S3 E10: Mission Impossible...Teaspoons of Sand

In this episode of Money, Markets & New Age Investing Greg puts forth a new macro-thematic thought process as a way to answer what has become THE MOST asked question of the year…"why now, why after decades of worry, does the US Public Debt MATTER???"

The answer is simply physics, and a study of "stabilization" and "rotational angles", and the physics behind how a seesaw "works".

Just like Greg's "Debt Black Hole" analogy...the "see-saw", Pete Seger's "Teaspoons of Sand" theory, and the dynamics linked to mass, weight, and angles...to suggest that see-saw has FLIPPED, away from GDP growth, Income growth, Discretionary Spending growth...and the see-saw is now weighed-down by TRILLIONS of spoonful's of sand, which now FAR "outweighs" the economy's capacity to produce growth, without relying on even MORE DEBT.

The Fed remains behind-the-monetary-policy-curve, and the Mortgage REITS, Property Developer's shares, the Dow Transportation Average, and Consumer Discretionary sectors got WHACKED last week, as the Fed is facing a Housing market CRISIS, Deflation in the Labor market, a Consumer Credit contraction, and NOW HIGHER INFLATION thanks to Trump's tariffs.

The Consumer has reached the tipping point.

The Mortgage market has reached the tipping point.

The Housing market has reached the tipping point.

The Labor market has reached the tipping point.

And without the Fed, the Stock-Bond Ratio stands directly in HARM'S WAY, at its most over-valued level EVER, by a factor of more than 2:1, beyond the high in 2000, the high in 2007, and the high in 2018, all of which preceded a MAJOR decline in equity indexes.

Yes, the Stock market has also reached...a tipping point...particularly when stock indexes are compared to Bonds and/or Gold.

What to do???

Start by listening to today's episode, and for Greg's recent US Macro-Market Special Focus, 47 pages of mega-cool charts and thoughts...email Greg directly at gregweldon@weldononline.com 

Transcript

Spoonfuls of Sand and The Seesaw Theory

Speaker 1 0:01

Hi Greg Weldon. Here I'm host of Money Markets and New Age Investing, season 3, episode 10, coming at you. I'm not quite sure yet what the title is. I'm contemplating Spoonfuls of Sand, mission Impossible.

Speaker 1 0:17

And why I say that is because of a quote I came across from Pete Seeger, an activist back in the day in the 60s and 70s, when things were not too dissimilar from what they are now maybe a little less murderous violence, but it was certainly a time of unrest, of volatility, of turbulence, a tumultuous time for sure, and Pete Seeger made a comment that was really interesting. It was not intended to be used the way I'm going to use it, but it certainly applies. He's talking about kind of a government, you know, a rebellion against the government, but I'm talking about the most important macro, secular, macro dynamic that's out there right now. That goes hand in hand with my big picture theme, the debt black hole, with my big picture theme, the debt black hole. Here's his comment, mr Pete Seeger the world is like a seesaw out of balance. On one side is a box of big rocks tilting its way down, on the other side is a box and a bunch of us with teaspoons adding a little sand at a time, over and over, and one day all of our teaspoons will add up and the whole thing will tip and people will say how did it happen so fast? Because if you know anything about the physics behind how the seesaw works, I actually know the physics, equations, the formulas. I did some research on this over the weekend. The two key dynamics are number one rotational dynamics and stabilization angles.

Speaker 1 1:49

All right, so within this context, it got me to thinking. This really answers the biggest question, the most asked question, the omnipresent question of the day that I get all the time now, question of the day that I get all the time now. Which is why now? Why does the debt matter now? We've been dealing with this for decades. We've had people as early as the 80s start to talk about debt. 1987 was a hundred billion dollar bailout when the stock market crashed and people went insane because a hundred billion billion was so much money. Now that's barely a drop in the bucket when you talk about this kind of thing. So in that context, look, if we were to look at this as what I call a reverse seesaw, where you have debt and you have the economy, let's call it debt and GDP. And you have the economy, let's call it debt and GDP, and when something is heavy it's on the bottom, it's on the ground and that's a good thing. That means it's strong, okay, versus what's up in the air on the other side would be something that's lightweight and therefore not strong or not dominant. So we have had for really since 1971, we closed the gold window.

Speaker 1 3:06

There's a lot of history to all of this analysis and I just did a special report on this. I'm happy to send it to anybody 47 pages, it's really good. A lot of charts, similar to the Memorial Day special I did on US bonds. It includes debt, public debt, who holds it, and the whole nine yards. It's a very solid, in-depth report.

Speaker 1 3:24

But for the purposes here it is the inverse or reverse seesaw, and on the one hand you've had growth GDP, let's say nominal GDP, in trillions of dollars annually. That's been the strength, that's been the side of the seesaw that is grounded because it is so heavy. But over the decades we've added to the box on the other side, the box that is flipped up in the air, that is weak, that is not weighted, which is debt. All right. I mean 71 didn't have any debt to close the gold window because they didn't want to pay France gold for the debts we owe them for financing the Vietnam War. Then you're talking in the 80s. I mean, all of a sudden Reagan starts fiscal spending and deficit spending so we can outlast the Russians and destroy communism and reunite Germany. So in that context you're talking about since then. Since then 87, 1990, 91, 97, 98, 2000, 2008, 9, 2020, you're adding teaspoonfuls of sand to that box for decades now.

Why Debt Matters Now

Speaker 1 4:37

And guess what? You reached the point where the stabilization angles give way, the rotational dynamics take over and the seesaw flips and now debt is the heavy thing. Debt is the dominant factor. Debt is now holding growth up to where growth is weakening because debt is so heavy. It's a really proper analogy, proper analogy and I have actually a chart of public debt in this special where I have pictures of a teaspoon full of sand and then a pile of sand and so on and so forth, to basically you're looking at a desert right now. I mean it's like a pile of sand that would set the being against book of world records. So in that context, that's kind of why it's different. Now it's the same dynamic as the debt black hole, all right, and we can see this move along in a lot of ways too.

Speaker 1 5:34

Okay, in terms of looking at public debt, all right, especially with 2008 and 2009, when public debt rose because of the crisis, to 2014, when they finished QE3. And all of a sudden, you know, debt went from well below GDP to equal to GDP. So now the seesaw was flat. Okay, both sides were equal weight. The pandemic they printed almost $8 trillion, all right, and that has caused the seesaw to flip-flop. Now, the other way, where debt is the heaviest and you have a negative gap now in terms of GDP to debt I'm just talking public debt, I'm not talking including household debt which is another $18 trillion on top of the $36 trillion we have already. But if you look at it from that perspective, the negative gap right now is 24.4%. The negative gap is actually $7 trillion. I mean, it's pretty much the $8 trillion printed, you know, in 2020, 2021, 2022. I mean Joe Biden adding the most debt in a four-year period of any president ever. I mean Donald Trump was second because, of course, he had the second quarter, third quarter of 2020, when he had to deal with the pandemic.

Speaker 1 6:44

All right, but you know, it's kind of interesting how you see all of this, that now the debt is greater than GDP. It's greater than growth. The growth is. It's greater than personal income. It's greater than personal savings. Okay, let alone that the same dynamic in plotting GDP against debt. It looks like the exact same when you plot CPI against debt, with the CPI being the thing that caught up to debt. And now, all of a sudden, cpi has exploded to the point where, again, why does it matter? Because the CPI debt seesaw has now also flipped and the only way out, of course, is no way, first of all, but the only way to try to get out is to print more debt. Okay, you need propulsion. That propulsion comes from burning paper dollars. That propulsion comes from QE. You're going to have to save growth to make sure you don't have a debt deflation. Spoonfuls, teaspoonfuls of sand added to the box past the stabilization angle, and now you flip-flopped. It's really interesting. This is problematic.

The Flip-Flopped Economy

Speaker 1 7:52

Now let's talk about this in the context now, and that's my big theme, and it applies kind of to the stock market to some extent, because stock market just set record highs and it's like it's celebrating our trade deal victory when, in fact, 15 to 25 to even potentially higher tariffs on a lot of countries is so inflationary it's not even funny. Studies have shown if you get above a 10% tariff, you will increase pass-through exponentially. And if you get to a level of 25% you're talking about, for a lot of goods, particularly food, in trade, global trade your pass-through is 100%. So you can expect higher inflation just from tariffs, let alone the impact on the dollar, although there's bickering. Now we're fighting with India too. It's like we have pushed our trading partners away. We push them more towards China, russia, opec, depending on where they are and what commodities, resources and goods and services they import or export. I mean India and China are talking, korea and China are talking, japan and China are talking. So in that context, that's a dollar weakening dynamic which adds to the inflation fuel. And this is keeping the Fed on hold when, in fact, the economy is in trouble and it's like an epiphany to people, even though it's been softening for months.

Speaker 1 9:17

Let's start with housing. It's in crisis. It's a collapse for all intents and purposes. If it's not, it's on the verge of becoming one. Let's look at the facts, let's look at the stats. Let's look at the math Existing home sales dropped 110,000 for the month of June. That's a 2.7% decline and single-family home sales were down 3% even more and at 3.9 million. You're on the verge of breaking the October 2023 low, when Fed was raising rates for the first time, really aggressively, of $2.85 million, only 80,000 homes away from being at the lowest level of home sales since 2008 and violating the 50-year uptrend line since 1965. Fed stands pat and, worse than that, they stand pat with a restrictive policy of some significance.

Speaker 1 10:13

Now what's interesting here is because sales are down, supply rose. It's risen a couple months. Now Supply holds 1.53 million homes for sale. That's up from the January 2022 low of 860. So it's great, you got 700,000. So that's great, you got $700,000. It's a huge percentage increase, but you're still 62% below the July 2007 high of $4.04 million and, more importantly, you're down 32% current supply of homes, 32% below the 43-year average of $2.33 million.

Speaker 1 10:47

Now what's interesting is that average, of course, goes all the way back to the 1970s. Within that context, actually, it goes back to 1983. Within that context, the population in the US in 1983 was 238.5 million. Current population 340. I mean, you're up 100 million people. You're up 100 million people. You're up almost 50% in population since 1983. So when you compare the current supply to the average or, more importantly, when you compare it to the population in 1983, the supply has been cut in half and it's a record low of 4.4% of population. I mean, that's a really interesting statistic.

Speaker 1 11:29

Now let's talk about the sales price, because prices are rising. $11,600 increase in June. Typically, june is a seasonal high, so we'll see what happens from here. But the average sales price is $435,000. And in the first six months of the year, just the year to date, six months, nominally, it's up 10.7%. That's an annualized inflation rate for homes of over 20%. And think about when you start to talk about okay, the sales price in 2012 was 155,000. That was the low off the housing market crash. Okay, I mean, you're talking about, you know this dynamic where you don't have enough homes so that when mortgage rates come down and you unfreeze the housing market when you unfreeze the mortgage market, when you have demand return prices could soar. Then it becomes a question of when does a lack of affordability inhibit price increases? I don't think we're there yet.

Housing Market Crisis Breakdown

Speaker 1 12:36

Now here's another interesting stat, just to throw one at you. I started this before and I would go ahead of myself 2012, the low in that post-housing market crash from 2008 and 2009,. The low existing home sales price average price was $155,000. It's $435,000 now, I mean, you know, but in January of 1968, it was up $19,700. So when you start talking about the percent gain, all right, I mean it's not that far off from gold, going all the way back to 71, 4,600% over that period of time. So it's pretty interesting. It's actually a little lower gold outperforms.

Speaker 1 13:18

Now we're talking about, you know, 13 and a half years back to the crash. Low of 155,000 to where you are now is 180.7%, which means since 2012,. For the last 12 years 13 and a half to be exact, actually 13 and a half years the average annual inflation rate for an existing home is 13.4%. Yeah, inflation is really well anchored. Existing home inflation almost 14% a year over the last 13 years. Yeah, inflation is tamed not and they're going to go higher.

Speaker 1 14:02

Now in today's GMSR my research piece for my client we're talking about clients. We're talking about the dynamic around what we see happening here with the mortgage market. All right. So here's the problem Housing starts up 4.6 in June, but that's only half of the May decline of 10%. Single-family homes were down 4.6%, but the entire gain in June was because of multifamily. So you're talking about the homes under construction down 211,000, or 13% year-over-year Completions, down 24% year-over-year, down 14.7% for the month of June. This is a crash developing in completions under construction and starts and you have low supply relative to what demand could be and low supply relative to history prior to 2018. So this is a whole other dynamic and maybe this is one of the reasons the Fed's been a little cautious. I don't know, but you could honestly say the housing market's in crisis, the mortgage market's in crisis. Now watch the MBB, the mortgage bond ETF, and watch the home builders, because there could be opportunities here. We're going to talk more about that in a minute.

Speaker 1 15:20

Let's get back to the macro. The PCE data for June was really interesting For the two months. The PCE data for June was really interesting For the two months May and June taken together. From April, look at the year-over-year rate changes. Disposable income 1.7 down from 2.7. Disposable income right now the growth in disposable income is well below the rate of inflation. Income is deflating. Spending on services 1.7 down from 2.1. On durable goods three and a half. That's a big number, but down from 7.4 because you had a big surge in vehicle sales. So there's a lot of base effect going on there. Based on automobiles Non-durables 2.7 down from 3.2.

Speaker 1 16:02

But here's where it gets really interesting when we talk about the average monthly number for spending on services. All right, for the fourth quarter of last year, $28.5 billion was the average change per month. $20.85 billion was the growth on average in the fourth quarter. In January it was $30.7 billion. Check that. That was March. March $30.7 billion. April $10.7. May $8.5. June $5.5. In three months you've gone from the growth in spending on services of $31 billion to $5.5. Growth in spending on services of $31 billion to $5.5 billion. That's an 82% disinflation in spending growth on services, which makes up still most of the economy.

Speaker 1 16:59

I mean hello and the spending that was done. Number one, health care. Number two, housing and utilities. Number three, insurance. Number four, food and beverages All necessities, discretionary items and, worst of all, spending on transportation services fell $2.8 billion for the month. This is really interesting because the transportation average is getting mauled. More importantly, it's getting mauled relative to the industrial average, which is a real tell, and it's back to the pandemic low. You remember how bad transportation dynamic was back in the pandemic when you weren't moving anything Because there was no shipments. There were shortages of everything. The transportation average is a big problem. We're going to talk more about that in a minute too.

Consumer Spending Collapse

Speaker 1 17:45

A couple more stats I'm going to give you on the macro side Wages and salaries March $66.8 billion, april $53.9 billion, may $43.2 billion and in June, $17 billion. It went from $67 to $17. Over a three-month period, wages and salaries dropped 65.5%. The gap here between personal consumption expenditures, ie spending, and disposable income continues to grow, and right now it's at $6 trillion. I mean, it's huge. Let alone a credit card debt of 1.3 trillion above savings of less than 900 billion. So black holes upside down, grains of sand, spoonfuls of sand adding up to outweigh everything, and the debt just keeps crushing everything.

Speaker 1 18:40

And now, all of a sudden, the seesaw is flipped on the labor market too. And it's really interesting because last Friday this was an epiphany to people. I've been talking about this for four or five months, especially last month, when the biggest change was 329,000 people that dropped out of the labor force, and that's the only reason that the unemployment rate fell to 4.1. And that's what the pop media ran with that employment is strong, labor market is strong and if you say otherwise, you're rooting against Donald Trump and you're not patriotic. That was the talk on Fox News to people that went on that were actually tried to claim that the unemployment, that the labor market was weak. Now, all of a sudden, everyone sees it. It's above ground, it's an epiphany, and the moves in the Fed forward Fed funds market were huge off of this, meaning it wasn't expected.

Speaker 1 19:24

Now here's the stats. They're pretty bad. June with not in the labor force saw 392, like I just said, july follows it up with another 239,000 that dropped out. That's 640,000 people that have dropped out of the labor force in the last two months. Add to that the 219,000 that took a part-time for economic reasons, because they couldn't find full-time jobs, and you're talking about 850,000 people who would like to be working full-time jobs, who aren't. A quarter of them took part-time jobs. The other three-fourths dropped out of the equation, totally dropped out. The total unemployment rate U6, 7.9 up from 7.7.

Speaker 1 20:11

The number unemployed of up to 21 was greater than the payroll employment and payroll employment for the last two months was revised down hugely enough so that Trump fires the head of the PLS, which is absurd. To begin with, all right, as if if you don't produce good numbers. You're going to lose your job. This is not good. All right, you know I'm really bothered by some of the things I'm seeing here, I have to say, as a you know kind of as a Republican, as a conservative, as more of a libertarian, and thankfully this is not, you know, kamala Harris, otherwise, you know, israel probably would have been blown off the map by now. But the revisions May was originally 144,000 jobs, down to 19,000. June was 147,000, down to 14,000. For the month of long-term unemployed rose 179,000. Those are people that haven't yet dropped out but are on the verge of doing so. That's a lot, man. I mean, it really is, and it's all pretty dour, but there's huge opportunities here. I mean, honestly, the dynamic here is, the stock bond ratio for me is in huge trouble. It really is.

Speaker 1 21:20

You're talking about some positives here in the M2, money supplies at a record $22 trillion. Year over year it's up $955 billion. It's up 39% in the last three months. I mean, or 39% of the $955 was in the last three months. I mean or 39% of the 955 was in the last three months. Annualized, that's 1.5 trillion. Until the pandemic, it was never even close to being above a trillion. All right. So then you have the Fed funds forwards. Now you're projecting 3% Fed funds rate by the end of next year. That's 125 to 150 basis points of rate cuts. The dollar's down 5% over the year. Qt is lessened by more than half just in the calendar year. In January it was running at a 12-month change in the balance sheet of minus 1.04 trillion. Now it's minus 535 billion half. So there's some signs of light out there in terms of what could come. But I think there's more to go.

Stock-Bond Ratio Warning Signs

Speaker 1 22:11

In terms of the stock bond ratio, right, the stock bond ratio is the most overdone it's ever been and by far. There's a bunch of ways that we look at this. I personally like ratio spreads. So if I take the Dow Jones Industrial and divide it by the yield on the 10-year note, so yields are coming down. That's going to boost the Dow. Yields are theoretically going up. It's going to boost the Dow. Yields are theoretically going up. It's going to hurt the Dow, this yield-adjusted Dow measurement. It really hasn't hurt because the Dow is going up so much more than yields. All right, 10-year yields Right now. That ratio.

Speaker 1 22:49

If you were to take the Dow Jones average, around 44,000 right now, you take the ratio against the 10-year yield, the Dow would be 160,000. The previous peak before the pandemic was 75,000. So you're already twice as much as any previous record high. And those highs below 75,000, just below took place in January of 2000, may of 2007, september of 2018. You know what happened after each one of those periods of time.

Speaker 1 23:23

Stocks came down hard, hard. When you take the S&P versus the 30-year and then overlay it against the S&P itself, it's projecting 3,200, which is very similar to what the XLY or the XRT the two retail and consumer discretionary ETFs project relative to the S&P plotted against the S&P, also projecting S&P around 3,200. All right. When you look at the Dow Jones Industrial Average versus the price of the benchmark cheapest to deliver 30-year bond you have a major double top with bearish divergences. When you start to look at credit spreads, you have some widening at very tight levels. The junk bond ETF against the TLT Treasury bond ETF is at a new multi-year high and now breaking down. You do not want to be overweight stocks versus bonds right now. The risk is enormous.

Speaker 1 24:22

Now let's quickly talk about a couple of the places in the stock market that are telling us that you're on the verge of something more significant happening right now. I mean, stocks are rallying today here, monday, after Friday's big meltdown. I think there's a corrective rally and by the end of the week you're going to be lower. All right, here's a couple things I told you. Dow Transport's terrible Against the industrials. They're back to the pandemic low. When you take the industrials versus utilities and transports versus utilities. When the transport ratio underperforms, it leads to a bear market every time. And you're doing it. All right.

Speaker 1 24:57

The doubt, according to Barchart, go to barchartcom. They have great what they call heat maps and they break it down into 184 industry groups in the stock market. The transportation slash the trucking subsector there's 13 stocks. Nine of them are down by 20% or more over the last 52 weeks. Six are down by 30% or more. Three or one third are down by 40% or more over the last 52 weeks. That's a problem. Transportations are sending a signal and it's a bearish warning sign. All right, how about in terms of the housing market and this crash? We kind of have this crisis. Let's call it a crisis, not really a crash, it's a crisis, okay.

Speaker 1 25:38

Property developers 16 stocks in the property developer category Okay. Only four of them are higher for the year, only one quarter. Three quarters are down. One is down over 60%, another one is down over 50%, another one is down over 50%, another one is down over 40%, two more down over 30% and two down by more than 20%. That's seven that are down by more than 20% in property developers.

Speaker 1 26:04

And then we get to the mortgage trusts, the REITs. In mortgage trusts, 34 REITs okay. 30 of them posted declines last Wednesday when the Fed did not cut rates, 30 out of 34. Big declines too on some of them. Okay, only 6 of 34 are higher over the last 52 weeks. All right, 18 of the 34, or 53% of them are down by 15% or more. 7 of them are down between 20% and 30%, two are down between 40 and 50% and two of the mortgage trust rates are down 50% or more in the last 52 weeks. This is kind of carnage, man.

Speaker 1 26:45

And when you start talking about this dynamic around debt and you start having some issues with the consumer. Delinquency rates on credit cards highest since the crisis 2009. Delinquencies on auto loans highest since 2009. I mean credit, consumer credit, revolving credits down four months in a row. We've only seen that twice before in history, back in 1990 and in 2008 and 2009.

Speaker 1 27:10

I mean this is I don't understand the people that say the economy is so strong and this, that and the other thing. And you know, let's look at GDP and think that that really, you know, it tells us A lot of GDP growth was building of inventories ahead of tariffs. That's not growth. That's stuff that's still sitting around, it's not being sold now, right, that's going to become an unwanted inventory hang and that's going to pipeline back into production and we already we already see it to be a negative thing.

Investment Strategy Going Forward

Speaker 1 27:44

The bottom line here is they're going to have to and I keep saying this is my theme and if I sound like a broken record, so be it, because it's important to know for people that haven't heard me say this before the Fed will be forced to acquiesce to higher inflation to protect growth, to protect housing, to protect the labor market and even to protect the bond market at some point in time. That's another step or two away, because right now, bonds look good, bonds look good here, and I'm a long-term secular bear to think this is a major bear market in bonds, but right now, from a counter-trend perspective, based on the stock bond ratio, based on what the Fed may do here, based on the fact that you're probably going to need QE again. I think every time the XRT it's only twice before got to the level it is now against. The S&P 500 was in 2008 and 2020. Both times brought us QE.

Speaker 1 28:21

Why is it to think this is different? It's not right here in front of us. It's probably not. Maybe first quarter next year, maybe sooner, but when that happens you're going to see, stocks will love it, stocks love the dollar now. I think that's kind of why it's not cracking even bigger here, although I think it will. I think it will ignore the dollar, it will ignore bonds, because I think the dollar and bonds are going to react to stocks, not the other way around, like it's been for a while now. You know for dominant in terms of what's the dominant market.

Speaker 1 28:50

So in that context, you know I really rarely do this, but I'm doing this right now because we have some interest and we're, you know we're accepting new money from accredited investors. Only, this is a conversation I can only have on the phone. I don't discuss the performance, but I can tell you we're outperforming pretty much everything out there, maybe except gold, you know, I mean, but even that this year for sure, and the degree to which we're not for everybody, and you need to be substantially backed with money before we can do this, because we have a high minimum. We have a high minimum because the risk is so high and it's all mathematically based. All of it is back engineered from mathematics.

Speaker 1 29:25

I'm a quant originally. Although quant is a very small part of what we do now, it's still a part of what we do and from that context, I do believe that stocks will go higher, but they will not keep pace with inflation and with the debasement of the purchasing power of the currency, especially in the US. It's true everywhere, but especially in the US. We see this. In all these countries that have these weak currencies, stocks make a record high all the time Argentina, turkey, pakistan, nigeria, all these places. And to think that we're not that far off that path in terms of debt and the seesaw we are and in that sense, doing what I do or what other really good people there's a lot of good people in this industry. Commodity trading advisor it's a misnomer because we trade everything All the financial futures, stock indexes everywhere, bond markets everywhere. Currency is going to be huge opportunities going forward, let alone agricultural commodities and food huge To be nimble and I don't mean in and out, I don't mean active, because I don't like to be active.

Speaker 1 30:24

We're not day traders. We want positions for months and months. We want to ride the trend or catch the big, sharp counter trend moves. We want to make sure we catch the biggest moves of the year, every year. That's how we produce the return. So, from that context, I say nimble instead of active, I say versatile, I say diversified, completely diversified and flexible.

Speaker 1 30:45

It can be long or short, anything with 24-hour liquidity, regulated futures contracts. Only the account is in your name only. No one else has a piece of it, no one else can touch the the money. And you get a report every single morning um, where's the money? How much is made or lost, what the positions are, everything. If you don't like what we're doing, we have no lockup period. I'm not comfortable. We have to be as transparent as a board as possible to do it right. We get no other income from the commissions or from the platform that I trade on, from the brokers. Anything, anything. It's straight up, it's transparent and it is, you know, a high minimum because it has to be funded right to make the risk metrics, protocols and overlay do their job. Email me for information on that. Email me for my new special on the US debt and the seesaw and the whole dynamics around the Pete Seeger comments and the spoonfuls of sand that have now tipped the seesaw, and this is why it is now. This is why this is different.

Speaker 1 31:41

All right, all the prognostications over the last 20 years are about to come true and they are already. Uh, stay in touch with me on Twitter. Should be X. I hate that because of my X thing or tweeting, I don't know. Uh, x. I hate that because of my X-ing or tweeting, I don't know. But keep up with me on X. At Weldon Live, the podcast at money underscore podcast. I'm on YouTube, gregory underscore, weldon. And email me at Greg Weldon, g-r-e-g-w-e-l-d-o-n. At Weldon Online all one word gregweldon at weldononlinecom for any of the reports or to set up a call and get some information on the money management program. That's it for today. Thank you for listening.