1 00:00:10,320 --> 00:00:14,240 Speaker 1: You know they're all doing it on purpose, right, the Democrats. 2 00:00:15,200 --> 00:00:19,239 Speaker 1: Our special tonight is about Joe Biden his administration. I 3 00:00:19,239 --> 00:00:21,479 Speaker 1: mean we should never really say Joe Biden, right, because 4 00:00:21,680 --> 00:00:25,400 Speaker 1: what's Joe Biden really running? But it's about Biden's administration, 5 00:00:26,000 --> 00:00:29,400 Speaker 1: his broken economy, how bad things are. And we're gonna 6 00:00:29,440 --> 00:00:32,440 Speaker 1: go over so many things tonight. We have so many 7 00:00:32,440 --> 00:00:35,120 Speaker 1: great guests for you, But I want you to understand 8 00:00:35,159 --> 00:00:36,800 Speaker 1: something as we go through all this, and I mean 9 00:00:37,000 --> 00:00:42,520 Speaker 1: I'm gonna repeat myself several times. They know these policies 10 00:00:42,560 --> 00:00:49,480 Speaker 1: don't work. They're doing this on purpose, and that that's 11 00:00:49,479 --> 00:00:52,040 Speaker 1: what the right has such a hard time with. You 12 00:00:52,120 --> 00:00:53,440 Speaker 1: might be having a hard time with it right now. 13 00:00:53,479 --> 00:00:57,160 Speaker 1: You probably are. You're probably saying to yourself, no, that's 14 00:00:57,200 --> 00:01:01,959 Speaker 1: not true. Well I'm what they mean. Well, or if 15 00:01:02,000 --> 00:01:03,880 Speaker 1: you get past that, you'll get to this thing where 16 00:01:03,880 --> 00:01:10,440 Speaker 1: you'll say, they wouldn't ruin their own country. They would 17 00:01:10,480 --> 00:01:14,000 Speaker 1: if they hated it. They would if they hated it. 18 00:01:15,000 --> 00:01:18,200 Speaker 1: Joe Biden came out recently and he was dogging on 19 00:01:18,360 --> 00:01:23,319 Speaker 1: Reagan's triple down economics. I really enjoyed this forty years ago. 20 00:01:23,720 --> 00:01:27,680 Speaker 1: We chose the wrong path in my view following the 21 00:01:27,720 --> 00:01:31,600 Speaker 1: misguide of philosophy of people like Robert Bourke and pull 22 00:01:31,680 --> 00:01:35,840 Speaker 1: back on and forcing laws to promote competition. We are 23 00:01:35,880 --> 00:01:39,360 Speaker 1: now forty years into the experiment of letting giant corporations 24 00:01:39,400 --> 00:01:43,840 Speaker 1: accumulate more and more power, and what have we gotten 25 00:01:43,880 --> 00:01:49,920 Speaker 1: from it? Less growth, weakened investment, fewer small businesses, too 26 00:01:49,920 --> 00:01:53,440 Speaker 1: many Americans who feel left behind, too many people who 27 00:01:53,440 --> 00:01:57,840 Speaker 1: are poorer than their parents. I believe the experiment failed. 28 00:02:01,880 --> 00:02:05,560 Speaker 1: I'm sorry, maybe by your pieces acting up. I think 29 00:02:05,560 --> 00:02:11,320 Speaker 1: he just said we're getting fewer small businesses. Do you 30 00:02:11,400 --> 00:02:15,040 Speaker 1: have any idea how many small businesses Democrats and their 31 00:02:15,120 --> 00:02:18,320 Speaker 1: policies have slaughtered over the last year and a half. 32 00:02:18,960 --> 00:02:20,919 Speaker 1: And again, back to what I said in the very beginning, 33 00:02:20,919 --> 00:02:26,079 Speaker 1: I want you to understand something. It's intentional small business 34 00:02:26,120 --> 00:02:30,280 Speaker 1: owners by and large, that the vast majority of small 35 00:02:30,360 --> 00:02:37,280 Speaker 1: business owners are Republicans. He's crying about big corporations. Did 36 00:02:37,320 --> 00:02:41,640 Speaker 1: big corporations support Donald Trump or Joe Biden for president? 37 00:02:42,200 --> 00:02:47,640 Speaker 1: Joe Biden sits in the Oval Office because of big corporations. 38 00:02:47,960 --> 00:02:52,160 Speaker 1: The Democratic Party doesn't care about you. They don't care 39 00:02:52,200 --> 00:02:56,520 Speaker 1: about small businesses at all. They care about power, and 40 00:02:56,560 --> 00:03:00,040 Speaker 1: they care about wrecking this country, and they plan on 41 00:03:00,240 --> 00:03:05,240 Speaker 1: doing both of those things simultaneously. They know they can 42 00:03:05,360 --> 00:03:09,520 Speaker 1: tear through this economy and hurt their opponents. They didn't 43 00:03:09,520 --> 00:03:13,320 Speaker 1: go after small businesses by accident. They went after them 44 00:03:13,360 --> 00:03:15,400 Speaker 1: on purpose. I saw people on the right do this 45 00:03:15,520 --> 00:03:18,079 Speaker 1: time and time and time again. They would say, well, 46 00:03:19,160 --> 00:03:23,639 Speaker 1: they're hurting small businesses. Why can't they see? Of course 47 00:03:23,680 --> 00:03:28,079 Speaker 1: they see. They're not polite. Of course they know they're 48 00:03:28,160 --> 00:03:33,160 Speaker 1: hurting small businesses because small businesses vote Republican. And when 49 00:03:33,200 --> 00:03:36,520 Speaker 1: you wipe out a small business, you either a send 50 00:03:36,560 --> 00:03:39,240 Speaker 1: that business owner into poverty, which will make you more 51 00:03:39,280 --> 00:03:42,520 Speaker 1: likely to vote Democrat, or b you send that small 52 00:03:42,560 --> 00:03:45,200 Speaker 1: business owner into a big corporation, which will make you 53 00:03:45,240 --> 00:03:50,080 Speaker 1: more likely to vote Democrat. They know Joe Biden knows 54 00:03:50,440 --> 00:03:53,840 Speaker 1: Democrat policies are terrible for the economy. They've always known that. 55 00:03:53,920 --> 00:03:58,480 Speaker 1: Everyone knows that, even Democrats. You ever have a cousin 56 00:03:58,600 --> 00:04:02,120 Speaker 1: or aunt or uncle you talk to in private, they know. 57 00:04:02,880 --> 00:04:06,760 Speaker 1: They know Republican policies they're better for the economy. They 58 00:04:06,760 --> 00:04:11,600 Speaker 1: don't care. They don't care. I mean, you see things 59 00:04:11,600 --> 00:04:14,840 Speaker 1: like the stimulus checks. You know Democrats are still all 60 00:04:14,840 --> 00:04:18,520 Speaker 1: about sending out stimulus checks, and you're having Republican governors 61 00:04:18,520 --> 00:04:22,240 Speaker 1: starting to refuse any of this additional unemployment stuff. Why 62 00:04:23,200 --> 00:04:25,960 Speaker 1: because people aren't going back to work. People aren't going 63 00:04:26,000 --> 00:04:29,840 Speaker 1: back to work, and that's crucifying the economy because these 64 00:04:29,920 --> 00:04:32,720 Speaker 1: small businesses who are already teetering on the brink, they 65 00:04:32,760 --> 00:04:36,000 Speaker 1: don't have the employees to carry on. They can't do it. 66 00:04:37,120 --> 00:04:39,880 Speaker 1: So people are screaming at Democrats, now, why are you 67 00:04:40,080 --> 00:04:43,080 Speaker 1: Why are you still doing this? Why are you sending 68 00:04:43,080 --> 00:04:49,680 Speaker 1: these unemployment checks. It's hurting the economy. They know they 69 00:04:49,720 --> 00:04:53,039 Speaker 1: know it's hurting the economy. That's something that's going to 70 00:04:53,080 --> 00:04:55,680 Speaker 1: be very hard for the right to come around on. 71 00:04:56,720 --> 00:05:00,919 Speaker 1: It is they always spread lies. It lies about everything. 72 00:05:00,920 --> 00:05:04,400 Speaker 1: They've spread lies about trickle down economics for years. The 73 00:05:04,440 --> 00:05:11,880 Speaker 1: truth is employers. They're good guys. Now not always, obviously, 74 00:05:11,920 --> 00:05:14,600 Speaker 1: I realize there are bad employers out there, But you 75 00:05:14,680 --> 00:05:18,239 Speaker 1: want people to be employers, you want lots of them, 76 00:05:18,560 --> 00:05:20,120 Speaker 1: and you know that you know what, I'll tell you 77 00:05:20,160 --> 00:05:23,599 Speaker 1: something else. I know. This doesn't This doesn't play well. 78 00:05:24,040 --> 00:05:29,640 Speaker 1: And the wealth envy world we live in now, you 79 00:05:29,640 --> 00:05:33,920 Speaker 1: should want rich people to get richer. You should because 80 00:05:33,960 --> 00:05:38,520 Speaker 1: when rich people get richer, they spend money, They expand 81 00:05:38,560 --> 00:05:41,440 Speaker 1: their businesses. They go out and blow money on a boat. 82 00:05:41,640 --> 00:05:46,000 Speaker 1: Good guess who builds boats? Normal work in Then go 83 00:05:46,080 --> 00:05:48,479 Speaker 1: buy a plane, Go buy a house, go buy a boat. 84 00:05:49,120 --> 00:05:52,600 Speaker 1: Higher fifteen maids. I don't care. When rich people make 85 00:05:52,680 --> 00:05:57,239 Speaker 1: more money, they spend it. Trickle down economics does work. 86 00:05:57,320 --> 00:06:00,159 Speaker 1: It always has worked. The great Thomas Soul elaborate it 87 00:06:00,160 --> 00:06:04,240 Speaker 1: on it better than I ever could. Where does this 88 00:06:04,279 --> 00:06:06,800 Speaker 1: phrase trickle down come from? Oh? I don't know. It 89 00:06:06,839 --> 00:06:09,800 Speaker 1: was as far back as as as the first as 90 00:06:09,800 --> 00:06:14,280 Speaker 1: the Rosewelt administration. Uh, there is absolutely it is an 91 00:06:14,320 --> 00:06:18,000 Speaker 1: incredible thing. It's there is a non existent theory that 92 00:06:18,200 --> 00:06:21,240 Speaker 1: is constantly being attacked. Uh. Some years ago in my 93 00:06:21,279 --> 00:06:25,479 Speaker 1: newspaper column, I challenged anybody to cite any economists outside 94 00:06:25,520 --> 00:06:28,400 Speaker 1: of an insane asylum who had ever made that argument. 95 00:06:28,839 --> 00:06:31,800 Speaker 1: Nobody ever ever came up with a single person. So 96 00:06:31,880 --> 00:06:34,560 Speaker 1: when Barack Obama says in this past July I quote 97 00:06:34,640 --> 00:06:38,359 Speaker 1: we were told that process. Abody who told him? Nobody 98 00:06:38,360 --> 00:06:41,320 Speaker 1: told him nobody. No economists has ever held, no politician 99 00:06:41,360 --> 00:06:43,120 Speaker 1: has ever said it. I don't know if anybody who's 100 00:06:43,120 --> 00:06:45,160 Speaker 1: ever said it. In fact, when I put this out 101 00:06:45,160 --> 00:06:48,640 Speaker 1: and I went went out nationally sending to click Kati column. 102 00:06:49,279 --> 00:06:51,640 Speaker 1: Various people wrote me and said, well, so and so 103 00:06:51,800 --> 00:06:54,400 Speaker 1: said that, so and so said it, find me the 104 00:06:54,440 --> 00:06:56,480 Speaker 1: person who said it. I don't want to hear how 105 00:06:56,760 --> 00:06:59,360 Speaker 1: A said that. B said find me B and show 106 00:06:59,440 --> 00:07:02,120 Speaker 1: me where he's at it. And that was years ago. 107 00:07:02,640 --> 00:07:08,960 Speaker 1: Not one example has been offered. You see, this is 108 00:07:09,000 --> 00:07:12,040 Speaker 1: why I want you to understand this. This is why 109 00:07:12,400 --> 00:07:17,280 Speaker 1: leftists react so angrily when you press them on any 110 00:07:17,320 --> 00:07:22,280 Speaker 1: of their policies, because they're not taught to think things through. 111 00:07:22,320 --> 00:07:24,720 Speaker 1: In fact, the people who teach them the last thing 112 00:07:24,760 --> 00:07:28,360 Speaker 1: they want is them to think things through. They're taught 113 00:07:28,760 --> 00:07:33,280 Speaker 1: to spread all kinds of mindless propaganda out there, and 114 00:07:33,320 --> 00:07:37,000 Speaker 1: then when challenged on it, don't go for the argument, 115 00:07:37,600 --> 00:07:40,600 Speaker 1: personally attack. That's why you get so many of these 116 00:07:40,720 --> 00:07:43,840 Speaker 1: name calling him personal attacks from these people. That's not 117 00:07:43,920 --> 00:07:47,040 Speaker 1: an accident. It's not because they're all ill tempered. It's 118 00:07:47,040 --> 00:07:50,080 Speaker 1: a strategy. It's like when you have a fight. I 119 00:07:50,120 --> 00:07:53,040 Speaker 1: have a fight with your husband or wife and you're 120 00:07:53,080 --> 00:07:57,400 Speaker 1: fighting over who didn't take the trash out, and eventually 121 00:07:57,440 --> 00:08:00,200 Speaker 1: one person will say, well, I don't like it when 122 00:08:00,200 --> 00:08:03,559 Speaker 1: your mother in law comes around, Well, that's the person 123 00:08:03,600 --> 00:08:07,280 Speaker 1: who lost the argument. The one who changes the subject 124 00:08:07,560 --> 00:08:10,320 Speaker 1: is the one who lost the argument. Democrats know they 125 00:08:10,320 --> 00:08:14,320 Speaker 1: cannot possibly argue their point about economics. They can't possibly 126 00:08:14,360 --> 00:08:17,840 Speaker 1: defend any position they have about economics, and there's no 127 00:08:17,920 --> 00:08:20,760 Speaker 1: way they can defend these spending levels. Have you seen 128 00:08:20,800 --> 00:08:24,120 Speaker 1: the debt clock? Have you seen the US national debt clock? 129 00:08:25,120 --> 00:08:27,760 Speaker 1: I don't know. My eyes maybe been deceiving me, but 130 00:08:28,000 --> 00:08:31,960 Speaker 1: I looked, and that's that looks like twenty eight trillion dollars. 131 00:08:33,720 --> 00:08:38,280 Speaker 1: Everybody knows that's not sustainable. It's not sustainable. But when 132 00:08:38,320 --> 00:08:41,240 Speaker 1: you press them on that, they propose these out of 133 00:08:41,280 --> 00:08:46,360 Speaker 1: control budgets three four trillion dollars. I mean, proposing the 134 00:08:46,480 --> 00:08:49,800 Speaker 1: end of a nation. What do you get? You hate 135 00:08:49,880 --> 00:08:56,040 Speaker 1: poor people? That's crazy. They know these policies. Policies are destructive. 136 00:08:57,200 --> 00:09:01,320 Speaker 1: They know their policies are destructive. That's the idea. Remember, 137 00:09:01,880 --> 00:09:04,959 Speaker 1: And even though we're focusing on the economy tonight. That's 138 00:09:05,000 --> 00:09:07,760 Speaker 1: why the border is the way it is under Joe 139 00:09:07,800 --> 00:09:11,360 Speaker 1: Biden's administration, and that's going to have huge economic impacts 140 00:09:11,360 --> 00:09:14,600 Speaker 1: as well as you'll see local hospitals get overrun you'll 141 00:09:14,640 --> 00:09:18,440 Speaker 1: see local schools get overrun. The economy is going to 142 00:09:18,440 --> 00:09:20,520 Speaker 1: suffer because of that too. But again you point that 143 00:09:20,559 --> 00:09:23,000 Speaker 1: out to them. You have a bunch of people. You're 144 00:09:23,000 --> 00:09:25,960 Speaker 1: not keeping records on them. We have a million flowing 145 00:09:25,960 --> 00:09:28,240 Speaker 1: into the country, three million flowing in in the country. 146 00:09:28,320 --> 00:09:32,120 Speaker 1: This is terrible for America. And they don't bat an eye, 147 00:09:32,160 --> 00:09:36,199 Speaker 1: do they. They never ever ever bat an eye because 148 00:09:36,280 --> 00:09:39,760 Speaker 1: they know. So. When we talk to all these guests 149 00:09:39,760 --> 00:09:42,800 Speaker 1: tonight and we talk about just how bad the economy 150 00:09:42,960 --> 00:09:45,360 Speaker 1: is and why we have the inflation numbers we have 151 00:09:45,480 --> 00:09:48,720 Speaker 1: in the national debt and taxes and all these other things, 152 00:09:49,120 --> 00:09:52,200 Speaker 1: always keep in the back of your mind when you 153 00:09:52,320 --> 00:09:56,000 Speaker 1: tell one of these modern day democrats, one of these communists, 154 00:09:56,200 --> 00:09:58,760 Speaker 1: when you tell one of these people how destructive his 155 00:09:58,920 --> 00:10:02,240 Speaker 1: policies are, you might as well be telling the chef 156 00:10:02,240 --> 00:10:06,880 Speaker 1: how good the meal tastes. He knows all that may 157 00:10:06,920 --> 00:10:24,559 Speaker 1: have made you uncomfortable. But I'm right, we'll be back inflation. 158 00:10:25,360 --> 00:10:28,000 Speaker 1: Everybody's worried about inflation. I mean, you should be right. 159 00:10:28,040 --> 00:10:31,280 Speaker 1: Five point four percent is no joke, predictions of more 160 00:10:31,400 --> 00:10:35,080 Speaker 1: dire things to come. But joining me now is my 161 00:10:35,200 --> 00:10:38,559 Speaker 1: good friend Carol Roth. She is the author of the book, 162 00:10:38,640 --> 00:10:41,400 Speaker 1: you really should probably get your hands on the war 163 00:10:41,559 --> 00:10:44,920 Speaker 1: on small business. Carol. Here's my issue, and I try 164 00:10:44,960 --> 00:10:47,720 Speaker 1: not to be coldhearted, but I'm a sociopath. There's only 165 00:10:47,760 --> 00:10:50,760 Speaker 1: so much feeling I have inside of me. I hear 166 00:10:50,800 --> 00:10:54,240 Speaker 1: a lot of complaining today about inflation and inflation and inflation. 167 00:10:55,320 --> 00:10:59,000 Speaker 1: But I heard all these people complaining, like yesterday saying, 168 00:10:59,080 --> 00:11:03,480 Speaker 1: pass me a stimulus bill. Where's my stimulus check? Do 169 00:11:03,559 --> 00:11:08,600 Speaker 1: people not make these connections, Kirol? They don't because as 170 00:11:08,679 --> 00:11:13,120 Speaker 1: a major supposedly reputable business news stores put out the 171 00:11:13,200 --> 00:11:17,840 Speaker 1: other day, So the silver lying of inflation, higher wages, 172 00:11:17,960 --> 00:11:20,480 Speaker 1: so you get paid two dollars more in an hour, 173 00:11:20,920 --> 00:11:24,160 Speaker 1: but your pizza costs twenty three dollars a place that 174 00:11:24,960 --> 00:11:28,679 Speaker 1: you're doing great. And unfortunately, when you have the media 175 00:11:28,800 --> 00:11:33,280 Speaker 1: that is complicit in putting out these ridiculous narratives and 176 00:11:33,320 --> 00:11:37,680 Speaker 1: refusing to educate the population of what the government and 177 00:11:37,720 --> 00:11:41,000 Speaker 1: the Federal Reserve together are doing and how they're destroying 178 00:11:41,040 --> 00:11:44,920 Speaker 1: the value of the dollar, people get really excited that 179 00:11:45,080 --> 00:11:47,320 Speaker 1: their rage is going to go up another two dollars. 180 00:11:47,440 --> 00:11:50,719 Speaker 1: So that's what we're fighting against. And again this is 181 00:11:50,760 --> 00:11:58,160 Speaker 1: coming out of sources that build themselves and business television Carol. 182 00:11:59,080 --> 00:12:02,840 Speaker 1: The Federal Reserve, let's do that thing where I just 183 00:12:02,920 --> 00:12:05,400 Speaker 1: got down from Planet Mars. I'm an alien, I've never 184 00:12:05,440 --> 00:12:09,679 Speaker 1: been here before. What is the Federal Reserve? That our 185 00:12:09,720 --> 00:12:14,320 Speaker 1: reserves a giant scam? Jesse Kelly. They are supposed to 186 00:12:14,360 --> 00:12:19,800 Speaker 1: be an independent agency. Somehow we have outsourced the policy 187 00:12:19,920 --> 00:12:24,040 Speaker 1: for stabilizing priss and making sure we have full employment 188 00:12:24,040 --> 00:12:26,600 Speaker 1: at the same time to a quote again wig wig, 189 00:12:26,679 --> 00:12:33,120 Speaker 1: nudge nudge, independent agency. And unfortunately, because they get their 190 00:12:33,160 --> 00:12:36,319 Speaker 1: mandate from Congress, but Congress doesn't really get to peek 191 00:12:36,320 --> 00:12:39,079 Speaker 1: behind the scenes, and we all know that everybody's a 192 00:12:39,120 --> 00:12:43,040 Speaker 1: good hoots together. They really haven't put any rains around 193 00:12:43,040 --> 00:12:47,520 Speaker 1: what they've been doing. They have facilitated the most historic 194 00:12:47,720 --> 00:12:53,000 Speaker 1: wealth transfer in our lifetime from Main Street to Wall Street. 195 00:12:53,320 --> 00:12:57,960 Speaker 1: They have artificially suppressed interest rates down near zero, and 196 00:12:58,000 --> 00:13:01,640 Speaker 1: they have what they call printed money, but literally made 197 00:13:01,640 --> 00:13:03,400 Speaker 1: it up out of nowhere. They just went into their 198 00:13:03,440 --> 00:13:05,640 Speaker 1: account and said, oh, we have money. If you and 199 00:13:05,679 --> 00:13:07,760 Speaker 1: I did this, we'd be in jail. But for them, 200 00:13:07,840 --> 00:13:11,560 Speaker 1: that's monetary policy, and they have put that into the market. 201 00:13:11,840 --> 00:13:15,319 Speaker 1: So with doing that, you know, if you're a saver 202 00:13:15,840 --> 00:13:20,319 Speaker 1: or a retiree, you're trying to earn some money based 203 00:13:20,360 --> 00:13:23,640 Speaker 1: on your savings, you're getting almost nothing on that. But 204 00:13:23,800 --> 00:13:26,480 Speaker 1: at the same time, they're loaning out money to these 205 00:13:26,520 --> 00:13:30,200 Speaker 1: big corporations who are using it to compete with and 206 00:13:30,280 --> 00:13:33,200 Speaker 1: crush you if you are a small business or somebody 207 00:13:33,200 --> 00:13:35,560 Speaker 1: who's trying to buy a house, even at this point 208 00:13:35,600 --> 00:13:39,880 Speaker 1: in time, So they have enabled this insane amount of 209 00:13:40,000 --> 00:13:43,400 Speaker 1: wealth transfer on their balance sheet, which, as I said, 210 00:13:43,480 --> 00:13:46,440 Speaker 1: is with money that has come from nowhere that they've 211 00:13:46,480 --> 00:13:49,080 Speaker 1: gone out to purchase securities in the market. It is 212 00:13:49,120 --> 00:13:53,320 Speaker 1: tough eight trillion dollars that they have messed with at 213 00:13:53,360 --> 00:13:57,079 Speaker 1: this point in time. Continue to suppress interest rates, and 214 00:13:57,360 --> 00:14:00,920 Speaker 1: the real reason why they're doing this is because we 215 00:14:01,000 --> 00:14:05,520 Speaker 1: have national debt that is nearing thirty trillion dollars and 216 00:14:05,640 --> 00:14:08,440 Speaker 1: they know if interest rates start to move up that 217 00:14:08,559 --> 00:14:10,439 Speaker 1: the interest that we're going to have to pay to 218 00:14:10,679 --> 00:14:13,200 Speaker 1: service that debt is going to crowd out on other 219 00:14:13,240 --> 00:14:16,640 Speaker 1: spending and the government doesn't want that to happen. So basically, 220 00:14:16,679 --> 00:14:19,720 Speaker 1: they're supposed to be helping the economy, but they're helping 221 00:14:19,760 --> 00:14:22,440 Speaker 1: their buddies in Washington, DC. And we should all be 222 00:14:22,480 --> 00:14:27,320 Speaker 1: outraged about this, Carol. Now, look, I just signed a 223 00:14:27,360 --> 00:14:29,560 Speaker 1: thirty year fixed on a home at two six five. 224 00:14:29,720 --> 00:14:34,320 Speaker 1: I love low interest rates. What's wrong with low interest rates? Well, 225 00:14:34,320 --> 00:14:37,680 Speaker 1: they're not good when they are artificially low and they're 226 00:14:37,720 --> 00:14:42,400 Speaker 1: distorting to supply and demand risk imbalance in the markets. 227 00:14:42,880 --> 00:14:45,560 Speaker 1: You were lucky that you were able to find a home. 228 00:14:45,960 --> 00:14:48,520 Speaker 1: In many places, you might have to compete with a 229 00:14:48,600 --> 00:14:52,480 Speaker 1: private equity firm or eventual coventure capital company that has 230 00:14:52,520 --> 00:14:55,680 Speaker 1: a lot more capital access than you do to go 231 00:14:55,760 --> 00:14:58,200 Speaker 1: out and buy the house, and you're gonna be buying 232 00:14:58,200 --> 00:15:03,040 Speaker 1: it at inflated price. So anything any little benefits you 233 00:15:03,080 --> 00:15:06,560 Speaker 1: get your little crumb, your little lower mortgage rate or 234 00:15:06,600 --> 00:15:10,560 Speaker 1: your stimulus check. You're counting your bucks here while they're 235 00:15:10,560 --> 00:15:13,960 Speaker 1: backing up the Brinks truck behind you with trillions of 236 00:15:14,000 --> 00:15:16,560 Speaker 1: dollars that are going to the big company, and your 237 00:15:16,560 --> 00:15:19,480 Speaker 1: focus on counting the like you know, hundreds of dollars 238 00:15:19,480 --> 00:15:21,880 Speaker 1: that you've got in your hands. That's the trick that 239 00:15:21,880 --> 00:15:25,360 Speaker 1: they're playing on the American people right now. Well, first 240 00:15:25,360 --> 00:15:28,560 Speaker 1: of all, Carol, venture capital companies have to deal with me, 241 00:15:28,840 --> 00:15:32,040 Speaker 1: not vice first, but setting that aside, you brought up 242 00:15:32,040 --> 00:15:35,240 Speaker 1: the wealth transfer. Is there a book I can read 243 00:15:35,320 --> 00:15:39,680 Speaker 1: about the wealth transfer? Well, it's funny that you mentioned it. 244 00:15:39,800 --> 00:15:42,760 Speaker 1: There just so happens to be one called the War 245 00:15:42,920 --> 00:15:46,680 Speaker 1: on Small Business, which even though we lead with small business, 246 00:15:46,800 --> 00:15:51,640 Speaker 1: we do delve into this historic wealth transfer that everybody 247 00:15:51,640 --> 00:15:55,160 Speaker 1: should be paying attention to, because it's making it harder 248 00:15:55,160 --> 00:15:58,760 Speaker 1: for people to create wealth through business ownership, through investing 249 00:15:58,760 --> 00:16:01,040 Speaker 1: in the market, through owning a home, and zo on 250 00:16:01,080 --> 00:16:04,680 Speaker 1: and zo forth. That's the path to economic freedom. If 251 00:16:04,720 --> 00:16:07,600 Speaker 1: we give that up, you know what happens, We slide 252 00:16:07,600 --> 00:16:11,080 Speaker 1: in the other direction, towards whatever you want to call it, socialism, 253 00:16:11,440 --> 00:16:15,440 Speaker 1: central planning, communism, pretty socialism, I don't care what the 254 00:16:15,480 --> 00:16:18,080 Speaker 1: word is. But force and control with a handful of 255 00:16:18,080 --> 00:16:21,000 Speaker 1: people making all the decisions. And that's not a good 256 00:16:21,080 --> 00:16:26,520 Speaker 1: outcome for anybody. Oh, it's certainly not Carol. Forty seven percent. 257 00:16:27,400 --> 00:16:31,480 Speaker 1: These numbers about small business forty seven percent have raised 258 00:16:31,520 --> 00:16:35,200 Speaker 1: prices seven points to forty seven percent, which is the 259 00:16:35,280 --> 00:16:38,840 Speaker 1: highest seasonly adjusted inflation since nineteen eighty one. That's from 260 00:16:38,880 --> 00:16:41,640 Speaker 1: the National Federation of Independent Business. And then you have 261 00:16:41,720 --> 00:16:45,240 Speaker 1: this number from the Wall Street Journal. Two percent forecasts 262 00:16:45,280 --> 00:16:48,120 Speaker 1: are above two percent clear through twenty twenty three. Now 263 00:16:48,120 --> 00:16:50,360 Speaker 1: these are percentage numbers. So the second I brought this 264 00:16:50,440 --> 00:16:53,560 Speaker 1: up forty seven percent and two percent in inflation, everybody's 265 00:16:53,600 --> 00:16:55,400 Speaker 1: eyes glazed over and they rolled their eyes, and they 266 00:16:55,440 --> 00:16:57,600 Speaker 1: don't know what I'm talking about anymore. Can you make 267 00:16:57,640 --> 00:17:00,080 Speaker 1: this a practical thing? What's it look like for me 268 00:17:00,200 --> 00:17:02,720 Speaker 1: on the ground. Well, first of all, just they want 269 00:17:02,720 --> 00:17:05,520 Speaker 1: to congratulate you for being able to read those numbers. 270 00:17:05,560 --> 00:17:07,600 Speaker 1: You've come a long way since we started on this 271 00:17:07,680 --> 00:17:11,199 Speaker 1: economic journey, so I just wanted to give throw some 272 00:17:11,240 --> 00:17:14,920 Speaker 1: flowers in your direction on that. But it means that 273 00:17:15,119 --> 00:17:19,560 Speaker 1: your dollar has less buying power. So if the cost 274 00:17:19,720 --> 00:17:22,800 Speaker 1: of an employee goes up, if the cost of products 275 00:17:22,840 --> 00:17:25,280 Speaker 1: go up, then there are only two options. Well I 276 00:17:25,280 --> 00:17:27,480 Speaker 1: guess they're three options. The business either goes out of 277 00:17:27,520 --> 00:17:31,160 Speaker 1: business entirely, which is not a good option, they decide 278 00:17:31,200 --> 00:17:34,680 Speaker 1: that they're going to eat that price increase, which means 279 00:17:34,680 --> 00:17:37,520 Speaker 1: they have less dollars to pump into the economy, or 280 00:17:37,640 --> 00:17:39,560 Speaker 1: more likely, they're going to try and pass it on 281 00:17:39,600 --> 00:17:43,040 Speaker 1: to you as a consumer. So again, your slice of pizza, 282 00:17:43,160 --> 00:17:46,080 Speaker 1: which may have been five bucks, goes to seven bucks, 283 00:17:46,160 --> 00:17:48,800 Speaker 1: maybe goes to nine bucks, and you know, keeps going up. 284 00:17:49,200 --> 00:17:52,400 Speaker 1: And unfortunately, this is systemic. It's not like it's just 285 00:17:52,480 --> 00:17:56,240 Speaker 1: affecting one piece. You know, if you have higher oil prices, 286 00:17:56,680 --> 00:18:01,080 Speaker 1: gas prices go up, Shipping container prices stay higher and 287 00:18:01,160 --> 00:18:03,440 Speaker 1: cause more for people to get to their jobs, so 288 00:18:03,480 --> 00:18:06,600 Speaker 1: then they're demanding higher wages. These things that they just 289 00:18:06,720 --> 00:18:10,240 Speaker 1: build upon each other and the cost of everything goes up. 290 00:18:10,320 --> 00:18:13,040 Speaker 1: Your dollar, even if you make a few more, doesn't 291 00:18:13,119 --> 00:18:16,679 Speaker 1: have any additional earning power, it has less earning power. 292 00:18:17,080 --> 00:18:21,000 Speaker 1: And as you can imagine, that more just proportionately affects 293 00:18:21,040 --> 00:18:24,280 Speaker 1: the people at the lower end of the income range 294 00:18:24,600 --> 00:18:28,200 Speaker 1: of who are using more of their income in order 295 00:18:28,240 --> 00:18:33,320 Speaker 1: to go out and live their lives. People who have assets, stocks, 296 00:18:33,520 --> 00:18:38,040 Speaker 1: houses that get inflated in value in some cases might benefit. 297 00:18:38,680 --> 00:18:42,480 Speaker 1: So they get this is attack on the individual, attack 298 00:18:42,520 --> 00:18:46,840 Speaker 1: on the small businesses. And don't let any business outlets 299 00:18:47,040 --> 00:18:49,760 Speaker 1: tell you that there's a silver lining to it. There's 300 00:18:49,800 --> 00:18:52,919 Speaker 1: no silver lining. And worst case scenario, by the way, 301 00:18:53,280 --> 00:18:57,119 Speaker 1: is something we've talked about before is stagflation, where you 302 00:18:57,160 --> 00:19:02,400 Speaker 1: get this increase in prices, but the economic growth actually stagnate. 303 00:19:03,000 --> 00:19:05,680 Speaker 1: So that's a combination that we saw in the late 304 00:19:05,720 --> 00:19:09,200 Speaker 1: seventies early eighties, and based on the policies that are 305 00:19:09,200 --> 00:19:12,280 Speaker 1: coming out of the Biden and administration that are not 306 00:19:12,440 --> 00:19:16,160 Speaker 1: pro growth, it's very possible that the growth stalls out, 307 00:19:16,160 --> 00:19:19,040 Speaker 1: but you still see the effects of inflation based on 308 00:19:19,160 --> 00:19:22,960 Speaker 1: what the government and the FED has been doing. Carol, 309 00:19:22,960 --> 00:19:25,440 Speaker 1: what's this economy look like in ten years? I mean 310 00:19:25,480 --> 00:19:27,399 Speaker 1: I talked about it. I know you talked about a 311 00:19:27,400 --> 00:19:29,440 Speaker 1: lot shoot. You talk about it in your book. At 312 00:19:29,480 --> 00:19:32,600 Speaker 1: the very beginning, when they were slaughtering small business, I said, 313 00:19:32,640 --> 00:19:35,240 Speaker 1: we're going to see the rise of these megacorporations that 314 00:19:35,359 --> 00:19:37,760 Speaker 1: run everything. And I have no problem with big business. 315 00:19:37,800 --> 00:19:40,119 Speaker 1: I have no problem with small business. But it's not 316 00:19:40,280 --> 00:19:43,000 Speaker 1: healthy when your whole country is run by five or 317 00:19:43,000 --> 00:19:46,960 Speaker 1: six megacorporations, and it seems like it's inevitable. Now, I mean, 318 00:19:47,000 --> 00:19:50,960 Speaker 1: that's certainly if we don't stand up for decentralization. They 319 00:19:51,000 --> 00:19:53,919 Speaker 1: have the economy that was before COVID in the hands 320 00:19:53,920 --> 00:19:58,119 Speaker 1: of thirty point two million disparate entities, and we don't 321 00:19:58,200 --> 00:20:01,440 Speaker 1: start giving them the opportunity compete on affair and even 322 00:20:01,480 --> 00:20:04,560 Speaker 1: playing field, that's exactly what's going to happen. You're going 323 00:20:04,600 --> 00:20:07,600 Speaker 1: to slide from freedom to central planning. You're going to 324 00:20:07,680 --> 00:20:11,640 Speaker 1: have fewer options. Those companies are going to have more control, 325 00:20:12,320 --> 00:20:14,199 Speaker 1: They're going to be in cahoots with the government to 326 00:20:14,240 --> 00:20:16,640 Speaker 1: do things that are better for them. And I think 327 00:20:16,640 --> 00:20:19,159 Speaker 1: that the bottom line is that there's going to be 328 00:20:19,359 --> 00:20:23,560 Speaker 1: less or fewer wealth creation opportunities I guess I should 329 00:20:23,560 --> 00:20:26,639 Speaker 1: say for the average American. And that is what this 330 00:20:26,680 --> 00:20:30,120 Speaker 1: country is founded on. That's why people come here from 331 00:20:30,280 --> 00:20:33,760 Speaker 1: every part of the globe is to pursue that economic 332 00:20:33,840 --> 00:20:36,520 Speaker 1: freedom to create wealth or to be able to have 333 00:20:36,560 --> 00:20:40,320 Speaker 1: the freedom to pursue their passions or their flexibility that 334 00:20:40,359 --> 00:20:44,399 Speaker 1: they're looking for. And those options aren't going to be available. 335 00:20:44,480 --> 00:20:48,320 Speaker 1: We are going to be servants to a handful of 336 00:20:48,400 --> 00:20:51,879 Speaker 1: big corporations that are in bed with special interests in 337 00:20:51,960 --> 00:20:55,560 Speaker 1: big government. And like, best case scenario, you end up 338 00:20:55,600 --> 00:20:59,560 Speaker 1: looking like the UK or France, and worst case scenario 339 00:21:00,160 --> 00:21:04,119 Speaker 1: end up looking like you know, Venezuela or Cuba. So like, 340 00:21:04,160 --> 00:21:08,480 Speaker 1: the trajectory of movement in that direction is not good. 341 00:21:08,680 --> 00:21:10,840 Speaker 1: Those are not the economic ideas we want to be 342 00:21:10,880 --> 00:21:14,120 Speaker 1: importing into this country. And so everybody needs to stand 343 00:21:14,240 --> 00:21:17,160 Speaker 1: up and pay attention right now. Support with your dollars 344 00:21:17,400 --> 00:21:21,720 Speaker 1: the decentralized portion of the economy. But please stand up 345 00:21:21,760 --> 00:21:26,040 Speaker 1: for these ridiculous laws, or stand up against these ridiculous 346 00:21:26,160 --> 00:21:29,680 Speaker 1: laws that are standing in the way of having decentralized 347 00:21:29,720 --> 00:21:34,200 Speaker 1: competition and that balance in our in our market canel 348 00:21:34,280 --> 00:21:36,680 Speaker 1: ro off everybody. The book is the War on Small Business. 349 00:21:36,720 --> 00:21:42,439 Speaker 1: Thank you, Carol, Appreciate you. Appreciate you as well. All right, 350 00:21:43,080 --> 00:22:01,160 Speaker 1: I'll be back. Well, this is always a fun segment 351 00:22:01,200 --> 00:22:05,000 Speaker 1: for me. Joining me now is famous chef Andrew Gruel. 352 00:22:05,240 --> 00:22:08,200 Speaker 1: He's with, of course, Slatfish. I would not walk by 353 00:22:08,359 --> 00:22:11,200 Speaker 1: Slapfish if you're ever in California. The stuff this guy 354 00:22:11,240 --> 00:22:14,480 Speaker 1: posts on social media, my word, chef. First of all, 355 00:22:14,920 --> 00:22:17,679 Speaker 1: your state apparently sucks when it comes to getting the 356 00:22:17,720 --> 00:22:20,960 Speaker 1: economy back. Role in California most beautiful state in the 357 00:22:21,040 --> 00:22:25,240 Speaker 1: country forty fifth out of fifty, forty fifth out of fifty. 358 00:22:25,440 --> 00:22:30,439 Speaker 1: Why I know, because I'm kind of angry it's not 359 00:22:30,560 --> 00:22:37,920 Speaker 1: fifty out of fifty. Look, but it's okay because there's 360 00:22:37,920 --> 00:22:40,800 Speaker 1: four other five other morons out there. But really, what 361 00:22:40,840 --> 00:22:43,680 Speaker 1: it comes down to is is that every single one 362 00:22:43,680 --> 00:22:47,199 Speaker 1: of these policies we predicted was going to put California 363 00:22:47,320 --> 00:22:50,560 Speaker 1: in the hole when it came to everything from business development, 364 00:22:50,880 --> 00:22:54,720 Speaker 1: you know, trying to stimulate the local economy and getting 365 00:22:54,760 --> 00:22:57,520 Speaker 1: workers back to work, and of course all these things 366 00:22:57,520 --> 00:23:00,800 Speaker 1: that we predicted have now happened, and they're all trying 367 00:23:00,840 --> 00:23:02,240 Speaker 1: to figure out a way to spend it and blame 368 00:23:02,280 --> 00:23:04,320 Speaker 1: it on something else. And of course somehow it's always 369 00:23:04,359 --> 00:23:06,879 Speaker 1: Trump fault, or who knows, maybe it's Nixon's fault. I 370 00:23:06,880 --> 00:23:11,640 Speaker 1: don't know what specifically are they doing wrong that makes 371 00:23:11,680 --> 00:23:14,080 Speaker 1: your life harder and people who know as life harder 372 00:23:14,119 --> 00:23:19,159 Speaker 1: as employers, well, Number one, this executive authority, right maintaining 373 00:23:19,200 --> 00:23:23,200 Speaker 1: these powers under the pandemic has given NEWSOM the opportunity 374 00:23:23,240 --> 00:23:26,240 Speaker 1: to really weaponize a lot of local agencies. So whether 375 00:23:26,240 --> 00:23:29,680 Speaker 1: it's the Health Department, whether it's whether it's OSHA, whether 376 00:23:29,680 --> 00:23:32,240 Speaker 1: it's a lot of those local agencies that now coming 377 00:23:32,280 --> 00:23:34,439 Speaker 1: to your restaurant, coming to your business day in and 378 00:23:34,520 --> 00:23:36,720 Speaker 1: day out, and tell you what to do beyond what 379 00:23:36,840 --> 00:23:39,680 Speaker 1: once was the purview of their you know, kind of 380 00:23:39,720 --> 00:23:42,760 Speaker 1: their scope. Right for example, Ocean now sending letters saying 381 00:23:42,800 --> 00:23:45,280 Speaker 1: we've got to keep all these specific vaccine records. We 382 00:23:45,359 --> 00:23:47,600 Speaker 1: have to make sure that people who haven't been vaccinated 383 00:23:47,640 --> 00:23:50,000 Speaker 1: are wearing masks or aren't wearing masks. We need to 384 00:23:50,080 --> 00:23:52,679 Speaker 1: keep records, we need to kind of point fingers. And 385 00:23:52,720 --> 00:23:56,680 Speaker 1: then furthermore, really, you know, that almost deputizes a lot 386 00:23:56,680 --> 00:23:58,800 Speaker 1: of the team members and in people coming into the 387 00:23:58,840 --> 00:24:02,959 Speaker 1: restaurants to turn on you. So we're already understaffed as 388 00:24:02,960 --> 00:24:04,600 Speaker 1: it is. We're already trying to keep up with the 389 00:24:04,640 --> 00:24:08,320 Speaker 1: tax code in California, which moves, you know, as quickly 390 00:24:08,320 --> 00:24:12,960 Speaker 1: as Paris Hilton through a nightclub. The problem is that 391 00:24:13,080 --> 00:24:16,280 Speaker 1: we can't even keep up with yesterday's regulations, let alone 392 00:24:16,359 --> 00:24:19,360 Speaker 1: today's regulations. Now we don't have the staff to do so. 393 00:24:19,480 --> 00:24:21,600 Speaker 1: And now they're piling more on top of us, and 394 00:24:21,640 --> 00:24:23,960 Speaker 1: they're doing so in a manner where they're using these 395 00:24:24,560 --> 00:24:30,000 Speaker 1: these divisive issues back team's mask, pandemic related fictionary be 396 00:24:30,240 --> 00:24:33,879 Speaker 1: a fictionary, right fictionary, these kind of fictitious items that 397 00:24:33,960 --> 00:24:36,760 Speaker 1: they want us to stand behind or reject, and then 398 00:24:36,800 --> 00:24:42,440 Speaker 1: it further galvanizes the hate. Yeah, I wanted to ask 399 00:24:42,480 --> 00:24:44,480 Speaker 1: you about that. Okay, So, Osha, Now I grew up 400 00:24:44,520 --> 00:24:46,560 Speaker 1: in construction, as most people do. I didn't grow up 401 00:24:46,560 --> 00:24:49,760 Speaker 1: doing this, and so I'm well aware of Osha, what 402 00:24:49,880 --> 00:24:53,359 Speaker 1: does it look like if Osha comes in and they say, hey, chef, 403 00:24:53,680 --> 00:24:57,760 Speaker 1: this record isn't good, the safety isn't good. And you say, hey, Osha, 404 00:24:57,880 --> 00:25:00,760 Speaker 1: go pound sand. Where does it go from there? Well, 405 00:25:00,800 --> 00:25:03,480 Speaker 1: if we say heyo should go pound sand, they have 406 00:25:03,600 --> 00:25:06,640 Speaker 1: ultimate authority. Just keep putting the boot on our neck. Right, 407 00:25:07,119 --> 00:25:09,199 Speaker 1: And it's the same thing with the labor commissioner. Right, 408 00:25:09,200 --> 00:25:11,600 Speaker 1: So the labor commissioner wants to come in and do 409 00:25:11,760 --> 00:25:15,520 Speaker 1: just a blanket investigation, perhaps, right, maybe that would happen. 410 00:25:15,800 --> 00:25:18,520 Speaker 1: Maybe that happened to me after speaking out against Newsom, 411 00:25:18,520 --> 00:25:21,960 Speaker 1: And maybe I've got hundreds of employees getting letters in 412 00:25:22,000 --> 00:25:26,280 Speaker 1: the mail, were leading letters saying hey, they haven't been 413 00:25:26,280 --> 00:25:28,360 Speaker 1: accused of anything yet, but why don't you fill out 414 00:25:28,359 --> 00:25:31,080 Speaker 1: this form and let us know if you've ever missed 415 00:25:31,119 --> 00:25:33,600 Speaker 1: a meal, if you've ever had X, Y and Z 416 00:25:33,840 --> 00:25:36,520 Speaker 1: happened to you, And now suddenly the business is under 417 00:25:36,560 --> 00:25:40,200 Speaker 1: this grand investigation. Now, in a typical lawsuit, if somebody 418 00:25:40,240 --> 00:25:42,520 Speaker 1: sues you for something frivolous, then you can go back 419 00:25:42,600 --> 00:25:46,200 Speaker 1: after them for legal Peas in California, when the bureaucracy 420 00:25:46,280 --> 00:25:48,520 Speaker 1: goes after you, they just wrapped you up and read 421 00:25:48,600 --> 00:25:51,040 Speaker 1: tape and you have no recourse. You've just got to 422 00:25:51,160 --> 00:25:53,840 Speaker 1: play the game and they can drain you and come 423 00:25:53,920 --> 00:25:56,600 Speaker 1: up with nothing. But at the end of the day, look, 424 00:25:57,119 --> 00:25:59,639 Speaker 1: you know, I've had thousands of employees. I'm sure we 425 00:25:59,680 --> 00:26:02,520 Speaker 1: missed break here and there. I'm sure we missed mule period. 426 00:26:02,520 --> 00:26:04,719 Speaker 1: And that's just one example. So that's how they come 427 00:26:04,720 --> 00:26:07,320 Speaker 1: after you. So it's osha the labor commissioner at any 428 00:26:07,320 --> 00:26:09,639 Speaker 1: one of these agencies that they used to kind of 429 00:26:10,160 --> 00:26:15,920 Speaker 1: you know, gag you, chef. Why California for you? I mean, 430 00:26:15,960 --> 00:26:19,000 Speaker 1: obviously you're well known at this point in time. People 431 00:26:19,080 --> 00:26:21,280 Speaker 1: see the stuff you post. Everyone I've ever talked to 432 00:26:21,320 --> 00:26:23,520 Speaker 1: the East your restaurant says it's the best thing ever. 433 00:26:23,680 --> 00:26:26,479 Speaker 1: Why suffer like that when there are other states out there? 434 00:26:26,520 --> 00:26:30,239 Speaker 1: I mean people have family concerns, business concerns. You just 435 00:26:30,280 --> 00:26:33,639 Speaker 1: too deeply rooted in Cali. Hey, I'm a Jersey boy originally, 436 00:26:33,680 --> 00:26:35,719 Speaker 1: so it's not as if I'm that deeply rooted here 437 00:26:35,720 --> 00:26:38,239 Speaker 1: in California. But at the same rate, you know, why 438 00:26:38,359 --> 00:26:40,920 Speaker 1: why would I run away from them? Wouldn't you want 439 00:26:40,920 --> 00:26:43,560 Speaker 1: to have somebody behind enemy lines? You know, I'm not 440 00:26:43,560 --> 00:26:45,120 Speaker 1: going to stand here and let them push me out. 441 00:26:45,119 --> 00:26:48,760 Speaker 1: California is beautiful. The terid is unbelievable. The ocean is 442 00:26:49,520 --> 00:26:52,640 Speaker 1: an unbelievable amenity. And I don't just mean that from 443 00:26:52,640 --> 00:26:54,719 Speaker 1: a you know, an aesthetic perspective, but also from an 444 00:26:54,720 --> 00:26:59,119 Speaker 1: economic perspective. The California Coastline and the Exclusive Economic Zone 445 00:26:59,160 --> 00:27:02,960 Speaker 1: gives the United States the greatest economic advantage over any 446 00:27:03,000 --> 00:27:05,280 Speaker 1: other country in the world, and we're not taking advantage 447 00:27:05,280 --> 00:27:07,760 Speaker 1: of it. We have no open ocean aquaculture system. We 448 00:27:07,760 --> 00:27:10,600 Speaker 1: ship it all to Canada and Mexico, and our oceans 449 00:27:10,640 --> 00:27:13,040 Speaker 1: actually have the power to basically take care of the 450 00:27:13,080 --> 00:27:16,320 Speaker 1: majority of the energy issues that everybody complains about, especially 451 00:27:16,359 --> 00:27:19,880 Speaker 1: when it comes to providing protein in the form of aquaculture. 452 00:27:20,000 --> 00:27:22,120 Speaker 1: So I'm here to try and bang that drum and 453 00:27:22,160 --> 00:27:24,280 Speaker 1: make it happen, because I'm not a weenie and I'm 454 00:27:24,320 --> 00:27:29,560 Speaker 1: not going to bend over backward chef. I'm looking at 455 00:27:29,560 --> 00:27:32,920 Speaker 1: this from Papa John's. It's giving its pizza makers bonuses 456 00:27:32,920 --> 00:27:35,960 Speaker 1: of up to four hundred dollars and fifty bucks for 457 00:27:36,040 --> 00:27:40,800 Speaker 1: referring new hires. That's how bad the labor shortage has gotten. 458 00:27:40,840 --> 00:27:44,200 Speaker 1: We're now paying employees to find their friends who can 459 00:27:44,240 --> 00:27:48,600 Speaker 1: come to work. Why why aren't people going back to work? Chef. Well, first, 460 00:27:48,600 --> 00:27:51,639 Speaker 1: I'll say that's chump change. You know we did that 461 00:27:51,720 --> 00:27:54,119 Speaker 1: anyway before the pandemic and before The issue is you 462 00:27:54,160 --> 00:27:55,880 Speaker 1: always want to use your own team members to act 463 00:27:55,920 --> 00:27:59,160 Speaker 1: as a recruiter, right, It's a pretty good business strategy. 464 00:27:59,200 --> 00:28:01,280 Speaker 1: Everybody's just throwing and cash at it right now because 465 00:28:01,280 --> 00:28:03,720 Speaker 1: they don't understand the nuance of the problem. The reason 466 00:28:03,760 --> 00:28:06,960 Speaker 1: why there are no workers available is really two or threefold. 467 00:28:07,040 --> 00:28:10,600 Speaker 1: Number one, yes, people in the entry level arena are 468 00:28:10,640 --> 00:28:13,680 Speaker 1: getting enough money on unemployment benefits to wait this thing out. 469 00:28:13,880 --> 00:28:18,160 Speaker 1: That's not necessarily an implication of laziness. But it also 470 00:28:18,280 --> 00:28:20,120 Speaker 1: is the fact that you've got all these governors talking 471 00:28:20,119 --> 00:28:22,720 Speaker 1: about the delta vary on the epsilon variant, all of 472 00:28:22,760 --> 00:28:25,360 Speaker 1: these things, and they're saying we're gonna lock down again. 473 00:28:25,440 --> 00:28:27,840 Speaker 1: We know we are, So I'm gonna take advantage of 474 00:28:27,840 --> 00:28:31,680 Speaker 1: these unemployment benefits before my governor locked me back down again. 475 00:28:31,880 --> 00:28:34,239 Speaker 1: You notice, in states where the lockdowns aren't as much 476 00:28:34,240 --> 00:28:36,360 Speaker 1: of a threat, people are naturally going back to work 477 00:28:36,440 --> 00:28:39,719 Speaker 1: regardless of the unemployment benefits. Number two, the school systems 478 00:28:39,760 --> 00:28:42,400 Speaker 1: have been used as a tool. So obviously the unions 479 00:28:42,400 --> 00:28:44,320 Speaker 1: are making sure that the schools aren't open, which is 480 00:28:44,480 --> 00:28:47,120 Speaker 1: forcing people to pay for private healthcare. Even though we 481 00:28:47,160 --> 00:28:49,080 Speaker 1: hate the private notion of this. The goal is, of 482 00:28:49,080 --> 00:28:51,480 Speaker 1: course they want to have public healthcare being part of 483 00:28:51,480 --> 00:28:54,880 Speaker 1: the tax taxes that we pay. But in the meantime, 484 00:28:54,880 --> 00:28:56,760 Speaker 1: people have to fund the private healthcare. And if they 485 00:28:56,760 --> 00:28:58,440 Speaker 1: can't put their kids back in school, and they got 486 00:28:58,440 --> 00:29:00,960 Speaker 1: to make a choice between working and then having somebody 487 00:29:01,000 --> 00:29:03,640 Speaker 1: else watch their kids or staying home, and then obviously 488 00:29:03,720 --> 00:29:05,840 Speaker 1: using the money on unemployment. And then the third piece 489 00:29:05,840 --> 00:29:09,720 Speaker 1: of this is that customers are right now. The government 490 00:29:09,800 --> 00:29:14,040 Speaker 1: has created a situation that encourages Americans to turn on Americans. 491 00:29:14,080 --> 00:29:17,320 Speaker 1: And the arena in which we're seeing that happen is restaurant, 492 00:29:17,480 --> 00:29:19,440 Speaker 1: right It's it's something that we walk in and out 493 00:29:19,480 --> 00:29:23,080 Speaker 1: of every single day, restaurants, food service, etc. Because we 494 00:29:23,080 --> 00:29:25,560 Speaker 1: all have to eat. And they're forcing Americans to turn 495 00:29:25,600 --> 00:29:29,080 Speaker 1: on Americans. They're forcing employees to police people about masks 496 00:29:29,120 --> 00:29:32,240 Speaker 1: and now vaccine cards. Nobody wants to work in that environment. 497 00:29:32,520 --> 00:29:38,600 Speaker 1: Customers are really really unbelievably difficult right now, and that's 498 00:29:38,680 --> 00:29:40,320 Speaker 1: making it hard for people to come back to the 499 00:29:40,360 --> 00:29:42,840 Speaker 1: restaurant industry versus working in some sort of a remote 500 00:29:42,880 --> 00:29:45,560 Speaker 1: industry where they can just punch buttons on the computer. 501 00:29:47,520 --> 00:29:50,880 Speaker 1: How does someone become a chef a little bit of 502 00:29:50,880 --> 00:29:53,680 Speaker 1: insanity and you know, just the desire to work as 503 00:29:53,760 --> 00:29:58,280 Speaker 1: much as possible and a love of food. Yeah, well 504 00:29:58,280 --> 00:30:01,000 Speaker 1: that's that the look I love food. What's eighty six 505 00:30:01,040 --> 00:30:03,560 Speaker 1: struggle dot com? So that was the that was the 506 00:30:03,600 --> 00:30:06,440 Speaker 1: group that we set up in order to establish suspectively, 507 00:30:06,440 --> 00:30:09,840 Speaker 1: our own unemployment fund when Newsom's uh, you know, gave 508 00:30:09,840 --> 00:30:13,720 Speaker 1: out all the unemployment money to froadsters and felons overseas. 509 00:30:13,760 --> 00:30:16,080 Speaker 1: So all these people were working, We're not working. They 510 00:30:16,080 --> 00:30:18,800 Speaker 1: were fired without any access to fund. So we started 511 00:30:18,840 --> 00:30:22,360 Speaker 1: eighty six Restaurants Struggle in December to distribute those funds. 512 00:30:22,400 --> 00:30:25,120 Speaker 1: Now that obviously unemployment has caught up and the system 513 00:30:25,240 --> 00:30:28,320 Speaker 1: is now giving out too much money again, we've actually 514 00:30:28,360 --> 00:30:31,840 Speaker 1: stopped raising money for that specific bowl. We're trying to 515 00:30:31,880 --> 00:30:34,560 Speaker 1: help small businesses and small restaurants, and we're also helping 516 00:30:34,600 --> 00:30:37,360 Speaker 1: Save the Brave, which is our the veteran organization that 517 00:30:37,520 --> 00:30:42,000 Speaker 1: help veterans with post traumatic stress, primarily through offshore fishing ship. 518 00:30:42,080 --> 00:30:48,600 Speaker 1: So it's saved the brave offshore. You know, I like 519 00:30:48,800 --> 00:30:51,880 Speaker 1: offshore fishing. I just prefer to be out on a 520 00:30:51,960 --> 00:30:53,800 Speaker 1: lake more. Does that make me weird? Are you too 521 00:30:53,840 --> 00:30:56,120 Speaker 1: much of a California guy? Would you not go out 522 00:30:56,160 --> 00:30:58,240 Speaker 1: on a lake fishing? Now? See I'm I'm I'm a 523 00:30:58,240 --> 00:31:01,040 Speaker 1: freshwater guy as well. Being from Jersey. You know, you 524 00:31:01,120 --> 00:31:03,000 Speaker 1: go offshore in New York or wherever and you end 525 00:31:03,080 --> 00:31:05,760 Speaker 1: up just catching bodies. So yeah, I like it in California, 526 00:31:05,840 --> 00:31:07,680 Speaker 1: stressing in the blue finer hitting. But you gotta know, 527 00:31:07,800 --> 00:31:10,320 Speaker 1: you've got to be experienced, and anyway, you're hitting a 528 00:31:10,320 --> 00:31:12,160 Speaker 1: lot of the islands out here, so it's a combo 529 00:31:12,240 --> 00:31:14,680 Speaker 1: of boat. But really for me, yes, sitting on a lake, 530 00:31:15,000 --> 00:31:18,640 Speaker 1: freshwater bass, what have you? Lake Travis out there by 531 00:31:18,680 --> 00:31:20,840 Speaker 1: Austin is a great place as well. That's where I 532 00:31:20,840 --> 00:31:24,320 Speaker 1: like to get too, Yes it is. I just got 533 00:31:24,360 --> 00:31:26,160 Speaker 1: back from there a few weeks ago, took the fam 534 00:31:26,160 --> 00:31:28,720 Speaker 1: out there. Chef Andrew Gruel go eat at his restaurant, 535 00:31:28,760 --> 00:31:31,320 Speaker 1: slat Fish. You will not regret it. Chef, Thank you, sir, 536 00:31:31,520 --> 00:31:35,960 Speaker 1: thank you for having me. I can already tell the 537 00:31:35,960 --> 00:31:38,240 Speaker 1: hate man, I'm gonna get about the ocean fishing. I'm 538 00:31:38,280 --> 00:31:41,520 Speaker 1: not against ocean fishing. I've been a thousand times. I 539 00:31:41,640 --> 00:31:44,600 Speaker 1: like it. It's not as peaceful as being on the lake. 540 00:31:44,840 --> 00:31:47,600 Speaker 1: The ocean it's a blast. I love the ocean. It's 541 00:31:47,600 --> 00:31:49,880 Speaker 1: a little wild, a little it's a little chaotic. I 542 00:31:50,120 --> 00:31:53,480 Speaker 1: already have that because I'm married. All right, we got 543 00:31:53,480 --> 00:32:12,560 Speaker 1: more hang on, not a ton of bright and sunny 544 00:32:12,600 --> 00:32:16,240 Speaker 1: news coming out about the economy and inflation and jobs 545 00:32:16,280 --> 00:32:19,360 Speaker 1: and joining me now to talk about that, as John Carney, 546 00:32:19,400 --> 00:32:24,720 Speaker 1: the Bright Barton News Finance and Economics editor. John, here's 547 00:32:24,800 --> 00:32:29,800 Speaker 1: Jerome Powell, and this doesn't sound good. Inflation has increased 548 00:32:29,840 --> 00:32:33,520 Speaker 1: notably and will likely remain elevated in coming months before moderating. 549 00:32:34,160 --> 00:32:37,760 Speaker 1: Inflation is being temporarily boosted by base effects as the 550 00:32:37,840 --> 00:32:41,760 Speaker 1: sharp pandemic related price increases from last spring drop out 551 00:32:41,800 --> 00:32:45,800 Speaker 1: of the twelve month twelve month calculation. In addition, strong 552 00:32:45,840 --> 00:32:49,800 Speaker 1: demand insectors where production bottlenecks or other supply constraints have 553 00:32:50,000 --> 00:32:54,120 Speaker 1: limited production has led to especially rapid price increases for 554 00:32:54,200 --> 00:32:57,640 Speaker 1: some goods and services, which should partially reverse as the 555 00:32:57,640 --> 00:33:02,240 Speaker 1: effects of the bottlenecks and wine. Oh okay, John, what 556 00:33:02,280 --> 00:33:04,680 Speaker 1: does any of that mean? In English? So what it 557 00:33:04,720 --> 00:33:07,440 Speaker 1: means is prices have gone up a lot more than 558 00:33:07,480 --> 00:33:11,200 Speaker 1: they expected. But he does think that it's going to 559 00:33:11,320 --> 00:33:16,040 Speaker 1: stop going up sometime in the unspecified future. They say 560 00:33:16,080 --> 00:33:18,800 Speaker 1: it's going to be transitory, but they won't tell us 561 00:33:18,920 --> 00:33:24,760 Speaker 1: when we get off the transit. Okay, wow, that's really 562 00:33:24,800 --> 00:33:28,520 Speaker 1: comforting from the Fed chairman. But why did they go 563 00:33:28,640 --> 00:33:31,200 Speaker 1: up to begin with? I mean, I see a lot 564 00:33:31,240 --> 00:33:34,000 Speaker 1: of people using a bunch of very vague terms when 565 00:33:34,040 --> 00:33:36,760 Speaker 1: it comes to inflation and why we have it. Can 566 00:33:36,800 --> 00:33:39,360 Speaker 1: anybody give me specifics on why the value of the 567 00:33:39,400 --> 00:33:41,080 Speaker 1: money I have in the bank, as small as that 568 00:33:41,160 --> 00:33:44,320 Speaker 1: may be, is going down. Sure, I can give you 569 00:33:44,360 --> 00:33:48,520 Speaker 1: a couple one. We paid a huge amount of extra 570 00:33:48,560 --> 00:33:51,160 Speaker 1: money into the economy over the last year. There was 571 00:33:51,240 --> 00:33:54,280 Speaker 1: probably necessary in twenty twenty when we were shutting down 572 00:33:54,520 --> 00:33:56,600 Speaker 1: big parts of the economy and throwing people out of work, 573 00:33:56,960 --> 00:33:58,920 Speaker 1: but then we kept doing it this year. Remember in 574 00:33:58,960 --> 00:34:02,800 Speaker 1: March we passed a new stimulus said checks out to everybody. 575 00:34:03,000 --> 00:34:06,800 Speaker 1: We also extended unemployment benefits. That was a mistake. We 576 00:34:06,960 --> 00:34:10,359 Speaker 1: should have let the enhanced out employment benefits run out. 577 00:34:10,520 --> 00:34:13,560 Speaker 1: The economy was about to start recovering, and when you 578 00:34:13,640 --> 00:34:17,040 Speaker 1: pump extra money into the economy, and at the same time, 579 00:34:17,080 --> 00:34:20,239 Speaker 1: you still have supply constraint because you're paying people not 580 00:34:20,360 --> 00:34:23,640 Speaker 1: to go to work. Then that's a pretty good recipe 581 00:34:23,680 --> 00:34:27,839 Speaker 1: for inflation. And that's what we're seeing right now. John, 582 00:34:27,960 --> 00:34:32,160 Speaker 1: you wrote an article about jobless claims rising unexpectedly, says 583 00:34:32,480 --> 00:34:36,480 Speaker 1: higher than three hundred and seventy three thousand dollars or 584 00:34:36,600 --> 00:34:39,800 Speaker 1: three hundred and seventy three thousand people. Why, well, what's 585 00:34:39,800 --> 00:34:42,200 Speaker 1: going on? Is this still the unemployment checks? Too many 586 00:34:42,200 --> 00:34:45,319 Speaker 1: of them are coming. Why aren't people going back to work? So, yes, 587 00:34:45,400 --> 00:34:49,240 Speaker 1: this was unemployment checks being higher than expected. It since 588 00:34:49,320 --> 00:34:51,880 Speaker 1: come down a little bit. And I think the reason 589 00:34:51,960 --> 00:34:56,040 Speaker 1: it started to come down is that we're seeing states, 590 00:34:56,160 --> 00:35:01,760 Speaker 1: particularly Republican the States, decide to end enhanced unemployment benefits, 591 00:35:01,760 --> 00:35:04,960 Speaker 1: which paid extra three hundred dollars a week a week 592 00:35:05,400 --> 00:35:08,440 Speaker 1: to people who aren't in their jobs. They're deciding to 593 00:35:08,560 --> 00:35:13,560 Speaker 1: end that early. They officially end nationwide in September, substates 594 00:35:13,800 --> 00:35:16,440 Speaker 1: ended them in June and summer ending them during July. 595 00:35:16,840 --> 00:35:19,280 Speaker 1: And what we're going to see is in those states 596 00:35:19,640 --> 00:35:22,839 Speaker 1: people will get back to work because look, if you 597 00:35:22,960 --> 00:35:26,360 Speaker 1: pay people more than they do, then they would get working. 598 00:35:26,480 --> 00:35:29,239 Speaker 1: It's they don't work, not because they're lazy, not because 599 00:35:29,239 --> 00:35:31,880 Speaker 1: there's something wrong with them, not because they don't believe 600 00:35:31,920 --> 00:35:35,000 Speaker 1: in the dignity of work, but because it's the smart 601 00:35:35,040 --> 00:35:36,880 Speaker 1: thing to do. If you're getting paid not to work 602 00:35:37,239 --> 00:35:42,840 Speaker 1: over the summer, why not just have an extra summer vacation, John, 603 00:35:43,400 --> 00:35:46,080 Speaker 1: Do we still have a free market? I mean, I 604 00:35:46,160 --> 00:35:49,040 Speaker 1: understand we're not a full blown timmunist country here, but 605 00:35:49,280 --> 00:35:52,960 Speaker 1: do we still have a market that's free? Because anytime 606 00:35:53,040 --> 00:35:55,640 Speaker 1: you talk or read your excellent articles or stuff like that, 607 00:35:55,719 --> 00:35:59,320 Speaker 1: what I see on paper is so much government control. 608 00:35:59,640 --> 00:36:03,640 Speaker 1: This chairman's determining this, this person's determining that. It doesn't 609 00:36:03,640 --> 00:36:07,359 Speaker 1: sound like the markets determining all that much. No, right now, 610 00:36:07,400 --> 00:36:11,040 Speaker 1: we are in a situation where everything from stock prices 611 00:36:11,080 --> 00:36:15,360 Speaker 1: to interstrates to really businesses determining whether to expand or 612 00:36:15,400 --> 00:36:19,600 Speaker 1: not is being decided on the basis of either fiscal 613 00:36:19,640 --> 00:36:23,880 Speaker 1: policy from the federal government, monetary policy out of the Fed, 614 00:36:24,280 --> 00:36:30,000 Speaker 1: and much less input into what's going on with private transactions. 615 00:36:30,239 --> 00:36:33,480 Speaker 1: I agree with you. I think we're moving further and 616 00:36:33,520 --> 00:36:36,600 Speaker 1: further away from a free market. We really do need 617 00:36:36,640 --> 00:36:39,279 Speaker 1: to rethink this a little bit. I get it. You 618 00:36:39,320 --> 00:36:41,440 Speaker 1: didn't want to just let the free market do what 619 00:36:41,520 --> 00:36:43,719 Speaker 1: it was going to do when we were facing a 620 00:36:43,880 --> 00:36:46,799 Speaker 1: national health crisis of the pandemic and literally when we 621 00:36:46,800 --> 00:36:48,879 Speaker 1: were throwing people out of work and shutting the doors 622 00:36:48,880 --> 00:36:52,160 Speaker 1: of their workplaces. But it's time to start to retreat 623 00:36:52,239 --> 00:36:55,440 Speaker 1: from that, time to start to rebuild back towards the 624 00:36:55,480 --> 00:36:58,439 Speaker 1: market based economy that we had and that was doing 625 00:36:58,920 --> 00:37:03,360 Speaker 1: quite well from sixteen through the very beginning of twenty twenty. 626 00:37:05,080 --> 00:37:07,240 Speaker 1: I'm really worried about what the answer to this question 627 00:37:07,320 --> 00:37:09,200 Speaker 1: is going to be, but I'm going to ask it anyway. 628 00:37:09,440 --> 00:37:12,880 Speaker 1: Are there any adults in the room in Joe Biden's 629 00:37:12,880 --> 00:37:16,879 Speaker 1: administration when it comes to economic matters? Anybody? Is there 630 00:37:16,880 --> 00:37:21,000 Speaker 1: anyone in his administration that is saying, okay, no, let's 631 00:37:21,080 --> 00:37:24,799 Speaker 1: not do that right now? There are very few. There 632 00:37:24,840 --> 00:37:27,719 Speaker 1: are people, and weirdly enough, most of them are from 633 00:37:27,760 --> 00:37:31,640 Speaker 1: the Obama administration inside the administration who realize that the 634 00:37:31,760 --> 00:37:36,000 Speaker 1: plans they made in January, when the economy still seem 635 00:37:36,080 --> 00:37:39,359 Speaker 1: to be pretty badly off, shouldn't be the plans they 636 00:37:39,360 --> 00:37:43,680 Speaker 1: are trying to enact now in July into August into September, 637 00:37:44,000 --> 00:37:46,279 Speaker 1: because the economy is doing much better than it was. 638 00:37:46,600 --> 00:37:48,920 Speaker 1: So the strategy you come up with when the economy 639 00:37:49,000 --> 00:37:51,920 Speaker 1: is still on the burge would collapse, and the strategy 640 00:37:51,960 --> 00:37:54,440 Speaker 1: you put in place when it's recovered should change. There 641 00:37:54,440 --> 00:37:56,800 Speaker 1: are a few people in the administration who recognize this, 642 00:37:57,320 --> 00:38:01,400 Speaker 1: but very few. Instead, what we're seeing is the dominance, 643 00:38:01,480 --> 00:38:03,640 Speaker 1: i would say, of the far left, both in the 644 00:38:03,640 --> 00:38:06,879 Speaker 1: administration and in the Democratic Party, and they're pushing them 645 00:38:07,040 --> 00:38:10,640 Speaker 1: to go for these big, big bills. Is this a 646 00:38:10,719 --> 00:38:14,880 Speaker 1: Susan Rice problem? John, you know what the problem is. 647 00:38:15,080 --> 00:38:19,680 Speaker 1: Joe Biden has no real position on any of this. 648 00:38:19,880 --> 00:38:23,560 Speaker 1: He listens to the people around him. His positions are 649 00:38:23,640 --> 00:38:27,000 Speaker 1: way outdated. He doesn't really know what we should be 650 00:38:27,040 --> 00:38:29,080 Speaker 1: doing with the economy. He doesn't have a strong view. 651 00:38:29,400 --> 00:38:32,160 Speaker 1: He gets it from his advisors. And right now there's 652 00:38:32,200 --> 00:38:36,319 Speaker 1: a war within within the White House, and sadly, I 653 00:38:36,360 --> 00:38:38,759 Speaker 1: think it's being won by the far left. There are 654 00:38:38,840 --> 00:38:42,320 Speaker 1: people who aren't as I don't want to say crazy, 655 00:38:42,440 --> 00:38:47,120 Speaker 1: as as extreme left as a lot of the people 656 00:38:47,120 --> 00:38:50,080 Speaker 1: we hear from, but they tend to get drowned out 657 00:38:50,120 --> 00:38:53,920 Speaker 1: and frankly they're intimidated by the you know, by charges 658 00:38:53,920 --> 00:38:56,440 Speaker 1: over you're just gonna let the children starve, and you 659 00:38:56,440 --> 00:39:00,000 Speaker 1: know what about equity that tends to push them off 660 00:39:00,239 --> 00:39:02,640 Speaker 1: wanting to argue. They spent a lot of years arguing 661 00:39:02,640 --> 00:39:05,120 Speaker 1: with Republicans, they're not used to arguing with the far left, 662 00:39:05,520 --> 00:39:07,640 Speaker 1: and they really don't know how to do it right now, 663 00:39:09,200 --> 00:39:12,160 Speaker 1: John Carney, thank you so much, sir, Thanks for having me. 664 00:39:13,880 --> 00:39:30,759 Speaker 1: All right, we're not quite done yet. Hang on. The 665 00:39:30,840 --> 00:39:33,839 Speaker 1: economy can be tough to talk about. It can be 666 00:39:33,840 --> 00:39:36,520 Speaker 1: because there's so many other things on our mind right 667 00:39:36,520 --> 00:39:39,640 Speaker 1: now besides just dollars and cents. Dollars and cents always matter, 668 00:39:40,000 --> 00:39:42,840 Speaker 1: but really, obviously, we're watching our culture get torn apart. 669 00:39:43,000 --> 00:39:46,400 Speaker 1: The military's rotting out the southern borders of disasters. So 670 00:39:46,640 --> 00:39:49,520 Speaker 1: it's almost sounds weird talking about the value of a dollar. 671 00:39:49,640 --> 00:39:53,120 Speaker 1: But what does any of this mean if we have 672 00:39:53,280 --> 00:39:56,920 Speaker 1: dollars collapsing? What does this mean if your money and 673 00:39:57,000 --> 00:39:59,840 Speaker 1: my money all of a sudden isn't worth anything anymore. 674 00:40:00,239 --> 00:40:02,279 Speaker 1: What if you can't go down to the grocery store 675 00:40:02,280 --> 00:40:05,440 Speaker 1: and buy food, that becomes the most important thing in 676 00:40:05,480 --> 00:40:09,279 Speaker 1: the world, really, really, really quickly. We'll keep you updated on. 677 00:40:09,360 --> 00:40:12,080 Speaker 1: I'm right as always. I'll see you again.