So there's a couple of things uh going On first of all I read this op-ed and I Didn't even read I it was from the blaze I didn't read who wrote it it was uh Biden hasn't been investing in America He's been killing the middle class and I'm reading it and I get down to the Last part uh and I'm like we've got to Get this person on and then I see at the Bottom Carol Roth her new book you will Owe nothing Carol you are you and I are On we are we we have like mine melded Some way or another Um take us through your op-ed that's on The blaze yeah I think we're spending a Lot of time together uh on air Glenn so Uh we're we're starting to think the Same way so it you know Biden launches This plan for re-election and talks About how he's been investing in America And all I can think about is the fact That we cannot quite literally afford Another four years of Biden because he And his cronies they've been making Themselves out to be champions of the Middle class but all they've done is Decimate the middle class if you think About what's happened since day one with His energy policy not only making Direct Energy costs Um more expensive but all of the Ancillary products that go along with That the inflation that has happened Under his watch 40-year historic
Inflation that we are still contending With that is a real cost to families Things like hiring IRS agents to go After not the billionaires you don't Have 80 billion dollars to go after the 800 billionaires but obviously to go After the middle class ESG doubling down on the fact that they Want to prioritize their Investments and The things that they're interested in Politically over your investment return On and on and on and then he talks about The fact that he's been fiscally Responsible not only has he run up Substantial deficits but for this fiscal Year the first half of it we have a 1.1 Trillion dollar deficit not spending but A deficit that hasn't been paid for for Just the first half of the Year first Six months just I just wanna I just want To just so let's say this and then pause For a minute in six months we have spent More money than we had to the tune of 1.1 trillion dollars And and there is no emergency going on They can't hide this under oh it's covid Or there's something special this is Just the trajectory of spending that They are are putting us on the path to And you know we're having this argument Over the debt ceiling and how we're Going to finance all of this debt that We have the reality is that nobody in The world wants our debt anymore there's
No demand for our debt in fact big Countries like China are actually Getting rid of our debts investors are You know maybe on a short-term basis Will invest but there's not trillions of Dollars of demand every year for new Debt so the only buyer that is going to Exist for the debt is the Federal Reserve and that means that they are Going to on a ongoing basis into the Future be the ones that have to buy the Debt which means they're going to Continue to devalue your dollar they're Going to keep inflation as a part of Your life and this is part of the entire Plan to make sure that they come out Smelling like a rose and you own nothing Um You know I I'm doing a special on Conspiracy theories tonight and how gee All of them turn out to be conspiracy Facts Um but when it comes to finance there Are a lot of people that are just Pounding the drum and it's it's almost Oh I think it is actually evil because So many people will be unprepared when It when it finally hits Um but I said back in 2009 the FED will Begin to buy our debt and they said it Will never happen never happen I said It's coming it is coming Um so now they're doing that now They also said that the dollar would
Never collapse and I have heard really Smart broadcasters say this talk of the Dollar being you know dumped as the King Dollar is nonsense it's not gonna happen It's not gonna be devalued We've already gone from 73 in 2001 of Being everybody's gold standard 73 of of All of the the Um I guess you would call them Sovereign Funds where they're holding the wealth Results thank you the reserve currencies That was the U.S dollar we're down now To 47 and we have gained speed on losing It 10 times faster than the last decade This is a problem Yes you took the words out of my mouth The acceleration of The Dumping of the Dollar on the world stage is pretty Staggering now you know we always go Back to the fact that we are the the Cleanest shirt in the laundry or the Skinniest kid at fat cab you know we Still have a very resilient population Um who is very productive on a relative Basis to the rest of the world and a lot Of good things that are happening and Frankly that is what is backing our Dollar on the international stage it's Not the faith in the government that They're going to do the right thing as They like to say is the fact that we Have this productive population as well As a military but you know over time uh Certainly there are a lot of actors that
Are looking to shift the alliance so Even if it's not the dollar goes away it Just becomes one of several different Reserves that are being used it Completely changes the equation for us Glad because one of the biggest Privileges that there are a lot of Cons With being the reserve currency but one Of the biggest privileges is the fact That the that we get an Arbitrage Opportunity it keeps our debt Artificially low and that has allowed The U.S government to finance their Expansion and become unwieldy at a very Low cost of capital on the back of Basically everybody in the world which They're not very happy about if that Goes away that's what's called the Exorbitant privilege then that means Again it becomes more expensive to Finance the debt which theoretically you Would think is a red flag to the Government you know as the the FED Raises interest rates as it becomes more Expensive for the government to finance Debt it should be a signal to say okay Well we've got to stop spending and what Are they doing they are accelerating Spending this is a fiscal runaway train And it is going to derail if we do not Do something to stop this is exactly Like if you own a house and you bought Your house at zero percent and you've Been buying them for 0 percent and you
Just start stacking up houses and you Really can't afford them and then the Interest rate goes up to eight percent And you're on an adjustable mortgage Here you didn't lock it in so it goes up To five percent eight percent ten Percent and you accelerate the amount of Houses and how fast you're buying houses Instead anyone with reason would stop Buying houses they would reduce their Debt not continue to not only pile on Debt but increase the the the the Uh the volume and the speed of Accumulating that debt it's crazy it's Crazy it is crazy and and what we're Asking for shouldn't be a big shift if You think about how much the government Took in in quote unquote Revenue which Is you know primarily our tax dollars Last year it was a hair shy of five Trillion dollars they had five trillion Dollars that they could have spent and Not gone into an extra deficit that Needed to be financed with debt if you Rolled back to 2018 and 2019 they spent It those levels I mean that's not very Long ago that we would have a surplus That they could use to pay down the debt And try to get us on track but they Don't care because this is not part of The plan this is not part of the new Financial World Order where the stakes Are shifting they see that the stakes Are shifting and instead of trying to do
The right thing and stopping them They're giving into human nature they're Giving into greed and power they're Going to try to get everything for Themselves and in the process as I've Said before you will own nothing so here Is the reality of America that if you're Not living it you need to know about it McDonald's now says they're having a Problem because they've raised their Prices due to inflation everything a McDonald's meal now is nine dollars one McDonald's meal they're saying people Are downsizing even more than they Already have downsized and there's no Stimulus money there's nothing coming So people are starting to really live on The edge this isn't good Uh and then on top of it if anybody Thought our banking crisis was over can You tell me what's happening with First Republic today So you know as we talked about before They're certainly Um you know we weren't we didn't think That we were going to be out of the Woodwork when it came to bank crises and One of the things that I did which I can Share in a tweet I think I've sent over To you is I kind of plotted out some of What I call the low lights because I Can't call them highlights of the Great Recession financial crisis and it really Does kind of show a staggering detail
You know how long it took for things to Play out and so we really are probably Still in somewhat early Innings maybe a Third or getting close to halfway Through what could possibly happen if History indeed Rhymes but what happened With First Republic in a sense is not Dissimilar to what happened with Silicon Valley Bank and Signature Bank and Certainly they have not yet collapsed But as they reported their financial Results they let us know that in the Last quarter 40 percent of deposits Exited that particular company even Though they had gotten a cash infusion a Massive cash infusion from 11 different Banks and all of this is the outgrowth Of the FED policy of not having the Market make decisions but of this Indulgent negligent fed policy that just Put too much money in the in into the Market that couldn't be handled now Every Bank did something a little bit Different if you had Signature Bank it Was on the crypto side and Silicon Valley Bank they put too much into Treasuries it was different uh for First Republic because they were making loans Out to wealthy people who basically said Oh I can get all this money in the stock Market maybe I'll take a one percent Mortgage out on my house and now they're Sitting around with mortgages that um You know are are paying them less than
That what they have to pay for deposits So it's not a good situation but again It's engendered by yeah and we're we're Not done uh here