Speaker 1: Inflation numbers are out and stock good, and talk to
Speaker 1: Carol Roth about that. I'm going to talk to Ross
Speaker 1: Kennedy about supply chains. We have the system taking care
Speaker 1: of its own. All that more coming up tonight. And
Speaker 1: I'm right, inflation sucks. It sucks to be going into
Speaker 1: this economic downturn. That's such a nice way to put
Speaker 1: what we're going into here. And I did, look, I
Speaker 1: know it's gonna be a bit of a down. We
Speaker 1: gotta talk about some crappy numbers. What else can we
Speaker 1: do but laugh. We are, however, in the early stages.
Speaker 1: Please understand that and prepare accordingly. I don't tell you
Speaker 1: that to scare you. I tell you that so you
Speaker 1: can make preparations, whatever preparations you can make. We are
Speaker 1: not whole, just about to come out of this economic downturn.
Speaker 1: This is the beginning. This is the beginning. At eight
Speaker 1: point three percent inflation, that's the news of the day.
Speaker 1: They were expecting it to be lower. Before you get
Speaker 1: ahead of yourself there. Why were they expecting it to
Speaker 1: be lower because gas was down? Well that's great, right,
Speaker 1: we've saw that. No, no, no, no, you don't understand.
Speaker 1: Gas was down for two reasons One, we are draining
Speaker 1: our strategic oil reserve at a level we haven't seen
Speaker 1: in decades. They're doing that to artificially keep the prices low.
Speaker 1: By the way, that's a national security issue. We need
Speaker 1: a large strategic oil reserve in order to conduct any
Speaker 1: kind of a large scale war. If we don't have
Speaker 1: that oil, we're simply going to lose. You realize that, right.
Speaker 1: Those jets don't fly on solar panels. Neither do those boats. Anyway, Anyway,
Speaker 1: setting out aside, let's talk about why it didn't go
Speaker 1: down because gas was down. Well, the cost of food
Speaker 1: went up so much that it canceled out any gains
Speaker 1: we would have made from gas. How bad is it who? Well,
Speaker 1: fuel oil is up nearly seventy percent, gas twenty six,
Speaker 1: air fares thirty three, eggs forty, milk seventeen, groceries thirteen
Speaker 1: point five, electricity sixteen. Oh and by the way, you're earnings,
Speaker 1: real hourly earnings, earnings, they're down close to three percent.
Speaker 1: That is catastrophic for people, especially people on the lower
Speaker 1: end of the economic spectrum. If you're lower middle class
Speaker 1: or poor, this does more than hurt You're watching your
Speaker 1: standard of living evaporate. I hear these stories from people
Speaker 1: all the time. Now, even middle class people say, Hey,
Speaker 1: my power bill is so bad. I don't I don't
Speaker 1: know what to do. Hey, we're having to cancel theys.
Speaker 1: Hey we cut cable. Hey, we're already seeing standard of
Speaker 1: living going down. And one of the things we talked
Speaker 1: about before on the show, and I really do I
Speaker 1: find it fascinating, is how bad Joe Biden lies, how
Speaker 1: much he lies. Again, I'm not a child. All politicians
Speaker 1: lie in All presidents lie, Republicans and Democrats, they all lie,
Speaker 1: fudge the truth a little here, lie about that there.
Speaker 1: This administration. I don't know whether it's arrogance, whether he's
Speaker 1: just a full blown sociopath. That's probably it, because he
Speaker 1: has made a whole career out of this. They tell
Speaker 1: lies that are blake. We got horrible inflation numbers out
Speaker 1: there today. Oh Joe says, we're for surgeon, building an
Speaker 1: economy that finally works from working families. We started with
Speaker 1: the American rescue plans. That's taken us from economic crisis
Speaker 1: to economic resurgence. Man, that's great news. Here. I was worried.
Speaker 1: Joining me now, my friend Carol Roth recovering investment banker,
Speaker 1: author of the book The War on Small Business. I
Speaker 1: gotta be honest, Carol. I woke up today, rolled over,
Speaker 1: wiped a sleep out of my eyes, saw these inflation numbers,
Speaker 1: and I was worried. But then I heard Joe Biden.
Speaker 1: Now I'm not stressing a thing. Yeah, he got the
Speaker 1: word surging and resurgence mixed up. The inflation is surging,
Speaker 1: but that is not a resurgence of the economy, or
Speaker 1: perhaps it is in his world in a good way.
Speaker 1: But I mean, my goodness, today's inflation report, which we
Speaker 1: were hoping would give us, you know, some know, not
Speaker 1: great news, but at least a path to say things
Speaker 1: are getting better, was just a hot mess on every
Speaker 1: single facet, on the headline number, on the core number,
Speaker 1: which takes out food and energy month over month, Like
Speaker 1: there was no way to slice and dice it where
Speaker 1: we could go, Well, you know, here's something good that
Speaker 1: we could hang our hat on. I guess perhaps that
Speaker 1: it didn't go up year over a year, but you know,
Speaker 1: we kind of knew that wasn't going to happen anyway.
Speaker 1: But yeah, I mean, right to live in Joe Biden's world,
Speaker 1: where you know, all you have to worry about is
Speaker 1: what flavor pudding snack you're going to have that night.
Speaker 1: So good for him, Carol. Okay, now I want you
Speaker 1: to unpack this for people, actually for me. Headline number
Speaker 1: versus core number? What are those things? So the headline
Speaker 1: print is the CPI on a sort of year over
Speaker 1: year basis that everybody looks at. It looks at all
Speaker 1: different facets that they calculate in terms of inflation. This
Speaker 1: is just one measure of inflation. As we've talked about before,
Speaker 1: it's somewhat of a misnomer. They have manipulated the calculation
Speaker 1: so many times, you know, since the nineteen eighties that
Speaker 1: it doesn't really truly reflect the pain that you are feeling.
Speaker 1: But you know, it is a data point that we use,
Speaker 1: and we all kind of take it with a grain
Speaker 1: of salt. The core number is when they back out
Speaker 1: food and energy, their thoughts are, well, you know, no
Speaker 1: matter what happens, people aren't going to change their lives.
Speaker 1: It's not going to change demand much because obviously you
Speaker 1: need to heat to eat, you need to put gas
Speaker 1: in your car. So it's a secondary measure of inflation.
Speaker 1: And you know, we knew that that energy prices, you know,
Speaker 1: hadn't been going up and then coming back down again.
Speaker 1: They actually the gasoline from month to month was a
Speaker 1: much better number, but increases in food prices, increases in
Speaker 1: shelter prices, and increases in medical care services more than
Speaker 1: wiped out any of the gains quote unquote gains we
Speaker 1: were made on a month to month basis from having
Speaker 1: those lower gasoline prices slightly lower, and again these are
Speaker 1: lower from the top. These are not lower from like
Speaker 1: a year ago or a couple of year signal, Carol,
Speaker 1: I have a question. I'm seeing something that concerns me.
Speaker 1: I'm seeing many things that concern me, but there's something
Speaker 1: out there that's really concerning me right now. What Janet
Speaker 1: Yellen had to say here was Janet Yellen, it's the
Speaker 1: fit is going to need great skill and also some
Speaker 1: good look to achieve what we sometimes call a soft landing,
Speaker 1: which is bringing inflation down while maintaining the strength of
Speaker 1: the labor market. And my hope, I believe there is
Speaker 1: a path to accomplishing that, Okay, Carol. That concerns me
Speaker 1: for a couple different reasons. One, there's not great skill.
Speaker 1: We don't have experts. We certainly don't have experts running
Speaker 1: the finances in this country. That's just not even arguable
Speaker 1: at this point. So, okay, there's no great skill. Even
Speaker 1: if we had great skill, we need luck. That's one
Speaker 1: thing that concerns me. The second thing is this that
Speaker 1: sounds pessimistic. When I hear pessimistic things from people who
Speaker 1: routinely lie to me and tell me how great things are,
Speaker 1: that concerns me greatly that we are just at the
Speaker 1: entry point of something really really ugly. Yeah. I mean,
Speaker 1: Janet Yellen is the same one who's been telling us
Speaker 1: things like inflation is going to be transitory or there
Speaker 1: will be no inflation, and we have to look at
Speaker 1: you six hundred account purchases online to make sure that
Speaker 1: we're making the billionaires pay their fair share. So when
Speaker 1: Janet Yellen is expressing some concern, that is the optimistic
Speaker 1: spin and the challenges that you have the Federal Reserve,
Speaker 1: which as you said, are not experts. They've created this
Speaker 1: situation and now they have, you know, just a very
Speaker 1: limited number of things that they could do to try
Speaker 1: and fix it. The quote unquote tools they have are
Speaker 1: on demand. Side. That means slowing down consumer purchases, slowing
Speaker 1: down business investment. The issue that we have in the
Speaker 1: economy is not on the demand side per se. It's
Speaker 1: the mismatch between supplying demand, and really it's a supply issue.
Speaker 1: We don't have enough food, we don't have enough labor,
Speaker 1: we don't have the right amount of energy to create
Speaker 1: that match. And unfortunately, the Federal Reserve cannot print workers,
Speaker 1: they cannot print oil, they cannot print food. So you know,
Speaker 1: they're stuck with the old only thing that they can do,
Speaker 1: and that is trying to slow things down via interest rates.
Speaker 1: And so that means that they are trying to slow
Speaker 1: the economy. They're trying to slow the economy. And so
Speaker 1: given that sort of scenario and the fact that they're
Speaker 1: not going to be able to supply, that's the concern.
Speaker 1: And the concern is that seeing these high inflation numbers,
Speaker 1: it's going to get them to be even more aggressive,
Speaker 1: even though it's not the right tool to fix the
Speaker 1: problem that we have at hand. Okay, so let me
Speaker 1: see if I understand this correctly. We're already in a recession.
Speaker 1: I don't care how many times they try to change
Speaker 1: the definition. We are officially in a recession, and they're
Speaker 1: trying to slow the economy down more. Carol. This all
Speaker 1: sounds terrible, it does, and the government is trying to
Speaker 1: thwart their efforts by spending more on a government basis
Speaker 1: as well. And that's just what's going on here, Jesse.
Speaker 1: That you have what's going on in internationally. Obviously we
Speaker 1: know Europe is in a world of furreds, completely self
Speaker 1: inflicted because of the energy costs, and China is having
Speaker 1: massive problems because their energy or excusing the real estate
Speaker 1: bubble is popping. So we have all of these factors
Speaker 1: that could contribute to a massive global recession at the
Speaker 1: same time. And that's you know, not even taking into
Speaker 1: account all the things we just talked about. And so
Speaker 1: the FED into all of this is like, yes, we're
Speaker 1: going to have to go higher. And this number, you know,
Speaker 1: we were expecting that they were going to probably have
Speaker 1: seventy five basis points, which is three quarters of a
Speaker 1: percent raise in a couple of weeks. Here there was
Speaker 1: a possibility if we got a number that looked like
Speaker 1: inflation demand destruction was was bringing down inflation, that maybe
Speaker 1: it would be a little bit less than that. But
Speaker 1: now the market is pricing in well could actually even
Speaker 1: be worse. And again that the FED was wrong on
Speaker 1: the way down. They were wrong on the way up.
Speaker 1: And if you go back to March of twenty twenty,
Speaker 1: the FED, the government, they all said we had to
Speaker 1: do these emergency measures so they could save the economy.
Speaker 1: And what did they do. They destroyed the economy. So
Speaker 1: we need to take this power away from them because
Speaker 1: we're the ones paying the price quite literally for this, Carol,
Speaker 1: could I could spend an hour with you unpacking the
Speaker 1: Chinese markets and things like that. But let's talk about
Speaker 1: this really briefly. The debt, the national debt, because when
Speaker 1: I see things like the FED predicting massive raid hikes
Speaker 1: which they're going to use to try to prevent mass
Speaker 1: inflate or a hyperinflation, I say to myself, Okay, well,
Speaker 1: interest rates are a funny beast, especially when you have
Speaker 1: a thirty one trillion dollar national debt. Can you merge
Speaker 1: those two worlds? Raising interest rates and a thirty one
Speaker 1: trillion dollar national debt? That sounds like a freight train. Yeah.
Speaker 1: So the FED has already come out and said that
Speaker 1: the current path of government spending is unsustainable. Shot looking
Speaker 1: to all of you that are listening, I know. The
Speaker 1: challenge is as the Fed keeps raising their target interest rates,
Speaker 1: it flows through the rest of the cost of financing,
Speaker 1: not on a one to one basis. It's not like
Speaker 1: it's a one percent increase and that means then the
Speaker 1: government has to pay one percent more in treasury, but
Speaker 1: it keeps putting upward pressure on it. And as the
Speaker 1: government needs to pay more for the debt that they have,
Speaker 1: the thirty one trillion dollars of debt that has varying maturities.
Speaker 1: The last time I looked at it, I think it
Speaker 1: was like somewhere between five and six years, every one
Speaker 1: percentage point increase in the cost of their debt is
Speaker 1: another three hundred billion dollars that we need to spend
Speaker 1: an interest to service that debt. So that is money
Speaker 1: that is going to come out of other spending. And
Speaker 1: you know what that means that either they're going to
Speaker 1: have to raise taxes or doing all of those things.
Speaker 1: Just to put this all in perspective, if we went
Speaker 1: back to twenty nineteen spending, so right before the pandemic,
Speaker 1: with the amount of receipts that they expect to collect
Speaker 1: for this year, we would actually be at a break
Speaker 1: even point if we went back to twenty eighteen, if
Speaker 1: they just dialed it back just to twenty eighteen, not
Speaker 1: that long ago. That's spending. With the amount of receipts
Speaker 1: that they're expecting to collect via taxes, we would have
Speaker 1: a three hundred billion dollars surplus. And what are these
Speaker 1: idiots doing. They're spending more and more money they expect
Speaker 1: for this fiscal year, which ends at the end of
Speaker 1: the month at one point for trillion dollar deficits. And
Speaker 1: you know, we've seen all of the spending that they've
Speaker 1: put in place, and that's not even included in that.
Speaker 1: So that's just going to continue to increase. And as
Speaker 1: I said again, it's just it destroys our purchasing power,
Speaker 1: It destroys everything that we're working for, and it threatens
Speaker 1: the economic security of our country. Rough, bright and sunny today.
Speaker 1: Thanks by hard assets, Jesse, buy your medals, by goal,
Speaker 1: by land and buy water. Right, Seriously, this is the
Speaker 1: long term strategy here. We have to get people to help. Right,
Speaker 1: what do you do long term? You want to own
Speaker 1: hard assets? You heard it here, carow off everybody fall
Speaker 1: over advice. Thank you all. That may have made you uncomfortable.
Speaker 1: Probably did we gotta know, right, but I'm right. Now,
Speaker 1: Let's dig into this a little bit more. Food prices,
Speaker 1: supply chains. Remember about a month or two ago, supply chains,
Speaker 1: we're all the rage, it's all anyone could talk about
Speaker 1: it now. It's it's like that that problem went away,
Speaker 1: or did it go away. We're gonna talk about that
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Speaker 1: the print of the United States receives a highly classified
Speaker 1: briefing on the most important issues facing the country. It's
Speaker 1: called the President's Daily Brief, or PDB. It's delivered by
Speaker 1: America's spies and analysts. Well, now you can hear your
Speaker 1: very own PDB in the form of a podcast hosted
Speaker 1: by me Brian Dean Wright, a former CIA operations officer.
Speaker 1: Each morning at six am Eastern, I'll bring you fifteen
Speaker 1: to twenty minutes of the most important issues facing the country,
Speaker 1: giving you the critical intelligence and analysis you need to
Speaker 1: start your morning. Remember those long lines, you guys would
Speaker 1: all film of cars, decent looking car not jelopis nice
Speaker 1: cars just waiting for a box of food to be
Speaker 1: put in the trunk in the United States of America,
Speaker 1: waiting for over an hour to get food in a trunk.
Speaker 1: Two weeks later, Yeah, is a line of desperation drivers
Speaker 1: parked along a busy Dallas rode They're waiting for food.
Speaker 1: This looks like what we saw a couple of years ago. Unfortunately,
Speaker 1: it's worse than a couple of years ago. Don't you
Speaker 1: loving an old jerk? Joe Biden still is. Did you
Speaker 1: catch that part at the beginning? He just can't help himself.
Speaker 1: Those lines, you guys all filmed as if they were
Speaker 1: just obligated to censor those things to protect old Joe.
Speaker 1: Joining me now, Ross Kennedy, he is the founder of
Speaker 1: Fortis Analysis. Ross, Okay, that was a big food number today,
Speaker 1: eleven point four percent increase in the food index. Well,
Speaker 1: I don't know what the food index is, but that
Speaker 1: sounds bad, Ross. Ye. Yes, So it's it's a baseline
Speaker 1: measure of what certain staple ingredients and items cost within
Speaker 1: the United States. So you would have not only account for,
Speaker 1: you know, things like cereal, but you'd also haven't think
Speaker 1: so that would be you know, milk, dairy egged components
Speaker 1: like that. And unfortunately, when you're talking about you know,
Speaker 1: demand and supply disruptions driving really really quick price increases,
Speaker 1: it shows up there first. And the scary thing is
Speaker 1: is that it's a it's a tailing indicator or a
Speaker 1: lagging indicator. If we're hearing that it was reported to
Speaker 1: be x amount in the previous month, whatever was potentially
Speaker 1: driving those prices higher could still be ongoing or even worsening. Okay,
Speaker 1: I guess that's where That's what I want to ask
Speaker 1: you about today is where are we going? We know
Speaker 1: where we are? It sucks everyone who's bought groceries knows
Speaker 1: where we are. Where are we going? I have argued
Speaker 1: just from the things I see, the things x where
Speaker 1: it's like you tell me, I feel like we are
Speaker 1: in the very beginning of a very deep, potentially long
Speaker 1: lasting economic downturn. But hopefully I'm wrong. Gosh, I want
Speaker 1: to be wrong bad? Where are we? Where are we going? Ross?
Speaker 1: How scared do you want to be? A jesse Um?
Speaker 1: There's having to me, there's whole range of outcomes here.
Speaker 1: The go from fairly frightening to nearly apocalyptic. The one
Speaker 1: benefit I will say to frame all of this is
Speaker 1: that in the US we still have, on a per
Speaker 1: acre basis, on a per calories per capita basis, we
Speaker 1: are still the most wildly productive food system in the world.
Speaker 1: So it's going to get worse in other places long
Speaker 1: before it gets that bad here. But we do still
Speaker 1: face some extremely significant challenges, not necessarily starvation, but certainly
Speaker 1: food budgets, completely crippling the economy because people have to
Speaker 1: eat before they can spend money on new furniture, new electronics, clothing,
Speaker 1: whatever it may be. On the lower end here, we're
Speaker 1: looking at six to twelve month disruption that's driven by
Speaker 1: a range of factors, higher energy costs increasing not only
Speaker 1: food production but also food transportation. We're looking at some
Speaker 1: reduced yields, particularly on corn and wheat here in the
Speaker 1: US for twenty twenty two, with a lot of the
Speaker 1: drought issues that we've had. Rice is also down. Swathings
Speaker 1: look pretty good for now, but despite the best efforts
Speaker 1: of the world Economic form, we can only eat so
Speaker 1: much soy or export so much soy in our diet.
Speaker 1: So on the really bad end, the US is dependent
Speaker 1: on about sixty percent of the amino acids that go
Speaker 1: into animal food production. About ninety percent of the vitamins
Speaker 1: that go into both animal and human ingredients come from China,
Speaker 1: and so a significant disruption in the manufacturing base in
Speaker 1: China or the ability to export those significantly cripples US
Speaker 1: food production. If we have zero vitamins available to us
Speaker 1: in the US, we can't supplement out of Europe. Only
Speaker 1: a couple are made in Europe. Those factories are dependent
Speaker 1: on Russian natural gas, probably to no one's surprise. But
Speaker 1: if we can't give vitamins to our animals, and if
Speaker 1: we can't add it into human food production, we're talking
Speaker 1: an eight to ten percent or excuse me, eight to
Speaker 1: ten x increase in the price of food within six months,
Speaker 1: because it would it would decimate the animal population that
Speaker 1: we manage for human food consumption and eight to ten
Speaker 1: times increase in food. Yes, okay, that's before I before
Speaker 1: I pass out from fear. Here, let's unpack why what's
Speaker 1: wrong with China and they're manufacturing well, Chinese manufacturing is
Speaker 1: undergoing a few things as well. China is some really
Speaker 1: significant displacement of natural gas. For example, natural gas as
Speaker 1: a critical key input or a lot of these manufacturing
Speaker 1: processes for synthetic vitamins or for amino acids. Their corn
Speaker 1: production is down significantly. Despite whatever their media reports are
Speaker 1: lying about. They're struggling with corn production, and that's a
Speaker 1: major raw material for amino acid production and a couple
Speaker 1: potentially vitamins as well. So you've got significant raw you know,
Speaker 1: raw input issues there as well. You also have the
Speaker 1: October Party Congress coming up, and as we've seen with
Speaker 1: Shanghai with the lockdowns there, the factionalization of the CCP,
Speaker 1: the fighting over a hijinping is going to be emperor
Speaker 1: for a life. That is going to have a significant
Speaker 1: potential impact, if you will, on the ability of China
Speaker 1: to export these ingredients to the US and too elsewhere. Okay,
Speaker 1: let's let's rewind just a little bit when we were
Speaker 1: talking about potentially on the low end six months to
Speaker 1: a year. I understand there are external factors going on
Speaker 1: right now, drought and Russia, Ukraine and all these other
Speaker 1: things that nobody can control. Part of the reason I've
Speaker 1: been warning people that I think this is going to
Speaker 1: be very deep in the last a very long time
Speaker 1: is because Joe Biden's not going anywhere for a few years.
Speaker 1: Not to make it completely political, but they're waging and
Speaker 1: all out war on the energy sector right now, and
Speaker 1: open war. They're bragging about it. If you're waging in
Speaker 1: war on one of the critical pillars that holds up
Speaker 1: into economy, how could it be anything but a disaster. Yeah,
Speaker 1: I mean, that's that's absolutely correct. If we look, for example,
Speaker 1: at the fact that we are very we're built around
Speaker 1: corn as a mono crop. We have a lot of
Speaker 1: soybeans as well, but let's say corn is probably the
Speaker 1: number one most critical raw material for the overall food
Speaker 1: production in the US. From a biological side, we need
Speaker 1: huge amounts of nitrogen or natural gas to produce nitrogen ingredients.
Speaker 1: That is one of the probably key input for corn
Speaker 1: production is the end part of NPK. You need natural
Speaker 1: gas to make an awful lot of that, particularly for
Speaker 1: our domestic industry. Without that, we can't produce as much corn.
Speaker 1: We shift more to soy but a lot of things
Speaker 1: that rely on corn as the base ingredient. And it's
Speaker 1: not just hyproctose corn throw it's textures, texture, what they
Speaker 1: called texturizers. It's various starches and sweeteners, things like zamping,
Speaker 1: dumb things that enable us to produce food at an
Speaker 1: industrial scale, whether it's healthy or not, but it's still
Speaker 1: calories that would be dramatically disrupted. So you're talking about
Speaker 1: natural gas production and transmission being crippled. It's got a
Speaker 1: fertilizer impact. You also need a huge amount of natural
Speaker 1: as in order to run these wet corn mills, to
Speaker 1: run soybean mills, to run these plants, because it's it's
Speaker 1: the most easily convertible fuel source or energy source into heat,
Speaker 1: which you need to do, you know, to manufacture these
Speaker 1: ingredients and you run these mills. So as both a
Speaker 1: raw material as both a an energy component in the
Speaker 1: system itself. When you talk about as well, about the
Speaker 1: impact of very expensive diesel fuel, which we've obviously seen
Speaker 1: throughout the year since you know, we broke about five
Speaker 1: dollars and have stayed there. Nationally, tractors run on fuel,
Speaker 1: Trucks run on diesel fuel. So our inability to produce
Speaker 1: enough diesel fuel and get it into the right hands
Speaker 1: of the Midwest to reduce costs, the inability to produce
Speaker 1: lp at enough scale, which you know, grain dryers and
Speaker 1: things like that in the Midwest run on You're talking
Speaker 1: about energy is a critical component of all of these things,
Speaker 1: as well as being a raw input. When that price
Speaker 1: goes up on that, it doesn't just go up in
Speaker 1: one thing, It goes up across the entire ecosystem of
Speaker 1: production for the food and fuels that we rely on. Ross.
Speaker 1: That was scary but very informative. Thanks for making us smarter,
Speaker 1: my man, come back soon, please, thank you, Jesse. I
Speaker 1: know that a lot of the stuff gets dart, but
Speaker 1: don't you want to know? I mean that doesn't mean
Speaker 1: we have to lay down and cry and suck our thumb,
Speaker 1: but don't you want to know? I want to know?
Speaker 1: And I want experts like to that to unpack for me.
Speaker 1: Why where's it coming from? Where might this go? You
Speaker 1: heard it? Just be telling you this. Just make preparations,
Speaker 1: all right, Make some preparations. One thing I do know
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Speaker 1: off the whole store. We'll be bad. Expert, What do
Speaker 1: you do? What's your instinct? When I say that word expert?
Speaker 1: Trust the experts. The experts are on it. I know
Speaker 1: what you do the same thing I do. Now you go, No, sure, sure?
Speaker 1: Why though? Why do you do that? Why do I
Speaker 1: do that? Well? We've been treated, especially over the past
Speaker 1: couple of years, to expert after expert after expert after
Speaker 1: expert in whatever field, finances, medical, doesn't matter. Being wrong
Speaker 1: about everything, I mean dead wrong. But the answer was
Speaker 1: read and they picked black every time that they were
Speaker 1: all wrong about everything. Why how's that happen? All these
Speaker 1: people have these huge degrees and all these said, how
Speaker 1: does it happen? Well, here's something you have to understand.
Speaker 1: This is going to lead us into this Brian Stelter story.
Speaker 1: In a late stage republic, which we are. And I
Speaker 1: don't take pleasure and say in that that sucks, but
Speaker 1: we are a late stage republic where you're in the
Speaker 1: decay phase. All right. In a late stage republic, you
Speaker 1: actually don't get access to experts anymore the way you
Speaker 1: used to. You don't. Your society simply doesn't produce them.
Speaker 1: The experts aren't there growing societies, societies that are thriving
Speaker 1: and prospering. They produce experts all the time. Why because
Speaker 1: the cultural institutions that build that society, that hold up
Speaker 1: that society, they're all interested in performance and advancing. And
Speaker 1: we got to get ahead, and I gotta get smarter. Hey,
Speaker 1: I'm a doctor. I need a new piece of technology here.
Speaker 1: We got to figure out this kind of medicine. I'm
Speaker 1: a scientist here, I'm in construction. I mean, they're all
Speaker 1: trying to get ahead. That that's the goal. You have
Speaker 1: to be smarter, better than the other guys. So you
Speaker 1: have to put in the time and the energy, and inevitably,
Speaker 1: in the end you will have a society where you
Speaker 1: have access to experts in every field. In a late
Speaker 1: stage republic, which we have. That's not the motivation. Most
Speaker 1: of our cultural leaders, as we've talked about a thousand times,
Speaker 1: find out hate the country. But even the ones that
Speaker 1: don't set them aside, they don't care about it. They
Speaker 1: don't they're not interested in advancing America. They're not interested
Speaker 1: in that next medical advancement. They're not interested in any
Speaker 1: of these things. The system now, because it's all one ideology,
Speaker 1: it simply exists to serve itself. That's why we say
Speaker 1: all the time, the system takes care of its own.
Speaker 1: You want exhibit A. Brian Stelter is a great example
Speaker 1: this latest story Stelter. Stelter was a CNN host. He
Speaker 1: hosted Reliable Sources on Sunday, The writings were terrible. Stelter's
Speaker 1: terrible for TV. I'm not even trying to be mean.
Speaker 1: I'm genuinely not trying to be mean. He just lacks
Speaker 1: any kind of charisma whatsoever. It's just not interesting. It's
Speaker 1: a boring human being without Donald Trump there to rage
Speaker 1: against every day. Stelter just became a big white blob
Speaker 1: on television. So he sucked, so the show didn't get
Speaker 1: any ratings, so he got canned. But you see, we
Speaker 1: live in a completely corrupted system where they take care
Speaker 1: of their own. Stelter, Yes, he sucked on television, no
Speaker 1: question about that. But he was a good boy. He
Speaker 1: was a good servant to the system. And the system
Speaker 1: therefore because they're not worried about expertise, they're not worried
Speaker 1: about who's good, who's bad, who can perform, who can't perform.
Speaker 1: They're only interested in serving each other. The system is
Speaker 1: going to make sure Brian Stelter isn't hurting. Brian Stelter
Speaker 1: is gonna have a soft landing. So what was the
Speaker 1: news out from yesterday? Little news story? Brian Stelter is
Speaker 1: going to Harvard. Just wrap your mind around this. The
Speaker 1: guy who just flamed out at CNN horribly. I'm flamed out.
Speaker 1: Bad performance. He's now going to go teach your son
Speaker 1: Aiden at Harvard, at the most prestigious university in the country.
Speaker 1: And so one day, your son Aiden, he's going a
Speaker 1: major in journalism. He will have graduated from Harvard, and
Speaker 1: people will look at Aiden and they'll say to themselves,
Speaker 1: whoa man, I must be an expert. Did you see
Speaker 1: his Harvard sweatshirt? Man, he must be an expert. But
Speaker 1: in a decaying society like we are, it's losers and
Speaker 1: idiots handing out the credentials that makes somebody qualified to
Speaker 1: be called expert. You see, Aiden, he's a moron. Why
Speaker 1: he was trained by morons. We have the name Harvard,
Speaker 1: but we don't have any expertise anymore. That's what you're
Speaker 1: seeing right now, and you're seeing it all over the place.
Speaker 1: Oh there, I thought, I just unpacked that for you.
Speaker 1: We're not done yet. We're not done yet at all.
Speaker 1: We have Curtis howeck, he's going to join us in
Speaker 1: a second to make fun of Brian's shelter. Before we
Speaker 1: get to Curtis, I'm gonna get to this real quick.
Speaker 1: The air quality right now in my area. I can't
Speaker 1: speak for yours is disastrous. People with allergies are going
Speaker 1: to the doctor banging up. Give me a shot, give
Speaker 1: me something. Everyone's complaining about it, Jetsey. My eyes are
Speaker 1: smallen and look, I'm not making fun of them. I sympathize.
Speaker 1: I had brutal allergies for years, dear, decades, most of
Speaker 1: my life I had them. This air isn't affecting me
Speaker 1: down here right now? Why I have three Eden Pure
Speaker 1: thunderstorms in my home. It's this little black box. It's
Speaker 1: not like your normal air purifier, that big loud thing.
Speaker 1: It's just this little black box. Goes right in the
Speaker 1: outlet in the wall, plug it in. Come back to
Speaker 1: the room an an hour later, and tell me what
Speaker 1: you smell. You know what you'll smell. Smells so clean,
Speaker 1: like nature smells after a thunderstorm. That's because it's constantly
Speaker 1: cleaning your air. I don't even own allergy medication anymore.
Speaker 1: They have a three pack for sale for my viewers.
Speaker 1: You have to go to Eden Pure deal dot com.
Speaker 1: Code Jesse gets you a three pack for two hundred
Speaker 1: dollars off Eden Pure deals dot com code Jesse. We'll
Speaker 1: be back, believe America needs CNN to be strong. I
Speaker 1: believe the free world needs a CNN to be strong,
Speaker 1: and it will continue to be because all of us
Speaker 1: are going to help make that happen. The free world
Speaker 1: needs a reliable source. So four reliable sources for the
Speaker 1: last time. I'm Brian Stelter. Thanks for being with us. Sorry,
Speaker 1: that's not nice. Joining me now my friend Curtis Health,
Speaker 1: Managing Editor, Editor of the Media Research Center. Curtis. Obviously,
Speaker 1: it's not surprising that Brian Stelter flamed out on TV.
Speaker 1: He's just the boring, uninteresting person. I'm not even trying
Speaker 1: to be me, and this is that guy's not gonna
Speaker 1: be able to do TVs can't do it. But I
Speaker 1: don't think people realize how predictable it was that he
Speaker 1: was going to waltz right out of flaming out at
Speaker 1: CNN into a nice, cushy gig in academia. This is
Speaker 1: how it works in the system. You go from academia
Speaker 1: to some congressman idiot's office, back to MSNBC to Harvard.
Speaker 1: This is how it works. You simply you can't fail,
Speaker 1: including yeah, and then you add a step into the
Speaker 1: federal government, in and out of presidential administrations. If you're
Speaker 1: a Democrat, there's an added stop for those folks as well.
Speaker 1: But yes, I mean this is perfect proof that for
Speaker 1: the elite in this country, the communists out there, money
Speaker 1: does grow on trees that really that they support each
Speaker 1: other no matter what you see this with Brian Stelter
Speaker 1: being hired by the Shostein Center dealing with democracy and
Speaker 1: he's convene panels and help enlighten the public and scholars
Speaker 1: and students about the dangers to democracy and the forces
Speaker 1: at work supposedly against it as in you me, patriotic
Speaker 1: loving America, you know, America loving citizens. Fox News really
Speaker 1: conservative media in general were not only national garity thrust
Speaker 1: but enemies with people, you know, really alongside what Joe
Speaker 1: Biden was talking about in his speeches. Um, you know.
Speaker 1: And before this, Brian had been an adjunct professor NYU,
Speaker 1: I should add, so this is not his first foray
Speaker 1: into academia. He needs a way to help afford college
Speaker 1: education for his children's Sonny and story Moons Shelter, I'm sorry,
Speaker 1: did you are you making that up with that at Joe?
Speaker 1: Please tell me he doesn't have a child named story
Speaker 1: Moon are you Are you messing with me? No? No,
Speaker 1: that is his son. A son is named story Moonstlter. Gosh,
Speaker 1: these people were all lunatics. All right, what the I
Speaker 1: made a point about the whole Harvard thing, Curtis, And
Speaker 1: this is this is my problem as a late stage republic.
Speaker 1: I'm not putting words in your mouth. That's what I
Speaker 1: say we are as a late stage republic. I think
Speaker 1: that people don't realize that we don't have access to
Speaker 1: experts in very many fields anymore because our society doesn't
Speaker 1: produce them. I mean, Brian Stelter is going to go
Speaker 1: to Harvard, and some four point zero student is going
Speaker 1: to attend Harvard and be taught by that loser about
Speaker 1: ethics or journalism, and then he's going to leave an
Speaker 1: act as if he's an expert when he was just
Speaker 1: taught by the dumbest, least capable person on the planet.
Speaker 1: And it's just never ending cycle of everything just going
Speaker 1: to crap. Yeah, I think that's totally fair. I mean,
Speaker 1: the Harvard Kennedy School of Government for many years was
Speaker 1: run by a guy named David Gergen who worked for Nixon, Ford, Carter, Reagan, Clinton.
Speaker 1: I mean he advised all those presidents in those years,
Speaker 1: and really what would happen is he would bring in
Speaker 1: CNN political commentators and analyst. It's just an endless cycle
Speaker 1: of people from MSNBC. You know, you have Alice Stewart,
Speaker 1: Carlos Carbello, Robbie Mood. I mean the psych Andrew Gillham
Speaker 1: was one, I believe, you know, we all know how
Speaker 1: that ended for him. So it's just a never ending
Speaker 1: cycle of stupid as you pointed out, and there's no
Speaker 1: real education and there's no real true experts. Their idea
Speaker 1: of experts and expertise is the time Nickel's view of
Speaker 1: the world, where we are going to tell you what
Speaker 1: to think and if you question it, you're dumb, slash
Speaker 1: a terrorist something in between, and we're going to demean you.
Speaker 1: And by the way, we're going to attack your faith
Speaker 1: by bringing in David French to back us up or
Speaker 1: Michael Burson to suggest why do you guys care about
Speaker 1: abortion so much? Well, I'm actually glad you brought this up,
Speaker 1: because it seems like there is an ever increasing divide
Speaker 1: between the elites. If that's what we're going to call them,
Speaker 1: it's probably word we overuse a bit between the elites
Speaker 1: and all of us, and one of that I view
Speaker 1: part of that divide as being very much religious. Though
Speaker 1: you're a Jewish man yourself, I'm a Christian man myself.
Speaker 1: I don't know why people think there's not a battle
Speaker 1: between religions in this country and it's not you and me, brother.
Speaker 1: They seem to hate us with a fire of a
Speaker 1: thousand sons, and they're getting more and more open about
Speaker 1: their disdain Christo fascists than all that crap. Yeah, Christian
Speaker 1: nationalism like this is really dangerous. Like my local newspaper
Speaker 1: back in Lancaster was very upset about this church supporting
Speaker 1: Doug Mastriano for the Guinean scubernatorial bit and that the
Speaker 1: church had previous one of the pastors had said, wouldn't
Speaker 1: it be great if we had judges and teachers and
Speaker 1: other elected officials who are all Christians that we can
Speaker 1: learn from and benefit from in society. And Lancaster Online
Speaker 1: got really upset like, oh my gosh, how would you
Speaker 1: dare say such a thing that a pastor would want,
Speaker 1: you know, Christians to be elected to these positions so
Speaker 1: that they can help grow their view of religion and
Speaker 1: I're like, wait, what what you know? I mean, I'm
Speaker 1: not saying that those people have to win. We're simply
Speaker 1: saying that those people should run as open Christians and
Speaker 1: not be afraid to speak of their faith. I mean,
Speaker 1: we hear about that all the time. People die in
Speaker 1: other countries for speaking out and living out their faith,
Speaker 1: and that really is such a huge divide, whereas now
Speaker 1: what we see in the news media is a religion
Speaker 1: of the individual where they worship themselves, you know, Brian Stelter,
Speaker 1: I don't know what there is to worship or look
Speaker 1: at in the mirror, but there he is. And that's
Speaker 1: the kind of people that they you know, they talk
Speaker 1: about negative energy and they'd rather just sit a light
Speaker 1: a candle in the corner and just like try and
Speaker 1: channel positive energy or something like that. And when you
Speaker 1: hear stuff like that, you're like, wait, fun, curtis one
Speaker 1: of the things that I don't know how this is
Speaker 1: going to work out. I feel like I can see
Speaker 1: a lot of what's coming, but I don't know how
Speaker 1: this is going to work is how blatant the lies
Speaker 1: are now. I mean, Joe Biden coming out today seeing
Speaker 1: the economy, so we're surgeons right after we got terrible
Speaker 1: economic news. It's they're they're blatant, out in the open
Speaker 1: lies for everyone to see. Washington Post running articles talking
Speaker 1: about everybody feeling better about the economy. That's not real
Speaker 1: at all. What I don't know is what percentage of
Speaker 1: the population they're going to bring along with them in
Speaker 1: that world of make believe, and what percentage they're just
Speaker 1: flat out losing. People are turning it off, they're changing
Speaker 1: the channel, they're going to different websites, they're just done
Speaker 1: with that level of dishonesty. What kind of percentages are
Speaker 1: we dealing with here? I know, I think conservatively I
Speaker 1: would just say probably a quarter of the country, I
Speaker 1: would say a third, but that portion between a quarter
Speaker 1: and a third probably know what's going on, but they
Speaker 1: just choose to go along with it anyway because they
Speaker 1: hate the other side more. I think that's part of
Speaker 1: the problem. You get a lot of these journalists who
Speaker 1: I think to be honest, are performative in a lot
Speaker 1: of ways. Some people I know, they're very nice people,
Speaker 1: and they seem like they'd be great Everson. They don't
Speaker 1: hate me for who I am, But you know, the
Speaker 1: moment the lights go on, it's they're a completely different person,
Speaker 1: and of course the viewer, the people being spoon fed
Speaker 1: the stuff, don't really know. Now, Granny, you people like
Speaker 1: Marga who say we need to continue wearing masks and
Speaker 1: solidarity with the disabled community or something. Now that is
Speaker 1: deranged kind of stuff where it's just a religion, as
Speaker 1: I was talking about earlier. But I think that there
Speaker 1: is a portion of the left in this country that
Speaker 1: knows what's going on in so many areas is just insane.
Speaker 1: So it's a matter of just getting those people to
Speaker 1: realize that, like do you want to live with a
Speaker 1: bunch of lunatics or do you want to be able
Speaker 1: to live out your life? And so far those people
Speaker 1: are willing to live with the lunatics simply because they're
Speaker 1: on their team, and doing anything to even go along
Speaker 1: with us means you're the enemy and you're going to
Speaker 1: be chased down by the mob. Codis have thank you
Speaker 1: by man. I appreciate you. Thanks, Jessie, I'm fast. I
Speaker 1: need to buy that. How many people are going along
Speaker 1: with it, how many people are entering that world of
Speaker 1: nothing but lies, and how many they see it and
Speaker 1: they're just turning it off and they're looking for something better.
Speaker 1: I guess we're gonna find out. Either we have a
Speaker 1: recovery and then we'll know they turned it off, or
Speaker 1: we won't and we'll know they bought the lines. All right,
Speaker 1: we have a light in the mood. Next, it's a
Speaker 1: good one. Before we do that. Part of how we
Speaker 1: fight back is fighting back with our money. This is
Speaker 1: something we have failed at myself included on pointing fingers here.
Speaker 1: We have failed at putting our money where our morals are.
Speaker 1: We failed all the time. We've failed for years. They
Speaker 1: the communists, they'll put their money where their morals are.
Speaker 1: They're not out there shopping at Chick fil A. The
Speaker 1: bragging that they don't. They put their money where their
Speaker 1: morals are. We don't. In fact, we've been so weakympathetic
Speaker 1: we brag about not doing it. I'm still gonna watch football,
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Speaker 1: You remember what Carol Ross said before we get to
Speaker 1: light in the mood in our president of the United States.
Speaker 1: Do you remember what Carol Ross said earlier on in
Speaker 1: the show? What does she say? We did a long
Speaker 1: segment to open the show about the economy and inflation
Speaker 1: and how this is just the beginning of you know
Speaker 1: all that, But what she say gave advice at the end.
Speaker 1: Did you hear what she said? She said, make sure
Speaker 1: right now you are acquiring hard assets, hard assets. And
Speaker 1: you remember what she said after that? How hard should
Speaker 1: those assets be? Gold? Hard? You should be acquiring medals
Speaker 1: right now, gold and silver, you should. We are in
Speaker 1: the entry phase of something pretty bad. I'm gonna last
Speaker 1: pretty long. I'm not talking about a month, six months
Speaker 1: well after the election. It's gonna be pretty bad. It's
Speaker 1: gonna be pretty bad for a while. Do you have
Speaker 1: hard assets in your possession? Oxford Gold Group is one
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Speaker 1: front door. Talk about hard assets in your possession, and
Speaker 1: the beauty of it is. What if Jesse's a big
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Speaker 1: Everything can be fine. You still have gold, still worth
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Speaker 1: Eight three three gold. Look, we're having some difficult times
Speaker 1: coming in the United States of Carrera. This is the
Speaker 1: United States. Kamara, for God's sake. This is the United States, Kamara,
Speaker 1: for God's sake. This is the United says Kamara, for
Speaker 1: God's sake. So embarrassing. Oh gosh, let's see them all.
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