The Megyn Kelly Show - Will Elon Musk Buy Twitter, and Johnny Depp Trial Drama, with Peter Schiff, Jonna Spilbor, and Anne Bremner ｜ Ep. 300

00:00:00.000 When I found out my friend got a great deal

00:00:02.160 on a wool coat from Winners,

00:00:03.760 I started wondering,

00:00:05.440 is every fabulous item I see from Winners?

00:00:08.560 Like that woman over there with the designer jeans. 1.00

00:00:11.260 Are those from Winners?

00:00:12.780 Ooh, or those beautiful gold earrings.

00:00:15.260 Did she pay full price?

00:00:16.600 Or that leather tote?

00:00:17.600 Or that cashmere sweater?

00:00:18.500 Or those knee-high boots?

00:00:20.300 That dress?

00:00:21.080 That jacket?

00:00:21.740 Those shoes?

00:00:22.780 Is anyone paying full price for anything?

00:00:25.800 Stop wondering.

00:00:27.000 Start winning.

00:00:27.940 Winners.

00:00:28.520 Find fabulous for less.

00:00:30.600 Welcome to The Megyn Kelly Show.

00:00:32.520 Your home for open, honest, and provocative conversations.

00:00:41.720 Hey everyone, I'm Megyn Kelly.

00:00:43.440 Welcome to The Megyn Kelly Show.

00:00:44.820 So much to get to today on our 300th podcast episode.

00:00:49.820 That's exciting.

00:00:51.000 In Kelly's court later,

00:00:52.060 we're going to bring you the latest

00:00:52.920 on this New York City subway shooter.

00:00:55.520 We talked about this yesterday

00:00:56.540 and this guy's history of racist hatred.

00:00:58.880 Also, Johnny Depp's defamation case

00:01:01.840 against ex-wife Amber Heard gets heated.

00:01:05.260 I actually spent a lot of time looking into this

00:01:07.400 and now I'm into it.

00:01:08.500 And I think I'll get you into it too.

00:01:10.240 It's fascinating what huge fame,

00:01:14.100 huge money,

00:01:15.160 and huge substance abuse will do to a person.

00:01:18.460 But we begin today with economist Peter Schiff.

00:01:20.920 On the news yesterday,

00:01:21.980 that inflation has hit 8.5% last month.

00:01:25.660 That's the fastest 12-month pace since 1981,

00:01:28.980 though Peter says it's worse than they're disclosing.

00:01:31.720 The Biden administration is trying to blame it on external forces,

00:01:34.900 calling this Putin's price hike,

00:01:37.120 which no one believes.

00:01:38.640 Plus, Elon Musk is trying to buy Twitter

00:01:42.000 and it's getting really interesting.

00:01:44.120 Really interesting.

00:01:49.460 Joining me now to discuss it all,

00:01:51.060 Peter Schiff.

00:01:52.000 He's the CEO and Chief Global Strategist

00:01:54.660 of Euro-Pacific Capital.

00:01:56.640 And he joins me now.

00:01:57.460 Peter, welcome back.

00:01:58.600 Thanks, Megan, for having me back.

00:02:00.040 And congratulations on your 300th podcast.

00:02:02.760 You know, I'm going to record my 800th podcast

00:02:05.440 on Friday for the Peter Schiff show.

00:02:07.700 So you got 500 to go to catch me.

00:02:10.140 But you know what?

00:02:10.460 I listen to it.

00:02:11.560 I do listen to it.

00:02:12.460 And, you know,

00:02:13.320 I understand.

00:02:14.540 It's like listening to a foreign language

00:02:16.200 you learn in high school

00:02:17.040 where it's like I can understand some of it.

00:02:21.320 Yeah, well, I use simple words.

00:02:22.900 So not that you wouldn't understand more complex ones.

00:02:25.860 No, no, but even an economic dope like me

00:02:27.980 can follow most of it.

00:02:29.300 So like I can follow the trends you're discussing.

00:02:31.220 I just couldn't like repeat it all to somebody.

00:02:33.020 But I don't need to because I have you here.

00:02:34.900 Yeah, that's because most economists

00:02:36.260 don't speak frankly

00:02:38.720 because they're trying to confuse you

00:02:40.060 or they don't understand the topic themselves.

00:02:41.920 So but it's very straightforward.

00:02:44.920 That's why it's easy to understand when I explain it.

00:02:47.500 Yes, I'm definitely your, you know,

00:02:49.540 economy for dummies consumer.

00:02:51.320 So one of the things I like about you.

00:02:53.100 All right, let's kick it off with Elon Musk

00:02:54.640 because this is kind of exciting.

00:02:56.100 I have to say I'm excited about this.

00:02:57.820 So just to bring the audience up to speed,

00:03:00.020 he he took over 9.2 percent

00:03:02.820 of the Twitter stock last week.

00:03:05.860 And what was a surprise to many of us

00:03:07.340 about three billion dollars worth of stock,

00:03:09.700 making him their largest stockholder.

00:03:11.560 Twitter and Twitter seemed to be having 0.97

00:03:14.420 an oh, crap moment in response to that 0.98

00:03:16.720 and said, seemed to believe that they could control Musk 0.98

00:03:19.840 if they put him on the board

00:03:20.960 and got him to agree that he would buy no,

00:03:24.240 not much more.

00:03:25.220 If he bought more,

00:03:26.080 it would amount to maybe just 14 percent,

00:03:28.320 15 percent, but no more than that.

00:03:30.800 And that way there would be no hostile takeover.

00:03:33.540 And if he sat on the board,

00:03:34.560 he'd be prohibited from doing certain things.

00:03:36.280 You'd have a fiduciary obligation.

00:03:38.240 He wouldn't be able to tweet out weird things

00:03:39.800 like, should we turn the headquarters in San Francisco

00:03:41.500 into a homeless shelter?

00:03:43.020 Should we change the name from Twitter

00:03:44.440 to losing the W stuff

00:03:45.960 that he was tweeting last Saturday

00:03:47.320 after it was announced he'd been joined?

00:03:49.860 He would be joining the board.

00:03:51.640 Well, then comes Sunday

00:03:52.860 and Twitter tweets out.

00:03:55.380 The president tweets out.

00:03:57.700 He's decided not to join the board.

00:03:59.520 He didn't like all those restrictions.

00:04:01.100 It didn't sound like Elon Musk

00:04:02.560 to be boxed in like that anyway.

00:04:05.040 And so the Daily,

00:04:06.940 the New York Times,

00:04:07.440 the Daily Podcast was saying today

00:04:08.700 something like he's not a 50 percent kind of guy.

00:04:11.740 And so there was already speculation

00:04:13.520 about whether this was the beginning

00:04:15.700 of a hostile takeover,

00:04:16.900 and especially when he refused

00:04:17.920 to join the board.

00:04:19.280 And now we know, I guess it is.

00:04:21.460 Right.

00:04:21.640 So tell us in terms,

00:04:23.340 even I can understand what he's done today

00:04:25.380 and how this is likely to go.

00:04:28.240 Well, today he's supposedly announced

00:04:30.760 that he's made an offer

00:04:31.760 to buy the entire company.

00:04:33.780 But, you know,

00:04:34.460 I don't think Elon Musk

00:04:35.760 has any intention of buying Twitter.

00:04:37.720 I don't think he has the ability,

00:04:40.280 the liquidity to finance

00:04:41.540 such a large purchase.

00:04:42.760 So I think he's just having fun.

00:04:45.140 I mean, I don't know

00:04:45.780 if it's just him being eccentric.

00:04:48.300 Maybe he has a plan.

00:04:49.540 Maybe he thinks he'll be able

00:04:50.540 to unload these Twitter shares.

00:04:52.400 I mean, he already has

00:04:53.100 a pretty big pay-per-profit

00:04:54.420 on the position he has.

00:04:56.060 So maybe his goal

00:04:57.020 is to get out into all the hype

00:04:59.040 and make a little money.

00:05:00.900 But I don't think

00:05:02.280 he's going to buy the company.

00:05:03.460 I don't think it's worth

00:05:04.400 what he is contemplating paying,

00:05:06.300 nor do I think he can finance

00:05:07.720 the offer

00:05:08.320 in the form that he's making it.

00:05:11.120 So even Elon Musk

00:05:13.340 cannot necessarily spare the cash

00:05:15.940 to buy Twitter.

00:05:16.940 He's the richest man in the world.

00:05:19.080 Yes, but he's the richest man

00:05:20.260 in the world

00:05:20.860 because of the paper value

00:05:23.040 of his holdings

00:05:24.080 predominantly in Tesla

00:05:27.220 but also in SpaceX.

00:05:28.680 But he would have to sell his stock

00:05:31.680 in order to get the cash

00:05:33.200 which would collapse

00:05:34.960 the price of the stock

00:05:36.180 in order to raise the cash.

00:05:39.620 And does he really want to do that?

00:05:41.060 Does he really want to get rid

00:05:42.780 of so much Tesla

00:05:43.820 to buy Twitter?

00:05:46.360 And what does that say

00:05:47.180 about what he believes

00:05:48.240 the relative value of Tesla is?

00:05:49.860 He would be sending a message

00:05:51.000 to Tesla shareholders

00:05:52.380 that Twitter's a much better buy

00:05:54.580 than Tesla.

00:05:55.280 That's why I'm dumping

00:05:56.040 all my Tesla

00:05:56.820 to buy Twitter.

00:05:58.320 And so even more people

00:05:59.420 would be dumping Tesla.

00:06:00.760 So he doesn't have,

00:06:02.300 you know, what is it?

00:06:02.900 $40, $50 billion

00:06:03.920 in spare change lying around.

00:06:06.380 I doubt he's going to want

00:06:07.640 to borrow the money

00:06:08.560 and pledge his shares

00:06:10.420 as collateral

00:06:11.120 because what happens

00:06:12.400 if he gets a margin call?

00:06:13.780 Now he's in an even worse position

00:06:15.400 to have to liquidate those shares.

00:06:17.300 So again,

00:06:17.960 I think it's a bunch of noise.

00:06:19.480 Maybe he's just having

00:06:20.340 a lot of fun

00:06:21.020 with the markets,

00:06:22.200 with the media,

00:06:22.680 and he may end up

00:06:23.560 walking away

00:06:24.100 with a nice profit

00:06:25.000 and a lot of other people

00:06:26.860 who tried to ride

00:06:27.720 on his coattails

00:06:28.620 will have overpaid

00:06:29.600 for their Twitter stock.

00:06:31.260 Because, yeah,

00:06:32.020 because already

00:06:32.840 the stock has gone up,

00:06:34.580 I think they said

00:06:35.440 something like 54%

00:06:37.020 just based on,

00:06:39.820 like, post his initial investment.

00:06:42.040 So he's already,

00:06:42.680 if he sold his stock today,

00:06:43.700 he would have made

00:06:44.320 some good dough on it.

00:06:45.880 But what he's saying now

00:06:46.940 is he's offering

00:06:47.440 $54.20 per share.

00:06:49.900 He writes,

00:06:50.620 he says,

00:06:51.060 quote,

00:06:51.180 I have moved

00:06:51.940 straight to the end.

00:06:53.600 Quote,

00:06:53.780 I don't have confidence

00:06:55.060 in management.

00:06:56.780 And he says,

00:06:57.980 Twitter has extreme potential.

00:06:59.980 I will unlock it.

00:07:02.100 But says,

00:07:02.800 this is his best

00:07:03.520 and final offer.

00:07:04.920 And we put Twitter,

00:07:05.940 as you point out,

00:07:06.440 at about a $43 billion valuation.

00:07:08.840 Well,

00:07:09.140 first of all,

00:07:10.180 best and final offer,

00:07:11.640 I mean,

00:07:11.840 that could be

00:07:12.280 a negotiating ploy.

00:07:13.840 So if he really wants Twitter,

00:07:15.660 he would be willing

00:07:16.920 to pay more

00:07:17.820 than that offer.

00:07:19.040 That's his opening

00:07:20.200 salvo in this battle.

00:07:22.400 But again,

00:07:22.760 I don't think

00:07:23.340 it's legitimate.

00:07:24.760 I do think he wants

00:07:25.660 the price of Twitter

00:07:26.560 to go up.

00:07:27.180 But if you actually

00:07:28.340 listen to what he just said,

00:07:30.380 he doesn't like

00:07:31.260 the management.

00:07:31.980 He doesn't have any confidence

00:07:33.100 in the management.

00:07:33.880 Well,

00:07:34.020 if that is true

00:07:34.880 and he isn't able

00:07:36.300 to take over the company,

00:07:37.560 then why would he

00:07:38.440 hold on to the stock?

00:07:39.740 He would sell it.

00:07:40.740 And I think

00:07:41.200 he's basically

00:07:41.880 laid the foundation

00:07:42.960 for selling his shares

00:07:44.660 if they don't accept

00:07:45.940 his offer.

00:07:46.720 And for all we know,

00:07:47.820 he's already doing that.

00:07:48.800 I don't know

00:07:49.400 what the rules are

00:07:50.300 as far as,

00:07:51.460 you know,

00:07:51.660 what he has to disclose

00:07:52.740 but if he makes an offer

00:07:54.380 and they turn it down,

00:07:55.860 there's nothing that says

00:07:56.740 that he has to hold

00:07:57.620 his stock.

00:07:58.760 Is there any chance

00:07:59.280 they do accept his offer?

00:08:01.120 I don't think so.

00:08:02.500 I mean,

00:08:02.800 I think these guys

00:08:03.940 want their jobs,

00:08:05.020 right?

00:08:05.260 I mean,

00:08:05.460 that's,

00:08:05.840 you know,

00:08:05.960 the management

00:08:06.460 just generally

00:08:07.500 wants to keep their jobs.

00:08:10.640 You know,

00:08:11.320 and they want to say,

00:08:12.620 well,

00:08:12.760 it's not in the best

00:08:13.720 interest of shareholders

00:08:14.600 because we don't think

00:08:15.600 that you could effectively

00:08:16.480 manage the company.

00:08:17.640 Who cares?

00:08:18.300 The stockholders

00:08:18.920 will be out.

00:08:19.780 They're going to get cash.

00:08:20.700 They're not going to be

00:08:21.440 shareholders anymore.

00:08:22.320 So that's just a ruse.

00:08:24.280 It doesn't matter

00:08:25.020 if the shareholders

00:08:25.760 think that $54

00:08:26.880 is a good price,

00:08:28.620 then they should accept it.

00:08:30.100 And personally,

00:08:31.120 I think Twitter

00:08:32.080 is not worth $54 a share.

00:08:34.600 And so I would just

00:08:36.180 call Elon's bluff

00:08:37.500 and say,

00:08:37.960 yeah,

00:08:38.120 we accept.

00:08:39.480 But,

00:08:40.080 you know,

00:08:40.860 that could also

00:08:41.940 cause the stock

00:08:43.680 to crash

00:08:44.260 when he doesn't

00:08:45.660 do it.

00:08:46.340 So I don't know.

00:08:46.920 I think they're

00:08:47.420 in a tough spot.

00:08:48.960 So this is just

00:08:49.480 entertainment.

00:08:50.720 That's what you think.

00:08:51.380 He's kind of known

00:08:52.380 as a Twitter troll

00:08:53.160 in what I think

00:08:54.540 is a fun way.

00:08:55.500 Sometimes it's gotten

00:08:56.160 him in trouble.

00:08:56.700 It's gotten him sued.

00:08:58.880 But this is already

00:09:00.320 gotten him sued.

00:09:01.340 They've already had

00:09:02.060 lawsuits now filed

00:09:03.160 on behalf of Twitter.

00:09:04.480 And I'm sure

00:09:05.220 if he ends up

00:09:05.800 selling his stock,

00:09:07.180 he's going to get sued

00:09:07.880 for that too.

00:09:09.880 Just another day.

00:09:10.680 But he can't afford

00:09:11.220 to pay lawyers.

00:09:11.940 He's got a lot of money

00:09:12.740 for that.

00:09:13.440 That's absolutely right.

00:09:14.380 Okay.

00:09:15.280 Maybe he'll move over

00:09:16.220 to the Kelly's Court

00:09:16.840 section of our show

00:09:18.260 one of these days soon.

00:09:19.420 So let's talk about

00:09:20.620 Putin's price hike

00:09:22.060 because poor Joe Biden,

00:09:24.340 you know,

00:09:24.720 the savior of our economy,

00:09:26.880 things were going along

00:09:27.620 just perfectly

00:09:28.180 and swimmingly

00:09:28.840 until Putin started

00:09:29.840 a war in Ukraine.

00:09:32.660 I mean,

00:09:33.380 even Biden's not bold

00:09:34.560 enough to put it that way.

00:09:35.460 But he is blaming

00:09:36.540 these crazy inflation numbers

00:09:38.640 on Vladimir Putin.

00:09:40.960 And you've been making

00:09:41.660 two interesting points lately.

00:09:42.980 Number one,

00:09:43.320 it's not Putin's price hike.

00:09:44.720 But number two,

00:09:45.700 the inflationary numbers

00:09:46.660 are worse than

00:09:47.980 is actually being revealed.

00:09:50.520 The number's not really 8.5.

00:09:52.660 It's more like double that.

00:09:54.300 So let's start with point one.

00:09:55.560 Why is it not

00:09:56.240 Putin's price hike

00:09:57.560 that is causing inflation

00:09:59.480 to now be at,

00:10:00.320 I think it's a 41-year high,

00:10:02.120 8.5 percent?

00:10:03.800 Well, first of all,

00:10:04.780 we've been dealing

00:10:05.600 with much higher

00:10:06.540 than expected inflation numbers

00:10:08.300 for a long time.

00:10:09.560 All of last year,

00:10:10.940 all of 2021,

00:10:12.180 long before Putin

00:10:13.140 invaded the Ukraine,

00:10:15.280 prices kept going up

00:10:16.660 month after month,

00:10:18.040 more than expected.

00:10:19.200 And the Fed kept saying,

00:10:20.220 don't worry about it.

00:10:21.040 It's transitory.

00:10:21.960 It'll go away on its own.

00:10:23.140 And in fact,

00:10:24.120 the Fed was finally

00:10:25.760 forced to reluctantly admit

00:10:27.580 that inflation

00:10:28.600 wasn't transitory.

00:10:29.740 And all this happened

00:10:30.860 before Putin

00:10:32.480 invaded the Ukraine.

00:10:34.680 And by the way,

00:10:35.740 even if you're going to

00:10:36.820 try to blame

00:10:37.640 some inflation

00:10:38.720 on the invasion,

00:10:39.660 it's more the sanctions

00:10:41.020 that are affecting

00:10:42.620 prices

00:10:43.800 than the invasion itself.

00:10:45.400 You know,

00:10:45.560 not that I'm saying that,

00:10:46.760 you know,

00:10:47.220 we should condone

00:10:47.860 the invasion,

00:10:48.560 but, you know,

00:10:49.340 we also have to accept

00:10:50.240 the responsibility

00:10:50.920 that the U.S.

00:10:52.080 is leading the charge

00:10:53.180 on these sanctions.

00:10:53.980 And it may be the sanctions

00:10:55.740 that have more to do with it

00:10:56.960 than the invasion itself.

00:10:58.640 But I think neither

00:10:59.580 is the culprit.

00:11:01.540 It's all the Federal Reserve

00:11:02.900 and the U.S. government.

00:11:04.520 It's Congress.

00:11:05.440 It's the Biden administration

00:11:06.620 that has been spending money

00:11:08.580 that it was not

00:11:09.800 collecting in taxes.

00:11:11.040 We were running

00:11:11.600 record budget deficits

00:11:13.320 and the Federal Reserve

00:11:14.600 was monetizing

00:11:15.720 those deficits.

00:11:16.920 We were printing

00:11:17.460 all this money

00:11:18.240 and the government

00:11:19.520 was spending it.

00:11:20.360 We told people

00:11:21.420 not to go to work,

00:11:22.540 not to be productive,

00:11:24.180 don't help make stuff,

00:11:25.460 don't provide services,

00:11:26.760 but here's a bunch of money

00:11:27.940 to go out and spend.

00:11:28.820 We want you buying stuff

00:11:29.980 even though you're not

00:11:30.640 making stuff.

00:11:31.420 And so we flooded

00:11:32.580 the country with money.

00:11:34.200 At the same time,

00:11:35.560 the production of goods

00:11:36.740 and services slowed down

00:11:38.020 and of course prices went up.

00:11:39.960 It's not a surprise.

00:11:41.060 It's exactly what I was saying

00:11:43.040 was going to happen

00:11:43.740 when they first went down

00:11:45.400 this misguided path.

00:11:47.320 And so we're simply

00:11:48.160 reaping the whirlwind

00:11:49.880 of the wind that we sowed.

00:11:52.240 It's too much money

00:11:53.380 chasing too few goods

00:11:54.600 and they just kept pushing

00:11:56.140 money after money

00:11:57.260 after money

00:11:57.880 into the economy

00:11:59.060 and then finally found

00:12:00.360 a scapegoat.

00:12:01.120 Vladimir Putin, great.

00:12:02.560 That's going to involve

00:12:03.860 oil and gas shortages

00:12:05.140 and we can blame everything

00:12:06.300 on him.

00:12:07.420 No one's buying it.

00:12:08.780 And by the way, Megan,

00:12:10.480 the amount,

00:12:11.460 the sheer volume of goods

00:12:13.020 coming into the United States

00:12:14.480 is at an all-time record high.

00:12:16.020 So we've never had

00:12:17.140 so much stuff

00:12:18.180 coming into the country 0.53

00:12:19.580 as we have right now.

00:12:20.760 The problem is

00:12:21.560 we printed even more money

00:12:22.720 and that's why everybody

00:12:24.260 is chasing all this stuff.

00:12:26.760 So the problem

00:12:28.520 isn't a lack of stuff.

00:12:29.880 It's a surplus of money

00:12:31.240 because the government

00:12:32.560 can print money

00:12:33.680 but they can't print stuff.

00:12:35.400 So if they keep printing money,

00:12:37.020 clearly prices have to go up

00:12:39.080 because there's nothing to buy

00:12:40.360 with the money they print.

00:12:42.720 And why is it worse than 8.5?

00:12:46.340 Well, when the government

00:12:47.820 calculates the official CPI,

00:12:51.180 there's a methodology

00:12:52.340 that they use

00:12:53.540 and they purport

00:12:55.520 to try to take into account

00:12:58.600 substitution

00:13:00.080 or improvements in quality

00:13:03.800 to adjust the price.

00:13:06.700 And so the prices

00:13:08.340 that are actually

00:13:09.200 coming out of the CPI

00:13:11.120 are not the prices that go in.

00:13:13.720 There's a lot of manipulation

00:13:15.020 going on

00:13:16.020 to arrive at that number.

00:13:18.440 And when the government

00:13:20.360 changed the CPI

00:13:21.920 in the 1990s,

00:13:23.540 they specifically said

00:13:25.200 that they thought

00:13:25.820 the CPI

00:13:26.700 in the 80s and 70s

00:13:29.000 was flawed

00:13:29.960 because they thought

00:13:31.220 that because they didn't

00:13:32.640 account for substitution

00:13:34.120 and improvements...

00:13:35.980 Wait, wait.

00:13:36.000 Let me just stop you 0.72

00:13:37.380 and just dumb it down

00:13:38.260 a little bit, okay?

00:13:39.400 Just dumb it down.

00:13:40.200 So CPI's

00:13:40.880 Consumer Price Index

00:13:42.120 and we look at this

00:13:43.440 to see how much

00:13:44.420 certain goods...

00:13:45.080 I mean, people like me

00:13:46.160 look at it to see

00:13:47.200 how much has...

00:13:49.440 you know,

00:13:49.760 have groceries gone up

00:13:51.360 this March

00:13:52.400 over last March

00:13:53.380 or this month

00:13:53.880 over the month before.

00:13:55.880 How much...

00:13:56.720 What about, you know,

00:13:57.860 all consumer goods

00:13:58.740 that we buy, basically?

00:13:59.580 Right.

00:13:59.840 So let me give you

00:14:00.440 an example.

00:14:01.140 So take groceries.

00:14:02.600 Let's say

00:14:03.220 the price of broccoli

00:14:04.980 goes way up.

00:14:06.240 They decide,

00:14:07.200 well, consumers

00:14:07.800 didn't buy broccoli

00:14:08.680 because it was so expensive.

00:14:09.640 Let's take it out

00:14:10.500 and let's stick

00:14:11.280 Brussels sprouts in there

00:14:12.340 because Brussels sprouts

00:14:13.580 didn't go up as much.

00:14:15.120 And then they say,

00:14:16.020 oh, steak prices

00:14:17.040 really went up.

00:14:17.880 Okay, let's say

00:14:18.400 people bought chicken

00:14:19.240 instead of steak

00:14:20.120 and so we'll take out

00:14:21.200 the steak

00:14:21.660 and we'll assume

00:14:22.280 they bought chicken.

00:14:23.220 They make all these adjustments.

00:14:24.860 The basket is not fixed.

00:14:27.500 Yes, that's correct.

00:14:28.680 Okay, I got it.

00:14:29.200 But before they fixed it,

00:14:30.760 right, in the 1990s,

00:14:33.120 the CPI represented

00:14:34.540 a fixed basket of goods.

00:14:36.600 So all they did

00:14:37.960 is look at the price of goods

00:14:39.500 and then look at

00:14:41.000 how much the price changed.

00:14:43.300 And if we were measuring

00:14:44.780 prices today,

00:14:46.540 the way we measured them

00:14:48.080 in the 80s and the 70s

00:14:49.640 because we want to go back

00:14:50.620 and say, oh,

00:14:51.340 this is the worst inflation

00:14:52.680 since 1981.

00:14:54.300 Well, if we measured inflation today

00:14:56.680 using the same CPI

00:14:58.400 that they used in 1981,

00:14:59.900 that's where we'd probably

00:15:00.920 be at about 17%,

00:15:02.220 not 8.5%.

00:15:03.660 So this is the worst inflation

00:15:05.820 in the history of the country

00:15:07.840 if we measure it accurately.

00:15:10.060 But the government

00:15:10.540 doesn't want to be honest

00:15:11.660 about inflation.

00:15:12.640 It lies about inflation

00:15:13.860 the way it lies

00:15:14.540 about everything.

00:15:16.220 Well, one of the other stories

00:15:17.120 we're starting to see now

00:15:18.220 from the media

00:15:19.660 is this is peak.

00:15:21.740 Don't worry.

00:15:22.720 This is like,

00:15:23.580 the good news is

00:15:24.440 we've peaked.

00:15:25.520 And of course,

00:15:26.180 I don't know anything

00:15:26.700 about money,

00:15:27.180 but I do know

00:15:27.680 that I was told

00:15:28.300 inflation was transitory

00:15:29.880 and not to worry

00:15:30.740 and it kept getting worse

00:15:31.640 and worse and worse.

00:15:32.220 So when they tell me

00:15:32.760 it's peak,

00:15:33.100 I don't believe them.

00:15:34.700 Should I believe them?

00:15:36.640 No.

00:15:37.080 I mean, first of all,

00:15:37.920 they said it peaked

00:15:38.760 a while ago.

00:15:39.920 And so we're higher

00:15:40.860 than where it was

00:15:41.720 when it supposedly peaked.

00:15:43.140 But it's as peaked

00:15:44.500 as it was transitory.

00:15:45.840 And there's no reason

00:15:47.020 to believe

00:15:47.740 that it's peak.

00:15:49.500 Think about where

00:15:50.020 interest rates are.

00:15:51.120 Even though the Fed

00:15:51.680 is talking about raising them,

00:15:53.820 they're still at 25 basis points,

00:15:56.040 one quarter of 1%.

00:15:57.740 The last time inflation

00:15:59.420 was this high in 1981,

00:16:01.640 interest rates were at 20%.

00:16:03.500 So we're not even close

00:16:05.560 to 1%,

00:16:06.420 let alone 20%.

00:16:07.620 So inflation is not

00:16:09.220 coming to an end

00:16:10.160 like it was in 1981.

00:16:11.860 It's just getting started.

00:16:13.700 This is like 1971,

00:16:15.080 not like 1981.

00:16:16.700 We have a long way to go.

00:16:18.180 We're not even close

00:16:19.220 to the peak of inflation.

00:16:21.360 So what about the Fed?

00:16:22.760 And what it's,

00:16:23.540 I mean,

00:16:23.640 it's had interest rates so low.

00:16:25.180 It's made borrowing money

00:16:26.040 so easy for so long.

00:16:29.240 And all that money's

00:16:30.340 flowing in the economy

00:16:31.120 as a result.

00:16:32.220 Now they're starting

00:16:32.780 to inch up the interest rates.

00:16:34.380 Is it enough?

00:16:35.740 Is it going to be enough soon?

00:16:38.140 Like, I mean,

00:16:38.560 how high should it go?

00:16:39.980 And should it go high at all?

00:16:41.020 Well, the interest rates

00:16:43.640 should be above

00:16:44.240 the inflation rate.

00:16:45.860 So even if you believe

00:16:46.980 the government's-

00:16:47.080 The real one or the fake one?

00:16:48.620 Well, the real one.

00:16:50.060 But even the fake one

00:16:51.340 is we can't go above

00:16:52.760 eight and a half.

00:16:54.000 People aren't lending money

00:16:55.540 to lose on purpose.

00:16:57.580 You have to have a real return

00:16:59.100 that exceeds

00:16:59.920 the rate of inflation.

00:17:01.700 And, you know,

00:17:02.360 we're not even close to that.

00:17:04.080 But the reason that the Fed

00:17:05.420 is not raising rates

00:17:06.820 significantly

00:17:07.900 to fight inflation

00:17:09.000 is because it can't do it

00:17:10.360 because we all have

00:17:11.440 so much debt.

00:17:12.660 But the reason we have

00:17:13.540 so much debt

00:17:14.260 is because the Fed

00:17:15.160 could never raise rates

00:17:16.260 in the past

00:17:16.840 because every time they tried,

00:17:18.380 the economy would go

00:17:19.360 into a recession,

00:17:20.460 the markets would tank,

00:17:21.800 and then it'd have to go

00:17:22.520 right back down to zero

00:17:23.560 and do a bunch more

00:17:24.720 quantitative easing.

00:17:25.940 So the economy gets

00:17:27.460 more and more addicted

00:17:28.400 to cheap money

00:17:29.220 every time we get

00:17:30.260 a bigger dose.

00:17:31.540 And now they're claiming

00:17:32.400 that we can go cold turkey

00:17:33.900 on the cheap money

00:17:35.240 and nothing's going to happen.

00:17:37.340 I mean,

00:17:37.500 the economy has never

00:17:38.740 been more vulnerable

00:17:39.820 to a rise in interest rates

00:17:41.720 than it is right now.

00:17:43.420 And we've never had

00:17:44.180 more inflation

00:17:44.900 than we do right now.

00:17:46.320 So higher interest rates

00:17:47.500 have never been more necessary

00:17:49.200 than they are right now.

00:17:50.740 But we can't get them

00:17:52.000 without collapsing

00:17:52.940 the economy.

00:17:53.840 So we won't get them.

00:17:55.280 We'll have massive

00:17:56.040 inflation instead,

00:17:57.100 which will do even more damage

00:17:58.840 to the economy

00:17:59.720 than a collapse.

00:18:01.240 Oh, my gosh.

00:18:01.960 Because, you know,

00:18:02.520 people have referenced

00:18:03.480 back in the Reagan years

00:18:04.540 when we faced high inflation.

00:18:06.140 And what did they do?

00:18:07.120 Well, they did raise

00:18:07.940 interest rates a lot

00:18:09.220 and it was painful,

00:18:10.200 but it helped.

00:18:11.960 But you don't see that

00:18:13.100 as a realistic option

00:18:14.440 in front of us

00:18:15.380 or at least not one

00:18:16.120 anyone's going to take.

00:18:18.080 No.

00:18:18.260 And not only do they

00:18:18.940 have to raise interest rates,

00:18:20.340 they have to dramatically

00:18:21.420 reduce the money supply.

00:18:23.600 They have to reverse

00:18:24.520 all this quantitative easing.

00:18:26.260 They have a nine trillion

00:18:27.580 dollar balance sheet.

00:18:29.240 Can I just interject again?

00:18:31.320 I know I'm supposed to know

00:18:32.080 what quantitative

00:18:32.580 quantitative easing is,

00:18:34.180 but I don't really.

00:18:35.240 Can you explain that

00:18:35.900 just quickly?

00:18:36.760 Yeah, well,

00:18:37.240 it's very confusing

00:18:38.080 because the whole term

00:18:39.100 is a lie.

00:18:40.100 But what quantitative easing

00:18:41.260 really is,

00:18:42.360 is debt monetization.

00:18:44.460 That's when a central bank,

00:18:45.860 the Federal Reserve,

00:18:47.000 prints up money

00:18:47.800 and buys government bonds.

00:18:49.900 And so they put new money

00:18:51.420 into circulation.

00:18:52.160 They are inflating

00:18:53.220 the money supply.

00:18:54.480 That is the very essence

00:18:55.520 of inflation.

00:18:56.740 Whenever the central bank

00:18:57.740 says we're doing

00:18:58.420 quantitative easing,

00:18:59.520 what you should actually think

00:19:00.820 they're saying is

00:19:01.400 we are causing inflation.

00:19:03.160 And that is what they did.

00:19:04.600 And the consequence of that

00:19:05.760 is that we're all paying

00:19:06.720 higher prices.

00:19:07.840 But if they want to

00:19:08.760 get rid of the inflation,

00:19:10.100 they have to shrink

00:19:10.940 that money supply.

00:19:11.920 So they have to do

00:19:12.660 the opposite of

00:19:13.420 quantitative easing,

00:19:14.500 quantitative tightening.

00:19:15.540 They've got to sell

00:19:16.900 U.S. government bonds

00:19:18.000 and then take the money

00:19:19.400 they get and destroy it

00:19:20.640 so that the money supply

00:19:21.720 goes down.

00:19:22.540 The problem is

00:19:23.300 who is going to buy

00:19:24.840 all these government bonds?

00:19:26.740 Because up until recently,

00:19:28.320 the Federal Reserve

00:19:28.980 was the biggest customer

00:19:30.280 of the United States government

00:19:31.680 because the Federal Reserve

00:19:32.600 was the biggest buyer

00:19:33.700 of treasuries

00:19:34.820 helping to finance the deficit.

00:19:36.900 Well, if the Fed goes

00:19:37.940 from being the treasury's

00:19:40.000 biggest customer

00:19:40.780 to their biggest competitor,

00:19:42.720 if the Federal Reserve

00:19:43.480 is competing

00:19:44.380 with the government

00:19:45.080 selling treasuries

00:19:46.300 into the market,

00:19:47.260 who is going to buy

00:19:48.580 all these treasuries

00:19:49.380 and where is the money

00:19:50.520 going to come from?

00:19:51.620 The answer is

00:19:52.360 no one's going to buy them.

00:19:53.680 The price has to collapse.

00:19:55.080 That's why interest rates

00:19:56.180 are rising every single day.

00:19:58.200 We just hit 2.9% today

00:20:00.200 on a 30-year,

00:20:01.600 2.8% on a 10-year.

00:20:04.080 These are the highest rates

00:20:05.340 that have been since COVID,

00:20:06.820 but they're going up every day

00:20:08.620 because nobody wants

00:20:10.160 to buy treasuries.

00:20:11.160 So every day,

00:20:11.960 more and more treasuries

00:20:12.840 get sold.

00:20:13.940 Rates are going to keep

00:20:14.900 going up

00:20:15.760 until eventually

00:20:16.920 the markets crash

00:20:18.160 and then the Fed

00:20:19.080 is forced to pivot

00:20:20.720 on its stance

00:20:22.060 and go back to,

00:20:24.220 oh, we can't hike rates,

00:20:25.520 we can't shrink

00:20:26.140 our balance sheet.

00:20:27.400 And that's when inflation

00:20:28.320 can really kick

00:20:29.040 into a higher gear.

00:20:30.120 As bad as it is now,

00:20:31.260 it's going to get much worse.

00:20:32.780 Okay, so that's

00:20:33.300 what I'm looking for,

00:20:34.280 the prediction.

00:20:34.880 So they can't fix it.

00:20:35.920 The quantitative easing

00:20:37.300 can't really be

00:20:38.100 effectively undone.

00:20:39.540 They're not willing

00:20:40.200 to raise interest rates

00:20:41.180 above 1.8.5%

00:20:43.140 or 1.8%

00:20:43.780 above what it really is,

00:20:45.540 which is more like 17,

00:20:46.580 right,

00:20:46.840 to 18%.

00:20:48.000 So they're not going

00:20:49.460 to do what's necessary

00:20:50.620 to sort of do

00:20:52.340 what happened under Reagan.

00:20:53.840 Because remember,

00:20:55.060 if the Fed

00:20:56.400 is going to

00:20:57.680 do quantitative tightening

00:20:59.320 and sell treasury bonds,

00:21:01.500 the U.S. government,

00:21:02.980 the Biden administration,

00:21:04.340 is going to have

00:21:05.100 to dramatically reduce

00:21:06.680 government spending,

00:21:08.300 not just reduce

00:21:09.260 the rate of increase,

00:21:10.340 but actually spend less

00:21:11.860 than they did in the past

00:21:13.200 and actually spend

00:21:14.060 a lot less.

00:21:14.740 The budget deficit

00:21:15.600 is projected

00:21:16.960 to be $2.5 trillion.

00:21:18.300 Now, it's probably

00:21:18.960 going to be over $3 trillion

00:21:20.060 if they're projecting

00:21:21.060 $2.5.

00:21:21.920 But how are they going

00:21:23.240 to sell $2.5 trillion

00:21:24.660 worth of treasuries

00:21:25.480 when the Federal Reserve

00:21:26.540 is also selling

00:21:27.500 hundreds of billions

00:21:28.480 worth of treasuries

00:21:29.300 during the same year?

00:21:30.440 They can't do it.

00:21:31.800 So the federal government

00:21:32.960 is going to have

00:21:33.380 to dramatically cut spending

00:21:34.900 so that it doesn't have

00:21:36.340 to borrow so much money

00:21:37.520 or they have to have

00:21:38.680 a massive tax hike

00:21:40.160 on the middle class

00:21:41.580 right now,

00:21:42.320 effective immediately,

00:21:43.680 maybe double income taxes

00:21:44.980 on the middle class,

00:21:46.000 which, I mean,

00:21:46.580 clearly they're not going

00:21:47.340 to do.

00:21:47.920 They're not going

00:21:48.360 to cut spending either

00:21:49.280 because they'd have

00:21:49.760 to cut Social Security,

00:21:51.380 Medicare,

00:21:52.320 you know,

00:21:52.560 all the entitlements.

00:21:53.680 I mean,

00:21:53.860 they're just expanding

00:21:54.920 Obamacare.

00:21:55.820 We're broke.

00:21:56.960 The Fed is raising rates 1.00

00:21:58.120 and these idiots 1.00

00:21:59.260 just voted to spend 1.00

00:22:00.340 even more money

00:22:01.220 on Obamacare

00:22:02.640 and we can't even afford

00:22:03.800 the money we're already spending.

00:22:05.340 So it's never going

00:22:06.320 to happen.

00:22:07.240 They're just going

00:22:07.780 to keep on printing

00:22:08.700 until they destroy

00:22:09.600 the value of the dollar

00:22:10.880 completely and,

00:22:12.160 as I said,

00:22:12.640 prices are going

00:22:13.520 through the roof.

00:22:14.640 They have just started.

00:22:16.240 They've only just started

00:22:17.180 going up

00:22:17.680 and they're going

00:22:18.560 much, much higher.

00:22:20.500 So how does that end?

00:22:22.340 I mean,

00:22:22.540 does that end

00:22:22.960 in a massive recession?

00:22:24.180 Where does that take us

00:22:25.240 and when?

00:22:26.380 Well,

00:22:26.640 it ends,

00:22:26.960 I think,

00:22:27.440 in an inflationary depression.

00:22:29.100 I mean,

00:22:29.240 it could end

00:22:29.760 in hyperinflation

00:22:31.040 where the money

00:22:31.700 has no value whatsoever

00:22:32.760 and you can't buy anything

00:22:34.280 no matter how many millions

00:22:35.300 you have.

00:22:35.840 There's nothing

00:22:36.660 that you could buy

00:22:37.460 because no one

00:22:38.100 will sell you something.

00:22:39.600 But if we're going

00:22:40.260 to stop that

00:22:40.880 from happening,

00:22:41.480 then we're going

00:22:42.380 to have to suffer

00:22:43.200 a severe collapse,

00:22:45.500 a financial crisis,

00:22:47.620 you know,

00:22:47.980 far greater

00:22:48.700 than anything

00:22:49.320 that we had

00:22:50.180 in 2008

00:22:51.140 and nobody gets

00:22:53.100 a bailout

00:22:53.600 from anything.

00:22:54.820 No banks get bailed out.

00:22:56.320 They have to fail.

00:22:57.380 And in fact,

00:22:57.820 when they fail,

00:22:58.900 the depositors

00:22:59.640 are going to lose

00:23:00.060 their money

00:23:00.460 because there's no

00:23:01.300 FDIC money either

00:23:02.400 because that would have

00:23:03.060 had to come

00:23:03.460 from the Fed.

00:23:03.920 So depositors

00:23:05.180 lose their money,

00:23:06.160 companies go out

00:23:06.740 of business,

00:23:07.660 investors get wiped out,

00:23:09.360 jobs get destroyed.

00:23:11.540 You know,

00:23:11.700 it's going to be

00:23:12.260 a real mess

00:23:13.260 in the end.

00:23:15.860 That's why

00:23:16.280 they're waiting

00:23:16.740 so long

00:23:17.420 and kicking the can

00:23:18.200 down the road

00:23:18.800 for as many years

00:23:19.620 as they have

00:23:20.260 because the consequences

00:23:21.880 are so horrible,

00:23:22.920 nobody wants

00:23:23.460 to face them.

00:23:24.520 But every time

00:23:26.060 we kick that can

00:23:26.820 down the road,

00:23:27.480 we make those

00:23:28.060 horrible consequences

00:23:29.820 much worse.

00:23:31.240 So since we've been

00:23:32.700 doing it for so long,

00:23:33.780 you can only imagine

00:23:34.720 just how horrific

00:23:35.560 things are going to be

00:23:36.520 in order to avoid

00:23:37.860 hyperinflation,

00:23:39.140 which would be

00:23:39.720 even more catastrophic.

00:23:41.820 All right.

00:23:41.960 So let's say

00:23:42.480 we elect Peter Schiff

00:23:44.000 as our next president

00:23:44.840 in 2024.

00:23:46.140 What's the first

00:23:46.920 thing you do?

00:23:49.760 Demand a recount.

00:23:51.440 No,

00:23:52.960 they're not going

00:23:54.380 to elect me,

00:23:56.100 obviously.

00:23:57.000 But if somehow

00:23:57.840 I could become

00:23:59.260 the president

00:23:59.780 of the United States,

00:24:01.420 yeah,

00:24:01.760 I mean,

00:24:01.980 there's a lot of things

00:24:02.620 I would do.

00:24:03.880 But in the short run,

00:24:05.360 we would have to

00:24:06.200 still go through

00:24:07.080 some pain.

00:24:08.400 I mean,

00:24:08.580 there is no quick fix.

00:24:10.300 But what I would do

00:24:11.660 is enable the economy

00:24:13.140 to fix itself

00:24:14.340 over the long run

00:24:15.820 because the problem

00:24:17.020 with the economy

00:24:17.740 is government

00:24:18.480 and the Federal Reserve.

00:24:19.900 We need a free market economy,

00:24:21.400 not a government

00:24:22.780 planned economy.

00:24:23.660 We need the government

00:24:25.020 to dramatically reduce

00:24:26.600 its size

00:24:27.840 and its cost

00:24:28.780 so we can return

00:24:30.180 those resources

00:24:31.040 to the private sector.

00:24:32.740 We need to dramatically

00:24:33.620 deregulate the economy

00:24:35.100 so that the free market

00:24:36.780 can regulate it,

00:24:38.000 not a bunch of bureaucrats.

00:24:39.880 And we need to,

00:24:41.100 you know,

00:24:41.420 return to sound money,

00:24:42.800 not money

00:24:43.840 that can just be created

00:24:44.800 out of thin air

00:24:45.620 that has no value.

00:24:47.120 So,

00:24:47.300 huh?

00:24:48.320 The gold standard?

00:24:49.700 Yes,

00:24:50.260 yes.

00:24:50.560 That's the standard

00:24:51.340 that the founding fathers

00:24:52.420 put us on.

00:24:53.300 They did it for a reason.

00:24:54.640 It worked very well

00:24:55.740 for as long

00:24:56.820 as we followed it.

00:24:57.820 So we just need

00:24:58.460 to go back to it.

00:25:00.140 And,

00:25:00.520 you know,

00:25:01.160 I'd like to get rid

00:25:01.940 of the income tax,

00:25:02.900 the federal income tax,

00:25:03.800 the corporate income tax,

00:25:04.960 Social Security tax,

00:25:06.380 you know,

00:25:06.560 make government much smaller.

00:25:08.700 I mean,

00:25:08.920 I think the only thing

00:25:09.720 the federal government

00:25:10.320 should do is national defense

00:25:11.700 and it still spends

00:25:12.460 too much money on defense.

00:25:14.060 I think the rest of it

00:25:15.620 should be covered

00:25:16.100 by the states,

00:25:16.760 although most of it,

00:25:17.880 you know,

00:25:18.060 shouldn't be covered at all.

00:25:19.120 It should be taken care of

00:25:20.160 in the free market.

00:25:21.660 But,

00:25:21.880 you know,

00:25:22.080 America could be

00:25:23.020 a very prosperous nation,

00:25:24.660 again,

00:25:25.140 if we repeat

00:25:27.440 what made us so rich

00:25:28.580 in the first place.

00:25:29.420 But right now,

00:25:30.120 we're broke.

00:25:30.640 We just don't know it yet.

00:25:31.600 We're living off

00:25:32.260 of borrowed money.

00:25:33.500 We are the world's

00:25:34.320 biggest debtor nation.

00:25:35.780 We owe more money

00:25:36.540 than all the other nations combined.

00:25:38.160 We're running

00:25:38.620 enormous trade deficits

00:25:40.680 with every nation

00:25:41.520 on the face of the earth.

00:25:42.640 So our economy

00:25:43.660 is completely incapable

00:25:45.660 of producing the goods

00:25:46.980 that we consume.

00:25:48.280 We borrow from the rest

00:25:49.600 of the world

00:25:49.960 because we don't have

00:25:50.760 our own savings.

00:25:51.640 We're basically being supported

00:25:52.960 by the rest of the world.

00:25:54.520 The world has to bear

00:25:55.940 the cost of subsidizing

00:25:57.380 the U.S. economy.

00:25:58.800 And that's going

00:25:59.680 to come to an end.

00:26:00.960 And if we're going

00:26:02.260 to stand on our own two feet,

00:26:03.700 if we're going

00:26:04.320 to be productive again,

00:26:05.860 then we're going

00:26:06.340 to have to return

00:26:07.200 to the limited government,

00:26:09.940 maximum economic freedom

00:26:11.400 type economy

00:26:12.200 that we had in the past.

00:26:15.140 You've got my vote.

00:26:16.420 Okay,

00:26:16.800 we'll do it.

00:26:17.640 There's so much more

00:26:18.280 to go over.

00:26:19.120 You heard Peter mention it

00:26:20.060 a minute ago,

00:26:20.780 but the sanctions

00:26:21.620 that we've passed

00:26:23.020 on Russia, right,

00:26:23.800 that Joe Biden put in place

00:26:24.920 and the Europe put in place,

00:26:27.120 why that may be doing

00:26:28.460 more harm to us

00:26:29.620 than to Vladimir Putin.

00:26:31.380 We'll get into that.

00:26:32.060 Plus, I want to ask about

00:26:32.840 what to expect

00:26:33.680 in the housing market.

00:26:34.660 A lot of people

00:26:35.020 worried about that.

00:26:36.320 We're going to pick it up

00:26:37.280 there in one minute.

00:26:38.680 The sanctions on Russia.

00:26:47.040 Are they doing

00:26:47.640 what we want them to do

00:26:49.160 financially to Russia?

00:26:51.020 And what are they doing

00:26:52.320 to us?

00:26:53.520 Well, think about it logically.

00:26:55.440 So what are we doing

00:26:56.200 with the sanctions?

00:26:57.420 So Biden and other leaders

00:27:00.020 are telling Americans,

00:27:01.820 hey, Russia's got gasoline

00:27:03.360 that you need

00:27:04.420 and food that you need,

00:27:05.940 but you can't buy it

00:27:07.000 from them anymore.

00:27:07.600 We're not going to allow you

00:27:08.880 to buy these goods

00:27:10.220 from Russia.

00:27:11.380 So you've got to buy

00:27:12.040 the goods someplace else.

00:27:13.600 Well, now we have to pay more

00:27:15.180 because now there's

00:27:15.940 all this demand

00:27:16.840 from the other sellers.

00:27:19.480 They have much higher prices now

00:27:20.800 because we've eliminated

00:27:21.740 all the supply

00:27:22.720 that was coming from Russia.

00:27:24.340 So Americans end up 0.97

00:27:25.780 paying a lot more

00:27:26.800 for those goods

00:27:28.200 that the U.S. government

00:27:29.640 won't let us buy from Russia.

00:27:31.180 But now think about it

00:27:32.360 from Russia's perspective.

00:27:33.680 Russia still has 0.83

00:27:34.520 all their oil.

00:27:35.640 They still have

00:27:36.300 all their food.

00:27:36.880 That's now way more valuable

00:27:38.240 because we've caused

00:27:39.120 the price to go up.

00:27:40.000 And now they're able

00:27:41.200 to sell either illegally

00:27:42.960 on black markets

00:27:44.280 or to other nations

00:27:45.980 that are still trading

00:27:46.920 with Russia.

00:27:47.600 They're actually still able

00:27:48.920 to sell their oil

00:27:50.700 and their food.

00:27:51.680 They just get a higher price

00:27:52.780 for it than they were before.

00:27:54.280 So Russia may be winning 1.00

00:27:56.080 from the sanctions

00:27:57.380 and it's Americans,

00:27:59.000 it's Europeans 0.96

00:27:59.540 who are losing.

00:28:00.940 So I think that

00:28:02.260 like most things

00:28:03.460 the government does,

00:28:04.300 it typically backfires.

00:28:05.860 Like when the government

00:28:06.620 creates an anti-poverty program,

00:28:08.720 you end up with more poverty,

00:28:10.000 not less.

00:28:10.660 And so by sanctioning Russia, 0.69

00:28:12.520 we're probably going to end up

00:28:13.500 helping Russia

00:28:14.220 and hurting ourselves,

00:28:15.420 especially by highlighting

00:28:17.420 to the world

00:28:18.280 the dangers

00:28:19.320 of using the U.S. dollar

00:28:21.160 as the reserve currency.

00:28:22.820 And so we may have just

00:28:23.920 hastened the demise

00:28:24.900 of the dollar

00:28:25.520 as the reserve currency,

00:28:26.700 which means we accelerate

00:28:28.640 the collapse

00:28:29.540 of our own economy.

00:28:30.360 So what,

00:28:32.120 so basically

00:28:32.560 it wasn't going to work

00:28:33.800 the sanctions

00:28:34.300 unless we got everybody

00:28:35.340 to join on board.

00:28:36.600 You have to make sure

00:28:37.540 India's on board. 0.81

00:28:38.580 You have to make sure

00:28:39.140 China's on board. 0.77

00:28:40.240 You have to make sure

00:28:40.900 that all these Middle Eastern 1.00

00:28:41.780 nations are on board.

00:28:43.140 Otherwise,

00:28:43.700 they don't work so well.

00:28:44.860 But even if they're all on board,

00:28:47.080 there can still be people

00:28:48.880 that circumvent.

00:28:49.920 Because let's say

00:28:50.600 because of the sanctions,

00:28:52.620 a product that Russia

00:28:54.600 was selling

00:28:55.220 went from $1

00:28:56.540 to $3.

00:28:58.240 And so now

00:28:58.780 the market is $3

00:28:59.640 and it's really expensive.

00:29:01.400 And now under the table,

00:29:03.060 you know,

00:29:03.520 illegally,

00:29:04.560 Russia says,

00:29:05.160 hey, you know,

00:29:05.680 we'll sell you this stuff

00:29:06.700 for $2, right?

00:29:07.700 You can get it

00:29:08.280 for a big discount

00:29:09.580 to the $3.

00:29:10.660 There are going to be people

00:29:11.640 who will illegally

00:29:12.560 buy that stuff

00:29:14.280 because they're saving

00:29:15.100 so much money

00:29:15.860 paying $2.

00:29:17.260 But at $2,

00:29:18.340 Russia still gets double 1.00

00:29:19.540 what they were getting

00:29:20.580 before the sanctions.

00:29:21.860 So Russia wins, 0.99

00:29:23.640 you know,

00:29:24.060 and everybody else loses

00:29:25.340 as a result of those sanctions.

00:29:27.040 So, you know,

00:29:27.820 that's how I think

00:29:29.380 this ultimately plays out.

00:29:31.640 There was a report

00:29:32.320 that the ruble's worth

00:29:33.320 more now than it was

00:29:35.040 at the beginning

00:29:35.680 of this war.

00:29:36.780 I've heard some people

00:29:37.960 throw some cold water

00:29:38.960 on that.

00:29:40.000 What do you make of that?

00:29:40.920 No, that's not a report.

00:29:42.100 That's a fact.

00:29:42.740 I mean,

00:29:42.820 I haven't checked

00:29:43.360 the exchange rate

00:29:44.040 this morning,

00:29:44.560 but the last time I looked,

00:29:46.480 the ruble was higher

00:29:47.600 than it was

00:29:48.340 when the war began

00:29:50.380 and the sanctions

00:29:51.140 were announced.

00:29:51.880 Now, initially,

00:29:52.440 there was about

00:29:53.420 a 40% decline

00:29:54.820 in the ruble

00:29:55.520 and President Biden

00:29:56.960 was bragging

00:29:57.740 about how much value

00:29:58.780 the ruble lost.

00:29:59.760 Well, the ruble

00:30:00.500 has recovered

00:30:01.320 all of that lost value

00:30:03.060 and then some.

00:30:04.360 Now, the ruble

00:30:04.840 is still a lot lower

00:30:05.760 than it was a year ago.

00:30:06.900 So it's not like

00:30:07.500 we have a strong ruble,

00:30:08.940 but it has strengthened

00:30:10.720 recently.

00:30:11.800 And I believe

00:30:12.800 that that is a trend

00:30:13.960 that's going to continue.

00:30:15.100 And right now,

00:30:15.660 the dollar has been

00:30:16.360 very strong

00:30:17.080 against a lot

00:30:17.980 of other currencies,

00:30:18.800 in particular,

00:30:19.740 the euro.

00:30:20.280 It wasn't just a ruble,

00:30:21.540 but I think

00:30:22.540 that dollar strength

00:30:23.720 is eventually

00:30:24.480 going to reverse as well.

00:30:26.180 I think the dollar

00:30:26.840 is going to come

00:30:27.480 under a lot of pressure

00:30:28.420 when the markets realize

00:30:30.040 that the Fed is bluffing

00:30:31.520 about its ability

00:30:32.280 to fight inflation

00:30:33.140 and that when the markets,

00:30:35.260 you know,

00:30:35.720 figure that out

00:30:36.600 and the Fed

00:30:37.960 is ultimately

00:30:38.480 forced to reverse

00:30:40.360 because of the weakness

00:30:41.540 and the economy

00:30:42.260 and the markets,

00:30:43.200 I think the dollar

00:30:44.060 is going to tank

00:30:44.820 across the board,

00:30:46.100 including

00:30:46.600 against the ruble.

00:30:48.900 And now that Putin

00:30:50.500 has kind of fixed

00:30:51.520 how much gold

00:30:53.100 the Central Bank of Russia

00:30:55.400 is willing to buy

00:30:57.060 priced in rubles,

00:30:58.460 if we see

00:30:59.360 a very weak dollar

00:31:00.680 in terms of rubles,

00:31:02.020 that will put a lot

00:31:02.920 of upward pressure

00:31:03.800 on the price of gold

00:31:05.020 because a lot of Russian banks

00:31:06.280 will be buying gold

00:31:07.220 that they can turn around

00:31:08.320 and sell to the Russian government

00:31:10.700 at a profit

00:31:11.440 and the strength in gold

00:31:13.420 will also accelerate

00:31:14.920 the decline of the dollar

00:31:16.060 and feed the whole process.

00:31:18.840 I know you're big

00:31:19.240 on buying gold

00:31:20.040 and silver as well

00:31:21.880 and that you have a firm

00:31:23.220 that helps people do that,

00:31:24.320 but I've heard you say

00:31:25.300 it for a long time

00:31:25.980 that, you know,

00:31:26.680 gold is a good investment.

00:31:28.640 What about this notion

00:31:29.840 of the dollar

00:31:31.000 no longer being

00:31:32.000 the world's reserve currency?

00:31:33.720 Can you explain

00:31:34.120 what does that mean

00:31:34.980 and how does that affect

00:31:36.340 regular people?

00:31:38.320 Yeah, well, first of all,

00:31:38.900 I look at gold as money,

00:31:40.600 as a store of value,

00:31:41.680 not as an investment per se,

00:31:43.420 like you invest in stocks

00:31:44.660 or real estate.

00:31:45.320 You hold on to gold

00:31:46.840 to preserve value

00:31:48.380 because it doesn't throw off

00:31:49.620 a return like stocks

00:31:51.340 or real estate do.

00:31:54.120 What was the question

00:31:54.800 you asked, though?

00:31:55.320 I just...

00:31:55.960 What about the dollar

00:31:56.600 as the world's reserve currency?

00:31:58.720 What does that mean

00:31:59.920 and what does it mean

00:32:00.560 to the regular Joe

00:32:01.480 watching this program

00:32:02.240 if that is no longer the case?

00:32:04.600 Yeah, people don't really understand

00:32:06.460 the degree to which

00:32:07.800 the American economy

00:32:09.080 is dependent on the dollar

00:32:11.580 and its role

00:32:13.120 as the reserve currency.

00:32:14.300 You've often heard

00:32:15.580 the U.S. economy

00:32:16.800 described as a service sector economy,

00:32:19.400 right?

00:32:19.580 We're all about services.

00:32:21.660 Well, where do we get

00:32:22.760 all the stuff then?

00:32:23.580 Because we certainly consume

00:32:25.060 a lot of stuff.

00:32:26.140 Americans are, you know,

00:32:28.360 incredible shoppers.

00:32:30.040 I mean, we have an insatiable

00:32:31.360 appetite to buy stuff, right?

00:32:33.780 So, but if we have

00:32:34.960 a service sector economy,

00:32:36.540 where's all this stuff

00:32:37.660 coming from that we're buying?

00:32:39.340 Well, it's coming from China 0.92

00:32:41.040 and other countries.

00:32:41.860 Well, how do we pay for it?

00:32:43.080 We don't.

00:32:44.360 We just print money.

00:32:45.800 You see, under a normal economy,

00:32:47.480 if we didn't have

00:32:48.240 the reserve currency,

00:32:49.440 we would either have

00:32:50.460 to produce stuff

00:32:51.420 for ourselves

00:32:52.340 or produce stuff

00:32:53.880 for our trading partners

00:32:55.120 to trade with them

00:32:56.420 for the stuff they produce.

00:32:57.680 But we don't have

00:32:58.300 to produce anything.

00:32:59.420 We just print money.

00:33:00.580 And the rest of the world

00:33:01.540 takes the money we print

00:33:02.620 for the stuff they make.

00:33:04.160 And so we have

00:33:04.780 a much higher standard of living

00:33:06.380 because we get to consume

00:33:07.820 all this stuff

00:33:08.580 that we didn't have to produce.

00:33:10.240 So we didn't really pay for it.

00:33:11.920 But when the dollar

00:33:13.260 loses its status,

00:33:15.100 then the rest of the world

00:33:16.580 isn't going to want

00:33:17.240 dollars anymore.

00:33:18.220 They're going to want stuff.

00:33:19.740 And so if we want their stuff,

00:33:21.640 we're going to have to make

00:33:22.420 some stuff of our own

00:33:23.620 to give them.

00:33:24.740 And we can't do it

00:33:25.840 because we don't have

00:33:26.560 the factories.

00:33:27.340 We don't have the savings

00:33:28.480 to create the factories.

00:33:29.740 We don't have the supply chains.

00:33:31.280 We don't have the skilled labor.

00:33:32.840 We don't have anything

00:33:33.880 that a manufacturing economy needs

00:33:36.440 because we're no longer

00:33:37.560 a manufacturing economy.

00:33:38.600 I mean, we manufacture a little,

00:33:40.320 but not nearly enough

00:33:41.820 to satisfy our demand.

00:33:44.140 So what would have to happen

00:33:45.440 if the dollar was no longer

00:33:47.200 the reserve currency

00:33:48.040 is American spending

00:33:49.800 would implode.

00:33:51.340 Consumption would collapse

00:33:52.540 because we'd have nothing to buy.

00:33:54.320 And so our entire GDP

00:33:55.660 would implode.

00:33:57.120 We'd have a massive recession

00:33:58.700 because Americans

00:33:59.840 wouldn't be buying anything

00:34:00.980 because we couldn't afford anything.

00:34:02.600 And all the shelves

00:34:03.720 would be empty

00:34:04.340 because foreigners

00:34:05.420 wouldn't be sending us

00:34:06.700 the stuff that they produce.

00:34:07.820 and we don't have the capacity

00:34:09.220 to produce it for ourselves.

00:34:11.600 What is the likelihood

00:34:12.640 that that could happen?

00:34:14.840 Oh, 100%.

00:34:15.800 And when?

00:34:17.180 The only question is when?

00:34:20.640 Because the only way

00:34:23.180 to avoid that

00:34:24.080 would be for the U.S. government

00:34:25.500 to act fiscally responsible.

00:34:27.280 But that's never going to happen.

00:34:28.820 In fact, as long as the dollar

00:34:30.300 is the reserve currency,

00:34:32.660 we have no incentive

00:34:33.860 to be fiscally responsible.

00:34:35.460 So that's the problem here.

00:34:37.300 We're going to keep on doing this

00:34:39.140 until there's a crash

00:34:40.560 because the only thing

00:34:41.680 that will stop it

00:34:42.500 is a crash

00:34:43.280 because we won't voluntarily,

00:34:45.860 you know,

00:34:47.040 face the music

00:34:47.860 because, you know,

00:34:48.700 it's so politically damaging

00:34:50.320 to the people in power

00:34:51.460 to do that.

00:34:52.900 So, and I also think

00:34:54.060 that a lot of people

00:34:55.000 in the U.S.,

00:34:55.960 including at the Fed,

00:34:57.120 just take for granted

00:34:58.500 the dollar's reserve currency status.

00:35:01.020 I mean, they don't think

00:35:01.640 that we could ever jeopardize it,

00:35:03.120 that no matter how much money we print,

00:35:04.980 no matter how much

00:35:05.760 our deficits are,

00:35:06.840 the rest of the world

00:35:07.640 is just going to go along

00:35:08.560 for the ride.

00:35:09.400 And I think they believe that

00:35:10.960 because they've gone along so far.

00:35:13.120 And, you know,

00:35:13.760 it's we've gotten away

00:35:14.580 with it this long.

00:35:15.400 And so the belief is

00:35:16.400 we'll get away with it indefinitely.

00:35:18.080 And I think that hubris

00:35:19.640 is going to have a big price

00:35:21.380 because that's not going

00:35:22.740 to be the case.

00:35:23.340 And I also think

00:35:24.320 that the Fed

00:35:26.580 and the U.S. government

00:35:27.320 have underestimated

00:35:28.780 the degree to which

00:35:30.600 that reserve currency status

00:35:32.600 is so, you know,

00:35:34.380 integral

00:35:34.760 to the entire bubble economy

00:35:37.400 that we have,

00:35:37.900 our whole service sector economy.

00:35:39.720 That's the linchpin.

00:35:40.760 You pull that out

00:35:41.840 and everything implodes.

00:35:44.600 You're talking about manufacturing

00:35:45.820 and how we don't do it anymore.

00:35:47.320 And this is one of the reasons

00:35:48.460 why Trump got elected,

00:35:49.560 why Rick Santorum's book sold well.

00:35:52.660 It wasn't always thus

00:35:53.940 in our country.

00:35:55.140 So what happened, right?

00:35:56.500 I mean, it was,

00:35:57.080 was it NAFTA?

00:35:58.520 Like, what, what,

00:35:59.400 what brought us

00:36:00.560 from a country

00:36:01.420 that manufactured

00:36:02.180 its own goods with pride

00:36:03.540 to a country

00:36:04.440 that buys everything from China?

00:36:07.040 Yeah, well, it was,

00:36:07.840 it was big government.

00:36:09.120 It was taxes

00:36:10.300 and regulations

00:36:11.300 that made the U.S. 0.92

00:36:13.760 uncompetitive

00:36:14.160 relative to the rest of the world.

00:36:15.980 And then it was going off

00:36:17.080 the gold standard

00:36:17.960 and going on a dollar standard

00:36:20.200 where once the dollar

00:36:21.880 was the reserve currency,

00:36:23.220 the rest of the world

00:36:24.140 needed dollars.

00:36:24.940 And how did they get dollars?

00:36:26.200 Well, they sold stuff

00:36:27.060 to Americans.

00:36:27.680 And so we basically

00:36:29.660 outsourced our entire economy.

00:36:32.140 And in the short run,

00:36:33.480 we benefited

00:36:34.060 because the cost of production

00:36:35.420 was lower overseas

00:36:36.700 than it was in the U.S.,

00:36:38.940 especially because

00:36:39.860 American companies

00:36:40.960 had to deal with

00:36:41.860 high regulations,

00:36:43.340 high taxes,

00:36:44.680 labor unions,

00:36:46.040 all sorts of other things

00:36:47.500 that ran up

00:36:48.240 the cost of production

00:36:49.280 that foreigners didn't have. 0.99

00:36:51.460 And of course,

00:36:51.900 you know,

00:36:52.180 a lot of the regulation,

00:36:53.960 the labor laws,

00:36:55.000 the environmental laws.

00:36:56.500 I mean,

00:36:56.800 these other countries

00:36:57.560 didn't have to deal with that.

00:36:59.160 And so they didn't have to bake

00:37:00.180 the cost of complying

00:37:01.280 with those regulations

00:37:02.180 into their labor cost,

00:37:04.480 into their price of their goods.

00:37:06.180 And the wages were already,

00:37:07.880 you know,

00:37:08.140 much, much lower

00:37:08.900 in the other countries.

00:37:09.900 So Americans got a good deal.

00:37:11.720 We traded our jobs for stuff

00:37:13.320 and we did that for decades.

00:37:15.740 But, you know,

00:37:17.300 we can't do it anymore

00:37:18.320 because we now have

00:37:19.540 so much debt

00:37:20.400 and wages around the world

00:37:22.780 have increased

00:37:23.620 to the point

00:37:24.140 where there's not

00:37:24.980 a big arbitrage left anymore

00:37:26.600 between labor costs

00:37:28.360 outside the U.S.

00:37:29.240 and labor costs

00:37:29.980 inside the United States.

00:37:33.180 And foreigners don't want to, 1.00

00:37:34.900 you know,

00:37:35.140 play this game anymore.

00:37:36.120 They have too many dollars.

00:37:37.800 They have too many U.S. treasuries.

00:37:39.080 And we're making that apparent

00:37:40.400 by, you know,

00:37:41.900 flexing our muscles

00:37:42.740 with these sanctions.

00:37:43.700 So, you know,

00:37:45.900 I think that we've reached

00:37:47.500 the end of the road here

00:37:48.640 on this game.

00:37:50.600 And, you know,

00:37:51.840 when we experience

00:37:53.500 the true consequences

00:37:55.820 of what's happened,

00:37:56.700 because, you know,

00:37:57.160 we've been living on credit cards

00:37:58.680 and borrowed money

00:37:59.600 and imported goods,

00:38:00.640 and we don't realize

00:38:02.240 how drastically

00:38:03.560 things are going to change

00:38:04.680 for the worse

00:38:05.260 when we can't rely

00:38:06.620 on those things anymore.

00:38:07.580 Those lifelines

00:38:08.220 are going to be gone.

00:38:10.360 So compare us right now

00:38:12.160 to China

00:38:12.980 because they've taken

00:38:13.920 a very different tact.

00:38:15.460 And I've heard you say

00:38:16.740 the 20th century was ours

00:38:19.000 and the 21st is theirs.

00:38:22.800 Yeah.

00:38:23.060 And it's not that China

00:38:24.140 is doing everything perfectly.

00:38:26.180 Far from it.

00:38:27.340 And I don't think

00:38:28.280 that the Chinese economy

00:38:29.980 is anywhere near

00:38:31.820 what our economy was,

00:38:33.760 let's say,

00:38:34.240 in the 19th century

00:38:35.400 and early 20th century.

00:38:36.900 We are much freer,

00:38:38.200 or we were much freer

00:38:39.340 back then

00:38:40.040 than China is now.

00:38:41.460 But unfortunately,

00:38:42.800 in many ways,

00:38:43.460 China is freer today 0.82

00:38:44.520 than we are now,

00:38:45.400 and that is the problem.

00:38:46.320 And I'm talking about

00:38:47.020 economic freedom,

00:38:48.140 not necessarily

00:38:49.040 political freedom,

00:38:49.860 although I think

00:38:50.380 we may be losing

00:38:51.040 that now too.

00:38:53.340 But China

00:38:56.740 has positioned itself

00:38:58.620 much better

00:38:59.580 because they have

00:39:00.840 a far more productive

00:39:02.240 workforce

00:39:03.140 than America.

00:39:04.580 You don't have

00:39:05.360 armies of people

00:39:06.340 dependent on government.

00:39:07.400 You don't have people

00:39:08.600 collecting Social Security

00:39:10.080 and welfare.

00:39:12.000 People are saving

00:39:13.060 in China.

00:39:14.040 They save

00:39:14.800 a very substantial percent

00:39:16.380 of what they produce.

00:39:18.740 And they produce a lot.

00:39:20.240 I mean,

00:39:20.380 just go walk down

00:39:21.240 the aisles of a Walmart

00:39:22.420 and take a look

00:39:23.620 at where everything is made.

00:39:24.740 I mean,

00:39:25.320 these are very productive people.

00:39:27.420 They have the equipment,

00:39:29.240 the capital,

00:39:30.400 industrial capacity

00:39:31.520 to produce.

00:39:32.660 And that's what's important.

00:39:34.460 You know,

00:39:34.620 all we have

00:39:35.220 is people that want to buy.

00:39:36.700 But what good is

00:39:37.480 wanting to buy something

00:39:38.780 if you don't make anything?

00:39:40.140 I'd rather have the factories

00:39:41.500 and the ability

00:39:42.260 to make stuff

00:39:42.880 because if you can make stuff,

00:39:44.240 you can consume it.

00:39:45.420 You can't consume

00:39:46.460 what you don't make.

00:39:48.040 So China actually

00:39:48.980 is holding the cards,

00:39:50.400 not America.

00:39:51.060 I think they've built

00:39:51.820 a far more viable economy

00:39:53.480 than the one that we have.

00:39:55.100 We have a bubble economy.

00:39:56.820 And I think

00:39:57.220 when the dollar crashes,

00:39:58.480 the Chinese currency

00:39:59.320 is going to rise dramatically.

00:40:01.160 And as Americans

00:40:02.280 see their standard

00:40:03.120 of living collapse,

00:40:04.360 the Chinese are going to see 0.99

00:40:05.420 their standard of living

00:40:06.220 surge

00:40:06.720 because what's going to happen

00:40:07.940 is all those goods

00:40:09.380 that the Chinese

00:40:10.400 used to make

00:40:11.180 and send to America, 0.93

00:40:12.840 they're not going to send

00:40:13.580 them to America anymore.

00:40:14.540 They're still going to make them.

00:40:15.820 So what are they going to do with them?

00:40:17.000 They're going to consume

00:40:17.920 them themselves

00:40:19.140 and their lives

00:40:20.420 will be a lot better

00:40:21.280 when they have their stuff

00:40:22.940 instead of our paper.

00:40:24.500 And our lives

00:40:25.620 are going to be a lot worse

00:40:26.580 when we don't have their stuff

00:40:28.060 and all we have

00:40:28.960 is our paper.

00:40:30.600 How would you hedge

00:40:31.300 against that?

00:40:32.000 I mean,

00:40:32.220 for individuals out there

00:40:33.140 feeling scared now

00:40:34.060 as a result of this discussion,

00:40:35.220 what should they do?

00:40:37.040 I mean,

00:40:37.220 we can't control,

00:40:38.020 I mean,

00:40:38.240 yes,

00:40:38.520 elect the right leaders,

00:40:39.280 but I know you say

00:40:39.880 no leaders are good.

00:40:41.740 Politicians are not the answer.

00:40:42.860 So what should individuals do?

00:40:44.400 Well,

00:40:44.660 you mentioned yourself.

00:40:45.780 I mean,

00:40:45.960 Donald Trump campaigned

00:40:47.420 on making America great again

00:40:48.780 by revitalizing

00:40:49.800 our manufacturing

00:40:50.600 and none of that happened.

00:40:51.860 The trade deficits

00:40:52.540 were higher

00:40:53.200 when Trump left office

00:40:54.680 than when he came in,

00:40:56.160 even if you look

00:40:56.820 at the trade deficit

00:40:57.500 before COVID.

00:40:58.180 So we were still

00:40:59.100 continuing to,

00:41:00.460 you know,

00:41:01.440 disintegrate

00:41:02.380 as an industrial economy

00:41:03.860 even during the Trump years.

00:41:06.540 So,

00:41:07.340 yes,

00:41:07.620 the politicians

00:41:08.260 aren't going to change it.

00:41:09.480 It doesn't matter

00:41:09.780 who you vote for,

00:41:10.840 but what you do need to do

00:41:12.500 is protect yourself.

00:41:14.340 And that's what

00:41:14.920 I've been doing

00:41:15.620 myself for years

00:41:17.400 and I've been encouraging

00:41:18.580 all of my clients

00:41:19.820 to do the same thing.

00:41:21.760 You've got to get

00:41:22.620 out of U.S. dollars.

00:41:24.180 You've got to recognize

00:41:25.160 that inflation

00:41:25.940 is a tax.

00:41:27.020 It's the way

00:41:28.060 the government

00:41:28.560 is funding its deficits.

00:41:30.520 The deficits

00:41:30.960 are going to go up

00:41:31.740 so the tax

00:41:32.520 is going to go up

00:41:33.240 and there is more

00:41:34.160 there is more reasons

00:41:35.040 now to avoid it.

00:41:36.680 And so I am helping people

00:41:38.000 rearrange their

00:41:39.080 investment portfolios

00:41:40.360 in light of this reality

00:41:41.640 to invest in countries

00:41:43.340 that are not going to have

00:41:44.440 this rapid inflation

00:41:45.540 but to also own assets,

00:41:47.780 real assets,

00:41:48.520 productive assets

00:41:49.360 that sell products

00:41:50.740 and services

00:41:51.380 that consumers

00:41:52.060 have to buy

00:41:52.880 not just what

00:41:53.960 they want to buy

00:41:54.740 because a lot of things

00:41:56.080 they want to buy

00:41:56.660 they're going to stop buying

00:41:57.580 because the stuff

00:41:58.220 they need to buy

00:41:58.860 is going to be so expensive.

00:42:00.380 So you want to own

00:42:01.500 the companies

00:42:02.140 that sell the stuff

00:42:03.340 that people need to buy

00:42:04.440 and they can raise prices

00:42:05.860 and they're paying

00:42:07.060 their earnings

00:42:08.280 to their shareholders

00:42:09.200 in the form of dividends.

00:42:11.120 So you have to be

00:42:11.780 an old-fashioned investor

00:42:13.380 for value and dividend.

00:42:15.220 You've got to look

00:42:15.660 towards resources,

00:42:17.060 raw materials,

00:42:18.220 agriculture,

00:42:19.020 energy,

00:42:20.000 mining,

00:42:21.100 but then things like

00:42:22.100 utilities

00:42:22.680 or things,

00:42:23.940 you know,

00:42:24.120 whether it's tobacco

00:42:24.900 or food,

00:42:27.340 you know,

00:42:27.780 things that people

00:42:28.940 have to buy

00:42:29.660 and they're going

00:42:30.100 to pay higher prices.

00:42:31.900 You know,

00:42:32.280 they're not going to

00:42:33.060 cut back

00:42:34.080 like on entertainment

00:42:35.060 or a lot of,

00:42:35.880 you know,

00:42:36.100 buying computers

00:42:38.100 or things like that,

00:42:39.540 gadgets that are fun

00:42:40.940 but they don't really

00:42:41.860 need to upgrade

00:42:42.560 to the newest,

00:42:43.400 you know,

00:42:43.720 phone

00:42:44.180 when their phone

00:42:45.020 they've got will do.

00:42:46.240 They need that money

00:42:47.080 for food.

00:42:48.040 They need it for rent

00:42:49.100 or something like that.

00:42:50.140 So you want to invest

00:42:51.340 in those

00:42:51.680 but you have to recognize

00:42:52.780 that you need to be

00:42:54.200 outside the U.S.

00:42:55.240 So we're building portfolios

00:42:56.580 of foreign stocks

00:42:57.620 predominantly

00:42:58.200 but also focusing

00:42:59.820 on some emerging

00:43:00.940 market exposure,

00:43:02.180 commodities exposure,

00:43:03.440 precious metals.

00:43:04.520 Gold and silver

00:43:05.180 will be big winners

00:43:06.420 in a monetary reset

00:43:07.920 where the dollar

00:43:08.860 is no longer

00:43:09.540 the reserve currency

00:43:10.500 because when the dollar

00:43:11.620 is out,

00:43:12.420 gold will be back in

00:43:13.420 because before we had

00:43:15.000 the dollar as a reserve,

00:43:16.400 everybody had gold

00:43:17.200 as reserves.

00:43:18.020 We only went off

00:43:18.760 the gold standard

00:43:19.480 to go on the dollar standard

00:43:21.020 and we only did that

00:43:21.880 originally

00:43:22.300 because the dollar

00:43:23.420 was backed by gold

00:43:24.380 and redeemable in gold.

00:43:25.700 So the world

00:43:26.200 was still on a gold standard

00:43:27.540 until 1971

00:43:28.680 except it was on the gold standard

00:43:31.420 through the dollar.

00:43:32.440 Well,

00:43:32.800 we defaulted

00:43:33.600 on our commitments

00:43:34.300 to redeem dollars

00:43:35.860 for gold in 71

00:43:36.900 and so we've been

00:43:37.920 on a fiat standard

00:43:38.880 ever since

00:43:39.540 but when this experiment

00:43:41.000 comes to an end,

00:43:42.820 the world is simply

00:43:43.620 going to go back

00:43:44.380 to what existed

00:43:45.200 before 1971

00:43:46.660 which is a gold standard

00:43:48.520 only it won't be

00:43:49.280 through the dollar.

00:43:49.940 Other countries

00:43:50.760 will have their own

00:43:51.520 gold reserves

00:43:52.120 and obviously

00:43:53.160 in that environment

00:43:54.160 the price of gold

00:43:55.000 is going to be

00:43:55.780 much, much higher.

00:43:56.540 So, you know,

00:43:56.880 I would invite your listeners

00:43:57.860 to reach out to me

00:43:59.360 and talk to me

00:44:00.020 through either

00:44:00.580 my representatives

00:44:01.400 at Europe Pacific

00:44:02.180 Asset Management,

00:44:03.420 Europe Pacific Capital

00:44:04.220 to help create

00:44:05.840 a brokerage account

00:44:06.600 or a managed account

00:44:07.480 where we can work

00:44:08.160 with you on building

00:44:09.280 types of portfolios

00:44:10.440 that will do well

00:44:11.880 because if you have

00:44:12.700 a standard portfolio

00:44:13.740 of U.S. stocks and bonds

00:44:15.120 you'll get wiped out

00:44:16.400 in your bonds.

00:44:17.400 I mean, for sure

00:44:17.960 bonds are going to be

00:44:18.860 U.S. dollar bonds

00:44:19.920 are going to be

00:44:20.220 a horrible investment.

00:44:21.140 In fact, they're already

00:44:21.700 down more this year

00:44:22.700 than U.S. stocks

00:44:23.840 but also the U.S. stocks

00:44:26.140 that most people own

00:44:27.220 are the ones that are

00:44:27.980 going to go down the most.

00:44:29.220 Those are the overpriced

00:44:30.560 momentum type tech stocks

00:44:32.380 that everybody owns.

00:44:34.140 Those are the ones

00:44:34.760 that were inflated

00:44:35.480 during the bubble.

00:44:36.520 Well, those are the ones

00:44:37.260 that are going to collapse

00:44:38.160 as the air comes out

00:44:38.980 of that bubble.

00:44:40.040 So you've got to get into

00:44:41.800 a portfolio of value

00:44:44.340 and dividends

00:44:45.340 and dividends

00:44:45.460 not these hyped up

00:44:46.780 momentum stocks

00:44:47.500 because they're not

00:44:48.100 going to do well

00:44:48.800 in the inflationary

00:44:49.900 environment that we're in.

00:44:51.280 So on that front

00:44:51.860 you mentioned rent.

00:44:53.180 Where does housing fall?

00:44:54.280 Essential?

00:44:55.000 Non-essential?

00:44:55.800 Because everyone's wondering

00:44:56.740 what's going to happen

00:44:57.400 to their home

00:44:58.420 to the prices

00:44:59.320 of homes available.

00:45:01.140 Is real estate

00:45:02.000 a good investment

00:45:02.600 and what's going to happen

00:45:03.420 to our homes?

00:45:04.900 Yeah, well, first of all

00:45:05.500 remember

00:45:05.760 as far as the CPI

00:45:07.500 the government claims

00:45:08.860 that housing costs

00:45:09.940 are only up about 5%

00:45:11.320 year over year

00:45:11.960 which is instantly

00:45:13.200 the most that they've claimed

00:45:14.320 you know, in a while

00:45:15.640 I think, you know

00:45:16.300 but the actual increase

00:45:18.120 is more like 15% to 20%

00:45:19.580 that's part of the fraud

00:45:20.940 of the CPI

00:45:21.720 they don't use actual rents

00:45:23.680 or actual home prices

00:45:24.880 they use owner's equivalent rent

00:45:26.800 well, nobody pays

00:45:28.200 owner's equivalent rent

00:45:29.180 they pay real rent

00:45:30.120 and the real rents

00:45:31.340 are going up triple

00:45:32.380 what the government claims

00:45:33.520 so housing is a much bigger issue

00:45:36.020 and rents

00:45:36.840 than the government admits

00:45:37.940 but yes, housing is essential

00:45:40.500 people do need a place to live

00:45:42.500 but the question is

00:45:44.080 how big a place

00:45:45.680 and how many people

00:45:46.520 can share one dwelling

00:45:48.420 so, you know

00:45:49.540 there is going to be a problem

00:45:50.660 with real estate

00:45:51.580 certainly in the inner cities

00:45:52.900 or, you know

00:45:53.500 big cities

00:45:54.080 urban areas

00:45:54.840 where people, you know

00:45:56.060 don't have to, you know

00:45:57.020 go to work anymore

00:45:57.900 they can work from home

00:45:58.940 people want more space

00:46:00.520 they want more land

00:46:01.600 you know

00:46:02.140 maybe they want to

00:46:02.960 grow some vegetables on it

00:46:04.160 I don't know

00:46:04.600 but I think so

00:46:05.780 real estate

00:46:06.680 is going to be a mixed bag

00:46:07.900 because mortgage rates

00:46:09.060 are going up

00:46:09.700 and that's going to be

00:46:10.160 a big problem

00:46:10.980 in fact, we're now over 5%

00:46:12.680 which may not seem that high

00:46:14.660 historically

00:46:15.520 but when you have

00:46:16.380 historically high prices

00:46:17.580 and rates were

00:46:18.440 close to 3%

00:46:19.820 and now they're over 5%

00:46:21.340 that makes a huge deal

00:46:23.080 and of course

00:46:23.900 the construction costs

00:46:25.360 for new homes

00:46:26.000 are going through the roof

00:46:26.920 so we can't supply

00:46:28.740 new homes into the market

00:46:29.840 because they're too expensive

00:46:31.300 to build

00:46:31.780 so you're kind of stuck

00:46:33.200 with the inventory

00:46:34.060 that's already there

00:46:35.080 so that would

00:46:36.220 you know

00:46:36.760 keep home prices propped up

00:46:38.260 but what I do think

00:46:39.300 is going to happen

00:46:39.980 to the rental market

00:46:41.720 is that as

00:46:43.220 inflation really

00:46:44.780 rears up

00:46:46.400 and people are just

00:46:47.860 spending so much money

00:46:49.060 on food

00:46:49.660 and utilities

00:46:50.620 and stuff like that

00:46:51.460 they're going to even

00:46:52.680 have to cut back

00:46:53.440 on their rent

00:46:54.120 and so

00:46:55.100 what might happen

00:46:56.220 is people that live

00:46:57.500 by themselves

00:46:58.160 might take on roommates

00:46:59.400 people that have homes

00:47:00.880 might start renting out

00:47:02.000 rooms

00:47:02.500 a spare bedroom

00:47:03.460 you know

00:47:04.000 the attic

00:47:04.640 families can be sharing

00:47:06.800 you know

00:47:07.060 older children

00:47:08.560 you know

00:47:09.600 can move back in

00:47:10.380 with their parents

00:47:11.120 or you know

00:47:11.780 the elderly

00:47:12.320 can move back in

00:47:13.200 with their grown children

00:47:14.140 we're going to get

00:47:14.740 that sense of community

00:47:15.920 back that we lost

00:47:16.780 thanks to the iPhone

00:47:17.540 so there's

00:47:18.380 so

00:47:18.640 Peter listen

00:47:20.180 I got to run

00:47:21.100 but I appreciate

00:47:21.880 your insights on it

00:47:22.960 you've been right about

00:47:23.600 so much

00:47:24.320 and that is

00:47:25.240 what is so terrifying

00:47:26.400 Peter Schiff

00:47:28.320 thank you

00:47:28.880 all the best

00:47:29.480 and come back soon

00:47:30.160 and remember folks

00:47:31.140 you can find

00:47:31.720 the Megan Kelly show

00:47:32.580 live on Sirius XM

00:47:33.680 Triumph Channel 111

00:47:34.640 every weekday

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00:47:35.720 full video show

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00:47:42.580 for you to subscribe

00:47:43.500 to our audio podcast

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00:48:04.640 on the docket

00:48:09.840 today of Kelly's

00:48:10.820 court

00:48:11.200 well

00:48:11.980 one of the

00:48:13.060 biggest trials

00:48:13.940 we've seen

00:48:14.320 out of Hollywood

00:48:14.900 in a long

00:48:15.560 long time

00:48:16.600 and at the center

00:48:17.680 of it

00:48:17.980 is one of

00:48:18.340 Hollywood's

00:48:18.700 most famous

00:48:19.180 and most

00:48:19.620 dysfunctional

00:48:20.360 relationships

00:48:21.020 Johnny Depp

00:48:22.400 and actress

00:48:23.580 Amber Heard

00:48:24.520 once described

00:48:25.340 their relationship

00:48:26.200 as quote

00:48:26.860 intensely passionate

00:48:28.000 at times

00:48:29.080 volatile

00:48:29.540 but always

00:48:30.700 bound by love

00:48:31.600 that was their

00:48:32.200 divorce announcement

00:48:33.000 it's always love

00:48:34.260 until you wind up

00:48:34.880 in court

00:48:35.160 suing each other

00:48:35.760 for tens of

00:48:36.720 millions of dollars

00:48:37.520 Johnny Depp

00:48:38.560 wants 50 million

00:48:39.560 from his now

00:48:40.480 ex-wife

00:48:41.160 claiming that she

00:48:42.480 defamed him

00:48:43.720 when in 2018

00:48:44.980 she wrote an op-ed

00:48:46.240 for the Washington

00:48:46.860 Post

00:48:47.360 portraying herself

00:48:48.880 as a victim

00:48:49.980 of domestic abuse

00:48:51.800 she did not name

00:48:52.720 him but it was

00:48:53.280 clear

00:48:53.620 the implication

00:48:55.000 so he alleges

00:48:55.800 in return

00:48:57.000 Amber Heard

00:48:57.800 has now

00:48:58.120 countersued

00:48:59.120 Johnny Depp

00:48:59.900 for 100 million

00:49:01.660 and the case

00:49:02.760 opened this week

00:49:03.580 it's underway

00:49:04.140 right now

00:49:04.720 we have the

00:49:05.160 latest highlights

00:49:05.820 from it

00:49:06.260 or low lights

00:49:06.840 depending on

00:49:07.320 your POV

00:49:07.920 so who is likely

00:49:09.600 to prevail

00:49:10.260 in this celebrity

00:49:11.240 showdown

00:49:11.760 joining me now

00:49:12.560 criminal defense

00:49:13.320 attorney

00:49:13.580 Jonna Spilboer

00:49:14.620 and trial attorney

00:49:15.660 Ann Bremner

00:49:16.800 ladies welcome

00:49:17.960 so I spent

00:49:19.580 way too much

00:49:20.500 time preparing

00:49:21.720 for this

00:49:22.400 particular segment

00:49:23.580 of today's show

00:49:24.840 I was listening

00:49:26.000 to various podcasts

00:49:27.380 of people who've

00:49:27.980 been following

00:49:28.420 this thing

00:49:28.840 very closely

00:49:29.960 and what I've

00:49:30.640 determined is

00:49:31.340 there's no one

00:49:32.480 left to root for

00:49:33.340 these are both

00:49:34.300 obviously deeply

00:49:35.720 troubled

00:49:36.260 narcissistic 1.00

00:49:37.500 deranged people 0.93

00:49:40.460 I mean that's

00:49:41.120 just clear

00:49:42.020 and I personally

00:49:43.500 have no desire

00:49:44.100 to see either one

00:49:44.680 in a movie

00:49:45.080 or television show

00:49:45.720 ever again

00:49:46.260 but as for

00:49:48.120 who abused

00:49:49.160 whom

00:49:49.740 I'm not sure

00:49:51.560 and I've heard

00:49:52.500 people say

00:49:53.260 maybe he was

00:49:54.860 getting a raw

00:49:55.380 deal by newspapers

00:49:56.320 who refused

00:49:56.940 to acknowledge

00:49:57.560 alleged abuse

00:49:58.500 she heaped

00:49:59.820 on him

00:50:00.520 and other people

00:50:01.820 I know and trust

00:50:02.460 saying she was

00:50:03.260 the victim

00:50:03.760 he's the horror

00:50:04.920 and we'll see

00:50:06.600 but that's

00:50:07.100 that's really

00:50:07.640 what's at the

00:50:08.300 heart of the

00:50:08.640 defamation case

00:50:09.620 because truth

00:50:11.020 is an absolute

00:50:11.640 defense

00:50:12.240 to any defamation

00:50:13.620 claim

00:50:13.960 so if she can

00:50:14.540 prove he really

00:50:15.100 is an abuser

00:50:15.780 who abused her 0.95

00:50:16.740 she's gonna win

00:50:17.980 and if he can

00:50:19.060 prove she was

00:50:20.560 the abuser

00:50:21.080 I was the victim

00:50:22.400 and that this

00:50:24.360 was a lie

00:50:25.100 she made up

00:50:25.760 to try to

00:50:26.200 portray herself

00:50:27.280 as this victim

00:50:28.260 and then women's

00:50:29.000 rights advocate

00:50:29.640 and she ruined 1.00

00:50:30.700 my career

00:50:31.400 in the process

00:50:32.260 he's gonna win

00:50:33.720 um

00:50:34.660 jonna what do

00:50:35.300 you make

00:50:35.500 they did opening

00:50:36.080 statements

00:50:36.480 on Tuesday

00:50:37.600 they both have

00:50:38.540 top-notch lawyers

00:50:39.720 and it's a fierce

00:50:40.980 battle already

00:50:41.840 how's it going

00:50:43.220 and how do you

00:50:44.000 see the case

00:50:44.540 so let me just

00:50:46.600 say this

00:50:47.360 you have spent

00:50:48.420 a lot of time

00:50:48.940 preparing for

00:50:49.820 today's segment

00:50:50.720 i actually

00:50:51.400 stayed home

00:50:52.200 from work

00:50:52.780 and watched

00:50:53.420 the trial

00:50:53.920 yesterday

00:50:54.500 from nine

00:50:55.420 to five

00:50:56.280 i couldn't

00:50:58.900 stop

00:50:59.340 now listen

00:50:59.860 here's the

00:51:00.360 thing

00:51:00.680 nobody

00:51:02.000 is going

00:51:03.220 to win

00:51:03.880 this case

00:51:04.400 and i don't

00:51:04.760 mean there

00:51:05.080 won't be a

00:51:05.500 verdict for

00:51:05.980 one side

00:51:06.440 or the other

00:51:06.840 there will

00:51:07.360 be

00:51:07.780 but right

00:51:08.840 now

00:51:09.200 they are

00:51:09.720 both 1.00

00:51:10.340 losers 0.96

00:51:11.100 because what 1.00

00:51:11.880 we are hearing

00:51:12.680 as the public

00:51:13.620 consuming this

00:51:14.660 is a lot

00:51:15.780 of dirty

00:51:16.200 laundry

00:51:16.660 a lot

00:51:17.660 of personal

00:51:18.140 stuff that

00:51:18.660 we really

00:51:19.220 didn't need

00:51:20.220 to hear

00:51:20.620 and can i

00:51:21.280 just say

00:51:21.640 this for a

00:51:22.100 minute

00:51:22.180 i don't

00:51:23.620 i know

00:51:24.180 that amber

00:51:24.920 heard wrote

00:51:25.680 the op-ed

00:51:26.580 but if it

00:51:27.740 weren't at

00:51:28.280 the heart

00:51:28.700 of this

00:51:29.060 lawsuit

00:51:29.540 i probably

00:51:30.380 would have

00:51:30.760 easily forgotten

00:51:31.820 that she

00:51:32.380 wrote the

00:51:32.760 op-ed

00:51:33.100 i'm not

00:51:33.400 saying it

00:51:33.720 wasn't

00:51:33.960 important

00:51:34.300 but in

00:51:34.660 terms of

00:51:35.060 ruining

00:51:35.440 or affecting

00:51:36.380 johnny

00:51:37.060 depp's

00:51:37.400 career

00:51:37.800 had he

00:51:38.880 let it

00:51:39.460 go

00:51:40.080 um

00:51:41.120 he probably

00:51:41.960 will be

00:51:43.220 better off

00:51:43.900 than he's

00:51:44.320 going to

00:51:44.800 be

00:51:45.000 even if

00:51:45.840 he wins

00:51:46.240 this trial

00:51:46.880 that's my

00:51:47.560 convoluted

00:51:48.480 opinion

00:51:49.060 all right

00:51:49.820 and what

00:51:50.100 i mean

00:51:50.600 i see

00:51:51.940 the point

00:51:52.380 because

00:51:52.840 pr wise

00:51:53.620 has been

00:51:53.880 a nightmare

00:51:54.260 but this

00:51:55.060 comes on

00:51:55.440 the heels

00:51:55.780 of another

00:51:56.300 trial

00:51:56.720 so i

00:51:57.040 don't know

00:51:57.420 that johnny

00:51:57.960 depp has

00:51:58.780 much downside

00:51:59.480 at this

00:51:59.860 point

00:52:00.060 because he

00:52:00.680 sued

00:52:01.260 this newspaper

00:52:03.520 for claiming

00:52:04.780 he was an

00:52:05.320 abuser

00:52:05.720 he sued

00:52:06.360 them for

00:52:07.580 defamation

00:52:08.140 and he

00:52:09.420 lost

00:52:10.140 he lost

00:52:11.000 that trial

00:52:11.720 which these

00:52:12.840 jurors will

00:52:13.580 never know

00:52:14.480 they will not

00:52:15.160 be told

00:52:15.680 about that

00:52:16.300 they may

00:52:16.740 have heard

00:52:17.060 about it

00:52:17.440 prior to

00:52:18.020 today

00:52:18.400 they would

00:52:18.740 have screened

00:52:19.320 for that

00:52:19.600 right here

00:52:20.220 but he already

00:52:21.180 lost this

00:52:21.940 then he tried

00:52:22.400 to appeal

00:52:22.900 the appeal

00:52:23.340 was denied

00:52:24.120 and then

00:52:25.100 amber

00:52:25.600 she's

00:52:26.960 she made

00:52:27.440 the allegation

00:52:28.140 separately

00:52:28.840 and directly

00:52:29.940 in the

00:52:30.440 washington post

00:52:31.100 and now

00:52:31.380 he's like

00:52:31.800 all right

00:52:32.640 now i'm

00:52:33.120 gonna come

00:52:33.420 after you

00:52:33.840 i don't

00:52:34.100 like my

00:52:34.440 results

00:52:34.820 that was

00:52:35.360 a bs

00:52:35.820 verdict

00:52:36.120 he thinks

00:52:36.620 and he's

00:52:37.380 like let's

00:52:37.960 go again

00:52:38.420 right

00:52:39.080 it's like

00:52:39.860 you know

00:52:40.160 game on

00:52:40.820 for him

00:52:41.360 he's like

00:52:41.820 she gave

00:52:42.180 him a

00:52:42.360 perfect

00:52:42.580 opportunity

00:52:43.200 and you

00:52:43.960 know it's

00:52:44.200 defamation

00:52:44.620 by implication

00:52:45.380 she didn't

00:52:45.880 name him

00:52:46.360 but who

00:52:47.080 else would

00:52:47.500 it be

00:52:47.840 you know

00:52:48.120 except for

00:52:48.560 johnny

00:52:48.820 depp who's

00:52:49.320 the abuser

00:52:49.800 and she's

00:52:50.260 been victimized

00:52:51.120 and vilified

00:52:51.940 and and

00:52:53.240 attacked by

00:52:53.900 you know trolls

00:52:54.560 and people in the

00:52:55.220 comment sections

00:52:55.940 and everything

00:52:56.360 else so she

00:52:57.480 gets out there

00:52:58.160 and says you

00:52:58.760 know i'm this

00:52:59.240 huge victim

00:52:59.960 it's a perfect

00:53:01.140 comeback for him

00:53:01.880 i think

00:53:02.280 because and

00:53:03.380 i've heard

00:53:03.840 that at the

00:53:04.220 trial he's

00:53:05.200 got legions

00:53:05.860 of female

00:53:06.620 fans you

00:53:08.140 know when he

00:53:08.440 walks in the

00:53:08.900 courtroom they're

00:53:09.440 all you know

00:53:10.120 twitter and

00:53:10.880 and you

00:53:12.020 know they

00:53:12.300 love him

00:53:13.020 and i know

00:53:13.520 it's the

00:53:13.800 mostly male

00:53:14.240 jury but

00:53:14.880 the fact is

00:53:15.640 is that he's

00:53:16.560 got a fan

00:53:17.040 base he

00:53:17.580 lost out on

00:53:18.320 a major

00:53:18.660 enterprise

00:53:19.380 that's been

00:53:20.020 playing jack

00:53:20.640 sparrow

00:53:21.100 because of

00:53:22.640 what happened

00:53:23.120 with the case

00:53:23.620 with the son

00:53:24.100 so it's like

00:53:25.140 getting two

00:53:25.540 bites of the

00:53:26.000 apple you

00:53:26.620 know it's

00:53:26.960 like a

00:53:27.720 second chance

00:53:28.440 to basically

00:53:28.900 come in the

00:53:29.540 united states

00:53:30.220 and show that

00:53:31.600 he is not a

00:53:32.260 wife beater and 0.68

00:53:32.980 he's got some

00:53:33.420 pretty good

00:53:33.780 evidence against

00:53:34.420 her including

00:53:35.020 her on tape

00:53:35.720 allegedly

00:53:36.340 admitting that

00:53:37.480 she'd hit him 0.87

00:53:38.180 it was a

00:53:39.500 total dysfunctional

00:53:40.620 relationship as

00:53:41.460 you said

00:53:41.940 a couple of

00:53:43.060 narcissists and

00:53:43.820 now two scorpions 0.93

00:53:44.920 circling and

00:53:45.660 trying to sting

00:53:46.220 each other in a

00:53:46.820 courtroom

00:53:47.100 so john on her

00:53:49.700 side let's talk

00:53:50.460 about what she's

00:53:50.900 got going on her

00:53:51.600 side that that

00:53:52.540 may suggest he

00:53:53.980 abused her 0.79

00:53:54.820 the as i

00:53:56.260 understand it she

00:53:56.800 went in and

00:53:57.260 filed for divorce

00:53:58.140 and that it

00:53:59.820 emerged that

00:54:00.840 she came out

00:54:02.360 let me get the

00:54:02.940 dates may 23

00:54:03.840 2016 she filed

00:54:05.180 for divorce after

00:54:05.940 15 months of

00:54:06.740 marriage

00:54:07.140 four days later

00:54:09.080 a judge issued

00:54:09.780 a tro against

00:54:10.880 johnny depp over

00:54:11.940 domestic violence

00:54:12.820 allegations that

00:54:13.840 doesn't mean he

00:54:14.360 did it that's it's

00:54:15.280 very easy for

00:54:15.900 somebody to go in

00:54:16.480 there and say i

00:54:16.880 was abused here's

00:54:17.840 a bruise give me

00:54:18.820 a tro most judges

00:54:19.860 will give it to

00:54:20.300 you that doesn't

00:54:21.100 mean it actually

00:54:21.540 happened but there

00:54:22.620 are pictures of her

00:54:23.540 alleged injuries that

00:54:25.060 appear in the

00:54:25.580 tabloids at the

00:54:26.320 time um the

00:54:28.060 lapd ps finds no

00:54:29.500 evidence of a crime

00:54:30.440 but the question is

00:54:32.300 did he beat her

00:54:33.760 because there are

00:54:34.660 pictures of her

00:54:35.420 looking like she

00:54:37.100 has injuries his

00:54:38.620 lawyers at the

00:54:39.380 last trial are

00:54:40.280 saying she faked

00:54:41.740 that we're showing

00:54:42.440 the picture if you

00:54:43.040 want to check it on

00:54:43.540 youtube later that

00:54:44.840 this is a fake

00:54:45.780 injury that or at

00:54:47.480 least he didn't

00:54:48.100 cause it because

00:54:49.220 she intentionally

00:54:50.940 walked out the

00:54:51.620 front of the la

00:54:52.420 courthouse that

00:54:53.440 day she filed for

00:54:54.320 divorce now i mean

00:54:55.820 even at my level of

00:54:57.480 being a public

00:54:58.240 figure you don't

00:54:59.140 have to walk in and

00:54:59.860 out the front door of

00:55:00.520 the courthouse when

00:55:01.440 you're amber heard

00:55:02.300 you really don't have

00:55:03.460 to use the front

00:55:04.000 door i mean this

00:55:04.780 is she clearly

00:55:05.660 wanted to be

00:55:06.240 photographed and

00:55:07.820 um they had a

00:55:09.240 witness yesterday by

00:55:11.000 the last name buka

00:55:12.300 who was a friend of

00:55:14.420 johnny depp since

00:55:15.160 childhood but he

00:55:15.900 said he became

00:55:16.520 amber's friend as

00:55:17.360 well who said i

00:55:18.680 saw her after the

00:55:20.520 alleged incident that

00:55:21.500 she said led to

00:55:22.340 that bruise and

00:55:23.680 there was nothing on

00:55:24.780 her face we actually

00:55:25.800 had this sound bite

00:55:26.720 it's number two take

00:55:28.660 a listen as i'm

00:55:29.980 walking back i'm i

00:55:31.840 say to amber as

00:55:33.200 i'm walking up he

00:55:34.440 hit you and she 1.00

00:55:36.520 goes yeah he

00:55:37.560 threw a phone at

00:55:38.400 me and hit me and 0.59

00:55:40.820 i'm looking because i

00:55:42.320 had just seen her

00:55:43.380 it's two feet away and

00:55:45.420 i'm going where and

00:55:48.020 she puts her head out

00:55:49.460 she puts her face out

00:55:51.020 like that for me to

00:55:52.100 look at the right side

00:55:53.560 of her face and i'm

00:55:55.980 looking but at that

00:55:57.120 point also i'm looking

00:55:58.740 and i turn around get

00:56:01.020 on the other side

00:56:01.780 we're in the doorway so

00:56:03.720 i'm on this side with

00:56:05.240 the light shining this

00:56:06.600 way from the doorway with

00:56:07.920 the lights above and but

00:56:09.280 the sunshine and she's

00:56:11.060 got her face out like

00:56:12.220 this looking you know to

00:56:14.840 show me and i'm looking

00:56:17.020 and i go i inspect the

00:56:18.900 face i'm looking at a

00:56:20.920 forehead i'm looking at

00:56:22.020 side of a side of a

00:56:23.780 rye i'm looking at a

00:56:25.340 cheek i'm looking at

00:56:26.560 her chin i'm looking at

00:56:27.880 the other side of the

00:56:28.820 face i'm looking at the

00:56:30.160 whole thing and i don't

00:56:32.500 see anything i don't see

00:56:35.480 anything to i don't see

00:56:38.280 a cut a bruise swelling

00:56:41.200 redness it's just amber's

00:56:43.600 face

00:56:43.980 what do you make of

00:56:46.560 it well first of all

00:56:48.360 this guy's gonna get his

00:56:49.300 own show when this trial

00:56:50.680 is over he is he is the

00:56:52.900 reason i was glued to the

00:56:54.340 tv yesterday but listen

00:56:55.700 he comes across as a very

00:56:58.700 credible witness yes he's

00:57:00.260 been a friend of johnny

00:57:01.120 depp since they were kids

00:57:02.460 i i get that and yes he's

00:57:04.460 being called by johnny

00:57:06.340 depp's camp but he seems

00:57:08.480 just kind of like this

00:57:09.740 palooka who doesn't know

00:57:12.140 much about makeup because

00:57:13.160 they grilled him about

00:57:14.280 makeup and blush with

00:57:15.420 different mascara all day

00:57:16.780 yesterday and he's saying

00:57:18.260 look i was around them

00:57:19.460 all the time she tried to

00:57:21.340 point out an injury to me

00:57:22.800 i looked as hard as i could

00:57:24.400 i did not see one but he

00:57:26.840 comes across as credible so

00:57:29.020 that's going to be an

00:57:30.140 interesting fact set of

00:57:31.920 facts for this jury to

00:57:33.260 debate and it will come

00:57:34.680 down to those injuries

00:57:36.200 really that's the main

00:57:37.280 thing did johnny depp what

00:57:38.880 a did she cause her own

00:57:40.600 injury was she actually

00:57:41.540 injured and b if so

00:57:43.100 did johnny depp do it

00:57:45.360 that's really the crux of

00:57:46.440 this case that it because

00:57:47.940 is that is there are there

00:57:48.960 other alleged incidents of

00:57:50.880 physical abuse she's 1.00

00:57:53.120 alleging or is that the main

00:57:54.520 one that's the main one

00:57:56.900 from her now let's keep in

00:57:58.520 mind that johnny depp is

00:57:59.860 actually alleging that she's

00:58:01.900 committed physical abuse

00:58:03.640 against him neither one of

00:58:05.960 these people look good in

00:58:08.080 this endeavor but that's the

00:58:09.280 one that's the one that

00:58:10.280 that started this whole thing

00:58:11.880 that guy we just played um to

00:58:13.700 your point he was asked on

00:58:14.920 cross-examination whether he

00:58:16.060 kissed her multiple times on

00:58:17.220 the cheek when he saw her at

00:58:18.200 the door he said no i'm not

00:58:20.300 european i'm from brooklyn

00:58:21.700 love that so yeah he's a

00:58:24.760 character um so the other

00:58:27.860 thing now keep in mind this is

00:58:29.240 johnny depp presenting his case

00:58:30.640 first so right now we don't

00:58:32.160 have her case yet and you know

00:58:33.620 things tend to get worse for the

00:58:35.480 plaintiff once the defendant

00:58:36.540 gets to present its side of the

00:58:38.240 story though her lawyers are 0.84

00:58:40.080 cross-examining all of his

00:58:41.040 witnesses um this is an

00:58:44.000 interesting i don't totally

00:58:45.140 understand this evidence but

00:58:46.680 the same guy said um he heard

00:58:50.740 that amber's sister the week of

00:58:53.760 her alleged abuse the week of

00:58:55.420 amber's alleged abuse by johnny 0.99

00:58:57.040 johnny depp that amber's sister

00:58:59.040 had thrown a fake punch at her

00:59:01.600 and that it was sort of like

00:59:03.660 funny or fun let's listen to

00:59:05.820 soundbite three same guy

00:59:06.860 amber's on the left whitney's on

00:59:10.200 the right they're hanging out

00:59:11.640 can i stand up yes sir and so

00:59:14.380 here's amber here's whitney and

00:59:16.480 they're hanging waiting for the

00:59:17.700 elevator and whitney does they're 1.00

00:59:20.460 looking at each other yapping or

00:59:22.640 whatever they're doing and

00:59:24.080 whitney goes like this

00:59:25.720 just a fake pow and then they

00:59:31.840 both start laughing and then

00:59:33.460 they're just standing there so his

00:59:36.240 point and is that what what

00:59:38.540 actual domestic abuse victim would

00:59:41.040 be joking around with fake

00:59:42.980 punches within days of claiming

00:59:44.880 they really got hurt

00:59:46.060 well yeah and then by implication

00:59:50.300 and by what he said before of

00:59:51.840 course that the injuries she

00:59:52.940 claimed weren't there that she's

00:59:55.200 doctored up pictures or doctored up

00:59:56.880 her face and we even have the

00:59:58.780 credibility issue of course so when

01:00:00.420 she said she donated the seven

01:00:02.160 million that she had in the

01:00:03.280 settlement and then didn't you

01:00:05.600 know she looks like somebody that

01:00:07.060 wasn't famous who became famous

01:00:09.220 more famous marrying johnny depp and

01:00:12.440 part of the of course the the case

01:00:14.300 for johnny depp is she wanted fame

01:00:16.420 and and she got it now she's getting

01:00:18.800 potentially infamy because like

01:00:22.400 jonah said neither one of these people

01:00:24.220 look good i mean they look terrible

01:00:25.840 but somebody's going to come out

01:00:27.620 prevailing at the end and they'll be

01:00:29.680 looking a lot better than their

01:00:31.120 opponent and hopefully going off into

01:00:33.360 the future with with some measure of

01:00:35.920 the reputation intact but you know the

01:00:38.140 question of whether you get your

01:00:39.180 reputation back after a trial and a

01:00:40.860 trial like this is questionable but

01:00:43.040 johnny depp needs to get back into the

01:00:44.960 game and this is how i think he thinks

01:00:47.360 he can do it how does it how does it

01:00:50.280 affect any of this that the london

01:00:53.620 judge ruled in 2018 that the son's

01:00:58.780 article was quote substantially true

01:01:00.860 that the father of two had attacked

01:01:03.540 amber heard a dozen times causing her

01:01:06.640 to fear for her life on three

01:01:08.120 occasions right like i realized he

01:01:10.800 tried to appeal that with to no avail

01:01:12.700 um but that's what a judge so found

01:01:16.020 jonah so like there's got to be some

01:01:19.320 proof there on her side beyond this one

01:01:21.240 incident and enough to at least convince

01:01:23.620 a judge that she could that not she

01:01:26.340 wasn't directly involved in that but

01:01:27.660 that the son was within its rights to

01:01:30.260 call him an abuser you know i do think

01:01:33.240 it's a little different when you are

01:01:34.640 suing a publication or a newspaper

01:01:36.900 versus what he's doing now is suing a

01:01:40.340 person directly and also i think over

01:01:43.400 there across the pond in that case there

01:01:45.640 was no jury it was just a judge so for

01:01:47.600 what that's worth the burden of proof

01:01:50.320 could be totally uh you know less than

01:01:53.380 what it is here so the fact that that

01:01:55.240 information is not going to get in front

01:01:56.660 of this jury i think is is important for

01:01:59.220 johnny depp and i don't think it's going

01:02:01.060 to play into uh it's not going to play

01:02:03.580 into this trial really at all kind of

01:02:05.640 apples and oranges because now he's suing

01:02:07.400 the perpetrator if you will directly and

01:02:10.460 not right he's saying you believed her

01:02:12.180 he's saying to this newspaper okay you

01:02:14.380 believed her she was lying to you and

01:02:16.580 then then she said it publicly and he's

01:02:18.320 like and now i'm getting you now i'm

01:02:19.900 getting you who i say is the the liar 0.64

01:02:21.740 but the judge found her i guess her

01:02:23.880 allegations to be credible but

01:02:25.660 meantime um and he's saying not only is

01:02:29.740 she lying about me she's the abuser and 1.00

01:02:33.240 it's not it's not just that and his

01:02:35.440 lawyers admit johnny depp texted terrible

01:02:38.420 things about her and said terrible

01:02:40.460 things um that used words the lawyer

01:02:43.360 said that like you and i wouldn't use

01:02:44.960 because they know what's likely to come

01:02:47.120 in is this this quote trove of shocking

01:02:49.380 texts i think this might be from um it's

01:02:51.480 either from the son of the daily mail

01:02:53.200 writing up the article or the trial

01:02:55.120 the earlier trial anyway uh he was

01:02:59.060 texting with avengers star paul bettany

01:03:01.020 uh who is isn't isn't that the guy from

01:03:03.180 beautiful mind so good i'm not into the

01:03:04.860 avengers series so yeah yeah yeah yeah so

01:03:06.940 good in beautiful mind but anyway he

01:03:09.180 texted to him let's burn amber let's 1.00

01:03:12.120 drown her before we burn her i will f her 0.99

01:03:15.440 burnt corpse afterward to make sure she's 1.00

01:03:18.540 dead by the way this is she married him

01:03:20.320 after this this is november 13 they got 0.88

01:03:22.040 married after this so this is sick sick 0.72

01:03:24.520 group of people here but the defense is

01:03:28.020 going to say johnny depp lawyers they're

01:03:29.820 the plaintiffs they're going to say

01:03:30.860 not a nice husband not a nice way to talk

01:03:34.980 about your wife but she was the instigator 0.56

01:03:37.520 that she equated violence with caring about

01:03:41.080 one each other or one another and one

01:03:43.780 thing johnny depp on his side he has on his

01:03:46.200 side is finger gate she actually did manage to 1.00

01:03:50.660 cost him the tip of his finger um right it's

01:03:54.800 so crazy i don't a few years earlier oh we

01:03:57.440 have the photo okay in 2000 i don't know

01:04:00.260 when it was but uh she threw in australia she

01:04:04.520 allegedly threw a vodka bottle at him and

01:04:07.620 severed the tip of his finger i mean that's

01:04:09.320 pretty good evidence and that she

01:04:11.080 warning viewer warning there's the tip of

01:04:13.380 johnny depp's severed finger

01:04:14.860 yeah i mean i was just thinking to myself

01:04:18.740 you know falling in love is like a

01:04:20.520 temporary form of insanity for some people

01:04:23.220 you know you get in there and you just kind

01:04:25.020 of do crazy things i mean she married him 1.00

01:04:26.800 after that i saw that text i thought that's

01:04:29.400 what you would call vile i mean with a capital

01:04:31.660 v right and i mean it's it's completely off

01:04:34.420 the charts but the fact is i think he's doing

01:04:37.140 something really well in this case and that

01:04:39.480 is like you said making her the abuser 1.00

01:04:41.220 he lost the tip of his finger she throws a 1.00

01:04:43.560 vodka bottle on at him she's on tape you

01:04:46.780 know basically admitting that she hit him

01:04:48.380 didn't she have another incident with another

01:04:50.960 partner um where there was violence

01:04:53.480 and she's um she's what the kids today would

01:04:56.380 call i guess pansexual or bisexual i don't

01:04:58.800 know that the letters confused me but yeah she

01:05:00.700 was sort of married to another woman though i

01:05:02.820 guess it was an official and there was an

01:05:04.880 incident at an airport where the the then

01:05:06.920 wife accused her of abusing her that then 1.00

01:05:10.460 there was a police report and everything then

01:05:12.900 i guess the wife and amber accused the cops of

01:05:15.880 being like homophobic but it turns out the the

01:05:18.460 person who took the police report was herself a 0.96

01:05:20.800 lesbian cop who's like it's not my hatred of 1.00

01:05:23.860 lesbians the you know i saw what i saw 1.00

01:05:26.460 anyway so she's got she's got a prior partner who

01:05:29.600 alleges she had a history of domestic abuse or at

01:05:32.020 least at one point said that and he's got a bunch

01:05:34.040 of exes from winona rider to kate moss to this

01:05:38.180 woman he was married to for 14 years apparently all

01:05:40.280 of whom are saying he's not an abuser and he never

01:05:42.840 has been go ahead sorry finish reporting

01:05:44.400 when i was gonna say i was just like i had my

01:05:47.220 niece here and her boyfriend and they're kind of

01:05:49.100 the kids you know when i ran this by him they go

01:05:51.480 see whatever his ex-girlfriend say what did his 0.97

01:05:53.500 ex-wife say you know i said hey they all said

01:05:55.640 he's great and they're like okay we're on team

01:05:57.760 depp that's it that's all we need you know and i

01:05:59.740 said and there was this other incident and they're

01:06:01.380 like okay done you know we were the jury we vote we

01:06:04.600 vote for johnny depp but the thing is you know

01:06:06.900 she's got that history she's got the evidence in

01:06:09.340 this case that she is an abuser and and basically 0.99

01:06:12.260 i think that that can be enough for a jury to

01:06:14.540 say you know that johnny depp has a case

01:06:17.240 you know he's basically saying you didn't need to write that op-ed in the

01:06:21.600 washington post that was completely

01:06:23.180 self-serving and what you did thereby was almost ruined my career and i'm not

01:06:29.380 going to take it anymore i'm not going to let you do this to

01:06:31.600 me anymore and i'm going to stand up for myself and

01:06:34.640 i think it's a really well-prepared case from what i've seen so far i know

01:06:37.780 john has been watching it in real time

01:06:39.760 trying to muddy the water so far right he's at least trying to muddy the water

01:06:42.800 so that there's an alternate story out there and not just he's an abuser

01:06:46.700 i mean the finger right picture doesn't lie

01:06:49.280 um no he they've also the daily mail has been doing like

01:06:53.080 in-depth reporting on this and a bunch of breaking news

01:06:56.180 for the past couple of years and they

01:06:58.620 they have um audio recordings in which amber talks about hitting johnny

01:07:05.800 depp and questioning she questions whether anyone would believe that johnny

01:07:09.780 depp is actually a domestic violence victim saying quote

01:07:12.340 um i can't promise i won't get physical again god i effing sometimes get so mad i

01:07:17.940 lose it she says in one clip um then it goes on to say quote tell the

01:07:22.140 world johnny depp a man i'm a victim too of domestic violence see

01:07:26.200 how many believe or side with you

01:07:28.420 um now that could just be him saying you know i'm gonna tell them you did it

01:07:35.140 to me and she's gonna and she innocently says no one's gonna believe 0.95

01:07:38.260 that you psycho we don't know what the truth is 0.88

01:07:41.200 but johnna that brings me to an unfortunate episode of this case known as poop gate 0.96

01:07:45.560 um

01:07:47.400 just in case you already couldn't stand these people

01:07:52.440 he's alleging or alleged during the last trial

01:07:55.320 that she left human feces in their marital bed

01:07:58.340 what do we do with that

01:08:00.120 oh god i don't know as if it can't get any worse i can say this about

01:08:06.880 that uh you know this is a divorce let me say this their divorce 0.93

01:08:11.740 ended but did it really i mean this is the kind of thing that you hear

01:08:16.860 in a heated and contested divorce people are imperfect and when people fall out of

01:08:23.280 love with each other they often forget that they ever

01:08:26.300 were in love in the first place and you do disgusting things you can say

01:08:31.820 disgusting things and oftentimes you think those disgusting things that you do

01:08:36.160 are going to be kept in private between you and when they're not and when

01:08:40.400 they're exposed everybody comes out dirty for a lack of a better word

01:08:45.940 and that's what they're i mean they are slinging well they're slinging poop instead of slinging mud

01:08:51.920 literally and figuratively in this case and like you know and like am pointed out like you pointed out

01:08:58.500 i do not see anybody winning in the uh court of public opinion

01:09:03.780 they might win in the court of law but not in the court of public opinion

01:09:07.480 well i will tell you why i think poop gate is relevant

01:09:09.700 because he's alleging that's what led him to divorce her

01:09:12.780 like that was the final straw for him that he went home they had an argument

01:09:16.080 and he left he says this is a pattern she abused him and he would just leave

01:09:20.740 he would try to get out of dodge and i think even their therapist says

01:09:23.740 yes that's true and she equated him leaving either in the middle of a fight

01:09:27.680 or permanently as a massive threat you know fear of abandonment etc

01:09:32.000 and reacted in a very weird upsetting way

01:09:35.560 in a lot of circumstances and there was this one incident where

01:09:39.760 he he left he's got like 10 000 homes and they were in la

01:09:43.780 and he has these five penthouse apartments i guess

01:09:46.640 and they had a fight and he walked out and he went to his place in the hollywood hills

01:09:51.940 and then the next morning his poor maid hilda 0.93

01:09:56.260 who'd been working for him for 30 years

01:09:58.820 goes to make the marital bed which he did not sleep in amber had been there

01:10:02.700 and finds human feces disgusting we know this

01:10:07.580 she tried to blame it on their little dogs i can't remember what kind of dog it was 0.64

01:10:13.560 everyone knows there's a difference between the human poop and dog poop

01:10:19.040 my audience can weigh in on this later but there's no way it was the dog

01:10:23.200 it was like the little dog too it wasn't like my big strudwick

01:10:25.940 it was the little tiny and the hilda hilda was like 1.00

01:10:29.120 the dogs they never got on top of the bed ever they can't get up on top of their bed

01:10:32.980 their little legs are too small and they've never soiled the bed

01:10:36.260 um and apparently amber allegedly admitted

01:10:40.800 that she or she either did it or was or was responsible for her friend doing it

01:10:46.500 to their mutual business and like

01:10:49.580 whatever contact this guy who says they both called me

01:10:54.280 and they were freaking out i was mediating anyway he claims amber admitted it

01:10:58.020 she says that that's not true i didn't admit it but the point is if she's lying about it

01:11:02.920 right if she's lying and you've got a third party who's willing to say she admitted it to me

01:11:06.960 and now she's trying to lie about it it's just

01:11:08.460 she's a liar right in the jury in this case seven people civil jury 1.00

01:11:13.360 have the right to say you lied about that you won't own up to something that disgusting 0.99

01:11:17.700 i don't trust you okay i mean i'm glad to hear that okay but wait that's good because it gives

01:11:23.300 me one one more minute to make this point they have uh their therapist taking the stand okay so 1.00

01:11:30.320 his security guards are going to take the stand and say we always had to get him an extra room when

01:11:34.400 they travel together because he would have to leave she would start abusing him and he would have to 0.88

01:11:39.440 leave and then their therapist is taking the stand dr laurel anderson and she was on the stand just 0.99

01:11:47.340 now here's a highlight of what she said listen here he had had been well controlled i think for

01:11:53.360 almost i don't know 20 30 years and uh both were victims of abuse in their homes but i thought he had

01:12:02.760 been well controlled for decades and then with ms heard he was triggered and um they engaged in what i

01:12:13.240 saw as mutual abuse sometimes i'm not i know she led on more than one occasion and started it to keep

01:12:23.220 him with her because abandonment and having him leave was her worst nightmare and she goes on to say

01:12:31.120 she led on one more occasion you heard that and then she says uh and i think he may have initiated

01:12:37.860 it on occasions but that i'm less sure of and she goes on to say it was a point of pride to her if

01:12:45.460 she felt disrespected to initiate a fight if he was going to leave her to to de-escalate a fight she

01:12:50.720 would strike him to keep him there she would rather be in a fight to keep him there and she said johnny

01:12:57.580 depp had trouble finding his voice during their marital sessions he was quote really overwhelmed she

01:13:02.380 never witnessed abuse between the pair herself now i understand why johnny depp's lawyer thinks this is

01:13:06.620 helpful johnny but it shows that she that she abused him too but it doesn't disprove that he

01:13:12.340 abused her and in fact it supports that that he did i mean she's saying he may have initiated on

01:13:19.140 occasions and in terms of a defamation case that's ballgame that's all you need you don't have to prove

01:13:24.760 who's more responsible you just have to prove that amber had the right to say i was abused by him

01:13:29.320 exactly that's why i'm shaking my head about this testimony and if this were a joint therapist for

01:13:36.540 the for each of them they would have to allow this therapist to testify because otherwise it would

01:13:42.860 be privileged so they're they're both okay with this testimony i guess which doesn't make any sense

01:13:47.520 because if you're both okay with it then it's not helping either one of you as you pointed out it

01:13:52.760 doesn't make a lot of sense but it does tie in one thing because in the very beginning of this trial

01:13:57.160 when johnny depp's sister took the stand for a day and a half and yeah she loves him you know like

01:14:02.560 she's his ride or die basically and she was explaining a lot about johnny's behavior in

01:14:08.960 having to get away from a situation and that was based on the fact that johnny's mother their mother

01:14:15.380 apparently was somewhat abusive and the way that they dealt with that was by escaping and apparently

01:14:21.580 you know 50 years later johnny's never figured out a better way to deal with that kind of thing so it

01:14:27.400 does conjure a little bit of sympathy for johnny depp because you figure oh my god here's a guy

01:14:32.520 he owns a million houses he's very successful he's worth a billion dollars and he actually is human

01:14:37.680 because he's got these issues these childhood issues that he's never gotten over it it might be

01:14:42.580 a sympathy card a little bit of a sympathy card his substance abuse has taken center stage at the

01:14:48.280 earlier trial and this trial i mean like the amount of alcohol they're alleged like some flight with two

01:14:52.780 bottles of champagne a half a bottle of whiskey and a bunch of cocaine on an empty stomach or he

01:14:56.860 hadn't eaten in days i mean just in case you're sitting at home thinking my life sucks and i wish

01:15:01.060 i were a hollywood celebrity with a billion dollars and and apartments everywhere and i look like johnny

01:15:05.860 depp or amber hurt don't don't think that you're wrong your life is better than theirs it's more

01:15:10.580 fulfilling it's it's healthier it's safer i mean this these are all corruptive influences and this is

01:15:16.940 this is what i see when i see them and i i don't think he's gonna win this trial and she's not

01:15:21.900 gonna win her cross claim um i think he's just looking to muddy the waters and get it more in

01:15:26.340 the public record that she also abused him so that is a win for him because i do believe she did she 0.97

01:15:31.420 did i mean i believe the therapist that she she did it and he did it and this is a completely effed

01:15:37.060 up couple that is if you needed more proof of why you should discourage your child from going to live

01:15:42.280 a hollywood lifestyle there it is that's what we should be taking away from this okay up next we're

01:15:47.480 going to get a little bit more serious and take on the new york city subway shooter uh his history

01:15:51.860 of racist hatred and whether the fbi dropped the ball in this case

01:15:56.540 okay jonas billboard and ann bremer are my guests today and we're going to kick it off with what's

01:16:05.000 happened in new york city so we now know that they're who the shooter was he's been apprehended

01:16:10.200 i have to say i was it's a little odd because mayor adams is like we got him and i was like yes they

01:16:16.180 got him and then i found out well they got him because he basically contacted the nypd and was

01:16:21.440 like here i am come get me here i am this is where to find me like i mean i'm glad we got him but like

01:16:27.120 i'm not sure we should be like patting ourselves on the back so the troubling thing about this guy's

01:16:33.000 history is that he was apparently on the terrorist watch list for a time um he managed to get a gun

01:16:39.900 he has at least 12 prior convictions though no felonies so how is this guy not you know being

01:16:48.020 monitored how is he being provided access to firearms how were we not sort of keeping a closer

01:16:54.460 eye on him john i'll start with you well that's a great question i would like to know how it is that

01:17:01.060 you can't say something uh you can't form an opinion on twitter about covid without getting

01:17:06.880 blacklisted or you can't you wind up in facebook jail but you've got a guy who regularly went on

01:17:12.440 social media rants racist rants uh homicidal rants and he's allowed to do that with impunity but if you

01:17:21.360 have an opinion on social media you are not number one number two around here in new york if you have

01:17:28.020 uh a misdemeanor on your record you're gonna have a tough time getting a gun let alone 12 so even though

01:17:34.780 legally it's usually not a preclude you from getting a gun is a practical matter oh it does

01:17:40.960 even if the misdemeanor is a minor misdemeanor like like a dwi or a dwai so number three if we're

01:17:47.900 gonna do away with cops which is also a bad idea well then you better not do away with the cameras

01:17:53.160 that are going to catch people doing the crap that the cops can't arrest them for i mean those are the

01:17:57.780 top three things that needed to happen in this case that didn't happen and you're right he turned

01:18:02.020 himself in and basically said i'm at the mcdonald's come and get me and they got him so uh you're right

01:18:08.280 eric adams has no cause to hold a trophy up or put a put a star on it on his jacket because it wasn't

01:18:15.120 about him as a matter of fact it just illustrates the failings of this government seriously i'm like

01:18:20.540 okay you know like i'm right i'm ready to give you credit until i find out that basically you couldn't

01:18:25.740 find him even though there were lots of breadcrumbs until he was like here i am would you come get me

01:18:30.140 i'm like okay um and let's start with that what about the facebook piece of this like the the

01:18:36.080 online social media she's john has got a good point like you you can't say anything right like

01:18:40.960 so many people like rfk jr we interviewed him he's been banned he's been banned he had his account

01:18:45.960 taken down on instagram and facebook and all these things but you can be this guy with his racist rants

01:18:51.120 his misogynistic rants his threatening of violence threatening he hated the mayor too no problem is why 0.97

01:18:57.240 yeah i mean exactly that's just it's just from the sublime to the ridiculous how can you ban bobby 0.93

01:19:04.040 kennedy jr because he's anti-vaxxed that's an opinion he has are you basically saying if he weighs

01:19:09.840 in on this you're going to like totally change people's opinions out there therefore we have to

01:19:13.220 censure you and take you off instagram or twitter or whatever else and this guy i mean you've seen the

01:19:19.300 kind of things he was saying i mean he was a bomb waiting to go off and he's the accident waiting to

01:19:24.440 happen i mean this guy's just like here i am here i am here i am nobody does anything and then by the

01:19:30.380 way at the end he says i heard you were looking for me i'm right here amazing what about the fact

01:19:36.400 so he was on the fbi watch list before but was apparently cleared in 2019 after multiple interviews

01:19:43.740 he had entered into the fbi's guardian lead system i guess in new mexico i'm not sure what that is exactly

01:19:50.740 but the guardian the fbi's system in new mexico i mean it sounds like we don't know why he was

01:19:56.880 entered into that uh list or that that system jonna but they can't keep you on that system forever so

01:20:03.500 if you don't like commit a crime or do something in particularly dangerous you come off of it and

01:20:10.540 then you know they stop watching you yeah and last i heard we didn't defund the fbi so you would

01:20:16.220 think they would at least stay on top of their game but they didn't the other thing that makes me uh

01:20:20.680 really hot under the collar about this is this guy intentionally dressed like he was a subway worker

01:20:28.340 when you see those pictures like people probably thought he belonged there i mean that that to me

01:20:34.680 adds insult to the multiple injury here like he knew what he was doing he might be mentally um

01:20:40.680 depraved or he might have some sort of mental illness but he sure was calculating for a guy 0.97

01:20:46.720 who's crazy you know another thing we gotta stop coddling the crazies and i don't mean that against 0.82

01:20:52.860 there are people with mental illness i understand and hopefully they can get help and that's great

01:20:56.500 but a lot of times people with mental illness also commit crimes we can't coddle them and we have

01:21:02.880 been and that needs to stop we are not safe until we do well you know and that he's going to raise a

01:21:09.500 mentally deficient you know mentally ill whatever defense when this ultimately goes to trial apparently

01:21:16.680 his sister says he's not mentally ill and i you tell me whether somebody truly mentally ill to the 0.87

01:21:21.960 point where he could get you off at trial could be as organized and methodical with smoke bombs and the

01:21:26.420 number of victims he had as this guy was all right and that's i was thinking the exact same thing i mean

01:21:32.300 the sister said he's not mentally ill when i was a prosecutor we used to say like in a robbery case

01:21:36.640 he wasn't holding up a telephone pole with a banana he was holding up a bank with a gun

01:21:41.100 i mean look at this guy meticulous i mean totally organized he's dressed the part and and he pulls

01:21:46.940 it off who does that i mean he knew the nature and quality of his act he knew what right from wrong

01:21:51.720 and he knew right from wrong because he said heard you looking for me here i am he knew he did it so i

01:21:57.080 don't know where the defense goes i don't think very far and johnny point out the the camera

01:22:02.080 reference you made the subways after putting cameras and all the subways and bragging to us

01:22:09.200 about how under our last loser mayor um you know how safe we were all going to be now they didn't

01:22:15.500 have them on not not one so none of this was caught by the infamous subway cameras that the new yorkers

01:22:22.040 paid for for exactly this sort of a situation and cameras don't stop crimes right cameras will help

01:22:28.320 us catch the the perk or the culprit they don't stop the bullets from firing out of the gun police

01:22:34.760 can help do that police can certainly help do that and if this guy didn't turn himself in he'd probably

01:22:42.180 still be on the loose and you know committing or planning to commit another crime it's absolutely

01:22:47.920 ridiculous and we need to act with lightning speed we can start in new york city because new york city

01:22:52.660 needs it back with lightning speed and start refunding these police getting them out there 0.97

01:22:58.260 checking the infrastructure and don't get on with your three-piece suit in front of a camera and think

01:23:03.180 that you did something good until these incidents are few and far between we have a long way to go

01:23:09.620 i'll get off my soapbox now this is the same mayor who was telling us like a month ago that

01:23:14.060 that we shouldn't actually be afraid on the subway that now is like i can't remember how he put it but

01:23:19.780 like fear is not the appropriate emotion and the subways are safe well actually not so much we're

01:23:25.540 having women being shoved in front of the trains um right now we're having people attacked down there 0.99

01:23:30.600 all the time with knives with hammers and now you got this guy a mass shooting it's a miracle no one

01:23:37.880 died a miracle thank god for at least that piece of this so we'll continue to follow okay so let's take

01:23:44.620 a walk down memory lane and talk about maryland mosby the state's attorney in maryland who came

01:23:52.100 to national prominence after freddie gray after the the ride along that killed freddie or the you

01:23:58.340 know the rough ride the alleged rough ride that killed freddie gray um a black man in baltimore

01:24:03.220 all the police were acquitted of the charges and remember she wasn't she the one who was like

01:24:08.180 this is our moment wasn't this i'm pretty sure it was maryland moby mosby it was like this is our 1.00

01:24:13.800 moment it's like shut up what are you saying this isn't about you and your stupid moment 1.00

01:24:17.360 to the youth of this city i will seek justice on your behalf this is a moment this is your moment 1.00

01:24:26.100 and as young people our time is now go prosecute the case or don't prosecute the case but this is not

01:24:33.840 about you you want to be starlet um well she's back in the spotlight but not for the reasons that

01:24:41.300 she would hope she's actually running for state's attorney again even though she's facing felony 0.96

01:24:45.940 charges are they felony charges john yes they're felony charges felony fraud charges so they think

01:24:51.440 they're saying she's a serial liar that she's a fraudster that she's a defrauder who stole money 1.00

01:24:56.060 from the citizens she's trying to represent right now um by a few different ways so tell us what she

01:25:03.380 allegedly did so what she did this is similar to now i don't know if you're a real housewives of new

01:25:08.220 jersey fan but i am a little bit and theresa judice went to prison for this same thing they're 0.99

01:25:15.180 they're claiming that uh mosby committed fraud in trying to get not one but two mortgages uh that

01:25:22.920 she lied in order to take i guess maybe the down payment is what she was looking to get out of her 0.99

01:25:26.900 deferred comp fund she had to answer a series of questions in order to qualify for that she didn't

01:25:31.660 actually qualify for that but she answered the question so that she would that's fraud she did that 1.00

01:25:36.760 on two applications applications she actually got the money she purchased two vacation homes now part

01:25:42.420 of the issue is in order to qualify to get money out of your retirement fund you have to be suffering

01:25:47.160 a hardship needing to buy two vacation homes in florida qualify as a hardship i don't know how they're

01:25:57.400 going to the voters are going to get past all this because her trial is going to be after the vote

01:26:02.100 but but the primary is going to be before she's ever convicted so this is a real quagmire for the

01:26:08.220 for the voters well i mean they elected her and they they they seem to they seem to like maryland

01:26:14.680 mosby down there although she was given quite a bit of guff at a recent i don't look like like a town

01:26:20.300 hall meeting and this is actually what got my attention on this case i was like oh look at this

01:26:25.400 there's maryland mosby and the voters who have to make this decision seem irritated that she 1.00

01:26:31.340 afforded herself these options that they are not allowed to afford themselves of and they don't see

01:26:37.000 her 250 000 salary as hardship anyway um that they pay for they think she's making plenty of dough and 1.00

01:26:44.400 that she shouldn't have been able to tap into these plans these deferred compensation plans that they

01:26:48.280 wouldn't have been allowed to tap into and that she apparently lied in order to do it that's the 1.00

01:26:52.080 accusation here's a little bit of that town hall meeting i'm concerned right now given the optics

01:26:58.040 of your situation how any person in baltimore can feel comfortable with the state's attorney who spends

01:27:04.680 time in florida flaunting eggs annual salary of 250 000 and then decides to do what many people in our

01:27:14.560 city can't do take money out of their pension funds so they can flip houses and make a profit of 150

01:27:21.160 now you can't deny that because that's in your own documents and if you want to talk about your

01:27:26.160 innocence then try the case why did you add instability to this primary run by postponing this

01:27:33.160 case when you said you wanted to be tried right away i think that i'm being racially and politically

01:27:39.460 and personally they're being attacked by an individual who has calmed every aspect of my life

01:27:46.160 for the past two years i have nothing to be apologetic about and utilizing my own money

01:27:51.700 so i when i'm here it's not your money i'm not it was my money it was my money my retirement

01:27:57.760 so in any event i am here to talk about the work and i'm not going to allow you or anybody else to

01:28:04.960 distract me from it next question oh she played the race card and what what does that have to do

01:28:13.060 with it either you took that money inappropriately or you didn't your race has nothing to do with it

01:28:17.860 yeah unbelievable i'm thinking wow you know unbelievable what she just did i mean it's a

01:28:22.620 paper chase it's all there in terms of the documents what's she gonna say next like michael

01:28:26.860 avenatti i flew too close to the sun you know i mean what is that i mean just look over here don't

01:28:32.560 look at me you know it's like she's trying to make it into like an empowering moment i will not allow

01:28:37.760 you to like this is one of your constituents trying to figure out whether you're a criminal

01:28:43.360 that's that's what the feds are alleging here like you can beat him up all you want but the

01:28:48.820 voters are going to have the final say on whether you get this job again well i was thinking i'd vote

01:28:52.540 for him for president i love that guy you know he's all over it you know she's just like distraction

01:28:57.380 i mean it's racist you know that guy was on them all right so what do you make of it john do you

01:29:02.020 think you know i don't know how do you like the government's chances in this case from what little we

01:29:06.360 know you know but but these cases when you're prosecuting these cases they're fairly easy to

01:29:11.740 prove i mean not for nothing but if you fail to dot an i across it across the t sometimes that can

01:29:17.200 come back to bite you she's like my husband managed everything my husband managed the taxes and all this 1.00

01:29:22.240 paperwork it wasn't me yeah and not a great excuse like we've seen it happen in the past where

01:29:27.900 husband and wife both go to the clink for something like this she should be a little bit more contrite 0.98

01:29:33.480 especially since she wants to run again she decided that that person who stood up at the town

01:29:37.820 hall is not going to vote for her so she blasted him and she did it in a pretty rude way too there 1.00

01:29:42.540 was a much more diplomatic way to answer that question hey mate look assert your innocence that's

01:29:47.400 great i'm all for it i i do criminal defense work but she if you're a public figure and you're running

01:29:52.840 for public office you need to be a little more diplomatic and a little more contrite and oh by the way

01:29:57.860 don't break the law and and don't wrongly indict a bunch of cops who um you accused of doing stuff

01:30:03.880 they never did and never apologize for what you put them through um this is not her moment this is

01:30:08.340 not her no okay um let's talk about the whopper in the time we have left class action lawsuit attempt

01:30:15.840 in the uh u.s district court for the southern district of florida where mr walter coleman this is

01:30:22.020 the opening line of the article in the washington post he thought his burger king burger was going to be

01:30:25.780 large and satisfying as glorious as the advertisement advertisements portrayed it but coleman and

01:30:30.620 countless others felt cheated when they discovered the actual size of their burgers so and what they're

01:30:36.740 mad that the uh that the whopper was yeah kind of lame maybe they expected more yeah size matters i guess 0.75

01:30:43.540 right i mean but i i don't know i looked at this and i thought oh you know shakespeare let's kill the

01:30:50.680 lawyers i mean enough already i mean look at the ad they're always a little bit different than

01:30:55.760 really the burger you get why have a class action i mean i think there's more important things to

01:31:00.620 pursue in our lofty profession that's just my two cents from out here in seattle i just looked at

01:31:06.420 that and thought okay maybe the ads look like it's better than it is isn't that what life's all about

01:31:11.140 we see ads always look better like this picture we're showing on youtube like the lettuce is always

01:31:15.180 so fluffy like in that picture there's no you never get fluffy lettuce in a burger that you get from

01:31:20.280 fast food restaurants john like what what is this guy thinking they in real life they always look

01:31:25.640 like this sweaty little hockey pucks i have not consumed a fast food burger and i don't know how

01:31:30.500 long i think if i were dying and i had to order some fast food i'd get fries and a shake that's about

01:31:36.320 it but i look they actually might win the whole where's the beef lawsuit right i don't know

01:31:42.940 they might win but i mean who really wins just the lawyers are going to make money off this burger king

01:31:48.520 might put a little more you know weird meat in their burgers no and then for the day they're not

01:31:53.380 going to this is going to be dismissed uh i think i mean maybe i could be wrong but uh if if this guy

01:31:59.140 manages to get past a motion to dismiss he's going to be a very rich man because burger king has a lot

01:32:03.500 of they may not have a lot of meat but they have a lot of dough but um thank you enjoy the clams

01:32:09.300 casino i'm here every tuesday ladies thank you thank you it's a pleasure don't miss the show

01:32:15.840 tomorrow when we have buck sexton and dana lash and we'll see you then thanks for listening to

01:32:21.280 the megan kelly show no bs no agenda and no fear

The Megyn Kelly Show - April 14, 2022

Will Elon Musk Buy Twitter, and Johnny Depp Trial Drama, with Peter Schiff, Jonna Spilbor, and Anne Bremner ｜ Ep. 300

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