1:55:32 Jim Rickards and he wrote a book called the I think it's like the death of money or something I have not read the book But it was interesting to hear his take on the bricks. That's Brazil Russia India China and South Africa and the IMF. I think this was from Russia Today, which you need to know because there's always a slant. But the guy's an American and he's a money writer. He made a lot of sense. What they really want is what's called more voice. Voice is one of those jargon terms, but it means votes at the IMF. They want more votes. The votes of the IMF were set up in Bretton Woods in 1944. They've been changed a little bit over the years, but relative to the size of the economies, they're over-weighted towards Europe. In other words, China doesn't have as many votes as it should have based on the size of its economy. It's 10% of global GDP, but has nowhere near 10% of the votes of the IMF. Same thing with Brazil and the other countries you mentioned. So, they want more voice. The US has denied that. The US is not
1:56:29 agreed to that within the governance process of the IMF. But the US is trying to keep everyone on their best behavior saying, you know, you've got to support the dollar. Actually, they want a stronger Chinese currency so they can cheapen the dollar, which is actually part of the currency war. So there's a standoff right now between what the US wants and what the BRICS want. And what the BRICS have done is they said, fine, if we don't get a larger voice in the IMF, we're going to create our own institutions. they'll have a sort of an IMF, a multilateral reserve fund lending fund just among the BRICS. The BRICS are building their own internet backbone, the BRICS are building up their own lending institutions, their own reserve funds, et cetera. And so the BRICS are saying, hey, IMF, treat us fairly or we'll go our own way and set up BRICS institutions. And I guarantee those institutions will not have the dollar as a reserve currency. So that's just another trend away from the dollar. And there are many others around the world. So what he's talking about is that
1:57:23 they had this big meeting coming up tomorrow, I think it's this weekend, Friday throughout the weekend, which is all the financial ministers of all the G20 and apparently, and obviously we didn't pass any reforms, not that I know of, unless that happens today. You're not getting pushed around by these clowns. So they might be starting their own networks. Now this will be fun. Yeah. Well, you know what's going to happen? Oh, rubalization, obviously. Well, I don't know. You can't rubalize China and obviously you're South America or Brazil. Well, before we talk about what is going to happen, let's listen to Rickard's take on what is going to happen. I thought this is interesting. There's no such thing as a strong national security with a weak currency. The two things don't go together. A strong country
1:58:07 has a strong currency. I've actually advised the Pentagon on this. I've said, you know, the day will come when your naval vessel, your cruiser, will pull up at a fuel depot and say Singapore, and you'll say, hey, fill it up with fuel, and the operator will say, sure, pay me in SDRs. In other words, they'll no longer accept dollars. And I said, for the first time, the U.S. will have a very expensive, forward-deployed military that we have to pay for in a currency that we don't print. If the US wants SDRs, it's going to have to earn them like any other country with a surplus in its balance of payments. And so this is a whole new world. We're moving in this direction. You mentioned the GCC. We talked a little bit about Russia and China and the BRICS, but the other threat comes from Saudi Arabia. For 45 years, Saudi Arabia has put a prop
1:58:48 under the dollar, under the petrodollar deal. And what they said was, and the rest of OPEC said, oil must be priced in dollars. So everybody needs oil, that means everyone needs dollars to pay for the oil. But what Saudi Arabia said is, look, we'll price oil in dollars, but you, the United States, guarantee our national security. Now the United States in December stabbed Saudi Arabia in the back, by having detente with Iran and making Iran the regional power. So Saudi Arabia, now that we're no longer defending them in effect, they have no further reason to support the dollar. So whether it's the BRICS, whether it's Saudi Arabia, whether it's financial warfare, the threats are everywhere. They're building up. They don't happen overnight, but it's just a matter of time. So this may be what really went down. And I'm not quite sure exactly, you know, we know Obama was just in Saudi Arabia trying to suck up to them because these guys are now in bed with the Chinese.
1:59:40 who have the RMB, that's how you pronounce it, RMB. Well, they could be rebelized. Yes, they could. Saudi Arabia is a real prime candidate for this, so this is not going to happen. And this guy, by the way, they use the example of an aircraft carrier pulling in and having to pay SDR for fuel, is very bull crap because these things are all nuclear powered and they run forever and they're not going to pull up anywhere and ask for fuel. So to even bring that idea up. I'm obviously playing these clips because he supports my thesis. I'm not, you know, obviously. But the Saudi thing I thought was very appropriate and who pushed the Iran thing? I know who was against it. I never thought I'd actually say maybe he had a point. But if you want to maintain the petrodollar and I kind of agree with what he's saying about the deal with the Saudis, you price in dollars will protect you.