Is Bitcoin a legitimate currency to hold in that in that environment. That's a u an interesting and not easily answered question. Uh there's um a medium of exchange and a storehold of wealth and most importantly the storehold of wealth.So um Bitcoin um uh is perceived by many as a money. It is limited in its supply. Um and it has uh certain transaction benefits very easily all around the world.You can transact in in it. And so it has those elements. I doubt that any um central bank will take it on as a rese ...

deleveraging. In a deleveraging, people cut spending, incomes fall, credit disappears, asset prices drop, banks get squeezed, the stock market crashes, social tensions rise, and the whole thing starts to feed on itself the other way. As incomes fall and debt repayments rise, borrowers get squeezed.no longer creditw worthy, credit dries up and borrowers can no longer borrow enough money to make their debt repayments. Scrambling to fill this hole, borrowers are forced to sell assets. The rush to sell assets f ...

What do you think is the best investment vehicle for a middle class American that is risk adverse. an um an inflation index bond tips treasury inflation protected securities because um it will guarantee you a real return and I don't think that you should be um speculating in the markets because there's a zero- sum game and you'll probably be the loser. ...

Typically in normal times if you get dollar weakness then other major currencies would appreciate against it. But but your view is kind of that there's weakness due in most of the major currencies I guess against things like like gold. >> Well yes and let me just explain there are different types of currencies.All of the ones that we're talking about are fiat currencies. That's the ones you're used to. Um just like in the 70s or just like in the 30s.um they will all tend to go down together and we will pay ...

I don't think anyone doubts that AI is a gamecher for society in in in the years ahead. But is the scale of of impact it's going to have on our lives already priced into the equity markets. Do you think.I think that the pricing of supercalers, the obvious AI labels on them, particularly the ones that have done very well like the and the Magnificent 7 um have become uh rather expensive uh uh relative to uh what um even optimists would say are the uh present value of the future. your cash flows. I um how havi ...

Why are UK debt costs higher than the US, significantly higher than Germany, Japan. When you you look at a snapshot and our deficit is smaller than the US, our debt, accumulated debt is smaller than the US uh as a percentage of GDP. It's a hell of a lot smaller than Japan.What is it that means our debt costs in the UK are higher. First, I'll say, hey, it's not like your picture, your financial picture is good. It certainly isn't good.And so, you're right to ask the question perhaps on a relative basis, but ...

In democracies, people vote for their interest. Why are our policies this way where it is so to do with polarity. It's so to do with this sort of push and pull that seems to go in either direction.Well, it's a it's the same as in the 1930s in particularly in Europe, but to some extent in the United States. Plato in his book the republic you know a couple of thousand years ago more than that wrote about it in democracies people vote for their interest and so what happens is the majority of people want to say ...

You point out that the United States is no longer one of the happiest countries. It's fallen out of the list of the top 10. You ask, you know, why that is.Happiness has been studied by psychologists all around the world. Then they show that uh the most important influence on happiness is uh community. that basically if you have your basics covered, basic education, your health care, environment, being healthy, that past that basic level, the most important thing is community.And so in the United States, unf ...

You know, you've talked about how tariffs actually can refill the coffers, but at what cost. Who's paying those tariffs. And that makes me wonder, will it be a ding to the economy or a bruising if prices do go up.Well, there's smart tariffs and there's not smart tariffs. And and what uh think about it this way, every tax has a pro and a con, right. So if I was to say is are tariffs worse than capital gains tax for the market or other another kind of tax.Not necessarily. So it has to be engineered in the rig ...

Since the beginning of this year, the dollar against the basket of currencies is down about 10% in value. Um, and many people are worried that there might continue that way, be devalued. Some people say it's not a bad thing because we can buy u things, we can sell things more cheaply overseas and increase our exports.But if people are worried about the dollar going down in value, what would you suggest they do. Buy other currencies or go buy things that are not dollar denominated. The thing that we have to ...