00:04:04.000And they're making this case that everything President Trump's doing, everything Doge is doing, Elon Musk is doing,
00:04:09.000Russ Vogt over at OMB, Stephen Miller is head of the, he's deputy chief of staff for policy.
00:04:18.000All these guys taking different cracks in the administrative state, different cracks at trying to figure out what the deep state's been up to and trying to crush it.
00:04:26.000Also, trying to look at where you can cut costs dramatically and quickly so that we can afford this government.
00:04:34.000They are being stopped right now or slowed down, I should say, in federal court.
00:04:40.000They're going to federal court from Rhode Island to Washington, D.C., to New York City federal court to stop the Consumer Protection Board from being shut down and defunded,
00:04:50.000from USAID being shut down and defunded, the people sent home from, you know, everything from government workers having the buyouts,
00:04:59.000they're saying that's illegal to government workers being told to come back to work, or you're fired, and different, on and on and on, different restructurings.
00:05:08.000And they've got unions suing, they have individuals suing, they have people suing over their data.
00:05:13.000So they're everywhere in federal court.
00:05:15.000What I told NBC is that, hey, President Trump could fight these, could not turn over, could not slow it down.
00:05:22.000One was about stopping, he stopped payments in a certain area.
00:05:26.000And they said he had to continue the payments.
00:05:28.000So the executives in charge of the area have a choice to either restart or defy the courts.
00:05:33.000If you defy the courts, which I'm inclined to do and fight this, you know, you can be held in contempt.
00:09:06.000You don't have this kind of particularly immigrant, hardworking people of color that are starting to shift towards President Trump to start to become more MAGA.
00:09:15.000Or Staten Island, which has always been kind of a backbone of the Republican Party up there.
00:09:35.000You have an attorney general that has totally and complete control of all of it.
00:09:40.000And she has a prosecutor and a DA, a source-backed DA, and she's source-backed in Manhattan, that has full ability to impenal a grand jury, a criminal grand jury, on moment's notice and throw up the most bizarre information for criminal charges.
00:17:21.000Over the weekend, co-president Musk and acting director vote effectively shut down CFPB.
00:17:28.000No more cop on the beat looking out for a family of four in South Carolina facing an illegal foreclosure.
00:17:35.000No more cop on the beat looking out for your grandma whose bank account has just been taken over by a scammer.
00:17:43.000No more cop on the beat looking out for people getting ripped off by giant credit card companies that are charging illegal junk fees.
00:17:51.000It also means that the CFPB is no longer doing one of its most important jobs, examining big banks to root out illegal conduct before it happens,
00:18:02.000or at least stop it before more people get hurt.
00:18:06.000Chair Powell, if the CFPB isn't on the job right now, then who is administering JP Morgan or Wells Fargo's consumer compliance exams to ensure that they are following the law?
00:18:21.000Senator, I believe that, and you would know, that Dodd-Frank moved all authority for examinations in the consumer space to the CFPB.
00:23:05.000And at the same time, the Treasury Department is already using extraordinary measures to prevent breaching the debt ceiling.
00:23:12.000So I, like you, think it is very possible the Dems once again will try and force through a continuing resolution, which would leave Biden's spending priorities in place even longer.
00:23:24.000Even Tim Cole, the House Appropriation Committee chair, suggested this week that we should leave it in place until we get Trump's stuff.
00:23:33.000Obviously, this is an unmitigated disaster.
00:23:36.000And I think it's these constant failures to draw a line in the sand that have gotten us into the position we are.
00:23:43.000Like you say, 12 months from now, U.S. national debt will be at $40 trillion, and it'll rise consistently from there.
00:25:10.000In a crisis where you feel that people could step in there and say, we're not going to bail ourselves out now.
00:25:14.000Like they're trying to bail themselves out from the AI Sputnik moment.
00:25:17.000What do you think it's going to take to get the political class to actually sit there and say, we're prepared to cut spending?
00:25:24.000That is such a difficult question to answer because the reality is if they are not at that place yet, I don't know what's going to get them there.
00:25:35.000It'll take voting in some better politicians long term.
00:25:38.000Listen, the fact that Doge isn't gaining bipartisan support for me is concerning.
00:25:44.000I mean, look, it is very clear that there is a ton of waste in government spending and why both sides of the aisle aren't interested in really even identifying the problem.
00:25:56.000I think you hit the nail on the head at the end of the day, it doesn't suit their political ambitions to do so.
00:26:02.000So as long as we have that conflict of interest, I don't see a change happening.
00:26:06.000Look, we've said for a long time we may be at the point of no return.
00:26:11.000Right. Last year, debt service payments were 50 percent above U.S. defense spending.
00:26:16.000We have to understand no empire in the history of mankind has come back from that position.
00:26:22.000Like if that isn't enough to wake these people up, I don't know what is.
00:26:26.000So, like I said, it's very difficult to argue against looking through government spending with a fine tooth comb and cutting wasteful spending.
00:26:37.000You know, any argument against that is a self-interested argument.
00:29:52.000We're talking about collaborating with the CFPB for financial technology firms.
00:29:59.000What would the Fed Reserve now do that if the CFPB, if the hypothetical is the CFPB no longer exists, what would be the Fed's role right now with respect to technology firms?
00:30:12.000We have jurisdiction over banks and some financial market utilities.
00:30:16.000So let me ask you this, because I know there's a number of Nevadans who file consumer reports of concerns about fraud and predators with the CFPB.
00:30:26.000The Fed Reserve doesn't receive those reports, correct?
00:30:43.000If the hypothetical is true and what we're hearing that the CFPB is being shut down, there is a gap what we're hearing in enforcement out there, and particularly when it comes to consumer protection.
00:31:09.000We need to address regulations and overreach.
00:31:13.000But there's a strategic way to do it and not this burn down the house that is going to harm people across the country, including in my state, those Nevadans that are looking for some sort of enforcement around consumer protection law.
00:33:03.000Because at midnight on the 14th, folks, the political class is not going to have the balls to actually present you a budget.
00:33:10.000We're just going to kick the can down the road.
00:33:12.000And we're going to have, with all the talk that we've had and all the sturm and drung that we had,
00:33:16.000we're going to have Biden's numbers, a $2 trillion deficit, and no doge cuts as we stand now, unless we can wake people up.
00:33:23.000So, what is the dynamic that's driving these central banks to buy it and to see this kind of, you know, incredible push of gold all the way up to all-time highs?
00:33:36.000Look, there's a few different drivers.
00:33:39.000Look, first of all, you know, the world has always had incentives to use the U.S. dollar, right?
00:33:45.000After 1946 till 1971, it was the dollar's redeemability, right?
00:33:50.000Following that, we have the petrodollar agreement.
00:33:53.000And the key thing with the U.S. dollar has always been stability.
00:33:57.000As far as currencies go, it is the most stable, and the world was incentivized to use it.
00:34:02.000Well, look at what we've done to our currency.
00:34:04.000Over the last 15 years, we printed more money than ever before in history.
00:34:10.000It has led to a devaluation of the dollar, incentivized nations around the world to look for alternatives.
00:34:16.000Through Biden's weaponization of the dollar, we told nations around the world, you do something we morally object to, your dollars can become liabilities overnight.
00:34:26.000We are removing incentives for nations around the world to hold the dollar.
00:34:31.000Well, the problem is, as we've said before, the dollar is still the tallest midget in the room.
00:34:35.000There isn't a currency yet better than the U.S. dollar.
00:34:39.000But central banks around the world are betting on the failure of the dollar longer term, and they're doing so by buying gold.
00:34:46.000The reason you buy gold when you're worried about long-term prospects of the dollar, gold and the dollar are directly inversed.
00:34:54.000So a bet on gold at the level that we've seen central banks do it over the last three years is a large bet against the U.S. dollar.
00:35:03.000The reality is they don't know which currency will ultimately overtake the dollar longer term, but that's why they're buying gold.
00:35:11.000They're hedging their bets, and gold is the best way to do it when currency is involved.
00:35:16.000What do you see if we continue, like for instance, and I know you're not here and you never do project like the price of gold was going to be, but just in pattern recognitions.
00:35:28.000If we have a failure of the political class, if they thwart President Trump's efforts to try to get spending under control, if the CBO numbers and Cameron and the team and Grace, I'd really like to get that tenor report out.
00:35:47.000And people just, there's a couple of summary charts, but you should, some of it will seem dense, but I strongly recommend you get it because it's a pretty good projection, at least one attempt with some pretty basic assumptions of what could happen.
00:36:00.000But if we continue on in perpetuity with $2 trillion deficits, and what I mean by that, that the cost of what we're paying out for defense and Social Security entitlements and everything is $2 trillion per year higher than what we take in, and we get to $52 trillion in 10 years, where do you think we are with precious metals?
00:36:24.000What's your pattern recognition to say, what's the direction of gold?
00:36:28.840The direction of gold is certainly to the upside, and in the climate that you're describing, it is to the upside significantly.
00:36:36.920We have to remember gold's value is a reflection of the value of currency, right?
00:36:41.600I've always said heading into this year, just with demand as it is, we see gold over $3,000, likely in the mid $3,000 range by the end of this year.
00:36:51.520However, look at guys like Jim Rickards.
00:36:54.420Jim Rickards, for a long time, says in his lifetime, he'll see gold at $10,000 an ounce, right?
00:37:00.120Now, he's talking about hyperinflation, right?
00:37:04.380He's talking about losing this battle in a big way.
00:37:07.500If that happens, the sky's the limit for gold price.
00:37:10.760Now, Rickards says if gold's $10,000 an ounce, we're paying $200 for a loaf of bread.
00:37:18.280So it all depends on whether we win this battle.
00:37:22.120Longer term, listen, I'm hopeful with President Trump at the helm, but like I said, no nation has recovered from this position before, and I'm hedging my bets.
00:37:31.180And precious metals are the best way to do that.
00:37:34.240They increase significantly in times of devaluation.
00:37:37.880Well, the chief fiduciaries of these major nations are hedging their bets also.
00:37:43.740That's why I keep telling people, just look at the net gold purchases of the central banks.
00:38:05.380They're very uncertain about the future.
00:38:07.200Go back to why do people, Milton Friedman, Milton Friedman made it popular, I think, in the 70s and 80s.
00:38:13.140And then after the hyperinflation of Volcker and Reagan, which Volcker and Reagan killed, it kind of lost its way.
00:38:19.280But why, and you and I talk about this a lot, you always really look at, and I know Rand Paul and Ron Paul would always do this, the money supply, the printing of money, more money in the system printed by the federal government.
00:38:34.920Why is that one of the indicators you always look at as where the economy is going of how much money is being printed?
00:38:40.540Because it has a massive effect on currency and, conversely, a massive effect on gold prices.
00:38:47.620At the end of the day, you cannot increase money supplies indefinitely.
00:38:52.100It has a significant impact on the existing money supply.
00:38:56.040Never in history has a country that financed big budget deficits with large amounts of central bank money avoided incredibly high levels of inflation and devaluation.
00:39:07.320As somebody who invests in gold, who sells gold, that's what we watch, because ultimately inflation drives gold up, the dollar devaluation drives gold up.
00:39:16.800And you cannot do what we've been doing without seeing significant effects.
00:39:21.540We've been saying this for a long time now.
00:39:24.700Everything we've been saying, people thought we were crazy years ago.
00:40:48.180When every empire, every kingdom, every country, from France before the revolution to everybody, every time they breach 100, you know, more debt than GDP, they always, the finance managers, they always say, well, hang on.
00:41:47.020That'll get them access to End of the Dollar Empire, all of the reports there, how and why to invest in precious metals.
00:41:56.040So, a guide on precious metals and investing under a Trump administration as well.
00:42:01.040So, lots of free information, Birchgold.com forward slash Bannon or text Bannon to 989898 and they can reach me at Philip Patrick on Getter.
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