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Dec. 16, 2021 - The Ben Shapiro Show
51:49
Team Biden's Attack On Bitcoin | Ep. 1397
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The Federal Reserve announces three potential rate hikes next year.
Joe Biden can't convince Joe Manchin to join his suicide squad.
And Nancy Pelosi defends insider trading for Congress people.
I'm Ben Shapiro.
This is the Ben Shapiro Show.
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Well, it looks as though the reality of the financial situation is beginning to sink in.
According to the Washington Post, the Federal Reserve made its strongest move yet toward tackling inflation on Wednesday, moving up the timeline for what could be as many as three interest rate hikes next year.
Three.
Okay, so if you're president of the United States, generally speaking, the last thing you want is the Federal Reserve hiking interest rates right before a midterm election.
That's pretty much the worst thing that could happen, except for it happening in your re-elect year yourself.
But when the Federal Reserve hikes interest rates, this makes it more expensive for banks to take on debt.
When banks can't take on debt, they can't lend to you at lower rates.
Your mortgage rates go up, your loan rates go up.
It means less velocity in terms of the money flow in the economy.
Well, when you've got inflation, the Federal Reserve, of course, has to raise those interest rates because You have price inflation and wage inflation and it's spiraling out of control.
People's savings are worth less.
It's harder for people to actually get commodities.
Production is not keeping up with demand and all the rest of this.
And so the Federal Reserve has to cut back on some of that to prevent these giant bubbles from happening.
Well, the problem is that the statistical ramifications of that for the administration in power are usually quite dire because whenever you ramp up the interest rates, They generally work in inverse proportion to the unemployment rates.
So usually when you ramp up the interest rates, that means that if you're a small business and you've been taking out loans, you're getting an easy credit, well now you have to consider the fact that those loans are more expensive.
That might mean you need to cut back a little bit.
You might need to lay some people off.
So typically speaking, you get a jump in unemployment when you have a spike in interest rates.
This is what happened in the early 1980s.
If you look at the 1982 elections, for example, the Reagan administration In 1982, there were a bunch of interest rate hikes, and the interest rate hikes at the very beginning from Paul Volcker were intended to create pain.
That was the goal, right?
The goal was to drive the interest rates down because we had stagflation.
Democrats picked up a seat in the midterm elections in 1982.
They picked up one seat in the Senate, and they picked up 26 seats in the House.
And that was largely a result of the interest rate hikes that had happened before.
Now, by 1983, the economy was booming again.
And the reason that it was starting to boom again is because those interest rate hikes had brought back into some sort of stasis the actual economic growth rates, right?
Basically, the real economic growth was allowed to boom because Ronald Reagan cut regulation and he cut taxes and he lowered the interest rates.
And now the money had a solid basis, a solid footing.
But Joe Biden isn't doing any of those things.
So the likely outcome of this is that you're going to see the interest rates spike.
And when the interest rates spike, you're likely to see an increase in the unemployment You're likely to see a slowing economy.
And unlike the Reagan administration, which was focused in on making it easier to do business while solidifying the dollar, now you're solidifying the dollar, which means that credit is less cheap.
But at the same time, you are also increasing regulation and increasing taxes.
So that is not a good recipe.
It's a recipe for stagnation.
Joe Biden, by the way, understands that this is a recipe for stagnation.
This is the part that boggles the mind.
When he put out, at the beginning of his administration, his forecast for the next 10 years of economic growth in the United States, he said, we're going to get heavy economic growth in the next two years.
We've gotten some, not nearly as heavy as it should be.
And then he said that we were going to be growing at like 1.6, 1.7 percent a year.
That doesn't even outpace inflation.
Those are really, really bad rates.
So Joe Biden knows exactly what he is doing.
The Federal Reserve, jumping in right now, it means that they've misread the tea leaves.
They thought that the inflation would not be this strong, and now they've got a problem.
They have to ramp up the interest rates in order to tamp down the inflation.
Jerome Powell has completely abandoned his talk about how this is a transitory phenomenon based on supply chain shortages.
He said yesterday, the rapid price increases are going to continue well into next year.
Bottlenecks and supply constraints are limiting how quickly production can respond to higher demand in the near term.
These problems have been larger and longer lasting than anticipated, exacerbated by waves of the virus.
As a result, overall inflation is running well above our 2% longer run goal and will likely continue to do so well into next year.
In fact, he said more than that.
He said there's a real risk that inflation may be more persistent.
The risk of higher inflation becoming entrenched has certainly increased.
I don't think it's high at this moment, but I think it's increased.
So according to the Washington Post, the Fed has been holding off on cooling down the economy in the hopes that the vast economic supports would continue to help the labor market grow.
The Fed this week reiterated that for now it will keep rates near zero until the labor market hits policymakers' threshold of maximum employment.
Well, I mean, I think we're pretty much at maximum employment considering that we have some 10 million open jobs and only 7 million people who are willing to fill them.
When you have more people who are When you have more jobs available than people who are looking for the work, that's kind of definitionally maximum employment at this point.
One of the problems, of course, for the Biden administration, again, is that the likely outcome of ramping up the interest rates is going to be a slowing economy.
Again, this typically happens.
The Fed has two mandates, according to the Washington Post, keeping prices stable and getting the economy to full employment, but combating inflation by raising interest rates can slow job market growth.
Powell defended the Fed, saying it was not behind the curve in addressing the inflation, but recent data convinced him and others it was time for a shift in policy.
Yeah, no bleep.
I mean, you guys had forecasted there was going to be, like, 4, 5, 6 percent inflation this year.
Instead, it's showing, like, 9 percent to 10 percent price inflation this year.
There's been notable progress in the job market, but again, some 4 million jobs are missing from the labor market compared to the pre-COVID days.
Powell is still trying to blame the pandemic for this, but again, it's not about the pandemic as we will discuss in short order.
It really is about the insane reaction to the pandemic that we have seen from our garbage policymakers.
Fed watchers are waiting to see how the Fed will decide if the full employment threshold has been met before addressing high inflation.
For example, Powell points its labor force participation, which has been slow to recover.
Well, maybe the reason it's been slow to recover is because the government paid people to stay home and then basically trained people to stay home.
Powell says we don't have a strong labor force participation recovery yet.
We may not have it for some time.
At the same time, we have to make policy now.
Inflation is well above target.
This is something we need to take into account.
Also, the Fed revealed new details on speeding up the full winding down of its vast asset purchase program to March, as opposed to its initial goal of mid-2022.
Feds want the taper of supports for the financial system to end sooner so they can better be prepared to raise interest rates.
So they've been buying up all of these assets, and there's no reason for them to be buying up all of these assets at this point.
So all of this is bad news for the Biden administration.
They're going to try and spin it as good news, but it is a realization and an understanding that the economy is inflated beyond all recognition.
The Federal Reserve has to step in and do something.
But that's not stopping Joe Biden from continuing to push really, really bad fiscal policy.
We'll get to more of this in just one moment.
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Okay, meanwhile, You would think that the Biden administration, if they were pursuing something that remotely approached sort of the Reagan policies of the early 80s, where Paul Volcker was ramping up the interest rates to cut down on inflation, you'd imagine that they would be seeking to incentivize business to keep investing.
That basically their goal would be to say to the business community, listen, the reason we're ramping up the interest rates at this point is in order to curb a runaway inflationary spiral.
This is going to provide you a more solid basis to Tell what demand actually looks like as opposed to too many dollars chasing after too few resources.
Instead, it'll be the right number of dollars chasing after resources.
And you should continue to invest because we're going to loosen the regulation.
We're going to make it pay less tax.
So if we are going to create more risk on this end for businesses in the form of less demand in terms of dollars flowing through the economy, we are going to lower risk on this end.
By taking away some of your tax burden and taking away a regulatory burden, right?
That would be the deal.
And that would create a solid growth rate in the economy where it's not all fungible and created magically by the government.
That's not what Joe Biden is doing.
Instead, he is insisting that we regulate all of these companies up the wazoo.
He has all of his financial bureaucrats honed in on how do we regulate big businesses, how do we regulate the stock market, how do we regulate people.
And at the same time, he's saying we should raise taxes and he's saying that we should spend more and more and more money on various social services, which creates an inflation Inflation can be created in a couple of ways, and one of them is the federal government essentially borrowing money and then just spending enormous sums of money.
It's not the Federal Reserve doing direct quantitative easing.
It is instead the federal government borrowing lots of money via the Federal Reserve and then blowing it out that way to the citizenry.
Okay, so Joe Biden is not stopping on all of this.
Joe Biden yesterday said that he is still hoping to pass Build Back Better.
They lie.
They say it's a $2 trillion bill.
It's not.
It's a $5 trillion bill.
They said that they hope to push that through by Christmas.
And Nancy Pelosi, for one, is very optimistic about all of this.
She says, you know, if we pass Build Back Better, you're not gonna have to worry about inflation.
You're not gonna have to worry about anything.
We'll take care of all your problems.
Here is Nancy Pelosi, a clickin' and a clackin' away.
It lowers cost.
It lowers cost of childcare.
It lowers cost of health care.
It lowers cost of food.
It lowers cost in so many ways that are essential to America's working families.
The very issues that people struggle over the kitchen table to figure out how we're going to pay the bills.
The very issues, very frightening things that people have trying to go to sleep at night.
How are we going to pay the bills?
Well, Build Back Better helps you to do that.
I know.
Build Back Better helps to inflate the cost of virtually everything, including childcare.
And when she talks about childcare, she's saying we're going to subsidize a particular type of childcare.
But we're not going to subsidize another type of childcare, and we're going to regulate it pretty heavily.
So the cost of childcare for a lot of families who don't feel like sending their kids to a government daycare center, that cost is actually going to rise pretty precipitously.
Meanwhile, Nancy Pelosi continues to praise Biden and pretend that he's doing an amazing job.
We cannot have geriatric delusional morons running the country.
It's just it is not a good solution to our problem.
Like the level of incompetence.
This is the thing that always boggles my mind.
It boggles my mind.
If the levels of incompetence, the staggering levels of incompetence you saw in government, you saw in any other area of life, you would never delegate power to the people in the other areas of your life.
If you went to the doctor and every time you went to the doctor, the doctor misdiagnosed you and or provided for a surgery that made you worse than you were before, you would stop going to that doctor.
If you went to a lawyer and every time you went to that lawyer, you ended up in jail, you would not use that lawyer anymore.
And yet you go to these politicians Average IQ 37, basically vegetables, who spend all day figuring out solutions to problems that don't exist or solutions that make the problem significantly worse.
And you want to give them more power?
Your solution is to give Nancy Pelosi and Joe Biden more power.
By the way, I feel like this across the board, it's not just a Republican Democrat thing.
Why do you want these people to have power over your life?
The only person who you should give power to is somebody who doesn't want to use it.
The first rule for a politician should be somebody who doesn't want to be in politics.
Because if you want to be in politics, this means you want power over other people's lives.
People should be reluctant about how they gain power.
People should be reluctant about how they use power.
The only politician you can trust is one who promises not to do anything or to give power back to you.
But anybody who claims they can solve your problems the way Nancy Pelosi and Joe Biden do, and by the way, how many Republican politicians, they're lying to you.
They can't.
They don't have the power to do this.
A little bit of epistemic humility would be a nice thing around here.
Frederick Hayek famously wrote, when it came to economics, that when you centralize all power in certain pairs of hands, what you are doing is you are actually ending up with people with a fraction of the knowledge of the generalized market running the entire thing.
If you were to use the sort of centralized economic system of the Soviet Union, you basically have seven people in a room, you have the commissars who are sitting together, At the top of the economy and they're making the rules for everybody.
Why doesn't that work even if they're really high IQ?
Because their level of knowledge is not as great as the aggregate knowledge of the entire society.
This is true across politics.
Why in the world you would have a group of people who could not run a popsicle stand figuring out for everyone else how the economy is going to run, how your life is going to run, how you're going to take care of your family.
It is beyond comprehension.
How about a little bit of humility about the fact that there is a system that you do not run and that no one runs and has been running for hundreds of years in terms of how people actually run their individual lives and interact with one another.
You don't control it and attempting to rationalize that into a set of rules whereby a group of elites is going to run everything using the set of rules.
It's a pursuit of stupidity.
It's idiocy.
The famous philosopher Michael Oakeshott suggested that to try and pretend that a group of rational rules made up by a group of people sitting in a room and sort of boiling it all down to paper That those people are not capable of grasping the complexities of the universe.
You're not capable of... No one is capable of complexing, of grasping the complexities of the economy, of human interactions, and yet you want to centralize all of that in the pea brains of people like Nancy Pelosi?
Or the misfiring neuronal connections of Joe Biden?
I'll never understand it.
I really will never understand it.
We'll get to Joe Biden trying to ram Build Back Better through in just one second.
Joe Manchin is standing in the way first.
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All righty, so Joe Biden is trying to convince Joe Manchin to go along with Build Back Better, and it is going extremely poorly, as it should, because Joe Manchin made this very clear.
He kept saying it, Joe Manchin, throughout this entire process, he's felt like an American tourist in China, right?
Like the root American tourist in China, where nobody speaks his language, and so he just says it louder, and still nobody speaks his language, so he just says it louder.
Like, where is the bathroom?
People are like, No.
Don't understand.
He's like, where is the bathroom?
This is what Joe Manchin has been doing to the Democrats and they refuse to understand.
The difference in this scenario is that Joe Manchin isn't the rude tourist.
He's the only person speaking the language of the rest of the people.
It's the Democrats who are out of control.
So he keeps saying, I'm not spending this kind of money.
It's too much money.
Stop.
And Nancy was like, maybe if we appeal to him this way, he'll do it.
And the media is like, maybe, you know, Joe Manchin, maybe he'll break the filibuster.
And then Joe Biden's like, I'm sorry, I'm track my corn pop is Joe Manchin.
And surprisingly, Joe Manchin does nothing.
Joe Manchin is like, nah, I got to get back on my houseboat after this and go back down to West Virginia, where Joe Biden lost by one million points and where he's currently underwater by like 40 points.
And I've got to explain to those people why I felt it was vital to vote for a $2 trillion bill minimum in a time of massive inflation, where my people don't want this bill.
So yeah, they've run into an impasse.
There's a shocker.
It's not shocking at all, by the way.
Joe Manchin's only hope of staying in the Senate is being the Democrat who stopped Build Back Better.
If he's the Democrat who voted for Build Back Better, then he's just Chuck Schumer in West Virginia, which means he's out of a job.
According to Politico, tensions are boiling over as discussions about finishing Democrats $1.7 trillion domestic spending bill drag on between Joe Biden and Joe Manchin.
The legislation looks increasingly likely to stall over the impending holiday break, prompting Biden himself to bemoan the slow pace.
Well, the good news is that you can always just tell Joe Biden that it's the middle of May 2021.
He'll believe you.
Manchin grew frustrated on Wednesday when questioned about whether he opposes a provision of the bill to extend the expanded child tax credit, deeming those queries bullshit.
In denying that he wants to end the $300 monthly check many families receive for children.
That provision expires this month.
Democrats had hoped it would drive a year-end deal.
Instead, Biden and Manchin don't appear particularly close to clinching anything.
Manchin has suggested pulling the child tax credit from the bill.
Publicly, Manchin says he doesn't oppose the tax credit.
He's just saying, you don't get to wrap it up in this sandwich made of crap and then sell it to me.
Yeah, that's gonna work.
That's gonna work.
What's Joe Biden gonna do?
the source said.
Though Manchin and Biden developed a warm rapport this year and collaborated on several prominent pieces of legislation.
The plodding pace of the talks between the two Joes is straining their friendly relationship.
Frustration among the White House aides with Manchin is high and growing.
And while Biden likes Manchin personally, he too has grown tired of the elongated talks and will soon push him to make a decision and support the legislation according to two White House sources.
Yeah, that's gonna work.
That's gonna work.
What's Joe Biden gonna do?
He's gonna call up Joe Manchin and be like, Joe, gotta tell you, man.
Come on, man.
It's time to vote for the Bill Black badangadoo.
And Joe Manchin's gonna be like, I live in West Virginia, why would I do that?
He's gonna go, well, I'm growing impatient, Joseph McMansion.
I'm just, I'm very impatient.
He's like, so?
I don't care.
By the way, you notice whose name has completely fallen out of this?
Kyrsten Sinema.
He could get Manchin, and Sinema still would not vote for this.
Because it doesn't meet her test either.
This is not just Joe Manchin.
This is Kyrsten Sinema.
Neither Biden nor Manchin view the likelihood this bill won't pass until 2022 is damaging to their relationship or fatal to the legislation itself.
Manchin's friends in the Senate say he's not looking to tank Biden's agenda.
They may have different views about timing.
It's less about weather than about when and how much, said Senator Tim Kaine.
Well, those would be rather large questions, right?
How much?
What's in the bill?
Et cetera.
Like, you think in a midterm election year, people are going to be voting for this?
You really?
Like, once we hit midterm election year, I'm sorry, people are going to be a little distracted trying to save their seats.
So good luck with this.
Biden had a lengthy phone call with Manchin on Monday, again, spoke to him on Tuesday.
Asked how often he's talking to Biden.
Manchin said on Tuesday, I'm just waiting.
I'm not in charge.
Of course, it's not just Biden who's pushing Manchin.
Senate Majority Leader Chuck Schumer is coordinating with both.
See, here's the thing.
Chuck Schumer is an idiot.
He's a terrible majority leader.
What Chuck Schumer really could do is he could go back to Joe Biden and he could say, why don't we shift our specs a little bit?
Why don't we actually break this bill down into a series of smaller bills that would make it difficult for Republicans to vote against?
They keep saying, each constituent part of this bill has 65% approval.
Okay, so why don't you break it down into 65% approval bills?
And the answer is because they can't get those passed.
They have to wrap it up this way, because if they don't wrap it up this way, they will not be able to cobble together the progressives and the radicals and the moderates.
They won't be able to do it.
So they have to wrap it up into a giant omnibus package, and they can't pass that giant omnibus package.
So the only good news here is that reality is starting to hit the Biden administration, and they're having a real problem coming up with answers on all of this.
But the answer the Democrats will eventually come up with when it comes to all of this, is they're just going to get angry at the institutions.
Because when they don't get what they want, they just start attacking everything else.
So they've already created a massive inflationary bubble.
Now the Federal Reserve is going to crack down on the inflation, which is going to ramp up the unemployment.
When it ramps up the unemployment, Joe Biden is going to push harder on the institution.
Let's break the filibuster.
Let's stack the Supreme Court.
Let's change all the institutions.
When they don't get what they want, the answer is to break the system.
And not just to break the system, to break private competitors.
In one second, we'll get to the apparently New passion among Democrats for cracking down on cryptocurrency because what they're afraid of is that the alternative to the dollar being manipulated by the central government will be a non-manipulable form of currency.
We'll get to that in just one moment.
First, let's talk about the fact that, as we say, inflation is dominating the country.
The cost of everything is going up.
That includes rent.
But in the future, what you're going to be seeing as the Fed tapers is you're going to be seeing rising interest rates on the mortgages, right?
Mortgage rates are going to go up when they go up.
You're going to lose your chance to refinance your mortgage.
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And it seems that the Democrats have found a couple of things to attack.
Thing number one is they're going to attack private industry.
You saw this yesterday when Chen Psaki was claiming that inflationary spirals in meat and oil were created by greed in private industry, not by bad government policy.
Well, now It seems that many of our nation's foremost financial innovators on the Democratic side of the aisle, or at the Federal Reserve, they're very upset at the possibility that you might take your money out of the system and put it into something like Bitcoin.
Now, full disclosure, I own Bitcoin, I own Ethereum.
I'm big advocates for both.
I think that Bitcoin is excellent.
I think that the possibility of a currency that is not under the centralized control of a government with its own political priorities, I think putting some of your money there is a good idea, which is why I own Bitcoin.
I think Ethereum, which is attempting to cut down On the banking system's transaction costs by creating all sorts of innovative new ways to create a trustless financial system, that is a good thing.
Understand that the innovation that Bitcoin represents and that a lot of decentralized finance represents is a way to cut out the middleman.
The reason that you go to a bank is because banks verify your transactions, right?
You know that when you put your money in a bank, the bank is going to be held accountable if the money is gone.
So you trust the bank, which is why you put your money in the bank.
But that also means massive transaction costs, because every time you run a credit card, the credit card company has to get in touch with a middleman, the middleman then has to get in touch with the bank.
There are like seven or eight companies involved in every credit card transaction, which is why it takes two or three days for a credit card transaction to actually clear.
You know this if you own a business.
That just because someone swiped the credit card doesn't mean the money is now in your account.
Now the money has to go all the way through the system of verification in order for the money to reach your account.
When it comes to international transactions, it can take like a week for an international transaction to clear.
When it comes to decentralized finance, these transactions can clear like that very, very quickly.
And in areas of the world, particularly impoverished areas of the world, where you don't have a good banking system, if you're in Afghanistan, you can't deposit your money in a bank account because there are no banks.
What Bitcoin does, what decentralized finance allows, is for you to have that money digitally and transfer it digitally instantaneously.
That's a very good thing for the world.
And it cuts out a lot of the transaction costs in the middle.
The way that it does this is through the blockchain.
The blockchain is a way of verifying transactions because it basically has a history of every transaction that has happened With blockchain, that verifies that these are real transactions because everything is encoded.
And what blockchain does, it's a way, the way that you earn Bitcoin, for example, is by verifying transactions.
When people talk about mining Bitcoin, it's not somebody on a computer with a pickaxe, right?
What mining Bitcoin means is that you have an entire computer system that is essentially decrypting all sorts of transactions and verifying the transactions actually occur.
This is how you provide some sort of stability in the transactional system.
Now, the drawback for Bitcoin or Ethereum or any of these other cryptocurrencies is that if somebody were to get your password, they can take all of your money, right?
Whereas that is not true with a bank.
However, that just means make a better password, right?
Don't be an idiot and don't use the same password for all of your stuff.
And don't forget your password, right?
But the attraction of crypto is that it cuts out the banking system.
The attraction of crypto is that it creates a trustless system in which you don't have to trust the person that you're transacting with.
And you also don't have to trust a bank to keep your money.
Right, the blockchain itself is the trust because it is verified, right?
Okay, that is the attraction of it.
The other attraction of it is that you don't have a centralized government that is going to inflate the currency, where you put your money in a bank and then you just wait for the government to inflate it out of existence, right?
If you took $100 and you put it in the bank at a 0% interest rate, just to make the math easy, back in like...
And then you took that $100 out of the bank today, it'll be worth like, I don't know, 50 bucks, 60 bucks, maybe.
Okay, so like the inflation rates eat away at savings.
This is not true with Bitcoin.
And when you buy Bitcoin, or any other form of crypto that is worth its salt, then what you are actually doing is you are buying a value that is not dependent on infusions of money into the system.
Right, so that is the attraction of Bitcoin.
And then there are things called stablecoins, which are pegged to, for example, the value of the United States dollar.
Right, so you can buy a digital form of currency that cuts out the transaction cost and is pegged to the price of the dollar.
Right, so you would think this is a good thing, right?
This is a good alternative, and it takes enormous amounts of power away from the government.
This is why the government is so scared crapless of cryptocurrency.
They are scared so crapless of it that you are going to stop, like, if cryptocurrency ever became a denomination in use, Not denominated in dollars, but things started to be denominated in Bitcoin or you started trading in Bitcoin.
It's not stable enough right now for people to really trade in Bitcoin.
This is one of the problems with Bitcoin is that it used to be that there was this concept that Bitcoin would be used in transactions, right?
Instead of paying for a car in dollars, you pay for it in Bitcoin.
The problem is because Bitcoin is still volatile because not enough people buy it and use it.
Because of that, the price of a Bitcoin could go up or down.
So if you sell a car for A Bitcoin, and Bitcoin is worth $30,000 today, so you're selling a car for 30 grand.
Tomorrow, that Bitcoin could be worth $20,000, and so you just lost $10,000, right?
So this is the problem with Bitcoin, but it's going to get more stable over time as there is more and more buy-in.
The government is so scared of this stuff.
They are so scared of this stuff.
They are afraid that they are no longer going to be able to control your monetary future.
They're paralyzed in fear from this stuff.
So you have Jerome Powell over at the Federal Reserve.
It is amazing to me that we are willing to trust people who are actively manipulating the money supply in the United States.
I mean, this is literally their job.
It is not as though they are hiding the ball.
They actively acknowledge that what they do every day is manipulate how much your savings are worth.
And yet we're supposed to trust them, but not trust a trustless system verified by blockchain.
Here's Jerome Powell ribbing on Bitcoin.
In terms of the cryptocurrencies that are really speculative assets, I don't see them as a financial stability concern at the moment.
I do think they are risky, they're not backed by anything, and I think they're big consumer issues for consumers who may or may not understand what they're getting, and they're certainly They're not backed by anything, really.
So what is the United States dollar backed by?
What is it backed by?
It used to be backed by gold, not backed by gold anymore.
It's backed by the full faith and credit of the United States, which is solid as long as you trust the United States.
It's solid as long as you trust the United States government.
Well, you know what's one thing that undermines trust in the full faith and credit of the United States?
One of those things would be a massive national debt that is eventually going to come to eat up a huge percentage of our GDP every year and make it nearly impossible for us to continue to operate as a free economy without massive rates of taxation or massive cuts to social services.
The question is, which do you trust more?
A decentralized system where no one controls it, or a centralized system where Jerome Powell controls it?
And the full faith and credit of the United States, which is being blown out on a daily basis?
At a certain point, there will be another country that gets wise, lowers its corporate tax rate to 10%, and just eats everybody's lunch.
Truly, I mean, that will be like the notion that the United States has to lead the world in terms of in terms of sort of the economy.
It doesn't have to, but we are a massive country that gives us certain advantages.
We have 340 million people in it.
We have this huge territorial grasp, but That doesn't mean that if we spend ourselves into oblivion, there won't be somebody else who comes and eats our lunch.
We are benefiting from the fact that the Chinese government, for example, has embraced the stupidest form of economics in terms of communism.
Then they moved into a sort of mercantilism.
That's also a dumb form of economics, which is why their outsized growth statistics are rooted in the fact that they started from a really, really low baseline.
Basically, everyone in China had zero dollars, and now everybody in China has five dollars, and so they've had a massive growth rate.
That does not mean that China's per capita GDP is anywhere near on par with Western Europe or with the United States.
The per capita GDP in China right now is still really pretty low.
The per capita GDP in China right now is about $10,500 per year.
So all of the talk about how the Chinese communist regime has created massive prosperity in China is not true.
They just have a billion and a half people.
However, that does not mean that there could not be a country that comes up and realizes that all of the regulatory structures the United States has set up are garbage, that our tax structures are garbage.
Joe Biden has pushed a global 15% corporate tax rate.
If there were a country that went to 10% corporate tax rate, it would just suck in investors from everywhere.
The amount of money that would flow in, if you could guarantee property rights and a predictable legal regime in a state with 10% corporate tax rates, that place would eat our lunch within a decade.
It is truly that simple.
Okay, but unfortunately, at the same time, these people are saying you should trust the full faith and credit of the United States and you should crack down on Bitcoin.
Elizabeth Warren is doing the same thing, right?
She's saying decentralized finance is really bad because it allows for illegal transactions.
Oh, what does cash do?
Also, you know what's one thing that has allowed for massive illegal transactions?
A government-based banking system that has essentially created massive incentives to bail out companies who take bad risks.
I mean, seriously, what is more dangerous?
To the stability and health of the world economy?
Truly, what's more dangerous?
The fact that some people use decentralized finance to do drug deals?
Or the fact that every time there's a financial crisis, the taxpayers are on the hook for trillions of dollars?
Which one seems more risky to you?
Here's Elizabeth Warren ripping on crypto, however.
DeFi is the most dangerous part of the crypto world.
This is where the regulation is effectively absent, and no surprise, it's where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto traders.
Shoot, in DeFi, someone can't even tell if they're dealing with a terrorist.
Stablecoins provide the lifeblood of the DeFi ecosystem.
In DeFi, people need stablecoins to trade between different coins, to trade derivatives, to lend and borrow money, all outside the regulated banking system.
Without stablecoins, DeFi comes to a halt.
Okay, so without Elizabeth Warren overlooking a financial system, you should be scared?
No, with Elizabeth Warren overlooking the financial system, you should be scared.
Again, why would you give these people power?
Why, why, why, why, why?
And the answer is they want the power, of course.
They desperately want the power, which is why they're now pushing against that.
They're also pushing against the institutions.
It is not a coincidence that the same day that Elizabeth Warren is calling for a crackdown on decentralized finance, she's also calling for court packing in the pages of the Boston Globe.
These people don't care about institutions, they care about power.
And mainly they care about their own power.
We'll get to Nancy Pelosi and an amazing statement that she made yesterday with regard to members of Congress and insider trading.
We'll get to that in a moment.
The rules apply to the little bit.
You're supposed to trust them to run your financial future.
They get to insider trade.
We'll get to that in just one moment.
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And we're going to get to all the COVID craziness right now.
Democrats are considering new shutdowns and all this.
You have to resist.
You have to push back.
This is what we are doing right now with our petition.
We have a goal of reaching a million signatures.
As I've said, we have over 875,000 signatures.
We want to finish this before the end of the year.
Get to a million signatures before the end of the year.
Please, if you haven't already, sign the petition at dailywire.com slash do not comply and then share our petition with everybody, like far and wide.
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Let's send a message so loud the Biden administration can't ignore us.
Hey, also, I am truly pumped about this.
We have a brand new series available exclusively at Daily Wire.
If you've ever wanted to be a fly on the wall for my conversations with my closest and most influential friends, you're gonna love this.
Like, seriously, this is what this is.
I get to hang out with all my friends, and you're gonna see what our conversations are like, usually when the cameras are off.
In the premiere episode, Jordan Peterson joined me for coffee while he was visiting Nashville, and we have, I would say, a unique and pretty awesome conversation.
All righty, so I'm here in Nashville with Jordan Peterson.
Jordan's spending a lot of time in Nashville.
In fact, I think Jordan may know Nashville better than I do.
Last night, you dragged me to Robert's Western World, and you were like the guy of the house.
They all knew you.
No, no, Luke McQuarrie was the guy of the house, the guitarist.
Playing the guitar with Steve?
He's a deadly man, yeah.
Kelly's Heroes, they're a deadly band.
I will say, I feel like I was a little more dressed for it.
Like, I was wearing a t-shirt and a leather jacket and you were wearing this.
Yeah, I didn't have my Kobe boots.
I haven't bought them yet.
I'll get a cowboy boots for my show.
We're gonna get you Nashville'd up, exactly.
It was really fun being there with you.
Oh yeah, that was awesome.
You're a classically trained violinist.
I am, I am.
And you like the music.
Oh, yeah.
I love that stuff.
I mean, if you're a good musician, you're a good musician.
Those guys know how to play.
Yeah, no kidding.
That's right.
They really know how to play.
Sunday Special is a lot more formal.
I mean, I'm coming in with questions, and it's much less of kind of a discussion between the two of us, and it's much more of kind of just me probing in Jordan's ideas.
But this is much more like how we talk normally.
I mean, Jordan, you called me, we talked on the phone like a month ago, and this was basically the same conversation, right?
This is how we talk when... Different topics, but... Yeah, different topics, but I mean, like, this is how we talk when the cameras aren't on us.
People really love being in on those conversations.
Yeah, no, I think that the fact that people are going to kind of get the fly-on-the-wall view of these kind of conversations is pretty awesome.
So you'll be able to see clips of my conversation with Jordan here at the coffee shop on YouTube.
But if you want to see the whole conversation, which really is the way you should see it, you need to head on over to dailywire.com or check us out on the Daily Wire app.
You'll be able to see the whole thing there, and it's pretty fantastic.
So go check that out.
My conversation with Jordan Peterson drops tomorrow at dailywire.com.
If you're not a member yet, now is the perfect time to sign up.
We're gonna do a bunch of these.
I mean, this is really how it works.
I have a bunch of really interesting friends, and I talk with all of them off in the air.
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This isn't that.
What this is, is how we talk.
I mean, we talk about our kids, we talk about our families, we talk about our wives.
It gets very intimate, and it gets really deep and profound.
It's pretty mind-boggling, honestly.
One of the great aspects of my life is that I get to talk to the most interesting high IQ people on the planet, like off camera, in private.
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Alrighty, so meanwhile, Nancy Pelosi, again, these are the people you want to lead you.
I'm not going to stop saying this.
Stop asking these people to lead you.
They are corrupt.
They don't care about you.
They care about their own power.
They've convinced themselves they care about you.
Okay?
I'm not saying they're not sincere.
I'm saying they're delusional.
They are sincere.
They sincerely believe that they are helping you.
It just so happens they help themselves around the edges a little bit too.
I mean, does it really matter?
I mean, if you are, they just have to take a taste.
Okay, so Nancy Pelosi yesterday, she was asked about members of Congress trading individual stocks.
Now, I'm of the belief that once you're in Congress, you should not be able to trade on the information that you receive in Congress.
Because if we are going to bar insider trading for private entities, we should bar insider trading for members of Congress.
Because they can, in fact, even if you were to allow insider trading for people in the private sector, which again, I think there's a kind of libertarian case for that.
actually allows for free flow of information, more free flow of information for market response than there otherwise would be.
Right?
People actually get information faster when insider trading is available.
But put that aside.
If you're a member of Congress and you can actually control policy, knowing that you can get a majority to do a thing that is going to impact business in a particular way, so you short sell the business, or you know that a business is about to get a subsidy because you know it's been formulating behind closed doors and you control the system.
And so you're using the power of a democracy to make yourself more rich?
That's super-duper corrupt.
Nancy Pelosi was asked about this yesterday.
She, of course, has a long history of questionable insider trading issues.
And she was like, well, we are a free market system.
Hearing Marxist-leaning Nancy Pelosi talk about what a wonderful free market system we are by utilizing government power to make herself richer is pretty vomit-inducing.
Here we go.
Should members of Congress and their spouses be banned from trading individual stocks while serving in Congress?
No, to the second one.
We have a responsibility to report on the stock, but I'm not familiar with that five-month review.
but if people aren't reporting, they should be.
Why is that?
Because this is a free market and people, we have a free market economy.
They should be able to participate in that.
That's not the question.
The question is whether you are participating in a free market economy or whether you are using your regulatory power to get rich.
If you're a Soviet Commissar and you can dictate the price of shoes until you go abroad and you buy a bunch of shoes and you sell them in the Soviet economy while dictating the price, that is not a free market.
And if you're a member of Congress and you're using your regulatory power to subsidize or crack down on a particular business, and then you are trading in that business at the same time, that is unbelievably corrupt.
That is not free market stuff.
This has been a longstanding issue with Congress.
Peter Schweitzer has been writing on this for years and years and years, all the way back in 2012.
He talked about congressional corruption.
Newsweek wrote about it.
While examining trades made around the time of the 2003 Medicare overhaul, Peter Schweitzer experienced what he called his holy crap moment, according to Newsweek.
The legislation, which created a new prescription drug entitlement, promised to be a huge boon to the pharmaceutical industry and savvy investors in the capital.
Among those with special insight on the issue is Massachusetts Senator John Kerry, chairman of the health subcommittee of the Finance Committee.
Kerry is one of the wealthiest members of the Senate, heavily invested in the stock market.
As the final version of the drug program neared approval, one that did not include limits on the price of drugs, brokers for Kerry and his wife were busy trading in Big Pharma.
Schweitzer found they completed 111 stock transactions of pharmaceutical companies in 2003, 103 of which were buys.
They were all great picks, Schweitzer notes.
Kerry's capital gains on the transactions were at least half a million dollars and as high as two million dollars.
It was instructive to Schweitzer that Kerry didn't try to shape legislation to benefit his portfolio.
The key was that he knew exactly what the government was about to do, and then he... and then he spent money in order to make money from it.
Kerry's spokesperson said, Senator Kerry does not buy, sell, or trade stocks.
She noted that Kerry's holdings were in family trusts managed by independent trustees.
Further, Kerry was not a beneficiary of Theresa Hines Kerry's Trust, which were established before they were married.
Also, Kerry was running for president.
Mitch missed much of the debate.
But Schweitzer says, it's not that I think John Kerry is calling up his broker on health care and saying, buy the company, sell the company.
The issue is one of a double standard.
He notes that if the executive of a health care company were in discussions with the White House over pending legislation that would affect his industry, And then, made a bunch of unusual stock transactions related to the industry, the SEC would probably open an insider trading investigation.
This is the only group in America we exempt as politicians, who are probably the last people about whom we should be saying, oh, we'll take their word for it.
That's what's so amazing to me.
And this has been a major issue for years and years and years and years.
A bipartisan issue, by the way.
Members of Congress who are benefiting from this sort of insider trading.
Of course Nancy Pelosi thinks that that's the free market.
Because according to Nancy Pelosi, using government money to do things she wants is the free market.
And then these are the people that you trust with, like, are you getting the benefit of their bargain?
Are you really?
And meanwhile, speaking of Nancy Pelosi and her delusional policies, she made a statement yesterday that's just insane.
She was talking about rising crime in America's major cities, and the Speaker of the House, she said, Do you not?
Do you not know Nancy Pelosi?
Because I feel like you do, or you're completely addled and the moths have made their home directly in the center of your medulla oblongata.
Here we go.
The fact is that there is an attitude of lawlessness in our country that springs from I don't know where.
Maybe you do.
No, I do.
I do.
It's from you.
It's from you and your friends.
Greenlighting rioting all of last year.
You and your wildly liberal George Soros best prosecutorial friends who have decided they are going to undermine law enforcement throughout the United States.
Like, I know.
And I think Nancy Pelosi does too.
Reality is starting to hit home for this crew.
And when it hits, it is going to be ugly.
So they have two choices.
They can burrow deeper into the delusion or they can realize that Joe Manchin is kind of right.
They can realize that That they've undermined the full faith and credit of the United States.
They can recognize that they've destroyed their own economic hubs because of their COVID insanity and through crime.
They can recognize all this or they can just keep doubling down.
Oddly enough, some of them are starting to recognize it and it's very weird.
So for example, San Francisco Mayor London Breed, who's a nut.
And London Breed backed the defund the police movement five seconds ago.
And according to Daily Wire, Speaking at a press conference on Tuesday, Breed erupted at the surge in crime around San Francisco.
Here's what London Breed had to say.
It's time that the reign of criminals who are destroying our city, it is time for it to come to an end.
And it comes to an end when we take the steps to be more aggressive with law enforcement, more aggressive with the changes in our policies, and less tolerant I mean, she is one of the chief manufacturers of the bullet.
Like, that's a, that's a weird take.
So I'm glad that she's come around to this.
It is weird to see Rudy Giuliani inhabit the body of a black woman.
That's strange.
And she's talking and all of a sudden she's morphing to Rudy Giuliani talking about cutting down on crime.
It's unbelievable.
If you see the morphing happening in real time, so bizarre.
Maybe reality is starting to hit.
Because as of last year, she tried to divert $100 million from the San Francisco Police Department's social justice programs.
So yeah, reality is starting to hit.
So the question for the Democrats is how fast it hits.
Because maybe the Democrats can pull their chestnuts out of the fire for 2022 if they allow reality to intervene.
But it seems like they're not going to allow reality to intervene.
It seems like they are focused in like a laser beam on not allowing reality to intervene on any of these subjects.
A little bit on crime, maybe.
Although Eric Adams swore in the new NYPD commissioner in front of a mural that included actual cop killers, which is a strange move by Eric Adams yesterday in New York.
Still, it seems like in some of the major cities, the chickens are coming home to roost a little bit for Democrats.
Nationally, however, I think they're going to have to get walloped first.
Honestly, I think the Democrats are going to have to lose an election.
They're going to have to lose it in massive fashion.
What's so ironic about all of this is that Joe Biden was supposed to be the guy who was still steeped in reality.
He was supposed to be the guy when he was elected, who's going to be moderate, who's going to have both feet on the ground, who is not going to run after the radical proposals of his base.
And instead, he decided to go as radical as humanly possible.
It is truly amazing.
And he's still doing it.
Yesterday, Joe Biden was talking about COVID, and he's just like ripping on freedom, like openly ripping on freedom.
It's pretty amazing.
Everybody talks about freedom and not to have a shot or have a test.
Well, guess what?
How about patriotism?
How about making sure that you're vaccinated so you do not spread the disease to anybody else?
What about that?
What's the big deal?
Okay, so first of all, what he's saying right there, what he's saying right there is inaccurate.
If you're vaccinated, you can in fact spread the disease to other people according to his own CDC.
So he's contradicting his own CDC. But the more important statement he makes there is, what about freedom? I hear all these people talking about freedom. What about, what about patriotism? What about patriotism a little bit? It's like, well, Joe, your definition of patriotism, so far as I'm aware, consists in giving up Afghanistan to the Taliban, paying higher taxes, destroying businesses, allowing crime to run rampant in your cities, and taking shots.
This is the definition of patriotism, according to Joe Biden.
Good luck with this message.
Truly.
I hope that you run on this in 2022.
I hope you run on this message in 2024.
It seems like his definition of patriotism runs directly counter to the message of freedom.
Those two are supposed to work in tandem in the United States.
To be free and to be patriotic are supposed to be things that work together in the United States.
For Joe Biden, they work in direct opposition, which suggests that he is neither free nor patriotic.
It suggests that he doesn't understand the foundational principles of the United States.
In other countries, patriotism runs directly counter to freedom.
In the United States, they're not supposed to run against each other.
But Joe Biden has a different idea if he has any ideas at all left rattling around up there.
Alrighty, we'll be back here later today with an additional hour of content.
In the meantime, please head on over to dailywire.com slash do not comply.
We're at almost 900,000 signatures on our do not comply Petition and check out the Michael Knowles show today.
He'll be talking about some wacky protesting from high school and middle school girls in Oregon.
The Daily Wire has been exclusively reporting on that.
You can hear more about that story over on Michael's show that's available right now.
I'm Ben Shapiro.
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Ron DeSantis introduces the Stop WOKE Act in Florida.
Vladimir Putin tries to rebuild the Soviet Union.
And high school girls protest sexualization by taking off their clothes at school.
Bold strategy.
We will see how it plays out for them.
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