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Speaker 1: Of the hour seven h two here in New York,

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Speaker 1: closing in on the first one hundred days of President

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Speaker 1: Trump's second tournament office, this morning, Time is out with

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Speaker 1: an exclusive interview with the commander in chief, where the

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Speaker 1: President discusses a range of topics, from his administration following

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Speaker 1: court orders to the future of Ukraine.

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Speaker 2: National political reporter for Time magazine, Ara Cordlessa, writes, asked

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Speaker 2: if he had requested Bukelly, that's the president of l Salvador,

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Speaker 2: to return of Brego Garcia over Trump said he hadn't.

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Speaker 2: I haven't been asked to ask him by my attorneys,

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Speaker 2: He says, nobody asked me to ask him that question

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Speaker 2: except you. As for the political outcry over his refusal

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Speaker 2: to return a man mistakenly sent to a foreign prison

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Speaker 2: without due process, Trump says he believed it will accrue

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Speaker 2: to his advantage. Quote, I think this is another men

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Speaker 2: in women's sports thing for the Democrats. Another part here

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Speaker 2: that was fascinating has to do with the situation surrounding

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Speaker 2: tariffs and the idea of the administration trying to work

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Speaker 2: out deals within this ninety day framework with basically all

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Speaker 2: the countries of the world. The President and his team

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Speaker 2: has said they've had one hundred offers to make deals.

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Speaker 3: They say they have eighteen proposals.

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Speaker 2: In front of them roughly, and then you have a

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Speaker 2: great line of question here.

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Speaker 3: Let me read this.

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Speaker 2: Not one has been announced yet. When are you going

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Speaker 2: to announce them? The President says, I've made two hundred deals.

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Speaker 2: Then you ask, you've made two hundred deals? And then

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Speaker 2: the President says one hundred percent? And then you ask,

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Speaker 2: I think shrewdly, can you share with whom? And then

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Speaker 2: the President says, because the deal is a deal that

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Speaker 2: I choose view it differently. We are a department store

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Speaker 2: and we set at the price.

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Speaker 4: Do you know what's going on here this?

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Speaker 2: With this two hundred dealstead have been made?

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Speaker 3: I can't say that I do.

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Speaker 5: I think there are negotiations underway. President Trump told me

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Speaker 5: in the conversation that he had spoken with and that

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Speaker 5: the Chinese were negotiating with the Trump administration. Commerce Secretary

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Speaker 5: Howard Lutnik and another senior administration official also confirmed that

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Speaker 5: to me, the Chinese deny it, But you know, I

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Speaker 5: think what I understood him to be saying was that

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Speaker 5: he has deals worked out in his mind with all

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Speaker 5: of these countries and that they he believes that they

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Speaker 5: will ultimately, you know, basically acquiesce to the terms that

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Speaker 5: he's laying out because he believes that the economic power

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Speaker 5: of the United States and access to our markets is

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Speaker 5: the leverage in order to get them to come to

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Speaker 5: some sort of deal. I don't know if they're solidified yet.

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Speaker 5: I don't know if they're already made, but you know,

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Speaker 5: he says that within the next three to four weeks

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Speaker 5: he will be announcing everything.

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Speaker 6: Any sense of frustration on the part of the president.

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Speaker 6: He said he was going to end the war in

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Speaker 6: Ukraine in the day the Glory didn't do that. He said,

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Speaker 6: He's going to fix the economy just like that. Of course,

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Speaker 6: the economy hadn't been fixing, and in fact, we may

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Speaker 6: be in a recession that he seemed to have brought on.

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Speaker 6: Was there any frustration that he hasn't been able to

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Speaker 6: deliver on a lot of the things that he promised.

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Speaker 5: You know, it's interesting because I asked about the Ukraine thing.

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Speaker 5: I said, you know, President Trump, you said you would

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Speaker 5: solve this issue.

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Speaker 3: In to day.

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Speaker 5: You know what's going on, And you know, he said, oh,

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Speaker 5: I said that in jest. Eric everybody knew that that

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Speaker 5: was you know, a symbolic you know, I wasn't really

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Speaker 5: saying it was I was going to get it done

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Speaker 5: in a day.

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Speaker 3: This has been going on for three years.

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Speaker 5: I've only been here in three months, so you know,

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Speaker 5: I sensed that there was some frustration on his part.

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Speaker 5: And I also think, you know, he pulled back on

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Speaker 5: that claim that he'd be able to solve the war

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Speaker 5: in twenty four hours. And of course he's not wrong

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Speaker 5: that it's very complicated.

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Speaker 3: He's not wrong.

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Speaker 5: Now that is a very complicated issue and it's hard

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Speaker 5: to solve, and he's gotten tractable players, you know, in

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Speaker 5: a Lotimir Putin. But you know, I do think, you know,

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Speaker 5: this is a different moment for him than the last time,

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Speaker 5: you know, I spoke with him, because you know, he

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Speaker 5: is right now facing all of these problems that you're talking.

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Speaker 2: Asked if he'd like to be remembered for having expanded

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Speaker 2: American territory as president himself, Trump says, I wouldn't mind. Again,

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Speaker 2: I think this might be obvious if you listen to

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Speaker 2: his territorial you know, aspirations with Greenland, the Panama Panama

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Speaker 2: Canal and whatnot.

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Speaker 3: But still it's pretty remarkable to hear a.

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Speaker 2: President's that he wants to expand territory.

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Speaker 5: Yeah, I mean, you know, it's also you know, noteworthy.

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Speaker 5: We're in the Oval Office, and you know he has

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Speaker 5: installed many, many more paintings of former presidents and in

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Speaker 5: gold frames, and there's one of James Polk, who expanded

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Speaker 5: territory as well. And I think you know, President Trump

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Speaker 5: has said he wants to, you know, acquire Greenland, he

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Speaker 5: wants to annex Canada, he wants to seize control the

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Speaker 5: Panama Canal. And you know, he basically sees himself as

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Speaker 5: a president who can grow the American Empire, who can

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Speaker 5: expand territory.

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Speaker 3: And he said he certainly wouldn't.

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Speaker 5: Mind if that was part of his legacy.

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Speaker 3: This is the ani will scream of a dining regime.

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Speaker 7: Pray for our enemies because we're going to medieval on

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Speaker 7: these people.

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Speaker 3: You've not got a free shot.

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Speaker 7: All these networks lying about the people, the people have

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Speaker 7: had a belly full of it.

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Speaker 3: I know you don't like hearing that.

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Speaker 7: I know you tried to do everything in the world

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Speaker 7: to stop that, but you're not going to stop it.

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Speaker 3: It's going to.

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Speaker 1: Happen and Where do people like that go to share

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Speaker 1: the big line mega media.

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Speaker 3: I wish in my soul, I wish that any of

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Speaker 3: these people had a conscience.

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Speaker 7: Ask yourself, what is my task and what is my purpose?

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Speaker 7: If that answer is to save my country, this country

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Speaker 7: will be saved.

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Speaker 3: War Room, use your host, Stephen k.

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Speaker 7: Bas It's Friday, twenty five April and the year of

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Speaker 7: Our Lord, twenty five.

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Speaker 3: We're still here in Kansas City, a Missouri.

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Speaker 7: And had a really an amazing time yesterday with the

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Speaker 7: folks at Hillsdale College, incredible group of public intellectuals, faculty,

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Speaker 7: other thinkers. Claremont all that, of course, we had Sean

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Speaker 7: Davis and Chris Colwell on last night UH to join

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Speaker 7: us before the before the dinner, and I gave a

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Speaker 7: speech last night to an audience that I think was listening.

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Speaker 7: We talked about the conversion converging crises. I want to

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Speaker 7: really promote something this morning. If Grace and Moe would

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Speaker 7: push it out the cover of Time magazine, if we

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Speaker 7: could get that up that Time Magazine cover with President Trump,

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Speaker 7: and it's a hundred it's this one hundred day interview

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Speaker 7: with Eric Corsella, the National political correspondent for time who

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Speaker 7: we know pretty well, and he's done an incredible interview.

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Speaker 7: Now been on A Morning Joe and and CNN. Understand

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Speaker 7: it's going to do Kitlyn Collins tonight really tough questioning,

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Speaker 7: a good good question, fair questions, tough questions, and President

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Speaker 7: Trump's responses are pretty amazing. I wanted to discuss about

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Speaker 7: President Polk. President Polk, you know, is an amazing uh

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Speaker 7: president and one of the most effective presidents we've ever had.

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Speaker 7: Really one of the key figures in our country about

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Speaker 7: manifest destiny and about the building of the country as

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Speaker 7: a continental power.

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Speaker 3: Very controversially ran one term.

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Speaker 7: President Trump does have a portrait of him up there

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Speaker 7: along with Jackson and others and uh, you know, and

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Speaker 7: of course General Washington.

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Speaker 3: It is extraordinary that Eric.

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Speaker 7: Picked up on that and discussed with the President that

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Speaker 7: President's got a real, you know, well thought through strategy here.

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Speaker 7: People are not paying enough attention. I don't think, including

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Speaker 7: people at the Pentagon. I might give them their budget

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Speaker 7: about President Trump's concept of hemispheric defense. This is the

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Speaker 7: way that gets us away from tree and defense budgets

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Speaker 7: and being spread out over Hell's half acre, like having

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Speaker 7: two carrier battlegroups in the Red Sea to keep the

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Speaker 7: Suez Canal open and to bomb the Hooties back to

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Speaker 7: the Stone Age where they've been living for a long time,

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Speaker 7: beating the Egyptian Army, beating the Saudis, essentially beating UAE

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Speaker 7: that were kind of under contract with the Saudis for years.

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Speaker 7: Polk had a very different vision of America. President Trump's

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Speaker 7: got a very different vision for this country. That's where

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Speaker 7: this hemispheric defense is so big, and you talk about

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Speaker 7: the convergent crises one and let's go to that again.

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Speaker 7: Is this stopping the kinetic part of the Third World

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Speaker 7: War which has already started. President Trump is doing his

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Speaker 7: best there, his utmost. He's very blunt with this guy

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Speaker 7: about stopping Ukraine. I think you see the subtext in

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Speaker 7: there that President Trump is fully aware of the issue

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Speaker 7: of getting sucked in too much. If you read this

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Speaker 7: interview and look what President Trump's been saying, he's there

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Speaker 7: for a time. Look, they're trying to do a big

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Speaker 7: overall Russian a Russian around Projeman, and that will be

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Speaker 7: part of it. But you know, putin the other day

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Speaker 7: unloading on Kiev, Zelenski and others being slow walking the

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Speaker 7: economic deal, and that's supposed to be done. There's all

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Speaker 7: kind of talk of a joint press conference, Lensky's going

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Speaker 7: to do this, Lensky's going to do that. But you

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Speaker 7: can tell President Trump's patience on this is not unlimited.

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Speaker 7: And you look at the second part, the deportation of

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Speaker 7: the ten million illegal alien invaders that came in on

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Speaker 7: Biden's watch, already jammed up at the essentially at the

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Speaker 7: Supreme Court, as they said the speech last night, the

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Speaker 7: constitutional crisis part of this, and this is what they're

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Speaker 7: trying to do to stop the deportation of the ten million.

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Speaker 3: The criminals.

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Speaker 7: Obviously, the criminal element in President Trump doing his commander

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Speaker 7: in chief for our national security is self evident that's

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Speaker 7: the right thing to do. But that's I don't know,

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Speaker 7: one hundred thousand, maybe one hundred, a couple hundred dozand

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Speaker 7: and hey, all of them got to go, all of

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Speaker 7: them have to go. But they're doing this to jam

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Speaker 7: us up, to jam the president up, so we never

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Speaker 7: get to the ten man. We lose our will, Our

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Speaker 7: focus is just too tough.

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Speaker 3: There's too many, you know, there's too many.

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Speaker 7: Empathetic videos, sympathetic videos cut by CNN.

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Speaker 3: As you try to deport the families.

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Speaker 7: What you're going to have to do, right if they're

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Speaker 7: here illegally, they got to go back, or you're never

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Speaker 7: going to have the rule of law of this country.

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Speaker 7: You're never going to really secure the border. President Trump

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Speaker 7: secured right now. But if President Trump was not around.

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Speaker 3: What would happen even if you built the wall.

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Speaker 7: So, because it's all about intent and focus, President Trump

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Speaker 7: has secured the border. I don't know in sixty days,

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Speaker 7: sixty five, seventy days with Langford and these guys told

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Speaker 7: us was going to take decades, and they had to

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Speaker 7: pass all this new legislation, and he had to have

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Speaker 7: all this new money spent. So the interview is also

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Speaker 7: one of the things that's very important. In two parts

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Speaker 7: of the interview President Trump, they talk about the tax

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Speaker 7: increases and President Trump k new gingridg and Gervin Norcris

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Speaker 7: is a lot more amenable to it. In this interview,

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Speaker 7: he kind of says it's the right thing to do.

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Speaker 7: His only concern. His only concern says, hey, look we're

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Speaker 7: going to have to do something, and he's favorable to it.

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Speaker 7: He says, his concern still falls back to the Bush

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Speaker 7: thing because it hasn't been properly explained. Bush raised taxes

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Speaker 7: for everybody. This is a massive tax cut for people,

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Speaker 7: and you got to figure out to pay for it.

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Speaker 7: But the buried lead that people really haven't picked up on.

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Speaker 7: He says it in context of Bush losing the election

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Speaker 7: and how it would hurt President Trump politically on his

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Speaker 7: own side politically, I thought he was termed out.

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Speaker 3: Not in his mind.

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Speaker 7: His answer on the taxes relates directly, and this is

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Speaker 7: easy to overcome, very easy to overcome. But it's in

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Speaker 7: response to his running again in twenty twenty eight. I

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Speaker 7: don't think it's a random occurrence, because President Trump doesn't

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Speaker 7: do things randomly. That you launch the merch yesterday of

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Speaker 7: Trump twenty twenty eight on his official you know, merchandising

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Speaker 7: store and teas and ball caps and other things other swag.

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Speaker 7: At the same time, knew that the time interview would

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Speaker 7: be out would be out, would be out.

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Speaker 3: Today, and then that answer.

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Speaker 7: Anybody that's been involved in politics at all, it says, Hey,

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Speaker 7: this guy's thinking through his reelect and seeing if this

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Speaker 7: would hurt him or help him, just saying Trump twenty eight,

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Speaker 7: twenty twenty eight is it's happening. It's happening, and you

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Speaker 7: can tell he's in it. He would never have answered

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Speaker 7: that question the way he answered about taxes, which makes

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Speaker 7: me feel good because on the tax side, the math

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Speaker 7: just doesn't work. If the Pentagon back to President Hemispheric Defense,

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Speaker 7: the Pentagon and Pete and you guys need to shift

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Speaker 7: your budget to the hemispheric defense because it's still a

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Speaker 7: budget that looks at the Eurasian land mass that something

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Speaker 7: in the United States has to defend.

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Speaker 3: I'm not so sure about that. I think that's an

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Speaker 3: open question.

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Speaker 7: Obviously, in the South China Sea and around Korean a

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Speaker 7: little different, but I'm talking about in the Middle East,

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Speaker 7: in NATO and in places like Ukraine.

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Speaker 3: Complete total new rethink.

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Speaker 7: This interview is amazing and we're going to talk more

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Speaker 7: about it today throughout the day and break it down.

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Speaker 3: Want everybody to read it.

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Speaker 7: Really in this interview, there's another Matt Gates and a

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Speaker 7: guy give hat tip to Matt and this is why,

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Speaker 7: you know, think about what Matt Gates could have been

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Speaker 7: if he'd stuck it out for a g The whole

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Speaker 7: Seacot deal the brainchild of Matt Gates.

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Speaker 3: That's what a brilliant young man. He is incredible guy.

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Speaker 7: You read the Seacot section of this, It's just absolutely

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Speaker 7: incredible how mad Gates is always a guy thinking down range,

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Speaker 7: thinking down range, and the Seacat things, Seacot things absolutely

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Speaker 7: brie him. That would be the prison down at El

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Speaker 7: Salvador with these terrorist murderers, rapist criminals that President Trump's

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Speaker 7: clan or chief sent down. Okay, short commercial break, Johnny

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Speaker 7: Cokinscer takes out. We're absolutely packed today all throughout the

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Speaker 7: day here in Kansas City at the Hillsdale Conference Leadership Conference.

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Speaker 7: Very proud of that. And we're going to have someone

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Speaker 7: who's speaking. David Malpass, who is head of the World

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Speaker 7: Bank under President Trump's going to join crenemo use your

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Speaker 7: host Stephen came back.

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Speaker 3: Okay, welcome back.

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Speaker 7: A little bit of an international ancient. By the way,

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Speaker 7: David Malpass joins me right here. David Malpass was Undersecretary

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Speaker 7: of a Treasury of International financed in President trump early

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Speaker 7: part of the term, and then later became Head of

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Speaker 7: the World Bank appointed by President Trump. Correct, David Malpas's

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Speaker 7: old friend, one of the best guys in national finance.

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Speaker 7: We're gonna get it up here in a minute in

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Speaker 7: the in the interview by Eric Corsella for Time Magazine

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Speaker 7: the cover of President Trump's First hundred Days. It's quite

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Speaker 7: controversial because they get into it about China, and President

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Speaker 7: Trump says, hey, look, I'm doing all these deals. We

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Speaker 7: got them stacked up, and we're having and we're engaged

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Speaker 7: with China. Andrew Ross Sorkin's just been on Squawk saying

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Speaker 7: the Chinese are saying, hey, there's no talks. We don't

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Speaker 7: know what this guy's talk about. And he's got to

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Speaker 7: stop sewing international confusion. When I talk about in the

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Speaker 7: talk last night about the Chinese, and you know they

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Speaker 7: they have gained the system on the World Trade Organization

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Speaker 7: and being the most favored nation. The cyber deal that

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Speaker 7: in twenty fifteen that Obama cut they never fulfilled in

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Speaker 7: twenty nineteen or in twenty seventeen, then the whole twenty nineteen,

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Speaker 7: the Hong Kong situation. Then you guys, you Navarro and

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Speaker 7: Lightheuser's the tip of the spear, spent two years working

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Speaker 7: on really a major deal that would solve everything, the

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Speaker 7: seven Deadly sins for two years and at the end

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Speaker 7: day in May of twenty nineteen, they just kind of

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Speaker 7: walked away from it, right, well, neither of fairly.

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Speaker 8: Will that's right, And you know, in the campaign in

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Speaker 8: twenty sixteen this was a major issue. So it was

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Speaker 8: no surprise when it started in twenty seventeen. It kind

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Speaker 8: of launched from me at Treasury, working from an urchin

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Speaker 8: and for Trump, and then as it broadened, then Leithheiser

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Speaker 8: and Navarro were heavily involved in it became also Wilbur

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Speaker 8: Rossi commerce. The three to oh one was the section

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Speaker 8: three oh one trade was the clincher because China negotiated

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Speaker 8: moment by moment, So this idea of them saying Trump

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Speaker 8: is sowing confusion is part of their negotiations. They're really

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Speaker 8: hard negotiators, so it's got to be Trump up against them,

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Speaker 8: knowing this is exactly how people do it. They say,

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Speaker 8: you say we're talking because we're trying to get toward

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Speaker 8: a deal, and they say we're not even talking.

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Speaker 3: Well, that's a negotiation right there.

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Speaker 7: Go back in that time, it wasn't a surprise, particularly

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Speaker 7: when a King of the campaign. It wasn't just a

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Speaker 7: southern border for those northern states. It is about the

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Speaker 7: manufacturing jobs. This has always been part of his not

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Speaker 7: just populism, but his economic nationalism. It resonated with people

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Speaker 7: in Pennsylvania and Ohio, in Michigan and Wisconsin.

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Speaker 3: You could tell that.

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Speaker 7: I tell people, we go these rallies and what would

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Speaker 7: take me an hour to explain to guys at Goldman

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Speaker 7: Sachs because they say, no, they were just investing there.

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Speaker 7: I said, it's a two liner in Akron, Ohio, how

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Speaker 7: they've shipped all the jobs, and these guys get it immediately.

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Speaker 3: We had she come to mar Lago.

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Speaker 7: We started those negotiations very very very soon after kind

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Speaker 7: of you know, a speed bump was hit in June

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Speaker 7: or twenty seventeen. Then you guys got fully engage in it.

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Speaker 7: But the Chinese spent two years with you guys, two

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Speaker 7: years in a very very detailed, comprehensive this would this

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Speaker 7: would couple the two economies and integrate China with all

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Speaker 7: kinds of environmental rules and labor rules, and about state

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Speaker 7: owned industries and the inflationary pricing they sent around because

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Speaker 7: of excess capacity. And Lihu was the lead negotiator, and

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Speaker 7: after two years they literally just walked away from it.

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Speaker 8: I think that's part of the problem if you go

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Speaker 8: slow and you're talking about hundreds of pages and then

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Speaker 8: all of a sudden it's thousands of pages and no

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Speaker 8: one actually or you know, you question whether they actually

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Speaker 8: intend to do it. That was actually part of the

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Speaker 8: NAFTA problem that it started as the idea of benefits

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Speaker 8: and then all of a sudden became the lawyers and

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Speaker 8: it became huge. So by nineteen ninety two I had

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Speaker 8: gone to the White House to say, this has to stop.

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Speaker 8: We're not getting what we want out of this deal.

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Speaker 8: There are too many lawyers.

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Speaker 9: It was a Tea.

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Speaker 8: George Huffy, let's negotiations get really big. And so I

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Speaker 8: think we have to look at it in a different

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Speaker 8: way now that the system is broken, and there has

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Speaker 8: to be a way that people can understand what's being fixed.

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Speaker 8: You know, I was a Tea partier in twenty ten.

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Speaker 8: In twenty ten, people across the country knew that there

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Speaker 8: was a giant problem. Unfortunately, that didn't get the job done.

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Speaker 8: It wasn't until twenty sixteen, as Trump was coming in

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Speaker 8: that you could have some light at the end of

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Speaker 8: the tunnel of what was going to be done. But

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Speaker 8: even now we're facing people, you know, across the government.

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Speaker 8: People are trying to have a resistance to the change

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Speaker 8: that's needed.

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Speaker 3: It's still the global.

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Speaker 8: Order is dominant. The elites are dominant, and that's what

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Speaker 8: you're talking about in twenty eighteen, twenty nineteen, that it

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Speaker 8: just wasn't working, and China knows what it's doing. It's

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Speaker 8: delaying and delaying.

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Speaker 9: Okay, hang on.

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Speaker 7: You're one of the best experts in the world in

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Speaker 7: international finance, and certainly in the mega movement in the

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Speaker 7: Trump circles.

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Speaker 3: You're in the top handful.

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Speaker 7: When I gave this talk at the Summer four World

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Speaker 7: Economic Summit in DC. Now they're trying to make that

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Speaker 7: like the Davos of DC had all these international financiers

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Speaker 7: and we talked about Trump's reordering of the commercial aspects

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Speaker 7: of a getoff mercantilist systems and let's get back to

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Speaker 7: at least a fair trade system. And I said, when

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Speaker 7: people talk to me about this, says also it can happen.

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Speaker 7: I said, give me the plan we have now is

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Speaker 7: not sustainable.

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Speaker 3: Do you agree with that?

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Speaker 7: I mean the plan we have of spending seven trillion dollars,

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Speaker 7: of raising taxes of four and a half or five

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Speaker 7: of having two trillion dollars a year in deficits. That's

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Speaker 7: God Besson has to finance that debt's running out of control.

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Speaker 7: Interest is over almost one point five train dollars. The

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Speaker 7: raw interest we pay one point four trallin dollars. This

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Speaker 7: system is not sustainable for US as a business model.

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Speaker 3: I agree, absolutely right, and the world sees that.

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Speaker 8: Our small businesses across the US know that it's absolutely

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Speaker 8: not working. The bigger companies get the capital and they

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Speaker 8: snarf up the innovation, and so there's a lack of

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Speaker 8: dynamism even in the US. But it's I got to

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Speaker 8: tell you, it's worse in other parts of the world.

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Speaker 8: The HOLMS is less dynamism, less dynamism. The IMF just

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Speaker 8: it is. I'm not an IMF fan, you know. I've

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Speaker 8: written all about removed the shackles of the IMF from

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Speaker 8: the poor countries where they run austerity programs. But they

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Speaker 8: put out their numbers this week. There's this big shind

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Speaker 8: again Washington. You know, the people from all over the

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Speaker 8: world coming in to see how much money they can

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Speaker 8: make from the system. And there's that one.

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Speaker 7: Is because we picked up best in Speech Live when

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Speaker 7: was reading them right act.

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Speaker 3: Why is that.

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Speaker 7: IMF, World Bank kind of joint meeting or whatever. Why

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Speaker 7: is it so big? It's because it's the annual meetings.

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Speaker 7: But the money is flowing constantly from it. So best

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Speaker 7: in trying to stand up in front of a hurricane

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Speaker 7: of spending and say, hey, we've got to try to

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Speaker 7: downsize and think about your mission. But what's going on

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Speaker 7: under the surface across Washington is how do we get

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Speaker 7: more money.

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Speaker 8: Out of taxpayers and out of the system. They want

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Speaker 8: the appropriations from the US to continue, they want a

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Speaker 8: new capital increases and above all they're doing credit guarantees

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Speaker 8: across the board, and so it's in effect nationalizing the

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Speaker 8: losses of particularly of China. So you know China's len

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Speaker 8: All this money never takes a loss and it gets

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Speaker 8: in the end guaranteed by the international system.

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Speaker 7: Walkers to that the one belt, one word, the predatory

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Speaker 7: capitalism kind of what we call the British East India

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Speaker 7: Company in reverse, all the predatory loans that they're making.

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Speaker 7: You're telling me that the IMF and World and other

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Speaker 7: institutions supported by American taxpayers support there basically give them

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Speaker 7: loan guarantees.

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Speaker 8: Yeah, so look what happened in Argentina. Here's this bailout.

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Speaker 8: The first one paid off is all of China's loans

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Speaker 8: to Argentina. But that's going on as a system, meaning

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Speaker 8: in Zambia, China gets the mind plus it gets all

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Speaker 8: its loans repaid with interest, and so it's been very

439
00:23:29,200 --> 00:23:30,000
Speaker 8: profitable for.

440
00:23:30,040 --> 00:23:33,719
Speaker 7: Again, the project itself or the Zambian government can't do it,

441
00:23:34,040 --> 00:23:37,240
Speaker 7: so the loan guarantees, essentially US taxpayers doing it correct.

442
00:23:37,320 --> 00:23:40,320
Speaker 8: And now what they're doing is in order to get

443
00:23:40,440 --> 00:23:46,080
Speaker 8: China away, they pay them off with loan guarantees and

444
00:23:46,160 --> 00:23:52,800
Speaker 8: so that in effect internationalizes or multilateralizes the debt system.

445
00:23:53,000 --> 00:23:56,359
Speaker 8: So China looks at the whole world system and says,

446
00:23:56,480 --> 00:23:59,399
Speaker 8: this is a great global order. We've got to protect it.

447
00:23:59,480 --> 00:24:01,359
Speaker 8: They do that in the G twenty where they're a

448
00:24:01,400 --> 00:24:04,600
Speaker 8: dominant player. One thing I'm hoping is that the US

449
00:24:05,119 --> 00:24:07,679
Speaker 8: ends the G twenty after next year hosting it.

450
00:24:07,760 --> 00:24:10,720
Speaker 3: You know, oh you want to end I think.

451
00:24:10,520 --> 00:24:11,320
Speaker 9: We should end it.

452
00:24:11,320 --> 00:24:16,199
Speaker 8: It doesn't work because it, like the WTO is the

453
00:24:16,320 --> 00:24:20,760
Speaker 8: World Trade Organization, is a consensus process where you're expecting

454
00:24:20,880 --> 00:24:26,280
Speaker 8: all you've diluted, fully diluted the US stature and status

455
00:24:26,640 --> 00:24:29,600
Speaker 8: by saying we're going to have one vote. Each country

456
00:24:29,640 --> 00:24:31,720
Speaker 8: has a vote, and in the G twenty that means

457
00:24:31,800 --> 00:24:32,320
Speaker 8: China and.

458
00:24:32,320 --> 00:24:34,040
Speaker 9: Russia and Argentina and.

459
00:24:34,080 --> 00:24:37,879
Speaker 8: South Africa have equal and Brazil have equal votes to

460
00:24:37,960 --> 00:24:41,080
Speaker 8: the US, which doesn't work at all as a global system.

461
00:24:41,680 --> 00:24:44,760
Speaker 7: So where do you think we stand now in the

462
00:24:44,800 --> 00:24:47,240
Speaker 7: reordering of this so that works for not just the

463
00:24:47,240 --> 00:24:51,879
Speaker 7: country America, but America American American citizens. Where do you

464
00:24:51,920 --> 00:24:54,639
Speaker 7: think we stay this whole negotiation, the reordering to an

465
00:24:54,800 --> 00:24:55,800
Speaker 7: order that works for us.

466
00:24:56,520 --> 00:24:58,240
Speaker 9: Here's the challenge, and you named it.

467
00:24:59,240 --> 00:25:02,040
Speaker 8: The amount of debt and the unsustainability of the US

468
00:25:02,160 --> 00:25:04,679
Speaker 8: government spending is really hard to stop.

469
00:25:04,880 --> 00:25:07,000
Speaker 3: So you've got I call it an upheaval.

470
00:25:07,320 --> 00:25:10,760
Speaker 8: And that's what I wrote for Trump in September of

471
00:25:10,840 --> 00:25:14,840
Speaker 8: twenty sixteen. I walked that we need to recognize the

472
00:25:14,880 --> 00:25:18,040
Speaker 8: positive side of having a full upheaval. That means of

473
00:25:18,119 --> 00:25:21,359
Speaker 8: the federal reserve, of the trade system, of course, but

474
00:25:21,680 --> 00:25:25,119
Speaker 8: downsizing each part of the US government, whether it's the

475
00:25:25,280 --> 00:25:29,840
Speaker 8: education or the housing or the EPA, and its overreach

476
00:25:29,920 --> 00:25:33,680
Speaker 8: of regulations. So that's all ongoing bad. As you can see,

477
00:25:33,720 --> 00:25:38,200
Speaker 8: the resist movement is so strong.

478
00:25:38,400 --> 00:25:41,760
Speaker 7: I mean the Washington consensus, institutional resist move because they

479
00:25:41,760 --> 00:25:44,679
Speaker 7: get the grade. They just the top nineteen families just

480
00:25:44,800 --> 00:25:47,200
Speaker 7: created or just got tree and dollars of wealth in

481
00:25:48,080 --> 00:25:51,440
Speaker 7: the last like since since the beginning of the year.

482
00:25:51,480 --> 00:25:54,560
Speaker 7: So the system works for them. They benefit and they

483
00:25:54,640 --> 00:25:55,480
Speaker 7: use litigation.

484
00:25:55,800 --> 00:25:59,520
Speaker 8: And Washington right now today is getting rich on the

485
00:25:59,560 --> 00:26:03,080
Speaker 8: fight it's going on to try to downside. Some people say, well,

486
00:26:03,119 --> 00:26:05,720
Speaker 8: you can make a lot of money by upsizing, like

487
00:26:05,840 --> 00:26:08,560
Speaker 8: all the public money that's going to universities, you make

488
00:26:08,680 --> 00:26:12,480
Speaker 8: huge amounts. Washington is the lobbyists that get the appropriation,

489
00:26:12,800 --> 00:26:15,320
Speaker 8: but then you make just as much money trying to

490
00:26:15,359 --> 00:26:17,280
Speaker 8: resist it on the downside.

491
00:26:17,400 --> 00:26:21,600
Speaker 7: And that's David Mountains from Ahead of the World Bank

492
00:26:21,720 --> 00:26:24,920
Speaker 7: and Undersecretary of International Finance in the.

493
00:26:24,840 --> 00:26:26,480
Speaker 3: First Trump term.

494
00:26:27,080 --> 00:26:30,280
Speaker 7: Take your phone out text Bannon b A N N

495
00:26:30,320 --> 00:26:32,359
Speaker 7: O N nine eight nine eight nine eight Birch Gold

496
00:26:32,880 --> 00:26:36,320
Speaker 7: The Ultimate Guide, totally free, Ultimate Guide to investing in

497
00:26:36,359 --> 00:26:39,679
Speaker 7: gold and Precious medals eraon Trump. Remember it's not the

498
00:26:39,720 --> 00:26:43,359
Speaker 7: price of gold, it's the process. How wise gold been

499
00:26:43,359 --> 00:26:45,840
Speaker 7: ahead for four thousand, five thousand years of main kindser

500
00:26:46,000 --> 00:26:49,160
Speaker 7: short commercial break back to Kansas City, Missouri.

501
00:26:49,040 --> 00:26:49,200
Speaker 8: Just.

502
00:26:59,160 --> 00:26:59,680
Speaker 3: Embassy.

503
00:27:00,480 --> 00:27:03,159
Speaker 4: They are not having any talks on tariffs and that

504
00:27:03,280 --> 00:27:08,000
Speaker 4: the US should stop creating confusion. Now, just a bit

505
00:27:08,000 --> 00:27:10,840
Speaker 4: of a reminder. This Time magazine piece came out literally

506
00:27:10,840 --> 00:27:13,440
Speaker 4: at six am this morning. It was an interview with

507
00:27:13,480 --> 00:27:17,200
Speaker 4: President Trump. That interview, though, took place apparently on Tuesday.

508
00:27:17,280 --> 00:27:19,760
Speaker 4: So here we are on Friday. It's been a roller

509
00:27:19,760 --> 00:27:21,439
Speaker 4: coaster of a week, and so many different things have

510
00:27:21,480 --> 00:27:24,479
Speaker 4: been said, both by the President and his Treasury Secretary

511
00:27:24,520 --> 00:27:27,440
Speaker 4: Scott Desson and others. But the one thing that has

512
00:27:27,480 --> 00:27:30,640
Speaker 4: been consistent thus far is the China, at least publicly

513
00:27:30,680 --> 00:27:33,639
Speaker 4: has said that there have been no talks whatsoever. And

514
00:27:33,680 --> 00:27:35,840
Speaker 4: of course there's also the IMF meetings.

515
00:27:38,080 --> 00:27:40,640
Speaker 3: Okay, that's andrew 'sarkin. You know him very well.

516
00:27:41,000 --> 00:27:46,080
Speaker 7: Squakbox. Here's the international incident that's come up. President Trump

517
00:27:46,160 --> 00:27:48,400
Speaker 7: gave the Time magazine interview Tuesday.

518
00:27:48,480 --> 00:27:51,080
Speaker 3: It's all over. It came out today this morning, six am.

519
00:27:51,560 --> 00:27:54,920
Speaker 7: He says in there they're having conversations, and I think

520
00:27:54,960 --> 00:27:57,840
Speaker 7: he says, she picked up the phone and calling, and

521
00:27:57,880 --> 00:28:00,399
Speaker 7: the Chinese are out and you've negotiated. Coming out of

522
00:28:00,400 --> 00:28:02,720
Speaker 7: saying there's no talks. We're not talking to Best and

523
00:28:02,840 --> 00:28:04,680
Speaker 7: we're not talking to Trump. We're not talking to anybody

524
00:28:04,720 --> 00:28:10,080
Speaker 7: in the foreign devils are trying to sow confusion your thoughts.

525
00:28:11,400 --> 00:28:14,080
Speaker 8: Confusion and uncertainty is part of the system. And to

526
00:28:14,119 --> 00:28:15,760
Speaker 8: get to an answer, you have to kind of break

527
00:28:15,800 --> 00:28:18,400
Speaker 8: the system that we're in, which is that people talk

528
00:28:18,520 --> 00:28:21,560
Speaker 8: quietly to each other and get nothing done. And so

529
00:28:21,600 --> 00:28:24,000
Speaker 8: Trump's doing it publicly and saying we're going to get

530
00:28:24,080 --> 00:28:27,960
Speaker 8: this done with deadlines. And so the question to me is,

531
00:28:28,160 --> 00:28:31,879
Speaker 8: if you've got the trading system broken, what can you

532
00:28:32,000 --> 00:28:34,120
Speaker 8: get out of it country by country? And I think

533
00:28:34,160 --> 00:28:36,560
Speaker 8: that's what's going on on the table right now. They're

534
00:28:36,560 --> 00:28:39,719
Speaker 8: supposed to come forward with proposals to get out of

535
00:28:39,760 --> 00:28:43,280
Speaker 8: the out of to get back into the US market.

536
00:28:44,320 --> 00:28:45,160
Speaker 9: You've done this before.

537
00:28:45,200 --> 00:28:49,240
Speaker 7: This is tuesdays, the day President Trump gave the interview.

538
00:28:49,320 --> 00:28:52,440
Speaker 7: We've referred this a number of times. The Financial Times

539
00:28:52,440 --> 00:28:54,400
Speaker 7: from the other day, as you know, have held this up.

540
00:28:54,520 --> 00:28:58,920
Speaker 7: Beijing warns of retaliation against nations doing US deals. Part

541
00:28:58,920 --> 00:29:01,720
Speaker 7: of the deals are going to have embedded in there

542
00:29:02,160 --> 00:29:04,720
Speaker 7: that we're kind of your lead trading partner, and you

543
00:29:04,760 --> 00:29:07,520
Speaker 7: know you'll make special accommodations with US, and we'll make

544
00:29:07,520 --> 00:29:10,920
Speaker 7: special accommodations with you. Beijing is let know, particularly the

545
00:29:10,920 --> 00:29:15,719
Speaker 7: East Asian countries in India, you know, Japan, Korea, Taiwan, Philippines,

546
00:29:15,800 --> 00:29:20,040
Speaker 7: Vietnam and India. Uh, you know, no bueno, right, So

547
00:29:20,280 --> 00:29:20,920
Speaker 7: your thoughts.

548
00:29:22,080 --> 00:29:26,600
Speaker 8: Beijing has lots of influence in countries, you know, ambassadors

549
00:29:26,640 --> 00:29:30,440
Speaker 8: that are fully inserted into the countries. The mainstream media

550
00:29:30,640 --> 00:29:33,640
Speaker 8: really likes that because they can play up the China

551
00:29:33,720 --> 00:29:34,120
Speaker 8: side of it.

552
00:29:34,200 --> 00:29:36,959
Speaker 9: And it's very anti Trump and it's in its nature.

553
00:29:37,200 --> 00:29:41,240
Speaker 8: But what's happening kind of in the in the bureaucracy

554
00:29:41,280 --> 00:29:44,360
Speaker 8: of the world is they're trying to Trump proof and

555
00:29:44,440 --> 00:29:45,400
Speaker 8: so that goes.

556
00:29:45,360 --> 00:29:46,400
Speaker 3: What do you mean Trump? What do you mean?

557
00:29:46,400 --> 00:29:49,160
Speaker 7: Trump Proof means we see, we see how the Democrats

558
00:29:49,240 --> 00:29:49,720
Speaker 7: try to do it.

559
00:29:49,800 --> 00:29:51,600
Speaker 3: We see how they're trying to do it here, how

560
00:29:51,640 --> 00:29:52,800
Speaker 3: they try to do it us the world.

561
00:29:52,920 --> 00:29:55,960
Speaker 8: You move the money from where it can be clawed

562
00:29:56,040 --> 00:29:58,440
Speaker 8: backed by the US to where it can't be clawed

563
00:29:58,480 --> 00:29:58,960
Speaker 8: back by.

564
00:29:58,880 --> 00:29:59,840
Speaker 3: The walk US through that.

565
00:30:00,000 --> 00:30:01,800
Speaker 7: So these guys are wroun when they see Trump coming

566
00:30:01,800 --> 00:30:05,680
Speaker 7: to power. It's let's make sure we're beyond Trump's reach

567
00:30:05,720 --> 00:30:08,719
Speaker 7: as far as sanctions go, as far as a swift system.

568
00:30:08,880 --> 00:30:11,880
Speaker 8: That's right, And you know, the Biden people know exact

569
00:30:12,000 --> 00:30:13,320
Speaker 8: knew exactly how.

570
00:30:13,160 --> 00:30:15,440
Speaker 9: To do that. They've done that in the Obama.

571
00:30:15,080 --> 00:30:17,400
Speaker 8: And it was same people doing the same thing, which

572
00:30:17,440 --> 00:30:19,840
Speaker 8: is you set up trust funds, move the money into

573
00:30:19,880 --> 00:30:22,360
Speaker 8: the trust fund, and write the governance rules of the

574
00:30:22,400 --> 00:30:24,760
Speaker 8: trust fund so that the US can't get the money,

575
00:30:25,040 --> 00:30:27,400
Speaker 8: so that Trump can't get the money back. But that's

576
00:30:27,400 --> 00:30:29,920
Speaker 8: going on even now. You know who was out did

577
00:30:29,960 --> 00:30:32,720
Speaker 8: you see them saying they're downsizing and then you read

578
00:30:32,720 --> 00:30:35,440
Speaker 8: the fine print it says from seventy six departments to

579
00:30:35,600 --> 00:30:40,080
Speaker 8: thirty four departments. So here you've got this organization in Geneva,

580
00:30:40,080 --> 00:30:42,240
Speaker 8: a very high priced part of the week.

581
00:30:42,160 --> 00:30:45,560
Speaker 7: That we've pulled out of and not for done a year,

582
00:30:45,560 --> 00:30:47,720
Speaker 7: and the CCP essentially runs.

583
00:30:47,840 --> 00:30:51,520
Speaker 8: But they already took all the US money and so

584
00:30:51,560 --> 00:30:54,600
Speaker 8: they've got some in the bank and then they're saying, well,

585
00:30:54,600 --> 00:30:56,800
Speaker 8: we're going to downsize and eat buy and China will

586
00:30:56,840 --> 00:30:59,640
Speaker 8: step up and keep it going. And so that's going

587
00:30:59,640 --> 00:31:03,719
Speaker 8: on in the United Nations and huge problem the you know,

588
00:31:03,760 --> 00:31:07,320
Speaker 8: the organizations have spread across the whole world and they're

589
00:31:07,320 --> 00:31:10,400
Speaker 8: deeply embedded, and so in order to do the work

590
00:31:10,920 --> 00:31:14,920
Speaker 8: to right size, to downsize and make it in the

591
00:31:15,080 --> 00:31:19,440
Speaker 8: US national interest is going to going to be really hard.

592
00:31:19,600 --> 00:31:24,080
Speaker 8: That's the point I was making, or that we were

593
00:31:24,240 --> 00:31:28,880
Speaker 8: just doing, is on trade, the customs line items, and

594
00:31:29,000 --> 00:31:31,680
Speaker 8: China's going to play this game. They're going through the

595
00:31:33,280 --> 00:31:36,440
Speaker 8: types of products and they match it up with districts

596
00:31:36,480 --> 00:31:39,880
Speaker 8: in the US. They advertise that they're chopping off a

597
00:31:39,920 --> 00:31:42,840
Speaker 8: given congressman, and then they come back and tell them

598
00:31:42,880 --> 00:31:46,880
Speaker 8: exactly what happened to them. Your favorite donors just got screwed,

599
00:31:47,000 --> 00:31:51,240
Speaker 8: and so it will be you know, full out battles.

600
00:31:50,840 --> 00:31:52,920
Speaker 3: Micro targeting, economic warfare.

601
00:31:52,960 --> 00:31:55,600
Speaker 8: That's right, and their masters, they've got big data, they

602
00:31:55,640 --> 00:31:57,200
Speaker 8: know how to do it, and they went through it

603
00:31:57,240 --> 00:31:59,880
Speaker 8: in twenty seventeen. So one problem is they're going to

604
00:31:59,880 --> 00:32:05,640
Speaker 8: be even harsher. This is against the background of their

605
00:32:05,760 --> 00:32:09,080
Speaker 8: predatory industrial policy. So you know, this is not a

606
00:32:09,120 --> 00:32:12,520
Speaker 8: small problem for economics. How do you run a world

607
00:32:12,840 --> 00:32:16,840
Speaker 8: when the second biggest economy has a super predatory industrial

608
00:32:16,880 --> 00:32:20,240
Speaker 8: policy where their goal is to produce every product and

609
00:32:20,360 --> 00:32:22,680
Speaker 8: drive you out of the market through economy of scale.

610
00:32:23,160 --> 00:32:24,280
Speaker 3: Let's go through that for a second.

611
00:32:24,280 --> 00:32:26,840
Speaker 7: When you meet predatory industrial policy, because the Germans, some

612
00:32:26,880 --> 00:32:29,959
Speaker 7: of the guys that were big talk understand now like

613
00:32:30,000 --> 00:32:32,880
Speaker 7: in the midtle was it the middle those middle companies

614
00:32:32,880 --> 00:32:35,480
Speaker 7: that were the pride and joy of precision tooling of Germany.

615
00:32:35,960 --> 00:32:38,920
Speaker 7: Now the Germans understand what the industrial policy of China

616
00:32:38,960 --> 00:32:39,360
Speaker 7: really is.

617
00:32:39,880 --> 00:32:41,760
Speaker 9: That's right now that FT article.

618
00:32:41,840 --> 00:32:44,320
Speaker 8: You know, one big problem is Europe is going to

619
00:32:44,320 --> 00:32:47,720
Speaker 8: be divided in terms of whether they want to well

620
00:32:47,760 --> 00:32:48,360
Speaker 8: the EU.

621
00:32:48,160 --> 00:32:49,920
Speaker 7: Said last night when I walked in the stage right

622
00:32:49,920 --> 00:32:52,200
Speaker 7: for the stage, they put in a statement, they said, hey,

623
00:32:52,240 --> 00:32:55,000
Speaker 7: if you want us to be part of this, to

624
00:32:55,080 --> 00:32:57,120
Speaker 7: decouple from China, it's not going to happen.

625
00:32:57,800 --> 00:33:00,680
Speaker 8: Remember the weak needs. So I remember one Macron it

626
00:33:00,720 --> 00:33:03,200
Speaker 8: was in the same spot in the same newspaper in

627
00:33:03,280 --> 00:33:05,920
Speaker 8: twenty nineteen when he'd gone to China thinking he was

628
00:33:05,960 --> 00:33:08,160
Speaker 8: going to get a deal, came back said I didn't

629
00:33:08,200 --> 00:33:10,280
Speaker 8: really get a deal, so I'm mad at China. It

630
00:33:10,280 --> 00:33:12,880
Speaker 8: was a big headline across Europe and then they backed

631
00:33:12,880 --> 00:33:16,640
Speaker 8: off completely because they can't. They're not in a position

632
00:33:16,760 --> 00:33:20,280
Speaker 8: to decouple. But to your German points, France is not

633
00:33:20,440 --> 00:33:23,480
Speaker 8: well and Germany is. You know what they've been doing

634
00:33:23,520 --> 00:33:27,200
Speaker 8: because their energy prices are so high, because I mean,

635
00:33:27,240 --> 00:33:30,400
Speaker 8: think how many huge mistakes they made. They became dependent

636
00:33:30,440 --> 00:33:34,840
Speaker 8: on Soviet on Russian oil, first Soviet oil and then

637
00:33:34,920 --> 00:33:38,800
Speaker 8: Russian gas. And they closed their nuclear power plants, so

638
00:33:38,880 --> 00:33:39,840
Speaker 8: their energy cost go.

639
00:33:39,960 --> 00:33:44,040
Speaker 7: Sky high, decarbonized as industrial power. They essentially de industrialized

640
00:33:44,040 --> 00:33:47,080
Speaker 7: by by buying into the cult of decarbonization.

641
00:33:47,240 --> 00:33:50,000
Speaker 8: And so exactly where did their factories go. They went

642
00:33:50,040 --> 00:33:53,520
Speaker 8: to China because they burned coal. They imported from Australia,

643
00:33:53,560 --> 00:33:55,600
Speaker 8: burn coal to make the electricity, and they make the

644
00:33:55,680 --> 00:33:58,480
Speaker 8: chemicals for the world. It's a market that Germany used

645
00:33:58,480 --> 00:34:00,960
Speaker 8: to have, so as German and he looks at it now.

646
00:34:01,000 --> 00:34:06,640
Speaker 8: What's happened on intellectual property is China systematically looked at

647
00:34:06,680 --> 00:34:10,200
Speaker 8: the smaller businesses that they needed from Germany, the ones

648
00:34:10,239 --> 00:34:13,400
Speaker 8: that make machine tools, for example, figured out how they

649
00:34:13,440 --> 00:34:16,600
Speaker 8: could copy that in China, take the IP and then

650
00:34:16,640 --> 00:34:19,400
Speaker 8: do it in China, and so then they undercut the market.

651
00:34:19,440 --> 00:34:24,279
Speaker 8: So Germany is now standing really harmed by this, and

652
00:34:24,360 --> 00:34:27,319
Speaker 8: it's going to take work. That's the I think we've

653
00:34:27,320 --> 00:34:34,400
Speaker 8: got years of battle to really flatten the to really.

654
00:34:35,640 --> 00:34:36,920
Speaker 9: Make a level playing field.

655
00:34:37,200 --> 00:34:38,680
Speaker 3: Go back to give. And this is what I was

656
00:34:38,680 --> 00:34:39,560
Speaker 3: trying to say last night.

657
00:34:40,040 --> 00:34:44,440
Speaker 7: Given the decades that our decision makers have made horrible decisions.

658
00:34:44,760 --> 00:34:47,319
Speaker 7: It's narrowed the range of alternatives that we have, and

659
00:34:47,360 --> 00:34:49,440
Speaker 7: we don't have any easy alternative. That's what I was

660
00:34:49,440 --> 00:34:52,640
Speaker 7: trying to say last night, the converging crises. Here are

661
00:34:52,760 --> 00:34:55,520
Speaker 7: multiple crises, and on none of them do we have

662
00:34:55,600 --> 00:34:58,120
Speaker 7: easy alternatives. And that's going to lead to a special

663
00:34:58,200 --> 00:35:01,160
Speaker 7: group of If your hardened in your tough, you're going

664
00:35:01,200 --> 00:35:04,160
Speaker 7: to ability to make our decisions and live by them.

665
00:35:04,480 --> 00:35:06,800
Speaker 3: You'll get through this. If you're not, you're going to

666
00:35:06,840 --> 00:35:07,480
Speaker 3: lose the country.

667
00:35:07,760 --> 00:35:10,560
Speaker 8: That's right, But I think that means that we have

668
00:35:10,600 --> 00:35:13,000
Speaker 8: to focus on the things that we have to have first,

669
00:35:13,680 --> 00:35:17,520
Speaker 8: and so that means decisions by the president on which

670
00:35:17,680 --> 00:35:21,200
Speaker 8: industries can be brought back and then which ones can

671
00:35:21,280 --> 00:35:24,479
Speaker 8: stockpile and be prepared over the long run to really

672
00:35:24,480 --> 00:35:25,359
Speaker 8: get the job done.

673
00:35:25,560 --> 00:35:28,160
Speaker 3: You're saying triage it now. I think it has to be.

674
00:35:28,320 --> 00:35:32,279
Speaker 7: There's been a natural tendency to hate the concept of

675
00:35:32,320 --> 00:35:35,680
Speaker 7: industrial policy in the United States, although we do have

676
00:35:35,719 --> 00:35:39,520
Speaker 7: industrial policy by our tax structure, right, essentially, are you

677
00:35:39,640 --> 00:35:42,120
Speaker 7: saying we have more of an industrial policy that we

678
00:35:42,200 --> 00:35:43,839
Speaker 7: have to think strategically about this.

679
00:35:44,080 --> 00:35:45,960
Speaker 9: I think we have to match the world.

680
00:35:45,960 --> 00:35:49,759
Speaker 8: There's a little bit of reflexivity or of reciprocity in

681
00:35:49,800 --> 00:35:54,480
Speaker 8: that if they're doing it. But Reagan I worked hard

682
00:35:54,480 --> 00:35:57,560
Speaker 8: on this in the Reagan administration. He made the distinction

683
00:35:58,000 --> 00:36:03,120
Speaker 8: between industrial policy that would protect fat US corporations and

684
00:36:03,160 --> 00:36:06,800
Speaker 8: I'll name two. I'll name one because one still exists.

685
00:36:06,800 --> 00:36:10,480
Speaker 8: But Kodak, remember was the biggest lobbyist. Instead of inventing

686
00:36:10,560 --> 00:36:13,399
Speaker 8: new cameras, they were lobbying in d C. He said no,

687
00:36:13,880 --> 00:36:17,040
Speaker 8: but he took on the Japanese on autos and that

688
00:36:17,360 --> 00:36:20,919
Speaker 8: really changed the industry. So there was some decision making,

689
00:36:20,960 --> 00:36:23,640
Speaker 8: I mean very important decision making. Same thing in the

690
00:36:23,640 --> 00:36:24,360
Speaker 8: defense area.

691
00:36:24,440 --> 00:36:25,279
Speaker 9: You know the name.

692
00:36:25,280 --> 00:36:27,520
Speaker 3: It wasn't US Steelers, No, it was not.

693
00:36:30,280 --> 00:36:33,000
Speaker 8: I don't want to say, what about the defactive lobbying

694
00:36:33,040 --> 00:36:35,000
Speaker 8: in DC today for more protection?

695
00:36:35,239 --> 00:36:38,480
Speaker 7: What about what about the defense industry. It's one of

696
00:36:38,520 --> 00:36:41,120
Speaker 7: the things I've been all over is that we just can't.

697
00:36:41,160 --> 00:36:44,719
Speaker 7: It's it's obscene to me to have the EU come

698
00:36:44,760 --> 00:36:46,879
Speaker 7: out and make a statement that they're not they can't

699
00:36:46,920 --> 00:36:50,160
Speaker 7: consider decoupling, and their deal is going to reflect that.

700
00:36:50,960 --> 00:36:53,160
Speaker 7: At the same time, we have two carrier battle groups

701
00:36:53,239 --> 00:36:54,359
Speaker 7: at the mouth of the Red Sea.

702
00:36:54,920 --> 00:36:56,440
Speaker 3: One is for the Hooties and the whole.

703
00:36:56,360 --> 00:36:58,960
Speaker 7: Persian and Arabian and Israeli, but the others that keep

704
00:36:59,360 --> 00:37:02,320
Speaker 7: the canal open for trade to Europe.

705
00:37:02,440 --> 00:37:05,200
Speaker 3: And they've got a role navy.

706
00:37:05,239 --> 00:37:08,240
Speaker 7: Forget a French corvette and an Italian destroyan.

707
00:37:08,320 --> 00:37:09,840
Speaker 3: That's all they've given to the effort.

708
00:37:10,360 --> 00:37:13,320
Speaker 9: They you know, really depended on the US.

709
00:37:13,400 --> 00:37:15,880
Speaker 8: Now that we should be very proud of being Americans,

710
00:37:15,880 --> 00:37:19,640
Speaker 8: and everybody listening, I hope will be proud of that.

711
00:37:19,800 --> 00:37:23,840
Speaker 8: Because the US has a strong economy, a strong military,

712
00:37:24,120 --> 00:37:28,440
Speaker 8: and can do the job for itself. We can protect ourselves.

713
00:37:28,760 --> 00:37:31,120
Speaker 8: But what we have to do is get changes in Europe.

714
00:37:31,160 --> 00:37:35,560
Speaker 8: Obviously they're they're really flabby, and so that's got to

715
00:37:35,600 --> 00:37:39,600
Speaker 8: be got to be turned around. On defense, though, we're

716
00:37:39,600 --> 00:37:41,920
Speaker 8: in Kansas City right now, I've met a lot of

717
00:37:43,320 --> 00:37:46,640
Speaker 8: current military and ex military people and they are so

718
00:37:46,800 --> 00:37:50,880
Speaker 8: proud of America, but they no one voices support for

719
00:37:50,920 --> 00:37:52,160
Speaker 8: a trillion dollar defense.

720
00:37:52,200 --> 00:37:54,840
Speaker 3: But I'm a vecher to nobody, nobody who realized it.

721
00:37:55,800 --> 00:37:56,920
Speaker 9: Yeah, we're out of control.

722
00:37:57,200 --> 00:37:59,600
Speaker 3: So then that gets to the choices somebody, and these

723
00:37:59,600 --> 00:38:01,880
Speaker 3: are paid, These are people that are prey, the hardest

724
00:38:01,880 --> 00:38:02,480
Speaker 3: core patriot.

725
00:38:02,560 --> 00:38:05,960
Speaker 8: They want the Defense Department to make choices of do

726
00:38:06,000 --> 00:38:08,200
Speaker 8: we need every kind of ship and do we have

727
00:38:08,280 --> 00:38:13,320
Speaker 8: to make them? Can't we use shipbuilding industry outside because

728
00:38:13,320 --> 00:38:15,879
Speaker 8: we need them fast, we need cheap, but we don't

729
00:38:15,880 --> 00:38:20,360
Speaker 8: need all these fanciest missiles. We need to have electronics there.

730
00:38:20,280 --> 00:38:23,880
Speaker 7: What about But the basic point, Look, you were the

731
00:38:24,120 --> 00:38:26,840
Speaker 7: treasure International Finance, so this would come under your at

732
00:38:26,880 --> 00:38:31,080
Speaker 7: least strategic overview essentially what President Trump is saying in

733
00:38:31,120 --> 00:38:33,959
Speaker 7: this hemispheric defense. And the reason one of the reasons

734
00:38:33,960 --> 00:38:36,440
Speaker 7: we've got James Polk is the tiny magazine tell us

735
00:38:36,520 --> 00:38:38,680
Speaker 7: up on one of the portraits on the wall, is

736
00:38:38,680 --> 00:38:41,920
Speaker 7: that from Greenland to the Panama Canal, and obviously Brazil's

737
00:38:41,960 --> 00:38:44,240
Speaker 7: gotta be taking care of in Argentina, in Latin America

738
00:38:44,280 --> 00:38:47,759
Speaker 7: and South America, but from Panama Canal to Greenland, it's

739
00:38:47,800 --> 00:38:52,239
Speaker 7: a naval strategy. You take the vast potentral Pacific, you

740
00:38:52,360 --> 00:38:56,240
Speaker 7: do the three island chains, of which Pete went to Hawaii, Guam,

741
00:38:56,960 --> 00:39:00,560
Speaker 7: the Philippines in order that's the from the Artic.

742
00:39:00,600 --> 00:39:02,279
Speaker 3: You're going to have to get involved in the Artic,

743
00:39:02,400 --> 00:39:03,640
Speaker 3: right because a great power struggle.

744
00:39:03,680 --> 00:39:05,359
Speaker 7: But I think it's one of the reasons Canada could

745
00:39:05,440 --> 00:39:08,719
Speaker 7: end up being like Ukraine with China taking a bite

746
00:39:08,800 --> 00:39:11,400
Speaker 7: out of their territorial integrity up there. You do that,

747
00:39:12,320 --> 00:39:14,879
Speaker 7: you totally reset the military all of a sudden, you're

748
00:39:14,920 --> 00:39:18,000
Speaker 7: not worried that much about the Eurasian land mass, and

749
00:39:18,160 --> 00:39:21,520
Speaker 7: you have an expeditionary force of marines and army and

750
00:39:21,600 --> 00:39:24,320
Speaker 7: navy that could that could, that can go anywhere.

751
00:39:24,000 --> 00:39:26,840
Speaker 3: If you if you have a hotspot. Isn't that the

752
00:39:26,880 --> 00:39:27,600
Speaker 3: way you have to have.

753
00:39:27,640 --> 00:39:30,480
Speaker 7: To realign the NDAA has got to be realigned with

754
00:39:30,560 --> 00:39:31,680
Speaker 7: the basic new strategy.

755
00:39:32,480 --> 00:39:36,480
Speaker 8: That's right, that's right geopolitically, and that's maybe a brilliant strategy,

756
00:39:36,560 --> 00:39:39,719
Speaker 8: and we can think Trump is thinking about it that way.

757
00:39:40,040 --> 00:39:41,040
Speaker 9: But here's the problem.

758
00:39:41,280 --> 00:39:45,280
Speaker 8: The Defense Department right now is I think, still Trump

759
00:39:45,400 --> 00:39:49,200
Speaker 8: proofing itself. So they figure out which contracts would be

760
00:39:49,400 --> 00:39:50,600
Speaker 8: non canceled.

761
00:39:50,719 --> 00:39:53,800
Speaker 7: And then we're going to keep you around, David Malpaz

762
00:39:53,880 --> 00:39:54,960
Speaker 7: dropping truth bombs.

763
00:39:55,080 --> 00:39:56,720
Speaker 3: You're on a Trump proofing.

764
00:39:57,080 --> 00:39:59,319
Speaker 7: I love that thing about moving the money around, right,

765
00:39:59,440 --> 00:40:02,799
Speaker 7: Moving the money runs very very very important. I might

766
00:40:02,880 --> 00:40:04,759
Speaker 7: ask you about the bricks movement, and one of the

767
00:40:04,880 --> 00:40:06,759
Speaker 7: things they're saying is we've used the dollar too much.

768
00:40:06,840 --> 00:40:08,959
Speaker 7: Is a weapon, and that's why the Chinese are getting

769
00:40:09,000 --> 00:40:12,480
Speaker 7: a hearing by the bricks. Besides the drop in purchasing

770
00:40:12,520 --> 00:40:14,720
Speaker 7: power of the dollar, also it's been used as a weapon.

771
00:40:15,080 --> 00:40:16,040
Speaker 3: Short commercial break.

772
00:40:16,480 --> 00:40:19,120
Speaker 7: Birch Gol will go to the So for four years

773
00:40:19,160 --> 00:40:21,320
Speaker 7: have been doing this series, The End of the Dollar Empire.

774
00:40:21,480 --> 00:40:23,839
Speaker 7: Go to Birch Gold dot com slash bandon the six

775
00:40:23,960 --> 00:40:28,520
Speaker 7: free installment Modern monetary theory, the idea that broke the world.

776
00:40:28,600 --> 00:40:29,719
Speaker 3: You got to get up to speed on this.

777
00:40:29,880 --> 00:40:32,720
Speaker 7: Remember, if you understand how money works, if you understand

778
00:40:32,760 --> 00:40:35,320
Speaker 7: how capital markets work, you will therefore start to have

779
00:40:35,400 --> 00:40:37,880
Speaker 7: a whole new view of politics because.

780
00:40:37,680 --> 00:40:39,160
Speaker 3: It's all about money and power.

781
00:40:39,520 --> 00:40:44,680
Speaker 7: Short commercial break, David moultpass one more episode, one more

782
00:40:44,719 --> 00:40:45,319
Speaker 7: slot for him.

783
00:40:45,560 --> 00:40:46,760
Speaker 3: Let's be back in a moment.

784
00:40:49,160 --> 00:40:49,759
Speaker 8: For the Lord.

785
00:40:51,719 --> 00:40:59,760
Speaker 3: We will put it God, let's take down. Let's confuse

786
00:41:00,080 --> 00:41:08,960
Speaker 3: who Stephen came back. So let's talk. Let's have your

787
00:41:09,000 --> 00:41:09,480
Speaker 3: other thoughts.

788
00:41:09,480 --> 00:41:11,960
Speaker 7: I want to get on the table of you know,

789
00:41:12,640 --> 00:41:16,279
Speaker 7: the Trump proofing, uh, what the Pentagon is doing to

790
00:41:16,360 --> 00:41:19,280
Speaker 7: Trump proof because we're very upset about the tree and dollars,

791
00:41:19,320 --> 00:41:21,239
Speaker 7: and you're saying they're already thinking ahead of how they

792
00:41:21,400 --> 00:41:25,080
Speaker 7: how they are resistant to the basillas of the Trump

793
00:41:25,200 --> 00:41:28,600
Speaker 7: movement omega that you know, it's.

794
00:41:28,840 --> 00:41:31,520
Speaker 8: Hard to get inside each of these agencies been around

795
00:41:31,560 --> 00:41:34,359
Speaker 8: the government. What they what they know and they're skilled at,

796
00:41:34,520 --> 00:41:36,640
Speaker 8: is the contracts. So if you can lock in the

797
00:41:36,760 --> 00:41:39,440
Speaker 8: contract in a way that it can't be undone, then

798
00:41:39,520 --> 00:41:42,600
Speaker 8: your your money good. And so in the Defense Department,

799
00:41:42,640 --> 00:41:46,040
Speaker 8: one of the problems is the primary contractors are so dominant.

800
00:41:46,360 --> 00:41:47,040
Speaker 9: Uh so they.

801
00:41:48,640 --> 00:41:52,160
Speaker 7: Only five so you got it's like the five families

802
00:41:52,200 --> 00:41:53,760
Speaker 7: of the mafia, right, they run the deal.

803
00:41:53,640 --> 00:41:57,439
Speaker 8: You said last night, oligarchs, and so in that way,

804
00:41:57,600 --> 00:42:00,600
Speaker 8: they can really crowd out anybody else and if they

805
00:42:00,640 --> 00:42:04,239
Speaker 8: can get the contracts to them, then they can protect them.

806
00:42:04,600 --> 00:42:07,320
Speaker 8: So it just makes it hard for the changes to

807
00:42:07,400 --> 00:42:09,200
Speaker 8: be made. And the amounts of money that we're talking

808
00:42:09,239 --> 00:42:12,200
Speaker 8: about are huge. You know, they're they're they're doing they're

809
00:42:12,239 --> 00:42:17,279
Speaker 8: doing ten billion dollars twenty billion dollars on individual contracts

810
00:42:17,560 --> 00:42:20,399
Speaker 8: and so that they're you know, they're moving as fast

811
00:42:20,440 --> 00:42:20,880
Speaker 8: as it can.

812
00:42:21,040 --> 00:42:23,360
Speaker 9: It's you know, in the Senate, think what's going on.

813
00:42:23,520 --> 00:42:28,279
Speaker 8: The resist movement is super strong, which means the time

814
00:42:28,400 --> 00:42:30,919
Speaker 8: on the floor in the Senate to get the appointees

815
00:42:31,080 --> 00:42:32,400
Speaker 8: in just takes.

816
00:42:32,440 --> 00:42:38,000
Speaker 10: Senate confirmation guys, right, yeah, confirmation, the decision slow have

817
00:42:38,080 --> 00:42:40,360
Speaker 10: to come in at the top and make decisions, and

818
00:42:40,440 --> 00:42:44,120
Speaker 10: they slow walk them and and shit, Chuck Schumer, is

819
00:42:44,200 --> 00:42:45,840
Speaker 10: you know a master at how do you how do

820
00:42:45,920 --> 00:42:48,280
Speaker 10: you use up as much time time as possible?

821
00:42:48,520 --> 00:42:50,360
Speaker 8: This is going to be an issue coming back to

822
00:42:50,520 --> 00:42:55,160
Speaker 8: the government spending of how do you get enough resizing

823
00:42:55,440 --> 00:42:58,919
Speaker 8: of the government. You need recisions, but those are hard

824
00:42:58,960 --> 00:43:02,000
Speaker 8: to do because they take floor time. You need executive

825
00:43:02,040 --> 00:43:05,200
Speaker 8: branch authority, which Trump is asserting, and I think that's

826
00:43:05,239 --> 00:43:06,360
Speaker 8: going to be a realment.

827
00:43:07,320 --> 00:43:09,400
Speaker 9: Impoundment has to be looked at, you.

828
00:43:09,440 --> 00:43:11,000
Speaker 8: Know, if you look at and I was on the

829
00:43:11,040 --> 00:43:12,759
Speaker 8: staff at the Center Budget Committee, so I know a

830
00:43:12,800 --> 00:43:13,320
Speaker 8: lot about this.

831
00:43:13,480 --> 00:43:17,239
Speaker 3: In nineteen seventy four, Nixon was at his weak spot and.

832
00:43:19,719 --> 00:43:22,920
Speaker 8: The Democrats put through the Budget Impoundment Act of seventy four,

833
00:43:23,200 --> 00:43:26,880
Speaker 8: which took away the president's power over spending because they

834
00:43:27,000 --> 00:43:29,520
Speaker 8: wanted themselves to be able to spend and get the

835
00:43:29,600 --> 00:43:33,720
Speaker 8: campaign contributions. How is it that members come to Washington

836
00:43:33,800 --> 00:43:35,640
Speaker 8: with no money and then they go out rich. Well

837
00:43:35,920 --> 00:43:42,200
Speaker 8: that it's because they're controlling the and generously providing full

838
00:43:42,239 --> 00:43:45,520
Speaker 8: funding for everybody, and so breaking through that is it

839
00:43:45,640 --> 00:43:47,480
Speaker 8: really takes executive branch authority.

840
00:43:47,760 --> 00:43:49,759
Speaker 9: Can I say on that, I think we need more

841
00:43:49,840 --> 00:43:50,080
Speaker 9: than that.

842
00:43:50,280 --> 00:43:53,320
Speaker 8: The checks and balances are not strong enough in the

843
00:43:53,400 --> 00:43:57,000
Speaker 8: Constitution against the size of government. They in their wisdom

844
00:43:57,360 --> 00:44:00,920
Speaker 8: in the Founding Fathers, they protected the free speech, they

845
00:44:01,000 --> 00:44:05,320
Speaker 8: protected religion, they protected against search, illegal search and seizure

846
00:44:05,400 --> 00:44:06,120
Speaker 8: of citizens.

847
00:44:06,400 --> 00:44:06,520
Speaker 3: UH.

848
00:44:06,640 --> 00:44:09,960
Speaker 8: And these were really powerful, but they didn't realize they

849
00:44:10,080 --> 00:44:13,080
Speaker 8: needed to protect uh and have a real check and

850
00:44:13,160 --> 00:44:16,640
Speaker 8: balance against government getting too big. So we're now in

851
00:44:16,719 --> 00:44:21,719
Speaker 8: a spot where Trump will really have to show new

852
00:44:21,880 --> 00:44:27,719
Speaker 8: procedures because when he'll be gone someday. Uh. And the

853
00:44:27,840 --> 00:44:31,239
Speaker 8: Democrats will come back someday. And their whole idea is

854
00:44:31,280 --> 00:44:33,839
Speaker 8: to have everybody work for the government. That's that would

855
00:44:33,880 --> 00:44:35,839
Speaker 8: be an ideal. They would say, well, that would give

856
00:44:35,880 --> 00:44:37,680
Speaker 8: us a lot of GDP growth because it would be

857
00:44:37,800 --> 00:44:39,920
Speaker 8: very stable. And you say, yeah, where's it going to

858
00:44:39,960 --> 00:44:42,520
Speaker 8: come from debt? Right, So we've got to get back

859
00:44:42,600 --> 00:44:47,160
Speaker 8: to a small business system. We could turn the bricks

860
00:44:47,200 --> 00:44:49,120
Speaker 8: if you want. I've said my peace on that. Oh,

861
00:44:49,320 --> 00:44:50,560
Speaker 8: and they want to do the FED.

862
00:44:50,520 --> 00:44:53,799
Speaker 7: But hang on, let's do let's let's do a couple

863
00:44:53,840 --> 00:44:55,279
Speaker 7: of minutes on bricks. And then we'll do let's do

864
00:44:55,320 --> 00:44:55,959
Speaker 7: the FED first.

865
00:44:56,000 --> 00:44:56,040
Speaker 8: What.

866
00:44:58,360 --> 00:45:00,960
Speaker 3: Yeah, we we are big believer an ending the FED.

867
00:45:01,080 --> 00:45:01,680
Speaker 9: What are your thoughts?

868
00:45:02,000 --> 00:45:05,799
Speaker 8: We have a broken system like trade and how many

869
00:45:05,880 --> 00:45:09,120
Speaker 8: mistakes can the FED make on inflation deflation? And you

870
00:45:09,200 --> 00:45:10,960
Speaker 8: know I've written over and over in the Wall Street

871
00:45:11,000 --> 00:45:13,759
Speaker 8: Journal that they never look back and introspect. Why did

872
00:45:13,840 --> 00:45:15,759
Speaker 8: we make such a big mistake? Well, it's because they

873
00:45:15,840 --> 00:45:20,600
Speaker 8: have stupid models. The models are what's called neo Kinsey,

874
00:45:20,680 --> 00:45:24,680
Speaker 8: and that means they have a concept of how people

875
00:45:24,840 --> 00:45:28,200
Speaker 8: work and grow. That's playing wrong. That's the core Phillips

876
00:45:28,280 --> 00:45:31,880
Speaker 8: curve model. But it's the fascination with CPI, which we

877
00:45:32,000 --> 00:45:34,880
Speaker 8: can't even counter. You know, I really don't think you

878
00:45:35,000 --> 00:45:38,319
Speaker 8: get right numbers out of CPI, and yet they're using

879
00:45:38,400 --> 00:45:41,040
Speaker 8: it to set interest rates. They have this immense power

880
00:45:41,120 --> 00:45:44,040
Speaker 8: to buy bonds, any kind of bonds. Even in twenty

881
00:45:44,120 --> 00:45:47,120
Speaker 8: twenty three, people don't know. In the heat of the campaign,

882
00:45:47,520 --> 00:45:51,880
Speaker 8: as they were trying to Trump proof Washington against against Trump,

883
00:45:52,440 --> 00:45:55,440
Speaker 8: they set up thirteen They used. The FED used as

884
00:45:55,560 --> 00:45:59,160
Speaker 8: thirteen three authority in March of twenty twenty three to

885
00:45:59,280 --> 00:46:05,000
Speaker 8: allow the FED to lend to banks for as if

886
00:46:05,080 --> 00:46:07,640
Speaker 8: the collateral as if bonds were at one hundred cents

887
00:46:07,640 --> 00:46:09,600
Speaker 8: on the dollar when they were only worth ninety.

888
00:46:09,800 --> 00:46:13,439
Speaker 7: Well, because they were blowing holes in these their own

889
00:46:13,520 --> 00:46:15,520
Speaker 7: bonds were blowing holes in the balance sheets. After the

890
00:46:15,560 --> 00:46:18,160
Speaker 7: Silicon Valley Bank and other things, the bailouts.

891
00:46:17,719 --> 00:46:20,200
Speaker 8: And don't forget, the FED was the biggest it's the

892
00:46:20,239 --> 00:46:24,000
Speaker 8: world's biggest has fun with the world's biggest loss unrealized

893
00:46:24,040 --> 00:46:26,680
Speaker 8: on its book. So every year now we are stuck

894
00:46:26,960 --> 00:46:31,000
Speaker 8: American taxpayers with realizing two hundred and fifty billion dollars

895
00:46:31,080 --> 00:46:32,160
Speaker 8: of losses from the FED.

896
00:46:32,480 --> 00:46:35,480
Speaker 3: But that understates, because underwater.

897
00:46:35,280 --> 00:46:38,240
Speaker 8: Is all their entire their big They have seven trillion

898
00:46:38,320 --> 00:46:42,879
Speaker 8: dollars of a bond portfolio that's lost money. And what's worse,

899
00:46:43,160 --> 00:46:47,360
Speaker 8: as I say in twenty twenty three, they they allowed

900
00:46:47,920 --> 00:46:52,640
Speaker 8: this freebe lending to banks that they were trying to protect.

901
00:46:52,960 --> 00:46:56,960
Speaker 8: So now I do want to say the importance of

902
00:46:57,360 --> 00:47:01,360
Speaker 8: a central bank anywhere in the world is to protect

903
00:47:01,400 --> 00:47:06,800
Speaker 8: the currency of the people, because otherwise devaluations kill people

904
00:47:06,960 --> 00:47:10,240
Speaker 8: on the box, you know, really cause in the developing

905
00:47:10,280 --> 00:47:13,600
Speaker 8: world it actually causes starvation, poverty. One of the things

906
00:47:13,640 --> 00:47:16,560
Speaker 8: I thought at the World Bank was the imass tendency

907
00:47:16,640 --> 00:47:20,560
Speaker 8: to have everybody devalue because it protects them and the

908
00:47:20,800 --> 00:47:22,120
Speaker 8: elites in the country.

909
00:47:22,320 --> 00:47:23,080
Speaker 9: We've got to stop that.

910
00:47:23,280 --> 00:47:25,120
Speaker 3: We're going to get you back on later and another

911
00:47:25,200 --> 00:47:27,480
Speaker 3: time to do to do bricks and other things.

912
00:47:27,560 --> 00:47:29,759
Speaker 7: Been fascinating. How do people get to your writings? And

913
00:47:29,800 --> 00:47:30,920
Speaker 7: do you have social media all that?

914
00:47:31,000 --> 00:47:31,560
Speaker 9: Where people go?

915
00:47:33,719 --> 00:47:37,480
Speaker 8: Understated on that David dot Malpass at gmail dot com.

916
00:47:37,800 --> 00:47:41,560
Speaker 3: So you know, no no website to put your writings

917
00:47:41,640 --> 00:47:42,880
Speaker 3: up and no social media.

918
00:47:42,800 --> 00:47:45,200
Speaker 9: You know, try to try their confidence.

919
00:47:45,800 --> 00:47:48,920
Speaker 7: You're so old school, David, So one more time, where

920
00:47:48,960 --> 00:47:55,120
Speaker 7: do people go? Just Google media, Google and get get

921
00:47:55,160 --> 00:47:57,359
Speaker 7: all your and get all your rings. David Malpass, former

922
00:47:57,480 --> 00:48:01,160
Speaker 7: Under Secretary of Treasury for International Finance for President Trump

923
00:48:01,160 --> 00:48:02,239
Speaker 7: and then head of the World Bank.

924
00:48:02,640 --> 00:48:05,279
Speaker 3: Fascinating discussion. We'll get uh, We'll get you back here

925
00:48:05,320 --> 00:48:05,879
Speaker 3: for a lot more.

926
00:48:06,080 --> 00:48:08,440
Speaker 7: We're gonna take you out with The Right Stuff, booked

927
00:48:08,440 --> 00:48:13,799
Speaker 7: by Tom WOLFA classic, a amazing film, a really amazing film,

928
00:48:13,840 --> 00:48:17,040
Speaker 7: but Phil Kaufman underappreciated at the time. Of course we

929
00:48:17,200 --> 00:48:20,280
Speaker 7: love it and Academy Award winning music by Bill Conti.

930
00:48:20,400 --> 00:48:21,400
Speaker 3: The Right Stuff will take you out.

931
00:48:21,400 --> 00:48:24,520
Speaker 7: We're gonna be back in two minutes with the second

932
00:48:24,560 --> 00:48:26,560
Speaker 7: hour of the morning edition of the war Room Scene

933
00:48:26,600 --> 00:48:26,919
Speaker 7: A moment