Do you feel the current economic “cocktail of conditions” brings about an historic level of risk and uncertainty to the markets?
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Announcer: Do you feel the current economic "cocktail of conditions" brings about a historic level of risk and uncertainty to the markets?
Robert Wiedemer: I haven't lived forever. So, I don't know everything that's happened to the US for the last couple hundred years. Certainly the times I've been around, I haven't seen anything quite like this in terms of the scariness that I see and suddenly the lack of scariness that some other people see. I think that's a bad combination, because what can happen is... if what I'm seeing is true and these people don't see it at all, when they do see it, it's a real problem, and there's a real panic that can happen. We saw it in 2008. Nobody, even sophisticated investors, saw the mortgage market collapsing and what that would mean for house prices and the financial markets. When they did, oh my God, did things go down badly. So, I'm almost seeing a period now, where it's almost worse than that, because there's a much bigger problem than just mortgages or housing right now. I think some people kind of see it. Certainly, some people like me, see there's a huge problem with massive money printing and the massive debt, but there's a whole lot of people that don't want to see it. Again, just like 2008, when those two collide and they see the reality that this is a real problem, it's going to be a huge issue and I've never seen anything like this in my lifetime and I don't think we've seen anything like this before in the US lifetime, certainly from a financial standpoint. We've never quintupled our money supply in a short period of time or put in the mass amount of debt we have. I always try to emphasize to people, this is a really unusual period. Whatever else you say about it, this is very, very unusual. We've never been in this before.