On this episode of the Wall Street Journal's "No King Day" podcast, we talk about the massive protests that took place across the country on May Day and the impact they are having on the economy and the world. We also discuss the gold price surge and what it says about the direction of the markets.
00:01:13.780Whether you are from the faith community, whether you're a veteran, whether you're an activist, whether you're a teacher, you can be part of this.
00:01:21.260As you mentioned, there are 100 events so far.
00:01:23.560This has been up for the weekend, available to register events.
00:01:54.080We need them in red states and purple states and blue states.
00:01:56.780Ultimately, this comes down to all of us.
00:01:59.260We have got to do the work to show that, yes, this is a constitutional republic, and a constitutional republic has no kings.
00:02:05.600We're showing up to send a message to everybody else who is looking to their left and looking to their right and trying to decide, what do I do?
00:02:22.480Do I have to adjust to this new reality permanently?
00:02:25.060Or will there be a new day, a new day of accountability that follows the Trump administration?
00:02:31.900And by showing up in mass repeatedly, month after month, week after week, day after day in many cases, what we are doing is sending a very strong signal to those businesses, those universities, those law firms that, oh, I can't actually just cover myself today or next week because this guy is going to be out soon.
00:02:51.660He's an unpopular, lame duck president, and there is going to be a future post-Trump era, and I'm still going to be a law firm.
00:06:06.280I just wanted to bring to attention folks that you might have missed this week, but I've been talking about the real economy and capital is the key, right?
00:06:16.160If you want economic growth, you have to have productivity.
00:06:48.680Those mothers who were not MAGA saw what was going on in the schools and the freak show they've turned the schools into and the librarians.
00:06:55.300The librarians – I remember when I was a kid, the librarian was, you know, some – looked like a grandma who was very squared away, knew where all the books were, and now it's a freak show.
00:07:25.480These are people that are targeting – have talked about plants, equipment, whether it's biopharmaceutical companies or car makers or things.
00:07:32.820That is coming from corporate entities, both private and publicly traded.
00:08:50.580Number three is the $25 trillion of intellectual property they've stolen or forced us to give to them in joint ventures, which is $600 billion a year, and that's outside sources saying that.
00:09:02.680Mr. Economist, let's go back to the second.
00:09:04.940Every time I – with my Wall Street buddies, I bring up the $25 trillion, they go, it's just a bookkeeping thing.
00:09:41.580They're investing – and this is the part you don't like – they're investing in our land, in our firms, in Pebble Beach and all this, right?
00:09:50.180National security concerns, all that kind of thing.
00:09:52.920And so we'll see this new burst of capital is coming in likely from friends of President Trump or from countries who have learned about our leverage.
00:10:05.260And there's a new leverage at play where Trump is saying you can either play nice right now or you're going to learn the hard way.
00:10:13.040So you can either move your production over here and avoid the tariffs or you're going to pay a premium.
00:10:17.140By the way, the countries – I don't have a problem with any of the one countries that are – I have a huge problem with the CCP buying foreign land.
00:10:23.300I don't have a problem with any of the countries that are going to be trading partners.
00:10:26.100I just don't like the fact we have foreign capital from sovereign wealth funds coming into the nation because I think we have enough capital, the pension funds.
00:10:34.920One of the problems is we're putting it all over the world.
00:10:37.600Time to focus that capital back here in the United States.
00:11:02.260People start to want to get off the dollar because they know you can weaponize it against them.
00:11:05.940She was a lot less concerned about the BRICS right now because she says, hey, the dollars got them.
00:11:12.980But she was a little wobbly when I said, hey, how much the Japanese just told us, put a shot across our bow by saying, hey, I understand Navarro's reciprocity and I know not Terry Bear's and there are no Buicks being sold in Japan.
00:11:39.040And you're looking, the last time we looked, you're going to have to sell us a trillion more.
00:11:42.540So that's going to be part of the discussion.
00:11:44.000One of the reasons is that in this deficit calculation, I think what Besson and Navarro and others are doing is saying, look, if you can't close it by, if you can't close it on actual a deal itself, there may be another way to do it.
00:11:58.340And maybe you take, maybe to close it, you buy a couple of hundred year bonds at 2%.
00:12:04.500Now, that has been something that has been quite difficult to sell in the past, given the volatility of things.
00:12:11.180Guys don't want to be, when it goes super long at 2%.
00:12:15.320But this is a discussion people are having.
00:13:38.200Harry Dexter White was, I think you can kind of say almost a genius, I think, about capital markets the way he thought.
00:13:44.120But, unfortunately, he had later, it was exposed that he was, I think, an active KGB agent.
00:13:50.240I mean, he had a direct, it was like the guy from, it's like I.F. Stone from The Nation.
00:13:55.580These guys were either on the KGB payroll or they were close enough that they were working.
00:14:01.260It turns out he was very involved in that.
00:14:04.480But he's the guy that really was the, he and Morgenthau were the masterminds in back of Bretton Woods, which is the system we live with today.
00:14:11.460Yeah, well, and it spins out of control.
00:14:14.840And there's a confluence of smart people all kind of reaching the same dates, right?
00:14:19.32071 in the Federal Reserve and then 70s, 80s, 90s.
00:14:23.30071 where we went off the gold standard.
00:14:39.580Was it, what was more, was it more hurtful to the United States, Nixon, damaging the United States, Nixon going off the gold standard than it was Nixon pulling China out of the Soviets' orbit in 1973?
00:14:52.680Dave Brat, the Dave Brat will answer that on the return.
00:14:57.660This July, there is a global summit of BRICS nations in Rio de Janeiro, the bloc of emerging superpowers, including China, Russia, India, and Persia, are meeting with the goal of displacing the United States dollar as the global currency.
00:15:15.160They're calling this the Rio reset as BRICS nations push forward with their plans, global demand for U.S. dollars will decrease, bringing down the value of the dollar in your savings.
00:15:26.760While this transition won't not happen overnight, but trust me, it's going to start in Rio.
00:15:32.880The Rio reset in July marks a pivotal moment when BRICS objectives move decisively from a theoretical possibility towards an inevitable reality.
00:15:45.180Learn if diversifying your savings into gold is right for you.
00:15:48.680Birch Gold Group can help you move your hard-earned savings into a tax-sheltered IRA and precious metals.
00:15:54.720Claim your free info kit on gold by texting my name, Bannon, that's B-A-N-N-O-N, to 989898.
00:16:02.380With an A-plus rating with the Better Business Bureau and tens of thousands of happy customers, let Birch Gold army with a free, no-obligation info kit on owning gold before July.
00:16:29.560What would you talk about with your vision for the IRS and why streamlining operations will benefit taxpayers and not hurt them?
00:16:36.820Well, Mr. Chairman, the IRS is 30 years behind, 30 years behind on an IT modernization project where perhaps up to $50 billion of taxpayer money has been wasted.
00:26:05.160I've said this multiple times, but I was on the budget committee.
00:26:08.520Paul Ryan and the guys, the speaker, would come in.
00:26:10.700The speaker sets every number in the budget, right?
00:26:13.320So he would come in the budget committee and say, here's the number at the end of six months.
00:26:16.500You guys have fun chatting for six months, but here's the number you're going to hit.
00:26:20.320It's all predetermined by what I call the giant Excel spreadsheet in the sky, and that's the donor money.
00:26:25.920If you take away a billion dollars from somebody, you're taking it away from a commitment, right?
00:26:32.540Somebody that's got a little sentence in the budget line, and there goes their cash, and there goes our donations, and we're addicted to the cash.
00:26:44.320To get to the most important committees the day you show up, they give you a target number.
00:26:48.200Like if you want to get in Appropriations Armed Services, you've got to raise $200,000 or so for the good of the team, not for you, by doing fundraisers every night, right?
00:29:00.220They're America's largest emergency preparedness company.
00:29:03.760And right now, when you get their four-week emergency food supply, you'll get a free four 24-7 food kits, an extra 12 days of food, absolutely free.
00:29:15.880You're going to have to insert this, okay?
00:29:17.180And right now, when you get their four-week emergency food supply, you'll get four free 72-hour food kits, an extra 12 days of food, absolutely free.
00:31:00.280You've got a number of Republicans who don't want to vote on Ed Martin, and this is the president's nominee, obviously, to be the U.S. attorney in the District of Columbia.
00:31:07.480I just want to say I've known Ed for years.
00:31:09.040He's a Missouri guy, so I've known him and his family for years and years and years.
00:32:18.400This is something that is vital – like the two U.S. attorneys that matter right now are Southern District of New York and D.C.
00:32:25.260Given that the president's all in on this, the White House is all in on this, people that are big supporters of the president like Senator Josh Hawley of Missouri are all in on this.
00:32:35.280How can we have – I mean just even showing the Democrats of the nation that we're united, how can that happen?
00:32:41.620Well, this is why I think we are going to get to a vote and he is going to pass.
00:32:46.100I just don't see how he doesn't, to be honest with you, Steve.
00:32:48.360Because the president – and you mentioned this last night – the president made it crystal clear publicly that Ed Martin is top, top priority for him.
00:32:56.960Because the District of Columbia being safe is top, top priority.
00:33:01.320I mean right now you can't – you know this as well as I do.
00:33:03.240You cannot go out on the streets in the district and not fear for your life.
00:33:06.680I've got staffers in my office literally who've been shot.
00:33:09.200I've got constituents when they visit D.C.
00:33:56.900Senator, let's go to other issues because it seems like you understand the president's agenda,
00:34:02.140the focus on working class and middle class folks and to make sure that we try to have an economic path where they can, you know, have a shot and have a level playing field.
00:34:12.480I notice I want to talk about this new bill.
00:34:15.000You're working on a bunch of stuff up there that hits to the heart of what populism, what economic nationalism is.
00:34:21.340It's what the president talks about all the time.
00:34:23.340But I notice a lot of times you're having to partner with Democrats.
00:34:26.200Tell us about this, about going after big pharma in this new bill.
00:34:29.340But I see this over and over and over again.
00:34:32.000And the question our audience has is what's the problem with the other Republicans that the president has put his shoulder to the wheel to get them in?
00:34:54.800It says that what these big pharma companies charge overseas in Europe and in Canada, whatever that price is, that's what they ought to be charging Americans.
00:35:03.320Right now in my home state of Missouri, we are getting charged two and three and sometimes four times as much for the same drugs that big pharma is selling in France and Italy and Canada and wherever else.
00:37:51.680Why is there not more guys like you up in the Senate that are cheering this on and saying, hey, this is exactly what we're going to – ought to be doing?
00:37:59.380Because all of these oligarchs, they may be with us right now for a minute, but they're all progressive Democrats, Senator Hawley.
00:38:51.280You give people the right to sue them when they come and censor you, when they take away, take away, take away, take away, take away, take away, take away the right track here.
00:38:58.700And if Trump keeps this up, he is going to, you mentioned Roosevelt, he's going to have the opportunity, Trump is, to be remembered as one of the great antitrust presidents, probably the greatest Republican antitrust president since Theodore Roosevelt, who kicked the whole tradition off.
00:39:26.660We need to give them the right to sue to protect your free speech rights, to protect against censorship, to protect your personal property rights.
00:39:34.440Last thing about this, the big, beautiful bill and the spending and that cuts.
00:39:41.060I mean, you were the first guy really to come out and say, hey, look, this thing looks like it's going to be a July, post-July.
00:39:47.500Just what is, because we hear the House saying one thing, logically, what can people expect when we really get down to it and start fighting over the spending and start talking about the tax cuts?
00:39:58.320When do you think that really starts to heat up?
00:40:00.800Because this looks to me like it's going to go through the entire summer and we're not going to vote on this thing until the fall, sir.
00:40:25.700Number one, we need to give working people who elected this president and who gave us Republican majorities, we need to give working people a tax cut.
00:40:50.220This idea that we're going to cut benefits from Medicaid like some Republicans want to do,
00:40:53.780this is the dumbest idea I've heard in a long, long time.
00:40:57.380Our voters, many of them, are working folks who can't otherwise afford health care because of what the Democrats did to health care in this country.
00:41:05.360They depend on Medicaid, them and their kids.
00:41:08.520The idea that we would take that away from our people is insane.
00:41:12.280So we've got to protect Medicaid benefits for folks.
00:42:14.840We ought to be giving those people more of their hard-earned money back and helping them get on their feet, get a shot, not taking away what they paid for.
00:42:22.160Senator Hawley, how do people follow you on social media?
00:42:24.420Where do they go and particularly get your books and your writings?
00:42:27.800You can go to Amazon, Barnes & Noble, anywhere that books are sold.
00:42:31.780Your local bookstore for my books, Tyranny of Big Tech, Manhood.
00:42:35.200On social media, I'm Hawley Moe, Hawley Moe, and you can follow me everywhere, Instagram, X, you name it.
00:42:42.520And it's always great to be with you, Steve.
00:42:46.480Well, let's get to work and get some more populists.
00:42:48.940That New York Times article was amazing about you, but it's a lonely fight up there as the only true populists in the United States Senate on the Republican side.
00:42:56.680In fact, there's no populists on the Democratic side, so I guess you're the one true populist.
00:43:01.380We've got to get some more guys in there, more men and women like you, sir.
00:50:27.280And I'll tell you what, my head was not only in a deep hole, it was in the ground spinning.
00:50:32.480And so the medical stuff came up as a complete shock.
00:50:37.220And people have things in their lives that come up that if you don't have that little spending tray over here that's, you know, tucked away for a bad day, it can be extremely exhausting.
00:53:08.880Now you got to spend time and energy on this.
00:53:10.360President's got to spend the next couple of days getting this thing sorted because a guy like Tom Tillis that owes his entire political career.
00:53:17.080That Trump is saying, oh, I'm doing it because of January 6th.
00:53:19.280What in the hell are you talking about, man?
00:54:48.040I'm one of the co-creators of Sacred Human.
00:54:49.700And I wanted to share just a little bit more about our brand for those who may not know of us yet.
00:54:54.540But about six months ago, we decided to launch Sacred Human with really the simple mission being to provide American-made natural supplements without all the artificial nonsense.
00:55:05.740So unfortunately, as many of you know, a lot of these big corporate supplements will include things like preservatives, artificial ingredients, and other additives that really aren't benefiting your health.
00:55:15.820So that's why we created Sacred Human, really trying to fill this gap of quality supplements.
00:55:21.580And of course, the beef liver being our flagship products.
00:55:24.680For those who don't know, beef liver is loaded with highly bioavailable ingredients such as vitamin A, B12, zinc, CoQ10, etc.
00:55:34.240And because it is 100% grass-fed and natural, your body is able to absorb these nutrients far better than taking any other synthetic multivitamin.
00:55:43.380Or any other synthetic vitamin in general.
00:55:46.840So we have some other amazing products.
00:55:48.800But if you'd like to check us out, you can go to sacredhumanhealth.com.