“Trump’s Shift Is MONUMENTAL” - HEATED Debate ERUPTS Over Trump's WINS Triggers On-Air Showdown
Episode Stats
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Summary
In this episode, I sit down with Peter Schiff to talk about why he thinks Trump is the best president in the history of the United States. We talk about his views on the economy, trade, immigration and much more.
Transcript
00:00:00.000
You know, that did not go over well. Look at what's happening with Canada. Look at our relationship with Canada.
00:00:06.620
You know, we're driving everybody closer to China, closer to Russia, because Trump is around, going around the world,
00:00:13.780
you sound like, Peter, respectfully, you sound like such a weak leader, and you ran for president.
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I'm not a weak leader. But wait a minute, but wait a minute, you sound like it, because to me, you ran for president before.
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I never ran for president. I ran for Senate once.
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Did you think about running for president, or was there a speculation or story or something like that?
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Well, not seriously, but I mean, I did run for U.S. Senate in 2010, but I didn't even win the Republican nomination,
00:00:39.780
but I ran in the Republican primaries in the state of Connecticut for U.S. Senate.
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Right. But to me, when I'm listening to this, and this guy's sitting there going around, you know,
00:00:50.380
presenting ideas that we've never had before, a prior guy that was in there was doing what? Nothing.
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Are you kidding me? Like, for us to be protected and you, you know, position China in a way that people are sitting there saying,
00:01:08.200
Other countries are developing relationships with China that they didn't have.
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Look at how much more popular, you know, they're building these deep water ports in South America
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so that China can trade with this continent without having to go through Long Beach or San Pedro.
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I mean, the United States is being pushed out, and they're going to be a lot closer to Canada.
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Canada is our biggest trading partner, but they're going to end up doing a lot more business with China.
00:01:37.580
Yeah, I think you're, I think you truly are underestimating the amount of things that these guys have done.
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There is a reason why you go and CNN, when you go, well, I'll go to CNN.
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And CNN will tell you, their Democrats are not for the Democratic Party right now.
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They're at a worst approval rating with their own base.
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On the Republican side, CNN shows that people that voted for Trump are happier with him today than before.
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For a guy like me that I'm seeing, a guy named, you know, Jimmy Carter gives up Panama.
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It's like, ah, it's okay, let him keep it, let him take care of this.
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And now he's sitting there saying, wait a minute, China can go out there and do damage to us at Panama Canal.
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We've got to figure out where to take control of this.
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It's building the relationship there for us to be protected.
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He's coming closer to say, you can do what you want to do there.
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I feel safer with the guy at the top that's negotiating like that.
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And a lot of American people do as well in many different ways.
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You may have your, you know, be a little bit butthurt because of some things maybe, you know, that didn't go your way.
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That's kind of your shtick that you play that role.
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But financially, I've never made this much money in my life.
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I made so much money during the Trump presidency.
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I mean, we have an extremely corrupt government even today.
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Well, I don't feel any different as far as that.
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Well, I was living in Connecticut before Trump won.
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Well, I haven't lived in Fairfield County since 2017.
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Polls show that everybody in America trusts Republicans to protect the border more than Democrats.
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This is pure data that's coming out from people.
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I was probably one of the biggest critics of Biden out there, more so than most Republicans.
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But, you know, I criticize bad policies regardless of what party is promoting them.
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No, no, I'm, well, no, I just cherry-picking bad policy.
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And I mainly focus on economic policy because that's really where my area of expertise is.
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And so when I see bad economic policy—and look at what the president is advocating.
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You know, he wants to control credit card interest rates at 10 percent.
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You know, when Harris talked about price controls on groceries, oh, she's a socialist.
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But Donald Trump wants to control the price of credit cards, and that's not socialism.
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And, in fact, if you look at his industrial policy, I mean, he does not want the free market to allocate capital.
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He wants to pick the winners and losers himself.
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He wants to decide what companies and what industries should get capital and then use the power of government to direct capital there.
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I don't know if that's fair on credit cards because what the president did is he came out and floated that.
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And there was a lot of response, including here from us, that said, wait a minute, do you want to really get in and do that?
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But it was part of a broader narrative that he was on for that whole week about affordability, that we have to do some things for affordability for the American consumer.
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And then he backed down on the credit card stuff because he got feedback from Jamie Dimon and others like this.
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He forced a dialogue on the subject, and he forced a dialogue on accountability.
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Now, if you look at all the policies across, I'm a little shocked.
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I would love to hear you say, you know, on safety and the border, I think he did a good job.
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I'm really not happy about it, and I've been very vocal about it.
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But it's like you've got to be capable of giving the credit on something that's benefiting a lot of Americans.
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Those are not stats that are going to get revised.
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But the affordability problem is a function of the big, beautiful bill.
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I mean, the fact that Donald Trump signed on to a legislation.
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What happened after COVID when the Biden administration pumped all that money in there and it created an inflationary.
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Trump signed on to all the COVID bailouts and all the stimulus.
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But the same thing would have happened under Trump.
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That was a lucky break for Trump because now he can blame everything on Biden.
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Had Trump won, it would have been the same inflation.
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Look at what they did with the big, beautiful bill.
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I don't know why you can't balance credit with criticism on certain policies.
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They cut taxes on overtime, cut taxes on Social Security.
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All of the Biden spending was preserved under Trump and increased.
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They didn't cut, they had an opportunity to cut some of the Biden spending and they didn't
00:07:06.280
You know, like last week we had this guy on, Jared Moscovitz, who's a liberal.
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He was capable of saying, these are the things I like that he does.
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You lose credibility when it's like, nah, I can't give him credit here or there.
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For us, I sat there and I said, I don't know if I want to put the 10% credit
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card limit there, but I like the fact that he called Elizabeth Warren and at least he's
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willing to reach to the other side of the aisle.
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And Elizabeth Warren's like, holy shit, he called me.
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Well, I'm not going to give him credit for quoting a ridiculous proposal like government
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I mean, if he doesn't understand why that's a bad thing.
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This is the first time in a long time that it's good that somebody is, the Epstein files,
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The biggest flipping fumble of this administration, biggest F up on what you did.
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We're comfortable saying that, but you lose credibility.
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Ask how many millions of people that live by the border are happy.
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What the hell is going on with the kids are playing outside.
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Go call the people that live in Arizona, New Mexico and Texas and San Diego and ask,
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how do you feel when the kids are playing outside today versus a year and a half ago,
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Ask the stories of people that were worried about what the hell is going to happen when
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my wife's going to work, when my mother's going to work.
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There's a bunch of different things that you got to do.
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See what it looks like when it works on a World Economic Forum.
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Everybody stops and is watching this guy speaking and Newsom goes up on stage, who's going to
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be the candidate that's going to be opposing him on the other side, tries to make fun of
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Absolutely embarrassing for somebody to go out there and do that.
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So for me, on the highest stage, I'm proud that he's negotiating on our behalf.
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I don't ever give somebody a job as an executive when you hire, and I expect 100% of perfect
00:08:59.020
I don't make 100% perfect decisions when somebody messes into my company.
00:09:05.280
And my instinct is if I have somebody in the boardroom that's going to sit there and negotiate
00:09:10.360
on my behalf, I don't think there's anybody in America that would have done a better job
00:09:27.840
What are people listening to and watching and they're seeing others, you know, under every
00:09:35.920
Are you talking about trade deals that you think he's negotiating?
00:09:38.000
What, so you're saying who's, you're saying Biden negotiated better?
00:09:41.780
You're saying, you know, you're saying Obama negotiated better with Iran?
00:09:44.860
You think, you think, you think Biden or Obama negotiated better with Venezuela?
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But the best thing to do is just eliminate our tariffs and bring them to zero.
00:10:00.040
It doesn't matter what the rest of the world does.
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Allow Americans to freely trade with anyone they want.
00:10:06.920
But there's, there's nothing that needs to negotiate.
00:10:08.960
But the speech that he made at the economic forum backfired.
00:10:13.660
He went out there and claimed that the whole global economy only works because of America.
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That if it wasn't for America buying everything on credit that the world produces, that the
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world economy would collapse as if, you know, they would have nothing to do with all their
00:10:27.640
factories if they weren't making the goods available to Americans.
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They're perfectly capable of consuming their real goods.
00:10:52.700
By the way, I am so glad we invited you today on the podcast.
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And by the way, Rob, did we invite or did Peter say he's in town to be here?
00:11:01.340
And then you asked me to pay you for a private jet.
00:11:03.260
I said, I'm not paying you for a private jet as if you want to wait till I come by myself.
00:11:11.260
And a market gets to hear you because you still can't find yourself to give credit to what
00:11:18.580
No, it has nothing to do with, OK, you know, is is the stuff he's done on the border good
00:11:28.380
And when we end up with a total socialist Democrat in 2028 because of how horrible the
00:11:35.660
economy is, whatever good things were done are going to be erased by that.
00:11:39.860
I mean, the bigger picture is much broader than some of the things that he's done that
00:11:47.880
And I've given him credit along the way for things that I thought he was right.
00:11:51.800
But the bigger picture stuff, the more important stuff is so wrong.
00:11:55.400
And again, for you to misunderstand the fact, the fact above security and safety.
00:12:03.840
12 to 15 million people came your last four years.
00:12:07.080
You don't live in America to know what that feels like.
00:12:15.480
But it's not the same as living under the border.
00:12:26.380
The average person sat in America last four years saying, what the hell is going on to
00:12:31.800
And you can't sit there and say, what happened to crime?
00:12:34.020
There is, listen, there is nothing we do if we're not safe.
00:12:41.100
If I can't breathe, I don't think about how the stock market is doing.
00:12:44.760
If I can't have oxygen right now, I don't say, hey, I'm about to die.
00:12:55.540
That's very important to the average American making $60,000, not to guys like us worth hundreds
00:13:04.340
For me, it's if the average guy doesn't feel safe, that's got a wife, husband, kids that
00:13:08.520
are willing to go out and play in a regular public park, what the hell does America look
00:13:13.300
I mean, you've got to give a little bit of credit what this guy's done for America
00:13:16.680
This is what the average person looks at first.
00:13:21.000
Look, if on the broader scheme of things, if I think the policies are wrong and we're headed
00:13:26.860
for an economic crisis that are going to get blamed on the Republican Party, they're
00:13:33.320
They're going to get blamed on everything that people believe that Trump stands for.
00:13:41.160
I mean, Trump was part of it when he was president during his first term.
00:13:44.460
But we have been kicking the can down the road for multiple administrations of both parties.
00:13:49.860
Everybody makes the problems worse and everybody hopes that it doesn't collapse on their watch.
00:13:54.900
Well, we're in very grave danger of it blowing up now under Trump's watch.
00:14:01.660
And the things that he's done that are positive are going to disappear beneath that problem.
00:14:09.340
Because when you're looking at a massive collapse in the dollar and consumer prices soaring like
00:14:16.460
we've never seen before in this country, when you're looking at widespread shortages and
00:14:21.140
empty shelves and rolling blackouts because the dollar has collapsed and we can no longer
00:14:26.180
afford to import all the goods that the rest of the world produces.
00:14:29.120
And when there's an economic boom that's taking place outside the United States in the emerging
00:14:34.020
markets because the world is no longer burdened with having to support the U.S. economy,
00:14:39.240
when the world can now consume what it produces and invest its savings domestically instead of
00:14:46.040
Explain to me why all these countries and companies said they're going to invest trillions of dollars
00:14:50.720
They said that because Donald Trump wants to hear that.
00:14:59.940
This gets back to the whole reversal of Main Street versus Wall Street because when you
00:15:04.060
think about it, what has been the losers versus winners since the China productivity miracle?
00:15:21.340
I think part of why we're seeing these companies that are moving to invest, and there's a couple
00:15:25.620
different CEO surveys that have come out and said exactly what you said, Patrick, which
00:15:28.900
is there's not only is it increasing, but the number of global CEOs looking to spend their
00:15:34.680
most, the biggest chunk of their global CapEx dollar in America.
00:15:38.100
America, if you are going to reverse the trade flows of the last 50 years, you have to reverse
00:15:46.140
In other words, you need to bring some of the capacity back here.
00:15:51.200
And yes, that's inflationary, and that's just going to be part of the price of admission.
00:15:55.440
Maybe some of that will be offset with productivity with AI.
00:15:59.880
But ultimately, I think that it's a hugely bullish thing for the U.S., and I think that's
00:16:05.900
part of the reason why you're seeing these companies say, all right, Trump came out and
00:16:11.580
In every way, shape, or form, globalism's dead as it's been defined.
00:16:17.480
Okay, then we're going to be more regionalist, and that means the United States is sort of
00:16:25.320
in the position of Europe after World War II, except we didn't get our factories bombed
00:16:33.180
What were growth rates in Europe after World War II from 1945 to 65?
00:16:41.060
This exporting of jobs going overseas, who started it?
00:16:44.960
Clinton, I mean, it was a 40-year trend, right?
00:16:49.860
When you really tie back to what triggered it, once the United States went off the gold
00:16:55.840
standard in 71, it triggered a set of incentives that basically, once we made the dollar, once
00:17:03.620
the dollar became the reserve currency rather than gold, we suddenly had to run the deficits
00:17:08.780
to supply the world the dollars, and to do that, we had to offshore this stuff to create
00:17:16.200
And it sort of, look, it sort of worked for a time.
00:17:20.060
We weren't exactly winning the Cold War in 1971.
00:17:22.540
And so when we did that, that was a huge trump card that Kissinger played.
00:17:26.500
It was a case of, hey, the Soviets are beating us in a lot of ways.
00:17:34.000
But by playing that card and setting up the petrodollar, we were able to print dollars for
00:17:38.640
oil and commodities, which is easier than lifting it out of ground than the Soviets were
00:17:44.360
In a perfect world, when the Berlin Wall came down in 89, we would have sat down, had another
00:17:49.520
monetary conference in 89, like a Bretton Woods, and said, okay, Berlin Wall comes down, and
00:17:56.620
We're going to meet, and we're going to say, here's what the monetary system is going to
00:18:00.040
Here's the new multinational organizations, or maybe we just continue them, right?
00:18:03.620
The IMF, WTU, so whatever we were, you know, UN, et cetera.
00:18:08.360
Instead, in 89, we decided to pursue a unipolar moment in history, which is now clearly ending.
00:18:14.660
And it's in our interest to end it, by the way, because it has hollowed us out too much
00:18:29.040
If I was in the White House when Nixon was, would we have gone off the gold standard?
00:18:40.820
But the triangular diplomacy, that we kind of look at it and say, guys, Soviet, if these
00:18:50.680
We helped them from number 10, number 11, number nine, to now number two.
00:18:54.740
And without, and now Russia has got a smaller GDP than Canada.
00:19:03.780
I mean, essentially, we kind of brought them down and put them in their place.
00:19:08.080
Now, finally, a guy comes in and is like, listen, guys, I'm sorry.
00:19:11.160
All these deals you guys have had with the previous presidents, we got to shake things
00:19:17.720
By the way, you know what's hard about that massive shakeup?
00:19:23.820
Do you know what's the chance of Trump succeeding with this massive shakeup?
00:19:29.760
What the, what the, I'll, I'll write my number down.
00:19:34.840
What do you think is the percentage of him being able to succeed?
00:19:37.460
Conceding that success might look different for you and me.
00:19:42.320
The shift of it going well, I would say it's under 50%.
00:19:54.820
Well, and it's what you always have to look at what the other, what's the other side
00:19:58.760
You always want to, if we don't do it, we know what, where we're going, right?
00:20:02.880
Admiral Michael Mullen, who was the chairman of the Joint Chiefs of Staff in 2011, has this
00:20:07.420
He said, the biggest threat to America is not our debt.
00:20:19.380
He said, we are borrowing money from China to build weapons to face down China using
00:20:27.200
The U.S. military for the last 15 years has been saying as loudly as they could, we cannot
00:20:40.060
If you do not have a defense industrial base, you are not a sovereign nation.
00:20:45.860
And that started to be marked to market in COVID.
00:20:48.020
Remembering COVID, we're like, oh, we need all this PPE and mass.
00:20:51.080
And people look around and go, oh, it's all made in China.
00:20:56.540
The head of the U.N. came out in, or excuse me, of NATO, Mark Rudy, came out in 2025, early
00:21:03.720
last year, said the Russians, with their small GDP, are outproducing the entirety of NATO,
00:21:11.500
Because they have an industrial base and we do not have a sufficient industrial base.
00:21:15.020
And so this is one of these national security questions.
00:21:21.040
Yeah, they got a little bit of a labor manufacturing balance because of the five-year Ukraine war,
00:21:29.580
You can't measure their percent of investment on defense right now because they have a hot
00:21:33.920
No, no, no, this is, no, this is, this is not, no, no, no, no, this isn't, this isn't percentage
00:21:41.580
The Russians outproduce four more times of stuff, absolute numbers than the U.S. and the U.S.
00:21:50.080
So part of what we're watching Trump, I think the why is so important.
00:21:53.660
Anytime you're watching someone, anyone do anything, especially a Donald Trump.
00:21:57.860
And I think Donald Trump's why in doing this is the U.S. military's why in doing this, which
00:22:02.460
is if we go down this path, the U.S., the Chinese will make 100 percent of the U.S. military
00:22:11.080
And at that point, the United States is no longer a sovereign country.
00:22:16.940
What do you hear so often when people say, well, ultimately, the U.S. military backs the
00:22:20.500
Well, if the Chinese make the military that backs the dollar, what do we have?
00:22:26.100
Yeah, you have to recognize, though, the fact that we relied on the dollar's reserve currency
00:22:31.820
status for decades, that allowed us to hollow out our manufacturing base and supplant it
00:22:39.680
with this service sector consumer credit-based economy that is harmful.
00:22:44.360
But we've been living beyond our means for decades as a result of this.
00:22:49.220
And yes, the sooner it ends, the better, because the longer it takes, the worse it's going to
00:22:58.680
But that is what is about to happen, not on our terms, on the world's terms.
00:23:04.660
They are going to move away from the U.S. dollar.
00:23:08.820
And so all of these, what you look at as virtuous things are going to reverse.
00:23:14.580
But the only way that we can prepare for a world where the dollar is no longer the reserve
00:23:20.900
currency and we cannot live beyond our means is to start now dramatically shrinking the
00:23:27.600
size of our government, which is incompatible with the economy that we need to build.
00:23:37.620
Instead, we've had increase in government spending.
00:23:39.540
We need dramatic increases in personal savings, which means we need much higher interest rates
00:23:44.700
to encourage that so we can finance the investment.
00:23:47.940
And we actually need to get a handle on our debt.
00:23:52.400
I think we actually need an organized default because we now have so much debt that we have
00:23:58.540
built up that if interest rates were allowed to rise to a level that would actually encourage
00:24:03.660
savings, the government would have to default anyway.
00:24:05.980
There is no way that we could service the debt that we have at the interest rates that
00:24:11.140
we need and that we will have in a post-U.S. dollar reserve currency world.
00:24:15.560
Because if Americans can only borrow to the extent that we save, we have very little savings
00:24:22.780
So we have to have very high interest rates in this country, but we can't afford them.
00:24:26.920
And also, you know, you can't build products from strip malls.
00:24:30.980
We have a country that is built now to distribute imports.
00:24:34.840
Our biggest employers are like FedEx and UPS and Walmart and Amazon, right?
00:24:43.180
We don't build the stuff that we transport and that we consume.
00:24:48.200
And to do that is going to require significant investment in building factories and reconstituting
00:24:59.340
And everything we're doing right now is in the wrong direction.
00:25:03.560
Okay, Rob, do you want to pull up the news that just came up with El Paso, why the reason
00:25:11.020
Apparently, El Paso, the reason why they shut down the airport was because there were
00:25:21.920
And allegedly for that, Sky's Ryan International Airport would close several hours.
00:25:27.360
The FAA on Wednesday morning abruptly closed temporarily.
00:25:33.600
The agency said in a statement, all flights will resume as normal.
00:25:36.780
New York Times Wednesday reported that the shutdown was due to military testing of counter-uncrewed
00:25:44.640
Moments later, U.S. transportation, Sean Duffy acted swiftly to address a cartel drone in
00:25:50.400
insertion, adding that the threat has been neutralized.
00:25:56.100
Speaking at a news press conference, Wednesday reported Veronica Escobar, who represents El Paso
00:26:00.560
and a U.S. representative, said Duffy's explanation does not align with the information that we
00:26:06.380
Mexican President Sheinbaum has disputed the reason for shutdown, saying the country's
00:26:10.500
government has no knowledge of such insertion per the time.
00:26:17.960
We still don't have a clue what the hell is going on.
00:26:20.400
Okay, Army seems to be fretting about their flights tomorrow.
00:26:23.840
So that's somebody who just texted me saying that just happened.
00:26:25.600
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Introducing the Future Looks Bright collection.
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