joel wrote why the written one but he told me that he took it with train ride and took hours and hours and hours longer than expected but the bigger part of that is that they went to the station at the appointed hour and trade in their arrive several hours passed his dad got impatient started rattling cages very uncharacteristic for my father son and very patient individual we don't need to defend him today we'll let it go and eventually the train arrived but so i just. use a metaphor that. when opportunities come especially preparing for adversity it's a little bit like that you know something's coming sort of but when you go to actually prepare for it. to be there waiting a long time and a lot of times the thing you expect doesn't arrive when you think it will and so many people just sort of give up on it and that's true of both a positive for to me and also an opportunity to to avoid you know a crisis and when we're talking about missing that train if it's gone it's gone you

missed that train you know you could've waited for it you didn't you said this is never going to come but you miss that so what are the trends we don't want to miss right now we talked. well well you know i would say the old adage it's better you know fifteen minutes too early or fifteen years too early than fifteen seconds too late. and so we're seeing trends play out in the u.s. right now. unsettling trends that you know maybe don't give cause for a fight or flight. response either or certainly start looking at hedging your bets ok so what do you guys look at that you think seems really alarming because if you look at the day to day news hey we got g.d.p. revisions out today and g.d.p. looks a little better by the way the government calculates that it's three point one percent annualized for last quarter and consumers they look like they're going to spend like they did last year for christmas so what do you look at that picture that has

you concerned what's most alarming to me is that it's theater the u.s. is becoming theater and the fiscal cliff discussion as you point out in the beginning is a large statical performance belongs on broadway not here in washington it it's really irrelevant and so increasingly in the united states and the governments both national and local citizenry become obsessed with each other and with discussions about things about shaving one hundred billion dollars when we're when we're facing trillion dollar deficits. about. you know controlling this liberty or struck me down. regulation when we should be figuring out how to how to liberate. capitalistic enterprise yeah yeah so there is that the same thing that you look at all are there any other specific things that you think are concerning to you when you talk about that long term trajectory the u.s. is on shore well you know erick speaks about and it's quite correct i think to

speak about the theater that is engrossing the american population as they you know get fed these others to d.d. piece to. and on on and. employment index i'm a little more unsettled with what's going on behind that theater and the militarization of the police you know the rise of the police state that those kind of things that you know i mean there are trains that you don't want to see leaving the station. so much about certain civil liberties as it is about the economic condition of the u.s. and i mean can you really separate the two because we're talking about i mean can you really separate the two of your savings and being able to have the freedom to engage in enterprise right there they're linked absolutely ok with without question so then what is do you think that there are because you both spend time outside of the country i know you guys were just in nicaragua pretty nice i know joe i think you live in argentina right it was all business in nicaragua is that we'll get to

bounce later helpful back to. work ok we'll get to that later first i want to ask about argentina because argentina is somewhere both of you guys have you know some experience with in the u.s. the u.s. is an empire people in the u.s. have not experienced the kind of economic turmoil that they have somewhere like argentina where they went through a default is there a difference in people's approach to risk and perceived risk and their desire and willingness to hedge against it somewhere like argentina where they've experienced that kind of thing firsthand versus the u.s. where they can hear about what could possibly go wrong but they haven't experienced that kind of economic turmoil to that extent yeah you know i'd say i mean i i spent about five months of the year and argentina and you know the understanding of the cycles that tend to happen you know they tend to happen every sort of ten years where you know you get major currency blowups. that. seceded by the kind of

breakdowns and civil liberties that that we're talking about possibly. happening here in the u.s. . the people are very very aware of what's going on and so a lot of their enterprises are kind of forced underground into what's so that just dismissed if we turn the black market. but i think the u.s. can learn a lot by looking at places like argentina black market. never been what not down here saying don't know if. i would say that but from a from a governmental approach it's more of what you know not to do list if you will and you know i mean i think i've seen these things happen with predictability regularity enough that you know you stuff

and now they have investment grade rating compared to some of the pigs countries in europe which had investment grade ratings and now they're venturing into junk where they are at junk status so what do you think the takeaway is about that broadly and for the u.s. because let's remember the u.s. is the reserve currency it does have some different things going on here well there is a market economy is our nation's follows cycles they they are they are creatures that follow cycles and when we are in the middle of a of a boom cycle the u.s. enjoys a cult of two hundred year boom but it's still a cycle and so we aren't equipped or accustomed to dealing or doing ourselves as part of a cycle just any more than a twenty year old is used to think in terms of ok well at eighty i'm going to die or whatever you know they don't think that way we think well we're always going to

twenty we're always going to strong we're always going to great now and we're not and we're already in decline in my opinion. one thing that joe mentioned about about argentina when you have a country like argentina where the government. checks off the what not to do list the population the populace many of them anyway are it our understand the what to do list or how to prepare for these serial crises that come through every every ten or twenty years here in the u.s. you know who's prepared that's a great point people don't have that president they don't know what they should be doing what about some of the things that you've been writing about joe which are you're saying hey this state can go off this cliff i don't care what i'm interested in or are some of these peer to peer solutions we're seeing like kickstarter for investing in and enterprise for like big point for currency that stores value so what do you think are the lessons of these things that have started up and when you think the opportunity is there right well actually i do care very much about the

state going off the fiscal cliff i hope that. and does it because then the rest of us can get on with creating the kind of things you just mentioned and you know i chose three examples peer to peer examples. as the new frontier you know eric mentioned a two hundred year bull market here in. the united in and. it started out as the frontier you know the united states was the frontier it was when it was where paranoid people came you know for gold yeah and then they are here and some. but you know just because you're paranoid doesn't mean they're they're not. so this new frontier of you know peer to peer currency or crowdfunding. you know what have you this is where i

think people are actually going to be making a difference in the future and going to be are going to be fleeing to just quickly with something like that coin though when you don't have a government that can force taxation how does something like that have value and you just have thirty seconds to to really expound on that concept well i think it's value is very much. is very much rooted in the fact that it is beyond the reach of government in that it's a largely decentralized or entirely decentralized currency that is reliant on the integrity of individuals and i think we've seen the integrity of governmental officials and what they do with the currency so i think this is a pretty good alternative right now one thing we haven't talked about is how people in the u.s. could prepare our could diversify or could find some other economic opportunities when we get back we'll talk about nicaragua and some other examples of what people may do or are doing we'll have more of eric fry in many of the daily reckoning in just a moment also still ahead opec is not the only cartel in town opec of maple syrup

has been robbed that's right well discussed later in the exchange but first your closing market numbers. good leverage. to build. which doesn't sound anything. to teach creation why it should care about humans and. this is why you should care only. the be.

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took. divine power in action activate the chakras. i am just this for me it is we are under the control of those governing us if i were at the service of a space mafia i found that on that date the magnetic fields of the sun will be folks tend to their death will create a discipline that the stuff. after the second coming it will be a futile place it will receive its paradoxical glory. and it will be a beautiful place. full of the best. will stop this type of ammunition.

it's good business for us it's kind of like being a doctor you know there's a disaster businesses. better unfortunately. we speak your language not a day in. the music programs and documentaries and spanish matters to you breaking news a little eternity of angles couldn't stories. for you here. to enjoy it all teach spanish find out more visit.

all right let's go straight back with our guest eric bryan job a man of the daily reckoning because we're going to talk about some ways to possibly hedge your bets based on the risks that might be down the line for the u.s. one thing that they have both done is gone to nicaragua let's bring up a picture we've got one eric for i took this himself oh yeah that's where you go to had your rest that's what i'm talkin about. but in all seriousness guys what really is the opportunity nicaragua but. maybe nothing ok all right fair enough but that's not the worst thing it's number one thing it's not the worst thing that's true let's talk about some of the comparisons you've been writing about i'm ok if you want to talk about government debt and the u.s.

spent on an upward trajectory we can bring it up we've got what that looks like. as . they have a government debt as a percent of g.d.p. going straight up. and if you miss will show what's happened in the karada where it's been going down but what do you think is kind of the takeaway there well. it's just an example it's just a place it's a place though that is coming off of a very very low base came of the civil war twenty five years ago and. it is a rapidly growing economy now. it's moving in the constructive direction the u.s. is moving in the other direction so when you look at places around the world where you might possibly diversify not for flight purposes necessarily but just because here's an opportunity and here's what nicaraguan government debt as a percentage of g.d.p. has done it's gone down when you look at the two countries do you think there's anything to glean from that trend and one becoming more indebted and one becoming less so in terms of their trajectory one datapoint i was to you rob. the two

countries you can see very opposite trends unemployment is growth is robust in the garage it is up in the united states. crime stats are dramatically improving in the garage there. you know so so here in the u.s. . personal liberties i mean any comparison i look at are improving in the almost everyone and they're not including here so if you look around you say ok well the world is not static never has been this dynamic and dynamic means it changes sometimes better sometimes worse well i don't want to be on the side of something that's getting worse if i can identify so i mean it's getting better so here's an example and it's getting better but it's a tiny country right tiny country one of the poorest in the western hemisphere across america to the united states which is one of the wealthiest nation but very different dynamics that can bring up unemployment just so we can see people shop

our audience what has happened with us unemployment rolling five year change versus nicaraguan so you know if you look at that tail end there it's been on the ascent in nicaragua and down in the u.s. i know that you're saying this is an example is this just the dynamic though of a developing nation that is going to coming from a very low bar and so it's beginning to grow and and not sort of thing versus a developed country that has had a crisis and already has developed yeah that's exactly correct you know exactly correct and as i observed in something i wrote nicaragua is also too poor to hassle you so person liberty standpoint they don't they don't have the resources to set up exhaustive agencies and invasive agencies and many many different ways to to control what you do so that's sometimes good sometimes bad that things like that be right up your alley joel you know well that's that's a lot of bonus of an impotent government and this. you know. i mentioned

a little while ago i think. this show i learned just an anecdote in argentina where you know governmental infrastructure is a really breaking down and. you know people are finding immediate workarounds to it so much so that. cousin checkpoints for example if the lines too long they rush the line you know there is no standing there you know waiting for your radiation boss and for some moron to frisk you and your grandma and your kids right which is the you know hyperactive government that we see here in the u.s. i think that's something to avoid if at all possible right so when you when you talk about the lesson of nicaragua or or any other lessons what do you really think people should take away in terms of what they could or should be doing if they're wanting to prepare for you know economic headwinds and the less well one thing i would say is like i don't want to give the impression that ok nicaragua is some

sort of paradise nirvana i know it's a dirt poor country with with a lot of problems. but as a as a template for something that investors should consider or in visual should consider it's a small government country with tremendous opportunity tremendous natural resources . tremendous dynamism and in many many areas we are a large government country that whose government is intent on constricting. the ability. so put it on a scale i mean i'd rather have the poor country that is liberating its spirits and you know how do you want to do that well we're going to identify the description eric was giving of nicaragua there well admittedly no obama is is one of the market and.

maybe it would be very very difficult to first see that right that's a different train that is the egyptian try to and we come full circle back to the egyptian they're a go egyptian train you may be waiting that thing you have missed your opportunity gentlemen thank you so much for being on the show i really appreciate all of your insights. got to try and figure out a way to hit nicaragua at some point my lifetime it looks beautiful if you have not been patient both in the country and enjoy life you know we can you know fashion a makeshift studio down a not too much trouble i like it i like it alright alright thanks so much you guys that you.

are let's wrap up with loose change dimitri with a pickle cliff negotiations continuing one thing that we hear about relentlessly is taxing the rich. the rich pay as a percentage of their income less than the middle class does we have a tax system that needs entire over a home and he made clear that the rich must pay their fair share meeting taxes will go up to the top two percent who would talk with no one talk about reform just tax the rich more ok well a new study is being written about today it came out of germany and some economists found that there is a correlation between higher taxes and higher life satisfaction or third ject of well being from what i understand the dimitri they kind of try to weigh trying to

find a way to make income. not a factor so just generally like taxation was correlated with better well being but some of the things within a study that i was reading where that the lower percentage on the lower scale of income they were happier paying taxes because they get more out of their taxes in terms of services so what it was the people in the middle lower the lower income it leaves the people in the middle of the most unhappy as it was well it's not really broken down like that they tried to figure out a way to kind of make it unusual for those things so that wasn't a factor but then when you read through the report it has like kind of little anecdotes that are hard to totally understand because it's in parable research and very you know economics sounds stupid it's a waste this is a waste of money was a psych was this government funded by no you know what i'm not sure where they get the money i mean why do we need to sort of to know those so that people can paraded around and say see look people don't like having art they're happier with the dumbest thing they were obviously no one likes paying taxes nobody no matter how much they make no one likes paying taxes and people are particularly satisfied with

the services that they're getting for it too so yes this this study is a waste of money i hope as was explained i don't know if it probably was it was like a self it was a derivative study it was a study that was value from its own its own its results and the most buyers thought ever this is wrong it was done in germany and not in the us there were articles on the rim of the. yeah it's getting a lot of play in the us where there is a tax to be going on but very different internal. who knows maybe let's leave it there because this story i really want to get to cartels like opec make news but here is one you would never expect. billion dollars of maple syrup over twenty million dollars worth of maple syrup was stolen from canada strategic reserves and back last summer. did you catch that she's talking about this strategic maple syrup reserves of course it is strategic reserves of maple syrup while they do you want to know why because this actually is

a legit cartel so can it actually does control most of the market for maple syrup so in order to influence the price so that it doesn't get too low they actually hoard this get it to the price that they want to be and so it's a cartel and from within like eighty million dollars worth of. it all it will be a knowledge of like a an energy crisis in the u.s. where like you make the top the strategic reserves yes well yes i don't like what you have a spike in maple syrup again aren't going to understand. what they're worried about is that the prices would be too low so the producers couldn't get as much money for maple syrup that they would want to get what is the strategic reserve there so they have a supply to throw into the market in the event of a price spike i think it's perhaps but what from what i was reading it was seeming like more they were storing more of it there when there was a glut of it so that prices didn't get too low well they're constantly keeping the prices high then they're creating a huge glut of maple syrup and eventually we're going to have is going to be feeding animals medical service of corn and we're going to another another health

crisis because we're going to matter you know if it would be a health crisis i think maple syrup is oftentimes part of those cleanses that people do part of it's true as part of the lemon clomid so maybe those things are amazing i've heard i haven't been i couldn't eat maple syrup reserve could be tapped into by the u.s. to actually the u.s. is you're overweight but i look on i want to see if they can realize marijuana in this country with very problem legalizing marijuana i have a hard time seeing them telling people go on healthy clones don't stop using pharmaceutical drugs and the thing is if they. did but immediately but i think that the fact that they got robbed i think they kind of had it coming because if they're really controlling the price and the market for me. i think that they kind of deserve to be robbed well i'd like to see what happened i mean did they really did was there or is there a spike in attendance i hop could be exploited i think i think they're just right around chicago will have to leave it there colorado time so thank you so much for watching be sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster you can like our facebook page there. you can watch

us on you tube or you can watch us on hulu and from everyone here thank you so much for watching come back tomorrow and have yourself a very great night. for . the show to be soon which brightened. from friends to pressure these. stunts on t.v. don't come. close to the. sun it's technology innovations all these developments around russia we've got the

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layouts to become the first. force pulled in the. morning news today violence is once again flared up. in these are the images the world has been seeing from the streets of canada. the giant corporations are all today. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other car.