Auto-Generated Transcript Human-reviewed transcript coming soon The current economic system is headed for collapse. The globalists want to replace it with CBDCs and social credit scores. I and others believe they will fail in that goal. But that does not change the fact that we are headed for a major crash. One so severe it could make the Great Depression look like a minor economic slump. In November, we released my three -part series with financial experts. Adrian Spitters, Bryce Wade, and Warren Keane. That series, titled "How to Profit in the Coming Economic Collapse," ranked in the top ten of my now almost 400 interviews or views. You can see that series at ironwellreport .com. But the picture is constantly changing. Rampant inflation. which is not the 4 % or 5 % the government claims, but well into double digits when food prices and rising energy costs are taken into account. Unbridled immigration, combined with falling house prices, a looming wave of foreclosures as people must soon renew their mortgages at much higher interest rates. A federal government. government which has run up more debt and printed more money than all previous governments combined; and, of course, the globalists' plans to release more viruses and engineer cyberattacks, while attempting to destroy our food and energy supplies, all contribute to the building pressure upon our wallets. The writing is on the wall for any with the courage to look at it. And so Adrian, Bryce, and Warren have kindly agreed to quarterly updates, not just to give us all a clear picture of the evolving crisis, but more importantly, to offer solutions. In part one of this second series, we discussed the changes in the global situation over the past three months. In part two, we focus especially on the problems facing Canadians. And in part three, once again, we cover solutions. Solutions that are not just for those who can afford to invest hundreds of thousands, but also for those who have little or nothing, with which to secure themselves and their families in the coming crisis. crisis. It has been said that capitalism is a means for the uneven distribution of wealth; socialism is a means for the even distribution of poverty; and communism is socialism with a gun held to your head. In a Canada where Trudeau's government is working for outside powers that want to subject us all. to their own special brand of communism. These interviews contain the information you need to be informed, and above all, to be prepared. Gentlemen, welcome back to the show. Thanks for having us, Doc Will. Thank you. Thank you for having us back. Now, the first - Same here. It's great to be here. The first series that we did back in November was very well received. People, of course, are really wanting to know what's coming financially, economically, and you guys did a great job of covering all of that and telling people what they can do about it. So here we are in February doing a recap, and let's start with that. From each of you, what have you seen in terms of changes in the last three months? months that are warning signs that people should be aware of? Bryce, I'm gonna ask you to start. Sure. There's kind of three big things that I'm gonna point to really easily that you can go and research yourself. So the first is World War and this is a big one. It's really in the headlines. They're becoming more in the headlines now. We've got war in NATO and Russia. We've got war in South America now with Venezuela. We've got Venezuela. we've got war in obviously Israel and Hezbollah and Iran, you know, there's a huge amount of American warships now in the Middle East and it's a tinderbox waiting to explode and that doesn't even include China and the West, which they're also moving assets there to deal with that. So I think 2024 is going to be the big watershed moment for war. And I was kind of alluding to it and talking about it last time I was on. But now it's really hitting for your pitch. So I'll just kind of finish that little box with this, is that if you're planning on doing any preparation for bad times are coming, now's the time. Yes. And as you mentioned in regards to the war, it seems to me like America, it was once again trying to start one with what we've been hearing in the news has been a couple of drone attacks on freighters, American owned freighters. which did almost no damage at all, but of course, they made a circus out of it. And conveniently, of course, as I think of the military referred to these as one -way drones, well, of course, once the drone is destroyed in the attack, there's no way to pull this thing apart and find out who actually controlled it, who actually owned it. We had a couple of Navy SEALs go missing on an op over there. So, of course, as you said, the missile attacks attacks in Iran on the U .S. consulate, all kinds of things going on. And it certainly looks to me like America's spoiling for a fight. And so before we move on to Adrian and Warren, if you agree with me or if you don't, whichever, let me know, why would they be doing that? So, there's a couple reasons for this, but the biggest one is that the The deep state the oligarchy whoever you want to determine that is this group of people they need war and chaos to move their agenda forward and the The military industrial complex is that we've known for for decades now They need places to go and stuff to shoot out to make their money, right? So those are two big reasons, but I think there's a bigger geo Geostrategic Implications for all this this, because the ultimate goal is to enslave humanity. Now, that's the East, that's the West, that's everybody in between, right? And you have the two biggest groups that are nuclear tipped, which is the US, China, and Russia, the three big players on the nuclear stage, as it were. They are fighting for resources right now. And it's more than just the geostrategic side of it, it's the actual monetary underpinning of all of this. So we got the brick stage. nations on one side We got the US dollar on the other side and now this is more or less a fight a death Death spiral for survival because of either or both sides collapse Something has to has to replace them right and war is one of the best ways of getting people that are your enemy out of the way So in World War two it was hey your enemy my enemy of my enemy is my friend That's why we were working with the USSR back in the day day. But we had the Cold War after, 'cause now Germany is defeated, now they're not the enemy anymore, right? And so what's happened in the past has happened again. They're using the same playbook they did then, again, because it works. And it's working fabulously right now. I have no reason to be at war with Russia personally. Like they didn't do anything to me. There's lots of people on the planet. I have no business being at war with, but our governments feel it necessary that we're at war with each other. So here we are. All right. Adrian, what things have you seen in the past few months? Well, as far as the financial situation, I think the debt situation is getting worse. Banks are starting to see more cracks in their holdings. We're seeing, I think, Canada is exactly in a recession. They're not admitting it, but we basically are. We're starting to see that interest rates are going to remain high for my much longer. There's a lot of distractions going on right now. On a global basis, I think they're trying to distract away from the recession by doing things like the war between wrapping up the war with Russia. Down south, you're seeing the trucker convoy happening down there. It's not necessarily organic. I think I've watched a few videos. where they're saying that they're looking at potentially creating a civil war down there for as a distraction. Sarah Westall did a very in -depth interview of that thesis. So they're setting something up for collapse. And I don't know how that's going to affect Canada, but it's definitely wrapping up. the, um, I'll be talking about the debt situation in the banks are far, far worse, uh, than they were, uh, uh, even last November. So those are the things I see right now. Okay. And Warren, what would you have to add? Um, okay. Well, what, what's happening now? Um, one thing I bring up here, I share the screen. And so we have, um, we have a lot of, uh, big push down. south for different states to make gold and silver legal tenors. So, there's 23 states now who either made it to legal tenor or passing bills in the process of passing bills. On this diagram here, it's the, well, it was in green, or I already passed it. And some of these states are passing no capital gains, no taxes. So, precious metals, you know, are in their constitution. It's to pay debts, any debt can be paid by precious metals, but it's not really the reality of the ground either is that here in Canada. So, that's what's going on over there. We'd like to see something like that up here. I say that, although I'm not instrumental in that, I'm very busy doing what I'm doing, but I think as Canada, we got to start looking at some of this. here to make sure it's legal tender and we don't get taxed on it. That's what we would like as citizens. Other things, gold has reached us all time high in December, December the 4th, it reached I believe it's $2134 US. So you know, traditionally, gold and silver, precious metals in times of global upheaval like we have now, they increase in value. So we're seeing that, not as much as we would expect, really. However, yeah, all time lie in December. Another thing, recent thing is China. So China's been a big producer. They're actually the world's biggest producer now. Mexico is still the biggest producer of silver. silver. Mexico's talked about nationalizing silver, but we haven't out of the gold truly yet, but China has. But the news on China is not only are the biggest producer, biggest consumer, and the consumer is, well, in North America, unfortunately, there's about 1 % of our population as precious metals compared to over China. In some areas we see 10 % ownership, but they also become the biggest importer. So now they're producing, they're consuming, and quite frankly, when we talk about what countries have the most precious metals or their reported values that they have, China's is, the United States is the largest, it's 8 ,000 tons I believe, and China's around two or three. But we really think there's a potential for it. it to be Reverse and that China's somewhat as they are all opaque. Let's say they don't report on everything like we do Their system is is more closed They also have Banaks that can hold that old gold that report to the the Chinese Communist Party So there is a potential for them the reality that they have more than their report and the US potentially less. And so they may have the most gold and this will play out. So I guess that's one thing I see is just try it out. Also, one more piece of news on that is China, again, in 2014, the first month in January, we see them being a large producer of gold and silver. So the BRICS countries, but led by China in particular, particular, Russia's there to buying record amounts of precious metals, that's continuing. I guess that's the message. So yeah, that's, you know, I guess an update right now for me about where we are now compared to where we were last time. - All right, before we get back to Adrian and Bryce, there's a couple of things just to add that I'd like you to expand on. First, when you were showing us that graph from the States that we're legalizing precious metals as legal. tender, you also mentioned that someone that had moved to a no capital gains, no tax system, can you expand on what that means for the average person? I realize that it's not here in Canada, but I still think it's important to understand it. Yeah, it's like if you buy, let's say if you go to buy, you go to buy something, we pay tax on it, right? And it depends on our jurisdiction whether you know in Canada's GST and Alberta were blessed with no sales tax, but generally we're paying tax on things we buy. Now if you think of gold as silver as money, which you know really it is, it's not currency, but it's always been recognized as money to buy it. Why should I pay tax on it? If I go and get money from someone dollars, I don't pay tax on it. So that's the way I explain that, that shouldn't be any tax on to buy it. The capital capital gains, as you know, is, well, we hold precious metals, they're usually a long -term holding. That's traditionally what you do with precious metals, especially physical. And why I say physical, because we are in this case is that we pay premiums when we buy precious metals, right? We have this notion of the spot price that is set every single day in London. And with silver in conjunction with New York, the Comex. But that spot price doesn't represent the physical product. And so when we buy the physical, we pay a premium above spot. So this is why we want to hold on to it, you know, to appreciate so the value appreciates above and beyond any premiums we have. That's one reason why it's a long -term holding and other is it's just its store of value. So getting back to the question, it's like, so people don't want to be forced to pay taxes when we buy it and the capital gains is when it appreciates in value to not pay taxes on that. And it's just somewhat like, well, I don't really have, I was going to give an analogy with money, but it's quite different actually because, you know, we have the opposite happening with our... dollar. It's depreciating in value all the time. If you, in Canada, if you or I hold, say, a mutual fund, those gains of the value of that mutual fund, we have to report it, right? We report it to the government and we're tapped on it. People are trying to do away with that. And you know, the United States, compared to Canada, the states are more autonomous from the federal government compared to us, the provinces, you know, where you have more of control from central. They have various things. There are various states of doing that. Like Utah was the first. They led the way in there. They have precious metals, legal tender, you know, and some have the taxes moved, some have the capital gains removed, it's all, I don't have those details in my fingertips with both of them. happening. And again, I guess I'd like to, I hope we can do something like that in Canada. Maybe that ties back to your first question too. What if they're not legal tender right now, then how can we use them to transact, right? Right. So what you're talking about is essentially because the precious metals are being treated in some of these states now as legal tender, you buy precious metals. they appreciate in value. When you spend or sell those precious metals, you're not going to pay a capital gains tax on it because it's money. That's I like your way. Your way. Thank you very much. That's a perfect explanation. Yeah. Yeah. Mine was quite lengthy. So yeah, when you just said, yeah, that's what I think about it. Yeah. Okay. Now just once again before we move. on, there was one other thing you mentioned, and that was certain countries nationalizing precious metals, you said China's already done with this gold, Mexico's thinking about doing it with the silver. When this happens, what is the fallout of that? Yeah, I guess it's the fallout, you know, is it affects the supply, right? I mean, because now the supply is not, it's not moving around with market forces. so much, it's nationalized like any nationalization of any industry. With Mexico, if that happened, it would be particularly impactful because they are the biggest silver producer. And with silver, only 25 % approximately of silver comes from silver mines. The rest of it comes from byproducts of zinc, copper, lead and gold mining. And so the supply is already somewhat problematic. If you think about it, if we're not mining, if lead is not in vogue and zinc, we're not going to be finding extra copper, silver. So if they nationalize that can really impact the availability of the supply of silver, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, and gold, silver, lead, China, I guess it's like, I see this as what they're nationalizing it and they're, they're buying record amounts and they're getting their cohorts and bricks, bricks, bricks to buy and the Shanghai Cooperation Council countries to buy more precious metals is, you know, the bigger picture of going to some monetary system that is backed by precious metals and they don't want their precious metals and they don't want their precious metals and they don't want their precious metals and they don't want their precious metals and they don't want their precious metals and they don't want selling it outside their country and they want it for them. Maybe it's, maybe it's perhaps that old saying, what it's, this is about is you, he who has the most gold wins, you know? So if, if Mexico nationalizes silver being the largest producer of silver in the world, I'm assuming that's going to make supply of silver outside of Mexico so, harder to get, which I would assume would then increase the price. If they don't sell to the market, yes. If they don't sell to the market. I mean, obviously the Mexican government could do that, but if they chose not to, they wanted to keep the silver if within Mexico, I don't know, build some sort of national treasury with it, then that's going to affect the rest of the world. Yes. Yeah. And not to monopolize this part of the session here, but you know, I've heard of silver over, but I don't know. because it's the most conductive element, it's used by, unfortunately, in the military as one of the organizations that need it. And so I've heard, I've read discussions about considering countries considering strategic asset, you know, to do silver strategic asset, you need it through military. So what would that do? Maybe, you know, if we think about what would be a positive outcome is that maybe the government of Mexico could do something for their citizens and make sure that this worldwide demand of this metal silver is distributed, distributed fairly. But now I'm, you know, I'm selling like this is socialism versus capitalism and all that. But we'll forgive you, Warren. All right, gentlemen, I want to move on a story that we got a little bit bogged down there. But Warren, you said a couple things that I thought were very important for us to clarify for the viewers. So, thank you for taking the time to do that. Now, gentlemen, before we get on with discussing the other things that you brought up, say, when Adrienne was talking about interest rates and debt, and we're going to get into that, I think for people who missed the first series that we did back in November, we should give them a very quick recap of the warning signs that we're seeing that tell us there is a major economic collapse coming. And so, I want to come back around. Adrian, I'm actually going to come back to you first, if you don't mind. Okay. Do you want to just go into my slides and - Yeah, please, go right ahead. I just need to share screen here. Yeah, I'll show them the updated numbers from what we were talking about last time for SVB. Okay, you see that? Just starting with Blackstone. The property developers, like the Blackstones, Tricon, and Canada, they're actually seeing their profits go down dramatically. Blackstone just saw a 73 % crash and their earnings in the last quarter. They're dumping commercial buildings, so that's affecting them. But they're also seeing losses on their multiple residential properties that they're buying. And part of it is, I think the long game is that they don't mind losing money in the short term on the path to acquisition is just they're set the stage where people are going to start losing money on their residences. And then eventually, when those prices keep coming down, they come back in and buy them up. There are funds like like Brookfield that's got an 80 % billion or $8 billion fund that they put aside to be buying up property. So they're not abandoning the sector. They're going to be wrapping up and buying more as prices come down. It's like when Walmart comes into town, they use a loss leader where they undersell something, destroy the local businesses, and then once those businesses are gone, they come in and raise the prices. and then they carry on. So that's, you know, the thing is happening is that the big guys are at the moment losing money in those assets. If you look at this chart here on the very top right hand corner was the last chart that we showed where if you look at this situation here in 2008, the amount of collateralized debt or the actual mortgages that were underwater except the housing collapse in 2008, we saw that it was far, far worse right now with the commercial mortgages, which is a magnitude of more than 10, like 20 times worse. And the reason that the-- and that caused the bank run back in March of last year. So what stopped it is if you look at the bottom left graph is something called the the bank term funding program. The U .S. Fed introduced the bank term funding program. So instead of a bank that was experiencing a run on the money, they said, "You don't have to liquidate your mortgages or bonds that are underwater. Why don't you just hand them over to the central bank and we will give you a loan against it at book value." In other words, those mortgages, instead of being reported at market value, which would show a 30 % plus loss, the Treasury are the effectors. Reserve is holding off of those mortgages at book value and then giving them a loan so that they can meet redemption. So they actually stopped their redemptions. But in the meantime, if you look at the bigger graph right here, you can see that the debt situation is getting worse. And the only reason we're not seeing more bank runs right now is because the Federal Reserve is basically backstopping all the banks. However, if you look at the line at the bottom of that graph, they are going to end the bank term funding program by March 11th. What do you think is going to happen when that happens? Yeah, and I'll just cut in for a second here. So this is a bailout in all but name. That is, they bailed out the banks and they basically gave them a bunch of money. And George Gammon and a bunch of other people and Adrian was just talking about it. This process has ended. ending in March 11th, and the Fed has already said that they're not intending to extend it. Right. And you're seeing a lot of people warning about a number of banks are already on the verge of collapsing. March 11th is going to be sort of the day where we're going to see a lot of potential U .S. banks going under. And we talk about arcane and banks are in good shape. They have huge subsidiaries in the states. states. They're being just as affected. It's not, you know, our banks aren't isolated. And our debt situation, it's hard to find the data because it's not made public. But with our real estate being so much more pricey than the US real estate, our debt situation has to be worse. There's no way around it, right? Yes. But we don't know because they're not reporting it. That's the problem. So then and if I can just jump, if I can get you to go back there, please Adrian, because we discussed this in the last interview, and I think it's very important to point this out, because as you, when you were explaining this chart to me last time, and I, I'm no financial genius, as you guys know, but this jumped out right out at me. When you look at that big chart on the right folks, and you see the, the gold lines are the available for sale securities, that's stuff that they can liquidate. The blue lines are not things that can liquidate. and that's the majority of their assets right now. So come March 11th, they're caught holding the bag and they can't liquidate the assets. My understanding is that the gold is like their bonds because there was a period when interest rates are ultra low, they weren't lending as much as they would normally and they weren't lending because they weren't making much on it so they were buying bonds to try to get some yield on their portfolio. So the gold would be be liquid, would be bonds that they could sell to the market, but they're underwater because they're going to have to sell at a higher rate to the market. So that is liquid, but the blue ones would be the commercial mortgages. They're a little bit harder to sell. Yes. So it's actually worse than it appears. We don't just have this big bulk of securities that they're going to have a very hard time on loading while they could be sitting there losing value, but they've got bonds that they're going to have to sell at a loss too. Yeah. And the thing is, there's a value established right now based on what the market is paying for those assets right now, based on the volume of sales. But when they're forced to do a fire sale, when the lending program is there, now they got runs on the banks, now they're forced to start selling that, that's going to put the selling pressure on both the bonds and, and commercial mortgages that they're holding and that price is going to continue to decline because of supply and demand. Nobody's going to be buying them because everybody else is trying to unload at the same time. Right. So people need to understand this isn't just a bunch of banks going under. This is the economy going down with it. Oh, yeah. Yeah, exactly. And if I might add a little bit more context to this and to maybe talk a little bit about what we have to look forward to when this actually happens. happens. So on top of all of this, right, so this is commercial mortgages that are basically worthless because you don't have companies using it as much, they're all underwater, all of that's eventually going to go back to the banks. So they're going to be holding these toxic assets. On top of that, you have all of the residential mortgages that are up for renewal this year and next year. So everything that was done in the low interest rate season, which was prior to 2020. when things started going off the rails, basically this has to be remortgage, right? And this is what he's kind of showing now. So on top of that, right, you have the decline in the economy itself, right? Because now we're moving to a war economy, whatever that means, we have the BRICS nations that are trying to not use the US dollar as much. So you have all of these different forces pushing the economy off a cliff. We've already actually gone off the cliff. So if you can imagine. a road runner back in the day, you know, when Wiley Coyote flies off the cliff, it doesn't start falling until he actually notices. Well, we're basically at that state right now. We're off the cliff, but we haven't fallen yet because we haven't noticed. So when people do notice, what will happen is what's happening in China right now. And I was gonna mention this as well. And this is kind of one of the other major things happening in the economy right now. So the Chinese economy functions off the cliff. three pillars. One was the real estate, two than three was FDI or foreign direct investment. All three of those are negative. So their real estate market has basically dropped by more than 50 % across the entire country. So like it just imagine what would happen to the real estate market and the banks backing them up if everything dropped 50 % across the board. That's what happened in China last year and it still hasn't stopped falling. yet. On top of that, because the Western companies have all been pulling out of China because of obvious reasons, you know, war and all that sort of stuff, their factories are basically shutting down, right? So they have huge unemployment, right? And on top of all of that, all of the money that was coming in that was propping up the Chinese Communist Party, which is all the Western companies that are investing there for the last like 30 years, whatever, they're all pulling out. right so the the Chinese economy is is in free fall right now And yes, the reason I'm not bringing this up and how it connects to us is that the same thing is going to happen in real estate The real estate is going to drop Recipitously not only because nobody can afford with all of the inflation and then the insurance and not having a job and all that other stuff Which was one of the reasons that so if you remember back in 2007 I they pushed up the interest rates a whole bunch and then everything fell off a cliff because you can't afford what you were doing, right? So we're basically doing the same thing again. Okay. So Bryce, we're going to get into that deeper later. Warren, I'm going to ask you, Adrian, I'm going to ask you to continue, but I wanted to make one comment because you mentioned earlier that the central banks were buying out these assets at book value to prop up the banks. So what that says to me is when this whole thing comes crashing down, who ends up owning everything? - The taxpayer. - But it's the central banks that's buying them out. - Well, it's ultimately in Canada, it's actually CMHC is doing it 'cause when I was researching my book, after the fact, it turned out that the Bank of Canada gave money, or actually they gave our service money to the $290 billion to CMAC, which in turn then bought out all the bad mortgages at that time from the banks. So then our banks were made whole and we basically held onto those mortgages till they matured and they collected them and dealt with the losses, etc. So the taxpayer paid the bill, the banks didn't. Right. I suspect the same thing is happening right now is that our government... to the Bank of Canada is using CMHC to show up our banks at the moment. Right. So if I'm understanding the financial shell game here, we've got central banks buying out these assets at book value because pay, they're being secured by the taxpayer. And as long as they have ultimaturity, they're going to get the full value back if they don't collapse, if they don't, you know, stop. their payments, if those mortgages don't collapse in the meantime, right? Right. So, their theory is ultimate surety and then who's the wiser? And when it all comes out in the wash at the end, the central banks and the rich families that own them end up having amassed a huge amount of wealth, well, the taxpayer is the one who has to pay the bill for it. Bingo, because the taxpayer is actually funding the losses. Right. That's right. That's right. Yeah. Warren, I think you wanted to jump in here with a comment. Yeah. So, when Adrienne was talking about before with the banks lending money out, or the government, that agency lending money out to prop up the banks because of their toxic assets, so far of the bank failures in the United States have been bailouts. It's been very quiet with five or so banks that failed last year, kind of quiet. Yeah. That's it. And that's it. them out, essentially. But we think in precious metals, a real catalyst is going to be for higher prices is when the bail -ins happen, right? And so this is where we're going to block the depositors from getting paid back. That's that legislation that was passed, bail -in legislation to give the banks legal authority to prevent depositors from taking their money out. And I think this is when all hell might break loose, but definitely will likely be a catalyst for much higher precious metals prices when people realize how bad the system is. When it hits the average guy in the street, when you're saying, "Wow, I can't get my money out of the bank now." Now, you know, the panic. And then this is a likely catalyst for higher precious metals prices. All right. Adrienne, I guess you should please continue Okay, I just wanted to Show that that basically the the mortgage situation is still there. We talked about you know, roughly one -third of All mortgages taken out in 2019 2020 were variable rate mortgages Interest rates have been going up and those those mortgage holders and aren't able to to pay the higher rates. So all they had to do was maintain the same rate and then tag on the difference to their mortgages and their coming due. And then there's also the five -year mortgages, which is a large portion are coming due in the next 18 months or so, two years, or 2075, which is not even a year away now, about two years away, that they're all going to have to be reduced. refinanced. Now, the one thing you've got to look at, we've already gone through 2023. The black bar is the CMHC -approved mortgages. The red bar is-- and there's no risk to the banks. Now, these mortgages collapse, but that CMHC will deal with that. But this red bar is more than double. These are unsecured. The banks have no CMHC covering, so these mortgages go back. The bank has to eat them. So that's an issue for the bank's balance sheet. 2024 and 2025, the amounts of potential-- are the mortgages that are going to be refinanced are much, much higher. And these are mortgages that are right now sitting on the books at 1 .94 on average, a little bit higher maybe. And then when they refinance, these mortgages are going to be at risk. risk because a lot of people aren't going to be able to afford a higher payment. Just an example here that right now, if you took a half billion dollar mortgage and refinanced at the current rates, that's going to add an extra $950 per month on a $500 ,000 mortgage, give you a perspective. The average person doesn't have that extra. RDC did a study last year saying that the average person person or $200 away per month from insolvency. So those people right now are gonna be in real trouble when they have to finance a half million dollar mortgage or even less, that's beyond what their ability to pay. I should go back to 2023 and look at what's been happening here, if you look at this chart here on the very far right, we're already seeing on average in Canada across the country, house prices have already come down. 20 % or close to 20%. It's not being reported by the financial press or by the real estate boards. They're all talking about how everything's starting to pick up again and they're downplaying the actual losses. So, if we're already down 20 % already with what's happened with refinancing at 2023, think about what's going to happen in 2024 and 2025. We have a chicken time bomb. bomb on our hands And here's that here's the problem look at the bottom Red line is is is disposable income and you can see how house prices have gone way way way above people's affordability Two things have to happen is either house prices have to come down to match Incomes or incomes have to go up So either we're gonna have a crash in the real estate market or we're gonna see inflation bring bring wages up or wage price inflation. I don't think that's going to happen. So the two are going to meet at some point in history, whether it's going to be a crash in the residential. And I'm looking at more the residential market, commercial real estate, residential, or most people own property. And that's where the real bubble is. Multi -family residential, rental property is a different story. All right. If I get to stop the screen share there and end while we're we're waiting for that Do any of you have that chart that you showed last time of the stock markets and how they were back before? 1929 what they look like now price does yeah, nice. Can I get you to pull that up? Is it this is one more thing folks that I want to show you It's once again. It's a recap from last time, but this is a very startling chart to be looking at Bryce Please explain what we're looking at Yeah, so the the left -hand side here, you have what was basically the run -up to the 1929 Depression and what happened after its peak. So from this point to this point was basically four years. And so what we're looking at on the right is what we see is basically a very similar situation to what we did more or less a hundred years ago. And there's a couple main points that are important here. So one is that from this point to this point was four years. And over the years, time, what they were doing is trying to buy up as much gold as possible. And what they did after this point, which I think in 1934, was they revalued the price of gold. So whoever held on to that gold got a 50 % lift on the value of their asset. And then they used that to go and invest in what essentially turned out to be the war, right? So the building factories and, you know, people made a lot of money if they had gold and silver at that time. And so the BIS BIS, the Bank of International Settlements, which is the central bank of central banks, they are talking about doing the exact same thing again. So this should be a very stark warning is that the amount that we have to fall of our historic highs right now to wherever this line is eventually going to end is going to be a really, really bad time. And if you don't have some level of gold and silver in your portfolio, you should. should. - Okay, now Warren, I think you wanted to insert a comment here. In regards to what Bryce was saying there in the Depression, I'll just show this chart and I'll just show a little piece of it. I'll just draw your attention to a little part of it, which is during the Great Depression. So this chart is purchasing power of the gold versus dollar and the dollars at the top purchasing power at the bottom. So, and this is the part right here that I want to draw your attention to. This is like Bryce's chart was showing after the crash of the Great Depression in '29, basically in a span of less than a year that the purchasing power of your dollar, you lost about 40%. And then gold, you know, what it, what it's done, what it overlapped always did, it maintained it. Actually, I had a tick up. And then, and of course, it went on and there's a bigger story. But just right there to correlate that with Bryce's chart is, yeah, big loss of purchasing power overnight. And there was the reevaluation of gold. It was fixed here. This is when they did confiscation in 1933. 1933, it was fixed at, I believe, $20 .60 U .S. an ounce. They confiscated it and lo and behold, what did they do? They re -evaluated it to $35 overnight, enriching, well, a lot of influential people and maybe people in government and who gets hurt, the average person who is holding dollars, right? So, I'll just stop there. Okay. Now, Bryce, you had mentioned that they inflated the price of the gold after the crash in '29. But now you're saying they're talking, BIS is talking about doing that now. We're at a peak right now. So what happens if they do that now? So we're not actually at a peak. So we were talking about silver a little bit earlier and I'll tell you how these connect. So the price of... of gold, the price of silver is very important, right? And it's important in the sense that whatever currency it's measured in has an effect on the actual value of it, right? So Russia has actually pegged their the ruble to gold. I think it's like 5 ,000 rubles or something, which is slightly higher than the actual market rate of gold right now. So it's actually worth more in rubles than it is in dollars. Yeah, it's I'm pretty sure that's right. I can't remember the actual conversion, but the reason I bring it up. It is 5 ,000. Yeah, it is 5 ,000. Okay. Yeah. But the reason I bring that up is because that when you have a currency, right, you have to remember that gold is an intermediary of things, right, as what currency is supposed to be, right. So if you have a thing like an intermediary like gold that everybody universally accepts as this is worth X amount of money And then overnight it doubles or triples or 10 X's in value Which is that due to everything that is pegged to that currency which is what we see happening in China and the US dollar at that time in 1929, right? So they revalued the price of everything in that commodity And so if they talk about doing this again, even though gold is at its all -time high right now It's not actually that it's actual value because you have to do the math right and George Gammon did a really good Segment on this which is how I understand this as well as I do now George Gammon showed to that guy guys amazing And so what what he basically explains is that if you take all of the dollars out there and keep in mind that we've printed Literally trillions of dollars in the last couple years like you know money printer money printer go burr right that whole mean and so we've Printed so many trillions of dollars. It's only because because of the US dollar's reserve currency status that the world has been able to absorb all of that extra money. And if you take a comparison as a ratio for how much gold there is to how much dollars there are, well, obviously, because we printed a whole bunch more dollars, that price of gold should be way up, but it hasn't been for a variety of reasons that it's been suppressed. It should be hundreds of thousands. Yeah, it should be significantly higher. So when I went to the V -Rex of the Vancouver Resource Investment Conference here in Vancouver a few weeks ago, I asked a lot of the people, what do you see as the actual value of gold and silver by the end of the year and by how much it should actually be worth? And nobody really wanted to give, not too many people anyway, wanted to give predictions, but for silver specifically, Andy Shepman, and can't remember the other fellow's name, by the name of Andy Shepman. a prediction that triple digit silver is gonna be almost guaranteed, right? Wasn't Andy Shetman said it was some other fellow I can't remember his name. But anyways, the point that I'm making is the actual value of these resources compared to what's happening right now is way out of whack from what it actually is. And this is why the central banks, the Eastern Authoritarians, all the super high net worth individuals, they're all buying gold and silver right now. because they know that when the fiat currency dies, as it has in dozens if not hundreds of times in history, they're going to take that old asset of the store of value and revalue their asset in the new currency, which in the oligarchy's goal is to be central bank digital currencies. But even if it's not, and even if we're successful in stopping them in their stupid game to roll that out, we still have to fix this present system that we have in every single time in human history that we've had a new currency or a new empire or a new whatever. They're like, hey, we have to back our currency with something. It's always been gold and silver, always, otherwise it just doesn't work, right? And so is there a way out there that we can do it in a better way? Yeah, almost assuredly, because I'm sure there's alien civilizations out there that don't use gold for their world. But the point is that we're here and now, and this is the best that we really had and the best that we've ever had. And every time we've had anything other than that, it's gone really badly for everybody. So eventually we're probably going to get back to that in some way, shape, or form. Warren, did you have something you wanted to add to that? Yeah. I was just going to say like when Bryce was talking about what happened there in the past is that we've had bull markets right in the past. past with precious metals and I just want to add that precious metals are secular bull markets which means their multi -year. So for example this is what happened in the bull market in 1971, 1980 and gold was revalued again at that time so it was still illegal at that point in the United States to own gold. They left, they undid the and made it legal. It was fixed at $35 when it was, um, it was fixed from 33 to 71. And then they took the dollar off the gold standard, eventually gold was had price discovery for a while. So for you to go up as the markets went up, and this is what it did in that, uh, bull market again, secular bull market, meaning it's multi year, that, that was another comment that braced me. is that it's a earning. We haven't seen the price increases in this bull market, which we believe began in 2020. But sticking with facts, look, this is another bull market that happened. Some analysts will say it didn't break into two pieces, but to me, there is a clear path of this bull market to 2020. years that is broken in half, but this is what happened in 2001 -2011. And so now, like again, what Bryce said when he met some of these people all the time, triple digits silver, there's reasons why this bull market we're in now, we started in 2020, will be spectacular for all these reasons here. We have the inflation, like we had in the 70s, systemic inflation, we've got all kinds of HUD, discombobulation, I'm going to say for a laughter that I word in stock market, you know, the ones in the stock market now, the big seven that are really making money is just the high tech part of the stock market. But this is going on. We talked about this, we mentioned this precious metals by record amounts, the wars. And the big one, we have more money this time. [BLANK _AUDIO] You know, it's, it's that classic arithmetic where we have more money chasing less bullets that we get higher prices. So that's basically one tied up on the bull market and what we expect to happen based on, based on history. Right. And if we take a look at that, what you've got there, that silver 2001, 2011 and 12 times increase. increase, silver somewhere around $30 announced right now, I believe. Uh, it's less, it's like 23, 23, 23. Okay. So yeah. And if we see a 12, 12 times increase on that, then we're looking at $260, $270 silver. Yeah. And if we get into the silver discussion price, I mean, silver was, look at the one before it, Tom Will, the end. I'm trying to be conservative here I'm sticking to the lower figure rather than look at the 36 time No, I what my point was going to make forget about like say the side predict it will hire in today's dollars Considering inflation and we reached $49 in 1980 That's going to be a hundred and eighty or something. Don't hold me exactly in today's dollars We should be there Without without any increased and and value just just in the taking in into account inflation. So, right, that's why we say silver is a coiled spring, but they both if you look at the patterns there in both cases, gold lead, then silver follows, but it's more dramatic. It goes higher. It comes down lower. It is a bit more volatile. It's a smaller market, but it's always been a monetary metal along with gold. Right. No, just make one talk on comment when I was at the V -Rick There was a bunch of people that kind of mirrored this idea and Robert Kiyosaki was one of them that said that Precious metals gold and silver are something that does nothing does nothing does nothing and then it goes to the moon Right and then it comes back down to wherever that new level is and then it does nothing for a generation and then it's off the charts Right and I think we're right now at the time where it's been doing nothing for quite a few years. And even though gold has hit it's kind of high, it's all time high. It still hasn't gone a lot compared to where it's been in the last few years. So there's that. Right. So gentlemen, there's a question that I really think I should have asked you back in November and didn't. I'm going to ask you now, because you've made it very clear, and I think the signs are there, if they're even too financial. a financial somewhat of a dummy like me, that there is a major crash coming, probably as bad or even worse than the Great Depression. So assuming two things, assuming one, we stop the globalists from implementing CBDCs, and I believe that we will, assuming two, that we do not somewhere in the next few years replace this collapsing system with something that actually works such as backing the dollar with gold or silver. When this financial crash happens, what is the sequence of events going to be and how is it going to impact the average person? Bryce, I'm going to let you go first. Yeah, I'll split that one. So there's times in history, right? I'm sure a lot of people have seen that, you know, hard men create good times, bad times, you know, that cycle. cycle, right? So what we're in right now, right? I'll find the quote. Strong people make for good times, good times make for weak people, weak people make for bad times, bad times make for strong people. Exactly, we have been living through-- Before turning. Before turning. Exactly, and so we've been living through that third cycle of weak people creating bad times. Well, we're about to experience those bad times like nobody in history has ever done for a variety of reasons. And so what is the, I like to equate this with math, right? Because everybody can understand math, right? In chaos, you only have what's available to you in the cure now. You know, war is a come as you are type of game, right? You don't get to do stuff in the far history, or sorry, the far future of, well, I'll make a deal with you and we'll do stuff in the future. Nobody cares. It's like, what can you do now? What do you have access to now? Because that's the only thing that matters, right? So the math of civilization is really simple. How much energy do you have? How many things do you have available and what can you do with them, right? That is the basics of civilization, right? And in a chaotic situation, in a chaotic backdrop of the economy collapsing like what's happening in China right now, it is chaos and in the sense that it is going to be whatever you have available and whoever is on your team in a local sense is going to be what you have available. have to deal with, right? Because if you don't have your job, or like the factory shuts down, or you don't have enough food, or you don't have enough water, or you don't have enough money to pay for your house, or all of these things could happen, we could have an EMP explode. Regardless of what's happening outside of your life, what you have inside your life and what you have in your community and your family is all that you're going to have potentially, right? I want to believe that we're strong enough to civilization in the West that we're gonna figure it out, work together, and like pull up our boots, you know, but there's a lot of forces pushing us off a cliff, and I'm not confident completely that we're gonna be able to avoid some of the crazy chaos that is gonna that is coming our way. And this is why I'm telling you in your audience that like I can't implore you enough to get, you know, food, water, protection, your house in order, gold and silver, these things are, we're basically past the point of being able to completely change the trajectory unless really crazy stuff happens in a good way, right? And what that means basically is that if you have the ability to secure your financial future, your physical community, your family, you should be doing that immediately. Right. But now that's how people protect themselves from what's coming. And what do you think? think will the sequence of events be in the collapse itself? - Oh, okay, so let's go back to the basics, right? So one thing that is almost guaranteed is that the banks will shut down and you won't be able to get your money out. That's basically already happening in China right now. And that's a response by the state to have their out of money, essentially. And so if our country has printed money that it doesn't have, and we're not gonna be able to get it anytime soon, they're just... going to restrict what you actually have available. That's could be what they're putting the bail ins in and then it comes back down to what I was just saying is that do you have assets that you like food and water that you can keep yourself alive before either things come back online or something new happens? So the bank shutting down is going to be almost guaranteed at some point, right? And so then it then the question is well, what infrastructure is going to be shut down? Because we all live on a power grid, right? If the power grid shuts down, that's going to be cast like you ain't never seen before. And one of the things that I do 100 % for C is that when people are running out of food, it's going to be pandemonium, because there's this old saying that everybody is nine, nine meals away from, from revolution. And we're going to see that happen because what we saw in 2021 where everybody just decided that toilet paper was going to be, you know, not available, even though we produced it in ungodly amount of quantities here in Vancouver and Canada specifically. But everybody just decided that this was going to be something that they needed your supply of. But what happens if that's food? If that people just decide I need food? And it's chaos, right? Right. So the easiest and clearest thing prediction that I can give you is banks closing and Stores running out of food and if those two things happen All bets are off along with potentially electrical grids going down possibly Heating fuels becoming difficult to acquire those ones can be shut down Because of course everything runs off of electricity if the electrical grid goes down where you're not pumping any natural gas You're not pumping oil So we got you know if this happens in winter, we get the possibility of people freezing in their own homes. Very true. Like a civilization is the collaboration of very complex systems at a very high level, and it all flows through electricity, money, and skills. And if either any of those three things fail for any reason, the whole system flops. Right. Warren, your thoughts. Okay. You know, there's the things that brace was starting with what we can do, but what I think will happen, I guess, you know, obviously no crystal ball. When I see that there's going to be a lot of resistance to central bank digital currencies, it's interesting. We, it's a given, there's over a hundred countries telling us this is what they're doing. They're in different states of making the central bank digital currency become true. So, but we also know know that there's the power of the human spirit and people are waking up and there'll be challenges to it. So, what I think, my crystal ball, is that there will be, like you guys, like Bryce said too, is, you know, bad times, whatever those are. I really try not to stay away from the fear -mongering, but I believe that the, I agree that this economic process will be be worse than anything we've seen in our lifetime, but I think the elites or the globalists who's ever really in control here will use it, use the chaos as a means to bring, to usher in their digital currency as if, listen, there's fighting in the streets and there's chaos and there's all kinds of bad things. We're your savior, we're coming in, we've got some money in your bank account already, your new bank account, and it's going to be there, there's going to be some for every month, like look at Canada, we're doing universal, talking about universal income. And that's what I think, that they will use it, they will use the chaos as a way to usher in and become the good guy and say, "Look, we'll help you now." This is what I think, but again, it's really hard to to predict. Right. Adrian? Well, I agree with Bryce that the banks are going to shut down just like they did in the 1930s where they basically took off a bank holiday. So you're not going to have access to your money. So you better have store gold or precious metals as a means of bartering than you have the situation of the grid and all those things happening. My advice is is, if you're not going to have access to your money, you're not going to be able to shore up on your marketable skills, what you can trade for something else. So if you are in the country, you have land that you can grow food, you have a marketable skill in that you can grow food. We're going to be entering a period possibly where money is not available or accessible and we're going to have to basically basically exchange our services, our goods that we have with each other. Initially, it's going to be mayhem because there's no systems in place for the most part, and then people are going to have to figure it out. Then we're going to go to probably a system like back in the early days where you had a general store, you would buy goods that are delivered by the other farmers or whoever produces stuff and you would have a credit system where the storekeeper basically keeps track of everything and then at the end of the month, if you have your store gold or precious or silver, you would then pay for your month's worth of purchases that way. So we're going to start building up a means of exchange organically, short of not having a system in place ahead of time. So it's going to be absolute ma 'am initially, and then we're going to figure it out. We're just going to go back to the old systems and start doing it the way we used to do it. Another thing is if you have to bear with all, you might want to maybe move south, move into a free state in the U .S. I know there's that rule of the 300 or 180 day stay and you have to leave, but there are ways for those who have the resources to move forward. actually move to the States and be able to stay there, which we briefly talked about a while back where people can buy their way into permanent residence if they own assets or a business that employ people. So some people have that option. The rest of us are gonna have to figure out how to survive by having marketable skills that we can trade with each other. other. - All right. Gentlemen, thank you for this summary of what's been happening, what is happening. And of course, we're gonna be back in part two to discuss more specifically, what is happening in Canada? - And if I can just leave off with one thing. If anybody's interested in talking about precious metals or any of the things that we talked about, they can reach Warren through the, link below. Also leave my contact information if somebody wants to reach out to me about kind of the, all the crazy things happening in the world. And Adrian obviously has his connection as well that does off market deals and stuff like that. So if anybody wants to reach out to us, I'll leave my contact information available. - All right, thank you gentlemen. Thank you, thank you all. - Thank you.