The Ben Shapiro Show - Why Economic Collapse Is Imminent

00:00:00.000 Well, folks, Joe Biden and company, they keep telling you that your money is safe.

00:00:03.000 And here's the reality.

00:00:04.000 If you have your money in a bank, the money isn't just going to go away.

00:00:07.000 The FDIC has basically now stated that they will fill in any depositors who whose bank goes under.

00:00:14.000 But that's not really the issue right now.

00:00:15.000 The real issue when it comes to a lot of the regional banks is that people are taking their money out of the regional banks because the rate of return that you get on your savings in a regional bank is not nearly as much as the rate of return that you are going to get from a so-called money market account.

00:00:28.000 When you put your money in a money market account, you're going to be getting like a 5% rate of return.

00:00:32.000 When you put it in the bank, you're getting like a 0.1% rate of return after inflation.

00:00:36.000 Which means, why would you leave your money in a regional bank?

00:00:39.000 And the reason that those regional banks have to guarantee those low rates of return as opposed to higher rates of return is because they don't actually have the asset base in order to pay you at a higher rate.

00:00:48.000 And herein lies the problem.

00:00:50.000 Because if people keep drawing their money out of those regional banks, the regional banks are going to go under.

00:00:53.000 If the regional banks go under, liquidity is going to start to dry up.

00:00:55.000 If the liquidity starts to dry up, there's no more investment in businesses.

00:00:58.000 If the investment in businesses stops, you have the 2007-2008 recession all over again.

00:01:03.000 According to USA Today, story by Swapna Venugopal Ramaswamy.

00:01:09.000 With the failure of three regional banks since March, and another one teetering on the brink, will America soon see a cascade of bank failures?

00:01:14.000 Bloomberg reported Wednesday that San Francisco-based PacWest Bancorp is mulling a sale.

00:01:18.000 Last week, First Republic Bank became the third bank to collapse, that's the second largest bank failure in American history, after Washington Mutual, which you'll remember collapsed in 2008.

00:01:26.000 After the demise of Silicon Valley Bank and Signature Bank in March, a study on the fragility of the U.S.

00:01:30.000 banking system found that 186 more banks are at risk of failure even if only half of their

00:01:36.000 uninsured depositors, again those are the people who stand to lose a part of their deposits

00:01:40.000 if the bank fails, right, people who have more than $250,000 in their account at these

00:01:44.000 banks because the FDIC is only supposed to insure up to $250,000 of deposits, they're

00:01:49.000 lying. I mean they will now insure pretty much all deposits.

00:01:52.000 But if half of those people decide to withdraw their funds, these banks go under. Most

00:01:56.000 bonds are currently paying a fixed interest rate that becomes attractive when the

00:02:00.000 interest rates fall.

00:02:01.000 But the problem is that all of these regional banks basically trusted the federal government.

00:02:05.000 Moral of the story, folks, do not trust the federal government because the federal government is there to aggrandize itself at the expense of everybody else.

00:02:11.000 So a bunch of banks took all of their assets, they put them in bonds, figuring that the federal government was not going to increase interest rates tremendously over the course of the next couple of years.

00:02:20.000 Inflation was a thing of the past.

00:02:21.000 We lived in the new modern monetary theory universe.

00:02:24.000 In which you could just spend endless amounts of money and inflation would never hit.

00:02:27.000 Inflation hit, and now all of those banks have an asset base that is just garbage because the federal government has devalued the bonds in which all of those banks put their money and investments.

00:02:38.000 As the USA Today points out, many banks increased their holdings of bonds during the pandemic when deposits were plentiful, but loan demand and yields were weak.

00:02:45.000 For a lot of banks, those unrealized losses will stay on paper, but others will face actual losses if they actually have to sell those securities for liquidity or other reasons.

00:02:53.000 So, we could be watching a run on those banks pretty soon.

00:02:56.000 And you can see that as the stock market opens.

00:03:00.000 Regional bank stocks tumbled on Thursdays despite assurances from the Federal Reserve that the banking system was on solid footing.

00:03:05.000 PacWest Bank Corp dropped by about 50%.

00:03:08.000 PacWest said in a statement after midnight Eastern time on Thursday that its core customer deposits were up since the end of the first quarter and that it hadn't experienced any unusual deposit flows since the collapse of First Republic.

00:03:17.000 But that doesn't mean there won't be a run on the bank.

00:03:19.000 Western Alliance is another bank whose stock has been hit hard.

00:03:22.000 It fell by 38%.

00:03:24.000 Christopher Marinak, an analyst at Jannie Montgomery Scott, described the nosedive in bank stocks as a temper tantrum, according to the Wall Street Journal.

00:03:30.000 It's not really a temper tantrum when all of the regional banks are sinking all at once.

00:03:36.000 In fact, there's so many short sales on these regional banks at this point that the federal government is thinking of coming in and stopping short selling.

00:03:43.000 That is the rumor on the street today is that the federal government is afraid that short selling is going to lead to a cycle wherein people start selling off the stocks in anticipation that these regional banks are going to fail.

00:03:53.000 And if that happens, then the possibility of raising new liquidity through issuance of new stock goes away as well.

00:03:59.000 This isn't the only risk to the economy right now.

00:04:00.000 Again, these are all the wages of bad governmental and fiscal policy.

00:04:04.000 When you inflate the currency with endless spending and shut down businesses for two years, when you decide that it is imperative to jack up the amount of money in circulation in order to quote-unquote help the people at the bottom, even though those people are the hardest hit by inflation, the costs come due.

00:04:19.000 In economics, gravity always applies.

00:04:22.000 According to the New York Times, Amit Saro, professor of finance at Stanford Graduate

00:04:25.000 School of Business, quote, our nation's banking system is at a critical juncture.

00:04:29.000 The recent fragility and collapse of several high-profile banks are most likely not an

00:04:33.000 isolated phenomenon. In the near term, a damaging combination of fast-rising interest rates,

00:04:37.000 major changes in work patterns, and the potential of a recession could prompt a credit crunch not

00:04:41.000 seen since the 2008 financial crisis. Back then, amidst a housing market bubble, lenders had handed

00:04:46.000 out high-risk loans to people with poor credit histories.

00:04:48.000 When the market collapsed, so did many of the banks that made those loans.

00:04:51.000 That caused the Great Recession.

00:04:52.000 This time, the epicenter is different, but the result may be the same.

00:04:56.000 Lost jobs and widespread financial pain.

00:04:58.000 And then this professor at Stanford Business School explains the rapidly increasing interest rates that are undercutting the asset value of all of these regional banks.

00:05:07.000 And then he says there's another area of looming concern that could also spark a panic, the commercial real estate sector.

00:05:12.000 Commercial real estate loans worth $2.7 trillion in the United States make up about a quarter of an average bank's assets.

00:05:17.000 Many of those loans are coming due in the next few years.

00:05:20.000 Refinancing at higher rates increases the risk of default.

00:05:23.000 If a lot of people have taken out loans and then they have to refi those things and the rates are higher now because the interest rates are higher, then presumably a lot of people are going to go under.

00:05:31.000 They're not going to be able to actually afford their mortgage in the commercial real estate sector.

00:05:35.000 Rising interest rates depress the value of commercial properties, especially those with long-term leases and limited rent escalation clauses, which also increases the likelihood of owner default.

00:05:44.000 In the Great Recession, for example, default rates rose to about 9% up from about 1% as those interest rates went up.

00:05:51.000 This time, the damage to the sector threatens to be far, far greater.

00:05:54.000 The COVID-19 pandemic led to a huge jump in remote working, with over 40% of the U.S.

00:05:58.000 labor force working remotely by May 2020.

00:06:01.000 The return to in-person office work has been slow, so the commercial real estate sector is over-leveraged.

00:06:05.000 Signs of distress are already visible, particularly in offices.

00:06:08.000 By the end of March, the equity value of real estate holding companies, or REITs, focused on the office sector had declined by nearly 55% since the beginning of the pandemic.

00:06:17.000 And then there's a longer-term risk too, says this professor.

00:06:19.000 After the collapse of Silicon Valley Bank and Signature Bank, the government took substantial actions guaranteeing all deposits, regardless of size, to restore trust in the banking system.

00:06:26.000 But this creates a massive moral hazard.

00:06:28.000 What incentive do bank executives have to take smaller risks with depositor money if they believe the government is going to simply protect those depositors over time anyway?

00:06:37.000 So, the systemic risks to the banking system continue to exist, and those are exacerbated by the fact that the government continues to spend endless amounts of money.

00:06:45.000 We'll get to that momentarily first.

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00:07:51.000 Okay, so all of this, as I say, this economic crisis that is going to happen, it will because there's just no way to avoid it.

00:07:58.000 The only question is when.

00:08:00.000 Exacerbating that is, of course, the government's wild overspending problem.

00:08:04.000 Now, the reality is that one way that you could bring that back into focus is to cut the amount of government spending.

00:08:11.000 That's what this debt ceiling battle is all about.

00:08:13.000 But the reality is that Joe Biden doesn't want to cut the spending.

00:08:17.000 He wants to continue spending.

00:08:19.000 They continue to maintain the radical Keynesian notion that the way that you maintain a thriving and healthy economy is to blow extraordinary amounts of borrowed money into the economy.

00:08:29.000 But you don't need to do that right now.

00:08:31.000 And there's a new unemployment rate out right now.

00:08:33.000 And what it is showing is that the unemployment rate remains really low, that the jobs market continues to be incredibly robust, which means inflation is not going to come down anytime soon.

00:08:42.000 That is particularly true, again, given the fact that Joe Biden maintains that he wants to continue spending endless amounts of money.

00:08:48.000 The fact that he will not even discuss going back to 2022 levels of spending is an amazing predictor of exactly where we are going to go fiscally here.

00:08:58.000 The Wall Street Journal points out, Greg Ip, that a debt deal would actually help solve the country's inflation problem, but the chances of a debt deal are really, really low at this point.

00:09:06.000 Joe Biden simply wants to continue spending up to wazoo.

00:09:09.000 He doesn't want to cut discretionary spending.

00:09:12.000 He doesn't want to restructure entitlements.

00:09:13.000 Nothing.

00:09:13.000 In fact, it's become a taboo in American politics to talk about restructuring the entitlement programs that are actually driving the national debt in a major way.

00:09:21.000 Meanwhile, Democrats keep saying that they really don't want to negotiate.

00:09:24.000 Senator Jon Tester, Democrat of Montana, he says default on the debt may actually happen.

00:09:29.000 So we can stack that on top of the list of fiscal problems facing the United States.

00:09:33.000 What did McCarthy promise?

00:09:35.000 Exactly.

00:09:35.000 And I think that adds another sidebar to this that makes it more difficult, far more difficult, and changes the landscape.

00:09:46.000 I will tell you that before I was worried, because we have done this before, as you write, Joe, but I'm going to tell you I'm very concerned that there's enough people out there that want to see this default happen on our debt, that in fact may happen.

00:10:01.000 Okay, well, if you don't want it to happen, you know what would be a great thing is to put pressure on Joe Biden to come to the table and actually negotiate over the future of the economy in the United States.

00:10:08.000 But he's not going to do any of that sort of stuff, Jon Tester.

00:10:11.000 Democrats have no interest in doing that sort of thing.

00:10:13.000 The game in politics is to avoid responsibility at all costs.

00:10:16.000 When it comes to the economy, the reality is that a thriving economy with a serious future requires the government not to make endless promises and spend endless amounts of borrowed money and then inflate the currency in order to fill in that gap.

00:10:27.000 But that's precisely what has happened here.

00:10:30.000 And it's going to continue to happen up until we hit that cliff.

00:10:33.000 And here's the problem.

00:10:34.000 The reason that I can't predict a date is because it's going to look more like a cliff than it is like a gradual decline in the economy.

00:10:39.000 It's not going to be a gradual stagnation of the economy.

00:10:42.000 There will come a point where depositors are just not holding up these regional banks anymore and they collapse.

00:10:48.000 And the liquidity drives up like that and all of a sudden things get real bad.

00:10:51.000 So my advice, by the way, what I've been doing, diversify.

00:10:54.000 Diversifying would be the smart move in this particular economy because no one's going to take responsibility enough to actually solve the problems, which is sort of the theme of today's politics is not avoiding responsibility at all costs.

00:11:05.000 Speaking of avoiding responsibility at all costs, the city of New York continues to want to have it both ways.

00:11:10.000 They don't actually want to police crime, but at the same time, they want to pretend that if they don't police crime, that there won't be people who try to defend themselves.

00:11:18.000 In fact, the attempt by many mainstream hard-left Democrats to normalize living in garbage conditions is truly amazing.

00:11:26.000 It really is.

00:11:28.000 There's now an attempt to suggest that you are only a believer in equity if you are willing to allow yourself to be victimized on the subway.

00:11:35.000 This has become an actual talking point.

00:11:37.000 Representative Jamal Bowman, Democrat of New York, he had some statements about Jordan Neely.

00:11:42.000 We spoke about Jordan Neely yesterday.

00:11:43.000 Jordan Neely is this 30-year-old, mentally ill, repeat criminal, 44 arrests, most recently arrest warrant outstanding.

00:11:50.000 before beating up a 67-year-old woman. 0.52

00:11:52.000 And he was on the subway and he was threatening people and shouting in their faces and apparently preparing to get violent when he was taken down and put in a submission hold by a 24-year-old Marine.

00:12:01.000 He then died.

00:12:03.000 And so this has turned into the media's usual game of, is this systemic American racism?

00:12:08.000 Is this all about the evils of white people? 0.87

00:12:10.000 And as I said yesterday, it isn't about that. 0.87

00:12:12.000 What this really is about is a city that refuses to actually police crime because policing crime might look racially disparate.

00:12:18.000 Here's Representative Jamal Bowman suggesting, of course, that this is indicative of the evils of the United States.

00:12:24.000 I'm born and raised in New York.

00:12:27.000 I rode the trains my entire life as a child.

00:12:30.000 You often see people who are unhoused have episodes.

00:12:36.000 And I couldn't help but think of the like 10 other things that could have been done before this person decided to wrap his arms around Mr. Neely's neck and choke him to death.

00:12:49.000 The entire world saw it.

00:12:51.000 The entire world saw him be choked to death.

00:12:54.000 It's on video.

00:12:56.000 So let the DA do his investigation, but the investigation is going to include this video.

00:13:03.000 I mean, that's amazing.

00:13:05.000 What else could have been done?

00:13:05.000 Okay, first of all, there are plenty of resources for people who are mentally ill in the city of New York, at least in terms of having a homeless shelter or a place to go.

00:13:13.000 The biggest problem is that people who are schizophrenic, people who need mental help, those people are not taken off the streets, thanks to people like Jamal Bowman.

00:13:23.000 And instead, the left has settled on a theory when it comes to this, which is that you, the normal tax-paying citizen of the United States, must undergo the gauntlet of being abused in public areas by people who are mentally ill drug addicts or criminals.

00:13:35.000 This is something that absolutely must happen.

00:13:37.000 We'll get to that momentarily first.

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00:14:44.000 So as I say, I guess the goal here for the left is to normalize being abused on the subway system.

00:14:49.000 Roxane Gay, who again, there's a running gun battle over at the New York Times on who is the worst columnist. 0.94

00:14:54.000 And there is rich competition over there.

00:14:56.000 It's like the Kentucky Derby of terrible columnists.

00:14:58.000 But Roxane Gay is definitely one of the front runners. 1.00

00:15:01.000 She has a piece today in the New York Times titled, Making People Uncomfortable Can Now Get You Killed.

00:15:07.000 Quote, increasingly, it is not safe to be in public, to be human, to be fallible.

00:15:11.000 I'm not quoting breathless journalism about rising crime or conservative talking points about America falling into ruin.

00:15:15.000 The ruin I'm thinking of isn't in San Francisco or Chicago or at the southern border.

00:15:19.000 The ruin is woven into the fabric of America.

00:15:21.000 It's seeping into all of us.

00:15:23.000 All across the country, supposedly good, upstanding citizens are often fatally enforcing ever-changing arbitrary and personal norms for how we conduct ourselves.

00:15:31.000 And then she writes about a series of events in which people engage in no crime, as in the case of Ralph Yarrow in Kansas City, or somewhat minor crime, as in the case of a person who shoplifted and then ended up getting shot.

00:15:48.000 But then she gets to Jordan Neely.

00:15:49.000 Quote, on Monday, Jordan Neely, a Michael Jackson impersonator, experiencing homelessness.

00:15:53.000 Experiencing homelessness.

00:15:54.000 Everything is passive.

00:15:56.000 And now everything is passive.

00:15:57.000 You are unhoused.

00:15:58.000 If you're a mentally ill person who's living on the streets, Not because there are no homeless shelters, but because the city will allow you to live on the streets and you do so. 0.98

00:16:07.000 You're now experiencing homelessness or you're unhoused.

00:16:10.000 It's somehow the fault of the society for not giving you a house or something.

00:16:13.000 He was yelling and, according to some subway riders, acting aggressively on an F train in New York City.

00:16:17.000 Well, not according to some riders, according to all the riders.

00:16:20.000 I don't have food.

00:16:21.000 I don't have a drink.

00:16:21.000 I'm fed up.

00:16:22.000 Mr. Neely cried out, I don't mind going to jail and getting life in prison. 0.98

00:16:25.000 I'm ready to die.

00:16:26.000 Was he making people uncomfortable?

00:16:27.000 I'm sure he was.

00:16:28.000 But his were the words of a man in pain.

00:16:30.000 He did not physically harm anyone.

00:16:31.000 I mean, avoid all the reports of Jordan Neely apparently attempting to push people onto the subway tracks over the course of the past few weeks.

00:16:37.000 The consequence for causing discomfort isn't death.

00:16:39.000 Unless, of course, it is.

00:16:41.000 A former Marine held Mr. Neely in a chokehold for several minutes, killing the man.

00:16:45.000 News reports keep saying Mr. Neely died, which is a passive thing.

00:16:48.000 We die of old age.

00:16:49.000 We die in a car accident.

00:16:50.000 We die from disease.

00:16:51.000 When someone holds us in a chokehold for several minutes, something far worse has occurred.

00:16:54.000 Well, I mean, first of all, we're going to have a medical examiner, I am sure, who's going to have to determine whether an underlying condition led to Neely's death.

00:17:01.000 Meaning that a normal person who's placed in a submission hold gets knocked out.

00:17:04.000 They don't die.

00:17:06.000 The same sort of stuff, again, happened in the George Floyd case, where the situation was obviously exacerbated by the fact that Floyd was high as a kite and had pre-existing health conditions.

00:17:16.000 But that's not really the point.

00:17:17.000 The point here is that you as a citizen, it is up to you to simply undergo the gauntlet of being on a New York City subway.

00:17:25.000 And being abused is just part of being in a civilized society now.

00:17:27.000 To be truly civilized means that you as an innocent, law-abiding citizen, you must accept being abused.

00:17:33.000 I want to show you some video.

00:17:34.000 This is from 2022.

00:17:34.000 from 2022. This is what riding the subway in New York is actually like.

00:17:38.000 You can see people moving down the subway away from a person who is.

00:17:54.000 And then, this looks like a black young woman who literally grabs the hair of another person of color, who's sitting there saying, help me. 1.00

00:18:05.000 No one's helping her.

00:18:09.000 No one's helping her.

00:18:10.000 This young woman is now grabbing her by the hair and then throwing her. 1.00

00:18:16.000 And now walking down the car, shouting at herself. 0.62

00:18:20.000 Now climbing the window of the subway.

00:18:22.000 Trying to kick out the window of the subway.

00:18:25.000 According to Roxane Gay, that person... What's the problem? 1.00

00:18:29.000 This is just what it looks like to live in a civilized... Now, you may think to yourself, this looks like what it's like to live in an uncivilized society, where anarchy tends to reign.

00:18:38.000 This is a... It's sort of a...

00:18:41.000 Recidivism to the bad old days of the 1960s, 70s, and 80s in New York City that led to the election of Rudy Giuliani and then a crime decline in the city of New York.

00:18:51.000 But this is what is being normalized.

00:18:53.000 And again, it makes you a good person to accept it.

00:18:56.000 So, for example, there's a woman named Emma Vigeland.

00:18:58.000 She's on the Majority Report, I guess.

00:19:00.000 And she had a clip going viral today talking about how if you want to feel safe on public transit, this is bourgeois.

00:19:07.000 And you have to suppress those bourgeois feelings.

00:19:08.000 You have to make yourself feel OK about being abused on the public transportation system.

00:19:14.000 I was hit at one point sitting on the subway by a man who was having a mental health episode.

00:19:19.000 He sat next to me and he was elbowing and kind of flailing around and hit me in the face and in my body.

00:19:24.000 And it was jarring, right?

00:19:27.000 The idea that I would want him to be hurt in any way, I just didn't want to be near him in that moment because I understood something was going on here.

00:19:36.000 But, like, my fear is not the primary object of, like, what we should be focusing on right now.

00:19:43.000 It's the fact that this person is in pain.

00:19:46.000 And so, like, the politics of dehumanization privileges The bourgeois kind of concern of people's immediate discomfort in this narrow, narrow instance, as opposed to larger humanity and life. 0.78

00:20:02.000 It's really frickin' twisted.

00:20:06.000 Being beat up, being physically abused is now being part of the larger spectrum of humanity.

00:20:12.000 Isn't that wonderful?

00:20:14.000 You are expected by the hard left to now undergo being abused on the public transit system in order to create a more diverse and wonderful society.

00:20:25.000 I mean, good luck with this pitch, guys.

00:20:26.000 Seriously, good luck to you in all your future endeavors.

00:20:29.000 Because let me tell you something that nobody likes.

00:20:32.000 Right, left, center?

00:20:33.000 Being yelled at, beat up, assaulted on the subway system. 1.00

00:20:35.000 Nobody likes that crap. 1.00

00:20:37.000 Nobody's into it. 1.00

00:20:38.000 So if this is the new idea, is that to be tolerant, diverse, and humane, you have to allow yourself to be abused by schizophrenic homeless people and drug addicts, then I wish you all the best. 0.57

00:20:48.000 God bless you.

00:20:50.000 We'll get to more on this in just one second first.

00:20:52.000 If you own a business, the past few years have been a pretty bumpy ride as we've been talking about.

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00:21:54.000 All right, so, by the way, it is amazing to note what gets covered by the media, what does not get covered by the media in the case of this particular subway death.

00:22:03.000 The New York Post has a piece by Nicole Gelinas pointing out that 27 people were violently killed on the subway system in New York City since March of 2020.

00:22:11.000 No progressive outrage.

00:22:14.000 Why?

00:22:14.000 Well, because this one fit the narrative.

00:22:16.000 The narrative was white man, black, quasi-victim.

00:22:21.000 Before Neely's death, 27 people lost their lives to murder in the subway.

00:22:25.000 Many of them, like Neely, were homeless young people.

00:22:28.000 Before 2019, it took 15 years for New York to rack up 28 murders on the subway, not three.

00:22:35.000 As Nicole Gelinas points out, where were AOC and all of her fellow leftists when homeless soccer player Hakeem Maloney, 32, was murdered by a stranger as he slept on the subway in November 2021?

00:22:44.000 Where were they when Claudine Roberts, 44, also sleeping on the subway, was fatally knifed by a stranger earlier that year?

00:22:50.000 I mean, the answer is nowhere.

00:22:52.000 Because that's the way this works.

00:22:53.000 If it fits the narrative, then it becomes a national news story.

00:22:56.000 But the underlying theme to all of this is that you, as a civilized human being, are expected to simply avert your eyes when it comes to crime, when it comes to homelessness, when it comes to odd, terrible behavior, all in the name of, as I say often, atomistic individualism.

00:23:12.000 Somebody else is living their happiness.

00:23:14.000 And if they impose on your space, well, it's your job to simply stand back and allow that to happen.

00:23:19.000 Which presumably is why you have, I mean, this presumably is why you have San Francisco now having to deploy the National Guard, according to the New York Post.

00:23:32.000 Things have gotten so bad in San Francisco that they've now brought in the National Guard and California Highway Patrol this week to combat trafficking and drug-addled zombies in the city.

00:23:40.000 Four days later, sources told The Post deals are still going down in the streets anyway.

00:23:44.000 The struggling city has finally announced it would take a tougher stance on crime after an exodus of retailers plagued by theft, dwindling tourism, and 200 overdose deaths in three months.

00:23:52.000 Mayor Lyndon Breed said using CHP officers and the National Guard as support to curb drug trafficking is the aggressive step the city needed to take.

00:23:58.000 But remember, one of the reasons that this is happening overall is because of the tolerance for drug-addled behavior on our streets and the tolerance for drug use overall in our society, which has risen in tremendous fashion.

00:24:09.000 By the way, this is not unlinked.

00:24:11.000 A lot of this is linked to the rise in marijuana use.

00:24:14.000 This has become a taboo subject, because back in the 1990s, you were a fuddy-duddy if you said that marijuana use was bad.

00:24:19.000 And that actually, marijuana could be addictive to people.

00:24:22.000 And if you suggested that marijuana use was both a gateway drug and also addled people.

00:24:27.000 If you said any of that back when I was growing up, in the late 90s, early 2000s, you said any of that stuff, you were uncool.

00:24:32.000 That was the thing you weren't allowed to say.

00:24:34.000 Marijuana was exactly the same as alcohol, except milder, and with some mild health benefits.

00:24:38.000 There's only one problem with that, which is to absolute tripe, it is nonsense, it is not true.

00:24:42.000 Pretty much all the warnings of those conservative fuddy-duddies have now come true.

00:24:45.000 According to the UK Daily Mail, Marijuana may be driving a surge in schizophrenia cases among young men, a major government-funded study suggests.

00:24:53.000 Researchers backed by the National Institute on Drug Abuse estimated 30% of all schizophrenia cases in men aged 21 to 30 are linked to cannabis addiction.

00:25:02.000 Overall, across all age groups, the analysis of 6 million people found 15% of diagnoses in men and 4% in women could be attributed to the drug.

00:25:11.000 Dr. Nora Volkow, NITA director and co-author of the study, said the results called for urgent action and demanded people think twice before smoking marijuana.

00:25:18.000 But we were told that, again, marijuana is the cool kid's cigarette.

00:25:22.000 Cigarettes are really bad.

00:25:23.000 You can't have those smoked in public places, but you can walk through Denver and the entire city is now covered in a smog-like blanket of marijuana smoke.

00:25:30.000 And all of that is supposedly good.

00:25:34.000 It was a lie, okay?

00:25:35.000 All of this was a lie.

00:25:36.000 The idea that schizophrenia and marijuana were not linked, or that it was non-existent, it was just not true.

00:25:42.000 Another study shows that teens who smoke cannabis are six times more likely to get schizophrenia.

00:25:48.000 But again, this was supposed to be an activity linked to personal fulfillment.

00:25:52.000 So you have a drug-addled generation of people.

00:25:55.000 They are high on everything from marijuana to Adderall, who are told by their elders that this is the highest expression of individual autonomy, and that all of society must make way for their personal behavior.

00:26:06.000 And then we are surprised when our cities are falling apart?

00:26:09.000 This should not be a shock at all.

00:26:11.000 And there's a philosophical underpinning to everything that is happening with our younger generation, ranging from the skyrocketing rates of mental illness, to homelessness, to drug use.

00:26:20.000 There's something going on in our society, and that is the complete fragmentation of the social fabric, the exploding of our social fabric, the exploding of the idea of norms, of decency itself.

00:26:32.000 This, I presume, is why the Surgeon General has now put out a report.

00:26:36.000 The Surgeon General of the United States has now put out a report on what he calls the epidemic of loneliness and isolation.

00:26:43.000 Now, first of all, the Surgeon General is doing, like, an amazing job.

00:26:46.000 First, you isolate everybody in their home for two years, and then you put out a report on the surging epidemic of loneliness.

00:26:52.000 Well done, everyone.

00:26:53.000 Just genius-level stuff here from the Surgeon General.

00:26:55.000 First of all, this is not a public health issue, loneliness.

00:27:00.000 It isn't.

00:27:00.000 It's a spiritual issue.

00:27:02.000 It has public health ramifications, but it's a spiritual issue.

00:27:04.000 What's hilarious about this report is that the Surgeon General looks everywhere, including under the bed for the sources of all of these problems, but never at any point does the government suggest, oh, maybe it was us.

00:27:16.000 Maybe us undermining the social fabric, both economically and in terms of communal standards.

00:27:20.000 Maybe that is part of the problem.

00:27:22.000 So Vox.com sums up what is in this Surgeon General report on the epidemic of loneliness and isolation.

00:27:29.000 They say that loneliness and social disconnectedness are a serious threat to physical and mental health.

00:27:35.000 It says social isolation effects on mortality are equivalent to smoking up to 15 cigarettes a day.

00:27:41.000 Social isolation, an objective measure of lacking connection to family, friends, and community, and loneliness, a subjective measure of feeling disconnected, contribute to a person having a higher risk of heart disease, stroke, anxiety, depression, and dementia, and make people more susceptible to infectious diseases.

00:27:53.000 And this ripples out to the broader community.

00:27:56.000 So the main takeaways of the report include the idea that 1.

00:27:58.000 Americans are lonelier and more isolated than ever. 1.00

00:28:02.000 Half of Americans say they experience loneliness, according to several recent surveys.

00:28:06.000 Less than 40% said in a 2022 study they felt very connected to others.

00:28:11.000 In the 1970s, almost half of Americans, 45%, said they could generally trust other people.

00:28:16.000 Today, less than a third say the same.

00:28:18.000 The amount of time Americans say they spend alone every day has risen by nearly 30 minutes from 2003 to 2019, and then increased another 20-plus minutes in 2020, which was during the pandemic.

00:28:28.000 The amount of time young people aged 15 to 24 spend with their friends in person dropped by nearly 70% from 2003 to 2020.

00:28:33.000 Some of the risk factors?

00:28:38.000 That make you more prone to loneliness and isolation?

00:28:41.000 discrimination include quote being a racial or ethnic minority or identifying as LGBTQ

00:28:47.000 experiencing discrimination having a lower income and living alone.

00:28:50.000 Well I mean perhaps the correlation is reversed.

00:28:53.000 I mean perhaps this is not because of this.

00:28:56.000 Maybe it's not your race that is leading to a sense of isolation.

00:29:00.000 Maybe it's the social breakdown in communities that are disproportionately minority that is leading to a sense of isolation.

00:29:06.000 It's a correlation, but the causation doesn't run from society's discriminating against you and therefore you're isolated.

00:29:12.000 Maybe it's that there are underlying social ills that are leading to this epidemic of loneliness and isolation.

00:29:20.000 The second big takeaway from this report is that loneliness and social isolation negatively affect a person and a community's health, which of course we already knew.

00:29:28.000 And then the Surgeon General suggests how the United States can begin to address its loneliness epidemic.

00:29:33.000 So they recommend six pillars.

00:29:34.000 You ready for these?

00:29:35.000 One, strengthen the social infrastructure.

00:29:37.000 More communal spaces, more social activities, better infrastructure to help people access them.

00:29:41.000 Oh, so like midnight basketball, that'll solve it.

00:29:43.000 Two, develop pro-connection public policies that account for the need to foster connection from transportation to education.

00:29:49.000 Maybe public transit will do it!

00:29:51.000 Public transit, more subways and buses.

00:29:53.000 Because as we've seen on our subways, things are going amazing.

00:29:55.000 Did you see the sort of social connectedness that you were looking for in that subway?

00:30:00.000 Where people were being grabbed by the hair and dragged around?

00:30:03.000 Mobilizing the health sector, train healthcare providers to identify people at risk of isolation and better equip providers to connect patients with the other forms of social support they may need.

00:30:11.000 Reform the digital environment by requiring more transparency from big tech.

00:30:15.000 Deepening our knowledge.

00:30:16.000 Ah, well that obviously means more government funded studies.

00:30:19.000 And cultivating a culture of connection using all the vectors available from politics to entertainment to reinforce the values of connection and reduce polarization.

00:30:27.000 Okay, so you may notice that there is one thing above all that the government really should be doing when it comes to reducing isolation and loneliness.

00:30:34.000 One thing above all, and that is to go away.

00:30:38.000 The government should go away because the government has created a destructive cycle that has replaced the social fabric in the first place.

00:30:46.000 I'll explain in just one second.

00:30:47.000 First, let's talk about how you can reconnect.

00:30:50.000 One way you reconnect, as we'll discuss momentarily, is actually through God, okay?

00:30:54.000 You actually need a higher purpose in combination with others.

00:30:57.000 One way you can personally connect with God is through Halo.

00:31:00.000 Regardless of your religion, we all need a little more peace in our life.

00:31:02.000 Halo is an incredible app that offers a unique approach to prayer and meditation, unlike other meditation apps.

00:31:07.000 Hallow is tailored specifically for people of faith to deepen their relationship with God.

00:31:10.000 The Hallow app is filled with studies, meditations, reflections, rooted in Christian prayer practices.

00:31:15.000 I have a bunch of Christians, obviously, who work at this company.

00:31:17.000 A huge percentage of my audience is Christian.

00:31:19.000 And let me tell you, go back to church and use Hallow.

00:31:21.000 You can pray alongside Mark Wahlberg, Jonathan Rumi, who portrays Jesus in The Chosen, even some world-class athletes.

00:31:26.000 You can access that number one Christian podcast, The Bible in a Year with Father Mike Schmitz, on Hallow.

00:31:30.000 Hallow helps you maintain a daily prayer routine.

00:31:32.000 With features like progress tracking and streaks, you can stay motivated,

00:31:35.000 make prayer a regular part of your daily routine, set prayer reminders,

00:31:38.000 invite others to pray with you and track your progress along the way.

00:31:41.000 Now, I take time out of my day three times a day to pray.

00:31:43.000 You should do the same using Hallow.

00:31:44.000 If you're looking to deepen your relationship with God and improve your mental and emotional wellbeing,

00:31:48.000 try Hallow for three months free at hallow.com slash Shapiro.

00:31:50.000 That's hallow.com slash Shapiro.

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00:32:49.000 OK, speaking of the breakdown of the social fabric, So the Surgeon General has this report talking about all the ways the loneliness epidemic is destroying the country, and all the solutions are things like, what if we, like, built you a dorm and then we forced you into a common space to hang out with all the other people?

00:33:03.000 What if we actually made you ride public transit?

00:33:06.000 What if we created midnight basketball leagues?

00:33:08.000 Here's the deal, guys.

00:33:09.000 Leave people alone and let people go back to church.

00:33:12.000 There are a couple of major things that have happened via the government that have destroyed the social fabric in this country over the course of the last 60 years.

00:33:18.000 One is the replacement of social connection with government incentive structures.

00:33:23.000 And I'm talking economically speaking.

00:33:25.000 See, in a normal religious community, the way that it works is that you demonstrate you have skin in the game.

00:33:29.000 The skin in the game is you go to church, you go to synagogue, you engage with your community, you're part of the PTA, right?

00:33:34.000 And by showing that you have skin in the game, what this means is that when you fall on hard economic times, your friends help out, your family helps out, your kinship structure helps out.

00:33:41.000 This is traditionally how communities were built.

00:33:43.000 The government came in and said, this is unfair.

00:33:45.000 We don't like this anymore.

00:33:46.000 Because what it's basically saying is that you have to buy into the system in order for you to receive back.

00:33:50.000 Now, the government replaced that with a new deal, which is you have to buy into the government system in order to receive back.

00:33:56.000 If you really want to receive, then you have to give all authority to the government and you have to cut out the social fabric, which is precisely what people did.

00:34:03.000 Again, all of the economic support systems that were built, rooted in duty, The entitlements that you got were just an aspect of the duty that you had to the community.

00:34:13.000 And if you disconnected the strings between you and the community, well, the entitlements went away.

00:34:17.000 What this meant is that people actually were able to balance the entitlements and the duties.

00:34:20.000 Well, when the government came in and said, you have no more duties, not to your friends, not your family, not to anybody, the government is just going to pay for you.

00:34:26.000 What it did is it destroyed the economic incentive structure for people to join religious communities and it fragmented these communities.

00:34:33.000 And you may think, well, you know, that's better because now people are liberated.

00:34:35.000 Question, do people feel liberated?

00:34:37.000 Or do they just feel atomistically divided from the rest of society?

00:34:42.000 The evidence is in and the evidence is clear.

00:34:43.000 So that's problem number one.

00:34:45.000 The government, through welfare programs, has basically destroyed all social incentives for kinship structures, community networks, and religious communities.

00:34:52.000 That's one.

00:34:52.000 Two, the government has actively promoted a social culture in which subjective individualism is the only way to think about yourself.

00:35:01.000 The way you are supposed to think about yourself is not with regard to your community.

00:35:04.000 The government will step in and tell you that your local community is not allowed to regulate itself along homogenous lines, ideologically homogenous lines.

00:35:12.000 You live in a religious community and you don't want that weed shop opening in your neighborhood? 1.00

00:35:17.000 Well, the government may have something to say about that.

00:35:18.000 You live in a religious community and you don't want a strip club opening down the street?

00:35:24.000 Well, you know, that may be a violation of free speech.

00:35:26.000 It might be.

00:35:27.000 This kind of destruction of the social fabric by the government and then the consequent atomization of society, not particularly shocking.

00:35:35.000 That, of course, has been exacerbated by other features of the American landscape, including social media.

00:35:40.000 Which has allowed people to abandon those local in-person structures where you actually feel social connection.

00:35:46.000 The place where I feel the most social connection on a personal level, and this is true for virtually everybody in the Orthodox Jewish community, for example, is Sabbath.

00:35:52.000 On Sabbath, you go to Shul.

00:35:54.000 At Shul, you hang out with your friends, your kids, your friends' kids.

00:35:58.000 You spend literally the entire day being part of your community.

00:36:01.000 And then if you are part of a robust Orthodox community, it's not only on Sabbath.

00:36:04.000 But this is, of course, true of Christians on Sunday. 1.00

00:36:06.000 This is why the idea of blue laws and Sabbath laws, in which people basically took off the day, that was a very good thing, societally speaking.

00:36:14.000 And we got rid of all of that stuff.

00:36:15.000 And we replaced that with this idea that you can make friends all across the country, right?

00:36:19.000 You can do this using Facebook.

00:36:20.000 You can do this using social media.

00:36:21.000 Well, those aren't friends.

00:36:22.000 Those are just people who are online and lonely and bored, just like you.

00:36:26.000 And they have no actual stake in you because you have no duty to them.

00:36:29.000 See, the thing is, If you actually wish to create a social fabric, it is reliant not on goodwill.

00:36:34.000 It is reliant on goodwill that is built upon a mutual sense of values, sharing, and duty.

00:36:39.000 That is where the social fabric is built.

00:36:41.000 See, I have goodwill for a lot of people out there.

00:36:43.000 Randos.

00:36:44.000 I have goodwill for them.

00:36:44.000 I give charity to them all the time.

00:36:46.000 But let me tell you something.

00:36:47.000 If they don't buy into the same dutiful system that I am a part of, the level of connection I have with them is very, very low.

00:36:53.000 And the government has basically exploded that.

00:36:56.000 The notion that you have a duty to your neighbor is now governmentally imposed by dint of the government gun.

00:37:01.000 Right?

00:37:01.000 The way that you're going to help your neighbor is by paying into the welfare system, and if you don't pay into the welfare system, the government will come arrest you for tax evasion.

00:37:07.000 That is not the way that it typically used to work.

00:37:08.000 The way that it used to work is there were social pressures for you to join the religious community and be part of a purpose-driven community with a higher value system.

00:37:16.000 And by doing this, this meant that you are now engaged with everybody else.

00:37:19.000 The government came and they destroyed all of this.

00:37:21.000 All the intermediate structures of society that sociologist Robert Nisbet talks about 50, 60, 70 years ago, all of those have been completely undone.

00:37:29.000 And there's the Surgeon General being like, well, but if we do build some buses, then we'll fill that back in.

00:37:32.000 Well, you know, the backlash to this is all starting now because it turns out That the crystallization of this atomistic individualism, the crystallization of this subjectivism, has now entered the advertising marketplace.

00:37:45.000 And it was one thing when this was the soft background to our society, it was one thing when we could feel it happening, we could feel the social fabric fraying, but you didn't see somebody just ripping the social fabric in half right in front of you.

00:37:56.000 When people could deny that this is what they were doing when they're like, well, you know what?

00:37:59.000 Yeah, yeah, the social fabric is good, but that's just the natural consequence of development.

00:38:03.000 That's just it's sort of a thing that that happens.

00:38:05.000 And I mean, do you really want to go back to the bad old days when you were expected to go to church?

00:38:10.000 And that sort of that kind of soft inculcation in individualism, atomistic individualism without regard to community, that could happen.

00:38:18.000 But when you see the the.

00:38:21.000 culture in front of your face, taking the social fabric, and then just taking a box cutter

00:38:28.000 and shredding it right in front of you, that's when the backlash begins.

00:38:31.000 And this is what we are now seeing.

00:38:33.000 So one of the reasons that you're seeing this with regard to Bud Light,

00:38:36.000 and this is Bud Light is a great early bleeding indicator of this.

00:38:39.000 So Bud Light was a great American company.

00:38:43.000 It was a great American brand.

00:38:45.000 It was a brand that was built on basically the flag and horses.

00:38:47.000 That was the entire marketing campaign for Bud Light.

00:38:49.000 It was the Clydesdales, right?

00:38:50.000 That's what everyone remembered about Bud Light.

00:38:52.000 He's really cute commercials during the Super Bowl with the Clydesdales and some dude with an American flag.

00:38:55.000 That was going to be Bud Light.

00:38:57.000 And then Bud Light decided to hire as an influencer, a man pretending to be a woman.

00:39:03.000 And at that point, everybody went, okay, guys, we have nothing in common with you.

00:39:06.000 Literally nothing.

00:39:07.000 Not only that, we think that you are actively fostering the fraying of the social fabric.

00:39:11.000 Because if we don't even share basic things like men and women exist, then we have nothing to share.

00:39:15.000 And so Bud Light tales have absolutely cratered.

00:39:17.000 And good for, honestly, good on us.

00:39:20.000 It's an optimistic sign for American society.

00:39:21.000 Good on Americans for not buying Bud Light.

00:39:25.000 Apparently, their sales have dropped like 20%, leading the Anheuser-Busch InBev CEO, Michael Ducaris, to have to speak about the decline of Bud Light sales on an actual conference call.

00:39:36.000 Here is what he said.

00:39:38.000 One challenge is what you call the misinformation and confusion that still exists.

00:39:46.000 We need to continue to clarify the facts that this was one camp, one influencer, One post and not a campaign.

00:39:57.000 And repeat this message for some time.

00:40:01.000 Okay, so they're just going to keep claiming now.

00:40:03.000 They have to back off this thing.

00:40:04.000 They're going to say it was just one post, it was an influencer, it was not a campaign.

00:40:07.000 Well, good luck to you.

00:40:08.000 You're going to have to do more than that.

00:40:09.000 I'm glad that you guys are backing off.

00:40:11.000 I'm glad that you have realized that you can't go this far and slap Americans in the face with a wild bout of social leftism.

00:40:20.000 But it ain't gonna help.

00:40:21.000 Bud Light tails apparently are down 26.1% for the week ending April 22nd compared to the previous year.

00:40:27.000 They were down 21.1% for the week prior.

00:40:29.000 In fact, here is some video from Fenway Park.

00:40:32.000 There's a Bud Light stand over there.

00:40:33.000 You can see it's a fairly busy park.

00:40:35.000 There is no one at that Bud Light stand.

00:40:37.000 Guys, this is so funny and bizarre.

00:40:40.000 Look at that.

00:40:41.000 That is the Bud Light.

00:40:42.000 That is every single Bud Light stand.

00:40:45.000 Look, there's no one... No one, no one is going to the Bud Light stand.

00:40:50.000 There's lines for the stand right next door.

00:40:52.000 No one at the Bud Light stand.

00:40:54.000 That is not... That is not shocking.

00:40:57.000 That is the way this is gonna go.

00:40:58.000 Because the American people, it turns out, we don't like having the fraying of the social fabric thrust directly in our face.

00:41:02.000 So Bud Light is trying to walk it back.

00:41:04.000 Keep it up.

00:41:05.000 Keep it up, America, because this is necessary.

00:41:07.000 Meanwhile, again, the gap between the elites who actively promote a culture in which the only thing that matters is that subjective feeling of inner sexual fulfillment, the gap between the elites and everybody else is growing and growing.

00:41:22.000 This is particularly true in the fashion industry, so anthropology has now jumped on the bandwagon.

00:41:27.000 But, the backlash is coming too.

00:41:28.000 So anthropology released a photoshoot with a dude.

00:41:31.000 This is a dude who is now wearing anthropology dresses.

00:41:34.000 Now, my wife loves this stuff at anthropology.

00:41:36.000 I'll tell you one thing, we're not shopping at anthropology anytime soon.

00:41:39.000 Because guess what?

00:41:41.000 We are not fans of brands that patronize women by pretending that men can act like women or be women. 0.99

00:41:46.000 It's ridiculous. 0.52

00:41:47.000 Hey, by the way, this particular Instagram post by Anthropologie got such bad response that they had to shut off the comments.

00:41:54.000 Here's the post.

00:41:59.000 Here's this dude, and he's wiggling around, and then he's gonna do this thing where he waves a dress at the camera, and boom, now he's wearing another dress!

00:42:06.000 Isn't this amazing?

00:42:06.000 Men wearing dresses.

00:42:07.000 Ah, the bravery.

00:42:08.000 Now he's gallivanting around in another Anthropologie dress.

00:42:10.000 Women, wouldn't you like to look like this semi-muscular man gallivanting around? 0.90

00:42:15.000 You don't feel patronized at all, right?

00:42:17.000 Oh, and now he's wearing another dress.

00:42:18.000 Isn't this exciting?

00:42:19.000 Just really, really solid stuff right here.

00:42:22.000 Again, the more that the left-wing culture decides to thrust their ideology of social decay in our face, the more people are going to fight back against it.

00:42:30.000 And I am here for it, man.

00:42:31.000 I really am.

00:42:32.000 And you should be here for it as well.

00:42:35.000 For sure.

00:42:35.000 By the way, this is also going to happen with regard to TV.

00:42:38.000 So... Okay, so there's a show called Ted Lasso on Apple TV.

00:42:43.000 Very popular show.

00:42:45.000 The first season was pretty charming.

00:42:46.000 The basic idea of Ted Lasso was that it was an American, an optimistic, can-do American, who goes to London because he is almost mistakenly hired.

00:42:55.000 He's actually, he's hired as a football coach.

00:42:58.000 He's an American football coach in America.

00:42:59.000 He's hired as a soccer coach over in London.

00:43:02.000 And this happens because the owner of the team basically wants to tank the team.

00:43:06.000 And it turns out that Ted Lasso is actually a really good coach because of that can-do, optimistic American attitude. 0.80

00:43:10.000 So the whole first season is about the kind of culture clash between these dour Brits And this optimistic American who's kind of dumb but also kind of smart because he has this kind of folksy wisdom to him.

00:43:20.000 Well now, Ted Lasso has completely caved in on itself like a dying star.

00:43:23.000 The last season is absolutely unwatchable.

00:43:26.000 And you watch, Ted Lasso, it's not going to last as a cultural phenomenon because of this.

00:43:30.000 Because of this, people do not like it.

00:43:31.000 People are annoyed by it.

00:43:33.000 In fact, here's a clip from... You want to know why Ted... So I watched the first couple of seasons of Ted Lasso.

00:43:37.000 It's gotten progressively worse.

00:43:38.000 This season of Ted Lasso is one of the worst things on TV.

00:43:41.000 It is truly, egregiously bad.

00:43:43.000 Doesn't mean the critics don't love it.

00:43:44.000 The critics, of course, love it.

00:43:45.000 Because the critics love anything that promotes social leftism.

00:43:48.000 There's not a laugh line.

00:43:49.000 There's nothing funny.

00:43:50.000 Every episode is now a lecture about social justice.

00:43:52.000 Every single episode is a lecture about social justice.

00:43:55.000 Guess what Americans don't like? 1.00

00:43:56.000 This crap! 1.00

00:43:57.000 Here is a scene demonstrating just how bad the show has gotten. 1.00

00:44:00.000 Nah, bro.

00:44:01.000 And if you don't want your private pictures out there, just don't take naked pictures.

00:44:04.000 Yeah.

00:44:05.000 Especially being famous.

00:44:07.000 What?

00:44:08.000 Come on, man. 0.99

00:44:09.000 Don't f*** with that, Calburn. 0.99

00:44:10.000 No, man. 1.00

00:44:11.000 The only people to blame here are the d***heads who steal your s*** and put it online. 1.00

00:44:15.000 That's why I delete all the photos on the phone. 0.99

00:44:17.000 Swear down.

00:44:18.000 Especially because I'm famous.

00:44:20.000 Hey, listen, I'm with Jamie on this one.

00:44:22.000 You know, whenever I have a relationship end, I ask the girl to go through my phone, delete any photos, videos, whatever she wants. 0.93

00:44:27.000 Bro, for real?

00:44:28.000 Yeah, yeah, I'm being serious.

00:44:29.000 You know, one girl actually deleted Candy Crush.

00:44:33.000 That's the laugh line.

00:44:34.000 I was devastated.

00:44:35.000 That's the laugh line.

00:44:36.000 Hey, hold on.

00:44:37.000 Once someone sends you a photo, don't you own it? 0.96

00:44:40.000 This is ridiculous.

00:44:40.000 Copyright law on private photography is quite murky.

00:44:42.000 It's not about the law.

00:44:43.000 It's about doing what is right.

00:44:44.000 We're getting a lecture.

00:44:48.000 Oh, good lord, this is terrible writing.

00:44:51.000 Good lord, this is awful, awful, awful writing.

00:44:56.000 What does that have to do with the decaying of the social fabric? 0.94

00:44:58.000 Again, everything that was supposed to be built around common values like, say, shared patriotism, which is what Ted Lasso's first season was built on, instead it has now been derided and moved to the side in favor of whatever is the Me Too crap that you seek to push in a soccer show.

00:45:13.000 And the ratings will go down because the American people are not up for this sort of stuff.

00:45:17.000 Just watch it.

00:45:18.000 Just watch it happen.

00:45:19.000 Meanwhile, in terms of decaying the social fabric, there are a lot of Americans who believe that there are so many people in positions of power who decry this sort of stuff, but actually are in favor of the decay of the social fabric.

00:45:28.000 This is particularly true when it comes to illegal immigration.

00:45:31.000 So the fact is that there are a wide variety of perspectives with regard to legal immigration.

00:45:35.000 There are people who believe that legal immigration is a problem because it undermines the domestic American workforce.

00:45:40.000 I'm not a big believer in that basic idea, but I understand it.

00:45:42.000 There are people like me who believe that if you wish to come here and engage in the American bargain and you have a skill set to offer to the American people, we should welcome you with open arms.

00:45:50.000 But when it comes to illegal immigration, it is very clear that no country worth its salt can have an open border.

00:45:54.000 And so when you have elites who are effectively advocating for an open border or effectuating an open border, When that happens, a lot of people are going to look at that elite class and say, you guys don't seem to care very much about the social fabric.

00:46:05.000 In fact, we think you're lying.

00:46:07.000 We think that you're in favor of the fraying of the social fabric because you literally don't care about changing the constituency of the country for people who are crossing the border illegally without any screening procedures of any real weight whatsoever. 0.97

00:46:20.000 So this is why people are down on the Biden administration with regard to the illegal border crossing numbers.

00:46:26.000 There's been a sea change in how immigration is dealt with in this country.

00:46:30.000 Basically, in 2012, Barack Obama, in pursuit of re-election, decided that he was going to try to appeal to Hispanic voters on the basis of DACA, right?

00:46:38.000 He was going to say that the Dreamers, people who are young people who've been brought here when they were kids, and now they've grown up but they were still here illegally, that those people should be legalized in some way, and he was going to override the Constitution and just do it using power of the pen and power of the phone. 0.87

00:46:53.000 And his basic idea was these are the dreamers.

00:46:55.000 And don't worry, people who are south of the border now, they're not going to look at that and then just cross the border.

00:46:59.000 This is what he said publicly.

00:47:01.000 Now, the question is, did you believe him then?

00:47:03.000 Or was this a giant magnet that creates a sucking sound, taking up everybody south of the border up north of the border?

00:47:09.000 And the answer is now in.

00:47:10.000 And the Democrats have not mitigated their policies on the border in any way, shape or form.

00:47:14.000 And so the immigration crisis continues to get worse.

00:47:16.000 It's going to get absolutely egregious this summer.

00:47:20.000 So much so that even Kyrsten Sinema, a newfound independent in the state of Arizona, she used to be a Democrat, now she identifies as an independent.

00:47:27.000 She blasted Corine Jean-Pierre for saying that the border is secure.

00:47:30.000 She says, no, the border's not secure.

00:47:32.000 More action needs to be taken.

00:47:34.000 So it has to be legislative action.

00:47:35.000 We're going to continue to call Congress to do that.

00:47:38.000 So obviously the border is not secure.

00:47:40.000 Anyone with eyes can see that.

00:47:42.000 And anyone who lives in a border state like I do, born and raised in Arizona, actually takes offense at comments like that.

00:47:49.000 Because they're just factually not true.

00:47:52.000 The reality is that border communities in my state are suffering already.

00:47:56.000 And that's before the end of Title 42.

00:48:00.000 And this is why people are questioning what exactly are the Democratic priorities here, so much so that you're starting to see Democrats actually adjust their message.

00:48:07.000 So just a couple of days ago, Eric Adams, the mayor of New York, he was ripping on Greg Abbott, the governor of Texas.

00:48:12.000 Greg Abbott, of course, has been sending busloads of illegal immigrants to New York City.

00:48:15.000 Why?

00:48:15.000 Because those illegal immigrants, they will cross the border, and then Abbott will say, where do you want to go?

00:48:21.000 And many of them will say New York, and so say, here's a bus ticket.

00:48:23.000 And Adams basically suggested that Republicans down south, that they are racist and that is why they are sending illegal immigrants and migrants up north to places like Chicago or New York.

00:48:33.000 Here was Eric Adams just a couple of days ago.

00:48:36.000 Governor Abbott sent asylum seekers to New York, black mayor.

00:48:42.000 To Washington, black mayor. 0.98

00:48:43.000 To Houston, black mayor. 0.99

00:48:46.000 To Los Angeles, black mayor. 0.99

00:48:50.000 To Denver, black mayor.

00:48:52.000 He passed over thousands of cities to land here.

00:48:56.000 And so I don't think El Paso, I don't think Brownsville, Texas, I don't think any of those other cities should have to bear the weight of the failure of Washington, D.C.

00:49:06.000 So it was wrong.

00:49:08.000 It's a little difficult to hear Adams here, but what he's actually saying is that Abbott is targeting black mayors.

00:49:13.000 It's not just northern Democrats.

00:49:14.000 He's targeting black mayors in New York City.

00:49:16.000 So, yesterday, he had to walk that back.

00:49:18.000 He said, he said, I'm not saying that Greg Abbott is a racist.

00:49:20.000 The reason he has to walk this back is because it's very obvious that the Democratic Party at a national level is responsible for the crisis.

00:49:26.000 And now local Democratic leaders are going to have to pay the price for bad Democratic policy nationally.

00:49:30.000 Here's Eric Adams walking this back.

00:49:32.000 He has been busing, even today, busing thousands of migrants to this city.

00:49:38.000 But you said this week that he's sending them to black-led cities, your city, Washington, D.C., Chicago.

00:49:45.000 Are you saying here that he is doing this because of the race of the mayor of the city?

00:49:52.000 Well, let's be clear here.

00:49:55.000 It was placed in quotes on one of the front pages of our paper that I called him a racist.

00:49:59.000 It was placed in quotes.

00:50:00.000 I never said that.

00:50:01.000 I mean, I didn't say that you called him a racist, but you said he was sending it to all black-led cities.

00:50:05.000 Right.

00:50:06.000 I want to be clear.

00:50:06.000 I said the front pages of the Post, not you.

00:50:10.000 That's what they stated.

00:50:11.000 What I'm making clear of the fact, not based on my opinion, he sent them to New York City, Washington, D.C., Chicago, Denver, But also Philadelphia, which has a white mayor.

00:50:22.000 All of the, all of the, I have not received any reports from Philadelphia.

00:50:30.000 He actually is sending, I mean, uh, Ron DeSantis sent illegal immigrants to Martha's Vineyard.

00:50:35.000 So it doesn't have anything to do with race, but Adams then was finally forced to rip into the White House over their handling of immigration.

00:50:40.000 Again, it turns out that people don't like this stuff.

00:50:42.000 Democrats have been escaping the guillotine, electorally speaking, because Republicans keep running bad candidates.

00:50:48.000 If Republicans ran good candidates in any area, they would be much, much more competitive with a Democratic Party that seeks to undermine the social fabric.

00:50:56.000 This is why you're seeing Democrats run away from their own positions in their own party now.

00:51:00.000 It is not about asylum seekers and migrants. 0.60

00:51:03.000 All of us came from somewhere to pursue the American dream.

00:51:06.000 It is the irresponsibility of the Republican Party in Washington for refusing to do real immigration reform, and it's the irresponsibility of the White House for not addressing this problem.

00:51:18.000 Brownsville, Texas, El Paso, Denver, Los Angeles, New York, Chicago, we should not be burdening the weight of this problem.

00:51:28.000 Okay, finally he goes out of his way and after slapping Republicans in Congress for no reason, he decides to go after Joe Biden.

00:51:33.000 And Democrats are increasingly going to be forced to deal with the consequences of their own actions because it turns out they have real ramifications for the society in which we all live.

00:51:42.000 Okay, time for some things I like and then some things that I hate.

00:51:45.000 So, things that I like today.

00:51:47.000 So, there's a phenomenal movie from 1952 called Ikiru by probably the greatest director of all time, Kurosawa.

00:51:53.000 It is a phenomenal film.

00:51:55.000 If you've never actually spent some time with Kurosawa's oeuvre, you should.

00:52:00.000 It's spectacular.

00:52:01.000 I mean, we're talking about, he's most famous for doing Rashomon, but Rashomon isn't close to his best movie.

00:52:05.000 Ikuru, I think, is probably his best movie.

00:52:07.000 The basic movie is about a bureaucrat in Japan who finds out that he has, that he's dying, that he has like six months to live.

00:52:15.000 And he tries to discover sort of what meaning he can find in the six months left.

00:52:19.000 And he becomes dedicated and obsessed to the idea that he is going to build a park for children.

00:52:24.000 It's a very quiet film.

00:52:25.000 It's a beautiful film about what it is that actually makes a difference in life.

00:52:28.000 So they remade this film last year.

00:52:30.000 They retitled it Living, which is what Ikiru means in Japanese, to live.

00:52:34.000 They remade it with Bill Nighy.

00:52:36.000 They put in color.

00:52:37.000 They set it in early 1950s Britain, is what it looks like.

00:52:41.000 And it's quite good.

00:52:43.000 It's almost a shot for shot remake, but for those people who can't stand black and white film or don't want to read subtitles, it's really good.

00:52:50.000 Here is the trailer for Living.

00:52:56.000 Mr. Williams.

00:52:57.000 A little on the frosty side, perhaps.

00:53:00.000 Not too much fun and laughter.

00:53:02.000 Brother like church.

00:53:07.000 What is it up?

00:53:09.000 Small wonder I didn't notice what I was becoming.

00:53:12.000 Dad, you alright?

00:53:13.000 Now, he's tremendous in the film.

00:53:15.000 He's really, really good.

00:53:16.000 He's nominated for Best Actor.

00:53:17.000 Nah, he's tremendous in the film, he's really, really good.

00:53:19.000 He's nominated for Best Actor.

00:53:23.000 I don't know how.

00:53:25.000 Do you think we should alert the police back?

00:53:29.000 The film is really good.

00:53:30.000 What will the police get if he's a couple of hours late for work?

00:53:35.000 The real message of the film is that it's the small everyday activities we do that make people's lives better that actually make life worth living.

00:53:42.000 This is the social fabric building stuff, right?

00:53:45.000 He spends his entire life being a faceless bureaucrat in a government office and basically passing the buck, passing the ball on.

00:53:51.000 He says at one point in the film that it was his entire goal to be a gentleman.

00:53:54.000 Okay, and then it's really quite a conservative film because the original is quite a conservative film.

00:54:02.000 discovering that he is that he has a fatal disease the first thing he does he

00:54:07.000 goes to kind of a seaside town he thinks about committing suicide but then he

00:54:09.000 doesn't do it and he hooks up with a fellow who sort of leads him into the

00:54:13.000 nightlife and shows him going to kind of different nightclubs and all the rest of

00:54:17.000 the sort of stuff and he finds that for one night of this this is not fulfilling

00:54:19.000 that essentially if you live your life in pursuit of hedonism if you live your

00:54:24.000 life in pursuit of that that sort of fleeting pleasure it's not meaningful

00:54:28.000 The only meaning that you're going to find is working with your community to make life better for others.

00:54:33.000 That is the main meaning of life.

00:54:35.000 It's quite a good film.

00:54:36.000 Again, you should watch the original, and then you can watch this one as well.

00:54:40.000 I prefer Kurosawa's direction, mainly because he was maybe the greatest director who ever lived, but living is really good and worth the watch.

00:54:46.000 Okay, time for a thing that I hate.

00:54:52.000 Alright, a couple of things that I hate today.

00:54:53.000 So, we begin with an amazing video of a woman named Olivia Pichardo.

00:54:59.000 She's apparently the first woman to play NCAA Division I baseball. 0.89

00:55:03.000 And so she threw out the first pitch at a Boston Red Sox game, did Olivia Pichardo.

00:55:10.000 It didn't go amazing.

00:55:12.000 Here is a Division 1 NCAA baseball player who throws like a, I don't know, JV high school boy?

00:55:20.000 Is maybe the way to put this?

00:55:21.000 Here we go.

00:55:36.000 And that is a wild pitch.

00:55:38.000 That is to the backstop.

00:55:39.000 Everybody cheering.

00:55:41.000 Yeah, that is not a good pitch.

00:55:45.000 She laughed it off.

00:55:47.000 It says she definitely showed some velocity in front of the cheering Boston crowd. 1.00

00:55:49.000 I'd love to get a radar gun on that.

00:55:53.000 Seriously, I'd love to know what the radar gun is there.

00:55:57.000 Apparently she bats lefty and throws righty. 1.00

00:55:59.000 She has had one at-bat.

00:56:02.000 She got in a bat against Bryant University when Brown was down 10-1 in the bottom of the ninth.

00:56:08.000 It is not reported how that at-bat went.

00:56:12.000 I'm going to assume it didn't go amazing, because if she'd hit a home run, I feel like it would have been in the story.

00:56:16.000 Okay, they had to turn off the comments on this video, too, because it turns out that people were saying that she throws like a girl.

00:56:22.000 Now, to be fair, she does not throw like most girls. 0.99

00:56:24.000 I mean, she has good pitching motion. 1.00

00:56:26.000 That's fine.

00:56:27.000 She also is a woman, which means that her top velocity, the fastest a woman has ever thrown a baseball, being clocked, is like the mid-80s, which does not make you the varsity at a high school baseball team these days. 1.00

00:56:39.000 But she was throwing out the first... So, again, we all have to pretend that women throw the same as men. 0.88

00:56:43.000 They do not, on average, they do not remotely throw the same as men.

00:56:46.000 Like, not at all.

00:56:48.000 The average woman, by studies, the average woman throws a baseball slower than 999 out of 1000 men.

00:56:58.000 The average woman... That is not a shortcoming of women, by the way.

00:57:00.000 That's just because men and women are built differently.

00:57:01.000 The average man...

00:57:03.000 In fact, all men cannot push a baby out of them. 0.92

00:57:05.000 Like, there are plenty of different physical qualities to men and women.

00:57:08.000 The fact that we have tried to obscure this by saying, ah, well, you know, she's a girl, she's playing Division I baseball.

00:57:12.000 By the way, it actually is a great sort of rebuttal to the idea that men and women compete on the same footing.

00:57:19.000 It's a major story when a woman, a biological woman, competes with the men and has one at-bat. 0.99

00:57:24.000 Would it be a major story if a man competed with the women, or would he just be beating up on the women? 0.99

00:57:28.000 Like, imagine a Division 1 NCAA baseball player, male baseball player, playing on the women's baseball team.

00:57:36.000 We're talking like Babe Ruth numbers, man.

00:57:38.000 So, you know, just the latest indicator.

00:57:40.000 Okay, meanwhile, one more thing that I hate today.

00:57:44.000 So, apparently, Amber Heard, also known around these parts as Amber Turd, she is now in Aquaman 2. 0.99

00:57:53.000 So I guess the rule is that you can be so insane and also apparently abusive that you take a dump in your husband's bed and call it the dog's dump. 0.86

00:58:05.000 And also, like, film violent exchanges with your husband. 0.99

00:58:09.000 Like, cutting off part of his finger and stuff.

00:58:12.000 And it's totally cool.

00:58:14.000 And it's totally fine.

00:58:15.000 So Amber Heard doesn't miss a beat. 0.82

00:58:17.000 I just want to note here the absolute hypocrisy of Hollywood. 0.99

00:58:21.000 They're the biggest lie. 0.97

00:58:23.000 They pretend to have some extraordinary level of moral superiority.

00:58:25.000 I would like to see one iota of your moral superiority.

00:58:27.000 For like one second, it would be amazing.

00:58:30.000 According to the LA Times, Amber Heard's fleeting appearance in the new trailer for Aquaman 2 has made quite a splash at CinemaCon 2023. 0.80

00:58:37.000 During the movie industry events in Las Vegas, Warner Bros.

00:58:39.000 debuted the preview for Aquaman and the Lost Kingdom, which will see Jason Momoa and Heard reprise their roles as aquatically gifted heroes and love interests Arthur and Mira.

00:58:47.000 The trailer hasn't been released to the public yet.

00:58:49.000 The studio confirmed Wednesday that Heard is in it.

00:58:52.000 Apparently rumors of her cameo in the trailer surfaced after Johnny Depp's supporters were pointing out that she's a terrible person.

00:58:59.000 Because she is.

00:59:02.000 And so apparently they've tried to minimize her role, but they're leaving her role in there or something.

00:59:12.000 And if you imagine a man who was, like, you know, abusing a woman to the extent that, like, part of her finger got cut off, do you think he gets cast in the... So, I would say that, except for the answer might be yes.

00:59:23.000 I mean, the answer actually might be yes. 0.86

00:59:24.000 This is how crappy Hollywood is.

00:59:25.000 Like, I want to say that it's a sexist double standard, but it may not even be a sexist double standard. 0.97

00:59:29.000 So long as you can claim that you're a member of a sexual minority, you're fine. 1.00

00:59:31.000 Ezra Miller.

00:59:33.000 Is starring in the new flash film.

00:59:35.000 Now, the new flash film looks great. 0.80

00:59:37.000 Also, Ezra Miller is like a crazed insane criminal apparently. 0.90

00:59:42.000 Allegedly. 0.98

00:59:44.000 I mean, this is a person who went missing for months in August because of complex mental health issues.

00:59:51.000 He was cited in Vermont with felony burglary last year after state police investigating an incident involving several bottles of alcohol being taken from a resident found that it was probably Miller.

01:00:01.000 In 2020, he made headlines after a recording surfaced in which he was choking a lady outside a bar in Iceland.

01:00:05.000 No charges were filed.

01:00:06.000 He was arrested twice in Hawaii in 2022, one for disorderly conduct and one for harassment.

01:00:13.000 And because he declares that he is a they, that he is either suffering from multiple personality disorder or has no actual gender, this person is like a wild abuser.

01:00:25.000 Ezra Miller.

01:00:26.000 And he's still in The Flash. 0.84

01:00:28.000 Again, choking women. 1.00

01:00:31.000 Charged with disorderly conduct and harassment.

01:00:34.000 accused of grooming in June 2022. According to court documents filed on June 7th in Standing

01:00:39.000 Rock Sioux Tribal Court and obtained by People, attorney and activist Chase Iron Eyes and his

01:00:43.000 pediatrician wife Sarah Jumping Eagle claimed Miller had been manipulating and controlling 0.99

01:00:47.000 their daughter, Tokata Iron Eyes, who uses she-they pronouns and goes by Gibson, since the

01:00:51.000 two met at a Standing Rock reservation event in North Dakota back in 2016.

01:00:56.000 They claimed that Miller groomed their kid from the age of 12 after taking an immediate and apparent innocent liking to them, adding that Miller exhibited a pattern of corrupting a minor, allegedly drugging their kid over the years and displaying cult-like and psychologically manipulative and controlling behavior.

01:01:10.000 Same month, another parent came forward with allegations against Ezra Miller.

01:01:14.000 So, um, and they're going to go ahead with all of this.

01:01:19.000 So the flash just goes ahead.

01:01:21.000 Again, the rule in Hollywood is that you are, if you are wildly abusive and a terrible person, I guess so long as you identify as a they, you're fine. 0.71

01:01:31.000 This was Johnny Depp's original mistake.

01:01:32.000 If Johnny Depp, just in the original trial of Hammer Heard, had said, hey, hey, let me tell you, I'm actually bisexual.

01:01:38.000 Everyone would be like, oh my god, hero!

01:01:40.000 Hero, cast him some more. 0.96

01:01:42.000 We need more Johnny Depp.

01:01:44.000 It's like the all-purpose shield. 0.62

01:01:45.000 Amber Heard is bisexual, so she gets to, you know, play victim. 1.00

01:01:49.000 And then, I guess, be cast in Aquawoman 9 or something.

01:01:53.000 And meanwhile, Ezra Miller is grooming children, allegedly.

01:01:56.000 And he's okay, because he is a they. 1.00

01:01:58.000 Man, what a get-out-of-jail-free card this whole gender identity thing has become. 0.93

01:02:02.000 Well, folks, the economy is in a state of disarray.

01:02:05.000 Obviously, we are on the precipice of a possible banking crisis, and gold is now hitting high points again.

01:02:11.000 Joining us on the line to discuss this is Philip Patrick.

01:02:12.000 He's a precious metals specialist and spokesman for Birch Gold Group, born in London, earned a degree in politics and international relations at University of Reading, and spent years as a wealth manager at Citigroup in London's Wall Street before Moving on to Birch Gold in 2012.

01:02:24.000 Obviously, Birch Gold's a major sponsor of the show, and we thank them for their business.

01:02:27.000 Philip, thanks so much for joining us.

01:02:28.000 I really appreciate it.

01:02:29.000 Thank you for having me.

01:02:31.000 So let's talk about the current state of the markets.

01:02:34.000 Gold has been climbing pretty significantly here because of all the unrest in financial markets.

01:02:40.000 What do you think the chances are of this banking crisis getting worse?

01:02:42.000 Look, we've seen in just the last few weeks three of the four largest bank failures in US history.

01:02:49.000 And obviously, the problem First Republic ran into is the same problem that Silicon Valley Bank had,

01:02:55.000 which is essentially they bought long-term treasury bonds.

01:02:58.000 And since the Fed has been raising interest rates, it's put a squeeze on their capital.

01:03:03.000 Now, According to the FDIC, the banking system was undercapitalized by $620 billion at the end of 2022.

01:03:11.000 Every time the interest rates go up, so do those losses.

01:03:14.000 Now, First Republic had about $20 billion of losses, which leaves at least a $600 billion hole in banks' balance sheets at the moment.

01:03:23.000 For a little bit of perspective, in 2008, 25 banks failed.

01:03:30.000 So far this year, the three banks that have failed had more capital than all of those 25 banks combined back in 2008.

01:03:38.000 So there's no easy resolution.

01:03:41.000 I think things will get tougher before they get better, and there may be some more victims along the way.

01:03:47.000 Philip, I mean, it's obvious the Federal Reserve is stuck between a rock and a hard place.

01:03:50.000 On the one hand, it doesn't appear that inflation is going to come down to the 2% level anytime soon.

01:03:55.000 They raised the basis points in a 25 basis points in their last Fed meeting and other

01:03:59.000 hinting that they may put a pause on that, which is amazing because again, those inflation

01:04:03.000 rates are still stuck in like best available scenario, like 5%, two and a half times what

01:04:07.000 they are supposed to be.

01:04:08.000 But they also understand that if they continue to raise the interest rates, then they are

01:04:11.000 essentially devaluing all of the bond assets that are being held by these regional banks,

01:04:15.000 which means that if there's any sort of deposit withdrawal and people are withdrawing not

01:04:19.000 because they're afraid their deposits are going to go away, but if they move their money

01:04:22.000 from the bank to a money market account, they're making 5% as opposed to almost zero.

01:04:26.000 And so they're pulling their money out of these regional banks, which means these banks

01:04:29.000 are going to have to sell off assets that are essentially valueless because of the federal

01:04:32.000 government.

01:04:33.000 The federal government doesn't have a lot of choices here, but to inject more liquidity

01:04:37.000 into the economy, but to facilitate more sales, but to spend more money, which of course exacerbates

01:04:41.000 This is a rock and a hard place.

01:04:44.000 It is absolutely spot on.

01:04:46.000 And the second SVB came down, it was clear to me that the Fed would choose saving the banks over combating inflation.

01:04:55.000 And I think that's the decision that they'll make time and time and time again.

01:04:58.000 And we're seeing it now.

01:05:00.000 I don't think they're going to raise rates much more.

01:05:02.000 I think the 2% Federal Reserve target for inflation will be a pipe dream for the foreseeable future.

01:05:09.000 And I think it ends in the same way with money printing.

01:05:11.000 So I think you're absolutely spot on.

01:05:13.000 Yeah.

01:05:15.000 Yeah, so we're looking at Janet Yellen, meanwhile, telling Congress that the United States will begin bouncing checks on June 1st.

01:05:22.000 It is unclear which way this is going to go.

01:05:25.000 I mean, right now, Joe Biden and the administration seem to feel no pressure whatsoever to actually negotiate over the debt ceiling.

01:05:31.000 The Republicans are asking for Pretty minor cuts in the grand scheme of things.

01:05:34.000 They would actually like to cut back to 2022 levels, which, last I checked, is not cutting back to 1997 levels.

01:05:40.000 And the Democrats are kicking back against this, the White House is kicking back against this.

01:05:44.000 What do you think are the chances that we actually go into a default, at least for a little while, just so everybody can get their political win?

01:05:52.000 I mean, let's see.

01:05:53.000 But by the way, I agree with you.

01:05:54.000 The plan is was what McCarthy put forward was eminently reasonable.

01:05:59.000 2022 spending levels was the third highest budget in history.

01:06:03.000 This is very, very far from austerity.

01:06:06.000 So I think it was definitely an olive branch.

01:06:08.000 And the Biden administration's position is is unconscionable, quite, quite frankly, to say, hey, we're not going to negotiate.

01:06:16.000 We need we want sort of a And no condition increase.

01:06:20.000 We want to be able to spend what we want is bonkers, given the situation we're in.

01:06:24.000 I mean, it's unconscionable, like I said.

01:06:27.000 So look, I think it's a game of chicken.

01:06:30.000 I don't think they're going to allow a default.

01:06:33.000 I think it's going to be dealt with as it has been the last couple of times, which is, you know, a deal at the last second before midnight.

01:06:40.000 And I think to a degree that the Republicans will be forced to capitulate.

01:06:44.000 That's how I see it playing out.

01:06:46.000 But we'll see.

01:06:49.000 So, let's talk about the possibility of recession.

01:06:51.000 Obviously, it's on everybody's mind.

01:06:53.000 Some economists are putting the chance of recession at 2 in 3 at this point.

01:06:55.000 Meanwhile, Jerome Powell's like, no, we're avoiding it.

01:06:57.000 It's all going to be fine.

01:06:59.000 Basically, it doesn't look like a recession until it does.

01:07:01.000 So, is a recession at this point unavoidable?

01:07:04.000 Look, it feels that way.

01:07:06.000 Obviously, only the National Bureau of Economic Research can officially declare a recession, and they usually do about 12 months after it starts.

01:07:14.000 Look, the Fed won't use the word recession, but they've been using the word soft landing,

01:07:20.000 right, which I think is Federal Reserve speak for recession.

01:07:23.000 Whatever they call it, I think we're going to get it.

01:07:26.000 And you look at all of the big leading indicators, I think it's fairly clear.

01:07:31.000 The conference board's leading economic index for the U.S.

01:07:34.000 fell by 1.2 percent since its lowest levels before, since before the pandemic.

01:07:41.000 We've seen, of course, the two in the 10 year Treasury yield curve invert first did 13 months ago.

01:07:47.000 Typically recession will follow about 12 months after there was a very damning report, of course, from the International Monetary Fund that was just released forecasting global growth 50% lower than average.

01:08:00.000 They think it'll take five years to recover, just back to average level, and that most of the growth will be coming out of China.

01:08:09.000 So recession does feel imminent, and it doesn't look like it'll just be domestic, but rather global in nature.

01:08:16.000 So, given all of the facts about the economy, given the state of the economy right now, what is the smartest strategy in terms of diversification?

01:08:25.000 Look, I think everybody needs to be looking at precious metals in climates like this.

01:08:30.000 Last year, central banks globally buying gold at record prices.

01:08:36.000 2022 was the biggest year for central bank gold buying in history, and I don't think it's a coincidence, right?

01:08:42.000 We've got massive money moving away from dollar-based trade.

01:08:45.000 We've got International transactions now moving away from dollars brazil russia india china pushing to do so we have inflation domestically we have air coming out of a stock market bubble all of these things don't bode well for stocks bonds the dollar shorter term and in those climates that's where precious metals become very important

01:09:07.000 Inflation drives them up.

01:09:09.000 Market corrections tend to drive them up.

01:09:11.000 So they're very conducive as a hedge in climates like this.

01:09:16.000 And I think everyone needs to be looking at precious metals for 2023 and the short to medium term.

01:09:24.000 Well, folks, Birchgold is the sponsor of the show.

01:09:26.000 Obviously, if you wish to buy your gold the way I do from Birchgold, text Ben to 989898.

01:09:30.000 Get your free info kit on gold.

01:09:32.000 Again, text Ben to 989898.

01:09:33.000 All right, guys, the rest of the show is continuing right now.

01:09:35.000 You're not going to want to miss it.

01:09:36.000 We'll be getting into the mailbag.

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The Ben Shapiro Show - May 05, 2023

Why Economic Collapse Is Imminent

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