1 00:00:00,160 --> 00:00:02,599 Speaker 1: So I have got the dow down, but I've got 2 00:00:02,600 --> 00:00:05,240 Speaker 1: gold up, but I've got oil down, but I've got 3 00:00:05,280 --> 00:00:08,559 Speaker 1: silver up, and I have got people making AI chips 4 00:00:08,600 --> 00:00:11,920 Speaker 1: because without AI, it doesn't seem we have an economy. 5 00:00:12,440 --> 00:00:16,040 Speaker 1: And with that, I've decided to drink all of the bourbon. 6 00:00:16,200 --> 00:00:19,119 Speaker 1: Tony Katz Tony kats today. Good to be with you 7 00:00:19,239 --> 00:00:22,880 Speaker 1: laughing in the background as doctor Matt Well, economist at 8 00:00:22,880 --> 00:00:27,280 Speaker 1: the University of Indianapolis. I caught him while he's in 9 00:00:27,360 --> 00:00:30,600 Speaker 1: between two different spots. But I appreciate you taking the time, sir. 10 00:00:31,080 --> 00:00:34,280 Speaker 1: I'm trying to do this math where the market is down, 11 00:00:34,320 --> 00:00:37,320 Speaker 1: even though it was up big yesterday, but gold is 12 00:00:37,440 --> 00:00:40,080 Speaker 1: up and oil prices are down. Walk me through what 13 00:00:40,240 --> 00:00:43,880 Speaker 1: it is that you think we are seeing right now. 14 00:00:45,080 --> 00:00:48,159 Speaker 2: Yeah, it's pretty actually pretty easy to explain. Gold is 15 00:00:48,200 --> 00:00:51,080 Speaker 2: a safe haven. This is where people go whenever they 16 00:00:51,080 --> 00:00:53,479 Speaker 2: are nervous about the economy, and there's a lot of 17 00:00:53,600 --> 00:00:57,320 Speaker 2: nervousness to be done right now. China just increase their 18 00:00:57,360 --> 00:01:01,080 Speaker 2: tariff retaliation, so you know, Trump's going to caliate even more. 19 00:01:01,640 --> 00:01:04,160 Speaker 2: And the government's still shut down, so that's causing a 20 00:01:04,240 --> 00:01:07,120 Speaker 2: problem the tariffs. You know, I know, people can get 21 00:01:07,120 --> 00:01:09,520 Speaker 2: mad at me for talking about this, but the tariffs 22 00:01:09,560 --> 00:01:12,679 Speaker 2: are causing a lot of these problems because the tariffs 23 00:01:12,720 --> 00:01:16,040 Speaker 2: are causing a weaker dollar, and the gold is not 24 00:01:16,200 --> 00:01:18,720 Speaker 2: the reserve currency in the world, but it's catching up 25 00:01:18,760 --> 00:01:22,199 Speaker 2: to the reserve currency, which is the dollar. Because people 26 00:01:22,240 --> 00:01:24,520 Speaker 2: are saying, oh, the dollars is getting weaker, the dollars 27 00:01:24,600 --> 00:01:26,600 Speaker 2: not as strong. Where do I go? So they're going 28 00:01:26,600 --> 00:01:30,000 Speaker 2: into gold, and this is not a good thing. It's 29 00:01:30,120 --> 00:01:33,840 Speaker 2: mostly pariff related and there's some shutdown let's not free it. 30 00:01:33,880 --> 00:01:37,080 Speaker 2: There's some shutdown ramifications going on here as well. And 31 00:01:37,160 --> 00:01:39,160 Speaker 2: so all of this bad news says, where do I 32 00:01:39,200 --> 00:01:42,360 Speaker 2: go to protect myself and be safe? The answer is gold? 33 00:01:43,920 --> 00:01:46,680 Speaker 1: So what is it that we are being safe from 34 00:01:46,720 --> 00:01:51,320 Speaker 1: in this gold investment? And for the full disclosure, I 35 00:01:51,360 --> 00:01:53,120 Speaker 1: may have some gold, but I don't w rep any 36 00:01:53,160 --> 00:01:53,960 Speaker 1: gold companies. 37 00:01:54,000 --> 00:01:55,240 Speaker 3: I don't have any gold connection. 38 00:01:55,520 --> 00:01:58,720 Speaker 1: I've never asked doctor Willard, and if he does, I'm 39 00:01:58,760 --> 00:02:00,640 Speaker 1: just taking a look at where the numbers are going. 40 00:02:00,720 --> 00:02:03,320 Speaker 1: Right over forty one hundred dollars an ounce on gold, 41 00:02:03,680 --> 00:02:06,320 Speaker 1: record highs, wherever fifty dollars an ounce on silver. We're 42 00:02:06,320 --> 00:02:09,000 Speaker 1: in those highs there as well. That's why the question 43 00:02:09,040 --> 00:02:09,520 Speaker 1: gets asked. 44 00:02:09,560 --> 00:02:11,279 Speaker 3: There is no gold. 45 00:02:11,040 --> 00:02:13,400 Speaker 1: Group that I work with or anything else that I'm 46 00:02:13,400 --> 00:02:14,200 Speaker 1: pushing anybody to. 47 00:02:14,280 --> 00:02:17,640 Speaker 3: I want to be clear about that. You go with 48 00:02:18,000 --> 00:02:20,400 Speaker 3: your your thoughts, sir, well. 49 00:02:20,480 --> 00:02:23,520 Speaker 2: And I'll fully disclose I do not have gold stocks either, 50 00:02:23,560 --> 00:02:26,840 Speaker 2: and I've never in my life invested in gold because 51 00:02:27,280 --> 00:02:29,560 Speaker 2: I am always an optimist. I know it doesn't sound 52 00:02:29,639 --> 00:02:31,400 Speaker 2: like it's on the phone all the time or on 53 00:02:31,440 --> 00:02:33,760 Speaker 2: the calls that we make, but I am an optimist 54 00:02:33,760 --> 00:02:35,480 Speaker 2: that the economy is going to grow long term, so 55 00:02:35,520 --> 00:02:37,639 Speaker 2: I want to be in the economy. Gold is where 56 00:02:37,639 --> 00:02:40,600 Speaker 2: people go when they're afraid that the economy is going south. 57 00:02:41,120 --> 00:02:43,920 Speaker 2: Over the centuries, and I'm talking centuries, Tony, you know, 58 00:02:43,919 --> 00:02:47,919 Speaker 2: we're talking thousands of years. Gold has always held its value. 59 00:02:47,960 --> 00:02:51,360 Speaker 2: It's gone up consistently over time. It is the place 60 00:02:51,400 --> 00:02:54,960 Speaker 2: that you go to park your money until things get normal. 61 00:02:55,240 --> 00:02:57,560 Speaker 2: And things aren't normal. You know you mentioned the price 62 00:02:57,560 --> 00:03:02,200 Speaker 2: of oil dropping, well for two reasons. One there's a 63 00:03:02,280 --> 00:03:06,120 Speaker 2: huge supply, which has already happened under Trump. But also 64 00:03:06,200 --> 00:03:09,920 Speaker 2: there's a smaller demand and that's where we see the IMF. 65 00:03:10,560 --> 00:03:15,600 Speaker 2: The IMF today and yesterday started releasing data saying global recession. 66 00:03:16,400 --> 00:03:20,239 Speaker 2: Global recession means less demand for oil, which means prices 67 00:03:20,320 --> 00:03:23,560 Speaker 2: drop to oil prices are dropping because of weak demand. 68 00:03:23,880 --> 00:03:27,600 Speaker 2: We see China retaliating terifs are slowing down the economy. 69 00:03:27,680 --> 00:03:31,320 Speaker 2: The governments still shut down crypto. Crypto started falling. Why 70 00:03:31,560 --> 00:03:34,240 Speaker 2: because crypto is not like gold, it's not a safe wa. 71 00:03:34,200 --> 00:03:39,600 Speaker 1: Wait a second. Crypto didn't start falling, Crypto crapped the bed. 72 00:03:40,400 --> 00:03:41,280 Speaker 3: There's a there's a. 73 00:03:41,280 --> 00:03:46,839 Speaker 1: Difference between those two things right there. That was very 74 00:03:46,920 --> 00:03:51,120 Speaker 1: rough what took place late last week, and that the 75 00:03:51,200 --> 00:03:53,720 Speaker 1: reason for that is people were going into gold. Or 76 00:03:53,720 --> 00:03:56,040 Speaker 1: did people go into gold because that happened. 77 00:03:57,080 --> 00:03:59,080 Speaker 2: No, it's not that they went into gold if they 78 00:03:59,120 --> 00:04:02,080 Speaker 2: went away from crypt because crypto is not a safe haven. 79 00:04:02,960 --> 00:04:05,360 Speaker 2: People in the crypto industry were trying to convince all 80 00:04:05,400 --> 00:04:07,320 Speaker 2: of us that it's the next goal, is the next 81 00:04:07,360 --> 00:04:10,840 Speaker 2: safe haven. It's the opposite. Crypto is a thing that 82 00:04:10,920 --> 00:04:13,600 Speaker 2: goes up when we're in boom times, and when we're 83 00:04:13,640 --> 00:04:15,680 Speaker 2: in bad times, you have to run away from it 84 00:04:15,720 --> 00:04:18,920 Speaker 2: because there's nothing behind it. There's no income, there's no assets, 85 00:04:19,120 --> 00:04:22,719 Speaker 2: it's pure speculations. So guess what when the economy is tanking. 86 00:04:23,440 --> 00:04:25,320 Speaker 2: People are going to run away from it because it's 87 00:04:25,360 --> 00:04:28,480 Speaker 2: pure speculation, and that's what you saw happening. It's an 88 00:04:28,480 --> 00:04:31,520 Speaker 2: indicator of bad things. And so when people dumped it 89 00:04:31,640 --> 00:04:33,440 Speaker 2: and you know to you hear a phrase when they 90 00:04:33,440 --> 00:04:36,600 Speaker 2: crafted this last week, that's just not a good sign 91 00:04:36,720 --> 00:04:38,320 Speaker 2: of things coming in the future. 92 00:04:38,839 --> 00:04:42,839 Speaker 1: Talking to doctor Matt Will, economist at the University of Indianapolis, 93 00:04:43,240 --> 00:04:45,719 Speaker 1: let's dig in a little bit to what we're seeing 94 00:04:45,800 --> 00:04:50,679 Speaker 1: in the market and specifically these AI investments. The story 95 00:04:50,760 --> 00:05:00,520 Speaker 1: today was about chips, specifically that you're seeing and order 96 00:05:00,640 --> 00:05:04,359 Speaker 1: of AMD chips and to a number of like fifty 97 00:05:04,560 --> 00:05:06,360 Speaker 1: thousand that Oracle is. 98 00:05:06,360 --> 00:05:08,920 Speaker 3: Going to be releasing out into the world. 99 00:05:09,320 --> 00:05:13,520 Speaker 1: So you've got Nvidia making chips, You've got AMD making chips. 100 00:05:13,720 --> 00:05:16,159 Speaker 1: It makes one wonder why the United States has any 101 00:05:16,160 --> 00:05:19,839 Speaker 1: investment into Intel whatsoever. If they can't keep up and 102 00:05:19,839 --> 00:05:22,280 Speaker 1: make these deals, let them go out of business. There's 103 00:05:22,279 --> 00:05:24,960 Speaker 1: no such thing as too big to fail. But that's 104 00:05:25,360 --> 00:05:28,120 Speaker 1: the argument I'm making, or the point I'm trying to make, 105 00:05:29,000 --> 00:05:33,200 Speaker 1: is that this is again all about AI. Is this 106 00:05:33,400 --> 00:05:36,680 Speaker 1: market that we're seeing a healthy market or if one 107 00:05:36,760 --> 00:05:40,040 Speaker 1: AI company goes bust, does everything else go bust along 108 00:05:40,040 --> 00:05:40,320 Speaker 1: with it? 109 00:05:41,400 --> 00:05:43,640 Speaker 2: Okay, first of all, I don't think any AI company, 110 00:05:43,800 --> 00:05:45,919 Speaker 2: not any I don't think the AI industry is going 111 00:05:45,960 --> 00:05:48,760 Speaker 2: to go bust. I think it's legit. It's here to stay, 112 00:05:48,839 --> 00:05:50,880 Speaker 2: and it's going to get bigger and bigger and bigger. 113 00:05:50,920 --> 00:05:53,160 Speaker 2: So people should not worry that AI is a bubble. 114 00:05:53,360 --> 00:05:57,240 Speaker 2: It is not a bubble. It's actually producing profits. As 115 00:05:57,279 --> 00:06:02,160 Speaker 2: far as AI driving economy, yes, we've talked about it 116 00:06:02,240 --> 00:06:04,920 Speaker 2: on your show two years ago. The mag seven account 117 00:06:05,040 --> 00:06:07,560 Speaker 2: for the entire gain in the S and P five hundred. 118 00:06:07,880 --> 00:06:10,559 Speaker 2: Last year, that grew a little bit, but you're talking 119 00:06:10,640 --> 00:06:14,200 Speaker 2: basically the top twenty thirty companies and the SMP drove 120 00:06:14,279 --> 00:06:18,200 Speaker 2: the entire gain in the market. Yes, it is an 121 00:06:18,240 --> 00:06:22,120 Speaker 2: AI driven economy. And you know, I like Trump in 122 00:06:22,200 --> 00:06:24,560 Speaker 2: many areas, but I gotta tell you he needs to 123 00:06:24,560 --> 00:06:27,159 Speaker 2: go and kiss the butt of the AI industry because 124 00:06:27,200 --> 00:06:30,120 Speaker 2: his terrorist would be taking this entire economy if it 125 00:06:30,160 --> 00:06:32,760 Speaker 2: weren't for AI. AI is saving his butt, and it's 126 00:06:32,800 --> 00:06:33,720 Speaker 2: saving all of us. 127 00:06:35,760 --> 00:06:38,960 Speaker 1: It's saving all of us bothers me. I see that 128 00:06:39,120 --> 00:06:40,960 Speaker 1: as a massive problem. 129 00:06:41,320 --> 00:06:42,120 Speaker 3: Is it that no. 130 00:06:42,200 --> 00:06:46,200 Speaker 1: Other industry is getting the investment because AI is sucking 131 00:06:46,279 --> 00:06:48,640 Speaker 1: all the dollars out of the room, or do all 132 00:06:48,680 --> 00:06:50,279 Speaker 1: the other businesses just suck. 133 00:06:51,920 --> 00:06:54,600 Speaker 2: I'm gonna go with the second one if I can 134 00:06:54,640 --> 00:06:54,920 Speaker 2: have one. 135 00:06:55,000 --> 00:06:55,640 Speaker 3: That's not good. 136 00:06:55,680 --> 00:06:58,280 Speaker 2: Suck for two tony That is. 137 00:06:58,320 --> 00:07:01,640 Speaker 3: Not a good sign, sir. That's a real problem. 138 00:07:02,720 --> 00:07:06,760 Speaker 2: It is a real problem. But okay again, no, I'm 139 00:07:06,760 --> 00:07:08,600 Speaker 2: going to take that back. It's not a real problem. 140 00:07:08,640 --> 00:07:11,400 Speaker 2: And you shouldn't be nervous about AI. Were we nervous 141 00:07:11,480 --> 00:07:14,040 Speaker 2: when the Internet came into existence back when Al Gore 142 00:07:14,080 --> 00:07:17,680 Speaker 2: invented it in the eighties, Of course we weren't. We knew, 143 00:07:17,760 --> 00:07:20,640 Speaker 2: you know, we were nervous. But isn't it great? It 144 00:07:20,760 --> 00:07:23,640 Speaker 2: created incredible wealth for this world? You know, when the 145 00:07:23,680 --> 00:07:26,200 Speaker 2: internal combustion engine came around in the beginning of the 146 00:07:26,280 --> 00:07:29,600 Speaker 2: nineteenth century or the twentieth century, were we nervous about that? Yes, 147 00:07:29,680 --> 00:07:32,320 Speaker 2: we were, But guess what, the horse and buggy industry 148 00:07:32,480 --> 00:07:36,320 Speaker 2: it's gone, Thank goodness. The internal combustion and engine has 149 00:07:36,360 --> 00:07:40,840 Speaker 2: created tremendous wealth in planes, automobiles, trains, you nam it 150 00:07:40,880 --> 00:07:44,520 Speaker 2: across the board. No, don't be worried about it. This 151 00:07:44,720 --> 00:07:47,040 Speaker 2: AI is not a bad thing. It's a good thing. 152 00:07:47,040 --> 00:07:49,480 Speaker 2: And we could spend hours. I could give you examples. 153 00:07:49,560 --> 00:07:51,760 Speaker 2: I met with people this week who are using AI 154 00:07:51,880 --> 00:07:55,440 Speaker 2: to incredible benefit. So I think you should not be 155 00:07:55,480 --> 00:07:57,840 Speaker 2: worried about AI driving the economy. It's legit. 156 00:07:59,240 --> 00:08:04,480 Speaker 1: Talking to doctor Matt Well, economist at the University of Indianapolis, 157 00:08:04,880 --> 00:08:09,680 Speaker 1: we're seeing oil prices go down in the sites that. 158 00:08:09,800 --> 00:08:10,520 Speaker 3: I look at. 159 00:08:10,800 --> 00:08:12,880 Speaker 1: I see the West Texas crud which comes out of 160 00:08:12,920 --> 00:08:16,480 Speaker 1: the ground that's at fifty eight dollars a barrel, right, 161 00:08:16,520 --> 00:08:20,000 Speaker 1: maybe so a little bit over. And we're seeing Brent 162 00:08:20,160 --> 00:08:25,280 Speaker 1: crude that's coming in just over sixty two dollars a barrel. 163 00:08:25,680 --> 00:08:27,680 Speaker 3: In both those cases, that's. 164 00:08:27,520 --> 00:08:30,120 Speaker 1: Lower than it has been we really have been in 165 00:08:30,160 --> 00:08:33,640 Speaker 1: the sixties, and we settle around that mid sixties area. 166 00:08:33,720 --> 00:08:36,560 Speaker 1: Sixty three dollars a barrel for the West Texas crude, 167 00:08:36,559 --> 00:08:40,040 Speaker 1: sixty six sixty seven, sixty eight dollars a barrel on 168 00:08:40,120 --> 00:08:43,280 Speaker 1: the Brent crude. This is coming down a bit. Is 169 00:08:43,320 --> 00:08:47,240 Speaker 1: this a usage conversation or something else going on? 170 00:08:48,600 --> 00:08:52,800 Speaker 2: It's both the IEA, the International Energy Agency, they have 171 00:08:53,000 --> 00:08:59,200 Speaker 2: forecasted substantial increases in surpluses globally. OPEK is increasing their production. 172 00:09:00,520 --> 00:09:04,520 Speaker 2: Trump created peace in the Middle East, This is the 173 00:09:04,559 --> 00:09:07,559 Speaker 2: opposite of the Gulf War. He created peace in the 174 00:09:07,600 --> 00:09:09,480 Speaker 2: Middle East. Who in their right mind would have thought 175 00:09:09,520 --> 00:09:11,959 Speaker 2: that would have happened. And guess what, That's going to 176 00:09:12,040 --> 00:09:15,120 Speaker 2: increase the flow of oil, oil production, even Iran is 177 00:09:15,120 --> 00:09:17,280 Speaker 2: probably going to get away with producing more oil. And 178 00:09:17,280 --> 00:09:19,400 Speaker 2: then we had weak demand. Like we've been talking about 179 00:09:19,440 --> 00:09:22,840 Speaker 2: the tariffs, the wars that he that Trump is initiating 180 00:09:22,880 --> 00:09:26,680 Speaker 2: on the economic front. These combinations are increasing supply and 181 00:09:26,760 --> 00:09:30,480 Speaker 2: decreasing demand. That's exactly what you're seeing. Its basically a 182 00:09:30,559 --> 00:09:31,680 Speaker 2: geopolitical game. 183 00:09:32,440 --> 00:09:34,920 Speaker 1: But we also see, as you mentioned tariffs, which is 184 00:09:34,920 --> 00:09:38,240 Speaker 1: the only thing we haven't gotten into. You had China 185 00:09:38,480 --> 00:09:42,040 Speaker 1: titan controls on rareth minerals. You had Trump say, well, 186 00:09:42,080 --> 00:09:43,319 Speaker 1: if you're going to do that, what in the world 187 00:09:43,360 --> 00:09:46,200 Speaker 1: are we meeting for in Seoul. Then you had an 188 00:09:46,320 --> 00:09:48,520 Speaker 1: increase in taris by one hundred percent. 189 00:09:48,840 --> 00:09:50,040 Speaker 3: Then you had China. 190 00:09:49,760 --> 00:09:52,040 Speaker 1: Say who in the world are you and engage some 191 00:09:52,160 --> 00:09:55,200 Speaker 1: other maneuvers, which led Trump to say, hey, j just 192 00:09:55,280 --> 00:09:55,920 Speaker 1: made a mistake. 193 00:09:56,040 --> 00:09:58,360 Speaker 3: Ji Jinping just made a little boo boo, a little error. 194 00:09:58,480 --> 00:10:01,200 Speaker 1: It'll all be fine, It'll it'll be good. And yet 195 00:10:01,360 --> 00:10:07,080 Speaker 1: here we are with rising tariffs. You keep arguing that 196 00:10:07,120 --> 00:10:11,040 Speaker 1: the tariffs are a mistake. I am not a fan 197 00:10:11,440 --> 00:10:14,840 Speaker 1: of the tariffs, but we look at the tariffs differently 198 00:10:14,880 --> 00:10:17,400 Speaker 1: when we're talking about China than when we're talking about 199 00:10:17,400 --> 00:10:20,600 Speaker 1: the rest of the world. So break it down into 200 00:10:20,640 --> 00:10:24,720 Speaker 1: its two component parts. Should we be tariffing China and 201 00:10:24,800 --> 00:10:27,000 Speaker 1: as a one hundred percent tariff in addition to what 202 00:10:27,000 --> 00:10:27,760 Speaker 1: we already got? 203 00:10:27,960 --> 00:10:28,800 Speaker 3: Is that the answer? 204 00:10:30,080 --> 00:10:32,000 Speaker 2: Okay, I'm going to go back to what you've been 205 00:10:32,000 --> 00:10:36,400 Speaker 2: saying for years, tactic versus policy, right, And I think 206 00:10:36,480 --> 00:10:40,080 Speaker 2: that Trump is extremely inconsistent in how he's applying tariffs 207 00:10:40,520 --> 00:10:42,680 Speaker 2: to China. At the beginning, he told us it was 208 00:10:42,720 --> 00:10:45,160 Speaker 2: all about Fentanel, it was all about South China Sea, 209 00:10:45,200 --> 00:10:48,000 Speaker 2: it was all about national security. And then it's like, oh, 210 00:10:48,080 --> 00:10:49,880 Speaker 2: we can make a deal with China, they can be 211 00:10:49,920 --> 00:10:54,000 Speaker 2: our friend. Well, which is it? I personally believe from 212 00:10:54,040 --> 00:10:56,960 Speaker 2: an economic standpoint they're terrible, but I think from a 213 00:10:57,040 --> 00:11:00,640 Speaker 2: geopolitical standpoint they're good for China, and I think we 214 00:11:00,720 --> 00:11:02,960 Speaker 2: need to stick with the Let's get China out of 215 00:11:02,960 --> 00:11:05,480 Speaker 2: the rare earth business, Let's get out of us being 216 00:11:05,520 --> 00:11:09,720 Speaker 2: dependent on China for drones. Let's change our approach to China? 217 00:11:09,840 --> 00:11:13,000 Speaker 2: They are the enemy? Why can't Why does Trump? Sometimes 218 00:11:13,000 --> 00:11:15,640 Speaker 2: they're his friend and sometimes there's his enemy. I think 219 00:11:15,720 --> 00:11:18,800 Speaker 2: Paris to use as a weapon against China is appropriate. 220 00:11:18,920 --> 00:11:21,720 Speaker 2: It's bad. It will hurt us. You and I will suffer. 221 00:11:22,240 --> 00:11:24,200 Speaker 2: But guess what happens in a war? People suffer? 222 00:11:25,640 --> 00:11:30,439 Speaker 3: How long does the suffering go on? Meaning? Is there 223 00:11:30,480 --> 00:11:32,719 Speaker 3: a change in policy that a Scott. 224 00:11:32,559 --> 00:11:35,720 Speaker 1: Bestsn't the Treasury secretary or Kevin hasseen the White House 225 00:11:35,840 --> 00:11:38,840 Speaker 1: Economic Council that someone could bring to the table that 226 00:11:38,920 --> 00:11:43,040 Speaker 1: Trump would engage or is this the new reality and it's. 227 00:11:42,880 --> 00:11:44,920 Speaker 3: The new reality for at least three more years? 228 00:11:45,960 --> 00:11:47,960 Speaker 2: Okay, it can end, but I don't know if we 229 00:11:48,040 --> 00:11:50,199 Speaker 2: have the political will to do it. Of all the 230 00:11:50,240 --> 00:11:52,440 Speaker 2: people in history who have a political will to do it, 231 00:11:52,440 --> 00:11:55,400 Speaker 2: Trump probably does. And here it is. We actually have 232 00:11:55,520 --> 00:11:58,200 Speaker 2: the ability to produce rare earth minerals in this country, 233 00:11:58,440 --> 00:12:00,880 Speaker 2: but we haven't done so. We haven't mind them and 234 00:12:00,920 --> 00:12:04,800 Speaker 2: produce them because China has been subsidizing this industry. They've 235 00:12:04,840 --> 00:12:07,840 Speaker 2: been undercutting the prices and making it unaffordable for us 236 00:12:07,840 --> 00:12:10,720 Speaker 2: to buy our and produce our own rare earth minerals. 237 00:12:11,480 --> 00:12:16,440 Speaker 2: Why because of environmental restrictions. The environmental restrictions in this 238 00:12:16,520 --> 00:12:19,880 Speaker 2: country have prevented us from dominating the world in this industry. 239 00:12:20,320 --> 00:12:23,760 Speaker 2: Trump needs to get on this issue, jump on it immediately, 240 00:12:24,000 --> 00:12:26,280 Speaker 2: and say get rid of the EPA. Relative to rare 241 00:12:26,320 --> 00:12:28,960 Speaker 2: earth minerals, We're going to be the world producer. I 242 00:12:29,000 --> 00:12:30,840 Speaker 2: think he can do it. He has a political will, 243 00:12:30,840 --> 00:12:33,000 Speaker 2: but he needs to focus on it and stop trying 244 00:12:33,000 --> 00:12:34,079 Speaker 2: to cut a deal with China. 245 00:12:34,360 --> 00:12:40,040 Speaker 3: That's a Lee Zelden conversation for sure. Who runs the EPA. 246 00:12:39,360 --> 00:12:43,120 Speaker 1: Doctor Matt Will, economists at the University of Indianapolis. 247 00:12:43,160 --> 00:12:45,840 Speaker 3: Dr Matt Will on the Twitter X follow him there. 248 00:12:45,840 --> 00:12:49,520 Speaker 1: I appreciate you taking the time to be with us. 249 00:12:49,559 --> 00:12:54,040 Speaker 1: Find everything I do over at tonykatz dot com. Subscribe, download, 250 00:12:54,080 --> 00:12:56,520 Speaker 1: do all the things, get that done immediately, keep it here. 251 00:12:56,679 --> 00:12:57,960 Speaker 3: This is Tony Katz Today.