The Glenn Beck Program - Best of The Program | Guest: Ken Paxton | 5/12/21

Episode Date: May 12, 2021

Texas Attorney General Ken Paxton joins to discuss a Twitter lawsuit against him that a judge threw out and a BLM protest that stopped traffic in a Dallas suburb. Teachers in multiple states are outra...ged over critical race theory bans, but a poll shows the vast majority of Americans oppose teaching CRT in their schools. A new U.S. consumer price index report proves that inflation is rising fast, but Glenn argues that it’s already nearing the records set during the Carter administration. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript
Discussion (0)
Starting point is 00:00:00 Welcome to the podcast. Today we talk a little bit about critical race theory and all the craziness going on around it. We get into some stuff going in on schools. I have a little preview of tonight's Studez America where we have actual craziness going on in schools in Pennsylvania. Another example of this where they're teaching, white privilege and all this nonsense to our kids in school. We'll get into that on Studios America. I get into it as well on the show today. and Glenn has a special coming up right after my show on Blaze TV. It airs at 9 p.m. Eastern for Glenn, 8 p.m. Eastern for my show. Bottom line is looking at how countries change and get taken over by Marxists. There's some real evidence here that Glenn has uncovered.
Starting point is 00:00:47 He's been working on the show for, gosh, I want to say a couple of years, but at least one year trying to get all this stuff locked down. finally has it. It's going to air tonight. Don't miss it. Again, BlazeTV.com slash Glenn. Promocode is Glenn. You can also get the shows on YouTube. I think it's YouTube.com is the Blaze TV channel and Studez America channel. You can check them both out there. We also have Ken Paxton on talking about a bizarre incident in Texas where the police, again, are just acting very strangely with protesters. I don't know why they're so forgiving to people breaking the law, but we learn about that a little bit and so much more. It's all in the podcast.
Starting point is 00:01:25 Here it is. This is the Glenn Beck program. One of the, in fact, the main reason that I think we live in Texas and were prompted to move here to Texas was because if we lose Texas, we lose the Republic. We lose it all. And most people don't understand how close we are to losing Texas. You know, it's interesting that the Democrats, they seem to like say, well, let's take Colorado. Okay. everybody moved to Colorado.
Starting point is 00:02:09 And they just take over a state. And they're doing that to Texas right now. And we are in real trouble in Texas, which is why who our governor is, who our attorney general is, is really, really important. We have the Texas Attorney General. His name is Ken Paxton. And he has been instrumental in fighting many, many lawsuits against Obama. and now against Biden and the left. I think we probably held Texas red this time around
Starting point is 00:02:45 because of the tough stance he took in court against the leftists on what they were trying to do with us in Texas on our election policy. Welcome, Ken Paxton. How are you, sir? Hey, I'm doing great. How are you? Good. I want to talk to you about a couple of things. First of all, big news. The judge in California, dismissed your lawsuit against Twitter? Can you comment on that? Actually, just the opposite. We had sent them civil investigative demands, which were like interrogatories, questions
Starting point is 00:03:19 about their practices in Texas and why they were deplatforming certain people and what their policies were on certain, you know, content moderation. And instead of giving us that information, which they're required to under Texas law, they suit us in California, hoping to get a That's right. That's right. I'm sorry, yes. And she dismissed their case, which is the right answer. We have a right to that information.
Starting point is 00:03:44 They want to operate in Texas. You know, they can sue us in the Texas court, and we'll go to a court on Texas law. And I have a feeling they're not going to answer our questions anyway. So if they don't, we'll be back in court. But we'll be in a Texas court. So, oh, that'll be nice. So you're, I forgot, they were suing you. Right?
Starting point is 00:04:04 Twitter was. Correct. I forgot about that. I was thinking about our lawsuit, you know, Texas lawsuit that is coming against them. Yes. So,
Starting point is 00:04:15 yes. So we sued, we did sue Google. We have sued Facebook, but we had not sued Twitter. All we've done to start asking them questions and they got very uncomfortable
Starting point is 00:04:24 answering very simple questions about their policies. And like what are the questions that you wanted to ask that they didn't want to tell you? So we wanted to understand what their policies were. If they're out telling people they have a socially, you know, that you have free speech on their, on their, on their, on their, on their, on their, on their, on your account, we wanted to understand what their policies were and how they were implementing those policies.
Starting point is 00:04:46 Very simple questions about their actual practices and what they say their practices are. That's it. Well, that would be nice to know. That, that is the biggest problem. I mean, Ken, you know, I mean, we're, we're now the largest subscription, conservative subscription site in the world at the blaze. And they are always messing with our algorithms. They are always screwing us. It's not just Twitter. It's all of them. And they will never give us a straight answer. They'll say, gee, no, nothing's going on.
Starting point is 00:05:19 Look, here's the evidence. We can show it to you. Just tell us what we did so we can repair it or argue about it. But they won't give us information. And it seriously impacts our business. Seriously impacts. Absolutely. it does. And they hold themselves out at a place where you can get, you know, you can,
Starting point is 00:05:41 that there is free speech. So they're holding themselves out one way and they're operating another way. And so we want to understand that because consumers in Texas have a right to not be treated unfairly or have some type of deceptive trade practice, you know, done on them. And right now, we have serious concerns about some of these tech companies. I sincerely hope, and I imagine you are, but I sincerely hope that Texas will stand behind its voices in the media, because I wonder every day how many more days, weeks, or months we have before they just completely just destroy us and say, you know, create your own internet. Well, one of the things they're trying to do with me is they're trying to get the legislature
Starting point is 00:06:27 to defund my ability to go fight them. And, of course, I have no doubt. They'll try to run somebody against me that will have a lot. lots of money to try to knock me out before I can finish my lawsuit. So they have so much money they can fund opponents and they can fund, you know, other other people to come, like, try to take my budget away so I can't go fight them. That's what they're, I've been fighting all such and long to keep money so that I can fight these guys.
Starting point is 00:06:51 And it's been a, it's been a war inside the legislature. Ken, let me talk about something else. I don't know what the federal government is supposed to do if they're not supposed to protect business, private business from attacks from outside of the country and inside of the country. Yesterday, when the White House said, you know, this is a private matter with the colonial pipeline. And, you know, if they decide to pay the ransom, then that's their business. I mean, I've never heard an official ever say, we negotiate with terrorists. How is this not the primary the primary responsibility of the U.S. government to protect businesses from things like this.
Starting point is 00:07:39 Well, look, new warfare is exactly what we're talking about, because cybersecurity attacks are how these countries and these terrorist nations can ruin your country without ever walking across your border. And that's exactly the types of things that the federal government should be protecting us against because nobody else has the resources to take on other governments and other. Who else is going to do it? So it's ridiculous for them to say that the private issue, when in reality, if they aren't going to do anything about it, these countries will destroy us from the outside in without ever firing a shot.
Starting point is 00:08:12 If Texas main infrastructure was threatened, let's say the electricity grid, which is separate from everybody else, if that was being threatened and what happened to us was from a cyber hacking, would you have recommended to anyone that they pay the ransom, that the Texas power grid pays the ransom? No, I mean, we would do everything possible to try to prevent that. The problem we have is that, and I've dealt with this with cities who have had this happen to them, somehow they've gotten into their backup, so you don't even have a way to go back and back it up,
Starting point is 00:08:50 and so it's going to be tremendous cost that they have no way to pay if they don't pay the ransom. So it's a really awful situation that we need to find a way to address proactively or we're going to see more and more of it. Okay, one last thing. In Plano last weekend, a police officer was standing right there as an anarchist, pulls out a gun and points it at a Plano citizen. And the police do nothing. I never thought I would see this in Texas. What's happening? You know, I am such a fan of law enforcement and defending them because they have so much pressure on them.
Starting point is 00:09:38 They criticize for doing their job and they have a really hard job and have to make split-second decisions. But when you let somebody, these groups, just come in and take over a highway, you create a tremendous risk for them because they can get hit by a car. You create tremendous risk for the people in the car. and it's against the law. And the police should enforce the law. And these people have every right to protest. Just not in the middle of a highway. You know, they may be right.
Starting point is 00:10:04 They may be right about what they're processing. Even if they're not, they have a right to protest under our Constitution, but not in the middle of a highway in a busy intersection. So what happened in Plano? What happened? How did that break down? They just let them stay. And they arrested the guy that was complaining about it.
Starting point is 00:10:22 And it just seems kind of bizarre. are to me that the very guy that was being held up in traffic and complaining about it, is the guy that gets charged and everybody else can break the law and they get to no consequence. I mean, this is like how it started in Portland. What are we as a state going to do? Can you do anything with the local? I mean, I really appreciate the fact that we are bifurcated as governments, but what can you do?
Starting point is 00:10:53 Anything? All I can do is speak out and say this is wrong because these local, these cities, they hire a city manager who hires a police chief. It's all local control. It's all based on the voters in that city at the whether they're going to allow this to continue. So I can speak out, but I don't have the authority to go tell the police chief, hey, you need to follow the law. I don't think I have ever seen a time in America where we need the individual. and we don't even need experts in, you know, this, you know, department or expert in this department.
Starting point is 00:11:27 I mean, it helps. But we need people with just basic common sense. No, that's wrong. You're going to arrest those people and not arrest that person. You know what I mean? We just need common sense. We need the average Joe in office right now. You know, you say that.
Starting point is 00:11:47 Somebody told me I was courageous for speaking out. I said, it's not courageous. It's common sense. Anybody would think it's a bad idea, I think, to protest in the middle of a busy intersection by a freeway. That's just, it makes no sense. Why would you allow that when there's so many other places you could protest safely? You know, I've told this story a million times, but I think about it almost every day. When I was over in Auschwitz, I talked with my family to a woman who had been one of the righteous among the nations.
Starting point is 00:12:17 when she was very young, she saved Jews and hid them in her barn of her family and saved a lot of people. And I asked her, I said, how do you water the seed of righteousness in people? So when those tough times come, they're ready. And she said to me, you misunderstand. The righteous didn't suddenly become righteous. They just didn't go over the cliff with the rest of humanity. And that's why what you're saying here about courage is so true. you just have to remember what you grew up knowing was right and knowing what was wrong.
Starting point is 00:12:54 It's very simple. Everybody makes it so complicated. It's not. What were you taught on the difference between right and wrong? Stand for those things. I agree. It's not complicated. And I think my kids, when they were in junior high, I would have known it was a bad idea to protest, whether they knew it was against,
Starting point is 00:13:17 the law, they would have known it was a bad idea to protest in the middle of a busy intersection. It just, it's quite honestly, this is just, this is just parents that didn't take their kid by the ear at some point in their line go, what were you thinking? What were you thinking? You know what I mean? If any of us would have been playing in the street, let alone a highway, our parents would have grabbed us by the ear, thrown us in the back of the car, and the punishment would have been, extreme, but they would have started with what the hell is wrong with you?
Starting point is 00:13:53 It's that clear. I can tell you that I had one of my attorneys, one of my top attorneys, called the police chief, just so we could try to understand why are you doing this? And his answer was, well, we can't do anything about these people. Well, you know, it'll create too much, you know, problem because, you know, of who they are.
Starting point is 00:14:11 And so, you know, we, what can we do? And I'm like, how about this enforce the law and treat everybody to think? I mean, I don't care what group they're from. I don't care if they're from a pro-life group or a BLM group if they're protesting in the middle of a road. It's a bad idea. Well, people in Plano, you should show up at your next city council meeting
Starting point is 00:14:29 and you should be questioning your city manager and your mayor on this. This is insanity, just insanity. Ken, thank you for keeping the watch and thanks for doing what you're doing. Please keep us up to date on Twitter and everything else. One more thing. I just, and I've got about 30 seconds for you to answer. We are saying now that anyone can carry a gun, and it's a constitutional carry. If we're naming it a constitutional carry, how come we haven't been doing that the whole time?
Starting point is 00:15:03 You know what? It's a good question. I've always wondered why. We have a Second Amendment. People, I think, have always had the right to do it. But states have limited that, and I don't think that's right. I think people do have a right to carry under the Second Amendment, whether or not. there's a law in the state or not. I mean, that was the whole point, right? That the founders
Starting point is 00:15:21 wanted us to be able to protect ourselves, not from each other, but from the government. And so, if the government can limit you on that ability, then that's not the Second Amendment. That is not the Second Amendment. So, look, I'm just glad Texas has moved in this direction. It is the right direction. And unfortunately, there are plenty of other states who ignore the Constitution, and people are not allowed to carry. Thank you so much. Ken Paxton, Attorney General of the great state of Texas. it. You can call it what you want. Cultural Marxism, Neo-Marxism, Progressivism, the New American Left, whatever. They all have, it's all saying the same thing now, the radical rhetoric and policies that will bring violent consequences. Now, how can you possibly say that? Glenn, we're
Starting point is 00:16:20 just trying to make the country better. No, you're not. No, you're not. At this point, if you are for these radical policies, you are a Marxist or you're a Rube. it is destroying our country and pulling us apart. The calls for defunding the police because they're racist, all left of officers to be ambushed and killed, police are being held back. Crimes are spiking in record numbers. Crime is going up faster than the price of food in America.
Starting point is 00:16:55 Faster than the price of lumber in America. And that's saying something. critical race theory is now absolutely everywhere in our government corporations and our schools revolution is what they want tearing the entire system down is the goal and the Marxists did it in places like the Soviet Union they did it in China they did it in Germany in all of those cases people are blamed it's those people over there we've never been like that here in America and the ones who feel the hardest when things really get trouble.
Starting point is 00:17:38 It's not the real rich. It's the landowners and the farmers. And I'm going to show you something that I have wanted to bring to you for at least two years. And it is a very dicey situation because it's complex. It would be like it would be like saying that all of America's problems are caused by Marxists. It's not. it's not all of america's problem is because of this this push and rush to a race war it's not it's much more complex and i have not been able to show you this stuff because i wanted the hardcore evidence i wanted the videotapes to show it and i wanted the whole story well we've
Starting point is 00:18:26 been working on it now for months and i think through divine providence uh it's happening tonight because when I started this two years ago it wasn't about us it was about this situation that someone had to speak out against and now it's just a glimpse into our future our near future and you will understand it tonight you'll understand what's happening in america unlike you've ever understood it before and you will see why these all of these admirals and generals came out yesterday and wrote a letter and said, our republic is at stake right now. We are in more trouble than we have been in since 1776. And if the American people don't stand up and they don't get involved locally, we're not going to make it. You'll understand that,
Starting point is 00:19:23 much more tonight at 9 o'clock. Just a warning, don't watch it with your little kids. I know lot of families like to watch the program. This is not one for sensitive children or little children. I think you could watch it with your teenagers. I think in fact you should watch it with your teenagers. Maybe it will help put their feet in cement on what we're facing. But there is some disturbing video, but we have to show it. So you believe it because I don't think, well, I know, I know. The reason why it's taken us two years is because you don't know who to believe. Well, in this case, you can believe your eyes. It's, uh, it's revolution on the rise, how Marxism's early stages are happening right now. Don't miss tonight show. You can find this on
Starting point is 00:20:18 Pluto TV. You can find it on YouTube.com slash blazed TV. Also blazedtive.com. Use the promo code Glenn and save on your subscription. If you're not yet a member, I urge you to become a member. I urge you to become a remember, we need to stick together now more than ever, and we rely on you to be able to do, especially these long-term kind of investigations like this. Tonight, you don't want to miss it. Revolution on the rise, 9 p.m. Eastern on blazedtv.com slash glen, YouTube.com slash blaze TV and Pluto. Okay. There's a new poll out. The survey, performed by the firm competitive edge research, released by the educational research and advocacy group parents defending education, found that 74% of respondents are somewhat or strongly opposed to white privilege training and a schools communicating minorities are inherently oppressed. Only 6% of the population was for this.
Starting point is 00:21:26 Six. If you feel overwhelmed and you feel you're alone, only 6% are for this. The rest are too afraid to say anything. At this point, they don't have guns. What are you afraid of? All is required is you to group together and speak out. Go and run for your school board. Get on to your city.
Starting point is 00:22:00 council, do whatever you have to do to protect what's being taught in our schools and get this. This is worse than Common Core. This is much worse than Common Core. This is re-education. This is indoctrination of our children. And it is so destructive. The only way I can truly describe it is evil. And I describe it as evil because tell me the good that comes out of teaching.
Starting point is 00:22:30 teaching our children that the only way to stop discrimination is to discriminate. The only way to stop racism is to be a racist in the other direction. Tell me the good that comes out of, hey, kids, you'll never make it because of them. Not good. It is not good. There is a narrow sliver of the farthest left voters that view woke education favorably. a small 6% sliver. I deliver the message to you today, and I have said this to you since 2007.
Starting point is 00:23:14 You are not alone. You are in the majority. However, that sliver is in charge of a lot of stuff. I'm going to give you two examples. The entire Oklahoma City Board of Education denounced a law passed last Friday that bans critical race theory in public schools, calling it racist and an insult. This is the school board on record after the House and the Senate passed a law and said,
Starting point is 00:23:50 no critical race theory. They freaked out. They said, according to the school board, that they worry House Bill 1775 will prevent accurate lessons involving race and history. That's so much bull crap. I can't even... There's not a big enough shovel for that bull crap. There is no one that wants accurate history taught more than me or probably you.
Starting point is 00:24:25 I know the dark history of America. I can out dark you on American history. I don't care of your Van Jones. I can make Van Jones hair stand up and... and turn white. I can tell you the bad things that America has done, especially in Tulsa, Oklahoma. But that's not who we are.
Starting point is 00:24:55 That's who we were. And that's who we should never, ever become again. And we should talk about the triumph over that kind of evil. I want all of it to be talked about. I want, I am so sick and tired of people thinking that Andrew, Jackson on our $20 bill is a decent guy or just an okay president. I think he ended the republic that the founders built. I think that's when we actually took our first turn away from, well, I know it, from divine
Starting point is 00:25:30 providence to manifest destiny, completely an un-American idea. Manifest destiny is not an American idea. So they're freaking out. That's in Oklahoma. That's not New York. that's Oklahoma. So if you think, if you think you live in a, in a place, less conservative than Oklahoma,
Starting point is 00:26:00 you've got problems. Because all members of the school board said this was an outrage that they can't teach critical race theory. Now, let me give you another story. This one from The Daily Caller. Teachers at Tennessee public schools criticize the state's ban on critical race theory instruction, saying it will hurt their ability to teach students about racism. I have no problem teaching about racism. I have every fiber in me is against teaching anti-racism, because that is racism.
Starting point is 00:26:42 Tennessee General Assembly banned CRT instruction in early May, preventing schools from teaching students and individual that it is inherently racist as a group. or as an individual or an oppressor because of their race, blah, blah, blah, or you can also taught that the teach that the U.S. is inherently a racist country. I mean, what happens to all the other countries that were built on slavery? What happened to those countries? Why are we the only one that is inherently racist? How about Egypt?
Starting point is 00:27:15 How about Egypt? How about England? How about Brazil? How about Mexico? You know, I'm reading this great book called The Fingerprints of the Gods, and it's a search for the true history of humanity. The theory is that humans didn't just pop up 6,000 years ago or 5,000 years ago. Humans were here before, and there was a very technological, savvy race of people that, had technology in some regards as much as we did and it destroyed itself.
Starting point is 00:28:01 Something happened. Anyway, this guy, scientist, historian is going around the world and he's finding evidence of all of these things. You know, how did this happen if it wasn't there before? Who actually is responsible for all these things? And he's on South America and he's talking about, you know, the Aztecs and, you know, how bad the Aztecs were. And then he said, you know, Spain comes in and they just slaughter all of the Aztecs.
Starting point is 00:28:36 Well, what about Spain? Really? You want to talk about, you want to talk about taking over a nation? Spain. They come over. And now everybody's speaking Spanish, Spanish, Spain, Spanish. how come Mexico is an inherently racist so sick of it anyway I digress Liz Jarvis an English teacher she's she teaches English as the second language
Starting point is 00:29:10 in Memphis she plans to flout the law she says she she says the law favors white children to be frank the bill will not make it harder for my personal classroom because I plan to ignore it. Who's going to enforce it? This is a bill that viciously favors white children and ignores the needs of children of color. So there's at least one teacher that says it doesn't matter. There are a lot of teachers. Why?
Starting point is 00:29:46 Because they were indoctrinated. Why just, why become a teacher? You think you're going to be able to change? change the world. And I mean, you're somebody plotting to change the world. Why become a teacher? Unless you're going to become a teacher that teaches teachers. Why have 40 students or 25 students and just teach them? Why not teach a hundred students who are then going right after your class to teach? You teach far too many people that way. It's perfect.
Starting point is 00:30:25 That's why our universities have been infiltrated for so long. Teach the teachers. Teach the leaders of tomorrow. And the leaders of tomorrow, the ones who are going to be directly from you, right into CEOs in a few years, right into the classroom. Give them the indoctrination first. And then when the time is right, they will indoctrinate. They believe it because many of them have already been indoctrinated.
Starting point is 00:30:53 The poison is. already in them. And I have to tell you, unless your teachers stand up against it, if there's any, well, but we kind of understand critical, stand up in your community and fire the teachers, fire them. Get the labor unions out of your classrooms. But you've got to stand up. This is the best of the Glenn Beck program, and we really want to thank you for listening.
Starting point is 00:31:24 I want to spend some time today, just giving you an update on the economy. The inflation rate is now 4.2%. Now, that's because we calculate things differently, and quite honestly, times change, so we're not buying the same things, et cetera, et cetera. But it's not that dramatic. They have changed the way we calculate the CPI, the inflation, the cost of, of that everybody needs. We changed that formula back in 1980.
Starting point is 00:32:07 Then we changed it again in 1990. So if we look at our 4.2% and we compare it to where we would be in today's inflation, if you grew up in the 90s and you saw the inflation number, you would go, oh, we're at that inflation rate. So let's compare it because you can't say, say, oh, inflation, it was much worse under Jimmy Carter. Let's take what we have today and calculate it the same way. Then we can compare it.
Starting point is 00:32:43 You can't say, you know what? Since we started using the metric system, you know, I mean, it's crazy. You know, everything's gotten shorter or longer or whichever it is. You know, you have to use the same calculation. on both ends. So let's use what we find from shadowstats.com where they give us the calculation of today's numbers in the same way that they did in the 1990s.
Starting point is 00:33:14 So 4.2% if we calculated it the same way we did in the 90s would be how much, Stu? In the 90s would be about 8%. Okay. So our government has found a way to cut that in half. Congratulations. So what that means is when you're, looking at the 4.2, generally speaking, you're looking at a number that would have been 8%
Starting point is 00:33:40 inflation in the 1990s. So when Clinton was in office, if we had what's going on today, they would have said, we're running 8% inflation. That's a huge number, a huge number. Now, Jimmy Carter, when Reagan got in 1980 was the worst year of inflation. If we and what was inflation then? 13% under Jimmy Carter? Yeah, hit up, yeah, 13, almost 14, 15% at times. Okay. Yeah, over 13.
Starting point is 00:34:14 It was horrific during the 70s. There was, it was, it was country killing kind of inflation. And then Reagan got in and changed some things. And we got it under control. So what is our inflation compared to then? It was 13 to 15% inflation at the top of the worst parts of Jimmy Carter. What are we at today at the beginning of this inflationary period if we calculate the same way they did in the Carter years? Yeah, according to some of these guys who try to figure this alternate inflation out, they say it's over 11%.
Starting point is 00:34:56 right now. So we're at the beginning where people are still saying, we're not seeing inflation. No, we're not seeing inflation. And Bank of America is saying we're seeing transitory hyperinflation coming. Okay. No, no, we're not. If you calculate it the same way, generally speaking, in the 1980s, you calculate the same way. We're almost at the beginning of this, almost in the worst.
Starting point is 00:35:26 parts of the Carter years. And it's not going to get better because the way you stop inflation is you pull money back. You discourage people from spending money. And you do that by making it harder and harder to get money, to get a loan, to get a credit card. That's how you make inflation go back down because you have to destroy all of the money that was printed for the stimulus. So you've got to suck that back. back into the system and destroy it. The only way to do that is through higher interest rates.
Starting point is 00:36:06 The Fed said, and I'm trying to figure this out, the Fed said that they're not going to raise interest rates until we have a steady inflation rate of about 2%. Wait. We're already more than double that number. And the way you bring it down to 2% is you make it hard. for money to be spent or borrowed. So you're saying you're not going to do those things. How is, is it like, is it like the scale when you stand on it?
Starting point is 00:36:45 Stu and I were talking about it earlier. You stand on a scale and you know how it goes past zero. I only weigh 21 pounds. That's it. Because it starts over. Once it goes to a certain number, it just starts at zero again. Is that how inflation works? Pretty sure.
Starting point is 00:36:58 That's how it works. Yeah. It's definitely how my scale works. All right. So let me explain inflation in another way. Let's just for it's easy math, let's just use 10% inflation. If you want to go the way the government is calculating today, it's 4.2 official today. If you want to look at it more realistically, it's probably between 8 and 11 from where you remember when you were growing up.
Starting point is 00:37:27 but let's just use 10% inflation as an example. If we have 10% inflation, which I claim we do because of the shadow stat numbers, they're playing a game with it. If we have 10% inflation, that means year over year. If you had $100 in the bank, $100 worth of buying power, you still have $100. That's what it says on the ledger, but you can only,
Starting point is 00:38:01 you only have the buying power of $90. So you've lost $10 this year for every $100 that you have. But this is year over a year. So if next year, 2022 is as delightful as this year is, and let's just say it stays flat at 10%, you now have 80 cents right? 81 yeah 81.
Starting point is 00:38:32 81 because of 90%. So you lose 9 cents. Then you have 72 cents. 73, yeah. 73 the next year and so on and so on. You'll see that with inflation, this is how people become poor. This is what happened in Vendon.
Starting point is 00:38:56 Venezuela. This is what happened in Cuba. This is what happened in Germany. This is what happens in Zimbabwe. This is what happens everywhere they print money and spend to get out. What happens is the money becomes worth less and less. So the products seem like they're going up in price, but they're not going up in price. And the politicians will tell you, it's these companies. It's the policy of these companies hoarding all of that money. They're just getting rich. No, it's the policies of the central bank and the government spending too much and then buying their own debt and printing more money. That's what causes inflation. And they'll blame it on someone else because they create the problem. They, of course, will have the solution. Chuck Schumer's solution. Did you hear this yesterday, Stu?
Starting point is 00:39:54 Chuck Schumer actually came out and said inflation is happening because we don't have the workers. and the reason why we don't have the workers is not because we're paying them to stay home. No, no, no. It's that Donald Trump didn't let enough illegal aliens in so they could have jobs. So we're not getting products built because we don't have enough illegals coming across the border
Starting point is 00:40:18 because of Donald Trump. That's the kind of stuff that leads you into Weimar because it's a sickness. It's a mental disorder. It really is. It's a mental disorder. You are so far from reality. You are either, you're either sick.
Starting point is 00:40:34 You're so deluded yourself that you're, you're sick. Or you know exactly what you're doing and you're part of the problem. Which is it, Chuck? Because it's only two. With Chuck, I think it's both. I mean, to be fair, I think he's both sick and part of the problem. So, I don't know. There's much of a distinction you can make with Chuck in particular.
Starting point is 00:40:55 But you're right. It's, it's a massive, massive problem. And I don't think the American people necessarily have felt any of this pain yet. Right. We're still, when you rush sugar into an economy like this, right, you can, of course, of course you can have some positive early effects from it, right? I mean, everyone knows that you can quote unquote add jobs if you just start paying people $50,000 just on their couch, right?
Starting point is 00:41:22 In theory, like you could say it's a job and people have jobs and they're making it money. we also know that that's not a sustainable long-term way of doing business. And when you have multiple trillions of dollars going out the door in multiple bills, I mean, not even just one of them, at least three giant bills that are just going to spend and spend and spend on the back of a year where we already spent $10 trillion. I mean, it's going to test everything we ever thought as conservatives, right? All this time we were like, eventually this is going to catch up to us. I mean, I don't know how this isn't going to happen.
Starting point is 00:42:00 It's here. It's here. It's here. And they're only doubling down. Let me give you one more thing. This is from Stanley Drucken Miller. He's one of the big investment titans in America. And he came out yesterday on CNBC and he said, I can't find any period in history where monetary and fiscal policy were this out of step with the economic circumstances.
Starting point is 00:42:25 not one. He says the Fed has continued its policies to help underwrite the spending bidge in Congress, which has allowed more than $5 trillion in stimulus and is contemplating trillions more in infrastructure-related spending. Over the long haul, he said, the policies and heavy debts and deficits they support will threaten the dollars standing as the world's reserve currency. That status means the dollar is accepted for transactional.
Starting point is 00:42:55 and as a store of wealth anywhere and is widely held by central banks around the world. If they want to do all of this and risk our reserve currency status, risk an asset bubble blowing up, so be it. But I think we at least ought to have a conversation about what all of this means. If we're going to monetize our debt, we're going to enable more and more of this spending. And it looks like we are. I'm worried that for the first time within 15 years, we're going to lose the world's reserve currency status. And of course, all of the unbelievable benefits that have screwed with it. People don't understand why World Reserve currency status is so important.
Starting point is 00:43:45 We become Mexico the day we lose that. The day we lose that.

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.