“What’s coming, I think, is worse than what people are expecting.”
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TRANSCRIPT
Kirk Eliott 10-7-23
[00:00:00] because we’ve got 1, 144 branches that have closed over the last six months. That’s a lot, Justin. So, so as you look at that, there’s this insidious underbelly to the economy that’s happening while Biden’s sitting there, you know, spouting off. Look, we’re, wages are increasing, unemployment is coming down, we’re doing a really great job fighting inflation, in fact, so good that we get to pause rates this month, it’s like, all lies, literally, I mean, I, I don’t even know how else to say it other than that they’re all lies. [00:00:31] And what’s coming, I think, is worse than what people are expecting. [00:00:36] Get ready to strap in. It’s going to be a heck of a ride. It’s like drinking from a fire hose. Never a dull moment, but yes, you’ll hear the stories you won’t hear anywhere else, and we appreciate you being here with us for them today. I’m Justin Barclay. [00:00:54] Never a dull moment drinking from a fire hose these days. Their mouth is right on the hydrant. I [00:01:00] have a feeling Kirk Kelly and PhD, uh, a little bit of an economic update. Where should we start? There’ve been a lot of crazy things happening in the news lately. Uh, what’s the biggest one standing out to you right now? [00:01:12] I think it’s actually the biggest to me is, is what people would probably think is not all that big because it happens every single time. And that’s the debt ceiling talks. Now, this is, this is why this is important. I think so. If you look back throughout history, Justin and like 16 of the last 20 years, we always run out of money, right? [00:01:35] They always having said, we got to raise the debt ceiling. We’re going to run out of money. We can’t have Federal employees or people on entitlements or welfare of the system, or we can’t have people without funding, right? So rubber stamp, I will just raise the debt ceiling. But here’s the thing. Why could they always do that? [00:01:52] Why did policymakers always decide? It’s okay to just, you know, add, add more debt willy nilly without even [00:02:00] thinking about it. It’s because we had the world’s reserve currency status, right? So when you have all international settlements since 1944 and the Bretton Woods Act were traded or transacted in us dollars, there’s built in demand for our currency. [00:02:18] Then fast forward to 1973, uh, the petrodollar became a thing where all international oil settlements were traded in us dollars. So no matter how much money we printed, no matter how much money we spent, um, there’s always demand for our currency. So easy to rubber stamp, any kind of debt ceiling increases. [00:02:39] So for the last few weeks. I’ve been, I’ve been on different shows like yours and others. I’ve been saying, you know, I don’t know if this one’s going to be a rubber stamp this time because something dramatically changed. Now, I always thought that they would raise it, but I thought we’re going to have to shut down the government for a week or two. [00:02:57] We’re going to have to go into a dark smoke filled room and [00:03:00] we’re going to hash it out behind the scenes and we’re going to come out like angels and like God’s gift to humanity, those politicians, because they figured it out, right? So, so, um, didn’t really quite happen like that. It wasn’t just a rubber stamp either, right? [00:03:16] But, but yet they raised, they extended, Biden extended the debt ceiling by 45 days. So we have to look back a little bit and why this is so important when it’s like, why is this so important this time when they’ve done this forever? Well, what happened the last time they raised the debt ceiling? Um, they didn’t actually raise it is the thing. [00:03:40] They basically gave Congress a blank check until the election. Right. So this is about three or four months ago, blank check until the election. So they could spend whatever they wanted to. That’s different than actually raising the debt ceiling. That’s like, okay, unlimited. Right. So when you [00:04:00] extend the debt ceiling by 45 days, You, you extend the same provisions, except they made one notable exception on that. [00:04:08] They took away any new funding for the Ukraine conflict. It’s like, Ooh, so, so the Ukraine is sitting there thinking what America you’ve already given us 43 billion. Why are you pulling out now? Putin’s going to come in and railroad us and just run over us because we don’t have any funding from your printing press to actually help us with this war effort. [00:04:32] Right? So, so this is part of this 45 day extension is cut out, you know, funding for Ukraine. So Ukraine’s bellyache and Putin’s probably sitting there thinking, Oh, sweet, uh, we can now go into Ukraine without any funding from America and, and, you know, just finish things off. Right? So you’ve got geopolitical conflict. [00:04:50] You’ve got political infighting. The, um, the speaker got ousted. I think because of the debt ceiling talks because I mean so you’ve [00:05:00] got domestic policy issues politics You’ve got geopolitical conflict. You’ve got this battle that’s going to be coming up mid november right before thanksgiving Because they’re going to have to then say what are we going to do with this debt ceiling? [00:05:14] well, here’s why I didn’t think it was going to be a rubber stamp this time because with the brix nations meeting on august 22nd through 24th What did they do? Putin basically told the world they’re going to de dollarize the world. Uh, this is irreversible and it’s their objective. Well, how do you de dollarize the world? [00:05:35] They told us and they did it, right? There’s like, okay, we’ve got all these BRICS nations, almost 70 percent of the world’s population come January 1st when they added some new countries to the mix that are going to be trading in their own currencies and not the U. S. dollar. So that’s killed the reserve currency status of the dollar. [00:05:54] When about 70 percent of the world’s population no longer needs the dollar. Then on the last day of [00:06:00] the BRICS meeting, they did one more thing. They, they added six of the nine largest oil producers in the world to the BRICS nations, Ethiopia, Egypt, uh, United Arab Emirates, Saudi Arabia, Argentina. It’s like, man. [00:06:16] So, so now six of the nine largest oil producers are part of the BRICS nations. They just dismantled the petro dollar. So now we have no built in demand for our currency. In fact, it’s a net Exodus. Right. As, as countries are no longer using us treasuries, China, um, five or six weeks ago, dumped a hundred billion dollars of us treasuries on the open market. [00:06:40] They don’t want them anymore, right? So there’s this no demand yet. We, we keep printing money. Like there’s no tomorrow. To fund every stimulus under the sun now, we got to raise the debt ceiling Well, it’s different than times before you raise the debt ceiling now with no built in demand for our currency They’re going to print their [00:07:00] way out of it. [00:07:01] They’ll try to print their way into prosperity All you do is you print your way into debt Then they’ve got to raise rates to slow down that inflation that comes from the printing of money This is why it wasn’t necessarily a rubber stamp, which is why though this conversation is going to come up again in November because it’s a completely different world than it was even three or four months ago. [00:07:22] Last time they had this meeting because of what happened with the BRICS nations. That’s story number one, right? So story number two has to do with banking. So if you look, bank failure 1. 0, which was Silicon Valley, Signature Bank, Silvergate, Credit Suisse, and First Republic, back in March, those, those five banks, they, they went under, that’s what everyone was talking about, right? [00:07:52] Because it’s kind of a, It’s like a sexy news story. It’s like bank failures. We got to talk about this, right? So, and it had [00:08:00] a ripple effect throughout the world as banks were fearing losing capital, right? And people mass exited us out of the banks and bank runs. Well, what doesn’t get the news stories? A branch closing, right? [00:08:14] So let’s just say you and your spouse, or you’re walking down the street and you’re going down main street, going to an ice cream shop, whatever. And you walk past the corner and there used to be a PNC bank on the corner. And then it’s like one day it’s gone. What do you do? You think, wow, there used to be a bank there. [00:08:32] It’s now gone. And then you just keep walking. You don’t care. You, you know, never comes up in conversation again. Well, what if it’s not just one bank, but it’s 1144 bank branches nationally that have closed since Silicon Valley. That doesn’t make the news because it’s just branch closings. Right? So, so let’s put it this, let’s put it this way. [00:08:57] Let’s say like anybody in [00:09:00] America, families, you and your spouse, you’re about to file for bankruptcy. And it’s like, we can’t make ends meet the stanks. And so you sit down at the dinner table and say, honey, we got a problem. We’re going to probably file for bankruptcy. How do we fix this? Well, we got to slash expenses. [00:09:15] We got to, we got to start cutting some of the fat out, right? Well, this is exactly what banks are doing when they close branches. They’re cutting expenses. When you cut expenses, that’s because the next thing that comes is bankruptcy. Right? So I think we’re about to see bank failure time 2. 0, which is way worse. [00:09:38] Then the first one, because we’ve got 1, 144 branches that have closed over the last six months. That’s a lot, Justin. So, so as you look at that, there’s this insidious underbelly to the economy that’s happening while Biden’s sitting there, you know, spouting off. Look, we’re, wages are increasing, unemployment is coming down, we’re doing a really [00:10:00] great job fighting inflation, in fact, so good that we get to pause rates this month, it’s like, all lies, literally, I mean, I, I don’t even know how else to say it other than that they’re all lies. [00:10:11] And what’s coming, I think, is worse than what people are expecting. Let’s talk about that. Uh, what is coming? I know we’ve touched on this before. I’ve asked, is it a, you know, is it a, uh, some sort of, uh, um, uh, I don’t know, crash? And you, you used a different word altogether. Sounds a lot scarier, actually. It is a lot worse. [00:10:33] You said collapse. Yeah, I think it is a collapse. I think what, you know, Crash, we we’ve explained this on on shows, but your show is growing so much. I want to explain it again, right? So so let’s say you’re in a car accident on the highway and and you get in a crash, right? So someone calls 9 1 1 the ambulance comes a tow truck comes they pull your car off. [00:10:54] They bring you to the hospital sale You’re okay off to off you go. It was a pain, right? It’s like [00:11:00] I gotta buy a new car I mean, it’s it’s not convenient but a collapse is not a crash a collapse is like The tower’s coming down in 9 11, you did, you, some people saw it coming. Some people feel black swan event didn’t, you know, but the tower has come crashing down takes years to actually pick up the rubble. [00:11:21] It takes years to rebuild what had came down, right? So, so then you have to build something new. I think that’s what’s happening on this. It’s not a crash. It’s not a stock market crash. It’s a stock market collapse. Right? I wouldn’t even say people say a correction is coming. They’re, they’re being very kind. [00:11:40] To the word and I don’t think they’re actually saying because when you look at what’s happening Um, this is this is an interesting thing to look at if you go to us debt clock dot org Um, they just added a new column to that which is very interesting to me, right? So [00:12:00] Um on that website They added the the money supply so on the kind of the top right corner. [00:12:07] You see that little red arrow pointing down towards a green box that says minus 792 billion. That’s the M2 money supply. That’s checking accounts, savings accounts, and money markets. That’s liquid money. That’s left the system since the beginning of the year. And people say, well, Kirk, I thought you said that inflation was, was because they’re printing way too much money. [00:12:30] This just shows that they’re pulling money out to different money supplies. So this is the money that if they were to actually grow the economy, you would actually increase the amount of money that’s in the banks for people to spend, or else it doesn’t do anything. So why we have inflation is because of another money supply that they stopped actually disclosing. [00:12:52] About two years ago called MZM. MZM money supplies, all the money used for stimulus, all the money that’s used for foreign aid, all the money that [00:13:00] they print altogether that most of the public never sees, but it’s still printed money, right? It’s still money. That they’re creating that we never get to see. [00:13:08] So the part that we get to see is massive contraction in bank capital, 800 billion, right? So, so how do we know that there’s inflation, right? So. The other thing that they added just underneath that was the price of gold and the price of silver. So in 1913, if you look at the price of silver, you know, it’s like those two little yellow arrows coming from that green box with the red arrow says, and in 1913, when the federal reserve started, silver was 2 and 69 cents an ounce, gold was 27 and 22 cents an ounce. [00:13:50] So. For, for like a year, since January 1st, the price of gold and silver on this U. S. debt clock showed up as zero. It’s like, wait a second, zero? [00:14:00] It’s not zero. Gold’s like 2, 000 bucks an ounce, silver’s like 23 dollars an ounce, you know, it’s, it’s like, it’s not zero. But, when you divide anything by zero, you get zero, right? [00:14:10] So, the money supply is negative, right? So, so that’s how it’s been showing up as that. But, right underneath there, it shows, outside of manipulation, Right. What’s their manipulating markets. What would the price of gold or silver be with the actual amount of money supply that’s been created? Silver should be 1, 121 an ounce. [00:14:33] If you use the average over the last 10 years, 1, 558 an ounce over the last five years, that’s massive money supply growth gold should be 9, 300 an ounce over the last 10 or 12, 500. Over the last five see that tells us how much money has actually been printed when when you Use the price of gold or silver to be the reflection is the constant silver should be 1100 and 21 an ounce It’s [00:15:00] not it’s 23 bucks 22 right, so So what does that tell us? [00:15:05] It’s about 50 times undervalued, right, of what it should be. Gold is about six times undervalued what it should be. So, when we look at that, and, and I, and you know, you look at where the price of gold and silver could go, Moving forward. This isn’t, this is exciting to me because we could be the dumbest people on the planet and be 90 percent wrong. [00:15:30] Right? And if silver should be 1, 100 an ounce and we’re 90 percent wrong, that still puts us at 115 an ounce, man, that’s if we’re dunce wads and we can’t even think straight and we’re 90 percent wrong in our projection. It still puts silver at over a hundred dollars an ounce So when you look at how do you protect and preserve? [00:15:51] During weird economic times like this where you’ve got now increasing geopolitical conflict the bricks nations rising up [00:16:00] politicians getting ousted because they seem to be part McCarthy really to me Seems to be part of the uniparty, right? It’s like you’ve got these, these more hardline GOP, hard money, congressmen and women that say, we’re not going to give you a blank check. [00:16:16] We’re not going to give you any money. If you can’t learn to control your spending, why would we continue to raise the debt ceiling where we’re mortgaging future generations future down the path? Right? So, so you’ve got that. And then you’ve got the other Republicans, not, not even an exaggeration that basically said, uh, we’re not going to cut spending simple as that. [00:16:38] We’re not going to cut spending. Well, doesn’t that sound like what the Democrats are saying? Doesn’t that sound like what the world economic forum, the globalists are saying? It’s like, we’ve got to spend so much money. We’ve got to keep stimulating the economy. So you’ve got this uniparty that, that is all basically globalist agenda. [00:16:56] I think that’s what McCarthy did when, when he basically passed [00:17:00] this spending bill or the extended the debt ceiling. That’s not good for America. It’s truly not. Neither is some of this political conflict, this nonstop, right? Because that’s not good for America either. But what people have to start thinking like. [00:17:15] is using sound, reasonable wisdom that God gives us. Understanding a borrower is a slave to the lender. Ultimately, we have to pay the piper. So get out of debt. Do something that’s good, that’s productive, that can actually be a growth engine for America. Like, how about this for a novel concept? Lower taxes, lower interest rates and create jobs. [00:17:38] When you do that, people will spend money. When people spend money, the stock market goes through the roof. When people do that, when interest rates are lowered, the bond market goes through the roof and real estate goes through the roof. People are working and they can afford higher prices and they’ll spend. [00:17:52] We have the opposite right now, when you’ve got rising taxes, rising interest rates to slow down inflation that they’re creating, and [00:18:00] we have rate wage reduction rather than job creation, this is a problem. And I don’t see it changing until you get a change in policy coming from DC. Yeah. Uh, Kirk Elliott, by the way, Kirk Elliott, PhD, you can find out more. [00:18:14] If you want to grab the free report, uh, it’s up at justinbarclay. com slash cold. But the good news, uh, with Kirk is you can. Ask questions. You can go online. You can ask, give him a phone call. He and his folks have a heart of a teacher and they’re willing to walk through the whole process with you on it all and have those conversations and answer your questions. [00:18:36] JustinBarclay. com slash gold. Okay. So I’ve got one thing that I want to show you, uh, before this is weird. I don’t know if you, you may not even have an answer to this, but I had people asking me questions about it. So it’s the debt clock the other day. I don’t know if you saw it, but there was something really strange that happened. [00:18:57] Uh, there was like a hack to the [00:19:00] website or something. Did you see this? The website got hacked and on the top there, there’s a, and Jesus went into the temple of God and cast out all of them that sold and bought in the temple and overthrew the tables of the money changers. That was on the debt clock for a few hours the other day. [00:19:17] What happened? What is that? I mean, somebody obviously hacked it and what’s the statement that that statement is saying is saying. Stop using debt. Stop using other people’s money to fund your own pots, right? I mean, so this is what the bankers have been doing. This whole system. that we have as a house of cards. [00:19:41] It’s based on debt. Um, this is why interest rates matter. If, if, if you had no debt, I don’t care if interest rates go to 20 or 30%. It doesn’t really affect you if you have no debt service, right? But we have so much debt. I mean, okay, so go back to us debt [00:20:00] clock dot org. And this is why I think whoever hacked it put that statement up there. [00:20:03] If you go down to the bottom of the page on the right hand side, there’s a long red bar. So in that red bar, it basically goes over social security liability, Medicare liability, and US unfunded liabilities. Okay. So this is, this is crazy when you, when you consider the implications of this. So social security liability is about 23 trillion. [00:20:33] Medicare is about 36 trillion. US unfunded liabilities, everything that Congress has already passed that hasn’t been funded, $194 trillion of future debt. That hasn’t even been funded that they already passed. Here’s what we know about politics. It’s easy to give something. It’s really hard to take it away. [00:20:57] Right. So when they’ve already passed [00:21:00] this stuff, to me, this is our future debt, 194 trillion, because they’ve already passed it. It’s hard to take away entitlements. It’s hard to take away the things that they pass into existence. Because if you do, once you’ve given it, you can’t take it away without a mutiny on your hands. [00:21:17] So to me, that’s where our debt’s headed. to the, I don’t know when, but to the 194 [00:21:29] trillion level, Right? So it’s like, Oh my word. No wonder banks are failing. No wonder in October 1st, the bank for international settlements, I’m sorry, the basil accord, basil three accord came into play. That said, banks, you guys stink. You’ve got zero capitalization. We’re going to force 20 percent capital withholding, right? [00:21:49] So the reserve requirement just went from to 20. It used to be 10 during COVID. They put it down to zero, which is why banks have failed because they have nothing on [00:22:00] hand. Right? So, so when, then when there’s more withdrawals and there are deposits, banks will fail. So now because we’ve had bank failures, they’re using this as a positive thing saying, we’re going to really fix the system. [00:22:11] We’re going to change the reserve requirement to 20 percent hold back. But wait a second, if you’re a bank and you have zero, how do you get to 20 percent of all capital? What if you’re a billion dollar bank? Well, you have to have 200 million held back. What if you have nothing? How do you come up with the 200 million? [00:22:26] You can’t. So you can no longer be a bank. So they go bankrupt. Well, don’t worry, people. JPMorgan Chase, Bank of America, Citibank comes to the rescue. There’s consolidation in the banking industry and they’re gobbling up all the unfunded banks, underfunded banks that are medium and smaller, right? Well, they’re doing this to consolidate the banking industry so they can usher in central bank digital currency without opposition. [00:22:55] Look at these, what people, what they message as being [00:23:00] good to me is going to put banks out of business, which is why I think banking crisis 2. 0 is coming. Because if companies, if banks have to hold back 20 percent of all deposits. Well, what if people need a loan? Well, we can’t, we have to, we have to work ourselves back to 20%, you know, reserve. [00:23:18] It’s like, what? But I need money for inventory. I need money to buy a house. Uh, why do you keep cutting my credit card balance and getting rid of the available balance that I have? You know, this is going to be devastating to the U S economy. And by design, actually. Yeah, we’ve seen that happen a lot recently. [00:23:35] Mike Lindell just came out and said that I, I think it was an American Express or somebody cut his line down from a million to a hundred thousand. And there may be political targeting there. And certainly that’s a possibility in the future as well, but this is happening in a lot of different, uh, ways and areas for other people to, uh, Kurt, I’ve heard this question a lot before when people have asked. [00:23:57] What’s a, is there a better option or is there a safer [00:24:00] option? Credit union bank, something like that. Is there anything that people can do or think about? Generally credit unions are safer than banks. Um, you know, dangerous statement to make, right. Cause I haven’t seen the financials, but when you have anything that’s owned by the members, you’re not going to do crazy stuff. [00:24:15] Cause you’d have a mutiny on your hand generally. Right. But so if you’re, if you’re saying what would be the safest, probably credit unions. And then probably regional banks that aren’t on the coast. California regional banks are terrible because of the, of the mortgage collapse. Same thing with East coast, but mid, you know, Midwest, um, smaller regional banks that don’t have a lot of derivatives debt where the real estate never exploded for it to have a complete meltdown. [00:24:41] I would say that’s probably safer any question you might have you might want to ask it and it’s probably custom to you Well, that’s the best way to do it is get in pick up the phone and make a phone call You can get on the phone with kirk elliott and the folks They’re the team seven two zero six zero five thirty nine hundred tell them [00:25:00] we sent you it helps support our program But the other great thing is you can also go to justinbarclay. [00:25:05] com gold and find out how you Uh, can take advantage of their free report, get all the information, and again, Kirk and the team, heart of a teacher, want to walk you through all of this because I know it can be confusing, especially right now. None of this, when we say this, but none of the things that we talk about, it can be very scary. [00:25:22] We never say them, we never tell you these things to scare you. It’s just meant to, to prepare you so that you can make the best decision, the best information. You can make the best decisions for you and your family, and we know that’s just the best route to go. Kirk Elliott, PhD. Always a pleasure, my friend. [00:25:37] Thank you for keeping us up to date with the latest on these. My pleasure. God bless. God bless [00:25:43] Thank you for being here today. Don’t forget to share. Follow me everywhere at Mr. Justin Barclay on all the platforms at justinbarclay. com. You get my good newsletter. We can stay in touch no matter what happens with big tech and social media. Let’s continue to get these stories out so that people can hear the truth. [00:25:58] Why does that matter? [00:26:00] Well, when you hear the truth, you can make the best decision for you and your families, and that’s important. And no matter what happens, folks, my peace, my home doesn’t come from my circumstances. Certainly doesn’t come from the people that are in the white house. Washington, D. C. My peace, my hope, my joy, is from someplace altogether. [00:26:20] Much bigger. Keep your eyes focused on Him. God is still on the throne. God bless. [00:26:30] The cost of inflation. Well, the bank runs. We’ve seen questions about our money coming at a rate and the pace that we’ve never seen before. Maybe it’s time to get some solid footing in the shaky ground that is today. Have you thought of looking at precious metals, gold, silver, Kirk Elliott, Kirk Elliott, PhD, walking us through [00:27:00] exactly what we need to do. [00:27:02] With every custom solution for you and your family. He’d be happy to walk you through it, too Get Kirk’s free special report when you go to justinbarclay. com slash gold. That’s Justin Barclay B a r c l a y justinbarclay. com slash gold today You can get access to all the stories all the good news that we’re sharing and talking about on a daily basis And yes, even bonus and exclusives. [00:27:27] It’s free to join justinbarclay. com slash locals. It’s justinbarclay. com slash locals. You can join today. 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