Credit Crisis – Are We the Next Zimbabwe?

➡ Ray Dalio, chairman emeritus for Bridgewater, warns about the United States being financially upside down with a national debt at $34 trillion and fears the debt spiral may explode at an unprecedented pace. Furthermore, a cyberattack has reportedly hit over 60 credit unions, and rising condo insurance costs, particularly in Florida, are posing huge financial burdens for residents.
➡ The IRS penalty for underpayment or owed taxes has tripled to 8% in the last two years. Chinese developer Evergrande faces bankruptcy court for $300 billion debt restructuring, which could have significant global impact. The world’s largest lithium deposit has been discovered under the Salton Sea, potentially powering around 275 million cars. Alaska Air purchased Hawaiian air to possibly improve service and manage issues. Neiman Marcus declined Saks Fifth Avenue’s $3 billion acquisition offer. Tyson Foods revolutionizes chicken processing with a new automated facility, which reduces manual labor but could also cut jobs. In addition, rising crime rates are noticed at Home Depot with significant theft being reported. DoorDash and Uber must pay delivery drivers a minimum wage of $19.96 in New York, likely increasing food prices. Finally, friction arises between millennials and their baby boomer parents, as the latter refuse to act as default babysitters for their grandchildren.

Hey, it’s Dan. Welcome back. You’re watching I allegedly and I’ve got a good one for you today. I have a question, and the question is, can I pay my Visa bill with another credit card? And before I get into it, please take a second. Please hit the like button. Please subscribe to the channel. Today we have a sponsor patriot Gold Group. If you’re on our email list, make sure you check your spam filter here and let’s get right into it.

Ray Dalio is chairman emeritus for Bridgewater, the world’s largest hedge fund. It’s a multi billionaire. And Ray steps forward talking about how our country is so upside down that we’re actually on the verge of having more debt than we can afford and also having a country that is more upside down and not bringing in money from our services and things that the United States does to pay its own bills.

Now, if you yourself were servicing your own debt and you were upside down to where you were just paying interest payments on your life, you would be upside down. You would be basically bankrupt. Here we are in the United States. Our national deficit is at $34 trillion or national debt. Excuse me. And we are upside down. We are spending more money on servicing the debt. And it’s getting to what he calls an inflection point to where it’s going to turn for the worse and get to a point that we’re not going to be able to get out of this.

We’re going to be upside down with the money that we take in compared to what’s going out right now. You can’t run your house this way. You can’t run a business this way. You can’t run a city, a county, a state, or a country. We’re going to be Zimbabwe very soon because of this. We are completely upside down right now with how bad our finances are and that people need to look at this.

He sees that the national debt is going to get worse right now before it gets better. And the problem with this is that as it gets worse and as we go more upside down and we have more debt, you’re going to see the debt spiral out of control to where you’re going to see the national debt explode at such a pace that it’ll be unlike anything we’ve seen in history.

And if this continues to happen, what’s going to happen is that the country is going to be completely upside down financially and nobody wants to look at this. Nobody wants to pull the reins in. With the polarization of all the politics right now. It’s made it so that no one is getting along. Nothing is getting done in this world that is cohesive and as a team for the common good of us, okay, that’s not happening.

It’s just more infighting and more people telling us their side is right and you’re stupid because you feel the way you do. We cannot live this way. We cannot live to where we are upside down financially. And if you don’t think, oh, damn you’re exaggerating country is the greatest country in the world. And you heard manufacturing is up right now, okay? Restaurants are dead right now. You’re seeing more places lay people off.

You’re seeing more people write me about as their sales for their companies go down, that they’re cutting hours back at the absolute worst time of the year, the holidays, when people are spending more money than ever. They’re not doing that right now. Do what you can do to cut your debt, to not have credit card bills, not buy cars you can’t afford, not buy anything you can’t afford right now, because this country is doing it for us right now.

Share your thoughts on this so far. Now, one story we talked about a couple of days ago that looks like it has legs to it, and that is the credit unions getting hacked. There are over 60 credit unions that it professionals say got hacked in the last week. And Mountain View Credit Union. They stepped forward. They’re the only one of the 60 that said that they actually got shut down with the cyberattack.

So I want to say good for them for being honest. But the other ones, I went and talked to Orange County Credit Union and they were, no, we don’t know what you’re talking about. It’s just a glitch. Okay? So that glitch was them getting shut down. So share your thoughts on this. And we’re know this getting worse and worse. And so let’s talk about our sponsor, patriot Gold Group.

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Their service is second to none. Call them today. 88833 00:14 31 look at our national debt and look at how gold has gone up. And if you look through history, gold corresponds to that. Take advantage of this because it looks like the national debt is only going higher and so is gold. Call them today. A few things that we’ve talked about in the past that are coming to light that are really bad and the first one is condo insurance.

It looks know California is bad, but you want a real problem, you go to Florida. Tom Baker lives in a seaside condo in Florida, and he retired there, okay? Where he got the view of the ocean, everything’s great. And his HOA, he runs the HOA. And the insurance has gone up hundreds of thousands of dollars a year to where the average person extra increase in payments above the normal association payment is about three grand a year.

Now, from all the people that reported this stuff, this is the lightest one. We’re seeing homeowners insurances that are sending these condos to where they’re having to come up with ten and 20 and $30,000 a year. There’s one HOA in Florida that has $175,000 increase. Okay? Hello? Hey, Grandma, I need another 175 grand from you right now. Where is that? Where do you get the money for that? Okay, so share your thoughts in this stuff.

But if you don’t think that these homeowners insurances are going to go through the roof and here’s the other thing. If somebody’s in escrow right now, you better know what the insurance is going to be. They better dictate this and tell you this. I’d make the agent guarantee this. It’s funny, I had an agent walk up to me and goes, hey, do you think you’re so smart that you could buy a house in your own without having a real estate agent? And I’m like, I’m not buying a house right now.

No, but you’ve talked about it. I know your channel. And you know, if you buy the house and you don’t have an agent, that the commission goes to the selling agent. They get it all. No, they don’t. No, they don’t, because I’m going to have a letter written from my lawyer that’s going to say that there’s no buyer’s commission. And he said, that doesn’t work that way. You have to pay it.

So you guys wonder why these lawsuits happened with the agents and having to pay a buyer’s agent for this. This guy is saying that it’s mandatory. Okay, dream on, my friend, dream on. So a lot of problems. My favorite story that we talked about a couple of months ago that came back, and that is the flying car. Think of the idiots that are going to buy a flying car.

Switchblade. It’s a brand new car that they just had their first test flight in Washington, and it’s going to be great. It’s like a high performance sports car. So, again, you know, these people that are going to buy this, the people that cannot, they can’t drive 55 miles an hour, 65 miles an hour. They’ve got to drive 100 down the freeway. These are the people that are going to buy a flying car.

Imagine the liability with this. And it’s funny. It’s a plane. It’s not a car. A flying car. It’s ridiculous. So it will be interesting to see how this comes out, it’s only going to be $400,000 to start. Yeah. And the cyber truck is only going to be 30, and it turned out to be 60, and then it’s going to go as much as 100. So share your thoughts on this stuff, guys, if you think that this is what it’s going to be.

And if you would drive a flying car, the IRS has upped its collection to everyone. If you have an underpayment or you owe taxes, the penalty right now with the IRS is 8%. It is triple what it was two years ago, triple. So it’s gone up three times the amount it was two years ago. And they are actively looking for their money right now. So it’s going to be interesting to see if the 87,000 agents that the IRS hired are going to make a difference in their collection.

But needless to say, guys, I know of so many people right now that are just saying, pay the taxes, pay the taxes, pay the taxes, pay the taxes. Chinese developer Evergrande is going to be in bankruptcy court today to talk about restructuring their $300 billion in debt. $300 billion in debt. They’re completely upside down, and they’re saying that this is going to be rejected and that’s going the ramifications for it are going to be catastrophic.

So this will be interesting to see how this comes out. And also, if the Chinese tell us anything that’s remotely truthful, it’ll be interesting to see if that happens. Plus, have you guys ever heard of the Salton Sea? It’s out beyond Palm Desert area on the way to Arizona big water area. Well, they found the world’s largest deposit of lithium underneath there, and they’re saying it could power 275,000,000 cars from that.

It’s the largest lithium deposit on the globe, and it’s in one spot, so it will be interesting to see if this works out. Gavin Newsom calls it the Saudi Arabia of lithium. Okay, we’ll see. So again, are you guys interested in the electric cars? Does that interest you at all? Share your thoughts on all this stuff. It looks like Alaska Air just bought Hawaiian air. And Alaska Airlines has always been a good customer service airline, so that will help Hawaiian who’s been plagued with issues and trying to be the spirit airline of Hawaii.

So this should help them quite a bit. It’s funny, I always get these two companies confused. Neiman Marcus has rejected Saks Fifth Avenue’s $3 billion bid. I always get these two companies confused like they’re the same. And they’re both stores I don’t shop at. So if you walk into a Neiman Marcus, you’re just going to sit there and say, wow, these prices are outrageous. And if you go to Saks Fifth Avenue, it’s the same thing.

The Neiman Marcus and Saks Fifth Avenue, they have a catalog every year for Christmas, which is absolutely stellar to look at and see kids toys that are 30 grand and things like that. I love that stuff. Tyson Foods just did a huge remodel in Virginia. And this is a big deal because they’re going to employ 400 people, but it’s going to revolutionize chicken processing. And the big deal with this is that it’s going to make it so they can process chickens without people touching it.

So you’re getting rid of a lot of employees so you can sit there and say, wow, they have 400 people there. They had 1200 people working at other places like this. Oh, this is the future. They’re going to be able to process. Think about this. 2 million pounds of chicken a week. 2 million pounds of chicken a week. Okay, so this is the future, guys. This is going to be how this is going to be done.

Automation is going to get rid of jobs. You’re going to see major things cut back right now, and it’s going to change. What other job is going to get cut out because of automation and AI? I don’t think people really have thought this through yet, because I’m telling you right now, sports illustrators, they got in trouble because they have articles that were written by AI, and they have reporters that don’t have bylines.

So as they look for these people’s history and their college education and where they worked at in the past, they can’t find it. So kind of exciting, kind of interesting. Somebody’s having a baby down there. That’s what that was. They’re announcing that they’re giving birth right now on the beach. Okay, show your thoughts. I’m going to end this video with these last few stories. The first one is crime at Home Depot is out of Control.

There’s one man that’s accused right now of stealing up to $3 million worth of merchandise, juan Rincon. And what he did out of the Arizona area, which is what we’ve heard of so much in the past, where these guys go in, they buy a few items with the self checkout, and then he walks through with receipts he already had. They let him out of the store. Then he brings back the merchandise.

They set up a sting where they started to film him and watch him doing this. And it was over and over and over again. And he did this in New Mexico. He did this in Texas. He did it all over the place. And it’s such a problem that, again, $3 million of the merchandise. And they finally caught the guy. They finally arrested him. Read the story. You can see all the accounts that this guy’s been accused of.

And remember, next time you guys order something from Uber and DoorDash in New York, one thing that they tried to do is they tried to change the minimum wage there. It’s now $19. 96 that they have to pay these people on DoorDash and Uber. And Uber eats. So it’s going to make food go through the roof. It’s going to make it absolutely skyrocket in price, and there’s nothing they can do about so because now it’s law and they’ve got to give these people these guaranteed wages right now.

So share your thoughts on that stuff. It’s so expensive to eat out now. It’s getting more and more expensive to eat in now. To give you guys an idea, also, I know a lot of restaurants and family members and friends that have written me and other people from the channel that said we don’t participate in that because the percentage is so high that they don’t want to do it.

And then there’s other people that have written me and said if we didn’t have this, we would be out of business. So you’re seeing a little bit of everything. Some people like it. Some people absolutely hate it. But what I hate is when somebody walks in there and one driver will pick up nine bags of food knowing he’s going to make nine stops and your food is ice cold by the time you get it.

So my daughter and her friends love it. I don’t okay. What do you guys think? Okay, I’d rather go pick it up myself and have it be hot. Final story is millennials are upset with their parents because millennials are starting to have kids and their baby boomer. Parents are saying, wait a second, we’re not just going to be your full time babysitters. We want to go on with our lives and travel and have our own break.

And kids are upset that their parents aren’t built in babysitters all the time. I love this. I think it’s funny. I’m telling you, when my kids live with me and they were about to move out, I’m like, oh, this is going to be terrible. Be all by myself. That lasted about five days until I realized the freedom that I had to do things like this. Okay, so share your thoughts on that.

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