal Reserve, you know, one of their big banks, because we don't want it. We don't want it in the system. Or I mean, this is this is such a prevalent thing happening right now.
Speaker 2:I believe full on that there's another bank run coming because they simply don't have liquidity. And then to even give out a loan right now is insane. I was talking to a client this morning and they were wondering what to do with their money. They said they're going to they have to refinance their home somehow, as was their exact words were. And it's like, what do you mean somehow?
Speaker 2:So we can't get a loan because our FICO score isn't high enough. It's like FICO score is dumb, right? It's like never, never had a missed payment. You know, you're living within your means. Well, you might not get a very good FICO score there unless you're maxing out your credit cards pretty much.
Speaker 2:I mean, I don't know exactly what the metrics are and paying off, you know, your your monthly payment every single month without skipping a beat. I mean, this is where we're headed, where even on a credit card, which we're used to them knowing everything that you buy and sell because you get the this, you know, information sheets, bunch of separation of of payments based on every payment that you make that's going into the S and P five hundred or the Dow. Those days are numbered. Right? Those days are numbered.
Speaker 2:And ultimately, they're not going to let you do that. They're just going say, all right, you've got to bail out your own currency system. Right? Just just give money to the bank. And then we're going to make sure that you get everything else that you need that you paid your whole life in to get.
Speaker 2:So this is where I see it coming, is even on the federal side, You're gonna start to see draconian measures that really just want to destroy the faith and confidence that you have in The US stock market so they can usher in their own way of living. It's going to be hard to defeat people now when when it's actually bad, but it's not horribly bad. You can still have a good time at Disney. Right? But but it's really getting bad.
Speaker 2:And so we don't want to we don't want to participate in that. We don't want to participate in anything that is going to show a huge massive negative profit. Give me a break. That's where we can thrive and keep people in the right place at the right time.
Seth Holehouse:Alright, folks. I've got a quick message for you. I have one simple question. If today you could no longer go purchase more food for your family, with the food stores that you have in your home, how long would you be able to feed your family? Would it be a week, three weeks, a month, two months, a year?
Seth Holehouse:This is a really important question folks that we have to be very realistic about because the elites are proactively trying to put us into a state of food crisis and a state of famine. I'm sure you've seen all of the different food processing plants and farms that are blowing up. You've got cattle dying by the tens of thousands. They're proactively trying to collapse our food system because they know if they can control our food, they can control us. And so one of the best ways to be outside of their control is to be able to have our own stores of food and to be able to produce our own food.
Seth Holehouse:So there's really two things I would recommend. One is having heirloom seeds that you can grow your own food with, making sure that they're non GMO heirloom seeds. That way you can harvest your seeds this year, use them next year. You can use these seeds for generations. Literally, it's how it will work.
Seth Holehouse:The other thing though is this high quality storable food. This is food that's sitting somewhere, it's hidden in your basement, buried in your backyard, whatever it ever it is. So that way, if there is a crisis, if there is an emergency, you might have three months set aside to get through that time period. And so for this, I would highly recommend a company called Heaven's Harvest. This is an amazing Christian owned patriot company, and what they're doing is they're making high quality storable food.
Seth Holehouse:Again, lot of the food companies, they say these food buckets, they're all about maximizing calories per dollar. They're filling the buckets with a bunch of filler and junk, like sweet beverages, etc. But Heaven's Harvest, they focus on very high quality food that will last up to twenty five years on the shelf. They also sell heirloom seeds. You can buy all of your seed.
Seth Holehouse:You can buy all of your restorable food. And look folks, personally, I would recommend having at least three months per person in your household, if not six months or even a year. Again, depends on your budget, but I'll definitely make sure you have some seeds because that seed those seeds could be worth their weight in gold, if not more in the future. So to go ahead and do this right now, go up a new tab and go to heavensharvest.com. And if you use the promo code Seth, that's s e t h, promo code Seth, you'll save 15% off of your entire order.
Seth Holehouse:So again, folks, the time is running out and you'd rather be three months or one year early than one day late. Again, heavensharvest.com and use promo code Seth to save 15% today. You know, look, I'm I'm obviously not a financial guy. I don't have a a PhD in economics, but I'm trying you know, I'm I'm piecing it all together. You know, I'm really stringing together the overall narrative.
Seth Holehouse:And I think that, you know, what I'm seeing with this is that, okay, what is the root cause? Well, I think in many ways, it's it's the the sovereign debt crisis. Right? It's going back, and I just, you know, I just interviewed Martin Armstrong, right, we just had that interview, and he talked about this and saying that basically, you know, like in 02/2008, it was the it was the mortgages. Right?
Seth Holehouse:So the banks that were tied up in these mortgage backed securities, they're the ones that collapsed. But like right now, it's the treasury. Like, it's it's the it's the sovereign money. Right? It's the central banks.
Seth Holehouse:I mean, it's like at the very core of the system. It's almost like before, maybe you had skin cancer on your arm in 02/2008, and they could remove that skin cancer. Right? And the rest of your body is okay except for that that one area. Whereas now it's like the cancer is in the bones of the entire system.
Seth Holehouse:And there's no way to remove it because it's at the very core of the system. And, you know, when Martin Armstrong, when I was asking about this, and he said, he said that they've been describing this scenario that he, you know, what he thinks is coming next will make the Great Depression look like a dress rehearsal. That was just mind blowing. But it's always crazy because I find that a lot of times when I'm speaking to a particular expert, that other people, like independently will come to those exact same conclusions. And so we just had this was just today, this article came out.
Seth Holehouse:This is from Peter Schiff, an article that was, you know, talking about this. So here, this is zero hedge. Peter Schiff, great depression two point o is incoming. So Peter was on Jesse Kelly's show recently. They're talking about inflation, what it means, and it's like, the CPI is only 4.9%.
Seth Holehouse:Right? It's not 5%. Like, we're concerned. It's just it's mind boggling. But there's something I want to get into in this because Peter said some really important things that I think highlight exactly where things are at.
Seth Holehouse:So he said that the crisis is going to come in the form of a sovereign debt and currency crisis. He said, quote, so much worse than just the garden variety financial crisis that we had in 02/2008 because this time, it's not just going to be subprime mortgages that are the problem. It's going to be the US Treasury debt that's a problem. Right. Nobody is going to want to own our sovereign debt because of how high inflation is.
Seth Holehouse:And that's also going to create a dollar crisis. There is where we're heading, and it's a big disaster. And he continues and says, in asking about whether, you know, Jesse asked him, is this gonna be like the Great Depression? And he said, it's probably gonna be worse. It's a depression.
Seth Holehouse:But unlike the depression in the nineteen thirties, where the people at least got the benefit of falling prices that provided some relief. During the depression, you lost your job, but at least the cost of living went down. If you didn't lose your job, you were actually better off because you had your paycheck and your paycheck went further because consumer prices fell during the thirties. But this time, even the people who don't lose their jobs are going to suffer because they're going to lose the value of their paychecks. They're going to lose the value of their savings because everything that you need to buy is going to be a lot more expensive.
Seth Holehouse:And that's going to compound the burden for the unemployed because not only are they gonna be without their jobs, but their savings are going to be destroyed. And even if they get checks from the government, it's not going to be enough to afford the basic necessities. So, I mean, like what Peter said in that just then, especially talking about the, you know, sovereign debt crisis, It's almost word for word almost exactly what Martin Armstrong said. It's really it's what you've been saying as well.
Speaker 2:Well, it's what both of us been saying. I mean, this is the crazy thing about that. This isn't what Martin is saying and all these others that this is not rocket science. Right. We just have to connect the pieces.
Speaker 2:To me, it boils down to lowering wages. Right. Plus rising cost of borrowing, plus rising debt equals bad economy because people aren't going to have as much money to spend. Right. So that's that's the issue that we're dealing with.
Speaker 2:So when I hear people like Martin Armstrong and others who are actually shouting it from the rooftops and he's not as much of a Of a big, huge silver fan as a lot of us are, but yet he's going in with full steam ahead. Right. Because he wants to see what his. Projections, I guess, will come to in light of the world that we're going to, because he's an amazing trends forecaster. Amazing.
Speaker 2:And what he's seeing is the cycle of wars now, the cycle of conflict. Right. And when you what causes that? It's it's a lot of times lack of food comes before that. Well, with the with the inflationary pressures, we don't have a lot of food.
Speaker 2:Right? When you had the Arab Spring back in the day, what did Martin Armstrong say? Well, it's like, well, look what look what's happening. You've got you've got a food crisis in The Middle East and being angry, so to speak, is a real thing. Well, it is.
Speaker 2:When people can't afford to take care of their people in their own country, weird things start to happen. Right. And it's this cycle of war. It's this economic cycle. It's a food shortage cycle.
Speaker 2:It's all of these cycles culminating into something that's bigger than the Great Depression, something that's bigger than anything that we've ever seen, because it's not just a subprime lending bubble like we had in 07/2009. It's not just a tech stock bubble like we saw in February. It's literally an everything bubble. Everything that's grown because of borrowing and debt, which would be the stock market, the bond market, real estate, they're all going to come crashing down as this debt market implodes. And this is where we start to look at things like in a completely different light, like this isn't going to be a correction.
Speaker 2:This is going to be a collapse kind of a feeling because it's based on everything. Now you've got draconian measures that are being talked about ever since Janet Yellen a couple of weeks ago said we're going to run out of money at the June. Well, she's talking about the debt ceiling. Right. This happens every single year, so I don't want people to be alarmist about it.
Speaker 2:It's like, yeah, we we basically have this conversation every single year. The end of the fiscal year, we are going to run out of money, so they raise the debt ceiling. They can talk and politically maneuver around it all the time, blame somebody else. I don't care what side of the political aisle you're on, you always raise the debt ceiling. They always do.
Speaker 2:But that adds more to the end game, which is all of that money, very inflationary. It's going to tear us apart because people don't have enough money to spend. So now what? When there's not enough money to spend and people aren't working and wages are coming down, they're not paying into Social Security, which is why Janet Yellen says we're going to run out of Social Security in ten years. Ten years, it's no longer going to be there.
Speaker 2:It goes insolvent. So what are they talking about now? Policymakers in America. The same exact thing that the policymakers in France did raise the age of benefits to get it out of Social Security or reduce the amount of payments that you get or a combination of both. Raise the age, reduce the benefits.
Speaker 2:Now you've kicked the can down the road another five to ten years. Right? But but this is going to be very devastating. They're not even going to keep up with cost of living adjustments. They're not going to keep up.
Speaker 2:And so but they've hit this point of, well, we got to try to save the system from implosion for everybody. So therefore, we'll just put austerity measures in. You know, you don't get to access the benefits for another few more years. Or when you do get your benefits, it's going to be less, not just due to inflation, because they're physically maybe cutting the benefits officially, not just due to inflation. Right?
Speaker 2:But officially, those are what austerity measures are. And this is what policymakers in America are talking about. The same thing that's causing riots and looting in France right now, which is simply raising the age of retirement. They're talking about the same thing here.
Seth Holehouse:Exactly. Or you could also just get rid of some of the population, which maybe that's also in their playbook. Perhaps
Speaker 2:in their playbook. We've seen it. We've read it. Commencement speech when I graduated with my master's degree from the University of Denver, Senator Tim Worth was our commencement speaker, and he was one of the biggest proponents of global population reduction in the Senate at the time. It's like, wait a second, this is supposed to be a happy day.
Speaker 2:We're graduating. You're saying, yeah, we need to get the total birth population down to 500,000,000 people. It's like, what? The whole earth? Mean, that's just a couple hundred million more than America.
Speaker 2:What about China and India and everyone else? I mean, this is their thing. But, oh, you have to have that. If you've now got computers that are replacing people's jobs because they don't want people to go to the government for unemployment benefits or handouts or welfare because their jobs are never coming back because the computer just took it. Yeah.
Speaker 2:All of this plays into that system, Seth, of population reduction. You don't have to pay for computers, so why not hire a computer? There's no benefits and you're not going to get sued by one. Right? They're going to make this look amazing.
Speaker 2:But everything that we see, in fact, when I I've already seen this with my with my own eyes, when when we were flying to Miami for the Clay Clark event, went into the United Club room, and they usually have people that are picking up people's plates and everything. They now had computerized robots rolling around in the room with a trash receptacle on on top saying, you know, put your plates in here. They already got rid of the people. Right. And it's like, I'm sad.
Speaker 2:How sad that I just saw it, right? It's like, oh, my word, this is what we've been talking about. People are already being replaced by robots and computers, and it's like it's not going to end. Which means what is going to end is the monetary system as we know it. Right.
Speaker 2:Because you can't afford you can't afford what's coming with nobody making wages because you don't have to pay a computer to raise to get income tax revenue. So everything they're talking about has this horrible flip side to it. Yeah. Everything we're going to do is going to cost a ton of money, but, oh, yeah, we're not going to have as much coming in because we don't have people working because we replace them with computers. And there's no income tax revenue from those dumb dumb computers.
Speaker 2:This is the world that we're living in right now.
Seth Holehouse:It it really is. And so I have a few questions for you, you know, but I wanna bring up something that Martin Armstrong said where he kind of, like, as he saw this collapse unfolding, it was a collapse more of the government, you know, of tied central bank tied assets. And that he saw people fleeing more into the private assets. Right? Like pulling your money out of a bank and putting it into, you know, land or even the stock market.
Seth Holehouse:And so he saw that as the government assets collapsed, that the other items and a lot of the other commodities would be increasing. And so, you know, there's a lot of people that are watching this, and they're they're looking at this thinking, okay. Alright. Well, we've got, you know, Peter Schiff as one person. You know, there's a lot of people saying that, okay, we're heading into something that could be and will most likely be worse than Great Depression.
Seth Holehouse:Okay, what do we do? We've got tech layoffs, right? We're already seeing massive tech layoffs, which is one of the early indicators of what's gonna be happening with the economy. As they say right here, according to data compiled, that the running total tech layoffs to date is a 90,000 for this year, surpassing last year's total of 164,000. So we're already way past last year's, I am halfway through the year.
Seth Holehouse:So people are seeing the indicators. Right? People are seeing this unfolding. And now I know that, you know, I I kinda talk about a lot of things. I talk about land.
Seth Holehouse:I talk about food, etcetera. You're in the precious metals industry. You're in gold and silver. And so why is it amidst all this turmoil? Why is it that you're saying, hey, this is the safe haven, you know, like taking that money out of the, you know, like Peter Schiff saying, like, you know, saying that you're gonna lose your savings.
Seth Holehouse:What's that mean? And what happens? Like, why are you saying, hey, put some of your savings into silver?
Speaker 2:Well, because this isn't a normal recession slash depression like the Great Depression. Right? Which normally prices come down to stimulate people buying, right, to start the the economy headed up again. This one's different because they can do that. They're printing money like there's no tomorrow to try to stimulate the economy that causes inflation and prices to go up, not come down.
Speaker 2:But so that's the inflationary part. But what they're responding to, a recession is a business cycle thing. It's it's how many people are working, how many people are buying stuff. Right? That's what the recession talks about.
Speaker 2:And so you've got fewer people working, so fewer people can buy. But and everything that they are buying has higher prices. That's stagflation. And that's the worst possible scenario for a policymaker. But that's the world that we're going into.
Speaker 2:We are not going into Great Depression style depression. We're going into more akin to Weimar Republic, Germany Hyperinflationary Depression where nobody's working, but they're printing money to get out of it. And see the reason why we are going into recession pressure because nobody's working. That article that you just referenced, what else does it say in there? 20% of of Shopify is being laid off.
Speaker 2:Dropbox is cutting their employees by 16%. Three ms, not even a tech company, is laying off 6,000 people. Right? So that's that's big. Lyft, you know, the competitor to to Uber is laying off 26% of its workforce.
Speaker 2:IBM owned Red Hat, four percent of its workforce. Gap is laying off 1,800 employees. Bed Bath and Beyond filed for Chapter 11. Facebook laid off about 10,000 while closing an additional 5,000 open job opportunities on the job search boards. So and then Amazon is laying off a ton like I don't even know how
Seth Holehouse:many thousand.
Speaker 2:19 thousand or 2.5% of its workforce, right? Sirius XM, four seventy five people. Dell, six thousand six hundred and fifty positions. I mean, this is this is insane. This is when Biden tells us that the economy is growing and they have this thing under control.
Speaker 2:Don't listen to a politician say that because in all of this in all of this, the unemployment rate went from 3.6% to 3.5%. How could the unemployment rate get better when all these jobs are being laid off? Something's not adding up. Right. Well, I'll tell you why it's not adding up because they fudge with the numbers.
Speaker 2:If you were so discouraged that that you stopped looking for work, let's say you lost your job and you're you're hitting the sidewalks, sweating, knocking on every door saying, please hire me, please hire me, please hire me. And nobody does for months. And you get so discouraged that you stop looking for it. I'm giving up family. We're living in a tent.
Speaker 2:We're going out in the woods. We're going to live under a bridge. Right. Not that doesn't mean that you're working. But the government says, no, you're no longer unemployed because you voluntarily stopped looking for work.
Speaker 2:So I didn't voluntarily do anything. Nobody's hiring me. I just I can't do it anymore. But because you voluntarily did that, they take you out of the numbers, which would make unemployment look smaller. Right.
Speaker 2:Even though massive tens of thousands, hundreds of thousands of people are getting laid off. That's how they manipulate the numbers. And this is why it is a dangerous thing moving forward, because we live in a world where you don't get truth from mainstream media. This is why Fox got rid of Tucker Carlson. Right.
Speaker 2:It's like they want you to believe what they want you to believe, and they're going to censor everything else. I'm telling you, the economy is not good right now. The CEOs will tell you the truth. We're laying off by the tens of thousands because we have to report to our shareholders, and we can't provide all these jobs and create expenses when we don't have offsetting revenue to come in. That's the true picture of the economy moving forward.
Speaker 2:Thank you, Mr. Biden.
Seth Holehouse:Exactly. Exactly. And so where do precious metals fit into this?
Speaker 2:Well, in an inflationary world like we have, they they soar. I mean, not only do they soar, they're the safest thing you could actually go into because things always go up with inflation. Right. And so so but, Kirk, real estate is a thing and you're talking about real estate come collapsing down. Yes.
Speaker 2:Real estate, though, is a debt based thing. You have to qualify for a loan. The banks have to have money to give you to buy it. So anything that you have to finance does not qualify for that. Now, on basically cash based purchases that are things like groceries, gold or silver, because people don't go into debt to buy gold or silver.
Speaker 2:It's a cash purchase, right? Either in an IRA or just out of your checking account, you're not financing it, you're not leveraging it. Those things go through the roof during times of inflation. Things that need to be financed, even though they're a thing and tangible asset come down during times like that because banks run out of money and it makes it hard or difficult or impossible to even get a loan. So I to hedge, I would invest into silver right now.
Speaker 2:Absolutely. 100%. It's the safest thing to go into. Even in a world with the slowest, most sluggish global economy we've seen in over forty years, Silver is still skyrocketing. Imagine what it would be if we had a robust economy and we are completely running out.
Speaker 2:That would be even something more spectacular. But I don't see it as being a bad option no matter if we speed up the economy or slow it down right now because where we are in that cycle.
Seth Holehouse:That's a good point. That's a good point. Well, Kirk, it's always great having you on the show. For folks that are watching, if you wanna contact Kirk or his company, you can either go to goldwithseth.com. So it's goldwithseth.com.
Seth Holehouse:You scroll down to the bottom, there's a little form there you fill out to set up an appointment with Kirk or one of his advisors, or you can just call (720) 605-3900. Again, (720) 605-3900. Because Kirk's got a great team. And if that's something you've if you've been thinking about it and, you know, you're on the fence, you just take that that next step. Because even I just was telling someone lately, even if you have a few ounces of silver put aside, you're already way better off than probably 98% of the American population that doesn't hold any precious metals.
Seth Holehouse:Even just that little bit really could be significant. It's like, you know, some of the other countries, I think it was Argentina or I think was Argentina, I was talking to someone after their currency collapsed, or perhaps it was Venezuela. It one of the countries that, you know, at that point, a wheelbarrow of cash would be required to buy a chicken, yet an ounce of silver could pay for a family of four or family of five. It could pay for their food, their needs for the entire month. Like, that's just what happens when that, you know, unfolds.
Speaker 2:Amen. Couldn't have said it any better myself. But that's where you can have a smile on your face even though our freedoms and way of life are eroding because not everything will go away with your freedoms. Your finances can thrive. You just have to be in the right place at the right time.
Seth Holehouse:Exactly. And so folks, those the phone number and the links are also in the description. So, Kirk, again, it's always a pleasure having you on. It's like talking to an old friend. And I appreciate what you're doing.
Seth Holehouse:That's one thing actually I can tell you that a lot of people that I met at this reawaken event and talking, a lot of them, as I mentioned, mentioned you, and they just like, they thank me and said, look, I've learned so much about money and the economy. Like, before I had no idea about these things. But, you know, Kirk, you consistently coming on here has really helped educate a lot of people. Because I think that it's not by chance that a lot of us are very financially illiterate. Like they've designed it like that.
Seth Holehouse:They don't want us to know how these things work. They want us to kind of follow what the mainstream advisor tells us to do, because then we're we're still always trapped within their debt trap. And I think this is one of the ways out of it they don't want us to do, right?
Speaker 2:It's exactly right. They don't want us to know the options. Because the government wants us to be, if they're economic and indebted to them, slave. Right? So they're not going to tell us the truth.
Speaker 2:They're just going to tell us, come to us for help. Don't do it through the private sector. Don't go to your bank. And they're making it so we can't go to the bank so we can go directly to them. Right?
Speaker 2:So don't do that. Don't do that because there's options. Just give us a call and we'll help you through it and set up a true strategy for success moving forward to keep you in the right place at the right time the majority of the time and take advantage of these trends. Right? Because they can.
Speaker 2:There's a lot of advantage to be taken as some things go down in markets like this, some things go up. Gold and silver, that not only they go up, they're actually going through the roof. And that's what we want to take advantage of.
Seth Holehouse:Well, thank you so much, Kirk. Thanks again. Take have have a wonderful day.
Speaker 2:My pleasure. We'll see you.