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Thank you so much.

Thank you so much. Welcome back to Real Vision. I'm Ash Bennington. Today, I have the pleasure of speaking with

Warren Pyes, founder of 314 research. Warren, it's great to have you with us. There's no shortage of

topics to talk about. And what a moment to have you on during a report recently crossed my desk

that you've written called Twilight of the Empire. It's a sobering title. The report underneath

it is sobering. Big picture, 50,000 foot view. Where are we right now?

Well, yeah, it's great to be back. And it is a, I mean, these are the times you live for in markets.

Big picture, where are we? I think, look, whether you want to technically call this a bear market or not, I'm just going to say, this is basically a bare market at the lows. And we're in one of those moments where the fears are

existential. It's not cyclical. It's not about, is this going to be a downturn? Yes, that's part

of it. Will we have a recession? Yes, that's part of it. But the overarching

concerns center around the structure of the global financial system and how the United States

fits into that and all these assets. And so we've been picking up on just a very odd cross-asset

flows and behaviors, which tell us that there's a lot of existential and

structural concerns in the background here.

Yeah, I'm going to read just from the Wall Street Journal that set it up this morning with

some of these statistics here.

So Monday, the Dow lost a thousand points.

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