Simon Mikhailovich: "the capitalist system without capital is like dinner without food"

If a washing machine doubles we say, "oh, it's inflation." But now when stocks double in price without any increase in earnings or any other change - just like the washing machine - we say, "oh, it's a bull market."  Or 'it's multiple expansion." But it's inflation.  It's the same thing.  You're paying more for the same thing.  So capital is being debased.  And the capitalist system without capital, it's like dinner without food.

Simon Mikhailovich, founder of The Bullion Reserve, interview with Dan Ferris, Stansberry Investor Hour, August 6, 2020