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Financial Dominos Yet to Fall – Episode 003

logoHank Brock is an acclaimed author, financial planner, and ecomomic expert. But it wasn’t his credentials that caught Brian and Bill’s attention. Rather, it was a presentation he recently gave at a seminar down in Belize.

After hearing Hank speak, Brian and Bill decided they simply had to have him on their show.

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Off The Grid Radio
Ep003
Released:  June 17, 2010

Brian: Welcome once again to Off the Grid News, the radio version of offthegridnews.com.  I’m Brian Brawdy, as always here across the table.  We have an opportunity one time to see some of the pictures we’ll post and we are just outside of arm’s length so on those topics where Bill and I disagree, there’s a better microphone between us says a little bit of the table that separate us but as always, Mr. Bill Heid.  Bill, good morning.

Bill: Thank you Brian.  Thanks for being here again with us this morning too and we do have what is a 5 or 6 feet to keep us apart and you know, you saw my earlier get up this morning that I did, I just came back from Pennsylvania from Amish country so I was supporting an Amish beard and a hat.  I think there are some things that we can learn from our Amish friends and we can even make fun of them a little bit because there is no way they’re going to get back at us.  They’re probably not going to listen to the show unless they’ve got maybe a black iPod or a black computer or something.

Brian: Something along those lines.

Bill: Yeah.

Brian: But you know that raises a valid point.  If you were hearing this show for the first time, we know that you heard it on a podcast, but I also want to take this opportunity to tell you and maybe share with your friends as well about offthegridnews.com and the radio show because a lot of the content, Bill, that you and I will discuss over the next years comes from our listeners, from the emails that we get, from the personal letters that you receive over your version of the Oval Office, the letters that you receive and the like, we want the feedback from our listeners so it’s really important if you’re hearing us on the podcast, log on to offthegridnews.com. I have to tell you a great, great, great looking website, really easy to sign up and then not only you but your friends can be listening to our radio show and we’d love not only your compliments, we’d love the critique and we’d love some suggestions of different things that you would like us to discuss in the future.

Bill: I think the origin of the website, Brian, is just what you just said.  We had a lot of our readers ask us about archives.  So this site really is starting out with all of the past issues that we’ve had of the newsletter, broken down by categories as you can see, you’ve been looking through the site a little bit today and there are just a wealth of information there for people and we plan on you know adding writers, adding content, and making it into a very user-friendly site that we hope will be helpful as we continue to enter in to probably what we think are going to be troubled times.

Brian: And I love the fact that our listeners have helped us and our writers have helped us the people calling you, emailing you our friends create the categories of energy, of financial, and we’ve got a great financial guest to interview today.  I’m very excited about today’s guest – but also food, health, politics, privacy, self defense.  We’ve got some really great categories on Off the Grid News and it gives us a full breath to be able to discuss and to find guest to interview that hit on each of those topics, very timely, really, really a truly tremendous looking site.

Bill: And we’re working on some other content.  One of the sections that we’re going to start developing is preparation for families that have special needs. Maybe you’ve got a special needs child, maybe you’ve got the elderly, you’re taking care of your parents so we hope that a lot of folks are taking care of their parents and don’t – if they can not putting their parents in the nursing home. So we’re talking about, you know, really this is off the grid news and off the grid radio so an off the grid way of taking care of your parents is going to be watching them at home to the best of your ability and we know that that can only go so far but we’re going to start developing some of the ideas about special needs and so if you’ve got any special needs questions, email them to us and we’ll try to develop that or have our writers develop that further.

Brian: And you know Bill, every time I hear off the grid, I’ll tell you personally why I’m excited about it. Living off the grid isn’t something new.  It isn’t something where people go, oh you know what, that’s cutting edge and it’s all these other things.  Humanity began off the grid.  You know, we forget that what we’re, there’s almost like that line from Star Wars with Yoda.  What he says, you must unlearn that which you have learned.  What you and I have been talking about since the time that we’ve been friends is kind of returning to a day where you had to live off the land.  It’s not some ethereal hocus pocus kind of thing but a couple hundred years ago, I know it’s hard for our listeners to believe, didn’t have a laptop, didn’t have an iPod, didn’t have a microwave, didn’t have electric garage door opener, didn’t have the little local grocery stations or guest stations that you can run down to. So it’s not like you’ve well, in a way, reinventing the wheel but it’s in all of us, this concept of going green, this concept of living off the grid, it’s buried deep in each one of us so if you listen to our show and something goes, oh that kind of feels right when I hear that.  We lived off the grid long before we ever lived on the grid, didn’t we?

Bill: Well we did and I think starting small, remember the movie, what about Bob?

Brian: Oh yeah.

Bill: Your baby steps right?

Brian: My favorite part is when they tied them to the mass that he was going, I’m sailing.

Bill: Yeah. But really you can have a garden and you can start with something simple and you don’t have to have this – a compound as it were.  You don’t have to have this complexity, you know, back to Stonewall Jackson, I love Stonewall Jackson – duty is ours consequences are God’s. So you do what you can and then you pray for the best outcome.  We talked earlier about the Amish.  That’s a way of life in varying degrees and as I just said, I was in Pennsylvania and watching some of life in the Amish community and have a great deal of respect for the Amish.  We kid around but there’s a sense in which they have made a community and a culture out of putting limitations on how far they go with technology and some of them, again we might think they’re a little goofy but at the same time, if there’s a breakdown, you’d love to have Amish neighbors right.

Brian: Absolutely.

Bill: They don’t need electricity, at least if they’re using electricity, they’ve learned to know how to do business and life without electricity so that’s another theme on almost a little bit of further play from last week’s talk where we talked with Frank about the rain. You know what do you do? Well every day, on an Amish farm is sort of life without the things we have now and then as I say, we can learn a lot from our Amish friends.

Brian: And I thought a lot about last week’s show, you know torrential range you’re wondering how you’re going to get through it (knock) there’s a knock on the door in the middle of the night. I’ve thought about, I’ve thought about that show a lot.  And I would tell you that afterwards, we’re here and arguably mid to Western Illinois, there was tornado warning where I lived. It comes over the TV you know toot, toot big warning.  So my children and I grabbed the pillows, grabbed the flashlight, turned off all the lights and we had our little what if the tornado were actually near us, what would we do?  And I thought a lot about the show last week when he said, now we’re going to practice power outages maybe one week in a month with his family to get everyone in that mindset and we had a blast.  They were little nervous at first when I made them flick off all the lights. Dad where is the Nintendo DS.

Bill: The power is gone.

Brian: Yeah the power is gone.  I’m like, where’s the jug of water, forget the Gameboy, but by you know the third or fourth drill. We had a really good time so I would suggest to our listeners, don’t wait for that emergency. Whatever it might be, it’s a blast, grab your family; one Friday night turn off the lights, what the hell, is it going to kill you?

Bill: Did you show them what a deck of cards looks like?

Brian: You don’t laugh at me and from people think… here’s Yahtzee. Yes she bought UNO. Honest to goodness she bought in UNO, that was the one thing because Parker and Paige each got to bring something into the bathroom because we’re going to hunker down on the tub and Paige brought UNO cards.

Bill: You don’t need a Gameboy.

Brian: You don’t need a Gameboy.

Bill: To have a nice life.

Brian: Yeah and she even said to me afterwards, can we leave these things in the drawer here on the bathroom?  So if there ever is a tornado, I don’t have to worry about where I left the UNO cards.  But it might be great for our listeners to take last week’s show, if you haven’t had a chance to listen to it again offthegridnews.com, and as always [email protected] is a great way to reach out to Bill and to Jeremy and to myself, our great producer Jeremy and myself. But it might be a nice little thing to do every so often is let your children, let your family, what if there is that knock, that pounding on the door in the middle of the night, what are you going to do?

Bill: You create a reference point that’s doable if you start the practice.  Again you don’t have to you know live like this but if you set up some practice sessions, you make it easier and hey maybe you’ll start to like the kids will start to like playing cards better than the Gameboy and maybe that will become a game a way of life for you to play Yahtzee or UNO or whatever as opposed to just reaching for these things that take us generally away from, that put us on the grid so far.

Brian: I’m with you, and Bill I’m very excited I want to interrupt for just a second to tell you to come back after the break.  Our guest you’ve known for awhile. We both met just this last month in Belize and I will tell you that of all the people that spoke, this guy was tops on the list.  Our guest this morning was one of the smartest, most insightful, but at the same time nurturing kind of guest, so they told me everything was going to go down but hey, here is what you can do to make it work. We’re going to come back after the break.  You’re going to want to come back after break. Bill Heid, our next guest, when you come back to Off the Grid News, the radio version at offthegridnews.com.

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Brian: Welcome back once again to Off the Grid News, the radio version.  I’m Brian Brawdy here with Bill Heid and Bill I know that I say this a good bit but today I really mean it.  I am so fired up about our guest, you’ve known him for a bit, I met him in Belize with you last month, but a guy if you said me, Bri, of the 20 speakers, of all the time we spent in Belize, officially, not when we’re out playing and snorkeling and walking on the beach and the like, but officially when we were there working, who was the speaker that captured your attention the most, it would be our next guest.  Ladies and gentlemen, Mr. Hank Brock is a CPA, has his MBA, he has so many letters and an acronym after his name.  It would take me a good two minutes to read it all.  But what I want you to know is that Hank Brock is the chief executive officer of the Mutual Benefit International Group Limited.  And in over 30 years of experience, he started successfully building and telling the rest of us how to build profitable companies in financial management, real estate, business management, consulting including and one of my favorite websites Brock And Associates Inc. I should tell you that Hank started from scratch.  Brand new out of it went in applied his knowledge and his passion and he now employs over 55 people.  Ladies and gentleman, say hello, Mr. Bill Heid, say hello to Hank Brock.

Bill: Well, again, I just want to welcome Hank.  Hank when you were in Belize that I had met you the first time, I was enamored you know, with your presentation.  You’ve thought a lot like the way I think, you’ve thought the way a lot of the Off The Grid News readers think and we just want to welcome you and thank you again for taking your time.

Hank: Well it’s good to be here.  Let’s get to it.  You listeners, what’s going on out there?

Bill: Well, thank you.  One of the first things that I wanted to talk about in the news today as we’re recording this, there’s a lot of things about BP, there is banking news, there is some of the things that we’ve gone through so far, the remnants of the 2008 financial breakdown.  And I guess what I thought that made your presentation unique is you have something to offer and talking about what’s the big picture and what are some of the dominos yet to fall and that’s a compelling subject.  What’s going on behind the scenes, what hasn’t landed, what’s out there and I’m thinking of real estate, I’m thinking of derivatives, and what do you see out there as really be in the big hammer that going to come, you know, the black swan thing – what’s going to come from out of the blue that all of a sudden is going to be headlines later this summer?

Hank: Well you know I’m thinking back to January 2008 and thinking of President Bush then making the comment that our economy is resilient, we have nothing to worry about, we’re on solid footing, and I can remember thinking to myself, well you know that is his job. It’s the job of the President and it’s the job of the Treasury Secretary and the chairman of the fed to tell us all is well.  Because the last thing that they can do truly is to start a panic and to tell us what’s really going on out there.  Now, 8 months later, they were on Capitol Hill with their hands out begging for $700 billion bailout and at that time, they were honest and they told the American people that if we don’t get this bailout, we’re facing an economic collapse; we’re facing a banking – a collapsible financial system.  And at that time, they didn’t use that kind of language. They don’t use those kinds of words. That isn’t for real.  And that was for real.  If somebody went to my website, they would find article to my clients that spoken about a banking collapse.  I remember back in the early 2008, 8 or 10 months before that, I learned that my daughter-in-law was leaving our Sunday dinners and going home in tears every week because I was talking about the pending, the issues going on out there that a banking collapse and a collapse of many other elements of our economic system and these issues are still out there.  We had as I have notated in my forthcoming book, The last Dominos, we’ve had about 3 ½ dominos fall and I got 16 more yet to fall. Every one of these dominos are equal size and magnitude or devastating proportions.  You’ve mentioned, of course you have the mortgage crisis which came as the result of the real estate bubble and eventual collapse and that brought on the exposure of the derivatives problem.  The derivatives problem is over $500 trillion.  The entire world economy is 50 trillion. The European economy is 14 trillion.  So we’re talking about the problems 37 times the size of the US economy, 10 times the size of the entire world economy, we’ve been talking past every man woman, child, 100% of their annual income and they would take care of 10% of the size of this problem, it’s clearly have the price that is completely leverage.  The leverage is 20:1 as much as 100:1 and how that problem can bring down major financial institutions within a matter of days such as Lehman Brothers, and the list goes on but the derivatives problem is only one of the problems and we’ve got all of these other problems and the problem is that that was putting together this list.  I remember as I was just kind of putting, just kind of brainstorming and I would write another one down.  I think well that one belongs at the number 7 spot and I write another one and included that and I think that is number 7 spot, and someone who belong in the number 7 spot, it finally occurred to me, no, we want a few of these go.  We’re talking about an implosion because they’re all going to go so quickly. They’re all so intertwined, they’re all so interrelated that one may go, they’re going to go quickly and the problem is that as I discussed them at any reader, any listener would understand the problem that these are inevitable.  These problems are so ingrained in our economic system that it’s not a matter of if it’s a matter of when.  And that when could be within weeks, it could be as much as 2 years out.

Bill: Well, Hank, talk a little bit about sovereign debt as it affects nations we’ve got obviously you have the historical issues of years passed when you’re in the Great Depression here and some other incidents. But talk a little bit about Iceland because what happens when you wake up in the morning and one of these implosions actually affects you.  Right now it seems to me like it’s an abstraction Americans they get up, they watch the news, they may check their favorite website and there are just stories to the average guy until something happens, what happen in Iceland and what happens to someone who woke up in Iceland one morning?

Hank: Well Iceland could be a story of and should be a terrible or a warning of a future America.  In May 2008, Moody’s downgraded Iceland’s, the rating of the Iceland’s sovereign debt to krona and the number of its banks and that required no capital reserves, they went through the rating process, we don’t need to do that but it precipitated another rating downgrade which precipitated another rating downgrade, and then when the US had their problems in mid September 2008, Iceland’s three largest banks collapsed.  These banks had debts totaling 8 times the entire size of Iceland GDP.

Brian: Hank, if I could interrupt, I want to interrupt, if I could…

Hank: Their capita was number 17 in the world in August 2008.  The government told the public at all of their accounts in these three largest banks that collapsed were insured.  Well 6 weeks later, the government had to admit that they had no way had the resources to cover all of the liabilities of these three banks that had collapsed and overnight the krona lost over 80% of its value.

Brian: And Hank when we come back. Hank…

Hank: That’s within a couple of days.  People want to sleep but basically woke up within a couple of days and discovered that their $100,000 bank account was worth 20 that their $4000, $5000 monthly paycheck had a purchasing power of $1000. There were still importing all of their goods at full cost, full price from Europe and elsewhere and they didn’t have that much the way of natural resources and natural self efficiency and overnight by November, we had the riots in the streets November 11, Iceland riot and riot in the streets and their GDP per capita dropped within 90 days from 17th in the world to 118th at the level of Peru.  And so now you have Iceland basically a third world nation, people trying to pay their bills and their expenses are still astronomical. Their mortgages were tied to the Japanese yen.

Bill: Hey Hank. This is Bill.  We’ve got to take a short break here and when we come back, let’s tie that down a little more and talk about just what it’s like to have a $1000 in the bank or a $100,000 and to come back in the morning and have you know, 20% of that.  We’ll be right back.

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Brian: Welcome back once again to offthegridnews.com, the Off the Grid radio show. I want to go add and get right to it. I’m Brian Brawdy here with Bill Heid and today with Mr. Hank Brock.  You know, Bill, what a lot of people of Iceland listening and probably thinking of volcanic eruptions. But what you and Hank were talking about in the break is a truly Icelandic volcanic eruption but a financial eruption.

Bill: You wake in the morning and you find you have ash in your bank account instead of dollars.  Hank, you want to pick up because as we were talking about during the break there, I think that the average Americans just doesn’t realize that he’s in a similar position as someone living in Iceland and when that hits, it comes without a whole lot of notice and it changes your life forever because of you’ve got a thousand dollars in the bank and the next morning you’ve got 200 because of the default. You’ve got some decisions to make about how you’re going to live your life.

Hank: Well, we’re trying to inform our listeners about these things in advance so they’re not one of those that gets caught. 90% of your listeners, I hate to say it aren’t going to do anything about this. They’re not going to pay much to this because people don’t take action. All we can do is inform and educate and then it’s up to them to do what they decide.  You know we’ve talked about the big thing, one of the big things right now is the PIIGS nation, Portugal, Italy, Ireland, and Greece and Spain, and yet if you take a look at their financials, you can group those five nations right up there near the top as to the amount of cumulative government debt as well as private debt as well as annual deficit, all to their GDP and you’ll see that those countries are a mess and at far worse condition than other foreign nations such Denmark, France, Germany, and many others, and yet what people don’t appreciate is that just under those five nations, if you were to look at the financials, we have the UK, United Kingdom and then United States.  And our financials are not a lot better.  Moody’s already talked about downgrading the US dollar.  Can you imagine the US dollar being downgrade, our US debt being downgraded from AAA to AA class, and what the implications will be with that – we’re going to have companies with higher financial strength ratings than the US dollar, the US government, US Treasuries and if US government gone bankrupt before – yes it has and they can look at the Supreme Court case 1934, Perry versus the US when he want to be repaid all of, everything on his US government bonds, or they can do June 5, 1933 when the joint congressional resolution went out.  Has the US ever confiscated gold before? People’s gold, yes it has.  Because if you Google the executive order for April 5, 1933 when it took people about three weeks to turn in all their gold or face $10,000 fine or 10 years in jail.  And if people think they’re going to keep their gold and not turn it in, others were told that if they try to do any trading, they would be jailed to the same punishment penalty if they don’t report the other individuals, kind of speaking about that this morning. I’m just you know just visiting on a few of these topics.

Brian: Hank, I was just going to say is what I love about listening to you speak though is that these things come almost like the title of your next book, The Falling Dominos. They are so interrelated that you can’t speak of one without speaking of the other. If you would ask me two weeks ago Bill, did the US government ever make it a crime to possess gold and give you a time frame to turn it in or get dragged off to the hoosecal – or you know what we learned about the one banking bill with their deputizing bankers now, I read a blog post called Geithner’s new G-men, but then the treasury departments deputizing bankers to tell them if you transfer money here there, deputizing to take the taxes, I would have never believed that our government would do that.  And I’m not the sharpest knife in the jar but I’m pretty well red guy Hank, I never would have believed that those things could happen. Do you have a couple of more Hank like we talk about the government taking your gold, any of those other things that jump to mind where people would go, no way that ever happened.

Hank: Well you know, we can talk about sovereign debt, China, Chinerica, the interrelationship between us and China, the fallen dollar, we could talk about last currency of the new deal economic of the Obama’s administration, the rising price of oil and other commodities, the asset bubble in Asia, where we got the real estate going for 9,300 square feet an acre, that’s $30 million for a 3000 square foot apartment, 3000 square foot apartment for $30 million, that’s where it’s going for right now in Asia.  I can go down the list of these, but let me just mention a couple of these here.  The of the baby boomer generation, what a lot of people don’t appreciate is that a growth of the past 30 years has been driven by this baby boomer generation and in two ways, one is their natural ongoing consuming and secondly, out of their income but secondly America’s re-growth of the 1990s was not due to any political party, but instead it was due to America cannibalizing itself as America literally ate out its dust of equity.  Bill, sometimes over generations and use their home equity, loans, as credit cards for trips to Tahiti. All of this growth, all of this consumption resulted in massive amounts of debt with the American people.  Now we can forget about Wallstreet crooks, we can forget about Washington manipulators.  We can forget about all of the – we can forget about the government, we can forget all of these things. But this one domino alone defies all of those factors. And that is simply that the baby boomers are heading into their retirement years, they are leaving their capital accumulation years and going into the capital preservation years.  That portends people moving out of the stock market and moving into a savings mode capital protection mode, it portends them getting out of debt, it portends to reverse. We’ve had the largest Ponzi scheme in the history of the world with all of the debt that has been accumulated and basically, the first baby boomers to get out of debt will be okay, the last one to get out of debt at whatever age are these one thing who will be left standing when the music stops because as we unwind this leverage, as we get out of debt, as people stop consuming and I’m talking relative terms, we’re going to have this massive deleveraging going on. And the stock market isn’t going to be what everybody has always believed it to be because they never experienced such a bare market, a 15 year bare market.  And that would be some gold markets in the middle, it doesn’t go down forever.  I’m just saying that we’re talking about the 1930’s here.  But that unravels the cycles downward, those on the debt early; I think the outers will be okay.  And this has nothing to do, this deleveraging has nothing to do with crooked Wallstreet, or Washington politics, or anything else. It’s just a factor that once again, as this happens, just as people happen would be real estate contraction as people contract and get out of debt, it will precipitate these other dominos that are all interrelated.

Bill: And Hank, I think it’s important for everyone listening to realize this deleveraging, this contraction’s going to take place whether they want it to or not, whether there is a mandate from Washington or wherever your state capital is, it’s part of something bigger than government.  We just can’t wave the magic wand.

Hank: Exactly.  We do a 76 million baby boomers which were born between 1945 to 1962 that are 17 year mega trend for 76 million members out of our 300 million populations, that’s more than a quarter of our population retiring and deleveraging and their entering that period right now, changing their mindset and the government is not going to do anything to slow this down or to stop it.

Brian: Hank, in our closing minute, one of the things that I also enjoyed about your presentation in Belize was that you also gave us some hope.  Of all the things that I took away as much as I love the concept of the dominos and everything that we’ve discussed in this break, I’m hoping that when we come back from our short little break here, that you can kinda kick around with Bill and for the benefit of our listeners, some of the light at the end of the tunnel because with everything that I learned from you, for sure, I learned that there is a way to be able to ride this out, isn’t there?

Hank: Yes, there’s certainly are.  I’ve written my book, I list over 50 different strategies people can take to combat the 19 dominos to protect themselves against the coming collapse.

Brian: Alright, ladies and gentleman we are now just a short break away from you learning from Mr. Hank Brock what you can do to protect yourself, your friends, your family in a future that none of us want to see but quite a few of us are pretty sure is going to happen.  Come on back offthegridnews.com, the radio version after this break.

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Brian: Welcome back once to again to offthegridnews.com and the radio version of Off the Grid News. I’m Brian Brawdy. I’m going to tell you I’ve got the coolest gig in the world because I get to be the fly on the wall.  Ever use the, oh I’d love to be a fly on the wall hearing that conversation. I get to be the fly on the wall between Bill Heid in conversations with some of the most cutting edge brilliant minds in the world today and most certainly we have one of those intellects with us to today, Mr. Hank Brock.  So Bill, before I throw it to you, I know that we are talking for a couple of minutes here, but before we let Hank get away, I want to learn a little more about his book and then also what are some of the things that our listeners can do right now? Food, backup power supplies, those types of things.  What are some things that we can stat to do as soon as our show is over, our listeners are going to want to take some kind of action. They’re going to want you know some kind of proactive step that they could take, maybe you and Hank could kick that around. Ladies and gentleman, Mr. Bill Heid and Mr. Hank Brock.

Bill: Hey thanks again, Brian.  Hank, one of the things again we were discussing during the break as we lead in to okay how then should we live? What are we going to do was we were talking about a couple of different ways of default and I want people to realize you can, there’s two different ways and there is a little bit of a discussion about whether you’ll wake up some morning and there’ll be a default and you’ll have 20% of your cash that was in the bank or will they inflate us to death.  And we talked about the Weimar republic. You want to discuss that a little bit before we go in to this because this is one of those storms. If I had money to bet, I’ll bet helicopter Ben’s going to do everything he can do to make sure we’ve got inflation rather than deflation. What do you think about that?

Hank: You know, I’ve been writing about this for a number of years using the word economic collapse and banking collapse and I had my book written by the end of January, I’m still in the editing mode but I had my book written by the end of January, 3rd of February, I kind of summit on the global economic crisis class meeting, conference, back at the Harvard Business School and as we sat there for 4 days, there were 42 executives, 7 of us were from US, 37 are from other foreign nations, head of the multinational corporations, professors of economics, portfolio managers, etc, and we argued that for 4 days.  There is nothing about it.  One of the professors comment that we went through more in 60 seconds than he did in 20 minutes in one of an MBA classes.  Here is one of the most noted economic historians.  And after 4 days, reaching the final hour, the last 5 minutes of the final hour and I finally said, enough of this, the bottom line, let’s stop being coy here, the bottom line, there’s only three things that we can do. One, we can tax just to solve our economic crisis, we can tax but we cannot tax enough.  Second, we can borrow, but we cannot borrow enough, China is already only financing one-fourth as much from now as they were a year and a half ago of our budget deficit. And the third thing that we can do is to print money and the professor looked back at me and said that’s it.  I said fine, great.  I don’t have any edits to my book.  Print money.  That’s basically what the Weimar Republic did back in Germany in 1923.  In January 1923, the inflation rate had hit 10,000% and one postage stamp cost 100 marks.  Anybody can go home and nab their postage stamp album and go do down local library, you can see that the postage stamp in January cost 100 marks up from just a few marks, a few months previous.  Be by the end of 1923, the price had risen from 100 marks to 20 billion marks for a postal stamp.  Well, we may not become and have that inflation but had that inflation purposefully but why Weimar Republic, Germany was inflating their way out of the debts they owe to the US and Great Britain for war reclamations from World War I.  And US and Great Britain have allowed those reclamation agreements be written right marks only and not translate it into the dollar or the pound and as we said, they purposefully began deflating themselves out of debt.  Now, when somebody goes bankrupt, basically that means that they are paying off their debt at pennies on the dollar.  When we print money and we have hyperinflation and the value of the dollar falls, that another way of bankruptcy, where the government is paying off its debt at 10 cents on the dollar.  And when people wake up and in a very short period of time, their savings are gone. This will hit hard with those retirees that are living on fixed incomes and financial assets.

Bill: Hank, I have a quick question for you before we go on any further and what do you think about China, our debt with China, is that settled in US dollars?  So I guess what I’m saying is do you have something similar brewing here because that was in the Weimar Republic’s best interest to print money to solve that situation, not only to pay their bills locally but also to pay their bills to the allies. What about us and China?  Does it set up a similar situation?

Hank: They need us as much as we need them but the problem is in that China has been tired of financing our debt at 4 or 5% interest and then losing 15% when they get their money back on a foreign exchange rate.  And that seems just in this past year, in 2008, China financed 20.5% of the US budget deficit.  In 2009, China financed only 5% of US budget deficit.  So already cutting back on how much they’re financing and they’re already unloading their dollars.  People don’t realize that China that – I don’t want to quote an increased size number, that China bought 5 times the amount of gold that India bought a few months ago from the International Monetary Fund and they paid for that gold with US Treasury bills so they’re already unloading their T bills, treasury bills in exchange for gold and China is using their resources instead of financial use of US budget deficit, they usually buy mines and other natural resources in Brazil, Africa, other places in South America, farmland in Alberta and the plains states and they are concerned about their food for their people and the natural resource and commodity that are going to skyrocket in prices as inflation hits.

Bill: So Hank that’s a great point and I think that’s a way for us to segway into maybe just the final minutes here.  We’ve got about 4 minutes.  China and everyone listening needs to realize China’s taking emergency evasive action now. They are picking up real assets. What can our listeners do?  Let’s go down to your list of what you think are important things to do and we’re going to have to move kinda quick. But I notice in one of the things that you say is most important in keeping your wealth and getting through this thing is tithing and I was pleased to see that.

Hank: You know I had that number one my list, tithing each month giving 10%, but we could talk about why that is such a law and why it works, I refer people to page 230 of my other book, Your Complete Guide to Money Happiness, it’s available at amazon.com. But the facts of the savior there are sound economic reasons why tithing is the first law of economic security and paying your tithing and get out of debt.  Another thing on this list is get a 1 to 2 year supply of food, water, clothing, bedding, heat, energy self sufficiency, cash for utilities, cash for home payments and that cash might be held in a couple of different forms.  Water, that means you’re going to have house on a bleach water purification tools but get that year supply of food.  Commodity prices are going to sky rocket and it’s not really that we’ve got all of China who want our wheat but the rest of the world.  But people in America don’t appreciate is that the US is to the rest of the world for wheat what Saudi Arabia is to America for oil, and yes the Ukraine produces for Easter Europe and Australia produces and Canada produces, but all of that is minimal compared to the grains, all the grain that the US produces, and they’re going to want it and those price are going to get bid up and if wheat is even a… if grains are even available.  People are going to pay a fortune for it so get a year supply of food and other things.  Get your appliances and durable goods and cars repaired.

Brian: And then Hank what I also want to do I want to encourage our listeners also to be able to hook up with your book so in our closing minute, if you could give me the title of your new book and it was very graces of you during the break to offer that our listeners will get an exclusive first shot at your new book. Hank, give me the title one more time.

Hank: The Last Dominos, How to Prepare for and Protect your Assets in the Coming Economic Collapse.

Brian: Mr. Hank Brock, thank you so much. Ladies and gentleman the link to Hank’s website will be on our website at offthegridnews.com.  Also you should know that Hank was named one of the America’s top financial planners.  If you spent the hour with us, now you most certainly know why. On behalf of Bill Heid, Jeremy our producer, until next time, log on to offthegridnews.com for the radio version of the show. You get a quick little write up in case you came in late, some of the points that we discussed today with Hank Brock and the link to some of the coolest information that you’re going to want to prepare for yourself and your family.  Once again, I’m Brian Brawdy, thank you so much for hanging out with us here at offthegridnews.com, the radio version.

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