Legendary long-time financial professional and certified hard asset champion Lynette Zang and I finally managed to get this podcast ‘in the can.’
Her years of experience and depth of analysis have led her straight to a spot familiar to many a Peak Prosperity member; buy hard assets and be sure to have a solid Plan B location all tricked out.
Deep study of the fiat, debt-based money system tends to lead people to the same conclusion, “This thing is going to fail someday!”
And when it does, hard assets will once again be the friends of those wishing to preserve some or all of other wealth.
Yes, here in the US 50-50 sounds about right. The utter lack of concern by the Biden administration around this year’s election (or anything else for that matter) does not bode well for any of us. For a pleasant stay Istanbul in September though, I’ll estimate it at 30-70.
Good conversation with Lynette. She always brings a knowledgable assessment of the present and guesstimate of the future to the table.
The only way to save the US dollar – and the US itself – is a balanced budget amendment. The American people have lost an important control over the activities of their government if it does not have to come to them directly in order to fund its operations. Lacking this constraint, we will get ever more of what we’re seeing around us – reckless spending on programs that do not have the support of the American people, crushing inflation, increasing division of society into haves and have-nots, and poisonous government overreach.
Well, that PLUS the ability for the goobermint to produce accurate accounting of its expenditures.
PLUS not being able to hide stuff in SFAS 56.
If we did those things, then we might be able to limit the worst of the damage to the dollar and have it survive into the future.
Lacking that, we’d have to back the dollar with gold and/or silver, and fully and easily convertible fashion both locally/domestically and internationally for our trading partners.
DC will H.A.T.E every single one of those things with a burning, fiery passion so I am not terribly hopeful for those outcomes actually happening.
Nor am I. The Constitution Article V does provide a means for amendment by citizens’ action, but even this requires acceptance by 3/4 of the states’ legislature, so even this is improbable. So personally, I think we’re toast as a free society.
Well, I’d say that this goes without saying, but these days, it probably needs to be said anyway. So maybe these points should be incorporated into any such balanced-budget amendment.
I don’t think this can work. It’s questionable how much gold and silver the US even has at this point. Plus gold/silver-backed currencies suffer from inflexibility. This inflexibility was the root cause of the Roosevelt’s devaluation of the dollar vis-a-vis gold in 1934, as well as the Free Silver movement in the late 19th century. If the currency can simply float wrt gold to provide this flexibility, then it will prove to be a very weak constraint.
What’s wanted is a currency with enough flexibility to support economic activity, and constraints on governments to control rampant spending. Having to come to citizens rather than to bankers to finance government programs is, IMO, vital to the citizens’ control over their government.
So we’re clearly in a pretty advanced stage of collapse when we can’t operate two of the most basic fundamental tenets of having what we call a democracy… We don’t have verifiable election systems… And we don’t have a fair and honest judiciary system anymore. That’s a slippery slope.
I agree that these are very chilling developments, but I wonder if collapse is the near-term, or even medium-term prognosis. These developments are hallmarks of a totalitarian society. I wonder whether it’s a dictatorship that awaits us rather than collapse.
OTOH, I strongly suspect that the Ukraine situation is eventually going to result in a nuclear confrontation. Should this happen, “collapse” is the mildest term I can think of.
How could the US government ever balance its budget? Mathematically impossible. Money is made from debt so we’d have no new money. The resulting deflation would catastrophically destroy the financial system in a matter of days. Not to mention the physical economy would be eviscerated as 70% of the workforce which is supported by this would become unemployed. I doubt the deflation would last long as the system implodes, soon followed by a hyperinflationary supernova.
Maybe I’m the fool, but I trust tokenization that I hold on a secure settlement layer, more than custody by Banks, Brokers and the Government. This is after hundreds of hours of studying the technology. We will see.
Indeed I am optimistic about the PP population. It is a source of rejuvenation and Chris’ talks actually resonate with family members. That is a big deal!
To me, optimistic behavior is not an infinite resource. It needs a bit of confirmation and affirmation from others to stay alive and to grow. I have too many peers who recognize the impending storms but just choose to live in denial and let others do the heavy lifting. Sadly, my nature is to give second, third and even forth chances…it’s not an efficient model in our current world. I’m just geting tired which makes it easier to tell the grasshoppers to FOAD.
Another Foundational comment from Chris (at about m13:45)… “how do you have a non corrupt society? Built on a corrupt money system” … The underlying corruption of the money system eventually degrades then destroys all that is built on top of it.
CHEERS and THANK YOU to the PP community. I found PP in Jan 2020 because of Covid. PP was essential to my good decisions about that but has turned into so much more. Best wishes to All of You.
What are the chances for? If it’s to meet an expectation of yours then just stop expecting, that way there is no disappointment. I do know easier said than done, but it does let you get on with your life. I hope I’ve explained that well, as it was a much longer explanation that I was given to get the concept.
You had me with the FOAD by the way, worked it out. I’d have written F off and die, might be an Aussie thing.