Japan’s Panic is About to KILL the U.S. Economy – Michael Gayed Warns Of Reverse Carry Trade Crash!

Hinzugefügt: 2026-05-31

[00:00:00]Hi, this is Daniellea Cambone. Welcome back to the Daniellea Cambone show.

[00:00:03]Well, while the market parties like it's 2025 all over again. Now I have the Prince song in my head. Uh stocks are grinding higher on soft landing, but one voice has been screaming into the void for years. He's taken personal attacks, mockery, even family insults for it.

[00:00:22]Michael Ged. He was early, he was loud, but he was right about the preview.

[00:00:27]today with Japanese yields skyrocketing call volumes at all-time highs. Michael says the main event is near and not over. Michael, the lead lag report joins us right now. So good to be with you, my friend. Looking fantastic and I'm glad to see you're alive.

[00:00:44]>> I I can't wait to see all the comments who are like, "Oh, the the perma bear is back. The perma bear who's got a long only fund called the free markets ETF."

[00:00:52]Yes, the perma bear is back to talk about Japan. Uh I appreciate it. I I I I I joked it's like I'm gonna fast until the reverse carrier trade happens. And then after like two days I said um I want to live. So I'm uh I'm no longer fasting because you know I don't know when this thing's going to come back again but I still think it's coming.

[00:01:11]>> Well uh you you look great. I'm glad to see you're alive and you said it best.

[00:01:15]Uh the boy who cried wolf was eventually right. He was right.

[00:01:20]>> Uh he tweeted he got eaten. He got eaten at the end though. Okay. That's the >> Okay. But Okay. But okay, that that side note aside, is this your moment, Michael? Because, you know, we see what's happening to Japanese yields here going bonkers. What does this signal for the for the rest of us, for the world?

[00:01:35]>> Well, it's it's not that they're going bonkers. It's that Japan tries to intervene to stop the yen from uh weakening further and uh like three or four days later, whatever money they spent, the yen weakens again. like the amount of money that the uh Japan is throwing at this to try to save the yen is working to save the yen, which is why they probably need to bring out a bigger bazooka. There have been these um these reports that Japan has been dumping treasuries, which I always argued would be phase one of the reverse carry trade that they would sell US treasuries to raise dollars to then ultimately use those dollars to buy the yen, to support the yen. Because if we go back to the original thesis from two years ago, and yes, folks, I get it. like it happened August 3rd, August 5th of 2024. People forget how vicious that crash was in the NIC and how suddenly everyone thought I was right because of those two days. I didn't know it was going to happen those two days, but it's a condition. It's a dynamic. I think it's going to happen again probably longer and deeper. Uh but it's like at some point Japan has to do something about oil priced in its own currency which keeps weakening. I I don't know why this is so controversial.

[00:02:39]Sure, markets keep on hitting new highs.

[00:02:41]Am I markets? I'm really talking about the S&P 500. Um, yes, it's been a bull market. I'm not a perma bear. I keep saying this, folks. Just because I'm identifying that the weather is raining, that I think there's an accident out there doesn't mean I'm necessarily thinking that you have to go backwards in reverse driving into that storm, you know, uh, the other direction. Just means you got to be careful, right? That there's still a risk out there. Um there's something else also which is I think gonna uh conceivably cause some some mayhem which I can speak to from a personal experience perspective >> separate from separate from Japan. Um you're seeing these reports about Microsoft scaling back on using AI and a lot of other companies are starting to see that say that themselves. It's like they're not getting the ROI because the reality is using AI and these tokens is expensive. Okay. And I can speak from experience on this. The last nine months I've spent now about $70,000 through Perplexity to build out 200 plus AI agents for my one of my companies, Lead Black Media. Um, that's I'm one of the top users on Perplexity. Like literally because I'm building out these this this this whole autonomous agent stack. It's a lot of money and a lot of these tasks that I'm building, I'm doing it purposely so that I can be an AI company, you know, AI forward thinking platform for distribution, sales, marketing. But the reality is a lot of these tasks are going to be cheaper done by people. Now, if you break the the belief that AI is the uh is the greatest productivity tool known to mankind because suddenly companies realize it's actually really expensive to implement AI in an autonomous agentic way that could that could break equities too separate from Japan. Again, I'm not >> Wait, this is interesting.

[00:04:22]>> Yeah, please.

[00:04:22]>> Wait, hold on. I have a question about this. So you're saying if we were to speak in salary terms, a salary for an AI hire might not be cheaper than a human.

[00:04:36]>> So then than than your more traditional outsourcing model, right? So you can argue it's cheaper if you're hiring in the US because of all the benefits that come with hiring, >> you're paying insurance, run a pension, whatever. Right.

[00:04:48]>> But you you got to go back to sort of the old school, you know, hire somebody in India, hire somebody in Chinese, hire somebody in Ukraine, whatever it is.

[00:04:54]Like sometimes it's actually cheaper to do that than just rely on the AI, right?

[00:05:00]And that's actually a pretty big deal.

[00:05:02]And it's like people forget AI is great.

[00:05:04]Everyone's saying AI. I don't know if the investors that are betting on AI really have used AI to to know sort of what the real pitfalls are. I now as a big user and I do believe in AI, right?

[00:05:15]I now see the pitfalls, right? And it makes me also just sort of leerary about the the optimism that we've seen that have driven the S&P 500 index, which by the way, S&P 500 index is an AI index at this point. It's not a diversified play.

[00:05:29]It's a thematic index. Okay. Um it makes me think that yeah sure there's still a risk that that also you know comes out that this this this kind of manic behavior on to your point the call volume uh activity the things we're seeing with Korea okay in terms of their markets going absolutely ballistic and vertical like all this stuff tends to have a funny way of ending very abruptly again I'm not a bear it's like you can be you can be bullish on stocks and you can be bullish on a tail event you can still think that there's coming >> but that said Michael as as an investor And because you're living it, are you would you be wary of AI stocks now? Are you pulling away?

[00:06:11]>> So, it's interesting because I've got three funds, a mutual fund, two ETFs.

[00:06:15]The free markets ETF, which is investing in companies that benefit from deregulation, doesn't have many AI plays, partially because uh tech is doesn't really benefit as much from deregulation as you might think. I'd actually argue that tech is about to be regulated like hell. uh we are seeing we are seeing a very interesting >> societal push back against AI implementation.

[00:06:37]>> That societal push back I think is going to be exactly what the Democrats latch on to the most. Even though by the way historically Democrats most favor tech companies when you look at the holdings of congressional Democrats, they tend to like tech. But uh Democrats like Republicans also know where the mood is going. And if the mood is anti-AII, you better believe you're going to hear more of that during the midterms. Okay? and and you're going to see more just like we saw with Maine, I think I think it was Maine's rejecting some data uh data houses from being built. So you are going to see push back on this AI side and combine that with the cost involved, combine that with all the quality, combine that with the leverage, combine that with Japan, it's like all right, yeah, sure markets are are at these kind of highs. Um Bur said this reminded him of I think 99 2000. Yeah, it's like if you lived in 2000, I mean, it felt pretty damn good March of 20 of of the year 2000, which was when you had the NASDAQ blow off top and then suddenly that was a bare market.

[00:07:33]>> And you're not saying we're there yet, or are you?

[00:07:36]>> You know, I'll tell you after it happens. I don't know. Right. There's Look, everyone in this industry talks up their own book. Okay, let let's let's take a step back and analyze kind of where we're at in terms of the industry of being a fund manager and portfolio manager and and managing money. Most people are long only. Okay? So, if they're long only, they're going to be bullish because their revenue, their income comes from being long stocks.

[00:08:01]Okay? My free markets ETF is a long only equity fund. Like I I don't want to see markets collapse, right? My two other funds are risk on, risk off. You can argue I want to see risk off in that. So maybe I'm a little bit conflicted or maybe I'm I'm probably more more even than others because I have funds that can benefit from either scenario now at this point in my career. But I I I do think that you need to have some skepticism around what's going on. And it's funny, you know, the the the ex post that went viral just the other day.

[00:08:30]>> I said something along the lines of unpopular opinion, the stock market corrects the moment the straight of Hormuz opens.

[00:08:36]>> Yes. Right.

[00:08:37]>> And I liked it. And the comments, it was interesting because half the comments agreed, half the comments thought I was an idiot. And it's like we're at a point now in the bull cycle where people don't know history.

[00:08:48]It's a very well doumented fact that in one of the best trades or one of the best things you can see occurring in history is buy the rumor, straight up horses is going to open, you sell the news, right? So, but you have all these people saying, imagine thinking that something that's bullish for stocks results in stocks going down and the the final stages of a bull market tend to have the the least educated investors participating in it. I think we're there.

[00:09:17]>> Well, I think someone replied to your tweet or expost, whatever, saying, uh, no, it's the SpaceX IPO.

[00:09:24]>> Okay. Which I thought was also that was also a very clever response. I will say I reposted that. I like that. I think which is very possible because that's also, you know, silly. Like you're going to make a trillion dollar IPO. I don't think it has any real revenue. Like I get it. It's fantastical. I'm I'm not an anti-mus guy by any means. Like the guy's a visionary. He's basically the Iron Man Tony Stark of our time, right?

[00:09:42]But for God's sake, people like you can't just you have to value things somehow. Like I don't know how people are are are just, you know, a Ponzi scheme is not a valuation uh tool.

[00:09:55]>> I just want to get back to the point on on Japan before I get to a question I'm super excited about. Um, getting back about your warning that oil, especially when viewed through a yen lens for Japan's massive importance, could be the spark. Explain this on a very basic level to our audience of why this is important and how it affects America.

[00:10:17]>> Okay, Japan has been the source of credit and leverage for the world for about two decades. Why? because they were the first developed economy to basically go zerk. Zero interest rate policy. Okay. Now, money if you borrowed in Japan doesn't just stay in Japan. It can be deployed anywhere in the world.

[00:10:38]So, if you want cheap financing, you don't get it from JP Morgan. Don't get it from Bank of America. You get it from Japan. Okay? Now, you're in the US. You borrow that cheap money from Japan.

[00:10:50]You're buy borrowing it in their currency, the yen. Okay? Now, if the yen weakens your debt, what you're borrowing from Japan, when you have to repay it back with your stronger currency, that debt load actually is less because the currency conversion helps you pay off that fixed yen amount in a currency, your home currency, which is stronger, right? So, you actually like when a yen is weak because it makes the debt load less. Now, the opposite is also true. If the yen strengthens, your currency on a home basis is weak. Now that debt load is heavier, okay? Because now you have to use more of your currency to pay back that fixed yen amount. Okay? Now, because so much leverage has come out of Japan, has been deployed all across the world, which is what the carry trade is.

[00:11:38]>> My argument has always been that at some point there's going to be a repatriation. There's going to be something that causes the yen to to spike. That spike causes the borrowers of that Japanese yen liability to panic to sell where they've deployed that leverage Nvidia, US equities, treas whatever way treasuries and then uh that creates sort of a margin call, right?

[00:12:00]Because that's that's what a margin call is at the margin. You're you're forced to to cover leverage. Now because Japan imports all of its oil and because oil is denominated in dollars, if the yen keeps weakening and oil keeps strengthening, then the price of oil to Japan is much higher than it is here in the US and they import all like in the US we have full we have our oil covered.

[00:12:26]Japan has nothing. They got to import all that energy. Okay. So my argument has always been at some point Japan has to panic because they cannot prevent the price of oil in dollars to rise. They can prevent the yen from weakening relative to oil so they can try to slow down the acceleration of that oil shock.

[00:12:43]Which is why I said all along, you know, this could be this this Iran, you know, war could be a catalyst.

[00:12:50]Hasn't happened yet. Obviously markets don't care. Japan's markets have been on fire. Everything's on fire. But at some point, if Japan were to start to say, "We got to do something about the yen because no matter what amount of money they seem to throw at it, yen keeps wanting to weaken." Some point if they do force a real super spike in the end, >> yeah, that's going to be a margin call.

[00:13:07]That's going to cause everything globally.

[00:13:09]Again, it's not >> I have so many people that say, "Oh, you missed the 2024 bull market because you're talking about the reverse carrier trade." It's like, no, folks. Like, you can still be long only equities and still warn of a of a crash. I don't know. Like, I don't know the exact mile marker. I don't know when it's going to happen. I have no clue. What you do about it is you just simply have a portfolio that has asset classes that can benefit from that while still being long only. I've never once advocated to short. You can still be prepared for an accident by just slowing down >> like gold.

[00:13:41]>> Like gold like I I'd argue like treasuries themselves long duration which has been the worst place to be worst bare market in history for treasuries which is actually bullish going forward >> for treasuries. Riddle me this. Riddle me this. Because over the long weekend, uh, my husband Matt and our friend Jeff were having conversation about the Dixie. Yes, we're we're fun people, folks. I promise. And I said, perfect. I have Michael coming on. Let Okay.

[00:14:08]Looking at the basket of currencies in the Dixie, Michael. Right. The euro right now has close to a 58% waiting.

[00:14:20]Okay. So, it's not really the dollar versus global currency is giving us a view here. It's US dollar euro.

[00:14:35]>> Am I wrong? Am I misreading this? So, it's not >> it's not Yeah, the which is why you have to look at it much more on a on a a pair by pair basis, right? And which is why it's good to look at, you know, dollar yen. It's good to look at dollar emerging markets, right? I mean, if you're going to be bullish on anything from a multi-year perspective, I do think emerging markets are the place to be. And I say that from a pure meanover perspective, and I've been wrong for a number of years on it, but maybe I'm finally right on this. Emerging markets relative to the US have been dogs since late 2008. I've been massive, massive on a performance on a relative basis. Part of that's because the US is so tech heavy and because this entire bull market for the last 13 14 years has been really all about tech, right? from fangs to mag to AI to all this stuff.

[00:15:21]At some point that's going to reverse. I don't know when, but it seems like it may be starting and it's one of the most underinvested parts of the globe. So, if you're going to be bullish, let me put on what's going on with Japan and and my concerns about a tail risk. If you're going to say I'm going to close my eyes and I'm going to bet on something, I probably want to bet on broad emerging markets, China, right? I I bet on India.

[00:15:41]I bet on Brazil. I bet I bet basically on commodity plays with within the emerging markets, right? the US is, you know, I'm not saying to bet against the US. I'm just saying at some point US become as fully valued, if not overvalued. We're probably there now.

[00:15:56]>> Uh, broader thinking here, Michael, what do you want the people listening to know?

[00:16:03]What should they be doing to prepare? I know you said, look, you don't know when it's going to happen. People have mocked you saying you've been saying this for so long, but you know, bigger picture here. I mean, what do you really want the people to know?

[00:16:18]It can't be this easy.

[00:16:22]It's It's as simple as that. Whenever it feels like it's too easy, you're about to get humbled. And And that's that's not me trying to be a fear-mongerer. That's just me being realistic about life. Okay? I I am I'm of the philosophical mindset that life is suffering with momentary periods of happiness and joy. Um this is probably one of those momentary periods of happiness and joy. Everyone is elated.

[00:16:45]The portfolios are going up. Everything looks like it's great. Nothing can bring the markets down. Markets, you know, the markets, you're going to be rich forever based on what AI is doing. Um, the people that say that are not using AI.

[00:17:00]They don't know how challenging it is to actually implement this the right way.

[00:17:03]They don't know the ROI. Um, and I think it's probably a false narrative. and the the idea that Musk is floating out there that we're entering this age of abundance that uh we're all going to be fat and happy because uh uh optimist uh robots are going to be, you know, doing our dishes, you know, I don't I don't buy it. I I I just don't I think things take much longer than the narratives have you believe. And markets have a funny way of following narratives which are often wrong on the time frame. In the same way, by the way, that during the late 90s, the time frame for do and internet was so compressed that that's why you had a bubble. Everyone was just buying these things up, discounting a future that was everyone thought it was going to come sooner than it did. The future did come. Internet became a real obviously big thing, but it took many more years. And that that that timing revaluation is ultimately what becomes very painful for investors. So my only message to people is stuff gets so easy and just prepare meaning have assets that can benefit in the event that something does happen. Just be prepared for it in advance. That's all.

[00:18:12]>> On a on a scale of 1 to 10, how concerned are you about rising US debt?

[00:18:19]>> Nothing matters until it matters and then when it matters, it's the only thing that matters. Um it's all relative game. It's like the the total global debt I think is $350 trillion. Somebody once said to me on X, "Who do we owe that to?" Aliens. Um maybe >> given all the alien stuff.

[00:18:38]>> Elon Mus would say maybe.

[00:18:40]>> Maybe.

[00:18:41]>> Maybe.

[00:18:41]>> So those guys on Mars, >> by the way, can we can we just stop and think for a second like how desensitized we are? Like >> think about just for a moment.

[00:18:50]>> The the US government is releasing UFO files.

[00:18:53]>> Yeah. Yeah, >> it seems it seems like a foregone conclusion that >> aliens are real.

[00:18:59]>> Yeah, >> I see these I see these studies about how the the government is looking at ancestry and and uh 23 and me and trying to identify if the they can see DNA which is a hybrid of human and aliens.

[00:19:13]And I look at this and no one is is freaking out and I'm thinking to myself like did we all die during CO? Like is this hell? Like is it >> that that is a theory? That is a theory.

[00:19:25]>> I I just find it bizarre. I don't know what else to say. I just think we're in a very weird world.

[00:19:31]>> Do you think it's possible Elon Musk is >> going Yeah. And we're going to live forever that creating a chip that will replicate him that he basically never dies.

[00:19:44]People on the show must be like, "What the hell are these people smoking today?"

[00:19:48]>> Great. Have you heard?

[00:19:49]>> Great clips. Yes, we are. We are high as hell on this conversation. Um, what I will say is if we're going to enter that phase and live forever, >> you better have more in your retirement account. Okay? So, cuz you know that >> I can never retire.

[00:20:06]>> Well, you can, first of all, you can never retire, >> but it's like if you're going to live long, you better have the assets to cover that longer life.

[00:20:12]>> I just want to go to a farmhouse in Italy somewhere. I I just want my AI to respond to emails that you send to me because folks >> I know you I Okay, so Michael has ghosted me like talking about your AI staff say you know I'm like he's not replying to me and apparently now the the new the new the new the new catchphrase is oh my AI didn't respond to it wasn't me >> it was my AI >> it's absolutely true it's not I'm going to prove it to you I'm going to send you a screenshot that it said it was sent to you and I you know me But but yes, it's instead of my dog ate my homework, it's my AI failed to fire.

[00:20:50]>> It's my my >> Okay. Um let's talk about because you don't do enough in life and don't fill your your your days enough and you're you're sleeping four hours. That's too much.

[00:21:00]>> Yes.

[00:21:01]>> You are doing something I love. You've created u a book for kids where they get to be superheroes. It's their name. They get to choose the superhero. I'll let you do the talking, but it ties in finance. I love it and I want to be involved because that's how much I love this project. But you you tell people about it.

[00:21:19]>> So I I had the idea I had the idea very random. I used to be a big comic book guy like from 90 9192.

[00:21:24]>> Wait, who was your guy? Who are you?

[00:21:26]Superman or Batman? You striking me as a Batman?

[00:21:29]>> I I was more I'm more of a Dark Knight kind of guy, right?

[00:21:32]>> Okay, >> that's >> Sorry, I digress.

[00:21:34]>> Uh no, it's a fair point. You know, it's like I'm not going to talk like Christian Bale in that voice, but you know, we should do an interview like that. If you want to go viral, I can talk like Batman and about that carry trade. Um, so no, I had the idea of of uh well, one of the interesting things about AI is why not create a a uh an AI workflow that would create a comic book whereby if somebody puts the name of their kid, puts an image of their kid, some struggle that the kid's going through, some uh saying that the kid says, and include what their stuff is that you can create a comic book for that kid where the kid is the superhero.

[00:22:11]So I I had the idea basically in 24 hours launch the site, create the workflows. Um and uh have tested out with some people. So person puts an order in, I have AI create the comic book. Comic book looks like it's their their kid and it's their story and their sayings and all that stuff. Um and then I have it routed to a comic book printer and then the comic book gets printed and sent to that person. So now the kid can actually see them as a superhero in a comic book, you know, for like ages four to eight. Uh and the initial feedback has been phenomenal on this, right? like that to me is interesting on as as an interesting case study for how to use AI in a creative way to develop a business.

[00:22:46]Uh but then I started because it's like well why not how else am I going to promote it? I started using that algorithm to create comic books around uh uh the guy from GameStop talking about we'll buy uh eBay with half half cash half stock and I made a whole comic book literally around that that I posted on X. I have all comic book which got you know I think half a million views or something like that around the reverse carrier trade with all of my classic all my classic go hamster you know Godzilla Mothra Doctor Strange like all the things that I'm known for that I'm very repetitive on on X which is kind of a branding exercise um so I call it Capetales capetales.com >> capales you know I I I have a very specific vision for it if I can get you know if I can get a bunch of occupational therapists to uh produce those comic books for their patients their kids who are having speech impediments or go to nonprofits for kids that are going through terminal illness where they are the heroes which by the way make jokes me up when I even talk about that like that to me is uh very powerful and I want to ultimately you know donate a percentage of the profits to those nonprofit organizations >> I think it's one of those things where it's like separate from the investing and finance side I I try to express creativity in the moments >> so >> I love this cape.com and that wasn't taken you got that URL >> shockingly so yes and actually the AI said that's that's the name to Sorry.

[00:24:02]And I did all kind of USPTO surfing, all that stuff.

[00:24:05]>> I am seeing a trend. I mean, I just had Bob Thompson on, Ted Oakley on where more more people I'm interviewing are trying to do things for children or, you know, cater to children or helping them educate educate them on whatever it is that they're not learning in school. And I I'm just a huge advocate of it. So, shapo to you, uh, Michael, for that. Um, also, I know you say you don't know the future, but guess what? I know what you're doing June 3.

[00:24:33]>> June 3rd.

[00:24:34]>> Yeah. Yeah. You know what you're doing June 3rd? You're going to be at my live event with Michael Oliver and Clive Thompson.

[00:24:41]And you could be you could be the troll in the room.

[00:24:44]>> If you want me I can I'm hosting a live event. It's called Behind the Curtain. We're debunking myths. We're just blowing it up, telling it straight up what's going on in the gold and silver market. Um it's going to be awesome. But there's limited seats actually. Very I know Chris just checked few seats remain but we'll fire up the link if you wanna I mean Michael has to be there now because he goes to >> you call me out live. I'm like oh yeah thing and it's like oh yeah yeah I'll be there. Yeah. Let me put that right now.

[00:25:14]Yeah. Let me do that. I'm looking at my calendar right now. It's like let's do third. Let me >> You were that guy in high school, Michael. I know it.

[00:25:20]>> Um >> All right. I'll give you the final word.

[00:25:24]Bring it home. Uh, what do you want our lovely audience to know besides getting Cape Tales?

[00:25:30]>> Yeah, exactly.

[00:25:32]>> And watching lead lag?

[00:25:33]>> I I Well, and I want them to know that Den Daniela Kimone is one of the real ones in the industry. I say that truthfully. I've had the honor of meeting Daniellea in person at events that I've had brought her to and uh I'm always a big fan of what she does. I I even I even tried to hire her away, but I couldn't afford it. That's why I'm using the >> Okay, that's a whole that's a whole different discussion. You might want to cut that part out. We can have the conversation. No, we'll leave it in. You just My equity just went up.

[00:25:58]>> Exactly. Right. Like now now you're gonna get raised. I said uh but no no I'm a big fan of everything you do Della. You're like I said you are one of the goons. Um what I say to the audience is listen folks like remember what I said everyone talks up their own book. Yeah. Everyone everyone has an agenda. Okay. I do too. And I'm very open and honest about I want my free market ETF on deregulation as a theme to work. I put a lot of money into launching that fund with three other partners. I want my risk on riskoff mutual fund which has a really nice run especially the last year and a half and my Jojo bond ETF to work. I want to see credit spreads widen because that's what my junk on junk off Jojo bond ETF is designed to benefit from. So of course I'm going to be biased in thinking that yeah you're going to have a credit event. Of course I am. I created a whole product around I'm putting real money into it but I'm putting money into it because I believe it right. I mean I wouldn't do it otherwise. So, so my point is like you you always have to think about incentives and think about when listening to anybody is what they're saying really a a a a bullish or bearish argument on the time frame that you believe that they are thinking. Okay.

[00:27:03]So, when I'm saying I'm concerned about equity valuations, that doesn't mean that I'm short or that doesn't mean that I'm bearish on stocks at this particular week.

[00:27:12]>> Like for all the talk about bulls and bears, nobody ever says anything about time frame. You can be both bullish and bearish at the same time depending upon the time frame with which you're evaluating that bull and bear thesis.

[00:27:22]>> Hold on. I have a completely random question right now that I wanted to ask you. I don't know if you caught the Jeff Bezos interview on CNBC where he was talking about taxing the rich. You know, the whole Mandami thing here. He was responding. He was saying, "Why did he pick on Ken Griffin?" Anyhow, yada yada yada. Point being, he was like, "You can keep taxing all you want. It's not going to solve the problem. It's not going to make, you know, uh it's not going to solve the problem. You're not going to help uh the school teachers." like you want to help these people out, don't tax them. Don't tax the folks making less than whatever 70,000. Do you agree with this mind frame or is that a form of socialism? I mean, your take on that?

[00:28:02]I think the problem is that all of these statements assume human beings are rational, disciplines and uh have agency around their decisions. And what I mean by that is when the COVID stimulus checks came, a lot of people spent that money going to places outside the US. Other people spent it on things which they were like, "Oh, it's free money."

[00:28:33]They didn't pay down their debt. They spent on things which were frivolous.

[00:28:36]You look at uh one of my favorite things, if you were to look at the stimulus checks from 2008 during the great financial crisis under Bush, a lot of those checks went to porn.

[00:28:51]Um just because you give people more money doesn't mean that they're going to do the right thing with it.

[00:28:56]And I think that's really the the bigger issue. It's like you really want to solve the wealth gap. You really want to solve disparity. It's not just about taxing the rich. It's about where you spend, what you spend with. Are you saving? All the stuff that most people don't do because they want to live for the here and now.

[00:29:21]On that note, thank you so much, Michael.

[00:29:26]>> We ended the conversation on porn.

[00:29:28]That's what happened.

[00:29:29]>> Yeah, that was that's just how we go out. That's how we roll.

[00:29:32]>> Yes.

[00:29:32]>> And uh Michael uh is much taller in person. So am I. If you ever meet us on the street, I'm 5'9 and he dwarfs me. So >> 61ish, I think, is whatever my head >> come back soon. I I had fun.

[00:29:49]>> I had fun. This was nice.

[00:29:50]>> I'm looking forward to the troll comments. You know, there's always going to be some troll comments and that's okay. You will never meet a troll that's doing better than you.

[00:29:58]>> No, that's what you say. I love when you say get a haircut, then we can have a conversation, right?

[00:30:03]>> Yes. Amen.

[00:30:04]>> All right. Um Um Thank you all for I'm speechless. Thank you all for watching. And if you have questions about starting your journey in owning physical gold and Michael loves gold.

[00:30:16]>> I do. I want >> He's He's gonna buy some right now.

[00:30:19]Yeah, I I'll buy it through through exactly what you're talking about right now, >> right?

[00:30:23]>> Shameless plug. Yes, incentives, people.

[00:30:26]Incentives. Everyone has an agenda.

[00:30:29]>> But honestly, my colleagues at ITM Trading are the best and they are there to help you out. We'll fire up the link and uh Michael guy, you go get capetales.com.

[00:30:38]We'll see you soon, Michael and everyone. More content coming your way.