AMS Full Show 7.28.mp3: Audio automatically transcribed by Sonix

AMS Full Show 7.28.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Producer:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs, and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy.

Producer:
This is another money show. Get set for another hour of the latest financial information and economic news affecting your bottom line. J.r. and Anthony are committed to helping more Americans like you optimize their income, reduce their tax risk and reach financial freedom. So let's start the show. Here are your hosts, Anthony Carrao and J.R. Rochford.

Anthony Carrao:
Welcome again to another Money Show with your host, Anthony Carrao. And we've got J.R. Rochford here, one and only producer, Sam Davis. So J.R. is feeling a bit under the weather these last few days, but is still here to join us, which is a beautiful thing. So I think he's just going to butt in here and there just to interrupt me and just rail everything like that unruly kid in the back of the class. That's that's what J.R. is doing. But we've got a topic that J.R. is going to love. So I definitely glad that he's here to be included in this, because we're going to mention something, you know, J.R. talks and really big picture things. And he loves to give overviews. And I'm more of the nitty gritty and I love having details. And we, you know, we mention the term bail in a lot and nobody really fully knows what that is. Know you've heard the bail out is big in 2008, you know, with taxpayer dollars bailing out all these massive banks and industries that have, you know, gambled with their money, but don't worry, they're going to recover nicely with our taxpayer dollars. So bail in is a bit of the opposite of that, where it's all internal, no taxpayer dollars should be used in this sense, however, how do you keep people from pulling all their money out of the bank? How do you prevent a run on the bank? Well, you don't let people have access to their money. That's a bail in. Oh, is that. See, I told you, Jarrett can come in just real. Everything is in here showing pictures of all the medicines he's taken.

J.R. Rotchford:
You know why I am here today? Even on my deathbed. Not just because I love you and Sam. Let's a sideline to this. I am a communist, a consummate professional.

Anthony Carrao:
You're a communist.

J.R. Rotchford:
What professional? I am a full blown communist professional. So I don't feel well. I'm here. Yeah. So today my best.

Anthony Carrao:
Because you want to share. You know, if you have a sickness, you want to share for the goodness of everybody. So everybody has your sickness.

J.R. Rotchford:
Well, if we weren't at three different places, you know, and, Sam, I would never go to your house. But, Anthony, I would definitely go to yours.

Anthony Carrao:
Yeah, I'm surprised you're not here now. Coughing on doorbells and.

J.R. Rotchford:
So no. And you've you've piqued my interest because talking about balance, you know, even on my deathbed, boy, I get fired up when it comes to the talk of balance. I think part of it is because we need to sound alarms. You know, everybody by this point knows, you know, whenever we talk about annuities and insurance products, the fine line we walk and Anthony and I have discussed this pretty much weekly is are we still doing what we set out to do? Are we sounding alarms? Are we trying to wake people up or are we slimy sales professionals? Are we trying to use this show to get people in our office? Well, the answer is both. The answer we want to be slimy is the next person. We need appointments. We got to keep the show going. Well, the show doesn't pay for itself. Thanks a lot, Janet Yellen. Thanks a lot. Who else if we hit up.

Anthony Carrao:
To get how do we get one of those sweet bailouts? Sam, will you bail us out of contacts and the Fed and the government is there.

J.R. Rotchford:
I have some phone numbers.

Anthony Carrao:
Nice. We'll call Mark Kelly. You can bail us out.

J.R. Rotchford:
Is there still COVID money? We should be using COVID. I can be a sponsor today for COVID. I wonder if I do have COVID. I should go get tested. Yup. I don't want to get tested. I want to get out of bed. So. And I hope I know.

Anthony Carrao:
You already know you're dying. Like you don't need a test to tell you it's happening.

J.R. Rotchford:
You're sick, drink lots of fluid and get into bed. So so anyway, so the problem with trying not to be salesy but trying to tell people about money and about financial stuff is the whole thing is if a bail is coming, you have to be prepared for it and you have to have a plan. I mean, what we're trying to do by sounding the alarms isn't just to get you scared. We've said this over and over. We want you prepared. Not scared. So, yeah, I think I think I'm really on the right track. We're going to have inflation keep going. It's going to get worse. We're going to have higher taxes. Sorry. You know, I know.

Anthony Carrao:
We will change the definition of inflation and then we won't have it anymore. Those of you that haven't heard the White House released a statement on how do economists determine whether the economy is in a recession or not and the whole thing is trying to sell you on the fact that. Oh, the way that people usually decide what a recession is, it's not that anymore. We're going to change the rules. So that's how you fix a recession. That's how you fix inflation. You just you change the definition.

J.R. Rotchford:
Think about it. I think about the last two years of inflation. I mean, think about what we were fed. And by the way, think about 2007, you know, right, right. Before everything crashed, the worst since the Great Depression, they told us everything was okay. Think about who you're thinking about, who you're dealing with. You know, two years ago, we didn't have inflation. They said there's no inflation. Then we get inflation and they said it's transitory. They came up with the word transitory. You and I did not. Sam, I hope you didn't give it to them because I don't want to throw you under the bus. So all sudden, inflation is. There's no inflation. Then there's transitory inflation. Now there's inflation. You know, I mean, stop me when you when you think, you know what I'm about to say next. Could we be heading towards hyperinflation? I mean, for Pete's sake, you know, as much as I'm. Not trying to get people to listen to any other source than us, but start listening to another Salem station, the Patriot Group, you know, start going on YouTube and looking for, you know, a sorry for the negative connotation, but from different perspectives on food shortages. You know, they say the word prepper. It's like, well, that's got a negative connotation. No, it doesn't. It's being prepared. You know, I still believe that we end up this year with food shortages. I think there's going to still be a diesel exhaust fluid shortage. You know, we talked about that a couple of months ago. We're always trying to be ahead of the curve. We're trying to be proactive, not reactive. And I think we've done a good job on it. You know, last week, Sam, we discussed a little bit that, you know, you're like, yeah, every week you're talking about all this stuff. You know, when, like, like, you know, our patience is wearing thin, Jerry, you know? Oh, the sky is falling, Chicken Little. When's it going to happen? I, you know, I mean, if I knew that I probably wouldn't be here. I would probably be here.

Anthony Carrao:
The thing is, it is it's here and now, like all these bad things that we're warning people about, you know, it's here. You just haven't felt it yet. So it seems like it's not here yet. And I think that's the biggest. It's whether or not you feel how bad things really are. And if you're not feeling it, then you're not concerned. Also, I thought you were sick and you derailed this almost immediately. I thought we were talking about balance. It took you absolutely no time. You're like, Oh, I'm just going to sit in the back and I'll comment here. And they're just like, No, it's your show again.

J.R. Rotchford:
Isn't it great that I'm only sick and not dead? So for next week, next week, we.

Anthony Carrao:
Do some mediums. We'll bring you back from the dead to talk about the show, too.

J.R. Rotchford:
I'm still showing up. I'm still showing up. Dead or not, if I have to meet the undertaker next week, it doesn't matter. I'm coming right back from it.

Anthony Carrao:
Oh, speaking of which, Sam met the undertaker. How sweet is that for all the WWF fans out there? I wouldn't say I met him. I did pass.

J.R. Rotchford:
Him in front of a.

Anthony Carrao:
Popeyes in Terminal B of the Atlanta airport.

J.R. Rotchford:
But it was definitely the undertaker.

Anthony Carrao:
Yeah, you don't. You know, easily confuse him for somebody else. So I was saying is, guys, big picture, conceptual, blah, blah, blah. I love polling information, not just articles in Newsweek or Time or whatever. I like finding articles like when we talk about the FDIC and how little they actually have in the reserves, we're pulling information from the FDIC. So there's no middleman, there's no bias. This is their own words. So I came across something when we're talking about balance and again, just like talking about China. Over the last few weeks and their citizens not being able to access their money in their banks. You're like, Oh, but this is so far away. It was like. It doesn't matter. Anything that can happen in these other countries can happen here and it's just a matter of time. So just because it's happened in China now and not necessarily here, you still need to be prepared. So we talk about bail ins. I found a document from the Bank of England. Again. The Bank of England isn't the US, you know. We're Revolutionary War champions of 1776. So we don't have to answer to the Bank of England, but they're they're a pretty, pretty decent sized world power. I feel like there's a lot of similarities between us. So from the Bank of England, which is essentially the Fed of the UK, they put out almost exactly a year ago in July of 2021, a article from their website saying Executing Bail in an operational guide from the Bank of England. So here's it's one thing for us to say on this show every week beware of a bail in.

Anthony Carrao:
Here are the things that can happen. But what about this world power and their version of our Fed saying. A bail ends. A real opportunity like this is something that really could happen. And here's how we're going to do it. They're laying it out for you. So this isn't hearsay. This is them saying it and it says in here, in their forward bail in means we can be more confident that banks will be able to keep critical services operating through resolution and restructuring while maintaining appropriate financial resources and with costs borne by the failed banks, owners and investors rather than the depositors and taxpayers. Now, that's huge. However, that doesn't seem all that bad, right? It's a failing bank. This bail in is going to let us as a depositor, because if you have money in these banks, that's what you are. Also, imagine you're a taxpayer, right? Everybody is an income. Federal, state, all these tax dollars that are going into these bailouts, they're saying we're not going to have to worry about that. Your money safe in the bank as a taxpayer. We're not going to bail out these banks. They're going to make it do internally. However. What really happens during balance because other countries have experiences. So this is nice that in their letter that they're going to tell us all fine and dandy, and that the people at fault for a failing bank, the investors, the owners are going to take responsibility. What it actually happens and Jared is raising his hand. I feel like he's got an opinion on this.

J.R. Rotchford:
Oh, I got opinion on everything. That's why I'm here. So, no, I know it's close to break time, so I want to explain what I think is going to happen during the bail in. Let's take a break because it'll take a minute and then let's you and I kind of discuss because we see things differently and that's always a good thing. You know, at the end of the day, as long as we we get along, I think it's great that we have different perspectives. So let's do this. Let's take a break. I'm going to go get another Ricola. Try saying that without seeing it. So I'm going to go get another Ricola and then please make sure you find us at WW w dot another money show dot com. Thanks for being here.

Producer:
Remember all of JR and Anthony's listeners receive a free financial consultation just for listening to the show. Visit another money show to learn more and schedule an appointment. Thanks for listening to another Money Show and subscribing wherever you listen to podcasts.

Producer:
I see the crystal raindrops fall and the beauty of it all is when the sun comes. Are you concerned about market volatility, rising taxes from the Biden administration and how it could affect your retirement? Then listen to another Money Show with J.R. Rochford and Anthony Coryell. Learn how you can reduce the taxes you pay before and during retirement. Another Money Show every Saturday at 4:00 pm on 960. The Patriot Schedule Your free no obligation consultation now by calling 6235230444, that's 6235230444. Another weekend, another money show visit. Another Money Show.

Anthony Carrao:
You are back with Anthony Crew and J.R. Rochford, the host of Another Money Show. And right now we're talking about bail. And so Jr's got that. We're talking about what the Bank of England actually says in their letter as compared to what we've seen in the past for if a bail in were to actually happen. We've also found we mentioned that our version of it, the FDIC, is called single point of entry is their strategy or it's not the FDIC, the Fed. So we're going to dig deeper into this, the Bank of England, what I found first. So I read the 40, 50 pages of this resolution to kind of get an understanding of how this will work in another country. We're going to go do the same thing with the Fed and we'll give you our findings. But it's definitely it's not it's not simple and not straightforward. You know, I mentioned in the foreword, it flat out says that this is the best resolution for taxpayer and depositors. And you, me, Sam, J.R. were depositors. If we have money in these banks, we're also taxpayers. So us, it's saying it's not going to affect us. However, reading through this entire thing, it does not tell me how it's not going to affect us in our day to day. What they say is that there might not be a bailout, but what the government will do is they'll step in and they'll keep the reserves. At a minimum, they're going to help them with financing the minimum during this resolution. Another thing I really found interesting, because they break it up into a few different parts and one of those parts, the pre resolution planning like saying essentially this bank is failing, what are we going to do? The next is something called a resolution weekend. J.r. What's the time frame that you said? If anything weird is going to happen, when is it going to happen?

J.R. Rotchford:
Anything weird? Meaning, when do I think a bailout is coming? Yeah, well, what?

Anthony Carrao:
I mean, not like in general. Like in general. So when the FDIC came and shut down the bank next to us, when did they show up?

J.R. Rotchford:
Oh, yeah, Friday night, Arizona time, 5:00 or later. Everything went to Lehman Brothers.

Anthony Carrao:
5:00 on a Friday.

J.R. Rotchford:
And why is that 8:00 on the East Coast? Is that because we have the attention span of 72 hours? You know, in between there we've taken a nap, cut the grass, watched a football game. I mean, I don't know. I hope we're not that dumb. I mean.

Anthony Carrao:
They in this resolution, it's literally called resolution weekend. If there's going to be a bail in, they're flat out telling me we were going to tell you at 5 p.m. on a Friday. So I got very much a kick out of that.

J.R. Rotchford:
Well, and banks, there's some federal law they can only stay closed, like for either two or three days in a row. Not I mean, this is going to violate everything we've ever known in this country. So this is going to be a metamorphosis like we've never seen. But, you know, you can close the bank on a Saturday, Sunday and a legal holiday Monday. But then I think you have to be open the Friday before there's some rule to that effect. So, you know, and.

Anthony Carrao:
I've heard that, too, and I don't know the specifics on.

J.R. Rotchford:
The Friday night thing, Friday night thing. I mean, when did the Affordable Care Act pass? On Friday night. I mean, when did Silver State Bank closed Friday night? When did our neighbor, Desert Hills Bank close Friday night? I mean, so and you know, when you look at resolution weekend, NFL match ups Rams at the Cardinals, that's exactly that would be prevailing in any country. So no, I mean, you know what you're going to watch for or watch for the word bank holiday. When we sound these alarms and we talk about the ten pillars, it's like all of this bad stuff is going on. Congruent. We can I don't know what you say concurrently. It's funny how being under the weather is making my articulation off, but I was able to say articulation. That's pretty cool.

Anthony Carrao:
Yeah. Now.

J.R. Rotchford:
Yeah. I mean, when you hear the word bank holiday, open your eyes quick. We've been telling you the word bail in. If people start tossing that word word around on a little more mainstream media, get get yourself prepared quick. You know, I mean, if you hear this show in today's pretty much all about bail and if that's what we wind up doing the whole show about and you run out to the bank because you heard it from us, then that's not very smart. We're not giving you advice. We can never on a broad radio show give you specific advice. And we're not. We're telling you we want you prepared, not scared. We want you to be one of the people, like the people that got to the banks in Greece on Tuesday, Wednesday or Thursday before they closed on a Friday to get some of your money or all of your money. You know, you go to a bank right now, walk into a bank anywhere in this country and ask for 5000 or less. And I think you'll have no problem getting it if you ask for $10,000. I don't know that you'll get it. They're going to make you make an appointment. They're going to make you go to two different branches. They're going to do something so you don't get it.

Anthony Carrao:
So let's let's go back to this real quick, because I want to because I still want your input on what you think the actual what could actually happen in a bail in scenario. But I want to tell you what the Bank of England saying. So basically they're talking about turning all of their assets or they're trying to convert their liabilities into equity, talking about giving shareholders certificates of entitlement, which is essentially they're going to be shares of whatever you own in the bank. So you mentioned. I'm trying to find where it says in here because I mean, have you heard the show enough? Jerry is just like we're not telling you this so that you go and pull all of your money from the bank. And that's true. But have some I mean, if you don't have any cash at home. You know what happens if you're stuck in this bail in situation and you're all of a sudden you have free access at any point right now to your money. And if they tell you next Monday, this show airs on Saturday, if they tell you on Monday, you don't actually have access to it. How well are you going to be able to survive or live off of what you currently have? So have a little bit. And then I found the dates in here. It talks about this could potentially last for six months. They said that's the in their head. That's how long this will last if they have to go through this bail in process. The next sentence underneath says, Yeah, but we don't actually know what it's going to take. It could take any time. So where they got the six month number or why they even brought up the six month number, you know, there's no reason for that. What are you saying?

J.R. Rotchford:
Well, a couple of things. One is no, they don't know these these things they put together. I mean, unless they have a crystal ball, this is speculation. You know, I can tell you it's kind of dangerous that you have access to that paperwork. It's kind of dangerous that you now have access to our Federal Reserve version of that. It's dangerous in the military. There's a term called The Need to Know. And I'll tell you what, when the government is out of control, as they are right now, sorry, government, no offense to y'all. As much as we're out of control off the rails, we shouldn't we shouldn't be able to talk about this with any kind of credibility. And yet here we are. I do I want to get heavily into what I think is going to happen with the bail in. I think we have to ease towards the next break, though. And by the way, all the ten pillars where I was going with that, there's there's always been stuff to worry about. I get that. There's never been this much. The ten pillars are the big things, the inflation, the taxes, the the middle class shrinking. Everybody sees it. Whether they want to admit it or not, I don't know. But they see it. What I'm looking for is something that comes out of the blue in addition to and then the whole cart tips. And that's what I think is coming. And my time frame anywhere from tomorrow, you get out of bed tomorrow, any time from tomorrow through the next two years, you get me through the midterms and monkey pox, get me out of my bed. I mean, I feel like crap, so I just want to make it through the next two days. But, you know, we got to wrap it up. Let's let's talk about how we see the Beilein playing out after the break. Is that okay?

Anthony Carrao:
Well, yeah, I want to I want to get through a few more things that we have as like here's hard facts, here's stuff that's written down, and then we'll give our opinions and thoughts, actually. But I want to get through it first.

J.R. Rotchford:
Let's take a break first and then we'll get to that.

Anthony Carrao:
Beautiful. We will see you after these messages.

Producer:
You're listening to another Money Show to learn more. And contact J.R. and Anthony visit another Money Show. Com.

Rocks. You don't have to put on the red light.

J.R. Rotchford:
Those days are over.

Producer:
You're listening to Another Money Show.

Anthony Carrao:
Tonight we are back again talking about failings. Anthony Carroll, J.R. Richard, our beautiful producer, Sam Davis. You're listening to Another Money Show where we like to talk to you about things that you're probably not hearing in the financial world. And I do believe bail ins are one of them. You know, I've talked to some other financial advisors and mentioned the term bail in, and they had no idea what I was talking about. So I don't think this is standard knowledge. So the odds are you listening to this program, this might be new to you, too. But like we've said many times, we want to be here to educate you on the things you may not know going on in the financial world. So I want to touch base on a few more things that I've read in this operational guide for the bail in, and then we're going to talk about what we've seen historically and how these actually play out. And I think J.R. is going to have a lot of opinions on this one because, you know, we talked some times about going to the digital currency and how that's going to play out. You know, and I wanted to say that he is crazy and some of his ideas on how this will work out. But unfortunately, I found some stuff in writing again, not from the Fed but from the Bank of England. But how far off are these two countries really that are really going to feed into what J.R. is predicting could happen? So we talked about how the shares, the money, the assets, the liabilities, everything in these banks get put into these certificates of entitlement. Well, there's a part when they talk about the bail in period that says once the evaluations have been completed, the bank will announce the terms of the exchange of these CS.

Anthony Carrao:
This will include exchange ratio of CS for shares in the firm and possibly other assets for each class of CS and a timetable for exchange. Now here's the kicker the next sentence. After that, the exchange ratio for a class of CS may be zero. So what is. What does that mean? And also, again, reading through all of this, I said at the very beginning in the foreword, it talks about taxpayers and depositors. I see the word deposit or nowhere else in this whole article. So it's talking about what they're doing for the internals and the ownership of these banks during this bailout. But it's not telling me how it's going to affect me and you. So the more I read, the more I have a semi-decent understanding of it. And there's Figure five on page 19 and it says Insolvency Creditor Hierarchy. So this is saying who's entitled to what should this bank become insolvable. So just like you're familiar with the stock market and bonds, if you have bonds in G.E. and GE goes bankrupt, you're going to be paid first because you hold their liabilities. You're holding on to their debt. If you're a shareholder, that means you're an owner. That means you get paid last if there is anything left by the time that these corporations pay down their debts. It's the same thing with their debts. So if you are a shareholder, you are last in line. If you're a common shareholder, if you're a preferred shareholder, you're slightly above that shareholder.

Anthony Carrao:
But the people that hold the debts of these banks are first in line. Should things go wrong, it goes insolvent, it goes bankrupt. Or and then there's this term and the whole episode. Today we're talking about balance. So when I read through this, number one is secured debts and other floating charges. Number two, liquidators fees and expenses. Number three, ordinary preferential debts. And number four is the only other part that I actually see where it mentions people with deposits, secondary preferential debts, any amount owing to an individual in micro, small or medium sized enterprises for amounts in excess of what would be payable in respect to an eligible deposit as exceeds any compensation that would be payable under FSC is with the FSCS is is the UK's version of the FDIC. So this is the only other part that makes it sound like a depositor. Me and you, if we're citizens of the UK and our bank goes insolvent or has a bail in, this is where it puts us in there. So now when I look back at all the talks about the seas entitlements, who has shares in these companies, it makes it sound like your money as a depositor is just kind of right in there with the middle of everything. So do you have access to take out? If you've got five grand in the bank, can you pull five grand on the bank? Well, I don't know. But we're going to go back on one more break. We're going to come back we're going to finish this up and then we're going to get into what we're actually seeing during the bailout process.

Producer:
Thanks for listening to another Money Show. If you like what you're hearing, be sure to leave us a rating and subscribe to the show wherever you listen to podcasts. This is another money show. Except this one's different. This one will actually keep you awake.

Anthony Carrao:
All right. We are back with another money show, Anthony Craig, J.R. Rochford, more talking about bail. And so if you're just joining us, we pulled an operational guide from the Bank of England that lays out the plan if they have to enforce a bail in. What is that look like? So we talked about time frame. They're saying you may not have access to your money for six months. We're talking about who has access to their money and first rights. And it sounds like if you're any ordinary person and you have money in the bank, you're not first in line, you're not second, you're not even third. It's looking like you're fourth. Based on what we're reading from here, and that's if anything is left, you know, so we're talking about having potentially, you know, keeping some money at home. You know, again, this is Bank of England we're talking about, but the FDIC has their own rules called single point of entry. We found that article recently. We're going to read through that one and kind of share what we found on there. But we wanted to share with what another world superpower is saying if they have to enforce a bail in, what that's going to look like. That said, J.R. has been saying bail ins for years, you know, since 2008. And they kind of became popular and they've happened across the world. But reading this statement, it sounds like it's not that bad. It's saying, you know, this should be good for taxpayers and good for depositors and you're going to be taken care of this time instead of us putting all of this money, you know, all our taxpayer dollars, into bailing out these banks that have mismanaged their funds. But in all practicality, what does it look like? I mean, what have you seen, J.R.?

J.R. Rotchford:
Where does that movie that was really popular, the young kid, Bruce Willis, was the main actor and the kid's like, I see dead people. Remember, I'm talking.

Anthony Carrao:
About The Sixth Sense. Yeah, I'm not sure. The movie.

J.R. Rotchford:
You're making me sound like a bank bail on Sixth Sense. Dude, Jerry's been stealing Balan's for years. He's crazy. They're sitting in his tent looking for balance.

Anthony Carrao:
So she has been a ghost this whole time?

J.R. Rotchford:
Yes, J.R., the ghost has so many thoughts, and I don't feel well, so it's hard for me to articulate them, but I'm going to do my best. All right, let's see.

Anthony Carrao:
You're closer to being actual ghost.

J.R. Rotchford:
Correct. Chances are I will be a ghost for next week. I'm still going to talk, don't get me wrong. So, a balan. What all it means. During the last little correction in our country, 2007, the end of oh seven through March 9th of oh nine, they did bail ins. I mean, you know, you guys are young. You probably didn't have much skin in the game. You didn't understand what was going on. But they gave money to AIG. They gave money to GM. They gave money to Chevrolet. They they picked what they call too big to fail. Then there are the banks, the systemically important banks that they bail in. And basically that means they had to keep them afloat or the country would take a big giant dump. So they felt like it was important to use our tax dollars to print money knowing, you know, fast forward to now. I mean, jeez, look at the covered stuff. Look at the money. We've, you know, people that are surprised by the inflation. Oh, it's Ukraine guy. Are you serious? I mean, you print trillions of dollars. Yes. I mean, we're adding to it. We're giving trillions of dollars to foreign countries still, you know, i.e., newest one, Ukraine. What do you think's going to happen? You know, one of the things about one of the bedrocks of financial planning is to have a simple knowledge of certain things being simple economics there being generally accepted accounting practices. There are certain things we need to familiarize selves our with to be a financial advisor.

J.R. Rotchford:
So I mean, I guess you don't have to just be a financial sales person. You don't really have to worry about all that. But if you're actually trying to be a planner or an advisor, there are things you should grasp. You know, nothing makes sense right now. So fast forward to the bail in and things coming. And by the way, the rules were put in place in 2014 to do a bail in in this country. They came out of the Patriot Act of 2001. I mean, look for certain words, look for Dodd-Frank, look for these different words. And you'll start putting two and two together and you'll understand our government, as much as they seem inept and ridiculous, they're very smart. They very much know what the world is going through. They very much know that as long as our little country, you know, have bread and circuses, we'll be fine. Keep giving them sports. You know, in Arizona, we just signed on a football player. I know this is a sideline, but, you know, it's just my life that's making bring it up. I'm not going to even name. But we hired a new back. We didn't hire him. We extended a five year contract. I'm not going to say Kyler Murray, name $248 Million. Is this right? You know, that's a quarter of $1,000,000,000. I mean, also and that becomes real money. I think his first year is something like $50 Million. So, yes, I mean, that directly has to do with. Finances. Anthony is worried about time and finances.

Anthony Carrao:
Yeah, I was like, Wait. Get to the point where.

J.R. Rotchford:
There is no point. There is no point. I mean, you know, any teachers or nurses and they see these news stories where we're celebrating these young people. And in the guy's contract, it says, you have to study. You're literally in his contract. It says you have to study 4 hours a week or we can violate your contract. So there's a little interesting sideline to it. But I'm just when you talk about money, all of this, the reason it's directly related to the Beilein because we are not watching what's going on when the blacks swan that we're we are looking for gets here it come to our people the people that listen to us as no surprise. And you said you should have some money in cash. Well, let's add some money in cash. And they say we're we're going to do a bail in and then we're going to go to digital currency. You have to turn it in. Okay. Okay. I guess I will. I know you'll give me like 100% credit the first three months, you know, 50 and the next. And then, you know, it was quarter three. It's federally illegal. I mean, don't tell me everything doesn't keep us occupied from what's really important, keeps us distracted. Well, that's it. We're going off a cliff while we're being distracted.

J.R. Rotchford:
So when you hear that there's a bank bail, you know, a bank holiday on Monday morning, you're not going to get your money. So when I say that I've been watching this since 2014, this was actually in with one of my credit union statements. I have since found different verbiage on the same thing with different financial institutions. Believe me, this is going to cover your money markets so you're not safe at Fidelity or Vanguard or whomever. It's going to cover credit unions, banks, online banks, anywhere you go. So let me read word for word what was in my statement. Withdrawal limitations. This clause may require you to provide the credit union written notice of your intent to make a withdrawal from your account at least seven calendar days and up to 60 calendar days before you would like to make the withdrawal. The credit union may also limit the amount of cash provided in a withdrawal and may limit larger amounts to be non-cash items. All right. There's two things to unpack there. One, as soon as you tell me, I may have to wait 7 to 60 days. What? That means something's wrong. I promise you something's wrong, because usually a bank means you can go in and you can get your money other than a short period of time with with COVID shutdowns.

J.R. Rotchford:
So the second part of that, you know what's glaring to me? What's the amount? What do you consider Mr. Bank or credit union to be a larger amount? You know, I read this where if I want $14 to buy a hamburger, sorry, you have to first of all, give us a notice of a week to two months, say about what we're going to give you. What is a non cash item? Well, a non-cash item means a transfer is an official check or a cashier's check. What good is that going to do me? Now, let me really get this to the balance. So this has been put in place. Don't fool yourself. When we watched the bailout in Greece, it was a nightmare. There were rioting. There were people that were literally set on fire in front of the banks and tried to keep it from our media. There were people in other countries that found it, so I was able to find it through some of the other news sources around the world. So but the problem is other countries have had different trials and tribulations. This country is so asleep and I don't mean to make such generalization, but in this country is so fat, lazy, instant gratification, we are so ripe for for the end of country.

J.R. Rotchford:
Hood So what I think how this plays out, sorry, it's really hard for me to get to. The point is they are going to do a bank holiday, they are going to drill in and then it's going to transition right into the digital currency. So everything's working its magic at one time when we talk about solutions. Yes, right now you should have some cash. If you talk to the prepper side of me, I would say take some of that bank money not making all that great of interest and buy a generator. Solar, of course, buy some extra food, water, tower, garden, do your thing, maybe have a co-op, make sure you, you know, people out of the city that will feed you if need be. So with the whole bailout, Anthony, where you and I disagree a little bit, if I have $100,000 in the bank and you have 100,000, say, in an insurance company and they do a bail in my 100,000 is gone. I can't get it. So you said you're fourth down in the rung in with stocks. There's different levels of the stock. There's preferred.

Anthony Carrao:
Stock. It's not necessarily that it's gone is that you're not going to have access to it. That's gone. Know, I don't know what to say to me. I mean, we don't know how long it's going to be gone for. It might it might be six weeks. Six months, who knows? I don't think it's gone. Gone, though. I mean.

J.R. Rotchford:
I think I think it's gone. I think we have to go to a new currency. I think we are so past broken. This country, by the way, on the books, they tell us we have 30.5 trillion in debt. Does everybody know that? You know, what are the underfunded and unfunded? Build is a lot bigger than that. You know, derivatives was in the news this morning. Jamie Dimon, you know, here he goes again. They said that they can't do any stock purchasing. He's under fire again. You know, when he had, what, five or six felonies, how did they ward him while they gave him $50 million? I mean, a lot of interesting news out there if you look for it. So I do think it's gone. I think if I have 100,000 in the bank, it's gone. Even if they say don't panic like they did in Greece, you know, your money's safe, but you can only have €60 a day. And right now euros is about the same as dollars. Well, okay, if I have 100,000 there and I can have 60 day, trust me, I'm going to panic. And this country is huge. Greece is a little tiny country. We are a big, huge country. So I think the proportionate the magnitude is going to be staggering.

J.R. Rotchford:
So and then I think it ushers in the digital currency. And then I think we have to talk about, you know, ESG scores. I think we have to talk about social scores. And I know that's real tinfoil hat of me to bring up, but then I think we're going to a digital currency and you have conversion rate on 100,000 from the bank to the digital currency. Who gets to decide who the good people are and who's the bad? If you have if you have $100,000 in a insurance company, either way, you're going to have to go through that conversion period and get it into the new digital currency. So, you know, that's a tough one. I mean, because basically, if I think your money's gone, no matter where it is, then what good is any of this? Well, then maybe you should just buy farmland and buy a farm and, you know, don't have any money. But what if this happens? But for 20 years, I mean, there's pros and cons. There's there's so much to all of this man. We did spend the whole hour on the bailout, didn't we? Oh, by the way, the WEF came out and they said that it's time to eliminate private automobile ownership. Did you hear that this week?

Anthony Carrao:
I did not. But let's go back. I do want to touch on that because talk about the insurance companies. Right. It's a great way to get the money out of the bank. But you're saying if you have $100,000 in the bank. Before we started recording, you said if you have $100,000 in the bank and $100,000 in a insurance company, the insurance company is going to have its conversion ratio. If it's a dollar of us, 1 USD equals one digital dollar, 1 to 1. You're saying you're going to have 100,000 either way. Now you're saying if then the bank you have 100,000, they're going to bail it and you're down to have less. That's there's going to be a different ratio.

J.R. Rotchford:
For that big time. Big time bank, almost 100 and nothing. I think what they want is the bank bailing money. They don't want to touch service companies. We all have to deal with what I think is coming with digital currency no matter where our money is.

Anthony Carrao:
But the why why do you think that, though? Because that seems like to me a conversion for a dollar is going to be the same because.

J.R. Rotchford:
They the insurance companies in Greece. Or did they just touch the banks? Ooh.

Anthony Carrao:
A cliffhanger was just for well the bailing was just for the banks. That make sense.

J.R. Rotchford:
Yes. So that's why I think so.

Anthony Carrao:
Anyways, I do want to continue this discussion and maybe next week another show. But again, I disagreed with you completely until I read that bit in here that says the exchange ratio for a class of CS may be zero. So I thought you were crazy. And then I read that in their bail in operational guide and I was like, Oh, well, maybe they justify some of this bank money as less so maybe you're on to something which is terrifying. So but that's been that's been our show today. Hopefully, hopefully you guys enjoyed it. Hopefully you'll learn something. You can listen to this show and pass shows on our website. Another Money Show. Questions, concerns. Get a hold of us at team at another Money Show, Tor.com. And we appreciate you listening. We hope you listen smart.

Producer:
Thanks for listening to another Money Show. You deserve to work with a private wealth management firm that will strategically work to protect your hard earned assets. To schedule your free no obligation consultation, visit another money show dot com investment advisory services offered through Brookstone Capital Management LLC. Bcm, a registered investment advisor, BCM and Rochford Financial are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Investment involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.

Sonix is the world’s most advanced automated transcription, translation, and subtitling platform. Fast, accurate, and affordable.

Automatically convert your mp3 files to text (txt file), Microsoft Word (docx file), and SubRip Subtitle (srt file) in minutes.

Sonix has many features that you'd love including powerful integrations and APIs, enterprise-grade admin tools, secure transcription and file storage, upload many different filetypes, and easily transcribe your Zoom meetings. Try Sonix for free today.