A2A with Chris Martenson of PeakProsperity.com

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Maybe it's just me but it seems that these A2As just keep getting more and more informative. This week's guest was Chris Martenson and, boy, did he ever turn out to be a great guest. You really need to listen to this podcast.

Thankfully, Chris was very generous with his time. In this 50-minute webinar, Chris addresses such topics as:

  • Why economic change/collapse is coming and when it might be expected
  • What countries will suffer most
  • What concerns him most at present
  • Why and what type of precious metal he owns
  • His most important advice

But wait, there's more! So much more, in fact, that I urge you to listen to this entire recording. Break it up into segments or do it over the weekend. It doesn't matter how you do it, just do it.

TF


38 Comments

Sound Money Minnow's picture

Perhaps a first for a newbie.

Now on to the A2A.

Patriot Family's picture

I always liked CM...

I listen to these while working.  Makes the $10 a month VERY worth it.  Would love to hear more A2As on topics diverging a bit from gold and silver.

47 Protons's picture

THURD!!! The prime spot!

Now...  Since i was a dope and missed the beginning of the A2A...  time to watch!

I subscribe to Chris as well, so I'm excited to hear the two of them!!

-eric

CPE's picture

HAHAHAHAHA

Someone popped gold above $1320 just before the close, I hope that one hurt your collective butts London Monkey Boys!!!!!!!!!!!!!!!!

SilverSurfers's picture

5th for the Hat Trick

5th for a top tenner. I got a NY close Ag 20.12, sensing lift off. yes A2A interviews are informative, so keep up the good work, and thanks Chris. yes Some may not send in questions, but enjoy much the interviews. yes

Speaking of 5th, dig this. My 5th grader did a report on "The Silver State" Nevada, and today he is going to a county wide fair type presentation, and he ask to take a silver dollar, and I put it in a clear small plastic bag with a one dollar bill, and drilled him.

"This is a silver one dollar coin, has one dollar on it, and is made by our government. This is a one dollar bill, has one dollar on it, and is made by our government. They are not the same thing. One is a lie, guess which one. The one dollar bill is a lie because our constitution says that money is gold and silver. The government prints paper dollar to steal from the people through inflation".

Now, that is heavy for a 5th grader, granted, but only wish I could see the jaws drop from the totalitarians in charge of the fair. LMAO!!!!!

Silver Sooner's picture

Closer still...

SS121's picture

Excellent A2A gents..

Having never knowingly read or heard anything from CM before, he came across as a genuine dude who thinks for himself.

... andTurd does an incredible job at managing the mood, pace, context, etc of these interviews, and makes them fun to listen to!  

CM is not an economist, as he states in his bio, but most all of his objective data gathering and analysis relates to economic factors.   CM has very refreshingly factual perspective on the 'economy' compared to the "economist" windbags who put on a necktie and wander the CNBS/RT/Bloomberg circuit theorizing sweet nothings and pumping their latest book.

As Silver and Gold complete our current Monetary cycle in the days and weeks ahead, this will trump all 'market' and 'economic' trends and dynamics.  And while CM didn't necessarily describe things in this context,... he did provide a lot of factual and relevant information about economic factors that are reaching sort of a "change or cease" point.   Which fits perfectly with "what time it is" Monetarily speaking.  Excellent A2A!

- - - -

Only Silver and Gold are Money... j u s t  k e e p  s t a c k i n'   i t  u p !!

Nigel Black's picture

excellent

Turd,

I was already a big fan of CM and this is your best podcast to date.  CM is a very wise and articulate man, plus with your great interviewing skills, I really enjoyed listening to this.

Thanks again for putting together this community.  You are doing a great job.

RationalMind's picture

Kudos

One of the best A2A guests. Chris did a great job framing the 'big picture', from which the rational outcomes are easily deduced. Love love the practical ideas and steps.

Great work Turd and Chris. Your contributions to preparing and sustaining this community will be recorded for future generations.

joeblack's picture

December Corn 30 minute

Looking to buy at 492 if it gets there.

StevenBHorse's picture

Another HUGE

Bearish engulfing candle on the S&P 500.  

Interesting action today. 

Bonds- ripping 

Gold- well bid

Dollar- Down ????  Keep an eye on this.  This is very unusual.

silver66's picture

Jim Flaherty dead at 64

Just retired Minister of Finance dead of heart attack

http://www.cbc.ca/news/politics/jim-flaherty-former-finance-minister-dead-at-64-1.2605728

Silver66

CPE's picture

Paging PPT, Paging Plunge Protection Team

You are needed on the Trading Floor, Paging PPT...

Watching bubblevision right now is like watching a small child try to get creative on defending a 5 D report card...

Hurry Muppets, ring that bell!  HFT firms just turned off their machines!

SilverSurfers's picture

Bookmark

DJIA16178.47 -258.71-1.57%

NASDAQ4055.34 -128.56-3.07%

S&P 5001835.18 -37.00-1.98%

Normally could careless about the Wiemar Stock Market, but with all the stuff going on, bookmarked. http://www.cnbc.com/id/100003242

Looks at them ads from Harry Dent, 17000 dow, well maybe, betting on stimulus and QE, and that makes sense, but to advise peeps into the dow, when he himself thinks it going much lower, to at least one, is a self-centered greedy charlatan, despicable actually. Must be a lawyer as well.

tread_w_care's picture

Love that guy

Will be listening to this one at least 2-3 times more and overdue to re-engage with peakprosperity.com

Thank you Turd for the awesome A2A service. 

CPE's picture

HFT

HFTs, masquerading as market makers, get to turn the machines off whenever it suits them, yet they still claim the privileges of market making without the responsibility of providing liquidity.


 

Mickey's picture

Jack Lew and Janet Yellen must be

sweating bullets over the past week-- market sending a bad message to them.

money flow out of stocks into bonds at least short term. Would think as funds and people sell first it goes into money market funds as a parking place.

Perhaps someday they think of gold as a parking place--even if GLD, They will not--GLD does not pay interest and is volatile.

Solution--buy GLD and sell otm calls.

R man J's picture

Silver .999 bullion versus pre-1965, which to buy?

Great info and very helpful on this subject. Makes sense that the dealers who are buying to resell to refiners would prefer bullion.  I am weighted 50-50 but will definitely put future orders into bullion rather than pre-1965.

Obviously pre-65 is great for barter, but .999 bullion will be more versatile in a bubble.

Listen to second half of presentation if you need to know why.

Turd Ferguson's picture

Yep

MODERATOR

"Smart money" preparing for Russian action in Ukraine??

Response to: Another HUGE
Hagarth's picture

Jim Flaherty a bit of history

"On February 6, 2006, Flaherty was sworn in as Minister of Finance in Stephen Harper's new Conservative Cabinet.[19] He was also appointed Minister Responsible for the Greater Toronto Area, because he is the Member of Parliament for Whitby-Oshawa. In his capacity as Minister of Finance, he serves as a Governor of the World Bank and the International Monetary Fund."

"He announced his resignation from the cabinet on March 18, 2014."

http://en.wikipedia.org/wiki/Jim_Flaherty

----------------------------------------------------------------------

Pretty prominant banker in his own right.  It is quite odd that he would pass so close to his "Retirement" in politics.  You would think with the reduced work hours his stress level would have diminished to a manageable level.

brolgaboy's picture

HUI on the cusp

HUI 228 

HUI 200 day MA 228

fork in the road

which one will it take?

Markedtofuture's picture

Slammed back into the 1% cage

Lemetropolecafe Snippet...

Bill, 
When I awoke I thought we were heading towards the second, and higher of the circled numbers on my pad. Lo, and behold the algos at the Crimex open SLAMMED gold back to its 1% cage with ferocity. In just the first 5 minutes 6,112 contracts were sold, culminating in 2,439 sold at 8:35 AM. In those 5 minutes gold was taken down $5.10 to $1318.50, just 40 cents below +1%. From there it was held in check all morning near the 1% cap. This 1% cap is the most outrageous manipulation ever conceived. They make no attempt to be discreet. It is out in the open price control. The denialists however are still abundant.

Analysts like Keith Weiner pretend to report on the gold and silver "action" as if there is no cartel influence. In his latest article published at ZH and elsewherehttp://www.zerohedge.com/contributed/2014-04-10/gold-and-silver-speculation he blithely explains away the bizarre silver O.I. as a function of arbitragers merely doing the carry trade. Weiner is like the guy ringside at the WWE match reporting on the wrestling action as if it were legitimate competition. In his silver O.I. "theory" he fails to mention WHO is the gargantuan SELLER of silver, to the tune of 800 MILLION ounces. That's 25,000 TONS sold short, a preposterous amount in such a tiny market and clearly in violation of position limits that the CFTC ignores. Weiner hilariously sums up his theory by saying:

"I would not recommend that anyone bet his hard-earned money on a maybe. The data—both open interest and basis—show that the buying in the silver market is primarily speculators. They cannot sustain a higher price forever. They are merely trying to front run a higher price driven by hoarders. If hoarders don’t come in, the speculators will be forced to capitulate. When that happens, watch out below.

The neutral price of silver is in the $16’s today. If the price overshoots as far to the downside as it is now stretched to the upside, we could see silver with a 12 handle.

"Cannot sustain a HIGH price forever"? Hell, they can't even sustain $20 thanks to the relentless cartel agenda. And $16 as a NEUTRAL price? Maybe Keith would also like to update us on his "neutral" price for food, energy, college tuition, health insurance, autos, building materials, and everything else that's went up since 1980. Based on those items Mr. Weiner apparently omitted at least one zero from his "neutral" silver handle. Applying economic theory to a manipulated market is where the rubber truly hits the dung pile.

The CME's 3 year clamp on silver leverage is for damn good reason. It's also no accident that the CME, nor anybody else even bothers to keeps margin and leverage data. Leverage is THE reason for trading futures yet historical leverage data is impossible to obtain. A simple leverage chart of all instruments that trade would reveal an overwhelming leverage bias towards paper. Leverage of 40-1 for equities vs. 10-1 for silver (more recently even 6-1) clearly shows which one is plentiful, and which one is scarce, all O.I theories aside. 
James Mc

OLDAUZZIE's picture

Great A2A Today. Thought I would share Chris Mayer's US$ value

The Real Reason the U.S. Dollar Has Value

Chris Mayer
I was at a conference when I took out a dollar bill and waved it in front of the audience. I asked, "Why does this piece of paper have value?" It's interesting the range of answers I got.

One person said "gold," which has nothing to do with it. There was a time when you could demand a fixed weight in gold in exchange for a dollar, but those days are gone. Another said, "You can buy things with it" -- an answer that only begs the question why that is so. "Faith," said yet a third. Not quite.

The answer is one that (some) economists have known about for a long time. I'll tell you about it below along with three other counterintuitive and seemingly bizarre conclusions about the twisted world of modern money. I don't think you would draw it up this way if you had the chance -- but it's the way the system works.

Tax liabilities give otherwise worthless paper value. The U.S. dollar has value because the government levies $3 trillion in tax liabilities annually and accepts only U.S. dollars in payment -- which only it issues. And there is the credible threat of penalties if you don't settle up with dollars. In so doing, the government turns all of us into dollar chasers. It's how a state, any state, can turn worthless pieces of paper into valued currency.

"The modern state can make anything it chooses generally acceptable as money," economist Abba Lerner wrote in 1947. "If the state is willing to accept the proposed money in the payment of taxes and other obligations to itself, the trick is done." Brilliantly devious, isn't it?

A dollar is, essentially, a tax credit. Economists call this the tax-driven view of money, and it is at least as old as Adam Smith. It is also one of the core principles of Modern Monetary Theory, or MMT. (This is a macroeconomic school of thought that has taken the deep dive into the plumbing of how modern money works.)

The principles of MMT have a certain forceful logic. And they can lead to some shocking and uncomfortable conclusions...

One example is that government deficits increase financial savings. It sounds outrageous. How can government deficits increase savings? Well, how else is the nongovernment sector supposed to get dollars? The only way is for the government to spend more than it collects -- thereby leaving money in the economy.

Or think of it this way, as economist Warren Mosler puts it: "When the government spends, only two things can happen to that money... the money can be used to pay taxes, or it isn't used to pay taxes. In which case, somebody out there still has it." So deficit spending equals financial savings at the macro level.

Government debt, then, is a form of savings for the private sector. Everywhere there is a Treasury security there is someone who owns it. For that holder, it is a part of his financial wealth, or savings.

But aren't government deficits and debt too large? They can be too large, which then causes the dollar to lose value. However, in a fiat currency system, it is natural for the government to be in deficit, because the private sector usually wants to save something.

In fact, there is a good argument that any attempt to balance the budget is futile. It will simply lead people to cut spending in an effort to get back to a desired savings level. This also has the effect of contracting the economy and driving tax receipts lower, thereby putting the government back into deficit.

"Government debt... is a form of savings for the private sector."
The trouble with budget surpluses is they take money out of the economy. That puts pressure on private-sector balance sheets. It may not be so surprising to learn, then, that economic depressions have followed every major surplus in U.S. history.

Another conclusion is that government doesn't need taxes and bond sales to finance spending. Most people think that the government collects taxes and sells bonds to finance its spending. But remember, the government issues dollars. It can't run out. This sounds scary, but it's the naked truth of a fiat currency system. The U.S. government faces zero solvency risk. It can always meet all of its bills.

Of course, there are consequences when government spends. If it spends "too much" relative to what dollars can buy and the desire to save, then the dollar can lose value. (Which is what's happened over the last century. I see no reason why this trend will end.) But the government clearly doesn't need to borrow or collect something it issues in order to spend. That's the point.

Further, think about it from the beginning: What must a government do before it collects its own money in taxes? It has to spend the money first. That's how people get the dollars to meet the tax. So logically, spending precedes tax collection.

kryton619's picture

Chris Martenson

What a class act!  Have to say that I have never visited his site in the past, however, that will change.  Thanks Turd for another great A to A.

silver66's picture

Hey OLDAUZZIE

That was a good post.

Very good explanation to help me connect the dots as to why the fed and income taxes came into being at the same time

Silver66

-SilverIsMoney-'s picture

Great interview...

You can really tell Chris is a great guy...

shinyturd's picture

Liquid savings

Great A2A. Here's what I still don't have my head around and would appreciate input. I'm not living self-sufficiently - I have income and I have cash costs. In case of serious disruption in the income side I have savings for some buffer against the cost side. With costs in US dollars the savings needs to be liquid and readily convertible to US dollars. 

Regarding the banking system risks, what are people's thoughts on alternative liquid savings? Is it as simple as stacking physical that could be converted back to dollars if/as needed? If that's a popular approach, by what conversion mechanism? Today, without bank closures or other panic flash points, what are sellers of physical experiencing? Where can one go sell $50k, $100k in gold and silver? Where-locally/not? With what lead time and at what discount to spot?

Sorry for so many questions but want to test the reality of what seems sound theory. Thanks in advance for the help. 

Ensues's picture

Fantastic A2A

Really great A2A Turd!  One of the top 3 IMO.  I have followed Chris for a long time and I am more resilient because of him.  Kudos.  Now we need to get Grant Williams to share his metal insights.

gazzmann's picture

Brilliant A2A

Really enjoyed this A2A. My first wake up call was Bill Still's "The Money Masters". But the next wake up call was Chris and his presentation at the Gold and Silver Meeting in Madrid.

Tons of info from a straight shooter. And who'd of guessed......smoked clams and bourbon. Ummmmmm.

Here's the link to the Gold and Silver Meeting if interested.

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