00:01:07.000We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
00:02:01.000I opened up my Public Square app and I said, I'm only going to get coffee.
00:02:05.000I'm only going to get, because when I'm traveling, I don't want to go support some LGBT trans thing.
00:02:10.000And so we get our coffee, get our food from Patriots.
00:02:13.000Michael, how are things going at Public Square HQ?
00:02:17.000Charlie, things are amazing because of stories like you just shared.
00:02:20.000So the last few weeks in corporate America have been absurd with Anheuser-Busch and with a lot of the banks prioritizing woke nonsense over financial stewardship.
00:02:30.000Silicon Valley Bank donating $70 million to Black Lives Matter.
00:04:48.000Now, some people might find nothing wrong with that, but it's just part of a theme where they're a lot of salt on the nuclear family, and we're seeing more and more advertisements like this.
00:04:59.000So, Michael, the argument you're making at Public Square, we're going to have an example after example about this, is stop sending your money voluntarily to people who hate you.
00:05:09.000And actually, it's interesting you just showed that Campbell's ad, Charlie, because there is a campaign as we head into Mother's Day right now for multiple corporate entities that have said you can opt out, quote unquote, of Mother's Day this year.
00:05:22.000And they're claiming that it's because Mother's Day can be a painful time for many.
00:05:26.000And so, corporate entity after corporate entity is saying, We're actually just not going to celebrate Mother's Day this year.
00:05:31.000It's subtle, but it is an absolute assault on the nuclear family.
00:05:36.000They want to decimate everything that has made this country pure and wonderful.
00:05:41.000And so, when you have Campbell Soup and all these other corporate entities saying, you know what, we're just going to kind of distort your view of what a family should be.
00:05:49.000You naturally feel like a family should be a mother and a father, and they're trying to distort that.
00:05:54.000You add that on top of some of the really blatant examples of the last few years.
00:05:58.000Pampers, actually, which is one of the most popular diaper companies in the country, Pampers, a few years ago, stated that the new face of Pampers would be a gay couple, two dads.
00:06:08.000Those are not the people having babies.
00:06:18.000Christian conservative moms from the Midwest, those are the ones that are having the most babies per household.
00:06:23.000And so, why would Pampers decide to put a British gay couple as the face of their brand when they could have their actual brand consumers represented?
00:06:32.000It's because they want to throw a wrench in the value system that has established this country and has led to success and prosperity for years.
00:07:13.000And my simple rebuttal is: we will never be able to conquer those giants, those behemoths and monoliths of industry, unless we start somewhere.
00:07:22.000And one of the easiest places to start is with a cup of coffee.
00:07:26.000Starbucks, not only are they pushing this trans agenda, a few years ago they announced that they would actually fund their employees' abortions and like a 401k match, like many employers do for their employees, where they actually match your 401k contribution.
00:07:41.000They will do the same for donations to Planned Parenthood.
00:07:43.000So if an employee donates 3% of their salary to Planned Parenthood, Starbucks will actually match that.
00:07:48.000They've been on this ideological terror for the last decade, and it's so easy and simple to say, you know what?
00:07:54.000I'm actually unsubscribing from that corrupt system.
00:07:57.000There are literally over a thousand coffee shops and coffee alternatives on Public Square.
00:08:01.000What's great too, Charlie, is many of the alternatives on our platform, A, are way better because Starbucks burns their coffee and it's gross.
00:08:07.000And B, they'll give you discounts to shop there.
00:08:10.000And so you can actually receive incentive for spending money in your alignment with your values.
00:08:13.000So it's as easy as starting with a cup of coffee, and we encourage every single person that loves the truth in our country to just start there.
00:08:19.000You know, I feel like sending out one of those nauseating tweets that those Hollywood people send out when they apologize for doing nothing wrong.
00:08:27.000I was caught on an open mic saying something I shouldn't have said.
00:08:54.000Just in my local neighborhood, I found new coffee shops, new title companies, new mortgage companies, new wealth managers, new restaurants.
00:09:01.000I mean, restaurants are the easy one, right?
00:09:02.000There's so much competition in restaurants.
00:09:04.000In fact, I found out that there was this amazingly good restaurant near where I live, and they are more right-wing than I am.
00:09:24.000Look, are you concerned about the American K-12 education system?
00:09:27.000Are you worried about what your children and your grandchildren are learning or honestly not learning in school?
00:09:32.000If you answer yes, my friends at Hillsdale College have a free resource for you.
00:09:36.000Hillsdale College understands the importance of education to the future of our country.
00:09:39.000They're now offering 10 free print copies of their recent issue of In Primus.
00:09:46.000It's titled Education as a Battleground, written by Hillsdale College President Larry P. Arne.
00:09:52.000The special issue provides a factual account of the issues in the ongoing battle over education, explaining why parents and teachers, not unelected bureaucrats or activists, should guide what our children are learning.
00:10:05.000With Hillsdale College, you can make a difference in your community by distributing these copies of In Primus at your church, local business, or even in your doctor's office.
00:10:14.000Do not miss this opportunity to arm yourself with the facts.
00:10:18.000Claim your 10 free copies of Education as a Battleground by visiting charlie4hillsdale.com.
00:11:43.000Putting us once again in danger of nuclear war, of this proxy war that we should not be involved in.
00:11:48.000Alternatively, maybe this really was a Russian false flag.
00:11:52.000That's terrible news, regardless, because it shows that Russia is itself laying the groundwork for more aggressive action and escalation, despite our leaders assuring us that this war is contained.
00:12:03.000And finally, maybe there is some unknown third-party action here, Poland or the UK or internal elements or the Russian military.
00:12:13.000Or fourth, it could just be a vigilante roughly or loosely associated with Ukraine.
00:13:53.000Well, quite honestly, Russia benefits the most.
00:13:56.000We're really supposed to believe that Ukraine or the United States would send kind of this like makeshift drone to the Kremlin.
00:14:04.000Now, in all fairness, maybe this is a working theory.
00:14:10.000Maybe Lady Graham took over the drone control operator in the suburbs of DC and just started to go full Rambo and was like, I'm a senator and you're not.
00:14:24.000Lady Graham was basically pseudo-playing a video game with a drone and redirected it.
00:15:09.000Because nobody died and it was kind of like an amateur thing.
00:15:12.000And then if they want to continue to build domestic support for their war, it's probably the most likely scenario.
00:15:20.000And look, I am not a military logistics expert by any means.
00:15:26.000I find it hard to believe that an errant drone can go hundreds of miles from Ukraine untouched, undetected, all the way to the Kremlin and bomb the parliament.
00:15:36.000Again, I'm not a military logistics guy.
00:15:38.000I just find that really hard to believe.
00:15:43.000Look, you did the tough thing during the Chinese coronavirus.
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00:16:01.000This is not a loan, and you don't have to pay it back.
00:16:03.000I know a lot of people that have benefited from this.
00:16:05.000I think Congress appropriated way too much money.
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00:17:23.000All of these promises that have been made, whether it's to an investor, to a consumer, to a financial institution, whatever the case may be, people are realizing that these things are not as guaranteed as we thought they were, whether that's the dollar or an investment, you name it.
00:17:40.000In terms of context, though, one of the things people have to remember is that when you look at all of the banks that failed in, let's say, 2008, and you add up those deposits, and then you compare that to the failures we've seen thus far in just the last few weeks, we've already surpassed that level.
00:17:57.000So the fact that we've had three of the four largest bank failures ever happen relatively recently, right?
00:18:41.000The systemic interest rate risk that the Federal Reserve has created over the last three years is quite literally unprecedented, not just in American history, but possibly in human history.
00:18:52.000But the real reason why the just total collapse of the banking system probably is impossible is that the Federal Reserve, with the exception of literally only one time in its history, never fails on the side of deflation.
00:19:05.000They always fail on the side of inflation.
00:19:08.000So as these banks continue to get into trouble, what will we see?
00:19:12.000More bailouts, which means more liquidity infusions, which is just a fancy way of saying printing money, which is inflationary.
00:19:26.000So is your prediction that maybe this summer or going into the winter, they're going to reverse course and they're going to say, just kidding, you're going to have 7% to 10% inflation for the rest of your life.
00:19:39.000It's better than collapsing the system.
00:19:43.000I mean, at some point, there's only so many levers that they can pull, and the cheap money seems to be the only one they want to.
00:19:51.000What is your reaction to Jerome Powell's decision yesterday?
00:19:54.000Oh, my reaction to his decision is the same it has been for all of his rate hikes.
00:20:00.000The Fed kept rates way too low for way too long.
00:20:03.000And in terms of forecasting, though, I mean, this Fed has proven to be nothing if not unpredictable.
00:20:09.000Powell is the same guy who told us that a 75 basis point hike was off the table and then delivered four in a row.
00:20:16.000So, you know, the idea that we can somehow guess what he's going to do next, I think unfortunately, is just kind of a fiction at this point.
00:20:36.000But the Fed has been trying to have its cake and eat it too.
00:20:40.000What I mean by that is they are, with the one hand, doing quantitative easing, but then with the other hand, doing quantitative tightening.
00:20:47.000And the whole goal of that is to basically still create money for the government to spend, but to limit how much that money can actually get out into the banking system and multiply through fractional reserve banking.
00:21:00.000And so if you can do that, if you can square that circle, then you create all the money the government needs, but you minimize the inflationary impact.
00:21:07.000There's a key problem with that, though.
00:21:09.000They are literally paying banks and hedge funds and other financial institutions like money market accounts to they're paying them to keep their money parked at the Fed so that it can't be lent out to consumers.
00:21:21.000But you're looking at regional banks right now that can't compete with the Fed in terms of interest rates.
00:21:27.000And so people are pulling all of their money out of those banks in a deposit flight and parking it at the Fed.
00:21:33.000The Fed is literally helping to kill all of these regional banks right now and therefore consolidate the banking sector into just into just a few big banks.
00:21:42.000Yeah, so I made the argument earlier this week, JP Morgan, Wells Fargo, and BOA, the big three basically, they're not worried.
00:21:52.000In fact, this is going to be easy pickings for them, right?
00:21:55.000Now, why would those three banks be immune from the same sort of deposit flight?
00:22:06.000Is it that JP Morgan and BOA have corporate accounts as well, not just mom and pops that might engage in deposit flight?
00:22:14.000Why would BOA, Wells Fargo, and JP Morgan somehow be exempt from such action and panic?
00:22:23.000Well, we can throw Citi in there too, right?
00:22:26.000But the other problem is that these very large banks have been identified as SIBs or systemically important banks, which is, again, basically just a fancy way of saying if you do anything wrong, if you guys get into trouble, we, the federal government, will come bail you out.
00:22:40.000And so you have nothing to worry about because we have socialized your losses, but privatized your gains.
00:22:46.000And as a result of that, these banks are largely immune from runs because depositors and investors alike know that things really can't go south because the federal government is there to backstop it.
00:22:59.000Contrast that with the messaging we have seen, particularly from Janet Yellen, on regional banks.
00:23:04.000And there, what she has said is basically just her rhetoric has waffled back and forth.
00:23:09.000It has gone from saying we will guarantee all deposits to no, we're sticking to that 250 cap and then back and forth.
00:23:16.000And so that has exacerbated the deposit flight because people don't really know how the federal government is going to react here.
00:23:24.000But I will say, of those big ones, I'm actually getting very concerned about Bank of America because they seem to have much more of the systemic interest rate exposure that the regional banks have.
00:23:35.000And then the one last point why these larger banks are largely immune from these runs is they have so many more depositors with small accounts who are guaranteed by the FDIC.
00:23:47.000And so they're not looking at a large percentage of their customer base pulling deposits out of fear of a lack of FDIC coverage.
00:23:55.000So that's such an important, interesting analysis.
00:23:59.000I mean, the way I see it is we could see dozens of regional banks collapse before the end of this year with really no end in sight.
00:24:08.000I mean, it could very well become a weekly routine that every Friday, essentially, the FDIC is swooping in to take into receivership another bank.
00:24:17.000And then at the 11th hour before stocks open on Monday, one of the big banks agrees to take on that bank's balance sheet, like what we just saw happen with JP Morgan.
00:24:26.000Yeah, but it depends on how healthy that, I mean, no one wanted to buy Silicon Valley Bank, right?
00:24:31.000And so that took the federal government to come in.
00:24:42.000This is the government choosing winners and saying that there's no moral hazard whatsoever to the downside of your, you make a mistake, it's fine.
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00:25:57.000So, Dr., I think Senator Lankford made a great point.
00:26:00.000We don't have the tape here, but basically said to Janet Yellen, we're not going to, he says they're worried that the federal government is encouraging behavior by basically people are now going to remove their deposits from regional banks because they don't see the same sort of federal government backing automatically of every regional bank.
00:26:29.000Again, if you're somebody who's got less than that $250,000 threshold, then your deposits are guaranteed everywhere anyway, so it's irrelevant.
00:26:36.000But if you're a business, if you have a large cash balance, which a lot of these regional banks, that's how they sustain themselves on those small business accounts, then you're getting the rug pulled out from under you, both as a depositor and as a regional bank.
00:26:52.000Yeah, and so this could get out of control wildly.
00:26:56.000And I suppose one of the questions people have then is, where should I keep my money?
00:27:02.000And I guess there's no really good answer to that.
00:27:04.000I mean, you can feel free to offer investment advice if you want, but what are the principles?
00:27:10.000What does economics teach us of where your dollar bills should land in a time like this?
00:27:31.000It doesn't matter where your money is.
00:27:32.000If you're over that amount, you have a couple of options.
00:27:35.000You can literally just split up your deposits among different banks.
00:27:40.000As long as you're under that 250 threshold at any one particular institution, you're fine.
00:27:44.000So you can have 250 in Wells Fargo, 250 in JPMorgan, for example, and 100% of your deposits are covered.
00:27:51.000There are also different services you can buy where these different financial firms will do that for you, where they will split up your deposits.
00:28:00.000But most people don't fall into that category, so I wouldn't worry about it from that standpoint.
00:28:04.000But in terms of the actual value of the dollar, if people are concerned about their dollar, look for things that have intrinsic value.
00:28:13.000You know, a really great piece of advice, I think, is to go back to the 1970s and look at periods when we had low economic growth and high inflation, which is what we're going into right now.
00:28:25.000And just look at the kinds of investments that did well during that time.
00:29:39.000And, you know, Charlie, this is where, and I haven't quite worked this out entirely, so forgive me for doing it on the run here on your show.
00:29:45.000But this is where there's almost a moral component to inflation, and not simply just the fact that it is essentially the government stealing people's savings, earnings, and wealth, but there's a moral component in the sense that the temptation to do it lies in the fact that, as Milton Friedman just said, the good effects come first and the bad effects come later, which is a pretty good explanation for why any man ever sins.
00:30:09.000The good effects come first and the bad effects come later.
00:30:39.000And now we're going to have to go through a financial, economic, and fiscal reckoning.
00:30:45.000My guess is the Fed is going to inch up on rates, inch up on rates, and then they're going to back off and they are just going to start lowering rates.
00:30:53.000And basically, that will be a signal to all of you that 10 to 15% inflation is here to stay.