David Friedberg Explains Why Record Stock Prices Are a Lie

Instead of trading it in US dollars, what if you just looked at the US stock market, the total value in ounces of gold? The stock market's up in dollar denominated terms. But if you look at the stock market relative to gold, it's actually down. In a democracy like we have for the past 250 years, without adequate constitutional constraints, it has always been the case that over time, government spending goes up. And this is because in a democracy, people ask for their government to do more every year. And as they ask for their government to do more every year, the government agents who are elected say, "Okay, here you go." And they spend more. And

eventually when the borrowing capacity gets unlocked, which is what happened in the United States when we went off the gold standard, you borrow like crazy. You print money to fund those borrowing costs. But eventually the bill comes to you. And in the United States, the bill is coming to you. But I just want to tie it back to Minnesota, Donald Trump, and socialism. I think it's important for us to just highlight that if you own assets like we do, the four of us, we own stocks, we own real estate, we own other assets. As the dollar devalues and everything inflates in value, our asset prices go up and we get wealthier and

wealthier and wealthier. The majority of Americans do not own assets. They are net asset negative. As a result, they live off of income and they do not benefit from the ddollarization like asset holders do. And I fundamentally believe that much of the civil unrest and ultimately this divide in this country is driven by the fact that ddollarization because of excess government spending ultimately leads a majority of people in this country to feeling oppressed and left behind because they're seeing a few people in the country accelerate their net worth like all of us here. And there's no way for them to catch up because they don't actually own assets.