00:00:00.000We talk a lot about supply chains, like, you know, food just materializes, you know, from a system, like it's all automated, impersonal, and global by default.
00:55:06.440The era of effortlessness American dominance is over, okay?
00:55:12.680Unless we rebuild, unless we retool, unless we think out of the box, unless we start new strategies, unless we start saying, wait a minute, this doesn't work.
00:55:45.620It's been refreshing to have a guy who will listen to you, actually take you seriously, listen, and then say, thought about that, thought about that, thought about that.
00:56:01.940And I believe because he has the vision to see the world economically as it truly is, but also the vision to see economically, business-wise, how it can be.
00:56:17.720He understood tariffs are not just punishment and higher prices, okay?
00:56:23.580You use tariffs strategically as leverage, as negotiation, tariffs as industrial policy without the bureaucracy, tariffs used strategically, not universally, tariffs used as a tool to bring trading partners to the table, tariffs being used to build domestic capacity.
00:56:45.000When he keeps saying about these $18 trillion, everybody just, they blow it off like it's no big deal.
00:56:54.520That's just about half of our entire national debt.
00:56:59.340That $18 trillion is not being given to us.
00:57:02.780That's foreign countries saying, I'm going to invest and build factories in your country, and I'm going to build about $18 trillion worth of factories.
00:57:49.700I think we as a nation understood the other side in the 1940s and 50s, how they could be strategically removed and work to our advantage, but for a limited time.
00:58:01.140Instead, we married into them and said, universal principle.
01:04:42.480Then we give the talking points back and forth, and all that noise is happening.
01:04:47.500But something else has been advancing during this time, and that is technology.
01:04:51.800Today, ultrasound imaging allows a mom to see the baby in the womb, to hear a heartbeat, to watch movement, to see that this is not an abstract idea or political slogan.
01:05:03.020And that moment changes things nine out of ten times.
01:05:07.020Studies have shown that when an expecting mom is considering an abortion, she sees the ultrasound.
01:05:12.040A significant number of them choose life, and that's what pre-born is all about.
01:05:16.900They partner with clinics all across the country to provide free ultrasounds to women who feel like they don't have any other option, and they just don't even want to.
01:08:57.980We have the problem they're more expensive to make here because nobody's making anything here.
01:09:02.720If it's costing people more because it's made overseas, then make sure the citizens have their income tax relief to absorb the cost and then some.
01:09:13.080You don't tax labor and tax imports at the same time.
01:09:26.720The 16th Amendment shifted the burden from foreign goods to domestic labor.
01:09:32.060It took it from foreign and said, you, the men who devised the income tax, were progressives that were looking to do nothing more than grow power for the government themselves and keep people like you and me in our place.
01:09:48.820Both tariffs and high taxes will do just that.
01:09:53.960You have to choose in 2026 with a 30 plus trillion dollar debt, a hollowed out industry, strategic competition rising everywhere.
01:12:56.680If you want the American century to continue, not in arrogance, but in stewardship, mainly to our own people first, then you have to do what previous generations did when the moment demanded it.
01:15:59.960He is going to undo everything that good senators are trying to do in the Save America, that Donald Trump is trying to do on the Save America Act.
01:16:08.560And he's doing it because, quite honestly, he's lazy.
01:18:29.240And if we're wrong and we, you know, start betraying our values and everything else and we can't sell it to the American people, then we deserve not to win.
01:18:40.700All I want is for everyone's vote to count that should be counted.
01:18:46.080If you're here illegally, if you're dead, whatever it is, if you are living, breathing, you're an American citizen and you have proper ID, vote.
01:20:03.400But we have vetted these people six ways to Sunday.
01:20:07.160And we have agents all over the country now.
01:20:08.860We started with the 500 best according to the Wall Street Journal.
01:20:11.480And we learned what makes you, what is it about you that allows you to have great years when the economy is down, when no one can sell their house, no one's buying houses.
01:29:35.640But I was studying the economics, and someone who's personal to me is Reed Smoot, and so I wanted to understand where – why Reed Smoot did what he did.
01:29:52.860And because the narrative was always he caused the Great Depression.
01:30:01.260It's called, I think, Making Sense of Smoot Hawley.
01:30:04.340It's by an author up in Quebec, of all places.
01:30:07.220But he basically talks about how what Reed Smoot was going after was the technology of the time and combating that, how the Industrial Revolution was coming online.
01:31:14.140Well, my tieback to today is that – so with AI and other things happening in the world, around the world, we are experiencing just exactly what you were saying in the previous hour, that we're experiencing a displacement because of technology.
01:31:32.760And so really, that's the important thing about looking now today is that we are experiencing new things which are upsetting and displacing the market.
01:31:45.340And so tariffs are actually kind of a necessary thing.
01:31:48.700They're a necessary evil in some ways, but in other ways, they're important to the American concept, the American principle.
01:31:56.780I mean, the founders, like you said, that's how they intended to fund the government.
01:32:04.280So, Jim, I appreciate your phone call.
01:32:06.060Thank you so much for, A, being a member of Torch and helping us build this, but also for calling in.
01:32:12.800What Jim is saying here is really important, and I want to play something that Elon Musk just said on some podcast just a couple of days ago that is shocking, shocking.
01:45:24.600You can't personally step in and fix global conflicts or prevent natural disasters or smooth out supply chains when they stutter.
01:45:31.600But you can decide whether your family is left scrambling if one of those disruptions makes its way a little too close to your home.
01:45:39.120When store shelves are empty or deliveries are delayed, having a reliable supply of meals stored away changes the entire emotional temperature of a household.
01:45:47.400Because you're not wondering what you're going to feed your family.
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01:46:59.000You know, instead of explaining Milton Friedman's theory, let me go back to 1968 and play Milton Friedman explaining his version of UBI, a negative income tax.
01:47:14.020The idea of the negative income tax is to treat people who are poor in the same way as we treat people who are rich.
01:47:20.520Both groups would have to file income tax returns, and both groups would be treated in a parallel way.
01:47:27.100Under current law, if you or I file an income tax return, and we have, let's say, I were a family of four, head of a family of four, to take a simple case.
01:47:53.000No, I'm afraid I don't tithe their earnings, and I'm afraid in the modern day, the parents continue to contribute to the children instead of the other way around.
01:47:59.400But under, if I were still a family, head of a family of four, I would be entitled to an exemption of $3,000 without paying a tax.
01:48:09.120That is, if I had an income of $3,000, I would have an exemption of $3,000, I would pay no tax.
01:48:14.440If I had an income of $4,000, I would have a positive taxable income of $1,000, I would be required to pay a tax on that $1,000.
01:48:23.040Suppose I have an income of $2,000, then by the same arithmetic, I have a negative taxable income of $1,000, minus $1,000 is my taxable income.
01:48:34.520The idea of the negative income tax is to apply a tax rate to that minus $1,000 and give a man a subsidy in proportion to it.
01:48:45.320For example, the highest rate it seems to me at all feasible to use would be 50%, and it makes it simple for arithmetic.
01:52:00.560I just know that UBI is going to turn into all kinds of really bad things, because you will eventually be completely under control of whoever is giving you this UBI.
01:52:15.120And there's going to be a lot of people that need a universal basic income.
01:52:18.200When I said to you a minute ago, I have a book.
01:54:28.680I would like to be the voice of all of the PC nerds out there and kind of ties into what you were speaking about regarding AI and the impacts of capitalism in our economy.
01:54:50.000I don't know how much that you've noticed of how rapidly the prices for PC parts, such as not only graphics cards, but RAM and now SSDs, have just tripled and even 5Xed.
01:55:11.000Well, I mean, one reason, correct me if I'm wrong, you would know, Joe, but correct me if I'm wrong.
01:55:16.160It's because these big companies are buying up all the graphic cards for the next five years in advance.
01:55:22.580They're buying everything, so it's almost impossible to get it, correct?
01:58:05.900You know who's going to end up paying for UBI?
01:58:07.760Or all the people that own the data centers?
01:58:09.720All the people that are going to control the entire planet?
01:58:13.680Why are they spending so much money on these data centers?
01:58:17.360It's not feasible to make the money back.
01:58:18.980They believe it will be because they will control everything.
01:58:24.280They will be the point of making and distribution.
01:58:29.380They will be, they will be, whoever wins this game will be the one that is, imagine right now we have, I don't even know.
01:58:40.900Let's just say we have 350 million people here and we have, you know, the vast majority is in the middle class to middle, lower class, some middle, upper class.
01:58:53.680And you have a few up at the top, maybe five, 10% up at the top.
01:58:57.680What you're going to have is you're going to have five people, you know, or companies up at the very top and they're going to have 90% of the wealth.
01:59:06.540They're the ones who are going to pay for UBI.
02:01:00.040Then I have to send that out to a data center to crunch it and to crunch.
02:01:03.720What AI does is phenomenally expensive.
02:01:09.340They have to have all of these big data centers.
02:01:12.280And that's what the critical thing was that Donald Trump said.
02:01:15.900Do you know that the average in some regions, the average electricity bill has gone up.
02:01:21.720Let me see if I have 267, according to Bloomberg, 267% since 2020, because of these data centers in some regions, Barron's says overall energy prices since 2020 have gone up 30%.
02:02:20.840We'd redrawn regimes erased from history at through all of it.
02:02:24.880They've just endured the people that have a story that stretches back thousands of years, but survival in the past doesn't mean there are no threats in the present.
02:02:36.800I remember saying this and the, uh, ADL coming after me saying, how dare you say it's going to come back to 1939 levels?
02:02:43.540How you're just causing, am I, am I, or was I pointing out a reality that it's right around the corner and look at where we are right now?
02:02:50.440Please, if you want to stand against, um, uh, the, the inevitable things that have happened over and over and over again in the Jewish people's worlds.
02:03:00.700Um, and you want to say, no, not this time.