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Instead of trading it in US dollars,
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what if you just looked at the US stock
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market, the total value in ounces of
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gold? The stock market's up in dollar
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denominated terms. But if you look at
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the stock market relative to gold, it's
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actually down. In a democracy like we
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have for the past 250 years, without
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adequate constitutional constraints, it
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has always been the case that over time,
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government spending goes up. And this is
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because in a democracy, people ask for
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their government to do more every year.
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And as they ask for their government to
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do more every year, the government
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agents who are elected say, "Okay, here
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you go." And they spend more. And
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eventually when the borrowing capacity
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gets unlocked, which is what happened in
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the United States when we went off the
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gold standard, you borrow like crazy.
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You print money to fund those borrowing
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costs. But eventually the bill comes to
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you. And in the United States, the bill
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is coming to you. But I just want to tie
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it back to Minnesota, Donald Trump, and
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socialism. I think it's important for us
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to just highlight that if you own assets
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like we do, the four of us, we own
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stocks, we own real estate, we own other
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assets. As the dollar devalues and
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everything inflates in value, our asset
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prices go up and we get wealthier and
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wealthier and wealthier. The majority of
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Americans do not own assets. They are
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net asset negative. As a result, they
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live off of income and they do not
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benefit from the ddollarization like
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asset holders do. And I fundamentally
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believe that much of the civil unrest
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and ultimately this divide in this
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country is driven by the fact that
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ddollarization because of excess
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government spending ultimately leads a
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majority of people in this country to
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feeling oppressed and left behind
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because they're seeing a few people in
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the country accelerate their net worth
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like all of us here. And there's no way
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for them to catch up because they don't
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actually own assets.