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Our Debt Is The Real Existential Threat | Matthew Piepenburg
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Our Debt Is The Real Existential Threat | Matthew Piepenburg

Introduction

In this section, the guest expert Matthew Pippenberg introduces himself and shares his thoughts on the global economy and financial markets.

Assessment of the Global Economy

  • The current state of the global economy is concerning.
  • Debt is at the center of all risks, including inflation, recession, quantitative easing, quantitative tightening, disinflation, currency risk, bond risk, market risk and equity risk.
  • The monetary theory that has been used to manage debt has brought prosperity and euphoria but will end with a hangover.
  • Lack of transparency and honesty about postponing a debt crisis with more debt is problematic.

Risks in Financial Markets

In this section, Matthew Pippenberg discusses the risks in financial markets.

Debt as a Risk Factor

  • Debt is at the center of all risks in financial markets.
  • Policy makers globally are responsible for managing debt.
  • Central banks such as ECB, FED, Bank of England and Bank of Japan are particularly risky due to their monetary policies based on a flawed theory.

Monetary Theory Risks

  • The monetary theory used by central banks has brought prosperity but will end with a hangover.
  • Quantitative easing (QE) and quantitative tightening (QT) have been used to manage debt but have not addressed underlying issues.
  • Monetizing debt through money printing without linking it to an asset or service is problematic.

Debt Crisis

In this section, Matthew Pippenberg talks about how we need to address our unsolvable debt problem before it becomes worse than it already is.

Unsustainable Debt Problem

  • Lacey Hunt's view that we had an almost unsolvable debt problem before inflation arrived is accurate.
  • As soon as we get inflation under control we'll need to address the debt problem again.
  • Debt is a hole that we're not going to get out of without some sort of massive reset.

Movie Analogy

  • The debt situation can be compared to the movie "No Way Out" or "Hangover".
  • We've been enjoying years of a fantastic frat party provided by instant liquidity when needed, but we've avoided any hangover by constantly providing Bloody Marys just as that.

Conclusion

In this section, Matthew Pippenberg concludes his thoughts on the global economy and financial markets.

Final Thoughts

  • The current state of the global economy is concerning due to unsustainable debt levels.
  • Central banks' monetary policies based on flawed theories have brought prosperity but will end with a hangover.
  • We need to address our unsolvable debt problem before it becomes worse than it already is.

The Unsustainability of the Bond Market

In this section, the speaker discusses how the bond market is more honest than central bankers or politicians. He explains that while it may seem boring and complicated, understanding the math behind it is crucial to our quality of life.

The Bond Market Tells Us What We Need to Hear

  • The bond market is far more honest than a central banker or politician.
  • Looking at the implied volatility in the two-year futures or the yield on the two-year or four-week treasury can provide insight into what we need to hear.
  • While many people find this topic boring, it has massive ramifications for our lives and needs to be made more transparent.

Unsustainable Monetary Policy

  • The current monetary policy is unsustainable and will end badly.
  • There is no way out, and a reset will require even more money to sustain our debt markets.
  • The Fed actively manages our economy like a portfolio but has bought time through leverage and lofty words rather than sustainable policies.

Understanding Financial Literacy

In this section, the speaker discusses how financial literacy is lacking in society. He argues that people have abdicated their agency in matters economic by letting "smart" people run things when they've proven themselves not so smart after all.

Abdicating Our Agency

  • Society has abdicated its agency in matters economic by letting "smart" people run things.
  • People have convinced themselves that math is hard, so they let others handle finances without understanding them fully.
  • As a society, we need to get more involved and understand the math behind financial decisions.

The Bond Market is Breaking Down

In this section, the speaker discusses how the bond market is breaking down and cites several examples of moments of complete dysfunction in the credit markets.

Dysfunction in Credit Markets

  • The bond market has been consistently breaking down for two years.
  • There have been three moments of complete dysfunction in the credit markets:
  • The 2019 repo market blowout
  • The sovereign bond fall during the onset of the pandemic in 2020
  • The overnight collapse of the UK guilts market in 2022
  • Weaker banks are beginning to buckle under the Fed's recent policy reversal.

Credit as Lifeblood

  • Credit is the lifeblood of the global economy and it's breaking down at this trajectory.
  • Debt is the rotten wind beneath the wings of this so-called post-28 recovery.
  • Equity markets depend on rolling over cheap debt and buying their own stocks at low rates. Those games are over in a rising rate environment.

Fed Policy Reversal

  • Powell has ended that charade by raising rates to fight inflation.
  • However, as he tries to fight inflation, he risks destroying markets, banks, credit markets, equity markets, and economies.
  • Something has broken and it's significant. It's more of a narrative about how year after year headline after headline another thing breaks because our bond markets are so vulnerable.

The Ponzi Scheme of Monetary Policy

In this section, the speaker discusses how monetary policy is effectively a Ponzi scheme and how it can only be sustained for so long until cracks start to appear.

Monetary Policy as a Ponzi Scheme

  • Monetizing debt by printing money is an abstraction that is effectively a Ponzi scheme.
  • The issuance of IOUs for which there is no money to pay for them is unsustainable.
  • When the proverbial X hits the fan, the last resort is always going to the FED Mouse clicking a few extra zeros when needed to pay for those debts.
  • Powell's policies have ramifications that throttle the bond market and banking market.

The Volcker Era vs. Today's Debt Crisis

In this section, the speaker compares today's debt crisis with that of the Volcker era and explains why Powell pretending to be Volker is disingenuous.

Debt Crisis Comparison

  • Today's national debt is infinitely higher than it was in the Volcker era, making raising rates unaffordable.
  • Powell pretending to be Volker is disingenuous because he reduced the balance sheet by 300 billion after all that talk last year about QT.
  • All the work done on QT last year has been undone as all quote-unquote money tightened has already returned to the system.

Introduction

In this section, the speaker discusses the consequences of no one buying US debt and how it will affect the economy.

No one buying US debt

  • If no one else is buying our debt, who's going to buy it?
  • It's simple but it's going to have to be a Central Bank near you.
  • The consequences are going to be dramatic on our economy.
  • They're already dramatic in our banking system.

Liquidifying Treasury Markets

In this section, the speaker talks about liquidifying treasury markets and its impact on various exchanges.

Liquidifying Treasury Markets

  • If we pivot and instantly liquidify the treasury markets, it will affect various exchanges such as bond markets, repo markets, euro dollar markets, etc.
  • All these different exchanges rely on liquid treasuries.
  • Liquidifying them through Mouse click money will result in inevitable inflation or possibly hyperinflation.
  • There are real issues about war, COVID, supply chain links that cause inflation.

Currency Value Loss

In this section, the speaker talks about currency value loss and how it affects purchasing power.

Currency Value Loss

  • The M2 money supply has been raised by 14 trillion over the last decade plus that's why there is inflation.
  • The inherent purchasing power of that currency like every other currency has lost so much value when measured against Real assets that it's openly obvious.
  • Our currency has lost its punch; it may be relatively stronger than all other patients in ICU but still a sick patient.

Loss of Trust

In this section, the speaker talks about how trust in experts is changing and how civil unrest is breaking out around Europe due to pension risks and currency risk.

Loss of Trust

  • Trust in just about everything, whether it's the media, politics, social identity politics, partisan politics left versus right media trust in so many things is palpably changing right now in the U.S and certainly here in Europe.
  • There's a major social unrest in Paris about extending the legal age for retirement from 60 to 62 to 64.
  • Pension risk is real in Europe just as much as it is in the U.S.
  • Civil unrest is breaking out around Europe due to pension risks and currency risk.

The Bond Market and Euro Dollar Futures

In this section, the speaker discusses the volatility of the two-year yield and how it points towards a lack of confidence in the bond market, fed policy, and currency. He also mentions that Euro dollar Futures are pricing in a major pivot at the end of this year.

Lack of Confidence in Bond Market

  • The volatility of the two-year yield points towards a lack of confidence in the bond market.
  • There is no confidence in fed policy or currency.
  • Euro dollar Futures are pricing in a major pivot at the end of this year due to an "uh-oh" moment in the bond market.
  • There is no easy answer to address these issues.

The Challenge Faced by Fed

In this section, the speaker talks about how every Ponzi scheme runs on confidence and when that runs out, it implodes. He also discusses how continuing with current policies may be as costly as stopping them.

Costly Policies

  • Every Ponzi scheme runs on confidence and when that runs out, it implodes.
  • Continuing with current policies may be as costly as stopping them.
  • Civil unrest is a sign that people are feeling pain from diminishing prosperity.

Signs of System Failure

In this section, the speaker talks about how people can change proactively or reactively. He also mentions that civil unrest is a sign that people are feeling pain from diminishing prosperity.

Diminishing Prosperity

  • People can change proactively or reactively.
  • Civil unrest is a sign that people are feeling pain from diminishing prosperity.
  • Inflation hitting the middle class level is a sign that something is wrong.
  • Every debt crisis ends in a market crisis, which leads to a currency crisis and ultimately social unrest.

The Importance of Economics and Inflation in History

In this section, the speaker discusses how economics and inflation have played a significant role in shaping history.

Economics and Inflation Drive History

  • Understanding the movements of history is not just about great or bad men and women who affect history, but also about philosophical movements.
  • Economics, inflation, and mathematical events really move history as they drive everything that people react to.
  • Almost all regime changes in Latin America happened during periods of inflation. Therefore, inflation does matter, and monetary policy does matter.
  • Every time you destroy the currency system, you buy short-term prosperity and ultimate ruin.

The Power of Math

  • People are starting to figure out that something feels wrong with our debt, control, and policies. They don't need to understand euro dollar futures; they just know something is off.
  • Facts should be unadulterated non-partisan or at least intelligently debated including views that might differ from one's own.
  • Since Greenspan came into office, reckless driving has been happening since the Fed was created. Central banks took over our markets as Rothschild said: "Give me a central bank and the power to control money; I control the world."

Currency Debasement, Inflation & War

This section focuses on what the speaker is worried about regarding where things end up - currency debasement, inflation & war.

What We Should Be Doing Now

  • It's prudent for those who have studied history or are studying the markets to project things out mathematically. Those projections are uncomfortably high from a probability standpoint, so we should be taking steps today.
  • We need to prepare financially, psychologically, and cynically for the ramifications of reckless driving since it's happening in real-time.

The Ponzi Scheme

  • The speaker talks about how Ponzi schemes can't taper right.
  • He explains that when you have a system that is based on debt and credit expansion, it has to keep expanding; otherwise, it collapses.

Managing Capital in This Type of World

  • The speaker discusses how he manages capital in this type of world by looking at different asset classes such as gold and Bitcoin.
  • He also talks about how he looks at different countries' currencies and their central banks' policies before investing.

Conclusion

  • In conclusion, the speaker emphasizes the importance of being prepared for what's coming next by understanding history and economics.

The End Game of Central Banks

In this section, the speaker discusses the challenges faced by central banks in dealing with debt and inflation. He also talks about the limited options available to them and how they may eventually lead to a crisis.

Challenges Faced by Central Banks

  • The speaker believes that debt is the biggest challenge faced by central banks like the FED, ECB, Bank of England, and Bank of Japan.
  • He thinks that printing more money to solve a debt crisis is not a viable solution as it can lead to hyperinflation and currency destruction.
  • The speaker suggests that central banks can manipulate inflation rates and unemployment statistics to control inflation but these measures are not sustainable in the long run.

Limited Options Available

  • According to the speaker, central banks have very few options when it comes to dealing with debt and inflation.
  • He believes that Powell (Chairman of FED) is walking through a powder keg of debt with very little room for maneuvering.
  • The speaker thinks that Powell's options are narrowing down as time passes and he may eventually face a crisis.

The End Game

  • The speaker ponders on what could be the end game for central banks when they run out of options.
  • He asks whether they will choose hyperinflation or high inflation leading to currency destruction or opt for a Volcker moment where they break the system and rebuild it from scratch.
  • Finally, he wonders about the timeline for all this - whether we will be sloshing through all this for our lifetimes or whether it will happen a lot faster.

The FED's Response to COVID-19

In this section, the speaker discusses the FED's response to COVID-19 and how it has affected the economy.

The FED's Approach

  • The FED implemented a backdoor bailout by injecting trillions of dollars in liquidity.
  • Powell will optically pretend to fight inflation but will need negative real rates and inflation to inflate away debt.
  • Raising rates is done so that there is something to lower when there is a recession or market crash.
  • Markets cannot handle rising rates indefinitely, and eventually, something breaks.

Inflation and Synthetic Money

  • When markets break, Powell will reach into his only tools: more money printing and rate reduction. This will be inherently inflationary.
  • Fighting inflation is not possible because it requires tightening belts and focusing on productivity. However, governments won't do this as they prefer synthetic money on demand which is inherently inflationary.

A Global Chapter 11

In this section, the speaker talks about the possibility of a global chapter 11 reset.

Exploiting COVID Crisis

  • IMF exploited the COVID crisis first followed by bankrupting international settlements then the FED. They were already telegraphing in 2020 that we need to come together and think about maybe a centralized digital currency or some way to monetize this debt.

Lack of Accountability

  • There is no accountability for Central Bank policy blaming it on some virus or now Putin. There's always someone else to blame when it's so simple.

The Vicious Cycle of Distrust and Fear

In this section, the speakers discuss how distrust leads to a new fear narrative, which corrupt leadership uses to deflect responsibility. They also talk about how people become addicted to easy money and low rates, creating a moral hazard.

Distrust and Fear Narrative

  • Distrust leads to a new fear narrative that corrupt leadership uses to deflect responsibility.
  • This creates a vicious cycle where the populace asks for more stimulus instead of embracing austerity.
  • Central planners are blamed for not embracing austerity, but the blame should be shared with those who ask for more proficacy.

Addiction to Easy Money and Low Rates

  • People become addicted to easy money and low rates, leading up to bubbles and crises.
  • The Fed's instant liquidity sustains the economy but creates moral hazard at every level.
  • Investors across the board get used to this keg party and don't want it to end.

Market Expectations of Systemic Breakdown

In this section, the speakers discuss market expectations of systemic breakdown that will force Powell's hand in pivoting. They also question why stocks are still where they are despite these expectations.

Market Expectations of Systemic Breakdown

  • At some point, something will break somewhere that will force Powell's hand in pivoting.
  • The market is pricing in several rate cuts this year as it expects something systemic to break badly enough.

Stocks' Current State Despite Expectations

  • The speakers question why stocks are still where they are despite market expectations of systemic breakdown.
  • They suggest that the market may be underestimating the severity of the situation or that there is a lot of liquidity in the system.

Why are Markets So High Despite Everything Looking Bad?

In this section, the speaker discusses why markets are so high despite everything looking bad.

The Fed's Moral Hazard

  • The Fed has created a moral hazard that when things get really bad, they will do what they have always done since 2008 and every dip can be bought.
  • There is nothing the Fed can't fix, so people ride out corrections and downturns because of this belief.
  • This philosophy has many flaws, but it persists.

All Bubbles Pop

  • Despite the fact that everyone thinks we're all in this together and we'll be fine, all bubbles pop.
  • The last bubble to pop is always a currency bubble without exception period timing.
  • If there is a Nikkei-like crash, which will happen unless more money is printed and hyperinflation occurs, many people will be hurt.

Managing Risk

  • How you manage risk and think about the future depends on your personality, age, and profile.
  • If there is a Nikkei-like crash again, those who were 70 over 30 years ago never got their money back.
  • You need to prepare yourself for such an eventuality by thinking about how you would manage your portfolio if such an event occurred.

All Bubbles Pop

In this section, the speaker continues discussing why all bubbles pop.

Monetizing Bubbles

  • Technically speaking, you could keep a market from popping by monetizing it with mouse click money.
  • However, this creates another set of problems with inflation.

Pick Your Poison

  • You can have necessary austerity moments in the markets or absolute murder of the purchasing power of your currency.
  • Eventually, all empires collapse because of a debased currency.
  • There are massive signals of dedolarization and a whole other theme even America like Rome like Mao like China like Napoleon like the great powers of the 30s even those Empires collapse always because of a debased currency.

The Importance of Bond Markets

In this section, the speaker emphasizes the importance of bond markets and how they are more honest than politics. He explains that tracking yields can help determine the direction of the market.

Honesty in Markets

  • The bond markets are more honest than politics.
  • Tracking yields can help determine the direction of the market.

Silicon Valley Bank's Collateral Risk

In this section, the speaker discusses why no other banks wanted to help Silicon Valley Bank and how their collateral was a risk.

Collateral Risk

  • No other banks wanted to help Silicon Valley Bank.
  • The actual risk was their collateral - their loans were 30-year mortgages that nobody wants.

The Impact on Mr. and Mrs. Smith

In this section, the speaker talks about how economic issues trickle down to everyday people and affect their lives.

Impact on Everyday People

  • Economic issues trickle down to everyday people and affect their lives.
  • People worry about job stability, portfolios, kids' education, and purchasing power.

Consensus Among Experts

In this section, the speaker talks about how there is a lot of consensus among experts regarding economic cycles and history.

Consensus Among Experts

  • There is a lot of consensus among experts regarding economic cycles and history.
  • Many intelligent journalists are trying to say similar things.

Historical Turning Point

In this section, the speaker emphasizes that we are in a historical turning point and that it is important to be honest about what we think.

Historical Turning Point

  • We are in a historical turning point.
  • It is important to be honest about what we think.

Portfolio Allocation in This Environment

In this section, the speaker talks about how he manages capital and tries to preserve it while prudently growing it in this environment.

Managing Capital

  • Priority number one is preserving capital.
  • Priority number two is trying to prudently grow capital in this environment.

Gold as Currency Insurance

In this section, the speaker discusses gold as a currency insurance and its importance in protecting against banking and currency risks.

Gold is Currency Insurance

  • Gold is not a speculation asset but rather currency insurance against dying currencies.
  • Since 1971, every major currency has lost at least 95% of its value when measured against physical gold.
  • The speaker owns gold as insurance against banking risk and currency risk.

Bitcoin vs. Gold

  • Bitcoin is an alternative currency to an openly dying fiat world.
  • While there are arguments for Bitcoin's success, it also faces risks from central bank digital currencies, power politics, and volatility.
  • The speaker believes that Bitcoin poses a major existential threat to the powers that be.

Investing in Real Assets

In this section, the speaker emphasizes the importance of investing in real assets such as commodities and getting out of asset bubbles and fiat currencies.

Investing in Real Assets

  • The most important chart of the decade shows commodity cycles - buy low, sell high.
  • Investors should get out of asset bubbles and fiat currencies and think longer-term instead of month-to-month or quarter-to-quarter.

Investment Advice

In this section, the speaker gives investment advice and recommends that people talk to their advisors. He also warns against risk parity portfolios.

Preserve Purchasing Power

  • The speaker advises people to preserve purchasing power by investing in commodities.
  • Investing in commodities may be painful in the short term but is trending up in the long term.

Question Risk Parity Portfolio

  • The speaker questions the effectiveness of risk parity portfolios such as 60/40 or 70/30.
  • Stocks and bonds are no longer hedged assets but correlated assets, which means that these types of portfolios are only good in a tailwind and brutal in a headwind.

Warning Signs

  • The bond market won't save you during a bear market.
  • There were horrible performances of the bond market last year (2022).
  • Volatility has increased since 2000, with many crises occurring since then.
  • Warning signs are present, and people need to think defensively and look at history.

Wealth Preservation

In this section, the speaker emphasizes wealth preservation over making money. He advises investors to think about risks first before rewards.

Wealth Preservation Over Making Money

  • The way to be rich is not to lose money; wealth preservation is key.
  • Investors should listen to managers who focus on risks rather than rewards because everyone looks great during a tailwind.

Think Defensively

  • People need to think more defensively and think 30 years out instead of three weeks out.
  • Investors should be cynical and critical thinkers when it comes to their portfolios.

Be Cautious

  • People need to be cautious and not trust everything they hear.
  • Investors should look at math, draw their conclusions, and listen to people they agree with and disagree with.

Introduction and Gold Switzerland

In this section, the host wraps up the interview with Matt Piepenburg. They discuss where to follow Matt's work and how to invest in gold.

Follow Matt's Work

  • Matt writes articles every week on goldswitzerland.com.
  • The name of their enterprise is Matterhorn Asset Management.
  • They deal exclusively in physical precious metals, primarily stored in the safest vault in the world, hidden deep in the Swiss Alps.
  • Most of the gold they buy is direct from refiners, as 70% of the gold in the world is refined in Switzerland.

Investing in Gold

  • It is important to hold physical gold outside of your own jurisdiction but in a safe private vault.
  • The counterparty risk is always the vault so it has to be a good vault.
  • Egon Von Grier's put together decades ago what they think is the best way to hold gold outside of big commercial banks.
  • They would never hold their gold at a major commercial bank.

Financial Advisors and Portfolio Strategy

In this section, the host talks about financial advisors and portfolio strategy. He recommends finding a good financial advisor who prioritizes risk management first and uses macro issues to create personalized portfolio strategies for clients.

Finding a Good Financial Advisor

  • Find a good professional financial advisor who takes into account all macro issues that are discussed by experts like Matt Piepenburg.
  • Use those macro issues to create personalized portfolio strategies for clients.
  • A good financial advisor should prioritize risk management first by trying not to lose anything before considering potential gains.

Wealthion Endorsed Financial Advisors

  • Schedule a free consultation with one of the financial advisors that Wealthion endorses by filling out a short form on wealthion.com
  • There is no commitment required when working with these advisors.
  • They offer a public service to help people make decisions to position themselves more prudently in advance of what's likely coming.

Conclusion

In this section, the host wraps up the video by reminding viewers about the recent online conference and thanking Matt Piepenburg for his time.

Recent Online Conference

  • The recent online conference featured experts like Lacey Hunt, Danielle di Martino Booth, Stephanie Pomboy, Michael Pento, Rick Rule, and many others.
  • If you missed it, don't worry. You can still watch it on demand.

Thanking Matt Piepenburg

  • The host thanks Matt Piepenburg for his time and expertise.
  • He jokes that Matt will receive some sort of fruit basket or spiff from financial advisors that Wealthion endorses because he is exactly the type of advisor they recommend.

Introduction and Call to Action

In this section, the host encourages viewers to support the program by liking, subscribing, and clicking on the notification bell. The guest expresses his pleasure in being on the show.

Call to Action

  • Viewers are encouraged to support the program by liking, subscribing, and clicking on the notification bell.

Guest's Response

  • The guest expresses his pleasure in being on the show.

Conclusion

In this section, the host thanks the guest for coming on and concludes the episode.

Thank You

  • The host thanks the guest for coming on.

Conclusion

  • The episode concludes with a thank you message from both parties.
Video description

WORRIED ABOUT THE MARKETS? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Wealthion's endorsed financial advisors at https://www.wealthion.com A system is only as good as the decisions made by the people running it. Today's guest expert is highly concerned that the leaders currently in charge of our financial system are out of their depth & putting us on a course to crisis. A crisis, that when it fully arrives, they will address with "solutions" that require even more centralized control by the people who caused the disaster in the first place. So what risks exactly does he recommend we prepare for? We'll find out now, as we're fortunate to be joined by Matthew Piepenburg, Commercial Director at Matterhorn Asset Management AG - GoldSwitzerland ___________________ At Wealthion, we show you how to protect and build your wealth by learning from the world’s top experts on finance and money. Each week we add new videos that provide you with access to the foremost specialists in investing, economics, the stock market, real estate and personal finance. We offer exceptional interviews and explainer videos that dive deep into the trends driving today's markets, the economy, and your own net worth. We give you strategies for financial security, practical answers to questions like “how to grow my investments?”, and effective solutions for wealth building tailored to 'regular' investors just like you. There’s no doubt that it's a very challenging time right now for the average investor. Above and beyond the recent economic impacts of COVID, the new era of record low interest rates, runaway US debt and US deficits, and trillions of dollars in monetary and fiscal stimulus stimulus has changed the rules of investing by dangerously distorting the Dow index, the S&P 500, and nearly all other asset prices. Can prices keep rising, or is there a painful reckoning ahead? Let us help you prepare your portfolio just in case the future brings one or more of the following: inflation, deflation, a bull market, a bear market, a market correction, a stock market crash, a real estate bubble, a real estate crash, an economic boom, a recession, a depression, or another global financial crisis. Put the wisdom from the money & markets experts we feature on Wealthion into action by scheduling a free consultation with Wealthion’s endorsed financial advisors, who will work with you to determine the right next steps for you to take in building your wealth. SCHEDULE YOUR FREE WEALTH CONSULTATION with Wealthion's endorsed financial advisors here: https://www.wealthion.com/ Subscribe to our YouTube channel: https://bit.ly/SubscribeWealthion Follow us on Twitter: https://bit.ly/WealthionTwitter Follow us on Facebook https://www.facebook.com/Wealthion-109680281218040 #debt #inflation #recession ____________________________________ IMPORTANT NOTE: The information and opinions offered in this video by Wealthion or its interview guests are for educational purposes ONLY and should NOT be construed as personal financial advice. We strongly recommend that any potential decisions and actions you may take in your investment portfolio be conducted under the guidance and supervision of a quality professional financial advisor in good standing with the securities industry. When it comes to investing, past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in partial or total loss.

Our Debt Is The Real Existential Threat | Matthew Piepenburg | YouTube Video Summary | Video Highlight