Regional banks have been hit hard by the collapse of First Republic Bank and another one teetering on the brink of failure. Will this be the third bank collapse in less than a year? And what will happen if all of the regional banks fail? What will happen to their deposits? Will they be wiped out? Will the FDIC step in and take care of the money? And will the stock market crash like it did during the 2008 financial crisis? Today's episode is all about how to prepare for the possibility of a bank failure and what to do in the event of a run on the banks. We'll talk about what to look out for and why you should be worried about a possible bank collapse and why it could be worse than the financial crisis we're in right now. We'll also talk about the impact on the economy and the impact it could have on the banking system and the economy as a whole and how it will affect the economy in the long-term and what could be done to prevent a bank collapse from happening in the near and long term. If a bank goes under, we could see a repeat of the 2007-2008 financial crisis that we saw in 2008 and what happened in 2008, and what we could expect in the future of the financial system and what it could look like in the next few years. We will talk about why this could be a potential bank collapse, and why we should be concerned about it and what the government should do to prevent it from happening again. And we should do in order to prevent another bank failure in the U.S. bank failures. In this episode, we will cover: 1) 2) What to do if a bank fails 3) Why a bank runs 4) What s going to happen next 5) How to prepare 6) Why you should prepare for a bank run 7) What is the worst case scenario 8) What are you should do if the banks fail 9) Is there a bank fail? 10) What will you can do to avoid a bank crisis 11) Is the government short at this point? 12) Is a bank going to be short of money 13) What do you need to do? 14) What should you do now? 15) What can you do about it? 16) What would you do in a bank that's going to survive a bank breakup 17) Is it possible?
00:00:04.000If you have your money in a bank, the money isn't just going to go away.
00:00:07.000The FDIC has basically now stated that they will fill in any depositors who whose bank goes under.
00:00:14.000But that's not really the issue right now.
00:00:15.000The real issue when it comes to a lot of the regional banks is that people are taking their money out of the regional banks because the rate of return that you get on your savings in a regional bank is not nearly as much as the rate of return that you are going to get from a so-called money market account.
00:00:28.000When you put your money in a money market account, you're going to be getting like a 5% rate of return.
00:00:32.000When you put it in the bank, you're getting like a 0.1% rate of return after inflation.
00:00:36.000Which means, why would you leave your money in a regional bank?
00:00:39.000And the reason that those regional banks have to guarantee those low rates of return as opposed to higher rates of return is because they don't actually have the asset base in order to pay you at a higher rate.
00:00:50.000Because if people keep drawing their money out of those regional banks, the regional banks are going to go under.
00:00:53.000If the regional banks go under, liquidity is going to start to dry up.
00:00:55.000If the liquidity starts to dry up, there's no more investment in businesses.
00:00:58.000If the investment in businesses stops, you have the 2007-2008 recession all over again.
00:01:03.000According to USA Today, story by Swapna Venugopal Ramaswamy.
00:01:09.000With the failure of three regional banks since March, and another one teetering on the brink, will America soon see a cascade of bank failures?
00:01:14.000Bloomberg reported Wednesday that San Francisco-based PacWest Bancorp is mulling a sale.
00:01:18.000Last week, First Republic Bank became the third bank to collapse, that's the second largest bank failure in American history, after Washington Mutual, which you'll remember collapsed in 2008.
00:01:26.000After the demise of Silicon Valley Bank and Signature Bank in March, a study on the fragility of the U.S.
00:01:30.000banking system found that 186 more banks are at risk of failure even if only half of their
00:01:36.000uninsured depositors, again those are the people who stand to lose a part of their deposits
00:01:40.000if the bank fails, right, people who have more than $250,000 in their account at these
00:01:44.000banks because the FDIC is only supposed to insure up to $250,000 of deposits, they're
00:01:49.000lying. I mean they will now insure pretty much all deposits.
00:01:52.000But if half of those people decide to withdraw their funds, these banks go under. Most
00:01:56.000bonds are currently paying a fixed interest rate that becomes attractive when the
00:02:01.000But the problem is that all of these regional banks basically trusted the federal government.
00:02:05.000Moral of the story, folks, do not trust the federal government because the federal government is there to aggrandize itself at the expense of everybody else.
00:02:11.000So a bunch of banks took all of their assets, they put them in bonds, figuring that the federal government was not going to increase interest rates tremendously over the course of the next couple of years.
00:02:21.000We lived in the new modern monetary theory universe.
00:02:24.000In which you could just spend endless amounts of money and inflation would never hit.
00:02:27.000Inflation hit, and now all of those banks have an asset base that is just garbage because the federal government has devalued the bonds in which all of those banks put their money and investments.
00:02:38.000As the USA Today points out, many banks increased their holdings of bonds during the pandemic when deposits were plentiful, but loan demand and yields were weak.
00:02:45.000For a lot of banks, those unrealized losses will stay on paper, but others will face actual losses if they actually have to sell those securities for liquidity or other reasons.
00:02:53.000So, we could be watching a run on those banks pretty soon.
00:02:56.000And you can see that as the stock market opens.
00:03:00.000Regional bank stocks tumbled on Thursdays despite assurances from the Federal Reserve that the banking system was on solid footing.
00:03:05.000PacWest Bank Corp dropped by about 50%.
00:03:08.000PacWest said in a statement after midnight Eastern time on Thursday that its core customer deposits were up since the end of the first quarter and that it hadn't experienced any unusual deposit flows since the collapse of First Republic.
00:03:17.000But that doesn't mean there won't be a run on the bank.
00:03:19.000Western Alliance is another bank whose stock has been hit hard.
00:03:24.000Christopher Marinak, an analyst at Jannie Montgomery Scott, described the nosedive in bank stocks as a temper tantrum, according to the Wall Street Journal.
00:03:30.000It's not really a temper tantrum when all of the regional banks are sinking all at once.
00:03:36.000In fact, there's so many short sales on these regional banks at this point that the federal government is thinking of coming in and stopping short selling.
00:03:43.000That is the rumor on the street today is that the federal government is afraid that short selling is going to lead to a cycle wherein people start selling off the stocks in anticipation that these regional banks are going to fail.
00:03:53.000And if that happens, then the possibility of raising new liquidity through issuance of new stock goes away as well.
00:03:59.000This isn't the only risk to the economy right now.
00:04:00.000Again, these are all the wages of bad governmental and fiscal policy.
00:04:04.000When you inflate the currency with endless spending and shut down businesses for two years, when you decide that it is imperative to jack up the amount of money in circulation in order to quote-unquote help the people at the bottom, even though those people are the hardest hit by inflation, the costs come due.
00:04:52.000This time, the epicenter is different, but the result may be the same.
00:04:56.000Lost jobs and widespread financial pain.
00:04:58.000And then this professor at Stanford Business School explains the rapidly increasing interest rates that are undercutting the asset value of all of these regional banks.
00:05:07.000And then he says there's another area of looming concern that could also spark a panic, the commercial real estate sector.
00:05:12.000Commercial real estate loans worth $2.7 trillion in the United States make up about a quarter of an average bank's assets.
00:05:17.000Many of those loans are coming due in the next few years.
00:05:20.000Refinancing at higher rates increases the risk of default.
00:05:23.000If a lot of people have taken out loans and then they have to refi those things and the rates are higher now because the interest rates are higher, then presumably a lot of people are going to go under.
00:05:31.000They're not going to be able to actually afford their mortgage in the commercial real estate sector.
00:05:35.000Rising interest rates depress the value of commercial properties, especially those with long-term leases and limited rent escalation clauses, which also increases the likelihood of owner default.
00:05:44.000In the Great Recession, for example, default rates rose to about 9% up from about 1% as those interest rates went up.
00:05:51.000This time, the damage to the sector threatens to be far, far greater.
00:05:54.000The COVID-19 pandemic led to a huge jump in remote working, with over 40% of the U.S.
00:05:58.000labor force working remotely by May 2020.
00:06:01.000The return to in-person office work has been slow, so the commercial real estate sector is over-leveraged.
00:06:05.000Signs of distress are already visible, particularly in offices.
00:06:08.000By the end of March, the equity value of real estate holding companies, or REITs, focused on the office sector had declined by nearly 55% since the beginning of the pandemic.
00:06:17.000And then there's a longer-term risk too, says this professor.
00:06:19.000After the collapse of Silicon Valley Bank and Signature Bank, the government took substantial actions guaranteeing all deposits, regardless of size, to restore trust in the banking system.
00:06:26.000But this creates a massive moral hazard.
00:06:28.000What incentive do bank executives have to take smaller risks with depositor money if they believe the government is going to simply protect those depositors over time anyway?
00:06:37.000So, the systemic risks to the banking system continue to exist, and those are exacerbated by the fact that the government continues to spend endless amounts of money.
00:07:00.000The fact is, That that fine print says your activity might still be visible to your employer, your school, or your ISP.
00:07:05.000If you really want to stop people from seeing the sites you visit, you need to do what I do and use ExpressVPN.
00:07:10.000Think about all the times you've used Wi-Fi at a coffee shop or a hotel without ExpressVPN.
00:07:14.000Every site you visit could be logged by the admin of a network.
00:07:16.000That is still true even when you're in incognito mode.
00:07:19.000Plus, your home internet provider can also see and record your browsing data.
00:07:21.000In the United States, they are legally allowed to sell that data to advertisers.
00:07:24.000ExpressVPN is an app that encrypts all your network data and reroutes it through a network of secure servers so your private online activity stays just that, private.
00:08:19.000They continue to maintain the radical Keynesian notion that the way that you maintain a thriving and healthy economy is to blow extraordinary amounts of borrowed money into the economy.
00:08:29.000But you don't need to do that right now.
00:08:31.000And there's a new unemployment rate out right now.
00:08:33.000And what it is showing is that the unemployment rate remains really low, that the jobs market continues to be incredibly robust, which means inflation is not going to come down anytime soon.
00:08:42.000That is particularly true, again, given the fact that Joe Biden maintains that he wants to continue spending endless amounts of money.
00:08:48.000The fact that he will not even discuss going back to 2022 levels of spending is an amazing predictor of exactly where we are going to go fiscally here.
00:08:58.000The Wall Street Journal points out, Greg Ip, that a debt deal would actually help solve the country's inflation problem, but the chances of a debt deal are really, really low at this point.
00:09:06.000Joe Biden simply wants to continue spending up to wazoo.
00:09:09.000He doesn't want to cut discretionary spending.
00:09:12.000He doesn't want to restructure entitlements.
00:09:13.000In fact, it's become a taboo in American politics to talk about restructuring the entitlement programs that are actually driving the national debt in a major way.
00:09:21.000Meanwhile, Democrats keep saying that they really don't want to negotiate.
00:09:24.000Senator Jon Tester, Democrat of Montana, he says default on the debt may actually happen.
00:09:29.000So we can stack that on top of the list of fiscal problems facing the United States.
00:09:35.000And I think that adds another sidebar to this that makes it more difficult, far more difficult, and changes the landscape.
00:09:46.000I will tell you that before I was worried, because we have done this before, as you write, Joe, but I'm going to tell you I'm very concerned that there's enough people out there that want to see this default happen on our debt, that in fact may happen.
00:10:01.000Okay, well, if you don't want it to happen, you know what would be a great thing is to put pressure on Joe Biden to come to the table and actually negotiate over the future of the economy in the United States.
00:10:08.000But he's not going to do any of that sort of stuff, Jon Tester.
00:10:11.000Democrats have no interest in doing that sort of thing.
00:10:13.000The game in politics is to avoid responsibility at all costs.
00:10:16.000When it comes to the economy, the reality is that a thriving economy with a serious future requires the government not to make endless promises and spend endless amounts of borrowed money and then inflate the currency in order to fill in that gap.
00:10:27.000But that's precisely what has happened here.
00:10:30.000And it's going to continue to happen up until we hit that cliff.
00:10:34.000The reason that I can't predict a date is because it's going to look more like a cliff than it is like a gradual decline in the economy.
00:10:39.000It's not going to be a gradual stagnation of the economy.
00:10:42.000There will come a point where depositors are just not holding up these regional banks anymore and they collapse.
00:10:48.000And the liquidity drives up like that and all of a sudden things get real bad.
00:10:51.000So my advice, by the way, what I've been doing, diversify.
00:10:54.000Diversifying would be the smart move in this particular economy because no one's going to take responsibility enough to actually solve the problems, which is sort of the theme of today's politics is not avoiding responsibility at all costs.
00:11:05.000Speaking of avoiding responsibility at all costs, the city of New York continues to want to have it both ways.
00:11:10.000They don't actually want to police crime, but at the same time, they want to pretend that if they don't police crime, that there won't be people who try to defend themselves.
00:11:18.000In fact, the attempt by many mainstream hard-left Democrats to normalize living in garbage conditions is truly amazing.
00:11:28.000There's now an attempt to suggest that you are only a believer in equity if you are willing to allow yourself to be victimized on the subway.
00:11:35.000This has become an actual talking point.
00:11:37.000Representative Jamal Bowman, Democrat of New York, he had some statements about Jordan Neely.
00:11:42.000We spoke about Jordan Neely yesterday.
00:11:43.000Jordan Neely is this 30-year-old, mentally ill, repeat criminal, 44 arrests, most recently arrest warrant outstanding.
00:11:50.000before beating up a 67-year-old woman.
00:11:52.000And he was on the subway and he was threatening people and shouting in their faces and apparently preparing to get violent when he was taken down and put in a submission hold by a 24-year-old Marine.
00:12:27.000I rode the trains my entire life as a child.
00:12:30.000You often see people who are unhoused have episodes.
00:12:36.000And I couldn't help but think of the like 10 other things that could have been done before this person decided to wrap his arms around Mr. Neely's neck and choke him to death.
00:13:05.000Okay, first of all, there are plenty of resources for people who are mentally ill in the city of New York, at least in terms of having a homeless shelter or a place to go.
00:13:13.000The biggest problem is that people who are schizophrenic, people who need mental help, those people are not taken off the streets, thanks to people like Jamal Bowman.
00:13:23.000And instead, the left has settled on a theory when it comes to this, which is that you, the normal tax-paying citizen of the United States, must undergo the gauntlet of being abused in public areas by people who are mentally ill drug addicts or criminals.
00:13:35.000This is something that absolutely must happen.
00:13:54.000But pretty soon, when your business expands, your employees, they can be trouble for you.
00:13:59.000They're great, but they create HR issues.
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00:15:23.000All across the country, supposedly good, upstanding citizens are often fatally enforcing ever-changing arbitrary and personal norms for how we conduct ourselves.
00:15:31.000And then she writes about a series of events in which people engage in no crime, as in the case of Ralph Yarrow in Kansas City, or somewhat minor crime, as in the case of a person who shoplifted and then ended up getting shot.
00:15:58.000If you're a mentally ill person who's living on the streets, Not because there are no homeless shelters, but because the city will allow you to live on the streets and you do so.
00:16:07.000You're now experiencing homelessness or you're unhoused.
00:16:10.000It's somehow the fault of the society for not giving you a house or something.
00:16:13.000He was yelling and, according to some subway riders, acting aggressively on an F train in New York City.
00:16:17.000Well, not according to some riders, according to all the riders.
00:16:31.000I mean, avoid all the reports of Jordan Neely apparently attempting to push people onto the subway tracks over the course of the past few weeks.
00:16:37.000The consequence for causing discomfort isn't death.
00:16:51.000When someone holds us in a chokehold for several minutes, something far worse has occurred.
00:16:54.000Well, I mean, first of all, we're going to have a medical examiner, I am sure, who's going to have to determine whether an underlying condition led to Neely's death.
00:17:01.000Meaning that a normal person who's placed in a submission hold gets knocked out.
00:17:06.000The same sort of stuff, again, happened in the George Floyd case, where the situation was obviously exacerbated by the fact that Floyd was high as a kite and had pre-existing health conditions.
00:17:34.000from 2022. This is what riding the subway in New York is actually like.
00:17:38.000You can see people moving down the subway away from a person who is.
00:17:54.000And then, this looks like a black young woman who literally grabs the hair of another person of color, who's sitting there saying, help me.
00:18:10.000This young woman is now grabbing her by the hair and then throwing her.
00:18:16.000And now walking down the car, shouting at herself.
00:18:20.000Now climbing the window of the subway.
00:18:22.000Trying to kick out the window of the subway.
00:18:25.000According to Roxane Gay, that person... What's the problem?
00:18:29.000This is just what it looks like to live in a civilized... Now, you may think to yourself, this looks like what it's like to live in an uncivilized society, where anarchy tends to reign.
00:18:41.000Recidivism to the bad old days of the 1960s, 70s, and 80s in New York City that led to the election of Rudy Giuliani and then a crime decline in the city of New York.
00:19:27.000The idea that I would want him to be hurt in any way, I just didn't want to be near him in that moment because I understood something was going on here.
00:19:36.000But, like, my fear is not the primary object of, like, what we should be focusing on right now.
00:19:43.000It's the fact that this person is in pain.
00:19:46.000And so, like, the politics of dehumanization privileges The bourgeois kind of concern of people's immediate discomfort in this narrow, narrow instance, as opposed to larger humanity and life.
00:20:14.000You are expected by the hard left to now undergo being abused on the public transit system in order to create a more diverse and wonderful society.
00:20:25.000I mean, good luck with this pitch, guys.
00:20:26.000Seriously, good luck to you in all your future endeavors.
00:20:29.000Because let me tell you something that nobody likes.
00:20:38.000So if this is the new idea, is that to be tolerant, diverse, and humane, you have to allow yourself to be abused by schizophrenic homeless people and drug addicts, then I wish you all the best.
00:21:45.000See if your business is eligible for that payroll tax refund only available for a limited amount of time.
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00:21:54.000All right, so, by the way, it is amazing to note what gets covered by the media, what does not get covered by the media in the case of this particular subway death.
00:22:03.000The New York Post has a piece by Nicole Gelinas pointing out that 27 people were violently killed on the subway system in New York City since March of 2020.
00:22:14.000Well, because this one fit the narrative.
00:22:16.000The narrative was white man, black, quasi-victim.
00:22:21.000Before Neely's death, 27 people lost their lives to murder in the subway.
00:22:25.000Many of them, like Neely, were homeless young people.
00:22:28.000Before 2019, it took 15 years for New York to rack up 28 murders on the subway, not three.
00:22:35.000As Nicole Gelinas points out, where were AOC and all of her fellow leftists when homeless soccer player Hakeem Maloney, 32, was murdered by a stranger as he slept on the subway in November 2021?
00:22:44.000Where were they when Claudine Roberts, 44, also sleeping on the subway, was fatally knifed by a stranger earlier that year?
00:22:53.000If it fits the narrative, then it becomes a national news story.
00:22:56.000But the underlying theme to all of this is that you, as a civilized human being, are expected to simply avert your eyes when it comes to crime, when it comes to homelessness, when it comes to odd, terrible behavior, all in the name of, as I say often, atomistic individualism.
00:23:12.000Somebody else is living their happiness.
00:23:14.000And if they impose on your space, well, it's your job to simply stand back and allow that to happen.
00:23:19.000Which presumably is why you have, I mean, this presumably is why you have San Francisco now having to deploy the National Guard, according to the New York Post.
00:23:32.000Things have gotten so bad in San Francisco that they've now brought in the National Guard and California Highway Patrol this week to combat trafficking and drug-addled zombies in the city.
00:23:40.000Four days later, sources told The Post deals are still going down in the streets anyway.
00:23:44.000The struggling city has finally announced it would take a tougher stance on crime after an exodus of retailers plagued by theft, dwindling tourism, and 200 overdose deaths in three months.
00:23:52.000Mayor Lyndon Breed said using CHP officers and the National Guard as support to curb drug trafficking is the aggressive step the city needed to take.
00:23:58.000But remember, one of the reasons that this is happening overall is because of the tolerance for drug-addled behavior on our streets and the tolerance for drug use overall in our society, which has risen in tremendous fashion.
00:24:11.000A lot of this is linked to the rise in marijuana use.
00:24:14.000This has become a taboo subject, because back in the 1990s, you were a fuddy-duddy if you said that marijuana use was bad.
00:24:19.000And that actually, marijuana could be addictive to people.
00:24:22.000And if you suggested that marijuana use was both a gateway drug and also addled people.
00:24:27.000If you said any of that back when I was growing up, in the late 90s, early 2000s, you said any of that stuff, you were uncool.
00:24:32.000That was the thing you weren't allowed to say.
00:24:34.000Marijuana was exactly the same as alcohol, except milder, and with some mild health benefits.
00:24:38.000There's only one problem with that, which is to absolute tripe, it is nonsense, it is not true.
00:24:42.000Pretty much all the warnings of those conservative fuddy-duddies have now come true.
00:24:45.000According to the UK Daily Mail, Marijuana may be driving a surge in schizophrenia cases among young men, a major government-funded study suggests.
00:24:53.000Researchers backed by the National Institute on Drug Abuse estimated 30% of all schizophrenia cases in men aged 21 to 30 are linked to cannabis addiction.
00:25:02.000Overall, across all age groups, the analysis of 6 million people found 15% of diagnoses in men and 4% in women could be attributed to the drug.
00:25:11.000Dr. Nora Volkow, NITA director and co-author of the study, said the results called for urgent action and demanded people think twice before smoking marijuana.
00:25:18.000But we were told that, again, marijuana is the cool kid's cigarette.
00:25:23.000You can't have those smoked in public places, but you can walk through Denver and the entire city is now covered in a smog-like blanket of marijuana smoke.
00:25:36.000The idea that schizophrenia and marijuana were not linked, or that it was non-existent, it was just not true.
00:25:42.000Another study shows that teens who smoke cannabis are six times more likely to get schizophrenia.
00:25:48.000But again, this was supposed to be an activity linked to personal fulfillment.
00:25:52.000So you have a drug-addled generation of people.
00:25:55.000They are high on everything from marijuana to Adderall, who are told by their elders that this is the highest expression of individual autonomy, and that all of society must make way for their personal behavior.
00:26:06.000And then we are surprised when our cities are falling apart?
00:26:11.000And there's a philosophical underpinning to everything that is happening with our younger generation, ranging from the skyrocketing rates of mental illness, to homelessness, to drug use.
00:26:20.000There's something going on in our society, and that is the complete fragmentation of the social fabric, the exploding of our social fabric, the exploding of the idea of norms, of decency itself.
00:26:32.000This, I presume, is why the Surgeon General has now put out a report.
00:26:36.000The Surgeon General of the United States has now put out a report on what he calls the epidemic of loneliness and isolation.
00:26:43.000Now, first of all, the Surgeon General is doing, like, an amazing job.
00:26:46.000First, you isolate everybody in their home for two years, and then you put out a report on the surging epidemic of loneliness.
00:27:02.000It has public health ramifications, but it's a spiritual issue.
00:27:04.000What's hilarious about this report is that the Surgeon General looks everywhere, including under the bed for the sources of all of these problems, but never at any point does the government suggest, oh, maybe it was us.
00:27:16.000Maybe us undermining the social fabric, both economically and in terms of communal standards.
00:27:22.000So Vox.com sums up what is in this Surgeon General report on the epidemic of loneliness and isolation.
00:27:29.000They say that loneliness and social disconnectedness are a serious threat to physical and mental health.
00:27:35.000It says social isolation effects on mortality are equivalent to smoking up to 15 cigarettes a day.
00:27:41.000Social isolation, an objective measure of lacking connection to family, friends, and community, and loneliness, a subjective measure of feeling disconnected, contribute to a person having a higher risk of heart disease, stroke, anxiety, depression, and dementia, and make people more susceptible to infectious diseases.
00:27:53.000And this ripples out to the broader community.
00:27:56.000So the main takeaways of the report include the idea that 1.
00:27:58.000Americans are lonelier and more isolated than ever.
00:28:02.000Half of Americans say they experience loneliness, according to several recent surveys.
00:28:06.000Less than 40% said in a 2022 study they felt very connected to others.
00:28:11.000In the 1970s, almost half of Americans, 45%, said they could generally trust other people.
00:28:16.000Today, less than a third say the same.
00:28:18.000The amount of time Americans say they spend alone every day has risen by nearly 30 minutes from 2003 to 2019, and then increased another 20-plus minutes in 2020, which was during the pandemic.
00:28:28.000The amount of time young people aged 15 to 24 spend with their friends in person dropped by nearly 70% from 2003 to 2020.
00:28:38.000That make you more prone to loneliness and isolation?
00:28:41.000discrimination include quote being a racial or ethnic minority or identifying as LGBTQ
00:28:47.000experiencing discrimination having a lower income and living alone.
00:28:50.000Well I mean perhaps the correlation is reversed.
00:28:53.000I mean perhaps this is not because of this.
00:28:56.000Maybe it's not your race that is leading to a sense of isolation.
00:29:00.000Maybe it's the social breakdown in communities that are disproportionately minority that is leading to a sense of isolation.
00:29:06.000It's a correlation, but the causation doesn't run from society's discriminating against you and therefore you're isolated.
00:29:12.000Maybe it's that there are underlying social ills that are leading to this epidemic of loneliness and isolation.
00:29:20.000The second big takeaway from this report is that loneliness and social isolation negatively affect a person and a community's health, which of course we already knew.
00:29:28.000And then the Surgeon General suggests how the United States can begin to address its loneliness epidemic.
00:29:51.000Public transit, more subways and buses.
00:29:53.000Because as we've seen on our subways, things are going amazing.
00:29:55.000Did you see the sort of social connectedness that you were looking for in that subway?
00:30:00.000Where people were being grabbed by the hair and dragged around?
00:30:03.000Mobilizing the health sector, train healthcare providers to identify people at risk of isolation and better equip providers to connect patients with the other forms of social support they may need.
00:30:11.000Reform the digital environment by requiring more transparency from big tech.
00:30:16.000Ah, well that obviously means more government funded studies.
00:30:19.000And cultivating a culture of connection using all the vectors available from politics to entertainment to reinforce the values of connection and reduce polarization.
00:30:27.000Okay, so you may notice that there is one thing above all that the government really should be doing when it comes to reducing isolation and loneliness.
00:30:34.000One thing above all, and that is to go away.
00:30:38.000The government should go away because the government has created a destructive cycle that has replaced the social fabric in the first place.
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00:32:47.000See the truth when it finally comes out.
00:32:49.000OK, speaking of the breakdown of the social fabric, So the Surgeon General has this report talking about all the ways the loneliness epidemic is destroying the country, and all the solutions are things like, what if we, like, built you a dorm and then we forced you into a common space to hang out with all the other people?
00:33:03.000What if we actually made you ride public transit?
00:33:06.000What if we created midnight basketball leagues?
00:33:09.000Leave people alone and let people go back to church.
00:33:12.000There are a couple of major things that have happened via the government that have destroyed the social fabric in this country over the course of the last 60 years.
00:33:18.000One is the replacement of social connection with government incentive structures.
00:33:25.000See, in a normal religious community, the way that it works is that you demonstrate you have skin in the game.
00:33:29.000The skin in the game is you go to church, you go to synagogue, you engage with your community, you're part of the PTA, right?
00:33:34.000And by showing that you have skin in the game, what this means is that when you fall on hard economic times, your friends help out, your family helps out, your kinship structure helps out.
00:33:41.000This is traditionally how communities were built.
00:33:43.000The government came in and said, this is unfair.
00:33:46.000Because what it's basically saying is that you have to buy into the system in order for you to receive back.
00:33:50.000Now, the government replaced that with a new deal, which is you have to buy into the government system in order to receive back.
00:33:56.000If you really want to receive, then you have to give all authority to the government and you have to cut out the social fabric, which is precisely what people did.
00:34:03.000Again, all of the economic support systems that were built, rooted in duty, The entitlements that you got were just an aspect of the duty that you had to the community.
00:34:13.000And if you disconnected the strings between you and the community, well, the entitlements went away.
00:34:17.000What this meant is that people actually were able to balance the entitlements and the duties.
00:34:20.000Well, when the government came in and said, you have no more duties, not to your friends, not your family, not to anybody, the government is just going to pay for you.
00:34:26.000What it did is it destroyed the economic incentive structure for people to join religious communities and it fragmented these communities.
00:34:33.000And you may think, well, you know, that's better because now people are liberated.
00:34:45.000The government, through welfare programs, has basically destroyed all social incentives for kinship structures, community networks, and religious communities.
00:34:52.000Two, the government has actively promoted a social culture in which subjective individualism is the only way to think about yourself.
00:35:01.000The way you are supposed to think about yourself is not with regard to your community.
00:35:04.000The government will step in and tell you that your local community is not allowed to regulate itself along homogenous lines, ideologically homogenous lines.
00:35:12.000You live in a religious community and you don't want that weed shop opening in your neighborhood?
00:35:17.000Well, the government may have something to say about that.
00:35:18.000You live in a religious community and you don't want a strip club opening down the street?
00:35:24.000Well, you know, that may be a violation of free speech.
00:35:27.000This kind of destruction of the social fabric by the government and then the consequent atomization of society, not particularly shocking.
00:35:35.000That, of course, has been exacerbated by other features of the American landscape, including social media.
00:35:40.000Which has allowed people to abandon those local in-person structures where you actually feel social connection.
00:35:46.000The place where I feel the most social connection on a personal level, and this is true for virtually everybody in the Orthodox Jewish community, for example, is Sabbath.
00:35:54.000At Shul, you hang out with your friends, your kids, your friends' kids.
00:35:58.000You spend literally the entire day being part of your community.
00:36:01.000And then if you are part of a robust Orthodox community, it's not only on Sabbath.
00:36:04.000But this is, of course, true of Christians on Sunday.
00:36:06.000This is why the idea of blue laws and Sabbath laws, in which people basically took off the day, that was a very good thing, societally speaking.
00:37:01.000The way that you're going to help your neighbor is by paying into the welfare system, and if you don't pay into the welfare system, the government will come arrest you for tax evasion.
00:37:07.000That is not the way that it typically used to work.
00:37:08.000The way that it used to work is there were social pressures for you to join the religious community and be part of a purpose-driven community with a higher value system.
00:37:16.000And by doing this, this meant that you are now engaged with everybody else.
00:37:19.000The government came and they destroyed all of this.
00:37:21.000All the intermediate structures of society that sociologist Robert Nisbet talks about 50, 60, 70 years ago, all of those have been completely undone.
00:37:29.000And there's the Surgeon General being like, well, but if we do build some buses, then we'll fill that back in.
00:37:32.000Well, you know, the backlash to this is all starting now because it turns out That the crystallization of this atomistic individualism, the crystallization of this subjectivism, has now entered the advertising marketplace.
00:37:45.000And it was one thing when this was the soft background to our society, it was one thing when we could feel it happening, we could feel the social fabric fraying, but you didn't see somebody just ripping the social fabric in half right in front of you.
00:37:56.000When people could deny that this is what they were doing when they're like, well, you know what?
00:37:59.000Yeah, yeah, the social fabric is good, but that's just the natural consequence of development.
00:38:03.000That's just it's sort of a thing that that happens.
00:38:05.000And I mean, do you really want to go back to the bad old days when you were expected to go to church?
00:38:10.000And that sort of that kind of soft inculcation in individualism, atomistic individualism without regard to community, that could happen.
00:39:20.000It's an optimistic sign for American society.
00:39:21.000Good on Americans for not buying Bud Light.
00:39:25.000Apparently, their sales have dropped like 20%, leading the Anheuser-Busch InBev CEO, Michael Ducaris, to have to speak about the decline of Bud Light sales on an actual conference call.
00:41:05.000Keep it up, America, because this is necessary.
00:41:07.000Meanwhile, again, the gap between the elites who actively promote a culture in which the only thing that matters is that subjective feeling of inner sexual fulfillment, the gap between the elites and everybody else is growing and growing.
00:41:22.000This is particularly true in the fashion industry, so anthropology has now jumped on the bandwagon.
00:41:59.000Here's this dude, and he's wiggling around, and then he's gonna do this thing where he waves a dress at the camera, and boom, now he's wearing another dress!
00:42:19.000Just really, really solid stuff right here.
00:42:22.000Again, the more that the left-wing culture decides to thrust their ideology of social decay in our face, the more people are going to fight back against it.
00:42:46.000The basic idea of Ted Lasso was that it was an American, an optimistic, can-do American, who goes to London because he is almost mistakenly hired.
00:42:55.000He's actually, he's hired as a football coach.
00:42:58.000He's an American football coach in America.
00:42:59.000He's hired as a soccer coach over in London.
00:43:02.000And this happens because the owner of the team basically wants to tank the team.
00:43:06.000And it turns out that Ted Lasso is actually a really good coach because of that can-do, optimistic American attitude.
00:43:10.000So the whole first season is about the kind of culture clash between these dour Brits And this optimistic American who's kind of dumb but also kind of smart because he has this kind of folksy wisdom to him.
00:43:20.000Well now, Ted Lasso has completely caved in on itself like a dying star.
00:43:23.000The last season is absolutely unwatchable.
00:43:26.000And you watch, Ted Lasso, it's not going to last as a cultural phenomenon because of this.
00:43:30.000Because of this, people do not like it.
00:44:48.000Oh, good lord, this is terrible writing.
00:44:51.000Good lord, this is awful, awful, awful writing.
00:44:56.000What does that have to do with the decaying of the social fabric?
00:44:58.000Again, everything that was supposed to be built around common values like, say, shared patriotism, which is what Ted Lasso's first season was built on, instead it has now been derided and moved to the side in favor of whatever is the Me Too crap that you seek to push in a soccer show.
00:45:13.000And the ratings will go down because the American people are not up for this sort of stuff.
00:45:19.000Meanwhile, in terms of decaying the social fabric, there are a lot of Americans who believe that there are so many people in positions of power who decry this sort of stuff, but actually are in favor of the decay of the social fabric.
00:45:28.000This is particularly true when it comes to illegal immigration.
00:45:31.000So the fact is that there are a wide variety of perspectives with regard to legal immigration.
00:45:35.000There are people who believe that legal immigration is a problem because it undermines the domestic American workforce.
00:45:40.000I'm not a big believer in that basic idea, but I understand it.
00:45:42.000There are people like me who believe that if you wish to come here and engage in the American bargain and you have a skill set to offer to the American people, we should welcome you with open arms.
00:45:50.000But when it comes to illegal immigration, it is very clear that no country worth its salt can have an open border.
00:45:54.000And so when you have elites who are effectively advocating for an open border or effectuating an open border, When that happens, a lot of people are going to look at that elite class and say, you guys don't seem to care very much about the social fabric.
00:46:07.000We think that you're in favor of the fraying of the social fabric because you literally don't care about changing the constituency of the country for people who are crossing the border illegally without any screening procedures of any real weight whatsoever.
00:46:20.000So this is why people are down on the Biden administration with regard to the illegal border crossing numbers.
00:46:26.000There's been a sea change in how immigration is dealt with in this country.
00:46:30.000Basically, in 2012, Barack Obama, in pursuit of re-election, decided that he was going to try to appeal to Hispanic voters on the basis of DACA, right?
00:46:38.000He was going to say that the Dreamers, people who are young people who've been brought here when they were kids, and now they've grown up but they were still here illegally, that those people should be legalized in some way, and he was going to override the Constitution and just do it using power of the pen and power of the phone.
00:46:53.000And his basic idea was these are the dreamers.
00:46:55.000And don't worry, people who are south of the border now, they're not going to look at that and then just cross the border.
00:47:10.000And the Democrats have not mitigated their policies on the border in any way, shape or form.
00:47:14.000And so the immigration crisis continues to get worse.
00:47:16.000It's going to get absolutely egregious this summer.
00:47:20.000So much so that even Kyrsten Sinema, a newfound independent in the state of Arizona, she used to be a Democrat, now she identifies as an independent.
00:47:27.000She blasted Corine Jean-Pierre for saying that the border is secure.
00:47:30.000She says, no, the border's not secure.
00:47:42.000And anyone who lives in a border state like I do, born and raised in Arizona, actually takes offense at comments like that.
00:47:49.000Because they're just factually not true.
00:47:52.000The reality is that border communities in my state are suffering already.
00:47:56.000And that's before the end of Title 42.
00:48:00.000And this is why people are questioning what exactly are the Democratic priorities here, so much so that you're starting to see Democrats actually adjust their message.
00:48:07.000So just a couple of days ago, Eric Adams, the mayor of New York, he was ripping on Greg Abbott, the governor of Texas.
00:48:12.000Greg Abbott, of course, has been sending busloads of illegal immigrants to New York City.
00:48:15.000Because those illegal immigrants, they will cross the border, and then Abbott will say, where do you want to go?
00:48:21.000And many of them will say New York, and so say, here's a bus ticket.
00:48:23.000And Adams basically suggested that Republicans down south, that they are racist and that is why they are sending illegal immigrants and migrants up north to places like Chicago or New York.
00:48:33.000Here was Eric Adams just a couple of days ago.
00:48:36.000Governor Abbott sent asylum seekers to New York, black mayor.
00:48:52.000He passed over thousands of cities to land here.
00:48:56.000And so I don't think El Paso, I don't think Brownsville, Texas, I don't think any of those other cities should have to bear the weight of the failure of Washington, D.C.
00:49:14.000He's targeting black mayors in New York City.
00:49:16.000So, yesterday, he had to walk that back.
00:49:18.000He said, he said, I'm not saying that Greg Abbott is a racist.
00:49:20.000The reason he has to walk this back is because it's very obvious that the Democratic Party at a national level is responsible for the crisis.
00:49:26.000And now local Democratic leaders are going to have to pay the price for bad Democratic policy nationally.
00:50:11.000What I'm making clear of the fact, not based on my opinion, he sent them to New York City, Washington, D.C., Chicago, Denver, But also Philadelphia, which has a white mayor.
00:50:22.000All of the, all of the, I have not received any reports from Philadelphia.
00:50:30.000He actually is sending, I mean, uh, Ron DeSantis sent illegal immigrants to Martha's Vineyard.
00:50:35.000So it doesn't have anything to do with race, but Adams then was finally forced to rip into the White House over their handling of immigration.
00:50:40.000Again, it turns out that people don't like this stuff.
00:50:42.000Democrats have been escaping the guillotine, electorally speaking, because Republicans keep running bad candidates.
00:50:48.000If Republicans ran good candidates in any area, they would be much, much more competitive with a Democratic Party that seeks to undermine the social fabric.
00:50:56.000This is why you're seeing Democrats run away from their own positions in their own party now.
00:51:00.000It is not about asylum seekers and migrants.
00:51:03.000All of us came from somewhere to pursue the American dream.
00:51:06.000It is the irresponsibility of the Republican Party in Washington for refusing to do real immigration reform, and it's the irresponsibility of the White House for not addressing this problem.
00:51:18.000Brownsville, Texas, El Paso, Denver, Los Angeles, New York, Chicago, we should not be burdening the weight of this problem.
00:51:28.000Okay, finally he goes out of his way and after slapping Republicans in Congress for no reason, he decides to go after Joe Biden.
00:51:33.000And Democrats are increasingly going to be forced to deal with the consequences of their own actions because it turns out they have real ramifications for the society in which we all live.
00:51:42.000Okay, time for some things I like and then some things that I hate.
00:52:43.000It's almost a shot for shot remake, but for those people who can't stand black and white film or don't want to read subtitles, it's really good.
00:53:30.000What will the police get if he's a couple of hours late for work?
00:53:35.000The real message of the film is that it's the small everyday activities we do that make people's lives better that actually make life worth living.
00:53:42.000This is the social fabric building stuff, right?
00:53:45.000He spends his entire life being a faceless bureaucrat in a government office and basically passing the buck, passing the ball on.
00:53:51.000He says at one point in the film that it was his entire goal to be a gentleman.
00:53:54.000Okay, and then it's really quite a conservative film because the original is quite a conservative film.
00:54:02.000discovering that he is that he has a fatal disease the first thing he does he
00:54:07.000goes to kind of a seaside town he thinks about committing suicide but then he
00:54:09.000doesn't do it and he hooks up with a fellow who sort of leads him into the
00:54:13.000nightlife and shows him going to kind of different nightclubs and all the rest of
00:54:17.000the sort of stuff and he finds that for one night of this this is not fulfilling
00:54:19.000that essentially if you live your life in pursuit of hedonism if you live your
00:54:24.000life in pursuit of that that sort of fleeting pleasure it's not meaningful
00:54:28.000The only meaning that you're going to find is working with your community to make life better for others.
00:54:36.000Again, you should watch the original, and then you can watch this one as well.
00:54:40.000I prefer Kurosawa's direction, mainly because he was maybe the greatest director who ever lived, but living is really good and worth the watch.
00:56:27.000She also is a woman, which means that her top velocity, the fastest a woman has ever thrown a baseball, being clocked, is like the mid-80s, which does not make you the varsity at a high school baseball team these days.
00:56:39.000But she was throwing out the first... So, again, we all have to pretend that women throw the same as men.
00:56:43.000They do not, on average, they do not remotely throw the same as men.
00:57:03.000In fact, all men cannot push a baby out of them.
00:57:05.000Like, there are plenty of different physical qualities to men and women.
00:57:08.000The fact that we have tried to obscure this by saying, ah, well, you know, she's a girl, she's playing Division I baseball.
00:57:12.000By the way, it actually is a great sort of rebuttal to the idea that men and women compete on the same footing.
00:57:19.000It's a major story when a woman, a biological woman, competes with the men and has one at-bat.
00:57:24.000Would it be a major story if a man competed with the women, or would he just be beating up on the women?
00:57:28.000Like, imagine a Division 1 NCAA baseball player, male baseball player, playing on the women's baseball team.
00:57:36.000We're talking like Babe Ruth numbers, man.
00:57:38.000So, you know, just the latest indicator.
00:57:40.000Okay, meanwhile, one more thing that I hate today.
00:57:44.000So, apparently, Amber Heard, also known around these parts as Amber Turd, she is now in Aquaman 2.
00:57:53.000So I guess the rule is that you can be so insane and also apparently abusive that you take a dump in your husband's bed and call it the dog's dump.
00:58:05.000And also, like, film violent exchanges with your husband.
00:58:09.000Like, cutting off part of his finger and stuff.
00:58:23.000They pretend to have some extraordinary level of moral superiority.
00:58:25.000I would like to see one iota of your moral superiority.
00:58:27.000For like one second, it would be amazing.
00:58:30.000According to the LA Times, Amber Heard's fleeting appearance in the new trailer for Aquaman 2 has made quite a splash at CinemaCon 2023.
00:58:37.000During the movie industry events in Las Vegas, Warner Bros.
00:58:39.000debuted the preview for Aquaman and the Lost Kingdom, which will see Jason Momoa and Heard reprise their roles as aquatically gifted heroes and love interests Arthur and Mira.
00:58:47.000The trailer hasn't been released to the public yet.
00:58:49.000The studio confirmed Wednesday that Heard is in it.
00:58:52.000Apparently rumors of her cameo in the trailer surfaced after Johnny Depp's supporters were pointing out that she's a terrible person.
00:59:02.000And so apparently they've tried to minimize her role, but they're leaving her role in there or something.
00:59:12.000And if you imagine a man who was, like, you know, abusing a woman to the extent that, like, part of her finger got cut off, do you think he gets cast in the... So, I would say that, except for the answer might be yes.
00:59:23.000I mean, the answer actually might be yes.
00:59:44.000I mean, this is a person who went missing for months in August because of complex mental health issues.
00:59:51.000He was cited in Vermont with felony burglary last year after state police investigating an incident involving several bottles of alcohol being taken from a resident found that it was probably Miller.
01:00:01.000In 2020, he made headlines after a recording surfaced in which he was choking a lady outside a bar in Iceland.
01:00:06.000He was arrested twice in Hawaii in 2022, one for disorderly conduct and one for harassment.
01:00:13.000And because he declares that he is a they, that he is either suffering from multiple personality disorder or has no actual gender, this person is like a wild abuser.
01:00:31.000Charged with disorderly conduct and harassment.
01:00:34.000accused of grooming in June 2022. According to court documents filed on June 7th in Standing
01:00:39.000Rock Sioux Tribal Court and obtained by People, attorney and activist Chase Iron Eyes and his
01:00:43.000pediatrician wife Sarah Jumping Eagle claimed Miller had been manipulating and controlling
01:00:47.000their daughter, Tokata Iron Eyes, who uses she-they pronouns and goes by Gibson, since the
01:00:51.000two met at a Standing Rock reservation event in North Dakota back in 2016.
01:00:56.000They claimed that Miller groomed their kid from the age of 12 after taking an immediate and apparent innocent liking to them, adding that Miller exhibited a pattern of corrupting a minor, allegedly drugging their kid over the years and displaying cult-like and psychologically manipulative and controlling behavior.
01:01:10.000Same month, another parent came forward with allegations against Ezra Miller.
01:01:14.000So, um, and they're going to go ahead with all of this.
01:01:21.000Again, the rule in Hollywood is that you are, if you are wildly abusive and a terrible person, I guess so long as you identify as a they, you're fine.
01:01:31.000This was Johnny Depp's original mistake.
01:01:32.000If Johnny Depp, just in the original trial of Hammer Heard, had said, hey, hey, let me tell you, I'm actually bisexual.
01:01:38.000Everyone would be like, oh my god, hero!
01:01:58.000Man, what a get-out-of-jail-free card this whole gender identity thing has become.
01:02:02.000Well, folks, the economy is in a state of disarray.
01:02:05.000Obviously, we are on the precipice of a possible banking crisis, and gold is now hitting high points again.
01:02:11.000Joining us on the line to discuss this is Philip Patrick.
01:02:12.000He's a precious metals specialist and spokesman for Birch Gold Group, born in London, earned a degree in politics and international relations at University of Reading, and spent years as a wealth manager at Citigroup in London's Wall Street before Moving on to Birch Gold in 2012.
01:02:24.000Obviously, Birch Gold's a major sponsor of the show, and we thank them for their business.
01:02:27.000Philip, thanks so much for joining us.
01:05:15.000Yeah, so we're looking at Janet Yellen, meanwhile, telling Congress that the United States will begin bouncing checks on June 1st.
01:05:22.000It is unclear which way this is going to go.
01:05:25.000I mean, right now, Joe Biden and the administration seem to feel no pressure whatsoever to actually negotiate over the debt ceiling.
01:05:31.000The Republicans are asking for Pretty minor cuts in the grand scheme of things.
01:05:34.000They would actually like to cut back to 2022 levels, which, last I checked, is not cutting back to 1997 levels.
01:05:40.000And the Democrats are kicking back against this, the White House is kicking back against this.
01:05:44.000What do you think are the chances that we actually go into a default, at least for a little while, just so everybody can get their political win?
01:05:54.000The plan is was what McCarthy put forward was eminently reasonable.
01:05:59.0002022 spending levels was the third highest budget in history.
01:06:03.000This is very, very far from austerity.
01:06:06.000So I think it was definitely an olive branch.
01:06:08.000And the Biden administration's position is is unconscionable, quite, quite frankly, to say, hey, we're not going to negotiate.
01:06:16.000We need we want sort of a And no condition increase.
01:06:20.000We want to be able to spend what we want is bonkers, given the situation we're in.
01:06:24.000I mean, it's unconscionable, like I said.
01:06:27.000So look, I think it's a game of chicken.
01:06:30.000I don't think they're going to allow a default.
01:06:33.000I think it's going to be dealt with as it has been the last couple of times, which is, you know, a deal at the last second before midnight.
01:06:40.000And I think to a degree that the Republicans will be forced to capitulate.
01:07:06.000Obviously, only the National Bureau of Economic Research can officially declare a recession, and they usually do about 12 months after it starts.
01:07:14.000Look, the Fed won't use the word recession, but they've been using the word soft landing,
01:07:20.000right, which I think is Federal Reserve speak for recession.
01:07:23.000Whatever they call it, I think we're going to get it.
01:07:26.000And you look at all of the big leading indicators, I think it's fairly clear.
01:07:31.000The conference board's leading economic index for the U.S.
01:07:34.000fell by 1.2 percent since its lowest levels before, since before the pandemic.
01:07:41.000We've seen, of course, the two in the 10 year Treasury yield curve invert first did 13 months ago.
01:07:47.000Typically recession will follow about 12 months after there was a very damning report, of course, from the International Monetary Fund that was just released forecasting global growth 50% lower than average.
01:08:00.000They think it'll take five years to recover, just back to average level, and that most of the growth will be coming out of China.
01:08:09.000So recession does feel imminent, and it doesn't look like it'll just be domestic, but rather global in nature.
01:08:16.000So, given all of the facts about the economy, given the state of the economy right now, what is the smartest strategy in terms of diversification?
01:08:25.000Look, I think everybody needs to be looking at precious metals in climates like this.
01:08:30.000Last year, central banks globally buying gold at record prices.
01:08:36.0002022 was the biggest year for central bank gold buying in history, and I don't think it's a coincidence, right?
01:08:42.000We've got massive money moving away from dollar-based trade.
01:08:45.000We've got International transactions now moving away from dollars brazil russia india china pushing to do so we have inflation domestically we have air coming out of a stock market bubble all of these things don't bode well for stocks bonds the dollar shorter term and in those climates that's where precious metals become very important