The Unwinding: Gold, The Credit Cycle, and the Monetary System (w/ Simon Mikhailovich & Dan Oliver)

[@RealVisionFinance]

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[@issenvan1050]

How would you assess Van Metre’s or Hirtschmann’s theses that QE is NOT money printing?

[@hume1234561]

I could listen to Dan Oliver all day. His ability to articulate the constants, the variables and the permutations in between is what makes him so riveting.

[@briangore4133]

Same man, he’s one of my favorites

[@jean-claude7491]

This rant video between Simon Mikhailovich & Dan Oliver must be one of the best Real Vision Finance i've watched.

[@katherine4365]

Fabulous , best interview!

[@catliath5384]

💯

[@JonnyMReck]

These were the golden age of Real Vision interviews.

[@vygell]

Being a gold investor is a state of mind

[@tamayozgokmen9596]

Thank you both; I enjoyed very much this great discussion and learned a lot.

[@DanSme1]

I began my financial education journey in 1971 by purchasing a copy of James Dines book THE INVISIBLE CRASH. What an education in monetary reality that book gave me!

[@StephanePasquierThailand]

Two brilliant minds, thank you so much for this wonderful conversation. I admire Simon and Dan very much.

[@aaarrh6]

Great discussion! Thank you for sharing this

[@bear7313]

I love this side of KZbin

[@sims7054]

Interesting stuf, you hear a lot of people talking about Gold as if it was just a financial product but in times of stress and chaos it's much more than that.

[@peapod8]

Bill Hicks joke... Homeless guy to passersby: "You don't know what it's like to be poor." Passersby: "Yes, I do. That's why I work."

[@tishsimonnet5376]

Pamela Rice the Roman soldier in ancient times were a little kinder. They would always trow a coin of silver to the beggar as they said “But for the favour of the gods, there go I”.

[@themaestro7922]

always glad to see Dan Oliver and Simon. Thanks

[@artrahman169]

Thanks great to hear 2 of my favourite speakers talking together!

[@aw6379]

4:00 look at the door in the back left...Is his house haunted or am I unable to see human hands?

[@skynetsworld]

😄👍

[@dabomboo7o]

Too distracted by that wallpaper

[@doug5225]

🤔🤔🤔🧐🧐🧐🧐🧐🧐🧐🥴🥴🥴🥴🥴🥴😲😲😲😲😳😳😳😳😳😳😳😳😳😳😳

[@ronaldevans4457]

Came for the ghost. Stayed for the monetary policy discussion.

[@joshuajames2425]

Lol probably someone on the otherside about to walk thru my guess but who knows lol

[@AmitSingh-re4te]

Excellent conversation, though the audio quality could have been better.

[@ak-if9wg]

one of the best interviews. best information.

[@daviddewey2107]

What you have to remember is an ounce of gold is an ounce of gold. It's a stable datem. Everything else moves and in this case the dollar moves down. Gold isn't worth more. An ounce gold has been an ounce of gold for X,000 years. The only change is the value of paper that we exchange between ourselves and the value of all the other assets. Right now all the other assets are going down with the paper and the gold is always gold.

[@rev.jimjonesandthekool-aid4488]

Gold is useless.

[@kyleb2892]

@@rev.jimjonesandthekool-aid4488 gr8 b8 m8 😂

[@bluecollarmark]

Terrific conversation. Really enjoyed this. Now I know why I’m Subscribed.

[@LearnWithMike]

Brilliant conversation and very common sense arguments for gold

[@peapod8]

You never learn about serial monetary malfeasance in school. You always learn about it the hard way, by crash.

[@bluesinter]

This is really good stuff. I love it. Thank you 🙏

[@sazajac77z]

GREAT discussion! Thank you!

[@kschleic9053]

How does the acceleration of innovation and the deflationary force that come with it impact the historical context being referenced here?

[@GenXstacker]

Why isn't Dan more active on fintwit? Sharp guy!

[@asonofAbba2]

I love Real Vision - a truly politically balanced media outlet. Leftists, rightists, Keynesians, Austrians - everyone gets a voice. THANK YOU, SO REFRESHING!

[@karenreddy]

Yes, you haven't seen hyper inflation because bank reserves mean little if banks don't extend them as new credit.... But also due to the Eurodollar system. The dollar is the reserve currency and still in high demand worldwide. This makes potentially inflationary pressures very forgiving, since demand is high.

[@russburton6262]

you cant print your way to prosperity all fiat currency in human history has never survived=fact the us dollar is strong cause all currencies are collapsing look at the turkish lira lebanese pound =worthless

[@dasherman5150]

Can someone please explain to me how government securities priced in federal reserve liabilities can be an asset of the same federal reserve?

[@dasherman5150]

Basically, all the Fed has as assets are a tiny amount of gold and homes that no one else wanted.

[@michaels4255]

@@dasherman5150 Someone would buy those homes at the right (market clearing) price. They need to let markets fall as well as rise. Prices are not supposed to move in one direction all the time. Recessions are a normal phase of a healthy economic cycle.

[@dasherman5150]

@@michaels4255 Yeah I completely understand that. I was more curious about the bonds.

[@stage274]

Brilliant!

[@TheMoresnow]

Bro, that door is moving in the background

[@Timothy_Pitt]

The bogey man?

[@generalyan7084]

Awesome, thanks guys

[@aaronneuville701]

Does nobody notice the doll in de intro? Left side of the screen

[@sazajac77z]

One thing is different this time--technology. The power to KEEP control.

[@skynetsworld]

But even technology can't hold the bubble together forever.

[@javidmustafayev4881]

Thank you for sharing valuable insights! One point I would like comment: Mr. Mikhailovich states “Keynsian system is going to collapse”. But I don’t think that we have the economic system that was originally proposed by Keynes. All we have so far is neoclassical synthesis, that is old neoclassic view of market (ie market powers works so that the equilibrim in the markets is to be achieved) that was mixed with few Keynesian suggestions. Actually such view of economy was popularized Hicks, Hansen and Samuelson.

[@patrickpretz7878]

This recording quality is sooo boomer

[@djq9332]

@patrick pretz - thanks that's very illuminating

[@greengrass3835]

hard to throw out that nokia..............

[@reprogrammingmind]

You have zero content. This is sooo millennial, to be an ungrateful whining consumer.

[@patrickpretz7878]

Reprogramming Mind your sister’s azz

[@bradynields9783]

45:26 I appreciate this honesty, and then begin wondering how to build my "finacial ark" ASAP.

[@liyexiang666]

do they have a long position on gold?

[@dougcaswell9961]

Excellent but can we slow Dan's speech down a smidge somehow?!

[@nathantcampbell]

If you click on the gear icon along the bottom of the video window, you can reduce the playback speed.

[@mariagee1233]

are you guys in Poland?

[@postscript5549]

Came back to listen again because I value this conversation. I note that now we do see institutional interest in gold. I'm not talking about Berkshire, but an Ohio retirement fund (for police or firefighters).

[@malthus101]

I think Dan Oliver should have his nurse with him next time to give him a calm-shot every time he feels the need to interrupt Simon.

[@Nickle314]

So there's confusion over value, that gold is a store than the claims that gold will go stratospheric. The usual What's missing? It's all about talk of protection. Where's the talk about making profits from the crash?

[@jeffreygoss8109]

Gold miners I guess

[@Kawasakifreak1]

No mention in this discussion of the effects of current deflationary demographics which conflict with the Fed/Gold narrative.

[@hardmoney-woodman8440]

It’s a very interesting point you make, as even within the Gold Bug / alternative economics community there seems to be disagreement on this. Even different schools of thoughts on the definition of inflation, printing money (inflation of the money supply) vs. price inflation. So yes, you’re seeing deflation in for example government bonds, with negative interest, however, with the printing of dollars you’re seeing inflation of the currency supply plus of prices of the financial/equity markets this created currency is being diverted into.

[@joshuajames2425]

Definitely deflation in demographics and huge deflation in tech sector as well.. also most of the world has demographic problems deflation big time..you think the US has a demographic problem ,is much worse in most 1st countries even China is aging faster than the US now...this is a problem on the world scale, the economic model of growth and inflation doesn't fit the demographic at all ,the consumption led economy is in twilight atleast as currently structured

[@saz4484]

Simon should be allowed to speak without interruption

[@postscript5549]

Thank you.

[@badxerge]

This channel should be called 'Real Vision Gold and Bitcoin', seems like all the interviews are about the same two things.

[@mmhodler5753]

great discussion.

[@catliath5384]

I’d like to see a recap if this conversation 4 years later…please?

[@NUCONcept]

After watching Davos and the World Monetary Fund... what are your thoughts about a world wide monetary reset ? What if the world makes depository receipts the basis and each country’s gold a basis for their percentage of ADRs ? What if gold ownership is outlawed worldwide ?

[@doug5225]

Holders win 3 to 7 years of holding build up your positions

[@tonyfaulknor8273]

We've been hoodwinked, don't let it happen again.

[@patrickpretz7878]

That wall paper tho🤣

[@postscript5549]

I like the wallpaper! Lol.

[@mariagee1233]

I love the wall paper

[@theciakilledjfk5973]

Is Dan Oliver related to Michael Oliver?

[@DanSme1]

$10k gold requires a degree of calm and maintenance of social stability. So Dan, where do those holding gold find liquidity, i.e. exchange, when society is in chaos?

[@meisterlymanu5214]

Most of the top 1% boomers, such as many on channels like this, have 30 yrs + experience, with degrees from ivy league, yet look where they have taken us.. its not their time, no one should listen to them and they cant discuss their way out of the shit they have created. Its time for decentralisation, and anything else is time wasting. Tired of talk about what went wrong...when they were at fault for what went wrong.

[@evenbiggeral5089]

meisterly manu Whaaaa yes it’s someone else’s fault, always.

[@rev.jimjonesandthekool-aid4488]

Blaming boomers is like yelling at your dog because your checkbook is over drawn. In the future, the low iq types will blame covid crash on millennials.

[@nicoroehr]

The ancient Celts, who defeated the Romans in 387 BC, believed in a 90 year catastrophy cycle. The typical lifespan of a Celt was 45 years. So if something bad happened that could have been prevented by human action, it would happen again after 90 years - because the generation who whitnessed the last catastrophy including their children were dead, so they could not remind others of the event and the 'cure'. 1930 is now 90 years ago, 1929 91 years. Let's hope that our society remembers the past better than the Celts.

[@suprmnjl]

Read the fourth turning

[@nicoroehr]

Henry Hazlitt's book ''The Inflation Crisis, and How to Resolve It'' from 1978 is also an interesting read. Henry (1894-1993) worked as a financial journalist in 1929 and was a eyewitness of the Black Tuesday and the decades that followed

[@catcar9157]

Even with low rates in nyc, still can’t buy real estate. No one is getting a pay increase and companies have hiring freeze, so where is this money coming from the last 10 years? I’m a miser, and still need a bigger down payment. Must go down, can’t see anyone buying otherwise.

[@catcar9157]

SoftBank, no rules, no parameters!

[@jagprototype8003]

This coming week will see upside until sell off Friday. Im waiting to see the real gold move i believe will happen in December. Bitcoin will follow the move. But unforseen events may speed up or slow down the timing

[@christopherellis2663]

Fiat currency, like any loan, is backed by the ability of the lendee to pay it off. Risk assessment is not Physics.

[@shakthidhasan4544]

Ironic, only when dems on the way in deficit is an issue.

[@michaels4255]

If you really believe this, perhaps you only pay attention to financial commentary during election seasons. Fiscal conservatives have been expressing concerns about deficits and the debt continuously since the 1930s.

[@shakthidhasan4544]

@@michaels4255 since becoming President, DT has increased the national debt by 40%. Well done fiscally conservative republicans for holding your presidents feet to the fire.

[@georgebricker1010]

@@shakthidhasan4544 you need a reality check if you think POTUS can control the insatiable spending of all the swamp creatures.

[@michaels4255]

@@shakthidhasan4544 I doubt that most Republicans qualify as fiscal conservatives. Conservatives in general, both cultural and fiscal/small government, are a minority in the Republican Party, which is still controlled by Neo-Keynesians in the tradition of Nixon, Ford, the Bushes, Romney and McCain, basically Republican versions of Bill Clinton, Al Gore, and Joe Biden.

[@rajeshv9549]

@@michaels4255 Well, I remember Al Gore being particular about using the surplus to pay down the debt on the campaign trail. I still fancy what the country would be like had that come to pass rather than the needless wars and all that followed. We'll never know.. will we!

[@hs-learn2581]

Crony capitalism isn't in Keynesian Theory but James Buchanan is a supporter

[@momochacha1235]

The 35 thumbs down come from the Fed ?

[@jimson172]

Great but it seems pretty similar to most of the other videos on Real Vision

[@kkz2916]

It is not a theoritcal problem. It is a philsophicial probm.

[@kkz2916]

@733Rafael haha

[@rolm7877]

Institutions according to you should be bought gold in 2010 , they did not so why they buy now

[@Wishmegoodluck]

CRASH THE SYSTEM...

[@universal-creator]

The wallpaper needs to go

[@cheechdiaz]

A mention of Bitcoin along with the gold talk would have been appropriate as a hedge to systemic risk. Diversification is valuable.

[@Talkinglife]

Nic and cool

[@michelesimko7541]

Cadence of speech horrible. Talk slower maybe this will be better. Sorry

[@sv-uw1lc]

this video would be much better if mr. oliver didn't slur his words so much... and didn't interupt mr. mikhailovich.

[@mariagee1233]

Steven Van Metre thinks bonds will do Great He is the Bond King

[@coffee-and-finance]

Steven is a loser, how are broke governments going to be able to pay higher rates on bonds.... not possible, and if you think they are going to go tax extremely debt burden poor millennials your nuts. Millennials will vote full socialist and torch the rich until they scream uncle. Every day that passes the masses grow angrier and fed up

[@NickELitO100]

Shit audio, comon people

[@jamesgoodman3645]

I believe gold is going up, but this show sounded like an infomercial.

[@mikeyseo]

SMH at least china is honest about what they do

[@quinnjones1655]

When an economist mocks Obama phones, it's hard to tell if that economist realizes that smartphones are one of the most empowering tools per dollar spent in the modern economy.

[@michaels4255]

If that is true, then the Obama phones must have generated enough additional tax revenue to cover their cost to the taxpayer. But is that really true? I strongly doubt it. Cars are very empowering too, but the taxpayer should not be buying them for people.

[@joshuajames2425]

Lol ,that was not even close to the intended purpose of Obama phones 🤣 😂 Lol the intended purpose was to buy democratic votes with taxpayer dollars, essentially fraud

[@rev.jimjonesandthekool-aid4488]

Smart phones have created the walking dead. We are definitely not better off.

[@andrewblake2254]

Very poor video and audio from one of the commentators. Content interesting but video not up to RVF standards.

[@sirjamesgray]

"there is no system" is simply an untrue statement lol there is no hard basis for the system, it's a system based on debt, but there's a system nonetheless

[@tomski2671]

"There is no system" because the rules keep changing to favor those who have access to government, including central banks.

[@tomlucas4269]

inflation is coming!!! ...over hunder year. everything is deflation what are they talk about

[@joshuajames2425]

They are always both in the economy somethings inflate why some other things deflate

[@christopher-bj8de]

Please learn to listen and not talk over the other as he is about to make his point!

[@davemangle6448]

I don’t think his comments about are Australia are valid. I live in Australia, sure there are issues here, but no where near the problems elsewhere. Sounds like a beat up.

[@joshuajames2425]

Every country is facing crisis, its just different for each country tho

[@teatowel11]

It is that bad here, the powers are not all being used but the emergency health acts in various states do give unprecedented power to the chief health officer to do basically anything they deem necessary. Our rights are suspended and completely at the discretion of the cheif health officers directions which can be changed without notice.

[@joshuajames2425]

Trump 2020 👍

[@Timothy_Pitt]

Want to reflect on your comment?

[@ianbrill2215]

@@Timothy_Pitt no

[@alangivre2474]

This is all stupid.... It is the private debt buble, not the public debt one!!!! See Steve Keen. And also, there is more and more deflation? Why? Because of the eurodollar system, the banks are gobbling up liquidity and they are not expanding into credit, so there is NO inflation, but deflation. The gold system is absurd, you get in chatastrophic balance of payments crisis all the time. You know what to see? The eurosystem, fixed currencies are absurd!!!! Debt deflation, the unwinding of the credit cycle creates deflation, not inflation.

[@michaels4255]

Private debt is more immediately potent, but as the public debt rises, it must be serviced by the private sector, so it begins to bear as well. Large public debt may weigh on the real economy for other reasons too, such as crowding out. See the historical record in the book _This Time is Different_ . Balance of payments crises are not inevitable under the gold standard. It must be managed in a responsible way, and it is simpler to manage than the floating exchange rates of fiat currencies backed by credit/debt instead of a physical commodity. The gold or other standard is relatively transparent, simple, and provides earlier feedback so the politicians and central bankers cannot dig our hole deeper and deeper. I would also point out that since the end of the gold exchange standard in 1971, the floating exchange rate system has generated numerous severe financial crises. They seem to strike every few years in one part of the world or another. Count 'em: 19 financial or banking crises in the last 49 years under pure fiat system, versus only 16 crises in 145 years between 1800 and 1945, and no crises in 25 years under the Bretton Woods gold exchange rate system between 1946 and 1971. en.wikipedia.org/wiki/List_of_banking_crises Under the classical gold standard, moderate inflation and deflation alternated in cycles, creating long term price stability. Under Bretton Woods, and especially under the post 1971 pure fiat system, the politicians and central bankers have been able to kick the deflationary can down the road and keep us in a state of chronic inflation. When they are no longer able to do this, whether that is now, or whether we can postpone the inevitable a while longer yet, the final deflationary bust will be world shaking.

[@joshuajames2425]

Once the government starts fiscal spending which they likely will, we very well could see inflation.... Inflation and deflation isn't a either or you can get both in different places

[@about_financial_education]

15:46 “you think of some unsophisticated South American or African...” SERIOUSLY? You sir are the unsophisticated one, just entirely discredited yourself there

[@joshuajames2425]

Its just the truth.. he's not talking about those ppl in general, but he's talking about those countries economic policies and those countries economies in general...the more money your country produces in GDP the more sophisticated the economic system will be

[@jacksonstock5390]

Dan's mumbling and poor elocution ruined this video for me, almost entirely unintelligible for significant stretches of the conversation

[@joshuajames2425]

Yeah, he definitely mumbles at times glad I had on captions

[@tonytocanova]

Buy bitcoin