On this Flashback Friday episode, Jason Hartman interviews Andrew “Ranting Andy” Hoffman, Marketing Director of Miles Franklin. They talk about Wall Street and how it’s no longer destroying retailers but destroying countries and taking power. They also talk about Goldman Sachs’ infiltration into political positions in other countries.
This show is produced by the Hartman media company. For more information and links to all our great podcasts visit Hartman media.com.
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 1:16
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We have a great guest ranting Andy and he will talk about some of the stories of Wall Street and the stock market and investors getting burned and how to save yourself from these problems. He worked on wall street for many years. So I think you’ll find that to be interesting. And you know, it’s a new year, Happy New Year, everybody. This isn’t our first show of 2012. But you know, we’re still kind of thinking about the new year and our goals for the new year. And I hope you’ve got yours mapped out. We’ve got several prediction shows coming up. We plan to have Gerald cilenti on I just recorded one yesterday for the holistic survival show, which was quite interesting with Linda Sherman. And we may actually play that on creating wealth, time permitting, because there were some interesting forecasts in there but you can also listen to any of my other shows the American monetary Association show the holistic survival show, the Solomon success show a whole bunch of them. I’ve got 15 different shows out there. So take advantage of all of them until your heart content. But yeah, we’ll have some good forecast shows on. And we’ll be doing that probably well into February to talk about what to expect in 2012 and beyond. And we have our annual forecast coming out real soon here, just putting the final touches on it, where we’re talking about our real estate forecast, or I should say our income property forecast in many markets around the US more markets than the rather limited Case Shiller index covers. So I think you’ll like that last weekend, we had a fantastic creating wealth bootcamp in Phoenix. I was going to say here in Phoenix, but I’m in the air now on the way to one of our markets. So I’m not in Phoenix. But it was a fantastic event. And then we did a tour of the next day. And thank you to all of you who came out. And again, just love hearing from our clients and hearing their stories and their successes and their challenges. And one of my jobs and our jobs at my various companies is to really learn from our clients and bring that knowledge to you. our listeners and our other clients so that we can expand the knowledge pool and just be better investors and create a more secure financial future for ourselves. Well, it’s interesting when you look at the stock market, I was looking at an AP news article that talks about, it’s interesting. It’s by Bernard Condon. And it was published December 30. And he said something interesting, it said on Friday, the Standard and Poor’s s&p five or the s&p 500 index, closed at 12,057 point 60. That’s exactly point 04. below where it started the year in 2011. If you fell asleep in gin on January 1, and woke up today on December 30 2011, at the end of the year, you’d think that nothing happened, says jack Alden Chief Investment Officer at Harris private bank, but it’s been an up and down year. It’s been crazy. You know, that’s really true. And I tell you, if Investing in pooled assets, traded assets, stocks, bonds, mutual funds, you’ve spent the last 10 years treading water. And even before that, you have not been treated well. It seems as though the only people on wall street who get rich are the insiders, as we all know, very, very well. And we’ll talk about that today. That’s the topic of today’s show. But further on that before I got a few more things to mention about foreclosure trends, short sales and deeds in lieu of foreclosures and such, it’s interesting because I do own a few stocks. I’ve been getting out of the stock market more and more. I don’t know why I was in it in the first place. I never seem to make any money in it. But I have this one account where I bought some local Orange County banking stocks a couple years ago, and I thought I had sort of an inside line on things. I don’t mean to say insider information, but kind of an inside line on things. And it’s amazing how people think that stocks, bonds and mutual funds are not management intensive assets. They are very management intensive assets. If you own them, you know how your mailbox is just bombarded with annual reports, proxy voting things, all kinds of disclosure statements and all kinds of stuff that basically says you can’t sue the companies you’re investing in or the people that sold it to you stuff nobody has time to read, nobody has time to pay attention to and you basically relinquish your financial future to somebody else, who certainly has a different agenda than you and I do as investors that want to secure our financial future. So one of these other things, I got a call and a bunch of letters from this group, this little brokerage that I had purchased these small bank stocks in Orange County, California where I used to live and I’m glad to say I don’t anymore, I got a letter the new firm that took over is asking me to sign papers and and then the guy calls me and says because We inherited your account, when we took over the firm, we need our management fees. And I wonder what do you mean? I’ve lost more than half of my portfolio value. And he says, Well, you have to either give me permission to liquidate more of your stock, or you have to send me a check. And I’m like, talk about adding insult to injury. It’s just ridiculous. So forget about that. Invest in the most historically proven asset class, do it correctly by following my 10 commandments of successful investing. And you will be way ahead of the game. couple thoughts on the real estate market in general. And those really stem from a couple of the newsletters that I was reading an article that I was reading recently, this from Chris McLaughlin’s newsletter. He teaches people how to do short sales and things like that. A website is short sales, riches calm, and it talks about how B have a has a short sale program that may expand it and this is unbelievable, folks. It just shows you what an upside down backwards world we live in. But since we do live in that world and none of us are really in control of it and none of us are going to change it, then why not take advantage of it. The article says Bank of America’s cash back incentive, which tempted delinquent borrowers to do a short sale over a lengthy foreclosure ended December 12. With mixed reviews, the Florida only program offered between 5000 and $20,000 in relocation expenses to qualified. Now that’s an interesting word. My commentary here shouldn’t be unqualified, homeowners who agreed to vacate their homes through a short sale in lieu of the average two year foreclosure process. But as of early December, only about 3000 of the 20,000 homeowners they solicited by the bank had expressed interest in the plan, which one real estate consultant said was unthinkable before the robo signing. candle, heightened the foreclosure sales chaos. A year ago, banks weren’t making offers like this. Now it’s a complete reversal and they are proactively soliciting short sales said jack McCabe, Chief Executive for McCabe research and consulting in Deerfield Beach. They are offering unbelievable deals he says, Well, that is true. realtors say banks, including Wells Fargo and JP Morgan Chase, began offering cash incentives about six months ago to homeowners who agreed to do short sales with foreclosures taking an average of get this folks 749 days in Florida. According to a November realty Trac report. It’s cheaper to pay off and owner than take them to court realtors say Bank of America spokeswoman jimana Baldwins said she couldn’t comment on concerns unless they dealt with a specific case. But the company was quote pleased On quote with homeowner response, she said that Florida was chosen to test the program because of the high number of foreclosures. If it’s ultimately been successful, it could expand to other states. To qualify, homeowners had to submit their short sales for approval by December 12. and blah, blah, blah. They extended the deadline and so forth. Folks, that is just unbelievable. Another article realty Trac 2012. They say this will be the year of the streamline short sale. realty Trac is calling 2011 The year of foreclosure litigation, strategic default, failing foreclosure law firms and shadow inventory. It was also a year of infighting between regulators underwater mortgages and the year when the mortgage electronic registration system remember folks we did a show on that the MERS system face suits over everything from business model to its assignment procedures. Joel Cohn, staff writer for realty tracks foreclosure news report released a lengthy report on what this year brought for the mortgage real estate and default servicing industries. So what did we learn in 2011? Cohn says that borrowers learn to lean on strategic default get that borrowers learn to lean on strategic default, choosing to walk away from distressed or underwater loans instead of continuing to make payments on their mortgages. Other borrowers discovered the system is moving at a snail’s pace, giving them more room to float by without making payments on their mortgages. As banks struggled to catch up from the 2010 Robo signing induced foreclosure moratorium. Cohen says borrowers learn to gain a strategic advantage from the delays. Cohn writes that quote, armed with knowledge that the financial institutions are so far behind the eight ball in playing catch up with delayed foreclosures, homeowners have no motivation to move on, unquote. He added that there are documented cases of people who are simply staying in their homes without making a mortgage payment for as long as three years for as long as three years, figuring they will stay until the bank gets around to foreclosing on them. In the meantime, they are living rent free. realty track data shows that the average three was 336 days to complete a foreclosure. But get this and I’ll finish with this in just a moment here that’s on properties that made it through the process in the third quarter of 2011. And that’s up 180% from the first quarter of 2007 when it only took an average of 120 days concept. The states with a longest Foreclosure Timeline include New York, where it takes an average of 986 days to foreclose, New Jersey where it takes an average of 974 days. to foreclose and Florida, where it can take up to 749 days to complete a foreclosure. I said a long time ago listeners that I felt that the reason consumer spending was up so much is that people are living without paying their mortgage. And they’re using that money to go spend and enjoy life more than they normally would. And you know, we’ve got an upcoming show. We’ll have john Williams from shadow stats on the show, and I’ve been trying to get him on the show for a long time. He’s got a great website and he’ll provide more insights into the statistics behind the statistics in terms of the consumer price index, unemployment, foreclosures, so on and so forth. And that shadow stats great website that I’ve enjoyed for many years, you know, I got an email recently on a property I’m still on the email list for all these Southern California realtors, which is kind of interesting. This property was in Lakewood, California. And I think lived in Long Beach for several years as a young adult and a high school student college student, and it’s just interesting to see how terrible these deals are that they’re touting as deals that investors should buy. This was a very old property. I don’t remember the exact year, but if you can see the picture, it’s pretty much a little dump in Lakewood, California, two bedrooms, two baths, tiny little house only 1300 and 58 square feet owner occupied, and they’re saying that this house needs a 16 to $18,000 in estimated repairs. They’re saying not sure if it’s true. If it’s so true, why wouldn’t they just sell it at this price would be worth 300 to 310,000 after fix up and you can buy it today for 218. Now that on its surface to a naive investor would sound like a decent deal, wouldn’t it? But first of all, the rent to value ratio will be terrible. So the RV ratio will be awful on practice. property and also, this property being an old old baby boomer era property post World War Two property is $160 per square foot. Now, at last weekend’s creating wealth bootcamp that we held in Phoenix, we were showing properties that were right around $44 per square foot that were only six years old, that had tremendous RV ratio is much better than this one. So again, uninformed investors making big big mistakes out there. So stick with the creating wealth show for the real information. And without further ado, here I am chatting away on the airplane here people are starting to give me some odd looks here as I’m talking into this microphone. But let’s get to our guest here. And again, we’ve got some fantastic shows coming up for the new year. And also we will shortly confirm our location and details for our meet the Masters event, which we will probably have in early to mid March. Now I have not confirmed the date for that yet. Several of you have already signed up and thank you so much for signing up in advance and we will announce more about that here in the next couple of shows and look forward to seeing you at that event. And let’s get to our guests ranting. Andy as we talked about some of the fiascos and misdeeds on wall street here in just about 60 seconds. We’ll be right back with that interview. And be sure to visit Jason Hartman comm check out the latest property offerings. Again, our St. Louis market, one of our newest markets is booming. We have had people buying there like crazy, fantastic cash flow and of course many markets around the US. But without further ado, let’s get to our guests. We’ll be back with him in less than 60 seconds. Remember, you’re listening to flashback Friday. Our new episodes are published every Monday and Wednesday.
My pleasure to welcome Andy Hoffman to the show. He is the marketing director at miles Franklin. He has a vast amount of Wall Street experience. And I think you’ll find his story to be very interesting as we talk about the gold cartel endgame and lots of other wall street shenanigans and shenanigans as they relate to comics as well. Andy, welcome.
Andrew Hoffman 17:20
How are you? Great. Thanks for having me. Jason. You’re welcome to call me ranting. Andy if you’d like
Jason Hartman 17:25
Ranting Andy. Okay, good. Well, I hope to hear some rants those will be exciting. You’re coming to us from Denver today. And first of all, before we dig into some very, very interesting stuff today. Tell us about your background on Wall Street. And why you left Wall Street,
Andrew Hoffman 17:39
right? Well, I’m from New York. I had a 20 year career on Wall Street I’m a CFA I was a sell side analysts for seven or eight years institutional investor ranked and knew all field service sector. I also was a bi side trader, an analyst at a hedge fund for three or four years worth to Cantor Fitzgerald as a bond broker for three or four years and You know, I’ve been around the street on every side of it, basically. But around 2005, I was getting a bit disillusioned with all the scandal I saw around me, particularly at Solomon where we had a lot of scandals. And on top of that, I realized that as a real research analyst, the investment bankers pretty much were telling you what to do. And I didn’t like that one bit. So I found out about precious metals in 2002 immediately invested my whole portfolio in it and it stayed that way ever since. And when I left wall street in 2005, I vowed to never come back. I’ve been working in industry for four or five years with Junior mining companies, and writing a blog under the moniker ranting Andy which is taken quite a bit of a following. And a few months ago, I joined miles Franklin, one of the largest bullion dealers in the country, to be my head of marketing. So I now write every day I make presentations about golden silver and help to educate people about how to protect themselves from What’s coming
Jason Hartman 19:00
So on Wall Street first of all I want to just touch on that topic before we dig in here you You said that one of the reasons you left is you were just fed up with the scandals and the the scams and every company you had worked for was either bankrupted socialized and I guess by that you mean government bailouts tell us a little elaborate on that a little bit more if you would, because I just saw the movie margin call a few weeks ago and the movie wasn’t that great really good really good listeners go see margin call just a fantastic movie showing you the the complete greed and corruption of Wall Street it is. It’s just disgusting. It really is.
Andrew Hoffman 19:41
Right? Well the the firm’s I work for again, I work for Citi group, which was you know, it was bankrupted and nationalized. I worked for firms that were taken over by wells by a wacko via, by I work for shearson Lehman Brothers, I work for Merrill Lynch I worked for for pretty much Any company that I dealt with either had scandals that were that it was required to be taken over by someone else, or it was bankrupted or nationalized, as you say. And I worked so hard to find that it was really a handful of people at the top that controlled everything and their, their, their causes were not good. I mean, I’m in business to make money, but I’m also in business to, you know, be beneficial to society. And Wall Street is the absolute opposite. I’ve, I’ve made a career for myself now, in crusading against Wall Street,
Jason Hartman 20:32
I say to people that they should be a direct investor and they should have direct control over their money. And it is just unbelievable, frankly, what a good job Wall Street has done at screwing the public and and getting people to believe that you should just walk into some advisor at Ameriprise or Merrill Lynch or whatever company it doesn’t need to be those names. It could be any company and just give up. relinquish the control of your mind. Money your financial future to these people that know nothing more about it than probably you do. I have friends who have worked with those firms or currently work at those firms. And you ask them questions, they just know nothing. It’s just simply about bringing money in and handing it over to the department and they have a morning call where they hear what’s the pitch of the day what is what should we tell people now? What’s the gap? It’s unbelievable. Their knowledge is so Elementary, it amazes me.
Andrew Hoffman 21:30
Yes, in the morning call was a big part of my days. And analysts Oh, you’re talking about is actually the old Wall Street game, the game where they where they tried to take the retail public’s money, which ended basically at the time of the internet bubble. When the stock market crash that was when the whole public was in the stock market so that they could sell them deals with high fees and then you know, high prices and they all went down and they sold high and everyone else bought high. But that was the old game. The new game started In 1999, when the Glass Steagall act was repealed, it was repealed because of lobbying by wall street to the government. And as a result of that, they’ve now been given free rein to do whatever they want. After Glass Steagall, what you saw was the big game of derivatives of basically, the games that are screwing the countries that not just retail investors, but you’re talking about the populace as a whole being screwed the government being screwed because Wall Street has taken over. They they were the biggest campaign contributors to George Bush to Obama to pretty much anyone in a position of high authority and they now control the government’s if you look at Italy, they just got the new the new prime minister installed. He’s from Goldman Sachs, as is the new guy from the new guy in Greece and they and they got in without without elections. So you’re talking about is Wall Street is not in the business of ripping off the retail public anymore. It’s in the business of destroying nations and taking
Jason Hartman 22:59
power. Well, they certainly destroyed Iceland didn’t they?
Andrew Hoffman 23:02
Yeah, Iceland was the tip of the iceberg because that was that was the first nation that was dumb enough to listen to what the Goldman Sachs and JP Morgan’s told them about how to run their finances but you go right down the line to Greece and the pigs and and and municipalities in America look at that municipality and in Alabama, the biggest bankruptcy ever last week. That was all JP last month. That was all JP Morgan. They told them to do dumb things.
Jason Hartman 23:30
Unbelievable. So So what you’re saying is that the old Wall Street and yeah, you’re right. That’s that’s a good point. The old Wall Street is has really they I guess they decided to become the new wall street because the general public, the retail customer, if you will, just doesn’t have enough money for them. They’ve got to get into the sovereign world and go just destroy nations because there’s a lot more money there, right?
Andrew Hoffman 23:54
Yeah, well, it’s bigger game and that’s what you progress to in life. And again, there is no more money Retail stock market I can’t emphasize this enough. The retail investor was was wiped out in the stock market crash 10 years ago, they were given a brief respite of spending by the real estate bubble care of the Federal Reserve. And now that that’s bust, there is nothing left. There’s that’s why we have record unemployment and it is record unemployment. If you look at what the real numbers are not what the government Yeah,
Jason Hartman 24:21
and by the way, I say that the real numbers are about 24 to 26%. When you count underemployment, you count independent contractors who many of them earn no money, even though they’re considered employed. And then the discouraged workers that have fallen off the rolls. It’s amazing how highly educated the person working at Starbucks is. I mean, it’s it’s just it’s scary. This is a person sitting there with all kinds of student debt that isn’t isn’t dischargeable by bankruptcy, they just trapped the population in this in this cycle of dependence on government, haven’t they?
Andrew Hoffman 24:58
Yeah, the only relationship will Street has the public these days is in plotting with the government to put out enough propaganda to keep them at bay. like things like Occupy Wall Street worried them because it’s it’s a wholesale uprising of the public like we saw in the Arab Spring. I mean, it’s not quite that violent level yet, but that’s what they worry about. The people are upset because all the promises that were made to them are not happening. They’re continually told everyday, don’t worry, things are better. We’re bailing out Europe, were lowering interest rates, you know, this that the other thing. The fact is that the people are starting to get upset and and Wall Street in Washington need a way to keep them in line, which is why you see things like the National Defense Authorization Act pass without any opposition, you know, who knows what they’ll do in an election year?
Jason Hartman 25:48
Well, what do you mean by that? Tell us about that. I
Andrew Hoffman 25:50
don’t understand the National Defense Authorization Act passed last week. I’m not sure if the President signed it yet. He will because I think both houses passed It was basically part of the annual Omnibus defense spending bill, where they’ve now said that the government has the right to arrest and detain any American citizen, whether they’re in the country or out of the country, if they deem them to be an enemy of the state, which is very, very loosely defined, basically anyone they that they don’t like, and that is the that goes against the Fourth Amendment against unreasonable search and seizures, and almost no one seems to care about it. It’s a two to one vote to pass by in Congress. And it’s going to be lost soon. And you have to worry about the the social aspects of what the government is doing right now,
Jason Hartman 26:40
when when you look at this as a political issue. It just doesn’t seem to be seems like the whole debate between left and right Democrat and Republican is just kind of a big distraction. It seems to be that there is something going on at a much higher level. Maybe the New World Order maybe the Bilderberg Group, I don’t know how, you know, sort of conspirator Turtle we want to get here but it just doesn’t really matter. They’re they’re both out to just destroy the middle class. You can call it socialism fascism. feudalism mercantilism, I don’t even know anymore. It’s just such a strange breed of what we’ve got going on. But certainly we know that the left and the right are in bed with the corporatocracy. I’m happy that the Occupy Wall Street movement is going on, frankly, and I’m not a hippie. I’m not a left winger. I’m I’m more on the right side of things, usually, but I don’t know.
Andrew Hoffman 27:34
Well, what you’re seeing now is a rapid evolution. Because when people say, Well, this is how it is. And the fact is, this may be how it is yesterday, but then today, it’s different Look, when it comes to the Congress, the President, all they want to do is get reelected. They really could not care less about anything else. And the biggest problem is because of the inflation that’s been created by the Federal Reserve’s nonstop money printing, not to mention that unlimited money printing and Europe and China and Japan, you name it, the cost of getting reelected sores. I just read that. I think they spent $3 billion on on the on the campaigns eight years ago and then 5 billion on three years ago. And now it’s going to be over 6 billion.
Jason Hartman 28:15
This is campaigns you mean.
Andrew Hoffman 28:17
Yeah, yeah. of which, you know, the huge percentages for the President. But the point is the only way it’s kind of this vicious loop, the only way that these people can get reelected is by having this campaign contribution. Money and that’s why they continually say that they will get rid of it like Obama promised he would and they don’t and he gets more than ever. And the number one contributors to like I said to Bush to Obama to everyone are the Wall Street banks and and the, of course, the military defense contractors. So it’s only going to feed on itself. And every day what these guys are doing republican Democrats, it doesn’t matter. They’re just on the defensive. They’re just like the the ECB with their Today they had their ltr o bailout. And last two weeks ago, it was the Federal Reserve swap bailout and they’re just everyday just trying to kick the can down the road and there’s no road left to kick it down. There’s going to be a day of reckoning in 2012 when they can’t do this anymore, and they will have to be bankruptcies or nationalizations and plunging stock markets and all that you can’t avoid it forever.
Jason Hartman 29:24
Well, I couldn’t agree more. You can’t kick the can down the road forever. But tell us what the day of reckoning looks like. I mean, what happens on that day? Does every global fiat currency just suddenly collapse? What what happens? What does it look like?
Andrew Hoffman 29:40
Well, I wish I knew Jason. I wish I knew. Look, there’s only a few things that I do know. I know that physical, not paper, but physical gold and silver will go higher. That’s number one. I know that the standard of living of all these supposedly first world nations that have been over printing money and over indebted are going to go down dramatically and no one’s is going to fall more than the United States because no one is printing more money, no one has more debt, and no one has a higher undeserved standard of living. So, when you have when you have bankruptcies and foreclosures and and poverty and a decline in currency, you’re going to have social unrest. I mean, the only reason you haven’t seen it here yet, like you’ve seen, let’s say, in these Arab nations, or in Europe, or Greek, or in Greece is because we, we still have this reserve currency and we’ve been able to when we are problems, print more of it without destroying its value. These other countries don’t haven’t had that. So and that goes for most of these European nations now, because only the ECB can print money. Italy can’t Greece can’t. And as a result, you’re having problems. But the problem is that the inflation this country has gotten out of hand in recent years, and it’s only going to get worse because now they’re really turning on the afterburners with money printing, and eventually it’s going to, you know, come back to roost for America. Will it In 2012, well, then maybe I would be hard pressed to believe that we’ll get through 2012 without a day of reckoning here, but you know, how fast will things come apart? How will they come apart? It’s just hard to tell because there’s too many like my lead, the last answer I gave about how everything’s evolving on the defensive. I mean, anything can happen, but it’s not going to be good. And that’s why, you know what I write in every single piece that I’ve written for years now, I end with protect yourself, because it’s all about thinking. If these worst scenarios happen, where am I going to be?
Jason Hartman 31:32
So a couple of things, we’ve talked mainly about irresponsible government spending, we’ve talked about government debt, money creation, and fiat currencies, but what we haven’t touched on yet are two other major points. I think, number one, I want to ask you about derivatives. And number two, I want to ask you about co max and the possibility of it being a Ponzi scheme and not being backed by the physical gold and silver It says it has
Andrew Hoffman 32:01
right well, all those things are Ponzi schemes that are not back. That’s not that’s how I’ll start. But again, I’ll go back to 1999 when the Glass Steagall act is repealed, that’s when this game of derivatives started. And frankly, even I hadn’t heard of, quote, derivatives other than knowing that theoretically, an option is or a warranty is a derivative. But But what we’re talking about where people make these huge off, off, let’s call off exchange bets about how things are going to happen, almost like going you know, you go on these online gambling and that what’s going to happen in in the football game tonight. It’s no different what they’re doing here. It’s if they do it without any regulation, and they’re all doing it with each other. So no one even has any idea who’s really beholden to who. And now we’re at a level where the notional value of these derivatives like I read it yesterday, it’s it’s 750 trillion dollars.
Jason Hartman 32:55
Let me just let me just give people a perspective on that because I thought it was only 300 to 600 trillion dollars. You’re saying 750. That’s trillion with a T folks just understand the US national debt is about $15 trillion. The US GDP somewhere around 12 trillion, correct me if I’m wrong on any of these numbers, but I’m close enough for government work, probably. And the global the GDP of the entire planet is about $60 trillion. The entitlement time bomb of the US is 60 trillion plus so you’re saying that the amount of derivatives floating around on planet earth 750 trillion dollars with a tea?
Andrew Hoffman 33:32
Yeah, that was that was I was actually in my in my piece I wrote yesterday, that comes from the US Office of the Comptroller of the Currency, or OCC, that’s a real number. And actually, that number is up 100. That’s as of June 30. That number is up 120 trillion just in the first six months of the year, so it’s probably closer to 800. Now that was six months ago. Now, again, these bets are completely unregulated. So no one knows what they’re doing. But more importantly, they don’t work because Look what happened in 2008. I mean, AIG was the largest writer of derivatives on earth. And they went bankrupt because they wrote all those derivatives. And the reason that goldman sachs and all these other guys did not go bankrupt is because they were bailed out. AIG was nationalized, and goldman sachs and those guys who bought all the derivatives that they weren’t getting paid on, were, were bailed out by the government. And it’s hard to believe that with all the regulations, so called the tap, and since then, that this hasn’t caused derivatives to go down, but I mean, you can look at the piece it’s in my piece yesterday, they’ve gone up in fact, they rocketed up in the first half of this year, and it’s only going to get worse. And he talking about now, you know, we’re talking about comics, and he has to be before the call, but MF Global. Okay, now, MF Global is the largest clearing firm on the comments. Now, again, I’ve been watching Wall Street professional for 20 years, I’ve heard just about everything. I never heard of him before. So they’re one of these I call them dark pool firms that are in the shadows that you don’t even realize they’re there. But they have a huge market share of all these trades that are going on on this comics, which as it is I spend half of my day writing about the fraud that is the comic. So these guys just basically run and they’re run by a Goldman Sachs ex CEO and an ex senator and Governor basically stole billions of dollars from their clients and no one’s gonna do anything about it. So the comics which I have written exhaustively for 579 years I worked with Gad I write pieces, hundreds and hundreds of pages about it. The comics is the biggest scam in the history of American financial markets. It’s it’s there for the most part just to manipulate paper prices. It’s dominated by bullion banks, naked shorting all kinds and these derivatives behind the scheme, the scene that are somehow connected but you never know how the CFTC is in bed with the government they will never enforce anything. That’s why john Corazon is not even arrested right now level one prison. So you know volt point, the linchpin of the whole system, to me has always been physical gold and silver. Because when we went off the gold standard in 1971, and it wasn’t just us, it was the whole world that went off the gold standard for the first time, there was not a single country on Earth, the first time in history not backed by gold. And since that time, or other currency since that time, every one of these currencies has printed money and created these derivatives to you know, to push the game to the level that we’re at right now. And there’s no end game except for them to collapse. And so you’re seeing the final death throes here, where, you know, I believe MF Global there was much bigger reasons fine than simply stealing money. I never know what they are probably. But the fact is the comics is a paper market that tries to pretend what the real prices are. And each day the difference between the real prices and the paper prices there gets wider and at some point either by force majeure or simply irrelevance, the COMEX will be no longer use and in fact, I believe that at some point in the next few years, the Whole futures game which really was spawned in the in its fashion the way it is now after the Glass Steagall act, maybe maybe dead for some time because people just won’t trust credit anymore.
Jason Hartman 37:09
Wow. Give us a concept a size How big is the comics for we’re looking at we want to compare it to good old Bernie Madoff, for example, his his fraud was about $60 billion. I believe the comics is gonna be huge. I mean, what’s the scale of it?
Andrew Hoffman 37:26
Well, you know, that’s that’s a hard question. It’s more the importance of the comics and the size because again, I only really follow the precious metals markets. I’m not you know, watching what the corn pits are doing what soy beans are far enough.
Jason Hartman 37:39
Well, what’s the metal size of the COMEX? Maybe just the golden silver sighs
Andrew Hoffman 37:42
Well, you look at the you know, we’ve talked before the call again, there’s only about I have it right about 2 million ounces of gold in inventory there. And there’s only about 100 million ounces of silver and inventory of that not even half of it is actually deliverable, meaning, probably at least half of all that is simply being stored there by customers, it’s not being held by a bank available to be bought. So we’re talking about, you know, let’s say there’s only 3040 million ounces of silver at $30. Now it’s it’s like a billion dollars. I mean, it’s nothing, it’s absolutely nothing. And the same goes for 4 million ounces of silver. I mean, that’s probably I don’t even know if that’s one tonne of gold. It’s It’s so little. So the fact is, I believe they trade in the paper market something like a billion ounces of silver in a year. Actually, I take it back, they traded a billion ounces in a day back in April, when they get $50 an ounce. there’s a there’s a, you have a fractional banking system, there were at least 100 times more papers trading that actually exists over there. So it’s hard to say how big how big the sizes, but the fact is, what matters is that people believe people have to believe that they have confidence that the comics is a real price discovery mechanism and each time that you see these kind of scandals And each time you see a giant gold smash were like in the just two weeks ago I wanted to go into the whole thing, you know, gold suddenly falls almost $200 for no reason. People start to realize that it’s not real, the premiums between the physical price and what’s shown on your screen get wider and wider. And the the open interest on the COMEX has been dropping dramatically over the last few years is particularly after the MF Global because traders are scared to trade there they don’t believe it’s real. They also are now scared that they’re gonna have their account stolen from them by the mF Global’s and the other clearing group. So it’s an enormous size of problem, but it’s not the dollar size amount so much. It’s the confidence because if people don’t believe the COMEX, is a real market, and they just look to the physical market for gold, the cartel that holds it down will blow up it’ll blow up immediately. And then you’ll see people rushing into you know, real items like gold, silver and rushing out of paper items like treasury bonds in the whole daisy chain starts. So it’s a critical critical part. It’s right at the nerve center of the cartel, the the banking cabal, the Washington Wall Street access of their ability to control markets and people.
Jason Hartman 40:13
Just a reminder, you’re listening to flashback Friday. Our new episodes are published every Monday every Wednesday. Yeah, yeah, very, very interesting. Very scary, actually. So when we look at MF Global, I mean, how much money are investors going to lose in that fiasco?
Andrew Hoffman 40:33
Yeah, the numbers every day are different. It’s just like any of these other scandals. They said it was 600 million, and they said it was 1.2 billion and they said it was 3 billion. And then it’s at the point where no one even knows what the number is. And JP Morgan is right in the middle of it, they have a hold of the money and they were custodian. And you know, unfortunately, yeah, yeah. And they’re not in trouble as usual. But But again, it’s not even the amount. It’s the effect is if people don’t trust That the comics is real, or that their money their accounts are saved. Because look, I mean, the government will bail out Goldman Sachs or Merrill Lynch or, you know, from billions 10s of billions, but they’re not gonna bail out a bunch of innocent people their accounts for 1 billion even though the CME that’s the Chicago Mercantile Exchange which which owns the COMEX, even though they tell everyone we will guarantee every one of our trades and they’re not they’re not the little guy here is not being protected they’re being they’re being destroyed. Well, john core is going to save JP Morgan estate. And and at some point, people just won’t use the COMDEX at all, I believe now that most of the trading and the gold and silver there isn’t real anyway, that it’s just computers, you know, government computers and bank computers from, you know, JPMorgan. And so at some point, you just going to see a full separation. You’ve already seen a pretty big separation between paper and real and at some point, you’re going to see a full separation particularly see
Jason Hartman 41:58
it’s just it’s just another sentence. Bank. It’s just a big scam. It’s just another big fiat money scam instead of with dollars. It’s with certificates or numbers or a computer screen you know about commodities. So unbelievable. It’s just unbelievable. I mean, so far as I know, still now what are we three, four years out? Not one person has gone to jail out of this financial crisis. Anthony Mozilla with countrywide got a little tiny, fine, which to him is no big deal. This is just incredible. I mean, it’s amazing. If you’re a little guy and you’re a small time crook, you’re probably gonna go to jail. You’re probably gonna get busted. If you’re a big time crook. You just get rewarded.
Andrew Hoffman 42:42
Yeah, well, they’re part of the system and if you’re not part of the system, like Bernie Madoff was not or Lehman Brothers was not they had people who were at odds with the with the bigwigs, then you’re out. And you know, it is a cartel, no matter what anyone wants to call it. It is collusion in Washington, Wall Street. London to keep power and again as the world gets more difficult and is more for people and more dissension. They tighten their grip like the National Defense Authorization Act like this exchange, whether they call it the European stabilization fund that they’re working on now we have an unbelievable draconian rules that would take away sovereignty of some of the big European countries because he, you know, I fear for economic martial law, I feel I fear for military martial law, because when people are poor and they’re broke, they are controlled governments act to control them. And we need to protect ourselves and assume it doesn’t mean it will happen, but we need to assume that it will happen because we want to not be caught when they when these things do happen.
Jason Hartman 43:42
When you say economic martial line, what do you mean what does that mean?
Andrew Hoffman 43:45
I mean, well, I mean bank holidays for what what if what if they decided that the, you know, really is going to hit the fan, and they can’t kick it down the road anymore? I need this weekend to decide what close the banks and we’ll make a new models we’re devaluing the current We’re not going to let you take your money out of your bank or if you do, it’ll be with controls. Or we’re going to take your IRA and force you to put it into treasury bonds. And we’ll give you a annuity when you’re 59 and a half based on those treasury bonds. The point is telling you increasing taxes, changing rules, that’s tax havens, anything, you know, to serve their purposes and you know, at your expense, that’s economic martial. And then of course, if there’s social unrest, who knows what we’ll do,
Jason Hartman 44:28
really, really amazing. Let me take a brief pause. We’ll be back in just a minute.
Andrew Hoffman 44:35
Now you can get Jason’s creating wealth in today’s economy home study course. All the knowledge and education revealed in a nine hour day of the creating wealth bootcamp created in a home study course for you to dive into at your convenience. For more details go to Jason hartman.com.
Jason Hartman 44:59
Well, Kashi, there’s just so much to talk about I can I just maybe get a little bit conceptual and esoteric with you for a moment. This is kind of really basic in a way, but it’s really sort of conceptual too. And this this is a thought I had recently and it applies to the fiat money issue, the derivatives issue. And when I say this, I certainly know that the chips on the table will be moved around pretty dramatically. And that’s why listeners they want to position themselves so that they won’t get hurt or they will be hurt as little as possible from what is going on. And what is going on is is giant, it is happening at the the foundational levels and at the highest levels of global finance. These are huge, huge mega trends, make a games that are being played and we’ve just got to protect ourselves. But you know, if you really look at it pre financial crisis, let’s just go back to 2006 2007. And then today if you look around the world, the amount of goods in the world are pretty much the same as they were before the crisis. Now the chips on the tables get moved. But wealth is denominated nowadays on a computer screen and to some smaller extent in, in fake paper, Fiat assets like stocks, certificates, and currencies, but the amount of resources hasn’t really changed. In fact, it might have grown by better exploration techniques and technologies. When a crisis hits when the cam can’t be kicked down the road any further.
Andrew Hoffman 46:34
Does it really change things that much? Oh, it changes them a lot. Because, yeah, the resources may be the same, like oil or cotton. But the money to pay for it is not, you know, the incredible amount of of financial wealth it’s been destroyed by the reverse the stock bubble and the real estate bubble. And now the sovereign debt bubble. I mean, you’re talking about unbelievable amounts of losses and bad bankruptcies and foreclosures to the point where people can’t afford things anymore. And what’s replacing that money is freshly printed government. And of course that firstly printed government money doesn’t go to you doesn’t go to Main Street. It goes to the very people who caused the problem the banks, Goldman Sachs gets that money and Goldman Sachs what they do is they speculate with it. Speculation generally makes things go higher in price, so it makes it more difficult for people to buy those scarce resources. Plus, you know, certain businesses are not certain resources are not growing gold production despite being in a 12 year bull market. It peaked in 2002, I believe, and it still hasn’t gotten there yet. And who knows if and when it will. Silver production, silver used to come out of the ground 15 times as plentiful as gold, it’s down to nine and all time low. So there are some things that are let’s call it peaking. I’m not saying that there’s no more gold silver in the world but certainly at these prices there are and even oil I mean, you know Plus, I was an oil analyst for 10 years OPEC ruled the market whatever they did matter. OPEC is irrelevant now, because they have so little excess capacity. You know, it’s all it’s I think it’s all in Saudi Arabia now. And a lot of people question that they even have what they say. So there’s a lot of moving parts, as you say, and chips are moving around. But the fact is that the only new, quote, wealth coming into the world is printed money, which isn’t wealth at all.
Jason Hartman 48:25
Yeah, it’s just a fake symbol of wealth. And it’s very temporary and fleeting. So it seems like the plan is just a couple of things here. Number one, control resources and commodities have lots of long term fixed rate debt attached to them if he can, and let inflation enrich you while it unfortunately impoverishes everybody else,
Andrew Hoffman 48:47
right, right. I’ll agree on most parts. I’m, you know, people ask me all the time. Well, if there’s going to be inflation, should I have debt? Because it’ll get wiped out. Now? During the hyperinflation? Yes, that will be wiped out, you know, after a bank holiday for all, you know, they’ll just devalue the currency and write off all the debt this weekend in Europe, they get hacked, they really could do in a year infinity different weekend right now things are so bad. But unless there’s hyperinflation, and that’s like that, and believe me, that’s not a scenario that anyone should be looking forward to, I’d rather have a lot of debt and have that situation where you have food shortages and social unrest. But again, unless that happens, you’re gonna have debt, and you’re gonna have to pay that debt off. And in this kind of this kind of economic environment. If you lose your job, which 26% of people have already, you’re not going to be able to pay off that you’ll lose your house and that kind of thing. So one needs to be really careful.
Jason Hartman 49:41
Yeah, let me let me qualify that I agree with you on what you’re saying. I was talking about debt against, say rental properties or income properties, for example, where someone else is paying the debt for you. Now granted, their ability to repay that debt for you. In other words, in the form of rent that will be affected, no question about it. I think the renter will change. In other words, the standard of living will decline rather radically where the standard of living of that renter will change. So for example, if it’s a house, just take a little single family home as an example, because it’s simple, but say so you have a renter in there who’s paying 1500 dollars a month today that renter will be due to inflation, they will be in poverty. So they will have to move out of the 1500 dollar and let’s say it’s a 1500 square foot house down to a $3,000 because the dollars are worth less 800 square foot house, right. So their standard of living will be declined, but it will be replaced with another renter who used to live in a 3000 square foot house who maybe got foreclosed on or rented it, who who sees their standard of living decline as well. So it’s like a ladder that ladder moves. People get knocked down a few rungs on the ladder, no question, but there’s So someone there to rent it and to outsource the debt to right and
Andrew Hoffman 51:04
and without being a real estate expert, which obviously you are and I’m not, you know, I realize I’ve been saying forever about how people can can rent you don’t need to own a house. That’s that’s been the whole problem. The real estate bubble is everyone’s told that you must own.
Jason Hartman 51:20
I mean, you know, again, let me just comment on that if I can, and I want to hear your thoughts. I moved from Southern California to the Phoenix area recently, I have pretty much all my life been a homeowner with only a couple of very short exceptions. Now I’m a renter, and I love it. I own lots of rental properties that I rent to other people. But I rent this gorgeous penthouse, and it’s a it’s a steal, frankly, I mean, I think I’m I think I’m kind of ripping off the landlord got such a good deal. So I would rather oddly enough rent my own high end penthouse, and rent basic, more necessity housing to other people seems to be a very good equation as far as I can tell Well, it’s
Andrew Hoffman 52:01
you know, I mean, I would guess at least I’ve heard anecdotally and I’m pretty sure that the rental market is dramatically better than the ownership market because people are losing their houses so they need to rent. And, you know, again, I’m not going to talk about the the financing of real estate because that’s not an area that I’m focused on. But people again, they need to realize that that the paradigms that they’ve been taught about stock ownership and homeownership and, and all kinds of things, you know, the standard of living that they’re expected to have with their iPhones and their flat screen TVs, you have to simplify it down and make life simple because things are not going to get any easier going forward. I mean, I was in New York, working for wall street. I rented the entire time I was there. I moved out here when I was 37. I was renting in New York and apartment because I knew that that’s a market I don’t want to be in what’s Wall Street finally goes down. It’s gonna be catastrophe. When I came out to Denver housing is a lot cheaper. I bought without finance and I don’t plan on moving anywhere, but if I did plan on moving, I probably be here
Jason Hartman 53:00
See, the problem with owning free and clear and buying without finance is that none of us ever really own anything in this country because we all have property taxes, which are at perpetual lien on our ownership. And that’s just the government all they always win, they always figure out a way to win. But let’s talk about metals, because that is your specialty. And let’s maybe wrap up with this thought, how should people enter the metals market as a hedge against the rather dramatic inflation that we both think is coming?
Andrew Hoffman 53:27
It’s really a hedge against against everything. It’s a barometer of bad tidings, which is why the government does not want it to go out. But as you say, it’s most identified with inflation. And again, people need to realize the definition of inflation doesn’t mean higher prices in the store. It means the printing of money, how fast are they printing money, they’ve been printing money exponentially, they’re really printing it exponentially. Now. I mean, just this thing this morning in Europe and defense thing two weeks ago, QE three has been ongoing even though they don’t talk about it and I assure you, they will be talking about QE three Pretty soon, especially with an election, you
Jason Hartman 54:01
know, they’ll they’ll give it another name though it won’t be called QE three. Oh, yeah.
Andrew Hoffman 54:05
Jason Hartman 54:06
is some name like the twist or something. Yeah.
Andrew Hoffman 54:08
But whatever it is, it will have to be overt because things are really falling apart right now. And I mean, they’re really, really falling apart. So you’re going to see that kind of fear of inflation. And the way to protect yourself is simple. coins. It’s that easy. I mean, there are lots of options of how to do it. There are even ways where it’s paid it’s quote paper, gold and silver, but it’s safer than other ways. But what I advocate to anyone is simply to buy coins when ounce coins. The standard issues that people are aware of the Eagles, Canadian maples, non non numismatic though right now numismatic is like it’s like stamp collectors. It’s I mean, you have to be an expert in numismatics. And frankly, the people that we know that we deal with who are numismatics, are coin buffs more than they are, you know, inflation buffs, they just love the game. It’s like baseball. cards, so you want to avoid them, because you’re going to probably pay way more than they’re worth and more importantly, not know why you paid way more than they were, you know, value. So you want to buy standard coins, protect them, their ways of storing them that we can help you with, or distort yourself in a very safe place, not a bank, and you should be just fine.
Jason Hartman 55:19
So yeah, you mentioned not a bank, not a safe deposit box home because you think if we have a bank holiday, maybe suddenly there’ll be a guard at your safe deposit box. And that guard will be a government person that says, Let me see what what you’re getting out of there. Maybe they’ll deny you access, right? Is that why you’re saying that? Yeah, banks have public domain. There was a decree back in 1930s. And again, the 1930s completely different world we run to a gold standard. Now it was a very
Andrew Hoffman 55:44
isolated world us centric. So the government put out a decree that they were going to confiscate gold and it’s something I don’t think is even remotely possible today. It makes absolutely no sense because it’s a global world. There isn’t even that much gold in this country. It’s all in China. And India, but when they did that, no one returned the goal they said yes or no and did it
Jason Hartman 56:05
you know some some people did it No you say no one use only figuratively right.
Andrew Hoffman 56:09
The only goal that they really confiscated was the gold that was in the bank safety deposit boxes, meaning gold that was left in the public domain. So so I’m saying Do not leave it in the safety deposit box. In fact, I’ve taken just about all my wealth out of the system. There’s nothing in banks I’ve a tiny bit and Charles Schwab because I trust them more than the rest. And and everything else with banks. I don’t trust because I do believe there’s going to be bank holidays. And as we spoke before, some kind of economic martial law in which in which my assets I’ve cashed that my IRA paid the penalties, because I believe that oh, maybe I misspoke.
Jason Hartman 56:43
Those good. Those are gonna be nationalized. The IRAs and the pension funds, they’re going to be nationalized. And folks, if you got a 401k You better watch out. If you’re putting money in an IRA. Expect Big brother to come and nationalize that they’re going to engineer a fake crisis false flag. And I think they’re gonna say we have to for the public good take care of people’s retirement now and we have we have to manage it because we’ve done such a great job with social security haven’t we?
Andrew Hoffman 57:10
Yeah, I mean like piece yesterday and I write about this all the time was about it was actually called out damn IRA because I want people to take them out it’s funny because one of the things that’s been brainwashed into people’s heads is that IRA money is after tax so everyone’s like, Oh, my IRAs 100,000 No, it’s it’s 65 s, because it’s you’re gonna pay that tax no matter what, why
Jason Hartman 57:31
Am i into Roth? You mean,
Andrew Hoffman 57:32
Right? Well, if it’s a Roth, you’ve already paid it. But again,
Jason Hartman 57:37
you know, this is the end. This is the amazing thing, who in their right mind thinks that the law will be the same, by the time they retire, the government is broke and living under a government that does not have money becomes an ugly scenario, because then the government tries to attack any source it can to get that money, the monster coming after all of us, and tax
Andrew Hoffman 58:03
rates will be hard.
Jason Hartman 58:04
Of course, there’ll be higher no change. The law says,
Andrew Hoffman 58:06
I won’t take my IRA, because I have to pay 10% penalty. We’re a socialist nation, you don’t think that 1015 years from now, when you’re 59 and a half, it’s not going to be at 10% higher tax rates
Jason Hartman 58:16
unbelievably ridiculous. It really is. It’s really so. So I would say, if you have an IRA, and you insist on having one have a self directed IRA, as do I, and own physical assets with that IRA, so there, it’s much harder, harder to nationalize that than it is a stock account, or it’s simply a paper transaction. So that’s one thing you can do. But as you say, you’re just out of the system. You know, I had Howard ruff on the show a while back and he’s a big old gold bug been around forever talking about this stuff. And he says, buried in your backyard. I don’t know what where do you put it? I like physical but again, it
Andrew Hoffman 58:54
was another problem of, you know, look, I mean, people I would guess I would guess that 90% of the people that Don’t physical own in your house. I mean, I just my sense that that’s what people are doing. And if they do well, if you get saved and you bolt them down and you get alarm systems and a dog and all that stuff, I mean, it’s not going to get it’s unlikely to be stolen. Especially if you’re armed in a state where you’re allowed to be that’s what I think most people are doing but but some people don’t want it in their house and some people were very wealthy, just don’t have just can’t afford the space and the weight and the
Jason Hartman 59:29
problem to have Yes,
Andrew Hoffman 59:31
yeah, it’s a nice problem to have but believe me, you know, silver at this price is very heavy. If you if you own a million dollars of silver, that’s that’s a lot of silver. If you own 10 million silver, it’s most most houses can handle that. So there are storage facilities and we have miles Franklin, have storage facilities that we work with both in North Dakota we work with Kota depository, and we work with Brinks. The security companies not even a bank, or depository in Montreal, Canada.
Jason Hartman 59:57
It just scares me again because I had Peter Schiff. Falling in he was peddling his Perth Mint deal and I’m like okay let me see I give you money I give you my fake fiat money and then you give me a certificate saying I’ve got gold and the Perth Mint See that’s just another Fiat but granted it’s not the government Fiat and it’s not the Fiat the Wall Street Fiat so it’s probably better than both of those, you know spread around diversify.
Andrew Hoffman 1:00:22
There are degrees of risk you can go on a continuum from having a coin in your hand to owning a convex futures go No. And he had a permit to somewhere in there but to me, it’s still a certificate and a million years I wouldn’t buy a certificate. I don’t care where it’s from. I wouldn’t buy from the Royal Canadian Mint from the Perth Mint. It’s a certificate and I don’t believe for a second, especially with what’s going on with the COMEX and MF Global. I would believe for a second that a piece of paper has something behind it.
Jason Hartman 1:00:50
Absolutely. You’re absolutely right. Well, Andy fascinating discussion. Andy Hoffman folks, Andy, give out your website. tell people where they can learn more
Andrew Hoffman 1:00:57
sure. It’s miles Franklin calm. If you go to the front page, you can sign up for my newsletter I write for free five days a week my firm writes two newsletters a day just to help educate. It’s there’s nothing more than that. We try to tell people what’s really going on in the world so that we have educated customers.
Jason Hartman 1:01:14
Good stuff. Hey, thank you so much for joining us today and keep in touch as things develop, and, and the can can’t be kicked down the road any longer. We’d love to have you back on the show for an update and your thoughts on things.
Andrew Hoffman 1:01:25
Great. Thanks so much, Jason.
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Jason Hartman 1:04:08
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