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Economic Update with Dr. Kirk Elliott.
To work with Kirk Elliot, or to learn 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
Economic Update with Dr. Kirk Elliott.
To work with Kirk Elliot, or to learn 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.
So Kirk. Kirk, thank you so much for joining me today. The the last show we did together, people just loved it, and it's it's gotten an incredible amount of views because I you know, like I mentioned in the show, I think what I love in talking with you is the perspective of geopolitics, theology, religion, the battle of good and evil, finance, just all that packaged together. And so thank you again for for being here today for this week's economic update.
Speaker 2:Oh my word, it's my pleasure. I love doing it. And yeah, you're right. The feedback that we've been getting from our last show has just been off the charts. And you know what's interesting about it is people are just gripped with fear.
Speaker 2:And they shouldn't be in America. We should not be gripped with fear because that's not how we were created. But when there's nothing more sacred to a person other than their family than their finances. Right. And so when they see these policies coming out of DC that are eroding everything they've worked their whole life to accumulate, that is going to strike fear into people.
Speaker 2:But the cool thing is, is that there's a solution and there's an answer. We can take advantage of these trends rather than the trends taking advantage of us. And people were resonating with the last message that we did. It was incredible. And we're helping a lot of people and seeing that financial anxiety just melt off their faces and their voices.
Speaker 1:Yeah. It's absolutely it's it's just important because we can't live in a state of fear. You know, fear is is in a lot of ways, is what got us to where we are now with the the COVID lockdowns and the fear of the virus and all that. We have to dispel that. And look at fear as almost like it's like a demon.
Speaker 1:It's this it's a it takes a hold of you and changes your perspective. And so but anyway, so I know that we have a little bit short of time window today. And there's some events that have happened, especially this past couple of days with Saudi Arabia and Biden. And I've been talking about some of these things for a few months now. I've had guests like Andy Schechman or John Perez coming on talking about really understanding the role of the US dollar as the global reserve currency and as the petrodollar.
Speaker 1:And what happens if the US dollar loses that and what it means and how that it's like, you know, we can talk about the stock market, we can talk about, you know, even the bonds market, a lot of those bigger pictures. But if the US dollar loses its status as the global reserve currency, that could send it into a tailspin that it's like the stock market collapsing is different than a currency collapse. And so I want to I want to bring up an article here. This is from Fox News from Thursday this week. And the article is, Saudis say Biden administration requested oil production cut to come after the midterms, which we see that he's, of course, trying to finagle things to make sure that he looks better and his, you know, the the Democrats look better at hitting in the midterms.
Speaker 1:But there's one statement in this article I really want to hone in on because this is, to me, the fact that Biden is using these kind of dirty politics and pressuring to, you know, appease what happens during the midterms is so secondary to this one sentence where I'm gonna scroll down here. This is from his press secretary who said, quote, we believe by the decision that OPEC made last week, Saudi Arabia is certainly aligning themselves with Russia. And so this is something I really want to get your thoughts on because what we see happening is that, from my understanding is that The US is really going to lose its dollar dominance in the world as you have Russia, China, the other BRICS nations coming together. But this is your really your area of expertise. So when the press secretary is out there saying that, what is she signaling?
Speaker 1:What's happening?
Speaker 2:Well, see, the OPEC nations really want to stick it to the Western financial system and the Western countries, being Western Europe and America, right? So how do you do that? So much of what we rely on is manufacturing travel. Everything that we purchase, whether it's a North Face jacket or synthetic material, there's oil in everything. Right?
Speaker 2:It's used for everything. And so by OPEC wanting to cut production, that's going to limit supply, which will cause prices to go up. Demand can stay the same, right? But if you limit the supply, the prices are going to go up. Same thing as if demand increases, prices go up.
Speaker 2:Right. So so what they're doing is on the supply side saying, we're going to cut production. Well, that'll cause oil prices to go through the roof. So so Biden's saying, hey, wait, wait till you cut production until after the midterm. So all of us in charge will will hopefully stand a chance of getting reelected.
Speaker 2:I mean, that's really what he's saying. Right? But that sentence that you highlighted there is an intriguing one because it says a lot about what's going on. So we can go back to when the Russia Ukraine conflict kind of was was really heating up back in its infancy. What did what did Biden do?
Speaker 2:Well, he did kind of like the nuclear economic option on Russia and kicked them out of the SWIFT system,
Speaker 1:was Organized the dollar against them.
Speaker 2:Yeah, it's economic warfare, right? It's not physical warfare. It's not troops going in, but it's economic warfare thinking, hey, let's try to
Speaker 1:Quick point just for the audience, because it took me a little bit to grasp this. So the SWIFT system, as I understand it, is basically what allows countries and banks on an international scale the ability to transfer money effectively. And it's really based upon the US dollar as its kind of core. And so by kicking Russia out of that, they're taking the US dollar, which is a global currency, and saying, we're gonna now use this as a weapon against you. Am I do I understand that correctly?
Speaker 2:Yeah. So it's it's the messaging board. Right? The SWIFT system is the messaging board that tells a bank in Russia to receive a wire from a bank in Brazil or that tells the bank in Brazil that they need to send a wire. Right.
Speaker 2:So without the messaging board, no international wires can actually happen. Right. So basically, what Biden was saying, hey, we're going cut you off from receiving money. Well, Putin says, no way, Jose, not on my watch. My people are still going to eat.
Speaker 2:So they went to China and China said, hey, you've got this thing like SWIFT. It's called SIPPS, the C I P S. And it's the equivalent, right? So they said, okay, let's go into cahoots with each other. We'll form our own Eastern Bloc financial power.
Speaker 2:But they've been getting country after country after country after country joining this and the BRICS nations. So this one executive decision by Biden was actually the death knell for the US dollar. Because not only are these countries that are leaving the Western financial system, which politically we have eyes on all of that, right? Because you can see all the transactions. So now being part of a non SWIFT system and wires can go from country to country, well, you're going to have arms deals and drugs deals and everything else that happens that we no longer have eyes on.
Speaker 2:Right? So he just actually exploded the potential for terrorist financing and everything all over the world by this one decision. But what he did that was even actually bigger than not having eyes on it was pulling money out of the Western banks. So imagine the Bank of England now having failures, right? Credit Suisse now having bank failures, Chase sort of running out of money, which is why Jamie Dimon is kind of saying some things like, well
Speaker 1:He's freaking out right now.
Speaker 2:He's freaking out on everything that he says. Right. And of course, if you go back to July of last year, the Fed took 2 and a half trillion dollars of liquidity out of the banking system. For what end? We don't know other than now like we talked about this on a previous show.
Speaker 2:People now have to go to the government for money if there's no private financing. Right? I think that's the end goal. But here's where all of this money leaving the Western financial system because of Biden's one decision on kicking Russia out of SWIFT. So you've got the BRICS nations that are not just Brazil, Russia, India, China, South Africa anymore.
Speaker 2:It's like, I don't know, 30 or 40 countries that are now BRICS. And they added Saudi Arabia petitioned to be part of the BRICS nations. So here's where the BRICS nations, you've got Russia backing its currency with gold, China being the largest producer of gold in the world with mining and South Africa being right there with them. Right. And so so now you've got Saudi Arabia joining this coalition and petitioning to do so.
Speaker 2:They don't necessarily have gold, but they've got black gold. They've got oil. Right. So what are they saying? Well, they're saying we don't want US dollars anymore for our oil.
Speaker 2:We're going to trade in rubles or whatever else because we're now a part of this new system. Here's the problem and the impact that this is going to have. So the petrodollar was put into effect in the 1970s for all international settlements of oil. All the oil exporting countries of the world are getting paid for in US dollars. Built in demand for our currency, which would allow us to amass a $31,000,000,000,000 federal debt, allows us to print money like there's no tomorrow, to fund every stimulus program under the sun, entitlements, everything else.
Speaker 2:Right? So, Seth, here's the problem. Now that Saudi is basically big, huge, first nail in the coffin, eliminate well, not the first one. There was Russia basically said no more petrodollar. India said no more petrodollar.
Speaker 2:Italy did. France did. But Saudi Arabia being huge one because they're one of the largest oil producers in the world said we're not taking US dollars anymore. So here's where Biden's highlighted sentence from his press secretary that you said they want them to cut production. So when you cut production, causes oil prices to go through the roof.
Speaker 2:That's how you can really kill a U. S. Economy that's just living at the margin to begin with. Cause inflationary pressures to go up even more. Now, when they cut production, does that actually harm them?
Speaker 2:Because there's not as much supply for them to sell. It doesn't necessarily harm them because the prices go up. Right? So so they're selling less, but the prices are going up. In effect, they're making about the same.
Speaker 2:So they don't care. But what they're doing is they're sticking it to the West, making all the oil that we produce much more expensive. This is economic warfare playing itself out right underneath our nose.
Speaker 1:One final question, just to see if I'm framing it correctly. It's almost as if the US dollar through a lot of our or sorry, the US government, you know, through Kissinger and all the politicians made these backdoor deals with the Saudis saying, look, that we can use our army, like look at the Iraq War, you know, we're gonna use our military industrial complex to protect you, look away for your crimes, etc. In exchange for you making sure that the whole world is trading in the oil in the US dollar, which then gives a demand for The US Dollar globally, because our dollars, obviously, it's a fiat currency, it's not backed. And so then we've then the Federal Reserve has basically printed unlimited money, like with that demand coming really through a shady deal with the Saudis in general. And the rest of the world suffered from that, because we were able to use that money to finance our wars and really to become this imperialistic nation that was kind of conquering a lot of the world because we had this, it's like we had the monopoly money that we just keep pulling out of the bank nonstop.
Speaker 1:And as I started to understand what's happening now, all these other nations are saying, wait, you guys have this fake money you keep printing more of, which gives you dominance over us. We have all the commodities. We have the natural gas, we have the oil, we have the gold in the ground of our countries. So instead of you having this global fake currency that you're using against us as a weapon, we're just going to make our own new currency system because and we're going to back it with the commodities that we have in the in the earth in our countries. And so does this spell the end of this kind of fiat system that is the US dollar?
Speaker 2:It spells the end of the fiat system, yes, because we can't just print without discretion anymore. Because that's what allowed us to print fiat based money without discretion is because we had built in demand for the currency. Without being the world's reserve currency, we're the same as Brazil or Italy or any other country and Venezuela, right? % inflation last year, right? We're the same as any of them.
Speaker 2:But here's outside of the banking system. This is going to impact the stock market a lot, too, because here's what happens with the petrodollar is that the oil producing nations, they take their excess oil profits and they place them into US debt securities and to Western banks, which gives us the money to invest in the stock market and keep things propped up and the stimulus money. I mean, you can see it. If you looked at a long term chart of Dow or the S and P five hundred, ever since 2011 after the financial crisis, the Frank Dodd Act, right, through the roof, stock market went through the roof. It almost went parabolic.
Speaker 2:But prior to that, it was just like this baseline pattern from 02/2005 to 2011. It just kind of went sideways. So what's going to happen when petrodollars stop coming in? That debt needs to be eliminated. So all that growth that was caused by debt stimulus money will actually wipe itself out.
Speaker 2:This is why people like David Stockman, who is Trump's director of the budget and a whole host of other kind of but he's like a brilliant guy. It's like he's not your budget. He's not my budget, which you can fit on probably one page. This is The US budget. It's trillions of dollars.
Speaker 2:He said all this debt needs to be wiped out. Ray Dalio said the same thing, one of the largest hedge fund managers in the world. Well, what debt needs to be wiped out? What are they talking about? They're talking about the parabolic growth of the stock market after that base.
Speaker 2:So it's going to have a tendency, this correction or collapse, whatever word you want to use, should bring us to that level, which is about 9,000 to 13,000 on the Dow. We're at 30,000 right now. But it takes what we're seeing right now with that petrodollar system getting out of the way. Once we don't have that built in demand, this is where the debt starts to be eliminated because it's not unending stimulus money coming into the system from other countries. Now, there's still going to be stimulus money, but it's going to be our own printed money without any help from foreign countries coming in because of oil profits.
Speaker 2:Right. So that just means the printing presses will ramp up even more because there is no help from foreign countries, which will actually then amplify the inflationary pressures that we're already seeing. This is this could be devastating nail after nail after nail going into the coffin as as we will see. And I'm not much for making predictions, but I predict Saudi Arabia is just one country. And you're going to have country after country after country that starts getting out of the petrodollar system, going into that Eastern Bloc financial system with the BRICS nations and leaving the West high and dry as there's this battle for economic monetary supremacy globally, and the West is actually losing that battle.
Speaker 1:And that's why we might see a phase of these countries starting to dump all the stuff that they all the US dollar that they're holding, which could mean you went back to supply and demand. And it's like, say you're selling, know, but they say you're selling firewood, and you have the only forest that can that can, know, produce the firewood, but everyone's got all this firewood stored up and all at once they say, you know what, we don't want any firewood anymore. And so that you have 10 times the amount of fire that floods the market, like what happens to the firewood price. And so, you know, it seems like there's a little bit of a perfect storm. But it doesn't have to be a storm.
Speaker 1:Because one thing I'm looking at with this is that everyone said at the beginning of war, you saw the sanctions come in. And you see Russia's economy starting to tank because of it. Russia comes out, they say, Okay, we've now backed our currency with gold. I forget I forget what it was, you know, the grander ruble, you know, conversion rate. But now, their currency is is strong, like it's really recovered.
Speaker 1:So do you think that do you think that these other nations will come together and introduce a a their own, say, more kind of larger gold backed currency? Or do you think that each nation individually will back its own currency with gold? Because it seems like whether it's gold or oil that if they follow the footsteps of Russia, backing their currency with a commodity seems to be what you do to survive whatever economic turmoil comes about with the destruction of this Western capital system.
Speaker 2:Yeah. So in what world is the US ruble stronger than the US dollar? Weird question. It's not a rhetorical one. In this world where they've backed their ruble with gold, the number is 5,000 rubles per one gram of gold.
Speaker 2:So that's what they backed it with. Right. So The US has no backing. They can just print whenever they want to by having some guy go press the red button on the printing press and there it is. Right.
Speaker 2:It has no meaning anymore. Where actually the Russian currency, the ruble does have meaning because it's backed by gold. So they're growing in strength. They're growing in stature. Right.
Speaker 2:It's amazing as we're seeing this happen. Sad for us as Americans seeing our dollar erode because of bad policy. But other countries are going to see that to answer your question, say, Russia could do it with the ruble. How about us Indians do it with the rupee? Well, how about how about other countries?
Speaker 2:Why why not Japan start doing with with the yen? Right? When they start to see the impact of the strength of their currency by backing it with something, I don't know if it's going to be a regional type currency. I think it'll start with country after country after country wanting to fight for dominance. Right?
Speaker 2:And so I do think that we're headed into this in this populist political movement globally, is seeking after accountability and truth and transparency. You don't have to agree with the politicians who are populist. Right? Because Trump was a populist. Bernie Sanders was a populist.
Speaker 2:Right? Nigel Farage in England is a populist. But the point is they're looking for truth and transparency in everything that they do. And and this movement, we're starting to see the erosion of the lies that have been perpetuated on all of us that, for example, the founding fathers wanted a government that was for the people. Right?
Speaker 2:Well, now we've got government that thinks the people are for them. You've got a banking system that thinks that people think that, oh, it's there to provide the Federal Reserve is there to provide stability to the monetary system. No, it's It's cartel owning families that own the Federal Reserve. It's neither federal nor is it reserve. They can just print money and charge the US government for printing it when they don't do anything to print it.
Speaker 2:There's nothing backing it, right? So that perpetuation of the banking system lies is now coming to the forefront. And you can have, Seth, you can have family members, friends, co workers lie to you in the short term and you believe it because you trust them. Right? But at some point, the lie goes on long enough.
Speaker 2:It's like, I don't care who you are. You're lying to me. And I know that you are. This is where we've gotten with the government, with the banking system. And that's it.
Speaker 2:It's a good thing for society, but it's a dangerous thing for society. Because when people lose faith and confidence in their government and in the banks, squirrelly things are going to start to happen, to put it in layman's terms. And this is actually where we are. We're on this precipice of wild things starting to happen. I think you'll see bank failures, you'll see stock market collapses, you'll see politicians coming up with the most extreme plans to try to fix things that would have never passed six months or a year ago that now are gonna seem like a good idea.
Speaker 2:This is where we need to be very careful and wise and discerning in every one of our actions.
Speaker 1:I agree completely. It's just yeah. It's we're really on the knife's edge. So Kirk, we only have a few more minutes, I just wanted to ask you, you know, for people that are, say, holding money in a bank account, like in the US dollar, for me, it's like, okay, well, if the US dollar is headed this direction, and everyone else is going towards gold and precious metals, it would make sense that that's a safer haven. So and this is why, you know, I love bringing you on because you understand this and just be like a % transparent, folks.
Speaker 1:I have a working relationship with Kirk Elliott, and and he really helps men in America, like, significantly in in just growing and reaching more people. And so, you know, in asking this, like, I I bring you on because I trust you. That's the thing is I really do. I really trust you. I know you as a person.
Speaker 1:And I've had so many different companies that say, we want to work with you so you can help support our business or push our business, whether it's cryptocurrency or any number of things. It's like I just either I don't know the owner, or I don't trust the product like crypto. And so I have full faith in what you do. And you understand everything. And you're not saying, hey, go put money into Bitcoin or, you know, go buy some fancy special edition silver piece that's, you know, three times its real value of silver.
Speaker 1:You really specialize in the commodity trading of precious metals. And so give us just a quick, you know, kind of one minute discussion on that point.
Speaker 2:Yeah, as as things erode, stocks, bonds, mutual funds, paper things around us that have no meaning erode, there's a flight for safety that happens with precious metals. Gold and silver, silver in particular, because of supply chain disruptions, low supply, high demand, All of that is the safest and fastest growing investment on the planet right now. Right? Safe. We need safe.
Speaker 2:We need capital preservation, first and foremost. And in any world, normally, if you want high return, you have to settle for high risk. And if you want low risk, you have to settle for low return. It's not what we have right now in the precious metals markets because of all these fundamental forces we've been talking about. You've got low risk, high return, and it's amazing.
Speaker 2:It's like we were born to thrive, not just survive. And this is one of those things when you understand the fundamentals of the economy and you allocate into it, you can have those trends work for you rather than the trends working against you. But what I'm talking about here is cheap, low cost, physical gold or silver, not ETFs, not mining shares, not mutual funds, not historical coins, not things with a story that that's just high premium junk that you never ever recover from. I've been doing this for twenty seven years. You don't recover from those high premiums.
Speaker 2:So what we like is the low cost bullion, maximize the number of ounces that you get when you invest. And that's one of the keys to wealth moving forward in a capital preservation mindset that we need to have.
Speaker 1:And so part of what your firm does is you do a free consultation. People can call in, they set up a time, one of your advisors talks them through. And even from the show last week, I'm getting so many comments of people saying, gosh, it was wonderful. They walked it through. Like, I've tried buying gold before from other companies, and it was so simple.
Speaker 1:And I they end the phone call with all their worries lifted, and you just help make sense of it. So if people want to set up a consultation with your company, what should they do?
Speaker 2:So just give our office a call 72060590 and just say, Seth, send us over there. Right? Because we'll know what we were talking about. It puts us in the right framework and context. Right?
Speaker 2:But because we want to hear your dreams, your goals, your aspirations, your fears, and map out a strategy for success. Or they can go to the link that you provide, which
Speaker 1:is goldwithseth.com. So goldwithseth.com. And Curt, can you give the phone number one more time?
Speaker 2:Yeah. (720) 605-3900 or go to your link. Same way Put those
Speaker 1:in the description below.
Speaker 2:Yep. And and we'll we'll get on a free consultation with you to help you navigate through this crisis and make sure one thing that help you make sure that your money outlast you rather than you outlasting your money. Nobody wants that latter alternative.
Speaker 1:Especially if you have children or grandchildren. Well, Kirk, thank you again so much for being here. I'm sorry we had to end short. I I could talk to you for hours, but I appreciate your time. And just, you know, folks, I'll be doing a weekly video with Kirk, just an update on what's happening with the economy, global, local, etc.
Speaker 1:Because I think that it's just we're we're living in times right now we need to go to navigate these waters properly. So Kirk, thanks again, and we'll see you next week.
Speaker 2:See you. Bye for now.