Best of the Program | Guests: Rep. Beth Van Duyne & Carol Roth | 10/12/22

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Yeah, nights.

What a great program broadcast that we have for you today.

It's really more of a show than anything else.

Broadcast program show?

Yeah, kind of.

Yeah.

Broadcast programming show.

Yeah.

So anyway, we've got a great one for you on tap today.

One of the biggest races in the Senate, we talk about today.

Ron Johnson in Wisconsin was going up against Mandela Barnes, kind of a defund the police candidate.

Very close race.

I'm interesting that the first thing Stu brings up is race, isn't it?

Isn't it?

When did I I say anything about race?

One of the biggest races that's happening.

Oh, yes,

I guess it did.

Once again,

bringing up what a racist.

What a racist.

He does it every election season.

I'm going to talk about race.

Anyway,

we have that.

We also have Carol Roth in today.

She is

amazing on the economy.

I gave her a Titanic scenario, and you'll have to hear how she responded to it.

All that.

Oh, and the gig economy.

Yeah, the labor department has decided, eh, we're not going to do that.

We're not going to do that.

Oh, good, good.

All this and more on today's podcast.

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You're listening to the best of the blendeck program.

So yesterday, if you remember,

my head was going to explode because

why are we allowing California to dictate everything to the rest of the nation?

Okay.

Remember?

I'm like, let them stand on their end.

They want to do that.

Fine.

Let them feel the full consequence.

Why are they dragging us along with it?

Okay.

Yeah.

Today, my question is this.

Why do we keep listening to the same people who got us into this situation?

Why are we listening to them?

Here's Janet Yellen from yesterday on our economy.

We still see the impact of COVID in China and the slowdown in Chinese growth.

And

with high inflation and tightening monetary policy in many advanced countries,

emerging markets from really all of these factors are suffering many stresses.

So there's a lot to talk about.

But from the perspective of the United States, I think the United States is doing very well.

Wow.

We're doing very well.

Other countries have high inflation, tight money.

Their central banks are tightening the money supply, which is driving interest rates up, and they're having supply problems.

But us?

No, I think we're doing really.

Why are we listening to her?

Why are we listening?

Now.

Let's go to the genius that's actually behind the wheel driving this car over the cliff, our president.

What does he think about what's coming economically?

Should the American people prepare for a recession?

No.

Look, they've been saying this now how every six months they say this.

Every six months they look down the next six months and see what's going to happen.

It hadn't happened yet.

There is no

guarantee that there are going to be a recession.

I don't think there will be a recession.

If there is, there'll be a very slight recession.

That is, we'll move down slightly.

Okay.

All right.

Now, maybe, perhaps, I want to give him the benefit of the doubt.

Maybe, because there is one industry that

has just,

I mean, has

made so much money hand over fist.

It is such a growing industry that maybe he's thinking, well, you know, GDP is affected by

the fentanyl and human trafficking.

industry.

Jobs are, I mean, it's not hard to find a job there.

If you're willing to human traffic people because of the border, don't worry.

If you're an Eastern European hooker, his son has really helped keep that economy going.

Right, right, right.

But just because this, according to the Department of Homeland Security, just because of what we've done on the border, there has only been a 500% increase in human smuggling.

So, you know, increase.

That's good, right?

Yeah, that's good.

I mean, up, up, up.

America is really doing.

Yeah.

Now, I want to talk about those other countries that are having some problems, you know, with

loans becoming more expensive,

threatening jobs, trouble with their oil and gas prices, high

interest rates and high inflation.

Unlike us, unlike us, we're good.

But let me talk about those countries.

Top diplomat in the European Union Ambassador's Annual Conference said that Europe has been decoupled due to multiple black swan events.

It says it can no longer count on Russia for cheap gas and oil.

China, they were depending on cheap goods.

And the United States, they've depended on the United States for security.

And now they've lost all three.

And, you know, now they're going to have to completely reimagine,

completely reimagine how Europe is put together because it's broken.

And they're not going to be able to do anything about it.

They just have to reimagine how

everything

works.

And they're looking now at an era of volatility, which is great.

But, you know, the thing I really liked is

he said, you know, United States and Europe had a fantastic relationship and we were cooperating a lot.

And that situation might change now.

But I mean, I'm quoting, but I urge you to think, what would have happened if instead of Joe Biden, this would have happened with Donald Trump or someone like him in the White House.

It wouldn't have happened with him in the White House.

He was warning you of these things and you laughed at him.

But don't worry about it

because we're fine, according to Jenny.

We're doing really, I think we're on the upswing.

We're doing really, really well.

Now,

let's see, I just want to count the enemies here.

We're in a proxy war with Russia, right?

We're fighting with Ukraine, which I think we're really all we're doing is laundering money through Ukraine.

We haven't made China too happy lately.

But we also have had a very long ally, Saudi Arabia, which I don't want to be tied to.

Donald Trump was fixing that.

But then our

president, he got a little spicy with

the sultan or the prince over there and said, you know, this guy's a thug and a criminal and he has no place at the table and I'm going to take care of him when I get in.

So now

the president went over and he said, hey, can you guys maybe up the, you know, and they agreed as he left, they agreed to 200,000 barrels, which is nothing.

200,000 barrels.

And then the White House wrote a a missive to the prince and said, you just broke your word to the president.

What are you doing?

You said 200.

Now you're going to reduce it to 100.

And that kind of pissed the prince off.

And so he's like, yeah, you know what?

I'm going to reduce it even more than that.

Okay.

So they went.

The people who were there at the meeting said that he was asking for oil.

And he was asking, you know, just can you just boost it up a bit?

What's better is he was saying, and if you have to cut it can you wait until after the election that way he could you know convince everybody that we're on the move everything's good and your gas prices are down and then OPEC could lower the production of oil and then after you've made a decision on which side you trust to tell you the truth and to help you along then after the election then he could say oh my gosh look at what these evil evil Saudis are doing okay

Now, the president has come out and said, we never even talked about oil.

Really?

You didn't?

You didn't.

Really?

Huh?

That's weird because everybody who was in the meeting says you talked about oil.

But no, no, no, he didn't.

And he also says, ridiculous that I said we were going to reevaluate our relationship if they didn't cut the oil.

Except, you know, after they cut the oil, the president was on TV that very day saying, I think we need to reevaluate our relationship.

So this is really good.

Biden has now warned of consequences for Saudi Arabia.

He vowed to hold Saudi Arabia accountable.

He said, I'm not going to get into what I consider and what I have in mind, but there will be consequences.

Good.

Okay.

All right.

Okay.

All right.

Well, you know, why not?

Why not throw that log on the fire?

Oh, by the way, the other reason Saudi Arabia is so pissed at us because of Joe Biden is because he's making a deal with their mortal enemy, Iran.

So we got that going for us.

So let's pick another fight there.

Oh, oh, oh, here's another fight we just picked too.

You're going to love this one.

We have decided to stop all exports of our chips.

to China.

Yeah, yeah, yeah.

So the U.S.

Department of Commerce introduced sweeping rules aimed at cutting China off from obtaining or manufacturing key chips and components for supercomputers.

This is quoting, is seen as a huge escalation, huge escalation in the tensions between Beijing and Washington.

America argues that such advanced semiconductors can be used by China for advanced military capabilities.

Don't you think so?

Quoting the co-founder of the Center for Innovating the Future, there is no going back to the way things were.

With the latest action, the chasm between the United States and China has now expanded to the point of no return.

This is great.

So, by cutting off the chips, which I'm not arguing that they shouldn't have, we shouldn't be sending them stuff.

But right now,

you know, might be kind of a dicey time to do it.

Now, we're forcing them to have to take Taiwan because Taiwan is the maker of all of the most sophisticated chips.

In fact, I think they make 80%

of the chips.

So that's going to be really good if they march into Taiwan because then guess who doesn't have any computer chips?

Yeah, us.

Oh, this is good.

Oh, by the way, last night also, Biden doubled down on the warning of nuclear Armageddon.

Yesterday, he said it again, you know.

I don't think Putin will use a nuclear weapon, but I mean,

it could be nuclear Armageddon if he does.

Oh, okay,

that

makes it much more acceptable and soothing, really, to hear that news.

Oh, and they also announced yesterday that NATO is going to hold a nuclear deterrence exercise.

Now, this is great.

Have you ever heard of Operation Abel Archer?

Oh, this is a great story.

Don't worry, it's in our past.

Abel Archer was something that we did every year, you know, right there on the border of Russia.

We did it with NATO.

It was a NATO nuclear deterrence test.

And I'm going to take you way, way back to 1983

because what we did, we held this annual, every year we did it, annual exercise.

And we had 100,000 personnel over there, 16,000 of which were flown in from the United States.

And

the exercise was to simulate what are you going to do if somebody launches a nuke.

Now, the Soviet Union knew this was just an exercise that we did every year, but Reagan had been a little spicy, calling them a terrorist organization, saying that they were an evil empire.

And so they no longer trusted the United States at all because they knew Ronald Reagan wanted them to collapse.

So what they did is they had these new things called computers.

And these computer programs

started to track, you know, they were there in Russia, and they were very sophisticated.

Russia had only the best computers and the best software programmers.

And

so as they were doing this,

what happened was

it looked like

we had launched a bunch of missiles on their computers.

And they were convinced we launched a bunch of missiles.

It wasn't just the computer.

And they had

during the whole operation they had all of their planes out with 10 minute warnings and they had loaded all of their missiles.

They had also taken all of their missiles out of the protected shelters, opened up the blast doors.

They were ready to launch.

If it wasn't for the little red phone, hey, call me,

we probably all would have been vaporized.

But that has that maneuver, you know, the

where they're, where they're just trying to just have a military

exercise, you know, that is just to see what we would do if the Soviet Union would launch a nuclear deterrent.

You know, what would our deterrent be?

What do we do?

You know, NATO got together.

We did it every year.

We haven't done it in a long time, but NATO has decided with the United States, now is the time to try that again.

You know, because the trust is so high.

These people are going to get us killed.

Ever been in a situation like, I don't know, you're...

You're driving

incredible alcohol.

And he's like, no, I got it.

And he's swerving all around the road, and you're like, good God, we're gonna die.

No, it's fine.

I drive all the time.

I'm not drunk.

Okay, that's when somebody says, stop the car.

No, what are you talking about?

We're almost home.

20 minutes will be there.

Stop the car.

I'm either driving or I'm getting out.

Yeah, I wish we could get out, but we can't.

What we can do is elect a new driver.

You know, one that shouldn't have his license taken away.

What do you say we do that, kids, in just a few weeks?

Hmm.

We vote because all of his drunk friends are in the car too going, hey, shut up.

He's fine.

He's totally fine.

Aren't you questioning?

Do you see what's happening?

He's totally fine.

Leave him alone.

Let's get the friends out of the car.

So then we can actually talk to the driver and see, hey, can you walk a straight line, dude?

Because you're going to get us all killed.

This is the best of the Glen Beck program.

Welcome, Congresswoman Beth Van Dyne.

How are you?

I'm good.

Good to see you.

It's good to see you too.

I was thinking about you the other day, and I thought, she doesn't call, she doesn't write, but we'll always have clockboy.

We'll always have clockboy.

You're right down the street.

I can come by any time.

I know, I know.

How are you?

I'm good.

I'm good.

You know, it's been 20 months now since I've been in office, and I think it's probably the most unique freshman experience ever.

I got sworn in January 3rd, right?

Then we had January 6th happen.

Then we had impeachment vote after that.

We were in a time of COVID where we were separated, you know, physical distance, and then we all had to wear masks.

It has been a divisive time in Congress as well as the rest of the country, but it's been a while, 20 months.

You know, I was watching Parliament the other day because I'm a complete geek.

And I'm watching Parliament and they're like, order, order, and they're just yelling at each other.

And I used to hate that.

But I watched it this time and I thought, at least they're debating.

I don't ever see anything where the chamber is full.

And you're actually debating stuff.

It's usually just somebody standing in front of a chart giving a speech to no one in the chamber.

Is that accurate?

That is absolutely accurate.

And, you know, I don't know how much of this is COVID related because I've got members on the other side of the aisle who have not been there

since COVID started.

So we have been voting by proxy.

We have been having committee votes.

We have been having committee meetings by Zoom.

And they just haven't, they have their offices closed.

Their staff doesn't come in.

They don't meet with folks in D.C.

You know, when they have, when they have their constituents come to D.C., they're not there.

Wow.

So

how bad is the disconnect between what you hear from constituents

and what you hear from the political people in Washington, D.C.?

It is really disconnected.

When I am in the district, we've had over 100 roundtables and business tours.

We've gone out.

I mean, that's been that's my job is to go out and find out what people here want me to be saying in D.C., how they want to be represented, what their priorities and concerns and their issues and what scares them and what they want me to do about it.

That's why they want me there.

Right.

And that's why you, Congress has such a short period.

You're running

pretty much all the time.

All the time.

Because you've got two years.

Your term is two years.

You're in and out.

And that was made.

By our founders.

On purpose.

On purpose.

To make sure you stay connected with your constituents.

Exactly right.

What I've hearing is, you know, economy, number one,

people are really upset that their paychecks are so much smaller now.

They might be getting more per hour more, but when we look at and take into account inflation, you know, if you do the math, 8.3%, which let's face it, it's higher than that, but let's just go with an 8.3%

for argument's sake.

But 8.3% is basically like taking an entire month's paycheck and burning it.

When you do the math and you think about that, so everybody is taking one paycheck.

Democrats have basically burned from everybody's wallet.

They're affected by that.

When you start looking at gas prices, which, or let's face it, I know that the Biden administration keeps wanting to blame the Russian war in Ukraine.

And now they're blaming the Saudis.

Every month it was going up ever since this president took office, and it's because of his policies.

Inflation is because of their lack of fiduciary responsibility, but again, their policies, spending like crazy people, trillions and trillions of dollars, more than any other administration has ever spent in the first 20 months.

More debt than we've ever accumulated in our country's history.

That's what people are talking about.

They're upset about things like

not having baby formula on the shelves.

Still.

Still.

Still.

Yeah.

There's upset really about the border.

I mean, we're in Texas.

You think about the border crime that we've got going down there.

You think about the millions and millions of people that have entered our country illegally and how that affects our communities.

The fentanyl that this administration does not even have a plan, won't even admit that there's a problem that is what people at home are talking about it is incredible to me that human trafficking is now a billion dollar industry on our border and nobody seems to care

they said that it's gone from a mom and pop when you talk to the people who are down the border they said it's gone from a mom and pop operation to now like coca-cola that it is that organized, it is that wide and expansive, and they're making billions of dollars.

So what are the people in Washington?

Do they really think the Democrats that

they've got a winning message or do they know they're in trouble?

So when you talk to folks one-on-one when the cameras aren't on,

Democrats will admit that they're in trouble, that they will admit that fiscally

that Biden has not been exactly what you consider responsible, and that people in their district are talking about it.

They will admit that.

Not everybody will admit that, but, you know, and they won't admit that publicly.

But yes,

they are hearing from their constituents just like we're hearing from ours.

And the arguments are the same.

But then they say that, and then you look at the board at the end of a vote, and you're like, every Democrat voted yes.

to spending more money, to being more fiscally irresponsible, to sending billions of dollars outside of our country, to to hiring 87,000 IRS agents, but ignoring that we even have a border problem.

So, there's one thing that they'll say, but there's something else that they vote.

And that's the most frustrating part because you know, some of these folks, I'm going to give them credit, some of these folks really are smart when you talk to them and you just shake your head at their votes because it doesn't reflect in their votes that they've got a brain cell.

What do people in the district, when you're talking to the average person, what do they think about war and Putin and

all of that?

Trevor Burrus, Jr.: You know, this is something that Republicans had been warning for over a year, ever since our botched

from Afghanistan, right?

When we started talking about the lack of leadership there, how when you're allowing terrorists to basically control your foreign policy, what message that was sending out.

We said exactly what was going to happen.

You are empowering folks in Russia.

You are empowering

the

government in China.

So when Russia went and actually, Putin went into Ukraine, I don't think it shocked many people.

We knew that that was going to happen.

China going into Taiwan will probably be next.

Again, it is our foreign policy that dictates that.

It's not only our foreign policy, it is the fact that this is

the worst track record.

And I mean this sincerely.

This is not hyperbole.

I'm not just throwing them out of the butt.

This is sincere.

I challenge anyone to show me somebody who has made more mistakes, quote unquote, more mistakes than this guy and this administration.

Everything they have done works to the disadvantage of America.

And I'm, you know, you quickly get to the point to where you're like,

no one can, the odds of being wrong and have it work 100% of the time.

Right, 100% of the time, not in our favor.

It just doesn't have that.

The odds are too astronomical.

Well, it depends what your goal is.

Correct.

And, you know, are you wrong 100% of the time?

It depends what the goal is.

And I would argue that what's happening at the border, they're turning a blind eye because they don't want to actually have to face that exactly what they wanted to happen is happening.

They don't want to have to admit that if they go down there and they talk to people who work there.

But we have had millions of people enter this country illegally.

We have had

a Democrat party who's wanting to have their

own rule for votes,

opening that voting rules up for the entire country with HR1.

Or they wanted to have people who entered our country illegally be able to vote.

They wanted to be able to have people who are 16 vote.

They wanted to not have voter ID.

So you think about that plan and you can start easily thinking, well, maybe their goal is to have millions of of people come into this country illegally because they're hoping that they're going to vote for them and change the way that our country looks.

You were just in Asia, were you not?

What are they saying about that?

This is the scary part.

You know, I know that I go home and I talk to my constituents and they don't like what they see, but it's not just at home.

I was in South Korea for a week.

I came home and then I was in Cambodia and Singapore.

All of these countries are drastically different from one another, but they all had the same message.

The U.S.

right now is void.

And where there's a void of leadership, China is more than happy to be filling that void.

And they are doing that,

doing that every single day.

When you think about the rare earth minerals that they have rights to around the world, 75% of our earth's rare minerals.

And our policies.

I believe we have a lot of them up in Alaska, but you'll never get anybody to open those up.

Possibly.

Yeah.

Potentially.

You know, the more that we rely on electric vehicles,

where those minerals, cobalt, lithium, nickel, are

controlled by China.

And that's where the Democrats seem to be pushing our future.

And whose benefit are those policies working?

It's not U.S.

So we're back in a studio with a congresswoman who I just love.

She has been in the fight.

You were the mayor of this town when I first moved here, right?

Yep.

2011 to 2017.

And you have been in knockdown, drag out fights for really important things, even as mayor.

I didn't know how you did it, but so I'm glad you're in Congress.

You helped.

So Beth, tell me,

can they make a difference?

And will the Republicans do anything?

You know, you're part of a team.

So I

will play my individual part,

my independent part, which is I will continue to to fight.

I will continue to say what I'm going to do and then do what I say.

We have worked the last 20 months.

Republicans have worked on this commitment to America.

This is Kevin McCarthy's.

So, yes.

He announced it.

So, Kevin McCarthy, we were all in, well, there's about 30 of us that were in Pittsburgh a couple of weeks ago and came out with the commitment.

When I was in South Korea, I had lunch with Newt Ingrich.

And he talked about the contract to America and how you need to tell the people what you stand for.

It's one thing the last 20 months, it seems we've been fighting against what we've seen.

But it's not good enough to just say you're going to fight.

You also have to say, This is what we're going to do.

And so, the commitment to America was basically: these are our priorities.

So, our priorities are America's priorities.

We're looking at safety, what we've seen with crime.

We've looked at what's going on at the border.

We looked at accountability in government.

The fact that we still have proxy voting, we're not getting together, we're not debating as a Congress.

You've got Congress who are able to buy with insider information, stock trades.

So, holding those folks accountable, looking at our future, seeing over the last several years how much freedoms that we have given up, making sure that we are looking at holding on to those freedoms, but also how much money we're spending.

Are we going to have a future that is free?

Are we going to have a future that our kids, our grandkids, our great-grandkids are going to be constantly paying down debt?

And then also looking at the economy.

The fourth part of that is looking at the economy and making sure that we are fighting inflation.

We are looking at policies that, you know, when you throw trillions of dollars into a system, don't be shocked when inflation goes up, but making sure that we're protecting that economy and not demonizing our American businesses.

So you're watching what's happening with the banking sector right now.

They are freaking out.

They weren't freaking out before 2008.

They were like, no, no problem here.

And like, really?

They're freaking out and warning really bad things.

They're trying to get the Fed to stop.

tightening.

They're trying to get the Fed to start printing more money.

And I have a feeling that's what we're going to get

because you're either going to stop the heart of the economy, try to pull all of this back in, or you're going to keep printing and then we just die through hyperinflation eventually.

Do you believe we can pull this back together?

I mean, that's a trick that's never been done before.

I think in 2008, it was easy to identify what had led up to that.

I think looking at

the last couple of years under COVID, all the restrictions, how we pulled back, we did exactly a number of cases exactly what we should not have done, the opposite of what we should have done.

We're now filling those ramifications.

And by the way, those ramifications, especially in school kids, we're going to be filling for years.

I believe we can get back there.

I really do.

We've seen what happens with one-party rule for two years.

It has been a disaster for the country.

I think we can walk and chew gum.

I think we're going to have to govern.

And governing on those four major principles that we just talked about, but also having investigations is going to be important.

Are you going to rein in the power of the presidency?

I mean, he's just doing edicts.

If you guys have power and you won't pass anything that he wants, he'll just.

It's not just the president, but it's also the president's cabinet.

And, you know, we have said from day one on,

myorcus has got to go.

Okay, Myercus is part of the problem.

There's no doubt in my mind that the man needs to be impeached.

So looking at the cabinet members and making sure that if we have the Senate that's going to be responsible for who those folks are, that

we have people who will actually be up for the job.

It's one thing to have the president be,

what, MIA?

Let's just be nice and say he's MIA and a vice president who's MIA.

But making sure that you've got cabinet members, but also making sure that you're going after those

irregularities, those things that have happened in the past, illegal, that need to be addressed.

You need to make sure that people understand that people are going to be held accountable.

Amen.

I hope that is the Biden family and Fauci would be included in that.

How do people get involved in your campaign if they want to help?

I'd love for them to go to Beth4Texas.com.

We are running every day.

We're also trying to help a bunch of other people across the country to make sure that we take back our country and we make sure that we take back the majority.

So we've got a lot of great candidates that are out there.

Myra Flores, Esther Joy King, Jen Kiggins.

These are Jennifer Ruth Green is phenomenal.

Help these people come over the finish line.

Beth4Texas.com.

Beth4texas.com.

As always, great to see you.

Great to see you too.

Keep up the fight.

Thank you.

God bless.

You're listening to the best of the Glenn Beck program.

Carol Roth is in town.

We have a kind of a financial kind of meeting or something today, and you're in town for that.

And welcome as always, Carol.

Thanks.

It's fun to be in studio with you.

So, Carol, I just said to Senator Johnson from Wisconsin that I feel like we're on the Titanic

and now we've hit the iceberg at full speed.

And I'm looking for a band

to stop playing so people can go, oh, wait, what just just happened?

And it's time to get into the lifeboats because this thing's,

we got to save what we can and the people we can because we're going to have a lot of rebuilding to do.

Yeah, and it's the people who put us on course to hit the iceberg.

Wait, wait, wait.

You don't agree with my analogy, do you?

No, I do agree.

I'm very, very sorry.

I know, I know.

I know.

You want me to tell you that everything is going to be okay?

We're going to be on a mega yacht instead of the Titanic.

And it's just

not the case.

But it is these people who said, oh, that iceberg isn't there.

No, we can totally maneuver our way around it.

These are the people who said, no, no, okay, yeah, okay, so it was there and maybe we hit it, but that was some other reason.

It wasn't actually there when we saw it.

But now we've got all of these great ideas on how to fix the economy.

Oh, my gosh, and none of them are good ideas.

Let me ask you this.

If, let's say you're the head of the Treasury or you're the head of the Fed.

Lord help everyone, but yes.

I think we'd be better off.

I think we'd be better off.

Oh, you wouldn't be.

You would be.

Even if it was just me.

You know what I mean?

You'd be like, yeah, well, better than these classes.

Some guy off the street.

Yeah.

Anybody off the street.

You don't know what your name is.

Come here.

You're now the head of the Fed.

Let me, if you were the head of the Fed,

and this is the iceberg part,

how do you stop this from going down?

Because you have to raise interest rates

traditionally to pull money back in, but these interest rates would have to be 30% easy.

Don't you agree to pull this kind of money back in?

We were at 20 in Jimmy Carter.

Yeah, we'll get to that in a second.

So first of all, if I were Fed chair, I'd blow up the entire Fed powers and I'd say we're going to

put myself out of a job at some point in time but in terms of the the problem at hand okay so wait wait let me give this so the audience understands to suck inflation goes down when you suck money back out of the system that's the theory and that's the way it's always worked hang on i know what you're thinking and the other problem is you can only make uh interest rates go so high before it sucks the money out that is needed to run the economy.

So

half the country is saying, we've got to have higher interest rates.

The other half of the country is saying, no, we got to lower the interest rates.

I don't know what to do except just freeze.

So let me put this in layman's terms.

You're talking about this battle between inflation and putting us into a very deep recession.

Not that we're not already in a recession, which some of the people like to pretend that we're not, but a very deep recession.

And those two things are at odds with each other.

Borderline depression.

I mean, depression really is kind of defined by the unemployment being very, very high levels of the world.

Right, and

duration, right?

The length of how deep and how long this goes.

But there's another factor in here, which is because we are the world reserve currency, it's something called the Triffin dilemma.

So not only domestically are we at odds, inflation versus recession, but on a global, from a global standpoint, you're at odds.

Do you make decisions for the benefit of the U.S., which I'm not sure that we can, but let's just pretend that maybe we can, or for the world, because the world is on the precipice of a massive global recession that could cause all kinds of reverberations here.

So, this is the massive puzzle that these central planners, again, have created because they thought, like, oh, we can figure this out, but they don't realize they aren't smart enough to figure out all these moving parts.

So, as Fed chair, I need to slow the Titanic down so that we can get people, as we talked about offline, into the lifeboats versus not crashing into the iceberg because that's just not possible at this point in time.

It's not possible to save the Titanic.

Yeah, I personally don't think that it's possible.

Everyone's just like, oh, there's a very narrow path.

Okay, well, the path is like, you know, as narrow as one of my hairs.

Like, there's no narrow path.

So let's just be honest about it.

The time to do something really was before 2008.

Once we went down the path of bailing everybody out, this is the inevitable outcome.

And everybody, you know, at the Fed and all the experts and all the banking people, they all said, no, no, no, no, no, you don't understand.

And I kept saying to them,

I do understand.

I don't think you're either telling the truth to yourself

or

you're...

you're just a crazy man because you can't do this at the numbers that we're doing it.

Yeah, and the thing is that not only should they have not done what they did then, they shouldn't have kept it in place for as long as they have, and they shouldn't have doubled down.

And that's the problem: we keep having these opportunities to go, yes, we've made mistakes and we're going to change course.

No, we don't.

But instead, everyone goes, no, I think this is fine.

We're going to continue marching down.

Or I'm not seeing the problem in the way that other people are anticipating seeing the problem.

So since they're not recognizing it, we have some more room to just

continue on until they wake up and and realize that it's a problem.

Once you wake up and realize that the problem's there, then it becomes too late and we're in the situation that we're in today.

Monday, I did a monologue on Credit Suisse,

and I said,

you're going to see in two years, because the Fed doesn't have to tell you anything for two years.

But I guarantee you, we are sending our money over to Credit Suisse right now to do basically what we did in 2008, save the bank that's too big to fail.

Well, I don't know why they released this information, but last night I'm reading

three

billion.

How much did we send?

I don't know, but I doubt it was $3 trillion.

Yeah, I'll have to look it up.

Could you look that up?

Look that up for $3 trillion, though.

That would be a staggering.

It's a staggering amount.

But let me tell you why they did that is because the Swiss National Bank said that Credit Suisse is a systemically important bank.

Correct.

So, of course, that they are too big to fail.

We can't, you know, we can't bail out the little guys.

We have to make sure that the big cronies are taken care of.

So, of course, somebody was going to come to the rescue.

And when you say somebody, it's always the U.S.

and it's not the U.S., it's you and you and you and U.S.

It's literally us because it's our money or them printing money which devalues our money.

So, so isn't Europe now in the place or soon going to be in the place that we were at in 2008?

So, there it's for a different reason.

Right, right, right.

But again, and this goes back to the Fed.

So let's tie this all in a nice little bow.

Because we have a dollar that is strong against other currencies.

It's not strong when you go to the grocery store, but it is strong against these other currencies out there.

I like to call it the skinniest kid at Fat Camp.

It's not great, but it's the best out of all of them.

And because of the energy situation that they have all created, they're dependent on importing energy.

Energy and to some extent food is priced in dollars, which means these countries need to access dollars in order to pay for these things.

So they only have so many choices.

It means they either continue to devalue their currency, they're going to have to spend more and more of their currency to buy dollars, or they sell dollar-denominated assets like treasuries in order to get the dollars to pay.

And so this is a vicious cycle.

When they do that, then

the yields go up, the dollar strengthens, and we end up in this crazy cycle again.

And this is why it's so complicated.

The Fed's decision isn't just inflation versus, you know, a deeper recession here in the U.S.

It's literally potentially creating a global currency crisis.

It's potentially creating illiquidity in the treasury market and a crisis there.

It's potentially

all risk assets.

assets could end up just, you know, being sold in a massive fire sale.

I mean, they have to think through all of of those implications.

And that's why, if I were Fed chair right now, where we started this, I would have to pause because I don't think that the Fed has the tools to combat inflation since their supply generated anyway.

They can't print oil.

They can't print labor.

They don't have the tools.

So all they can do is crash demand.

And if they do, they take the whole world down with them.

Okay, well, I think I'm going home now.

All right.

Can you explain one thing?

I saw an article out of Europe, and it said that because there are no investors because of ESG,

there's no investors in

exploring for oil, et cetera, et cetera, and the fact that we are headed towards price destruction, meaning nobody can afford to do anything, so nobody's going to be using gas,

and you're going to be staying at home, so the price of gas will fall through the floor, they think.

Then the banks will have, or any investors will have a call

on their investment, and they won't have the money to be able to do it.

So they're stuck in this same kind of trap where it's this vicious circle.

Is that true?

Is that right?

So there is a case to be made that, you know, as we

kind of go into a global recession, like a very deep global recession, that there will be demand destruction.

But you have to remember that we just had OPEC Plus decide to cut production 2 million barrels per day.

So, and

China is still kind of getting back and running in terms of capacity.

So, I don't think that oil and gas are going to go back up to the levels that perhaps we saw earlier this year.

But the idea that it's all going to come crashing down, I mean, yes, Europe's stockpiled on gas, but it's like a three-month stockpile.

Like, what happens after that?

This issue that we have with energy, this isn't like a month-long or a winter-long issue, and all of a sudden we're going to come out the other side and everything's going to be roses.

There's massive underinvestment that's going to affect us for years.

So it's not just that you can turn this spigot back on.

I know, you know, when you think of these big oil rigs that are out in the middle of the Gulf, those things are made here, a lot of them, but they have specialized parts that like one company makes.

Those things are on leases for 10 years at least.

So if it pulls up here and goes some other place, South America, that's leased.

And you don't just build an oil rig like that overnight.

We're talking years of restarting.

This sounds really familiar.

It sounds like in 2020 when a bunch of people said, wait, you can't just turn off a third of the economy and then turn it back on whenever you want and there's going to be absolutely no dislocation.

Huh, that's weird.

It's the same thing here.

You're losing the parts manufacturers.

You're losing, in the case of nuclear,

you know, a knowledge base, you know, specialized expertise.

You cannot just flip the switch back on.

And there's no meaningful sort of rush towards investment because all of these companies believe that, you know, whoever the next regime is, even if there's a friendly one in between, that they're just going to double down on these bad policies.

So, why would they make a 10-year or a 15-year multi-billion dollar investment when people are coming out saying we're coming after you?

Yep.

It does, you know, show me the incentive.

I will show you the outcome.

That is Charlie Munger, and it's for every single thing.

And in terms of energy, this is not just the next few months.

This is a multi-multi-year disaster with massive human suffering.

I mean, we're talking about already in Europe, just the implications, not just on heating your homes, but on the food sector.

Bakeries, dairy,

companies that massively use energy, they're not able to produce at the levels that they could because the energy is too

much.

Fertilizer.

Yeah.

This is what happened in Sri Lanka, right?

This is craziness.

It is craziness.

There is such a, a, and I can only,

you know, it's Malthusian.

You have to hate humankind to go down this road because it's so clear what the ramifications are.

And if you stop right now and go, okay, okay, okay, okay, all right, I got it.

Then, you know, that's one thing.

Right.

But to stay singly focused on this and continue while people are going to face starvation and freezing to death.

It's there's something deeply, deeply wrong with you.

So we've talked about this.

This is what the Fed did, right?

They stayed with that myopia.

Same thing with COVID.

Now we have it with energy.

So when we come back, I want to talk because Bank of America just said, buckle up.

We're about to shed 175,000 jobs every single month.

I don't know if that's way out of line, you know, from a bad time or what that number means.

I'll ask you you in a second.

And then I also,

let's dogpile.

Here's another bad decision.

The federal government is going after the gig economy.

And

you can't do that to America.

I mean, but they are, but they are.

So what does that mean?

What job is going to be safe in America

over the next few years?

Hey, I have an idea.

We should all get together and vote.

Vote.

We've got to overwhelm the polls and send a very strong message.

Enough is enough.