00:00Since the beginning of this year, the dollar against the basket of currencies is down about 10% in value.
00:09Many people are worried that they might continue that way, devalued.
00:12Some people say it's not a bad thing because we can buy things, we can sell things more cheaply overseas and increase our exports.
00:20But if people are worried about the dollar going down in value, what would you suggest they do?
00:24Buy other currencies or go buy things that are not dollar denominated?
00:28The thing that we have to worry about is a stagflationary environment because all the currencies went down.
00:36So when you are looking at diversification, the problems that we're talking about are not just American problems.
00:42We have a significant problem.
00:44They're European problems.
00:46They're Japanese problems.
00:48There's Chinese problems.
00:49We've lived on promises to be able to take that dead asset and convert it into money.
00:55And now there's not enough money to go around.
00:57I would say that when you ask the question, would I devalue in relationship to other currencies?
01:04Probably.
01:05But the other currencies won't want much of an appreciation.
01:09And so that's why I'm saying that something like gold will be the better performing currency.
01:13Something like gold will be the better performing currency.
01:14Something like gold will be the better performing currency.
01:14Something like gold will be the better performing currency.
01:14Something like gold will be the better performing currency.
01:15Something like gold will be the better performing currency.
01:15Something like gold will be the better performing currency.
01:16Something like gold will be the better performing currency.
01:17Something like gold will be the better performing currency.
01:18Something like gold will be the better performing currency.
01:19Something like gold will be the better performing currency.
01:20Something like gold will be the better performing currency.
01:21Something like gold will be the better performing currency.
01:22Something like gold will be the better performing currency.
01:23Something like gold will be the better performing currency.
01:24Something like gold will be the better performing currency.
01:25Something like gold will be the better performing currency.
01:26Something like gold will be the better performing currency.
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