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00:01:12.000I believe there is an economic collapse looming.
00:01:16.000We've been saying this for a couple months now, and unfortunately, our predictions on this program are coming true at the exact time we said they were going to happen.
00:01:24.000We said in early 2023, we are going to see mass layoffs.
00:01:28.000If you are employed right now, you should be thankful that you have a job because this morning, Google just announced 12,000 layoffs.
00:02:30.000They pay well in what's supposed to be the most dynamic sector in the American economy.
00:02:34.000We are now going to see a mass unemployment crisis because we have been living through an inflation crisis and they were always telling us, well, employment is great.
00:02:43.000Well, yeah, it's great for now until people max out their credit cards coming into the Christmas holiday New Year season, come into the new year, realize they can't pay off or service that debt.
00:02:52.000Interest rates continue to climb and companies see the writing on the wall and mass layoffs occur.
00:02:58.000Now, for the last couple of years, unemployment has not really been the metric or the focus of economic health.
00:04:33.000The economic collapse probably should have happened last spring, but the Fed stretched it out just enough so that there was not a massive political consequence to this economic catastrophe that we're about to live through.
00:04:45.000According to the official numbers, the economy grew at a 3% annual rate last month.
00:04:50.000Also, according to official estimates, unemployment is low, jobs are being added, and we're now in a labor shortage.
00:04:57.000So, the question is: does the economy feel great to you?
00:05:00.000Of course, it doesn't, hasn't felt for a while.
00:05:02.000We are now living through the second chapter of a multi-chapter story of what happens when you print trillions of dollars you do not have, unnecessarily lock down your entire society, engage in a multi-year sugar high infusion of artificially low interest rates, and wonder why all of a sudden the economy starts to collapse.
00:05:23.000If you build your economy on a fake or a false foundation or a house of sand, that Potempkin village is going to collapse.
00:05:32.000We've been saying that since the spring of 2020 on this program, three years ago, because I've actually read the economic literature and I don't live in some sort of strange utopian fantasy land like Larry Summers and these tech companies, that the lockdowns never should have happened.
00:05:47.000Worst mistake in American history, never should have happened, worst mistake in American history.
00:05:54.000The lockdowns had no zero epidemiological upside, and it created all these economic tremors and false signals and incorrect communication signs all across the economy, which then we created out of thin air.
00:06:10.000And Republicans are just to blame for this as well.
00:06:50.000These are the people that are in charge of hundreds of millions of dollars of funds that looked down on me and looked down on you saying inflation is not going to happen.
00:09:10.000I pray that you guys have not maxed out your credit cards.
00:09:12.000I pray you did not take out a mortgage you couldn't afford because the music's about to stop and there's going to be blood in the streets metaphorically.
00:09:18.000I work in institutional sales, Goldman Sachs, entire floor laid off today.
00:09:22.000Partner held a meeting saying the music's about to stop.
00:09:30.000That means that our leaders are going to be left with a set of choices.
00:09:35.000And I'm going to walk you through what those choices are.
00:09:37.000They could make mature choices, such as cutting spending and going through an austerity chapter and actually going through some shrinking and tightening of the belt.
00:09:46.000Or they could lean in and double and triple and quadruple down on the very behavior that got us into this because they're afraid of actually having to face the music and making appropriate and mature decisions that long term could result in the fiscal well-being insolvency of our country.
00:10:03.000They might actually recommend publicly a great reset.
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00:11:52.000The World Economic Forum, the people that are in Davos, that is concluded in Davos, they are very clear that they, and they've said this for a while, they want a currency reset.
00:12:01.000But in order to reset something, you must first break it.
00:12:04.000I believe we are living through the beginning and the initial stages of them trying to break the Western established order of private property, of a strong currency.
00:12:13.000Specifically, what has been the two strongest currencies over the last 100 years is the British pound and the American dollar.
00:12:21.000Those have been the reserve currencies of the Western world and, quite honestly, the developed world and the civilized world over the last couple hundred years.
00:12:27.000They're the only two major currencies that have not gone through a currency reset in the last 100 years.
00:13:23.000Because Spain and Portugal and Greece, which are obviously not as productive economies, wonderful people, actually really fun countries to visit.
00:13:32.000In a really weird way, Germany, yes, is being punished for how they behaved in World War II, but in the same way they're being told, why don't you just take over the entire European continent?
00:13:41.000Anyway, so that's a little bit of a sidebar.
00:13:45.000The Euro and the dollar, the two, not the Euro, I'm sorry, the pound and the dollar are the two that have not gone through a currency reset or a currency recalibration.
00:13:53.000They've just been deteriorated through mass modern monetary theory and fiscal stimulus and the easing of quantitative pressures, otherwise known as quantitative easing.
00:14:40.000And so if you understand these laws of economics the same way that you understand the laws of gravity, the laws of thermodynamics, you understand the laws of Newtonian physics, right?
00:14:59.000If you believe in a creator, you believe we are the creation, then therefore you believe that there are laws to all of our conduct, conduct, and our behavior.
00:15:06.000And yes, those laws, those natural laws, as it would be called in the Catholic tradition more specifically, apply to economics.
00:15:14.000And look, so economics try to make it seem like their work is insanely complicated, but 90% of the best wisdom can be learned by a high schooler.
00:15:22.000And honestly, I talk to carpenters and plumbers.
00:15:41.000He believes in, he's never actually, I have to say this.
00:15:45.000Paul Krugman is, And I know this might sound to be an argument from authority and ad hominem, but Paul Krugman, not having actually worked, to the best of my knowledge, running a business, having to make a payroll, he's so academic.
00:16:00.000He's so focused on economic abstractions, the guy's been wrong about everything.
00:16:05.000I mean, you can go back to his, go find the tweet.
00:18:44.000You got to be willing to move if you think that it will be beneficial to you and not just be tied to your land just for pride or for certain other reasons.
00:18:52.000With that being said, though, I do not think it's economically, culturally healthy to continually tell people you got to move for the sake of moving.
00:18:58.000I've said for a while, if I could still live in Chicago, I would.
00:19:01.000It was just untenable in more ways than one.
00:19:04.000Okay, so look, there's five basic laws of economics that I repeat.
00:19:10.000And there's also three ways to describe capitalism at its best.
00:20:56.000I'm not a puritanical market person, by the way.
00:20:59.000I believe that certain externalities need to be focused on and dealt with.
00:21:02.000I believe that markets can create externalities that are really bad and damaging.
00:21:06.000You might say, Charlie, give me an example of that.
00:21:08.000I don't think it's a good thing that people are on the antidepressants that they're on and that are on back pain medication that turns into drug addiction.
00:21:17.000I don't think it's a good thing we went from 50,000 drug overdoses in 2017 to 105,000 drug overdoses five years later.
00:21:24.000If markets are creating negative and disturbing trends, we must be willing to have the courage and the political power to come together and say that's not good.
00:21:33.000It's not making a more virtuous society.
00:21:55.000I, as a conservative, I say, no, no, no, no.
00:21:57.000There are externalities that are created sometimes in markets, and we should be willing to address them for the well-being of children, families, virtue, goodness, and beauty.
00:22:30.000When was the last time I heard or you heard a leader talk about the necessity of entrepreneurs?
00:22:40.000You know, entrepreneur is one of the few words that has an 85 to 90% approval rating.
00:22:44.000Everyone loves the story of an entrepreneur.
00:22:47.000The lower income single mom that decides to start a business or the restaurateur or the family that comes to America and starts a laundromat.
00:23:18.000I would love to participate in a month where we celebrate entrepreneurs instead of gay pride at NHL time and black history this.
00:23:27.000Completely irrelevant, I'll be honest, compared to what should be colorblind entrepreneurialism.
00:23:34.000Those are damaging identity politics when we should talk about lifting people up, production, taking risk, waking up early and going to bed late.
00:27:34.000Would you guys prefer to have Black Month and Gay Month or Entrepreneur Month?
00:27:40.000I would love to celebrate entrepreneurs of all colors and backgrounds, including black entrepreneurs.
00:27:46.000And let me ask you a question: the more we've emphasized Black Month in February, has it healed any national racial trauma or only deepened national racial trauma?
00:28:18.000And I also want to make sure my position is clear on this because I'm sure Media Matters and all these people are there.
00:28:25.000I would love to live in America where we don't talk about race all the time.
00:28:31.000Focusing on the premise that race matters, which is what Black Month does, and I don't think race matters at all, I think actually only deepens any sort of racial wounds and creates more bigotry.
00:28:42.000I'd love to live in a colorblind society.
00:28:52.000If you guys have never been, Maureen Bannon, if you want hope for the future of America, I encourage you guys to go to the March for Life at least once in your life.
00:29:48.000And Black history is American history, so I'm against Black History Month.
00:29:53.000Yeah, I mean, look, if February is American History Month and we incorporated it, incorporated the story of Black America within that, then fine, that's great.
00:30:03.000But having a whole month focus on a race is just damaging.
00:30:07.000Yeah, and by the way, of course, and people say, Charlie, you're whitewashing history.
00:30:10.000No, actually, I want to tell the proper story of American history.
00:30:14.000For example, what's one thing every human being has in common?
00:30:18.000You're born into a world you did not create with values you did not choose, with leaders you did not select.
00:30:23.000So therefore, you must judge somebody based on the time and the circumstance that they're born into.
00:30:29.000The founding fathers were born into a world where slavery was ubiquitous, and they entered a world where slavery was on its way out.
00:30:40.000From Wilberforce to even the private writings of Jefferson, to the actions of Washington, to the incredible abolitionist courageous efforts of John Quincy Adams, who ran for Congress just to be able to get back into the halls of Congress after being president, one-term president, Andrew Jackson, came after him to be able to fight for the abolition of slavery.
00:31:04.000In fact, Quincy Adams, who's such a passionate defender, I believe he submitted a bill for abolition every single day of the House.
00:31:10.000They had to institute a special rule to say you can't continue to introduce a bill every single day.
00:32:34.000Someone says, Charlie, I have a PhD in monetary economics.
00:32:37.000It's difficult for me to watch you talk about modern monetary theory.
00:32:41.000I don't believe the Fed uses the word in the context of monetary policy.
00:32:45.000Here's what I believe are the big three: maintaining on its bloated balance sheet and extraordinary amounts of treasury obligations and debts.
00:32:56.000Permanently living off treasury debts north of $30 trillion in growing by the day, as far as I can tell.
00:33:00.000What you call modern monetary theory is what the Fed labels as the normalization of monetary theory and revolves around the three things I've identified above.