1:26

Alright. Okay. Hello,

1:29

everybody. Welcome to the show.

1:35

We're hanging out on a Monday night. It's

1:37

the thirteenth day of March.

1:42

Got a storm coming through the northeast. I

1:45

don't think it's gonna be much accumulation

1:49

over here. I think we're gonna get the

1:52

We're gonna get more of a slushy, sleety,

1:56

rainy kind of a thing going on. But just

1:58

a couple miles north of

1:59

us, it's gonna be about six to twelve.

2:03

SVB of our friends in Pennsylvania getting like

2:05

eighteen inches.

2:09

And I'm fine with Because at

2:11

this point, as I told you, the

2:13

winter already had a shot and now it

2:16

blew its chance and now I don't wanna any winter.

2:18

I wanted a couple of snow days, but now I don't want

2:20

anything because it it had its it had its

2:22

chance and it blew it. So

2:24

I'll settle for nice rainy night. I like

2:26

working on rainy nights. I

2:29

get a lot of extra done. I don't wanna go to sleep. I

2:31

just wanna listen to the rain and work. So

2:34

I'm I'm good for that. Welcome

2:36

to the show. It's eight fifty

2:38

eight six fifty eight. It

2:43

is six fifty eight PM, and we've got

2:45

a great guest coming on tonight who has been

2:47

on the schedule for weeks now. Doctor

2:50

Robin McCutcheon, she is

2:52

a friend of the show. She's been on many times.

2:55

She is an economics professor at

2:58

Marshall University, and we have had

3:00

so many great conversations.

3:03

And just so happens, I I

3:05

wanted her to come on tonight to be

3:07

able to discuss the topic of the

3:09

role of the responsible banker,

3:12

the role of the banker in

3:15

a stable society. Now,

3:18

This is why I say the show really just

3:20

writes itself sometimes because how

3:23

could we have predicted that she'd be coming

3:25

on on March thirteenth? Two thousand

3:27

twenty three when several

3:29

big banks are teetering, 011

3:32

already gone, and and several others

3:34

teetering on the brink, and the Federal

3:36

Reserve coming in and saying

3:38

that they're going to commit to emergency

3:40

actions and it's

3:43

just it it's incredible. The tens

3:45

of billions is

3:47

not ft least a hundred billion or so

3:49

just wiped away. Now if

3:52

you expect me to be able to explain most

3:54

of this, I made sure that I had a couple

3:56

of really nice threads. Very

4:00

concise statements to summarize what's going

4:02

on here. And then I just wanna talk to Robin about

4:04

stuff. Because I don't wanna venture too

4:06

far off from my original intent for tonight

4:09

show. There's no reason to at this point.

4:12

I I wanna know, I guess, maybe

4:15

compare and contrast. To what

4:17

a banker, a

4:19

banking institution should

4:22

be doing. That doesn't lead to this

4:24

kind of distress. Not to say that

4:26

along the along the way, there

4:28

aren't booms and busts and corrections.

4:31

But as as us

4:33

dancing on the the head of a pin

4:35

right now and not knowing

4:37

when the big day is going to be here.

4:40

The big day, the big event. It's

4:42

just incredible. The timing. So

4:45

we'll get around to that. I wanna welcome you all

4:47

around the fireplace here

4:50

on this Monday night. And just remember that we

4:52

are getting off around eight twenty five,

4:54

eight twenty seven PM, because

4:57

we have session two of

4:59

the book club for brave new world with Jay

5:01

Dyer. That starts if you are a

5:03

monthly subscriber, whether it be on Patreon

5:06

or subscribe star or fox

5:08

hole or quite right through quite

5:10

frankly dot tv on

5:12

the sponsor us page through Square base

5:15

than you have already been provided with your

5:17

exclusive link for the evening, and I will see

5:19

you at eight thirty. For those of you who

5:21

are in podcast land and you wanted to

5:23

be a part of the book club

5:25

for the great divorce.

5:28

I just put public the

5:31

great divorce book club that we did in January

5:33

with Timothy Gordon. So that playlist

5:35

is now available on podcasts

5:38

as well. That whole playlist on SoundCloud

5:40

and everywhere else that is syndicated. So

5:42

you're all up to date with that. And

5:45

in the sometime in

5:48

mid April or so, I will

5:50

put brave new world out

5:52

there too. But the fun of it really is getting

5:54

together live with all your friends and

5:56

talking about a book that you're reading, especially one as

5:58

creepy as this. So, you know, be a part

6:00

of the book club. And all you gotta do is become a

6:02

sponsor at any tier. And

6:05

and I promise I'm not going to take your money

6:07

and and go gamble with it

6:09

somewhere and invest it into a whole bunch

6:11

of, you know, racial equity

6:14

companies and

6:16

stupid shit. Whatever the health's else is going

6:18

on there. Oh, you know it's bad when they

6:20

roll out the the president, any

6:22

president, but especially this one, and

6:25

his cheerleading squad, the the the diversity

6:27

cheerleading squad, when they come

6:29

out and they say, well, we're strong. Everything's

6:31

fine. Now, this is why we have these safeguards

6:33

in. You have safeguards. Don't worry.

6:35

Don't worry. Don't worry. You

6:38

know it's bad. But

6:40

they're there to just make sure that nobody panics

6:43

as they lead us into the slaughterhouse. And

6:45

then we will have the solution that has been

6:48

waiting the entire time. I'm sure tour.

6:50

So that's what we got going on tonight.

6:52

Thank you to my sponsors blue

6:54

monster prep dot com. As

6:58

always, there are tons of

7:00

reminders all around

7:02

us as to why you should be going to

7:04

to blue monster prep dot com in

7:07

between, you know, in between paychecks,

7:09

in between whatever you have going on, and

7:11

you have a little bit of money that is left over.

7:13

And you're wondering, what should I do? Should I put

7:16

into savings? Is there something that we need?

7:18

How should I split this up? Go to Blue monster

7:20

prep? And start thinking about things that

7:22

you you could possibly get into your house

7:25

or your basement or some other place

7:27

and and

7:29

take a little bit of the stress of living

7:31

in this phase of

7:35

western civilization. Take

7:37

a little bit of that stress off. No

7:39

doubt. What else do we

7:42

have? Oh, you know,

7:44

it's just a little bit of a speed read through

7:46

all the guests we have coming up. Tomorrow

7:48

night, it's just you and I. We have another short show

7:50

because I have ban practice, but I think I have a couple

7:52

really good topics that we can do.

7:55

On Thursday on Wednesday, the

7:58

eyed's We have the Zells that are

8:00

coming on. And I wanna talk about Danny

8:02

Casalaro, his story. There was an

8:04

interesting article that was published about

8:06

him Frank and Jim Zelle had been

8:08

talking about Danny Castellaro in the past.

8:11

And and when I saw an article

8:13

dedicated to him on mysterious universe, I

8:15

want and I grabbed it. And I think we're just gonna do that

8:17

on Wednesday night. Just do a deep dive because

8:19

you know that'll that'll bleed out into other

8:21

things. On Thursday,

8:24

the sixteenth, we got Speed Reade Dan

8:26

coming on, as he is known on

8:28

Twitter, and he'll be talking about the topic

8:30

of physiognomy. That is

8:32

the controversial science of

8:34

judging a person's character based on

8:37

their facial features. So

8:39

that'll be interesting. Saint

8:42

Patrick's Day. I don't

8:44

know what's going on Friday night. I may

8:46

be off Friday night. I'll let you know.

8:48

And then I'm going to be doing the Saturday

8:50

night special on March twenty

8:53

fifth. So we'll do this Saturday special

8:55

next March next

8:58

Saturday, I'm

9:00

sure we'll do something next March as well.

9:03

Don't worry. God

9:05

willing. And then next week

9:07

is another big one. Anomalies on

9:09

with us. Doctor Peter McCullough is coming

9:11

back on. He will be here with Jay Golanello

9:14

on the twenty third, Rich Barris on

9:16

the twenty ninth. Grace,

9:18

really graceful. She's coming on her debut

9:20

appearance. That's gonna be on March thirtieth. And

9:23

I'm working on Chris Ann Hall for April fifth.

9:26

Shane Cashman April twenty

9:27

first. He's got a new book coming out. I wanna talk

9:29

to him about spooky stuff. And

9:33

There you have it. I'm working on a storm chaser

9:35

guest as I told you not too long ago too.

9:37

So we'll be able to go into that. And I also

9:39

put in a special request request

9:41

for this one guest that I hope comes through.

9:45

Oh, I can't tell you about it because I'm I'm

9:47

done with jinxing myself. I'm

9:49

done with it. I get excited about things.

9:51

I wanna tell people that's what happens

9:54

to me. And you

9:56

just can't. So

9:59

just know I'm always working, and I hope

10:01

that you're enjoying

10:01

yourself. Alright. Over

10:04

onto the grab bag, what do we

10:06

have?

10:08

What do we have here? The New York Post.

10:13

The New York Post, you ready for this?

10:16

China pummeled by rain of worms

10:19

as residents asked to carry umbrellas.

10:24

China needs to call Rihanna for

10:26

some umbrellas a cut. To

10:28

whether this phenomenon, this phenomenon

10:31

of nature, now what is it? Is it really worms?

10:33

Since since of the Chinese province of

10:35

Nanjing, we're

10:37

told to find shelter after it looked like it started

10:39

to rain worms. A viral clip showed

10:41

the area apparently being showered with

10:44

little worms,

10:45

which were splattered all over the cars.

10:48

The

10:48

video showed residents covering themselves

10:51

with umbrellas as they go along their routines

10:53

and wander past. While the cause

10:55

of the slimy creature calamity has yet to

10:57

be uncovered, the scientific journal

10:59

mother nature network suggested that the animals

11:02

were dropped after being swept up by

11:04

heavy

11:04

winds. These were really worms. Oh

11:07

my god.

11:10

You see this? I thought they were

11:12

going to say it was like a mudstorm or

11:14

something, which is pretty much as a dust storm.

11:17

And the rain just made

11:19

it muddy in the air. I thought there

11:21

really worms. That

11:25

is gross. It looks like ft

11:27

looks like huge logs of shit. The

11:33

periodical also noted that this type of occurrence

11:35

happens after a storm when insects

11:37

are caught up in a whirlpool. Another

11:40

theory suggested that the worms were actually

11:43

popular flowers, a

11:45

tool of tree whose blossoms resemble the

11:47

squirmy beasts. I'm more I'm more

11:50

inclined to say that. Viewers

11:53

were stunned by the city's current problem with

11:55

one person stating these are not worms

11:57

or animals with flowers. Flower

12:00

stalks drop from trees. That that

12:02

sounds a lot more reasonable.

12:07

A lot more reasonable. Someone

12:09

else claimed that the video was fake and looked like

12:11

a prank. Strange phenomena, a

12:13

user added, another weighing in,

12:16

If I was just mining my business on a casual

12:18

day in China and it started rating worms,

12:20

I'd just die. A

12:22

similar event went down last December when

12:24

it was believed that iguanas could rain

12:26

down from trees in Florida due to

12:28

colder temperatures. Well, it

12:31

wasn't raining iguanas, but it would.

12:33

They falling out of trees because they were

12:35

flash frozen. They

12:37

were flash frozen. We

12:39

covered that. While if they're not

12:42

here a little While thermometer plunges stun

12:44

invasive reptiles, the iguanas won't

12:46

necessarily die. Many will simply

12:48

wake up as the temperature rises, which

12:50

is why down there, these local

12:52

governments in Florida were saying if you see any

12:54

of these frozen iguanas anywhere, that's a good

12:56

time to kill them. Call

12:59

up animal they'll they'll come by and

13:01

humanely smash their

13:03

heads in or humanely

13:06

cut their heads off. And drink their blood.

13:09

And that was they're

13:11

trying to get rid of the iguanas any way they can. That

13:13

in the monkeys with herpes. The herpes monkeys

13:16

That's another story. And the vomiting

13:18

vultures in the horny peacocks. Florida's

13:21

got a lot of problems. Lot

13:24

of problems. Yes. They do. Hey. But

13:26

when I retire, when

13:30

is it gonna be? When is that retirement date gonna

13:32

be? Actually. I

13:35

don't know if I wanna retire. I

13:37

think I just wanna keep going. I

13:40

wanna keep going until I have a cotton mouth problem.

13:42

You can't do talk radio when you have cotton mouth

13:45

problem. Then you have to figure out what's next.

13:47

You're just gonna go into writing if

13:50

you're just gonna go on, you know, book tours after

13:52

that and directing something something

13:55

else. But take a listen

13:57

to this. Now, I I typically

14:00

have enjoyed listening to senator John

14:02

Kennedy from Louisiana, but

14:06

So but I don't really know too much about him other

14:08

than he's he's popped up in certain

14:10

places, and I've I tend to jive

14:12

with what he he says. About one

14:14

topic or another. Not on this though.

14:17

Here he is talking about why there should

14:19

be changes to Social Security and Medicare.

14:22

Yeah. The changes should be we gotta get rid of it all.

14:25

But here it is for people who are in their twenties,

14:27

their life expectancy will probably be eighty

14:29

five to ninety o's. So

14:31

we're we're getting older and

14:33

healthier, but don't think so. Does

14:37

it really make sense to allow someone in their twenties

14:40

today to retire at sixty

14:42

two. Listen to this. I

14:44

mean, the the the

14:48

life expectancy of the average American

14:50

right now SVB about seventy seven years old

14:53

for people who are in their wenties,

14:57

their life expectancy would probably

15:00

be eighty five to

15:01

ninety. Why well, what makes you even

15:03

say that? Eighty

15:05

five to ninety. We're gonna we're gonna pick up

15:07

thirteen extra years over the next over

15:09

the next generation.

15:12

How's that happening? Are are we getting what

15:14

are we doing better with the planet, with

15:16

our diets, with with

15:18

with health care what are we getting better with

15:20

that that makes you think that we're going

15:22

to unlock some kind of widespread

15:26

fountain of youth. I don't understand

15:28

that alone, but then he

15:30

gets into the retirement age thing.

15:32

Does it really make sense to allow someone

15:35

who's in their twenties today to

15:37

retire at at at sixty

15:40

two. See, that's why I'm saying, you

15:42

know, you'll get some differences at a

15:44

Republicans' recrats. But there

15:46

they are. You know, democrats, they're they're out of their

15:48

fucking minds. But Republicans, they're

15:50

they're they're discussing the best

15:53

way to manage you from cradle to grave. Allow

15:55

you to retire. What he's saying

15:57

is when should you

15:59

be allowed to access any

16:03

portion Of the money that's been

16:05

stolen from you your entire life

16:07

and put into a completely bankrupted

16:09

system that we call Social Security, when

16:12

should you be eligible to access any

16:15

part of that that you have been that's

16:17

been stolen from you your entire life.

16:19

When should it be? Because we can't have you be on

16:21

the dole for thirty years.

16:24

You can't just retire at sixty two and then

16:26

live to ninety and and be taken care

16:28

of. This is why allowing, there's

16:30

nothing to be allowed. I should be able

16:32

to retire at thirty five if I do

16:35

a well, do do well enough for myself.

16:37

But that's because ME AND EVERYBODY ELTS

16:39

OUT THERE SHOULD BE IN CHARGE OF THEIR Retirement.

16:42

IT SHOULD BE A PERSONAL RESPONSIBILITY THAT

16:44

EVERYBODY THINKS ABOUT. When

16:46

they're young. Everybody plans for

16:49

when they're young. They know that this is a part

16:51

of life. You're not waiting for

16:53

John Kennedy and

16:56

all of his colleagues, his ninety

16:58

nine other colleagues in the Senate,

17:00

to think about what we're eligible for,

17:02

especially when it's our fucking money that they

17:04

wasted, and they've misused all these years

17:06

to now to the point where they're taking out loans

17:09

to pay Social Security. So

17:12

You know, it's really something

17:14

else when you hear somebody talking about

17:16

when when we we should be allowed

17:19

to retire as if you could actually retire

17:21

on Social Security alone anyway and

17:23

have it be anything really, you

17:26

know, respectable of a retirement. Maybe

17:30

maybe you'll get you some some groceries

17:32

at this point, but I know most of the people

17:35

I know who are only living off of Social Security

17:37

They're they're not, you know, it's

17:40

a shoe string budget. So

17:42

it's like he's teasing everybody with paradise

17:44

over

17:44

here. Alright.

17:49

No. We have a speaking with tut retirement. This is

17:51

something I think I would like to be doing when I am

17:54

retired. This is from Daily News

17:56

reported Mark Swan sent this to me. I

17:58

said, are you sure this really goes absolutely? A

18:01

man dual

18:03

wielding raw steaks. That means he has

18:05

a raw steak in either hand, in

18:07

each hand. Slaps

18:10

diner in the face at a vegan

18:12

restaurant yelling, if you don't eat

18:14

your meat, you can't have any pudding.

18:18

That is a waste of two steaks number one,

18:20

but it is funny. It is assault

18:22

though as well. You should not hit anybody

18:25

with steak.

18:26

Children. Clinton

18:28

Brewer, seventy three years old. He's

18:31

been retired for eleven years already. Has

18:34

been arrested after assaulting close

18:37

at one dozen people at a local

18:40

vegan restaurant, Larry's secret garden.

18:44

That sounds like a stupid vegan restaurant.

18:49

Clinton was seen entering the restaurant during

18:51

the dinner rush with raw steaks

18:54

in each hand. He walked from

18:56

table to table slap big

19:01

people on the face with the bloody

19:03

cuts of beef yelling at each of them.

19:05

If you don't eat your

19:06

meat, you can't have your pudding. How

19:08

can you have

19:09

your pudding? If you don't eat your meat,

19:13

he

19:13

would repeat this over and over until he was

19:15

stopped. Ft was

19:17

somewhere around the twelfth victim of his walk

19:20

by slapping. When a good Samaritan

19:22

intervened by tackling and restraining

19:24

him on the ground until authorities arrived.

19:27

Clinton, a lifelong resident of OHAI.

19:32

I'm probably saying that wrong. He's in California.

19:35

OHAI? Has

19:37

not been a fan of all vegan restaurants popping

19:40

up and taking over the city that he loves, quote,

19:42

it used to be a time where you can choose from

19:44

several different places to an Joy a

19:46

steak on a Friday night. Now you're lucky

19:48

if you can find one. All these

19:50

meatless options are silly overpriced and

19:53

unAmerican. What about I like this

19:55

guy? What about the folks that

19:57

want some beef and don't care for your unkempt

19:59

armpits and electric

20:00

cars? Well, the town I love doesn't

20:03

give a shit about us anymore. Clinton told

20:05

reporters via his jail cell.

20:07

Mark, are you sure that this is real? Though

20:13

the dozen or so victims of brewers,

20:16

three were sent to the local hospital with

20:19

superficial Well,

20:23

hopefully hopefully ft wasn't bone in.

20:25

Like if it was a t bone, I mean, you could you

20:27

can lacerate an eye.

20:29

You can open up a brow. Hopefully,

20:34

it wasn't bone

20:34

in. Three

20:38

were sent to the local hospital, superficial wounds

20:40

most of the injuries were of the emotional variety

20:43

and all especially when you get slapped with

20:45

meat. And all

20:47

the victims had chance to speak with a grief counselor

20:49

This can't be real. Now

20:52

that Mark,

20:54

that's I think this is this is fake. Did you screw

20:56

with me here? A candlelit

20:59

vigil is planned for this coming weekend in

21:01

hopes of raising positive vibes to heal

21:03

the community. Okay. That has to be bullshit.

21:05

Mark, damn you. Damn

21:11

you, Mark Mark. Is this real?

21:14

I don't know. You know, it's real for

21:16

us. That's all that matters. Alright.

21:18

We'll be right back, ladies and gentlemen. I cannot

21:20

wait to do this show. Gonna set the

21:22

table. For Robin McCutcheon, who is on

21:24

her way, don't go anywhere.

21:53

You let one and stand up

21:55

to us they all might

21:57

stand up. Those pewdie

22:00

little ants outnumber us

22:02

a hundred to one. And if they

22:04

ever figure out. There goes

22:06

our way of life. It's

22:08

not about

22:09

food. It's about keeping those

22:11

ants in line. That's

22:14

why we're going

22:15

back. Does anybody

22:17

else wanna stay? Let's

22:21

ride.

22:57

Will, Monika, who will

22:59

you? How does you do, right? Why don't

23:01

you do, right? Do it for Peggy Lee.

23:07

So where

23:10

do we start? Get

23:16

me some money three. Plenty

23:18

of money going around out there. So

23:21

where are we going to okay. Now here's what I

23:23

have for you. Oh, no. didn't mean to turn

23:25

you off like that peggie. It's gonna fade

23:27

you out nice and disrespectful like.

23:30

See there she goes. See later,

23:32

pig. Alright.

23:34

So I, as you know,

23:38

over the weekend, The

23:40

news about the collapse of Silicon and Valley

23:42

Bank started making the rounds,

23:45

and it's the second largest collapse

23:47

in the history of the United States. And

23:50

it's not only cause and

23:52

it's a wonderful lifestyle bank

23:54

run-in some places. You probably saw some

23:56

of those videos. People wanting up,

23:58

wanting to get their stuff out. But

24:01

it has major implications for countless

24:03

other banks and businesses. So I have two

24:05

concise threads for you. That I wanna read

24:07

the first one from doctor Steve Turley, who

24:10

I'd love to have on the show one day. I've

24:12

spoken with him recently about figuring

24:14

out a date and I

24:17

I can't wait to can't wait till he comes

24:19

on one day. But doctor Steve Turley's

24:22

got this And then I have one other

24:24

one that we're going to Robin. Here

24:27

it is. On

24:30

on Friday, financial regulators announced

24:32

that they had officially shut down Silicon

24:34

Valley Bank and took control of its deposits.

24:37

It represented nothing less than the single

24:39

largest US bank failure since the GFC,

24:42

the global financial crisis back in two thousand

24:45

eight. Silicon Valley

24:47

Bank was up until Friday one of the world's

24:49

leading financial institutions for technology

24:51

and innovation companies, both here and

24:54

in the United States and globally. And

24:56

its collapse was the second largest bank failure

24:58

in history. According to CNBC,

25:00

the company's downward spiral began Wednesday

25:03

of last week when officials from the bank

25:05

shocked investors with news that the bank

25:07

was suffering from a two billion dollar

25:10

shortfall. Keep that number

25:12

in mind. It's going to come back in this video.

25:14

Well, we're not gonna watch the video tonight, but

25:16

they needed two billion dollars to shore

25:18

up their balance sheet. What then

25:20

followed was a massive run on the bank with customers

25:22

withdrawing a staggering forty two billion dollars

25:25

of deposits by the end of Thursday. So

25:27

in a matter of mere twenty four hours,

25:29

Silicon Valley Bank went

25:31

from being one of the most well capitalized institutions

25:34

on the planet to basically broke with

25:36

investors and depositors uncertain whether

25:38

they'll ever see their money again. Bloomberg

25:40

is reporting ninety three percent SVB

25:43

deposits are uninsured. That's

25:46

because oh, well well, this next

25:48

line says ft. Because the FDIC

25:51

only covers accounts up to two hundred fifty

25:53

thousand dollars, which means that ninety three

25:55

percent of

25:57

all of their account holders had

26:00

far more than two hundred fifty

26:02

thousand dollars in there. So think about

26:04

all the money that's uninsured. There

26:07

are companies like Roku that have hundreds

26:09

of millions of dollars of deposits that

26:12

they may never see again. So needless

26:14

to say bailout talks are already underway.

26:16

That's right. Our elites are once again

26:18

discussing whether to bail out those woke

26:21

leftist losers on the backs of you and me,

26:23

the taxpayers. And

26:25

that's key to all of this. As the dust

26:27

begins to clear in the shocking implosion,

26:29

more and more investors and pundits are recognizing

26:32

that SVB Silicon Valley Bank

26:34

appears to be yet the latest victim of president

26:36

Trump's undeniable truism. Everything woke

26:39

turns to shit. Well, we'll talk about

26:41

that in a little bit later on because it's

26:43

true. III

26:45

think that there are there are dozens.

26:48

What was it? I saw the the post millennial

26:50

put this out there too. Said

26:52

that Silicon Valley

26:54

Bank collapsed on Friday following its seizure

26:57

by regulators. And Ft

26:59

was a let's see here. The Allen

27:01

reports that SBBSBB

27:04

brag on its website about support

27:06

of hydrogen solar and energy

27:09

storage companies, noting that the bank provided

27:11

finance to the community solar industry,

27:13

an up of upwards of sixty percent.

27:16

So they are giving a lot and I don't

27:18

know if this means but here's the whole

27:20

thing. There can be plenty of technology

27:22

companies out there that aren't woke There

27:25

can be companies that

27:27

have that want to produce technology that

27:29

can help the environment, that could clean the oceans,

27:32

that should if they are good ideas,

27:37

they should be explored. So

27:39

as far as where everything is gone, I know that

27:41

they did a little bit of something else here I

27:43

wanna throw this out here from Andrew Loganoff

27:46

is another really quick thread that I think will

27:48

be great, and then we're gonna call up Robin. Because

27:52

this goes into deeper

27:54

subjects that I definitely want a professional

27:56

on with me for. Many don't realize

27:58

the importance of Silicon Valley's bank.

28:01

To the economy and the ripple effects coming.

28:04

SVB, SVB's failure

28:07

is the beginning of a domino effect throughout

28:09

tech and startups. This is the bigger

28:11

thing here. I've worked in banking

28:13

for ten plus years, so let me explain why you

28:15

should care and what it means for you. Over

28:17

ninety five percent of Silicon Valley's banks

28:20

deposits are not insured by the FDIC

28:23

due to being over a two hundred fifty thousand dollar

28:25

limit. That's over one hundred sixty

28:27

billion in uninsured assured customer deposits.

28:30

About half of all venture capital funded

28:32

startups in the United States are customers

28:35

of SVB ft sixty five

28:37

thousand start ups. Sixty five thousand

28:39

businesses, not employees. Okay?

28:42

From there, you multiply from there for employees

28:45

of these start ups and had gotten

28:47

money venture capital

28:49

money from

28:51

SVB to be able to go

28:53

out there and open up shop and see

28:56

what they can and, obviously, all

28:58

with their own hopes of paying back the loans

29:00

and being self sufficient and and whatever

29:02

doing business from there. So you think about what

29:04

this can be. It's not even about a

29:06

domino effect with other banks. It's

29:08

it's more so what it's going to do

29:10

to business. This

29:14

means that sixty five thousand startups could

29:16

miss payroll. This can create huge

29:18

problems for the startup in tech in tech

29:20

economy. SIBV

29:22

was the fifteenth largest bank

29:24

in the US by deposits and held two hundred

29:27

ten billion dollars in assets. was

29:29

the second largest bank. Banking

29:32

failure in the US history. Silicon

29:35

Valley Bank is the largest bank to fail since

29:37

the two thousand eight financial crisis,

29:39

the primary reason for the failure of

29:41

SVB was their choice to invest

29:43

their customers' deposits and treasury bonds,

29:45

which are high which are highly impacted

29:47

by shifts in interest rates. I gotta

29:49

I gotta ask Robin about that. Number

29:52

one, I bought

29:54

government bonds. It bought government

29:56

bonds with fixed interest rates. And as the

29:58

Fed raised rates, those bonds lost value.

30:01

Silicon Valley Bank had eight eighty billion

30:03

ft you wonder. Okay? Are you telling me

30:05

that everybody at the Fed did not know this?

30:08

They did not know that this

30:10

could happen if they raise interest rates. But

30:12

isn't really just a matter of everybody has

30:14

bad decisions to make and there is no way out?

30:17

I'm even those of us who can't explain

30:20

what's going on. We understand just by

30:22

we know knowing how much is being

30:24

spent on our behalf supposedly or

30:26

in our name. And

30:30

just knowing where money comes from and how

30:32

there is going to be an end to the party,

30:34

and it's going to be a pretty

30:36

sad end. Across the board.

30:40

So that

30:42

said's interesting right there, the decision making.

30:45

He bought government bonds with fixed interest rates

30:48

as the red the Fed raised rates.

30:50

Those bonds lost value. Silicon Valley

30:52

Bank had eighty billion dollars in bonds.

30:54

With an average yield of one point five percent.

30:57

No one wants bonds yielding one point five

30:59

percent when the current market is selling bonds

31:01

with yields over five percent. Silicon

31:05

Valley Bank has been an important partner

31:07

of startups' founders, and here's

31:09

the thing right here. They're

31:11

under control, the federal man at the moment, but

31:13

right before the bank collapsed, the bank's management

31:15

team sold most of their stock. The

31:18

CEO sold eleven percent of

31:20

his stock. The CFO sold thirty

31:22

two percent of his stock, and the CMO

31:24

sold twenty eight percent of her stock.

31:27

Did they know something? I would

31:29

have to imagine that they did.

31:32

So with that

31:35

all under our belts and on the table,

31:37

I wanna bring AND ROBIN McCutcheon

31:39

WHO IS A PROFESSOR AT MARSUAL

31:42

UNIVERSITY OF ECONOMYX. SHE'S BEEN ON THE SHOW

31:44

MANY TIMES. GOOD FRIEND OF VARS NOW And

31:46

as I you know, there's there's no way to really

31:48

plan for this kind of stuff. No way.

31:51

It just happens sometimes. And,

31:54

Robin, are you there? I am.

31:56

Can you hear me? I can. Robin,

31:58

what is what what's the there's

32:01

definitely something moving in

32:03

the stars above that has put

32:05

you on the schedule so many weeks out for

32:07

this night, and we are going to be talking

32:10

about the role of the responsible banker

32:12

in society.

32:13

Well, I

32:13

mean Yeah. How do you I

32:15

run it. How do you even do this? You can't

32:17

plan for stuff

32:18

like this. This SVB Come.

32:21

Oh, so I so what do I ask you first?

32:24

The first thing I wanna here's the question.

32:26

Here's from Yahoo Finance. Yahoo

32:29

finance, there's AAA quote in this

32:32

one article about US regional

32:34

banks under pressure as First Republic

32:36

sinks. Now this is the second big bank

32:38

to really start feeling the the pressure here.

32:40

And here's the quote. Most banks

32:42

are solvent under normal circumstances.

32:45

The problem is pretty much no bank

32:47

can withstand a full on

32:49

bank run. So Robin,

32:51

my question to you is you

32:55

know, I don't know too much, but what

32:57

I do know is that I know

32:59

where money comes from and I know that

33:01

when they send our know nothing like the

33:03

president and everybody out there to say everything's

33:05

fine, it probably isn't. But the

33:07

other thing there is Ft

33:10

is so clear to me that the

33:12

illusion we live under is

33:14

not only fleeting, it has always been

33:16

so fragile. That if just one

33:19

person spooks everybody else, there is

33:21

nowhere near enough to

33:23

make people whole if they wanna take their

33:26

stuff

33:26

out. It's just we're we're is everything? Where

33:28

is everything? That

33:31

that is a really great question. Do

33:34

you remember the scene and it's wonderful

33:36

life where George and Mary

33:38

are coming out of the of the

33:41

church. They just got married and they're

33:43

in the tax see with Ernie or

33:45

Bert or whoever the taxi driver was,

33:47

and they're driving past the Bailey, building

33:50

alone, and the taxi driver

33:52

says, hey, I Georgia, there's

33:54

something going on at the bank that looks

33:56

like a bank run, and George walks

33:58

in, and all the depositors

34:01

are standing around very quietly. And

34:04

George looks at at Joe and

34:06

says, Joe, what's going on? And Joe

34:08

says, I'd like my money, please. All

34:10

of it. And in

34:13

the back of George Bailey's mind,

34:16

George knows that he doesn't

34:18

have everyone's deposit.

34:21

And so he tells Joe, well,

34:24

Joe, I I don't I don't have your

34:26

deposit. Your deposit is in

34:29

Sam's house, and Sam's

34:31

money is in Frank's house, and

34:34

He's trying to explain to them the

34:36

concept of fractional reserve banking

34:38

where the bank only keeps a very tiny

34:41

fraction of all the deposits in

34:45

the bank. And so George's

34:49

Georgia's, you

34:51

know, wonderful creation of

34:53

using their wedding money, his and

34:56

Mary's wedding money to give everyone

34:58

just enough to tide them over. Mhmm.

35:00

Just just enough. Not all of ft.

35:02

You know, we're good for it. And and at

35:04

the end of the day, they had

35:06

two dollars

35:07

left.

35:08

Remember that? Yeah. The bet the the daddy

35:10

dollar and the mama dollar. Daddy dollar and the

35:12

mama dollar. And so the

35:15

illusion of fractional reserve banking

35:17

is that no bank has

35:20

to keep every depositors money,

35:23

every single penny. In

35:25

fact, they don't keep every single penny.

35:29

For years and years from like

35:31

nineteen thirteen until right

35:34

around the early two thousands might have

35:36

been right around two thousand and two.

35:39

Banks were required to keep about

35:41

five to ten percent of their depositors

35:44

money in the bank called

35:47

reserves, cash reserves. And

35:50

they're here's

35:52

a pond for you. They're banking on,

35:55

not everybody showing up at the bank

35:57

all one

35:57

morning. One all of their money.

36:00

And so,

36:04

really, you know what? To

36:06

explain how we got here. I know you wanna

36:08

talk about the role of the responsible banker,

36:11

but I think really what we should do

36:13

is we should back up just a little bit

36:16

and and get a little tiny

36:18

look at history of how we actually

36:20

got to the role of the irresponsible

36:23

banker.

36:23

That'd be great. Okay. So

36:25

we're gonna a start in eighteen sixty

36:27

four. Now that was a

36:29

while back, but in eighteen sixty

36:31

four, President Lincoln and the Congress

36:34

passed the eighteen

36:36

sixty four banking act, which

36:39

created a skeletal structure

36:41

of state and national banks And

36:45

eventually, this system was taken

36:47

over by the Federal Reserve in nineteen thirteen.

36:51

Now, if your audience has

36:53

ever read, G. Edward Griffin, a

36:55

creature from Jekyll Island. Griffin

36:57

does a wonderful job in

36:59

describing how the

37:02

four or five richest men

37:04

in America got together in

37:06

nineteen ten to construct

37:10

their new central bank that they

37:12

wanted to impose on

37:14

the United States. And

37:18

and so they pushed through the Federal Reserve

37:20

Act. III bet your audience if

37:22

you check your chat, they could probably name

37:24

the four or five very rich men.

37:27

But what they did was they

37:29

created a monopoly central

37:31

bank, a cartel. It's

37:33

a privately owned bank. It's

37:36

no more federal than federal express.

37:38

It is not owned by the government. It's

37:42

owned by these private bankers. And

37:46

their objective was to

37:49

own and control the money

37:51

supply, making

37:53

it so that US

37:56

taxpayers would always carry

37:58

the burden of any

38:01

kind of bailout or

38:03

inflation or tax

38:06

liens or anything. And

38:08

so these five private bankers working

38:11

with Congress in nineteen thirteen created

38:13

the Federal Reserve Act in and incidentally,

38:16

that was also when we got the income tax

38:18

act. Now fast forward

38:20

about sixteen years to nineteen twenty

38:22

nine, and we have the the great

38:25

nineteen twenty nine stock market

38:27

crash. But the reason that the

38:29

stock market crash was for the exact

38:32

same reason that it

38:34

has always crashed. The bankers,

38:37

the federal reserve, central bank,

38:39

has yanks up the interest

38:41

rate to the point where it

38:44

became more profitable

38:49

for people to put their

38:51

money into stocks

38:53

than to own bonds. Does

38:56

that make sense? So there Yeah.

38:58

I I did the the bonds thing, I would love

39:00

a little bit of a of a crash course on

39:02

too, especially with that one part. I'd like to read

39:04

it back to you at at some point. Right.

39:06

But when we get there, but I would love to

39:09

know a little bit about this because with So

39:11

yeah. So what hap it it's

39:14

it's a really inter a really

39:17

intricate spider's web that we're

39:19

playing with here. And and all of

39:21

these little parts play into it.

39:23

But in nineteen twenty nine

39:26

when the stock market crashed, people

39:29

who were in real estate knew that it was gonna

39:31

go down two full years before it went

39:33

down because the real estate

39:35

market took a tumble and never

39:37

recovered in the summer of nineteen twenty

39:39

seven. So people stopped buying

39:41

houses because the interest rates had been

39:43

jacked up so far. Does that

39:46

make

39:46

sense? Yes. Have

39:46

you you remember some of this? Yeah.

39:49

It's the same playbook. So,

39:51

the stock market crashes, and

39:54

we don't go into a depression right

39:56

away. We we kind

39:58

of skip through nineteen twenty nine,

40:00

Herbert Hoover becomes the

40:02

the the most

40:04

loath than president ever. We

40:07

we kind of scraped through nineteen thirty

40:10

and thirty one, and we get to thirty

40:12

two when Franklin

40:14

Dolan and Roosevelt is elected. And

40:19

Roosevelt is the one that put in

40:21

the bank holiday. Shut all the banks down,

40:25

go in and use the new

40:27

FDIC Federal Deposit Insurance

40:29

Corporation, which again is private. It's

40:32

not federal. And he shut

40:34

down all the banks that did not

40:36

have enough reserves. Those cash

40:38

reserves that George Bailey was fretting

40:40

about He shut down all the banks.

40:42

It was about sixteen thousand banks that

40:44

he shut down during those three or

40:46

four weeks where they had the bank holidays.

40:49

And at the same time, he did that.

40:51

He by executive order,

40:54

he He

40:57

confiscated all the gold and

40:59

silver from Americans because

41:02

you cannot have a heating

41:05

money and gold is true money because

41:07

it holds its value. You

41:09

you can't have a competing money when

41:12

you have a Fiat system. And

41:15

and so Glass Stigel

41:17

was also the banking act

41:19

that was passed in nineteen thirty three

41:22

because people were so pissed off

41:24

that the commercial banks had

41:26

been using depositors money

41:29

to go out and speculate late in the market.

41:31

And so people sort of

41:33

instinctively knew that

41:36

it was the bankers fault, but it's not

41:38

like they could put their finger on exact actually

41:40

which banker it was. Now it it's

41:42

not your mom and pop banker, you know,

41:44

small town bank owner.

41:47

Ft was literally the nine biggest

41:49

banks in the United States that was doing

41:51

this. So glass steagall's past, and

41:53

what it does is that it removes

41:55

from the commercial banks the ability

41:58

to use depositors money

42:02

to make trades in the stock market. Okay?

42:05

Yes. Okay. So then

42:07

we then we we kind of go through time

42:09

a little bit. Brenton Woods has set up a night

42:11

nineteen forty seven, and that made the

42:14

US dollar, the world's reserve currency.

42:16

Then in nineteen seventy one, reach Nixon

42:19

closes the gold window. And

42:21

instead of the US dollar being backed

42:23

by gold, the US dollar is now backed

42:26

by a barrel of oil.

42:29

Right? So now we're still backed by

42:31

an asset. It's just not gold.

42:34

Then an interesting thing happens

42:36

in nineteen seventy seven, president

42:38

Carter signs in the

42:41

community reinvestment act. Now the community

42:43

reinvestment act was an

42:47

act that forced banks to use

42:49

a small portion of their portfolio

42:52

the money that the bank well and truly own,

42:54

not reserves, but the bank the

42:57

money that the bank owned, it forced the

42:59

bank to use about five percent of that portfolio

43:01

to give loans to uncredited

43:05

home borrowers. Does

43:08

that make sense? So people who went in,

43:10

who were not actually credit worthy,

43:14

it forced the bank to loan them

43:16

money.

43:17

Well, that's that's that's what led us to a two thousand

43:19

eight. I know that. You're

43:20

you're get don't get ahead of the story.

43:22

Okay. I'm sorry. Oh, it's okay.

43:25

So in nineteen ninety five, good

43:27

old president Clinton updates

43:29

the Community Reinvestment

43:32

Act and they they increase the

43:34

portion of the portfolio from five

43:36

percent to fifteen percent roughly.

43:39

And then, in nineteen ninety

43:42

nine, good old Clinton, he

43:45

he signs in the law of the nineteen ninety

43:47

nine banking act, which removed

43:49

Glashteagle.

43:51

No. So as soon as I saw that was, like,

43:53

oh, no.

43:54

Why do you want me to commercial banks

43:56

can go back to unit using their depositors

43:59

money to do all mischief in the market

44:01

and the stock

44:02

market. Now back then, because obviously, I wasn't

44:04

I wasn't paying attention to anything in nineteen ninety

44:06

nine. What do you remember

44:08

why because IIIII

44:11

knew it was Clinton in ninety nine.

44:13

Glass Stigel was out, and ft stopped

44:16

commercial banks from going to the casino. With

44:18

their depositors money. But what was

44:20

the what was the reason for

44:22

it? Did they say why it needed to happen or was

44:24

it one of those things that were snuck in

44:26

on the back of a big bill. There

44:28

you go. Okay. Snuck in on the back

44:30

because bankers

44:32

had learned their less lesson. You're right.

44:36

Right. Okay. So

44:38

then, fast forward to two thousand

44:41

and two, And

44:44

bush two updates the Community

44:47

Reinvestment Act again. And

44:49

now, the portfolio portion

44:51

that must go to non credit

44:53

worthy borrowers is

44:55

thirty five percent. And as soon as

44:57

I saw that, I was like, oh, crap. This

44:59

is this is gonna end bad SUDDLY.

45:02

AND SO I STARTED WATCHING FOR BANKS

45:04

TO START MURGING AND ACCURING

45:07

SMALLER BANKS THAT BE came unstable

45:10

or insolvent. And

45:12

in two thousand and four, when

45:15

Bank of America acquired Fleet Boston,

45:18

and and they acquired Fleet Boston

45:21

by take by by trading shares

45:23

of Bank of America for Fleet Boston

45:25

Debt I was like, and there we go.

45:28

And now we're off to the races because

45:30

what happened? Well, all

45:32

of these uncredit

45:34

worthy loans, we call them

45:36

subprime. They ft

45:39

wasn't a small percentage of

45:41

the entire mortgage

45:44

market portfolio, it was a huge

45:46

percentage. By the time you've been

45:48

gathering all these loans over

45:51

the course of time, And

45:53

so in the summer

45:55

of two thousand and seven, we

45:57

began to see once again

45:59

the real estate market crash. The

46:02

place where I was living at the time in Troy,

46:04

Michigan up and down sixteen

46:06

mile on on Big Beaver Road,

46:09

there were four signs and

46:11

four sale signs that looked like a

46:14

a dandelions everywhere growing

46:16

of these four leaves and four sale signs.

46:18

And and I said and now

46:20

by the time we get to two

46:23

thousand and eight, that's when we will see

46:25

the crash. So so I

46:27

was calling crash, you know, sixteen

46:29

months ahead of the time when it when it happened

46:31

because these banks now had

46:33

so much bloat on

46:36

their balance sheets that that was

46:38

not it had no market

46:40

value. You couldn't sell it. You they could

46:42

not combine into

46:45

mortgage backed securities or

46:47

collateralized debt obligations into

46:50

these gigantic portfolios and

46:52

and pass it around like a hot potato

46:54

fastener. Mhmm. And so

46:57

okay. So we have the crash of two thousand

46:59

and eight. People lose

47:01

their life savings. And in twenty

47:04

ten, senator

47:06

Dodd and Senator Frank

47:08

created a new bill called the Dodd

47:10

Frank, while All Street were

47:14

or Form and Consumer section

47:16

ft. I always called it the Frank and Dad

47:18

bill because to me ft was a monster. And

47:21

what it did was it reduced the reserve

47:23

requirements of banks to ridiculously

47:26

low levels. So instead

47:29

of having five or ten percent of

47:31

reserves, in cash in

47:33

the bank, now they could have two percent.

47:36

And I just found out the

47:38

other day that now banks only have to

47:40

have zero percent.

47:42

Days. Zero. Then

47:45

ft can be a bare bare shell. Nothing

47:47

in the

47:47

vault.

47:47

BARE shelve. BARE shelve, nothing there. And

47:51

You see, Robin, when we talk about when

47:53

we talk about where we're going next in this

47:55

big in this big you

47:57

know, I don't know, this this haunted Hay Wagner.

47:59

This this Hay Wagner? No.

48:02

What we're what we're going through right now is

48:04

I I say myself, only thing that we have

48:06

with the Fiat dollar ft the moment

48:09

is I do have the opportunity

48:12

of going out with you and your husband and

48:14

Lauren and paying for a

48:17

a dinner with cash. We do

48:19

have the opportunity to be

48:21

off grid with a little bit of cash for

48:23

the night. But other than that,

48:26

we're already on a digital currency. There's

48:28

nothing physical about our existence right

48:30

now.

48:31

Right. Yeah. III agree

48:34

with you. But remember, the reason that we're

48:36

taking this look back is to

48:39

to figure out how we got to the irresponsible

48:42

banker, but remember how I started this

48:44

whole thing. The the federal

48:46

reserve is a cartel. It's a denial

48:48

hopefully, cartel, it's privately

48:50

owned. And

48:54

it will probably not surprise you

48:56

to find doubt that most

48:58

people at our federal level

49:00

legislators, they're in on

49:02

the gig. Right?

49:05

Otherwise otherwise, they

49:07

would actually do the right thing.

49:10

Well, right. They would they would get rid of the federal

49:12

serve. They would get rid of the income tax.

49:14

They would put us back on a goldback currency.

49:16

They would do what is right and proper.

49:19

So the fact that they haven't tells me everything

49:22

need now tells me that they're in

49:24

on the whole thing. They have to be.

49:26

They can't be that stupid. No.

49:29

They're not that stupid. So

49:34

now we get to the point in twenty

49:36

fifteen when the CEO

49:40

of Silicon Valley Bank, puts

49:43

out a press release and

49:46

basically asks the Obama administrator

49:50

to deregulate the banks so

49:52

that now instead of using the

49:54

subprime loans, now they're

49:57

gonna start using diversity equity

49:59

and inclusion, and environmental,

50:03

social, and governance scores. So

50:06

the subprime, so that's it's

50:08

a woke agenda. Right? So instead

50:11

of subprime loans to uncredit worthy

50:14

borrowers, now they're going to

50:16

use woke

50:20

policies to issue loans.

50:23

That's how that's how how

50:26

intimately involved this

50:28

this was with with

50:30

that kind of that kind of ideology?

50:33

Right. Now, well,

50:35

So let me just just I'm just

50:37

gonna pull one straw off the top.

50:40

The guy who was the chief administrative

50:43

officer was the guy by the name of Joe

50:45

of gentile, he

50:48

joined the firm in two

50:50

thousand and

50:51

seven, but before he joined in the firm in

50:53

two thousand and seven. Guess where he was?

50:56

It's

50:57

two thousand and seven. Two thousand I don't know. And

50:59

Ron? Lehman Brothers.

51:01

No. And run before that.

51:05

Right. And before Lehman Brothers, He

51:07

was CFO of Global

51:09

Corporate and Investment Bank at Bank of

51:12

America. Bank of America

51:14

was one of the original banks

51:17

involved in the Federal Reserve Act.

51:21

Okay? And before Bank of America, he

51:24

spent ten years or more

51:27

in various financial positions

51:31

with

51:31

JPMorgan.

51:34

Now, Here's the kicker. Guess

51:37

where he started his career ft.

51:40

You'll never

51:40

guess. So I'll just tell you. Arthur

51:44

Anderson.

51:45

Oh, okay.

51:46

Was an Arthur Anderson part of

51:50

WorldCon?

51:53

Now that was I was just getting into

51:55

high school for that. Yeah.

51:57

Yeah. Okay. So

52:00

alright. So ASBB is

52:03

in this up to its

52:04

hairline. But but let me ask you. So

52:06

so have you with that with

52:08

with all of the loans that they're giving and the investments

52:11

that they're kicking into into

52:13

these these politically, ideological, whether

52:17

it be weather or whether it be racial equity

52:19

or or RGB, everything

52:22

else, is

52:24

that what is showing? Has been

52:26

really bottoming out Like, there's been no returns

52:29

on investment there? Or is it

52:31

is it these bonds thing? Everybody's saying it's

52:33

the bonds and the Federal Reserve. How

52:36

much of a drain on

52:38

the on their

52:40

their banking was the actual ideological

52:43

investments they're making. Oh,

52:45

oh, it was huge. Ft was to the tune

52:47

of. So what I read this morning

52:49

was that they had about one point

52:52

nine billion dollars in

52:55

non solvent assets, meaning

52:58

what they had, so what they had done

53:00

was instead of taking that small

53:02

portion of cash and putting it on the shelves.

53:05

They've taken the cash and they had

53:07

purchased long term bonds,

53:09

I think, like ten year bonds. And

53:12

they'd purchased it at

53:14

a point when the interest rates were

53:16

very small. Now, price

53:19

of funds and interest rates are going

53:21

opposite directions. So essentially,

53:24

the price of the bond is on one side

53:26

of the equal sign. And the interest

53:28

rate is in the denominator on the other side

53:31

of the equal sign. So if the interest rate is

53:33

really small, that price of the bond

53:35

is really big. That make sense?

53:37

No. Bonds are very confusing to

53:39

me.

53:39

Okay. No. No. No. No. Just think of it

53:41

as x equals

53:44

a fraction.

53:45

Okay. I see. So the x is the price

53:47

of the bonds. Mhmm. The fraction

53:51

is some constant number over

53:53

an interest rate. The interest rate is in

53:55

the denominator.

53:56

Okay. So when that interest rate gets small,

53:58

that price of the bond gets big. So

54:01

they bought the bonds when interest rates

54:03

were tiny. And so the price of

54:05

the bond was huge, so they had a lot of

54:07

market value. Now If

54:11

they had held on to those bonds to maturity,

54:14

everything would have been cool. But

54:17

they had to start selling those bonds

54:19

because they needed the solvency.

54:22

So as the interest rates rose,

54:24

remember it's in the denominator, the price

54:26

of those bonds got smaller. So the

54:28

big the interest rates got the smaller the

54:30

bond the smaller the price of the bonds got.

54:32

So the value of the bonds went down

54:35

and that changed everything because

54:37

that value of the bond that was their

54:39

reserve. And

54:41

so now they have to sell the

54:43

bonds at a smaller price,

54:45

so They sell the bonds. The

54:48

price of the bonds goes lower. They have to sell

54:50

more bonds. The price of the bonds goes lower

54:52

and pretty soon. They're short two

54:54

billion dollars. They

54:57

sold twenty one billion

54:59

dollars in bonds last week,

55:02

and they lost two billion

55:04

dollars. That

55:06

was they were just trying to get breakeven.

55:08

They were just yeah. They were just trying to break

55:10

the they're so so now so

55:13

their two billion dollars in the hall

55:16

And that's Thursday morning.

55:19

And all of a sudden, Peter

55:22

Thiel, he sees what they're doing.

55:24

And he calls up all his investors and

55:27

he says, yank your money out of SVB.

55:29

That's Thursday morning. Now,

55:32

There's your run on the bank. All of the

55:34

big investors who went in first

55:36

and you know how fast people can take money

55:38

out of a bank You know? Did you know?

55:41

You don't actually even have to go to a

55:43

bank. You can just go tickety tickety

55:45

tickety on your phone and boom it's done. And

55:48

so that bank run was an electronic

55:50

bank run. And as soon

55:53

as Peter Fields investors yanked

55:55

all their money, that was it.

55:57

SVB head was on the chopping block.

56:00

See, okay. So let me ask you this question.

56:02

On the bombs thing, when I was reading this

56:04

thread before I kinda touch you, here here's here's

56:07

the part of the thread that came up. He said

56:09

Silicon Valley Bank is the largest bank to

56:11

fail since two thousand eight. The primary

56:13

reason for the failure was their choice to invest

56:16

their customers' deposits and treasury bonds,

56:18

which are highly impacted by shifts in interest

56:20

rates. It bought government bonds

56:22

which fix ft with fixed interest rates,

56:24

and the Fed when the when the Fed raise

56:27

rates, those bonds lost value. My

56:29

question is this. If we're

56:31

already in such a precarious position, SVB

56:34

is such a huge bank that is known to

56:36

everybody in government because it's funding

56:38

so many government ideological.

56:41

They know what SVB is doing and

56:43

and what an interest hike would do

56:45

to them. Are you Right.

56:48

It it makes me wonder, is it did they

56:50

did they want to implode this bank and start

56:52

the domino effect? Or did

56:54

they have did did they have if

56:57

not in was not doing it going

56:59

to cause even worse swifter

57:01

damage. What do you what what do you think?

57:05

Okay. So I go back to my

57:07

statement about the Federal Reserve System.

57:11

Remember, it's a cartel. It

57:13

is pride at Leone. It

57:16

is it is designed in

57:18

order to it's

57:21

designed to take all your money.

57:23

In fact, it's designed to own the money

57:26

before you even get it.

57:27

So

57:29

the Federal Reserve is hiking interest

57:31

rates as soon as Biden gets

57:33

into office, of course, they

57:35

know this is going to affect the banks. Banks

57:38

SVB, Now, now,

57:40

I told you in an email today that SVB

57:43

smelled really fishy. Right? Didn't

57:45

I tell you that? It smelled it. Stockton, I

57:47

haven't. We know we

57:49

know that it had sixty five thousand

57:51

plus startup companies that were

57:54

banking with it. SVB

57:56

of these companies were associated

57:59

with the Chinese Communist Party.

58:02

About about twenty two hundred of them.

58:05

And they're all working on AI. Some

58:08

of these companies were climate

58:10

change tech companies. There's

58:12

your ESG stuff. It's

58:17

my opinion that it's

58:21

my opinion that The

58:24

Federal Reserve knows that

58:26

banks are going to be going out of business

58:28

with these rate hikes, and that's

58:31

their purpose. To push

58:33

the banks out of business. Because what

58:35

did grandma yellen do today?

58:39

Oh, on on Saturday, she says,

58:41

no bail no bailouts. And I looked at

58:43

that and it went liar. Of course,

58:45

you're going to bail them out. And so what

58:47

do they come up with? They came up

58:49

with what they called a backstop. They

58:53

told SVB and maybe

58:55

one other bank, they said, what we're

58:57

gonna do is we are going

58:59

to buy all of your

59:01

bonds for their market

59:04

value of when you bought them.

59:07

So if SVB bought a hundred

59:09

dollar ten year bond and

59:11

it's now worth ninety five dollars, the

59:15

treasury and the federal reserve

59:17

is going to buy that bond for the one hundred

59:19

bucks. They're just gonna print

59:21

the money, Frank. This is they

59:23

they and they this backstop.

59:26

They're not calling it bailout now. They're calling

59:28

it a backstop. This is quantitative,

59:30

quantitative easing forever. And

59:32

ft is designed to crash

59:35

the banking system. Why? What

59:37

do the bankers want? They want total

59:39

absolute control. They want you

59:41

use their central bank digital currency.

59:44

They want you using that at GBDC because

59:46

in that way they've they've got you right

59:48

by the

59:50

all sack. Well,

59:51

and they're gonna squeeze. And

59:52

I was gonna ask about that with the digital dollar.

59:55

I mean, I know I don't know what your was

59:57

gonna ask you question about insulating one

1:00:00

cell from something like this, but when they are

1:00:02

going, you know, it's

1:00:04

it's huge when it comes to even like

1:00:06

Bitcoin and other

1:00:08

cryptocurrencies out there. The

1:00:10

they need banks too to be able

1:00:13

to transact like this. So I'm

1:00:15

wondering, you know, while the dollar is technically

1:00:18

still around, how can you I

1:00:20

mean, do you I don't know.

1:00:22

I'm thinking, well, obviously, they're going after

1:00:24

crypto at large They're going after

1:00:27

crypto. Crypto is going to take a

1:00:29

dive as well. Now I know that I was

1:00:31

watching Bitcoin. I would I

1:00:33

I like hanging out on the CNBC website,

1:00:36

and I know they're they're a trash

1:00:39

place, but at least, you know, SVB of the numbers

1:00:41

look reasonably accurate, but

1:00:43

people were rushing into Bitcoin

1:00:46

to the tune of three thousand dollars They

1:00:48

were rushing into Litecoin,

1:00:52

BitCash, Ethereum. They

1:00:54

were rushing into gold, silver, the

1:00:56

precious metals, they were actually

1:00:59

going out and buying bonds. And

1:01:02

I thought that's crazy. Who it? Because a

1:01:04

bond is just a debt instrument. That's

1:01:06

just a puff of air. That's

1:01:08

that's the that's the federal

1:01:10

government's promise to pay you

1:01:13

back bullshit. You're

1:01:15

not gonna pay anybody back the whole

1:01:18

purpose in my opinion for

1:01:20

the raising of the interest rates is

1:01:22

to put as many banks out of business as

1:01:24

possible so that the Federal Reserve can

1:01:26

come in and save the day and,

1:01:29

oh, by the way, we will give you

1:01:31

all your money back. We'll ignore

1:01:33

that two hundred and fifty thousand

1:01:36

dollar limit according

1:01:38

to the FDIC. Well, we'll just ignore

1:01:40

that. You just have to use our central

1:01:42

bank digital currency. That's all.

1:01:45

That's all. Just make use make

1:01:47

yourself a our slave forever, and

1:01:50

we'll let you have some of your money.

1:01:53

Of maybe --

1:01:54

Maybe. -- from time to time. You

1:01:57

know, you know, Robin, if you and

1:01:59

I go to Moohagen's

1:02:01

son. And and I blow

1:02:04

my entire life savings on on Blackjack.

1:02:06

Not only is not only am I

1:02:08

I mean, not always no one has up.

1:02:11

No one is going to insure my

1:02:13

my savings against a bad series of bets.

1:02:15

But my but but my financial annihilation,

1:02:18

at least, is going to be

1:02:20

owned by me and my family

1:02:22

alone. It doesn't force other people

1:02:24

that live on my street, my neighbors. They're not

1:02:26

gonna default on their mortgages because

1:02:28

I went and put Aurora's, you know,

1:02:31

savings on a on a roulette

1:02:33

table somewhere in Connecticut. It

1:02:36

it it when this should like this happens,

1:02:38

average person just cannot even make heads

1:02:40

or tails of what is going

1:02:42

on. For example, when you talk about fractional

1:02:44

reserve lending and

1:02:46

how you you give somebody

1:02:49

ten dollars. They go the the ten dollars

1:02:51

is created in out of nowhere. They

1:02:53

go and put that ten dollars into a bank,

1:02:55

and then the bank can make, like, you know,

1:02:57

a hundred dollars more that was created out

1:02:59

of nowhere on the on the original imaginary

1:03:01

dollars. If any of those hundred

1:03:04

hundred new dollars ends up in another

1:03:06

bank SVB where that bank can create ten

1:03:08

dollars on every one dollar. And it's

1:03:10

it's so criminal. Now

1:03:13

when you talk about Now you got

1:03:15

it. When you when you talk.

1:03:16

Now you got it. Now you got the whole picture.

1:03:19

Exactly. And they make it legal.

1:03:21

It is criminal.

1:03:22

It's it's definitely unethical.

1:03:24

Legal life's theft. It's

1:03:28

unethical. These

1:03:30

people these

1:03:32

people, Frank, you

1:03:34

have no idea the

1:03:37

depths of evil, the

1:03:39

the the you

1:03:41

you just don't have any idea how

1:03:44

evil all these people are. Now it's

1:03:47

not my my branch manager

1:03:49

down Street who lives in my neighborhood. She's

1:03:51

not the one who's evil. The

1:03:53

people who are evil are the ones who are running

1:03:55

the central bank system. And and

1:04:00

they are bound and determined

1:04:03

to take control because all they

1:04:05

want, Frank, is power and control.

1:04:07

I've said that, I don't know how many times they've

1:04:10

all they want is power and control. They

1:04:12

want to control the money supply.

1:04:14

They don't care who makes the laws.

1:04:18

AMSHELL ROTH Child said that,

1:04:20

like, four hundred years ago, give

1:04:22

me control of the money supply. I don't

1:04:24

care who makes the laws. Mhmm. Who cares?

1:04:27

I control my if I control the money

1:04:29

supply, I've got you. I've got

1:04:31

you locked stock, barrel, and life.

1:04:33

I own you. And now the

1:04:35

CBD C is the last little

1:04:37

piece of that great reset that

1:04:39

Klaus Schwab was talking about in twenty

1:04:41

nineteen. The last little piece

1:04:44

is the central bank digital currency,

1:04:46

and then they'll own everyone.

1:04:49

So Yeah. Are

1:04:50

are you properly are you really doomed

1:04:53

out?

1:04:54

No. No. Oh, good. No.

1:04:56

I I mean, it looks like got

1:04:57

some good news. Good. Good. I can't I

1:04:59

can't to talk about that. But before we

1:05:01

get to the good news, let me ask you one more do

1:05:03

me kind of a question. And that is since

1:05:05

we're talking we're we're talking about bubbles and

1:05:08

we're talking about all this stuff, Just

1:05:10

a few weeks ago, we we went through

1:05:12

the whole student loan forgiveness thing

1:05:14

again. Now you wanna talk about a subprime

1:05:17

loan The way that we've been

1:05:19

shoveling -- Yeah. -- the way that we've been

1:05:21

shoveling children into college that

1:05:23

that who should not be there just because

1:05:25

it's supposed to be some kind of write a passage, and

1:05:27

we're giving loans out to everybody that you know, they're

1:05:30

not gonna come out on the other side of four years

1:05:32

with a with a a job that's going

1:05:34

to be related to what they studied

1:05:36

and be gainful enough to be able

1:05:38

to pay it all back and the government is

1:05:40

backing them all. Tell me about have

1:05:42

you ever acknowledged I mean, have you ever

1:05:45

analyzed the the size of the student

1:05:47

loan

1:05:47

bubble. What kind of a problem

1:05:50

does that pose? What kind of a threat does that pose?

1:05:54

It's huge. How many

1:05:56

trillions? It's two trillion. It's

1:05:58

two trillion

1:05:59

dollars. Did

1:06:01

you know, it's just two trillion? Just

1:06:04

two.

1:06:05

It's it's huge. But see, the

1:06:07

whole purpose of a loan is to enslave

1:06:09

you. If you're borrowing

1:06:11

money from somebody, if you owe somebody if

1:06:14

you have a debt to somebody, they own you.

1:06:16

This student loan, fiasco

1:06:18

was I mean, when I when I got

1:06:20

my student loans, I I had them through

1:06:22

my own my own bank. So

1:06:25

I owed them. They were gonna make damn

1:06:27

sure I was gonna pay. Right?

1:06:29

But but, you know, if you

1:06:32

owe if you owe your life to the federal government,

1:06:34

what the hell are you gonna do? So

1:06:37

it's just another scheme to own

1:06:39

you. But now but now

1:06:42

let me at least give

1:06:45

you some silver linings

1:06:47

to all of this. Okay? So

1:06:49

in February, on the twenty second,

1:06:51

US representative Tom Emer

1:06:54

from Minnesota introduced

1:06:56

the bill to prohibit the Federal

1:06:58

Reserve from issuing a central bank digital

1:07:00

currency or using CBDC

1:07:04

to control monetary policy. So

1:07:06

that's already sitting in the

1:07:08

House of Representatives. And

1:07:12

the state of Tennessee just

1:07:15

gosh. This the weeks are blending together. It was

1:07:17

just the the last week or so passed

1:07:20

a bill introduced by

1:07:22

state senator Frank Niesley

1:07:25

to install and

1:07:28

create a sovereign bullion

1:07:30

bank the state of Tennessee. And

1:07:33

I don't see any reason why the governor

1:07:35

of Tennessee will not sign that. I think you

1:07:37

will. Because what that's going to do

1:07:39

is it's going to allow the state of Tennessee

1:07:41

to remove themselves from the Federal

1:07:43

Reserve Matrix. Wow.

1:07:46

Now there yes. And so there other

1:07:48

states that are doing this as well. Texas

1:07:51

is working on their own. In fact,

1:07:54

Texas is is seriously it's

1:07:56

seriously considering seceding

1:07:58

from the union in order to become

1:08:01

the Republic of Texas. So not only will

1:08:03

have their own sovereign bullion bank, but

1:08:05

they'll be their own country. But other

1:08:07

states are looking at this as well. Catherine

1:08:10

Austin Fits has been talking about this since

1:08:12

like November. So this is a

1:08:14

way that states can protect their

1:08:18

own state citizens. And

1:08:20

what will do is it will ft

1:08:23

will help to cripple the

1:08:25

Federal Reserve, which is already

1:08:28

bankrupt. They're they're

1:08:30

already not paying their debts. They

1:08:33

the the look. The central

1:08:35

bank system the Western

1:08:38

Central Bank system that is

1:08:40

controls the money supply for

1:08:44

Europe, England. AND

1:08:46

CANADA, THE UNITED STATES, NEW Zealand,

1:08:48

AND AUSTRALIA, IT WILL GO

1:08:50

DOWN. IT'S GOING DOWN FAST. IT'S GOING

1:08:53

DOWN NOW in front of our eyes here in America

1:08:55

because I just spanned out this afternoon that

1:08:58

banks are not loaning money to each

1:09:00

other. The inner bank overnight loans

1:09:02

have shut down which means liquidity has

1:09:05

stopped. And when that liquidity

1:09:07

stops, it means that the money supply vanishes.

1:09:11

Now, sir, so this week is

1:09:14

Man, I'm so excited. I can't tell you is there

1:09:16

any kind of assignment pins and needles watching

1:09:19

this because we are watching the collapse

1:09:21

of the Federal Reserve system in

1:09:23

lifetime. And

1:09:25

so with places

1:09:29

like marked from Nevada

1:09:31

Goldbacks and states like

1:09:33

Tennessee that are creating with our

1:09:35

own sovereign bullion banks and

1:09:37

other states are creating their own currencies,

1:09:41

there it is a way out, and the light at

1:09:43

the end of the tunnel is not an uncoming

1:09:45

train. It's that we,

1:09:48

Americans, we're doing what we do best

1:09:50

and we're inventing our way out of this

1:09:52

situation. And and we

1:09:55

will prevail. The central

1:09:57

bank, the Federal Reserve, is going

1:09:59

to go by by. It's just a matter of

1:10:01

time. It's not it's not if, it's

1:10:04

now, it's in my eyes, it's probably

1:10:06

just a matter of months. And when

1:10:08

they go down, the rest of the

1:10:10

federal government is gonna go with it because

1:10:12

there will be no way for

1:10:15

them to survive.

1:10:18

Wow. I I, you know, I I was going to ask

1:10:20

you that too about insulation.

1:10:24

I did there's a

1:10:24

lot of monster prep sounds real good. Oh,

1:10:27

I know. I every hey. I

1:10:29

I told them I said, listen to you guys, it's it's the

1:10:31

easiest thing in the world having you on as a sponsor.

1:10:33

The world sells your services. But

1:10:36

but, you know, as far as financial planning

1:10:38

goes, the because

1:10:41

when you talk about the the the currency of

1:10:44

nation that everybody uses. It

1:10:46

seems like there's no real way to insulate

1:10:48

yourself from not taking at least

1:10:50

some kind of a hair cut,

1:10:52

but to know what's coming means to be able

1:10:54

to prepare in some kind of a way. So just

1:10:56

planning ahead keeping things simple, as you

1:10:58

said, a lot of people are looking inward to

1:11:00

what local solutions could be. But while

1:11:02

the dollar is still technically around,

1:11:04

how do you how does some money, you know,

1:11:07

go and try to insulate themselves a little

1:11:09

bit from these situations. You get your money

1:11:11

into credit unions? Do you diversify

1:11:14

across Bitcoin and

1:11:16

precious metals, a combination of all

1:11:18

three. Like, how about

1:11:21

we end with even more silver lining? The

1:11:23

responsible banker. You're talking about the banker,

1:11:25

the woman who lives down the street. She's not a

1:11:27

monster. What does in a

1:11:29

world where we are now reinvesting

1:11:33

in local solutions and the local

1:11:35

bank. What are they doing to

1:11:38

not only protect our money for whenever

1:11:41

we need ft, BUT FOR THEM AS A BUSINESS,

1:11:43

HOW DID THEY REMAIN

1:11:45

SOLVANT WITHOUT IT BEING PREDATORY?

1:11:48

WELL, so if

1:11:50

you if you have a mom and pop

1:11:52

banker just down the street, they

1:11:55

are probably and we're talking

1:11:57

now the response banker. They're

1:11:59

not going to take huge risks

1:12:01

with the money of

1:12:04

their depositors because their depositors

1:12:06

are their neighbors. Their

1:12:09

children go to school with each

1:12:11

other. Right? If the bank manager

1:12:13

or the bank owner screws

1:12:17

up with all of his depositors' money.

1:12:19

He's gonna be run out of the run out of town

1:12:22

on a rail. Right? So

1:12:24

it so the risk the reason

1:12:26

we have irresponsible bankers now

1:12:28

is because the majority of these big

1:12:30

banks, they're they're not downtown

1:12:32

in Huntington. They're in New York

1:12:34

City. Who the hell cares

1:12:37

what Huntington does? Who the hell cares

1:12:39

what these poor people people in Huntington do.

1:12:42

Right? So the facts

1:12:44

are we can decentralize the banking

1:12:46

system so that we have our own

1:12:48

little banks in our own little

1:12:50

towns, those bankers

1:12:52

then have to be

1:12:54

responsible or or

1:12:57

they're going to suffer the consequences of

1:13:00

of being outed as, you

1:13:02

know, a mean SOB. Mhmm.

1:13:04

So but but that's only part of the

1:13:07

answer. The the other part of the answer is

1:13:09

that when we have a goldback currency, you

1:13:12

can't print money out of thin

1:13:14

air. You

1:13:17

can't. It's impossible. You have to

1:13:19

have the gold that backs the currency.

1:13:22

I'm not I'm not real sold on

1:13:25

cryptos. I I like things

1:13:27

I can hold in my hand, so I

1:13:29

like golden cell I like precious

1:13:31

metals, toilet paper comes

1:13:33

to

1:13:33

mind, storable foods. I

1:13:35

mean Ammunition.

1:13:37

And if if necessary, I

1:13:40

mean, when when the

1:13:42

market crashed in two thousand and eight,

1:13:44

and I saw all the money that went to

1:13:46

the banking system then. It

1:13:49

worried me, but I realized that

1:13:51

part of the

1:13:53

criteria for those banks taking that money

1:13:55

was they were not allowed to learned it out. So I kinda

1:13:58

went, okay. That's not gonna go into

1:14:00

the economy. But all bets were off

1:14:02

when WHEN PRESIDENT

1:14:04

TRUMP GOT INTO OFFICE AND HE

1:14:06

SAID, YEAH, WON ALL THE MONEY OF ONE.

1:14:10

IF YOU WANT TO GET rid of the Fed, how

1:14:12

do you do it the fastest way? You

1:14:15

crash the banking system. Right?

1:14:17

And then you have replacement sovereign

1:14:20

bullion banks waiting in the wings

1:14:22

to come in so that we

1:14:25

can have a banking system

1:14:27

where bankers are responsible. Right?

1:14:29

So the responsible banker is the one

1:14:31

that looks at his depositors

1:14:34

money as very precious

1:14:36

that he she's going to protect or she's going

1:14:38

to protect. They're not going to loan out

1:14:41

more than they can

1:14:43

possibly expect to

1:14:47

to have to replace if there's a run on the

1:14:49

bank. But if they're being responsible, there's

1:14:51

not gonna be a run on the bank. Right?

1:14:55

Right. So so the

1:14:57

responsible banker cannot

1:15:00

exist in the system that we have

1:15:02

right now. They

1:15:04

they can't because the

1:15:06

system that we have right now is

1:15:08

built. It is designed

1:15:13

to do the criminal. Yeah. Do

1:15:15

you see that? Oh,

1:15:16

absolutely. You know what

1:15:17

I mean? No. It has to go away. And and

1:15:19

it's going away as we're watching

1:15:21

it this way. I I yeah.

1:15:23

No doubt about ft. And I'm I that's

1:15:26

why I'm I'm watching and I'm I'm

1:15:28

waiting and I'm whatever is going on here. And,

1:15:30

you know, we were talking about and legality

1:15:32

and and ethics or all that other stuff. But, you

1:15:34

know, when this stuff happens, especially

1:15:36

for average people. Like, I love speaking

1:15:38

with with people like you who know because

1:15:41

I get to, you know, if if if I

1:15:43

was on the right track with some weights of thinking

1:15:45

and if I needed some clarity on other

1:15:47

things, I like getting it. But the which person,

1:15:49

they see this stuff going on. You know,

1:15:51

we we can't even make heads or tails of

1:15:54

what's happening because the system HAS

1:15:57

BEEN MADE SO INTENTIONALLY CONFUSING

1:15:59

AND CONVOLUTED THAT YOU CAN BARRY

1:16:02

CRIMES OF ANY SAW eyes inside

1:16:04

of

1:16:04

ft. And barely anybody knows what's

1:16:07

going on. You know, they call

1:16:08

And that's fine. Yeah. It's fine design. It

1:16:10

is I mean, what what what better way to steal

1:16:13

hundreds of billions of dollars need to call it

1:16:15

a backstop.

1:16:17

You know? Right. It's well, here's just

1:16:19

my thought. I I'm not sure it's so

1:16:21

much of a backstop as I think it's the

1:16:23

next level of money laundering. I'm

1:16:25

lost Ukraine. Right? FTX went

1:16:27

belly up the day the day after the

1:16:29

election. And so they've lost their

1:16:31

Ukraine money laundering system. So

1:16:34

now what they have is they have their backstop

1:16:36

money laundering system, but This

1:16:38

is this is all going to hell in a handbasket

1:16:42

and and it should as quickly as

1:16:44

possible. So I think there's

1:16:46

some good things coming. I think there

1:16:50

are Americans who are waiting

1:16:52

in the wings with some of these plans. But in

1:16:54

the meantime, know, it wouldn't

1:16:56

hurt for your audience to go over to Bluemancer

1:16:58

prep and get we just get

1:17:00

some storable food. It wouldn't hurt for

1:17:03

them to buy

1:17:06

some gold or some silver. Silver is much

1:17:08

cheaper than gold, you know, really.

1:17:10

Mhmm. But I would not store it

1:17:12

at a bank. I wouldn't store any place

1:17:14

except where you can get your hands on it

1:17:16

if you need it. We're coming

1:17:18

into the growing season, so I

1:17:21

would I have been suggesting

1:17:23

to people that they plan to garden. And

1:17:26

start jarring.

1:17:27

And start and learn how to can. Yeah.

1:17:30

And, you know, I've been making friends

1:17:32

with my neighbors who have chickens.

1:17:35

There you go. There you go.

1:17:37

So, I mean, Look, our grandmothers

1:17:39

and great grandmothers would have been called Preppers

1:17:42

these days because they did everything in

1:17:44

the summer to make sure that their family would

1:17:46

be whole and fed and

1:17:49

in a good place all through the winter.

1:17:51

So all we have to do is go back and remember

1:17:53

what our grandparents were doing. That's

1:17:56

all. And and we're gonna be okay.

1:17:58

This, I will not I will not kid

1:18:00

you. This is going to be a horribly

1:18:03

scary week, especially this

1:18:06

week. Because there are so many

1:18:08

banks that are involved with SVB, it's

1:18:12

It's freaking nuts out there,

1:18:14

Frank. It's just crazy. And

1:18:17

as an economist, I'm excited because

1:18:19

I can finally see some of the light at

1:18:21

the end of tunnel. But as just a

1:18:23

plain old just a plain old woman,

1:18:25

I'm a little trepidation. Right?

1:18:28

Because I can see that

1:18:30

this system is coming crashing

1:18:32

down. And, you

1:18:34

know, so but I've been watching this since

1:18:37

Trump got into office. I could see this

1:18:39

coming since two thousand and eighteen.

1:18:41

So we've been getting ready. We've we've

1:18:43

taken the time to do our

1:18:45

storable food and to make friends with

1:18:47

neighbors and, you know, neighbor up as

1:18:49

it were. And so, you know,

1:18:52

I'm a little more peaceful probably

1:18:54

than the average person on the

1:18:56

street, but it doesn't mean that I'm

1:18:59

ft doesn't mean that I'm not a little trepidation.

1:19:02

Right? Right. Because Ft the

1:19:04

at the other side of this, we're gonna

1:19:07

be okay. We've just gotta get

1:19:09

through it.

1:19:10

That's really well. We will. Well,

1:19:12

IIII again, Robin, this

1:19:15

was just ft was gonna be a great show

1:19:17

one way or another. But boy oh boy,

1:19:19

did the universe do a little bit of writing for us.

1:19:21

Thank you for being on. Thank you, sir.

1:19:23

Did did you is it you said still

1:19:25

link sync dot com, or did you ever bring

1:19:28

up a or create a new blog template

1:19:30

or anything that you were thinking about?

1:19:31

Oh, gosh. I haven't had time to do

1:19:33

any of that. It's still link sync dot com,

1:19:36

that's LYNC dash

1:19:38

SYNC dot com.

1:19:40

And up at the top of the homepage or

1:19:42

all my interviews so people can

1:19:44

go and look at them I've

1:19:47

got links to my in the classroom

1:19:49

and my Freedom lectures, and and the

1:19:51

website is free to use, so your audience

1:19:53

is more than welcome to go there If

1:19:55

they want to communicate with

1:19:58

me, I'm they can find me at Marshall University.

1:20:00

I'm I think I'm McCutcheon there.

1:20:03

And I always answer

1:20:04

email. But before we go, Frank,

1:20:06

did I answer all your questions? Yes.

1:20:09

Most of them. Yes. Yes. One

1:20:11

day one day when you come on, we'll do a we'll

1:20:13

go.

1:20:13

Oh, wait. Wait. Well, one day when you you hear me now?

1:20:16

I can hear you now. One day when you come

1:20:18

on, I need to talk to about

1:20:21

bonds again from

1:20:23

the perspective of debt buying.

1:20:26

What what is ft? You know, the I I

1:20:28

hear these things and I wanna understand

1:20:31

it and I know I'm so close and you

1:20:33

have a great way of really die pre

1:20:35

digesting this for your your students.

1:20:37

And in in that respect, I I will

1:20:40

again I I feel like I drift

1:20:42

in and out of being a host

1:20:44

a friend and a student in any

1:20:46

conversation that we have. And I try to try

1:20:48

to get a good balance of all of that. So thank

1:20:50

you for everything and and I'm I'll

1:20:52

certainly talk to you off air and all all the best

1:20:55

to your

1:20:55

husband, and we'll talk soon. Thank

1:20:58

you so much, Frank, for sharing your ends with

1:21:00

me again.

1:21:01

Alright. Have a good night.

1:21:02

You too. Alrighty. There you go. Robin

1:21:05

McCutcheon, on a night where

1:21:07

it's just a nice quick snappy

1:21:09

night. It's eight seventeen. I

1:21:12

have a little bit of time left. So

1:21:14

what I'm gonna do is take a quick break. No

1:21:16

intermission. Come back, read through some

1:21:18

of your super chats, and

1:21:21

and then I have to I have to skidaddle

1:21:23

in about, I don't know,

1:21:25

ten minutes. Because at eight thirty,

1:21:28

Jay Dyer and I are starting session number

1:21:30

two for brave New World Book

1:21:31

Club, and I will we'll

1:21:34

pick up a lot more on this tomorrow, perhaps. Maybe

1:21:36

we'll just do a call and show tomorrow. I think

1:21:39

we did good job. I think we did a

1:21:41

good job tonight. I feel good, especially since I was

1:21:43

looking to gain some knowledge and

1:21:45

understand. And it's

1:21:47

great to see this situation

1:21:50

as others as not just

1:21:53

one point of light

1:21:55

on a on a grid. I like

1:21:58

seeing it connected to everything else. I like we went

1:22:00

back to eighteen sixty for tonight.

1:22:02

And then I I like how we as we got

1:22:04

up through, we got glass stevel, we got

1:22:06

all the stuff, the implementation, the

1:22:08

rolling back, two thousand eight, subprime,

1:22:11

even student loans. I like how all

1:22:13

the dots have been connected. It feels

1:22:15

a little bit more okay. can grasp

1:22:17

this. Even though if I I couldn't go out there

1:22:19

and work for a bank. I can grasp what is least

1:22:22

happening to us right now. And

1:22:25

yeah. Hold on to your asses. We

1:22:27

knew that this is gonna be roller coaster couple

1:22:29

of years. No doubt. Be

1:22:31

right back. Don't go anywhere. This

1:22:35

is history in the making. Lordez.

1:22:43

Twenty three years old, first

1:22:46

woman in the majors.

1:23:07

It is my opinion that you do not really

1:23:10

understand the concept of banking.

1:23:13

All the banks are broke. Banks

1:23:16

Santander, Deutsche Bank, Royal

1:23:18

Bank of Scotland, they're all broke. And

1:23:20

why are they broke? It isn't an act of god.

1:23:22

It isn't some sort of tsunami. They're

1:23:25

broke because we have a system called fractional

1:23:27

reserve banking. Which means that banks

1:23:29

can lend money that they don't actually have.

1:23:32

It's a criminal scandal and it's been

1:23:34

going on for too long. To add

1:23:36

to that problem, you

1:23:38

have moral hazard, a very

1:23:40

significant moral hazard from the

1:23:43

political sphere. And

1:23:45

most of the problem starts in politics

1:23:48

and central banks, which are part of the

1:23:50

same political system.

1:23:52

We have counterfeiting, sometimes

1:23:55

called, positive easing, but counterfeiting

1:23:57

by any other name, the artificial

1:23:59

printing of money, which if any

1:24:02

ordinary person did, they'd go to prison

1:24:04

for a very long time. And yet governments

1:24:06

and central banks do it all the time.

1:24:09

Central banks repress the amount of

1:24:11

interest that rates. So

1:24:13

we don't have the real cost of money

1:24:15

and yet we blame the real retail banks

1:24:18

for manipulating LIBOR. The

1:24:21

sheer frontiary of this is quite astonishing.

1:24:24

It's central banks. It's central

1:24:26

banks that manipulate interest

1:24:28

rates commissioner And plus

1:24:30

underneath all this, we talk loosely

1:24:33

in a rather cavalier fashion, do we

1:24:35

not, about deposit guarantees.

1:24:38

So when banks go broke through their

1:24:41

own incompetence and chickenery, the

1:24:43

taxpayer picks up the tab. It's

1:24:46

theft from the taxpayer. And

1:24:48

until we start sending bankers,

1:24:50

and I include central bankers and politicians

1:24:53

to prison for this outrage, it

1:24:55

will continue.

1:25:14

I. Let's

1:25:18

get on into Let's

1:25:21

get that into your your thing

1:25:23

you see over here. You got me some

1:25:26

message yells. Message

1:25:29

as it is. Let's

1:25:31

go. Over on Rockfin first, I've

1:25:33

got a tip from Fishhead Montana.

1:25:36

Says the Nevada goldbacks are

1:25:38

really cool. You can put them in your wallet and they

1:25:40

seem to keep their shape really well after couple

1:25:42

of days. Thanks for pointing to South Frank. Problem,

1:25:45

buddy. I'm glad that you are having a good

1:25:47

time with those. I may

1:25:51

I I own a few. I definitely wanna get more.

1:25:54

But I don't carry them with me. That's

1:25:56

just something that I would, you know, if

1:25:58

I were ever transacted with somebody in private

1:26:01

and I wanna to, you know, I I wanted

1:26:03

to offer that up instead of whatever

1:26:06

for whatever service or whatever

1:26:09

doesn't matter. A dozen eggs

1:26:12

I'll give you a gold back. I'll

1:26:14

give you a five gold backs. Whatever.

1:26:18

Things like that, I would keep that just stored away.

1:26:21

Unless you live in a state and a local community

1:26:23

where you know a couple places are already accepting

1:26:25

goldbacks, which is happening.

1:26:28

And that's really interesting about the the bullion

1:26:30

bank in Tennessee. That's

1:26:32

really interesting right there. Over

1:26:36

on to quite frankly super

1:26:38

chat dot com.

1:26:40

Stowe Stoop says thank you, Frank, and Robin always

1:26:42

a great listen when Robin is on off to another

1:26:45

great week with quite frankly family.

1:26:47

It's gonna be a great week. Already is,

1:26:49

as you can see, wonderful tone

1:26:51

setter. And let's

1:26:56

see. Over on rumble, wonderful,

1:27:00

wonderful group of people watching on rumble.

1:27:03

And it's because people are liking On

1:27:05

rumble, like it, like the stream, like

1:27:07

the stream, the stream. Because

1:27:10

then it'll get suggested while we're live,

1:27:12

it'll get suggested when we're off air. Same

1:27:14

thing with YouTube. I gotta thank everybody

1:27:16

who still watches on YouTube that really

1:27:18

puts their back into liking the show.

1:27:21

I know you put your back into ft, and

1:27:24

it's great to have you helping me. It's

1:27:26

just incredible how we were having so much

1:27:29

so much, you know, there

1:27:31

was progress in the first couple of weeks,

1:27:33

and then they switched up the algorithm. You

1:27:36

can tell, because we just

1:27:39

But but still thank you everybody

1:27:42

helping push me across the finish line

1:27:44

of a hundred thousand subscribers. At

1:27:46

some point in the next five years. I know we're only

1:27:49

like two thousand away, but it'll probably take

1:27:51

me about five years to get there. Anyway,

1:27:53

I'm fine. WILL TAKEING A LEGALLY STROLL

1:27:55

WITH YOU THROUGH THE PARK. THAT'S

1:27:58

FINE. I LIKE IT. KAT

1:28:00

SKY D SAYS, THANK YOU FOR ASKING

1:28:03

about local banks, Frank, her answer makes total

1:28:05

sense. A good friend of mine's grandparents are

1:28:07

on the board of my credit union was

1:28:09

thinking about texting him today. I'm

1:28:12

telling you. Credit unions,

1:28:15

it's something I have not I

1:28:17

had an account with open with credit union

1:28:20

not too long ago, but never really

1:28:22

did much with ft. And I,

1:28:25

you know, that's all FDIC insured

1:28:28

as well. I think about it all the time.

1:28:30

And maybe it's just time. Maybe

1:28:33

it's just time. But

1:28:36

I do everything else. I

1:28:39

think I do everything else to try to to

1:28:42

try to simplify and

1:28:44

localize. Let's get into

1:28:46

our Foxhole,

1:28:49

which great changes are coming to foxhole

1:28:52

soon. We'll talk to you all about it at

1:28:54

that point. And then

1:28:57

Thank you. Secret weapon. Thank you, Chai

1:28:59

possum. Says, hey, Frank. Can you wish my

1:29:01

cat? Chai possum. A happy tenth

1:29:03

birthday, please. Happy birthday, cat.

1:29:07

Paula, thank you, Squiggly, says

1:29:09

new show on rumble, power meat

1:29:11

slap. Power meat slap. Slapping

1:29:16

me. M

1:29:18

three says could could

1:29:21

use your open minded support, Frank. Check

1:29:23

out flat Earth facts. Bever

1:29:27

I go check out the the facts of

1:29:29

flat earth. That's from m

1:29:31

three. Sean

1:29:33

Joe, thank you so much. Beach

1:29:36

bumming mermaid thirteen. Thank

1:29:38

you. Fabulous show, she says, I

1:29:41

think. Merman. Delona,

1:29:46

tempo four twenty, Jolene, since

1:29:48

election excellent show, Frank.

1:29:50

Thank you, sharing everywhere, and pam

1:29:53

d. Thank you. That is all

1:29:55

for those because I can't get around to thank

1:29:57

you anymore after

1:29:58

this. I have to stop a show in just a couple

1:30:00

of minutes. But it's

1:30:03

been wonderful. This has been wonderful night

1:30:05

with you guys and gals. It really has. Here

1:30:07

is the I didn't know so much about

1:30:10

I knew about this, talk about a little

1:30:12

bit of dark humor. Fatal distraction,

1:30:15

senior SVB Risk Manager oversaw

1:30:17

Wolk LGBT programs. While

1:30:20

Silicon Valley Bank, Corinne

1:30:22

tore its spectacular collapse, the bank's

1:30:24

head of risk management for Europe, Africa,

1:30:26

and the Middle East devoted a chunk of her

1:30:28

time various LGBTQ plus

1:30:30

programs. Meanwhile, file SVB went

1:30:33

without a chief risk officer from

1:30:35

April two thousand twenty two until January

1:30:37

of this year. The Daily Mail reports.

1:30:39

As the bank apparently had a little urgency

1:30:42

to replace Laura Isurida.

1:30:45

Before finally tapping Kim Olson

1:30:47

earlier this year, On the other hand, a few

1:30:49

months before that long CRO

1:30:52

vacancy began, SVB boasted, we

1:30:54

have a chief diversity, equity, and inclusion

1:30:56

officer. You might as well close your doors right then.

1:31:00

The clock is ticking. You're you're done

1:31:02

when you start bringing up chief diversity officers

1:31:04

because then you are committing Too

1:31:08

much time. Bringing on one

1:31:10

diversity officer is too much

1:31:12

of a commitment, time wise

1:31:14

and salary wise, to

1:31:17

to investing into a into

1:31:19

thinking that could

1:31:21

only diminish the quality of your

1:31:23

work in order to seem equitable

1:31:26

for people who who really

1:31:30

can't float themselves

1:31:32

on only their abilities to perform.

1:31:35

It has to be some other kind of superficial

1:31:39

thing about them. Whether

1:31:41

it be skin, whether it be orgasms, whether

1:31:43

it be genitalia, So

1:31:47

you're you're already you've already been bitten

1:31:49

by the poison spider when you have a chief diversity

1:31:52

officer. That's fear that's fucked.

1:31:56

So they started talking about this.

1:31:59

Now don't know how much of that. Was it this how

1:32:01

much distraction? I

1:32:04

I don't know if they had their chief risk

1:32:07

manager that was

1:32:09

not out there talking about gay

1:32:11

issues and gay programs,

1:32:15

how much could really be done? When

1:32:18

you're that over leveraged, when you're at when you'll

1:32:20

be holding to the central bank, I

1:32:22

I think it's just you know what the risks

1:32:24

are. So I can't even I

1:32:26

can't even tell them, well,

1:32:29

you shouldn't have been going off. Worrying

1:32:31

about the economy and and

1:32:34

and making the world an equitable place. I

1:32:36

mean, why not? Why not? What

1:32:38

else what does this have a happy

1:32:40

ending one way or another? If you're crazy,

1:32:42

you're crazy. Hell, even even

1:32:45

CNN, even

1:32:47

CNN, as I wrap up over here right now,

1:32:50

CNN rolled out, I can't believe

1:32:52

ft, but I can. Did

1:32:55

Jean Pierre? That Corinne

1:32:57

Jean Pierre? She was out there on

1:33:00

CNN. They had a press press

1:33:02

secretary meeting, she and two other

1:33:05

black women were out there

1:33:07

to respond to this collapse. A

1:33:09

historic collapse. That is a harbinger

1:33:12

of worse things to come that are almost

1:33:14

like just predestined at this point. Things

1:33:16

that we have to go through. You

1:33:19

know, just how death is part of the cycle

1:33:21

of life. It's just things we have to go through

1:33:23

at one point or another. And

1:33:25

CNN actually took time out to

1:33:28

celebrate the fact that

1:33:30

the three messengers of

1:33:32

the the coming collapse were black women.

1:33:35

It was the first time that three black women went

1:33:37

up there at the White House press before

1:33:39

the White House press corps and gave an address.

1:33:42

This is why they're we are being

1:33:44

driven into the

1:33:46

ocean. By people who are

1:33:48

absolutely obsessed with

1:33:51

their genitals. They can't stop

1:33:53

talking about their fucking genitals. They

1:33:58

can't stop. Their

1:34:00

skin, their genitals. They

1:34:03

can't stop talking about it. They're

1:34:05

absolutely fucking insane. You don't

1:34:07

have to watch the Oscars to get that shit.

1:34:12

So, yeah. Yeah. Yeah.

1:34:16

We'll see

1:34:18

we'll see how easy it is to be equitable when

1:34:20

there's nothing to pass around anymore.

1:34:22

But that's what I have for you tonight. Ladies and gentlemen,

1:34:24

thank you for everything. I have to kick off book

1:34:27

club. So if you are

1:34:29

waiting on that, Please, I'll

1:34:31

see you in just a second. We're gonna be

1:34:33

starting that up right now. All

1:34:36

of the best to you. Seven o'clock tomorrow

1:34:39

will be live again. And I wait to see you there.

1:34:41

Thanks again to McCutcheon, and email

1:34:43

the show. If you have anything you want to add, quite frankly,

1:34:45

podcast at gmail or protonmail dot

1:34:48

com. I'll

1:34:50

catch you on a flip side. Quite

1:35:01

frankly is filmed before a live studio audience

1:35:04

and now our super chatter starting

1:35:06

with Stowe Stube. And

1:35:08

all my cat's sky d and all my friends

1:35:10

on fox hole right now. Ladies and gentlemen,

1:35:12

if you are a monthly subscriber, I

1:35:14

will see you. In just a moment on

1:35:17

the unlisted YouTube stream that's about to

1:35:19

begin. Good night, and I'll see you

1:35:21

on Tuesday. I

1:35:40

should also say that our regular Monday

1:35:42

night programming movie

1:35:44

mystery Monday will also be starting

1:35:47

around regular time, so I'll see

1:35:49

you there after book clubs done. Good night.

1:35:59

Were you? Oh,

1:36:04

you shut up.