S3 E3: Crossing the Macro-Event Horizon

Among several macro-themes I pushed during last January's 2024 Outlook, I note three that are intertwined with the US Consumer:

One) US Consumer cocoon would “harden” amid deflation in “real” Retail Sales.

Two) Consumers would RELY on Credit Cards to “make ends meet,” thus Delinquencies would soar under intensifying financial pressure, thanks to dangerously LOW savings and ZERO “real” wage growth.

Three) A consumer credit crunch would evolve.

BAM, we entered the final phase, so to speak, as the Fed's Consumer Credit data this week revealed a RARE monthly decline in Revolving Credit, which was inevitable, and an “event” I’ve been “anticipating” ALL YEAR!

Throw in some “hawkish” commentary drawn from the FOMC December Meeting Minutes, a stunning mis-read of the ISM Service Sector Survey results, horrific Retail Sales data, and a less-than-met-the-eye Employment Report…not to mention the second largest monthly Import total EVER and resultant BLOW OUT Trade Deficit, at a time when Tariff threats escalate...

...and my “call” for 2025 becomes crystal clear >>> the US has “crossed over” the “Macro-Event Horizon Line” and we are now captive to the inescapable gravitational pull of a Debt Black Hole. This means STAGFLATION and ultimately, more money printing/QE. AKA "monetary debasement in the purchasing power of paper currencies, wealth and income.

In that vein, the bull market in US equity indexes stands directly "in harm's way", as I stated in my most recent podcast (S3 - Ep2). Indeed, this past Friday the market CRACKED.

I discuss ALL of this, in today's podcast.

Transcript

Speaker 1 0:01

Hi and welcome to Episode 3 of Season 3 of Money Markets and New Age Investing. Today, we're going to talk about having crossed over the macro event horizon line. If you know what the event horizon line is, it's the line in a black hole over. Once you cross that line, you are captured by the gravitational pull of the black hole and there's no escaping it. You're in the black hole. I'm suggesting we've reached the tipping point on global debt, on US debt, on public debt, on household and consumer debt, to the point where we've entered a debt black hole and there's no escaping it. We'll try and reflate our way out of it but, as you know, there's no way out. We use all of that rocket fuel and debasement of currencies will continue and magnify in 2025. We look back and we talk about what we talked about in 2024. All right, some of the themes Inflation will come down and then go back up and make a higher low. In the fall, exactly what's happened. That stealth erosion would eat at the labor market. We're going to talk about that today. It's happened. Chinese bond yields will collapse and make new record lows below 2%. Certainly that happened this week. It's like an epiphany to everyone that this was happening unless you've been listening to our podcast over the last year. Gold in the sweet spot, appreciating against all currencies. Stagflation a key macro theme that is even more pronounced today than it was a year ago and it is becoming even more pronounced as we go forward. It is a theme for 2025.

Speaker 1 1:29

Global central banks acquiescing to higher inflation yield curves, un-inverting and steepening Hello, it's exactly what's happening. And, most importantly, the US consumer Talking about cocooning, talking about a credit crunch. I've compared Powell's words to Volcker's words, and Volcker didn't want a credit crunch. Powell and Yellen said maybe we need a credit crunch. All right, well, watch what you ask for. You just might get it because you have dangerously low savings, you have zero real wage growth, you have credit card use off the charts and delinquencies at levels we haven't seen since 2008,. Right before the global financial crisis. Hello, it doesn't take a rocket scientist, kind of, to figure out some of this stuff right now, but the credit crunch is here.

Speaker 1 2:08

The consumer credit numbers from the Fed this past week was an epiphany to the entire world. It's like, as I've said so many times, we dig deep below the surface, into the innards of the data, to get the micro changes that turn into macro changes, and once that gets to a level where it's above ground and visible to everybody, that's when the markets react. That's why we tend to be early in a lot of our calls. So, in that context, really, the call for 2025 is how this is going to intensify, in that we have already crossed over the macro event horizon. And what do I mean by that? Well, it's pretty. There's a bunch of ways to look at it. I mean, if you start to talk about, you know, talking about stagflation, acquiescing to higher growth, the 40-year downtrend in inflation and interest rates is over. It's toast. You have to take this back to like 1980, if you go on the charts here, or to the degree that when Volcker, you know, had defeated inflation. Ronald Reagan gets elected. It's going to be a feel-good factor. It's going to be outspend the Russians. It's going to be the Cold War victory.

Speaker 1 3:17

What do they have that we don't have? Well, it's not what they had that we don't have. It's what they didn't have that we do have, and that's trillions and trillions and tens of trillions of dollars of debt. They didn't have that in 1981. Let's take January of 1981, for example. All right, government debt was not even a trillion, not even a trillion. It was $932 billion. Consumer credit, rather, was $350 billion and household debt was again less than a trillion $926. So less than a trillion for household debt now $18 trillion. Less than half a trillion in consumer credit now $5 trillion more than 10 times that and government debt less than a trillion now 36 trillion. In total, you were looking at around 2.2 trillion in debt in 1981 between consumer household consumer's part of households too, but consumer households and the government. Of course, the government's debt is public debt, which is all we, the people's debt anyway. So all of this is our debt as citizens of this country $53.9 trillion excuse me, trillion, trillion, $54 trillion in debt. If we take that relative to GDP now, gdp in the most recent year, four quarters, $29.3 trillion I mean we're talking about 184% of GDP. You know you start to talk about how much and you see, like you know, when you plot public debt against gross domestic product, you know, in terms of trillions of dollars, I mean, gross domestic product was always above debt until 2009 and the crisis which then made them even, and all of a sudden, 2018, the Fed's new policy paradigm and they're going to let inflation run. No tolerance bands, eight-year weighted average you know we're going to use to get well above our target and let it float. Well, they did that and guess what? That pushed us into the debt black hole. We crossed the macro event horizon line when we pushed public debt above GDP, and it's been widening ever since. What's interesting about this is when you take this, let's consider this, because what it really means is, at this point, you need more than a dollar worth of debt creation to produce a dollar of growth in GDP. That's the problem. That's the event horizon. I mean, you're past the point of no return In 2008,.

Speaker 1 5:49

The second quarter of 2008,. Before all of this kind of started with QE. Qe changed everything, as I said it would in my book in 2006, by the way, less than 64 cents of debt needed to create a dollar of GDP of debt needed to create a dollar of GDP. 2016,. Fourth quarter of 2016,. Literally a year after QE3 ran out, all right and taper had led to tap out, you were at one taking a dollar of debt to create a dollar of GDP growth. Now it's $1.21. At the peak of the crisis was even higher. It's actually down a little bit from $1.33 in the second quarter of 2020, but now it's $1.21 and rising again over the last couple of quarters. All right, the Fed tried to pull us out of this black hole and look where we are now Nowhere, and they're going to start cutting rates, even though inflation is nowhere near the target rate. You know you're talking about. You know GDP of 30 and debt of 54 trillion. That's crossing the line.

Speaker 1 6:49

Now let's talk about consumer credit, because the most recent numbers just came out A $7.5 billion monthly decline. Now, that's really rare. And revolving credit was the bulk of that $13 billion and change. It's the third decline in revolving credit since the pandemic. All three of those declines have come within the last 18 months and, as that is climbing, delinquency rate is skyrocketing. You have three declines in consumer credit as delinquencies are rising. What does that tell you? A consumer that's tapped out, fatigued, unwilling or unable to borrow more money just to pay the bills? The only other times when we have seen declines in revolving credit for three months within a period of 18 months, only twice the pandemic and 2008-2009 crisis. And now that's it.

Speaker 1 7:46

Now going back to April of 2021, when you were coming off the pandemic low because consumer credit contracted because no one was going out and spending money. You're at $971 billion. You're up to $1.35 trillion. It's up 40% in 43 months. I mean that's an annualized rate above 10, almost 12. Let's call it 10% average annual increase over the last four years 10%, all right. So you're talking about since 2012,. Last 12 years 63% increase, which is 5% average annual rate, 5.3. 63% increase, which is 5% average annual rate, 5.3. Well, think about 5.3 growth in consumer credit, year after year after year. That's way higher than any other data point that is linked to consumer final demand, whether it's GDP, retail sales, pce, none of them, none of them. And yet now we've doubled it in the last four years, crossed the macro event horizon. It's not sustainable. It's just not sustainable.

Speaker 1 8:52

Now let's talk about PCE for a second, because PCE wages and salaries rose $74 billion in the most recent month. All right, that's an annualized number, but that's the increase for the month. Spending $74 billion wages spending $81 billion increase. Taxes $10 billion increase. What does that mean? Yeah, you got it. Savings fell by $17.1 billion. The savings rate down to $4.4. Anywhere below $5 is in the danger zone.

Analyzing Economic Indicators and Trends

Speaker 1 9:22

Moreover, transfer payments from the government, social care entitlements, all this kind of stuff is at right now $4.6 trillion. $4.6 trillion 12-month running total. It's the fourth highest ever outside the pandemic and, including the pandemic, this is the eighth highest ever dynamic around transfers. All right, so there are three other times when handouts. There's only three times when handouts have been this high 4.6 trillion the global financial crisis, 2008, 2009, the pandemic and the Harris re-election campaign. Most of this has happened in the six-month period, a lot of it in the third quarter, leading into the election. Handout after handout after handout. The 12-month rolling change now is $200 billion. That's the fifth highest ever, behind only 2008, 2009, and the pandemic. I mean it's insanity and it can't continue. You've reached the tipping point.

Speaker 1 10:32

And finally, within PCE numbers, as I talked about in the last podcast, service sector CPI. Excluding energy, which is only a few things, it's not that big a deal. But service sector CPI 4.6 year over year. Service sector PCE, which is alwaysI 4.6 year over year. Service sector PCE, which is always lower 3.8 year over year. And if you exclude the period from 2022 and 2023, 3.8 for service price index for PCE is the highest since June of 2006. It's an 18-year high in service price inflation, not only in CPI but in PCE, the one the Fed follows Now.

Speaker 1 11:24

Pce food price inflation 1.4,. Doesn't sound very harmful, but it's up from minus numbers. So the whole base effect how many commodities at record highs? Cocoa coffee again. We run the list every time we do a podcast.

Speaker 1 11:32

But here's the really interesting point all of a sudden, ppi, producer price index, food prices are running off the charts in the pipeline. That's going to hit the consumer. Food price, ppi, final demand, food prices 5% year-over-year gain. The index itself set a record high this past month. Final demand for consumers for food and PPI Inflation 6.9 year-over-year. The index at a new all-time high. And how about at the wholesale level? Wholesale ppi food index at a record high. Three for three. It's a hat trick, all right, but the wholesale price index for food year over year inflation rate right now has jumped to 7.5, 7.5.

Speaker 1 12:26

You don't think if food inflation is coming back into PC and CPI, you don't think the Fed knows this stuff. You don't think this has something to do with what the Fed was just talking about it does. In the meantime, no more rate cuts. Bad news for the housing market. Bad news for the mortgage market MBA 30-year mortgage rate 699, up from 6.13 in September. That's an 86 point increase, all right, just in a couple of months. Applications now for new mortgages down 10 out of 15 weeks, five in a row. The index for new loan applications for home purchase the fourth lowest since the pandemic, including the pandemic fourth lowest, which means because you set the lowest in October of 2023, this is not only the fourth lowest since the pandemic, it's the fourth lowest since January of 1995. It's a 30-year low in mortgage applications for home purchase, hello Fed, I mean, and you're not going to be raising rates anymore. All right.

Speaker 1 13:30

So it's not coincidental, then that all this kind of happens, that just when retail sales post a terrible number. First of all, you have two months now where again, the pop media and the talking heads on TV all celebrating this. Retail sales numbers Number one, barely above inflation. Number two 72% of the gain in retail sales in the last two months was vehicle sales. That's it. And this is after a big downturn.

Speaker 1 13:58

To me, much more important when you want to talk about the discretionary dollar of the consumer I've done studies on this to the dollar, to the dime, to the penny, all right, relative to gasoline and food prices, how that filters. When gas and food prices are down, it means more eating and drinking out, eating and drinking establishment sales and more online shopping, and it's a three to two to one relationship. For every $3 saved at the pump, $2 eating and drinking, a dollar goes to online shopping. So in that context, you just posted what is a very rare you have a decline in consumer credit really rare in revolving credit and credit card debt and then, same time, you have a decline in eating and drinking establishment sales for the month really rare and it's down $431 million for the month Fifth largest single month decline in history. Fifth deepest monthly decline in history. What about the other monthly declines that are above that in terms of their depth and how bad it was 2001, tech bubble crash. 2009, global financial market meltdown. 2018, don't forget the Christmas massacre in stocks and 2020, during a pandemic.

Speaker 1 15:12

And now not only that year over year change in food, eating and drinking establishment sales. I should say at 1.4. That's a terrible number. All right. Let alone it was 4.5 just a few months ago. Let alone it was six a year ago. Six to 1.4.

Speaker 1 15:31

Let's talk about relative to PCE service prices. You're minus one and a half on a real basis. You want to compare it to service price inflation. Retail sales at any drinking establishments are down 3% year over year. Down 3% year over year. Do you hear anyone talking about this? Do you hear anyone putting the macroeconomic data into its true context? I love it because that's how I have a business, because not everyone digs this deep into the data to find the truth. Whew, yeah, the only other time when you had multiple months in a row with real retail sales and eating and drinking establishments negative was 2009 and 10. That's it I mean. Here you go.

Speaker 1 16:18

Now let's talk about in the context of jobs and the payroll number that just came out. All right, first of all, within the jobs context, the first thing I want to point out is wages. All right, 3.6 year-over-year in average earnings, okay. Adp service wages 4.5, 4.6, 4.7. All right, Well, versus service price inflation, that's flat on wages. Even at a 4.6 nominal number, it means in real terms it doesn't buy you any more than it did a month ago. All right, relative to the PCE and CPI day, you have maybe plus 1.2 on real wages. Still not enough, not even close. But here's the bottom line Payrolls big number Way higher than expected.

Speaker 1 16:59

Oh my God, it's like 260,000. All right, well, let alone 33 plus 33 to over 30,. 33, I think it was, was government jobs. Again, all right. So the private payroll gain was up 223. Yes, the flow was good, I have to admit All right. And what do I mean by flow? People came into the labor market that had dropped out and found jobs because the flow into the labor market plus the drop in unemployment was less than the rise in jobs, which means it was a positive flow. That's been a rarity, so give it credit for that.

Speaker 1 17:31

In terms of sectors, when you go to construction and service sectors and leisure and hospitality and education and health care in particular, the sectors were strong. The broad-based growth in jobs. On that in in that in that survey. However, it's full of holes. It wasn't robust strength, like I heard somebody on TV say on Friday All right, 223,000 private payroll jobs for the month.

Speaker 1 17:56

76% of them were handed out to people with less than a high school diploma. In other words, they didn't finish high school. Educational attainment breaks it down. All right. $170,000 increase in employed with less than a high school diploma, meaning high school dropouts, all right. Bachelor's degree or higher, you know? Master's, doctorate's employment was down $70,000. You know the difference between the pay of a high school dropout in most cases. No disrespect for high school dropouts, but you know bottom line, our stats are stats and it's a lower paying educational attainment by far. But it gets better. Not only that 63% of the 223 new jobs were self-employment and unincorporated self-employment no less up 141,000. Not only that, all of the jobs were part-time part-time jobs up 247. 223 private payroll employment part-time jobs up 247. So what does this mean? What can we read out of this? We can read one thing out of this that what the employment number on friday told us was that high school dropouts started their own businesses and work part-time at it, unincorporated, by the way. That's the gain in jobs high school dropouts who started their own unincorporated businesses and are working part-time and doing it. Come on, man, we've come full circle. All right, we've come full circle.

Speaker 1 19:33

Let's talk fart coin 1.2 billion dollar market cap. Let's talk this new oh my god, this is new stats too. I love this one that social media influences are finding it more difficult to make money. I was around in 1999 when there was a thing called Petscom with the sock puppet, and when they sold the company in bankruptcy court, the only thing worth anything was the sock puppet. Literally Petscom market's in trouble, you know the is the economy in trouble. Is this all impacting the economy? And I would say yes, it is, you know. So let's talk about where you're at with the economy in services, cause that's a, you know, 77, 77, 77.8% of the economy is services. All right, service inflation's high right. So let's talk about the service economy, because the service economy has been really strong.

Speaker 1 20:28

The ISM numbers came out this week for services. Again, pop media talking heads don't even dig beyond the headlines. Thought it was really strong. Why? Because the ISM number was up and every category put in what the ISM calls growth faster. All righturchasing Managers Index was up two full points. That's a lot. The Activity Index was up four and a half points and the New Orders Index was up a half a point. Big problem because the way the ISM calculates their numbers Love the ISM, buko respect, but it's quirky and you have to understand it.

Speaker 1 21:03

Business activity the percent of firms saying business activity fell rose by 4.3 percentage points, while the percent saying their activity rose was up only 1.8. It's more than 2 to 1. The percent saying activity fell then rose in the month and yet the index rose by 4.5 points. The percent affirmed saying that activity fell rose 4.3 percentage points and the index rose 4.5 points. How is that even possible? The numbers underneath the surface sucked really bad.

Speaker 1 21:40

New orders okay, the index rises to 54.2 from 53.7, but the percentage affirmed saying that orders fell rose five percentage points. The number of people, the percentage of firms, saying that new orders rose fell by 6.6 percentage points. A massive swing to the negative. All right to where you've gone from a plus 12 point net positive new orders growing two months ago to a net flat and yet the index rose Not possible. It doesn't reflect the right thing.

Speaker 1 22:19

In the meantime, the backlogs percent of people saying backlogs rose fell. The percent of people saying backlogs fell meaning the orders that are not unfinished rose to 21% from 15. The net went from minus 11 to minus 4. This is a problem. There's no orders in the pipeline. New orders more firms are saying they're falling.

Speaker 1 22:42

The service sector is getting hit. What's not getting hit is prices. The price index rose and at 64.4, with big numbers on the percent increasing. The percent saying prices are down was cut in half at only 2% now, but the bottom line is your 64.4 reading, if you exclude 2022-23, this reading in the service price index on the ISM is the highest in over a decade. Let me double check that it might be in the highest in three decades. I gotta go back and look um, yes, the highest in the last decade. So that's really interesting to me.

Speaker 1 23:22

All right, what do we have? We have stagflation. It's so obvious. I said in 2024, I say it again for 2025 this puts the dollar at risk, even though tariffs are seemingly a big positive for the dollar. So let's talk about tariffs, let's talk about the dollar, because this is big stuff. We think, you know, and the market thinks anyway, that tariffs, you know, are going to be bullish for the dollar. I might say quite the opposite. I'd say it's maybe the last straw in the camel's back that tips the dollar over. Why? Let's talk about a thing called the twin deficits, the twin towers, if you recall.

Speaker 1 24:00

All right, government public debt, trade deficit, all right, tariffs. Well, the dollar's pushing towards its you know, recent five year high, all right, and it's up on a year over year basis, which is kind of, you know, part of the reason that you've had this disinflation, certainly in commodity prices, which is coming unwound now. All right, the Canadian dollar, the Mexican dollar, mexican peso excuse me, the Taiwan dollar, the Philippine peso, the Vietnamese dong, the Chinese renminbi all these currencies that we have big trade with are down and most of them are near multi-year, if not record, lows. All right, but let's talk about what happens here. We have huge imports that create this massive deficit every month. All right, the most recent data that just came out the second largest ever single month of imports, $352 billion, just shy of the record from last September when it was 253. So I mean, you're right there at the record.

Speaker 1 25:01

All right, you can talk about the goods deficit $102.9 billion. That's widening by 2% and it's wider than expected and the fifth deepest ever. The fifth deepest trade deficit ever I don't have the trade numbers the fifth deepest trade deficit ever, all right. And when you're talking about the eight, the only eight deficits ever worse than 100 billion billion in a month. They've all come in the last two years, literally in 35 months, less than 35 months the change in imports for the month was up $11.6 billion $1 billion in gold, $1 billion in crude oil, $1 billion in semiconductors, $1 billion in vehicles, $1 billion in pedestrian airliners and $1. A half in food. Billion and a half increase in our imports of food, imports of food. 19% of our deficit is from food.

Speaker 1 25:59

But let's look at where the deficits are China, 25 billion. Eu, 20 billion. Mexico, 15 billion. Vietnam, 11 billion. Uh, canada, 5 billion. You also have germany, taiwan, canada in there, but let's take eu, canada, china and mexico.

Speaker 1 26:16

Those four places were threatening big tariffs on all of them. That's 80 billion a month in deficit, excuse me, in imports, in imports, not deficit in imports. All right, these are the numbers in imports. No, sorry, this is the deficit by country, deficit by country. So 25.4 billion for China, all right, you had that, let's say, a 25% tariff. I mean, you know what you're talking about. I mean you're talking about a lot of freaking money $250 billion, I mean. So, excuse me, $25 billion, all right, 50% would be $50 billion. All right, that's adding 0.3, 0.4 to your review rate of CPI, potentially as much as 0.6, 0.7. I mean, because that's a tax on our imports and unless we're immediately producing that stuff enough to satiate final demand, you're paying more for it. It's definitely inflationary, to the tune of somewhere between 0.3 and 0.7 added on to CPI inflation.

Speaker 1 27:20

Let's talk about first the tech deficit $61 billion but the food deficit for the year right now is $197 billion. That's up from $183 billion the first 11 months of last year. 19% of our goods deficit and it's worsening at a pace of 7.2% year over year. Food I'd say that's national security big time. But consumer goods 67.8% of all imports are consumer goods. Our deficit right now, in 11 months, is $731 billion for the year. That will reach $11 billion when you add December. It's widening by 5.3% year over year. Pharmaceuticals 30.1% of the deficit growth and pharmaceutical deficit deepening at 20.4% year over year. It's a big deal. You want to pay more for drugs. You want to pay more for consumers. Again, this would add upwards of $30 to $50 billion to basically what retail sales would cost without increasing the volume of stuff you would buy. That's a huge hit to inflation Huge. What does that mean? It means stagflation because at the same time it hurts the economy and at some point this hurts the stock market. You have this massive drag on the economy. The stock market is priced for economic nirvana thanks to AI and chips, and now it's supposed to be quantum computing.

Speaker 1 28:52

I warned about the stock market in the last podcast and since then the stock market's gotten hit. Most recently, friday Market broke down Friday. Key levels taken out on Friday. Let's look at a couple of quick things and get the chart book for all of these charts on all this, particularly the stock market stuff that is in here and I'm going to just kind of was going to talk about the fed, but let's skip the fed and get right to the stock market. It's way more important.

Speaker 1 29:17

Nvidia almost a key. Outside downside reversal week. Last week. It missed by pennies. All right, you break below $126.85. Last price just shy of $136. You get $10 more down. You're going $35 down to $90, which is the next level of support at the July low. Amat broke down. Intel broke down.

Speaker 1 29:42

The XSD, which is the S&P semiconductors outside downside reversal week Last week two All right, you're talking about 242.80 would be a major breakdown point. That would be good for at least 10, if not 20% of downside here. That's the risk. It's somewhere either side of 15% of downside. The XLV Healthcare was leader. Xlv Healthcare was leader broken down and it's at a new low against the S&P 500. The XLB the materials also breaking down, also at a new low against the S&P. The XLRE retail I mean XLRE real estate broken down, breaking down against the S&P 500. New low across the board in all of those.

Speaker 1 30:29

Finally, there's one stock that I pointed out recently as a real tell If you're not going to McDonald's, what does that tell you about the retailer? What does that tell you about the consumer? What does that tell you about the debt? What does that tell you about a consumer credit crunch and a cocoon on the consumer? Mcdonald's has been up, up and away almost this entire time got whacked during the pandemic but went on to triple in price from there.

Speaker 1 30:59

From that low, it is breaking down. It's on the verge actually breaking down. It's what I call clinging by a single fingernail to a technical precipice. All right, the November low is $2.8340. You're through it.

Speaker 1 31:12

As of Friday. The 200-day moving average 286, $4 away. The three-year uptrend line is only $10 away. Another one would be ExxonMobil. That is head and shoulders. Looking at the 52-week moving average. These stocks break down.

Navigating Investment Opportunities in Changing Markets

Speaker 1 31:23

Especially McDonald's, to me is a real warning sign of what's in store for the entire stock market. The NASDAQ broke its low of 29.83 on Friday. The S&P broke its low of 58.29 and closed below it on Friday. This market is in trouble. This is going to be kind of ugly. I don't even think it's necessarily going to be short-lived. I think you see a steady bleed. I don't necessarily think it's a crash, but it's a steady bleed. They keep trying to prop it up and it fails again and again and again you get to a 15% or 20% lower and go sideways, potentially into the fourth quarter of the year.

Speaker 1 32:00

This is a year when you want to be doing other things currencies, bonds, commodities we can do all that for you. It's a lot to discuss around. You know who's appropriate for those kinds of investments, because not everyone is. But this is a time when people that do what I do really provide value added and honestly, I've kind of waited my entire career for this point in time where the value of what we do just skyrockets, because it is the only way to keep pace with the debasement and the purchasing power of your income and paper wealth. That's coming next because of all the things we just talked about. Follow us on Twitter at money underscore podcast. Follow me on Twitter at Weldon Live. Follow me on YouTube user Gregory underscore Weldon. That's it for this time. Thanks for listening.