On today’s Flash Back Friday from Jason Hartman starts interviews Elisabeth Embry about 5-year plans and their importance. Jason continues the episode with former Congressman Dr. Ron Paul. They both look at why the government thinks they are the best option for many aspects in our lives, what would happen if the government got out of the way and prices reverted to normal rather than the distorted view was getting today, and why we shouldn’t expect to see inflation curbed in the near future (or even more likely).
Welcome to this week’s edition of flashback Friday, your opportunity to get some good review by listening to episodes from the past that Jason is hand picked to help you today in the present, and propel you into the future. Enjoy.
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 1:06
Welcome to the creating wealth Show Episode 913 913. Well, I hope you enjoyed our last episode 912 with Dr. Ron Paul, obviously a very famous person, a politician, well, a former politician, who is loved by both sides of the aisle, you know, Ron Paul appeals to people on the left and the right, just people who want more freedom and liberty. And, you know, most of us can agree on that, regardless of our political ideology, because it’s usually just a difference of opinion on how to get there. Right. But Ron really just makes a lot of sense, you know, but there are a lot of people who really don’t understand him more his ideas because we posted on Facebook, that, you know, we were interviewing ron paul on the podcast, and you know, some people made remarks that just show you how clueless they are It is truly truly amazing. The world in which we live, you know, everybody lives on a sound bite nowadays and there’s just not a lot of depth to thinking usually. But we are here to help contribute to deep thinking. And help me do that today. I’ve got Elizabeth Embry back with me, Elizabeth, welcome. How are you?
Ron Paul 2:17
I’m great, Jason. I love it deep thinking, are you?
Jason Hartman 2:21
Are you a thinker?
Ron Paul 2:22
I am a deep thinker. Yeah.
Jason Hartman 2:24
Okay. All right. Because you know, I’m in touch with my inner shallow guy.
Ron Paul 2:30
Believe it That’s awesome.
Jason Hartman 2:32
There you go. Well, hey, we’re going to talk a little bit more about this five year plan contest that we’re running, and I am so excited to see the entry start rolling in folks. If you haven’t done your video yet, hurry, you got to get it in this five year plan. In terms of real estate investing and kind of laying out this goal roadmap is going to be a great exercise. Of course, you can win some fantastic prizes. Go to Jason Hartman dot com slash contest. But you know what, don’t do it for the prizes, do it for yourself. That is why you’re doing this, you are going to help crystallize your thinking, and what do they say a problem defined as a problem half solved. And, and so you’re going to help crystallize your thinking by doing this exercise. And you’re going to declare it publicly, which is going to make it much more possible, much more achievable, and put it much more within reach. You know, I love what Denis waitley taught me at age 17. He said a goal should be just out of reach, but not out of sight. And five years, I think is a really good time frame for this. Now, a five year plan would be different if you’re talking about, you know, fitness or a workout plan versus real estate investing, right? Because real estate investing is you know, it’s the tortoise and the hare. It’s a little slow, you know, it’s the tortoise but Elizabeth has just done such a fantastic job and I enjoyed the time. I had her on the show just recently where we talked about this. So if you didn’t hear that, please go back and listen to it. But wait, there’s more. Elizabeth, there’s more. Tell us more.
Ron Paul 4:10
Right? So, you know, one of the things that we were just talking about is the deep thinking process. And actually taking the time to put pen to paper or video, record something or just jot down your thoughts really does help you envision the future but also really thinking through what are the possibilities and what are the appropriate targets for yourself. But the other thing that I really love about the goal setting and and as I mentioned on the on the earlier podcast, you know, Neil, and I actually carve out time to do this every year. But we also take the time to reflect on how the year performed, right. And so we think about the past we think about, you know, it’s funny, because it’s so easy to remember the bad things that happened, oh, no, we, you know, a tree fell on a roof and I gotta pay for that. But then when you actually look at their performance, your portfolio in aggregate the progress you’ve made against your goals from the prior year, you get to actually see the scale and the scope of all the things that you actually did achieve. And it just, it’s really exciting because it just completely rubs me up for making more, you know, audacious goals, more big, crazy goals coming up, because I see how much I actually already achieved.
Jason Hartman 5:26
Okay, so though you made some great points there, and Neil is your husband, by the way, just for the record. So we established you’ve mentioned, Neil, and not everybody knows that’s your husband, but I’m sure by now. Yeah. Our first to venture Alliance members. Okay. So on the thing you said about everybody remembers the bad times. And you know what, that is so true. You know, as humans, we have all these biases. Is that a proper word? Yeah, I guess so. And, you know, one of them is confirmation bias. One is sunk cost bias. So when we get into something, we don’t want to quit because we’ve got all this investment in it. So it’s the song Cost bias, confirmation bias, we believe something. So oddly, everything out in the world starts to look like what we believe. Because we don’t see the other stuff. We just filter it out, right? So we have all these things that influence our thinking. But I think one of the reasons that we remember the problems, and we don’t remember the good things so much as you know, I used to always say on the podcast, you know, whenever there’s a problem, everybody talks about it, they tell all their friends about it, all this stuff, but on the first of the month, or that’s not really the date you receive your rents probably, but you know, that’s the date hopefully the tenant pays them. Do every month, celebrate. When that rent comes in on time? No, you just you know, that’s nothing you don’t think about it, right? But when it doesn’t work when it’s late, oh, it’s a crisis or, you know, the tenant broke something or the property got thrashed, or this or that all the bad things we really remember. And one of the serious reasons I think we remember the bad things is because we attached emotion to them more. You know, like, if we go out and celebrate a victory in life in any area of life, and you know, maybe we go out and we have a nice dinner or something, right? We’re not gonna remember that as much I don’t think as getting in a big huge fight with someone, because there’s not that much emotion attached to it, the more emotion you attach to something, the more you’re going to remember it, the more you’re going to dwell on it, the more intense it’s going to be. So there are two sort of memory things that memory experts will talk about is Motion Plus emotion. Those two things help you remember it and Tony Robbins, Elizabeth, you know, he talks about anchoring. Right. And that’s part of the motion concept, you know, so Yeah, go ahead.
Ron Paul 7:45
Oh, yeah, I was just gonna say I actually think it kind of harkens back to our caveman days right where we learn not to go to a certain area or not to do a certain thing at a certain time you know which berries are poisonous. We remember the bad because it our life depended on it. I think we’re predisposed to just really fixate on the negative. And as you said, most people don’t bother rewarding themselves for the good. Right. You know, Neil and I bought a house the other day, and it’s a cute little cabin on a lake. And we’re like, okay, you know, closing date is here, but all the paperwork done, okay. Yeah. What are we going to do next? And he was like, wait a minute, shouldn’t we be having a glass of champagne? I was like, Oh, yeah, you know, celebrate that good thing.
Jason Hartman 8:25
Yeah. It’s just not in our nature. And they do forget to do that. And I think that’s an important thing that humans need to do is celebrate victories, so they can memorialize them, you know?
Ron Paul 8:35
Absolutely. And the other thing that I just love about this, for me, this gold planning process, and the roadmap is, you know, I get to see all of the pieces that I need to lay in front of me in order to achieve those goals. And so some of the things that I call out now, I have been doing gold planning for 20 plus years, so I’m, in essence a seasoned pro at it. Other people might be intimidated, like, Oh my gosh, how do I do even get started with setting goals or even thinking it through. But I just give myself a couple of building blocks every time to make sure that I achieve my targets. And so those building blocks are, you know, getting a mentor or coach. So like your investment counselor is a great person for that, you know, doing specific assignments or you know, having specific activities that I want to do, what kind of training or education do I need? And then what kind of knowledge Do I need to build. So an example of the training is going to meet the Masters where, you know, you meet so many great speakers, but you also meet other investors, and they’re sharing about their experiences. So you’re learning a lot from each other, as well as the speakers, but then gaining knowledge. That’s where I list out the podcasts that I’m focusing on, including the women investing network podcast, the creating wealth, podcast, and others, and then what books I’m going to read and all of those really helped demystify How the heck I’m going to achieve this. This big five year target.
Jason Hartman 10:00
Yeah, absolutely. Okay. Okay, good. So take us through some of the steps, you sent me a PowerPoint slide on this. And just quickly kind of highlight some of these things here.
Ron Paul 10:10
Sure. So I start with the working backwards methodology like the Amazon when you start with the press release, it’s where do I want to be in five years and so five years,
Jason Hartman 10:20
and by the way, just for the audience, Elizabeth worked at Amazon, and she’s had a lot of jobs leading tech teams. And you know, that’s, that’s her career. And Amazon, one of Jeff Bezos has kind of these funny things. He does like the to pizza meeting and all this kind of stuff, right. But one of them is write the news release first, and then go do the project and make it all happen. Right. You know, what will the news release? Like? Is this actually worth a year? What Why did he do that? Why does he have that? He asked me, just,
Ron Paul 10:48
yeah, it’s just such a great way to crystallize what you’re going toward. If you understand where you’re going down the road to get there. Just completely become itself obvious, but you have to have a lot of thought in. Is this product viable? You know, are these goals achievable? You know, it takes quite a bit of discipline to think about from a technology from a business process from a customer acceptance perspective, what products are going to be, you know, marketable. If you’re thinking only about how your customers going to consume that thing, then you build that solid press release, then almost everything just kind of falls into place, because you’ve done so much pre thinking. And it’s the same with the roadmap. It’s same with the goals. For instance, one of the examples of our five year plan is one major life experience or event per year. You know, Neil, and I want to have this lifestyle where we can do a major, fun event every year, we’ll working backwards, how are we going to get there will we need the income we need the freedom we need the team that supports us so we’re not a slave to managing our own portfolio. You know, we need all of these other pieces in play, in order for us to achieve something that seems on the surface, very simple one major life event per year. And so by doing that, we make it a little clear by going into it, what a two year target is, and then work on what do we already have? And then what do we need to get in order to achieve those two year targets? And ultimately, that five year plan?
Jason Hartman 12:24
Yeah, I think that is that is excellent. There’s some excellent, excellent nuggets in there. So you’ve got this categorize into current, you know, where you are now needed, and then target current needed and target kind of three, you know, areas that need to be addressed, right?
Ron Paul 12:39
That’s correct. And so the target again, working backwards where you do the five year and then the two year the target are the skill sets or the resources that you need to achieve that two year in that five year you know, goal. Then you look at what you currently possess what’s already in your pocket, whether it’s money, it’s skill, set, its connections, its assets. are already in play, you know, maybe it’s excellent credit. So what do you already have? And then what’s the delta between what you currently have and your targets? Now you’re honing in on the native things, what do you need in order to achieve those things, you know, then you you understand that what you actually need are things like you know, deal flow or, you know, to build skill set or to get the right team in place, which may not have been apparent when you first started this journey. And that’s when you can start getting those resource tools working for you, you know, your coach, the type of training or knowledge that you’re getting because now you know exactly what you’re targeting in. And so that again, this is a one year look at how to get to your five year goal. And getting those breaking down those building blocks into small incremental steps. It’s the same thing if you’re building software if you’re building your career if you’re building your your life and wealth plan, the whole nine yards. Yeah, Good stuff, good stuff. And, you know, one of the things I think that will amaze people about this
Jason Hartman 14:00
is that when you look at the current situation, so many people sort of gloss over all of the resources they already have, I think there’s this tendency, and it’s just part of human nature to look at things in a scarce fashion. And not it’s kind of a gratitude thing really to, you know, like, we have to force herself to look at what we have, and be grateful for it and acknowledge it. And, you know, you like you mentioned here, you know, you have these mentors and these coaches, you have your mastermind group, you have a group in Seattle, where you are a Real Estate Group, most people have a lot more in the way of resources in their current scenario than I think they usually realize. And so that’s why it’s important to get this down on paper. You know, it helps you realize you have so much already. And then you know, what do you need and then connect the dots with what do you have like people in your network or groups in your network or anything that can help you get those things and then you can reach the target the big vision. I love the way you do that major life experience. Maybe that’ll be the Ice Hotel with a venture alliance in Sweden.
Ron Paul 15:10
Yeah, that’ll be fantastic.
Jason Hartman 15:13
Good, good stuff. Okay, what else?
Ron Paul 15:14
And then one of the things that you said was you getting it down on one paper, one of the things that we do is we look at this on at least a quarterly basis, if not a monthly basis, so that we can make sure we’re actually tracking toward those targets. You know, you get lost in the details of life sometimes and there’s so much going on. You’ve got to take those moments, to be in charge of your destiny, by identifying where you’re achieving, and where you still need to achieve. By having it on something that you can look at it, keeping it in your notebook, keeping it you know, as an image on your phone, whatever it is, that’s really important. It’s creating goals are great, but creating goals and then never thinking about them. Again, that’s not going to get you the lift that you really need.
Jason Hartman 16:00
stuff. Well, Elizabeth, thank you for sharing this stuff. We’ve got to get to our segment today. This is awesome. Elizabeth, we are going to be so inspired by the people who make videos and show us their five year plan and share them. I think it’s just gonna be awesome. So Jason hartman.com slash contest, make a little video, tell us about your plan. Don’t agonize over it. Don’t make it an art art project. Just make a video anything could be totally casual, you know, it can be whatever format you like, doesn’t matter. Just get it down, get it declared. And when you speak it into the camera, you will be literally creating reality. Elizabeth I know you know about Steve Jobs and what they used to say about him in the Steve Jobs, reality distortion field, right, you know, he would come around and just tell his team that, you know, this is possible. We got to do this. We got to do that. And they would all like oh, that’s impossible, but he would just push so hard. He would declare things publicly many times. And he would make them real literally by the act of declaring it, you bring it into reality. And so far as we know, humans are the only creatures on earth that can do that. It’s an amazing talent, and you want to make sure you’re using it. So thank you again, Elizabeth. appreciate you sharing this today. Thank you. Okay, so here without further ado, it’s my honor to have ron paul on the show today, and Harriet’s.
Jason Hartman 17:34
It’s my pleasure to welcome Dr. Ron Paul to the show. Of course, you know his name. He’s a former congressman for many years, and he’s known as America’s foremost advocate for liberty. He spent 23 years in Congress Congress. He was an outspoken critic of the banking system and, and some of the monetary and fiscal policy that we have, and it’s just a real pleasure to have him on the show today. I’ve been a fan of his work for many years. Many years and I know a lot of you in our audience are as well. Ron, welcome. How are you? I’m doing fine. Jason, it’s very nice to be on your program today. It’s good to have you on. And we’re also looking forward to having you speak at our upcoming meet the masters of income property event in San Diego in January. So we can’t wait to see you there. Just funny how the folks on the left somehow got to Well, I mean, not everybody thinks this, but certainly half the country probably does. They somehow got to own the high ground of compassion. And they’re just taking from one group to give to their own special interest group. You know, it’s crazy. And on the minimum wage thing, you talked about how inflation hurts the poor, the most, raise the minimum wage, you just create more minority unemployment, you create more poor unemployment and it just hurts these people that they pretend to help. It just drives me crazy. If someone wants to engage in a transaction, what business is it of the government to insert themselves in the middle? You know, if someone wants to work, and someone was Pay them to work. Why is the government involved?
Ron Paul 19:04
But I think you said the right thing the the left beat us out on grabbing the moral high ground. And that puts more pressure on us to describe what we believe into a moral position. And that is why I like to start about the moral position of human rights and individual rights and natural rights and no stealing and cheating and killing, you know, non aggression and put it on the moral ground. And then, you know, we do have to convince that it’s in their best interest, economically speaking, you know, the history is there, the history is so clear. The freer society, the more the wealth is in the better, it’s distributed in our society today has tremendous wealth for a small number of people. There was an astounding figure I saw the other day that demonstrates how how distorted our system is. If you take 50% the lower 50% in this country, their wealth that they’re holding is equal to the three richest people in this guy. That that is not that is not the way it works in the free market economy that that is always distorted by the monetary system. But on Mrs. breeched, in his books that he says if you destroy the value of money through inflation and different things like that, and not that you will always destroy the middle class, in my lifetime being in politics, I just see it constantly, but especially bad since our last recession 10 years ago.
Jason Hartman 20:26
Yeah, no, I agree with you completely. I want to ask you about how the government distorts the housing market. You wrote a lot about that. And I couldn’t agree more. And Ron, I’ll tell you, you know, most people think I’m absolutely crazy. I’m a real estate guy. You know, my whole life has been in the real estate business and as a real estate investor, and I just think it’s the most historically proven asset class in the world. And I love it. And I think this idea of encouraging homeownership by creating these pseudo governmental agencies Fannie Mae and Freddie Mac and you know, HUD has a part in that too. Of course, it just totally distorts the market. I’d love to see them go away. Yeah, might be a tough pill to take for a couple of years. But it’s distorting the market the same way. Sallie Mae is distorting the college tuition market. You know, college tuitions have inflated it, you know, three, four times the real inflation rate for decades now, you know, the government distorts these markets, but what are your thoughts on that distortion in the housing market? Since since we got so many investors, you know, Yeah,
Ron Paul 21:29
that’d be something equivalent to Fannie Mae and Freddie Mac, but it’d be private and it would be okay. The distortion comes in the economic distortion, which has caused the greatest harm, you know, for ups and downs is the manipulation of the interest rates. And that has a lot to do with housing. Right now. Interest rates are still very low, and there’s going to be and there’s distortions in the housing market again, is it isn’t doing loans and cars and everything else, but the interest rates are lowered by the increase in the money supply and it’s the it’s the inflation but you know, that it was natural, you have interest rates low, and when they’re artificially low, you will always have malinvestment. But you don’t know where now the current people in the last 10 years are they’re very confused because we want inflation, that’s their purpose was to deliberately do it purposely. So they did this and they can understand why the inflation rate isn’t high. But they’re deceiving us. They’re lying to us. The CPI is going up more than they admit to. They do this on purpose. But there’s tremendous inflation in the stock market, the housing market, there’s inflation prices going off of medical care days gone up tremendously. But that last housing market, and it continues today because I still hear it, and that is the congress but the end and they compound the problems with Community Reinvestment Act, I care then they tell people in the bankers, the bankers already going to make a mistake because they don’t have the right information about what the interest rates Be when what the savings are. So they come in and say, you will make these bad loans. And then when they all go bust, and the people who promoted it, the mortgage people, they go broke, they get bailed out. And the people who were supposed to get these houses, they lost their jobs, and they’re still not back in their house. And so we have a whole new generation right now. They can’t afford getting into houses. So it’s all by government manipulation, and it’s a struggle, but they’re not getting the right information in the school. And this is one reason why I spend as much time going trying to get the right education for people like in in homeschooling and work with a meses Institute and get people to understand this because that has to come first before you’re gonna you can expect the politicians to change in Washington, Washington, like they are now because Keynesianism, the philosophy of Keynesian interventionism and economics. They won the intellectual fight, and that’s why we’re suffering from what’s going on in Washington. So The changes have to be outside of Washington. If it’s a person like you who can teach this, for practical reasons on how do you survive it, and what do you do? They should also learn the message of exactly why the mess comes and why it’s so hard. The old days when I was growing up, you know, it was interesting to save some money, and we got two or 3% on our money, and we could see it. Now. there’s every reason in the world not to save money not to teach kids to put $10 away every month. It’s a bad deal. And it’s terrible. It’s backwards.
Jason Hartman 24:30
Yeah, it’s totally backwards. you encourage malinvestment, just like you said, you’ve got these iron triangles of special interest, just feeding the Keynesian disaster. It’s too bad. The hyack didn’t win the debate, but it’s really sad, sad state of affairs. But no question. This encourages malinvestment. The problem you have here is that the most fundamental concept of markets and capitalism is the concept of price discovery when the government is in involved in all of these crazy things that they’re doing. There’s no real price discovery. We don’t know what a house should cost or what a stock should cost, or what anything should cost, because there’s just so much regulation, and that influences it. And then, and then manipulation of the currency and the tax code and all these, you know, messed up incentives that encourage people to do all these funny things they wouldn’t normally do. It’s crazy, Ron, I mean, you know, when I sit down with a client, sometimes, you know, I’ll have a meal with a client and 45 minutes of the conversation is how do I manipulate my portfolio to gain the best tax advantage? This is not the way market should work. It should work, how do I manipulate it, so I get the highest return so I produce the most value in the economy. It’s just crazy backwards.
Ron Paul 25:51
Yeah. And this whole thing about pricing is is so important, because meses you know, showed that if you don’t have prices, you have so socialism. And he said that once you drop that, and we’re so awfully close to this, but we’re probably not totally socialist because there still is a pricing mechanism. But it’s so distorted and it’s getting awfully close. Now I remember the very day when we put on wage and price controls, August 15, when the gold standard was rejected, they put on total wage and price controls. And within days, there were shortages all over and black markets going on, because they were establishing prices at the wrong place. They didn’t know the prices and that’s why this the silliness of total socialism and communism is it always fail me said it will always fail. He, in a sense, predicted that communism would not work because there’s no pricing mechanism. And you’re seeing it’s already pretty serious, but it’s not complete, but it can be because everybody’s what’s they do it. You mentioned the minimum wage, that’s the price fixing. Of course, there’s so much interference and what about the price of money interest rates That distorts things too. So prices are the wanted to help people survive or help a free market to work. You have to have free market pricing. And you have to have market interest rates, which we don’t have. So in interest rates, there is no market rate.
Jason Hartman 27:16
Right? Yeah, absolutely. I want to ask you about one more concept, but before I do that, I know we’ve got to wrap it up. How is Randy doing? You know, talk about aggression. I mean, you know, I’ve been following that story and just feel so bad for him and all my listeners of course, wish him well. Is he recovering? Okay.
Ron Paul 27:35
Is I mean his first several days were pretty bad. I think they took a preliminary X ray and didn’t realize how serious the fractures were. And then, because they were serious, and he got fluid on the lungs and he had to go back and get some more x rays. But he felt good enough to go back to Washington this week. And he talked to his mother this morning and says he was feeling better. But he has a you know, these brackets robes and it’s a mess. But the question always is, what was the motivation? And quite frankly, he’s he’s answered that, but I don’t have any idea. He’s I haven’t even talked to the guy in years. They just weren’t, you know, close friends and didn’t talk to each other, but they don’t Converse. But anyway, it’s it’s a messy situation, but he’s gonna be okay. But I think that this case will go on for a little bit. Yeah. Good to hear good to hear I wish him a quick recovery. Just the last thing I wanted to ask you about as we wrap it up here is, you know, from the government’s perspective, that’s just my view. So feel free to disagree with me, but from the perspective of governments and not just our government, but any government and central banks around the world. Inflation from their perspective, seems to be a pretty darn good business plan, from their perspective, because they can buy votes, they can spend the responsibly and then they can Later ways or debt. Do you have any thoughts on that? No, I think it’s absolutely true. And they they’re arrogant to believe that they are good managers, and they can handle it. And they will never let things get out of hand. Well, it always gets out of hand, they’ve been getting away with so much distortion. Because if we have good times, the Federal Reserve takes credit for it right now, you know, the Federal Reserve, there’s a good stock market out there. If things turned badly, then they come in, and further inflate, and then they take credit for fixing the recession or depression that they caused. So yeah, it’s for deceit. It’s deceitful for the politicians, but everybody’s participating. Everybody’s learned the same bad economics. So the people, whether it’s the military industrial complex, or whether it’s the people who want more food stamps, they want spending, and it’s very bipartisan, they both spend money, they can’t raise the taxes anymore, because there’s a limited what, but they’re not going to cut spending. So the central bank is what I call the facilitator and its attacks are there the biggest taxers and facilitators for big government, if you didn’t have a central bank, and nobody could monetize death, we wouldn’t have these kind of problems. Maybe the growth would be a little bit slower, but it would be steady and there wouldn’t be these calamities that we have face, it wouldn’t be this routine cycle ups and downs in destroying the middle class. So this, this will have to be taken care of, we can’t go on. Eventually the economic conditions will be man monetary reform. The big job we have is to make sure when they start rebuilding, that there’s enough people who know and understand what free markets all about and why it’s important to talk about monetary policy.
Jason Hartman 30:41
So would you say the future is inflationary?
Ron Paul 30:43
Oh, the near future is gonna. That’s the way it ends. And we early on mentioned, I guess we talked a little bit about how do we get rid of this debt if the debt is is always liquidated, you have to liquidate the debt and they don’t allow a liquidation on the corrections. And that’s why this last in place. Recycle 10 years ago hasn’t liquidated debt that is much, much worse. But you still have to liquidate death and governments never default on that sending you a check. So with the treasury bill has to be covered or the Social Security beneficiaries have to get a check, that’s going to continue. They will not keep doing it. So the default comes by devaluing the currency,
Jason Hartman 31:23
which in itself is an immoral, you know, to deliberately. They’re committing what counterfeiters do, and we let them get away with it. That’s a horrible situation. No question about it. Inflation is the insidious hidden tax it is a liar and a thief. I mean, I’ve had Laurence Kotlikoff on the show a few times and, you know, he’s done a lot of studies about our future and the upcoming unfunded mandates and, you know, says it’s like 220 trillion dollars. There’s just no way we can possibly pay that, you know, government has six choices that I can see default, raise taxes, which there’s not enough taxes to raise defaults politically unpopular, sell off. national assets, use the military to steal on the good side technological innovation, that would be growth that would be good or just inflated away. And that seems to be the most plausible, unfortunately. But
Ron Paul 32:13
that’s usually what they do. They always inflate.
Jason Hartman 32:16
Yeah, absolutely. Ron, it has been an absolute pleasure having you on the show. Please give out your website. Tell people you know where they can find you, Twitter, whatever you want. And let’s wrap it up.
Ron Paul 32:26
Well, if people want to find me on a daily basis, Ron Paul Liberty report.com I do a daily report 11 o’clock central time. And I have a web page along with that. Ron Paul Liberty report.com
Jason Hartman 32:37
Excellent. Thank you so much, and we look forward to seeing you at the upcoming meet the masters of income property event.
Ron Paul 32:43
Very good, Jason, nice to talk with you. Nice talking with you.
Jason Hartman 32:48
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