WEBVTT - Hour 1: Financial Reform 0:00:10.600 --> 0:00:20.919 This is a Jesse Kelly show. Jesse Kelly Show. Let's 0:00:20.960 --> 0:00:22.320 have some fun. 0:00:24.120 --> 0:00:29.440 On a Thursday, and what a great Thursday it is. 0:00:29.640 --> 0:00:34.320 The weekend is almost here. I'm officially a bachelor for 0:00:34.760 --> 0:00:35.280 three days. 0:00:35.280 --> 0:00:37.960 Don't worry. I didn't run out on me, so life. 0:00:38.360 --> 0:00:39.519 I don't even know what I'm gonna do. 0:00:39.600 --> 0:00:41.760 With myself over the next three days, but I do 0:00:41.920 --> 0:00:44.800 know for the next three hours, I'm gonna screw off 0:00:44.840 --> 0:00:47.080 with you. We are going to talk. We'll talk a 0:00:47.120 --> 0:00:49.599 little bit more about messaging. I got a bunch of 0:00:49.640 --> 0:00:53.639 emails on the affordability argument. We'll touch on that, talk 0:00:53.680 --> 0:00:56.279 about some more good fraud things that are happening. We're 0:00:56.320 --> 0:00:59.080 going to talk about Little Debbie because that's really important. 0:00:59.480 --> 0:01:03.120 All that so much more coming up tonight. Oh, before 0:01:03.160 --> 0:01:04.880 I forget, we haven't had guests. 0:01:04.959 --> 0:01:06.160 I know very many guests. 0:01:06.200 --> 0:01:08.240 Well, I think one day we had two, and before 0:01:08.280 --> 0:01:10.479 that had been like two months since we had some. 0:01:11.720 --> 0:01:14.200 I mean, I figured it would probably be a good 0:01:14.200 --> 0:01:16.319 time to check back in with BK. We haven't heard 0:01:16.360 --> 0:01:18.960 BK and his stupid abs in a while. We'll talk 0:01:19.000 --> 0:01:21.640 to BK. Brandon Darby, we haven't talked to him in 0:01:21.680 --> 0:01:24.720 a while what's happening on the border, the cartels, the 0:01:24.760 --> 0:01:27.959 war on the cartels, kind of quiet out there? Is 0:01:28.000 --> 0:01:31.240 everything fine? I truly doubt it. But we're gonna do 0:01:31.400 --> 0:01:35.160 all that tonight on the world famous Jesse Kelly Show. 0:01:35.240 --> 0:01:39.400 And before we do any of that, I need to 0:01:39.440 --> 0:01:43.400 remind you that tomorrow is asked doctor Jesse Friday. Get 0:01:43.480 --> 0:01:48.200 your questions emailed in right now. Ask me anything Jesse 0:01:48.680 --> 0:01:53.640 at jessekellyshow dot com. They are already pouring in. Everyone 0:01:53.720 --> 0:01:56.680 knows the drill will have a good time tomorrow. So 0:01:56.840 --> 0:01:59.200 I actually wanted to start out with this. 0:02:00.040 --> 0:02:02.400 It's an email. It's Jesse. 0:02:04.320 --> 0:02:08.320 I am disgusted by some of the recent rhetoric on 0:02:08.360 --> 0:02:12.680 the right. My wife and I did everything the older 0:02:12.760 --> 0:02:16.920 generations told us we needed to do for success. We 0:02:16.960 --> 0:02:20.639 went to college, worked long hours, lived frugally, et cetera, 0:02:21.280 --> 0:02:24.959 and now we have an upper middle class income living 0:02:24.960 --> 0:02:28.880 in a modest apartment. Our rent, student loan payments, and 0:02:29.000 --> 0:02:32.720 daycare costs for our new baby boy are well over 0:02:32.919 --> 0:02:37.120 five thousand dollars a month. If the choice is voting 0:02:37.160 --> 0:02:41.200 for AOC or Mamdani or people who believe the younger 0:02:41.280 --> 0:02:44.160 generations who would have large families and own homes. If 0:02:44.240 --> 0:02:48.560 they just shut up an eight ultra process garbage, it's obvious. 0:02:48.200 --> 0:02:49.480 Which side will win. 0:02:49.560 --> 0:02:54.200 Okay, so let's let's have a long talk again about 0:02:54.360 --> 0:02:58.240 affordability and what's going on, because with all the poop 0:02:58.360 --> 0:03:01.480 throwing going on about say this, don't say that this 0:03:01.639 --> 0:03:05.040 is right, this is wrong. Let's get down to the 0:03:05.120 --> 0:03:07.880 nitty gritty of the problem. And some of this you're 0:03:07.880 --> 0:03:10.079 gonna some of this you're gonna nod in agreement with, 0:03:10.480 --> 0:03:12.720 maybe all of it, but some of it may. 0:03:12.639 --> 0:03:13.320 Hurt to hear. 0:03:14.200 --> 0:03:19.480 Why is life significantly more expensive now than it was 0:03:19.600 --> 0:03:23.280 five years ago, ten years ago, certainly fifty years ago. 0:03:23.480 --> 0:03:23.760 Why? 0:03:23.960 --> 0:03:28.640 Okay, So on a macro level, let's let's use the 0:03:28.680 --> 0:03:32.359 long term thing, fifty years. We'll say, over the last 0:03:32.440 --> 0:03:35.520 fifty years, why have prices gone up? 0:03:36.760 --> 0:03:39.120 What's going on there? It's something we're all used to. 0:03:40.000 --> 0:03:43.400 You'll talk to your dad or grandpa or however old 0:03:43.440 --> 0:03:46.320 you are, and you know, you'll go to Jack in 0:03:46.360 --> 0:03:48.720 the box and you'll get a value meal that costs 0:03:48.760 --> 0:03:51.560 you six seven dollars now, and they'll say, I remember 0:03:51.560 --> 0:03:54.480 when a treesburger costs twenty five cents and then're right. 0:03:54.520 --> 0:03:56.040 Of course, you can go back and look at the menu. 0:03:57.000 --> 0:03:59.480 What explains that, what accounts for that. Whether there's a 0:03:59.520 --> 0:04:02.560 couple of things, there's a couple things that have just 0:04:02.600 --> 0:04:05.480 been happening that are so big they're out of our 0:04:05.520 --> 0:04:08.840 control and it sucks, but it's the way life goes. 0:04:09.240 --> 0:04:14.160 The first is this the debt situation. It's not that 0:04:14.240 --> 0:04:17.040 we have no control over that. But the truth is 0:04:17.880 --> 0:04:24.680 the national debt is gigantic. It's gigantic, and it continues 0:04:24.760 --> 0:04:26.560 to grow exponentially. 0:04:27.440 --> 0:04:28.960 And this is a problem. 0:04:29.560 --> 0:04:33.120 It's a problem that I hate to put it this way, 0:04:33.160 --> 0:04:34.800 but I'm just going to give it to you between 0:04:34.800 --> 0:04:39.520 the eyes. It's an untouchable problem at this time. Why 0:04:39.640 --> 0:04:45.440 is it untouchable. Here's why it's untouchable because the American people, 0:04:45.839 --> 0:04:48.359 most of them, maybe this doesn't apply to you, but 0:04:48.600 --> 0:04:52.839 most of the American people, they actually like it when 0:04:52.880 --> 0:04:55.039 the government spends their money. 0:04:55.560 --> 0:04:58.800 They like it. Now, hold on, maybe you're thinking, well, 0:04:58.839 --> 0:05:02.120 not me. You sure. 0:05:03.400 --> 0:05:05.800 Trump administration came out and announced that we need a 0:05:05.800 --> 0:05:08.520 one point five trillion. 0:05:07.920 --> 0:05:11.039 Dollar budget for just the military. 0:05:11.720 --> 0:05:15.480 We get a new aircraft carrier, the USS Jesse Kelly, 0:05:15.560 --> 0:05:16.720 which is what I would name it. 0:05:17.839 --> 0:05:19.880 You happy that day. I want a strong navy. Do 0:05:19.960 --> 0:05:20.760 you want a strong navy? 0:05:20.800 --> 0:05:23.800 It's that's the same. You see what I mean. You 0:05:23.839 --> 0:05:26.680 can pick and choose your thing, and now we can go. 0:05:26.760 --> 0:05:27.039 Look. 0:05:27.080 --> 0:05:29.080 You can go look at a pie chart of the 0:05:29.120 --> 0:05:31.960 budget of the United States of America and see where 0:05:31.960 --> 0:05:35.240 the money goes. The money goes to the military, it 0:05:35.279 --> 0:05:38.120 goes to Medicare, it goes to Social Security, it goes 0:05:38.160 --> 0:05:41.159 to Medicaid. People will step in now now you're probably 0:05:41.200 --> 0:05:42.320 already typing this email. 0:05:42.400 --> 0:05:44.360 Let me slow down on it. It's pause before you 0:05:44.440 --> 0:05:46.760 hit send. You can still send it, but just pause 0:05:46.800 --> 0:05:48.200 for a second and hear me here. 0:05:49.000 --> 0:05:52.000 This is the point in time when people who like 0:05:52.120 --> 0:05:54.640 that spending in one way or the other. Maybe you, 0:05:54.680 --> 0:05:56.520 maybe you live on Social Security and stuff like that, 0:05:56.560 --> 0:05:58.080 and believe me, you're not getting judgment out of me. 0:05:58.120 --> 0:05:58.880 You paid into it. 0:05:59.440 --> 0:06:01.400 So maybe you're sitting there ready to fire off that 0:06:01.520 --> 0:06:02.520 email and say. 0:06:02.520 --> 0:06:04.320 Well, maybe if we didn't foreign aid. 0:06:05.880 --> 0:06:11.080 I will again remind you, please go before you send 0:06:11.160 --> 0:06:15.440 the email and look at a pie chart of the 0:06:15.520 --> 0:06:21.440 budget for the United States of America. Foreign eight is 0:06:21.480 --> 0:06:24.640 bad for the most part. FOURN eight is bad I 0:06:24.680 --> 0:06:28.200 am against foreign aid, no question about it. I am 0:06:28.240 --> 0:06:30.920 against foreign aid almost universally. 0:06:31.160 --> 0:06:31.960 It's bad. 0:06:32.320 --> 0:06:39.800 I don't like it. Right, it's a fraction, it's a 0:06:39.800 --> 0:06:41.520 tiny fraction. Do you want to know the numbers? These 0:06:41.560 --> 0:06:43.919 are rough. This is from ten years ago, by the way, 0:06:44.120 --> 0:06:47.240 but these are rough, but they're fairly close. Healthcare that 0:06:47.360 --> 0:06:50.760 be Medicare and Medicaid twenty five percent, Social Security that'd 0:06:50.800 --> 0:06:53.039 be twenty four percent. That's half the budget right there, 0:06:53.160 --> 0:06:58.960 those two things half the budget. Non defense discretionary spending 0:06:59.000 --> 0:07:03.120 and stuff like that sixteen percent, Department of Defense sixteen percent. 0:07:03.240 --> 0:07:06.200 And you have a couple other little things mixed in there. 0:07:06.800 --> 0:07:12.640 Net interest going up a lot. It's not just well, 0:07:12.680 --> 0:07:16.480 stop sending money to Ukraine and that'll fix things. 0:07:16.680 --> 0:07:18.400 That's not true. 0:07:18.480 --> 0:07:26.240 Our budget is eaten up by a gigantic military, by Medicare, Medicaid, 0:07:26.680 --> 0:07:31.200 and social security. That's not me yelling that you shouldn't 0:07:31.280 --> 0:07:34.880 have those things you paid into. That's me explaining the math. 0:07:35.440 --> 0:07:38.760 That's the math. And here's the thing, and this hurts. 0:07:39.040 --> 0:07:42.360 We can't afford those things. We do not make that 0:07:42.440 --> 0:07:44.960 kind of a money. That kind of money, we cannot 0:07:45.040 --> 0:07:48.760 afford those days. Well set yourself aside for a moment. 0:07:48.800 --> 0:07:51.440 I'm not trying to take away anyone's medical care or 0:07:51.520 --> 0:07:54.640 social Security check. We're going to set aside feelings here 0:07:54.840 --> 0:07:58.480 and have a frank discussion. We are making one thousand 0:07:58.520 --> 0:08:02.560 dollars a month. We are we're spending fifteen hundred dollars 0:08:02.600 --> 0:08:06.520 a month, meaning we're financing five hundred dollars a month. Obviously, 0:08:06.760 --> 0:08:09.880 I'm lowering all these numbers just so they're more easily palatable. 0:08:10.120 --> 0:08:11.640 Now, let me ask you something. 0:08:11.960 --> 0:08:16.360 If I'm financing five hundred dollars a month, every single month. 0:08:16.120 --> 0:08:18.480 For year after year after year after year. 0:08:18.320 --> 0:08:21.280 After year, and remember I'm only bringing in one thousand 0:08:21.360 --> 0:08:25.720 dollars a month, what is happening. What's happening is the 0:08:25.880 --> 0:08:29.600 loan is getting larger, the amount I owe. Obviously it's 0:08:29.680 --> 0:08:34.320 getting larger. The interest payments are getting larger, and I 0:08:34.640 --> 0:08:39.520 don't have the money. The United States of America is 0:08:39.679 --> 0:08:44.040 insanely wealthy with an incredible economy, and we are so 0:08:44.280 --> 0:08:48.280 blessed to live here, but we don't have the money 0:08:48.320 --> 0:08:51.760 we're spending now. It does not exist, and it's been 0:08:51.800 --> 0:08:54.400 this way. This is not a recent thing. This is 0:08:54.400 --> 0:08:57.680 not even a Democrat thing, republican thing. This is how 0:08:57.720 --> 0:09:01.680 the government has operated since we started putting in these 0:09:01.880 --> 0:09:06.560 crazy entitlement programs that have only grown, and ever since 0:09:06.600 --> 0:09:08.600 they've gotten here, the debt is just. 0:09:08.640 --> 0:09:13.320 Ballooned and ballooned and ballooned and ballooned and ballooned with 0:09:13.559 --> 0:09:16.880 no end in sight. And I say no end in sight, 0:09:17.280 --> 0:09:21.560 because I guarantee you, on just this little two minute rant, 0:09:21.880 --> 0:09:24.360 I will show up tomorrow and there will be one 0:09:24.520 --> 0:09:28.040 hundred angry emails screaming at me about. 0:09:27.800 --> 0:09:30.880 Don't touch my security. I guarantee it. 0:09:30.960 --> 0:09:33.680 Now, that's me. I'm a jerk radio host. It won't 0:09:33.679 --> 0:09:36.000 bother me. What if I'm a congressman. You know what 0:09:36.000 --> 0:09:38.720 those emails translate to, I'm gonna lose my next election. 0:09:40.760 --> 0:09:43.000 I'm gonna keep my spot in the House. I'm wanna 0:09:43.040 --> 0:09:47.280 keep my seat in the United States Senate. Therefore, the 0:09:47.360 --> 0:09:50.160 people with the power to do if reforms of any kind, 0:09:50.200 --> 0:09:52.840 I'm not talking about cutting people off. If the people 0:09:52.880 --> 0:09:56.040 with the power to do reforms of any kind will 0:09:56.080 --> 0:09:59.120 not do reforms because the American people don't want them. 0:10:00.280 --> 0:10:03.120 They don't want reform. There's just no outcry for it. 0:10:03.240 --> 0:10:10.840 None, nobody, no one, loses their seat in the House 0:10:10.840 --> 0:10:14.640 of Representatives or the Senate for spending too much money. 0:10:15.400 --> 0:10:19.920 I have been passionately following politics for more than two decades. 0:10:20.360 --> 0:10:24.480 I have never seen somebody lose a primary because they 0:10:24.559 --> 0:10:28.040 spend a lot of money. Doesn't happen. It's not something 0:10:28.080 --> 0:10:33.079 that drives people to the polls. So that that's. 0:10:32.440 --> 0:10:33.920 One of the macro things. 0:10:33.960 --> 0:10:37.160 Over a long period of time, the debt continues to grow, 0:10:37.559 --> 0:10:39.880 we are having to pay for the interest, and. 0:10:40.240 --> 0:10:41.880 That is driving up prices. It is. 0:10:41.920 --> 0:10:45.520 It is a huge driver of prices. Combine the money printing, 0:10:45.800 --> 0:10:48.880 which we can get two more. Combine that well, the 0:10:48.920 --> 0:10:51.640 money printings given you inflation. That this is a big 0:10:51.679 --> 0:10:54.360 reason prices have gone up. That will talk about the 0:10:54.400 --> 0:10:57.080 other stuff in a very frank way. Before we talk 0:10:57.120 --> 0:11:01.520 about that, let me talk to you about this. I 0:11:01.559 --> 0:11:06.079 am staring out the window right now, and yeah, it's dark, 0:11:07.000 --> 0:11:10.240 but the thunder is a rumblin. I am going to 0:11:10.280 --> 0:11:12.319 have to walk to my vehicle when the show is over, 0:11:12.920 --> 0:11:15.439 and it is very likely going to be monsooning. And 0:11:15.600 --> 0:11:17.720 I'm not worried about it. And you know why I'm 0:11:17.720 --> 0:11:20.280 not worried about it. That's because I brought in my 0:11:20.440 --> 0:11:24.800 rain shell from zero Foxtrot. Look, I know there are 0:11:24.840 --> 0:11:29.000 waterproof things out there, these zero Foxtrot rain shells. They're 0:11:29.040 --> 0:11:32.600 good for places like Houston where it's roasting hot. I 0:11:32.600 --> 0:11:33.880 don't want insulation. 0:11:34.120 --> 0:11:35.240 I need to be dry. 0:11:35.360 --> 0:11:38.200 Can you just make me dry without roasting me to death? 0:11:38.400 --> 0:11:43.599 That's zero Foxtrot. You want water bottles, tactical gear, t shirts, hats, whatever. 0:11:43.240 --> 0:11:44.040 You're looking for. 0:11:44.960 --> 0:11:49.439 The warrior culture brand, Zero Foxtrot has it. And because 0:11:49.520 --> 0:11:54.160 times are tough, twenty percent off from my listeners with 0:11:54.280 --> 0:11:59.079 the promo code Jesse go to zero foxtrot dot com 0:11:59.120 --> 0:12:01.760 promo code Jesse, We'll be back. 0:12:03.440 --> 0:12:09.400 Is he smarter than everyone who knows? Does he think so? Yeah? 0:12:09.679 --> 0:12:12.280 The Jesse Kelly Show. 0:12:12.920 --> 0:12:17.480 It is the Jesse Kelly Show on a Thursday. So 0:12:17.520 --> 0:12:19.400 we are having in case you just now joined us 0:12:19.440 --> 0:12:22.280 with I got a bunch of emails about life is unaffordable, 0:12:22.320 --> 0:12:23.120 and we're having. 0:12:22.880 --> 0:12:25.000 A long talk. It's a good day to do it. 0:12:25.160 --> 0:12:31.120 About why So on a macro level, the debt, the 0:12:31.200 --> 0:12:35.040 debt is piling up. It is piling up, and the 0:12:35.040 --> 0:12:38.199 main drivers of it. Again, I don't care about your 0:12:38.200 --> 0:12:41.079 whining or yelling. I can read math. I can read 0:12:41.080 --> 0:12:44.199 a pie chart. The main drivers are medicare, Medicaid, social 0:12:44.240 --> 0:12:45.360 security in the military. 0:12:45.720 --> 0:12:47.439 That is roughly. 0:12:47.400 --> 0:12:51.960 Roughly seventy to seventy five percent of what we spend 0:12:52.000 --> 0:12:55.000 money on. That's where the money is going. You could 0:12:55.000 --> 0:12:57.920 cut off every dime of foreign aid and it wouldn't 0:12:57.960 --> 0:13:00.440 be a drop in the bucket on the debt of 0:13:00.480 --> 0:13:01.160 this country. 0:13:01.320 --> 0:13:03.080 That's not me, that's math. 0:13:03.440 --> 0:13:05.960 You don't like it too bad? So sad, that's what 0:13:06.000 --> 0:13:09.480 it looks like. And because the debt is increasing, the 0:13:09.600 --> 0:13:13.000 interest on the debt is increasing, the money printing continues 0:13:13.040 --> 0:13:16.840 to increase, and as that increases the value of your dollar, 0:13:17.240 --> 0:13:21.120 and my dollar goes downhill. Now, why doesn't someone do 0:13:21.160 --> 0:13:23.400 something about it? Because I just told you basic math, 0:13:23.520 --> 0:13:25.880 and everyone knows I'm an idiot. I don't even have 0:13:25.880 --> 0:13:28.240 a degree. I went to community college and I can 0:13:28.320 --> 0:13:31.360 even read a pie chart. So why doesn't someone do 0:13:31.440 --> 0:13:34.840 something about it? Why doesn't Trump do something about it? 0:13:34.920 --> 0:13:37.560 Why doesn't the House do something about it? Why doesn't 0:13:37.559 --> 0:13:39.720 the Senate do something about it? Well, you know what, 0:13:41.520 --> 0:13:44.040 You'll have to forgive me, but I'm a bit of 0:13:44.080 --> 0:13:48.240 an expert on this subject. You know why because I 0:13:48.320 --> 0:13:51.480 ran for Congress. When I got out of the Marine Corps, 0:13:52.320 --> 0:13:55.240 I got super into politics, got super mad, and I 0:13:55.360 --> 0:13:58.520 ran for the United States House of Representatives. And I 0:13:58.600 --> 0:14:01.480 ran into primary against some establishment guy and beat the 0:14:01.520 --> 0:14:03.920 doors off of him. And then I squared off against 0:14:03.960 --> 0:14:09.400 the Democrat Gabrielle Gifford's and almost peter four thousand votes. 0:14:09.440 --> 0:14:11.840 They had to recount it for a week. I was 0:14:12.040 --> 0:14:15.280 that close to being in Congress. And do you know 0:14:16.760 --> 0:14:18.560 why I didn't get to Congress? 0:14:18.559 --> 0:14:26.880 What happened beyond my brash style? What was the problem. Well, 0:14:27.080 --> 0:14:31.120 do you know what the older people of southern Arizona 0:14:31.240 --> 0:14:35.040 were seeing every time they sat down after dinner and 0:14:35.120 --> 0:14:37.640 turned on the news. Do you want to know where 0:14:37.680 --> 0:14:41.680 those four thousand votes went? Here's where they went. 0:14:42.160 --> 0:14:45.240 I'm Noel Hatfield from Tucson, Arizona. I work in the 0:14:45.280 --> 0:14:49.000 construction business. I got my first construction job when I 0:14:49.040 --> 0:14:52.760 was fifteen years old and paying into Medicare every paycheck 0:14:52.840 --> 0:14:55.960 since then. Over the last thirty seven plus years, Jess 0:14:56.080 --> 0:14:58.000 Kelly had said that over time he's going to get 0:14:58.080 --> 0:15:01.480 rid of Medicare. I don't think he's right for Jesse 0:15:01.600 --> 0:15:05.120 Kelly and people to decide that I don't get my 0:15:05.240 --> 0:15:06.760 Medicare that I've been paid for. 0:15:08.960 --> 0:15:15.080 So effective it shaved off enough older Republican votes, Gabrielle 0:15:15.120 --> 0:15:18.480 Giffords went right back to Congress. I went back to 0:15:18.480 --> 0:15:22.200 work in construction, not complaining. By the way, greatest thing 0:15:22.240 --> 0:15:24.200 that ever happened to me. I'm not bitter about it. 0:15:24.520 --> 0:15:26.880 You couldn't pay me enough to go to Congress. But 0:15:28.440 --> 0:15:32.400 now tell me the person in Washington, d C. Republican 0:15:32.520 --> 0:15:36.000 or Democrat, who's going to step on that third reel, 0:15:36.920 --> 0:15:38.960 who is it going to be, who is going to 0:15:39.120 --> 0:15:44.240 guarantee an election loss in their next election by touching it? 0:15:44.240 --> 0:15:45.000 It won't be touched. 0:15:45.040 --> 0:15:48.200 So again, that was a long, long way of saying, 0:15:48.760 --> 0:15:53.480 on a long term, on a long term scale, the 0:15:53.560 --> 0:15:56.160 debt is not something that's going to stop growing. It's 0:15:56.240 --> 0:15:59.760 just not there's no public appetite for it. And most people, 0:16:00.280 --> 0:16:02.640 I know you already understand this stuff, but most people 0:16:02.680 --> 0:16:05.440 who don't pay attention to politics, they don't even get it. 0:16:05.720 --> 0:16:09.920 They don't understand that it's not just it's not corporate greed, 0:16:10.040 --> 0:16:12.280 or it's not justice, or it's not just that there 0:16:12.280 --> 0:16:17.200 are actual fiscal reasons why the prices of everything have 0:16:17.280 --> 0:16:19.440 gone up for so long. 0:16:20.120 --> 0:16:20.520 Now. 0:16:21.040 --> 0:16:23.520 That was the long term stuff, the money printing, the 0:16:23.600 --> 0:16:28.400 national dat the short term stuff. Of course, you already know, 0:16:28.520 --> 0:16:32.720 we talked about it. You don't ever stop your economy ever, 0:16:33.640 --> 0:16:35.440 under any circumstances. 0:16:35.560 --> 0:16:37.520 It's not just that well COVID didn't turn out to 0:16:37.520 --> 0:16:39.200 be that bat. No no, no, no, no, no no no. 0:16:39.400 --> 0:16:43.720 I don't care if Russia starts flying over America dropping 0:16:43.840 --> 0:16:50.080 nuclear bombs on every single city. You never look at 0:16:50.120 --> 0:16:52.160 your economy and say stop. 0:16:52.720 --> 0:16:54.400 Parts of it will stop. 0:16:54.080 --> 0:16:56.400 Inevitably if you get a nuclear bomb or a virus, 0:16:56.480 --> 0:16:59.720 that's just inevitable. Businesses will close, we won't get people 0:16:59.720 --> 0:17:02.680 show up the work. The parts will stop. There will 0:17:02.720 --> 0:17:07.920 be economic disruptions. But to have the government order it 0:17:08.000 --> 0:17:13.040 to stop, it's a catastrophe. And after the government ordered 0:17:13.040 --> 0:17:17.159 it to stop, they realized the gears are grinding to 0:17:17.240 --> 0:17:17.880 a halt. 0:17:18.280 --> 0:17:19.320 What do we do? 0:17:19.560 --> 0:17:23.439 And so the government did the worst possible thing they 0:17:23.440 --> 0:17:27.320 could have done. They went to the famous money printer, 0:17:28.400 --> 0:17:36.040 and they, in rapid succession, printed seven plus trillion dollars 0:17:36.119 --> 0:17:41.000 in unbacked currency and injected it into the economy to 0:17:41.200 --> 0:17:44.880 try to keep those gears moving to try to keep 0:17:44.960 --> 0:17:49.639 the economy alive, really, to try to keep the economic 0:17:49.760 --> 0:17:54.080 head above water. And by the way, I'm sorry, but 0:17:54.200 --> 0:17:57.359 I have to be that guy. The entire time, I 0:17:57.480 --> 0:18:01.439 was sitting here behind this microphone, screaming until I lost 0:18:01.480 --> 0:18:05.480 my voice that we were dooming this country and dooming 0:18:05.600 --> 0:18:09.960 generations for years by stopping an economy and printing money. 0:18:10.119 --> 0:18:12.840 I yelled and yelled and yelled and yelled and yelled. 0:18:12.840 --> 0:18:14.880 And by the way, those yells went up to the 0:18:15.000 --> 0:18:18.320 very highest level. I know because I've seen a picture 0:18:18.400 --> 0:18:21.520 of them sitting on the resolute desk in the White House, 0:18:21.640 --> 0:18:22.840 in the Oval Office. 0:18:23.680 --> 0:18:26.840 But it happened. 0:18:28.359 --> 0:18:31.000 And we can't put that genie back in the lamp 0:18:32.600 --> 0:18:36.360 now for the rest of it, because after that they 0:18:36.400 --> 0:18:37.479 installed Joe Biden. 0:18:37.520 --> 0:18:43.479 Hang on, Jesse Kelly returns next. 0:18:44.520 --> 0:18:50.000 It is the Jesse Kelly Show on a magnificent Thursday. 0:18:50.119 --> 0:18:55.080 Do not forget tomorrow, as ask doctor Jesse Friday, get 0:18:55.119 --> 0:18:58.520 all your questions emailed in right now to Jesse at 0:18:58.640 --> 0:19:05.400 Jesse Kelly's showed. So the money printing, it's bad, it's 0:19:05.480 --> 0:19:09.800 been bad. It really got turned into overdrive during COVID. 0:19:10.760 --> 0:19:14.240 And this is not exactly secret stuff that people don't 0:19:14.280 --> 0:19:17.679 know that they talk about it publicly. This is a 0:19:17.720 --> 0:19:20.879 man by the name of Jared Bernstein. You want to 0:19:20.880 --> 0:19:24.359 hear what we were doing. Well, here's what we were doing. 0:19:25.040 --> 0:19:28.040 The US government can't go bankrupt because we can print 0:19:28.240 --> 0:19:28.919 our own money. 0:19:29.200 --> 0:19:31.160 Why does the government even borrow? 0:19:31.800 --> 0:19:35.240 Well, the. 0:19:36.760 --> 0:19:39.920 So the I mean again, some of this stuff gets 0:19:40.920 --> 0:19:44.199 some of the language that the some of the language 0:19:44.200 --> 0:19:47.080 and concepts are just confusing. I mean, the government definitely 0:19:47.119 --> 0:19:50.280 prints money, and it definitely lends that money. Which is 0:19:50.320 --> 0:19:53.919 why the government definitely prints money. And then it lends 0:19:53.920 --> 0:19:56.560 that money by selling bonds. 0:19:57.280 --> 0:19:57.800 Is that what they do? 0:19:59.240 --> 0:20:06.640 They they yeah, they they sell bonds. Yeah, they sell bonds, right, 0:20:06.720 --> 0:20:08.639 since they sell bonds and people buy the bonds and 0:20:08.680 --> 0:20:09.399 lend them the money. 0:20:09.560 --> 0:20:10.000 Yeah. 0:20:10.040 --> 0:20:13.520 So a lot of times, a lot of times, at 0:20:13.600 --> 0:20:16.040 least to my year with MMT, the language and the 0:20:16.040 --> 0:20:18.680 concepts can be unnecessarily confusing. 0:20:18.720 --> 0:20:19.720 But got it. 0:20:20.800 --> 0:20:27.280 That's Jared Bernstein, Chair of the Economic Council. Okay, Jerome Powell, 0:20:27.480 --> 0:20:31.680 you know big cheese at the Fed. Jerome Powell. Here's 0:20:31.720 --> 0:20:34.800 whom Hey, hey, Jerome, what'd you do during COVID when 0:20:34.840 --> 0:20:35.520 we stopped the. 0:20:35.440 --> 0:20:40.680 Economy simply flooded the system with money. Yes, we did. 0:20:40.920 --> 0:20:42.200 That's another way to think about it. 0:20:42.800 --> 0:20:44.600 We did. Where does it come from? Do you just 0:20:44.680 --> 0:20:45.120 print it? 0:20:46.240 --> 0:20:49.000 We printed digitally, so we you know, we as a 0:20:49.000 --> 0:20:53.160 central bank, we have the ability to create money digitally, 0:20:53.359 --> 0:20:57.080 and we do that by buying treasury bills or bonds 0:20:58.000 --> 0:21:01.080 or other government guaranteed securities and act that actually increases 0:21:01.080 --> 0:21:04.480 the money supply. We also print actual currency and we 0:21:04.520 --> 0:21:06.200 distribute that to the Federal Reserve Bank. 0:21:08.040 --> 0:21:13.640 There it is now economics one oh one. I mean, 0:21:13.760 --> 0:21:16.520 anybody can tell you this. It's not exactly like I'm 0:21:16.560 --> 0:21:19.400 breaking it's it's not like this. It's breaking news from 0:21:19.440 --> 0:21:20.720 a journalist Jesse. 0:21:22.560 --> 0:21:24.000 It's journalist Jesse. 0:21:24.680 --> 0:21:30.200 When you print unbacked currency, every dollar you print will 0:21:30.240 --> 0:21:33.879 be inflationary. It will cause the value of the dollar 0:21:33.960 --> 0:21:37.920 to go down. Now, in an economy as big as ours, 0:21:38.040 --> 0:21:41.199 with all this money flowing to and fro, are you 0:21:41.400 --> 0:21:46.000 going to notice if the Federal Reserve prints a dollar unbacked, 0:21:46.080 --> 0:21:49.520 of course you're not a billion dollars. Even of course 0:21:49.560 --> 0:21:53.080 you're not. When the Federal Reserve in a short period 0:21:53.119 --> 0:21:58.879 of time prints seven plus trillion dollars, you are going 0:21:58.960 --> 0:22:03.120 to have inflation. I don't want to say forever because 0:22:03.160 --> 0:22:05.359 I don't want it to be disheartening, but you're going 0:22:05.400 --> 0:22:08.959 to have inflation for as long as you're alive, and 0:22:09.000 --> 0:22:11.800 you're going to feel it. And I looked, Hey, this 0:22:12.040 --> 0:22:15.879 was me. I was telling you this back then. I 0:22:15.960 --> 0:22:18.560 was yelling, this is what it was. That's what I said. 0:22:18.840 --> 0:22:22.520 Why why inflation? Why six point eight percent? Why are 0:22:22.520 --> 0:22:25.840 we looking at more inflation still? Why are working people hurting? 0:22:26.119 --> 0:22:30.159 We made that decision when coronavirus got here, and as 0:22:30.200 --> 0:22:31.440 a nation, we panicked. 0:22:32.160 --> 0:22:33.119 And I understand. 0:22:33.160 --> 0:22:36.959 I do understand about the pylon that came after. I 0:22:37.080 --> 0:22:43.000 understand Democrat mayors and governors purposely torpedoed their own economies 0:22:43.600 --> 0:22:45.840 in order to hurt Donald Trump's reelection chances. 0:22:45.880 --> 0:22:46.280 I get that. 0:22:48.160 --> 0:22:53.720 How horrible We're Republicans, though I'm sorry I blame I 0:22:53.800 --> 0:22:59.240 hold people accountable, Republicans and Democrats. No mayor, no governor 0:22:59.320 --> 0:23:03.360 has the authority to tell you your job isn't essential. 0:23:04.640 --> 0:23:08.920 We as a nation decided we were going to behave 0:23:09.480 --> 0:23:13.000