Bill discusses the events in Texas during the winter storm and why the weather was sigma level abnormal. The forecasts were wrong, and the infrastructure in Texas was not built for those temperatures. This was the worst storm in 150 years, but Bill says, “The financial storm that is coming is 100% obvious and certain. There is 280 trillion in debt and one quadrillion in derivatives outstanding, and neither will perform. What is a contract valued at that can’t perform; the answer is zero, and that is what you have in these markets. The debt tail of this dog is ten times larger than the dog itself.” Bill thinks the shutting down of the economy eased issues behind the scenes with the credit and repo markets. They took advantage of the situation to stall the inevitable. We see interest rates pressured higher, but the danger is in the excessive leverage, and they can’t allow rates to rise. If they move higher, the economy is finished, so they will choose to rig the system. All financial assets are in the most massive bubble in history. Eleven million homeowners are behind on their mortgages, and what happens when evictions resume. Silver remains undervalued, and the gold/silver ratio is well out of the historical range. Most of the silver is already spoken for, and therefore, we must be entering into a shortage. We’ve been heading in deficit for a while, particularly if you look at the metal supply-demand profile. Bill thinks more people are beginning to look at gold and silver as a haven. He doesn’t know if the Reddit movement will make a difference but has zero doubt that silver and gold will find their real value. At these prices, people are not selling their silver. Raise the price high enough, and some supply will return. Everything that you do and use relies on credit and what happens when that system stops functioning. The products and services the world depends on will disappear for a time.