Episode Transcript
[00:00:00] Speaker A: Foreign.
[00:00:11] Speaker B: Welcome to wealth on Main street, where conversations about growing your wealth are fun and entertaining. Wealth isn't just about money. It's the skills and the knowledge that we develop to pass on to future generations.
Tune in each week to grow your mindset and your net worth at the same time.
If you think money in your bank account is safe, think again. My guest today has dedicated his life to showing people the storm that's building beneath the financial system, how silver and sound money can actually be your lifeboat. He's been featured in major media worldwide. He's the author of the Silver Manifesto, and he publishes the huge, hugely popular Morgan Report.
Known in a lot of circles as the Silver Guru. His upcoming documentary, Silver Sunrise confronts the erosion of liberty through centralized money control.
Welcome to the show, David Morgan. Happy to have you with us today.
[00:01:11] Speaker A: Richard, it's good to be back with you. As we talked off air, we've known each other for a while in a different framework, but I got a smile on my face. I can hardly wait to get going.
[00:01:20] Speaker C: David, so good to have you with us. And the viewers and listeners are going to get a ton of value from this. Now you've been warning for decades about the fragility of our monetary system. And so what first woke you up to the reality that money itself could be used as a form of control?
[00:01:39] Speaker A: That's a real hard one. I just have to go back to my early age. I mean, this had part of it maybe on a subconscious basis and I want to be overthinking this, but the currency or the money changed. Coin has changed. When I was 11 years old. So from 90 silver coins to what I call Johnson slug, coupro, nickel, quarters, dimes and halves.
And really quarters and dimes I don't really have circulating back then, but, and it kind of woke me up. It's like, well, wait a minute, this silver quarter's got to be worth more than this copper one. But no one around me in that area seemed to be paying attention. I'm an 11 year old kid, I don't.
But it fascinated me and it kind of put me on this quest for, you know, what money is and how it works. Because all I knew was that if you saved enough money you could buy a house and if you didn't have enough money to buy the house outright, which I didn't even know as an 11 year old, you got a mortgage. And that's about all I knew. Well, if you get a mortgage for, you know, family residence, how do all these skyscrapers happen? How do you Build a sports stadium, you know, so those questions were kind of rattling my head as a young man. And then I on my own discovered fractured reserve banking and how that worked. And that to me seemed to be offensive on its face. You know, how can you get 10 times the amount of something just because you say so? You know, I like to say, you know, I'm worth 10 times as much as I am. How come I can't do that? So I've been a little funny, but that's what broke, you know, that phase was like the next step up. And to finally answer your question, not only did I understand that really it was fraudulent on its face value, but that money actually was something that interfaced with everyone worldwide. Yeah, I mean it transcends religion, it just transcends national origin culture. Everyone's got to fight for that dollar or that euro or the yen or what have you in order to survive. And we're the only species that has to have this currency in order to basically live.
And that went to the next step. And I'm done answering the question that gives the money elite tons of control.
And where I like to go with that, as we all know, or you maybe some won't believe me, but I think most of this channel would.
All the politicians for the most part are bought and paid for.
That means the whole political system is basically corrupt, which means we don't have representative government anymore. So that's as far as it went. Long answer. But honestly, it's been a quest, it's been a journey, it's been an ever non ending learning process because as I've gotten deeper and deeper and like, oh, that part of it can't be corrupt.
Oh yeah it is. Or at least the legal system.
No, they're corrupt too. Well the. Oh no, some of the insurance industry is bad as well. Well wait, at least he's got no, wait a minute. Now I'm not saying everything is a. Is corrupt and that everyone is corrupt. I still believe most people are good, but that's not the money power control. So the money power is pervasive worldwide and has infiltrated many industries that we used to trust implicitly, such as insurance and not. There are good ones. But you can't. I, I don't think there's any industry that I know intimately that hasn't been corrupted somewhere. I'm not saying all of them. What I'm saying is pick an industry like consumables as on the stock exchange. There's some in there that are corrupt, period.
So I Said enough, probably too much. But back to you guys.
[00:05:24] Speaker C: Yeah, no, it's great. Well, I would ask just a follow up. So now that you've gained, obviously, a lot of experience, what do most people misunderstand about money and freedom and the way that central banks actually operate?
[00:05:41] Speaker A: Well, one is, I think they are taught to believe that someone has to be the bank, someone has to be in control. I submit, I've been taught to submit to authority my whole life. So, yeah, okay, fine, but we got to have it anyway. So I think it's the idea that, well, someone has to have the money power, and it sure as heck is it me. Whereas if you go back to earlier times, people actually did have the power. Yeah. And they still do in a way, and I'm going on topic but slightly sideways here, that if we just voted more consciously with our dollars or Canadian dollars or euros, and as an example, we all only bought organic food, all of a sudden this GMO stuff would go away. Now, having said that, I'm super aware and alert that most people can't afford to do that. Right. But there probably might have been a time 10 or 15 years ago, and if we were more awake as, you know, as a society, might have been able to force it in that direction. So there is power in the purse. But the problem is now so many people are just eking out a living, even though they're working two or three jobs in some cases, that that power to maybe buy better food or, you know, get a better whatever doesn't exist because they're just seeking buy. So I think I answered that question, but it's disheartening to me because the opportunity could have been seized. But you know, how many people think that way. It's. They're too busy earning a living to understand how the financial system works. So rely on the authorities rather than the alternative people like you and I. Yeah.
[00:07:18] Speaker B: And to take that one step further, David, I think another, like a microcosm of that. I mean, you, you picked on like as example, organic food. But if you think about a smaller community, you know, community of 10,000 people or 50,000 people versus a big city with 500,000 or a million people, you can keep all the dollars in the local business structures there. And as you do that and the money turns over and the hands that it changes over in, that can create a measurement of prosperity within that economy. That would be different than say, a neighboring community who doesn't do that. So you have one that's maybe, you know, an hour, two hours, out of the major center, whereas you have one that's right next door to the major center. Well, people are going to drive from their community into the major center, and it's turning over in this wider area rather than this little micro economy. And, like, there's an element of prosperity that can be created from that. That machine moving that direction. It's like the idea of shopping at home more frequently. And to some degree, what we teach and encourage people through Nelson's work of becoming your own banker, is that we're really connected through an insurance structure now. That's one big mutual pool. And we're. We're in kind of a collaborative business environment with one another by mutually profiting on this thing that we all share in now.
[00:08:31] Speaker A: Well said. I mean, you just go to where there's the small possibilities. Going back to food as a. Not a metaphor, as a reality in farmers markets. And I mean, first of all, you get to see who's actually growing the food, whether it be vegetables or animal husbandry or eggs or whatever. And, you know, I frequent them in the. In the season that they're available.
And I've always tried to pay in silver. And it's about 80%, you know, say, sure, what's it worth? You know, and I'll show them on the phone. Here it is. You know, I'll give you whatever for, you know, those eggs and that, you know, 20 pounds of chicken or whatever it is. So that builds a relationship, and really that's the way that I think it works best.
But many of us don't have that opportunity, especially you live in a big city and, you know, there's so many other stresses there. But I think the point is very well taken and to look for those opportunities, because even in a big city, you might be able to go to a secondhand store or a used bookstore or whatever, meet that person. But, you know, I think made me think as you were talking, Richard, about the movie. I think it's Demolition man, you know, and the only thing that existed was, like, the corporate restaurants, and the one that survived, I think, was Taco Bell. And, you know, that metaphorically is kind of the direction we're going. I mean, there's not many, know, breakfast places around here, and we're not that big a city that aren't corporate places. You know, I mean, the mom and pop that used to serve an awesome breakfast, they've been priced out because of, you know, the. The way the system is structured.
[00:10:01] Speaker C: Yeah. And in addition to that, part of the pricing out is in Wages too.
[00:10:06] Speaker A: Yeah.
[00:10:07] Speaker C: So when you have these smaller businesses that, you know where minimum wage is, is being increased to the degree where they can't afford it any longer, the larger corporations are celebrating that because they know that they can extract this part of the workforce and then the business just can't survive.
One of the things that I was curious about, central bank digital currencies, they're being pitched as innovation, but you argue they're a Trojan horse for control. So what do you see?
Very curious to know. What do you see as the real end game of central bank digital currencies?
[00:10:45] Speaker A: Programmable money.
They'll be able to take that cbdc and it could be a private one, but it has the same function. So it could be issued by, you know, JP Morgan, for example, or some other bank or maybe Amazon. It really doesn't matter. Even though it's private, doesn't mean they don't program it. And so in the programming they could say, you've got so many carbon credits and based on your driving history or how much meat you bought or how many times you flew or how long you're on the Internet, I mean, it can make up any parameters they want, put an algorithm in it. The end of the month doesn't matter if you're billionaire. If you're only allowed to spend so many carbon credits, hey, you're out of luck. You can can only buy this amount of meat next month, or you can only travel this far, or you can't get on an airplane for six more months. Now that sounds extreme, but it's already taking place in China with their social credit score.
So will it come here? Certainly looks like it. China is basically the beta test for the world banking system in the future. And then remember how big China is. One of every five people on the planet is Chinese.
So it's not like it's a small sample size of 1%. We're looking at about 20%. Now. Is a 100 of China in the system? No, they're not, but it's all the major cities are. Basically, it's a caste of society in the major cities. If you don't have your phone, no problem. But you're still using a digital ID because you can use your palm without a chip in it. Go in China in many places and just use your palm print, which is like a fingerprint or an iris scan. It's unique to you. And check out if your phone ran out of power or you forgot it for that day. So this is the direction we're moving and that Scares the heck out of me. Because freedom means freedom to choose. And if you don't have the choice of where to go, when to go, what to say, where, what you want, you don't, you've lost.
[00:12:39] Speaker C: And some argue that these central bank digital currencies will coexist with cash and crypto. But do you see that as realistic, or is it just a narrative to kind of ease people into acceptance?
[00:12:53] Speaker A: You said it's a narrative that will be accomplished because these people are extremely good at the boiling force. Frog syndrome. If you know what that is, you look up on the Internet. But it'll change. And you'll see Euros, cash flow along. But slowly but surely it'll be taken away. And it's already being taken away. I mean, I cannot go to my Starbucks and pay cash. And I've. I've made a scene that not. I mean, I want to, like, yell or scream at anybody. And these are just people. I mean, I get that, but, you know, it's like, you mean, that's. You know, I act like I play what I call dumb Dora. I'm not trying to offend anyone named Dora. But, you know, and I just say, well, that's funny. This thing says, you know, redeemable for all debts, public and private. And I just want. It is a debt that I'm paying for the $6 Starbucks. Right.
I can't use this. Of course, I already know, but, you know, there's somebody hearing that, and more importantly, they're hearing it. I go, okay, well, let me get you my app, you know, and I kind of slow it down and make.
[00:13:54] Speaker B: Sure the lineup takes much longer for everyone getting their coffee.
[00:13:57] Speaker A: Right? Yeah. And then they hear me behind, and I'm not yelling. Well, you know, it's one of those old school guys, he wants to use cash, you know, like, no, I'm trying to teach that you're losing your freedom and anonymity. I mean, I don't. It's nobody's business how many copies of I'm up to where I buy them, you know, people. Who cares?
I care. Well, why would you care about coffee? I don't. It's the principle. It's the ability to have freedom. What if you could only get so many coffees a month? Because that carbon credit, that's many paper cups you use that month. David, you can't go to Starbucks this next month. And that's what we're looking at. So that's the answer. Programmable money, that's the problem. Among others. But the control tightens and then you can program it.
[00:14:43] Speaker B: Well, one of the things you mentioned about the farmers markets is that you attempt to try to pay in silver. So I'm guessing like silver eagles or a coin denomination because you can carry them around easily. And you know, we have people, you know, hey, they go get a silver bar. Well that's great. Or a gold bar. But it's pretty hard to lug that down to the farmer's market and bring your own scale and shave some of it off based on the market price to pay for your tomatoes. So like it's not feasible but like you got some silver eagles or some Canadian maple leafs, maybe it's a little bit easier denomination to carry around. Adds a little weight to your pocket, of course, mind you. But you know, and so I, I'm picturing this future time when we've got these CBDCs, but then you're still going to go to the farmer's market and go to some people. And if you're showing up with your app to pay or I show up with this shiny silver and it says not 0.9999% pure. Like my gut tells me that they're going to be more inclined to want to take the shiny silver for the thing that I'm, that they want. And so, you know, I, I envision that there would be, you know, I guess, you know, the equivalent of an underground economy of currency because the, the one to one interaction, a person looking at the two elements, this digital thing that, you know, isn't helping me in my life right now or this thing that I have that's real intangible. I think I'm going to take tangible one.
[00:16:03] Speaker A: You know, it can be a little, I won't say true, I'll say tricky to negotiate, but really it hasn't been for me personally and I think it's this would work in most cases. So for an example, let's just take the silver prices being 40 even I didn't check the price today, but it's in that range.
And what I want to buy from this guy is 45. Okay? I go, well this is $40. You can look it up. If you buy it, you're going to have to buy their premium. It's going to cost you 45.
Will you accept it? And the answer is almost always yes. In the meantime, some of the innovators in the industry have come out like the, these gold backs and that's 1/1,000th which means this thing melted down and go. It's been tested many times.
Is about $4 worth of gold. I mean you could cut that in half for two putts if you wanted. But you get my idea. Especially at a farmer's market. It's kind of a bid kind of a situation anyway. And barter's not all that uncommon, but not very common, but it can happen.
So anyway, it's just, it's just a wake up call. And most of these guys, especially this one that's known me for a while, I mean, they start smiling as soon as I start walking over there because you know they're gonna get money in that Fiat, you know, hey, it's that guy, you know, so it's just kind of fun.
[00:17:20] Speaker C: In your upcoming, speaking of Silver, your upcoming documentary, Silver Sunrise digs into the erosion of liberty. And so what, what story are you going to tell in the film that people aren't hearing anywhere else?
[00:17:38] Speaker A: Well, two things I think. One, that the most important thing really isn't money. Although it's a big control mechanism. It causes stress, fear and irritability in most of the population. But the real power is in energy.
So without a strong energy base, we are going to have a deteriorating economy.
So if the peak oil guys are right, and I still don't discount them totally, then over some period of time we're going to have less energy, which means less prosperity.
And where does the energy all start from? And it's our labor, it's our labor that's being used to build everything.
And so how do you take that power back? And this is where it gets kind of spiritual in the Silver Sunrise is that really we have to be more empowered? I mean, again, as we said earlier in our discussion here that people are taught to believe in authority and be subservient to. But really if you go back to the founding idea of America was that the highest you could rate would be citizen, president, vice president, senator, congress, critter. They were all to represent the highest power in the land, which were we the people. But that concept has been missed. So I want to bring that back, kind of flip Maslow's hierarchy of needs upside down because we're taught, and I'm not saying it's wrong, I'm just, you know, thinking way outside the box as per how I've been, how I'm made.
And that is you got to have, you know, the base, you got to have a job and you got to, you know, buy food and get shelter and then maybe get a better education. And as you progress up the pyramid, you finally get to a point where you're basically secure financially, you don't have to worry about too much, you maybe are debt free. And then you can start going into what's called self realization or self actualization.
I say turn it upside down. Get these kids from the day they're, metaphorically from the time they're born until they ever enter into either private school, homeschooling or a public school system. Teach them they're enough all by themselves, just by being a creature created. And that there is nothing greater than that power, that they have it all. And that if you have it all inside, then you don't have to seek everything outside of yourself to be satisfied. Because I've dealt with many investment bankers, many extremely wealthy people through my career because of what I do.
And almost all of them, not in every case. These people really, even though they have more and more and more, can never get enough of what they don't need. Because there's a point where you need to have a certain amount, but beyond that, it really doesn't make. If you get 10 times more money than being, you know, five times millionaire and now you're 50 millionaire, you're not five times happier, then you multiply that by five and you're 500, you're half a billionaire. Are you? Another 10? No, you're not. And so these are things that we've really missed, I think, in how we interreact with each other. So it does have kind of that spiritual aspect that you don't have to take a bunch of guff from these people. And we need to push back, but we need to do it in a non violent, voluntary manner. But we do have that ability. And one of them is going back to what I said earlier. As corny as it may sound to some. If you could vote with your dollars, if you have the means to, if you're living within your means and you have some disposable income, then what is it, you know, that you could do just with the way you purchase that would send a message, you know, maybe it's less electronic doodads, maybe it's a clothing line that I don't need that label because I feel better because I paid more for a T shirt and these type of things. And if enough people made that decision, that will change things. Believe me. These corporations are after one thing, profit at all costs.
[00:21:34] Speaker C: That's right.
[00:21:35] Speaker A: Conscious capitalism come back where it depends on paying your workers fairly, sourcing the products economically within the boundaries of the environment. I mean, all these things, and yet now profits at all Costs we have gone way off the tracks.
[00:21:53] Speaker B: There's a, you know, a couple of elements I'm thinking about there and again like shopping at the local store versus at the, you know, having Amazon delivery for everything. Right. Everything's on a delivery now type basis. And you know, I remember watching when I was young documentaries and things on how as an example Walmart killed the mom and pop shops in a lot of places because the big box kind of model and that they could offer lower prices that the other people couldn't compete. And so I think we're seeing like a similar transition happening with the delivery model that Amazon has created. And of course everyone's forced to compete with that now because if you can get everything delivered now, everyone has to offer delivery like Home Depot offers free delivery on a bunch of things now. So you know there's, you know, there's importance for innovation and change and convenience. I think people want that. But at what degree are you sacrificing convenience for a little piece of, you know, your own independent control I guess is kind of what I think I hear you saying a little bit, David. And so when you consider people moving forward into a brighter tomorrow, we talk about silver, we talk about having the ability to vote with your dollars with the infinite banking concept, of course, people participating in this mutual pool with a mutual insurance company, this co ownership model, we're helping people encourage them to vote with their dollars by choosing to do business with an entity that is designed to help protect people and you're in free contract with others and by doing that you're choosing to have your dollars rather than sit in deposit in the fractional reserve system, you're shifting some of that deposit oriented element now into premium dollars within a company that can inflate the money supply. And when you borrow an excess capital, you're doing it from this company you co own rather than doing it from the machine where it amplifies that expansion of the monetary supply. So that's one area where we're trying to create that one level up that can be taken now is hey, I want to also go and acquire some sound money which is widely known to be types of precious metals like gold and silver. And well, if I take a policy loan to do that rather than I'm just going to drain my bank account and go do that. So you're kind of amp, we're adding like another layer into that, that component. It's kind of tied into the voting with your dollars element.
[00:24:05] Speaker A: Yeah, one add on there is, you know, a lot of People say, well, how do I sell my metals? And the tax rate on precious metals is, is bad. I mean, authorities look at it as a collectible, which most bullion coins are anything but collectibles. Yeah, they're collectible coins and they should be called that because that's what they are. But you can't put them together anyway.
And I've always advocated that, you know, you borrow on it. And so the rate on borrowing varies. There aren't too many locations that you can borrow on precious metals, but they do exist.
And the rate right now is somewhere around 10%, which is, you know, higher than a mortgage at whatever it is now, 7%.
But it's a heck of a lot less than a 30% tax hit, especially depending how you borrow. You know, maybe some of that could be written off too.
So I really advocate, you know, let's not be all that anxious to sell. Especially when you borrow, you still own it, you know, and if you do it.
Problem, I'll say one of the, there's pros and cons. One of the cons is if you borrow when silver's at 40 and you borrow 70% loan to value and the market drops to 30, now you've got a problem. If you don't have extra cash or extra metal, you're going to have to pony up and the contract says we're going to sell you out to bring your loan balance to the right ratio.
And people, you know, sign that and most of them know what they're doing. Not always.
So that's part of it. But if you do it judiciously where, you know, you take the whatever 200 day moving average and you even make it lower than that, I mean, the chances are highly remote that it's going to hit that. But the point being is, you know, would you rather pay 11% and keep your metal or 10% or pay 30% and not have it anymore? So I think there's a lot of things that the bankers do that you teach in becoming your own banker that people just say, oh, you know, well, this is how everybody else does it. So that's how I have to do it. Where you've gone out outside the box for a long time, made your whole business around it and becoming your own banker, it's like, well, if it's good enough for them, it's good enough for me. How do I do it? And that's what Mr. Nash kind of made a breakthrough that very few people are aware of. So let me just shout out to you for both Bringing that to the attention and the benefit to be able to do this interview with you.
[00:26:32] Speaker C: Well, it's a pleasure to have you and thank you for that. You know, credit to our entire team in the United States and Canada that we work alongside each day. And they free Richard and I up to operate in our unique ability and, and host a show like this with great guests like you. And in terms of. If we were to think of like some practical guidance, you know, for listeners or for viewers. So we.
What do you believe most people need to know before the next financial shock hits?
[00:27:04] Speaker A: Well, at the risk of sounding trite, I mean, the difference between money and currency, I mean, we use the word money all the time, like money is money, but money's actually a store of value. And if it's not a store of value, it isn't money. Well, the store of value of the Canadian dollar has been rather pathetic. And the store of value in the US Federal Reserve know, it's been pathetic. Pathetic. And any other paper currency you can name, digital or otherwise, they're mostly digital, has been pathetic, therefore they don't qualify as money. Well, what does? Well, what was the pound sterling? The pound sterling was a measure, a weight of silver of 92.5%. Fine. That was the definition. So people use the pound as if it still exists, but it hasn't existed for a very long time. So the most equitable monetary system, and there is no perfect one, is a level playing field where it's right for everyone.
And if you look back on a sound money system, you look at like, maybe when I was born in the early 50s, my dad was making about $4,000 per year, but that $4,000 is equivalent of silver dollars. So that's $40 times 40 would be what, 160,000 if I did the math right, which isn't a bad wage these days. Right.
I think I did the math right. Is it 4000 times four is 1600 times, when that is zero. Yeah.
So it shows you that even though silver, maybe not has. Has not performed as well as some want it to or expect it to, it still remains that purchasing power. And a sound money system. That's what you have.
And that's where you could actually find money. I mean, you could go get a burrow and a pan and a pick and a tent. You could go out and you could find silver or gold. I mean, be a bit facetious, but you could. I mean, you could literally dig money out of the ground. And I'm not saying anyone should or could do that. They could do that. But the point is, it's not a perfect system, but it's much fairer than what we have now.
And what happens in debasement of the currency is what's been charted for years, for centuries. And you just have to go back to the Roman Empire. We started basically on a almost pure silver coin. At the end, the denarius had really changed several times where it was debased, meaning putting dross metal in with the silver and acting as if it had the same value because he stamped it on there to where the. The coin was basically copper with the silver wash on it. And it was such a thin amount of silver that it wore off in circulation quite easily. And I don't have a large collection, I'm not a big Numi guy, but I do have like three at the beginning, Daenerys, which is almost all silver. The middle, which I Forget the percentage, 30% silver, and the N worst, practically no silver. And yet they all say the same thing. Yet the value changed during that couple hundred years.
[00:30:04] Speaker B: And they clipped all the edges of the coins, which is what told you that it was a real coin originally, and it melted all that down to make coins which didn't make any more silver. It just extended the money supply. And so it's the first, maybe not the first, but it's certainly a well documented instance of money printing. It's the equivalent of what we now refer to, as we say money printing, because it used to be printed in a printing press. I mean, you still have to print the physical dollars that people are moving around, but now it's just primarily done through a digital format. And so the more digital it becomes, the less need for physical elements of that running around. Because 90% of our transactions today are all in the digital world.
[00:30:41] Speaker A: Exactly.
[00:30:42] Speaker B: Very true.
[00:30:43] Speaker C: And after someone listening, if they're feeling overwhelmed, what is the first step to regaining control of their.
[00:30:55] Speaker A: Of their future? Financially live within your means. You know, a concept that's really hard to do these days. So I'm not trying to be like, oh, it's easy for David to say that. Well, it is easy to say it, but it's very difficult to accomplish it. But if you're going with that goal, you may not be able to achieve it, but at least you've got that kind of a mindset. And I think that's important because rather than that, oh, I'm going to be satisfied by that thing outside of me that we've all been taught. And if I get a new car, I'm Going to look successful as a real estate agent. And I've only had my real estate license for six months, but dang it, I know I can make that $700 a month payment and I'm going to look successful rather than being true to themselves and go, you know, I'm getting the best Lexus I can, that's 10 years old and polishing the crap out of it. And I'm just going to be honest with this client base. I'm just getting started. I've got, you know, a nice car to take you out and look at the, you know, real estate that we're going to visit today and move forward.
But it's really being true to yourself. And so once you kind of get the mindset that do the best with what you have, again, I know it's really difficult these days, but still, that's what you're striving for. I've said on many of these podcasts, when I get asked this question, well, you know, give me a for instance. And the for instance is not popular. But if you have two cars and one of your family members works from home or most of the time get down to one car, yeah, it's going to be inconvenient and yeah, you're going to have a time you want it and the wife's out or whatever, but nonetheless, what it's going to save you as a liability. I mean, a car is a liability, it's really not an asset. So you don't have the price of the car, you don't have the insurance, you don't have the gas, you don't have the maintenance, you have all that on one instead of two. That's a big change.
And again, it's not like the most popular idea, but if you're striving to live within your means, it's not only not get the new car, it's maybe if you really don't need two cars, why not go with one? Good point.
Very good point.
[00:32:55] Speaker B: Sometimes the simplest solutions are the best, aren't they?
[00:32:57] Speaker A: Yeah. And even with two, I mean, going down to one, I mean, if you did the math, oh man, I'm paying Uber and I pay, you know, it would pencil out where, yeah, it was a high cost per mile, but what would it cost me for mile to own that second car? And insurance, maintenance, everything else, I just said so even though, like, oh man, I got screwed by the Uber, getting my kid from the daycare.
Not really. If you pencil it out, you're probably still way ahead by doing that even though in the interim it might feel, man, I just paid 40 bucks to go, you know, seven miles or whatever it is.
No, you didn't have two cars to make.
[00:33:33] Speaker C: When people really understand what's going on, they'll know exactly what to do.
And if you think of the fact, David, that you've spent literally decades challenging the narrative, I'm curious what keeps you going?
[00:33:51] Speaker A: Well, as a passion, I would say without tearing up here, that I've always been for the underdog. And I don't know why, but I just feel like the average person out there now is the underdog. As I said earlier, the foundation was that we, the people had the power and that we had a new form of government which actually put us first. And catered, we said catered to our needs because I don't think the government should give us anything except a legal platform where we all had the ability to reach our own potential. That's what it should do. We said equal, equal status under the law, and the law was equal toward all. Some were favored over others. And of course, the today system, if you got a lot of money and the right lawyer, you can escape almost anything where someone that's got to go to the DA because they can't afford a lawyer is probably going to get a much different verdict.
So I digress. But I think that's where it starts, is that we have to get back to those basic principles and make sure everyone understands them, and we have to come back to that. So I think that is what keeps me going, is that the principles were founded way before me and men better than I taught those principles to me and how it worked in the monetary system. And I've just moved the message forward. So as long as I've been in it, you got to remember, I mean, I got woken up in my early 20s and started it invest, started to go to invest my time into the investment conferences in those early days when we had just come off the silver, silver standard from the aspect that silver coinage was removed. I wasn't 11 going to my first investment conference, but in the 70s, 71, August 15th, when we came off the Bretton woods agreement for the gold situation.
And so now I'm, you know, late teens, so anyway, early 20s. And I went to. I didn't actually go to this conference. A friend of mine went and he had the cassette tapes of people who know what those are. And I was commuting 60 miles one direction for this job that I had.
And he gave me a tape like every night and I put them in and listen to Jim Sinclair and, you know, Charles Sibbett and some of these people don't even know.
And I got this one that was Jim Dines.
And it, it really moved me to the point of where I really wanted to become what I am now. I wanted to become a financial newsletter writer in the, in the hard money space, basically. And we look at all resources. We do rare earths and cobalt and we've done everything from lithium to iridium. So we look at all the metals. I do look at precious metals a little harder now because that's kind of where the market tells me we should be placing our money. But he started off this speech as all that exists, all that exists in the universe is truth or resistance to it.
Man, that hit me right between the eyes. I mean, that was pretty powerful statement.
Then he paused and he said, in the time that I've said that the government has lied to you because they have printed more dollars and watering the milk never works.
So he's equating truth to the money supply. And if they're lying that this dollar is equal to this dollar while they keep printing more, they're lying to you.
And he went on from there. I don't remember the whole speech. It's been, you know, 40 something years ago, but maybe even 50 or close to it. Regardless, it was such an impact of, yeah, this is what I was meant to do. I meant to carry this message and I have pretty much ever since. And it's been trying at times, but it's still a passion. So I think whenever you're doing something that you really have a burning desire to do, even on those worst days, you're going to keep going.
[00:37:43] Speaker C: Amen to that.
[00:37:44] Speaker B: You, you know, you talk obviously a great deal about silver and there's a huge focus that, in a lot of what you do. And you know, I, I'm curious because certainly I've heard a lot about how there's some concerns that there's a large group or different institutions and banks and some investment banks that are hoarding large amounts and they're, they're, they're kind of almost manipulating the price, price a little bit to a degree. And I'm just curious what your thoughts are on that for people who have those type of concerns. David, what would you say in regards to that?
[00:38:15] Speaker A: Yeah, very timely. And this is not a setup, people. It may sound that way, but I was just, I guess you could say triggered yesterday or day before, within the last couple days.
Two really good friends of mine are on X.
And one was saying one of my friends would take on anyone in a debate about silver price manipulation.
And I thought, you know what, I wrote him and I asked him the question. I go, I've always stated maybe not every interview, but that the long term trend cannot be manipulated.
But if you allow me to start on that premise, I'll take the argument.
And so I went in and I made I think six exhibits. Six or seven, Exhibit A, B, C, D, E. It's all on my file on X. If you go to at Silverguru 22 on X and you go to just my tweets, you might have to scroll down for a little while, but it's silver manipulation dash and you'll see all those exhibits. And I prove beyond the shadow of his doubt that the market has been manipulated within the long term trend. Trend.
And, and so what I did was rather than, you know, get on the, you know, zoom call and, and verbalize it, I thought the best thing to do would be to lay out the case in writing for everyone to check the facts. I cite every one of them or citation on every exhibit and that they can look it up and decide. And there's some people that'll read that whole thing and say they'll disagree with me and that's fine. But I think most people will look at it and say he's made his case and the long term trend cannot be manipulated. That would be why I would be in this market and I am and have been for a long time, as you know. But there are situations where these manipulations actually end and we may be getting there.
And because of that, once there's, let's say, less management at times on the price movement and it's a really free and open market, we could see less suppression, let's say, at certain times in the mic and the market price maybe not. I mean the market knows more than all of us. I did an interview yesterday with someone that had read that, that article on silver manipulation and put gold in there too.
And he said wouldn't the price be a lot higher if there wasn't? Not necessarily. Because you really got to think really well, you know, I mean, one of my favorite quotes from Mr. Dimes when, and I don't know if it's his original, he took it for someone else. But when everyone's thinking the same, no one's thinking very much, so everyone's thinking the same. Well, there was a price manipulation so It'd be easily 100 or 200 bucks now. And I Say no, not necessarily. And here's why.
If you have a entity or entities that sell three months with the silver supply in five minutes and take the price down 20% in a matter of minutes, and that is my view, manipulation or spoofing or control or whatever, and I argue in this, my article, it is.
But wait a minute, we, you got to think about the other side, especially in the futures market, for every buyer there has to be a seller. So there's all these sellers. What if there's some savvy long like me on the other side that knows he's moved that price down probably 2 bucks more than it should be and I load up at the bottom and now I've taken them on and they got to start the game over. And I'm starting on the long side from the very, very bottom because I know what they're doing.
So that factors into the market as well.
So I would, could make the argument, I'm still thinking about it, that even with all this price management that has occurred from time to time, I don't think that the actual market would be a whole lot different than it is. You can make that argument. But I made my other case.
Wait a minute. You know, if someone is, is too cheap, someone out there knows that and someone's got to take that, that position. So I'll rest my case at least.
[00:42:40] Speaker C: Well, I'm genuinely curious, David, that what's the best piece of wisdom you've ever received about money that you still live by today?
[00:42:48] Speaker A: I think the value of it, that it's not all that easy to obtain but to be judicious in how you spend it and that the, the early, the early gain is not necessarily long term satisfaction. Again, going back to the new car, I've had a few new cars, I want new cars, but I bought them later in life because early on I rather saved my money and invested than to have the new car. Especially you know, young guys in my era, the muscle car era. I mean almost everybody is buying a muscle car. I wanted one, but I gave up that. So I just think it's to value quality over quantity. I really, you know, even to my, you know, chagrin, maybe at times or maybe not has been, you know, I'd rather have three really good shirts than 12 also Rams. And I'm not a snob at all and stuff. I mean I'm not a guy that I got to have this certain watch or certain wallet or certain brand of suit or any of that stuff. I'm more practical than that. But Nonetheless, if I get something practical that's not a name brand, but it's got a good, you know, a life of, you know, 10 years when the average is only five, I tend to buy that product.
So I don't know if that really answered your question or not, but the others kind of sift through, you know, mind a thought experiment. Well, if I get this doodad now, you know, what difference is it going to make in my life? Like for example, iPhones. I was not the guy that lined up to get an iPhone every time a new model came out. I'm using a 10 right now. I don't know what they up to, 16 or something, something like that, but it's just. It serves all of my needs. I know how to use it. And you know, I'm not really interested in getting another one. I probably will have to because the way these things are constructed for planned obsolescence, which is again, unconscious capitalism, but it's, it's a profit motive. Hey, if I can make this thing decay in five years, they're going to have to buy anyway. I digress. I think I threw it out there. But that's the idea is like, be a little more mindful, you know, am I really going to be happier with this or that? And maybe, you know, doing more on your own too. I think that I remember because my mother grew up in the depression, my dad too, but my mother was actually older than my dad. That kind of stuck with me growing up.
And there was a book I got college and say, forget the exact title, but was, you know, how to Live a really good life in America on the Cheap or something like that. And I read that little paperback and what it said was, we are so wasteful that you could go to like a Goodwill and, and get a good couch and a used TV and you know, artwork and all this stuff at the Goodwill for like pennies on a dollar. And yeah, it's all used, but man, you still have a really good life.
Makes a lot of sense. Not that I spend a lot of my time in thrift stores, but I've been in them and I'm not embarrassed to admit it.
In fact, the little bit of a secret here is if you're in a really rich area and I've been in my fair share of them, them, and you find a thrift store there, well, you really want to go in there. I went into one in, in Aptos, California. You can look it up and geez, they had sterling silver and crystal and some pretty juicy stuff. Not that I'm into all that stuff. But it's like that throwaway was like, whoa, wait a minute. This is a whole cut above what you see at my local one here.
[00:46:26] Speaker B: There's a big importance there. And you know, Mikey, takeaway from that, David, is recognize the value of something.
Not the value on the price tag, the value it's going to provide in your life and make your decision based on that rather than the price tag is kind of a way I would maybe summarize all that. Or. Or if it comes to the cars you were talking about earlier on, it's like, get the Gremlin rather than the Corvette, I guess.
[00:46:52] Speaker A: I know it goes down as far as a Gremlin.
Yeah.
[00:46:56] Speaker B: We need to have some standards. Right.
[00:46:59] Speaker A: Well, thanks for the summary. That was very succinct and concise and precisely what I meant to convey. So thanks.
[00:47:04] Speaker B: Well, David, it's been an absolute pleasure having you on the program. Of course, you bring a ton of value. Excited about the documentary and some of the other things. Of course, you, you've written the Silver Manifesto, you've got the Morgan Report, which people can certainly subscribe to a lot of ongoing research and education you're providing on a regular basis. I know you've got a great YouTube channel as well.
And, you know, our question for you, you know, you've been at this work, you've talked about its importance to you, being there for the underdog and your description. So while they. You probably wouldn't spend the money to adjust and melt all your, you know, silver eagles down to create a very thin, fine silver cape, though it would look cool, you don't. You don't show up here to the podcast today in a cape. Our question for you is who is it that you'd most wish to be a hero to?
[00:47:52] Speaker A: Oh, it'd be the younger generation. I think that there's been so much miseducation, and one of the primary miseducations is money.
I mean, how many people come out of high school and they don't know how to balance a checkbook? I mean, that should be standard operating procedure. I mean, they don't give you many life school. Life skills in school. And I think that the money question is one that I think personally, and it may sound conspiratorial, is that it is a deliberate oversight. Because if you read what's in the textbook, it's Keynesian economics. The teacher doesn't know there's an alternative school called Austrian Economics, which is far superior in practicality.
So I think it's education. But it doesn't have to be just money, although money has such control in our lives, as I've stated in the documentaries about about, it's basically a holistic approach to again, value what's valuable. We don't really talk about, you know, what I was taught, you know, our interrelationships and you know, your word is your bond, you know, and choose your words carefully, say what you mean and mean what you say. Now it's I'm having a selfie because I'm eating this stuff here and look at me and you know, there's way too much me, me, me, I, I, I of we and what can we accomplish? And I'm not a collectivist by a long shot. I am for individual liberty. But I'm also that we could cooperate rather than we don't always have to compete. We can cooperate to put the building up, build the house, the bridge, the farmer's market, the lemonade stand for the kids, whatever it is. So there's a balance that we've missed and I think it's divide and conquer. How many ways can I separate you from your fellow being by, you know, nationality, by social status, by religious belief, by all kinds of things to divide rather than really we all pretty much bleed the same and actually most of our core values are very similar. Yet that isn't what's taught, preached and mentioned constantly on social media. It's more of I've got this and you don't or I'm going there and you won't. And that's unfortunate because it separates us rather than brings us together, bringing the.
[00:50:18] Speaker B: Youth together and being a hero to the people and the next generation. I think that's a well stated and a very important goal and certainly someone to be a hero to. And hopefully through our content, through this podcast and our ongoing episodes, we're able to do that for everyone watching. And with that in mind, we're going to say thank you so much for joining us today. David, make sure you check out the next episode that's being shown to you right now on the screen. Thanks for being with us today. Your journey to becoming your own banker starts with seven simple steps. Go to seven steps ca. That's seven steps ca. Follow a path that we've laid out. It's super easy, it's educational and it's designed for North Americans. Go to SevenSteps, Cat.
