All right. Good morning, Doug. We're back. It's been a week in a day since Guy Fawkes Day, also known as the
election of Donald Trump. And
there's some, a lot of things we're seeing that you like and we'll go through some of those, but overall impressions so far,
what's, what are the big, what are the cliff's notes?
I am just tickled pink that Kamala lost because if
if they had won
and it would have been through cheating,
it would have, it would have actually heralded the collapse of the U.S. It would have been game over, man.
It would have been a disaster. I'm not even sure considering the kind of people that were dealing with that would have taken over the government,
whether I even would have returned to the U.S.
I mean, it would, this was a really serious election from that point of view. Like I said,
Kamala and the Democrats didn't win. So that's the number one consideration. And the second thing is, is that
having only
been like a lukewarm fan of Trump, if you would,
it's that the things that he has said and the people that he has appointed so far,
they're highly gratifying.
I'm starting to think that it's morning in America and it may last more than six hours at this point.
So I'm, I'm, I'm pretty happy. I mean,
we get a full day of mourning.
Is there another election in your lifetime that you recall feeling this way at?
Yes, the election in Malay down here in Argentina. And so far,
it's funny. I was just this morning
talking to a couple of guys that lived down here. One is in Argentina in the mining business. And anyway,
and we were talking about
what Malay has done and what it's like in Uruguay by comparison and
things like that. And
I'm so super happy that Malay won, even though I hate politics and
people that are involved in it, but
because Malay declared himself as an anarcho-capitalist with 100% sound values.
He's moving a little bit slow down here as far as I'm concerned,
with not having actually told the IMF and all of Argentina's other foreign creditors to,
hey, no, I plot up. Don't have the money. Sorry.
You know, he hasn't done that, which is a mistake and there are other mistakes that he's making.
But that's the other election that I'm as happy about. I mean, any other election in my life
was I happy that Nixon beat Kennedy?
Well, look, I was a freshman in college. I didn't give a damn quite frankly.
I was sort of the Goldwater lost against
Lyndon Baines Johnson. Oh, Jesus.
Is there anything else? Well, of course, Reagan. Who was he running against?
He was running against Carter again, wasn't he? Carter. I guess he was running against Carter.
So I didn't have high hopes for Reagan. He turned out to be
better than I anticipated. Certainly his rhetoric was a lot better,
but economically, even though he deregulated, wonderful to some degree.
And even though he reduced taxes, wonderful to some degree,
but he just made up with it by borrowing lots and lots of money and running up the national debt,
putting those taxes into the future. I don't know. This is a big deal, this election. That's my view.
Yeah. Does it seem like everyone wants a radical change and they're going to get it
and one form or another. I think that's true. I think the downside of
what I saw in Argentina, just like we talked about this before, but the cost had gone up so much for
people and it was unavoidable. I mean, the money printing went crazy toward the end of
the last administration and it's like that just takes a while to get into the system and
obviously it's been reduced substantially. Now it's only like 2.7 percent, but this is per
month inflation. So it's the lowest it's been since he's been present, pushed it way down,
but it's got to cut some of these import taxes, just to reduce the cost for the people or else
it's going to be tough for them to continue. Got to cut the import taxes and he's got to
cut the export taxes, which is the other thing that they idiotically have here in Argentina
where it's a disincentive to produce anything and export it because they have what are called
retentionis here where you can pay up to 35 percent of the value of anything you put on the boat for
export that goes to the government and then the producer has to pay income taxes on
whatever profits left over after giving the government up to 35. It's usually not that
much, but then Malay can't do this and of course these unions here in Argentina
make your life miserable and so many regulations. In fact, the two guys I was talking to this morning
we were talking about the fact that here in Argentina you have to be an idiot to be in
any kind of a business. It's just more trouble than it's worth, more risk than it's worth.
What Argentines do is they buy dollars or they'll borrow dollars and then they'll
put it in the peso market where they can get 35 percent or 50 percent interest and speculate.
It's so much easier than producing things. Or you have to produce in the black market, right?
I mean, is there any business that's running that isn't somehow doing it illegally? I don't
think any business that's operating could be doing it with all the laws and taxes. It's impossible.
No, no. That's right. Any big business down here only stays in business because the government is
supporting them or subsidizing them in some way. So you've got to be in the black market,
which is wonderful. That's a free market, but it's a lot of distortions and a lot of
sand in the gears when you have to deal with these things.
I mean, just imagine like the pent up potential of the Argentine ag sector that has to sell to the
global market at 30 percent below what everyone else gets. I mean, that's crazy.
Yeah, it is crazy. And one of the things that these two guys were commenting about was that
in Argentina, you can get all the best cuts of meat and the best wine and so forth here,
because it makes it too hard for them to export. So they export the junk meat and the junk wine
to like China. And the good stuff stays here, but Uruguay, it's harder to get good cuts of meat
because it's all exported. And Uruguay is doing a lot better than Argentina is right now,
is the point that they made. I thought it was a well made point.
Yeah, the launch that we went to last week and when I was in Buenos Aires with you,
there's a large cattle producer there who owns property in both Argentina and Uruguay. And I asked
him because, you know, I have a little tiny little rounding error of a cattle ranch compared to
this guy. I mean, not even a rounding error, like he would forget. If this may, if my cattle
disappeared, he wouldn't notice them on his land. But I asked him what the price was
in Argentina and it was 35%. The beef price was 35% below what it is even in Uruguay. So it's shocking
actually. Yeah, a lot of distortions in the economy that Malay has got to redouble his
efforts to get to get rid of. Yeah. Yeah. So we're going to watch a couple of clips of some
recent Trump policy videos that he put together. And I like these policy videos that are going out
there because it has him, he's doing it in three minutes or less. And he's describing,
you know, what the plan is to tackle a particular problem. And it's very,
like they're very effective, I think, at communicating the ideas and making really
clear what he's trying to do. Before I do that, though, I did watch this Vivek with
Tucker. I don't know if you watched that interview that he did about a week ago.
No, in that he just, he describes their plan to sort of dismantle the, you know, the administrative
state. And it was very effective. And I heard him mention the first time I've heard anyone
else mention this. But I was even tempted to bring it up in our last conversation we had with
Michael was, you know, that Chevron deference case that the Supreme Court ruled was unconstitutional
where essentially these, the, you know, the Department of Ag and the EPA and all these agencies
could formulate their own regulations that had the power of law. And that, you know, the
Supreme Court ruled earlier this year that it had to be done by Congress, by people that are
elected. And Vivek made, brought that up and said that gave them a legal basis for saying
all of these, all of what these regulatory bodies are doing is actually unconstitutional.
It's absolutely illegal. And so we've been following the law. We have no choice but to
shut these things down. And I was really happy to hear that argument because it seems like,
as I'm like, no one's even brought up this, this huge case that was going to overturn it
and make all the SEC's regulations illegal. Oh, it would be so wonderful. I mean,
look, most people are unaware of the fact that there are 100,000 plus employees
in the Department of Agriculture. And all they do is make it harder for farmers to produce at
great expense. And this is true all these things like the FDA, which Bobby Kennedy is going to
try to tear apart. They should rename it the Federal Death Authority, because it, it,
it kills more people every year than the Defense Department does in the typical decade. I mean,
it's got to go. I mean, all these things have to be totally taken apart. And these horrible people
in the Democratic Party, they say, our democracy, it's not our democracy, it's their bureaucracy.
And it's got to be torn apart. Yeah. Yeah. So I think when people want to Trump,
I'm optimistic that Trump will do it, not because he understands these things from a philosophical
or an ideological point of view, but because they made his life so miserable the last four years,
eight years, actually, that, you know, he wants revenge. And he said that when he goes after
somebody that hurts him, he'll hurt him 10 times as bad. So it's like a personal vendetta,
not ideological, but, but it was no matter what his motivations are, but play, play these things.
They were, I thought they were very good. And I don't think everybody's watched them.
All right. So here's the, here's the first one. This is around the LGBT, LGBT agenda. Here we go.
We'll sign a new executive order instructing every federal agency to cease all programs
that promote the concept of sex and gender transition at any age. I will then ask Congress
to permanently stop federal taxpayer dollars from being used to promote or pay for these procedures.
The Department of Justice will investigate big pharma and the big hospital networks to determine
whether they have deliberately covered up horrific long-term side effects of sex transitions
in order to get rich at the expense of vulnerable patients. We will promote positive education
about the nuclear family, the roles of mothers and fathers, and celebrating rather than erasing
the things that make men and women different and unique. I will ask Congress to pass a bill
establishing that the only genders recognized by the United States government are male and female,
and they are assigned at birth. I will sign a new executive order instructing every federal agency.
Yes, I was repeating. Yeah, that's pretty clear. And it's hard to watch as a parent to watch that
and think that's not all great. Oh, no, it's, it's, it's fantastic. And what I liked about it
was that he's not talking about doing this in a dictatorial way. It's all within the bounds
of the U.S. Constitution, passing a law, cutting off government spending on these things. This is
all wonderful. And if people, and if people were hiding, you know, the long-term negative
results of, of these procedures so that, you know, they weren't able to get informed consent,
then that's good too. That's fraud, right? So this is all, it's all makes sense. You're
right. It is, it is all constitutional. And there should be criminal prosecutions
on the people that were involved in this type of thing. And I'm sure eventually,
because of RFK, he's going to get into Fauci and hopefully Fauci will go to jail and all his assets
will be compensated, will be confiscated as well. I mean, this is an actual war. And I don't believe
taking any prisoners in this kind of war. Yeah. And I think that's the, the one difference you can
definitely say for sure between Trump today and Trump in 2016 is I think that he has probably
recognized that it is a war, that it is serious. So. And the other thing with Trump is that,
you know, the people he surrounded himself in his first term were horrible people. There were
status. They were, you know, they were totes. They were, you know, people like Pompeo. And
you know, that's, he showed very bad judgment. I don't think he's got good judgment about people,
but the fact that he's, the people he's got around him now, I'm
quite optimistic actually that they're serious. I don't know if it's been confirmed,
but like Marco Rubio and the Secretary of State, what do you think about him?
Oh, I think that's, that's, that's bad news. I mean, you know, Marco doesn't seem to have
a background and he's kind of a toadie. So yeah, he's still making mistakes. Well, on the, on the
bright side, Trump is kind of loyal to people who supported him. But okay, just because they're
loyal, he's loyal because they supported him, doesn't mean they're good choices. So.
Yeah, there is, there is definitely a, at least in the Defense Department and Secretary of State,
if, if it does end up being Rubio, which I haven't seen confirmation of, both the guy that got a
Secretary of Defense and Rubio are definitely very anti-Iran, at least. And so, you know,
but the thing is like, Trump does make the decisions, right? So whether or not we go to
war, it's going to be him. That is the big problem. It's that Trump is almost a Zionist, where
you know, Israel says attack Iran and he wants to do that. That's Israel's problem. You know,
I wish them well, but that's your problem. Solve it. We don't want to get involved in
another war fighting Iran, just because, because you don't like Iranians. Okay,
they're on the other side of the world. They can't do anything.
Right. Right. So, but these things, and there's another video on domestic policy,
and it's hard to not love these. So here's, this one is about education. So here we go.
Because the colleges and universities have been exploding, and I mean absolutely exploding,
while academics have been obsessed with indoctrinating America's youth. The time has come to
reclaim our once great educational institutions from the radical left, and we will do that.
Our secret weapon will be the college accreditation system. It's called accreditation
for a reason. The accreditors are supposed to ensure that schools are not ripping off students
and taxpayers, but they have failed totally. When I return to the White House, I will fire the
radical left accreditors that have allowed our colleges to become dominated by Marxist,
maniacs and lunatics. We will then accept applications for new accreditors who will
impose real standards on colleges once again and once and for all. These standards will include
defending the American tradition and Western civilization, protecting free speech, eliminating
wasteful administrative positions that drive up costs incredibly, removing all Marxist diversity,
equity and inclusion bureaucrats, offering options for accelerated and low cost degrees,
providing meaningful job placement and career services, and implementing college entrance and
exit exams to prove that students are actually learning and getting their money's worth.
Furthermore, I will direct the Department of Justice to pursue federal civil rights cases
against schools that continue to engage in racial discrimination and schools that persist in
explicit unlawful discrimination under the guise of equity will not only have their
endowments taxed, but through budget reconciliation, I will advance a measure to have them find up to
the entire amount of their endowment. A portion of the CIS funds will then be used as restitution
for victims of these illegal and unjust policies that hurt our country so badly. Colleges have
gotten hundreds of billions of dollars from hardworking taxpayers and now we are going to get
this anti-American insanity out of our institutions once and for all. We are going to have real
education in America. Thank you. You've got to imagine these DEI departments are freaking out
at this point. Oh yeah because some of these big universities I understand have 50 or 60
just for one university DEI deans and these people should be fired post-haste.
But you know one question I have is that accreditation bureaus,
well first of all most accreditation my understanding is for colleges and universities
occurs at a state level not at a federal level and does the U.S. government actually control
the accreditation process or accreditation bureau funding or whatever even at a national level,
forget about the state level. So I wonder if he's overreaching there. I mean I
thoroughly approve what he wants to do but I wonder if he's overreaching.
Well here's the I asked chat GTP and they say I asked does the federal government
accredit universities. It says no in the United States the federal government does not directly
accredit universities instead accreditation is handled by private accrediting organizations
that are recognized by the U.S. Department of Education and the Council for Higher
Education accreditation. These accrediting bodies assess schools and programs to ensure
they meet certain standards of quality and rigor. The DOE's role is to recognize accrediting
agencies that meet specific criteria which allows accredited institutions to be eligible
for federal funding. So yeah I guess he because through the Department of Education
they had these organizations have the right to hand out accreditation then I guess they
could choke it off at that level. I guess and of course he can cut off hopefully federal funding
to the any accreditors as well as to any universities but there are a lot of student
loans ought to be stopped. The Department of Education should be abolished post-haste.
He didn't mention that but maybe that's on the agenda and maybe that's something that
Vivek and Elon are thinking about I'm sure they are. Yeah Vivek said specifically in that
Tucker interview that the Department of Education would be eliminated. Yeah that's
absolutely wonderful. So I'm just wondering what and you mentioned when we were chatting before
before we turn the tape on that we got a bit of pushback from various viewers that didn't like
some of the things we were saying. Yeah well we always get pushed back no matter what we say it's
one side or another. I mean we're talking the last one we did with Michael, Michael Yan
and you know we got people that were mad because we talked about Zionists and we're mad at
and I'm also mad because you and Michael both mentioned that you're friends with some Jews you
have Jews that are friends. So like both sides of the spectrum I can't believe you'd make it about
Zionists pissed off and then people I can't believe you'd associate with Jews pissed off.
You know what I mean? So like you get both sides of the spectrum on all things
but there were some interesting people were really really bothered by the idea
that we said that the US was left leaning. They were really bothered by that idea and we went
through this with Michael Moore stuff and and said why we thought it was the case
and I can read some of their two comments. I'll keep out the longer ones but one is
Doug and Matt's Michael Moore list discussion was excellent but it proved to draw the wrong
conclusions. Where was the error I wonder is one question and then one comment and the second
one was we actually did know who was going to win. It wasn't close at all not even remotely
surprised the quote average American is not left wing. This is bizarre commentary.
Well let me take them in reverse order. You have to define these words left wing and right
wing. What do they mean? I mean they're like floating abstractions. My guess this is this
last commentator is a little bit confused. It's the first well god there were 20 things
that Michael Moore mentioned that and you researched them and the average American
is all four things like yeah social security and spending money and I don't remember what all
more gun control more gun control more people wanted I mean 58% of people wanted more gun control
72% believe the climate crisis was real 71% approve of labor unions 79% of us insist the rich must
pay more in taxes 76% of us want a much higher minimum wage yeah 73% of the country want student
debt loan really loan debt relief that's right all these things so yeah the average American
has been regardless of what this person that feels in his heart of hearts has been totally corrupted
by these these crazy collectivist and statist ideas which can but you know the right wing
so-called has plenty of stupid collectivist and statist ideas as well and the main difference
it seems to me between the context of the left wing and the right wing is leftists are
globalists and internationalists and most Americans are not and the right wing are
nationalists which most Americans are so I think that's why this viewer said that no we're right
to say yes they're right they're nationalists but look this is like during the Weimar Republic
in Germany when the Nazis were were battling the communists in the streets and they were
both socialists that are very similar economic ideas it's just the communists were internationalists
and the Nazis were nationalists that's what the it's the same difference here in the US right now
and what what what do you mean by when you when we say America has socialist ideas
what's the opposite of that I guess
total free mines and free markets and it wasn't too long one of the things I liked in
Suzane for I answered that that Trump said was he wanted to his exact words where we want to
uphold America the American culture and the values of western civilization
now it wasn't so long ago that nobody would dream of talking about western civilization
in a positive way in fact you know all the idiots on campus had these chants hey hey ho ho
western civ has got to go and this has been reflected in what kids are taught in school
and there were there were a 12 really 13 characteristics of western civilization
that I listed I or did I list it in one of our previous thoughts and there are things like
free thought which has been replaced by political correctness and thought control and
uh all these other free speech cancel culture and being afraid to say anything
that might be offensive to people free markets uh well we don't have free markets in the US
we have a fascist economy where everything is regulated and if you do it it's taxed
that's not a free market the idea of limited government uh you know people talk about that
but it's not very limited the state is everywhere with its taxes and regulations
and of course inflation distorts everything the idea of individualism has been washed away
people like to think of themselves as rugged individuals like in a western movie but that's
just BS the fact is is that identity politics which is widely promoted you're not an individual
you're a member of a race primarily or a member of a gender primarily
and individualism is viewed as anti-social the sixth reason I came up with was rationality
you're not supposed to be rational that's cold-hearted it's mechanical and it's white
if you're you know you know mathematics is white racist yeah racist yeah I mean the ideas of science
and logic have been tossed out uh in fact you know the idea of science itself they don't talk
about these idiots don't talk about science which is an enterprise to discover things
they talk about the science which is like a a discovered thing that you know can't be altered
I mean I don't know if I want to go through the rest of these things on the list but
the fact is no I don't have much faith in my fellow Americans and
I'll give you the proof for it it's that roughly roughly half of the country what 71 75 million
whatever it was uh people and of course there were some fraudulent votes I guess but voted for
Kamala and voted for Biden before that and voted for people like McGovern before that and all these
other horrible left-wing presidents so yeah half the country are basically basically
oh I hate to say this the enemy but that half of the country sees us as being the enemy
uh if you believe in the values I just mentioned yeah and well and I think the Overton window
sorry no I'm sorry go ahead the Overton window has shifted so much what's considered socialist
in our minds is not considered socialist at all in the minds of your average American you know
where they they look at things like the you know their particular goody stream from the government
you know they might see is like being serving a useful purpose like Social Security no one is
willing to consider giving up that even though because they paid into it their whole life it was
a tax they got they got taxed on it and there was some there was the government defrauded all
of those people who did it this idea that there was but they were defrauded but they won't give
it up they want to keep the fraud going because they will benefit from it and so no one's
willing to even consider these things which are these are socialist in nature I mean having a shared
pension plan that the word the daddy state is going to take care of you in old age is like
that's socialism yeah and it's worse than that because some years ago there was a
a proposition put forward that Social Security shouldn't invest in government debt which is all
a fraud I mean it's basically nothing their IOU is nothing on the part of a bankrupt government so
the assets of Social Security which are government bonds that's going to blow up
but it was put forward well maybe everybody ought to have an individual Social Security
Sagan's account where you could invest in real assets like stocks but no people didn't like that
the average American didn't like that so it was shot down well anyway if Trump would have ran
saying he was going to interfere in any way with Social Security or Medicare or Medicaid
like he wouldn't have won no and frankly Social Security is going to blow up and
it's going to be a catastrophe for everybody so what what what he should do if he asked me
and that's not going to happen I promise you is that you know there's some people that have been
defrauded and have relied on it okay that's kind of like not their fault that they were
stupid so people over age 50 get their Social Security benefits but younger people don't
end the story it ends for people under let's arbitrarily 50 and Medicare hey listen if you're
over 65 and you're in bad health I'm very sorry I'm very sorry but it's up to you to take care
of your body like it's up to you to take care of your car so we don't have the government
taking care of your car or taking care of your house they shouldn't take care of your body
either it's a giant swindle a fraud and even worse than that is Medicaid I mean if you're young
and you can't afford a medical thing you know in the 19th century there were lots and lots of
beneficial societies they were called that specialized in helping people that were worthy
of help and needed help and on a local level you could tell who is a bum and frankly they
ought to stay in the gutter or whatever I don't care and who should be helped
but that was all washed away by the Roosevelt administration where daddy government will
take it so all these things should be abolished but Trump can't talk about any of that it
can't talk about it because Americans wouldn't accept it that's the thing because there's
because they have because they don't understand how much of this they take for granted like
like a fish swimming in water you know they're citizens floating in socialism and don't even
understand that they totally demand you know this from the state yeah they think that social
security and Medicaid and Medicare and welfare there's lots of welfare in addition to that they
think this is part of the cosmic firmament but it should all if these things were washed away
totally uh I mean America would boom it really would and as much as I love Argentina
yeah I'd definitely move back to America but it ain't gonna happen well not only that not
only would it boom but the costs of all these things that have become so incredibly expensive
medical care in the U.S. would collapse like it's like the costs are related to the
government involved in you know providing this benefit for the people that the people demand
yeah yeah so it's really nice what Trump and Elon and Vivek are planning on doing it's wonderful
but they're not going far enough but hey listen I'm not unhappy I mean I'll take what I can get
yeah I totally agree with you and what just one other comment about
with those 12 values is the is the individualism value and like that's to me if there's one thing that
if there's one among those 12 it's that one that stands out it's like the individual is where
you know the the rights are where the power it should be but but people forget in all of that
you know being a is the responsibility that comes with that that you have you as an individual
have total responsibility for your life you are responsible for making sure that you save for your
future you're making responsible make you know if you go into debt I mean it's you and the idea that
you'd be rescued by anybody by daddy is like it just and I think that is the that is the one
that always sticks with me is like I feel like most people today shirk a lot of the individual
responsibility that they have for their lives and that's how the US has gotten into this mess
yeah and of course elements in our culture have made it worse because hey you're not an individual
you're you're a white male in fact worse you're a member of the patriarchy and or or you're a black
or you're a female is it's actually poisonous it's anti-individualistic you know people
watch western movies and imagine they're you know the the sheriff or john greener the hero but they're
not they're not definitely not um all right and there's a couple other comments from people um
let's see uh this guy said he said I felt like Doug blew a mental gasket somewhere
when he can't see how to deport the people when it's really simple they can go willingly or by
force one way or the other you will go I think maybe I you know the point that I think you're
trying to make there was you have to see they have if you're going to deport them or repatriate them
as Michael yon is saying better word better word yeah it really is yeah it's this is much better
word I think in that scenario you they have to have a receiving country that will receive them
and you know if you're if you're flying a plane full of people that are being deported from the U.S.
all these Venezuelan gangs for instance and you can't get permission to land at a Venezuelan
airport what do you do so there there are real practical problems here it's not just by force
or are we gonna I guess we'd have to go to war with Venezuela to get them to accept these
people when there are practical problems and that's assuming you can identify them as being
Venezuelans because what's going to happen with many I think of these 10 or 20 million
people that are here illegally and collecting welfare and have driver's licenses in the U.S.
and god knows what else is that they'll have discarded any evidence of what country they're
from and you can say you know what I think you're a Nigerian and I'll say hey prove it
and if he doesn't have a Nigerian passport and he doesn't have a how are you how are you gonna
when he when he arrives at the border in Nigeria you're gonna turn him away and that's the true of
just about every other country in the world so I'm saying yeah they should be exported or
repatriated but easier said than done you know so how are you gonna how are you gonna do that
I mean the number one way is because I think we talked about in the last episode was that you got a
you got to cut off the funding to them so their support system goes away so they don't have the
obvious economic incentive to be in the U.S. and then make them feel unwelcome like that's what
I do listen if you really want to be radical about these things if you know they're not Americans
they can't prove they're Americans and if they burn their foreign identification papers so you
can't send them away so well you don't have to go home because we don't know where your home is but
you can't stay here so we'll send you to Guantanamo and we'll give you a cut and three cheap meals
a day until you remember where you came from you know yeah we'll put you in touch with
your consulate and they can make sure that you have the proper papers so you can go home
I mean there are things that can be done but it's not going to be easy and there'll be
there'll be there'll be riots just like in the Weimar Republic between the Nazis and the commies
yeah and there's also just the it's going to create an environment you'd assume
at least on some level where there's going to be let me see your papers
wherever you go if this right that's that's right that's right and because we don't believe in
discrimination in this country I believe in discrimination something that every individual
should do hopefully on rational grounds most discrimination is irrational grounds like race
and so forth but uh yeah because we don't believe in discrimination your papers
your papyrin bitter is what's going to have to be us of Americans yeah right and I'm not looking
forward to that part honestly but you know if you really want to get them out you do have to have
some of that I mean if that's your only if that's your number one objective to get them out then
there's going to have to be that kind of tight policing lots of checks and uh lots of logistical
problems with making it happen and the problem is once you set up a bureaucracy that's capable
of doing that these bureaucracies are like as they say self-licking ice cream cones and you can't get
rid of them I mean they're they're really hard setting up another bureaucracy for God's sake
so the enemy is the state here people don't seem to understand that it's not your friend
just because we have people we like in in in the state it doesn't make it your friend
for God's sake this is the mistake that these these people are are making they think it's it's
now it's our friend no it's not your friend right and that's as I said in our last episode two
there were I liked the fact that one month ago there were 75 I wasn't alone there were 75
million Americans that believed as I did that the state was their number one enemy
and now they embrace it and um that's you know that's a concern because that's not that we don't get
good actions from the state if when there's an embracing the state like that yeah exactly so well
at least for the moment it's morning in America before the economy collapses and you know the
thing is is that especially if Trump puts on these duties to punish foreign countries
that could bring on a deflationary collapse around the world and it's that the smooth
holy tariffs in 1930 uh brought were a major element in making the depression as bad as it was
but international trade is much much greater uh in relative or absolute terms than it was back then
so if Trump does that with these duties which is in effect putting ourselves under embargo
which can't get those things now they're too expensive uh so that's a stupid idea
yeah and I mean it didn't just cause the depression in the US I mean it caused
essentially a global depression global depression yeah that's that's that's right
but maybe he'll apologize who knows what he's gonna do because it is as good as things look
so far like with these last two things that we just uh he doesn't have a philosophical core
and I'm and I don't know if Vivek and Elon and Tulsi Gavrid is you know a smart but but she's a
socialist she's a welfare status she's never ever talked about domestic social policies only
foreign policies not getting in wars wonderful but um I don't know listen
it it ain't over till it's over and it ain't over yet yeah well and that's the good news because it
would have been game over as you said if Kamala had been at one so that that's at least the game
continues a little longer and listen we always like to look at the bright side and there that's
a definite bright side yeah okay just two last things but someone asked because uh about our
last one and one has to do with uh interest rates and that you said that interest rates in America
will go above 1980s levels where they got in the you know mid teens um and he says I thought given
the US's debt burden they cannot crank the rates higher I thought they were going to bring it to
zero and inflate their way out of the problem what is what's he missing he thinks that the
Federal Reserve actually controls interest rates they do on a short term basis uh there's a number
of ways they can do that but the bond market is well it's trillions of dollars and the only way
that they could reduce long-term interest rates is by the Fed buying bonds by bonds interest rates
go down sell bonds interest rates go up it's the way it works so bond buyers no matter who they are or
where they are if they see inflation running at 10 or 15 or 20 percent which with all the money
printing going on is very likely uh they're not going to buy bonds uh currently going at what
10 years they're going for foreign change or something like that they're not going to buy
so interest rates long-term interest rates will go up as a result of inflation and also
people are going to start to see wait a minute the US government is bankrupt uh you don't want to buy
the bond of a bankrupt entity that can only pay the bond off by printing more money which gets you
back into the inflation problem so uh I don't know where interest rates are going exactly
but they've been going down for 40 years and they're headed back up because we're dealing
with a a bankrupt entity that can only rent money and what happens if the I can take
short rates short rates down to zero down to zero again yeah they can do that because they can
lend the banks money the Fed can lend the banks money at a quarter of a percent and then the
banks can relend it a short term I know it's so you're missing something here what happens if the
if the Fed does buy these 10-year treasuries uh or the you know 30-year bond I mean what what happens
because you said if uh basically other buyers step away from the market these things must be bought
because we run deficits then the Fed would buy them what the Fed could do that keep
interest rates lower but then how would what's the outcome of that well what happens the actual
mechanism is when the Fed buys bonds whether it's from the government or from somebody in the market
the government or somebody else in the market gets credited at a commercial bank
with federal reserve notes which are created to buy those bonds now you have a billion
dollars for that bond in the bank now what's the bank going to do with it well the banks run on a
fractional reserve system which is a fraud and they can lend that money out again and again and
again so it's because when the Fed buys an asset remember the key it deposits the seller
government or otherwise federal reserve notes new federal reserve notes in a commercial bank
which is how they get into society so that's the mech that's really the mechanism for money printing
that's the mechanism and it's accelerated by the fractional reserve system by the banks
who now have that money and can lend it numerous times that's another whole kettle of worms we
can talk about so yeah it's just so we we talk about the risk of the like the 10-year treasury
yield is is currently 4.34 so that rate I think it is I think that's it's close to that 4.34
the that is kind of like the standard like it's been the kind of the default that people would
use like that you know the price of money I think the 10 years it's like the centerpiece
of the global economy and that at 4.34 percent people are already judging it more risky than other
thing other assets for instance the Chinese which I don't think many Americans trust the
Chinese but their 10-year bond is at 2.12 percent yield which means you know people are willing
people consider loaning to the Chinese government at this stage at half the risk
essentially of the U.S. government already well I don't want the bonds of any government
right no no 100% 100% okay so so this is describing the inflationary scenario so the way we get out
of this in an inflationary way and you know that and that's when the U.S. doesn't have control
over those rates okay so that's the next question was relating to a comment that you made
when I asked you I said well hi is there any way out of this and you said
we should default on the debt and can you talk more about the implications of that like what does
that mean if we did that yeah I mean the 30 what is it 35 it goes up 36 now 36 yeah and it's gonna
head higher and higher faster and faster uh everybody knows that can never be repaid okay
so the problem with it is is that if it's just going to be serviced
if it's just going to be serviced it's going to turn
the next generation of Americans into serfs to serve to services gigantic debt
forget about paying it back and incidentally it's more than 36 or whatever it is there's all
kinds of other debts that are not acknowledged and not countered as part of the uh the national
debt for instance uh all these agencies like the fdic uh they can these are um contingent
liabilities of the u.s. government which work into the hundreds of billions of dollars
and other things that are off balance sheet items
obligations to bail out well social security is a big one right medicare well yes because
social security doesn't have money in a lockbox remember they used to say that we'll put money
in a box don't worry about it that's our course thing i think it's been totally integrated social
security with uh and its supposed assets with the uh with the balance sheet of the u.s. government
so there's all kinds of undisclosed liabilities that there was a study done by a group some years
ago and it turns out that the actual debts of the u.s. government are on the border of
not 34 trillion or whatever it is it's more like 200 trillion
yeah let me check this out so i can find it real quick so so basically the debt is unpayable
i think that's well acknowledged by anybody who's thinking about it and uh if interest rates go up
and the situation just gets worse and worse and certainly anytime you've lived beyond your means
for a generation uh two generations i think we'd say then the that basically means you've made your
children and grandchildren debt slaves so so that's the problem but uh so you're saying repudiate the
debt the national debt is what i'm saying i'm saying repudiate it for moral reasons because
we have no right to enslave our future generations repudiate it because most of that money has
been stolen uh or misappropriated let's say by people in new york and washington
that are standing close to the fire hydrant of money spewing out of washington and the
federal reserve so they benefit from it so they should be punished uh and saying well it'll
collapse the economy if you default on the debt well yeah i guess it will for a while a
why because all the real wealth in the world the farms and the factories and uh the technologies and
the skills of workers all the real wealth in the world will still exist you know just be a change
and who owns it that's all and the financial people are the ones that are going to be hurt
worst quite frankly so uh the real wealth is still going to be here just because a bunch of
funny money disappears uh isn't going to change any of the fundamentals and but it was the last
argument i'd make is that the debt structure in this country is so out of control it is going to
collapse uh no matter how they try to hold it up and i would say that if you have a building
that's 100 stories tall that is wobbling and is going to collapse you ought to do a controlled
demolition so that it's controlled it doesn't collapse accidentally in a totally untimely
manner so there's every argument to default on the debt and the what that actually looks like
though it creates the opposite of the inflationary environment it creates a deflationary environment
right because all of this all the money so all most of the money in the world which is this debt
disappears yes right and and so people would lose their pensions anything they had in these
that people would lose i mean it would it would wipe out a lot of the money in the system and
but it does get it back to a square one where there are still real assets that you can build
from the dollars that remain which should be backed by gold and therefore be real and not
capable of being inflated if they're 100 gold in fact gold should be used as money gold won't
disappear in a deflation because it exists unlike dollars that's the answer it's a radical move
most people won't understand it it may be hard to explain adequately to the guy on the street
that says where's my social security how come when i go to a hospital i got to pay for what i
you know a lot of problems so uh we can advocate these things but i'm afraid we're just going to
have to see what happens when it all collapses whether it's a runaway inflation or whether it's
a deflationary collapse or both in different areas at the same time that could be as quite
possible and even more confusing so in other words in a world where actions have consequences
and cause has effect the stupidity of many years is going to have some inconveniences
for yeah there's no there's no way out of the debt and i think a lot of people even that first
question that was just asking about well we'll just inflate our way out of it i think people
don't understand that the total i heard uh dav callum say this he said if you take the
total amount of debt uh unfunded liabilities all that um per us citizen is something like two million
dollars so if you were to inflate it away then that basically is inflating away the equivalent of
two million dollars for every citizen in the united states now can you can which family can afford
to have two million dollars of their wealth wiped away in this inflationary event event i mean it's
totally devastating also and both sides of it are in the deflationary one is i think maybe less
damaging because it's not universal it actually targets a lot of people who should know better
and let me make a populist argument here i don't like populist arguments but two trillion dollars
pro rata towards americans the average american uh doesn't have a lot of cash who has the cash
okay who's the beneficiary of that debt who owns that debt it's rich people and a lot of these rich
people not all of them but a lot of them have made money by sucking at government tits they'd be
wiped out well that's wonderful i love to see justice done and it's actually gonna help the
little guy right a deflationary event is the moral argument if you had to pick one of these two
but it's also the harder to explain and the one that has the most lobbying power against it
yeah and and because of that uh things are just going to keep going and going until it's
out of control and that it's either an accidental deflation or runaway inflation or both it
won't be managed because it's just so yeah we're still headed for tough times
yeah yeah i did hear you though i'm glad it's pointing in america i'm happy i really am happy
of course well i mean i'm happy because there is a sense of relief that the there's like less
insanity uh you know with the people at their controls at this stage i mean that at least the
insanity where i would be targeted directly in it so that makes me happy the relief but
i did hear you in a conversation you had on uh mike ferris's podcast that's uh coffee and a
mike i really like him and i like his podcast i heard you on that with michael yon and in that
you said you you moved the timeline about when you thought this either one of these events
might occur where you said i had never heard you said in the next decade and i guess do you
really feel like the pressure is off that much yeah it is i think it is off for a while because
we don't have people that are actually criminally insane in charge so we just dodge that bullet
so yes i've got to move the timeline up fortunately thankfully oh man if we have another decade holy
shit that's great will it be another decade i don't know but uh it's not tomorrow not tomorrow
anymore i used to say this could happen anytime between tomorrow and a few years from now well
it's not going to happen tomorrow anymore it's not going to happen for six months or a year this
so happy days are here again but you know uh maybe since the stock market already overpriced
and getting more overpriced with the uh relief rally the enthusiasm hey it could melt down again
real easy so anything can happen it ain't over till it's over yeah that's true but you know i
i mean i thought because uh reading you for so long that in the financial crisis that that would
be the end and i honestly it wasn't uh obviously but it did you did see there has been a dramatic
reduction in the standard of living since then but i do appreciate every year we've had since then
because it's been a good opportunity to be better organized and prepared yeah you're quite correct
and the movie we're watching is a horror movie where you think the monster has been killed
we think the monster has just been killed but in a good horror movie the monster always
comes back unexpectedly and that's what's going to happen this time i i hate i hate to bump people
out at the end we we should have we should have ended this podcast on a happy note which we had
10 minutes ago yeah well we i love the stuff that trump's doing on the domestic policy stuff
i think that's fantastic so i think that is a super positive note and to have people stop
uh you know injuring children uh i think that's a that's a happy note so if that's the only thing
that got stopped out of this honestly in my mind it'd be worth it yeah i just hope that trump
doesn't turn out to be israel's bitch and we have to fight a war with iran because bb doesn't like
iran yes let's hope so Jesus that would be terrible all right well okay well i think we'll leave
there doug and we'll be back on friday so thank you very much and we'll see you soon yeah fantastic
maybe people will have some questions that we can deal with on friday absolutely if you're a member
of the file the best the best way to ask questions is in the file um if you don't aren't a member
file you can go to crisisinvesting.com and you sign up for the newsletter to get access to that
automatically okay all right thanks doug we'll see you soon thanks matt