The David Knight Show - INTERVIEW Stacking BRICS Against Dollar; Buffet Bails on Bank of America

Episode Date: September 12, 2024

Tony Arterburn, DavidKnight.goldIs BoA too big to fail?  Even so, Buffet gets his money out.  What does he see comingTurkey goes cold on dollar as there's no place for it at the table in the EUWhy so much MSM attention paid to Tether, the dollar backed stable coin?Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFind out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @[e-mail] App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7For 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

joining us now is tony artaban of wise wolf gold and tony has set up david night gold that'll take you to his website let him know that you're coming through us and when you get there you can start to save gold and silver gradually he's got wolf pack a club where you can determine how much you want to set aside each month and you can benefit from the group by that is there. You can get better, better buys on your gold and silver. And, uh,

you can also, of course, uh, buy individually, uh, whatever we want in terms of silver or gold. Tony doesn't have, um,

uh, limits, uh, one way or the other there with that. And he can also help you with your, uh, gold or silver IRA at, uh, uh wise wolf so joining us now is tony thank you for joining us tony always great to be here david thanks for having me well thank you

you know this last week we've had a a lot of interesting things happen um i really like the article that was up on zero hedge they had i'm sure this he did not pose for but it's looking pretty realistic with these ai pictures they had warren buffett in a suit and tie sitting on a toilet saying that he was dumping bank of america stock but of course fortunately they they had his pants up you know when even they didn't uh subject him to that kind of indignity but i thought it was funny they had him sitting on a toilet uh with his hands crossed and um his dump-a-thon they said nearly seven billion dollars of a dump the questions swirl as to why well i think a lot of people are looking at a shaky bubbly stock market

and they're looking at the fact that the federal reserve is going to reverse course after we've hit this iceberg and nobody's paid any attention to it and uh so uh there's also all the banking issues that are there it's a very unstable world isn't it that's why i like gold and silver well it's funny because warren buffett has always talked about gold in a derogatory way. He said it doesn't do anything. It just sits there. You know, he didn't have anything good to say about gold until right around 2020. And that's when Berkshire and his team started buying up Barrett gold and other gold mining opportunities. And it's, I think it's, again, this is an indicator. If you really want to see the future, well, they call him the Oracle. Go look and see what he's doing. He's dumping Bank of America stocks and some of the traditional stuff that has been a performer. And that's because we're going to go into, well, even Jamie Demon. He said there's going to be an economic superstorm. And I asked the question, what, a year or so ago, I said, has anybody ever seen a major bankster i mean he's what the top

banker top banks yeah uh not cheerleading the economy they usually cheerlead it like it's you know like you're talking about the titanic moment it's like they usually just like you're uh oh everything's fine right even while the boat's sinking um so that's that i think those kind of things are opportunities for us to pay attention. Some things on the horizon. Jerome Powell just came out and said that the time is right to adjust policy. You know, I'm talking about a rate cut of 25 basis points. But what that means is more inflation.

And they didn't win the war against inflation. I know that because gold is $2,548 an ounce right now. I know that. It would be, if they had won the war on inflation, gold would be something like $1,200, $1,300 an ounce. And we're never going to see that again. Those days are long gone. So I think there's a lot of interesting times on the horizon, David, for sure. Well, you pointed out 25 basis points.

I mean, that'd be the minimum that could raise it. A lot of people are pushing for them to do 50 because look at how fast they raised things. And that created problems for the small banks. I don't imagine that Warren Buffett has any stock in small or medium-sized banks because they're like dead men walking at this point in time. Even the big, you know, too big to fail banks like Bank of America, he's getting his money out of that even. And so certainly he doesn't have any money in the smaller banks that are there. And, of course, the situation that they're in, there's nothing wrong with it. Nothing has changed for the smaller banks except for two things one the lockdown that um uh trump did that you know uh put the knife in the

heart of commercial real estate and the second thing is the um uh you know what what the federal reserve did in terms of starting to raise the rates so rapidly, you know, 75 basis points every, you know, every month or whatever it was, the interval that they did it. I saw them burst that bubble back with the housing situation back in 2007, 2008. They went up 25 basis points like every month or whatever it was. It's just like a stair step when you look at it. And they did it this time, except they were doing it three times faster and the banks couldn't recover. And they were invested in the stuff

that the Federal Reserve had put out there and they didn't have enough. They raised, they changed the interest rate situation so rapidly these banks got trapped. So all of this is a problem of the government. And when you look abroad, all of these sanctions and everything that kicked off the exit from the dollar all these things the biden administration did that killed the petro

dollar and killed the dollar as a reserve standard because it is just like the banks that are circling the drain they haven't failed and the dollar hasn't failed but they're all just waiting for that to happen and even though that, I covered earlier this week the fact that Europe is buying more natural gas now from Russia than they are from the United States. And that's one of the key policy objectives of all the blowing up the pipelines and all the rest of the stuff. The sanctions have failed, and along with it, they've taken down the dollar. It's truly amazing, isn't it?

I think what you're witnessing is the decline of the liberal New World Order, everything that was set up after 1944, after Bretton Woods, really, David. I mean, look at, I saw a tweet from Gold Telegraph, an account I follow. It's really good information on precious metals. And he said, how come they didn't bring up in the debate? Of course, they didn't bring up anything of substance in the debate, but they didn't bring up in the debate that the dollar is a reserve asset. In 2001, it was like 71% as a reserve asset around the world. Now it's 54% and declining. So that means that these banks are dumping dollars.

This is Triffin's dilemma. Robert Triffin, an economist in the 1960s. What happens when those currency units that we've stocked in all these central banks worldwide come home? And again, the first stress test will be the smaller and medium-sized banks. And you're absolutely right. Jerome Powell has raised rates faster than any time in history. They did that because of the massive money creation, massive currency creation, the likes of which which has never been seen 80 of all the dollars ever created made in the last 48 to 50 months or

so uh damage that again to to uh to our dollar uh that is irreversible yeah and they had to raise rates again but they didn't win the war gold uh despite all of their projections continues to break all-time highs and the gold's broke it's all i don't even know how many times it's broke it's all i keep up with this i live in this world i don't don't exactly know the number but it's multiple multiple times uh in the last year that's because central bank gold buying is increasing de-dollarization is increasing at the same time so as these central banks stock up on gold the briggs nations especially as they stock up on gold they're de-dollarizing which again is coming home it's affecting our economy and you're just starting to see that on the periphery uh warren buffett may be correct the

the hardest hit sector will be the banking sector because it's going to cause all sorts of turmoil in loans margin calls you mentioned the commercial real estate sector that's a time bomb that hasn't gone off yet it will eventually uh still after shocks of everything that we experience in the lockdowns and you can't outrun that forever that's right and all this is self-inflicted wounds you know self-inflicted wounds in the dollar with the sanctions self-inflicted wounds with a uh you know quantitative easing and printing them and all the rest of this stuff and what they did with interest rates it's just amazing to look at this and um you know it brings us back to the question um are these people stupid or evil

i mean is this they not know what they're doing or is this by design that's the only question that remains when we look at this kind of stuff isn't it well right i mean if they were just stupid then they every once in a while they'd err in our favor uh but they never do uh they they have some really stupid people that work for them but I think it's all a coordinated plan. This is something that's being carried out. You're looking at what has to happen all the things that have to happen to

really take us. I mean you look at the debate I mean you kind of go into the political side of this. If you step back and take all emotion out of it and partisanship and everything else and whatever your favorite hobby horse is that you want to, you know, see come to fruition politically, take all that away. It's stupid. I mean, it's just the,

we've dumbed everything down to the lowest common denominator. There's no substance in it at all. And so we're left, you know, without, again, we're not asking the big questions. This is all bread and circus and a distraction. Meanwhile, geopolitically, the earthquakes that are happening around the world, you and I were talking off air. You mentioned Turkey looking to join the BRICS nations. you know there's some backstory to that you know um turkey's always been called like the sick man of europe they've been they were put into nato but not really brought to the dance they weren't brought into the eu like you said off air we were talking about that and again but they have massive gold holdings and you know the the bricks nations are trying to reset all of their commodities that's that's really the goal here it's not not necessarily, in my opinion, I haven't seen anything about a unified currency with the BRICS because some of them are at odds

with each other. India and China aren't exactly friends. But economically, they look at the United States, they see the hegemonic dominance of the dollar system and the bullying and the sanctions and everything that's happened, especially in the last 20 years it's been really put on hyperdrive i think these nations look at it and say how do we have cross-border payments and get away from the dollar they don't necessarily have to have a a new currency that supplants the dollar but just a way to transact gold is that answer i think because all of them are stocking up on that i mean it's uh but russia's uh gold uh purchases are up 601 percent in the last month or so wow i mean this is we live in unprecedented times de-dollarization is rapidly happening and that should be the number

one story uh politically because it's going to affect the United States, you know, economically, socially across the board. But we're not talking about that. And to your point about India and China, I mean, they got areas of the border where they're shooting at each other. And yet to them, it's more important the threat from America than the threat that they present to each other on their own border. And and yet we don't even talk about it in the debates. Turkey, oh, well, you can be part of our war team here with NATO, but I don't know about putting you into the EU. So they're looking to have an economic alliance outside of all of that.

It truly is amazing when you look at what they're doing. Now, there was an interesting article i know that you're talking about uh you're looking at um uh doing something with bitcoin there at wise wolf um i want to get your take on this um this is on wall street journal uh the shadow dollar that is fueling the financial underworld and this particular case they're not coming after bitcoin they're coming after tether but it it looks very much like the same type of attacks that they do whenever you know they they see something as competition to the dollar uh they oh it's it's uh the dark web or it's the shadow dollar or this or that uh what do you see happening in that sphere well that's the the stable

coin uh world and uh to to be completely honest it's not something i've really ever dabbled in um you know i do understand that uh it's used as especially with cross-border payments and settlements and things like that and then they digitized it um i'm wondering if this is because tether has been so successful and there's been many audits of tether i've this is again i'm i'm not uh sanctioning it i'm not endorsing it but i've looked at a lot of articles that looked at tether and they're backing you know can they dollar for dollar back up what they have uh as far as what's being traded what i've seen it says yes uh but again i don't have any control over that you know these kind of articles that

come out always make me think you know are you being uh because it's successful because it's tied to the dollar are you being softened up a little bit to accept maybe a supplanting of tether um yeah so some people have asked if tether is going to be uh used as a as a uh treasury asset no because first of all the cbdc it has to be installed and i think that's the issue here if you're going after something that is successful that is pegged to the dollar i'm wondering if it is a way to get people to look at a you know a possible alternative with the central bank digital currency being implemented especially with fed now you know that came out over a year ago and they built the backbone for that in the settlement system so that's a good question david you know i was wondering if you thought that maybe it was a

kind of what you're talking about there maybe it's a way of you know pushing nudging people towards the cbdc because then they say well you know it's a stable coin it's tied to the dollar one to one and everything and then of course montana is going to be putting together a stable coin uh next year but i don't think there's they're pegging it to the dollar i think they're pegging it to gold is that correct that's what i've heard yeah pegging something to the dollar is not a great idea um but i mean it as far as like, I mean, the dollar still is the world's reserve currency. But this is again, we're talking about de-dollarization and things are happening rapidly. I don't think you're going to wake up one day and the dollar's gone to

zero or anything. You're going to have plenty of time, but it's not something, you know, if you, you definitely don't save dollars. You definitely don't house your value in dollars. This is a very much a transitory system you want to get in and out use it as a you know a method of payment or something like that that's what tether is supposed to be but i i asked the same quote i see those kind of articles i just wonder are you just being psychologically softened up because tether works as far as i know i mean i've heard nothing but good things on the use of Tether and their financials. Yeah, I just thought it was interesting.

Sorry, I thought it was interesting about the headline. You know, oh, this is a shadow dollar and everything, implying that it's like the dark web, implying that it can't be tracked. And yet buried into the article, they say, well, you know, they they can track it on the blockchain. And of course, all these things can be tracked except for Monero and PirateCoin. They can all be tracked on the blockchain. And so are they just kind of subtly putting that out? You know, you may want to look at these, the digital dollars, and, you know, think that you can do this and nobody's going to see what you're doing or whatever. I just, that's the feel that I got from it.

I don't know. Yeah, it's funny some of the the last place you'd ever want to do like a a great deal of illicit activity is in cryptocurrencies literally on a open source blockchain ledger i've always thought that was just so silly that you have these uh and that's just kind of a group think deal that they put out and it's just you know especially after uh silk road they look at look at all this is just illicit uh money laundering and sex trafficking and drugs and it really is silly it's it's permanent it's on the block it's forever and it's open source so no i don't i don't think that's uh i don't think it's where criminals go it's criminals go to stacks of cash dictators

and uh drug cartels have pallets of u.s uh currency so not you know not hoarding bitcoin not hoarding tether yeah yeah it is amazing and you know those have been their two big arguments oh well it's the it's it's uh illicit activity and it's using too much energy and is going to burn up the planet and everything. Now they've got to pretend that's not the issue because of AI. They never come up with anything that's as energy intensive as AI. So that's blown that argument out of the water. And the other thing is just really a charade. So I'm really kind of wondering, you know, how they're going to try to sell CBDC to people.

You know, is it going to be something like they just did with this it's like oh well you know look we have successful things with tether a lot of people have talked about how they might use ethereum as the backbone to switch over to it or something who knows what they're going to do we know they're going to push it uh we just don't know how they're going to try to nudge us into it uh will it be an incentive uh you know they try to to bribe us or will they just beat us over the head with a you know rubber mallet or something you know to do it you know well i definitely think it'll be because we haven't it'll be an enemy an external thing it's an external they did this these other nations got together and there's uh it's kind of like you know shades of what nixon talked about when he closed the gold window in 1971.

You know, there's speculators and other things that are going out. We have to keep our strong dollar and we're all in this together. One of the ways you can do this is, oh, and there's, you know, there's so much fraud. And I mean, there's there's multiple ways they can do it, but it won't. I don't think they'll come in the guise of you have to do this. I think it'll be we're in this together. And, uh you know this is this is a way to save yourself and you know this is there's free credits in here and all the stuff and you just get your biometrics tied to it that's that's the way they'll do it we you know there's a just a war on cash there's a war on things that exist in the real world uh i mean i like digital currencies i like um i like bitcoin i mean i know again i've

never shied away from that but you know you and i really uh our talks always go back to to physical uh something that you know real like gold and silver i mean that's my first uh choice uh in this in this uh era i definitely think i'm i'm to be in the physical domain um but that's the way they'll go they'll go they'll push they'll push the uh you know this this benefits all of you it benefits us everything's we're all in this together and there's an external enemy they did this yeah and now we have to fight back and you know band together download your digital wallet all that stuff that's right yeah yeah covet did it to us right right the invisible enemy yeah the devil did it to us all uh yeah it is interesting how they're using tether you know

because there's that article from wall street journal and then uh you know on coin telegraph they've got an article about tether at the same time all of a sudden we're seeing a bunch of stuff from tether uh who he says that bitcoin is unstoppable it's the only decentralized currency but of course there's a difference between currency and money that's you know gold that's right is the decentralized money uh because it's got intrinsic value and that type of thing and it also really is shadow um it's out of their system uh it is private and all the rest of these things so it is interesting to see how this is shaking out uh but it is going to be a time of shaking isn't it a lot of things are going to be shaken and i think they're just kind of they're propping this whole stuff up until after the election um it may some

things may fall before the election though and in october they don't have absolute control even though they they have control a lot of things they may not be able to control it. But I think if they had their druthers, they would do it next year after the election is when we're going to definitely see them try to pull something. Something might fall, you know, like this big Jenga puzzle or something. It might have something unintentionally fall before the election, but definitely they're going to pull out the bottom linchpin after the election i think it's going to happen is that what you think's going to happen what do you think i think so you know i've tried to figure out what exactly is happening here like

they they want to i think put in the lap of whoever is control who's ever in control or perceived control after the election is going to have to deal with the economic fallout of the mass again massive currency creation the likes of never has never been seen before on this planet um that's happened in the last five years somebody's going to have to pay for that uh there's going to be massive setbacks economically uh you know as far as our purchasing power our standing in the world geopolitically. Again, the BRICS nations are unifying and getting away from the dollar system. All the liberal New World Order set up in 1944 is coming apart at the seams, and this is part of the fourth turning process.

So the open question is, and it's funny because if you look at the headlines there's so much finality oh well there's the debate and you know it looks like it's trump's over with or that or you know harris is leading folks you know a month or two in politics is an eternity it's an eternity that's right i mean you're things change on a dime. There's no, there's no, I don't think there's any way to prognosticate anything at this point, but I, but the only thing I, the open question that I have is what suits the ruling class better? Who's holding the bag? It's not a question of, we're going to have an economic downturn. We are going to have one. I'm sorry. I don't want one to happen, but this is just the numbers david we pay more on

interest on the debt than the defense department budget annually now yeah i mean that that is a mind-blowing if you've studied economics a little bit i'm not i'm not an expert at all i just like history and i you know i'm a paratrooper who likes books so i look back in history and i said this has never happened this is are you anybody else paying attention to that but no we're not really we're just doing surface level politics but you got to think two or three steps ahead i think we're going to be fine i mean they're going to take the taxes off of tips we'll be fine both of them agree i mean that's we're good that's our economic policy no tax on you know. But 80,000 more higher- They have to be running the simulations.

One of the ways you get rid of nationalism forever is you say, well, here's the nationalism one, and then we got the Great Depression 2.0. That's right. Worse than any time in history. You had Biden running around talking about how Trump was Herbert Hoover. Herbert Hoover. He said it over and over again. I'm like, are they trying to,

you know, kind of like the Hoovervilles and branding him like ahead of time? Yeah. Um, Oh yeah. These are the questions I ask. I agree. You know, I said,

it's like, whoever's going to be best at creating chaos and that thing for them, but also they could finally shut down nationalism by handing him, uh, the, uh, the exploding cigar and congratulations and walk away and let this whole thing blow up in his face and blame it all like you said on nationalism

populism and everything see see you you did that and look what you got right right yeah oh i agree i agree so uh yeah be careful what you ask for you just might get it that's been my thing i mean you could probably mean i think even psychologically there would be a boost in the economy if trump wins just because i think people would think more associate him more with business and you know whatever happened prior to 2020 was not so bad you know low gas prices in the stock market was high um but that'll be short-lived again even if it's a short even if it's even if it's a small boon in the economy, you still have to pay the piper. There's still so much happening right now that is not in the mainstream headlines that just accelerating the de-dollarization is real. I agree.

Yeah, I associate him with bankruptcies. If he can't, if he takes six casinos into bankruptcy what's he gonna do with this casino the stock market and the rest of the country i mean you know if you can't make money at a casino we basically uh have a license to print money there you know if he's going to leverage it that much and doesn't care about debt of course he's not going to care about public debt and that type of thing so i certainly associate him with the loss of money because I've lost money, you know, because I have to like do my best analysis. It doesn't involve worshiping him and the cult.

So I get tossed aside. People don't use my business or listen to me because I don't tell them what they want to hear. That's right. Oh yeah. Tell me about it. You know, the angry stuff and you know,

they're angry at me and you, you know, even though we told them what was going to happen and it did happen, it's not what they wanted to happen. And so they're angry about it. You know, they blame it on us and not on Trump. It's just the most amazing thing. When you look at January the 6th, you know, I I use my job at InfoWars to try to warn people about it. I get fired.

And then, you know, when all this stuff is happening and after January the 6th, 6th it's like okay what's he going to do to help these people that he used nothing and and uh you know i'm chris i leave him alone he's not president anymore and i said he's not done you know he's gonna but they were angry at me it's like i stole the election from him somehow or something you know it's ridiculous but um it that's the way that it is now you got um you got your program coming up right after this program at 11 o'clock on twitter and on rock fan and on rumble tell everybody about that what you're going to be doing today and we have the once a week with arterburn radio transmission and i just signed a a deal with the radio station in dallas they're going to replay my show on the weekend.

So that's a station I've been listening to for 20 years. And I've been with Salem now for six since I started broadcasting in San Antonio. So that's something cool that we're doing again. It's only one. It used to be five days a week. I can't do that anymore. We do once a week. Arterburn radio transmission again, live on Rockfin Twitter at Tony Art of Burn. The Rockfin and the Rumble channels are America Unplugged. That's where we do the show with Billy Ray Valentine and the legendary Don Jeffries once a week.

So we share that channel. So if anybody would like to come over and subscribe and join the chat, and if you've got questions, anything you want to throw at me, that'd be great. I'd love to see you guys. That's great. That's great. So you've got the radios coming up in Dallas and other places, and you got the show immediately, America Unplugged, following,

I guess, is it the America Unplugged or Arterburn Radio? Well, it's Arterburn Radio, but we use the America Unplugged channel. We just shared that channel, all three of us, Billy and Don and myself. So it just helps keep people like on the same channel we've been grow that and and i think we have a lot of cross-pollination from our audience so that's good that's always that's been a it's been a good experiment there on that great that's great so it's coming up and we certainly appreciate your support of this program i've always been a friend of ours and a friend of the program and we thank you very much

for that and so people if you want to uh get into gold and silver and and do it gradually or if you've got a lump sum that you want to do either way tony can help you there at wise wolf and you can get there via david knight dot gold easy to remember tony set that up for us thank you so much tony appreciate it thank you david let me tell you the dav David Knight show you can listen to with your ears. You can even watch it by using your eyes. In fact, if you can hear me, that means you're listening to The David Knight Show right now. Yeah, good job. And you want to know something else? You can find all the links to everywhere to watch or listen to the show at thedavidknightshow.com.

That's a website.