427: Creating Wealth In Times of Financial Crises with Kerry Lutz

This show is produced by the Hartman Media Company.

For more information and links to all our great podcasts, visit hartmanmedia.com.

Welcome to the AIPIS Show. For accredited income property investment specialists and those who aspire to be. If you're a real estate, mortgage or financial professional, this is the place for you. We'll explore innovative investment analysis, sales, marketing and income generating strategies for the most historically proven wealth creator income property. Learn from the experts as they show you how to build a better business and a better life.

It is my pleasure to welcome Kerry Lutz back to the show. He hasn't been on for a while, but because we had this big case that I've talked to you about and Carrie Lutz was one of my witnesses in the case. Kerry, it's great to have you back. You are a recovering attorney. So before we dive into the meat of today's show, I'd like to talk a little bit about the case because you did testify and I thank you.

I was your star witness here. Jason. Hey, just remember I dropped some sound bites like that. They basically conducted a digital lynching against you. Digital assault.

Well, let me talk about what this is about. So I did a whole show on this before, folks. And so you've maybe saw that episode where I had one of our legal team on the show and he talked about the case. But basically I had this competitor trying to gain market share, ruin my business. That started about five years ago. They did an incredible job of it. They hired a marketing agency to ruin me and ruin my reputation, ruin my life. And so we took them to court. It took four years to get there. We had an eight day trial. The jury deliberated for one day. It was in federal court. We won a verdict, a jury award of $55 million. It was a nice big jury award. Then they filed some motions, got that whittled down to $28 million and change. And so it was about 32 million with interest I think on the judgment. And now there's another motion pending. So we haven't been able to start any collection yet. But since Kerry was there and a lot of this could apply to anybody watching or listening because everybody has a reputation and many of you have a business that depends reputation. And so that's why this is so important. And like Carrie said, it was a basically a digital lynching. That's a good way to put it. It really, that is sums it up very well.

Totally, totally. I never saw people this determined, you know, if they had just put that energy into legitimately building their business they would have been far better off and they wouldn't have a judgment against them for $32 million. It's just wasted energy and effort. But this is what sociopaths do. They thumb their nose up at the system and they really, it's a, it's game to them. They get a high from it, I guess. And these guys got slapped. Then your problem is, hey, whether you get paid or not, where do you go to get your reputation back? And that, that's the hardest part. Yeah, you've been vindicated, but the people you lost as clients are gone. You're not getting them back.

Not just that, podcast guests. So, you know, some guests that just won't come on the show. And I mean, you didn't want to come on the show for quite a while because you were concerned that maybe what they were saying was true or, you know, you didn't just want to be like affiliated. And you know, there, there's all of that, but, you know, after me.

Yeah, or they come after me, who knows? But they were pretty pathetic. And you got some measure of justice, hopefully you get some money too. But at least you've been vindicated. Yeah, that, that what they were doing was downright illegal and just, just wrong.

You know, folks, I call this the crime of our time because it could happen to anybody and it's so easy to do. I think one of the things they testified to, if I recall correctly, is that they, they only spent like $10,000 to try and destroy my businesses and destroy my life. And it's so easy to do this stuff. But we hired the investigators, we did the thing, we learned all about it and we figured it out, we found out who was doing it and then we, you know, we took them to court and got justice. So if you want to know more about that, listen to my prior episode on it. Because everybody watching and listening has a reputation that took a lifetime to build. And you can get some bad apples that try and destroy it very quickly. Carrie, you are tracking so many great things on your show, the Financial Survival Network. And there was a recent case and since you're a former attorney, America's top.

Recovering attorney and comedian, by the way.

Way, Carrie does great stand up comedy. It's really funny. But why don't you tell us about that and let's dig in and tie it in with the financial world.

There's a case where a federal judge in Louisiana, I believe, Jerry Dowdy, put an injunction, a preliminary injunction against the US Government from censoring and, and contacting not just censoring, contacting any social media unless it's a national security matter, a criminal matter or some other very narrow. Otherwise they can't go to Twitter and say, you know what, Jason, we don't like him. Just take them down. And that's what they were doing en masse.

It's unbelievable.

I mean, you know, certain companies that. Whose names are Alphabet companies. You know, we used to have Alphabet agencies.

We're like actually Alphabet.

Yeah, Alphabet. Actively censoring me. Yeah, of course, you know, throttling my. My channel for. They've been doing it and I've got proof of it. But, you know, what am I going to spend $10 million to go after them? It just. You can't beat them.

You know, that's interesting that you say that because we were talking about my big case and Google came into play in the case because of course they were using at times Google products and services to ruin me. And so, you know, we sent subpoenas to Google and Google fought the subpoena like they don't even have a dog in this fight. And they just are incredibly difficult. And I would have had to hire a lawyer in another state to go and deal with Google and make motions to force Google's hand. These companies are too damn big and they are simply evil. You know, you use Twitter as the example because the government did do that, but now they probably wouldn't go to Twitter at all. They'd go to meta and threads, Facebook and Instagram. Yeah, it's everything. Absolutely awful. But this was a great verdict. And the Supreme Court came down with some really good decisions recently as well. Is the tide turning? Are we at a point where we're going to get some more liberty finally?

Oh, yeah, yeah. I looked at the judge's decision. Ironically, it was handed down July 4th. Oh. Which is a statement in and of itself read that case pretty much. It's bulletproof. I don't think they'll maybe chip around the edges. Eventually it's going to go to the Supreme Court. The admin made a motion to stay his. His judgment, his injunction. I don't think he's going to allow it. So then they'll have to put in. Maybe they're putting in an emergency appeal. I think they have to go to the trial judge first for a stay. He's not going to do really potentially is going to turn the tide. But you know, they need to be treated, these big social media companies as common carriers like FedEx. Can't say. Well, I don't like Jason, I'm not going to deliver his packages. I'll take them. And he could pay us. We just won't deliver it. And, you know, the post office or Verizon can't say, you know, we hate Jason's podcast. He says bad things about us. We'll just shut him down.

And remember, PayPal was doing that. You know, it's. It's just, folks, this whole censorship thing is the most important issue of our era. Like, there is literally no more important issue than this.

Even GoFundMe and Patreon, all of them, they're all in it. And. And then you have banks shutting people's bank accounts down because they don't like what they're doing or reporting their transactions to the government because the government asked them. It's all part of the same totalitarian web that they're trying to lock us into. And that ties into the Great reset, which is just a communist, totalitarian thing to take over the world.

Okay, so before we get into the great Slave us, let me just touch on the big tech companies. Okay, so we'll. We'll do the Great Reset. But what needs to happen is, I've been saying, For 12 years, I've been saying this, these big tech companies need to be treated as common carriers. Okay? If you're talking on the phone and the phone company doesn't like what you're talking about, they don't have the right to cut your service off. Okay? Exactly. And so common carriers and. Or they need to be busted up under antitrust laws that they're way too big for sure. And number three, their algorithms and codes need to be made public so that the whole world of geeks out there can audit why, when we search Google, do we get the results we get? Why, when we look at Facebook, do we see the things we see in our newsfeed and not other things? Right? Because you can't hear the dogs that don't bark. And if you don't see or hear something, you can't think about it. You can't evaluate it. So, for example, if there's a big medical thing going on in the world and the powers that be are recommending that everybody get a certain thing in their arm, okay, Get a jab. Yeah, you know, don't say that. Jab. Yeah, we know what you mean. Okay. You know, what if there's an alternative point of view, if you never see it, if you never hear it, you'll.

Never think about what about the last election a certain ne' er do. Well, son, of a prominent politician. It was totally in the bag. You know, we don't need to rehash.

For that is not that word. Because that'll be that. The thought police will be out. You need to use the word erection.

Yeah. All right. Well, he had certain. He had certain pursuits that he indulged in that were recorded and everything else.

And involving drugs. Yeah.

And money laundering and everything else. And for a vast part of the population, they didn't even know about it.

And remember, one guy went on national TV on his big cable news channel and exposed all of that in great detail. And then he was censored.

And eventually fired.

Yeah, and eventually fired. And now, you know, he's. He's over at a new place. So it's absolutely crazy. So take us into the great reset. Let's tie this in with the financial world, what it means to everybody watching and listening, what it means for their money in their future.

They want to make us all slaves in the new digital economy. They want you to be a digital slave and they want to just basically tell you what to do, what to think. We have thought police, even the government. Disinformation. Oh, but we're not going to be able to stop disinformation now that Judge Doughty and joined us from talking to social media.

You know what I'd like to be able to decide what's disinformation. I don't want one man Zuckerberg. Disinformation is another man's reality. Okay.

Yeah. So. So they want to control everything, and they've made large steps to do it. I think the welfare warfare state is directly tied into this. Obviously they want a global currency and.

And a digital global currency where they can audit everything you buy, everything you spend on. They can control it. So, Carrie, we all know that central bank digital currencies are coming known as CBDCs. Is there anything we can do to defend ourselves against this massive control grab and invasion of privacy? This is headed our way.

I don't think there's anything that's going to stop it other than defeating these people first, getting them out of the U.S. because so goes the U.S. yeah, you can't do it without the United States. But China loves this. I'm not sure that I think it's too far. I think that it's going to happen and all you can do is be prepared for it. There's nothing else you could do. It's happening.

So maybe have some of your money outside of that system. Yeah.

Some gold, silver. I don't really have any great faith in crypto, but have a few percent of your wealth in crypto? You know, a few thousand maybe. That's not a bad idea.

Silver, when you say crypto, do you want to distinguish bitcoin from other crypto bitcoin?

Because a lot of of it is tied in and, you know, they can just produce as much of it as they want. The great thing about bitcoin is they can't produce any more of it other than the couple percent a year that gets produced by crypto miners. Right. Nothing else. That's it. So, yeah.

I'm curious, though. Why don't you have any great faith in crypto? I mean, there are obviously people who absolutely love bitcoin. I. I think it's completely different from any other crypto, you know, because bitcoin.

Specifically, because bitcoin requires these nodes and the nodes record the blockchain and those nodes can be shut down. And there's only X number of thousands of them. They vary depending on the price of bitcoin and how many people are mining it at any given time. But it's easy. The nodes are out there. There's a map of them, and they can either digitally shut down every node or they can go physically shut them down.

Right.

Bash the servers. So imagine if they shut down every node for 72 hours. You can't find out what the price of bitcoin is. That's the end over. And they can do it. So it's in their ability. People say, no, no, it can't be done. Yes. And the other thing is, what happens, Jason, when they pass a law and say that, you know, possession with intent to distribute bitcoin, you can spend five years in jail for. Are you going to risk going to jail for five years?

That's exactly what I've always said about all cryptocurrencies, including bitcoin, is they'll just make it illegal. I mean, look, they've been making a concerted effort, Operation Choke Point, to shut down the on and off ramps and control the exchanges. I unfortunately agree. And as I've always said, I want to be wrong about this.

This.

I hope bitcoin succeeds wildly and takes over the world. I really do. But I just have my reservations.

I once saw a bumper sticker, and it said, don't steal. The government hates competition. The ultimate theft is. And the ultimate test of sovereignty is the ability to create your own monetary unit and print it and use that to get. Get the populace to do what you wanted to do. Because back in the Old days of pre central banking, you know, we went from like Andrew Jackson through to 1913 without a central bank. Country did just fine. Yeah, we're going to have banking crises. Whether there's a CBDC or not, it's going to happen. They're peddling it as this is the cure to all this.

Well, that's how they peddled the Federal Reserve in 1913. They said that was the cure. Okay, so we've all got this concern about CBDCs coming and that is what it is. It's a complex topic, there's a lot to it. But I do switch to just the regular economy and the real economy. Well, yeah, well, I don't know.

The real unreal economy.

The real unreal economy, exactly. The Main street and Wall Street. So stock market, real estate economy in general. I mean it's amazing how resilient the real estate market has been in the face of massive interest rate increases. It's amazing how resilient the jobs market has been. And really the stock market, even to a lesser degree, I mean these are historic measures. The Fed has been so hawkish, so aggressive thoughts.

On the one hand they're hawkish, on the other hand we have a banking crisis taking place. So they're priming the pumps, dumping money into the system. So maybe the net result is there's more money floating around you just don't know about. Plus higher returns bring money off the sidelines, whether it's buying bonds or higher yielding dividend stocks, whatever. What I like to say is we're in a recession. We've been in a recession, in fact, for the past 20 years we've been in a recession because they've never honestly measured the inflation rate. The inflation rate is probably double what the stated rate is. We go back to John Williams shadow stats, 12% right now. So even at 12% and even if you're buying a house and paying 7%, you're making a 5% real return because the money, the dollars that you're paying back are worth 12% less and you're paying 7% so 5%. But we've been in a real recession for, since 08 and 09, so it's never changed.

Let's talk about that. Why do you say that? And I think you're going to say because of the faulty inflation measure. It means that the GDP measure is faulty because remember when you understate inflation, you overstate the gdp. And the way you measure recession is by declining GDP for two quarters. Right, so.

Exactly. So there's a Thing called the real rate of return and the nominal rate. So if profits are up 5, 6% and the stated GDP is 2%, stated inflation rates 2%, then you're effectively making your growth rates 4%. It's called the GDP deflator and they apply that to the GDP numbers. But if your profits are up 5%, but inflation's up 10%, that means your real rate of return is down 5%. And the real rates of return in the US economy have never recovered from the 0809 debacle, the real estate collapse and the economic, global economic collapse. So at best we've been treading water with no growth, and at worst we certainly for the past two, three years we've been in a recession.

Okay, so that's interesting because I agree with you because I certainly know that the statistics are all fake news. Right. So if we measured inflation correctly, then we'd measure GDP correctly and we should measure unemployment correctly too, which is another scam. I had John Williams on my show, I'm sure He's been on YouTube too. So we talked about shadow stats. But here's the funny thing. A lot of people have talked about how so many great companies were founded during recessions. And if we look, you know, last time around, you know, big, huge companies that taken over the world, founded during recessions. The first, the world's first billionaire, J. Paul Getty, made all his money during a recession. Right. And so if we've been in a recession since the financial crisis, since the gfc, then look at all the people who have made so much money in that recession in real estate, in stocks, in businesses and everything else. So it's just kind of an interesting point.

Inflation is the asset investor's greatest ally. I mean we've got your whole system.

Based upon that inflation induced debt destruction. Yeah.

So if I've got an asset that's got leverage debt and I can get other people in the form of real estate, or whether you're leasing equipment, whatever. Real estate, little more, less risky in a lot of respects. Get somebody else to pay the debt. And I put no money down. And in 10 years I paid off a good portion of that debt. But a dollar has been inflated by 20, 30%. And that's at the very least because just their inflation rate of 2%. So it's 5%. Point is there's a lot more dollars floating around there. I've, I've kept this asset at no direct cost to myself. I've actually been earning a return on it. This is why real Estate's still so hot. And the best way I know you had Walter Williams on your show. He used to say if you want to get wealthy or build a financial nest egg, stay out of trouble with the law, get married, buy a house, both of you work.

Right.

And that really is a surefire.

And don't get pregnant too young.

Yeah.

Wait a little longer. Yeah. But not as long as people are waiting.

Or never.

Yeah.

Or never is okay too.

You know, I'm a big fan of increasing the population. We got a population.

Father of three kids. And if I think how much money.

A grandfather too.

Yeah. If I think how much money was spent on them, you know, I'd be retired, I'd be in a villa in the. But now they're all south of France.

They have their own jobs, their own lives.

Not doing me any good. But yes.

Okay, Another topic. That's another topic. Okay, so, but you know what I'm.

Saying here, it's like this is why buying assets in the midst of inflation, where buying assets can kill you, is in a deflation, which eventually they're going to have to do it. That's what we're in the midst of now, these two forces, higher rates, bailing out the banks. We're going head to head. And one of them is going to win at one point, probably inflation, because they're going to have to make a decision whether they collapse the global economy to save the dollar or we're going to go this way where then inflation kicks in, collapses, and then we have deflation. They go hand in hand.

And, and here's the deal though. The long term plan for your life, anybody listening to this, is that you don't know when these cycles are going to occur. They are going to occur. They're always going, the pendulum is always going to swing back and forth. We live in a centrally planned economy where they're always going to be tinkering with it. But you need to be in the game with sensible assets that you can afford to hold during the bad times and keep during the good times because both of those times will happen. You got to adjust your strategy and you're going to win with that. But if you're forever sitting on the sidelines waiting for the perfect timing, guess what? It's never going to exist. Yeah, the perfect timing never happens.

I've been waiting for the perfect time to go to Israel for 40 years now. They're not killing each other so I don't get caught in the crossfire. And I've just. It never happened. Real estate investing, same way. And yeah, I just like to point out that during the pandemic and all the inflation that took place, we saw the most anomalous situation ever in a so called asset class. We saw used car prices, right, go up, skyrocket to the point where they were selling for more than new cars because you couldn't get them.

Right.

And my Tesla was worth $25,000 or 35,000 more than I paid for it. And now that's normalized. But that will happen again there, there.

Are always cycles with all asset classes, right? No question about it. So since you have a lot of experience with the stock market too, and that's where really, you know, the people really try to time the market. Can you talk about market timing for a moment in general, you know, the market timers just never win.

The timers don't win, but the cycle guys do. Okay, okay, so cycle investing, everything goes on a cycle. You know, there's a time we're born, you're a kid, then you're a teenager, then you're an adult, then you know, you become elderly, then you die. And it's the same thing with companies, it's the same thing with markets. So you can't time the market to the day unless you're a professional trader.

Well, even then they obviously can't either.

But, but, but you're a professional trader, you got your ear to the ground, you have an advantage, okay? You can get a built in advantage. You know, I've made money, lost money probably lifetime, lost more money in the market than I've made. But not over the past five years because you have to learn from your lessons there. And biggest lesson is like I learned from Dallas, from JR Hewing, never bet the ranch, okay? I know people who bet the ranch.

And he's referring to the show and jruing the character. Yeah, yeah.

Junior never bet the ranch. Right. And then always manage risk. You're a risk manager, you think, oh, I'll just put it in the bank and do nothing. You're still taking a risk. You got inflation. Yeah. Your money doing nothing. So you've got to find a balance. Look, the things that have worked over time and that's not to say they're going to stop working. Dogs of the Dow, okay? These are huge companies and investing is a lot like fashion. There's trends, there's the hit mini skirt of the day and then it goes down to a maxi skirt down to your ankles and then it goes back up again. So point being that the dogs of The Dow is always one theory that almost always works, and that is the stocks that are doing worse than the Dow are going to turn around because they're such big companies.

They're not, they're not likely to go bankrupt. Right. And they're likely to recover.

Right. And they'll be top performers. And usually those dogs pay dividends, so you get paid to wait for them to figure it out. So that's one theory that always works. Investing in small cap companies over time outperform large cap companies. But generally the individual can't get enough knowledge to know which ones to pick. Right now, ETFs are way better than mutual funds. They have tax benefits, they have estate planning benefits. They're also way less expensive than mutual funds. So ETFs are way, way better. But again, there are hidden booby traps in a lot of ETFs. Sector ETFs, especially when they rely upon buying options and futures, they will almost certainly blow up at some time when the price of oil went negative. The uso, which is the US oil, it's like they had to restructure it. And then when the price of oil was going up, it didn't even reflect it because it was so corrupted. So ETFs at this point in time are always better than individual stocks unless you have knowledge. Like I've had knowledge of computers, of cars, and I missed Tesla, I missed Apple. You know, my sister bought 100 shares of Apple like 25 years ago before just one jobs took it over again and she never sold that. She paid $800.

Wow.

It was worth, when she sold it, $350,000.

Amazing, amazing.

So the buy and hold strategy works, but it doesn't work when you're buying at the peak.

Yeah.

So the other thing that works is. But I found when you get a home run on a stock, meaning you've doubled it, sell half of it. Sometimes you could triple, quadruple sell half of it.

That's like a lock it in.

Yeah, lock in your money management.

Got it, got it.

That always works.

The only thing you know about Dogs of the Dao, and just generally with companies in general, very general, is that the world is now changing so rapidly and technology is changing so rapidly that I just question whether, you know, those strategies still will work in the next 20, 30 years. I mean, we all see what's happening with artificial intelligence and yeah. How it's just going to just massively change the world, you know, but to.

Some extent, everything changes constantly. The dividend princes, what they call Them dividend aristocrats. Another system that always works.

Always. Yeah, I like cash flow. I'd be if I was a stock market fan, which I'm not, I would agree with you about dividends is a.

Good way to the sector I like. Now the best of everything from long term perspective is electric utilities. Because whether you agree and I didn't buy my Tesla because I'm trying to save the planet, that's a ridiculous notion. And the only sustainable energy that we ever found, we had two nuclear, we had wood and we had oil. Oil has sustained our world for over 100 years. Nuclear to some extent, but costs are too high even with these modular plants. So the only sustainable energy that we have is hydrocarbon based energy. So if we can make it last longer and bring it cheaper through evs. But point is going back, evs are here to stay. Nothing's going to stop them. And if you can invest in utilities that are growing their business anyway and will get an added jolt from EVs, like we're talking southern utilities, Texas utilities and in the Southwest almost. I would look at the same place where you say, Jason, you buy landlord friendly jurisdictions, they generally will also be utility friendly jurisdictions.

Interesting.

Like Florida, like Georgia to some extent. The Carolinas, Texas, Oklahoma, Louisiana.

The business friendly states. Yeah, yeah. So Carrie, last thing I just want you to touch on before we go, banking crisis. We alluded to it at the beginning. We've seen some bank failures. Are we going to see more? What is it? But more importantly, what does it mean to us? What does it mean to everybody?

So when the banking crisis started, talk to my partner, Bill Powers, he said, oh, this is bad. I said, well, it's bad if they don't handle it correctly. And they didn't, you know, Janet Yellen put her foot down and said, no, we're not going to bail out the banks.

All right?

This is exactly what they did in 08 and 09. How well did that work? No, the point is that what they should have done with Silicon Valley bank was shut it down over the weekend and say you're now congratulations, you are now a depositor in JP Morgan Chase. Right. That's the proper way to do it. You don't let these things gather momentum. They didn't do it. We lost two other banks as a result that should have never, never crashed. So I always say that banking, the monetary system, currency, paper currency, it's all a confidence game. And you know, at the root, word of confidence is con. Yeah, it's all a big con. But the point is, as long as there's confidence, people don't worry. When they lose confidence. That's the problem. So basically you're going to lose like a couple hundred more banks. And the big banks, too big to fail. National bank, there's one on every corner now, they are going to profit from it. Now, Jamie Dimon said after they took over First Republic, no, we're not going to do anymore. Well, that reminds me of during the, the GFC when Ken Lewis said, no, we, we don't want Merrill lynch and Treasury. Paulson, whoever it was, said, Congratulations, Mr. Lewis, you're now the proud owner of Merrill Lynch.

Wait, wait.

We don't want it.

He said, you have to take it.

You didn't hear me? Yeah, I said congratulations. Right. So that is the way Jamie Dimon can spout out all he likes. He's going to wind up with a third of the bank.

If the government's trading favors with you, you're going to do their bidding and that's the way it is. Yeah.

They aren't free banks. They're not really independent companies. I call them stage sets. They're just a branch office of the Federal Reserve and the Treasury. That's all they are. So they will do in the end what they are told. Look, the way, the proper way when you have a bad bank is you go in there, you fire the management, you guarantee the deposits, you wipe out everybody else, you sell off the assets, pay off the difference. That's the proper way to do it. Because eventually those assets will get bailed out by inflation. It's what happened during the savings and loan debacle in the 80s, going back a long time. It's almost 40 years now. They closed them all out. The RTC took over the assets, they sold them at fire sale prices. Those assets were worth zillions. Now I know people personally who made eight digit, nine digit fortunes during the rtc. That's why you can make money during financial crises and why inflation is the asset investor's greatest friend. But the other side is deflation. I just want to tell a little anecdote that my, my mother told me or my father about the Great Depression. If you walked into a supermarket during the Great Depression with a hundred dollar bill, they didn't have enough cash to change it for you. All right, so there was a business of discounting hundred dollar bills where you would sell a hundred dollar bill for 95 or $92 and the other person had the cash and they made instant money with no risk. There's no risk in that. So that's the flip side of inflation is that eventually deflation will take hold and that will mean that if you've got cash it will greatly increase the value of your cash. But on the other hand it will greatly decrease the value of your assets that are leveraged to the point where you could be upside down. And we've seen this before deflation in housing prices. So that's where cycles you really need to watch and you always got to insulate yourself. Don't bet the ranch. In this case it means find as much non recourse debt. Debt from non traditional sources where they're not going to be looking at your house to pay off the your debt. So that's the only other thing I'd like to just point out two edged sword. But right now you should be leveraged to the hilts making money leverage to the hilts.

But.

But not on stupid things. I mean look, even during the pandemic, flat screen TVs you could make money on, you could make money on anything.

That was a weird. That was an anomaly.

So you know, it was an anomaly then it's not going to be an anomaly the next time. And it will happen. Supply chains will be disrupted by war, whatever. You know, inflation isn't just purely a monetary phenomena which, which Milton Friedman, Milton Friedman said it, it is a monetary phenomena but it can be helped along.

By supply chain problems and all kinds of things. Yeah, yeah, exactly. And then that's where we got the famous word transitory from Jerome Powell.

Yeah. Well you know what I say, the best things in life are transitory. Jason.

Yeah, Carrie, give out your website. Tell me where we can find you.

Yeah. Financialsurvivalnetwork.com that place to go got I think next to Jason I'm probably the most prolific podcaster on the planet. Over 9,000 episodes.

You've got about the same as I do. Wow, that's amazing.

And. But you made more money at it than me. Well, and hey, send me an email. Kl carry lutz.com Any questions? Comments you have and we're on YouTube but just go to the site. Everything is there that you need.

Excellent. Carrie Lutz, Financial Survival Network. Thank you for joining us.

A pleasure.

Thank you so much for listening. Please be sure to subscribe so that you don't miss any episodes. Be sure to check out the show's specific website and our general website, hartmanmedia.com for appropriate disclaimers and terms of service. Remember that guest opinions are their own and if you require specific legal or tax advice or advice of any other special specialized area, please consult an appropriate professional and we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you're using and write a review for the show. We would very much appreciate that. And be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.