Ilhan Omar's latest anti-Semitic blowup results in zero serious blowback from Democratic Leadership. Meanwhile, inflation is getting uglier, and bipartisan populist agreement breaks out to eat the rich. Ben Shapiro's show is sponsored by ExpressVPN. Get an extra 3 months for FREE on a 1-Year Package. Use the promo code: PODCAST to receive $5 off your first month with discount code: CRIMINALS at checkout. That's right, just pay the $5 and get 5% off your entire purchase. No credit card required, no spam, and no spam gets your money back. It's free, it's safe, and it's free for you! Use my link, expressvpn.com/BenShapiroShow to get 3 months of ExpressVPN for free. You'll get access to all the latest news and information, including access to the latest VPNs, as well as access to our most up-to-date episodes of The Ben Shapiro Show on the Left and the Center for Jewish History. Subscribe today using our podcast s Audible and listen to the newest episodes of the show wherever you get your favorite podcast releases are available. If you haven't already subscribed to the show, you can do so by becoming a patron, subscribe and leave a review on Apple Podcasts, iTunes, or wherever else you re listening. Thanks for listening to the Ben Shapiro Podcasts! - Ben Shapiro is a Friend of the Force? - Rate, review, and subscribe to Ben Shapiro s Workplace Podcasts Thank you for listening and Share this with a friend and share this podcast on your fellow podcasting great listening experience with your rating and review on your podcasting platform? - Thank you Ben Shapiro and I'll hear about Ben Shapiro on Insta-Friendship and review him on Instapreneurship and other links on Instagrasm and other things he does that he does it on his Podcasts and other places he writes about the best of his work on the best thing he does more than that's cool things like that goes to you get a chance to help Ben s work and more of that gets a review and more on that gets more of Ben s amazing reviews on his amazing work and I can help me to spread the word out there more of his amazing reviews and more like that and more and more he gets it on the good stuff that he writes that goes out like that?
00:00:00.000Ilhan Omar's latest anti-Semitic blowup results in zero serious blowback from Democratic leadership, inflation is getting even uglier, and bipartisan populist agreement breaks out to eat the rich.
00:00:52.000Number one, ExpressVPN does not log your internet activity.
00:00:55.000So, a lot of these free VPNs will actually log your internet activity and then sell them, which defeats the exact purpose of what the VPN is supposed to do.
00:01:39.000It was a week in which there were many days ending in Y, and because it was a week in which there were many days ending in Y, one of those days, undoubtedly, would feature Ilhan Omar saying something anti-Semitic and or anti-American, because that's what Ilhan Omar does for a living.
00:01:51.000The representative from Minnesota is very often anti-American in her rhetoric, she is frequently anti-Semitic in her rhetoric, and she receives essentially zero blowback from the Democratic leadership.
00:02:01.000Well, things got awkward this week, because a few of the Jewish Democrats in the House decided that they wanted to We must have the same level of accountability and justice for all victims of crimes against humanity.
00:02:17.000We have seen unthinkable atrocities committed by the U.S., Hamas, Israel, Afghanistan, and the Taliban.
00:02:24.000I asked Secretary Tony Blinken where people are supposed to go for justice.
00:02:27.000So this is her in a tweet equating the United States, Hamas, you know, like a terrorist group that hides rockets behind children and that hides tunnels underneath hospitals and under schools, And this is what she does.
00:02:39.000I mean, she's been doing this her entire career.
00:02:41.000groups on the planet, a group of people who literally tried to murder young schoolgirls if they go to school.
00:02:47.000And so that is Ilhan Omar doing yeoman's work on behalf of terrorist rhetoric everywhere.
00:02:53.000I mean, she's been doing this her entire career.
00:02:54.000She's been doing this since she entered politics.
00:02:56.000And as a woman who once wrote a letter to a judge recommending less harsh jail time for a person trying to join ISIS, because obviously American society was so terrible and horrible that it drove people towards these sorts of activities.
00:03:10.000I mean, Ilhan Omar is a disaster area.
00:03:12.000She's been a disaster area for a very long time.
00:03:15.000And yet every time she says one of these things, and she's said it over and over, right?
00:03:18.000The Jews are hypnotizing the world, or that it's all about the Benjamins, or that Israel and Hamas are exactly the same, or even worse, that Israel is actually perpetuating terrorism.
00:03:28.000You know, when Ilhan Omar does this sort of stuff, the usual Democratic response is to simply whistle and walk away.
00:03:35.000Now, there's been a growing anti-Semitism problem inside the Democratic Party for quite a while now.
00:03:39.000This is perfectly obvious from the fact that half the CBC, half the Congressional Black Caucus, has met with Louis Farrakhan.
00:03:45.000It's perfectly obvious from the fact that AOC met with radical anti-Semite Jeremy Corbyn and then tweeted it out.
00:03:51.000And then when she was caught, she said, oh yeah, I'll have a listening session with members of the Jewish community.
00:03:56.000Rashida Tlaib openly associates with people who are complete abolitionists about the state of Israel, would like to see Israel wiped from the map.
00:04:04.000In fact, on a map in her office, when she originally took office, she had a post-it on the map that where Israel was, the post-it said Palestine and pointed an arrow directly at Israel, which is a genocidal point of view with regard to the state of Israel.
00:04:17.000Rashida Tlaib didn't like the Jews very much.
00:04:22.000And every time this sort of stuff comes up, the Democratic Party edges right up to criticizing.
00:04:26.000And then they realize, oh, wait a second.
00:04:29.000These women, they're Muslim and they seem brown.
00:04:32.000And that means that if we criticize them, then we have violated our own intersectional protocols.
00:04:37.000Now, this blew up into sort of ugly view for the Democrats yesterday because a bunch of House Democrats, all Jewish, put out a statement quasi condemning Ilhan Omar.
00:04:52.000On the right side of the aisle, when Marjorie Taylor Greene was talking about Jewish space lasers, every major Republican came out and said this is crazy and unacceptable.
00:05:01.000When Steve King said stuff that was racist, the entire Republican Party stripped him of his committees and then primaried him.
00:05:11.000Inside the Democratic Party, you can hobnob with Liz Farrakhan, you can hang out with terror supporters like Razmia Oda, you can hang out with Linda Sarsour and do campaigning with her, you can hang out with Jeremy Corbyn, you can say openly anti-Semitic crap, and the best they're going to do is maybe they will mildly criticize.
00:05:25.000Now, one of the things that's really disturbing about this particular criticism is that it came only from the Jewish members of Congress who are Democrats.
00:05:40.000But the fact that only Jews were willing to sign on to the statement demonstrates that anti-Semitism is treated unlike any other form of vicious hatred inside the halls of democratic power.
00:05:49.000If somebody in the Democratic Party had said something racist about Ilhan Omar, about her race, Do you imagine that it would only be black members of Congress who would say something?
00:05:58.000Or it would be every member of the Democratic caucus that said something.
00:06:01.000But Ilhan Omar, every couple of weeks, just to set that calendar, days since anti-Semitic accident, back to zero.
00:06:12.000There wasn't a single major Democrat, or minor Democrat, as far as I'm aware, who is not Jewish, who even expressed sympathy for this statement.
00:06:21.000Basically, they're saying if you're a Jewish Democrat, you are on your own.
00:06:23.000Because antisemitism is not part of the intersectional coalition.
00:06:27.000Jews are not part of the intersectional coalition.
00:06:29.000And this has been true in progressive circles for quite a while.
00:06:31.000You'll remember that just a few years back, there was something called the Chicago Dyke March, which was an LGBT march in Chicago.
00:06:38.000And they banned people from flying a flag with the Star of David on it.
00:06:41.000Because Jews are not part of the intersectional coalition.
00:06:44.000BLM has openly endorsed the Terrorist activities of Hamas in the Gaza Strip.
00:06:51.000I know that we're supposed to pretend that they were just supporting quote-unquote the Palestinians, but they weren't.
00:06:56.000Okay, they have openly acknowledged that they wish to see Israel disappear.
00:06:59.000BLM, I mean this was in their original manifesto.
00:07:02.000They talk about liberating Palestine, which really does mean getting rid of Israel from the river to the sea.
00:07:09.000And when they say they support the quote-unquote Palestinians in the middle of a Hamas-Gaza-versus-Israel rocket war, it's pretty obvious what they are talking about.
00:07:16.000They're really not trying to hide the ball very hard here.
00:07:19.000Plus, if you go to any of these BLM rallies, they'll actually have full anti-Semitic signs up there.
00:07:23.000So, the intersectional coalition does not welcome Jews, and so the Jews in the Democratic Party are on their own right here.
00:07:29.000So here is the statement they put out about Ilhan Omar equating Israel and Hamas, which by the way, again, is only part of what she said.
00:07:35.000She also equated the United States and the Taliban, which is, again, typical Ilhan Omar.
00:07:39.000She's consistently suggesting the United States is a massive human rights violator akin to terrorist groups, because this is what she does.
00:07:45.000And then of course she laughs about 9-11 on occasion.
00:07:50.000Amazing that we have such great Congress people in the United States.
00:07:52.000She tweeted out, Equating the United States and Israel to Hamas and the Taliban is as offensive as it is misguided.
00:07:57.000This is what the Jewish Democrats put out.
00:08:00.000Ignoring the differences between democracies governed by the rule of law and contemptible organizations that engage in terrorism at best discredits one's intended argument and at worst reflects deep-seated prejudice.
00:08:09.000The United States and Israel are imperfect, and like all democracies, at times deserving of critique.
00:08:13.000But false equivalencies give cover to terrorist groups.
00:08:16.000We urge Congresswoman Omar to clarify her words, placing the U.S.
00:08:19.000and Israel in the same category as Hamas and the Taliban.
00:09:06.000There are many Muslims who are very pro-America.
00:09:09.000Ilhan Omar, in her rhetoric, certainly is not.
00:09:12.000And we're allowed to criticize Ilhan Omar without it being quote-unquote Islamophobic.
00:09:15.000But this is the... You want to know why, in the wake of all of these acts of Jew hatred that we saw on the streets of New York and Miami and Los Angeles and Chicago in the last few weeks?
00:09:25.000In the wake of that, all the Democrats were tweeting out about Islamophobia?
00:09:27.000Because what Ilhan Omar and Rashida Tlaib and company and the Intersectional Coalition have succeeded in doing is they have succeeded in suggesting that if you call out anti-Semitism, this is an act of Islamophobia.
00:09:37.000Which, by the way, is slanderous towards Muslims.
00:09:39.000Because it turns out that Muslims don't actually have to be anti-Semitic.
00:09:42.000If the claim is that you calling out anti-Semitism is inherently Islamophobic, what you are actually saying is that Islam is anti-Semitic.
00:09:50.000Which again, there are many, many, many millions of Muslims who are not anti-Semitic.
00:09:55.000She tweeted out, right, this is her clarification, original clarification.
00:09:58.000She tweeted out, it's shameful for colleagues who call me when they need my support to now put out a statement asking for clarification and not just call.
00:10:06.000The Islamophobic tropes in this statement are offensive.
00:10:14.000Notice the game she's playing right here.
00:10:15.000So the anti-Semitic tropes she's used in the past include that the Jews hypnotize the world and that Jewish money controls American Congress.
00:10:41.000Oh, it's so difficult to be Ilhan Omar.
00:10:42.000It's so difficult to be elected to Congress, being an immigrant to the United States, and being on the cover of Rolling Stone, and being featured on the Foreign Affairs Committee despite being openly anti-Jewish.
00:10:52.000Wow, I mean, what a rough world she has.
00:10:54.000By the way, this lie that her colleagues never go to her quietly, it is just that.
00:10:58.000Okay, the fact is, members of the Jewish Minneapolis community went to her quietly.
00:11:02.000They went behind closed doors, and then she betrayed them by talking about how terrible they were, basically, publicly.
00:11:08.000Rashida Tlaib has done the same thing, so has AOC.
00:11:10.000Amazing to watch Democrats like Johan Omar, who has not been shy about ripping into other Democrats, suggest that it's the responsibility of other Democrats to come to her and clarify with her quietly about all this.
00:12:47.000By the time you're getting to, like, six, seven, eight, nine anti-Semitic statements, people start to go, hey, maybe we shouldn't give this person the benefit of the doubt.
00:12:56.000I gave you the benefit of the doubt the first time my wallet disappeared at your house, but like the eighth time my wallet disappeared at your house, I had to start thinking to myself, hey, maybe there's something going on at this person's apartment.
00:13:06.000Says Rashida Tlaib, House Democratic leadership should be ashamed of its relentless exclusive tone policing of Congresswomen of color.
00:13:13.000Notice that the turnabout is fair play here.
00:13:16.000How dare Nancy Pelosi, how dare anybody criticize Muslim women of color?
00:13:23.000Relentless tone, again, these are the same people who are claiming that Jewish Democratic statement, which was like the mildest thing I've ever seen, that that is tone policing, that they're censoring them.
00:13:33.000Okay, so finally, you have people like, I mean, AOC did the same thing, by the way.
00:13:40.000Pretty sick and tired of the constant vilification like intentional mischaracterization and public targeting of Ilhan Omar coming from our caucus.
00:13:47.000They have no concept for the danger they put her in by like skipping private conversations and leaping to fueling targeted news cycles around her.
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00:16:12.000To be clear, the conversation was about accountability for specific incidents regarding these ICC cases, not a moral comparison between Hamas and the Taliban and the U.S.
00:16:33.000But also, can we go back to her original tweet?
00:16:35.000Because according to her, she's not making a comparison.
00:16:38.000Quote, we have seen unthinkable atrocities committed by the US, Hamas, Israel, Afghanistan, and the Taliban.
00:16:45.000I kind of think you were making the comparison.
00:16:48.000I kind of think you were, because you do it all the damn time.
00:16:51.000Okay, so she issues her clarification.
00:16:53.000And now the Democratic Party has its way out.
00:16:55.000Now they can all pretend that she didn't mean what she very clearly meant.
00:16:59.000Right, now they can all go, go back to, go back, everything, weapons down, everything is fine.
00:17:03.000So you have John Garamendi, Democratic representative saying, I don't think that Ilhan Omar intended to compare the United States and Israel to Hamas and the Taliban, even though she does it like all the damn time.
00:17:19.000I think she needs to be much more careful.
00:17:21.000I don't think she ever intended to lump the United States and Israel into the same terrorism that was being conducted by those terrorist organizations.
00:18:00.000There was a several hour period here where Ilhan Omar had not quote-unquote walked anything back or clarified, right?
00:18:05.000There was a several hour period yesterday when these Jewish Democrats had put out a statement and Ilhan Omar and her crew were busily tweeting about how vicious and terrible these Jewish Democrats were.
00:18:14.000Not a single member of the media hunted down a single Democrat in the House and asked, who do you side with here?
00:18:24.000Not a single one went to Nancy Pelosi and said, do you have any response to these Jewish Democrats claiming that Ilhan Omar is engaged in basically anti-Semitism?
00:18:34.000So, if Marjorie Taylor Greene, before she enters Congress, puts out a weird Facebook post about Jewish space lasers or whatever, and by the way, even if I did control a Jewish space laser, I wouldn't tell you guys, but They went to every single Republican in Congress and asked about Marjorie Taylor Greene.
00:18:51.000Ilhan Omar's on the Foreign Affairs Committee.
00:18:53.000Ilhan Omar's appearing on the cover of magazines with the Democratic House leadership.
00:18:57.000Not a single question I'm aware of to any member of Congress about this sort of stuff until after Ilhan Omar had already performed her walkback.
00:19:05.000It's certainly no questions to the members of the House leadership.
00:19:09.000The media just fell asleep at the switch or they don't really care.
00:19:11.000And the answer is they don't really care because they are too invested in the same intersectional politics that the Democrats are invested in.
00:19:17.000Which means the Radicals rule the roost here.
00:19:19.000There are two ways Radicals take over the Democratic Party.
00:19:31.000So here was a statement From Speaker Nancy Pelosi, Majority Leader Hoyer, Majority Whip Clyburn, Assistant Speaker Catherine Clark, Caucus Chairman Hakeem Jeffries, Caucus Vice Chair Pete Aguilar.
00:19:41.000Quote, Legitimate criticism of the policies of both the United States and Israel is protected by the values of free speech and democratic debate.
00:19:47.000And indeed, such criticism is essential to the strength and health of our democracies.
00:19:50.000But drawing false equivalencies between democracies like the U.S.
00:19:53.000and Israel, and groups that engage in terrorism like Hamas and the Taliban, foments prejudice and undermines progress toward a future of peace and security for all.
00:20:00.000We welcome the clarification by Congresswoman Omar.
00:20:03.000There is no moral equivalency between the U.S.
00:20:27.000So she'll just continue getting away with this sort of stuff, and we'll play this game every couple of months, and the Democratic Party will continue to engage with the growing anti-Semitism in its own ranks and pretend that it doesn't exist.
00:20:37.000The New York Times obviously is going to foment this stuff.
00:20:39.000Here's how the New York Times reported this.
00:20:41.000Because the New York Times, as Seth Mandel points out, he's over at the Washington Examiner, he says the New York Times is not a newspaper.
00:20:51.000Republicans, eager to stoke outrage and portray Democrats as anti-Israel, jump on Ms.
00:20:56.000Omar's language, especially after anti-Semitic comments by one of their own members, Representative Marjorie Taylor Greene of Georgia, whose recent comparisons of the Holocaust to pandemic safety policies drew condemnation from her own leaders.
00:21:24.000So according to the New York Times, the bad guys here are somehow the Republicans who condemned anti-Semitism in their own ranks and also condemned it among Democrats.
00:21:32.000Meanwhile, the Democrats who refuse to condemn anti-Semitism in their own ranks, they're totally fine.
00:21:46.000And these issues of shifting the Overton window to completely include open anti-Semitism and anti-Americanism, by the way.
00:21:55.000I should point out again, that statement is rather anti-American comparing the United States and our armed forces to the Taliban and Hamas.
00:22:03.000But apparently all of that is totally fine.
00:22:05.000It's totally fine, because Ilhan Omar is part of the intersectional coalition, and you are not.
00:22:11.000That is all that matters to the Democratic Party at this point.
00:22:14.000So they will march arm and arm forward, so long as those people believe in all of the same progressive policies that they believe in.
00:22:21.000Allies of convenience are more important than fundamental principles about, you know, being anti-hate and all that.
00:22:26.000Alrighty, in just a second, we'll get to the latest economic reports.
00:22:30.000It turns out that blowing money into the economy at extraordinary rates And encouraging people never to go to work again, it creates this thing.
00:22:38.000First, if you've been listening to the show for a while, you've probably heard me talk about my Helix Sleep Mattress.
00:22:43.000So, my kids keep me up at all times of night, but that means that in the moments, those brief respites between my children waking me up, I need to be on a mattress made for me, which is why I love my Helix Sleep Mattress.
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00:25:03.000The Fed keeps saying that inflation is going to go down at some point here.
00:25:06.000Now, the experts were saying earlier this year that the inflation rate for the entire year of 2021 was going to be like 2.6%, already at like 4%.
00:25:14.000So, unless things dramatically decrease in the remaining half of the year, We've got a problem on our hands, right?
00:25:20.000It's very easy to fall into an inflationary cycle so long as you keep pumping money into the economy, so long as Congress keeps passing unemployment benefits, so long as Congress keeps pushing forward these $2 trillion infrastructure packages, keep pouring money into an economy while encouraging people never to go back to work.
00:25:35.000The definition of inflation is too many dollars chasing too little product.
00:25:38.000You end up with price inflation, and this means that your dollar doesn't go as far.
00:25:43.000It means that people are unlikely to invest as much in American debt.
00:25:46.000Which again, drives the Fed to start perching some more of the debt to inject more money into the economy.
00:25:54.000Problem number two is that the general view of the Bidenomics crew is that the more money you suck out of the private sector and redistribute in these ways, the better it is.
00:26:03.000The problem with this, of course, is that it leads to economic stagnation because it turns out the people who are most likely to invest and people who are most likely to put their money in R&D, to develop new products and services, are the people whose money you are taking away from them.
00:26:17.000The truth is, every check that you have ever gotten as an employee is coming from somebody who is richer than you.
00:26:23.000That is just a general good rule of thumb.
00:26:26.000And that will always continue to be true because you generally don't have People who are poor engaging or employing people who are richer.
00:26:34.000People who are richer, because they have more capital, they tend to then expend that capital to take risks and build businesses, right?
00:26:41.000Entrepreneurship drives the economy forward.
00:26:43.000The reason that the economy now is more robust than the economy 50 years ago, and it is.
00:26:48.000It's because of all the new products and services.
00:27:15.000The reason things have gotten better is because people took their money and they invested it in brand new products and services that you enjoy.
00:27:20.000The entire Bidenomics model is designed to take money away from those people and then redistribute it as geniuses like Joe Biden think is fit.
00:27:29.000We need to have Ronald Klain deciding where dollars go.
00:27:31.000All these people who have never created a product, have never created a service, have never employed a person with their own money, all of these people are saying they know what to do with the money better than the people who've actually, you know, hired hundreds of millions of people.
00:27:45.000Which is kind of an incredible statement.
00:27:50.000Well, they're busy blowing out the inflation rates.
00:27:51.000The same people who are inflating the currency are the people who say that we should give them more money and they should borrow more money in order to presumably remake the economy, quote unquote, better.
00:28:00.000Now, right now, there are 9 million open jobs in the United States.
00:28:12.000They are not re-entering the workforce.
00:28:14.000Biden and team, they keep suggesting the reason for this is people are wary of COVID.
00:28:18.000Well, if they are, that's because you guys suck at PR.
00:28:20.000The reality is that everyone has had a chance to get the vaccine now.
00:28:24.000And in most states, the vast majority of the elderly have already had the vaccine, which means once you've had a chance to get the vaccine, whether you get it, whether you don't get it, that one's on you.
00:28:34.000Okay, so it is not COVID hesitancy that is driving down employment rates.
00:28:37.000I was talking to a construction guy here yesterday in Florida, and he was telling me he literally cannot find laborers.
00:28:51.000He's had to do roofing in different ways.
00:28:53.000He can't use foam for roofing because the materials are just not available.
00:28:57.000Because again, production is not ramping up to meet the price inflation that is occurring.
00:29:02.000According to the Washington Post, prices rose by 5% in May compared with a year ago, the largest increase since the Great Recession, continuing a steady climb in inflation, even as policymakers insist on staying the course.
00:29:13.000Price spikes often coincide with downturns.
00:29:15.000Officials from the White House and Federal Reserve have predicted that prices will climb over the coming months, especially compared with a year ago when the economy was reeling from COVID pandemic shutdowns.
00:29:23.000However, the move adds new fuel to criticism from Republicans and at least one prominent liberal economist that too much government spending could wreak havoc and lead to an overheated economy.
00:29:32.000According to the Washington Post, it could take months before it's clear whether the current rise in inflation is temporary.
00:29:37.000But the steady climb is already weighing on numerous policy debates.
00:29:39.000Republicans pushed back hard on President Biden's proposal to spend $4 trillion on infrastructure and other proposals, complaining it amounted to an infusion of too much money at a time when prices on certain products were rising faster than wages.
00:29:52.000GOP opposition has led the White House to rethink its spending strategy in recent weeks.
00:29:56.000The most recent inflation figures do not seem to have forced any course correction decisions inside the Biden administration or at the Fed.
00:30:02.000Both predict prices will continue to rise until supply chains and consumer demand recalibrate and the economy recovers.
00:30:08.000The Fed says it's not going to rush to raise interest rates.
00:30:11.000It's resulting in businesses taking out cheap debt and then using it on hard assets.
00:30:18.000If you don't like businesses doing that, perhaps you should be protesting, you know, the governmental actors who are actually answerable to us.
00:30:25.000As we'll see, people instead have this sort of simplistic view of economics in which you rip on corporations for doing exactly what corporations do.
00:30:32.000But the reality is you need to change the incentive structures if you wish for the corporations to change their order of business.
00:30:37.000Okay, we'll get to that in just one second.
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00:31:43.000Alrighty, it is that glorious time of the week when I give a shout out to a Daily Wear member.
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00:32:00.000Ben Shapiro, Real Daily Wire, new episode.
00:32:03.000By the way, far superior to my wife's louder with Crowder mug.
00:32:16.000Also, it is no secret that the amount of content we are putting out is growing rapidly, both in quantity and in quality.
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00:33:51.000While all of this bad spending policy is leading to some pretty dire economic warnings from According to The Hill, as the world economy awakens from the 15-month slumber caused by the pandemic, Deutsche Bank has launched a series of research articles to spark debate and discussion about pressing post-pandemic economic issues.
00:34:12.000On June 7th, Deutsche Bank issued its first report of the new series titled Inflation, the defining macro story of this decade.
00:34:19.000macro policy, macroeconomic policy, and indeed the very role of the government in the economy is undergoing its biggest shift in direction in 40 years.
00:34:25.000In turn, we are concerned it will bring about uncomfortable levels of inflation.
00:34:30.000Based on the latest inflation report from the United States, the U.S.
00:34:33.000Bureau of Labor Statistics points out that in April, the consumer price index for all urban consumers rose 0.8 percent on a seasonally adjusted basis, rising 4.2 percent over the last 12 months.
00:34:44.000Deutsche Bank notes the current fiscal stimulus is more comparable with that seen around World War II.
00:34:49.000deficits remained between 15 to 30 percent for four years.
00:34:52.000While there are many significant differences between the pandemic and World War II, we would note that annual inflation during that period was 8.4%, 14.6%, and 7.7% in 46, 47, and 48, after the economy normalized and pent-up demand was released.
00:35:07.000Apparently, there are a couple of big problems according to Deutsche Bank.
00:35:09.000One is the giant spending by Congress.
00:35:12.000They say monetary stimulus has been equally breathtaking.
00:35:14.000In numerical terms, the Fed's balance sheet has almost doubled during the pandemic to nearly $8 trillion.
00:35:20.000During the 2008 crisis, it only increased a little more than $1 trillion and then another $2 trillion in the subsequent six years.
00:35:26.000So basically, this is just the Federal Reserve creating fake money and then buying up bonds to inject it into the capital markets.
00:35:34.000The Deutsche Bank report says we worry inflation will make a comeback.
00:35:36.000Few still remember how our societies and economies were threatened by high inflation 50 years ago.
00:35:40.000The most basic law of economics, the ones that have stood the test of time over the millennium, have not been suspended.
00:35:45.000An explosive growth in debt financed largely by central banks is likely to lead to higher inflation.
00:36:24.000Okay, now the predictable result of all of this is not just inflation, it's also, as I say, economic stagnation.
00:36:29.000Because when you remove money from the private sector, and when you blow out the debt, and thus blow out the value of savings, what you end up doing is making it more difficult for businesses to do anything.
00:36:40.000Because again, there are two problems.
00:36:42.000One is the inflation problem, and the second is what happens if the federal government, the Federal Reserve continues to pump money into the banks by issuing overnight rates that are zero or below zero, Which encourages banks to lend.
00:36:53.000And what if businesses look around and they go, wait a second, there's no demand.
00:37:06.000And so we are seeing both of these things come to pass.
00:37:08.000There's a reason that Joe Biden's budget, his $6 trillion garbage budget that he's pushing, there's a reason that it forecasts a 2% rate of growth for the next 10 years every year.
00:37:17.000It will end up being below 2% if Joe Biden gets his way in terms of this economy.
00:37:21.000Simultaneously, you're seeing people get ticked off at corporations for doing what exactly it is that they do, which is they see a cheap debt instrument available to them, and they immediately start taking out loans and then buying up hard assets.
00:37:34.000Now there are people who get angry at the corporations for this.
00:37:36.000You're getting angry at the wrong people.
00:37:39.000I may not like it either, but the point is that unless you stop the Federal Reserve from pumping money into the system, corporations are going to take cheap loans and then they're going to use those loans to arbitrage.
00:37:50.000They're going to take the loans at 0% and then they're either going to lend it out at 3% or they're going to go buy hard assets they think are going to appreciate at 3% or more over the course of the next 50 years.
00:38:01.000This is leading to massive price inflation, especially in real estate.
00:38:06.000So there's a big story that came out yesterday and a lot of people right, left, and center are really mad about it.
00:38:12.000Not because they are wrong in being angry about things, but because very often they're angry at the wrong people.
00:38:18.000It is not a corporation's fault if cheap loans are available, that they are taking the cheap loans and then going and buying real estate.
00:38:24.000Any more than it would be their fault if cheap loans are available and they go and they take the cheap loans and then they buy stock.
00:38:29.000Okay, this all comes down to government policy.
00:38:32.000If you are willing to take up the risk of buying an asset at a higher price than the market would suggest, if you're willing to foot that risk, that's your problem, so long as you don't get bailed out.
00:38:43.000So there are two things that people who are seriously troubled by what's going on economically ought to oppose with all of their heart and might.
00:38:51.000Okay, one is the inflationary policy of the Federal Reserve, the cheap debt that continues to be pumped into the economy, The government spending that continues to promote unemployment and keep people at home, that is one.
00:39:06.000If a big corporation like BlackRock decides to take out a bunch of money from a bank, or they decide that they're gonna sell their bonds to the Federal Reserve and they're going to get back all of this cheap money, and then they take that cheap money and they invest it in real estate, and then the real estate goes south, no bailouts.
00:39:24.000The moral hazard of TARP was just that, it created a massive moral hazard.
00:39:28.000And just like Occupy Wall Street was angry at the wrong people, they shouldn't have been occupying Wall Street.
00:39:33.000They should have been occupying K Street.
00:39:34.000They should have been over there in Washington, D.C., yelling at Congress.
00:39:38.000You remember the Occupy Wall Street movement that cropped up in 2009, 2010, in the aftermath of the great bubble bursting and the Great Recession?
00:39:47.000You'll recall people went over to Wall Street and started yelling at Wall Street.
00:39:49.000And it was like, why are you yelling at Wall Street?
00:40:08.000Those are the people who are answerable to you, not the people who work at BlackRock.
00:40:13.000And yet people are misdirecting all of their energies.
00:40:14.000They're mad at corporations because, again, what populism does is it very often gets the diagnosis correct, but then the actual prescription is completely wrong.
00:40:23.000So the diagnosis is right, that you don't want corporations, giant corporations necessarily, coming in and buying up swaths of real estate and preventing first-time homeowners from being able to buy at market prices.
00:40:33.000You don't want them artificially driving up the price of real estate, but this is the point.
00:40:36.000It's not an artificial drive up of the price of real estate unless there's artificially cheap money being pushed into the system.
00:40:43.000The price of a house is what somebody is willing to pay for it.
00:40:46.000So you can say that BlackRock or these other big corporations are paying above market prices.
00:40:51.000Yes, they are paying above what the market price was before they were willing to pay for it.
00:40:54.000Now what they are willing to pay for it is the new market price.
00:40:56.000If you don't like that market price, perhaps you should oppose the Federal Reserve's inflationary policy.
00:41:01.000Which again, that's a government agency.
00:41:04.000BlackRock is just taking out debt and then they're spending it.
00:41:06.000And you should also have to explain, by the way, why it is that you think that the current homeowner shouldn't have the right to sell to BlackRock at an inflated price.
00:41:13.000That homeowner is, you know, part of the consenting bargain here.
00:41:17.000Yes, there is an affected third party.
00:41:19.000That affected third party shouldn't be angry at BlackRock.
00:41:21.000That affected third party should be angry that the Fed keeps giving out cheap money.
00:41:26.000And yet people are directing their anger at all the wrong places.
00:41:29.000There's a piece in the Wall Street Journal about this that drove all sorts of ire the other day.
00:41:34.000That if you sell a house these days, the buyer might be a pension fund.
00:41:36.000Now again, if the buyer is a pension fund, you know who owns stock in pension funds?
00:41:41.000A lot of people who are not actually big corporations.
00:41:44.000A lot of unions own stock in pension funds.
00:42:09.000In order to properly price all of these assets.
00:42:11.000And so, you can think that it's kind of hilarious what happened to the short sellers with regard to GameStop, but you can also recognize that short sellers are not malevolent forces in the financial universe any more than people who pump up the price of a stock are malevolent forces.
00:42:24.000As long as you bear the risk of your own decisions, it's on you what happens next.
00:42:29.000In any case, this Wall Street Journal article says a bidding war broke out this winter at a new subdivision north of Houston.
00:42:35.000The prize this time was the entire subdivision, not just a single suburban house, illustrating the rise of big investors as a potent new force in the U.S.
00:42:42.000Horton built 124 houses in Conroe, Texas, rented them out, and then put the whole community, Amber Pines at Foster's Ridge, on the block.
00:42:49.000A who's who's of investors and home rental firms flocked to the December sale.
00:42:52.000The winning $32 million bid came from an online property investing platform, Fundrise LLC, which manages more than $1 billion on behalf of about 150,000 individuals.
00:43:02.000The country's most prolific home builder booked roughly twice what it typically makes selling houses to middle class, an encouraging debut in the business of selling entire neighborhoods to investors.
00:43:10.000We wouldn't expect every single-family community we sell to sell at a 50% gross margin, said the builder's finance chief, Bill Wheat.
00:43:17.000From individuals with smartphones and a few thousand bucks to pensions in private equity firms of billions, yield-chasing investors are snapping up single-family houses to rent out or flip.
00:43:25.000They're competing for houses with ordinary Americans, are armed with the cheapest mortgage financing ever, and driving up home prices.
00:43:31.000Again, cheap fiscal policy means inflation.
00:43:35.000And whether it is people creating a bubble thanks to subprime mortgages in 2006, or whether it is the federal government pursuing inflationary monetary policy that drives down the price of loans, and therefore drives up the price of things like real estate, centralized, bureaucratic money decision-making is generally not a good idea with regard to this stuff.
00:43:56.000And there are many people on the left who make fun of people who call for a gold standard.
00:43:58.000The reason for a gold standard is specifically so you can't do this crap.
00:44:01.000The reason for a gold standard is that you don't have people manipulating the worth of money.
00:44:07.000You wonder why so many members of the left are pissed off at Bitcoin?
00:44:10.000The reason that people are pissed off at Bitcoin is because Bitcoin is not controllable by a central authority, which is why people like me tend to be fans of Bitcoin, at least in theory.
00:44:19.000But people instead yesterday got super mad.
00:44:21.000If you pointed out that the ire was misplaced, that if you're mad at BlackRock, maybe you shouldn't be mad at BlackRock.
00:44:26.000Maybe you should actually be mad at the federal government.
00:44:28.000People are like, no, I want to be mad at BlackRock.
00:44:31.000And it's the same sort of ire that is driving all of the rage with regard to this new ProPublica report.
00:44:37.000So, amazingly enough, ProPublica, you know, they got a hold of a bunch of leaked IRS documents.
00:45:08.000What they showed is that wealth is not taxed the same way as income, which again makes sense because wealth that has never been cashed out is not in fact income.
00:45:18.000If you have a house, and over the course of 10 years your house doubles in value, you are not worth more money on a practical day-to-day level unless you sell the house or take out debt.
00:45:42.000They look at Jeff Bezos, they see that Jeff Bezos is really rich, and because they see Jeff Bezos is really rich, they're like, that guy should pay more taxes.
00:45:48.000And this sort of populist ire, it does span both sides.
00:45:50.000There's a populist movement on the right that embraces just this sort of stuff, and there's a populist movement on the left, the sort of Bernie Sanders progressives, who believe this sort of stuff.
00:46:16.000And yet still, this has been treated as a major story by the media.
00:46:20.000Again, that ProPublica story, as Daily Wire points out, found that billionaires often manage to employ tax loopholes to legally avoid paying income tax, except those aren't tax loopholes.
00:47:11.000So if you don't like what corporations are doing, then you should change the incentive structure.
00:47:15.000I will say I am amused to watch all of these corporations who attempted to comply with the diktat of the woke left now being eaten by the woke left.
00:47:23.000So you may have noticed this month, because it is quote-unquote Pride Month, you may have noticed that every major corporation that you can think of has decided to change its logo to include rainbows.
00:47:33.000And now they've all got rainbows, right?
00:47:35.000I've got Zillow on my phone, and Zillow has changed its logo to include rainbows.
00:47:44.000And now, people who are cynical might say that they are doing this because they wish to appeal to the most radical base, and they feel that everybody on the right is just going to ignore it, which is why Nickelodeon is pushing transgender propaganda to children.
00:47:54.000Okay, but, remember, the left will eat these people.
00:47:58.000AOC tweeted out, This week's guilty pleasure, watching Representative Jayapal, Pramila Jayapal, go down the list to expose phony corporate pride rebrands with how much money they've given to fund anti-LGBT plus politicians.
00:48:09.000Remember, just because a company slapped on a rainbow doesn't mean they support the LGBT plus community.
00:48:15.000Yes, they're never going to stop, gang.
00:48:22.000You bought the ticket, now you take the ride.
00:48:24.000Again, you bore the risk, and now the risk is coming home to roost.
00:48:27.000And by the way, folks on the right, you should get active in just the same way.
00:48:30.000It turns out we have market power as well, and we are fully capable of using that market power to change the incentive structure for profit-seeking corporations.
00:48:38.000Alrighty, we'll be back here a little bit later with an additional hour of The Ben Shapiro Show.
00:48:41.000First, you can't forget to end your week by checking out The Andrew Klavan Show.