WEBVTT 00:00.071 --> 00:02.712 [SPEAKER_00]: What makes a free person versus a slave? 00:02.952 --> 00:06.092 [SPEAKER_00]: A slave does not own his economic output. 00:06.212 --> 00:07.413 [SPEAKER_00]: It belongs to the master. 00:07.693 --> 00:11.114 [SPEAKER_00]: And even a surf, you can say, is beholden to the Lord. 00:11.174 --> 00:15.455 [SPEAKER_00]: But even surf's got to keep 75% of what they produced. 00:15.855 --> 00:17.575 [SPEAKER_00]: That's more than the average American. 00:17.595 --> 00:20.836 [SPEAKER_00]: And the average American is lower in status than a surf. 00:21.296 --> 00:25.857 [SPEAKER_00]: Most Americans would have to aspire to raise to the level of a surf. 00:26.037 --> 00:31.564 [SPEAKER_00]: But again, the difference between being the slave and being a free person is owning the fruits of your labor. 00:31.884 --> 00:35.508 [SPEAKER_00]: Well, if the government claims that it owns our labor, then what? 00:35.528 --> 00:36.870 [SPEAKER_00]: We're all slaves to the government. 00:46.508 --> 00:50.331 [SPEAKER_00]: Well, I hate to say I told you so, but I told you so. 00:51.051 --> 00:56.976 [SPEAKER_00]: The peace deal with Iran is off and the war is back on. 00:57.176 --> 01:04.361 [SPEAKER_00]: Donald Trump says the cease fire is gone and the bombs are going to start to drop, I guess tonight. 01:04.961 --> 01:13.647 [SPEAKER_00]: And you know, when I first talked about this so-called peace deal and the MOU upon which it was based, 01:14.548 --> 01:16.670 [SPEAKER_00]: I said it was much to do about nothing. 01:17.010 --> 01:26.777 [SPEAKER_00]: The markets were all excited about the end of the war, but to me it just seemed like a stall tactic because there was nothing really in this MOU. 01:29.139 --> 01:30.340 [SPEAKER_00]: It didn't really have any teeth. 01:30.360 --> 01:31.500 [SPEAKER_00]: There was nothing binding. 01:31.621 --> 01:37.645 [SPEAKER_00]: It was really just a deal to try to make a deal, which they had without the memorandum. 01:38.205 --> 01:56.136 [SPEAKER_00]: But the important part of the memorandum was that during this so-called 60-day cease-fire that, you know, the bombs would stop and the straight of her moves would open up, which was really the reason that Trump agreed to this deal or a deal to make a deal. 01:56.616 --> 02:01.639 [SPEAKER_00]: It was to open up the straight and to get the oil price down, which worked. 02:02.039 --> 02:03.160 [SPEAKER_00]: oil prices dropped. 02:03.520 --> 02:19.893 [SPEAKER_00]: They were above $90 a barrel and they dropped to below $70 a barrel on the fact that, you know, the straight was opening up, although it never fully opened to the degree that it was open before the war, but at least there was some movement of ships. 02:20.634 --> 02:24.998 [SPEAKER_00]: And in fact, Donald Trump talked about why he needed to do it. 02:25.738 --> 02:43.642 [SPEAKER_00]: And he said that maybe we were within two weeks a way of running out of oil or something like that, and that had he not found a way to end the war that he risked being the next Herbert Hoover, because he was going to preside over a depression. 02:44.142 --> 02:47.523 [SPEAKER_00]: So in other words, we were a weeks away from a depression. 02:48.303 --> 03:10.195 [SPEAKER_00]: unless Trump found a way out of the war, which is not exactly something you want to acknowledge to your adversaries if you're negotiating, because if you wanted to negotiate, you want to do it from strength, not from desperation, because if you tell the Iranians, if you just hold on for a couple more weeks, it's a depression, 03:10.895 --> 03:29.525 [SPEAKER_00]: uh... that gives them a lot of leverage uh... to hold on and in fact i commented on the terms of the deal and from my perspective it seemed like i ran walked away the winner because they got all kinds of economic concessions there was this fund 03:31.008 --> 03:41.134 [SPEAKER_00]: You know, a couple hundred billion dollar fund, whatever it was, to invest in Iran, they were getting sanctions lifted, they were going to be able to sell their oil. 03:41.835 --> 03:49.059 [SPEAKER_00]: And the only thing they were really agreeing to was not to develop nuclear weapons, which is something they had always agreed to. 03:49.660 --> 03:56.664 [SPEAKER_00]: And in fact, Trump even acknowledged, in interviews, subsequent to the signing of the MOU, 03:59.446 --> 04:12.578 [SPEAKER_00]: It would be unfair to tell Iran that you can't have nuclear power that you can't enrich uranium for the purpose of generating nuclear power because it wouldn't be fair because everybody else has nuclear power. 04:12.819 --> 04:17.843 [SPEAKER_00]: So all of a sudden we can trust the Iranians with nuclear power and even on missiles. 04:18.980 --> 04:27.765 [SPEAKER_00]: Prior to the war, one of the objectives was to completely disarm Iran, so they had no more missiles, but then Trump said, well, how can they have no missiles? 04:28.085 --> 04:30.386 [SPEAKER_00]: Other countries have missiles, they need to have some. 04:30.827 --> 04:40.332 [SPEAKER_00]: So Trump seemed to back away from everything that he had been demanding, just to kind of create a phony victory out of what amounted to defeat. 04:41.032 --> 04:43.874 [SPEAKER_00]: But even that didn't even stick. 04:44.094 --> 04:49.017 [SPEAKER_00]: We couldn't even make that phony victory last because it's already off. 04:49.577 --> 04:53.239 [SPEAKER_00]: And now Donald Trump is saying, well, I don't even think I need to deal anymore. 04:54.179 --> 05:01.484 [SPEAKER_00]: I can't make a deal, so I'm not really sure what the statuses or what they're going to do, but the piece is already off. 05:02.344 --> 05:03.425 [SPEAKER_00]: and we're back at war. 05:04.105 --> 05:06.346 [SPEAKER_00]: Now, the markets reacted to this. 05:06.847 --> 05:17.333 [SPEAKER_00]: The stock market was down, you know, I think the lowest or the biggest drop I saw was maybe over 700 points in the down if we were ever down 800 points. 05:18.413 --> 05:21.955 [SPEAKER_00]: The Nasdaq was down, I think a percent percent and a half. 05:22.035 --> 05:25.638 [SPEAKER_00]: But the Nasdaq managed to finish the day positive. 05:25.718 --> 05:27.499 [SPEAKER_00]: They was the only stock market index. 05:28.279 --> 05:30.360 [SPEAKER_00]: that ended up positive on the day. 05:30.840 --> 05:39.864 [SPEAKER_00]: In fact, I think the reason that money is going in to the Nasdek is just a few text stocks, the big AI hyperscalers. 05:40.344 --> 05:41.444 [SPEAKER_00]: This is all that's working. 05:41.624 --> 05:43.925 [SPEAKER_00]: It's the only trade that's actually still going. 05:44.245 --> 05:45.146 [SPEAKER_00]: Momentum trade. 05:45.506 --> 05:47.687 [SPEAKER_00]: And so everybody is kind of piling in. 05:48.247 --> 05:51.648 [SPEAKER_00]: It's almost as if the tech trade is the new save haven. 05:52.008 --> 05:55.049 [SPEAKER_00]: So the Dow is down over 1% today about 570 points. 05:56.990 --> 06:10.353 [SPEAKER_00]: small caps were down about 1%, gold was down, gold continues to react to war news, escalation of war as if it's bad news. 06:10.993 --> 06:24.917 [SPEAKER_00]: And at one point I think gold was down maybe 70, 80 bucks at the lows, but it didn't get below 4,000, so 4,000 is holding gold recouped a lot of its losses to close down just 06:26.797 --> 06:29.400 [SPEAKER_00]: at $40 and 74 cents. 06:30.040 --> 06:38.928 [SPEAKER_00]: Silver also down on the day, but holding, no, close at $58 and 13 cents down $1.71. 06:39.329 --> 06:43.313 [SPEAKER_00]: But it's not, you know, it wasn't down to four or five bucks. 06:43.933 --> 07:00.778 [SPEAKER_00]: So I think silver and gold are holding in to support levels and I think we're getting close to an inflection point where war news stops being bearish for gold and silver and starts being bullish because it is bullish. 07:01.518 --> 07:07.821 [SPEAKER_00]: Um, you know, the markets just don't seem to get that, but the uncertainty surrounding war is bullish. 07:07.921 --> 07:13.543 [SPEAKER_00]: But more important, it's all the extra money that we print, all the inflation that we create. 07:13.843 --> 07:19.165 [SPEAKER_00]: And I'm not just talking about oil prices going up, but oil prices did rebound. 07:19.285 --> 07:21.606 [SPEAKER_00]: And in fact, I think they're headed a lot higher. 07:22.047 --> 07:24.247 [SPEAKER_00]: Right now, they close the day up about 6% 07:25.608 --> 07:27.554 [SPEAKER_00]: just below 75 dollars in barrel. 07:28.116 --> 07:31.766 [SPEAKER_00]: But I think that this rally is going to have bigger legs. 07:32.890 --> 07:49.782 [SPEAKER_00]: I think it's going to be pretty clear to oil traders that no matter what happens, this war is not really ending and the straits not really reopening, maybe it won't be shut airtight, maybe a few ships to maybe able to come through, but not nearly as many as used to come through. 07:50.142 --> 07:56.947 [SPEAKER_00]: In fact, ironically, it seems to me that our main goal right now is just to restore the status quote. 07:57.367 --> 08:03.589 [SPEAKER_00]: that would be a win just to return the golf to the situation it was in before the war started. 08:03.709 --> 08:05.189 [SPEAKER_00]: That's like the best we can hope for. 08:05.690 --> 08:14.212 [SPEAKER_00]: Only even if we achieve that, it's going to be at a massive cost because I think oil prices will still be much higher as a result of what happened. 08:14.652 --> 08:21.974 [SPEAKER_00]: But more significantly and not just the loss of lives and the loss of property and there was a lot of property loss, not just in Iran. 08:22.035 --> 08:24.835 [SPEAKER_00]: We lost our bases in the golf 08:27.856 --> 08:38.520 [SPEAKER_00]: But the money, the money that we have spent on the war, that we are continuing to spend on the war, and if we ever get a piece, that's going to cost two. 08:38.860 --> 08:40.480 [SPEAKER_00]: We're going to be spending a lot more money. 08:40.921 --> 08:47.383 [SPEAKER_00]: I'm even reading now official estimates that the Iran war is going to cost over $1 trillion. 08:47.703 --> 08:54.065 [SPEAKER_00]: And again, I said this on day one, forgetting about this piece deal. 08:55.045 --> 09:09.635 [SPEAKER_00]: The day that Trump decided to declare war on Iran without Congress and I criticized that as an undeclared, unconstitutional war had Biden done this, the Republicans would have been saying the same thing. 09:10.016 --> 09:13.298 [SPEAKER_00]: But because it was Trump, the Republicans did care. 09:14.559 --> 09:20.823 [SPEAKER_00]: Most of them, I mean, Rand Paul made a big deal about a Thomas Massey, and now see what happened to him, right? 09:20.863 --> 09:21.264 [SPEAKER_00]: He's gone. 09:24.908 --> 09:27.005 [SPEAKER_00]: Apart from that constitutional aspects of it. 09:28.320 --> 09:43.512 [SPEAKER_00]: When this war started and Trump was talking about how quickly it was going to be over, how we were going to kick Iran's ass, we had the greatest military in the world, thanks to him that he had built up this great military and that we were going to make short work of Iran. 09:43.892 --> 09:47.855 [SPEAKER_00]: It was going to be liberation in Iran, just like we had a liberation day. 09:48.316 --> 09:51.518 [SPEAKER_00]: He was going to liberate the Iranians from their corrupt government. 09:51.858 --> 09:57.523 [SPEAKER_00]: It was going to be a total regime change and all of this was accomplished, you know, just in a few days. 09:58.163 --> 10:03.248 [SPEAKER_00]: Well, we accomplished nothing in several months, and we've given up on all those objectives. 10:03.348 --> 10:07.553 [SPEAKER_00]: I mean, for all the talk of regime change, the regime hasn't changed at all. 10:07.973 --> 10:09.535 [SPEAKER_00]: If anything, it's probably hard. 10:09.935 --> 10:13.699 [SPEAKER_00]: It's probably the same regime, or it is the same regime. 10:14.139 --> 10:15.340 [SPEAKER_00]: It's probably just more radical. 10:16.458 --> 10:22.081 [SPEAKER_00]: And, you know, for people who may think, well, at least we diminished the terrorist threat, I doubt it. 10:22.121 --> 10:24.142 [SPEAKER_00]: We probably, you know, augmented it. 10:24.482 --> 10:28.184 [SPEAKER_00]: We probably made a lot more enemies in Iran than we had before. 10:28.905 --> 10:43.212 [SPEAKER_00]: And now, you know, it'll be easier for the terrorist groups to recruit people, you know, to come after us on now, because of, you know, the lives that were lost in Iran as a result of the war that we decided. 10:44.513 --> 10:44.993 [SPEAKER_00]: to start. 10:45.153 --> 10:46.234 [SPEAKER_00]: We didn't have to start it. 10:46.894 --> 10:48.174 [SPEAKER_00]: We just did. 10:48.814 --> 10:51.195 [SPEAKER_00]: But now we have to figure out a way out. 10:51.995 --> 10:56.777 [SPEAKER_00]: And I think the Iranians know they've got us caught between Iraq and a hard place. 10:57.057 --> 11:03.479 [SPEAKER_00]: But I said for the beginning, this was going to be a quagmire, just like Iraq or just like Afghanistan. 11:04.199 --> 11:07.520 [SPEAKER_00]: Every time we go into the Middle East, we can't get out. 11:08.240 --> 11:10.221 [SPEAKER_00]: And Trump recognized this, at least, 11:13.862 --> 11:17.764 [SPEAKER_00]: And when he ran for office for a second term, it was the same thing. 11:17.884 --> 11:21.226 [SPEAKER_00]: No more wars, no forever wars, stalemate at least. 11:22.227 --> 11:25.609 [SPEAKER_00]: And, but you know, you know, right in there. 11:26.309 --> 11:30.532 [SPEAKER_00]: And in so doing, he ended up losing a lot of his supporters. 11:31.112 --> 11:48.516 [SPEAKER_00]: that may be he should have lost based on the economic policies, you know, the big beautiful bill and the massive deficit spending associated with that, the tariffs, I'm going to talk a little bit more in this podcast about the tariffs when we get into the horrific trade data that came out this week. 11:48.556 --> 11:53.096 [SPEAKER_00]: The tariffs were supposed to solve that problem, but the problem continues to get worse. 11:53.116 --> 11:59.598 [SPEAKER_00]: But I want to continue to focus on the markets and the reaction to the war, the dollar 12:01.138 --> 12:02.499 [SPEAKER_00]: But not very much. 12:02.599 --> 12:11.947 [SPEAKER_00]: And I think the big story here is how little the dollar rose in response to their re-escalation of the war. 12:11.967 --> 12:16.010 [SPEAKER_00]: I mean, we're barely above 101 on the dollar index. 12:16.450 --> 12:17.952 [SPEAKER_00]: So not getting a big bid. 12:18.292 --> 12:23.796 [SPEAKER_00]: But what's the most significant, I think, is the action in the treasury bond market. 12:28.680 --> 12:29.401 [SPEAKER_00]: for the cycle. 12:29.681 --> 12:36.268 [SPEAKER_00]: If you look at where the yields closed on the 10-year treasury, we're at 4.58. 12:36.288 --> 12:37.229 [SPEAKER_00]: Almost 4.6%. 12:37.249 --> 12:38.870 [SPEAKER_00]: And the 30-year is at 507. 12:38.930 --> 12:42.374 [SPEAKER_00]: Now, these are the yields that we had when oil was about 12:50.857 --> 12:54.378 [SPEAKER_00]: So oil has a long way to go to get back up to the highs. 12:54.598 --> 12:56.538 [SPEAKER_00]: And I think it will get back up to the highs. 12:56.938 --> 12:59.719 [SPEAKER_00]: And oil and bonds were highly correlated. 13:00.099 --> 13:02.960 [SPEAKER_00]: Bond yields and oil prices were rising together. 13:03.420 --> 13:09.641 [SPEAKER_00]: Well here, oil has only recovered to $75 and bond yields are already at the highs. 13:10.242 --> 13:15.863 [SPEAKER_00]: And what that suggests to me is that when we see oil prices hitting new highs, 13:16.563 --> 13:28.474 [SPEAKER_00]: bond market is going to be much higher than it was before, and that has substantial negative consequences for the U.S. economy, for the housing market. 13:28.734 --> 13:37.763 [SPEAKER_00]: The stock market is just whistle and pass this interest rate graveyard, not appreciating this, and piling into these tech stocks as if 13:38.883 --> 13:41.564 [SPEAKER_00]: debt and interest rates don't matter to these companies. 13:42.044 --> 13:59.507 [SPEAKER_00]: When they matter big now because they're borrowing so much money to build out the AI infrastructure, they're taking on tremendous amounts of debt and the payback on these investments if there ever is a payback is into the future. 13:59.927 --> 14:05.588 [SPEAKER_00]: And so you have to discount the present value of that future return and interest rates are 14:08.890 --> 14:13.436 [SPEAKER_00]: And in fact, the FOMC minutes came out today. 14:14.775 --> 14:21.780 [SPEAKER_00]: And that also should have given equity traders a cause for concern. 14:22.200 --> 14:27.424 [SPEAKER_00]: But again, they seem to dismiss the implications of those minutes. 14:27.584 --> 14:32.167 [SPEAKER_00]: I'm going to get into those minutes on the other side of this break. 14:32.927 --> 14:33.748 [SPEAKER_00]: So stick around. 14:33.888 --> 14:35.089 [SPEAKER_00]: We're coming right back. 14:35.569 --> 14:36.110 [SPEAKER_00]: Drip drop. 14:36.230 --> 14:36.490 [SPEAKER_00]: All right. 14:36.530 --> 14:39.632 [SPEAKER_00]: So we got the release of the most recent 14:44.755 --> 14:48.377 [SPEAKER_00]: And look, the most significant aspect of this meeting. 14:48.417 --> 14:52.919 [SPEAKER_00]: And this is the first meeting with Wash as a adventure. 14:53.380 --> 14:56.001 [SPEAKER_00]: And remember, Powell is still sitting in on this meeting. 14:56.061 --> 14:58.142 [SPEAKER_00]: He's just no longer chairing it, but he's there. 14:58.943 --> 15:11.890 [SPEAKER_00]: And so back in March, when Powell was still leading the committee, not a single FOMC member was expecting a rate hike this year. 15:14.888 --> 15:15.769 [SPEAKER_00]: about rate cuts. 15:16.909 --> 15:19.811 [SPEAKER_00]: Now, fast forward 90 days. 15:20.972 --> 15:26.936 [SPEAKER_00]: And now, nine, nine of the FOMC members, I think just 13 total. 15:27.496 --> 15:30.558 [SPEAKER_00]: Nine of them see a rate hike this year. 15:31.419 --> 15:34.621 [SPEAKER_00]: Nine, that none of these nine saw three months ago. 15:35.261 --> 15:36.542 [SPEAKER_00]: It's the same economy. 15:37.102 --> 15:40.605 [SPEAKER_00]: I mean, how could things be so radically different? 15:41.815 --> 15:50.497 [SPEAKER_00]: Um, that three months ago, there was no sign of rate height, but these saying these nine guys, and now all of a sudden, yep, we see rate hikes. 15:51.117 --> 15:53.018 [SPEAKER_00]: The data didn't get that much worse. 15:53.198 --> 15:58.359 [SPEAKER_00]: I mean, if, if, if, if you don't know what's going to happen or where, where it should be. 15:59.119 --> 16:02.440 [SPEAKER_00]: And then three months later, you have a completely different opinion. 16:03.718 --> 16:06.099 [SPEAKER_00]: You see, this is all nonsense. 16:06.139 --> 16:07.520 [SPEAKER_00]: This is all a charade. 16:07.560 --> 16:17.026 [SPEAKER_00]: In fact, one guy who saw no rate hikes, out of his a guy or a gal, but one of the FOMC members who had no rate hikes. 16:17.726 --> 16:20.668 [SPEAKER_00]: Now has three rate hikes between now and the end of the year. 16:20.948 --> 16:25.171 [SPEAKER_00]: So we went from zero rate hikes to three in the space of a meeting. 16:25.631 --> 16:28.953 [SPEAKER_00]: Now to me, this is probably all theatrics. 16:29.874 --> 16:31.535 [SPEAKER_00]: Because now we have a new fed chair. 16:32.588 --> 16:35.711 [SPEAKER_00]: who is trying to be hawkish, right? 16:35.751 --> 16:39.114 [SPEAKER_00]: He's trying to pretend that he's hawkish by talking. 16:40.656 --> 16:46.962 [SPEAKER_00]: And in fact, several of these FOMC members did indicate that they wanted a rate hike. 16:48.715 --> 16:52.617 [SPEAKER_00]: at the June meeting, but they decided not to, but they talked about it. 16:52.637 --> 16:56.479 [SPEAKER_00]: And they thought that maybe it was appropriate, but they weren't in the majority. 16:56.880 --> 17:00.502 [SPEAKER_00]: And so they, you know, unanimously decided to wait. 17:01.102 --> 17:08.106 [SPEAKER_00]: But I think that the FOMC under Walsh is now trying to deliberately create 17:09.030 --> 17:22.827 [SPEAKER_00]: the impression that they're now got their inflation fighting chops and that they're independent right from the president because the president has made it clear he wants lower interest rates. 17:23.652 --> 17:36.402 [SPEAKER_00]: But the Fed is trying to maintain its independence and at least they know that they can be independent now without incurring the immediate wrath of the President. 17:37.183 --> 17:45.289 [SPEAKER_00]: Because in the past, the President was very vocal in his criticism of the Fed under Powell, specifically, Powell. 17:45.929 --> 17:49.572 [SPEAKER_00]: But also, Lisa Cook trying to find a way to go after her. 17:52.095 --> 17:54.612 [SPEAKER_00]: I think the FOMC was concerned about that. 17:55.636 --> 18:18.331 [SPEAKER_00]: they know that wars has a honeymoon that there's going to be some time before Trump can actually come out and speak critical of wars because he just spoke, you know, so flatterally how great this guy is, you know, central casting ordered him up his standard line, but he just picked wars, right? 18:18.351 --> 18:24.115 [SPEAKER_00]: He has a lot of confidence in him and he said, hey, whatever he decides he decides. 18:25.228 --> 18:35.891 [SPEAKER_00]: So the Fed has a lot more room now to at least talk tough to pretend to be tough knowing that Trump is sideline from speaking critical. 18:36.271 --> 18:38.091 [SPEAKER_00]: So I think that that's what's going on here. 18:38.752 --> 18:43.813 [SPEAKER_00]: I still don't believe that the FOMC actually intends to hike race 18:44.613 --> 18:49.055 [SPEAKER_00]: These are the same guys that three months ago didn't think there'd be any rate hikes. 18:49.555 --> 18:52.896 [SPEAKER_00]: Of course, three months ago, rate hikes were justified. 18:53.437 --> 18:56.818 [SPEAKER_00]: They're still justified, but they were justified back then too. 18:57.398 --> 18:59.799 [SPEAKER_00]: Inflation was much too high back then. 19:00.119 --> 19:00.860 [SPEAKER_00]: It was obvious. 19:00.960 --> 19:04.001 [SPEAKER_00]: And in fact, if you go and read the FOMC minutes, 19:05.160 --> 19:08.062 [SPEAKER_00]: everybody was concerned that inflation is still too high. 19:08.242 --> 19:10.003 [SPEAKER_00]: It's been too high for five years. 19:10.603 --> 19:12.965 [SPEAKER_00]: So why did they cut rates in the first place? 19:13.445 --> 19:14.566 [SPEAKER_00]: Given where inflation was. 19:15.206 --> 19:23.191 [SPEAKER_00]: Interestingly enough, though, even though everybody is concerned that inflation is too high, they all still think it's going to come back down to 2%. 19:23.651 --> 19:32.437 [SPEAKER_00]: So they all still believe that their monetary policy is going to work even if it's taking longer than they thought. 19:33.197 --> 19:40.441 [SPEAKER_00]: they still believe that ultimately, based on the policy we have now, that inflation is going to return to 2%. 19:40.481 --> 19:43.843 [SPEAKER_00]: They just don't know when, but they have confidence that it will. 19:44.043 --> 19:46.265 [SPEAKER_00]: But I don't know where that confidence is coming from. 19:47.385 --> 19:51.088 [SPEAKER_00]: And in fact, they actually blamed inflation. 19:51.268 --> 19:57.712 [SPEAKER_00]: If you look at the minutes, there were two kind of excuses for why inflation is high. 19:58.901 --> 20:01.966 [SPEAKER_00]: One was the tariffs, right? 20:02.006 --> 20:06.232 [SPEAKER_00]: So that's it, excuse that they could keep on using blaming the tariffs, blaming the tariffs. 20:06.532 --> 20:11.539 [SPEAKER_00]: Yes, tariffs make some prices go up, but they don't make all prices go up. 20:13.202 --> 20:15.323 [SPEAKER_00]: So tariffs are not the source of inflation. 20:15.663 --> 20:24.245 [SPEAKER_00]: They are the source of some economic pain, and they can be the source of higher prices to the extent that they reduce the supply of goods. 20:24.725 --> 20:30.207 [SPEAKER_00]: If there's fewer goods coming into the country, then they could all sell at higher prices. 20:30.987 --> 20:33.527 [SPEAKER_00]: And that's not more money being created. 20:33.887 --> 20:35.728 [SPEAKER_00]: That's fewer goods being supply. 20:36.128 --> 20:39.429 [SPEAKER_00]: So in that respect, but our imports have not slowed down. 20:40.069 --> 20:42.435 [SPEAKER_00]: we're not importing less and I'm going to get into that. 20:42.795 --> 20:43.758 [SPEAKER_00]: We're still importing. 20:43.778 --> 20:47.787 [SPEAKER_00]: We're just paying more for what we import and therefore running a bigger trade deficit. 20:48.128 --> 20:48.929 [SPEAKER_00]: But the other 20:50.136 --> 20:57.063 [SPEAKER_00]: excuse for inflation was AI, they're blaming AI for inflation, right? 20:57.103 --> 21:12.319 [SPEAKER_00]: Because of the demand that AI is injecting it into the economy, all of the resources that are being consumed to build out all the infrastructure, the data centers, putting upward pressure on prices. 21:12.759 --> 21:22.432 [SPEAKER_00]: So even though in the long run, AI is supposed to be a force to lower prices by increasing productivity in the short run, it is pushing prices up. 21:22.872 --> 21:29.701 [SPEAKER_00]: But the real reason that prices go up is not because of demand for resources coming from AI. 21:30.101 --> 21:30.842 [SPEAKER_00]: It's the Fed. 21:31.443 --> 21:34.067 [SPEAKER_00]: It's defense balance sheet that continues to expand. 21:34.427 --> 21:36.710 [SPEAKER_00]: It's money supply that continues to expand. 21:37.090 --> 21:41.436 [SPEAKER_00]: It's credit that continues to expand because the Fed is too loose. 21:41.877 --> 21:47.043 [SPEAKER_00]: The Fed has interest rates too low now and they've been too low for many, many years. 21:47.724 --> 21:47.884 [SPEAKER_00]: And... 21:48.626 --> 21:52.669 [SPEAKER_00]: The Fed had an opportunity to try to correct that and they punt it. 21:52.849 --> 21:53.510 [SPEAKER_00]: What did they do? 21:54.691 --> 22:04.058 [SPEAKER_00]: Wars set up five task forces to study the problems, which, you know, he had plenty of time to study these problems before he became Fed's year. 22:04.358 --> 22:08.342 [SPEAKER_00]: Why he needs the task force and why the task force is going to be any better. 22:08.822 --> 22:17.769 [SPEAKER_00]: Then the Fed, and we don't have all these smart guys already studying this, having to be studying inflation for years or decades, what's setting up a new taskwork is going to do. 22:18.269 --> 22:32.840 [SPEAKER_00]: Absolutely nothing, but by time, allow walls to delay, to do nothing, while supposedly these taskforce are figuring out a solution to a problem that's obvious, but he can't acknowledge it because the politics of it are too bad. 22:33.681 --> 22:35.803 [SPEAKER_00]: The problem is caused by too much government, 22:36.578 --> 22:54.984 [SPEAKER_00]: All right, too much government spending, too high deficits, and the solution is to reduce deficit spending, shrink the money supply, raise interest rates, but that's not politically viable because of what would happen to the stock market, what would happen to the real state market, what would happen to the economy, so it's not going to happen. 22:55.064 --> 23:02.066 [SPEAKER_00]: But I think that the markets, at least if they pay attention to what the Fed is bluffing 23:07.466 --> 23:19.316 [SPEAKER_00]: What's left of the Fed's credibility is on the line here, because at some point, the markets are going to expect the Fed to follow through, because inflation is not going to come back down. 23:19.436 --> 23:22.859 [SPEAKER_00]: Even though we had a pullback and oil prices, that's already reversing. 23:23.879 --> 23:27.723 [SPEAKER_00]: But prices for everything are going up. 23:27.803 --> 23:29.544 [SPEAKER_00]: That hasn't stopped. 23:29.624 --> 23:33.127 [SPEAKER_00]: Those pressures continue to build in the economy. 23:35.529 --> 23:39.590 [SPEAKER_00]: You know, you can't just talk, you have to act, you have to do something. 23:39.811 --> 23:41.851 [SPEAKER_00]: The Fed can't just talk about hiking rates. 23:42.171 --> 23:43.932 [SPEAKER_00]: It's going to have to actually height up. 23:44.332 --> 23:48.034 [SPEAKER_00]: And if it doesn't, there goes what's left of the Fed's credibility. 23:48.394 --> 23:51.395 [SPEAKER_00]: So the markets should be weaker. 23:51.615 --> 23:56.837 [SPEAKER_00]: The stock markets should be a lot weaker right now with this threat. 23:57.977 --> 24:02.039 [SPEAKER_00]: Unless nobody believes it, but the gold traders believe it. 24:02.059 --> 24:06.700 [SPEAKER_00]: I think that's the main reason that gold is still 4,000, 4,100. 24:07.420 --> 24:11.622 [SPEAKER_00]: It's because of the expectation that the Fed is going to be hiking interest rates. 24:12.262 --> 24:15.603 [SPEAKER_00]: That's why the dollar index is 101. 24:16.103 --> 24:22.665 [SPEAKER_00]: The dollar rose based on the expectation that the Fed is going to be hiking interest rates. 24:27.207 --> 24:37.570 [SPEAKER_00]: in fact it amounts to a big cut even if they do hike it's a cut because they're not going to hike as much as inflation is rising. 24:38.230 --> 24:40.691 [SPEAKER_00]: So real interest rates are going to fall. 24:40.811 --> 24:48.893 [SPEAKER_00]: I've been hammering this point for months and months on this podcast investors don't seem to get it, but it doesn't matter. 24:49.713 --> 25:11.393 [SPEAKER_00]: what the fed does on race because even if we get 325 basis point rate hikes that's 75 basis points that's nothing inflation is going to be a lot higher than that above what had been anticipated and so real race are going to go down even if nominal rates go up but the problem is we have so much debt 25:11.973 --> 25:13.875 [SPEAKER_00]: the economy, the labor market. 25:13.895 --> 25:19.642 [SPEAKER_00]: I went over how bad the jobs numbers were that we got on Thursday on my last podcast. 25:19.882 --> 25:21.263 [SPEAKER_00]: But the labor market is weak. 25:21.524 --> 25:22.685 [SPEAKER_00]: The economy is weak. 25:23.125 --> 25:24.947 [SPEAKER_00]: The housing market is weak. 25:26.189 --> 25:28.211 [SPEAKER_00]: And the last thing that the 25:28.451 --> 25:32.574 [SPEAKER_00]: you know, the markets can survive would be rate hikes. 25:33.014 --> 25:37.157 [SPEAKER_00]: In fact, that's the main reason that the rate hikes were called off in the first place. 25:37.477 --> 25:42.520 [SPEAKER_00]: That's the reason that when Powell was president that they cut interest rates. 25:42.580 --> 25:48.464 [SPEAKER_00]: It wasn't just to try to, you know, help, you know, reelect Biden or to elect Kamala Harris. 25:49.064 --> 25:50.805 [SPEAKER_00]: It was because banks started to fail. 25:51.206 --> 25:59.571 [SPEAKER_00]: It was because the economy was at risk because of the normity of the amount of debt that we have and our debt problem is getting worse. 25:59.912 --> 26:04.175 [SPEAKER_00]: In fact, look at the trade deficits that just came out. 26:04.235 --> 26:06.997 [SPEAKER_00]: We got the report on the 26:08.112 --> 26:24.501 [SPEAKER_00]: May, no, the June trade deficit, the unified trade deficit came up, the May deficit, and we had a huge increase from the prior month, 42% rise in the trade deficit. 26:35.337 --> 26:38.360 [SPEAKER_00]: And May was 77.6 billion. 26:38.380 --> 26:41.743 [SPEAKER_00]: Now, that was actually a little less than the market's expected. 26:42.143 --> 26:45.226 [SPEAKER_00]: So the market's expected a huge increase. 26:45.747 --> 26:47.829 [SPEAKER_00]: And we got a huge increase. 26:48.229 --> 26:51.592 [SPEAKER_00]: And that huge increase was driven both by a 3.2% 26:53.674 --> 26:59.338 [SPEAKER_00]: drop in exports and a 3.3% rise in imports. 26:59.618 --> 27:02.180 [SPEAKER_00]: So on both sides, it got worse. 27:02.940 --> 27:11.466 [SPEAKER_00]: And in fact, if you just look at the goods trade deficit merchandise for the month of May because we do have a surplus in services. 27:12.427 --> 27:16.049 [SPEAKER_00]: But the goods deficit was 106.5 billion dollars. 27:21.283 --> 27:22.364 [SPEAKER_00]: That is enormous. 27:22.464 --> 27:24.866 [SPEAKER_00]: One of the worst good deficits we've ever had. 27:25.787 --> 27:28.569 [SPEAKER_00]: Trump was supposed to fix that with the tariffs. 27:28.909 --> 27:34.654 [SPEAKER_00]: And once again, I said this from the beginning that the tariffs would not work and they didn't work. 27:34.955 --> 27:37.096 [SPEAKER_00]: They didn't work during Trump's first term. 27:37.897 --> 27:39.478 [SPEAKER_00]: and they're not working during the second. 27:40.018 --> 27:44.761 [SPEAKER_00]: During his first term, he campaigned on lowering the deficits, the trade deficits. 27:45.362 --> 27:49.604 [SPEAKER_00]: Yet the trade deficits hit record highs during Trump's presidency. 27:50.125 --> 27:51.406 [SPEAKER_00]: I predicted that would happen. 27:51.746 --> 28:01.392 [SPEAKER_00]: I said the tariffs would not have an effect that the trade deficit would keep getting worse because the tariffs did not attack the disease, they attacked the symptom. 28:01.832 --> 28:04.273 [SPEAKER_00]: And by doing that, they let the disease get worse. 28:04.694 --> 28:20.103 [SPEAKER_00]: The same thing happened this time, the tariffs did not result in a manufacturing renaissance, the manufacturing recession continues during Trump's term, and we continue to get more and more dependent. 28:20.883 --> 28:22.224 [SPEAKER_00]: on foreign manufacturing. 28:22.484 --> 28:29.070 [SPEAKER_00]: And by the way, where AI is going to make a big difference initially is going to be in services. 28:29.830 --> 28:37.156 [SPEAKER_00]: A lot of the services that America now exports, a lot of our customers may no longer need those services. 28:37.716 --> 28:44.421 [SPEAKER_00]: They may able to have those services, those functions fulfilled by AI. 28:46.221 --> 29:03.206 [SPEAKER_00]: And so if we don't have to perform services because foreign companies can use AI to do the services that American workers used to provide, well, the deficit's gonna get a lot worse because our surplus in services is going to shrink. 29:04.146 --> 29:19.832 [SPEAKER_00]: and so is the employment in the service sector because a lot of jobs are a function of services that we export, not only services that we consume domestically, but our trade surplus in services. 29:20.232 --> 29:29.375 [SPEAKER_00]: Well, if our trading partners can now use AI to perform services that Americans use to perform, well, those Americans are out of work. 29:30.075 --> 29:46.565 [SPEAKER_00]: anyway got one more commercial break so stick around coming right back you know what are the main reasons that we have such big budget deficits is that politicians you know want to get elected and they want to give the public what they want. 29:47.704 --> 29:51.585 [SPEAKER_00]: That is the inherent flaw in democracy. 29:52.225 --> 30:00.547 [SPEAKER_00]: And it's the reason the founding fathers created America as a republic, not as a democracy. 30:00.747 --> 30:02.648 [SPEAKER_00]: It's not like democracies didn't exist. 30:03.208 --> 30:08.669 [SPEAKER_00]: The founders were very familiar with democracies and their history of failure. 30:09.449 --> 30:15.911 [SPEAKER_00]: And the experiment that they launched in the United States was self-government as a republic, 30:16.711 --> 30:23.520 [SPEAKER_00]: hoping that we could avoid the pitfalls of democracy. 30:23.540 --> 30:26.563 [SPEAKER_00]: We have democratic features of our Republic. 30:27.539 --> 30:33.841 [SPEAKER_00]: But in general, the purpose of the Republic is to protect the minority from the majority. 30:34.161 --> 30:47.166 [SPEAKER_00]: But the reason I was thinking about this is I was watching on CBC and it was like a on-air debate going on between this Steve Leesman, who is the senior economics reporter and Rick Santelie. 30:48.466 --> 31:14.744 [SPEAKER_00]: in CBC and I've known Rick for a long time and you know Rick's a good guy although I don't always agree with with Rick But I I appreciate his enthusiasm and his sentiment and a lot of times He is right about things and In this particular argument he was right least men is rarely if ever right, but What they were arguing about and I I didn't even see the whole thing, but at one point least men said well, you know 31:16.348 --> 31:27.974 [SPEAKER_00]: We have deficits because the public wants things, you know, the public wants health care and therefore, according to least, the government has to provide that health care because the public wants it. 31:28.654 --> 31:31.375 [SPEAKER_00]: No, that is not the job of government. 31:31.435 --> 31:42.281 [SPEAKER_00]: I went over that on my podcast before Independence Day that the government is not there to provide us with the things that we want. 31:43.301 --> 31:47.665 [SPEAKER_00]: The government is there to secure our liberties, to secure our rights. 31:48.225 --> 31:56.433 [SPEAKER_00]: We don't have a right to health care because you can't have a right to something that imposes a responsibility on someone else. 31:57.313 --> 32:00.696 [SPEAKER_00]: If I say I have a right to health care, well then what doctor is my slave? 32:00.716 --> 32:05.220 [SPEAKER_00]: All right, I'm going to use the government to enforce slavery. 32:06.642 --> 32:08.203 [SPEAKER_00]: So that people will give me health care. 32:08.463 --> 32:14.348 [SPEAKER_00]: No, you don't have the right to take anything away from somebody else. 32:15.148 --> 32:18.131 [SPEAKER_00]: Rights exist on their own. 32:18.951 --> 32:22.354 [SPEAKER_00]: The government secures your right to go out and pursue health care. 32:22.734 --> 32:30.660 [SPEAKER_00]: Meaning if I want to try to get health care, if I want to buy health care, the government has no right to interfere. 32:31.665 --> 32:33.305 [SPEAKER_00]: although that's what our government does all the time. 32:33.526 --> 32:34.506 [SPEAKER_00]: They interfere with everything. 32:35.046 --> 32:45.209 [SPEAKER_00]: There's all sorts of rules and regulations that limit my ability to buy the health care that I want because the FDA has to approve the drugs. 32:45.269 --> 32:47.569 [SPEAKER_00]: And if the FDA doesn't approve it, I can't buy it. 32:48.170 --> 32:50.730 [SPEAKER_00]: Even if I want it, so we've got it all upside down. 32:51.070 --> 32:53.231 [SPEAKER_00]: We actually destroy rights. 32:53.611 --> 32:56.052 [SPEAKER_00]: When the government says, you can't choose. 32:56.092 --> 32:57.572 [SPEAKER_00]: You can't buy what you want. 32:58.072 --> 32:59.913 [SPEAKER_00]: You can't use the drugs that you want. 33:00.773 --> 33:04.035 [SPEAKER_00]: but we're going to give you free healthcare. 33:04.355 --> 33:10.538 [SPEAKER_00]: We're going to provide you money so long as you consume the healthcare that we deem is appropriate for you. 33:11.258 --> 33:14.359 [SPEAKER_00]: But that is not the function of government. 33:15.160 --> 33:16.841 [SPEAKER_00]: Yes, people want healthcare. 33:16.861 --> 33:17.861 [SPEAKER_00]: They want a lot of things. 33:18.001 --> 33:19.342 [SPEAKER_00]: People want all kinds and stuff. 33:20.352 --> 33:23.796 [SPEAKER_00]: That doesn't mean the government is supposed to provide it. 33:23.836 --> 33:25.818 [SPEAKER_00]: The government is supposed to stay out of the way. 33:26.298 --> 33:29.241 [SPEAKER_00]: Because again, the government doesn't have anything. 33:29.942 --> 33:31.884 [SPEAKER_00]: People say, well, the people want housing. 33:32.144 --> 33:33.806 [SPEAKER_00]: Well, how they get a housing from the government? 33:33.826 --> 33:35.107 [SPEAKER_00]: The government doesn't have any housing. 33:36.164 --> 33:37.644 [SPEAKER_00]: How would the government get housing? 33:37.664 --> 33:41.305 [SPEAKER_00]: Well, they'd have to hire people to build houses. 33:41.406 --> 33:42.646 [SPEAKER_00]: Well, where would they get the money? 33:42.906 --> 33:44.726 [SPEAKER_00]: They'd have to take it from the private sector. 33:44.987 --> 33:48.387 [SPEAKER_00]: So either they have to engage private contractors. 33:48.748 --> 33:53.629 [SPEAKER_00]: They have to take money from the taxpayer and then pay it out to a private builder. 33:54.429 --> 33:56.190 [SPEAKER_00]: But why interject the government? 33:57.030 --> 34:01.871 [SPEAKER_00]: If the public wants houses, let the free market provide housing. 34:04.677 --> 34:08.100 [SPEAKER_00]: People know, gee, people need houses. 34:09.421 --> 34:12.924 [SPEAKER_00]: If I make houses and sell them, I'll make so many. 34:13.144 --> 34:13.324 [SPEAKER_00]: Right? 34:13.344 --> 34:14.465 [SPEAKER_00]: People need shelter. 34:14.805 --> 34:16.367 [SPEAKER_00]: That's how capitalism functions. 34:17.107 --> 34:19.709 [SPEAKER_00]: The capitalist identifies a need. 34:20.771 --> 34:26.096 [SPEAKER_00]: and he tries to satisfy that need, because in the process he can get rich. 34:26.396 --> 34:34.964 [SPEAKER_00]: He can make money, but he only can make money if he satisfies needs efficiently and economically. 34:35.425 --> 34:46.335 [SPEAKER_00]: He has to be able to satisfy needs by using fewer resources than the consumer would value them. 34:47.340 --> 34:59.828 [SPEAKER_00]: So I have to be able to use land labor and capital to produce a home that somebody is going to want to buy because they're going to value the home at more than the cost of building it. 35:00.148 --> 35:03.110 [SPEAKER_00]: The difference is the reward, which is the profit. 35:03.710 --> 35:16.879 [SPEAKER_00]: I built a house at a price that a consumer saw value or would, and obviously the house was a big example, but every product, clothing, food, whatever there is, 35:18.531 --> 35:24.355 [SPEAKER_00]: As a business man, I am motivated by the needs and desires of my customers. 35:25.176 --> 35:30.520 [SPEAKER_00]: If I can satisfy those needs and desires and I can do it efficiently, then I can make money. 35:31.320 --> 35:36.965 [SPEAKER_00]: And so we have all these entrepreneurs trying to give the public what the public wants. 35:37.005 --> 35:46.552 [SPEAKER_00]: Now not for free, obviously the public has to buy what it wants because it has to pay for the resources that are needed to produce what it wants. 35:47.272 --> 35:56.155 [SPEAKER_00]: because if nobody had a pay for anything, well then there'd be nothing because the people who are my customers are also themselves producers. 35:56.175 --> 35:56.775 [SPEAKER_00]: They're working. 35:57.115 --> 36:00.356 [SPEAKER_00]: Either they have their own business or their own employee for somebody else. 36:00.636 --> 36:04.617 [SPEAKER_00]: They are collectively contributing to all the economic output. 36:05.017 --> 36:07.118 [SPEAKER_00]: And so they get to spend 36:08.315 --> 36:11.121 [SPEAKER_00]: in proportion to what they helped produce. 36:11.682 --> 36:17.272 [SPEAKER_00]: So their purchasing power comes from their own efforts, their own contributions. 36:17.673 --> 36:19.156 [SPEAKER_00]: It just doesn't come out of thin air. 36:20.135 --> 36:29.978 [SPEAKER_00]: But when you try to interject the government, when you try to say, oh, the government is there to satisfy the demands that the people have, how are politicians going to satisfy anything? 36:30.498 --> 36:34.799 [SPEAKER_00]: That there's no profit motive there, they're not running a business. 36:35.179 --> 36:38.780 [SPEAKER_00]: All they can do is steal money from one person and give it to somebody else. 36:39.120 --> 36:45.142 [SPEAKER_00]: And so when you assign government to task of satisfying the demands of consumers, 36:45.942 --> 36:58.574 [SPEAKER_00]: uh... they don't do it nearly as efficiently so you waste resources but more importantly to you destroy uh... individual liberty you you become destructive of the very means that government was created 36:59.437 --> 37:09.729 [SPEAKER_00]: government is there to secure our rights and our liberties, not to give us stuff, but to make sure that we don't lose the stuff that we have, the stuff that we earn. 37:09.809 --> 37:15.515 [SPEAKER_00]: You know, I was reading, you know, on X, you know, about the wealth tax and and all this. 37:16.416 --> 37:27.188 [SPEAKER_00]: I wasn't either maybe Elizabeth Warren post and she was, you know, she was talking about the big beautiful bill and she was speaking critically of the big beautiful bill and I agree with her. 37:27.528 --> 37:30.891 [SPEAKER_00]: I was critical of the big beautiful bill, but for the wrong reasons. 37:31.816 --> 37:47.499 [SPEAKER_00]: Elizabeth Warren said that the big beautiful bill was the rich robbing for the middle class of the poor because they got the lion's share of the tax cuts because more of the tax cuts went to the rich than to the poor she considered it legalized theft. 37:48.359 --> 37:55.021 [SPEAKER_00]: As if the wealthy people keeping more of what they earned somehow constitutes theft. 38:02.283 --> 38:12.172 [SPEAKER_00]: that I've stolen the money that I earned, the property that I own, if I object to the government taking my property, then I'm a thief. 38:13.072 --> 38:15.995 [SPEAKER_00]: No, no, it's fever that I object to. 38:16.395 --> 38:18.838 [SPEAKER_00]: The thieves are not the people who earn the money. 38:19.258 --> 38:21.280 [SPEAKER_00]: The thieves are the people who want to take the money. 38:22.118 --> 38:25.565 [SPEAKER_00]: There's nothing wrong with wanting to keep what you earn. 38:26.326 --> 38:29.052 [SPEAKER_00]: Your property, that's human nature. 38:29.112 --> 38:32.358 [SPEAKER_00]: That's a whole American system about private property. 38:33.387 --> 38:43.731 [SPEAKER_00]: about not having your private property taken away from you, and just because the government has rights to tax us, they can't tax us to take our money and give it to somebody else. 38:44.211 --> 38:50.273 [SPEAKER_00]: They can tax us for the general welfare of the country, not to specific welfare of an individual. 38:50.593 --> 38:56.175 [SPEAKER_00]: They can tax us to cover the military and stuff like that, but they're not allowed to redistribute wealth. 38:56.815 --> 39:03.003 [SPEAKER_00]: the Constitution was written specifically to prevent the government from redistributing wealth. 39:03.283 --> 39:09.250 [SPEAKER_00]: But according to Alice Vith Warren, if you don't want your wealth redistributed, then you're stealing. 39:10.071 --> 39:14.416 [SPEAKER_00]: Anything that you don't let the government take from you is money that you stole. 39:15.267 --> 39:16.528 [SPEAKER_00]: No, the thieves, right? 39:17.148 --> 39:19.189 [SPEAKER_00]: They, she never calls people on welfare thieves. 39:19.449 --> 39:20.790 [SPEAKER_00]: You know, they're not stealing money. 39:21.010 --> 39:22.511 [SPEAKER_00]: Of course, they're getting money. 39:22.531 --> 39:23.351 [SPEAKER_00]: That was stolen. 39:23.871 --> 39:26.432 [SPEAKER_00]: They're the recipients of stolen money. 39:26.893 --> 39:28.293 [SPEAKER_00]: But they voted for the thieves. 39:28.574 --> 39:31.435 [SPEAKER_00]: They're the accomplices to the cry. 39:31.455 --> 39:34.596 [SPEAKER_00]: They're the thieves, not the people that earned the money. 39:34.817 --> 39:36.958 [SPEAKER_00]: And by the way, how did they earn that money? 39:37.798 --> 39:49.227 [SPEAKER_00]: They created businesses, they produced products, they provide services, they created jobs, they added a lot of value, and in exchange they earned money. 39:49.727 --> 39:53.830 [SPEAKER_00]: And the fact that they want to keep more of that money does not make them a thief. 39:53.910 --> 39:55.952 [SPEAKER_00]: In fact, I was looking at on my own ex-account. 39:56.392 --> 40:05.035 [SPEAKER_00]: And again, if you're not following me on X, make a point and do that, I'm adding now about a hundred thousand followers a month, three to four thousand a day. 40:05.535 --> 40:09.316 [SPEAKER_00]: So the pace of followers has picked up recently, which is, which is good. 40:09.776 --> 40:12.597 [SPEAKER_00]: And then as I'm getting, I'm getting my, my message out there. 40:13.517 --> 40:16.498 [SPEAKER_00]: But somebody on that same thread, 40:17.695 --> 40:21.700 [SPEAKER_00]: And somebody said, why is it that the rich are always trying to avoid taxes? 40:22.941 --> 40:25.324 [SPEAKER_00]: Like only the rich try to avoid taxes. 40:26.044 --> 40:29.668 [SPEAKER_00]: Everybody tries to avoid taxes, so I answered this guy. 40:30.628 --> 40:39.030 [SPEAKER_00]: And I said, I said, the rich try to avoid taxes for the same reason the middle class and the poor try to avoid taxes. 40:39.430 --> 40:41.190 [SPEAKER_00]: Nobody wants to pay taxes. 40:41.550 --> 40:43.130 [SPEAKER_00]: It's not like the rich are so greedy. 40:43.390 --> 40:44.611 [SPEAKER_00]: They don't want to pay taxes. 40:44.651 --> 40:48.131 [SPEAKER_00]: First of all, they already pay high taxes, right? 40:48.231 --> 40:52.092 [SPEAKER_00]: Most of the taxes, most of the income tax is paid by the rich. 40:52.752 --> 40:54.573 [SPEAKER_00]: It's not like they're not already paying a lot. 40:54.593 --> 40:56.273 [SPEAKER_00]: They're paying more than they're fair share. 40:57.293 --> 41:01.174 [SPEAKER_00]: But sure, they don't want to pay taxes, but neither the middle class. 41:01.234 --> 41:05.275 [SPEAKER_00]: In fact, most of the tax evasion is the middle class. 41:06.135 --> 41:08.276 [SPEAKER_00]: The rich don't have to evade taxes. 41:08.576 --> 41:12.617 [SPEAKER_00]: They got loopholes that they can use, but they still end up paying a lot of taxes. 41:13.257 --> 41:21.759 [SPEAKER_00]: I think the biggest tax evaders, and not that I blame them, and I'm not upset at people who are struggling, but it's the middle class. 41:21.779 --> 41:24.580 [SPEAKER_00]: I mean, how many people who were working for tips? 41:25.440 --> 41:44.970 [SPEAKER_00]: reported all their tips honestly you know now you know you don't have to pay tax on a certain amount of tips but a lot of people work for tips a lot of people work for cash how many people in the underground economy are millionaires and billionaires zero right the people working in the underground economy in the gig economy are middle class working poor 41:46.022 --> 41:49.985 [SPEAKER_00]: There's a lot of undeclared income in the underground economy. 41:50.145 --> 41:50.305 [SPEAKER_00]: Why? 41:50.345 --> 41:53.327 [SPEAKER_00]: Because they don't want to pay the taxes. 41:53.347 --> 42:01.192 [SPEAKER_00]: A lot of transactions that are affected in cash, the people who are earning that cash, are not declaring all their income. 42:01.693 --> 42:05.615 [SPEAKER_00]: And think about all of the phony deductions that people claim. 42:06.076 --> 42:12.500 [SPEAKER_00]: All sorts of stuff, that they inflate the value of their charitable donations or their home offices 42:16.080 --> 42:17.301 [SPEAKER_00]: to cheat on their taxes. 42:18.202 --> 42:23.267 [SPEAKER_00]: In fact, but there's an old expression that the income tax created more cheaters than golf. 42:23.968 --> 42:27.431 [SPEAKER_00]: Everybody is cheating on their income taxes, right? 42:27.511 --> 42:32.036 [SPEAKER_00]: I mean, very few people probably are completely honest. 42:34.055 --> 42:34.735 [SPEAKER_00]: on their taxes. 42:35.375 --> 42:48.739 [SPEAKER_00]: You know, maybe if you're W2 employee, you have no deductions, but even still, you may earn a little money on the side that you don't declare, you know, maybe you have some gambling winnings, you know, that you didn't declare, right? 42:49.020 --> 42:52.181 [SPEAKER_00]: All this stuff, dire us, especially to declare this stuff. 42:53.441 --> 42:54.441 [SPEAKER_00]: But most people don't. 42:54.461 --> 42:56.502 [SPEAKER_00]: They figure if it's cash, nobody knows. 42:58.022 --> 43:02.524 [SPEAKER_00]: So it's not just rich people who want to keep their property. 43:03.284 --> 43:06.065 [SPEAKER_00]: Everybody wants to keep their property. 43:06.825 --> 43:07.726 [SPEAKER_00]: Everybody has a right. 43:07.766 --> 43:08.946 [SPEAKER_00]: That's what makes us free. 43:09.306 --> 43:12.347 [SPEAKER_00]: What makes a free person versus a slave. 43:13.548 --> 43:17.189 [SPEAKER_00]: A slave does not own his economic output. 43:17.309 --> 43:18.509 [SPEAKER_00]: It belongs to the master. 43:22.158 --> 43:25.562 [SPEAKER_00]: And even a surf, you can say, is beholden to the Lord. 43:26.663 --> 43:31.068 [SPEAKER_00]: But even surf's got to keep 75% of what they produced. 43:31.488 --> 43:33.190 [SPEAKER_00]: That's more than the average American. 43:33.210 --> 43:36.714 [SPEAKER_00]: And the average American is lower in status than a surf. 43:37.174 --> 43:42.340 [SPEAKER_00]: Most Americans would have to aspire to raise to the level of a surf. 43:43.405 --> 43:50.633 [SPEAKER_00]: But again, the difference between being the slave and being a free person is owning your own labor, owning the fruits of your labor. 43:51.314 --> 44:00.343 [SPEAKER_00]: Well, if the government claims that it owns our labor, and it just lets us keep what it feels we deserve, that basically everything belongs to the government. 44:01.645 --> 44:04.787 [SPEAKER_00]: And we just get to keep whatever it'll thinks that we should be allowed to have. 44:05.228 --> 44:05.568 [SPEAKER_00]: Then what? 44:05.588 --> 44:06.909 [SPEAKER_00]: We're all slaves to the government. 44:07.269 --> 44:07.409 [SPEAKER_00]: Right? 44:07.429 --> 44:11.593 [SPEAKER_00]: We're living on this gigantic plantation and every one of us is a slave. 44:11.633 --> 44:15.016 [SPEAKER_00]: No, we own our bodies. 44:15.576 --> 44:16.817 [SPEAKER_00]: We own our labor. 44:17.238 --> 44:23.122 [SPEAKER_00]: And that's why inherently an income tax is wrong just philosophically. 44:23.603 --> 44:27.126 [SPEAKER_00]: The government should not be able to tax your labor if you own your labor. 44:29.908 --> 44:33.049 [SPEAKER_00]: then you own the wages that you earn. 44:33.429 --> 44:41.613 [SPEAKER_00]: You, you know, whatever you earn by working is your property at belongs to you and it can't be taken by the government. 44:41.673 --> 44:43.013 [SPEAKER_00]: And in fact, it wasn't taken. 44:43.073 --> 44:45.014 [SPEAKER_00]: And so we had it in context, right? 44:45.314 --> 44:47.235 [SPEAKER_00]: We didn't start off with it in income tax. 44:47.635 --> 44:51.017 [SPEAKER_00]: Yes, we had some tariffs or some sales tax, but that's not the same thing. 44:51.677 --> 44:51.837 [SPEAKER_00]: Right? 44:51.858 --> 44:52.839 [SPEAKER_00]: Because you have a choice. 44:53.300 --> 44:56.005 [SPEAKER_00]: I go out and buy a product that sub you to a tax. 44:56.226 --> 44:56.947 [SPEAKER_00]: I pay the tax. 44:57.328 --> 44:59.432 [SPEAKER_00]: If I don't buy the product, I don't pay the tax. 44:59.732 --> 44:59.912 [SPEAKER_00]: Right? 45:01.148 --> 45:04.190 [SPEAKER_00]: But if they're taking your income, you have no choice. 45:04.230 --> 45:06.752 [SPEAKER_00]: You need income because I need to live. 45:07.192 --> 45:08.734 [SPEAKER_00]: I need to feed myself. 45:08.794 --> 45:10.915 [SPEAKER_00]: I need to house myself, right? 45:10.935 --> 45:12.396 [SPEAKER_00]: So I need an income. 45:12.897 --> 45:18.341 [SPEAKER_00]: And when the government taxes your income, you basically are a slave of the government. 45:18.421 --> 45:26.927 [SPEAKER_00]: What we really need is another revolution to emancipate all Americans from modern-day economic slavery. 45:30.138 --> 45:46.924 [SPEAKER_00]: Oh, one more point, too, ironically, again, with the big increase in the deficit spending, finally, the Doge Committee, the Department of Government efficiency, a oxymoron, if ever there was one, was officially shut down. 45:47.684 --> 45:57.608 [SPEAKER_00]: And again, I hate to say I told you so, because I opened up this podcast with it, I told you so, but even during the campaign, even during the 2020-4 campaign. 45:59.518 --> 46:07.620 [SPEAKER_00]: When everybody was excited about Doge and all the cuts that were going to happen and how we were going to have trillions of dollars of cuts, so we were going to get really deficit. 46:08.120 --> 46:13.721 [SPEAKER_00]: I was saying for the beginning that this was all talk, nothing was going to happen, nothing was going to get cut. 46:14.181 --> 46:15.221 [SPEAKER_00]: People didn't believe me. 46:15.261 --> 46:21.402 [SPEAKER_00]: They were just accusing me of Trump derangedments syndrome and I was like, look, I've seen this before. 46:21.802 --> 46:24.583 [SPEAKER_00]: I remember Ronald Reagan, I remember the Grace Commission, 46:25.744 --> 46:32.935 [SPEAKER_00]: They made a big deal about it and nothing came out of it and if Rotta Reagan a true fiscal conservative 46:33.885 --> 46:38.926 [SPEAKER_00]: wasn't able to get any waste, fraud, and abuse caught from the federal budget. 46:39.686 --> 46:43.467 [SPEAKER_00]: What hope would Donald Trump, who isn't even a conservative? 46:43.547 --> 46:44.547 [SPEAKER_00]: He's an exonian. 46:45.687 --> 46:47.728 [SPEAKER_00]: He's nothing like Ronald Reagan. 46:47.768 --> 46:50.868 [SPEAKER_00]: In fact, JD Vance is a big fan of Richard Nixon. 46:51.108 --> 46:55.129 [SPEAKER_00]: So Trump is a left wing Republican. 46:55.489 --> 46:58.310 [SPEAKER_00]: So if a big government, big spending, 46:59.412 --> 47:12.546 [SPEAKER_00]: I mean, if a real gold water conservative, like Ronald Reagan couldn't get anywhere with cutting spending, knowing that he wanted to cut it. 47:13.420 --> 47:16.462 [SPEAKER_00]: Trump didn't care, Trump just used it as a campaign issue. 47:16.822 --> 47:21.626 [SPEAKER_00]: He just knew that he would get votes of certain people by promising to get rid of waste fraud in the abuse. 47:21.926 --> 47:22.767 [SPEAKER_00]: So it was always show. 47:23.567 --> 47:29.912 [SPEAKER_00]: It's just that Elon Musk never got the memo, because he actually showed up in Washington as if he was actually there to cut spending. 47:30.152 --> 47:36.877 [SPEAKER_00]: That's why they had that big rift because Elon actually tried to do something and that upset Trump because Trump didn't want to do anything. 47:37.437 --> 47:43.240 [SPEAKER_00]: Because, as I said from the beginning, all this waste fraud and abuse is not in there by accident. 47:43.980 --> 47:47.482 [SPEAKER_00]: There is a constituency behind every dollar we waste. 47:48.062 --> 47:51.004 [SPEAKER_00]: Because every dollar we waste is going to somebody. 47:51.424 --> 47:57.447 [SPEAKER_00]: Somebody is benefiting from that dollar and if you try to take it away, there is going to be political consequences. 47:57.487 --> 48:02.049 [SPEAKER_00]: So now, we have officially closed the book on Doge. 48:02.069 --> 48:03.390 [SPEAKER_00]: It doesn't even exist anymore. 48:03.990 --> 48:31.443 [SPEAKER_00]: uh... so that's another thing that that i got right unfortunately uh... no cuts to government spending but also another thing i've been right on is uh... strategy and bit coin guys are completely in denial i would imagine we're gonna see a trap door open up once bit coin breaks below like fifty eight thousand and just cady bar the door it's gonna go uh... bit pointers are delusional right now or you know in denial 48:32.663 --> 48:52.834 [SPEAKER_00]: about what's happening with strategy, they do not understand how important strategy has been to Bitcoin, to the whole ecosystem, the whole industry, because he has provided all of that buying that not only put a floor beneath Bitcoin and kept it going up, but legitimized it in the eyes of the financial community. 48:53.414 --> 49:02.664 [SPEAKER_00]: all this so-called innovation, all this digital credit that he was building, a lot of this stuff, he was the real backbone of crypto and it has broke. 49:03.165 --> 49:08.350 [SPEAKER_00]: In fact, strategy, sailor announced on Monday. 49:09.972 --> 49:12.233 [SPEAKER_00]: another week of Bitcoin selling. 49:12.574 --> 49:18.197 [SPEAKER_00]: In fact, strategy has now sold Bitcoin for two weeks in a row, not bought any sold. 49:18.677 --> 49:21.879 [SPEAKER_00]: They sold the total of $3,588 Bitcoin, $215 million worth sold. 49:21.899 --> 49:25.281 [SPEAKER_00]: Now remember, the markets had a history fit when he sold 32. 49:25.341 --> 49:28.323 [SPEAKER_00]: Now he sold over 100 times that many. 49:36.689 --> 49:38.610 [SPEAKER_00]: But this is just a tip of the iceberg. 49:38.910 --> 49:42.372 [SPEAKER_00]: He's got over 840,000 left to sell. 49:43.253 --> 49:47.795 [SPEAKER_00]: Michael strategy has gone from the biggest Bitcoin buyer to the biggest seller. 49:47.815 --> 49:51.577 [SPEAKER_00]: And by the way, he sold at an average price about 60,000. 49:52.298 --> 49:54.179 [SPEAKER_00]: The average person price was 75,000. 49:54.199 --> 49:57.241 [SPEAKER_00]: He lost $15,000 per Bitcoin on the 3,588. 49:57.641 --> 49:59.182 [SPEAKER_00]: So that's a huge loss. 50:05.405 --> 50:07.768 [SPEAKER_00]: That strategy booked real loss. 50:07.808 --> 50:17.598 [SPEAKER_00]: I guess now they can write it off on their taxes, but this is very significant and it's not just That he's not buying or that he's selling. 50:18.158 --> 50:19.280 [SPEAKER_00]: It's the psychology 50:20.743 --> 50:34.776 [SPEAKER_00]: Yes, all this buying is not there from strategy and strategy is selling and they probably won't sell as much as they were buying initially eventually they're going to sell a lot more eventually it's all going to get sold 50:35.529 --> 50:46.737 [SPEAKER_00]: who knows at what price, but he is going to try to gradually lower his exposure to raise his cash so he can keep on paying the dividends. 50:47.198 --> 50:50.500 [SPEAKER_00]: But look at what's going on with these strategies. 50:50.560 --> 50:52.462 [SPEAKER_00]: Look at where, so... 50:53.538 --> 50:59.183 [SPEAKER_00]: Micro strategy, common stock, close at 93.87, a little bit off the lows. 50:59.263 --> 51:01.725 [SPEAKER_00]: But more important is the stretch price. 51:01.825 --> 51:06.610 [SPEAKER_00]: You got to watch that, because that really gives you an indication of the confidence in the market. 51:07.070 --> 51:08.391 [SPEAKER_00]: Stretch is at 86. 51:09.052 --> 51:11.634 [SPEAKER_00]: He just hiked the dividend to 12%. 51:12.055 --> 51:13.896 [SPEAKER_00]: Get the shares and trade to get 86. 51:14.317 --> 51:14.997 [SPEAKER_00]: No one near 100. 51:16.038 --> 51:24.640 [SPEAKER_00]: which means that more dividend hikes are coming, but more significantly, it shows that the investors have lost confidence in Bitcoin. 51:24.940 --> 51:30.041 [SPEAKER_00]: They don't even believe that Bitcoin can deliver a 12% yield to stretch shareholders. 51:30.382 --> 51:31.862 [SPEAKER_00]: That's why it's trading at 86. 51:32.262 --> 51:36.103 [SPEAKER_00]: So this whole belief system is imploding. 51:36.603 --> 51:39.726 [SPEAKER_00]: Wall Street is falling out of love with Bitcoin. 51:40.006 --> 51:43.329 [SPEAKER_00]: The game is over and the market is telling you that. 51:43.709 --> 51:46.371 [SPEAKER_00]: The confidence is not there anymore. 51:46.611 --> 51:48.613 [SPEAKER_00]: The story has over. 51:49.594 --> 51:53.998 [SPEAKER_00]: All the hype didn't pan out or whatever it paned out has already paned. 51:54.678 --> 52:01.240 [SPEAKER_00]: And now it's just about the last man out, the last guy at the party turned off the lights. 52:01.660 --> 52:02.561 [SPEAKER_00]: So it is over. 52:02.621 --> 52:04.001 [SPEAKER_00]: The story has played out. 52:04.261 --> 52:06.622 [SPEAKER_00]: The Wall Street money is going to leave. 52:07.302 --> 52:12.244 [SPEAKER_00]: All these strategy, all these Bitcoin Treasury copycat companies. 52:12.584 --> 52:16.265 [SPEAKER_00]: Their whole business model has now been exposed as a farce. 52:16.626 --> 52:20.367 [SPEAKER_00]: So they're going to be winding down all of the speculators. 52:20.947 --> 52:25.190 [SPEAKER_00]: who took a shot at Bitcoin by buying Bitcoin ETFs. 52:25.751 --> 52:26.611 [SPEAKER_00]: They're gonna sell. 52:27.132 --> 52:30.394 [SPEAKER_00]: Right, the upside is gone at a Bitcoin. 52:30.875 --> 52:33.677 [SPEAKER_00]: All the hype turned out to be just hype. 52:34.097 --> 52:35.138 [SPEAKER_00]: Exactly what I said. 52:35.198 --> 52:43.084 [SPEAKER_00]: Now, yes, the bubble got to have a lot bigger than I ever imagined 15 years ago or so when I first started talking about it. 52:43.685 --> 52:45.686 [SPEAKER_00]: But over the last five years, 52:46.667 --> 52:50.753 [SPEAKER_00]: they have not been able to push the market higher despite all the hype. 52:50.853 --> 52:52.616 [SPEAKER_00]: In fact, Donald Trump came out. 52:52.656 --> 52:55.561 [SPEAKER_00]: He was asked, oh and I wanted to mention Trump accounts. 52:55.661 --> 53:01.409 [SPEAKER_00]: I told it forgot about these Trump accounts, but he was asked in an interview on the Trump accounts. 53:02.486 --> 53:07.589 [SPEAKER_00]: if he would consider allowing Trump accounts to invest in Bitcoin, which would be a complete disaster. 53:08.129 --> 53:10.710 [SPEAKER_00]: And his response was, you know, I'd become a big crypto guy. 53:11.251 --> 53:12.671 [SPEAKER_00]: And so that kind of rally the market. 53:12.952 --> 53:18.174 [SPEAKER_00]: Yes, he is a big crypto guy, because he made billions ripping people off using crypto. 53:18.935 --> 53:24.278 [SPEAKER_00]: Crypto has been very, very good to Donald Trump. 53:24.698 --> 53:28.560 [SPEAKER_00]: But it hasn't been very good to the people who bought what Trump sold. 53:28.920 --> 53:31.722 [SPEAKER_00]: In fact, the vast majority of the money that Trump made 53:32.821 --> 53:45.457 [SPEAKER_00]: was selling over-priced tokens or mean coins or licensing mean coins or selling over-priced shares of companies that were somehow related to crypto to the public. 53:46.270 --> 53:52.132 [SPEAKER_00]: That's, you know, Trump made money off of crypto by cutting people using crypto. 53:52.232 --> 53:53.873 [SPEAKER_00]: Right, that's why he's a big crypto guy. 53:54.173 --> 53:56.154 [SPEAKER_00]: Not because he actually believes it's going to work. 53:56.594 --> 53:57.874 [SPEAKER_00]: It worked great for him. 53:58.295 --> 54:04.157 [SPEAKER_00]: It worked great for his family because they were able to extract all kinds of wealth from the public. 54:04.957 --> 54:09.918 [SPEAKER_00]: Trump, when he made his $2.2 billion last year, he didn't make money creating wealth. 54:10.418 --> 54:13.519 [SPEAKER_00]: He made money siphoning wealth off of other people. 54:13.899 --> 54:15.580 [SPEAKER_00]: He didn't create real value. 54:15.600 --> 54:20.441 [SPEAKER_00]: He didn't grow a real business that produced products that people bought or services. 54:20.721 --> 54:24.202 [SPEAKER_00]: No, Trump made his money because other people lost theirs. 54:24.642 --> 54:27.303 [SPEAKER_00]: It was a transfer from the people who bought 54:28.438 --> 54:30.039 [SPEAKER_00]: to Trump who sold. 54:31.060 --> 54:38.807 [SPEAKER_00]: But I wanted to finally comment on these Trump accounts because I actually meant to do that earlier because the Trump accounts officially started trading this week. 54:38.847 --> 54:43.291 [SPEAKER_00]: In fact, Donald Trump rang the opening bell from the White House. 54:43.352 --> 54:44.352 [SPEAKER_00]: Never been done before. 54:44.733 --> 54:54.562 [SPEAKER_00]: Simultaneously, I think New York Stock Exchange and Adject, he rang the bell and he's making a big deal about how this is great for our kids and the young people 54:55.630 --> 55:06.198 [SPEAKER_00]: If Trump gave us two clicks about the young people, he would cut government spending, talking about giving them a thousand dollars. 55:06.278 --> 55:07.639 [SPEAKER_00]: Because that's what they get, right? 55:08.140 --> 55:10.001 [SPEAKER_00]: The government gives everybody a thousand dollars. 55:10.441 --> 55:11.402 [SPEAKER_00]: We're going to get that money. 55:11.602 --> 55:12.503 [SPEAKER_00]: They have to borrow it. 55:12.943 --> 55:17.387 [SPEAKER_00]: So the same people they get the thousand dollars to put in the stock market, get 55:18.147 --> 55:22.173 [SPEAKER_00]: the bill for the thousand dollars added to the national debt that they have to repay. 55:22.614 --> 55:23.876 [SPEAKER_00]: They have to pay the interest on it. 55:23.896 --> 55:25.138 [SPEAKER_00]: They have to repay the principle. 55:25.439 --> 55:28.964 [SPEAKER_00]: And now they got money to invest in an over price U.S. stock market. 55:29.325 --> 55:32.229 [SPEAKER_00]: Now, yes, people can make contributions. 55:33.815 --> 55:47.848 [SPEAKER_00]: The only contributions may come from employers because they can actually deduct what they put into an employee's Trump account for their kid and it's not taxable income to the to the worker. 55:48.209 --> 55:52.232 [SPEAKER_00]: So I do believe that you will see some money going into these Trump accounts. 55:52.913 --> 55:58.796 [SPEAKER_00]: in lieu of compensation, but what that means is the government will collect less in taxes. 55:59.196 --> 56:14.665 [SPEAKER_00]: So all of the money that's likely to go into these Trump accounts, or the vast majority of it, is going to be at the expense of a bigger deficit and a larger national debt that the very people who the Trump accounts are supposed to help are going to be inherited. 56:14.925 --> 56:19.948 [SPEAKER_00]: Look, the best thing that Trump could do for the young people is to forget about these Trump accounts. 56:19.988 --> 56:21.589 [SPEAKER_00]: This is all form over substance. 56:22.448 --> 56:28.152 [SPEAKER_00]: to do something substantial, cut, government spending, cut Social Security, cut Medicare. 56:28.533 --> 56:37.980 [SPEAKER_00]: This is what's killing young people, having to pay these high payroll taxes, give them some relief there, and then they can't plenty of money to invest in spend. 56:38.360 --> 56:44.105 [SPEAKER_00]: These gimmicks simply allow the problems to get worse and Trump can pretend he's done something. 56:44.445 --> 56:47.567 [SPEAKER_00]: Oh, look at this good thing, and now he's got his name on these accounts, right? 56:47.808 --> 56:51.911 [SPEAKER_00]: So now even though he's not gonna be president anymore, the Trump accounts will still exist. 56:52.331 --> 56:57.052 [SPEAKER_00]: just like, you know, the airport in Palm Beach is now Trump international or whatever. 56:57.092 --> 57:18.497 [SPEAKER_00]: You know, he's trying to put his name everywhere, but what he really should be doing is trying to do what career politicians couldn't do, what people elected him to do, which is make America great again by not being a politician, by being a real leader, by being a statesman, by having the guts to do what career politicians couldn't do. 57:19.037 --> 57:23.242 [SPEAKER_00]: but Trump is proving that he's a better politician than anybody, right? 57:23.483 --> 57:28.489 [SPEAKER_00]: Because he is doing all things for all people and doesn't cut anything. 57:28.949 --> 57:31.212 [SPEAKER_00]: You know, massive increases in government spending. 57:32.385 --> 57:51.420 [SPEAKER_00]: massive increases in the debt yet he claims that you know we're doing something for the young people who are being sacrificed they are being burdened who does he think is going to repay this debt right if you care about posterity you don't want to leave them with a pile of debt 57:52.321 --> 57:59.489 [SPEAKER_00]: This generation should be paying for what it needs, not passing the bill to its children and its grandchildren. 57:59.529 --> 58:04.734 [SPEAKER_00]: Now, ultimately, of course, the bill is so great that we're going to end up paying most of it through inflation. 58:05.095 --> 58:07.918 [SPEAKER_00]: Because our grandkids aren't going to stick around to pay it. 58:08.218 --> 58:10.941 [SPEAKER_00]: We're going to end up destroying it through inflation. 58:11.382 --> 58:11.762 [SPEAKER_00]: And so, 58:12.443 --> 58:22.053 [SPEAKER_00]: that this generation is going to get stuck with the bill through runaway inflation because the young people, you know, they could always leave, you know, it's a big world. 58:22.273 --> 58:24.255 [SPEAKER_00]: There's a lot of other places that people can go. 58:24.295 --> 58:26.598 [SPEAKER_00]: They don't have to stay here to pay off our debts. 58:26.958 --> 58:35.547 [SPEAKER_00]: They could leave and allow us to experience the massive inflation and deal with the consequences of our debt ourselves. 58:36.067 --> 58:37.689 [SPEAKER_00]: Anyway, that's it for today's podcast. 58:37.989 --> 58:41.972 [SPEAKER_00]: Again, don't forget to subscribe to my YouTube channel. 58:42.313 --> 58:45.696 [SPEAKER_00]: If you're watching this on my YouTube channel, make sure and subscribe to it. 58:45.756 --> 58:51.200 [SPEAKER_00]: If you're just listening on shift radio, you can't really subscribe to that, but you can go to YouTube and you can subscribe. 58:51.681 --> 58:56.105 [SPEAKER_00]: And as I mentioned earlier, follow me on X, encourage your friends to follow me. 58:56.545 --> 58:58.547 [SPEAKER_00]: My goal this year is to hit 2 million. 58:59.488 --> 59:03.353 [SPEAKER_00]: Followers based on the way that I've been accumulating them recently. 59:03.413 --> 59:07.178 [SPEAKER_00]: I think I'm going to get there But with your help, I'll definitely get there. 59:07.658 --> 59:08.019 [SPEAKER_00]: Bye for now