Dawn J Bennett of Financial Myth Busting recently interviewed Chris Duane, the founder of Sons of Liberty Academy, U.S. Marine, venture capitalist that made him a self-made millionaire by age 30, as well as a YouTube sensation. He also wrote the book, “Thrivalist: How To Survive After The Collapse”. Duane doubled his wealth several times during the Great Recession. Dawn Bennett begins the interview by asking him about his backstory, as well as his strategy during the Great Recession.
“I was a part of a family business that was very successful, and I’m the second generation,” said Duane. “And I saw in 2005 that the economy was too good. I woke up very wealthy and wondered why things weren’t always this way, and it actually scared me. And it made me start questioning how things were so good. I mean, the property value of my house had doubled in three years, our sales were going through the roof, and I started to question that reality, and what I found scared me, saved me, and ultimately it made me a lot of money. I found that our entire economy is built off of debt, and that our money is actually debt, and it was a weird thing for me to have so much of it and have very little understanding of the very nature of our money, and this is something that your listeners have got to understand; every dollar that comes into existence is backed by a dollar’s worth of debt plus interest.”
Duane described the fact that the entire economy is backed by somebody else’s debt – from credit cards to treasury bonds to mortgage payments. When debt is created, money is created; when debt is paid off, money is destroyed which is why our federal government’s debt continues to rise. Debts continue to grow because our monetary base is growing.
Duane continued, “So I saw in 2005 that the only reason why the economy was doing well was because there were so many baby boomers taking out so many mortgages, buying all these investment properties—it was creating a lot of money and it was flowing through the economy, to the restaurants and businesses and through the regular economy. But I saw that it was unsustainable, because I saw that at some point, I couldn’t even afford to buy the house that I had bought four years ago, because the property prices had gone up so much, because everybody was doing it. And it was as a direct result of the Federal Reserve, which is a privately owned bank.”
“I recognized that things were growing too good, and I got out. I sold everything. I sold all my stocks, I sold my house, I sold my business. I got out, and I invested everything into gold and silver, because I just looked, and what else could I put it into? And trust me, none of my business partners or my family was happy that I did all this stuff, but it was the ultimate deciding factor in making me financially independent now.”
Dawn J Bennett brought up the fact that the Fed quietly revised their total U.S. debt from 330 percent to 350 percent of GDP and Chris Duane wasn’t surprised. “…the United States federal debt has been frozen since March at $18.2 trillion. We literally have had it frozen for months, and nothing seems to happen. And the reason why is because the people who do know profit off of it.”
Read the full interview between Dawn J Bennett and Chris Duane here: http://www.releasewire.com/press-releases/dawn-bennett-host-of-radio-show-financial-myth-busting-interviews-chris-duane-founder-of-sons-of-liberty-academy-and-author-638283.htm