The Bongino Brief - Apr 17, 2021
The dirty little secret about government debt. Learn more about your ad choices. Visit podcastchoices.com/adchoices
April 17, 2021 - The Dan Bongino Show
07:19
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| Time | Text |
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| Dan Bongino. | |
| Welcome to the Bongino Brief. | |
| I'm Dan Bongino. | |
| I've got three stories in a nutshell that are related. | |
| A story about inflation. | |
| A story about our national debt absolutely exploding. | |
| And to be fair, under President Trump, President Bush, it wasn't just Obama and Joe Biden. | |
| Fairness matters if your integrity matters. | |
| And a story about Bitcoin. | |
| Well, they all share one big thing in common. | |
| Let's get to story number one first in this headline, and I'll explain. | |
| CNBC. | |
| Consumer prices rise more than expected, pushed by a 9.1% jump in gasoline. | |
| Ladies and gentlemen, consumer prices are blowing up. | |
| Have you seen the home prices down here in Florida and other hot markets? | |
| We're looking for a new house, folks. | |
| We need a bigger studio. | |
| The home market down here in Florida, listen to me, is insane. | |
| If you've tried to move down here, you know exactly what I'm talking about. | |
| The price of homes down here is, it's not even insane. | |
| It's beyond insane. | |
| It's like Joaquin Phoenix Joker insane. | |
| It's not like Bob, what's Jack Nicholson Joker. | |
| It's totally Joaquin Phoenix insane. | |
| Consumer prices are through the roof. | |
| The price of food. | |
| The price of gas. | |
| The price of commodities. | |
| The price of gold. | |
| Folks, you can't print a boatload of money every single day. | |
| Billions and billions of dollars being printed and digitally created out of thin air, chasing the same amount of products and not expect the prices to go up. | |
| Let me get to headline number two. | |
| Again, I'll explain why these are related in a minute. | |
| U.S. | |
| budget deficit, CNBC. | |
| U.S. | |
| budget deficit jumps to a record $1.7 trillion this year. | |
| By the way, I read a story the GOP is putting together a commission to study the budget deficit. | |
| I got an idea! | |
| We don't need a commission! | |
| We're in a lot of debt! | |
| Just stop spending money! | |
| How does that sound? | |
| How is the debt exploding? | |
| Debt and deficits. | |
| Deficits are annual. | |
| The national debt is cumulative. | |
| How is it that we keep spending money we don't have? | |
| Where are we getting the money from, folks? | |
| If we don't have the money, the federal government, because they haven't taken it in in tax revenue, then how are we spending 1.7 trillion dollars more than we actually have? | |
| Because we're printing it, folks. | |
| The Federal Reserve, under all kinds of names, quantitative easing, all kinds of BS names for things, are essentially printing money like it's a Monopoly game. | |
| If you did this, it would be called counterfeiting. | |
| Our debt is exploding because we are trying to monetize it right now. | |
| Let me get to my third story because I want to explain how these are related. | |
| CoinDesk. | |
| Bitcoin and Ether are steady and near record highs as all eyes are on the Coinbase listing. | |
| Coinbase just went public at an IPO and it exploded. | |
| The value of Bitcoin, cryptocurrencies are exploding everywhere. | |
| Why would that be? | |
| Why would the value of a not easily reproducible currency. | |
| Gold, you have to go mine it, right? | |
| You can't just... When the United States government wants to create money, the Federal Reserve just does it for them. | |
| You know how they do it, folks? | |
| They type it up on a computer and they digitally create new money. | |
| It's really that simple for them. | |
| When you want to create other forms of value storage, like gold or bitcoin, you have to mine a bitcoin, which takes a very long time and a lot of computing power. | |
| If you want to create new money in gold, you have to go mine it, which is really hard. | |
| That's why gold and Bitcoin have maintained their value and have gone up in value while U.S. | |
| dollars have plunged. | |
| How do we know that? | |
| Because it takes a whole lot more U.S. | |
| dollars to buy a Bitcoin now than it did 10 years ago. | |
| Why is that? | |
| Because we are printing a lot of money, which makes what? | |
| Which makes the money in circulation worth less. | |
| Folks, This is not hard to figure out. | |
| How liberals and some rhino big spending conservatives don't get this, I don't understand. | |
| If when you worked back in the, say, 70s or 80s, say you're retired. | |
| Say when you worked, there was $100 in circulation. | |
| There were trillions, but just for sake of even numbers. | |
| It was $100 in circulation. | |
| You worked and got one of those dollars. | |
| That dollar out of the $100 in circulation was worth a lot. | |
| It was worth one out of a hundred. | |
| If you now print the hell out of money and we now have a thousand dollars in circulation, you have 10 times the money in circulation because you just printed or created more on a computer. | |
| That same dollar you owe now is only one of a thousand, not one of a hundred. | |
| So the dollar you earned back in the day was worth one out of a hundred is now only worth one out of a thousand. | |
| But what if that dollar you earned back in the day has been sitting in your bank account earning almost no interest whatsoever because of the low interest environment? | |
| You probably should have spent it when it was worth one out of a hundred. | |
| Probably should have bought some gold or something a little more stable. | |
| Or some real estate or something. | |
| Because that dollar's worthless now. | |
| And as that dollar's value goes down, the value of the everything that's not printed as much as a dollar, bitcoin, gold, real estate, hard to build houses, Goes up and up and up. | |
| Folks, this is only going to get worse. | |
| This inflation problem, as we start printing more money, and your dollar used to be one of a hundred, now it's one of a thousand, soon it'll be one of ten thousand, then one of a million, when it's really worthless. | |
| Everything you worked for is going to be gone. | |
| Because you can't just print new money at home. | |
| That dollar you earned in the 70s, which is one of a hundred, is the same dollar sitting in your bank account now, worth one out of a thousand, soon to be one out of a million. | |
| Everything you worked for is being whittled away because they're trying to monetize our debt. | |
| The federal government's realized a long time ago, federal governments around the world, they will never pay back the money they owe their citizens. | |
| The United States will never, listen to me, they will never pay back our national debt, closing in on $27 trillion. | |
| We don't have the money. | |
| So what do they do? | |
| They just print the whole bunch of money and monetize it. | |
| In other words, they make the debt we owe worth a lot less. | |
| Because if your money's worth less because they print it a lot more, so is the money the federal government owes. | |
| That's the dirty little secret about government debt. | |
| They want this to happen. | |
| The more they print, the less they have to pay back later. | |
| Because the money's worth less, and so is the debt. | |
| And that's why things that are hard to create, like Bitcoin and gold, are going to continue in the future to be worth more and more and more. | |
| The Dan Bongino Show. |
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