Episode 2153: We Have Dug Ourselves Into A Financial Hole And Will Take Time To Climb Out; The FBI Seize Mike Lindell's Phone; WH Executive Order Funding $2 Billion For Mad Scientists
On today's show, President Trump is joined by the Center for Renewing America's Russ Vogt to discuss the crushing defeat for the Democrats in the midterms and the implications for the economy and the economy's future.
00:00:00.000In the short term, Joe, when you when the price level moves from, let's say, let's say the price level was at 100 pre-COVID.
00:00:07.620The real price level today is like 140. We printed 40 percent more money.
00:00:11.680We doubled the Fed's balance sheet. They ran apartment rents 18 percent a year for two years.
00:00:17.520And we all know how much impact are the net effect of the impact of that printing has been on our own on our own balance sheets, our own savings.
00:00:27.340But what the Fed has taught politicians is that it's OK to spend and it's OK to spend recklessly and frivolously.
00:00:35.600When was the last time you heard the words Tea Party used? I mean, we just forgot about the Tea Party.
00:00:41.940We forgot about any kind of fiscal balancing because the Fed just taught politicians that they will be there.
00:00:48.020And now they're trying to rein it all in and they're reining it in so aggressively that I don't think they'll be able to take a trillion off the balance sheet before they have to stop.
00:00:56.580And I don't think it's positive for risk assets until they stop.
00:01:01.100So I'm afraid we're going to see more days like yesterday.
00:01:05.540By the way, that's the great Kyle Bass, a dear friend and colleague.
00:01:09.720And we are united. Remember, Kyle and I work all the time to take down the CCP as people that point out how the how Wall Street and the giant corporations fund the CCP.
00:01:19.560Kyle and I don't agree on a lot about domestic policy. Right.
00:01:23.800And he is not a fan of President Trump's. However, I'm going to bring in Russ Vogt from the Center for Renewing America.
00:01:30.380Kyle said the quiet part out loud. OK, Kyle said the quiet part out loud about the Fed and the spending and all that.
00:01:41.200Russ, we've got to come together because, look, you have MAGA, you have MAGA Republicans, you have the established Republicans.
00:01:47.020We have, you know, we have to come together and focus on November 8th for victory.
00:01:52.540There's no substitute for victory. OK.
00:01:55.460And and we're the tip of the spear of the MAGA and the MAGA Republicans.
00:01:59.720But we must win. We can we can we can argue amongst ourselves and fight after the stunning crushing blow victory.
00:02:07.180But after that, we have to govern like we mean it.
00:02:12.340And he can't because we're heading towards a financial Armageddon and Kyle Bass on CMBC.
00:02:18.680And it took a Kyle Bass to do it because they have all these guys on here.
00:02:21.600Nobody wants to talk about it. Russ, I want your assessment first.
00:02:25.780The audience wants to hear from Russ Vogt about the the the numbers set that we saw yesterday.
00:02:31.780From your perspective, as being President Trump's head of Office of Management and Budget, how deep a hole have we dug ourselves, sir?
00:02:40.860The hole is huge. And I think yesterday was not surprising from my standpoint, because the market has been trying to look for every opportunity.
00:02:48.700It's just the the bet on hope that inflation was not here for quite a long time.
00:02:54.340Kyle mentioned, I think, the main indicator that has been blinking red to tell us why this is not going away anytime soon.
00:03:01.000And that's shelter. And shelter has been up nearby 18, 20 percent for the last year.
00:03:06.280And it takes a long time to work itself through. And it's the number one component of the CPI.
00:03:10.540So, you know, anyone looking at that knew that inflation was not transitory.
00:03:15.780But he's also right that as a result of the Fed, we are in a moment where no one cares about the amount of spending that we're doing on an annual basis,
00:03:24.660let alone the Biden administration, what they're doing that pervert the incentives of the American people, like the student loan cancellation.
00:03:31.820And so we have a major issue that we have got to get a handle on after November about the types of budgets that we write.
00:03:39.600And we will write we are writing a budget right now.
00:03:42.120We will unveil it in November, Center for Renewing America, to show how to balance the budget in a MAGA consistent way that is coming soon.
00:03:50.140And we have to be able to get after this.
00:03:52.580And the other thing that's critical right now, and this goes towards making sure we have the election first and then we deal with these problems,
00:03:59.160is we have to not pass a full year appropriations bill that says there's no leverage points against the Biden administration for an entire year.
00:04:08.920We've got to make sure the cavalry comes in January to be able to actually deal with and get our fiscal house in order
00:04:14.960and make sure that we have leverage points to push back on the nonsense from the Biden administration.
00:04:19.580Look, the American Recovery Act, the infrastructure, this mini Build Back Better, and the bailout of the illegal bailout of the woke graduate students by working class Americans,
00:04:33.900that's all kind of side pocket, isn't it?
00:04:36.460I mean, I know it's not spent in one period, but it's another five.
00:04:39.800When you add it up, it's five trillion dollars.
00:04:42.520Over and above the annual appropriations, which right now, it looks like we're not going to get appropriations,
00:04:47.940but I want to ask you that it's going to kick down the can, the can down the road in a CR.
00:04:51.980But he just came back the other day and asked for forty seven billion dollars of emergency spending on COVID relief, monkey pox in Ukraine.
00:05:00.300This orgy of spending and one of the things they try to do, Russ, and you're so great.
00:05:04.280And we that's what we this platform of the show.
00:05:06.600We love having you on is to talk to people and actually tell them the truth.
00:05:10.420It's so hard to even get your your arms around the numbers.
00:05:13.300But all we see is like, oh, by the way, the national debt's passing thirty one trillion dollars.
00:05:18.380How did that happen? Right. Thirty one trillion dollars.
00:05:20.900And it's not stopping. And in fact, the system is got so much momentum to it.
00:05:26.400How are we actually going to stop it? Russ, vote.
00:05:29.740I believe the fundamental way that we're going to stop it is to focus on the actual things that members have control of every year.
00:05:36.500And that's the spending bills that we talk about. And that's where they have not wanted to talk about.
00:05:40.840Even your fiscal warriors, so-called warriors that care the most about this.
00:05:44.780They never want to talk about what members actually vote on every year, which is the appropriations bills that fund bureaucracies that are woke and weaponized.
00:05:51.720They never want to talk about it. They just want to talk about entitlement.
00:05:53.800And I think one of the great correctives of Donald Trump was coming and say, hey, we're actually going to drain the swamp.
00:06:01.420That's going to be our priority. Our priority is going to be the bureaucracy that you hate and you see.
00:06:06.500And we're going to over time deal with the mandatory spending, but we're going to be smart about it.
00:06:11.880And we're not going to go right at the people's Social Security and Medicare that is most crucial to them.
00:06:17.960And I think that's the strategy. And we're going to put forward a budget that does that.
00:06:23.040This is powerful. The administrative state, this fourth branch of government, this kind of metastasized over the last 56 years, the way the funding mechanisms, the Fed, that's what Kyle Bass was talking about.
00:06:33.860Leave the entitlements off to the side. That's a whole different kettle of fish, right? The legislation got to do.
00:06:39.700It is the apparatus. And remember, the apparatus basically now demands a trillion and a half to two trillion dollars every year.
00:06:47.500That's my point. When you sit there and look at Congressional Budget Office, unless, Rush, you come up, we have to win on November 8th.
00:06:54.900That is a sine qua non. We have to win. But even in winning, then you have to come back and we have to basically weaponize the appropriations process and say, no, we're going to choke down the administrative state.
00:07:06.580Here's how we're going to do it. And we're going to kind of decouple it from this Federal Reserve that's just insane of printing money.
00:07:12.680And literally, those are all obligations to future generations that are yet unborn.
00:07:17.560They're going to have to pay off. Rush, vote.
00:07:20.100Yeah, I mean, you're hitting it right now.
00:07:22.800If you care about the administrative state that is strangling the American people's freedom and you care about the Fed and the choices that they make that change the incentives of the country and do it in a completely undemocratic fashion, by the way.
00:07:36.340If you care about those things, the choke point is the annual spending process, and that is where Republicans and Democrats basically want to create a distraction away from it so you never focus on it.
00:07:50.700And what we're saying is that is where we're going to focus, and we're going to do it to such a degree that we make sure that the leverage point that we have there is used by the cavalry that comes in January.
00:08:03.780Here's what's so important about the timing of Russ's vote, going to happen right after the election, right in November, Russ, is that, one, we have the appropriations process, which we're not going to have an appropriation ballot taken, Russ, by September 3rd.
00:08:17.420So it'll be a CR, right, with all this massive spending.
00:08:20.800You'll come out with your budget, and we'll obviously give a huge platform that rolled many days to go through it in detail because the devil's in the details.
00:08:27.220It's no more happy talk hype, a big picture, 30,000 feet.
00:08:31.240This is getting into the basics of exactly what we're talking about.
00:08:34.460And then right after your budget is, wait for it, the debt ceiling.
00:08:39.320The debt ceiling is a leverage point for us, right?
00:09:34.560And here's how you do it in the new environment post-2016 with some of the correctives that the MAGA movement and Donald Trump have brought to the table.
00:09:43.200Here's how I would have done it in the Office of Management and Budget.
00:09:46.200And then they can pass budgets that set them up to do it in January and leverage the debt ceiling and any other leverage points going forward.
00:09:54.660So that's how we are strategically setting up the sequence.
00:10:00.260We have to make sure that that CR does not create a lame duck where they come in after the election with Democrats and just have a bazillion dollars of spending in such a way that they don't have any oversight.
00:10:13.760So that's the real immediate fight, and we're trying to fight that out right now.
00:10:18.140Let me say this is why the Center for Renewing America, I want everybody to go to the website and see all the great stuff that Russ has because he was our guy, the OMB guy, that really got Trump.
00:10:30.680We have the political track that we all have to come together for a crushing blow on November 8th.
00:10:35.500But, hey, as you know, the system's got so many ways to play three-card money, and now you're going to have power politics like you've never seen before.
00:10:44.420Ladies and gentlemen, if you care about your country or if you just like the drama of brinkmanship, you're going to get it in spades because this is everything.
00:10:56.560After they get defeated, they're going to use those CRs to have an orgy of spending to basically have the Biden regime fully funded in all their madness that we can't get their hands on.
00:11:06.440Is that essentially the heads-up you're giving us, Russ?
00:11:10.060They're going to say, we know we lost, and now we're going to make sure we didn't have any implications of that loss for the entirety of the next year.
00:11:17.040Russ, I remember back in the old days we worked together.
00:11:20.860This reminds me of when Obama lost that midterm and Boehner became, I think, the speaker, and we're all sitting there banging it, Breitbart, Breitbart, yeah, they're going to do this.
00:40:09.260Of course you didn't, but here's the beauty of it.
00:40:12.260We now know for a fact that the FBI has actually reviewed the information.
00:40:16.840So Chris Wray and these guys can't deny it anymore.
00:40:18.860This is exactly like the Hunter Biden laptop from hell.
00:40:23.100They had the laptop from hell in December of 2019.
00:40:27.640They suppressed it because – and then Bob Costello, Rudy Giuliani, Bernie Kek, and yours truly, humbly, Stephen K. Bannon, put it out.
00:40:36.900New York Magazine has a whole 12,000-word story out there about how we did it.
00:40:41.960And if you don't think – if you think that's unrelated to rolling up the war room and rolling up me, you are living in another planet, okay?
00:40:48.020The FBI is corrupt from top to bottom.
00:40:52.140And FBI people now on TV whining about, oh, they're saying bad things about it.
00:45:36.160The last technological revolution, the software revolution, was defined by our ability to encode ones and zeros on silicon.
00:45:44.300But the next revolution won't be about ones and zeros.
00:45:47.580It will be about our ability to encode A's, G's, C's, and T's, the building blocks of DNA.
00:45:54.360At Microsoft, I'm part of a dedicated team called Station B that's working to develop an integrated system that will allow us to program biology more effectively.
00:46:03.840And everywhere I look, I see cells operating as little computers.
00:46:09.500You could think of this as living software.
00:46:12.940We've been living this phenomenal digital and scientific revolution.
00:46:16.600And I'm here today to tell you that we're actually hacking the software of life.
00:46:21.620In every cell, there's this thing called messenger RNA, or mRNA for short, that transmits the critical information from the DNA, our genes, to the protein, which is really the stuff we're all made out of.
00:46:34.580And so we think of it like an operating system.
00:46:38.400If you think about what it is we're trying to do, we've taken information and our understanding of that information and how that information is transmitted in a cell.
00:46:47.420And we've taken our understanding of medicine and how to make drugs.
00:46:52.560We think of it as information therapy.
00:46:54.580Okay, if you understand why we have to take control, this may be the most important thing of all.
00:47:02.040And the executive order was signed by the White House to move forward with this that actually talked about what we warned about, looking at the biology, the human cell as a computer chip that can be programmed, can be pre-programmed.
00:47:14.580Joe Allen, we talked about yesterday, where was the money going to come from?
00:47:19.160They basically let the cat out of the bag.
00:47:21.620Today, I think because of the war, we're making a big deal about it.
00:47:24.640Walk us through what exactly is going on here with this executive order.
00:47:30.220Two days ago, Monday, Biden signed an executive order, the National Biotechnology and Biomanufacturing Initiative, $2 billion set aside for a number of programs,
00:47:42.720the ones that are perhaps the most disturbing involve gene editing, such as CRISPR, of course, the production of even more mRNA vaccines, so-called, that will probably be tested on living live populations of humans across the planet rather than in labs.
00:48:00.140And then, of course, it will also affect the biorevolution in agriculture.
00:48:05.080So that's including GMO foods and, perhaps most disturbing, there's actually a message in their fact sheet stating that there will be funding set aside to explore cultured meat.
00:48:17.880And for those who have not heard of cultured meat or cultivated meat, that's code for steaks and pork chops that are grown in vats by mad scientists.
00:48:28.420You're talking about literally lab-grown meat.
00:48:31.480So these are the sorts of initiatives that are getting pushed forward by this funding.
00:48:36.820And today, the White House is going to hold a summit in which the cabinet agencies actually announce where the investments are going.
00:48:44.600So we'll definitely be keeping you up to speed on that.
00:48:47.320If I could read, in case anyone missed it yesterday or hasn't seen it already,
00:48:51.040If I could read just the third paragraph of section one of this executive order to give you an idea of how pervasive the concept of bio-digital convergence or the fourth industrial revolution or what we call transhumanism,
00:49:08.560how pervasive this has become, that this is in the executive order itself.
00:49:13.060It reads, we need to develop genetic engineering technologies and techniques to be able to write circuitry for cells and predictably program biology in the same way in which we write software and program computers.
00:49:29.160So this is the language of life, DNA, and they plan to edit it at will.
00:49:35.360Okay, we're going to have you back on.
00:49:38.120We're going to follow this cabinet meeting today closely.
00:49:40.740Joe Allen is going to join us back in the afternoon shows.
00:49:43.700Joe, real quickly, how do people follow you between now and then?
00:49:48.100You can find me on my social media at J-O-E-B-O-T-X-Y-Z.
00:49:52.380And also, I'll be on Charlie Kirk today at 2.30 p.m.