Jason Hartman talks about the percentage of GDP that countries around the world are creating currency and spending to stimulate their economy. Jason interviews Jim Puplava discussing inflation and stagflation, negative interest rates, and cryptocurrency.

Jim Puplava 0:02
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it on now. here’s your host, Jason Hartman with the complete solution for real estate investors.

Jason Hartman 0:54
Welcome to Episode 1459 1459 and we Got part two of our guests from yesterday Jim pup lava financial sense news hour with us. And there is a lot going on in the world. In fact, this episode is probably posting a little bit late. Big shout out to our producer Josh, for getting this episode out because I just had back to back interviews all day long. No time to do the intro portion for today’s episode. Bear with us, folks. This is a crazy time but had some good interviews today. Not the least of which was CONSUELO MACK from PBS and formerly Wall Street Journal. She will be back on the show soon. I did a great interview with her today. So we’ve got that one coming to you probably next week. And boy, when you look at the inflationary pressures created by the stimulus packages, folks, supply demand shock cycles, maybe deflation than inflation, maybe inflation then inflation, maybe just inflation, maybe who knows, it’s to some extent anybody’s guess. However, we know for sure that there has never been a time in history, or there has never been a place on earth, where a government could run the printing press and that printing press is a metaphor. Maybe it’s electronic money creation. There has never been a time when a country, a government, a central bank, whatever you want to call it, you know, these relationships are nuanced, of course, can create currency out of thin air without the value of the currency declining. Remember, the fundamental rule of what makes something valuable? There are two components according to yours truly, two components scarcity And utility. Now some economists would say scarcity, but I disagree with that, you know, look at something can be scarce but not have any utility, right? And something can be have utility, but it could be abundant, and it’s not going to be valuable if it’s abundant with utility, you know, look, Take, for example, sand now, oddly, there is a bit of a sand war going on, but sand is still an abundant item. Okay. So sand is abundant, and it has utility. There’s a lot of uses for sand, right? You know, not the least of which is concrete, right? So, so sand has real utility, okay, we need sand. It’s a useful item, useful commodity, but it’s abundant. So it’s pretty cheap. Compared to diamonds, which have utility that was created largely by marketing, good job, beers.

Jason Hartman 4:01
And, and then it has some industrial uses, right? But they also are scarce. So, you know, you’ve got to have both scarcity and utility. Okay. And when you look at the size of the stimulus packages, meaning money created out of thin air, compare them to the gross domestic product of various countries based on the COVID crisis. It’s absolutely mind boggling. Are you ready to have your mind boggled? Because I’m about to boggle your mind. Here we go. Okay. I’m just going to select a few of these off of this chart I’m looking at that, by the way is probably going to end up in my pandemic investing presentation. So and that’ll be a webinar that you will be invited to soon. So this is a new one just came out today, percentage of gdp dedicated to the stimulus in reaction to Coronavirus Okay, let’s take Well, let’s take Italy because Italy was sadly largely affected by it. Italy 5.7% of the entire country’s GDP. Only so far, only so far as of May 10. Now there will be more we can be sure there will be more. But as of just now basically 5.7% of the entire country’s GDP, has been dedicated to stimulus to try and rescue their economy from the ravages of COVID-19 What about Spain? It’s even worse. 7.3% What about France, the hottie French, even worse, meaning more stimulus 9.3% Well, how about Germany? sprechen zie Deutsch 10.7%. But then what about the country that just bucked all the trend? And I haven’t looked at it lately, but they might be paying for with human lives. Or maybe not. I don’t know, maybe not. You know, we don’t know yet. Because there’s this concept of herd immunity. That is a real thing. And it’s a good thing if it happens, but, you know, a lot of people got to get sick to have herd immunity. So go back and ask the famous while I’m attributing it to him, I don’t know if it’s from him, but I’m going to attribute it to him anyway. I’m going to call it you know, look, you know, what the Jason Hartman question is, right. The Jason Hartman question is, compared to what, okay, compared to what, that’s the Jason Hartman question. Well, I’m going to tribute this one to another guy who was the most influential economist in world history. And I don’t like the guy Okay, I think he’s a moron. And I think he caused a lot of just terrible, terrible human misery, death, famine, just awful things. But he is arguably the most influential and successful in quotes, economist in world history. Who is that? That’s none other than Karl Marx, Karl Marx. Okay, because I don’t think any economist has had more influence than Karl Marx, sadly, the country that the Karl Marx question, that’s where I was going, where am I going with this? Jason? It’s been a long day, folks, done a lot of interviews today. So the Karl Marx question, I’m coining that phrase, the Karl Marx question is, do the needs of the few outweigh the needs of the many for another way, do the the needs of the many outweigh the needs of the few. Well, Sweden baby right there. You know they have bucked the trend with this whole thing in terms of their public health policy. And but you can’t deny that they are spending a lot of money, a lot of money to stimulate their economy based on what’s happened with Coronavirus. 12% 12% of their GDP has been dedicated to this crisis. Wow. Wow, that’s shocking.

Jim Puplava 8:34
But wait,

Jason Hartman 8:35
there’s more. What about the good old United States of America? Well, the good old US of A Uncle Sam, and this is only so far folks. There’s gonna be a lot more. This is this is like the third inning maybe right. And we got nine innings in this game. And how many innings you have in baseball. My guess I don’t know. Not much of a spectator sports fan. You know, Karl Marx said religion is the opiate of the masses or no, I think that was Joseph Stalin. I got the wrong communists Damn it. Okay. Well, I, you know, I confuse my commies. He said, religion is the opiate of the masses. I don’t know, some would argue that spectator sports is the opiate of the masses. So anyway, I don’t really have time to watch them or follow them. But in the old days, when we actually got together and went to group events, I really did enjoy going to sporting events. I hope those come back sometime because there’s nothing like being in a stadium or in an arena and the roar of the crowd and the excitement of the game and you know, yeah, it’s pretty exciting. Anyway. Where was I going with that? Oh, yeah, well, US 13% of GDP so far, knock on wood, right. But wait, there’s more. And this one is, make sure you have a seat belt on your chair because you might fall off Your chair with this one. This is staggering. The highest expenditure by any country so far, or at least major country, there might be some smaller one that’s spent more as a percentage of GDP. Only so far, and we’re only in the third inning maybe rolling in the first inning. I don’t know. Yeah, maybe it’s only the first inning. They have spent 21.1% of their entire country’s productive capacity 21.1% of their entire country’s production has been spent only on trying to stimulate their economy based on the COVID-19 crisis. 21.1% Dare to guess what country that is? Do you want to guess? Should I keep you in suspense? Yeah, just for a moment. At least. I won’t make it Wait till the next episode. So, I love this book. I’ve shared it with you before. And it is. It is an old book. It’s out of print. I couldn’t find one of my I’ve maybe purchased 50 copies of this book over the years. And I couldn’t find any of my copies. They’re probably in a box somewhere. So I bought it again, from a thrift bookstore bought it online, but it’s out of print. So you got to buy a used one. And it’s called Earl Nightingale’s greatest discovery. Every word in this book is word of words of brilliance, absolute brilliance in this book, Everywhere you look, and I want to just share a couple of things from this book, and then we’ll get to our guest here and maybe we’ll get to the answer. I’m keeping you in suspense about that. 21.1% You know, I gotta, you know, they say you got to keep them in suspense. A little bit, okay, it’s coming. Don’t worry. Okay, so this passage right from the book mankind evolving, okay, here it is. And this is, why am I sharing this with you? Well, I’m sharing it with you because we must this whole book by Earl Nightingale. Okay, Earl Nightingale his greatest discovery, one of the most awesome books ever written. This book is basically about the concept, which is Earl Nightingale his greatest discovery that he discovered from Napoleon Hill that he probably discovered from James Allen in as a man thinketh and James Allen probably got it from the Good Book, the Bible, okay. And the story the basic concept is we become what we think about. That’s the, the Rule of Life anywhere you look, we become what we think about and why do I want to share this with you today? Well, because the world is going through a trying time and it is very important. to control our thoughts, because like Viktor Frankl said, and you know, his great book is Man’s Search for Meaning, he talked about how the last human freedom is how we perceive anything, you know, they can do anything to us. But our last freedom is our ability to choose how to perceive anything, you know, they can tie you up and torture you and take pliers and rip your fingernails out or, you know, hang you by your arms or whatever, right? You know, people have been through all kinds of horrific, barbaric events throughout history. And sadly, this kind of stuff still goes on in many countries. It’s absolutely disgusting. But the last human freedom is the ability to think the way you want about any given situation doesn’t matter what the situation is you and you alone. Choose how you perceive it. So how are you perceiving what is going on in the world today? Are you looking around and thinking, boy, you know, this is going on this, this crisis is happening. But guess what? My fellow people need something, and I can supply something to them. There’s an opportunity there. Is there a crisis or an opportunity? And I’m stuck at home, I’m stuck cooped up at home and I can’t go anywhere. Well, what am I doing with this time? Am I using this time to eat potato chips? Lie on the sofa? And, you know, become fat and work on heart disease and diabetes? Or am I exercising and doing some jumping jacks and some push ups? Am I letting my brain turn into mush? Or am I studying and increasing my skills? Am I going online to you know, all these websites site Skillshare. And by the way, I’m not promoting Skillshare. But they did ask me if they could sponsor my show. So I’ll give them Plug and Play and that’s a good website, you know, or any of these other you know, Udemy or any of these other websites, right, where you can improve your skills or Code Academy where you can learn how to do coding. You know, am I improving my skills or letting my brain and body go to mush? What are we doing here? So here’s an earl angles book as he quotes for mankind evolving through his images of the future. We come to know man, who he is, and how he wishes to be, what his thoughts are, what he values most highly, what he thinks is worth striving for, and whether he thinks it is attainable. Certain types of men hold certain types of vision, subject to their temper, and spirit. Tell me what your vision of the future is. And I will tell you what you are

Jim Puplava 16:01
That is

Jason Hartman 16:01
brilliant. That is brilliant. And those are not the words of Earl Nightingale, just words that he quoted. And then another tiny little passage here. And this is another thing he’s quoting. And it says, He says, I slept. And by the way, here, let me just tee this one up a little bit. You know, people asked me many times, you know, Jason, you’re done. You, you, you’ve made your money. You don’t need to work anymore. Why? Why keep working? And believe me. Some days I wonder that myself, but but, you know, what else are you going to do? And what is really the point of life? What is the meaning of life? Well, I think the answers are pretty well, this short little poem. I slept and dreamt that life Was joy. I woke and saw that life was duty. I acted and behold, duty was joy. Hmm. duty was joy. That’s a beautiful concept, because that’s what we’re here for. We are here to provide service and value and that is the meaning of life. And the answer that I kept you in suspense, waiting for that country 21.1% of their GDP only so far dedicated to stimulus packages based on Coronavirus that is Japan, Japan. Wow. That’s absolutely shocking. More than a fifth of its entire GDP, has gone to stimulate its economy based on Coronavirus only nothing else, just just that. All right. Let’s get to our guest Jim Pavlovic, part two today And tomorrow, we’ve got a great 10th episode show coming at you. But here’s Jim eight. Let’s talk about fiscal policy for a moment. Okay. So we talked about the supply demand shock how it initially creates deflation, then it creates inflation. And, you know, we’re obviously in the deflationary cycle right now.

Jim Puplava 18:28
But, you know, what do you think about the fiscal policy of all of this money creation? I mean, are we going to have an inflationary future, or as I think a stagflation airy future, I think you’re going to see stagflation and one of the reasons is, as we just previously talked about, if you are killing supply, killing small companies, killing suppliers, then all of a sudden you start coming in with big fiscal spending. You know, we got, as I wrote in my article, the end of money, physical or a stimulus one was just the first of many to follow. So we just got a supplemental fiscal stimulus. That’s a half a trillion. They’re working on another fiscal stimulus that’s supposed to be by the end of May or June, which would include suspending payroll taxes for employees, employers, and maybe a possible monthly check of $2,000. So that’s going to put demand. Okay, that’s great. But what about supply? And the other thing that they’re going to do is, I’m trying to figure this out, we’re trying to project because the budget deficit was going to be a trillion dollars heading into the government’s fiscal year, ending this September. That was before the 2.1 or 2.2 trillion, you just added another half a trillion, then they’re talking about stimulus three, which is going to be half a trillion. But Jason that’s only part of the story. The other part of the story. is when you have 26 million people unemployed, maybe it goes over 30 or who knows what that number is going to end up being. That means those are people that are working, which means that they are receiving unemployment benefits. So social spending goes up. That’s number one. Number two, they’re not paying taxes. So tax revenues go down. So in addition to this additional spending, that is coming from this fiscal stimulus, you also have the major drop off in tax revenues, at the same time, the increase in social spending. So we could be within the next two years, we could be at $30 trillion in national debt.

Jason Hartman 20:43
So and that’s why I think

Jim Puplava 20:46
you’re going to devalue the currency.

Jason Hartman 20:48
Yeah. So the gold bugs would say, you know, Peter Schiff would be out there to buy gold. He’s been saying that forever, but you know, this, Peter Schiff has got got a checkered record here. You know, his arguments are Good. I like the arguments, but the result never seems to pan out the way he says it. So currency devalues. But the question we’ve got to ask ourselves, Jim is compared to what I mean, a lot of central banks are pumping stimulus into the system. So the dollar index is only a comparison,

Jim Puplava 21:19
right? Here’s the issue. I see. You know, everybody’s devaluing their currency and they’re pumping out money, but the Fed is like on steroids. I mean, we added 1 trillion to the Fed’s balance sheet in two weeks. We’re doing daily what they used to do monthly. And I you know, I’ve never seen anything like this. And then we’re also seeing the Fed move into areas they’ve never done before. Before it was in the last crisis. It was treasuries and junk mortgages. Now they’re moving into the corporate bond market buying triple B’s ETFs. They’re moving into the junk bond market. They’re going into their they’re going into munis Oman market. So there is going to just be no end to this in terms of what they’re doing. And eventually what I think they’re going to go to is they’re they’re going to try to flatten the yield curve. And there’s a great, anybody that subscribes to The Wall Street Journal. I’ve got a Bloomberg, so it looks different. But if you go to the Wall Street Journal, go to the markets page and then scroll down and go to bonds and they have a yield curve. We’re where it was a year ago, a year ago, you were looking at 30 year bonds or 10 year bonds at 3%. Today, 30 year bonds are a little over 1%. So they’re trying to keep the yield curve steepened but flatten it, which they’ve done. I mean, you’re talking about almost 200 basis points dropping yield on a 30 year bond. And eventually, Jason, I think they’re going to do two things. We’ve got ZIRP, which is zero interest rate policy. The second thing They’re going to go is to nerp, which is negative interest rate policy. And as crazy as that may sound several weeks ago, if you went into three and six month t bills, they were negative,

Jason Hartman 23:12
do we have to look at money itself like, like oil, and like self storing your extra furniture where you literally have to pay for storage? It’s a strange,

Jim Puplava 23:26
you know, I’m kidding. You know what else they’re thinking to do unto it. And there’s a Fed paper, I’m going to put this my next article, where if you look at your dollar bill, like your hundred dollar bills, and you see that little metal strip in it, there is going to be a tax on cash. And they’ll come up with some cockamamie idea, well, hey, people are doing this, you know, with the drug trade or some kind of illegal thing. Terrorists are using it or something, but they’re going to they’re going to penalize you for cash. Because what the government does not want is a deflationary. environment where the asset markets collapse, because then debt becomes toxic. So how do you inflate the debt markets is you get people out of cash. Now, here’s something that’s gonna scare the hell out of you. We have 14 little over 14 trillion in cash in the banks. These are, you know, that’s what people have in their checking account savings account money market funds, we only have a little over 1 trillion and actual bills to pay that. So if everybody wanted to pull their money out, at the same time, there’s only about a trillion to back 14.

Jason Hartman 24:36
Then if you want to throw Yeah, backing 14 trillion,

Jim Puplava 24:40
okay. Yeah. Yeah, and it gets worse. Then you look at FDIC, there’s only about 100 billion dollars in the FDIC fun to back 14 trillion in deposits. So this is an event the Fed can’t afford to happen. This happened in the early 30s when the Dollar was backed by gold. People use gold as money and people start going to banks and demanding gold, right? Well, all of a sudden that starts sinking the banks, the banks start going under and what Roosevelt do, he declared a bank holiday. Yeah, confiscated people’s gold. And then we came up with the FDIC. Yeah. And I think we’re at some point, if we keep going down this direction, that’s going to be the end game.

Jason Hartman 25:27
You know, I’m curious, Jim, I have a feeling I know where you’d stand on this, but I don’t I’ve never actually heard you say it. So I asked you. What do you think about digital cryptocurrencies, Bitcoin, etc.

Jim Puplava 25:39
I’m not a big fan of it, because he doesn’t have a lot of the characteristics of money. And the best example I can give you, is Bitcoin going from 1000 to 18,000. down to 4000. Again, right? Yeah. So can you imagine if you were a car dealer, and bitcoins at 18,000 and you’re going in and buying the I don’t know, a Lexus, a Toyota, maybe a Honda you pay for in two bitcoins coins when it’s at 18,000. and a month later, it’s down to 4000. What happened to that dealership? Right, right? It’s a disaster. It’s like a Zimbabwe esque disaster one way, you know, depending on which direction it’s going. But the other problem with all of the cryptocurrencies

Jason Hartman 26:28
of the bunch, Bitcoin is the best I believe, but I don’t believe in any of them. I’d like to be wrong about it. But the cryptocurrency that’s gonna win the day is the one backed by the Fed and the US government and they’re going to have one and then when they have a digital currency, we are going to lose our spending privacy. Of course, there’ll be a reason just like you said, it’ll be well terrorists and drug smugglers and stuff we’re using, you know, we need to eliminate cash and, and also the virus spreads on cash bills. So it’s time for a digital currency, a digital dollar. And I think that’s where it’s going, Oh, I agree with you 100% because they want to get rid of cash, right? And then also they can monitor you. And also just think the power of the government has to turn off access to your cash. I know, I know, you know, it’s no longer a thing if they think you’ve committed a crime, you know, the civil forfeiture. And you know, they could just go take your stuff, that’s bad enough. But in a world where it’s a digital currency, they can just deactivate your currency. It’s like instantly demonetized. And you know, you’ve seen this happen where they de monetize the larger bill denominations in various currencies. And that’s one way to just get more control of the population, because spending privacy is I believe, a civil right. And that’s a scary thing when you don’t have spending privacy.

Jim Puplava 27:56
I think eventually, you’re going to see I wouldn’t be owning $100 bills because I think they’re gonna go against them. Mm hmm. Is there used to

Jason Hartman 28:04
be $1,000 bill and a $500. Bill, you know?

Jim Puplava 28:06
Yeah, yeah. And so the hundred dollar bills next. Yep.

Jason Hartman 28:10
Yep. And that’s when those bills were worth a lot more money than they are today. Yeah, a lot more inflation.

Jim Puplava 28:20
Yeah, they’re going to go, they’re going to get rid of cash. They’re going to go to negative interest rates. And eventually they’re going to go to devaluation. We’re in the we’re in the endgame right now. And you know, the best tool I’d recommend if you have a chance, go to our website and read my article, the end of money because I showed the total debt of the United States and I showed GDP growth, and there’s a wide margin between those two. So it’s taken 678 dollars of debt to get $1 of GDP. And you’ve got the Fed coming in with treasuries with mortgages. Now with corporate debt Now with municipal debt now with junk bond debt, I mean, how much of this stuff can go on? They can’t afford a deflationary asset spiral because that’s when debt becomes very toxic.

Jason Hartman 29:16
So the thing is, we’ve never been here before. And nobody knows the answer to that question. And it’s like the Malthusians, you know, that still exists today who say they, you know, the Earth is overpopulated. But the problem is, they have no reference point, because we’ve never been here before. You know, we don’t know if 7 billion people is too many people. Maybe the earth can sustain 20 billion or 40 billion people. How do we know how much debt a country can sustain? Especially a country with the largest military the world has ever known to force its reserve currency upon the rest of the world? You know, we just don’t know Do we? I mean, wait, it’s It’s the numbers are crazy and I and your chart is crazy. Yeah, you know that divergence between GDP growth and currency growth? It’s absolutely staggering. But we don’t have a comparison, do we? Jim?

Jim Puplava 30:14
No, we don’t have a comparison. The only comparison we can make is with Japan.

Jason Hartman 30:19
Yeah, what I was just gonna say that 229% of GDP right or something like

Jim Puplava 30:24
yeah, 230% we’re not even close to that. So, you know, we we have much further to go. But that’s we’re we’re going to start moving, you know, the transition is going to be when we move from this deflationary cycle, we’re in now more towards the inflationary cycle, because they’re destroying by their policies supply. You’re putting all these businesses, small businesses out of business. So that’s only gonna leave the big guys that are going to be left so you’re going to have limited supply. At the same time you’re going to be pushing money. through the system, which is going to create demand. And one of the things that eventually they’re going to have to do is I think we’re going towards zero percent interest rates that they are going to drive this yield curve. And once again, if you can go to the Wall Street Journal, you subscribe. And maybe we’ll just put this graph in the next article, but I can show you the yield curve, where it’s gone in the last year, or you’ve got 30 year treasuries falling from 3%, all the way down to 1%. And then, once they get through that, then we’re going to go to negative interest rates. And when we get to negative interest rates, then you’re gonna have problems with cash. And that

Jason Hartman 31:44
is why do negative interest rates cause a problem with cash?

Jim Puplava 31:47
Well, because if you have money at the bank, they’re gonna start charging you right

Jason Hartman 31:54
but but that’s just like oil right now. Right? You got to pay to store it. And if you have extra furniture, you’ve got to pay to store it in a self storage unit. Right? So that’s the I want to draw that comparison. You know, maybe I know, we totally think it’s weird. I mean, I think it’s weird, but I’m just playing devil’s advocate here. Maybe you should have to pay to store your money. I mean, it’s a weird idea. I get it, because the idea is that money always has an opportunity cost. And if you’re not using it, and you store it somewhere, someone should pay you to effectively rent it from you. So they can use it. That’s an interest rate on your savings account, for example, but, you know, the negative interest rate paradigm flips that on its head.

Jim Puplava 32:41
Well, it’s not just that but it also distorts lending with you know, so you’re going to end up doing what Europe had to do where the ECB had to basically give free money to banks, because basically, they had to pay out on their deposits, where it was charging and people are just pulling money. So you just you know, the Fed creates money gives it to the banks, hey, if we’re not going to charge you for this, we’re going to give it to you for free. And if you use it to make a loan, and your cost of funding is zero, then you can still make the bank semi function, but it’s distorting the whole lending process. And it’s also distorting in terms of how you value for example, if I’m an investor, and I’m Warren Buffett, and I’m looking at buying a company, so Warren Buffett is a cash flow guy. So he’s going to look at what what is this company going to produce in terms of cash flow, and I’m going to discount that, or what happens if what you discounted is at zero? it distorts all those cash flow calculations in terms of what a company’s actually worth.

Jason Hartman 33:50
Yeah, it’s just a different paradigm. I don’t know. It’s, it’s very weird. I don’t think it will actually work. Yeah, who knows? We’re just in such uncharted territory. And just to finish off on maybe one more concept, we talked about Japan. So when the debt to GDP ratio gets absolutely out of whack like Japan, I think ours is around 100% or something like that, right? I can’t remember, but pretty close little over 100 in Japan’s at 230%. So they’re the highest ratio of any developed country for sure, by a longshot.

Jim Puplava 34:34
So what happens? What does that mean to them? Well, Japan has had the last going into three decades, I guess, you know, they have this sort of, like, anemic economy, but they also have demographic problems. And, you know, they just don’t have any immigration. And so, there are other factors, right. What what happens? I mean, what are the what’s the result of our debt to GDP. Getting way out of whack like that what will happen in the US in a country that has the reserve currency very different from Japan, in a country that’s actually growing in population, different from Japan, which is shrinking? You know, I think in the end, we’re going to have to have some kind of gold backed currency or some kind of linkage. In other words, when everybody devalues the currency, including the US, when we eventually do that, ECB if it survives, which I have doubts about, or Japan or China, everybody’s doing it. You know, I could see him going to some kind of global currency that’s going to have something that is going to have to give it tangible value because people won’t trust it. Mm hmm.

Jason Hartman 35:44
And do you think Gold’s the thing Hmm, not a barbarous relic relic?

Jim Puplava 35:50
You know, it’s been around and let’s put this way take a look at what central banks if it was a barbarous relic, you wouldn’t see central banks owning it.

Jason Hartman 35:58
Well, fair enough. Fair enough. Maybe they’re just hedging though, right?

Jim Puplava 36:02
Maybe they’re just hedging what they’re printing

Jason Hartman 36:04
yeah hedging hedging their own printing press. Good stuff. Well, Jim, thanks so much for joining us again. It’s always a pleasure to have you on and please do give out your website. I know you alluded to it before, but just so people have it.

Jim Puplava 36:15
Okay is financial sense all one word in senses SC n, se like common sense, financial sense.com and Jason Once again, thanks for having me back. It’s always great to talk to you.

Jason Hartman 36:35
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