Carol Roth, a “recovering” investment banker, discusses her newest bestseller, 'You Will Own Nothing'. Topics include World War F, writing for the underdog, social credit, useful idiots, cancel culture, ESG, Elon Musk, housing, institutional buying, and the macro picture.
The shifting global financial order and the potential risks and challenges it presents to individuals.
The concept of ESG and its impact on businesses and individuals, including the pressure to align with certain values and potential consequences for non-compliance.
The increasing role of institutional investors in the housing market, creating challenges for individuals who aspire to own a home and suggestions for addressing the issue.
Deep dives
The Shifting Global Financial Order
The podcast episode explores the concept of a shifting global financial order, highlighting how the US has held a dominant position in the global financial universe for about 80 years. However, signs of an unsustainable fiscal trajectory, unwieldy debt load, and the move for de-dollarization suggest that this order may be changing. The episode discusses the implications of this shift, including the potential risks and challenges it presents to individuals and the need to be proactive in understanding and adapting to the new financial landscape.
The Rise of ESG and Business Social Credit
The podcast delves into the concept of ESG (Environmental, Social, and Governance) and its impact on businesses and individuals. It emphasizes how ESG has become a way for businesses and individuals to virtue signal and push political and social agendas. The episode explores how ESG has evolved into a form of business social credit, where companies are pressured to prioritize certain values and face consequences if they don't align with the desired standards. The implications of this trend, including the potential for economic punishment and reduced shareholder rights, are discussed in detail.
The Institutional Takeover of the Housing Market
The podcast highlights the increasing role of institutional investors in the housing market, posing challenges for individuals who aspire to own a home. It discusses how Wall Street-backed companies have been buying up single-family homes, creating a shortage of supply and driving up prices. The episode raises concerns about the impact on middle and working-class Americans, who are finding it increasingly difficult to attain the American dream of homeownership. It suggests considerations for individuals, such as supporting limits on institutional buying and prioritizing ownership over renting.
The Perilous Macro Factors
The podcast explores the macro factors that pose risks to the US and its financial stability. It addresses the country's significant debt and unfunded liabilities, as well as the potential devaluation of the US dollar. The episode emphasizes the need for awareness and engagement in addressing these issues at the state and local levels. It urges individuals to diversify their portfolios, embrace tangible hard assets, and be prepared for potential financial crises or disruptions.
Taking Individual Action to Secure the American Dream
The podcast concludes by offering practical advice for individuals to protect and secure their version of the American dream. It suggests becoming informed about financial issues, getting involved at the state and local levels, copying the actions of the elites to safeguard wealth, and diversifying investments. Additionally, it encourages people to prepare for challenging scenarios by considering alternative means of exchange, building essential skills, and establishing connections within their communities.
Carol Roth, a “recovering” investment banker, financial television commentator, entrepreneur, and two-time New York Times best-selling author, joins Julia La Roche again for episode 95 to discuss her newest bestseller, "You Will Own Nothing."
Links:
You Will Own Nothing: https://www.carolroth.com/nothing/
Follow Carol Roth on Twitter: https://twitter.com/caroljsroth
0:00 Intro
1:00 World War F
4:19 Writing for the underdog
7:50 Social credit
13:50 Useful idiots
19:45 Cancel culture
21:55 ESG
27:00 Elon Musk
29:50 Housing
35:20 More institutions buying homes
39:30 Macro picture
44:40 What can the individual do to reclaim the ‘American Dream’?
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