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Chris Cuomo
There's something they're not telling you about what's coming in this economy. You want to talk about COVID ups? Forget about President Joe Biden's mental state and let's talk about your and my financial future. This is Chris Cuomo. Welcome to the Chris Cuomo Project. When it comes to tariffs, when it comes to small businesses, when it comes to being a consumer, when it comes to borrowing, we have no idea what's coming. I'm not trying to scare you. I'm trying to tell you it's an unknown. And we keep being told by the administration, but also by financial analysts and even in the media that we're kind of living this in real time. Like everything that's happening in the market is the extent. Extent of what everything means. And it's only the beginning. So what are we told? Tariffs, better deals, tariffs up, tariffs down, markets up, markets down. Like it's been resolved. Right. So whatever Trump did, the Trump trauma, right, made the markets go up, made the markets go down first, but then they came back up and now it's about even. So that's it, right? We. It's netted to neutral. Right. And there'll be some side stories about who made a fortune in the last couple of months of craziness. Right, of the volatility. I don't think that's the story. I don't even think it's close to what the story is. Yeah, it matters. Especially if they're members of Congress and they were making trades at opportune times during this stuff. That matters. Sure, sure. Corruption. But we don't know what these tariffs are going to mean. And I don't mean what Trump's going to do in the future. I'm going to say the future effect of what he's already done. And I don't mean it as a disaster scenario, but actions have consequences and this is what no one's talking about. So if you want to think about tariffs, get your mind out of the take off your politics hat, get out of the partisan mindset and really take off your now hat, okay? And put on your later hat. And here's why we don't know none of it has started yet. Look, here's the reality of what's happened in the economy, okay? Trump, in my opinion, identified a fundamental problem in America. Fundamental. Our politics. And by the way, how he got where he is is a beneficiary of fringe politics, magnified minorities, right. Yapping about trans athletes that are my size and have the same penis that I have or Some other fringe issue. Okay? That's what's dominating our politics. That's what's dominating the notion of populism that Trump came in on. I put it in quotes because I don't know that he's really a populist, to be honest. But I'll tell you what's a populist, populist issue. When Donald Trump said, hey, these pigs have been at the trough long enough, these corporate guys, these Wall street guys, it's time to let the workers eat a little bit more. Now you're talking about the issue that affects the common concerns of the majority in America. I don't like the idea of middle class. I don't. I don't like the nomenclature, the vernacular, the term. I don't like it. Why? Because the battle in our country isn't between the rich and the poor. It's between the rich and the regular. It's not between the rich and the poor. The poor are. And we have a better safety net than most in this country, and the rich are killing it. The fastest growing socioeconomic group in America is billionaires. Think about that. Think about that. So what's the battle? The battle is really between the rich and the regular. The majority. Right? The majority is lost out in the social media reality because it's all magnified. Minorities. The majority winds up just sitting back and listening or getting disaffected and watching and thinking. This is also strange. And it is strange because it's about little pockets of minorities that don't really vibe with you and don't reflect your reality of what you're worried about in your life with your family or yourself. And then Donald Trump puts his finger on it and says, we gotta do something about this. The majority, the jobs, the jobs of the future, where things are made. What price you pay to get access to the number one consumer market in the history of this marble third from the sun? You gotta give more than you're getting. We have to think about the benefits and burdens and how they're apportioned in terms of who gets access to our markets. I agree, 105 million percent. Great issue. How has he gone about it? Ah, that takes us into the episode and why. I'm going to need help explaining the eventualities. Trump's idea, the problem was well identified. His execution, his solution, his strategy, or lack thereof thereof, reveals his weakness, his strength and his weakness in one moment. Strength. Understanding where people are in the majority and what they want. Weakness, not a manager. So he does like the movie title that won Best picture a couple years ago, which I didn't understand. I thought it was a so so movie at best. But I also thought that about the Anora movie that just won Best Player. I thought it was so so movie at best and a lot of gratuitous sex in it.
Dr. Kirk Elliot
Again.
Chris Cuomo
Anyway, everything, everywhere, all at once, that movie that wound up being Trump's strategy on how to deal with trade tariff, everybody, everywhere, all at once a lot. That's what he did. Now what was the fundamental problem with it? Now you can blame me for saying, well, that's hindsight's 20 20. I said this when he did it and so did a lot of other people, which is why I said it, because I benefit from the perspective of better minds, right? And they told me this. Tariffs are two things. They're attacks and they're a tactic. Terrorists are two things. They're attacks and they're a tactic. Why? They attacks because they add to the price of things and they are a regressive tax. Meaning what? Meaning the less money you have, the more percentage of your high knee they're going to bite. Okay, why? Because the more money you have, less price sensitive you are. This item, this widget, as they say in the law when they're teaching you about business widgets or like these nondescript things made by a business that can be anything. A widget can be a car, it could be a cauliflower. A widget that costs a buck 50 or 250 doesn't matter to me, but it does matter to somebody who's living on the margins. You see what I'm saying? And most people are two, three paychecks at most from being broke. Okay? One medical crisis away, the savings rate in the country is very low. These are all real problems. So. So they're a regressive tax. They're also a tactic. Support comes from Prolon. Look, if you're like me, you're working hard, you're trying to figure out how to get ahead and you've absolutely been tempted by the idea of intermittent fasting. There's just one problem with the fasting thing. So you don't get any nutrition. So Prolon has found a way to give you the benefits without the detriment. And that is Prolon's five day fasting, mimicking diet. And what it does is works at the cellular level to rejuvenate you from the inside out, providing real results. But you also get to feed your body. And now they're upping their game with the new next gen five day program delivering the same science backed benefits, but it's cleaner, more convenient and tastes better for a limited time. You can be first in line to experience the new next gen at Special Savings Prolong is offering my listeners here at the Chris Cuomo project 15% off site wide plus a $40 bonus gift. All you gotta do is subscribe to their five day program. Just visit prolonlife.com Chris C. How do you spell that? P R O L O N l I f e.com pronounce Chris C. If you can't spell that, I can't help you. Then you can claim your 15% discount and your bonus gift. Prolon life.com Chrissy now this is the part of the analysis that I did understand early on. Why tariff the out of everybody before you knew, who was unwilling to come to the table, before you knew how much you had to pressure? That was my question and it remains my question. So he tariffs everybody a gazillion percent. Right. Then what happens? The markets tank. Why? Uncertainty. No strategy articulated right. And it's a tax, so it's going to make the cost structure go up and it's going to lower demand. So the markets freak out because they don't like uncertainty and they don't like increased prices unless there's offsetting demand. So the markets tank. The rich guys who he said had been at the trough too long come to him and say relax. And it just so happens that the guys who get his ear are donors of his, which bothers me again and makes me say he's not a populist. And he backs off the tariffs before he's even gotten any purchase on the new deals. So first of all, just from a straight strategic standpoint of leverage, how do you think I'm going to respond when I see that you've backed off because of internal pressure? Before I even ever said anything about the tariff, China hadn't even done anything yet and you're already moving the bar backwards. What does that tell me? What does that tell China? Right. Okay. So the tariffs start being played with 140%, 40%, 110%, 30%. Only on you. Sometimes on you. Maybe on you, but definitely on you. The markets go up and down with the volatility, Right. Trump's playing games. What does it yield in terms of deals? We do not know. Where did it settle? Well, not back at where it was before he did all this. And that's the key. So now you have to begin the analysis right there. Let's say the Number stays where it is, which is like it's going to be 30% on these people and 10% on it. Whatever the percentage is, it is more than it was before. Okay, so we now know that things are definitely going to cost more. When? Whenever. Some starting already, some maybe in a month, some maybe in three months. So what does that mean? It means that we don't know what the effect of this is going to be yet. The idea that it's over because the came back is nonsense. And it's watching the wrong street, not Wall Street, Main Street. Small businesses all over the country are increasingly panicking. Why? Here's what happened in response to the tariffs. What did smart business people do? Well, what do you think they did if they knew that things were going to get more expensive? What do you think they did? They bought as much as they could before the prices went up. As much as they could. So what did they do? They packed inventories. That's why we haven't seen things go down in terms of availability yet or being priced out of things yet. In fact, a couple of the prices went down. Why? Because they. They stocked up on a lot of it and they want to get rid of their shit right now. What does that mean for small businesses? Because small businesses can't do that the way big businesses do. They don't have the cash flow, they don't have the reserves to do that. Now they're getting priced out. And now supplies are starting to change because of the tariff structure and the price structure starting to change. So more and more small companies, which are the engines of our economy. Do you know that? Right? It's about. It's over half, but it's close to two out of three jobs that are made in this economy are made by small businesses, not big ones. You did. You should know that the entrepreneurial American dream is really still alive. Okay, until this. So what happens is these small businesses are getting pinched and it's happening right now. So how long can they sustain? How much of a price increase? What does that mean in terms of hiring? What does that mean in terms of pricing? These are all unknowns. And then you have the next wave. What does it mean to you and me and our ability to buy and our ability to borrow? What does it mean, especially in America where credit is such a part of our realities? You know, people don't have the kind of credit card debt that we all carry. Like it's no big deal here. People don't save at such a low rate because they borrow to buy the Way we do here. People don't have as much as we do here. See, that's where Trump was coming from, which I thought was crazy. For a guy who's about getting government out of your life to tell you of all people that you should have less. Why doesn't he tell the rich people like him that they should have less? Shit, why do you gotta have five houses? Why can't you just have two so that everybody else can own their own house? Oh, well, that's socialism. Oh, really? But telling me I can't have that much shit, I can only have one doll for my kid so that you can have five fucking houses? That's okay. Look, you're making choices. You're picking winners and losers. Either way you look at it, one is capitalism, one, socialism. No, I don't buy that shit. They're both choices. So we don't know what his moves are going to mean to us on two levels. One, as a consumer and as a borrower. Right? And as an investor, we don't know. We don't know what to do. And that is going to happen on two levels. One, the immediate market impact of what happens with our goods and services here in terms of availability and price structure. The second thing is, because of the pressure that Trump put on our allies and adversaries, there is now a new flurry of deal activity going on. So everybody's just thinking about us in China, but it's not just about us and China, it's about us and our allies. Our allies and China and China with people who are our allies but now may be open to doing business with China. This is all now up in the air because of Trump. Chaos is not necessarily progress. Okay, so you got, what is our deal going to be like with China? We don't know. But what is our deal with the UK going to be now? Well, they say we got some terms, but what is the UK doing with China now that they weren't doing before? What are they doing with other Southeast Southeast Asian companies and concerns in countries that they weren't doing before? Because the relationship with the US now has a question mark. Which of our allies who have very rich deals with us for our service economy? Amazon, Google, Apple, etc. 80% of our economy, our GDP is service industries. That doesn't mean hospitality, by the way. Everybody thinks it's like, what does that mean? Serving fast food? No, Amazon, Apple, Google, you know, these, these information technolog service companies. Anyway, we dominate that space, but we don't have to dominate it. They could make deals with other people. What if they do because they don't trust us the same way or because there's some prohibitions in our tariff structure? This is all in the mix now. What is it going to mean for us? We don't know. So anybody who tells you, as the president is right now, with his new ad campaign that just came out, that he fixed all these things and he's made things better? We don't know. I like that he attacked the difference between the rich and the regular, at least by speaking to it. But let me tell you, the tax cut that they're negotiating right now, Trump said, Bannon said they were going to tax people like me to make a real relief for the middle class. I hate that term. But for the many. But they're not. I'm getting another tax cut. And they say, you are, but you're not getting the one that I'm getting. And I don't know how that makes him a populist, and I don't know how any of the things that he's done, which absolutely raised prices. And they say people are going to absorb the companies are going to absorb the prices. Since when? Since when prices go up? How much they go up? I don't know, but they go up. And what does that mean? Where should I be putting my money? Should I be putting it in cash? Put it on the sidelines? But with inflation, my cash is getting less and less valuable. Right now, the treasury rates are good, but they just lowered America's bond rating so well. Now, what does that mean? Am I gonna lose money if I'm in government treasuries? I don't think so, but Moody's think so. A little bit more than they thought before. So where am I supposed to invest in crypto and people getting hacked all the time and the numbers are flying up and down? We have real questions that have been forced on us by Trump's moves. And look, I hope he makes better deals for the country. I hope he does. Why? Because I'm an American, not an American. I don't believe in having bad outcomes because I don't like the guy or the party that's in power. I don't believe in that. I believe we are a country first and that that is enough. I don't care who's in power. I want good things. And if that benefits who's in power, okay, as long as it benefits me, too, I don't care. So I wanted to get into this stuff and look at where we're headed and what that means about what our choices are in terms of what we decide to buy or we can't buy or how we buy it or what we do when we invest. And it turns out that one of the remedies to dealing with all this uncertainty is the going back to something that's tried and true. Google precious metals and commodities and see what's happening in those markets. Look what's happening with gold. You know, I used to, like, laugh, like, who? Who wants gold, man? Well, you know, it's like nobody uses gold anymore. Guess who uses it? World banks, countries, okay? Major corporate concerns. They all have stores of precious metals, and a lot of them hold oil, too. Did you know that support comes from Select Quote? Listen, if you're the head of a household, you got responsibilities. You got to take care of people. You have to have insurance that works for you. Now, the problem with insurance is that they're selling you all kinds of stuff. You're not sure whether you need it, and you're not sure whether you can afford it. That's where Select Quote becomes so valuable. Select Quote is one of America's leading brokers, okay? And nearly 40 years of insurance experience helping over 2 million customers find over $700 billion in coverage since 1985. All right, now, what's the difference? Look, most life insurance brokers, it's impersonal. It's one size fits all. May cost you more, cover you less. Select Quote is the opposite of all that. Everyone is a licensed insurance agent, okay, Work for you to tailor a policy for your individual needs. In as little as 15 minutes, get the right life insurance for you for less. @Select'.com Chris C. Go to SelectQuote.com Chris C. Today. SelectQuote.com Chris C. So not only am I following it, not only am I studying it, but I'm partnering up to get you better answers. And one of my partners is Dr. Kirk Elliot. Okay? Check out Kepm. Okay? That's his company. Precious metals are a big part of the discussion about what to do in uncertain times. Always had been, but they've been back. And it's interesting to me that the more people talk about crypto, the more precious metals are becoming parts of people's portfolios. Why? Why does that make sense given what's going on? And what about what's going on makes any sense at all? Dr. Kirk is a double PhD for a reason. Dr. Kirk is managing a ton of money for people and putting them in precious metals for a reason. So I wanted to get his take as A partner here to help us through this period in our collective history of what's happening and what we can do about it to put ourselves in a better position. So we do not know where this tariff stuff is going to take us up or down. We don't know and we're not going to know anytime soon because lagging indicators are real in economics and prices are going to go up. How much and on what we don't know, what do we do about it? Well, for how long? I don't know. What does it mean for paying for school? I don't know. What does it mean for whether it's a good time to buy a house and whether a bank will lend money? These are all question marks. So the deals that he's going to make are subject to deals that these same countries are making with each other and with other previous non trade partners because of what happened with Trump's tactics. Tariff is a tax and a tactic. What it yields, we don't know. The impact of what the process alone will be, we do not know as investors, as consumers, as citizens, we don't know. And often not knowing is the scariest thing. So hold on, let's keep curious, let's keep asking the right questions and let's hope we get better answers than we have today. Dr. Kirk, it is great to have you here as part of the Chris Cuomo project to help people understand what's going on and what they can do to take charge of their own families and their own well being financially. So talk to me about why you got into this space and why your company is designed to do what it's doing for the moment we're living.
Dr. Kirk Elliot
Well, it's been a long, long road. I've been doing this for almost 30 years. And you know, back in the day, I was just a stockbroker back in the late 90s and I, and I started sending some money over to this precious metals firm back in 2002. And the company I was with, the stock company, said you can't do that, you're selling away. It's like, wait a second, I'm not selling anything. We don't offer it. I'm just saying you should go over here. But that's the rules of the game even today, right? So, so I started, I went over to this firm because I'll always do what's right for the client and, but I have to always do what's right for the company I'm working for at the time too. Right? You have to have both. And if you don't have both. It's not a good fit. So I went to this company and, and push comes to shove and, and I'm, I'm watching, you know, Jim Cramer on cnbc, shouting and screaming and yelling. It's like, dude, he's on TV and yelling and people are listening to him. How can I get on TV? Right? So, so I ended up getting two PhDs, one in public policy administration, the second one in theology. And then it's just like the, the floodgates of impact and influence opened and became really, really big. Was just out there everywhere. And like all these distribution channels. But I noticed something in the precious metals industry, even way back then, and that is you've got a lot of shady characters out there, right? They overcharge. You see commercials all the time with some. Nothing against people with gray hair. I've got a gray beard. But like, you know what? Some, some old actor from the 70s has said, you should go to this company, because this is who I trust. Right? And it's like, no, yeah, we don't want overcharged stuff. Not all gold is good gold. Not all silver is good silver. Right? You don't want to overpay. So I wanted to change the way that the industry was done. Have accountability, 8% commission going in, 0%. When you liquidate, we'll watch it for free. And only, only, only do bullion that you don't overcharge for because that's the only way for a client to, to make money down the road is be in the right place at the right time. Don't overpay for your stuff. We wanted to change the way that the industry operated. And now decades later, and we're the largest firm in the industry, we do like a billion dollars here. We're really blessed company because we treat people like family. That's why we do what we do.
Chris Cuomo
Help me understand how you married a theology doctorate with investment strategy.
Dr. Kirk Elliot
Well, doesn't really correlate too much, does it? So. But, but in my life, it actually, it makes sense after the fact. Right. Hindsight is always great. So, so our, my personal philosophy is people over profit, which is why I've left firms in the past before we started our own. And, and we were really blessed and doing great. And if you can, what's theology? It's all about people and relationship and relationship, you know, vertical with God, where, you know, public policy, monetary policy. I did my first dissertation on central bank stuff. You know, monetary policy. Well, when you collect, connect theology with monetary policy, you get people over profit, if it's applied properly. So that's my personal philosophy and it's the philosophy of our firm as well.
Chris Cuomo
So when people are looking at how to deal with the uncertainty of the stock markets, they have two fundamental systemic restrictions. One is pace. Okay. And the second is knowledge basis. Okay. Or information basis. So help us understand why those things matter as much as they do. We just, we're living a moment now where the markets are up, the markets are down, and there's big swings and people are making fortunes and they're getting busted. And people are wondering, how am I going to compete with these algorithmic large block traders that move the markets? What are the realities for people these days when it comes to investing?
Dr. Kirk Elliot
Well, to me, you first have to look at the fundamentals rather than a chart, right? So a chart is basically all the different factors that go into society. The economy, the political realm, and that's. Those things make a chart look like a chart, right? So a chartist, if you're a technical trader, it's like, okay, this is a good time to get in. It's a good time to get out your momentum, trading, whatever. But it's always fundamentals, it's always legislative action, public policy, executive orders, administrative rulings that cause any investment to go up or down. I don't care if it's stocks, bonds, mutual funds, real estate, gold, silver, commodities in general, you name it. Every presidential administration has different policies. Once you understand those policies, you can act accordingly to do what every investor wants to do. This is all of our goals, is to buy low, sell high, while minimizing your risk and maximizing your return. Different, different policy initiatives cause different things to grow and different things to shrink. And this is what we help people navigate through, to actually be in the right place at the right time with safety. I mean, look, Chris said you can be in the right place at the right time and not understand why, and you're going to be stressed out of your melon, right? You're going to, you're not going to sleep well at night. It's going to affect your health. So when we take a holistic approach to all of this and we can help you be in the right place at the right time, but take the time to educate and help every single client understand why we're doing what we're doing now, when we've got both of those clicking at the same time, you can put your head down in the pillow at night, have peace knowing that you've done everything you can do. Given the economic, political, social landscape that we're living in to make sure that you're allocated properly, giving those times.
Chris Cuomo
So people look at who seems to be winning right now, and they're like, wait a minute, Cuomo and Dr. Kirk want me to look at gold and silver? I got to get crypto. I have to get all the new stuff where these guys are getting in and out and Robin Hood and memes and coins. I got to get all that. What do you say to people when they are looking at what seems to be shiny and new and you're going with one of the oldest asset classes there is?
Dr. Kirk Elliot
Well, I, I like crypto and I like tangible assets. I like gold and silver. And when you look at the two, it's like they actually are more related than what people would think. Right? Because why do people go into crypto? Why do people go into gold and silver? And it's because they don't trust the banking system, they don't trust the government, and they think, I want something that's safe, I want something that's out of the system. And you can look at decentralized blockchain and think, okay, this isn't central bank digital currency. This isn't some big non governmental organization ruling everything and looking at the source of funds and use of funds and everything that you spend and putting together a digital social profile and social credit score that could take you away from your money and divorce you from your bank account. Right. I mean, that's why people go into decentralized finance and cryptocurrency. Same reasons why people go into gold and silver as a private asset. Now, fundamentally, they're completely different. One's tangible, one you take delivery of. You have to store it in a depository, you take delivery of it at home, you store it in your ira. The other one's completely digital. So here's where, like, the personality makeup of a client is completely different. Most people, 55 plus, not all, but most, will say, I don't trust this digital stuff. I don't even know how to set up my coin wallet. What are you talking about? Where younger people might say, I don't like tangible assets. I understand crypto now. And there's a blend coming. And I think down the road, five years from now, Chris, we're going to probably have a world where paper money is a thing of the past. Right. It's like money created by central banks in paper form is probably going to be a thing of the past. So how do you navigate this chasm in people's minds of, well, I didn't trust the banking system before. Now that it's digital, I really don't. So I think moving forward, you're going to have this new concept of, of stability being like stablecoins, where it's a digital currency backed by a currency, or you could have a commoditized token, which is cryptocurrency, backed by physical gold or silver or real estate or anything. We're just moving into this world where central banking as we know it, I think, is going the way of the dodo bird. It's becoming a dinosaur. Because throughout the decades, ever since 1913, when the federal Reserve act came into play and the IRS became an entity, you know, we're looking at. We've. We've amassed a mountain of debt. A mountain of debt.
Chris Cuomo
How does that factor into Dr. Kirk's strategy when. When you, you know, because that's the talk of the time right now and, you know, old guy like me, I've watched this movie before. Politicians love talking about children being the future and having to relieve the burden of debt from the next generation, which really plays on a parent's heart chords, you know, when. On your heartstrings, you know, when they say to you, you don't want to dump this on your kids. Right? I mean, that is so what we are set up genetically and epigenetically to, you know, absolutely respond to, no, I don't want to do that. I'll do anything I have to. And then they start talking about the debt, but nobody ever does anything about it, right? Why? Because it means taking less. You know what I mean? Giving less to people. And it sounds great when it comes to cutting taxes, but then when people don't get those services, all of a sudden they get very pissy. So when you think about that debt and the debt service specifically, what does that mean as an opportunity for Dr. Kirk?
Dr. Kirk Elliot
Oh, it's, it's actually, it's a huge threat to most of society. But if you understand what that does, it's a huge opportunity because you can invest properly, right? There's one of the founding fathers that said, never, you know, take on more debt than can be paid off in the current generation. It's unfair to future generations. That's wisdom, but that's nothing that we've ever done. Because politicians like to vote largesse out of the treasury because they get votes that way. It feels good, right? So. So if you look at debt, for example, 1776, when we became a country, our debt was zero, right? We didn't have time yet to start spending like drunken sailors. No, no offense to drunken sailors, right, because we, we've actually done a number to our debt, right? So you fast forward all the way to 2010 when, when Obama became president, our national debt in like 240 years went from 0 to 11 trillion. In 240 years, from 2010 until now, 15 years later, basically we've amassed another 27 trillion. Took us 240 years to go from 0 to 11. 15 years to go from 11 to 27 to 37. We added 27 trillion. We're truly making drunken sailors look like school children. Right? So this massive amount of debt requires debt service. Our debt now cost a trillion dollars a year to service. It's like what, we bring in like $4.8 trillion a year. We're spending literally 20% of everything we bring in on debt service. This is unsustainable, right? So when you have unsustainability, it's going to cause politicians to print their way out of it. Because you can't just tax to the grave. I mean, you can try, but you ultimately run out of tax dollars. So they ultimately always go to the inflate or die scenario.
Chris Cuomo
Right?
Dr. Kirk Elliot
Well, let's tax and let's inflate the money supply because we have a printing press. This is the problem where we are now, and this is completely independent of any political party because it's been happening for decades or it's been happening since 1900.
Chris Cuomo
I appreciate you setting the table with me here and helping us understand where we are and what options people have and what they have to look out for. That's, that's the, the whole mission is to help people have information, have understanding, and make the best choices for themselves. And I am happy to partner with you in this pursuit, Dr. Kirk. And I look forward to doing a lot more of it.
Dr. Kirk Elliot
Well, it's great to partner with you too. I love your message of truth as well. And hopefully we can impact a lot of people.
Chris Cuomo
I think that's a given. That's, that's gold in the bank, as they say. That's gold. It's gold in the vault. Listen, times are uncertain, but that doesn't mean we can't get to a better place. You got to pay attention. You gotta be asking the right questions and you gotta be seeking information from places that know what they're talking about because they've been there before. That's my job, to bring you those voices and for you to process the information and do with it what's best for you. The questions are real. The approach we know, my brothers and sisters, let's get after it. Thank you for subscribing and following. Thank you for subscribing at the substack so that your questions and comments will get answered. The videos are for everybody. But if you want feedback, if you want to ask a question and get some answer, if you want to ask a question of somebody who I'm interviewing, you got to be a subscriber and remember what I'm using the money for to help people get long Covid treatment. All right. I'll see you on News Nation, 8p and 11p every weekday night. My brothers and sisters, thank you for giving News Nation a chance. We are the home for independent critical thinkers. See you soon, Ra.
The Chris Cuomo Project: Episode Summary – "The REAL Trump Economic Fallout Is Still Coming"
Release Date: May 27, 2025
In this insightful episode of The Chris Cuomo Project, host Chris Cuomo delves deep into the lingering economic repercussions of former President Donald Trump's tariff policies. Joined by financial expert Dr. Kirk Elliot, the conversation navigates the uncertain terrain of tariffs, market volatility, and investment strategies amidst ongoing economic instability. The discussion is enriched with expert analysis, personal insights, and actionable advice for listeners seeking to navigate these turbulent times.
Chris Cuomo opens the episode by highlighting the obscured truths behind the current economy, moving beyond superficial analyses of market fluctuations and political discourse. He emphasizes the unpredictability surrounding tariffs, small businesses, consumer behavior, and borrowing rates, asserting that the full impact of Trump's economic policies remains largely uncharted.
"I'm not trying to scare you. I'm trying to tell you it's an unknown." – Chris Cuomo [00:00]
Cuomo critiques the simplistic narrative that the Trump-era market volatility has neutralized, suggesting that this perspective overlooks deeper, more consequential outcomes. He underscores the significance of Congressional members potentially exploiting market fluctuations for personal gain, touching on themes of corruption and the broader implications of tariff policies.
Transitioning to a more analytical stance, Cuomo examines Trump's identification of fundamental political issues in America, contrasting them with what he perceives as the superficial focus of current political debates. He challenges the characterization of Trump as a populist, arguing that his policies, particularly tariffs, reflect a more nuanced approach aimed at addressing the imbalances between the wealthy and the "regular" majority.
"The battle in our country isn't between the rich and the poor. It's between the rich and the regular." – Chris Cuomo [06:01]
Cuomo critiques Trump’s tariff strategy as a blend of strength and weakness: strong in identifying and addressing core economic issues but weak in execution and strategic planning. He likens Trump's approach to the film "Everything Everywhere All At Once," suggesting a lack of coherent strategy that leads to market uncertainty and volatility.
The conversation shifts to the nature of tariffs as both an economic attack and a tactical maneuver. Cuomo explains tariffs' regressive impact, highlighting how they disproportionately affect lower-income individuals by increasing the cost of goods. He raises concerns about the long-term consequences of unpredictable tariff policies on small businesses and the broader economy.
"Tariffs are two things. They're attacks and they're a tactic." – Dr. Kirk Elliot [06:01]
Cuomo and Elliot delve into the immediate effects of tariffs on small businesses, noting how increased costs and supply chain disruptions are forcing these enterprises into precarious positions. Unlike larger corporations, small businesses lack the financial resilience to absorb rising costs, leading to reduced inventories, higher prices for consumers, and potential closures.
"More than half, but it's close to two out of three jobs that are made in this economy are made by small businesses." – Chris Cuomo [23:00]
The discussion extends to the potential ripple effects on consumer behavior and borrowing. With limited savings and increasing credit dependence, Americans face heightened financial strain, exacerbated by rising prices and uncertain economic policies. Cuomo questions the sustainability of current economic practices, particularly in the context of declining bond ratings and the volatile landscape of cryptocurrency investments.
"We do not know what the effect of this is going to be yet." – Chris Cuomo [20:30]
Transitioning to solutions, Cuomo introduces Dr. Kirk Elliot, a seasoned financial expert with a dual PhD in Public Policy Administration and Theology. Elliot shares his journey from a stockbroker to leading a premier precious metals firm, emphasizing his commitment to client-centric investment strategies over profit-driven motives.
"People over profit, which is why I've left firms in the past before we started our own." – Dr. Kirk Elliot [26:50]
Elliot discusses the merits of investing in precious metals like gold and silver as a hedge against economic instability and market volatility. He contrasts tangible assets with digital investments such as cryptocurrency, highlighting the inherent value and trust associated with physical commodities.
"Why do people go into crypto? Same reasons why people go into gold and silver as a private asset." – Dr. Kirk Elliot [31:05]
The duo explores the future of money, with Elliot predicting a shift away from traditional paper currency towards digital and commoditized forms backed by physical assets. This evolution underscores the necessity for diversified investment portfolios that balance both traditional and modern asset classes.
Addressing the looming threat of national debt, Eliott elucidates the unsustainable trajectory of the United States' financial obligations. He traces the explosion of debt from zero in 1776 to a staggering $37 trillion today, highlighting the annual cost of debt service that consumes a significant portion of federal revenues.
"Our debt now cost a trillion dollars a year to service... 20% of everything we bring in on debt service." – Dr. Kirk Elliot [34:59]
Elliot warns of the inevitable consequences of this debt, such as potential inflation and diminished trust in the banking system. He underscores the critical need for informed investment strategies that can withstand the pressures of a debt-laden economy, advocating for assets that retain value regardless of economic downturns.
In wrapping up, Cuomo reaffirms his commitment to providing listeners with truthful and actionable financial insights. He encourages a proactive approach to economic challenges, emphasizing the importance of seeking reliable information and making informed investment decisions.
"Times are uncertain, but that doesn't mean we can't get to a better place." – Chris Cuomo [37:42]
Elliot echoes this sentiment, advocating for a balanced investment strategy that marries traditional assets with emerging financial instruments to secure financial well-being amidst ongoing economic flux.
Final Thoughts
This episode of The Chris Cuomo Project serves as a crucial exploration of the unresolved economic challenges stemming from Trump's tariff policies. Through a candid and expert dialogue, listeners gain a comprehensive understanding of the multifaceted impacts on small businesses, investment strategies, and the national debt. The conversation between Cuomo and Elliot not only sheds light on pressing economic issues but also empowers listeners with knowledge to make informed financial decisions in an unpredictable economic landscape.