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The Creeping Silent Depression and Current Economic Realities with Doug Casey
• 39 minHas America already descended into a depression worse than the 1930s Great Depression? Today’s guest, Doug Casey, suggests that we have. He joins us from Buenos Aires, Argentina, where inflation has been 100%+. Is real estate cheap, adequately priced, or overpriced? America’s national debt is so bad that we must now spend $1T annually just on the interest alone. Keith Weinhold and guest Doug Casey explore the silent economic depression in America, discussing signs and impacts on daily life. They compare real estate affordability across locations, viewing housing as a consumer good. Doug offers insights on Argentina's housing market, inflation, and the new president's influence. They critique government intervention, fiat currency, and advocate for gold-backed currency, emphasizing moral values. Strategies to counter currency debasement, like investing in durable goods and property improvements, are shared, alongside the benefits of spending on experiences and potential tax advantages of real assets. Timestamps: The silent economic depression (00:00:00) Discussion on the concept of a silent economic depression and how it may be affecting America. Real estate and property management issues (00:02:32) An unusual property management incident and the impact of inflation on real estate in Argentina. The guest's background and consistency (00:03:53) The guest's background, consistency in views, and a discussion on diverse viewpoints. Comparison of housing costs (00:04:59) Comparison of housing costs and other expenses between the Great Depression era and the present day. Real estate in the United States and Argentina (00:06:08) Comparison of real estate prices and living expenses in the United States and Argentina. Housing as a consumer good (00:09:29) Discussion on housing as a consumer good and the impact of government policies on housing and wealth creation. Comparison of housing costs and amenities (00:10:56) Comparison of housing costs, amenities, and political changes in Argentina. Impact of inflation on standard of living (00:14:37) The impact of inflation on capital, standard of living, and the unsustainability of the current economic situation. Government deficits and inflation (00:18:05) Discussion on government deficits, inflation, erosion of the middle class, and the role of the government in creating inflation. A Currency and Gold (00:20:22) Doug Casey discusses the benefits of using gold as currency and the potential impact of government involvement. Investing and Loans (00:22:42) Keith discusses investing in real estate and loans, providing insights and tips for beginners and veterans. Government Numbers and Inflation (00:24:54) Doug challenges the accuracy of government unemployment and inflation figures and predicts higher inflation levels due to excessive money creation. US Involvement and Financial Meltdown (00:27:57) Doug discusses the impact of US military involvement, potential financial meltdown, and the unstable foundation of global debt. Strategies to Counter Currency Debasement (00:32:05) Doug presents the concept of saving in durable goods as a strategy to counter currency debasement and avoid capital gains tax. Beating Inflation (00:34:41) Keith proposes spending money as a way to beat inflation and improve quality of life, while Doug emphasizes the importance of saving for the future. Doug Casey's Novels and Publications (00:36:44) Doug promotes his novels and encourages listeners to subscribe to internationalman.com and watch his YouTube channel for more insights. Improving Quality of Life and Beating Inflation (00:38:03) Keith suggests making improvements to one's home as a way to beat inflation and improve quality of life, without incurring higher tax assessments. These are the timestamps covered in the podcast episode transcription segment, along with their respective topics. Resources mentioned: Show Page: GetRichEducation.com/485 Doug Casey’s YouTube Channel: https://www.youtube.com/@DougCaseysTake Doug Casey’s blog: InternationalMan.com Doug Casey on Donahue in 1980: https://youtu.be/uAk6_74m_kI?si=qeQw0404xcTIAsOU For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I’d be grateful. Search “how to leave an Apple Podcasts review” Top Properties & Providers: GREmarketplace.com GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE’ to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith’s personal Instagram: @keithweinhold Complete episode transcript: Keith Weinhold (00:00:00) - Welcome to GRE. I'm your host, Keith Weinhold. Is America suffering from a silent economic depression? It's gradually creeping into your life, but you just haven't noticed. That's what today's guest believes. Where do you look for signs of this? And what do you do about it? A silent depression today on get rich education. If you like the get Rich education podcast, you're going to love art. Don't quit your day dream newsletter. No, I here I write every word of the letter myself. It wires your mind for wealth. It helps you make money in your sleep and updates you on vital real estate investing trends. It's free! Sign up a get rich education.com/letter. It's real content that makes a real difference in your life, spiced with a dash of humor. Rather than living below your means, learn how to grow your means right now. You can also easily get the letter by texting gray to 66866. Text gray to 66866. Speaker 2 (00:01:06) - You're listening to the show that has created more financial freedom than nearly any show in the world. Speaker 2 (00:01:13) - This is get rich education. Keith Weinhold (00:01:22) - Welcome to GRE, heard across 188 world nations, including Equatorial Guinea. I'm your host, Keith Weinhold. This is get rich education, the voice of real estate investing since 2014. How can your quality of life and your one and only standard of living actually be getting worse today, especially here in the United States? From your iPhone, with fast Wi-Fi to a stable electrical grid to a bounty of produce for you to select at the supermarket, well, we'll soon learn why today's renowned guest and prolific author feels like we've already entered a silent depression. He is going to make his case. We have plenty to get to with our guest. But first, I've got a problem with one of my property managers, and this is a really weird one. In two decades of doing this. This is among the weirdest. What happened a while back is that one of my ten ends that this manager manages. Okay, the tenant paid his rent with a paper money order and he placed it in the property managers drop box. Keith Weinhold (00:02:32) - They're at their offices. The money order was stolen out of the drop box by a thief. The manager doesn't want to take responsibility for it. And I'm the one that's been out. The rent money, the $1,550. I've told the manager, no, I'm not going to be pushed around like that. So there are more details on that, which I expect to tell you about next week. It is an interesting situation to say the least. I'll give you more on the payment stolen from the manager's overnight drop box. Now today's guest will join me from Buenos Aires, Argentina, where they currently have inflation of perhaps 100% or 200% per year. We're going to talk about real estate and probably more with what he calls the silent, depressed. Now I'm probably a more upbeat, optimistic sort than our guest in general, but that does not make him wrong at all with this silent depression. But here, in a world where we've increasingly heard the word diversity a lot for the last decade, well, there are a lot of ways to think of diversity, and I like to champion some diversity of thought around here with our guests viewpoint today. Keith Weinhold (00:03:53) - Now, I just recently saw a YouTube video of today's guest on The Phil Donahue Show in 1980. It was probably about the best known talk show that there was back in that era. And by the way, I'll leave that link in the show notes for you so that you can watch it too. And since today's episode is episode number 485, you can get the show notes either it get Rich education comp 485 or on your pod catcher. But yeah, Phil Donahue, he was kind of before my time. But yeah, really well-known show. And it's interesting to see today's guest and what he looked like back then. And from watching that video myself, I can tell you that one place where I do need to give this guest credit is with consistency. Now, does every single the world is going to end sort of thing that he says will happen? Does that end up happening? That's up for you to determine. But, you know, he has been consistent on promoting his ideals for a smaller government and more he's returning. Keith Weinhold (00:04:59) - Guest. Let's meet him and discuss the silent depression. Are we on the verge of an economic depression known as a silent depression, where you're not aware of it? Today's guest has pointed out that during the 1930s Great Depression, the average home cost just three times the average income, but today it costs about eight times as much. The average car costs about 46% of a year's earnings back then. Today, it eats up about 85% of the annual average wage. Rent, which previously claimed just 16% of yearly income, now demands an astounding 42%. So by these metrics and others, you might wonder if the average person is actually in a worse position than during
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