Currency Wars Ignite as US Places Japan Back on Manipulator Watchlist: Gareth Soloway
The U.S. plan to put Japan back on the currency manipulator watch list underscores the significance of Japan dumping U.S. debt, says Gareth Soloway, Chief Market Strategist at VerifiedInvesting. He explains to Daniela Cambone how Japan’s move impacts interest rates, pushing them up artificially due to the excess supply in the market. “It actually could take control away from the Federal Reserve in terms of monetary policy. And that’s where things get really messy,” he warns. On gold, Soloway remains bullish long-term, noting that if key players in monetary supply are accumulating gold, it signals a crucial insight into the market’s future direction. “If the players that are creating the monetary supply are loading up on gold, it tells us everything we need to know,” he states. Watch the insightful interview to learn more about his views on the economy and other precious metals.
CHAPTERS:
00:00 Powell’s comment on the economy
2:58 Disconnect between the economy and government data
4:44 U.S. dollar
6:20 U.S. and Japan
8:05 Japan dumping the U.S. debt
9:04 Japan’s economy
11:29 Gold price
14:06 Gold retail investors sentiment
14:58 Silver
16:26 Palladium
17:26 Bitcoin
20:48 Solana
22:02 NVDA
25:16 Roaring Kitty “cult”
TRANSCRIPT FROM VIDEO:
00:06
Hi everyone, Daniela Cambone here from ITM Trading. I hope everyone’s enjoying our summer videos. We’re about to actually officially kick off our summer series with so many exclusive interviews. In fact, I’m about to head off to the Rick Rule show down in Boca Raton, Florida, where I’m gonna have some incredible interviews. But before I start packing my bags, I just wanted to take a second here to remind you and urge you if you have not to book a free.
00:35
strategy session with one of my colleagues over at ITM Trading. One of the reasons I came to ITM is because I’m fully aligned with their philosophy that education comes first. So if you are new to precious metals or maybe you already own precious metals as a wealth preservation but would like more information, then I urge you to book a calendly appointment. It’s free.
01:01
It’s great. It’s educational, informative. And like I always say, it’s actually even a lot of fun. You can find the link below in the video. So like I said, do that and then let me know how it went. You could shoot me a comment. Check out today’s video. Hi, Daniela Kamboni here for ITM Trading, a new location. We’re about to kick off our summer series and joining us today, Gareth Soloway.
01:29
Chief Market Strategist over at veri Gareth, always good to be back with you and your charts. Thank you so much. It is always good to be here with you. We always have great discussions, so looking forward to it. Oh yeah, and we have so much to unpack today. All this madness, I need you to help make sense of it all. Let’s start with the latest today. We had Fed Reserve Chair Jerome Powell speaking in Portugal.
01:58
saying he’s satisfied with the direction inflation is heading, but he needs to be more confident before he could start cutting those interest rates, Gareth. First of all, I want to get your thoughts on his comments, and then we’ll pivot and see what impact this will have on the economy.
02:15
in the short term. But first thoughts, are you surprised about what he’s seeing here? No, not really. He has to kind of toe the line, right? With stock markets at pretty much all-time highs, if he even gives an inch and says, hey, inflation is going to be here, we’re going to start cutting at this point, the markets would just go nuts to the upside. And I think that’s an inflationary pressure, right? The wealth effect that the stock market is creating, essentially. So he has to remain semi-hawkish, even though I think they will cut later this year, probably once at this point.
02:44
But I do expect more and more cuts in 2025, as I think the deflation side is now starting to look even more intriguing going into 2025. Mm, okay, so, you know, he’s gotta be looking at the overall economy here. I mean, do you think that he’s so disconnected with the everyday American, though, Gareth? Because I know you’ve been tracking credit card non-payment spiking.
03:09
Another signal that the US economy is struggling. Delinquency rates of over 90 days on credit cards jumped to its highest level since 2012. And 401K plans saw a 40% increase in hardship withdrawals. So your take on this and the Fed’s disconnect between what’s really affecting everyday Americans here. Yeah, and I think this is such a great point because with these numbers, and these numbers are just some of them, I mean, you can go into other data.
03:36
credit card loans you mentioned, but also auto loans. And what this shows us is you have these two different economies. You have an economy with people that have investments, a lot of investments. They’ve done remarkably well. That consumer is still spending. But then everyone else is really getting hurt with inflation. They’re not making the additional money in the stock market as the stock market’s gone higher. And it really is creating this kind of a divergence in an economy where…
04:01
there’s probably at least 50% of the country already feeling a pretty rough recession with the cost of housing, the cost of rents right now, and even the cost of insurance, I mean, car insurance, homeowners insurance, going through the roof, it honestly is killing people across the board. And so I do think that it’s one of those scenarios where the question is, well, what does the Fed do? How does the Fed handle this? And I think that’s one of the reasons why they have to stay so vigilant on inflation is that inflation is the more important one here.
04:29
versus the economic side. And what I mean by that is that inflation is what’s crushing the bottom 50% of this country, while the top 50 is just kind of yawning at the inflation side as they’re obviously making money in the stock market. So on that note, if you don’t mind, let’s pull up a chart. So you have the S&P, but let’s pull up a chart of the US dollar. No signs of slowing down anytime soon. And then maybe we’ll take a look at dollar yen, which broke out above its previous high.
04:58
But talk to me about what you see in the cards for the dollar here. Yeah, and so the dollar has remained very strong. If we look back in the January or December of 2023 period, we’ve actually seen the dollar trending higher for this entire year. And the key here is just understanding that the US dollar is versus all the other currencies, right? It’s a basket of currencies, including the euro, including the yen. And so the dollar is staying strong relative to those currencies, because those governments and those Federal Reserve banks.
05:27
they’re all already starting to cut rates. And we’ve seen Canada do it, we’ve seen the European Union start to do it. And that again, weakens their currencies, and therefore the dollar strengthens in response. So, you know, I think there’s a big misconception here that the dollar staying strong means US citizens have like more buying power. It doesn’t mean that it essentially just means versus other currencies, our currency is still kind of the cleanest shirt in a dirty laundry basket, if you will. Now looking at the chart, what I’m seeing here is that we are kind of getting sandwiched between
05:57
a resistance line as well as a support line. And I do think the jobs data this week will be instrumental in either this chart breaking up the dollar breaking out with stronger data. Or if it’s a little bit weaker on the jobs front this week, we might actually see it turn back down as expectations for the Fed to kind of catch up to the other central banks with cutting rates starts to kind of jump a little bit. Right, right, right. And talk to me if you don’t mind bringing up dollar yen, because like I said, it broke out above its previous high.
06:26
until the BOJ intervened and pushed it down. Talk to me about this relationship between US, Japan, and why the US basically is telling Japan, hey, we don’t want you to play in this currency war here. Yeah, and I think that’s such a big event here. So we saw the Japanese central bank intervene right here on the chart. It was looking to pop out of what we would call a channel, parallel lines that’s keeping the dollar yen within this zone. And they came right in and just slammed it back down.
06:56
The problem is it didn’t last. And now all of a sudden, we find ourselves at new recent highs with a potential upside target of this 163 to 164 level. And the kicker here is in what most people don’t understand, like this is a chart that you’re not hearing about on CNBC or Bloomberg very often. But the reason why it’s such a big deal is and the US just came out, I think it was last week and said, we’re going to put Japan on a list of potential
07:19
currency manipulators and the reason why it’s such a big deal to the US is because for the Japanese central bank to strengthen their currency they must dump US dollars and US debt on the open market and when you do that you cause issues over here, right? I mean everything in this world is so interconnected right now where Japan has 250 debt to GDP
07:39
And they’re the biggest holder of US debt. So they start dumping that and what ends up happening, interest rates here get artificially pushed up because of that excess supply on the market. Well, if the Fed is trying to keep interest rates in this zone, or even drop them, let’s say the US economy starts weakening, and they start dumping US debt, it actually could take control away from the Federal Reserve in terms of monetary policy. And that’s where things get really messy. If that does happen. Okay, if they start dumping debt, right?
08:08
And I know these are all hypotheticals, Gareth, but what do you think would be the USS game plan? How do they retaliate? Oh my goodness. Well, my guess unfortunately is that.
08:17
the Federal Reserve would have to eat up that debt and have to expand their balance sheet. And that way they would take it off without interest rates being negatively or inversely affected. And that’s the last thing if you’re looking at me and a lot of Americans, the last thing we need is the Federal Reserve balance sheet to expand exponentially again, like it has in the past, and the US debt, which we know where that is right now near $35 trillion. So you know, if they start unloading that it just means that we get in a worse position fiscally.
08:45
And the outcome of that, unfortunately, is there’s no good outcome. It’s an outcome where you print more dollars to pay down debt down the line, and essentially you debase your currency. I have to agree with you that it would become the Fed becoming the buyer of last resort. And like you say, could you could you imagine? Just another point on Japan, I want to get your take on where you sit on the fence here, because the economist had a glowing review of Japan’s economy in an article that just came out this week.
09:14
saying Japan’s economy has been defined by deflation, stagflation and fading global relevance. That is no longer the case. Between 91 and 2021, Japan’s annual inflation rate averaged 0.35%. Inflation has been above 2% every month since April, 2022. In March, the BOJ raised rates for the first time in 17 years, basically saying it seems that the last decades for Japan are over. But as you know, we have other experts, including our mutual friend, Michael Gaid, who is very bearish.
09:44
on Japan say the crash in Japan is coming. I know no one sees it, but he says it’s coming. Where do you sit on on Japan’s economy? How do you see it? Yeah, I mean, I think you’re in this sweet spot for Japan right now, because the the idea is that they’re starting to see that expansion in their economy again. But the problem is, it’s all built on this house of cars, right? You have 250% jet debt to GDP.
10:07
And my biggest concern is that we have so many different countries that are intertwined. Like we saw just recently, the instability in the political side of France. And basically, there was a big official there that was asked, could this cause a financial crisis with, with, you know, the debt in France being monumentally big as well. And he said, Yes, it absolutely could. And then you saw the EU coming out and saying, Hey, France, you need to get your debt under control. Why did they say that? Why do they care? Well, they’re part of the EU.
10:34
but also because it’s like a wildfire that can spread. And so if you see something start in France, it can very quickly spread to the rest of the European Union, which then can spread to Japan and then to the US. And it’s one of those things when you have this house of cards built on trillions, hundreds of trillions dollars of debt, there is a quick downfall that can occur when the dominoes start to go. And again, right now, we don’t have those dominoes going, but we’re slowly inching to it. So going back to Japan.
11:02
You’re in a scenario where, yeah, I mean, as long as everything stays perfectly normal, maybe they’re okay, but the odds of that happening at some point, whether it’s in a year, whether it’s in five years or 10 years, there will be a reckoning day for all of these countries that have jacked up all of this debt and are basically just riding high on this high of fiscal irresponsibility.
11:24
All right, on that note, let’s talk about something definitely more secure. And that’s the gold price. Garrett, if you don’t mind bringing up that chart, because I know last time we spoke, you said, look, 2400, 2500 gold should be locked in the cards for this year. I want to know, have you become more bullish or not? Yeah. Interesting thing here. You know, speaking to my bullion dealer friends, precious metal dealers, I mean, the, the, the retail investor hat is not, has not shown up yet. Right.
11:55
We could discuss reasons why or whatnot, but just first your take on the gold price and then we can kind of figure out what’s going on here with the buyers and why they’re on the sidelines. Yeah. So the first thing to recognize is that if retail buyers haven’t shown up yet, it means that there’s a lot more upside to go on gold.
12:10
It’s usually when retail buyers FOMO in that that’s the end of the move, right? And that’s where the institutions start unloading to those retail buyers. And you can see that in almost all bubbles, you know, you go back to the dot com era, you go back to almost any period, it finally the upside in a market finally lures in the retail crowd that’s been kind of scared, skeptical. And then that’s obviously the top and unfortunately, they become bag holders. But looking at the gold chart, we did get up to that 2400 and change level. And then what’s going on right now?
12:38
is just what we call price kind of, you know, digestion. So you had this big kind of move up straight up, you pulled back, you retested those highs, and it failed to break out. And we have what’s called a wedge pattern on the chart. And wedge patterns basically mean that price is above this low, but below this high. And it’s digesting, it’s going sideways. Now, I do still think that there’s some risk here that gold could get one more move to the downside, maybe 2190 ish. But ultimately, that’s short term.
13:06
I continue to be insanely bullish on gold central banks, even though China’s kind of stepped back on buying, buying central banks are still loading up overall. And I think that’s that’s a huge narrative that tells you and I always say this, I think we even talked about it last time, when I said talked about China and some of these central banks doing this is that if the players that are creating the monetary supply are loading up on gold, it tells us everything we need to know it’s such an easy answer of where the currencies are going to go and then where gold is going to go.
13:35
Exactly. It is for me and that’s why if I could take a second, I urge always my viewers to reach out to one of my colleagues at ITM Trading because as you know, Gareth, like you, we’re huge on educating people. So I always say just book a free strategic session, get educated, get informed on all the owning goals for wealth preservation. And to your point, central banks are buying it. They just bought another 10 tons in May. Why do you think the retail investors waiting here? What are they waiting for?
14:02
I think the problem with the retail investor is that gold has notoriously been such a poor performer compared to, you know, tech stocks compared to so many of these other things, even Bitcoin, right? I mean, historically, it’s still lagging the incredible move over the last 20 years in Bitcoin, that there’s just this skeptic skepticism. And they say, well, why would I go into something that’s going to move 10% a year, maybe when I could go into Nvidia and make 100% a year. And so this is the issue is that the retail investor kind of chases those incredible gains.
14:30
while the bigger investors kind of the investors in the know, they position themselves for those bigger macro moves, which would be the long trade on gold, maybe on silver as well, and some of the other metals. But I do think it’s more that the retail investor just wants to be in the quick, they want to get rich quick. And unfortunately, I tried that when I was younger, and it didn’t really work too well, frankly, I always over leveraged, I lost a lot of money. It’s about looking at the bigger picture and taking it slow.
14:57
beautifully said, Gareth. On that note, for all our silver folks out there, can you please bring up a silver chart? And are you as bullish silver as you are gold? So the short answer is over the long term, yes. But silver right now has broken below this upsloping trend line in the near term. And as long as it stays below this trend line and below this channel, this is again, the two parallel lines give us a very direct high and low on silver recently.
15:25
I would still favor some downside here. I think again, we might pull back to around 2775, maybe 2750. But if we do that, I am starting to load up on it at that point. And I think the key is this is that you have multiple factors here working with silver. So silver, the precious metal, the kind of the way to store safety or semi precious, and it’s a way to kind of offset the printing of money. There’s no doubt about it. The negative is it’s the industrial side, right? And I’m still a huge believer.
15:52
that we
16:20
but it’s down 21% off of its basically six week ago highs. Just a note then on the PGMs, the Platinum Group Metals, we’ve seen the deficits coming up for platinum and palladium. Are you bullish any of the PGMs right now? Is there one standout for you? Yeah, palladium is my baby here, I gotta say. The chart is just incredible.
16:47
It’s been trading at levels not seen since really 2017, 2018 over here, there was major trend line supports that were just hit. If I go to my weekly chart, look at this upsloping trend line right here, and then this flat bottom. And then if you get if you just think about it, so I think about it logically in terms of yes, it’s partially an industrial metal, but it’s also 30 times rarer than gold, I think. And so if you just look at a place to store money, where if you buy it, and you offset the risk of
17:14
let’s say them printing money and more debt in a fiscal collapse. This makes a lot of sense, right? It makes a lot of sense 30 times rarer than gold, yet it trades at a lot more than 50% discount to gold. And granted, it’s not coveted like gold, obviously, there’s a lot more demand for gold. But the other thing to note here just on a short term, look at this breakout that’s occurring today as we speak, this breakout above this downsloping trend line, and this could be the beginning of a bigger run on palladium. So it is one of my favorites right now on a swing trade basis.
17:43
I don’t hold a lot of palladium physical, but certainly gold and silver I do. Okay. On that note, let’s bring up Bitcoin. Yes. Where does Gareth see Bitcoin headed? You know you’ve taken so much heat from the Bitcoin cyber hornets about your previous very bearish forecast for Bitcoin.
18:08
On that note, I want to also get your thoughts on Peter Thiel. Long time, I’m all in Bitcoin guy, has just come out saying he doesn’t see much left to run in the Bitcoin price. Now that the ETFs are in, he doesn’t see what other buyers would emerge saying this is pretty much the top we’re going to get here for Bitcoin. Kind of surprised by his comments there. I’m not saying he’s a…
18:34
He was an Uber bull like a Michael Saylor, but almost there. So for him to say that, your thoughts on his comments, and then we’ll get to your reading of the chart here. Yeah, so I’m assuming he means more shorter term, and I agree with him in the short term. And in my thesis again, so I called the top at 69,000 for a drop to 20,000. And then, you know, what I said was that if we see a stock market collapse, then we would see Bitcoin go as low as 10. That obviously didn’t happen. The stock market just went to new all time highs. Bitcoin went on a beautiful bull run.
19:03
But one of the things that we do see now is more and more kind of breath within the stock market getting negative. And what I mean by that is the Nvidia’s, the Microsoft’s, the Apple’s, they’re literally carrying the entire stock market up right now. Everything else, the advanced decline line is hugely negative. We’re seeing negative divergences everywhere. Most other stocks are actually trading lower versus that magnificent six or seven. And so what that’s telling me is that the stock market is getting ready to have a correction here.
19:31
And in that case, I think there is pressure on Bitcoin. And I think that’s what Peter Thiel was saying as well is that if you see if you don’t have more money being created, because the stock market is going up, you’re likely going to see the stock market fall, and that will take Bitcoin down. And I agree, because if you’re looking at the ETF side of things, if you get the stock market to fall, those buyers that would buy the ETF will probably shy away from buying the ETF because they’re stock investors generally.
19:58
And that becomes an issue for Bitcoin continued upside. So I’m in the camp that we probably had down to 50,000. 50,000 is a massive support. It’s actually where the spot ETF surge occurred before the last 20% correction. So that makes a lot of sense on a chart, I can actually put a trendline in right here. And we can see so this would be that target zone right down here, we can see that it is off of its recent highs consolidating in this wedge, I would expect this wedge to
20:25
break down on the charts and head down. And I will just leave you with this is that I don’t see Bitcoin ever going back to 15 or even 10,000. But if the stock market has the type of correction of 30, 40% that I do worry about, I do think Bitcoin could get as low as 30,000. But again, I would be a buyer starting at 50 all the way down to 30, essentially. Oh, OK. And I want to get to your huge call that you have for Nvidia. But before that.
20:53
Let’s just bring up Solana. I’m just curious whether you’re bullish Solana. When and if an ETF comes what that could do to it. But what are you seeing right now? Yeah, so Solana is a tricky one, right? We’ve made a high a lower highs here recently, we have a flat bottom right here. And so I would just say this, as long as Solana holds this $120 level, and you can see again, it was the high here, it hit it here, and then it broke out retraced, retraced, retraced and retraced, it’s held.
21:19
So we know based on technical analysis that this is a huge level. As long as you hold 120, I think you remain neutral to bullish on it, looking for that further upside. But if 120 goes, this is going below 100 and you got to step aside and let it flush back down. So again, I would kind of just go with the same idea that, you know, Ethereum had the ETF news, it didn’t do a whole lot. And I do worry that
21:43
the hype on these ETFs is fading a little bit. And so even with a Solana ETF, I’m not convinced that it would be a game changer in the short term, maybe in the long term, but not in the short term. And again, if the stock market comes in hard, Solana will go down probably even more than Bitcoin. Is it safe to assume though that you think the chances of a stock market coming down hard are getting more and more because you’re forecasting a 75% crash in Nvidia over the next couple of years? Yeah, and if they’re holding up the entire market, well,
22:14
Yeah, no, you’re 100% right. What I do is I look at history. And I’m a technician, a data scientist, essentially, when it comes to stocks. And what I do is I look at previous momentum moves, where you’ve had so much hype, kind of like the dot-com era with Cisco. And many people will say, oh, well, AI is different than the internet. Well, it’s not really, because the underlying psychology behind why investors were buying Cisco in 99 to 2000 was the same reason they’re buying it now. It’s greed, right? Massive greed.
22:41
massive moves to the upside, it’s technology that’s going to change the world. And we can all agree, as you and I talk over the internet that the internet changed the world. So so you have to look at it in that way. And you get these momentum moves where people go too hard, too heavy into these things. And then what happens is, as soon as competition comes in, they collapse. And historically, what we can see here is and I’m going to go to Cisco’s chart here, we’re going to go back to the monthly chart, if we go back to Cisco in 99 2000, the chart is almost identical.
23:10
to what we see on Nvidia, and the drop from the highs was about 86%. And if we look at some of these other names, I love using, for instance, Tesla, Tesla is a great example of this as well. If we go to Tesla here, and we look at the high in 2021 to the drop here, it was a 76% drop. So there’s this historical precedence. And by the way, I’m using these two examples.
23:34
because I don’t want to take too long. But you could go to first solar in Oh, wait, that was a big bubble, you can go to almost any big bubble, 3d printing stocks, marijuana stocks. I mean, all of these names, it’s all greed that drove them up and then panic that sells them off. And by the way, that doesn’t mean Nvidia is going to like go out of business, they’re still going to be the leader. It’s just that when you have 77% margins, other competitors are going to come in this happened to Cisco to competitors come in
24:00
they under price you you have to drop yours Tesla seeing this issue right now, as they’ve had to drop their price to compete on margins or price. And ultimately, it just drives down their profitability margins. And that’s the issue here is that it’s not that their chips aren’t going to be as good as the more competition is going to come in, and their prices and margins will have to fall. And we’re aren’t we seeing that in the pharmaceutical sector right now, you know, with all the rush to get that
24:24
latest weight loss drug, we’re seeing that happen unfold there. That’s right. Eli Lilly is a great example of this. In fact, I was just looking at that earlier today. There’s a beautiful cell going on here where we just hit the high end. This is a cell signal right up here on Eli Lilly. And this is the same thing. I mean, this has happened. Remember with Viagra back in the day, it was like the hottest thing and it went sky high. We saw this by the way, speaking of Viagra and Pfizer, look at Pfizer, what it’s done since we saw
24:50
the pandemic kind of conclude, right? So same thing, these stocks were incredibly thanks for reminding me of this one. But if we look at the drop on this, this has already dropped 60%. And it’s not that Pfizer doesn’t still have the COVID vaccine or other drugs. It’s just the hype got too high during the pandemic. And it just has to unwind. So let’s conclude on this perfect segue here. Because you and I both are big into education. And I’m going to bring up roaring kitty for my
25:18
Final question to you. What do you say to folks who just wanna chase whatever he’s doing or whatever he’s just buying? And you saw what he just did yesterday with Chewy. What’s just your general advice? How do you not get sucked into it? Because people think, well, why can’t I just follow what he’s doing and make a quick buck here? Yeah, so that’s a great question. So I’ve been trading for 25 years. In my first five years as an investor and trader, I did exactly that.
25:46
And occasionally, I made a lot of money. And then you know what, I lost way more than I made following because essentially, you’re ending you end up buying when someone else has already bought and who’s to say roaring kitty wasn’t unloading in the last couple days when price was way higher on chewy. So you have to look at it like you don’t want to be someone chasing where you’re letting other people come in and just dump on you. And I think institutions on chewy did that as well. They saw they’ve seen that the power of roaring kitty is slowly declining, people aren’t holding as long.
26:15
because they ultimately know that these things will dump out it becomes a musical chairs or a hot potato. Can you get in and just dump and by the way, this happened in the meme coins, this happened in the alt coins in crypto as well. And people slowly learned that unless you take profits almost immediately, you could end up really getting burned. And so the key is this is like there’s no easy way to get rich. I mean, you know, you hear about like the person that bought Doge and made a 10,000% that’s the same as you hearing about someone winning the lottery, right? Yeah, sure. Someone wins the lottery, but I’ll play it.
26:44
every day and I probably won’t win it right. And so look at it like learn how to read charts, use common sense logic, don’t get hyped into the hype out there. Social media has made it even worse for people in that respect, where it’s so much hype that it’s almost impossible not to get caught up in it. But you have to learn. I learned the hard way I touched the stove and got burned many times. Finally, I know I’m like, listen, this isn’t for me. But I do think that people just have to recognize
27:10
And sometimes it takes losses for them to go through that this isn’t the way to get rich quick.
27:17
Perfect way to end this awesome and information packed interview, Gareth. We got a lot in. We did. That was awesome. That amount of time. You’re awesome. Thank you always. Thank you for bringing your charts and we’re going to touch back with you real soon. Thank you so much, Danielle. Take care. And thank you all for watching. We’ll have more great content coming your way. Be sure to stay tuned to the Danielle Cambone show and sign up at danielacambone.com. See you soon.
SOURCES:
https://www.youtube.com/watch?v=_NwdcWYXWPU
https://www.economist.com/asia/2024/07/01/japans-mind-bending-bento-box-economics
https://www.youtube.com/watch?v=01opje_pD98
