Summary: When "Con"-fidence reigns, credit flows freely for years<br> Implosion occurs the second confidence is lost<br> Physical gold is immune to leveraged, systemic implosion<br> <br> <br> <br> The McAlvany Weekly Commentary<br> with David McAlvany and Kevin Orrick<br> <br> Remember LTCM, Bear Stearns, Lehman? You’d Better<br> March 30, 2021<br> <br> "Ultimately, a financial asset that is not on someone else’s list of assets and liabilities? It’s a rare thing. It’s a beautiful thing. Gold has long been that kind of asset, where the ownership merits— they speak for themselves, right? And they’re not the kind of merits that other financial products have. As chaos increases in the months ahead, I think these are simple qualities that will be back in high demand." — David McAlvany<br> <br> Kevin: Welcome to the McAlvany Weekly Commentary. I’m Kevin Orrick, along with David McAlvany. <br> <br> David, before we came into the studio, I literally got off the phone with the son of a client that I’ve had for over 30 years. He called and he was just looking— he’s owned gold. He’s looking at Bitcoin and he’s looking at other things that are rising quicker right now. He was saying, “Hey, should I be selling my gold and maybe going into the stock market right now or Bitcoin?” <br> <br> Since I knew his dad, and since I understood the legacy mindset that his dad had, I knew he had it too. We just had to talk again. So we drew the triangle. We talked about the place that gold has had, how you can pass, generationally, wealth from son to grandson to great grandson, and where speculation actually should be held in a portfolio. By the time we got done, he was so thankful to realign his thought process to what his dad had already taught him, which was legacy, looking for the future generations. <br> <br> Now, Dave, I set that up for this reason. We have so much leverage right now. We’re all, as a country and worldwide, running on massive debt. Isn’t debt taking the wealth from our kids, our grandkids, and our great-grandkids and moving it into today and using it today? Isn’t that the opposite of legacy?<br> <br> David: I think you’re right. I sat with a gentleman who is in the leadership at one of the local tribes. It was a fascinating conversation because he recounted how, in his family, he knows seven generations that came before him, their names, their stories. What a storyteller he is, an absolutely fabulous storyteller. His stories were about the past, but every decision that he makes is about the stories that will be told about him, about his generation in the next seven generations.<br> <br> Kevin: What an amazing thought process.<br> <br> David: It’s the seven that preceded and it’s the seven that come next. It’s a different way of managing the decisions that you have. It certainly takes focus off of self and personal needs and gratification. It positions you, in some respects, as we did in the book The Intentional Legacy, as a steward of resources in a particular timeline. You’re just one point in a longer timeline. And to manage those resources from the generations that came before for the generations that come next, that’s how we think, but that’s not how politicians think. It really is extraction for today, maximizing benefits for the immediate, with the priority being on political survival.<br> <br> Kevin: Well, I wonder if sometimes you get so far into debt that there’s no way out. We talked last week about Turkey and Erdogan and how the central banker that was brought in actually was stabilizing things. Erdogan obviously didn’t like that and fired him. Fortunately, he didn’t assassinate him like we’ve seen in the past, but he did fire him.<br> <br> David: Yeah. Not in Turkey’s past, but in other countries past, where—<br> <br> Kevin: Czechoslovakia?<br> <br> David: Exactly. Alois Rašín. Well,
