Hello, fellow rebel capitals, hope you're well.

So if you have been following the macroeconomic drama between myself and Mr Bob Murphy, you know that in, in fact, we've been going back and forth on this so much, I can't remember.

Oh, Bob did a paper refuting what I was saying with Brent, and then I did a video reacting to that saying why he was

wrong and now he has done a video pointing out why he thinks I was wrong. So now it's my turn to point out where Bob is wrong

about his analysis of where I was wrong. And the benefit you the viewer is you really get to have a better

understanding of the global monetary system and why does that matter? Because if you're a retail investor,

the number one question you should be asking yourself

is what's the dollar going to do against other currencies?

And just going back to what Brent and I are talking about the other day about not just the

yen carry trade but the carry trade. They're all carry trades at the end of the day.

That's what the GFC was all about. So to understand or have an idea of how the mechanics work is a huge

huge edge not just for a hedge fund manager or a professional but also maybe more so or the retail investor just the average Joe you guys watching this video

so that's one of the main reasons I go back and forth with Bob in public as opposed to just

you know give me a call on Zoom or something like

so anyway let's get over to Bob's reaction video and then I've got another one of my drawings for you guys you're gonna love this one of my super super

Super professional stick figure drawings but we've got Bob right here and

We're to fast forward to the 40, I actually wrote this down here. Let's do about the 42 minute mark because this is where Bob starts to

disagree. If you remember the last video I had three stick figures with

different balance sheets. As Bob would put it, one is net long, the dollar, one is a

wash and then one is short dollars, or net short.

So what that means is one person on their balance sheet

has dollar assets and we're just talking about cash here.

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