00:00Um, history is not kind, uh, for these environments. Uh, there's a long-term cycle,
00:0990 years. Uh, if you go back to 1840, there, there wasn't a central bank. The, the banks
00:15constricted liquidity. We ran into something called the free banking era, total disaster for
00:2025 years. Um, and bottom line is, is we had a depression. 90 years later in 1929, 1930, uh,
00:29Smoot and Holly did one of the dumbest things ever, uh, put tariffs on and we contracted liquidity
00:35into a slowing economy, turn a garden brighter session into the great depression. So here we
00:39are 90 years later, uh, in the 2020s and we are tightening liquidity into a slowing economy
00:45and we already did the stupid tariff stuff. So we are, uh, on the verge of why I believe will be
00:53another depression, not even recession. Now it doesn't have to go that way.
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