Wake up, everyone. It's time for the Steve Noble Show, where biblical Christianity meets the everyday issues of life in your home, at work, and even in politics. Steve is an ordinary man who believes in an extraordinary God, and on his show there's plenty of grace and lots of truth, but no sacred cows. Call Steve now at 866-34-TRUTH.
That's 866-34-TRUTH. Or check him out online at thestevenobleshow.com. And now, here's your host, Steve Noble. Welcome back, everybody.
Merry Christmas. Hope you had a great weekend. A special shout-out to my friend Michelle Woodhouse, who is in for fill-in Friday. So she comes to Raleigh once a month, so we just decided that she would take the show one Friday every month. She does a great job. She's a lot of fun.
She's well-connected. She knows what she's talking about, so that was a blessing and really cool on last Friday, so we appreciate that. And make sure if you didn't catch that, that was three incredible women of God that are out there in the culture, making a difference, plus Michelle as the host.
So you should make sure you check that out on the podcast, or you can check it out on Facebook or Rumble from last Friday. But I hope you had a good weekend, and you're probably somewhere in the midst of your Christmas preparations, so that's good. And have you noticed that Christmas this year might cost you a little bit more than it did last year, or perhaps you're just going to buy less, and so we're all dealing with the realities of a not-so-great economic world that we live in right now. And so it being Monday, December 5th, the first Monday of December, our good friend David Fisher from Landmark Capital, landmarkgold.com, is with us for the full show. David, how are you? Merry Christmas.
Merry Christmas, early Steve. I'm doing great, and it's fun to see you video to video, and now you're seeing our new offices. Yeah, which is cool. And now you've got a view, because before you were on the first floor, all you could see was the parking lot. Yeah, so I daydream all day long now.
I can't get anywhere. Actually, I didn't really notice that there's windows there anymore, because I'm always focused on either my phone or the computer, which is in front of me, my screens. But yeah, the view is actually nice. We're called Midtown Phoenix, which is different from downtown, which is the high, high rise. The building is like 23 or 24 floors. We're on the sixth floor. Great view. Everybody has a window. Compared to where we were when you first met us seven years ago, we were halfway below ground, like in a dungeon.
Nobody had any windows except for me, and I had like a three by five window, which looked out into the gravel of the landscape. Yeah, that's a great upgrade. Let there be light. Absolutely.
So congratulations, guys. Is it hard living in Arizona, living there in Phoenix, David, to get into the Christmas spirit? I mean, this is the I don't remember living deep south when I was a little kid. But in Raleigh, you know, we'll get we'll get some snow flurries and we'll get a little little cold weather. But obviously in Phoenix, you don't. So how do you get into the Christmas spirit down there in the warm weather world?
So as the scripture says, as a man, think is so easy. So you get kind of not I came from the cold weather north of Seattle. It snowed where we are at most, not every year, but almost every year. But you had the change of seasons.
And so that was like the indicator. Oh, Christmas is coming here. Oh, it dropped below 60 degrees.
And Christmas is getting ready to come. You know, we've had snow one day in 28 years. Wow. We had hail actually the other day.
So I guess you could call that a second day. Yeah. So you kind of have to like mentally. Yes. Prepare yourself when they start putting the ornaments on the city lights on the main streets. OK, Christmas is getting. Yeah, cool. Yeah. So a little a little decorating here and there. And that's great. Well, we've got a Merry Christmas to you and Marianne and everybody there on the team. So we've got a lot to cover today.
We'll start with something I'd never like to start with, but we'll do it anyway. The Fed. So Jerome Powell spoke out last Wednesday. So what did he say and what's what's gone on since then? So obviously, he cited inflation remains much too high is the words he said. And the central bank is likely to slow the pace of raising interest rates, which is going to start again. Of course, it's never stopped.
Yeah. Next month, December 13th and 14th is the next Fed announcement of an interest rate hike. But he said will continue to push rates higher and probably farther than initially planned.
That's what they said in September. He said, quote, it will take substantially more evidence to give comfort that inflation is actually declining by any standard inflation remains too high, end quote. He said, quote, despite some promising developments, he's referring to the CPI number, I think we have a long way to go. And it seems to me likely that the ultimate level of rates will need to be somewhat higher than they thought it was to be the time of September meeting, end quote.
So let me just interpret this. It's going to go higher than what they thought, which was close to 4.3% by the end of the year. And James Bullard, a Fed St. Louis president said three weeks ago, Steve, that they're going to raise rates, they should raise rates between five and 7%.
Ironically, Powell also said this was a startling fact for me. Core inflation, in other words, strip away all the outside things, look at food, energy and housing, which is the core inflation, that's at 5% currently, he said last week. And it's the same number when the interest rates a year ago was at.25%, which tells us that raising rates hasn't really that much affected the core inflationary environment. So, you know, that's what's happening. We've had four consecutive what you call jumbo rates,.75% in a row. And now they're thinking that we're going to have a half of a point in December, half a point in February.
But this is the time of moderating. The markets took this as, hey, great news. The Fed is going to pivot. I'm looking at last week, Tuesday and Wednesday in the red, and then Wednesday afternoon after Jerome Powell was done, boom, up it goes Wednesday, Thursday, Friday. So, you know, thinking that the Fed is going to pivot, which means they're going to lower interest rates. But the Fed gave no indication that they're going to pivot. In fact, many people ask me, Steve, they call in our company from your show and many other shows, they ask, why is the Fed even raising rates? I don't quite understand it.
Just talk about that for a second. Higher interest rates, which are influenced by the central bank, the Fed, what it does is it cools down the economy by making the cost of borrowing more expensive. For both the consumer, if they're going to apply for a new loan or they have credit card debt or something where the interest rate is going to fluctuate going up, that costs more to service that debt. Or the commercial side, which is the manufacturing side, the business side, if the consumer spends less money, that means businesses are receiving less money, that means businesses are scaling back.
That means we're going to go into a recession, they recede, they pull back in, and that's why the Fed is raising rates to get the consumer to try to get it under control. You got it. We're talking to David Fisher, a full Money Monday. We'll be right back. Welcome back.
It's Steve Noble, The Steve Noble Show. Merry Christmas to you and yours. I hope this is going to be a wonderful month for you. By the way, and I'm going to jump back to David here in just a second, I just wanted to encourage you with something that I found out last week that Biola University, a great Christian school out in California, does something called the Advent Project. They have these great daily devotionals that include a lot of different elements, and it's really, really well done. So if you just Google the Advent Project, I'll put it up on Facebook Live here in a second, the Advent Project by Biola University.
That's B-I-O-L-A. I think you'll be greatly blessed. It's really helping me to kind of put aside some of the noise and the busyness of the month and just sink back into the Advent season as we anticipate what the Lord did in the Incarnation way back when.
But that's something I want you to check out, the Advent Project. You can just Google that, but I'll put a link up here on Facebook Live. In just a minute, it is the first Monday of December. We're done Monday, December 5th, so our good friend David Fisher is back with us, landmarkgold.com, as always. To do a full Money Monday, and we were talking about Fed Chairman David last week, Jerome Powell, and then we got this little three-day spike in the markets. And then today, of course, they're down again, today down almost 500 points, 482 points in the Dow. But then last Friday, he had a jobs report.
So what was the deal with that? So the jobs report came out better than what they thought. The analysts or job economists were expecting 200,000 jobs to be added, and the total increase in employment was 263,000, significantly better. So let's put the pieces of the puzzle together, and why did the market go down when this is good news?
Right. You think we'd go, okay, good, more people got jobs in that report. So if more jobs come, that means more people get more revenue, that means they spend more, that means the economy is going to get hotter. That's opposite what the Fed wants. The Fed wants to cool the economy down because it's inflated, it's overpriced.
Prices of things are too high in value where they should be. So the market had this great report. The market said, okay, well, maybe the Fed is right, maybe they're still going to need to raise rates. And this report comes out and says, unemployment is great, it's still at 3.7%. It's a strong data that gives the Fed more reason to continue to raise interest rates to help cool inflation by slowing down the economy.
So after the strong jobs data, any signs of inflation is still hotter than expected, could cast the doubt that the Fed's on a slowdown. And so that's why the market said, okay, we should not anticipate a pivot. This proves there is no pivot right now. And stocks fell immediately in the report.
NASDAQ plunged 2.2%, the Dow fell 1.1%. So some takeaways from that is that investors shouldn't expect, and this is what they've been expecting, just about every time the Fed opens its mouth to say something, they expect a pivot. I think I might have mentioned this on your program or another radio station. This is like you're driving to a place, a destination that's a couple hours or so or longer. And you have little kids in the backseat and your kids are saying, Daddy, are we there yet? Are we there yet? Are we there yet?
Every time they pass this milepost or something they recognize, they're saying, okay, we must be getting close. And so every time some good report comes out, the kids in the backseat, Wall Street, thinks that we're arrived. We're going to pivot. And they're done raising rates.
Right. And then we're going to start lowering rates, which is going to spur the economy and up goes the market and yada, yada, yada. But the thing that you and I were talking about this on the break and everybody were talking to David Fisher.
It's a full money Monday today with David from Landmark Capital, landmarkgold.com. But the thing to remember is that good brokers, good money managers around the country and around the world, what they want is movement, up or down, right or left. What they want is movement. And the bigger, the better, because that's how they make money. So we have to remember that their number one goal is not necessarily to make you money unless you have somebody that's got a fiduciary responsibility to you. But you've got to remember that, that their job, their number one focus is in making themselves money.
So that's why I'm always, when I listen to all that and the reports coming out and articles that I read, I'm always like, yeah, yeah, I know what your motivation is. So again, a healthy dose of cynicism and lack of trusting I think is a pretty healthy thing these days. Like I was saying at the break, your cynicism is not that far off. I think it's probably more spot on because you did describe how Wall Street operates.
And it's not, I'm not throwing stones at them with you. I'm just saying that is the makeup of Wall Street. So they want movements in the market. So let's take a look at this last year. I mean, we're still down significantly. The Dow is down over 5%. The S&P is down almost 15%. The NASDAQ is down 27% year to year or thereabouts. So it's not been a good year for Wall Street. But if you're able to look into the, you know, a crystal ball, and I hate to use that term, and I use it very loosely in the fact of saying, looking at January 1, if we could time these swings up and down every day, once a week, once a month, you would have made a lot of money.
And that's what they do. That's where they get paid these big bonuses, hedge fund managers. But for the common person, that's nearly impossible at the time. And that's why the big swings that were years are now weeks, days, and possibly months at best. So that's where this year, if you've not been able to time the market, that's why I say don't trade your own portfolio. And if you have somebody like TJ or Steve, who has the ability to do that, most brokers don't do that.
Even if they do have fiduciary responsibilities, they don't have the ability to do that. So that's why it's really difficult to make money in this market. But the big boys this last week have said this.
Here's some headlines. Stock market will get worse in 2023, retesting lows before it gets better. JP Morgan said that. Morgan Stanley, Mike Wilson, the guy who's been number one, said, wild ride. Morgan Stanley, Mike Wilson predicts double digit percentage drop and will hit stocks in early 2023.
Stock market will drop another 40% as severe stagflationary debt crisis hits an over-leveraged global economy. That's a lot of words. Norell Norebini said that. And he also said, high debts and stagflation will set the state for the mother of all financial crisis.
And last one, Mark Spiegel, and these are just five or six off the top that were easy to find. Stocks have considerably more downside and commodities have a brand new tailwind going into 2023. Yeah, which is interesting, which we'll continue to talk about. But yeah, going into 2023, and everybody, I think one of our questions, David, is, wow, this year, obviously we've had inflation. Could next year look even worse, where we've been hovering around 8% for several months now, 8% year to year, so we go back 12 months versus today, prices today are 8% higher than they were 12 months ago. That's how you understand that.
But going into 2023, I guess it sounds like it could actually be worse than that. Or am I misreading it? No, you're not misreading it because even though the interest rate, what you call the CPI, not the interest rate, the CPI number, the inflationary index has come down from 8.3% to now 7.7%, which is good news. But it's not done enough to tame inflation evidenced by the core inflation still at 5% when interest rates at a quarter of a percent a year ago were at 5%. So this confirms no pivot coming, this confirms what Powell said, we're going to have to have elevated rates, and all the Fed presidents have said we're going to have to have elevated rates for quite some time. What does that mean? Well, hold that thought.
Yeah, buckle up because next year is not going to be pretty. This is Steve Noble with David Fisher. We'll be right back. Welcome back.
It's Steve Noble, The Steve Noble Show. Great to be with you. Merry Christmas to you and yours. It's Monday, December 5th, the first Monday of December.
I love this month, which is why we're spending the full show today with our good friend David Fisher from Landmark Capital, landmarkgold.com is the website as always. And one of the things that I just want to challenge everybody, whoa, where'd that come from? One of the things I just want to challenge everybody with as you see things going on in the news, whether it's cultural issues, political issues, or financial issues, this is just a reminder from and I know David would echo this with me to question whether your home is built on the rock or on sand.
OK, you have to question that. And by that, I'm not talking about the foundation underneath the house on whatever street you happen to live in right now or the apartment building or the condo, whatever the case may be. I'm talking about your your soul, your spirit, your actual eternal life and what foundation is it built on?
If it's built on the rock, that would be Jesus Christ. And these things are troubling. These things are difficult.
The Bible talks about money and possessions as a subject more than it talks about any other single subject throughout the Old and the New Testament for a good reason. And and it can really cause a lot of stress. It's one of the number one stressors on marriage. Number one stressors on health is what's going on with your finances. But again, if you're rock, if you're rock, if your house is built on the rock of Jesus Christ, this is all temporary.
OK, and that's what we're supposed to be focusing on celebrating this month is the incarnation God coming down to rescue us in the form of a man who would live a perfect life and die to be the only propitiation that would pay the price for all of our garbage. And you've got to make sure your your life is built on that rock. And if it is rest easy.
We have troubled times now and financial challenges, which is why we talk to David on a regular basis. But it's temporary. And so ultimately, I can push away from the table and I go, praise the Lord.
This is temporary. One day it'll all be gone and nothing in its place except paradise and that forever and ever and ever. So please make sure that your house is built on the rock of Jesus Christ and not the sand of this world or your possessions. So I just just felt the spirit wanted me to talk about that. David, it's great to have you here.
Thanks for spending the time with us. You know, and I made the commitment at age 16, which was a long time ago. And you ever regretted that decision, David? Never.
No, not even. Not only that, there's not a cell in my body that regrets that. Amen.
That's right. I've had the most incredible life. I've had some so many miracles. I've had mountaintop experiences.
I've had a lot of valleys. But the Lord has never forsaken me nor left me. And it's been a joy to walk through each season of life. And the next season, I'm sure it's just going to be the same and all the seasons ahead of me because I get to experience eternal life here on earth. But I get to experience after I leave this earth. That's right. Exactly right.
And God just gets bigger and better all the time, regardless of whether you're on a mountaintop or you're in a valley. Well, I wanted to talk a little bit more, David, and amen to all of that about 2023. So why can we expect the recession to continue or a bigger one to arrive? And then I want to talk about something that's very alarming that you've brought up a couple weeks ago. We'll continue to ring this bell, which is the central bank talking about creating this digital currency, which they are doing.
But before we do that, help us to understand a little bit more what we can expect next year and why. So even though the market and stocks is receding, we're not in a historical recession. We're in a technical recession, which means two quarters of negative GDP. But the full-blown recession has not happened yet. But I think it's really almost already here.
They're just not officially announcing. But when we look at two things, the Treasury bills and we look at oil, those two things are a clear picture what a recession looks like. In fact, let's think of the Treasury market.
In fact, the bond market is the largest, most well-responsive indicator that tells us there is a recession. So think of the piano. And I play the piano and I have a grand piano in my home. And you've got these big, long strings called bass strings. And in the Treasury market, you have long-term notes, 20-year and 30-year. Those are long-term notes. At the end of the piano, the scale of the top end is called the treble end or the higher register. And those strings are short. And in the Treasury market, they're short times or duration, if you call it, of Treasury's four weeks, 13 weeks, 26 weeks, and one year or 52 weeks.
And then you have in the middle, in most music you hear, that's what you're hearing is the mids. And in Treasury notes, there's middle duration of time, which are two years, three years, five years, seven years, and ten years. But the two and the ten are the most sought after, or the most looked at range to see if we're going to have a recession. So if you take the, so longer term, 20, 30-year, 10-year, those interest rates are called a yield should be higher than a shorter term, a two-year or one-year or four-week.
Why? Because you're taking on debt longer, so you have more risk, so you should be paid more in return for it. And you get more benefit for loaning the government money for a longer period of time. Exactly.
Got it. So when this thing goes upside down, or they call it inverts, where a short term, a two-year, the interest rates becomes higher than the 10-year, that signals, hey, we're going to have a recession. Seven out of eight times, that signaled we're going to have a recession, historically. Today, the two-year is at 4.3%, the 10-year is at 3.6%, so there's almost three-quarters of the basis point of inversion, the difference between that. And that started on April 1st this year, when it first inverted. So six months to a year is historically when the recession happens after the inversion, which means April of next year, 2023, up to November is when the recession is going to start. And that's been true seven out of eight times, seven out of eight recessions. Yeah, so November, which we just passed, up through April of next year, which is at six to 12 months. Yeah, that means it's going to start. Starts there, right.
And recessions last 18 to 24 months, which tells us we're going to have a recession into 2025. So those that think, hey, we're getting out of the woods, we're just starting this thing. Yeah. Because you have to understand, there's blooms and there's a bust.
Sure. The tide goes in, the tide goes out. We breathe in, we breathe out.
We are born, we die. Everything runs in the cycle in the market. In recessions, boom and bust run in cycle two. We just don't like talking about the bust. Of course not. But the bust is just as real as the boom is.
Yeah, yeah. When you look at the two, the 10-year and the three months, those have inverted too, about the same. That's eight out of eight times it says we're having a recession. So these two indicators, plus when you look at oil, oil was over $120 a barrel.
It's at 77 now. It's receding. That's another indicator.
I could go indicator after indicator. The indicators are flashing red light. Recession is not possibly coming. It is coming and it's either a hard landing. Imagine we've all rode in planes where the wheels hit down hard or it's going to be a soft landing. Too many indicators are flashing red, which means more than likely we're going to have a harder landing than a softer landing.
I want to be pessimistic. It's just the environment that we're in and we have this central bank that has done something they've never done before. They have $9 trillion of debt on their balance sheet. They're getting rid of this debt. Who's going to buy it? We're going to get into a recession that's a financial calamity.
And that's what Norell Norebini was saying and many others. So just don't expect we're going to get out of this thing with no burns on us. Completely smell like smoke and there's going to be some burning of people's money, unfortunately. And maybe that's why they're introducing this, who knows, Fed digital currency.
Yeah, the digital currency. A lot of things are getting crazy. Well, before we jump into that, because I want to make sure we talk about that.
And then the World Gold Council has got a startling report you want to share there. But I know a lot of people listening to this right now and myself being one of them, David, is, okay, how do I prepare for this? We know it's going to get worse. How do we prepare for it?
What can we do? Well, if you heard our program, me saying this in December of last year, a year ago, I said, don't have 100% of your money in stocks. And if you followed and I said, get some gold. Yeah, diversify. Go to the sidelines, put a lot of money in cash right now, because here it looks like it's going to get bad. And I've been saying that message all throughout this year.
If you followed bits and pieces of that message and actually did that, you wouldn't be down 10% to 30% in your stock portfolio. I talk to so many people. They call me and they say, I can't believe how much I'm down this year. And I say, do you understand why? And so I put the piece of the puzzle together. That's where we're at. So if we're at the beginning of this, not the end, we might be at the end of rates getting raised higher at three quarters of a point, but we're not the end of raising rates. So if we're at the beginning of this and the Fed is saying so, it's going to be elevated for some time.
That's their exact verbiage. Then it's going to affect the market for some time. I suggest you sidetrack some of your money into cash. So you're not playing that rollercoaster unless you have a really good money manager that can play it. And if you do, then you wouldn't be down.
You'd be up. I haven't found one person that calls my company and says they're up in their statement year to date. Yeah, it's been very sobering to say the least. Well, you mentioned the central bank and the digital currency. Just crack that open.
We've got about 20 seconds and then we'll hit the break and then we'll come back. But again, I mentioned this earlier, this isn't the same as just going online and checking my account and that's quote-unquote digital. That's not what we're talking about here, right? No.
All right. Right now, we have what we call a fractional reserve system. For every $100,000 the Fed buys from the Treasury, which is a dead instrument, they can create 10 times more or a million dollars. That's the fractional reserve and you look in your bank.
But with the central bank digital currency, there is no limit. That's where it gets scary. We're going to pick it up there with David Fisher when we come back right after this. Welcome back, everybody. This is Steve Noble, The Steve Noble Show, a full Money Monday with our good friend David Fisher from Landmark Capital, landmarkgold.com. And David, again, thanks for being with us for the full hour today.
That was pretty funny. We were talking to David on the break. And by the way, if you want to be a part of those conversations that we continue to have during a commercial break, then you have to jump over to either Facebook Live or jump over to our live feed on Rumble.
Just look up The Steve Noble Show on either one of those platforms. Steve, didn't used to be on YouTube? Yeah, that's right. Correct terminology, used to. We got permanently banned from YouTube because you can only tell the truth so many times without paying a price. And so apparently we push their buttons one time too many. I don't care, whatever. God's in charge and I'm just trying to be faithful.
But you can jump on Facebook Live or Rumble and you can check it out that way as well. But we were talking I had never heard that quote before. David from Will Rogers, remind everybody what that one was, because this is considering what we're dealing with now with recession and how bad it's going to get next year.
This is a good one to remember from Will Rogers. I would rather have the return of my money than the return on my money. In other words, give me my money back. Put it in a place where I make sure it's there compared to all these things that say, hey, here's how much money you can make over here in crypto. Or here's how much money you can make in the stock market over here.
And so we were talking about on the break, you know, those that couldn't hear us, we were talking about a CD, a three-month CD. Yeah, Steve said that there's CDs out there in three months that are paying between 3.9% and 4.2%. Which is crazy, because that's like 12% or 13% annually, right? If I'm doing my math right. Yeah, 12% plus annually, when just what, two years ago it was, you couldn't even get a half a percent. That's crazy. So Steve was asking me in the break, those that are listening, what do you make of this?
And so I said, well, this is either one or two things. It tells us the Federal Reserve is going to raise rates a lot more higher than they are right now. Because the bank's not going to offer a 12 plus percent CD when they're borrowing money from the Fed at four and a half, maybe 5% if they get to 5%.
Yeah, makes no sense. We're at 4% now. The bank has a losing proposition. Or the other reason could be maybe the bank's upside down and they're leveraging their money, which is what caused 2008. Banks leveraging money brought the whole system down. Or maybe it could be a combination of those, that the rates are going to go higher. Banks are leveraging their money. And this confirms why I'm getting all these reports that we're headed for the biggest financial catastrophe in our lifetime.
And if we get into this high debt environment, which we are, government debt, personal debt, corporate debt, and we get into a leverage environment, boy, I can see why those facts will be true. You're confirming something here for me. So I'm going to look a little bit further into it.
I'll get some more details on that for you and send it over to you. Well, you mentioned the whole system. So tell us again, I want to make sure we keep ringing this bell about a central bank digital currency that doesn't sound so hot to me.
No. So it's an electronic cashless financial system. This is not what we have right now because I'm thinking, people are thinking, well, wait a second. If I have $100,000 in my bank account, the bank only has like 3%, maybe 4% of physical money on hand. But that's not a digital system. That is a fractional reserve system. Which means for every thousand, which every dollar that the Fed buys as debt, like a treasury bill, let's say they bought $100,000 treasury bill from the government to support the government spending. They can create 10 times more of that money. So now they create a million dollars from that and they put that in the banking system. Digital currency is not that. It's not tied to fractional reserve.
It is outside of that system is what my understanding from this study. And they're doing this 12-week pilot program, which, by the way, found out some more information that they released. They launched this on November 15th through what they call the New York Innovation Center.
I didn't even know there was such a thing. It's a division of the Federal Reserve. So the Federal Reserve Bank of New York through the New York Innovation Center is launching this digital currency and central banks are involved with this. It's going to affect what you call the wholesale side of the banking industry. The wholesale digital money is going to be in effect and the commercial digital money. In other words, your local bank is going to be involved in this.
And big banks like Wells Fargo, Bank of Mellon, probably JP Morgan, there's a handful of big banks. And they're testing this out to see if they can track freeze. They're going to track your purchases.
In fact, in this report, it actually says what they're trying to do. They're trying to track the behavior of American citizens to see what kind of purchases they're making, when they're making it through travel. In other words, are you going to apply first class or business? Are you going to fly or are you going to drive?
Are you going to go on a cruise ship or not? They're tracking our travel with this. They also are tracking our personal purchases. Are you buying electronics at Best Buy or whatever? And I'm not endorsing Best Buy. Yeah, whatever. Are you buying from Amazon and receiving things at home?
Are you going to the mall and buying? So this is a trackable thing and they're putting a timeline on it. We could just spend the rest of the time and a whole other hour on this, but look at this. Over the last 110 years of our financial system, since we've been backed by gold since 1913, and now we're no longer backed by gold since 1971, this is the next biggest change that we will ever have in my lifetime so far, compared to this is the equivalency of like going off a gold standard under Nixon, not having gold where you could go to the bank and turn your $20 bill in for a $20 gold coin. This is of that significance. This is the biggest change in our monetary system because we're going to go, if they go this route, which this is phase two, it's a three step phase. Phase one was the creation of it. Phase two is this, the testing of it. And phase three is the implementation of it. I assume they're going to implement it. If they tested it and it worked, and it's probably going to work, they're going to implement it. So that phase three is the implementation, which means, Scripture being fulfilled, a cashless society, which means we lose all our privacy. It's total control. And at the World Gold Council earlier this year, one zealous central banker clearly stated that the intent of central bank digital currency is to make it traceable, programmable, when you travel, how you travel, what you're eating, when you're eating, how you're consuming it.
It is the individual carbon footprint tracker is what he calls it. Yeah, which brings in, which we've mentioned before, I've talked about it on the show before, ESG and getting an ESG score about the environment and social issues and governance. And then they start being able to utilize, well, your ESG score isn't high enough because you're one of those wacky conservative Christians. And so you're not going to get the normal house loan rate if we give you a loan at all. You're going to get a higher one because we just don't think people like you are too good for society.
We don't want to help you. That's where all this goes. Total control. And you're mentioning all those things, David, about all that information that the government is collecting through a digital currency like that. Well, I'm sure they would never have any nefarious use of that kind of information, which is ridiculous. And again, as you mentioned, if you're even a decent low level end times student, you realize that we have to get to basically a cashless society of digital currency in order to control as much as we see under control in the scriptures. And so, you know, as I said to David Jeremiah years ago, it's all lining up nicely, isn't it? So if you imagine you have, you know, I keep using the $100,000, you know, if you have more or less than that, but whatever the number is in your bank account, think about what that is for a second. Those are hearing my voice.
And imagine them through the stroke of the keys. They're changing the value like that. And what can you do about it? Nothing. So the price of oil is no longer $4 a gallon. A gas is no longer $4. It's $7 or $8. A loaf of bread is not $2.
It's $10, $8. A pound of ground beef, I don't even know what a pound of ground beef even costs. But a steak, we bought a steak the other day at the grocery store. It was like $16 for a ribeye, bone-in ribeye. It's not a $16 steak anymore.
It's a $26 steak. That's where this is going through the stroke of the keys. And this is why, my friend, and this may sound self-serving, it's not.
I'll even go as far as saying if you don't do it through my company, and I think I'm worthy of your business, do it somewhere. Because get some money outside of the system in precious metals. So the question is, well, how do I turn that back in? You're going to use this digital currency. It's going to be forced down our throat. It's just you will have something outside of the system they don't know you have.
You're not doing anything illegal. You're just getting your money private. Which brings up this whole big movement or this big report from the World Gold Council, Steve, is that the biggest report I've ever seen in 28 years about central banks buying gold just came out. And central banks, this third quarter this year, bought more gold than any other quarter every year going back to the year 2000. That's 88 quarters of buying. This is the number one buying of gold by central banks up 300% from last year.
That tells you something. And in the relationship of an annual, it's 673 tons, which means every year going all the way back to 1967. It's a long time ago.
That's when I was born. This year, central banks bought more this year than any other year. Now, in 2005 and 2006 and 2007, they started buying gold aggressively more than significantly more in 2004, and it paid out why in 2008. And they're doing the same thing again. So this tells us something's getting ready to happen.
That's right. Maybe there's the change in this currency, but call my company, get some information, get the new bail-in report on why the present administration is wanting and gearing up by their actions, behaviors, and announcements to seize your money. Well, we'll definitely make sure we follow up on that next week.
The phone number is always 844-604-2575, 844-604-2575 or landmarkgold.com, as always. David, God bless you, my friend. Thanks for being here. We'll talk to you real soon. This is Steve Noble on The Steve Noble Show. God willing, I'll talk to you again real soon. And like my dad always used to say, ever forward.
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