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unidentified
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It's a short temp d'a, short, you're standing right next to the stadium. | |
What is China going to show us in the next few hours? | ||
We're already being pulled out of the market here. | ||
We've already been put away in another area. | ||
So I'm afraid we'll have to come back to you later. | ||
I think so too, Sjoerd. | ||
I think we should come back to that later. | ||
I think so too, Sjoerd. | ||
We'll continue with the next topic. | ||
Yeah. | ||
The president of the Consumer Electronics Association takes issue with me over my position on so-called free trade policies. | ||
Policies that cater to business and multi-nationals. | ||
Electronic Association president Gary Shapiro challenged me to a debate saying, quote, Dobbs, anti, not Mr. Dobbs, it's just Dobbs, anti-trade comments on his cable show and his refusal to grant equal time to opposing viewpoints are inconsistent with CNN's great legacy as a pioneering news network. | ||
We are hopeful that CNN will wish to retain its credibility. | ||
Okay, on a day when the West has been, I don't even know how to say this, kowtowed, disgraced, the opening ceremonies of the Genocide Games in Beijing, not one boycott of any nation, and you saw there, for those who watched or listened to the podcast or on radio, A Dutch reporter just carted off by the security forces. | ||
We're live. | ||
We're in the War Room. | ||
It's 4 February, the year of our Lord 2022. | ||
It's Friday, 135 million plus downloads in the podcast. | ||
And of course, we're live everywhere to millions and really want to thank G News and GTV. | ||
For the broadcast simulcast of this in Mandarin and Japanese and obviously blown through the firewall more than ever to the Lao Beijing in China of which we are doing everything in the world to assist their struggle for freedom as they try to take down the transnational criminal organization that is the Chinese Communist Party. | ||
We thought it was appropriate On this day of really shame for the world, the global corporations kowtowing to the Chinese Communist Party, the International Olympic Committee kowtowing to the Chinese Communist Party, quite frankly all the different athletic associations kowtowing to the Chinese Communist Party, and an announcement in Beijing of a strategic partnership | ||
Between Russia and the Chinese Communist Party, one that, for all sakes and purposes, the West forced Russia into this embrace with our existential threat, our mortal enemy, the transnational criminal organization that is the Chinese Communist Party. | ||
I wanted to reach out and to bring in Lou Dobbs. | ||
Lou Dobbs, more than any living American, has been for many, many, many decades A warning about the situation with our economy, the situation with our manufacturing base, the dangers of running massive trade deficits. | ||
Donald J. Trump, myself, many others have been watching Lou Dobbs, what, for 30, 40 years now as he has really walked us through Political economy and I gotta tell you very powerful. | ||
You saw right there. | ||
We could have pulled a thousand clips of Lou Dobbs taking on Global corporations trade associations. | ||
It's absolutely stunning when you go back and look at the archives of his time at at CNN and Fox but particularly CNN in the early days want to bring in Lou Dobbs and Lou I just want to put aside we got so much talk about about China about the global economy and You've got a brilliant piece up, something we've been talking about, but you nailed it on your Twitter feed about Ray Dalio's book. | ||
You've got the show, The Great American Show, which is outstanding. | ||
Everybody's got to listen to this. | ||
We're going to make sure that it gets plenty of distribution here on our channel. | ||
Thank you for that. | ||
Sir, I just got to ask you a rumor that's going around. | ||
That John Malone, and we call it that John Malone was going to broom Zucker and this group of clowns over at CNN. | ||
Is there any truth to the rumor that you're at the top of the short list of John Malone's, when he's looking for somebody to come in and straighten out the mess, at your old and original network, I think, CNN? | ||
Well, I wish I could confirm that delicious rumor, because there are people right now gasping and fainting in their offices all around CNN. | ||
Uh, but, uh, if I'm on any list at all, I don't think it's, uh, it's for that particular position. | ||
Uh, and John Malone, I respect the Dickens, but, uh, he has, uh, his patience has been immense. | ||
When you look over the people who run CNN over the course of the past 20 years, for it to be afloat is amazing. | ||
irrespective of their cave into the left's ideology. | ||
I mean, it's almost a propaganda reel day after day, which I don't think based on what I've been reading of late, Steve, I don't think he's probably too thrilled about the joint right now. | ||
What is it about the current kind of discussion, Just look at cable news overall. | ||
If you look at CNN and MSNB particularly, you know, you know, President Trump went to Wharton. | ||
I went to Harvard Business School. | ||
And both of us will tell you, we were schooled really on international trade. | ||
By you and your nightly broadcasts, night after night after night after night, you were saying from the very earliest days you were there, the manufacturing base of this company is being shipped overseas. | ||
It's going to have massive impact on the working class, middle class in this country. | ||
What is it even about? | ||
You can't cut on anywhere now and see that kind of in-depth reporting or analysis. | ||
It's all almost like pro wrestling. | ||
Mr. Lou Dobbs. | ||
Well, it is, except it's not as well rehearsed. | ||
The fact of the matter is that I truly believe that we're graduating people from Harvard Business School and Wharton who really don't understand the economics of trade. | ||
They don't understand that it is not only a zero-sum game, which so many think tanks say, oh no, this is not a zero-sum game, we can leverage this up, we have multiplier effects, and they're full of it. | ||
When you have trade deficits, as you well know, you will lower the nation's savings rate, and you have less capital available for investment and growth and job creation, and the result has been over the course of the past 30 years, a devastation | ||
Of the trajectory that we should have been on and the embrace of a decline because there have been trillions of dollars that the United States has given up in economic growth, job creation, and a larger middle class to the Chinese. | ||
because we have decided, we have decided, the corporate elites in this country decided that they would go to repair to cheap labor markets overseas, principally China, but others as well, and Southeast Asia, some parts of Eastern Europe, and the middle-class be damned, millions of high-paying, middle-class jobs in this country lost. | ||
Offshoring became the brilliant move for any one of the pedestrian CEOs who makes extraordinary hundreds of times the money of the average employee in his or her company. | ||
It's outrageous. | ||
The business schools adapted themselves rather neatly so they could keep the money flowing and the wheels turning. | ||
But you know, it's a shame because right now you can't find an academic, a scholar in business schools, in economic departments with PhDs, who seemingly with original ideas or the ability to shake off those, those lusting dreams for a corporate contract or job. | ||
Or a grant from one element of the federal government, and the result is corruption and the demise of manufacturing in this country over the course of that same 30 years. | ||
And we hear I could go on and I promise not to, but it's it's really disgusting to see what where the schools. | ||
Corporate America, U.S. | ||
multinationals, and as you know, there are about 150 of them that determine the direction of lobbying efforts in Washington, D.C. | ||
And those lobbying efforts determine the direction of economics in this country, both policy and practice. | ||
Lou, I want to tell you something I can already see from the audience. | ||
We've got a massive live audience here, and they want nothing more than Lou Dobbs just to keep rolling. | ||
Last week, Lou, it was announced a $1 trillion trade deficit in Biden's first year, illegitimate as he is, his first year in his administration. | ||
$1 trillion, largest in American history. | ||
Reported by a lot of people, but no news coverage. | ||
Kind of died the next day. | ||
What do you say first about Biden's economic policies? | ||
What it means for that trade deficit? | ||
But almost importantly, why is it crickets? | ||
And not MSNBC and CNN. | ||
I'm talking about the business press. | ||
I'm talking about Forbes and the Wall Street Journal and the Financial Times of London and people that should be all of this. | ||
A one trillion dollar trade deficit in his first year. | ||
Lou Dobbs. | ||
Well, the numbers are now so large, so it's become a practice of large numbers in this country. | ||
We're looking at $30 trillion in national debt. | ||
To that will be added another at least $2 to $3 trillion, irrespective of whether Biden were to have a build back better nonsensical spending plan. | ||
There is no architecture, there is no strategy, there's no thought, there's no targeting in anything that he is doing. | ||
It is just simply scattering trillions of dollars to the wind. | ||
And with them, the Federal Reserve with eight and a half trillion dollars on their, still on their ballot sheet. | ||
We've seen this for long enough. | ||
And with a trillion dollar deficit, when you start looking at the percentages of our GDP, which now are below our national debt, That becomes a true worry. | ||
There are those who think that they are escaping the consequences of such such policies. | ||
But I assure you that within the next six months to a year, they're going to feel them powerfully in the bond market. | ||
They're going to see the Treasury market reacting and it will be. | ||
I hope I am wrong, but it will be significant. | ||
The reversal that we'll see in some of the markets. | ||
Lou, one of the things I think people most admire about you, it's not that you're partisan. | ||
I mean, you called out time and again the Chamber of Commerce, Mitch McConnell. | ||
How did Mitch McConnell give this radical, reckless, illegitimate regime a $3.5 trillion ceiling to raise that $3.5 trillion on the national debt, sir? | ||
Because Senate leaders, Democrat and Republican, Who preceded him, did so with smaller numbers. | ||
He thought nothing of doing it again. | ||
He is a rhino in every respect of the word, and I have no respect for rhinos whatsoever. | ||
So let me assure you, it's a negative connotation I'm attaching to that. | ||
He, Kevin McCarthy, at least 10 to 20% of the Congress and more of the Senate are really rhinos. | ||
They could be just as comfortable sitting over on the Democratic side of the aisle, endorsing every spending program, going along with every claptrap piece of nonsense that they call policies. | ||
There are no policies. | ||
There is spending. | ||
There are wide open borders. | ||
It's an assault on our sovereignty. | ||
It's an assault on the destiny of this nation, our children, our grandchildren, and the crickets as you style them. | ||
You know, I think crickets have higher IQs than these folks who should be making their voice heard and taking action. | ||
But that's not our luck in this lot. | ||
What about you've seen today the failure of McCarthy? | ||
We only got a minute. | ||
We'd love to have you stay over because we've got many questions about China and the strategic partnership with Russia. | ||
But the retreat, McCarthy couldn't even back Dave Bossie and others to force out Cheney and Kinzinger from the conference. | ||
They have been just doing nothing but attacking President Trump Daily, not just on this committee, but I mean, everything they do there, they are just focused on attacking President Trump. | ||
What do you think that what does that signal to the MAGA movement? | ||
What does that signal to the America First movement, Lou Dobbs? | ||
Well, respecting your time constraints, I think what it signals is that Kevin McCarthy could never be Speaker of the House of Representatives and shouldn't be considered by any Republican, any member of the conference whatsoever. | ||
If they do not understand at this point, and particularly the leadership, the importance of the 45th President of the United States and his policies in turning the Republican Party into a party of positivity, a party of inclusiveness and participatory engagement on so many important issues and that I have nothing to add to the label | ||
Uh, morons, because that's precisely what they are, and they are not worthy of our patience. | ||
Lou, we're going to take a short commercial break. | ||
We're in return with the great Lou Dobbs on his analysis of the strategic partnership of Russia and the Chinese Communist Party all next in the war Pandemic with Stephen K Bannon the epidemic is a demon and we cannot let this demon hide War Room. | ||
unidentified
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Pandemic. | |
Here's your host, Stephen K. Bannon. | ||
Okay, welcome back. | ||
President Trump changed the course and the direction of American history with the come from behind victory against Hillary Clinton and the globalists in 2016. | ||
The seeds of many of those ideas, particularly about economic nationalism and about immigration, were discussed by a gentleman named Lou Dobbs for many, many, many decades. | ||
He joins us now. | ||
I just want to make sure I go back through this, because I think we broke some news here. | ||
Let's leave personalities aside, because you and I are obviously admirers of the President, particularly his forceful personality and his command presence. | ||
But let's take that out. | ||
I want to just go to the policies, Lou. | ||
You've been around a long time. | ||
Compare and contrast. | ||
Why do you think his policies worked? | ||
Particularly for that golden year of 2019 when wages, you know, zero inflation wages come up 10, 11 percent for working class people, non high school graduates, all of it versus other policies. | ||
You've seen it. | ||
Then I want to get into the Kevin McCarthy of it all. | ||
Steve, as you well know, because you were in that White House and his policy is strategic advisor. | ||
The reality is it began with America First. | ||
What a novel concept that the President of the United States would put America First, articulate a strategy that goes across every aspect of a portfolio of public policy, of government, domestic and foreign policy. | ||
And if you follow that very simple construction, America First, It's amazing what falls to the wayside, the way of obstacles, and what becomes possible in the way of achievable goals. | ||
And he demonstrated it time and time again, whether it was focusing on tariffs against our trading partners who were intent upon living off of our lust for profits in this country, the lust of our corporate citizens and Wall Street, Those globalist elites, and they did so for the course of the past now 30 some odd years. | ||
There's been a transfer of wealth, as you know, between the United States and China that is breathtaking, unprecedented, unthought of in any other trading relationship in history. | ||
Putting me middle class first, working men and women, this president talking to the so-called forgotten Americans, And there were a lot of them because at that point that President Trump took the helm of the White House, the country, that we had had stagnant wages for a quarter of a century for our middle class and working people in this country. | ||
And on top of that. | ||
We had taken their jobs. | ||
We being corporate America. | ||
Again, they knew exactly what they're doing. | ||
McKinsey, for example, made no secret of the fact that innovation occurs when production and innovation and research and development are in close proximity. | ||
What in the world would CEO be thinking of by trading off wages for hardworking Americans to foreign labor markets? | ||
A devastating the potential for every one of the companies, irrespective of the of the industry, cutting taxes, talking about the importance of education. | ||
It goes on and on, Steve. | ||
It's just incredible. | ||
Look, if this audience, if you want to get this every day, The Great American Show, Lou Dobbs has got a podcast up. | ||
It's everywhere. | ||
We're also going to be promoting it heavily on all of our outlets and to push it out there. | ||
You got to hear if you're missing your Lou Dobbs daily, you get it now on The Great American Show. | ||
It's up every day. | ||
It's Lou Dobbs interviewing guests, giving you his thoughts. | ||
The Great American Show. | ||
It's Lou Dobbs' new podcast. | ||
Lou, you talk about global elites. | ||
You talk about China. | ||
We got a new strategic partnership. | ||
We're going to have Christopher Leonard on next. | ||
Great, this magnificent book about the Federal Reserve. | ||
Ray Dalio. | ||
Ray Dalio's got a book. | ||
He's telling us the way things are going to be. | ||
And man, as much as I've been beaten on this, you summed it up on Twitter today. | ||
You've got an analysis of this. | ||
Talk about global elites and talk about in America. | ||
The financial community as epitomized and personified by a guy like Ray Dalio, sir. | ||
He reaches some awfully dark conclusions with a very dark analysis, which I can't even begin to understand how a man who has been so immensely successful in this country, a multi-billionaire, one of the largest enterprises on Wall Street, And to take that darker view, civil war is so likely and in prospect. | ||
And he talks about the classic signs of civil war. | ||
I mean, I don't know what civil war he was using as his template to create a classic model of civil war, but it's one that I'm unfamiliar with and I've read somewhat extensively. | ||
It's to me troubling that a man of his immense success would be peddling his funds in China, looking to invest American dollars in that market, providing capital to a communist nation. | ||
Which there's very little distinction between a private company and one owned by the PLA or the CCP or all of the above. | ||
It is remarkable the choice that is without any, to me, any conscience whatsoever, or a simple sense of obligation to the home country, or as we call it, America. | ||
It's just, it's devastating what he did, I think, to himself, and most Americans will reject his thoughts out of hand. | ||
The global corporations, the International Olympic Committee, all the international sports federations, the media that have given them billions of dollars are all in Beijing right now kowtowing to a transnational criminal organization, the Chinese Communist Party. | ||
And today they announced really the putting together of a geostrategic partnership With Russia, another enemy of ours, but like I say, kind of the size of New York State, or as one of our guests said this morning, Belgium with nuclear weapons. | ||
Lew, how big a jam are we in now that on the Eurasian landmass you've got the Chinese Communist Party, you've got the KGB-run Russia, you've got the mullahs in Iran, you've got Pakistan, you've got Erdogan in Turkey, you've got some bad hombres, right, that have come together to control the Eurasian landmass. | ||
What does this mean for America, Lew, and what does this mean for the world? | ||
There is a totalitarian triad that is threatening this country as it has never before been threatened, even in the darkest, coldest days of the Cold War, Steve. | ||
But when we look at what Iran represents in the Middle East and in parts of Asia, when we look at the combine between Communist China and the despotic totalitarian Russia. | ||
We're looking at something this country has not had to consider. | ||
Our great strategists, military strategists, never considered a three-front war, but that's really what this triad represents against American interests. | ||
We also have never witnessed a situation in which we were behind in technological development, but the development and the advanced development of hypersonic missiles to deliver warheads by both China and Russia is a threat that has our Pentagon's chieftain's head spinning. | ||
And we should be deeply, deeply concerned about why Lloyd Austin, the Secretary of Defense, had to call a meeting to say to the defense establishment in this country, hurry up. | ||
We need hypersonic weapons and we will do whatever we must to catch up. | ||
These are the same people. | ||
who have been trying to strip our military budgets, our research and development budgets, and acting as though the United States were the wealthiest country in the world in perpetuity, no matter what we spend, what we fail to deliver, and whatever happens to our society. | ||
And by the way, please, we're not going to insult anyone by having borders. | ||
We'll promise you that we'll not police our airports, bring in all of the drugs you want, because we consider everyone who dies of overdose, and those numbers now are at the very minimum in the hundreds of thousands in this country. | ||
We'll just let it be considered, if you don't mind, as collateral damage because we have more profits to make and we have other peoples to consider beyond our own. | ||
That's a shame and it's a further shame that the American people have tolerated it to this point. | ||
Lou, I can always tell you in the live chat, people want to know more about The Great American Show. | ||
We got a couple minutes here. | ||
Walk us through The Great American Show, your new podcast. | ||
How do people get to it? | ||
What can they expect every day? | ||
It's on every major and many minor platforms, whether it be Apple, whether it be Google, Spotify, you name it, iHeart, all of the major platforms. | ||
And we focus on those who we think are the nexus Of politics and economics and, uh, and really leadership in this country. | ||
Uh, I talked today to, uh, Winsome Sears, the Lieutenant Governor, newly elected governor and, uh, uh, sworn in Lieutenant Governor of Virginia. | ||
One of the most interesting, charismatic, uh, uh, fascinating people, uh, that I saw come off the campaign trail over this past fall. | ||
I've been looking forward to talking with her, and she delivered. | ||
I talked with President Donald J. Trump, who is, as you know, filled still with great energy, great ideas, and a great commitment to the welfare of the American people and this great country. | ||
Lou, how can people on social media, I know you're on Twitter, what's your Twitter handle and any other social media? | ||
We've got about 30 seconds. | ||
A lot of imagination went into this, Steve. | ||
Don't you think I'm a clever fellow? | ||
We are so glad to have your voice back every day. | ||
I gotta tell you, I can't tell you how much I love the podcast, The Great American Show. | ||
Lou, you're an American treasure and a hero and a great patriot for standing up for working class people against these ravenous globalist corporations over the last 30, 40 years. | ||
So sir, thank you very much. | ||
Appreciate it. | ||
Thank you for being on. | ||
Well, congratulations on all your success, Steve. | ||
Richly deserved. | ||
Thank you. | ||
Thank you, brother. | ||
Okay, next. | ||
I keep calling it the book of the year, and my good friend John Tammany does not agree with me over at Forbes, but we invited Christopher Leonard to come back. | ||
The Lord's Easy Money. | ||
How the Federal Reserve Broke the American Economy. | ||
Next. | ||
unidentified
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War Room. | |
Pandemic. | ||
With Stephen K. Bannon. | ||
unidentified
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The epidemic is a demon and we cannot let this demon hide. | |
War Room. | ||
Pandemic. | ||
Here's your host, Stephen K. Bannon. | ||
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Take action, use your agency. | ||
Of course, headline in the Financial Times, a bond sell-off after central banks step up inflation fight. | ||
Ladies and gentlemen, strap in. | ||
One thing I can guarantee you is 2022 It's going to be off the charts for, what do they call it? | ||
Perturbations. | ||
Perturbations. | ||
Capital markets, financial, economic. | ||
Because right now, here's the scam. | ||
The only way the thing keeps rolling is they keep spending more money, they keep printing. | ||
And people have to understand, the full faith and credit of these good old United States is on your shoulders. | ||
Yes, the working class people and the middle class people we just talked about getting screwed. | ||
Lou Dobbs just walked through, right? | ||
The trade deficit's off, shipping your jobs over. | ||
Well, how can this con keep going? | ||
It's very simple. | ||
They have a machine that can just hit with a button and create money. | ||
You sit there and go, no, Steve, with all these smart guys, that just can't happen. | ||
Well, that's, it can happen. | ||
And if you want to read about it, The Lords of Easy Money, it is the book of the year. | ||
How the Federal Reserve broke the American economy. | ||
If you want to talk about, was it Ron Paul said, hey, I think we've got to audit the Federal Reserve and they completely vapor lock. | ||
You read this book, you'll see why. | ||
Let's bring in Christopher Leonard. | ||
Christopher Leonard, the author of this book, and a guy, I think, even more obsessed with this topic than I am. | ||
Christopher, listen, here's the reason I'm obsessed with it and have been obsessed for years. | ||
This is the beating heart of the problem. | ||
You have a system that just can create money to essentially bail out the 1%. | ||
The people that own assets, own real estate, massive amounts of real estate and stocks and bonds, you can bail them out with just hitting a button. | ||
And the system's never really broken down. | ||
And made understandable to the working class, because if they understood how the system worked, they'd go, well, hey, I'm not voting for that. | ||
I can't. | ||
And this is not any one political party. | ||
This is both political parties. | ||
This is the Uniparty. | ||
Christopher Leonard. | ||
Yeah, thanks. | ||
And, you know, first of all, I agree with you that what they're doing at the Central Bank and at the Federal Reserve helps describe these things we see in our economy today. | ||
I call it sort of the funhouse mirror economy in the sense it doesn't make sense. | ||
You've got the working class and wage earners basically just treading water for decades. | ||
You know, overall economic growth has been weak, productivity growth has been weak, wages have been stagnating for many years during the 2010s, but at the same time you just see this red hot growth In the financial markets, you see stock markets breaking record after record. | ||
You see leveraged loans and corporate debt growing at a record pace. | ||
And it makes a person ask, what's going on here? | ||
What the central bank is doing helps explain it. | ||
Starting in 2010, the Federal Reserve really began what's just an unprecedented experiment. | ||
That's what we have to call it. | ||
They decided to drive economic growth It's hard to talk about it without sounding like you're exaggerating or hyperbolic, but the reality is the Fed gradually and steadily increased the amount of U.S. | ||
dollars, what we call the monetary base, the core base of our money supply. | ||
It slowly increased to about a trillion dollars by 2008. | ||
But then, between 2008-2014, the Fed basically... Hold it, hold it, hold it, hold it! | ||
In a hundred years, they'd gotten to a trillion dollars, right? | ||
Monetary base. | ||
In basically a hundred years. | ||
Or the whole life of the country, actually, 225%. | ||
And then, how did it grow in a couple of years after 2008? | ||
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2010? | |
This is a great point you're making. | ||
The graph is this slow, steady line that goes from zero up to 900 billion. | ||
And what we're talking about here is the pool of base money in the United States, those original dollars that only the Federal Reserve, only the central bank can create. | ||
And it ran by sort of a steady accumulation over time. | ||
But then you just see this enormous spike after 2010. | ||
Okay, it goes up to $900 billion. | ||
Then we have the financial crisis. | ||
And between 2008 and 2014, the Fed increases the monetary base by over $3 trillion. | ||
So that's three centuries worth of money printing in a few short years. | ||
Totally changes the financial system. | ||
And frankly, that was just the beginning. | ||
There were critics inside the Fed at the time who said, if you guys do this, if you try to boost growth by printing money, you're never going to be able to stop. | ||
And they were correct. | ||
After COVID hit, the Fed printed $3 trillion in a matter of months. | ||
Hang on, because it gets even crazier when you get to COVID. | ||
But I want to go back, because this is the key point. | ||
Yes. | ||
You had, and the fancy term is quantitative easing. | ||
This is the mechanism they're going to use. | ||
But you had these guys at the Federal Reserve, and they went on a radical path, unprecedented in world financial history, but particularly in the United States. | ||
And here's the thing it gets me. | ||
There's no, I don't remember, you went into the records of the Federal Reserve and the Board of Governors and the debates inside the Temple, and you found a couple of guys that stood up for it, right? | ||
Was it Halvig and Richard Fisher? | ||
But there's no outside policy debate, there's nothing raging in Congress, there's not a debate every night on cable TV, there's not knock-down drag-outs between Fox and MSNBC, there's crickets! | ||
This is the most radical experiment in American economic, financial, and I would say political, cultural, and sociological history, and it happens within this kind of esoteric discussion on the money supply. | ||
Christopher Leonard. | ||
Exactly correct. | ||
So, the politics of making currency used to be debated in the public square. | ||
It was retail politics. | ||
That started to change when we created the Federal Reserve in 1913. | ||
But the change really accelerates under Alan Greenspan and over the last few decades. | ||
And it struck me as well that what you're looking at here inside the Fed is a committee of 12 voting members that are making these decisions. | ||
And this committee called the FOMC, or Federal Open Markets Committee, they transcribe their debates and they only release the transcripts five years later. | ||
So, you know, as an author, I kind of have the luxury of time where I could go back and read these internal debates, and it is striking, the point you just made, that this was an experiment. | ||
They knew that they were building up long-term risks, which we can talk about. | ||
They knew this program was going to carry side effects, that it was going to create dangers, and really create pretty weak benefits in the short term, but they did it anyway, knowing those risks. | ||
I think basically to have the appearance of taking action, sort of similar sometimes to the military talking about the victories on the battlefield when strategically the thing is going south. | ||
It felt a lot like that. | ||
But you look at the debates inside the Fed and you see that they were launching into new territory. | ||
Making a lot of mistakes along the way. | ||
I got an internal Fed forecast that they used to make a big decision in 2012, and it forecast what would happen, and it was wrong on every front. | ||
So, these people are not infallible. | ||
They're human beings making policy decisions, and they can make mistakes just like anybody else. | ||
The double whammy was the printing of the $3.5 trillion, plus they went to zero negative interest rates. | ||
They basically gave it to these banks and gave it to borrowers for essentially free. | ||
But the obligations, as I keep saying, the full faith in credit, that $30 trillion of the debt on the fiscal side, the spending side, and the $9 trillion now in the Federal Reserve, The backup there is the deplorables. | ||
It is the working class and middle class in this country. | ||
At the end of the day, it's their obligation. | ||
Am I wrong in any of that? | ||
No. | ||
No, you're not. | ||
And look, there are two key things here. | ||
One, I really tried to show the economic life of America during the 2010s, how wage earners, the working class and the middle class, did not benefit from these programs. | ||
These kind of programs where you're printing money to stimulate growth, it goes first to Wall Street. | ||
Literally, the money is created in the bank accounts on Wall Street. | ||
It's a little technical, but I point it out in the book. | ||
When the Fed is printing all this money, it's not creating it in the checking accounts of ordinary working people. | ||
It's creating it in these special banks on Wall Street, like JP Morgan, Wells Fargo, you name it. | ||
But that's encouraging a certain kind of financial speculation, a certain kind of debt-driven private equity business. | ||
It's not benefiting that wage earner, like a guy I profile in the book, who's a blue collar labor union guy in Indianapolis, whose company is issuing junk debt and making all this money in these financial markets, while they are shedding jobs in the United States, closing factories, moving production overseas. | ||
That's been the picture for the middle class. | ||
And this much bigger point you're bringing up about the full faith and credit of the United States dollar and our financial system is a very huge, really existential question. | ||
And it points to this point where we are right now, where we're financing so much of our government action by borrowing, and then we're borrowing by having the Federal Reserve print money to buy the debt. | ||
So it's a pretty remarkable situation we're in right now. | ||
We're going to have this in a couple weeks. | ||
We talked about it this morning. | ||
We had Russ Vought, the former head of OMB. | ||
We're going to have this continued resolution that will come. | ||
It's going to be a trillion to a trillion and a half dollars. | ||
And the only way this scam can continue to work on, they're just going to print the money. | ||
It's just these massive deficits. | ||
Real quickly, the geostrategic partnership, at least announced today, between Russia and the Chinese Communist Party. | ||
This year is going to be, I can tell people, it's going to be a year of uncertainty and perturbations, right? | ||
What's your sense of this road forward? | ||
Now they see this geostrategic partnership, we see a lot of people trying to get off the U.S. | ||
dollars, a prime reserve currency, which if that happens, the con stops. | ||
What do you look out, when you see this year in front of us, Christopher Leonard, what should people be looking for? | ||
In all sincerity, I think we're actually in a very fragile moment and a rather dangerous moment just in terms of financial markets and the United States dollar. | ||
What I write about in the book is how the Fed has been doing these extraordinary measures over a decade. | ||
You mentioned they're printing this money through quantitative easing, but at the same time, the Fed has held interest rates at zero for roughly a decade. | ||
Okay, interest rates had maybe hit zero briefly before, but they've been at zero for a decade. | ||
What that does is creates these massive towers of debt and very high asset prices on Wall Street. | ||
This matters because as the Fed faces inflation, it faces a terrible choice. | ||
It either needs to tighten the money supply to fight inflation, which is going to cause these market prices to drop, probably dramatically, or It can keep the money cheap and keep the easy money going and then let inflation continue to grow and get more entrenched. | ||
So, I think the word volatility and perturbations, as you said, is exactly right. | ||
Buckle up for this year because the one thing it's not going to be, almost certainly, is a smooth ride. | ||
The book is The Lords of Easy Money. | ||
How the Federal Reserve broke the American economy. | ||
The author is Christopher Leonard. | ||
We profiled when that piece came out in Politico a couple weeks ago. | ||
I knew this was going to be a blockbuster. | ||
I didn't know how good it was going to be. | ||
If you want to understand the current situation we're in, you've got to read this. | ||
And I strongly recommend that some people on 1600 Pennsylvania Avenue start reading this and calling Christopher Leonard, OK, and saying, hey, walk me through this. | ||
Christopher, we got about 30 seconds. | ||
How do people get to you? | ||
We know go to Amazon, get the book. | ||
How do people follow you? | ||
I'm at ChristopherLeonard.biz, and on Twitter and Getter, I'm at CLeonardNews. | ||
C-L-E-O-N-A-R-D News. | ||
This is a page-turner, and you're going to learn a lot. | ||
If you want to learn nomenclature, the critical path, you want to really understand that the road to perdition is lined with easy money. | ||
We're going to take a short commercial break. | ||
Thank you, Christopher Leonard. | ||
A short commercial break. | ||
We're going to be back with some hard numbers on redistricting, polling, all of it. | ||
Horace Epstein joins us next. | ||
unidentified
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the CCP. Spread the word all through Hong Kong. We will fight till they're all gone. | |
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And I heard this week that President Trump said I had the right to overturn the election. | ||
But President Trump is wrong. | ||
I had no right to overturn the election. | ||
The presidency belongs to the American people and the American people alone. | ||
And frankly, there is no idea more un-American than the notion that any one person could choose the American president. | ||
Wow, that's not what President Trump, what President Trump said is you had the full right to revert back to the states like Jay Corman in Pennsylvania, great in the Commonwealth of Pennsylvania's President Pro Tem sent you a letter and requested that you send it back to the state legislatures so they could review the process of how they certified the Biden electors. | ||
Pence, you're gonna carry this thing eventually to your grave, okay? | ||
Because it is a mark of shame, and you are a stone-cold coward. | ||
A stone-cold coward. | ||
Boris Epstein. | ||
We're gonna start with numbers and analysis, and then this thing broke this afternoon. | ||
My head's blown up, so Boris, you gotta help me out here, brother. | ||
I can't take Pence. | ||
And I can't take Pence, and Marc Short, and all these Koch guys up there ratting out Trump up on Capitol Hill right now. | ||
Steve, my phone's blowing up. | ||
I've got reporters calling from everywhere. | ||
This has been big news. | ||
It is extremely disappointing. | ||
It is wrong. | ||
It is incorrect. | ||
And it lines up, sadly, with that letter that Vice President Pence and his team put out on January 6th. | ||
It is an absolute mischaracterization of the Constitution, of the Electoral Count Act, of the position, vitally, of the Trump legal team, and most importantly, of President Trump. | ||
Nobody was asking the Vice President to overturn anything. | ||
The ask was to follow the requests from people like Jake Corman, the State Senate President from Pennsylvania, folks from Arizona and other states, and because of the overwhelming fraud, use the Vice President's power under the 12th Amendment as the President of the Federal Senate, sitting and presiding over the Senate, to count And to open and count electoral votes and send it back to the states. | ||
That was the ask, because again, this is very important. | ||
And people, Ari Melber may not get it, and others, you know, at MSNBC and mainstream media, CNN, you know, now totally rudderless, can't get it. | ||
But the War Room Posse, the MAGA movement, under the leadership of President Trump, They get it. | ||
We get it. | ||
This was a specific ask to recognize the fraud and send it back to the states. | ||
But here's the tell. | ||
Here's the tell. | ||
Here's the tell. | ||
They're up there. | ||
You're lecturing Ari Melber on the electoral count of 1887 and how it connects with the 12th Amendment. | ||
It has never been taken and challenged to the Supreme Court. | ||
Maybe it has to. | ||
They're working behind the scenes right now in Capitol Hill with these traitors like Romney and Collins and the rest of this crowd to do what? | ||
To make some small tweaks, tweaks to the electoral count act. | ||
Just a couple of tweaks to the electoral count act. | ||
What? | ||
About what the vice president's responsibilities and duties are and about the state legislatures in the process. | ||
The tell is what they're trying to do to unwind it. | ||
Go ahead, sir. | ||
But here's the problem with what they're doing, right? | ||
A, obviously they're proving our exact point. | ||
B, they're making the Electoral Count Act arguably even more unconstitutional, because the argument is that no act of Congress can take away the powers or rights of another branch—that would be the vice president—or of other Congresses, other sessions of Congress. | ||
So the argument is that the Electoral Count Act of 1887 is great, but it only applies to that specific sitting of Congress, to that session of Congress, because they cannot take away powers. | ||
Again, under the 12th Amendment, it says that the vice president shall open the electoral votes and they will be counted. | ||
And John Yoo and other scholars have absolutely interpreted that to say that it is the vice president who has that power. | ||
And that's the vice president who can and should have, in Vice President Pence's case, said, I'm sending it back to the states, I'm going to give them two weeks or ten days, come back, report back on the fraud, and we will take it from there. | ||
That is what the job of the Vice President is in the current interplay, in my understanding, and many scholarly understandings, of the interplay of the 12th Amendment and the Electoral Count Act. | ||
Now, that's academic, that's legal, it's vital and important. | ||
Here's the politics of it all. | ||
Vice President Pence is continuing to dig his own political grave. | ||
And you know what? | ||
People, you know, people like the Vice President. | ||
I worked closely with the Vice President when he was at Kennedy in 16, in office when he was running for re-election in 20. | ||
This is a horrible mistake. | ||
And whoever is advising him, whether it's his own advice or it's the advisors around him, the Mark Shorts of the world, they're making a huge political mistake. | ||
And it's a bet. | ||
They're making a bet that somehow the Republican base is moving on from MAGA. | ||
That's a joke. | ||
The Republican Party is MAGA. | ||
MAGA is in control, and it is led by the one and only President Donald J. Trump, the 45th and 47th President of the United States of America. | ||
And we have an obligation to get to the bottom of 3 November. | ||
It's not like we can just make a decision and go away from this. | ||
That's what they don't understand. | ||
If we do not get to the bottom of 3 November, we don't have a republic. | ||
That's all these guys say, all about the future. | ||
The future is now! | ||
We must get to the bottom of it. | ||
Boris, real quickly, 30 seconds. | ||
This redistricting thing's another thing that's blowing my head off because the weak, feckless Republicans are cradling everywhere and the Democrats are playing Smash Mouths. | ||
Give me 30 seconds on it. | ||
We'll get to you back on Monday morning. | ||
What do you got? | ||
Axios is laughing in our face. | ||
The poll that Denver just put up—thanks, Denver—shows that independents say the country is generally headed in the right direction. | ||
Only 22 percent of independents. | ||
The power is with MAGA. | ||
The power is with Republicans. | ||
So Republicans should take that power in Missouri, in Florida, and redistrict the way that Democrats are doing in New York. | ||
Illinois, Maryland, and California. | ||
We've got to be stronger. | ||
We are now down two or three seats, but we should be up 12 to 15 from redistricting alone. | ||
It is unacceptable, it's feckless, and it's got to be fixed. | ||
Give me 10 seconds on your social media. | ||
No doubt about it. | ||
Hot website, BorisCP.com. | ||
Major, major newsletters out all week. | ||
BorisCP.com, HotOnGetter at BorisCP, on Twitter at BorisCP, and Boris underscore Epstein, hottest on the ground. | ||
Stay strong, God bless, and Shabbat Shalom. | ||
We'll see you tomorrow morning at 10 o'clock. | ||
It's going to be explosive. |