WEBVTT 00:00.031 --> 00:02.820 [SPEAKER_00]: Galletrop has made it clear that the White House is for sale. 00:03.060 --> 00:04.003 [SPEAKER_00]: He made $1.4 billion. 00:06.554 --> 00:15.181 [SPEAKER_00]: Just in those tokens, everybody named Trump is making money, but the people who bought those tokens lost everything on those tokens. 00:15.441 --> 00:19.824 [SPEAKER_00]: So what are people paying for when they pay $500,000? 00:20.024 --> 00:21.385 [SPEAKER_00]: They're paying for access. 00:21.646 --> 00:22.907 [SPEAKER_00]: No one wants Trump coins. 00:23.207 --> 00:24.548 [SPEAKER_00]: They want access to Trump. 00:24.728 --> 00:27.450 [SPEAKER_00]: He's let people know that you want to do business. 00:27.530 --> 00:28.651 [SPEAKER_00]: He's a business man. 00:28.971 --> 00:29.832 [SPEAKER_00]: Let's do business. 00:30.152 --> 00:32.555 [SPEAKER_00]: But it's really a way to bribe the president. 00:32.575 --> 00:35.539 [SPEAKER_00]: You don't have to give him money directly, just buy his token. 00:35.559 --> 00:37.301 [SPEAKER_00]: Because who else would buy the token? 00:37.341 --> 00:38.583 [SPEAKER_00]: It's a lousy investment. 00:48.131 --> 00:49.372 [SPEAKER_00]: Hi, this is Peter Schiff. 00:49.552 --> 00:59.120 [SPEAKER_00]: I am recording today's special independent state podcast just after the US markets have closed for a holiday shorten week. 00:59.760 --> 01:09.788 [SPEAKER_00]: So make sure and stick around to the end of the podcast where I will be talking a bit about independent state July 4th coming up on Saturday, 250 years. 01:11.850 --> 01:20.739 [SPEAKER_00]: Since really the birth of our nation, declaration of independence, where we separated from the tyranny of King George, and eventually formed our own republic. 01:20.759 --> 01:25.484 [SPEAKER_00]: So I'm going to be ending today's podcast with some words about this special occasion. 01:25.944 --> 01:31.910 [SPEAKER_00]: In the meantime, let's get started with the big news of the day, and that is the jobs report. 01:32.230 --> 01:44.725 [SPEAKER_00]: which also came out a day early, normally we get it on the first Friday of every month, but because the market is closed tomorrow, for the independence day, holiday, we got the numbers today. 01:45.446 --> 01:50.452 [SPEAKER_00]: And as I've been saying for a long time now, the numbers are basically meaningless. 01:50.993 --> 01:55.216 [SPEAKER_00]: because whatever the government reports is going to be revised down. 01:55.797 --> 01:58.679 [SPEAKER_00]: Not only in the months ahead, but the years ahead. 01:59.139 --> 02:03.662 [SPEAKER_00]: So the numbers are completely unreliable and why anybody puts any stock in them. 02:03.923 --> 02:09.247 [SPEAKER_00]: It amazes me, but the market still reacted to them and so I'm gonna talk about it. 02:09.707 --> 02:15.471 [SPEAKER_00]: So the expectation for the June number was 114,000 jobs, which was less than, 02:18.053 --> 02:23.859 [SPEAKER_00]: the 172,000 jobs that the government reported were created in May. 02:24.320 --> 02:28.885 [SPEAKER_00]: The actual number of new jobs was 57,000. 02:29.285 --> 02:31.307 [SPEAKER_00]: So way less than 114. 02:31.688 --> 02:35.892 [SPEAKER_00]: In fact, if you look at the jobs that were expected to be created, 02:36.593 --> 02:41.838 [SPEAKER_00]: the expectations ranged from 70,000 to 145,000. 02:42.138 --> 02:51.628 [SPEAKER_00]: So not only was it below estimates, but it was below the lowest number in the range of estimates. 02:52.168 --> 03:01.714 [SPEAKER_00]: that went as high as 145,000, but adding insult to injury, they revised down the main number from 170,000 to 129,000. 03:01.914 --> 03:05.516 [SPEAKER_00]: They also revised down the month before that. 03:05.836 --> 03:09.659 [SPEAKER_00]: I forget by how much, but two months of downward revisions. 03:10.917 --> 03:12.839 [SPEAKER_00]: the manufacturing numbers. 03:13.600 --> 03:16.683 [SPEAKER_00]: Last month they told us we gained 7,000 jobs. 03:17.484 --> 03:21.088 [SPEAKER_00]: That was revised to a loss of 2,000 jobs. 03:21.549 --> 03:26.474 [SPEAKER_00]: Although this month we did create the 3,000 jobs that they anticipated. 03:26.855 --> 03:31.620 [SPEAKER_00]: But again, who knows if this is going to be revised down? 03:32.661 --> 03:37.607 [SPEAKER_00]: The unemployment rate actually slipped a notch from 4.3 to 4.2. 03:37.947 --> 03:39.449 [SPEAKER_00]: Now, you would think, oh, that's good news. 03:39.489 --> 03:40.530 [SPEAKER_00]: There's less unemployment. 03:40.690 --> 03:49.419 [SPEAKER_00]: Well, the reason there is less unemployment is because more than 700,000 workers left the labor force. 03:50.160 --> 03:55.424 [SPEAKER_00]: So these workers are no longer unemployed if they're no longer attached to the labor force. 03:55.464 --> 04:01.308 [SPEAKER_00]: In fact, the labor force participation rate now dropped all the way down to 61.5. 04:03.529 --> 04:06.491 [SPEAKER_00]: We're nearing an all-time record low. 04:07.032 --> 04:14.177 [SPEAKER_00]: The last time it was this low, because it did get to 61 and a half in the past. 04:14.697 --> 04:15.718 [SPEAKER_00]: So the last time 04:16.864 --> 04:20.227 [SPEAKER_00]: it got down this low was March of 2021. 04:21.168 --> 04:32.657 [SPEAKER_00]: And again, the reason it's so low is because 700,000 people left the labor force, had they not left the labor force, the unemployment rate obviously would not have gone down, it probably would have gone up. 04:33.157 --> 04:40.683 [SPEAKER_00]: But even more shocking when you look beneath the surface, full time jobs, this is the household survey. 04:41.744 --> 04:47.867 [SPEAKER_00]: full-time jobs declined by five hundred and fourteen thousand during the month. 04:48.487 --> 04:55.770 [SPEAKER_00]: We have the fewest number of Americans who have full-time jobs now since 2024. 04:56.450 --> 05:01.912 [SPEAKER_00]: So that means we have fewer people with full-time jobs now than when Trump was elected. 05:01.972 --> 05:03.333 [SPEAKER_00]: In fact, the exact number 05:04.387 --> 05:13.119 [SPEAKER_00]: of lost full-time jobs since Trump became president the second time is two million two hundred and thirty nine thousand. 05:14.821 --> 05:17.625 [SPEAKER_00]: So full-time employment has been eviscerated. 05:18.485 --> 05:34.040 [SPEAKER_00]: This is why Trump is so unpopular because so many people have lost their full-time jobs and a lot of other people have just been so disgruntled by the job market that they've left the labor force entirely and when it comes to manufacturing 05:34.721 --> 05:47.244 [SPEAKER_00]: So far since Trump was reelected president up until the 3,000 manufacturing jobs that were gained today, the U.S. has lost 73,000 manufacturing jobs. 05:47.264 --> 05:58.846 [SPEAKER_00]: So for all Trump's talk about how his tariffs are going to result in manufacturing jobs coming back to the United States, that hasn't happened. 05:59.326 --> 06:03.352 [SPEAKER_00]: We have fewer people employed in manufacturing now than when Trump came back. 06:03.372 --> 06:06.397 [SPEAKER_00]: So the tariffs are not bringing back to manufacturing jobs. 06:06.858 --> 06:11.846 [SPEAKER_00]: All they're doing is increasing the price that we pay for manufactured goods. 06:12.767 --> 06:14.149 [SPEAKER_00]: And prices are going up. 06:15.678 --> 06:16.739 [SPEAKER_00]: Jobs are going away. 06:17.680 --> 06:20.663 [SPEAKER_00]: This is why Donald Trump is so unpopular. 06:20.703 --> 06:26.769 [SPEAKER_00]: Now, of course, he's going to be bragging about how great the economy is, how everything is booming. 06:27.570 --> 06:36.859 [SPEAKER_00]: I'm sure he's going to have a lot of speeches commemorating the 250th anniversary of the United States, and he's going to point to the Dow, right? 06:36.899 --> 06:39.242 [SPEAKER_00]: The Dow Jones hit a record high today. 06:39.662 --> 06:41.542 [SPEAKER_00]: The Dow is above 52,000. 06:41.583 --> 06:51.305 [SPEAKER_00]: That's probably going to be something that Trump is going to be focused on, because he keeps saying that everybody told him that 50,000 was impossible, sir. 06:51.645 --> 06:53.205 [SPEAKER_00]: You we can never do this, sir. 06:53.485 --> 06:55.226 [SPEAKER_00]: You're only going to be president for four years. 06:55.266 --> 07:02.147 [SPEAKER_00]: There's no way we can get the Dow to go to 50,000, even though that would only be about a 3% per year return. 07:02.407 --> 07:08.389 [SPEAKER_00]: But he's going to be bragging about the Dow and claiming that this means his policies are working. 07:08.969 --> 07:21.056 [SPEAKER_00]: But of course, he criticizes Biden for being the worst president ever, and having the worst economy ever, yet we had a very strong stock market under Biden, in fact, stronger than it's been under Trump. 07:21.316 --> 07:24.658 [SPEAKER_00]: So clearly, the stock market is not a bell weather. 07:25.695 --> 07:38.506 [SPEAKER_00]: If we had the worst economy under Biden and the best economy under Trump, yet the stock market goes up under both, then clearly the stock market is not a reliable indicator. 07:38.886 --> 07:44.291 [SPEAKER_00]: If Trump is being honest about how great the economy is now and how lousy it was then. 07:44.331 --> 07:52.158 [SPEAKER_00]: And of course, Trump has to talk about how bad the economy was under Biden because he wants to take credit for turning it around. 07:52.698 --> 08:02.844 [SPEAKER_00]: As if had we not elected Trump, we would be having an economic disaster, and the only reason it's not an economic disaster is because we elected him instead. 08:02.884 --> 08:09.708 [SPEAKER_00]: So he presided over this massive economic boom that he claims are enjoying. 08:09.988 --> 08:14.171 [SPEAKER_00]: But it's not in the labor market, the labor market is weak. 08:14.751 --> 08:17.474 [SPEAKER_00]: The only thing that's strong is inflation. 08:17.794 --> 08:31.907 [SPEAKER_00]: Now, after we got the jobs numbers today, the expectations for a September rate hike immediately went down because now the labor market is clearly a lot weaker than some people had thought 08:32.487 --> 08:46.954 [SPEAKER_00]: And so that takes away some of the ability or impetus for the Fed to actually follow through on its tough talk and hike interest rates in September and then maybe again, you know, or before the end of the year. 08:47.595 --> 08:49.416 [SPEAKER_00]: But as I've been saying, 08:50.684 --> 09:06.223 [SPEAKER_00]: I don't think the Fed is going to be able to deliver on the rate hikes that have already been built in to market expectations, at least the precious metals market, the foreign exchange markets, they expect the Fed to hike. 09:06.939 --> 09:09.541 [SPEAKER_00]: But I don't know that the Fed is going to be able to hike. 09:09.601 --> 09:18.807 [SPEAKER_00]: In fact, I think one of the reasons that the Fed has raised expectations for a hike is so when it doesn't hike, that's in ease. 09:19.508 --> 09:22.350 [SPEAKER_00]: So it won't actually have to cut rates initially. 09:22.730 --> 09:24.812 [SPEAKER_00]: It just has that not hike them. 09:25.372 --> 09:31.537 [SPEAKER_00]: But also, I think the Fed is trying to create an appearance of independence. 09:32.117 --> 09:33.038 [SPEAKER_00]: Because after all, 09:34.100 --> 09:39.864 [SPEAKER_00]: Everybody believed initially that Trump was going to put, you know, a puppet at the fed. 09:40.544 --> 09:46.768 [SPEAKER_00]: Because the reason that Trump didn't want to reappoint Powell was because Powell wasn't doing what he wanted. 09:47.429 --> 09:50.631 [SPEAKER_00]: Trump wanted Powell the cut race and Powell wasn't playing ball. 09:51.391 --> 09:53.753 [SPEAKER_00]: And so he wanted to put somebody in there who would. 09:54.593 --> 09:56.834 [SPEAKER_00]: but the markets were very scared about that. 09:56.874 --> 10:03.497 [SPEAKER_00]: The dollar was falling, gold was rising because the feds in dependence was under question and Trump was in a box. 10:03.937 --> 10:05.538 [SPEAKER_00]: You know, how do I repair the damage? 10:06.058 --> 10:13.401 [SPEAKER_00]: Well, I think they put on a show with Kevin Warrs and say, hey, let's put this guy in as the fedcher, who's a hawk? 10:14.347 --> 10:18.832 [SPEAKER_00]: and he's going to talk about how tough he's going to be and how he's going to cut raise rates. 10:19.813 --> 10:28.481 [SPEAKER_00]: And so when he ends up not raising rates or cutting rates, it won't look like, you know, you're controlling it, even though that's the plan they've got all along. 10:28.902 --> 10:31.684 [SPEAKER_00]: Because I don't believe Trump would have given 10:32.917 --> 10:36.741 [SPEAKER_00]: Worst of the job if he expected him to be another Paul Volker. 10:37.021 --> 10:51.474 [SPEAKER_00]: That's the last thing he was Because that's worse in his mind than what we had a with Powell and he Pows a moron, Pows an idiot, too late Powell He's gonna actually appoint somebody that's gonna be even later. 10:51.594 --> 10:58.060 [SPEAKER_00]: That's even a bigger idiot Then Powell because according to him the reason Powell was so dumb is because he wasn't cutting race 10:58.560 --> 11:00.921 [SPEAKER_00]: Well, neither is wars, at least for now. 11:01.361 --> 11:06.162 [SPEAKER_00]: So by the time he gets around to cutting rates, it won't look as political. 11:06.483 --> 11:10.804 [SPEAKER_00]: It'll be like, hey, this is actually the independent assessment of the Fed. 11:10.824 --> 11:13.865 [SPEAKER_00]: It's not because of pressure from the White House or Trump. 11:14.325 --> 11:38.901 [SPEAKER_00]: right because you know he's a very independent guy he's a hawk and the fact that he's cutting rates must mean that these rate cuts are appropriate it's an independent decision but they're not going to be appropriate in fact rates are still too low the fed should have height rates at their last meeting and 25 basis points isn't even enough you know if wars were really serious 11:39.721 --> 11:41.162 [SPEAKER_00]: he would have already done something. 11:41.322 --> 11:47.044 [SPEAKER_00]: He wouldn't have set up five task forces to basically buy them some time while he does nothing. 11:47.524 --> 11:55.466 [SPEAKER_00]: Meanwhile, look at money supply growth is really accelerating, look at M2, look at the fence balance sheet, the Fed is creating inflation. 11:55.787 --> 12:04.190 [SPEAKER_00]: It's trying to distract the markets by pretending it's going to get tough and fight inflation, but in the meantime, it is creating inflation. 12:04.610 --> 12:07.891 [SPEAKER_00]: And I think the metals markets are going to start to 12:08.611 --> 12:12.936 [SPEAKER_00]: appreciate this in fact gold which did make a new low intro week. 12:13.336 --> 12:16.981 [SPEAKER_00]: It got below 4,000 again a couple of times. 12:17.401 --> 12:22.046 [SPEAKER_00]: It had a nice rally today in response to the week job market. 12:22.647 --> 12:25.450 [SPEAKER_00]: We closed the week above 4,000 in fact above 4,100. 12:26.351 --> 12:33.313 [SPEAKER_00]: 4,100 and 1850, so a nice turnaround about an $88 rally in the price of gold. 12:33.733 --> 12:35.953 [SPEAKER_00]: I really think 4,000 is the support. 12:36.313 --> 12:38.734 [SPEAKER_00]: In fact, we may not trade below 4,000 again. 12:38.994 --> 12:39.474 [SPEAKER_00]: We'll see. 12:39.514 --> 12:48.756 [SPEAKER_00]: We traded below it a couple of times, but this was very bullish news because it does push those rate hikes further into the future. 12:49.556 --> 12:53.877 [SPEAKER_00]: if they ever occurred all and I would be surprised if we ultimately get them again. 12:54.297 --> 12:59.759 [SPEAKER_00]: I think we're setting up for cuts and a ramp up and QE still over the same thing. 13:00.239 --> 13:09.061 [SPEAKER_00]: It made new lows, but it closed back above $60, $74 gain on the day at $60 and 70 to $0 cents. 13:09.842 --> 13:16.183 [SPEAKER_00]: So I think we're going to see some continued strength in the metals as people start to 13:19.024 --> 13:35.158 [SPEAKER_00]: Defet is all talk that they're not going to be able to walk the walk when it comes to inflation fighting because the economy is too fragile the job market is fragile the bond market the housing market is a disaster just right before our eyes and so 13:35.919 --> 13:45.283 [SPEAKER_00]: The Fed is going to be under all sorts of political pressure, especially as we're coming closer to the midterm elections. 13:45.664 --> 13:49.265 [SPEAKER_00]: Trump is trying to do what he can to control the damage. 13:49.525 --> 13:56.209 [SPEAKER_00]: He's got the ceasefire from the MOU with Iran that really doesn't end the war. 13:56.769 --> 13:57.249 [SPEAKER_00]: They're trying to 14:03.732 --> 14:11.055 [SPEAKER_00]: oil prices are not going to stay down as I said, you know, right now we're a back below $70, but they're not going to stay there. 14:11.095 --> 14:14.216 [SPEAKER_00]: This is just some short-term noise relief. 14:14.476 --> 14:18.718 [SPEAKER_00]: The longs are getting out of the market and I think that 14:19.832 --> 14:24.074 [SPEAKER_00]: you're going to see a big bounce in oil prices as we move forward. 14:24.315 --> 14:31.279 [SPEAKER_00]: You know, you have record low inventories around the world, strategic reserves have been run dry. 14:31.339 --> 14:36.622 [SPEAKER_00]: I think Trump said that we were maybe three or four weeks away from big tapped out ourselves. 14:37.342 --> 14:39.063 [SPEAKER_00]: So there's a lot of demand coming. 14:39.763 --> 14:43.205 [SPEAKER_00]: Plus, there's going to be a risk premium built into the oil market. 14:43.305 --> 14:46.386 [SPEAKER_00]: Nobody has any idea now what's going to happen. 14:46.466 --> 14:50.708 [SPEAKER_00]: Even Trump keeps saying that the bombs could be dropping at any minute. 14:50.768 --> 14:52.969 [SPEAKER_00]: You know, this MOU is really not real. 14:53.009 --> 14:55.470 [SPEAKER_00]: We're just trying to keep oil prices down for a while. 14:55.830 --> 14:59.552 [SPEAKER_00]: I mean, basically telling Iran not even to trust us. 15:00.232 --> 15:17.458 [SPEAKER_00]: that we're not even serious, this is all politics, we're just trying to keep oil prices down for the summer driving season, and so there's going to be all sorts of political pressure on the Fed, not to hike rates, and tremendous pressure to cut. 15:17.818 --> 15:21.559 [SPEAKER_00]: Anyway, got a quick commercial break, so stick around, I'm coming right back. 15:22.299 --> 15:34.486 [SPEAKER_00]: Now, I spent a lot of time on last week's podcast, which by the way, on my YouTube channel, we got over 220,000 views, most viewed regular podcasts that I've ever done. 15:34.606 --> 15:45.972 [SPEAKER_00]: So, a lot of people take Bitcoin, strategy, stretch, and so what happened following that podcast instead of the death spiral accelerating on Monday, 15:47.767 --> 16:00.071 [SPEAKER_00]: a Michael Sailer found a way to temporarily stop the bleeding by pretty much doing exactly what I said he was going to have to do and that was start selling Bitcoin which is what he's going to do. 16:00.091 --> 16:03.852 [SPEAKER_00]: Now he hasn't sold any yet what he did do is not buy any. 16:03.952 --> 16:08.693 [SPEAKER_00]: A lot of people thought he was going to be buying Bitcoin over the weekend under 60,000. 16:08.973 --> 16:10.093 [SPEAKER_00]: He did not do that. 16:15.475 --> 16:29.696 [SPEAKER_00]: at a discount and raised the cash that he has available to pay his commitments in mainly for now in dividends on the preferred and on stretch he raised the dividend. 16:30.357 --> 16:33.178 [SPEAKER_00]: from 11.5% to 12%. 16:34.078 --> 16:42.682 [SPEAKER_00]: So this increases the amount of cash that strategy needs to meet the obligations on the preferred. 16:43.062 --> 16:50.945 [SPEAKER_00]: So they raised more cash, but what he did is he established what he called a Bitcoin monetization fund. 16:51.585 --> 16:55.488 [SPEAKER_00]: which I thought was a bit ironic because he thinks Bitcoin is money. 16:56.009 --> 17:00.553 [SPEAKER_00]: But this is an acknowledgement that it's not money because he needs to monetize it first. 17:00.593 --> 17:04.096 [SPEAKER_00]: He has to turn his Bitcoin into money by selling it. 17:04.776 --> 17:09.521 [SPEAKER_00]: And there are three reasons now that strategy is going to be selling Bitcoin. 17:10.421 --> 17:13.463 [SPEAKER_00]: One is to raise more money for its dollar reserve. 17:13.563 --> 17:17.486 [SPEAKER_00]: And by the way, they now have established a minimum dollar reserve. 17:17.946 --> 17:21.989 [SPEAKER_00]: And so when the dollar reserve falls below this minimum, I forget what the threshold is. 17:22.389 --> 17:23.630 [SPEAKER_00]: But now they have to bring it up. 17:24.151 --> 17:25.091 [SPEAKER_00]: How are they going to bring it up? 17:25.411 --> 17:30.575 [SPEAKER_00]: They're going to sell Bitcoin in order to maintain the dollar reserve. 17:31.175 --> 17:34.378 [SPEAKER_00]: And it's going to keep depleting if they have to keep on jacking up. 17:35.238 --> 17:54.161 [SPEAKER_00]: The dividends so that's one and they authorized up to one and a quarter billion a Bitcoin sales What an a quarter billion remember he sold 32 Bitcoin For a few million bucks and tank the market imagine having to sell that much Bitcoin, but 17:54.802 --> 18:00.690 [SPEAKER_00]: there's even more because there's two more reasons that they can sell Bitcoin. 18:01.431 --> 18:07.779 [SPEAKER_00]: One is to buy back common stock, which is trading at a big discount to the Bitcoin per share. 18:08.059 --> 18:10.322 [SPEAKER_00]: It makes sense to buy back common stock. 18:11.433 --> 18:29.482 [SPEAKER_00]: And to buy back the preferred, you know, stretch was sold at a hundred and even though it's had a big rally off of this news and probably a lot of short covering, even though it's had a big rally, stretch is still trading or close the week at 87.8. 18:30.402 --> 18:32.063 [SPEAKER_00]: Now, that's way off the lows. 18:32.123 --> 18:34.624 [SPEAKER_00]: It got down around 70-1.5 or something like that. 18:36.345 --> 18:38.328 [SPEAKER_00]: but it's still well below par. 18:38.688 --> 18:42.813 [SPEAKER_00]: In fact, even with the higher coupon, it's still not at a hundred. 18:42.893 --> 18:49.000 [SPEAKER_00]: The current yield, if you bought stretch on the clothes, the yield that you're receiving, is 13.65%. 18:49.020 --> 18:50.382 [SPEAKER_00]: So the market still doesn't believe, 18:53.646 --> 19:08.531 [SPEAKER_00]: you know, the 12% and in fact, a month from now, they're going to have to raise the yield to 12 and a half, at least they're going to have to keep on raising the dividend rather on stretch because he's still reiterated the goal is to get stretch up to 100. 19:09.051 --> 19:10.232 [SPEAKER_00]: Well, it's not up at 100. 19:10.252 --> 19:15.293 [SPEAKER_00]: They're going to have to keep buying it and raising the dividend and they're going to be buying 19:20.622 --> 19:23.544 [SPEAKER_00]: mainly stretch and strategy. 19:23.925 --> 19:25.666 [SPEAKER_00]: Bitcoin didn't really go anywhere. 19:25.886 --> 19:32.552 [SPEAKER_00]: Then actually sold off mid-week and got below 58,000 for the first time in over a year. 19:32.612 --> 19:37.236 [SPEAKER_00]: So Bitcoin itself made a new low, but over the next two days, 19:38.857 --> 19:52.011 [SPEAKER_00]: Bitcoin rallied back, and in fact, it got above 62,000 earlier today, but as I am recording this after the US market closes, Bitcoin's about 61,300, so it recovered off of its lows. 19:55.455 --> 20:09.222 [SPEAKER_00]: But I believe a big drop is coming as the markets come to terms with what just happened, because strategy has just gone from the biggest Bitcoin buyer into the biggest Bitcoin seller. 20:09.602 --> 20:12.984 [SPEAKER_00]: And it haven't even sold any yet, but they are going to sell. 20:13.404 --> 20:19.767 [SPEAKER_00]: And so this changes the dynamic because when strategy was a big buyer and they spent $60 billion 20:25.530 --> 20:33.397 [SPEAKER_00]: But the fact that strategy was there as a buyer, other people wanted to buy because strategy was buying. 20:33.718 --> 20:35.339 [SPEAKER_00]: That gave you confidence. 20:35.359 --> 20:43.427 [SPEAKER_00]: You had this big buyer that was protecting the market, that had a bid under the market, that de-risk Bitcoin, because you knew you had this big buyer. 20:43.647 --> 20:45.248 [SPEAKER_00]: Well now you know you have a big seller. 20:45.609 --> 20:46.630 [SPEAKER_00]: It is the opposite. 20:47.190 --> 21:08.305 [SPEAKER_00]: people now don't want to buy before strategy buys they want to sell before strategy sells and drives the market down plus all these other Bitcoin treasury companies were started to follow in strategies footsteps well now they're not going to be starting any more Bitcoin treasury companies because now he's walking backwards 21:08.945 --> 21:12.629 [SPEAKER_00]: And in fact, a lot of other companies are now going to be in the same situation. 21:12.969 --> 21:16.593 [SPEAKER_00]: Their stocks are trading at discounts to the value of their Bitcoin. 21:16.833 --> 21:18.675 [SPEAKER_00]: So they're not going to be buying Bitcoin anymore. 21:19.035 --> 21:20.597 [SPEAKER_00]: They're going to be selling their Bitcoin. 21:20.937 --> 21:26.062 [SPEAKER_00]: So if all the Bitcoin treasury companies are dumping their Bitcoin, why should investors buy it? 21:26.162 --> 21:27.944 [SPEAKER_00]: In fact, the investors are going to sell it. 21:28.264 --> 21:30.487 [SPEAKER_00]: The people who own the Bitcoin ETFs, 21:30.927 --> 21:58.201 [SPEAKER_00]: they're going to be liquidating they're going to be selling and I think as people start to think about this maybe over this weekend by next week we're going to have a resumption in the decline in Bitcoin and that's going to cause strategy and stretch to also go down because ultimately if Bitcoin is tanking then they're going to tank too and basically what sailor is counting on and what everybody is counting on to bailout strategy and stretch is Bitcoin. 21:58.681 --> 22:01.744 [SPEAKER_00]: everything is based on the future Bitcoin price. 22:02.164 --> 22:19.140 [SPEAKER_00]: Remember, sailor believes that Bitcoin's going to rise 30% a year, and when he talks about how many years they have to use their Bitcoin pile to cover their obligations, it all depends on the price of Bitcoin staying at 60,000. 22:19.180 --> 22:23.985 [SPEAKER_00]: And he says, well, you know, it can stay here for 20 or 30 years, and we'll still be able to pay our dividend. 22:24.245 --> 22:29.948 [SPEAKER_00]: Believe me, if a few years go by and Bitcoin is still here, it's going to crash. 22:30.368 --> 22:32.610 [SPEAKER_00]: People don't buy Bitcoin to tread water. 22:33.250 --> 22:38.113 [SPEAKER_00]: The speculators are going to throw in their cards if they don't start winning. 22:38.713 --> 22:40.314 [SPEAKER_00]: And then the market is going to implode. 22:40.334 --> 22:43.035 [SPEAKER_00]: So Bitcoin's not going to go sideways for 30 years. 22:43.095 --> 22:43.896 [SPEAKER_00]: It's impossible. 22:44.556 --> 22:48.179 [SPEAKER_00]: The minute investors believe it's going sideways, it's going way down. 22:48.639 --> 22:58.145 [SPEAKER_00]: And that's where the death spiral kicks in again because the lower Bitcoin goes, the more Bitcoin sailor has to sell to cover his obligations. 22:58.225 --> 23:00.247 [SPEAKER_00]: His obligations are in dollars. 23:00.667 --> 23:01.828 [SPEAKER_00]: They are not in Bitcoin. 23:02.388 --> 23:04.350 [SPEAKER_00]: And so as Bitcoin goes down, 23:05.599 --> 23:10.160 [SPEAKER_00]: It's harder for sailor to satisfy those obligations with Bitcoin. 23:10.421 --> 23:23.285 [SPEAKER_00]: And the more Bitcoin goes down, the bigger the discount's going to end up being on strategy because the more people are going to dump that, the higher the coupon is going to have to be the dividend that he's going to have to pay to people who hold hold stretch. 23:23.785 --> 23:23.985 [SPEAKER_00]: So. 23:24.725 --> 23:26.786 [SPEAKER_00]: what sailor did on Monday. 23:26.886 --> 23:28.107 [SPEAKER_00]: It really was a surrender. 23:28.167 --> 23:29.447 [SPEAKER_00]: He waved the right flag. 23:29.508 --> 23:30.388 [SPEAKER_00]: He capitulated. 23:30.668 --> 23:34.650 [SPEAKER_00]: He went from never selling Bitcoin to, you know, we're selling Bitcoin. 23:35.050 --> 23:37.031 [SPEAKER_00]: That's the business of strategy now. 23:37.612 --> 23:39.613 [SPEAKER_00]: Their their business is not buying Bitcoin. 23:39.913 --> 23:47.737 [SPEAKER_00]: Their business is trying to gradually unload their Bitcoin so they can pay their other obligations by using their Bitcoin. 23:48.077 --> 23:59.981 [SPEAKER_00]: Anyway, I also want to talk about another big story on the day was how much money Donald Trump made last year because I think the financial disclosures came out and Donald Trump made something like $2.2 billion. 24:02.210 --> 24:03.231 [SPEAKER_00]: in 2025. 24:03.952 --> 24:07.516 [SPEAKER_00]: This is actual money that you're through his various ventures. 24:08.097 --> 24:09.779 [SPEAKER_00]: That is a tremendous amount of money. 24:09.959 --> 24:14.624 [SPEAKER_00]: Trump has never earned this much money in one year in his life. 24:15.325 --> 24:19.109 [SPEAKER_00]: Now, clearly, the income that Trump made, 24:20.188 --> 24:23.909 [SPEAKER_00]: is highly dependent on Trump being a president. 24:24.510 --> 24:29.491 [SPEAKER_00]: It was because Donald Trump was the president that he was able to earn all of this money. 24:29.631 --> 24:40.275 [SPEAKER_00]: It's his not only his popularity, but the perception that he could use his presidential powers in a way that will benefit people. 24:41.263 --> 24:41.944 [SPEAKER_00]: That's the key. 24:42.004 --> 24:45.226 [SPEAKER_00]: And in fact, Donald Trump has made it clear that the White House is for sale. 24:45.266 --> 24:50.470 [SPEAKER_00]: I mean, he's taken the Biden's to a whole new level as far as government involvement. 24:50.490 --> 24:58.537 [SPEAKER_00]: In fact, look, open AI, they just said something like they want to give the U.S. government 5% equity in their company. 24:59.097 --> 25:00.158 [SPEAKER_00]: Like, you know, why? 25:00.178 --> 25:03.500 [SPEAKER_00]: I mean, obviously they're trying to get favor from the government. 25:03.520 --> 25:05.181 [SPEAKER_00]: Now, this is not to Trump personally. 25:05.481 --> 25:06.901 [SPEAKER_00]: This is to the U.S. government. 25:07.202 --> 25:08.142 [SPEAKER_00]: But I don't like that. 25:08.502 --> 25:11.124 [SPEAKER_00]: I don't like the U.S. government having stakes in any companies. 25:11.664 --> 25:24.592 [SPEAKER_00]: I don't like the U.S. government then having an incentive to tilt the playing field in favor of companies that has a stake and against those in which it doesn't. 25:30.121 --> 25:36.404 [SPEAKER_00]: It's clear that you need to carry favor with the president. 25:36.484 --> 25:39.765 [SPEAKER_00]: And that is one of the main reasons that he makes so much money. 25:40.386 --> 25:46.068 [SPEAKER_00]: So the biggest gain I think was just in crypto. 25:46.408 --> 25:54.852 [SPEAKER_00]: I think in crypto alone and these are tokens and meme coins and various licensing and royalty deals with these types of coins, he made $1.4 billion. 25:57.400 --> 26:08.630 [SPEAKER_00]: just in those tokens and you know, I was watching this interview with the president and he was asked by reporters about all this money that he made like, you know, he could you comment on this? 26:09.291 --> 26:12.173 [SPEAKER_00]: And the first thing he said was, well, you know, I've always made a lot of money. 26:12.233 --> 26:14.836 [SPEAKER_00]: I made a lot of money before I was president, you know. 26:15.136 --> 26:17.359 [SPEAKER_00]: Yeah, yes, he did, but not like this. 26:17.460 --> 26:19.843 [SPEAKER_00]: This is way more, and by the way, now he's president. 26:19.863 --> 26:21.666 [SPEAKER_00]: That's supposed to be a full-time job. 26:21.686 --> 26:23.088 [SPEAKER_00]: How's he making so much money? 26:23.389 --> 26:24.871 [SPEAKER_00]: It is spare time, right? 26:24.891 --> 26:30.479 [SPEAKER_00]: If his full-time job is president, he's making more money now, you know, not even working. 26:30.980 --> 26:31.901 [SPEAKER_00]: been when he was working. 26:32.121 --> 26:34.643 [SPEAKER_00]: And now he tried to say that he had nothing to do with it. 26:34.663 --> 26:39.647 [SPEAKER_00]: He's like, well, you know, I don't really know, you know, I got blind trust or he wasn't even sure the name of it. 26:39.667 --> 26:40.727 [SPEAKER_00]: I don't know what's happening. 26:41.028 --> 26:44.310 [SPEAKER_00]: I've got big firms and, you know, hopefully they know what they're doing. 26:44.350 --> 26:44.690 [SPEAKER_00]: I don't know. 26:44.730 --> 26:46.812 [SPEAKER_00]: Maybe they don't, but I guess they did a good job. 26:47.012 --> 26:49.073 [SPEAKER_00]: Like somehow he's got no idea. 26:49.854 --> 26:57.319 [SPEAKER_00]: how his money managers made him $2.4 billion last year, which, you know, there's no way. 26:57.339 --> 27:05.925 [SPEAKER_00]: And so much of that is probably coming from businesses that are controlled and operated by his family, by his sons. 27:06.505 --> 27:12.109 [SPEAKER_00]: I mean, you don't think they talk, I mean, the Republicans didn't buy the idea that Biden and Hunter didn't talk. 27:12.922 --> 27:21.844 [SPEAKER_00]: Oh, but you're going to think that there's a complete Chinese wall between Trump and Trump Jr. or, you know, or, you know, or this is ridiculous. 27:22.325 --> 27:28.226 [SPEAKER_00]: Obviously, Trump is a major factor, influencer in the money. 27:28.266 --> 27:31.467 [SPEAKER_00]: This is just bullshit that he's got nothing to do with it. 27:31.767 --> 27:34.068 [SPEAKER_00]: And it's just these great investments. 27:34.188 --> 27:34.528 [SPEAKER_00]: In fact, 27:35.208 --> 27:37.929 [SPEAKER_00]: when somebody pressed him about why you're making so much money. 27:38.189 --> 27:41.090 [SPEAKER_00]: His response was well because the stock market is really strong. 27:41.350 --> 27:44.091 [SPEAKER_00]: That's why I'm making money because I've got this great stock market. 27:44.371 --> 27:45.992 [SPEAKER_00]: He said everybody is profiting. 27:46.432 --> 27:49.493 [SPEAKER_00]: And he asked the reporter, how's your 401k doing? 27:49.513 --> 27:53.774 [SPEAKER_00]: Trying to claim that he made all this money just like all other Americans. 27:53.794 --> 27:55.375 [SPEAKER_00]: That we're all making money. 27:56.115 --> 27:56.995 [SPEAKER_00]: Except we're not. 27:57.476 --> 27:59.336 [SPEAKER_00]: He didn't make his money on the stock market. 27:59.557 --> 28:02.098 [SPEAKER_00]: His stocks went down looking Donald Trump media. 28:02.378 --> 28:04.619 [SPEAKER_00]: I forget what it would happen last year on paper. 28:05.159 --> 28:10.301 [SPEAKER_00]: But the people who bought stock in that company, they're losing their shirts, the stocks down over 90%. 28:10.621 --> 28:11.902 [SPEAKER_00]: What about his mean coins? 28:12.182 --> 28:14.163 [SPEAKER_00]: He made a fortune selling Trump coin. 28:14.843 --> 28:17.805 [SPEAKER_00]: And along your coin, they're down 99%. 28:18.185 --> 28:20.086 [SPEAKER_00]: He's acting like everybody's making money. 28:20.467 --> 28:27.731 [SPEAKER_00]: Everybody named Trump is making money, but the people who bought those tokens lost everything on those tokens. 28:28.091 --> 28:32.474 [SPEAKER_00]: Now, of course, a lot of people who bought those tokens, they didn't care if they lost their money. 28:32.934 --> 28:38.758 [SPEAKER_00]: Because they weren't buying the tokens as an investment, they were buying access to the president. 28:39.118 --> 28:41.600 [SPEAKER_00]: Because the president, if you buy a lot, 28:44.081 --> 28:46.302 [SPEAKER_00]: You know, you can get the president's attention. 28:46.583 --> 28:51.886 [SPEAKER_00]: He's actually had events at the White House where the top owners of Trump coin are allowed to attend. 28:52.426 --> 28:54.828 [SPEAKER_00]: But it's really a way to bribe the president. 28:54.848 --> 28:57.830 [SPEAKER_00]: You don't have to give him money directly, just buy his token. 28:58.650 --> 29:00.051 [SPEAKER_00]: Because who else would buy the token? 29:00.091 --> 29:01.332 [SPEAKER_00]: It's a lousy investment. 29:01.952 --> 29:11.835 [SPEAKER_00]: So, but if it's a bribe, then you know, you don't expect to get money back on the bribe, what you expect is the bribe to buy you something more valuable. 29:12.375 --> 29:16.236 [SPEAKER_00]: And that's what's going on with these tokens or these mean coins. 29:17.116 --> 29:20.217 [SPEAKER_00]: It effectively makes bribery. 29:21.347 --> 29:21.767 [SPEAKER_00]: illegal. 29:22.028 --> 29:33.396 [SPEAKER_00]: You know, instead of, you know, having to buy art, the Republicans rightfully criticized the fact that Hunter Biden had with throw some pain on a canvas, and some guy would give my 100 grand. 29:34.396 --> 29:36.798 [SPEAKER_00]: He wasn't buying the Hunter Biden original. 29:37.258 --> 29:40.400 [SPEAKER_00]: He was buying access to Hunter's dad. 29:40.621 --> 29:43.563 [SPEAKER_00]: He was going to, hey, Dad, I like to introduce you to this guy that just, 29:44.203 --> 29:46.304 [SPEAKER_00]: bought my painting for $100,000. 29:46.344 --> 29:47.085 [SPEAKER_00]: He's a great guy. 29:47.125 --> 29:48.285 [SPEAKER_00]: Why don't you chat with him? 29:48.326 --> 29:49.806 [SPEAKER_00]: See what he's got out his mind, right? 29:50.047 --> 29:52.328 [SPEAKER_00]: That's what people were were buying. 29:52.348 --> 29:53.769 [SPEAKER_00]: They were buying this stupid art. 29:54.089 --> 29:55.750 [SPEAKER_00]: Well, the same thing with these Trump coins. 29:55.850 --> 29:57.111 [SPEAKER_00]: No one wants Trump coins. 29:57.511 --> 29:58.872 [SPEAKER_00]: They want access to Trump. 29:59.232 --> 30:01.073 [SPEAKER_00]: And by the way, it's not just to tokens. 30:01.693 --> 30:02.734 [SPEAKER_00]: It's the clubs. 30:03.755 --> 30:05.376 [SPEAKER_00]: Trump made a record amount of money 30:07.957 --> 30:11.598 [SPEAKER_00]: because they jacked up the fees to a million dollars. 30:11.638 --> 30:18.841 [SPEAKER_00]: I think it's the number one or number two most expensive club in the country before Donald Trump was elected president. 30:19.001 --> 30:24.122 [SPEAKER_00]: In 2016, it cost $100,000 to join Mara Logo. 30:24.422 --> 30:25.483 [SPEAKER_00]: Now it's a million. 30:26.063 --> 30:28.224 [SPEAKER_00]: The membership has gone up 10X. 30:30.033 --> 30:30.915 [SPEAKER_00]: Where are they buying? 30:31.055 --> 30:35.183 [SPEAKER_00]: Why is Mara Logo 10 times more expensive? 30:35.304 --> 30:41.416 [SPEAKER_00]: Yeah, we've had some inflation, but not to be at Trump's club because they want access to Trump. 30:42.324 --> 30:47.786 [SPEAKER_00]: and you get access by becoming a member of Marillago and giving Trump a million dollars. 30:48.606 --> 30:51.127 [SPEAKER_00]: And I think the fees are like $20,000 here. 30:51.347 --> 30:53.488 [SPEAKER_00]: But is this what every president is going to do now? 30:53.848 --> 30:59.810 [SPEAKER_00]: The minute you get to become president, just form a club and just have people pay a million dollars to join your club? 31:00.630 --> 31:07.672 [SPEAKER_00]: I mean, there is no better example than the executive branch, right? 31:08.213 --> 31:08.953 [SPEAKER_00]: That club, 31:10.111 --> 31:13.436 [SPEAKER_00]: was established by the Trump kids, right? 31:14.177 --> 31:16.501 [SPEAKER_00]: It's $500,000 to join. 31:16.821 --> 31:20.948 [SPEAKER_00]: One of the most expensive clubs, but there's no golf course there. 31:21.569 --> 31:23.271 [SPEAKER_00]: It's like a restaurant. 31:24.198 --> 31:27.759 [SPEAKER_00]: You go there and you have a meal and you have a drink. 31:28.379 --> 31:34.401 [SPEAKER_00]: But in order to get into that restaurant, you have to plunk down half a million bucks. 31:35.141 --> 31:41.323 [SPEAKER_00]: And then you got to pay another 15,000 dollars a year in dues before you even order a cup of coffee or beer. 31:42.243 --> 31:44.345 [SPEAKER_00]: So what are people paying for? 31:44.785 --> 31:48.547 [SPEAKER_00]: When they pay $500,000, they're paying for access. 31:48.908 --> 31:51.870 [SPEAKER_00]: The whole selling point is the cabinet each there. 31:52.830 --> 31:56.613 [SPEAKER_00]: All of the people close to Trump eat in this restaurant. 31:56.973 --> 32:01.456 [SPEAKER_00]: And if you want to eat in this restaurant with them, it's $500,000 to get in the door. 32:03.317 --> 32:04.457 [SPEAKER_00]: And they're paying it. 32:04.718 --> 32:07.038 [SPEAKER_00]: Now, this is probably not even part of Trump's income. 32:07.258 --> 32:09.099 [SPEAKER_00]: This is part of his kids income, right? 32:09.119 --> 32:10.640 [SPEAKER_00]: Because he doesn't own part of that, right? 32:10.880 --> 32:14.881 [SPEAKER_00]: But it says family caching in by selling his influence. 32:14.921 --> 32:17.962 [SPEAKER_00]: Because what do you think people want to go to the executive club for? 32:18.162 --> 32:22.464 [SPEAKER_00]: If they want to talk about sports, they want to talk about the red skins and how they're doing. 32:22.624 --> 32:23.844 [SPEAKER_00]: They're not paying $500,000 to do that. 32:23.864 --> 32:23.964 [SPEAKER_00]: No. 32:25.705 --> 32:27.787 [SPEAKER_00]: They want to get some kind of special deal. 32:28.127 --> 32:37.434 [SPEAKER_00]: They either wanted a tariff exemption or they want the government to invest in their company or pass some favorable legislation and so they're happy. 32:37.494 --> 32:41.598 [SPEAKER_00]: And they know Trump has put all this in play like never before. 32:41.658 --> 32:44.600 [SPEAKER_00]: He's let people know that you want to do business. 32:44.680 --> 32:45.781 [SPEAKER_00]: He's a business man. 32:46.121 --> 32:46.982 [SPEAKER_00]: Let's do business. 32:47.322 --> 32:48.543 [SPEAKER_00]: You know, look at all these deals. 32:48.583 --> 32:50.465 [SPEAKER_00]: He makes going around the world of the Middle East. 32:50.485 --> 32:51.686 [SPEAKER_00]: You know, yeah, you know. 32:52.466 --> 32:54.569 [SPEAKER_00]: Are these deals for the benefit of the United States? 32:54.749 --> 32:55.469 [SPEAKER_00]: Who the hell knows? 32:55.610 --> 33:09.024 [SPEAKER_00]: Some of them might be, but a lot of them are for the benefit of companies where Trump or his family has an interest or companies that are run by people who are members of his clubs who have bought his meme coins. 33:09.364 --> 33:12.027 [SPEAKER_00]: This is what is going down and it really is at the disgrace. 33:13.049 --> 33:15.292 [SPEAKER_00]: That that all of this is happy right now. 33:15.312 --> 33:24.607 [SPEAKER_00]: Of course, you know, Trump's going to be bragging about these new Trump accounts that I think are just now kicking in and this is all a gimmick, you know, the US government. 33:25.695 --> 33:47.883 [SPEAKER_00]: puts a thousand dollars in these accounts to give everybody a start he's like oh look at this great thing I'm doing for the young people I'm giving everybody a thousand dollars yeah all that is borrow so we're running up the deficits not just one year but every year so the government is not handing Americans a legacy by giving them a thousand dollars to put to the stock market 33:49.380 --> 33:51.322 [SPEAKER_00]: The government is burning them with debt. 33:51.743 --> 33:59.611 [SPEAKER_00]: There is so much more debt, the best thing that Trump could do for young people is not go deeper into debt so they can gamble in the stock market. 33:59.971 --> 34:01.593 [SPEAKER_00]: It's cutting government's spending. 34:01.833 --> 34:06.078 [SPEAKER_00]: But that's the one thing that they refuse to do is cut government's spending. 34:06.098 --> 34:07.859 [SPEAKER_00]: The one thing that would actually help 34:08.540 --> 34:11.382 [SPEAKER_00]: Young people is the one thing that they won't do. 34:11.442 --> 34:19.889 [SPEAKER_00]: In fact, everything that they're doing is undermining economic growth for young people by growing the government and growing the debt. 34:20.129 --> 34:28.335 [SPEAKER_00]: But anyway, I want to transition now and talk about independent state. 34:28.975 --> 34:32.498 [SPEAKER_00]: It's going to be the fourth of July, 2026. 34:32.558 --> 34:33.339 [SPEAKER_00]: So that's 250 years. 34:36.987 --> 34:49.634 [SPEAKER_00]: after we declared our independence from the King in England, and we fought, we fought to win our independence so that we can form our own republic. 34:50.695 --> 34:56.278 [SPEAKER_00]: And what's so difficult for me, I always have mixed emotions. 34:57.305 --> 35:12.857 [SPEAKER_00]: about independent state because it's really my favorite American holiday because we're celebrating all the things that I love about America and what we accomplished as a nation and it is a uniquely American holiday. 35:12.897 --> 35:15.098 [SPEAKER_00]: It's not like a holiday that everybody is celebrating. 35:15.359 --> 35:17.080 [SPEAKER_00]: It's our holiday as Americans. 35:17.600 --> 35:19.141 [SPEAKER_00]: But I have mixed emotions because I 35:20.134 --> 35:43.670 [SPEAKER_00]: I'm also mourning in a sense, everything that we've lost, the fact that we're no longer the America that our founders fought so hard and risked so much to create, you know, the men that signed the Declaration of Independence took it, took an incredible risk at the 35:48.194 --> 35:50.573 [SPEAKER_00]: people who signed the Declaration of the Pads. 35:51.610 --> 35:57.753 [SPEAKER_00]: You know, a lot of these people were financially ruined because of the war and they're support for the war. 35:58.214 --> 36:03.556 [SPEAKER_00]: I think 14 didn't even survive long enough to see their ratification of the Constitution. 36:04.037 --> 36:07.919 [SPEAKER_00]: You know, they pledged their honors and their sacred fortunes. 36:07.999 --> 36:18.905 [SPEAKER_00]: In fact, let me read from the last part of the Declaration of Independence because this is what the founders were risking when they signed that document. 36:19.685 --> 36:31.868 [SPEAKER_00]: And for the support of this declaration, with the firm reliance on the protections of divine providence, we mutually pledge to each other our lives, our fortunes, and our sacred honor. 36:32.308 --> 36:37.809 [SPEAKER_00]: So they all knew these were people that had a lot to lose by going against the king, right? 36:37.869 --> 36:41.350 [SPEAKER_00]: I mean, Benjamin Franklin, he joked, if we do not hang 36:41.950 --> 36:46.914 [SPEAKER_00]: separately, we were all hanging together or the other way around, but they knew this was treason. 36:46.954 --> 36:53.718 [SPEAKER_00]: You put your John Hancock, obviously John Hancock put his John Hancock on there, but everybody else signed it. 36:53.778 --> 37:01.804 [SPEAKER_00]: But if you signed that document, you were signing your death warrant if the revolution was a lost. 37:02.184 --> 37:02.625 [SPEAKER_00]: And of course, 37:03.602 --> 37:10.564 [SPEAKER_00]: You know, the UK, England was the most powerful nation on earth that we were fighting. 37:10.944 --> 37:15.305 [SPEAKER_00]: So there was a very good chance that the cause of independence was going to be lost. 37:15.926 --> 37:26.129 [SPEAKER_00]: And all of the people who signed that were going to be executed by the King for trees it, committing trees in your committing revolution, the King owned all of our land. 37:26.169 --> 37:30.330 [SPEAKER_00]: We were all subjects and we were in revolt. 37:31.630 --> 37:39.213 [SPEAKER_00]: But I want to talk about what we were revolting against and what the purpose of the revolution was. 37:40.073 --> 37:41.693 [SPEAKER_00]: What Americans wanted? 37:41.753 --> 37:49.876 [SPEAKER_00]: Why were Americans so upset that they were willing to risk their lives and their fortunes to be independent? 37:49.916 --> 37:55.798 [SPEAKER_00]: Because those Americans were nothing like the Americans that exist today. 37:56.795 --> 38:09.464 [SPEAKER_00]: These were freedom-loving Americans who wanted nothing from government as opposed to Americans today who are free loaders and want everything from government. 38:09.504 --> 38:12.726 [SPEAKER_00]: I mean, we used to be a nation of rugged individuals. 38:13.386 --> 38:15.267 [SPEAKER_00]: Now we're a nation of just sheep. 38:16.208 --> 38:18.410 [SPEAKER_00]: I mean, we just want the government to take care of us. 38:20.129 --> 38:25.713 [SPEAKER_00]: Anyway, I want to just start by reading a little bit of the declaration of independence. 38:25.733 --> 38:28.515 [SPEAKER_00]: So you can understand, you know, in the words of the framers. 38:29.035 --> 38:31.357 [SPEAKER_00]: And of course, Thomas Jefferson wrote it. 38:31.777 --> 38:40.624 [SPEAKER_00]: And in fact, two of the people that signed the declaration, Jefferson and Adams became presidents of the United States, the second and third president. 38:41.265 --> 38:43.787 [SPEAKER_00]: And they both died within hours of each other. 38:44.962 --> 38:55.955 [SPEAKER_00]: on July 4th, 1826, so that's two days from today on the fourth, on the 50th anniversary of the Declaration of Independence. 38:56.035 --> 39:00.280 [SPEAKER_00]: So 200 years ago, so these are basically Jefferson words. 39:01.700 --> 39:10.562 [SPEAKER_00]: When in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another. 39:11.102 --> 39:27.245 [SPEAKER_00]: And to assume among the powers on the earth, the separate and equal station to which the laws of nature and nature's God entitled them, a decent respect to the opinions of mankind requires that they should declare that causes which in peasant. 39:27.825 --> 39:28.025 [SPEAKER_00]: now. 39:28.666 --> 39:32.388 [SPEAKER_00]: And so here's where they start to say why they want to separate from England. 39:32.688 --> 39:51.679 [SPEAKER_00]: We hold these truths to be self-evident that all men are created equal, that they are endowed by their creator with certain unalatable rights, and that among these are life, liberty, and the pursuit of happiness, that to secure these rights, governments are instituted among men, 39:57.002 --> 40:21.136 [SPEAKER_00]: that when any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it, and to institute new government laying its foundation on such principles, and organizing its power in such form, as them shall see most likely to affect their safety and happiness. 40:21.916 --> 40:22.316 [SPEAKER_00]: That's it. 40:22.516 --> 40:24.137 [SPEAKER_00]: That's the beginning of the declaration. 40:24.597 --> 40:36.444 [SPEAKER_00]: So our framers are telling you right there that the reason we have government is to protect our liberty and our life and our property so that we can pursue our happiness. 40:37.324 --> 40:38.345 [SPEAKER_00]: That's what government is for. 40:39.425 --> 40:41.767 [SPEAKER_00]: government is not there to provide us with stuff. 40:42.347 --> 40:45.230 [SPEAKER_00]: It's not to there to provide us with happiness. 40:45.950 --> 40:54.136 [SPEAKER_00]: It's to leave us alone so that we can pursue our happiness and that the government is there by the consent. 40:55.169 --> 41:14.854 [SPEAKER_00]: of the government to serve the people, not to support the people, there is a big difference between serving the people and supporting the people because the government serves the people, but the people support the government because we pay the taxes that makes the government possible, but what are we paying taxes for? 41:15.314 --> 41:19.875 [SPEAKER_00]: We're paying taxes for a government that can protect our life and liberty, 41:20.675 --> 41:23.436 [SPEAKER_00]: and can allow us to pursue happiness. 41:23.876 --> 41:25.277 [SPEAKER_00]: But today, it's the other way around. 41:25.817 --> 41:28.398 [SPEAKER_00]: People don't want to support the government. 41:28.458 --> 41:30.899 [SPEAKER_00]: People want to be supported by the government. 41:31.179 --> 41:33.860 [SPEAKER_00]: But the government doesn't have anything that it doesn't first take. 41:34.340 --> 41:43.623 [SPEAKER_00]: So today, people want to use government as an instrument of force, as an instrument of violence to extract things from their fellow citizens. 41:44.083 --> 41:47.164 [SPEAKER_00]: This is not why this nation was formed. 41:50.125 --> 41:56.167 [SPEAKER_00]: at the declaration of independence and read it and you could find it online and read the whole thing. 41:56.187 --> 41:57.407 [SPEAKER_00]: I'm not going to keep on reading it. 41:57.447 --> 42:01.309 [SPEAKER_00]: I just read the beginning, but it's really a list of grievances. 42:01.829 --> 42:05.810 [SPEAKER_00]: These are things that the colonists are upset about. 42:06.030 --> 42:07.771 [SPEAKER_00]: They're mad at the King of England. 42:08.391 --> 42:14.758 [SPEAKER_00]: They have these grievances, and they've listed them in the Declaration of Independence, because this was sent to the king. 42:14.798 --> 42:16.540 [SPEAKER_00]: This is like, hey, you're heinous. 42:16.560 --> 42:18.362 [SPEAKER_00]: This is why we're revolting. 42:18.622 --> 42:21.024 [SPEAKER_00]: These are all the things that we know why. 42:22.005 --> 42:27.651 [SPEAKER_00]: And if you notice, they're not complaining that the king isn't doing enough for them. 42:28.152 --> 42:29.553 [SPEAKER_00]: The king isn't doing anything for them. 42:29.573 --> 42:30.574 [SPEAKER_00]: And they don't care about that. 42:31.250 --> 42:34.779 [SPEAKER_00]: They're complaining about what the king is doing to them. 42:35.280 --> 42:39.731 [SPEAKER_00]: These are things that government is doing that they want the government to stop doing. 42:40.805 --> 42:58.513 [SPEAKER_00]: And so they're not complaining that the king is not providing us with out of adequate government housing, we're not getting adequate government education, we're not getting food for the hungry, the king isn't providing its subjects with a retirement benefit plan. 42:59.173 --> 43:06.297 [SPEAKER_00]: None of the stuff that Americans want today, Americans back then were upset that they didn't have because they didn't want any of that stuff. 43:06.897 --> 43:10.781 [SPEAKER_00]: They didn't want anything from the king except to be left alone. 43:11.562 --> 43:16.827 [SPEAKER_00]: So, everything that they're protesting is stuff that the government is doing to them. 43:17.247 --> 43:23.293 [SPEAKER_00]: And I wrote down a couple of the things that that seemed most appropriate that the government was doing. 43:24.194 --> 43:25.315 [SPEAKER_00]: This is my favorite one. 43:26.938 --> 43:37.586 [SPEAKER_00]: He has erected a multitude of new offices and set hither swarms of officers to harass our people and eat out their substance. 43:38.407 --> 43:41.969 [SPEAKER_00]: Now, this is probably the best way that you could describe the IRS. 43:42.450 --> 43:44.931 [SPEAKER_00]: This is what our current government is doing. 43:45.632 --> 43:52.657 [SPEAKER_00]: We have all these IRS agents all over the country, harassing our people and eating out their substance. 43:52.777 --> 43:53.298 [SPEAKER_00]: In fact, 43:54.426 --> 43:59.482 [SPEAKER_00]: Nothing that King George did comes close to what the IRS is doing. 44:00.104 --> 44:00.606 [SPEAKER_00]: I mean, fact. 44:01.925 --> 44:05.888 [SPEAKER_00]: There's no way the king would have even tried something like that. 44:06.609 --> 44:11.232 [SPEAKER_00]: I mean, we would have had a revolution even sooner if they had an income tax. 44:11.573 --> 44:18.338 [SPEAKER_00]: If King George tried to tax us, you know, take all of our incomes, take 30% of our incomes. 44:19.318 --> 44:28.806 [SPEAKER_00]: If the king imposed even a small fraction of the type of rules and regulations that we impose on ourselves, there would have been a massive revolution at the time. 44:31.535 --> 44:43.965 [SPEAKER_00]: We need another revolution, because as I just read, when any government becomes destructive of these limited means of protecting our rights, then it's time for a revolution. 44:44.545 --> 44:46.787 [SPEAKER_00]: And the government no longer protects our rights. 44:47.167 --> 44:51.771 [SPEAKER_00]: The government is the greatest threat to our rights and to our liberty. 44:51.831 --> 44:56.495 [SPEAKER_00]: Here is another thing that they complained about, cutting off trade with all parts of the world. 44:57.570 --> 44:58.330 [SPEAKER_00]: What do we got now? 44:58.670 --> 45:00.271 [SPEAKER_00]: What's Trump doing with terrorists? 45:00.351 --> 45:02.732 [SPEAKER_00]: Trying to cut off trade, threatening tariffs. 45:03.332 --> 45:05.852 [SPEAKER_00]: The call is wanted free trade. 45:06.213 --> 45:13.615 [SPEAKER_00]: They wanted to trade with anyone they wanted and they did not want the king to interfere with their rights to free trade. 45:13.835 --> 45:15.555 [SPEAKER_00]: Well, what is the government doing now? 45:15.995 --> 45:17.416 [SPEAKER_00]: interfering with free trade? 45:19.055 --> 45:22.960 [SPEAKER_00]: Here, for imposing taxes on us without our consent. 45:23.460 --> 45:31.730 [SPEAKER_00]: Now, you can argue that today they have our consent because it's up to a vote, but a lot of people are not voting for these taxes. 45:32.532 --> 45:34.514 [SPEAKER_00]: I mean, I never voted for the taxes. 45:34.954 --> 45:42.920 [SPEAKER_00]: So as far as I'm concerned, the taxation is just as bad, even though it's been voted on by some people. 45:43.641 --> 45:53.629 [SPEAKER_00]: But the taxes that we have today are far higher than anything that the King of England was imposing on the colonists. 45:53.669 --> 45:59.053 [SPEAKER_00]: I mean, those were small, excised taxes, you know, a stamp tax, tax on key, right? 45:59.314 --> 46:00.755 [SPEAKER_00]: These were small taxes. 46:01.591 --> 46:03.332 [SPEAKER_00]: but the colors didn't want to pay them. 46:04.052 --> 46:13.697 [SPEAKER_00]: Well, if they didn't want to pay these small taxes, can you imagine what would happen if the king tried to give him to pay the income tax or the payroll tax, I mean, come on. 46:16.519 --> 46:21.401 [SPEAKER_00]: If the king tried to impose those kind of taxes in England, there would have been a revolution. 46:21.621 --> 46:25.703 [SPEAKER_00]: They would have put his head on a stake and marched him through London. 46:25.983 --> 46:31.486 [SPEAKER_00]: If no king could have gotten away with what our government is getting away with now. 46:31.526 --> 46:35.108 [SPEAKER_00]: We put up with far more from the king. 46:36.589 --> 46:38.250 [SPEAKER_00]: Let me see what else that I write down here. 46:40.272 --> 46:43.934 [SPEAKER_00]: for depriving us in many cases of the benefit of trial by jury. 46:44.194 --> 46:45.495 [SPEAKER_00]: Well, that happens all the time here. 46:45.515 --> 46:46.896 [SPEAKER_00]: The government sees this property. 46:47.196 --> 46:48.017 [SPEAKER_00]: We don't get a trial. 46:48.297 --> 46:49.098 [SPEAKER_00]: You don't even get a hearing. 46:49.118 --> 46:49.958 [SPEAKER_00]: They take what they want. 46:49.978 --> 46:55.322 [SPEAKER_00]: There's a lot of administrative fines or a lot of things that government does where we don't, you know, there's no jury. 46:55.942 --> 47:00.245 [SPEAKER_00]: So a lot of our rights have been diminished there to our protections of private property. 47:00.865 --> 47:09.253 [SPEAKER_00]: Here, for taking away our charters, abolishing our most valuable laws and altering fundamentally the forms of our governments. 47:09.593 --> 47:12.896 [SPEAKER_00]: That's exactly what the federal government does now to the state governments. 47:13.196 --> 47:18.882 [SPEAKER_00]: You have all kinds of federal law that supersedes or overrides state law. 47:20.164 --> 47:21.685 [SPEAKER_00]: Right, that's what they were complaining about. 47:21.725 --> 47:24.388 [SPEAKER_00]: They had their own laws in the colonies. 47:25.689 --> 47:30.193 [SPEAKER_00]: And now the King of England was going in and basically overriding them or abolishing them. 47:30.213 --> 47:31.254 [SPEAKER_00]: Well, we're doing that now. 47:32.233 --> 47:41.076 [SPEAKER_00]: Here again, for a suspending our own legislatures and declaring themselves invested with power to legislate for us in cases whatsoever. 47:41.256 --> 47:46.537 [SPEAKER_00]: That is the perversion of the commerce clause and the necessary improper clause. 47:46.917 --> 47:54.700 [SPEAKER_00]: The federal government today has used served all sorts of powers that were reserved to the states by the Constitution in the 10th Amendment. 47:55.260 --> 48:04.005 [SPEAKER_00]: So our government today, the government that we have now in Washington, D.C., headed by Donald Trump, is a bigger threat to our liberty. 48:04.385 --> 48:08.907 [SPEAKER_00]: There is more tyranny today than there was in 1776. 48:09.307 --> 48:10.908 [SPEAKER_00]: So there is a greater reason. 48:11.408 --> 48:16.591 [SPEAKER_00]: We have more reason to have a revolution now than we had 250 years ago. 48:17.291 --> 48:21.734 [SPEAKER_00]: In fact, if I could turn back the clock, if we could be rule today, 48:22.614 --> 48:28.359 [SPEAKER_00]: by a foreign king where the rules were exactly the same as they were back then. 48:28.439 --> 48:29.560 [SPEAKER_00]: I take that in a heartbeat. 48:30.121 --> 48:39.609 [SPEAKER_00]: We'd be a much freer people today if we still had a monarch with the same basic framework that we had 250 years ago. 48:40.590 --> 48:49.213 [SPEAKER_00]: because we'd have no income tax, we'd have no estate tax, we'd have no payroll tax, we'd have a lot more economic freedom than we have now. 48:49.253 --> 48:57.135 [SPEAKER_00]: So if there was a reason to have a revolution 250 years ago, there's a much bigger reason to have a revolution that now. 48:57.495 --> 49:02.497 [SPEAKER_00]: The problem is a violent revolution is probably even less likely to succeed. 49:03.358 --> 49:07.240 [SPEAKER_00]: You know, the U.S. Army, unless we have the support of all the troops, right? 49:07.300 --> 49:13.003 [SPEAKER_00]: How are the civilians, you know, going to have a revolution to overthrow this government? 49:13.023 --> 49:13.863 [SPEAKER_00]: It's not going to happen. 49:14.344 --> 49:22.408 [SPEAKER_00]: So the only hope of a revolution in 2026 is a peaceful revolution at the ballot box. 49:23.301 --> 49:25.842 [SPEAKER_00]: But that is probably more difficult, too. 49:26.462 --> 49:30.224 [SPEAKER_00]: Then defeating the king and the king's army. 49:30.864 --> 49:34.466 [SPEAKER_00]: Because we have an army of voters against us. 49:35.066 --> 49:38.568 [SPEAKER_00]: Because we have so many people living off the government. 49:38.848 --> 49:40.068 [SPEAKER_00]: They don't want a revolution. 49:40.529 --> 49:41.609 [SPEAKER_00]: They want to continue. 49:41.689 --> 49:43.350 [SPEAKER_00]: In fact, they want to ratchet it up. 49:43.750 --> 49:45.411 [SPEAKER_00]: All right, they want more government. 49:45.431 --> 49:51.593 [SPEAKER_00]: They want more socialism, fascism, whatever it is, they want the government to take more to confiscate. 49:51.613 --> 49:55.474 [SPEAKER_00]: All right, they want an even more oppressive government than the one we got right now. 49:56.034 --> 49:58.555 [SPEAKER_00]: And so how do we out vote these people? 49:59.076 --> 50:05.138 [SPEAKER_00]: When people are getting a check directly from the government, they're not going to vote to lose that check. 50:05.838 --> 50:11.881 [SPEAKER_00]: So the people who are paying the bills are going to have a much harder time winning the votes. 50:11.921 --> 50:15.723 [SPEAKER_00]: That that is the tyranny of democracy. 50:16.263 --> 50:23.487 [SPEAKER_00]: That is a tyranny that our founders knew well and were very much afraid of. 50:24.367 --> 50:26.669 [SPEAKER_00]: And I don't want to really get into that. 50:27.509 --> 50:37.232 [SPEAKER_00]: with today's podcast because I've spoken at great length about the difference between a democracy and a republic because we are a republic. 50:37.372 --> 50:39.433 [SPEAKER_00]: We are not a democracy for a reason. 50:39.473 --> 50:46.175 [SPEAKER_00]: We're not supposed to be a democracy precisely because the framers were very fearful of how tyrannical. 50:47.075 --> 51:09.396 [SPEAKER_00]: uh... majorities could be because in their mind they didn't care if they were kieran eyes by a king or by government elected by a majority because if the government is interfering with their rights uh... who cares uh... if if a majority of people vote to steal my money and then my money gets stolen how was that any different than one guy stealing my money 51:09.796 --> 51:15.410 [SPEAKER_00]: As far as I've been certain, I'm at the same result, so the means doesn't really matter if the ends are the same. 51:15.751 --> 51:17.857 [SPEAKER_00]: But I've already talked about this at length. 51:19.251 --> 51:22.032 [SPEAKER_00]: on various July 4th over the years. 51:22.953 --> 51:34.678 [SPEAKER_00]: And I talked a lot about the U.S. Constitution and very few people seem to understand that Constitution, but the Constitution is rooted in the Declaration of Independence. 51:34.958 --> 51:39.100 [SPEAKER_00]: And again, if you look at the Declaration of Independence, you look at the U.S. Constitution. 51:39.821 --> 51:41.782 [SPEAKER_00]: The word democracy does not appear there once. 51:43.142 --> 51:46.443 [SPEAKER_00]: We were not fighting a revolution to achieve democracy. 51:46.923 --> 51:50.725 [SPEAKER_00]: We did not form our republic to have a democracy. 51:51.125 --> 51:53.645 [SPEAKER_00]: And again, look at these founding documents. 51:54.166 --> 52:07.770 [SPEAKER_00]: There's nothing about the government that we want a government to provide us with things that the government needs to make things fair and redistribute wealth and the government should provide you with this or provide you with that. 52:11.611 --> 52:19.437 [SPEAKER_00]: so that you could do things for yourself so that you could achieve your goals without the government getting in your way, without the government interfering. 52:19.837 --> 52:20.818 [SPEAKER_00]: But that's what we have today. 52:20.858 --> 52:22.439 [SPEAKER_00]: The government gets in your way all the time. 52:22.780 --> 52:24.441 [SPEAKER_00]: It interferes all the time. 52:25.141 --> 52:27.824 [SPEAKER_00]: And people expect stuff from the government. 52:27.844 --> 52:33.388 [SPEAKER_00]: You know, even John Kennedy, who was not a favorite of mine, he was and he was a 52:36.250 --> 52:43.496 [SPEAKER_00]: You know, then proceeded to do the opposite, but ask not what your country can do for you, but what you can do for your country. 52:44.738 --> 52:49.861 [SPEAKER_00]: But today, all it is is people asking the government to do something from them, right? 52:50.081 --> 52:53.423 [SPEAKER_00]: The government is supposed to give you stuff, provide you with stuff, right? 52:53.443 --> 52:57.506 [SPEAKER_00]: Now, where they talk about the government, he's to take stakes in all these AI companies. 52:57.546 --> 52:59.407 [SPEAKER_00]: Bernie Sanders has some kind of bill now. 52:59.827 --> 53:09.613 [SPEAKER_00]: That would require, you know, the government to confiscate some of this means of production and nationalize it, socialize it, right? 53:09.653 --> 53:12.355 [SPEAKER_00]: This is what the fascist did in Italy. 53:13.656 --> 53:16.918 [SPEAKER_00]: In Germany, this is not economic freedom. 53:16.958 --> 53:18.640 [SPEAKER_00]: This is not what this country. 53:18.680 --> 53:23.263 [SPEAKER_00]: So when you celebrate the Fourth of July, that's what you're supposed to be celebrating. 53:24.124 --> 53:33.491 [SPEAKER_00]: America's individualism, our self-reliance, our freedom, what it meant to be in America was very different than what it meant to be anybody else. 53:34.072 --> 53:38.816 [SPEAKER_00]: Because we didn't get our rights from the government. 53:39.778 --> 53:43.239 [SPEAKER_00]: It wasn't like we had a king that gave us some privileges. 53:43.819 --> 53:53.222 [SPEAKER_00]: We had our rights, and we created a government's subservient to us, and we gave up some power to the government. 53:53.262 --> 53:55.042 [SPEAKER_00]: So we didn't get our rights from the government. 53:55.282 --> 53:58.023 [SPEAKER_00]: Our rights existed before we formed the government. 53:58.303 --> 54:04.945 [SPEAKER_00]: And the only reason we formed the government was to protect those rights, life, liberty, property. 54:05.545 --> 54:09.666 [SPEAKER_00]: You know, in the Declaration of Dependence, it was the pursuit of happiness. 54:09.706 --> 54:13.207 [SPEAKER_00]: I think in the first draft, I think Jefferson had property. 54:13.848 --> 54:18.189 [SPEAKER_00]: But it was unique in that Americans had a right to pursue their happiness. 54:18.729 --> 54:23.311 [SPEAKER_00]: They didn't have a right to be happy, but we had a right to achieve happiness. 54:23.431 --> 54:26.972 [SPEAKER_00]: And the government could not interfere with that pursuit. 54:27.292 --> 54:28.833 [SPEAKER_00]: They needed to stay out of our way. 54:28.993 --> 54:32.914 [SPEAKER_00]: Nobody at the time thought the government needed to make you happy. 54:33.634 --> 54:55.392 [SPEAKER_00]: and that people had any right to use government as an instrument of redistribution, that if some people had stuff that you didn't have, that it was the obligation of the government to take some of that stuff and give it to you because you had some kind of sense of entitlement or you deserved stuff, material things, simply because you were an American. 54:55.612 --> 55:00.436 [SPEAKER_00]: No, being an American didn't mean you were entitled to something, it meant you were free. 55:01.016 --> 55:04.537 [SPEAKER_00]: it meant you were free from government that the government had to leave you alone. 55:05.137 --> 55:06.377 [SPEAKER_00]: That's what America was about. 55:06.397 --> 55:10.538 [SPEAKER_00]: That's why so many people came to America from all over the world. 55:11.039 --> 55:12.699 [SPEAKER_00]: They were in search of freedom. 55:13.179 --> 55:16.120 [SPEAKER_00]: They didn't come here because we promised to give them something. 55:16.500 --> 55:19.121 [SPEAKER_00]: They came here because we promised to leave them alone. 55:19.461 --> 55:24.562 [SPEAKER_00]: It was the rest of the world, right, where you had big government and regulation and taxation. 55:24.762 --> 55:25.922 [SPEAKER_00]: And that was failing. 55:26.382 --> 55:28.203 [SPEAKER_00]: And people were trying to escape that. 55:28.603 --> 55:33.871 [SPEAKER_00]: We've now become the very thing that all my grandparents came here to escape. 55:33.891 --> 55:37.436 [SPEAKER_00]: So you got to keep that in mind with the Fourth of July. 55:37.516 --> 55:40.681 [SPEAKER_00]: Yes, we want to celebrate American independence. 55:40.701 --> 55:42.864 [SPEAKER_00]: But we also want to mourn what we've lost. 55:43.585 --> 55:58.731 [SPEAKER_00]: And we don't want to pretend that the nation we have today is anything like, anything remotely like the nation that our founders fought and died to create for us that the posterity is not 56:00.392 --> 56:05.854 [SPEAKER_00]: honoring the sacrifices that were made because we are not continuing the traditions. 56:06.454 --> 56:07.615 [SPEAKER_00]: I want to go back to that. 56:07.935 --> 56:14.658 [SPEAKER_00]: I love to have a political revolution in this country that can overturn this. 56:15.958 --> 56:17.659 [SPEAKER_00]: through the election process. 56:17.779 --> 56:26.306 [SPEAKER_00]: If that's ever going to be possible, but we have to keep striving for that, because at least if we don't strive for it, we'll never attain it. 56:26.566 --> 56:32.871 [SPEAKER_00]: But anyway, I just want to again wish everybody a healthy and happy fourth. 56:33.311 --> 56:34.892 [SPEAKER_00]: This is the real independence day. 56:35.313 --> 56:39.396 [SPEAKER_00]: Don't you know, don't let someone tell you that it's June, June, June, June, June. 56:39.476 --> 56:40.537 [SPEAKER_00]: It is July, fourth. 56:41.217 --> 56:52.081 [SPEAKER_00]: 250 years, we did create the most prosperous country in the history of the world because we honored those traditions for 150 years. 56:52.381 --> 57:01.345 [SPEAKER_00]: You know, we really started going in the wrong direction with the populist movement towards the end of the 19th century, early in the 20th century. 57:02.145 --> 57:17.099 [SPEAKER_00]: But ever since the new deal in the 1930s, the great society in the 1960s, and then what's going on now, we are moving further and further away from the Republic that we created. 57:17.639 --> 57:18.619 [SPEAKER_00]: Not in 1776. 57:18.859 --> 57:21.340 [SPEAKER_00]: That's when we declared our independence. 57:21.360 --> 57:25.181 [SPEAKER_00]: We didn't ratify the Constitution until 1789. 57:25.461 --> 57:28.002 [SPEAKER_00]: But that republic exists in name only. 57:28.142 --> 57:31.023 [SPEAKER_00]: It is no longer the nation that we created. 57:31.263 --> 57:36.905 [SPEAKER_00]: So we have to strive to try to recreate it and try to keep that perspective in mind. 57:37.645 --> 57:42.246 [SPEAKER_00]: as we're collectively celebrating in the penistate. 57:42.726 --> 57:50.088 [SPEAKER_00]: Again, if you like this video, make sure and give it a thumbs up, leave me a comment, subscribe to the YouTube channel. 57:50.248 --> 58:07.072 [SPEAKER_00]: If you're not watching it on YouTube, go over there and subscribe, don't forget to follow me on X and look for my special re-upload of what it means to be an American, because I get into so much more detail than what I did today. 58:07.712 --> 58:18.379 [SPEAKER_00]: It's, you know, an hour and a half or so, it's a compilation of three different podcasts, but it's important that not only you listen to this and have your family listen, but circulate it. 58:18.960 --> 58:31.208 [SPEAKER_00]: More people need to understand what it means to be an American, because we need more soldiers in this freedom revolution if we're ever going to declare one, much less win one. 58:31.568 --> 58:31.988 [SPEAKER_00]: Bye for now.