The Federal Reserve hikes interest rates again, as Jerome Powell warns of economic pain to come, Democrats refuse to accept culpability for their role in the economic downturn, while continuing to promote unicorn rainbow economics, and New York AG Letitia James goes after Donald Trump. I'm Ben Shapiro, and this is The Ben Shapiro Show. This show is sponsored by ExpressVPN. It's time to stand up against big tech. Protect your data at Express VPN. Ben Shapiro is a writer, comedian, podcaster, and podcaster. He's also the host of the podcast and co-host of radio show on SiriusXM's Business Insider and is a regular contributor to the Financial Times, the Wall Street Journal, and the New York Times, among other media outlets. If you like what you hear, please HIT SUBSCRIBE and leave us a five star rating on Apple Podcasts! Subscribe to our new podcast, The Five Star Dealers Club, wherever you get your stuff, and don't forget to rate, review and subscribe to our newest podcast, Five Star Potential. Subscribe, review, and tell a friend about what they're listening to! if they like what they think of Ben Shapiro's new podcast! or if they think it's great, tell them what they can do to help spread the word to their friends about Ben Shapiro. . Thanks for listening to Ben Shapiro s or any other podcast you care about what he does. Thank you, Ben Shapiro - your thoughts, thoughts, opinions, opinions and thoughts on the podcast, thoughts and opinions on the future of what he's listening to you should be listening to, and what he s listening to on this podcast should be listened to on the next episode of or what he thinks about it should be sent to you on the airwaves, and much more! and what you should do in the future, right here on his podcast, right now! Ben's future is in your ad is in the next 24 hours, and thanks for listening, Ben s next stop is thank you! - Ben's next episode will be a good one, right there, next Tuesday, next week, next Monday, next Wednesday, Wednesday, Tuesday, July 17th, July 21st, July 5th, so don't miss it, right after sunday, July 18th, Wednesday morning, July 27th,
00:01:59.000Pasture-raised, hand-cut, hand-trimmed to guarantee consistency, which makes prep really easy because you're not actually buying, like, a giant package of chicken and then cutting off half of it and throwing it in the garbage.
00:02:31.000Well, as was widely expected, the Fed Chairman Jerome Powell announced yesterday a 75 basis point increase in the interest rates is 0.75 percentage points raising.
00:02:40.000The target range to somewhere between 3 to 3.25%.
00:02:45.000According to the UK Daily Mail, the Federal Reserve has issued another supersized increase to interest rates in a move intended to fight inflation, which deepens the risk of a sharp economic downturn and job losses.
00:02:54.000At the end of its two-day policy meeting on Wednesday, the U.S.
00:02:56.000Central Bank raised its policy rate 75 basis points for the third time to a range of 3 to 3.25%.
00:03:00.000That is the highest level since the 2008 financial crisis.
00:03:05.000The Fed is attempting to cool down the economy in order to tame rampant inflation which remains stubbornly high at 8.3% as interest rates climb.
00:03:12.000The path to a so-called soft landing is narrowing.
00:03:15.000Economists are increasingly projecting a hard landing, marked by a sharp increase in unemployment.
00:03:19.000Fed Chair Jerome Powell admitted on Wednesday that achieving a soft landing will be very challenging.
00:03:23.000He had a lot of bad news for the markets yesterday, which is why you saw stocks slide some 500 points yesterday.
00:03:29.000According to the Wall Street Journal, UF stocks finished sharply lower after the Federal Reserve said it would raise interest rates again and signaled the need for further rate increases in the months ahead.
00:03:47.000Right before Jerome Powell speaks, then he speaks and boom, there's a stock market decrease.
00:03:51.000It is amazing to watch all of this happen in real time if you watch a split scream of Jerome Powell talking.
00:03:56.000And then, The stock market on the other side, you can see that essentially one guy or at least a few people at the Federal Reserve are now controlling the entire future of the American economy.
00:04:05.000This is not how it was supposed to work.
00:04:07.000Economic policymaking was supposed to be done by the legislature and by the president.
00:04:28.000Things are going really wrong with inflation.
00:04:30.000You need the Federal Reserve to tamp down the inflation rate by increasing those interest rates.
00:04:33.000Instead, president after president has basically delegated out the problem of economic growth To the Federal Reserve, and that means that when they run out of tools, things get very, very ugly.
00:04:42.000This is why during COVID, the Federal Reserve basically used the only tool left in its arsenal, went to 0% interest rates in an attempt to spur the economy.
00:04:50.000And again, because economic policymaking was done incredibly poorly at the legislative level for the next several years, the result was rampant inflation.
00:04:58.000And now they have to go back to the Federal Reserve and ask for them to tamp all of that down.
00:05:03.000So Jerome Powell yesterday announced that, by the way, it's not just a problem of inflation in the moment.
00:05:09.000We are looking at a well below median estimate of longer run normal growth rate.
00:05:13.000So what he means is that the economy is now going to slow for the foreseeable future.
00:05:17.000I mean, he's basically just announcing this straight out, which is kind of amazing.
00:05:21.000As shown in our summary of economic projections, since June, FOMC participants have marked down their projections for economic activity, with the median projection for real GDP growth standing at just 0.2 percent this year and 1.2 percent next year, well below the median estimate of the longer-run normal growth rate.
00:05:40.000I mean, look at the stock market, right?
00:05:42.000As he's speaking, you can see that it goes from in the green to boom in the red, because what he is saying is something that pretty much everybody knew, but apparently they only believe it when Jerome Powell says it.
00:05:51.000Now, Joe Biden had estimated when he came into office that even without this massive inflationary spiral, there would be low growth rates for the foreseeable future.
00:05:58.000He had estimated there'd be below 2% GDP growth for the next decade, essentially.
00:06:02.000Now, Jerome Powell is saying it's going to come in even below that, and we have to do that in order to tamp down all of this inflation.
00:06:54.000Ezra Klein famously in one of his columns lamented the fact that why is it that we have to have a high inflation?
00:06:59.000I mean, we're pumping so much money into the economy and what it's doing is it's really helping people at the lower end.
00:07:04.000Well, actually, inflation Really hurts people at the lower end.
00:07:07.000It turns out that monetary stability is a generally good thing because monetary stability allows for predictability, it allows for investment, it allows for innovation, which is something that the left really doesn't understand.
00:07:29.000The institutions of stable property, very important predicate.
00:07:33.000But that's existed in a lot of places at a lot of times.
00:07:35.000The idea that if you own property, you retain ownership of that property and it's freely alienatable.
00:07:41.000That has existed in a lot of places at a lot of times.
00:07:43.000What has changed over the last couple of hundred years, which is why you see the exponential growth of global economic change.
00:07:48.000The reason for that is because there is a realization, particularly in European and American and European offshoot countries, That capital and innovation are everything.
00:07:58.000The left, however, has suddenly decided that capital is really bad, not suddenly, really since Marx, has said that capital is bad.
00:08:06.000And so really, the idea that there should be private capital in private hands that leads to innovation is bad.
00:08:11.000What you really need to do is suck money out of that private economy and then blast it out via leaf blower.
00:08:17.000And blast it out wide to the generalized economy on the demand side rather than on the supply side.
00:08:22.000And this is going to help the economy and no one will ever have to foot the bill for any of that.
00:08:24.000And that, of course, is just nonsense.
00:08:26.000Here's Jerome Powell saying that when you have inflation this high, you're going to have to raise interest rates.
00:08:30.000And that's going to mean below trend growth, because, again, liquidity starts to dry up, right?
00:08:35.000If you can't borrow money as easily from the banks in order to just spend it on random stuff, well, that means that there's going to be less economic growth in the near term.
00:08:58.000If you have savings, over the next couple of years, I'm not saying you buy right at this moment, over the next couple of years, is going to be a very good time to buy up assets because four or five years from now, there will be growth rates that more than make up for buying the assets during the next couple of years.
00:09:11.000I mean, this is my investment strategy.
00:09:12.000When markets go down, that is the time to buy.
00:09:14.000When markets go up, that is the time to sell.
00:09:16.000It's not all that difficult, but it's very difficult to resist the trends of public thinking.
00:09:19.000In any case, here's Jerome Powell announcing the obvious.
00:09:21.000There are costs to this sort of monetary and fiscal policy.
00:09:24.000Reducing inflation is likely to require a sustained period of below-trend growth.
00:09:30.000And there will very likely be some softening of labor market conditions.
00:09:34.000Restoring price stability is essential to set the stage for achieving maximum employment and stable prices over the longer run.
00:09:43.000We will keep at it until we're confident the job is done.
00:09:46.000So, I mean, I will say this for Jerome Powell.
00:09:50.000He blew way too much money into the economy and then he left the interest rates at zero for far too long.
00:09:54.000He was really late on the ball on this one.
00:09:56.000But at least he's now taking the actual realistic view that Paul Volcker would have taken, which is you need to raise the interest rates and crush the inflation in order to make room for future growth.
00:10:05.000Democrats, obviously, are going to panic about this because What it means is that we are going to have very slow growth, if any, for the next couple of years leading up to the 2024 election, which is very scary for a lot of Democrats, including the current president of the United States.
00:10:18.000Jerome Powell yesterday said, the pain is coming, man.
00:10:20.000There is no way to do this without pain, pretending that there could be a fully soft landing where no one gets hurt.
00:10:25.000Again, when you blow out the credit cards at some point, you're going to have to pay them off.
00:10:31.000If we want to set ourselves up, really light the way to another period of a very strong labor market, we have got to get inflation behind us.
00:10:40.000I wish there were a painless way to do that.
00:10:55.000Now, this is Larry Summers, the former Treasury Secretary under Bill Clinton, the guy who was predicting that there would be a massive inflation spike in the aftermath of 2020-2021.
00:11:02.000He says, well, you know what this means?
00:11:11.000We are almost certainly going to see a downturn in the economy from where we are right now.
00:11:20.000And clear-eyed realism about that is the most important thing for credibility and for the best possible outcome, given the inflation that has been allowed to build.
00:11:32.000Well, increasingly, as we've been saying for a while here, everybody who understands basic econ understands that what Summers is saying there is right.
00:11:39.000And this, of course, includes the heads of the largest banks in the United States.
00:11:42.000According to The Wall Street Journal, the heads of those banks expressed concerns about the state of the U.S.
00:11:45.000economy, warning about the risks of high inflation and rising interest rates.
00:11:49.000Facing questions from House lawmakers on Wednesday, Bank Chief Executives, including JPMorgan Chase, Diamond, Jamie Diamond, and Citigroup's Jane Frazier offered a favorable picture of an industry they say helped the economy recover from a pandemic-induced recession while showing uncertainty about the future.
00:12:03.000Bank CEOs also answered questions about federal regulations and brushed off GOP pushback to a credit and debit card code that identifies purchases made at firearms stores Diamond said competing forces are affecting the economy.
00:12:13.000They include strong consumer spending and plentiful job openings amid high inflation, disrupted supply chains, war in Ukraine, and declining consumer confidence.
00:12:19.000He said it's difficult to accurately predict whether the Federal Reserve will succeed in achieving a soft landing in which inflation moderates with only a mild decline in economic activity.
00:12:29.000He said, because of the war in Ukraine and the uncertainty that causes in global energy supply and food supply, there's a chance it could be worse.
00:12:34.000Asked later about the Fed's ability to avoid a hard landing time and said, I'm keeping my fingers crossed.
00:12:38.000Well, that's never a good sign when you are keeping your fingers crossed.
00:12:41.000And again, what we are watching by the end of the year, there will be a rate shift in the upward direction.
00:12:47.000By the end of the year, you're looking at interest rates from the Federal Reserve that are somewhere between 4.25 and 4.5 percent at a minimum.
00:12:54.000My guess is you're probably going to have to be in the 5% range to completely crush inflation at this point.
00:12:58.000Well, there are a lot of people on the left who are really hot and bothered about this.
00:13:02.000They're very upset because this is sort of a frequent feature of left-wing thinking about economics.
00:13:06.000They do a thing, the consequences of the thing materialize, and then they're very angry that reality exists.
00:13:12.000Remember this happened with Obamacare.
00:13:30.000How dare they point out that these costs are passed on to the consumer?
00:13:33.000Well, it's the same thing now with the Democrats looking at what Jerome Powell and the Federal Reserve are doing.
00:13:37.000So Elizabeth Warren, who is far too smart for this, but has decided to fully embrace the socialistic Bernie Sanders perspective on monetary policy.
00:13:46.000She's one of the chief proponents of modern monetary theory, which of course is the lie that you can continue to spend until the end of time with no consequences whatsoever.
00:13:53.000She tweeted out, the Federal Reserve's Chair, Pat Powell, just announced another extreme interest rate hike while forecasting higher unemployment. I love how extreme has just become code for things I don't like. For the Democrats.
00:14:05.000If you're a Republican, you're an extreme MAGA member.
00:14:08.000And Jerome Powell is now doing extreme rate hikes.
00:14:11.000Okay, just to put this in perspective, Paul Volcker, in order to crush inflation, has actually put the interest rates at about 20%.
00:14:17.000So being at like 4%, which is what it might be by the end of the year, that is still a historically fairly low interest rate.
00:14:26.000Elizabeth Warren says, I've been warning that Chair Powell's Fed would throw millions of Americans out of work, and I fear he's already on the path to doing so.
00:14:32.000So again, it's well, well, well, here are the consequences of my own actions, but they never actually accept those consequences.
00:14:39.000So you propose a theory whereby we blow money into the economy with a fire hose, and then when the predictable happens, inflation, and then when you have to tamp down that inflation, it's Powell's fault.
00:14:49.000Elizabeth Warren presumably would like to continue to blow money into the economy.
00:15:03.000Residual inflation in the energy markets, yes.
00:15:05.000Oil is coming down, but it's still way more expensive than it was one year ago.
00:15:09.000But Elizabeth Warren, again, the theory is more important to her than the fact.
00:15:13.000And so she's just going to ignore the pain that the people at the lowest end of the spectrum, right?
00:15:17.000The people who actually are affected by food inflation are incurring.
00:15:21.000Instead, she's going to say that all the future unemployment that is to come is not the result of short-sighted bad policy that she has promoted.
00:15:27.000Instead, it's the fault of the big fat cats at the top.
00:15:31.000Well, when you promote a policy and then it actually happens, it's your fault when the consequences arise.
00:15:39.000Another person who is just refusing to acknowledge reality is of course the anti-Semite Rashida Tlaib.
00:15:45.000Yesterday, she made the comment that progressives literally cannot be pro-Israel, which may be descriptively true, but it should not be normatively true.
00:15:52.000Anyway, Rashida Tlaib, she had a bit of a tete-a-tete with several of these bank CEOs, in which she simply declared that all of these banks should stop investing in fossil fuels, like all fossil fuel development, which is unbelievably stupid.
00:16:08.000She gets her ass handed to her by Jamie Dimon.
00:16:11.000Please answer with a simple yes or no.
00:16:14.000Does your bank have a policy against funding new oil and gas products?
00:16:27.000Again, what Jamie Dimon is saying right there is what corporations should actually take into account and financial institutions, right?
00:16:33.000They've all been engrossing themselves in this idiotic ESG proposal, particularly in the energy markets.
00:16:38.000I mean, to shift over from fossil fuels to green energy, even if it doesn't make any sense economically speaking, even if it is Fiscally inefficient, we should do that anyway.
00:16:47.000Jamie Dimon is saying what actually pretty much everybody should be saying if you have a brain, which is right now in a sinking economy with Vladimir Putin cutting off the oil and natural gas to Europe.
00:16:57.000Now would be an excellent time to ramp up fossil fuel production.
00:17:00.000If you want to see developing countries actually develop, they're going to need access to fossil fuels.
00:17:10.000If you want to power your Tesla, you still have to plug that into the electric grid.
00:17:12.000What do you think that electric grid runs on?
00:17:14.000It's not running just on wind and solar.
00:17:17.000So when Jamie Dimon says to Rashida Tlaib, the road to hell for the American economy would be to completely disconnect from the realities of how energy is produced, he is, of course, right.
00:18:08.000If you have too many deer on an island, they eat all the resources, then many of the deer have to die in order to allow the resources to regrow.
00:18:13.000That was the trend in human economics for literally a couple thousand years.
00:18:17.000And we bucked those trends beginning in about 1800.
00:18:19.000And so now we think we can buck every trend.
00:18:22.000Every rule of reality no longer exists.
00:18:36.000It has been true for literally ever that if you just print money, it doesn't work.
00:18:40.000Printing money doesn't actually change the underlying value of the goods and services that are being traded.
00:18:46.000All it does is increase their price because you're just printing money.
00:18:49.000I mean, it's just more pieces of paper that you're exchanging for one another.
00:18:51.000And the same thing is true in the energy markets.
00:18:53.000Rashida Tlaib screaming at oil wells is not going to change the economics of oil.
00:18:58.000The United States deciding to blast trillions of dollars into green boondoggles that simply are not energy efficient is not going to change the math here.
00:19:08.000The incentive for innovation in the energy space is still the greatest incentive in human history.
00:19:13.000I mean, right now, imagine that somebody could actually create a source of green energy that was cheaper and more efficient than fuel, oil, natural gas, coal.
00:20:36.000There will be another predictable reality meeting you, which is that JP Morgan will continue to make money and you will not because you will have taken your money out of JP Morgan.
00:21:00.000First, if you own a business, it's been a bumpy ride for the past several years.
00:21:02.000Talking COVID lockdowns, talking Biden inflation, talking about the coming recession.
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00:21:46.000The team at GetRefunds.com has already returned over a billion dollars to businesses.
00:22:27.000Just click the link in the description.
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00:23:06.000So here's Rashida Tlaib after being just destroyed by Jamie Dimon publicly, saying people should close their JP Morgan accounts because you don't agree with me that reality can just change randomly.
00:23:18.000Everybody that got relief from student loans has a bank account with your bank should probably take out their account and close their account.
00:23:26.000The fact that you're not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you're out there criticizing it.
00:23:50.000And it's all predicated on just falsehoods and lies.
00:23:53.000Another person who is greatly enmeshed in this is, of course, the irrepressibly stupid Alexandra Ocasio-Cortez.
00:24:00.000She has been portrayed as a leader of her party.
00:24:02.000She's on the cover of GQ, which means, of course, that she is a great and just leader, despite the fact that she knows fewer things than this pen.
00:24:10.000This inanimate object knows more things than AOC does, by far.
00:24:34.000There are quite a few countries that are really struggling because young people, under the burdens of capitalism and living under a society that's increasingly concentrating wealth among the rich, we're not having kids.
00:24:49.000Or we're not having kids at the same rate.
00:24:52.000We actually need immigrant populations to help balance things out.
00:24:56.000We can't continue to fund Social Security, Medicare, all of this stuff without immigrants.
00:26:08.000This is why in poor countries, you have seven kids, because three of them will die in childhood.
00:26:12.000And the other four are going to be people who work their farm.
00:26:14.000It's why historically speaking, people had lots of kids.
00:26:17.000Many of those kids did not actually survive.
00:26:19.000And so that's why you see in very poor countries now, people having a lot more kids and having kids a lot earlier.
00:26:25.000And then there's the reason that you just enjoy kids.
00:26:27.000And the truth is that in the West, a lot of people have decided they don't like kids.
00:26:32.000People like David Hogg, the former Parkland kid, who is now at Harvard for no reason other than he was unfortunately present when there was a mass school shooting.
00:26:42.000David Hogg tweeted out what I think, honestly, I made fun of him for it, but I think it's actually sort of indicative of where many young people are.
00:26:47.000He said, you'd rather have a portion of Portuguese water dog than a kid.
00:26:51.000Which, Sounds like a lot of blue city liberals right now.
00:26:55.000I mean, ask AOC why she's not having kids.
00:27:00.000So obviously the fact that she makes a fair bit of money, and her husband apparently also makes a fair bit of money, hasn't prevented her from avoiding having children.
00:27:09.000If we're going to talk, by the way, about economic systems that allow for the population to grow, capitalism is the only system that has allowed for serious population growth over time.
00:27:19.000If you look at world population growth, This is from our world in data.
00:27:23.000Basically, in 1700, there were 600 million people on planet Earth.
00:27:26.000In 1800, there were 1 billion people on planet Earth, which is very slow incremental growth over the course of time.
00:28:07.000Could that be the advent of the welfare state in the West?
00:28:10.000And the receding of free markets, that could have something to do with it.
00:28:16.000It could also have to do with religious decline.
00:28:18.000It could have to do with increased prosperity.
00:28:19.000There are a bunch of reasons, but blaming capitalism for lowering global birth is really, really silly, considering the only thing that has disconnected human beings from a Malthusian trap, as Gregory Clark, economist from UC San Diego, has said, the only thing that disconnects people from that Malthusian trap is prosperity.
00:28:41.000But again, blame capitalism for everything because you've produced nothing is sort of the AOC motto here.
00:28:46.000Meanwhile, the Biden administration continues to double down on idiotic economic policy.
00:28:49.000Joe Biden, yesterday, he was speaking at the United Nations, the most eyesleeve international politics, a wretched hive of scum and villainy.
00:28:57.000We should blow that thing up and salt the earth with it.
00:29:01.000We should salt the earth where it once stood.
00:29:02.000It is the worst institution in international life, the United Nations.
00:29:06.000Any institution that has, as part of the Human Rights Council, places like China and Sudan, demonstrates its own unfeasibility and foolishness.
00:29:39.000Here is Joe Biden speaking there and explaining that what we really have to do here in the West and globally, we have to double down on zero emissions vehicles.
00:29:46.000Again, I like zero emissions vehicles.
00:29:59.000We rejoined the Paris Agreement, convened the major climate summits, helped deliver critical agreements on the COP26.
00:30:07.000We helped get two-thirds of the world GDP on track to limit warming to 1.5 degrees Celsius.
00:30:14.000And now, I've signed a historic piece of legislation here in the United States that includes the biggest, most important climate commitment we have ever made in the history of our country.
00:30:31.000That includes tens of billions in new investments in offshore wind and solar, doubling down on zero emission vehicles, increasing energy efficiency, supporting clean manufacturing, Man, that is a lot of mashed potatoes coming out of that face right there.
00:30:50.000Listening to him basically speak one long word.
00:30:53.000There are no gaps between the words anymore because he's not capable of that.
00:30:58.000And so when he speaks about economic policy and his first thing is, I just spent $400 billion on offshore wind and solar and the like.
00:31:09.000Again, when you decide that you're going to Follow this economic policy, you can't then be surprised when the results are rising energy prices and energy shortages and all the rest, which is precisely what has happened in places like California and Germany, as we'll discuss in a second.
00:31:22.000Here is Joe Biden from that bathroom at the Macy's.
00:31:25.000Our investments will also help reduce the cost of developing clean energy technologies worldwide, not just in the United States.
00:32:29.000Almost simultaneously, power grid operators were rejecting thousands of megawatts of solar and wind energy that could have provided a cushion to get through the crisis.
00:32:36.000The explanation illustrates one of the paradoxes confronting California as it rushes to transition to a clean energy economy.
00:32:41.000The state has built up so much renewable energy production in recent years, it can rarely use it all during peak production hours.
00:32:46.000But it also doesn't have enough storage capacity to hang on to it when it might be needed.
00:32:50.000It turns out that you don't have the batteries to hold on to all the power from the sun and the wind.
00:32:54.000And so when you actually need it, when the sun ain't shining like at night, this is why you have to turn your air conditioner off at night in California, because the sun ain't out.
00:33:01.000The result is that officials are frequently forced to jettison solar power production while the sun is shining, just hours before customer demand peaks in the late afternoon and evening.
00:33:09.000The same thing happens to a lesser extent with wind energy, the issue is surfacing in multiple other states as well.
00:33:14.000Meanwhile, over in Europe, the fact is that a huge percentage of their power is still fossil fuel based.
00:33:22.000Apparently, over in Germany, some 30% of all of their energy is being driven by coal.
00:33:28.000Dirty, horrible, no good, very bad coal.
00:33:31.000Meanwhile, you have Joe Biden out there saying that we're going to invest hundreds of billions, maybe trillions of dollars in this stuff in the middle of an inflationary cycle where we have energy supply shortages.
00:33:42.000That's not the only bad economic policy Joe Biden is pursuing.
00:33:44.000He's also pushing a global minimum tax on corporations.
00:33:46.000The idea here is that we really, really want to tax people a lot here in the United States.
00:33:52.000What if all the other countries taxed at the same rate?
00:33:54.000So that way we still have a competitive advantage over the other countries because we have fewer regulations than many European countries in terms of starting a business.
00:34:00.000But we can tax you at 15% because they're taxing you at 15%.
00:34:03.000There's only one problem with this theory.
00:34:05.000Someone is not going to do it and someone is going to reap the benefits.
00:34:08.000If you are Singapore, or if you're Ireland, or if you're just an up-and-coming country like Hungary or Israel, and you decide that you wish to lower your corporate income tax rate to 10% and provide incentives for people to invest, you will drink America's milkshake.
00:34:21.000This is why Joe Biden requires the cartel.
00:34:57.000It's the corporations that are... Okay, I'm just going to point out, if you have global minimum tax of 15%, what do you think happens to prices?
00:35:07.000If you increase the costs that a business must pay, do you think the prices to consumers are going to go up or down in the middle of an inflationary spiral?
00:35:16.000None of this is particularly surprising coming from a man who is deeply confused.
00:35:20.000Yesterday, Joe Biden did another event at the Global Fund, and he literally started walking off stage.
00:35:27.000He looks like John Travolta in Pulp Fiction, just wandering around a room not knowing what's going on.
00:35:32.000This is, I'm sorry, it's embarrassing.
00:35:34.000There are lots of reasons for people to have been embarrassed over their presidents over the course of the last couple of decades, but it is quite embarrassing that the President of the United States, who is pushing for world-changing utopianism, is in fact a senility-ridden elderly gentleman.
00:37:28.000Just to step back for a second, what we saw during that interview, 60 Minute interview, when he made those comments, he was walking through the Detroit car show, the halls of the Detroit car show, and he was looking around.
00:37:41.000We have to remember the last time that they had held that event was three years ago.
00:37:45.000Even as we're talking about UNGA, the president's going to speak shortly, as I just mentioned.
00:37:50.000That hasn't been held in person for about three years as well.
00:38:51.000For every person you refer, whether they buy a Jeremy's Razor kit or a Daily Wire annual membership, you get points in the race to win the God King's McLaren.
00:39:57.000Okay, so as Joe Biden wobbles around, one of the people who has been most rumored on the Democratic side of the aisle to be throwing his hat in the ring is Gavin Newsom.
00:40:04.000There's only one problem for Gavin Newsom, right?
00:40:59.000Are more people leaving California for Texas or leaving Texas for California?
00:41:03.000Well, we lost about 182,000 folks in the last... How do you explain that against the backdrop of those very remarkable statistics you just cited?
00:41:12.000Many factors, and there's been too deep analysis that drives the number one factor.
00:41:18.000The vast majority, almost the entire amount, impacted because of visa policies in the Trump administration.
00:41:24.000I mean, our formula for success is getting first round draft choices around the rest of the world.
00:41:28.000I mean, we're as dumb as we want to be.
00:41:29.000This whole damn border debate is made up.
00:41:33.000The border debate is made up, he says, as two million people cross the southern border.
00:42:01.000It's been decades of bad governance from California.
00:42:05.000The latest example, of course, is the energy policy in California.
00:42:07.000The editorial board over the Wall Street Journal points out, as if California doesn't have enough wildfire hazards, its drive to banish fossil fuels from the electric grid is creating another.
00:42:15.000On Tuesday, a Tesla battery at a utility storage site in Monterey County caught fire, triggering the shutdown of the state's scenic coastal highway and shelter-in-place warnings for local residents.
00:42:24.000California utilities have been installing large scale batteries to back up renewables and provide power when the sun goes down, as we've been talking about here.
00:42:29.000But now we're learning that batteries have their own reliability problems.
00:42:33.000It's not clear how utility PG&E's enormous 182.5 megawatt Tesla battery caught fire on Tuesday, but the site had to be disconnected from the grid.
00:42:40.000The PG&E facility is located adjacent to another 400 megawatt battery storage site, which has experienced two overheating incidents in the past year that forced part of the system to shut down.
00:42:49.000Lithium-ion battery fires are notoriously hard to extinguish because they burn at extremely high temperatures and produce dangerous fumes.
00:42:55.000Hence Tuesday's warning by Monterey County officials asking residents to please shut your windows and turn off your ventilation systems.
00:43:01.000They are turning California into the land of biblical plagues as opposed to perhaps the most beautiful place on planet Earth.
00:43:08.000The larger point is there is no free lunch in producing energy, says the Wall Street Journal.
00:43:11.000All sources have costs and carry risks.
00:43:13.000The difference is that while climate lobbyists and the media fret about oil spills, gas leaks, and nuclear meltdowns, they ignore the very real costs and risks of renewables.
00:43:28.000So, again, well done to Gavin Newsom and the Democratic Party.
00:43:32.000There's only one group of people who are responsible for the current economic predicament we're about to find ourselves in for the next several years.
00:43:38.000It is the people in power, and the election is a-coming.
00:43:41.000Alrighty, guys, the rest of the show is continuing right now.