The Megyn Kelly Show - Peter Schiff on Biden's Dysfunctional Economy, Inflation Concerns, and the Value of Bitcoin | Ep. 199

Episode Date: November 9, 2021

Megyn Kelly is joined by Peter Schiff, global strategist at Euro Pacific Capital and Host of The Peter Schiff Show, to talk about Biden's dysfunctional economy, how inflation is a tax on Americans and hurts Americans on a fixed income, how Biden's massive spending will hurt working class and middle class Americans, "modern monetary policy," what's behind the supply chain crisis, how Schiff predicted the financial collapse of 2008, how America can turn around the economic crisis now, the need to make government smaller, the value of Bitcoin and why Schiff says it's an "imaginary friend," and more.Follow The Megyn Kelly Show on all social platforms: YouTube: https://www.youtube.com/MegynKellyTwitter: http://Twitter.com/MegynKellyShowInstagram: http://Instagram.com/MegynKellyShowFacebook: http://Facebook.com/MegynKellyShow Find out more information at: https://www.devilmaycaremedia.com/megynkellyshow

Welcome to The Megyn Kelly Show, your home for open, honest, and provocative conversations. Hey everyone, I'm Megyn Kelly. Welcome to The Megyn Kelly Show. We've got a great show for you today with a big focus on the economy. Have you noticed your grocery store bills going up? Are you finding items are taking longer to ship to you than they usually do? If you like me are not an expert when it comes to our economy, you're going to be in luck today because you may be feeling confused about what inflation, the supply chain, and even the stock market or jobs report have to do with your everyday life. And we have got it all figured out for you today, or at least our guest does. And he's going to walk us through it. Peter Schiff is chief economist and global strategist at Euro Pacific Capital and

host of the Peter Schiff Show. He's here with us today and he's fired up about Biden's economy, the attempts at a COVID recovery and more, and is used to speaking sense in a field that is overwhelming at times for people like me. Peter, great to have you here. Thank you for being here. Oh, my pleasure, Megan. Thanks for having me on your program. Okay, so let's assume that you're not on CNBC. Assume you're dealing with somebody who has an eighth grade understanding of the economy. And let's go from there. Okay, don't feel like you're being pejorative by explaining the most simple terms. OK, like I understand the Fed pretty much, but that's pretty much all I understand. I understand generally what inflation is in the supply chain, but let's just not assume anything.

What do you see as the number one issue facing our economy right now? Because we just got a good jobs report. Un, unemployment is relatively low, and the Biden administration is celebrating this as a big win. Well, I certainly think inflation is a big issue. And a lot of people on CNBC don't understand what inflation is. A lot of people think they know what inflation is, but they actually don't, because a lot of people confuse the symptom of inflation with inflation itself. So most people think of inflation as prices going up, but that's not inflation. If you think about the word inflate, it actually means to expand. If you inflate a balloon, then it expands. Prices don't expand. They can go up,

they can go down, but they don't expand. What is expanding is the money supply. So that's where the word inflation comes from. When you increase the money supply, that's inflation. Now, when you create money and you have people use that money to buy goods, prices will go up or maybe prices were going to go down. But because we printed a lot of money, they didn't go down. But either way, when you inflate the money supply, prices are higher than they otherwise would be. But the reason the massive inflation that we've created over the last couple of years, and certainly since COVID, is so problematic now is because we were expanding the money supply. At the same time, people were not working.

People were leaving their jobs. They weren't being productive. They weren't producing goods. They weren't producing services. Yet the Federal Reserve flooded the economy with new money. And so even though people didn't work, they were spending more money than they did when they were still employed. And so you have all this money chasing a declining supply

of goods and services. And so prices are exploding. And we're experiencing this inflation. And in many respects, inflation amounts to a tax because it's the way government funds its spending. When it doesn't collect enough taxes to pay for the spending. It relies on the Fed to print up the difference between what the government collects in taxes and what it spends. And so the government robs us of our purchasing power as it spends new money into circulation. Wait, I didn't understand that last part. I was with you until lessons. What about inflation being a tax? About how they use the Fed to make up the difference. Well, when the government runs a deficit, the government collects taxes and then it spends money. But if it spends more than it collects, it has to bridge that gap. And normally it will

sell bonds to the public. People will buy U.S. treasuries, but nobody really wants to buy U.S. treasuries when the yields are so low. So the main buyer is the Federal Reserve. But the Federal Reserve can only buy treasuries if it prints the money to do it. So this increases the money supply. And now the government spends that newly created money into circulation. And the people who get that money, well, they take it to the store and they try to buy stuff. But most of the people who are getting government money aren't producing stuff. They're just getting government checks.

And so they're trying to buy things and prices go up. And everybody has to pay higher prices because of all these debts that the Federal Reserve is monetizing. And so that's why inflation is effectively a tax, because the government has two ways to pay for its spending. It can take our money through taxation, or it can take our purchasing power through inflation. But either way, the cost of government is borne by the average American. That's why when Biden says that his big spending plans aren't going to cost anybody who makes

less than $400,000 anything, that's a lie. Because the brunt of the inflation is felt by middle class and working poor Americans. So that's who's paying for all the stimulus. And this infrastructure bill and this Build Back Better bill, they're going to be financed almost exclusively by inflation, which means the middle class is going to pay through the nose with much higher prices. That's exactly right. So I understand because I see it in my grocery bill. I see it in my gas bill, you know, the numbers going up. And it wasn't that long ago in my life that that really would have hurt, you know, that I had to watch the gas bill and the grocery bill

very carefully. But now that I've got some money in the bank, it doesn't hurt me nearly as much as it hurts the working class, someone like my mom, who's on a retirees pension, and folks out there who really have to watch paycheck to paycheck what the grocery bill is and what the gas bill is. So yes, I'll get hit by Biden's new tax policies, I'm sure. But your point is you can't heave a sigh of relief when he does all this spending if you're not among the so-called rich, because you're going to be paying for it one way or another. Yeah. In fact, a lot of people who are rich end up benefiting from inflation because inflation also pushes up the value of assets that a lot of rich people own. But unfortunately,

a lot of middle class Americans don But unfortunately, a lot of middle class Americans don't own those assets. They just get stuck with the bill. They earn wages, but their wages don't rise nearly as much as the cost of living. And so even though they get a bigger paycheck, they're actually earning less because when they go to spend those dollars, they can't buy nearly as much stuff. And that's why inflation is the worst way to pay for government. It's the most regressive form of taxation. It hits hardest those who can least afford to pay. That is the biggest problem because Biden wants to pretend that we're getting all this government for free. Nothing is free, especially government. And whenever the government

claims you're getting something for nothing, it's a lie. They're just trying to win your vote, but then you don't realize that they're buying your vote with your own money. So explain this to me, because this is a, this is, I didn't totally understand it, but I saw that the Fed, speaking of those treasury bonds, they announced that later this month, they're going to buy fewer of them. It was like they were they were going to they're going to buy 15 billion dollars per month fewer. And the article I read said, well, it could have been worse. They could have said they're going to buy 30 billion dollars per month fewer.

This seems to be them trying to address some of these inflationary concerns. Right. I don't totally understand. understand. Should we be happy that they're buying fewer treasury bonds? Well, they shouldn't be buying any treasury bonds. That is part of the problem. They never should have bought any bonds. That was quantitative easing, but that is the mechanism for creating inflation. They print money and then they buy government bonds. And they are talking about tapering their bond purchase program where they're saying they're going to buy fewer bonds in the months ahead than they've been buying in the months prior. Although that is their intention, or that's what they're pretending, I have a hard

time believing they're going to be able to live up to that commitment. Because as the US government increases spending, and we know that we're going to get this infrastructure bill, we're going to get this Build Back Better bill, they're going to get passed, there's not going to be nearly enough tax increases to cover the cost. So the Federal Reserve is going to end up buying even more bonds even if it's saying it's going to buy less it's going to end up buying even more because that's the only way to pay for all the spending and by the way the the plans are going to actually cost far more than what the government claims the government always let me just let me stop you there i definitely want to talk about the build back better bill whatever i mean this is the new propaganda name for it. It's basically just a wish list of Democrat social causes. But the infrastructure bill that's passed that all those wishlist

items in there, they can't actually tax Jeff Bezos enough to pay for all of it. They can't. So they're going to run out of regular Americans to tax to pay for this stuff. So they're going to look at the Fed and they're going to say, you have to print more money and buy more of those American treasury bonds because we need it. And so that cutback that they just announced isn't really going to be worth the paper. It's printed on the announcement because we're going to be short dough to finance all these wishlist items that are in these two bills. And the more we print dough, the more we drive up

inflationary pricing and the more the average consumer gets pinched. Yes. I mean, people have to remember that the cost of government is what government spends. So every dollar of government spending needs to be paid for. And so if it's not paid for through taxation, it's paid for through some other means, and that is inflation. And just because the Federal Reserve prints money and gives it to the government to spend, it doesn't mean that we're getting all that spending for free. We're going to pay much higher prices for consumer goods. And that means Americans are going to have to reduce their spending because everything is going to cost a lot more. And since we don't have an unlimited amount of money, people are going to buy a lot less, which is exactly what would happen

if their taxes went up. If the government raised your taxes, you have less money, people are going to buy a lot less, which is exactly what would happen if their taxes went up. If the government raised your taxes, you have less money so you can buy less stuff. But if they don't raise your taxes, if they print money instead, then the price of everything goes up and you still end up buying less stuff because the stuff you need is much more expensive. I see it. I mean, I use my mom as a benchmark. Obviously, I help my mom out, but she's pride, prideful, prideful, and she doesn't really want my money. And so she's trying to make ends meet on her pension. She was a productive citizen all of her life. She's 80 now, but she's living on her pension. And she also gets Social Security. And so she's on this fixed budget and those numbers don't go up. So she really is the person who gets pinched by the increase in prices and gas and so on because none of her income goes up at this point. Only her expenses do. And she's living this real time like most Americans. People who are on a fixed income are hit particularly hard by inflation

because if you're younger and you still have a job, you can at least recover some of the inflation with higher wages. You go to your boss and you say, look, I need a raise or I'm quitting, right? Because the prices are going up. And so you can get a raise. It may not be enough to completely offset the increase, but at least you get some of it back. But if you're retired and you're living on a fixed income, that income's not going up, but your cost of living is. And so it's particularly troublesome for older retired people like your mom. And I think a lot of Americans who are preparing to retire now are going to have to rethink their plans because there's no way the money that they've saved and the income streams

that they anticipate receiving are going to be sufficient given the much higher cost of living that we're going to be experiencing. And this is not just going to be a few percent a year. We're talking double digit increases in the cost of living for many, many years in a row. So a substantial increase, maybe a 50 or 100 percent increase, maybe even a triple in the cost of living. So if your income stream doesn't keep up, then you're getting poor. How can they even consider passing the BBB? It was three point five billion or trillion. I see I lose track trillion in Democrats social items spending. Now it's reportedly down to about half that thanks to Joe Manchin and Kyrsten Sinema. How can they even consider passing something that

large given what you're saying? Well, because they don't consider anything. They're just completely reckless and irresponsible, but also they don't understand the moral hazard that will be created by the programs that they're creating as part of this BBB bill, because government always looks at a particular situation and they assume, well, if we cover the cost, here's how much higher the costs become once the government subsidizes the activity, because now demand for whatever they're subsidizing goes way up. And so does the cost of what they're subsidizing. So if the government says it's going to cost 1.75 trillion, it's probably going to cost 5 trillion. Okay, that's a lovely note on which to pause you. We're going to squeeze in a quick commercial break, and then come back. And you're going to want to hear from more from Peter, because this guy knows of what he speaks. I'm going to play for you some of the predictions he's had about our economy in the past spot on. And then I'll ask him what he's predicting is going to happen next in our current economy. Peter, so the Fed is saying we expect inflation is going to go down. It's not going to, you know, it's not. And that what I read is people are like, well, what else is it going to say? Because they would send the markets into a tumble if it said it's going to stay up and we have no idea

when it's coming down, which is what some even Democrat lawmakers have said in their more honest moments. They don't know when it's coming down. We don't know. And, you know, it's certainly not going to be in time for Christmas. Even the best projections are in 2022. That's what Jamie Dimon was saying, the CEO of JPMorgan Chase. So what do you think is going to happen with these inflation numbers, assuming the Democrats do get some form of their BBB plan pushed through in addition to the $1.2 trillion infrastructure? Well, first of all, the more spending programs the Democrats succeed in pushing through Congress, the worse the inflation problem is going to get. But even if they don't increase spending anymore,

it's already going to be very bad. And the you know, the Federal Reserve, they look at their mission as to always put the best possible spin on any economic data. And whoever the Fed chairman is, regardless of who appoints him, he always wants to further the interest of the administration that is currently in power. And so if you go back to the early days of the financial crisis or before the financial crisis started, when you saw the big blow up in subprime, which was obviously a huge problem, Bernanke dismissed it. He said, don't worry about it. It's contained. The overall economy is fine. The housing market is fine. There's nothing to worry about. Well, clearly there was a lot to

worry about. I mean, I was out on television back then in 2006, warning about the housing bubble and the impending financial crisis, because I understood the implications of what we were seeing in the subprime market, because I had been warning about the problems in housing and in particular subprime for years. But I think the Fed had an indication of how bad it might be. They just didn't want to let the cat out of the bag. They just hoped that they could say enough positive things that maybe they could save the economy with their rhetoric. And I think they're doing the same thing now with inflation. They're simply hoping that if they pretend it's transitory, it'll just go away on its own. But the one thing they can't do is actually fight the inflation,

which is why they're not doing it. because the only way to fight inflation would be to tighten monetary policy. So they would have to not only stop buying government bonds, they would have to start selling government bonds into the market, draining liquidity, shrinking the money supply, and they would have to be aggressively raising interest rates, not keeping them at zero, but moving them up. The Fed can't do any of that without collapsing the economy. So instead, they're pretending inflation isn't a problem. But the only thing worse than fighting inflation would be admitting that they can't, because the minute they let that cat out of the bag, it's all over because the dollar is going

to implode. And then we'll have a dollar crisis and a sovereign debt crisis and consumer prices will be moving up even faster. So all they can do really is put a smiley face on this, pretend that it's transitory and that it will go away and just try to kick the can down the road for as long as they can. I mean, how does it work? Is there any situation in which Jerome Powell says to the Biden administration, does that BBB bill really make sense right now, given what we're dealing with over here? No, I mean, they're never going to talk about the reality of paying for government programs.

And, you know, there are a lot of people in government that believe in something called modern monetary theory, right? MMT. And they just think government is free if you print money to pay for it. They don't even see the connection between- I don't call that modern monetary theory. I call that YOLO. Yeah, that's their monetary policy. You only live once. Go for it. Yeah. I mean, there's nothing modern about it because it's been tried many times in the past and it's always failed. They had it in Zimbabwe. They had it in Argentina. They had it in Weimar Republic, Germany. The result there is hyperinflation. And that is a distinct possibility in the United States. If we continue in this direction, then that's where we're going to end

up. But the only way to avoid hyperinflation is going to be to swallow a very bitter pill that's going to produce an economic crisis much worse than the one we had in 2008. And then nobody gets any bailouts. So a lot of businesses are going to fail. A lot of investors are going to lose money. It's going to be a real mess if we do the right thing. But if we do the wrong thing, of course, it's going to be an even bigger mess. All right. And just in case you doubt Peter and his ability to predict the future, he referenced it there and we've got it on tape. This is Peter back in 2006. Okay, 2006. Remember the financial collapse, thanks to the

housing market and that whole Fannie Mae, that whole implosion came in 2008. Listen to Peter being scoffed at, by the way, in 2006. Prices are completely unsustainable. They were bid up to these artificial heights by a combination of temporarily low adjustable rate mortgage payments, by a complete absence of any lending standards, and by speculative buying. And what's going to happen in 2007 is a lot of these artificially low arm payments are going to be reset upward. You're going to start to see both the government and the lenders reimposing lending standards and tightening up on credit. And you're going to see a lot of the speculative buyers turn into sellers. And these sky-high real estate prices are going to come crashing back down to earth.

First of all, I have no idea what Peter Schiff is talking about. Most of the profits that people have in real estate are going to vanish, just like the profits in the dot-coms in 1999-2000. It's a fantasy. People can't sell their house. Wow. Wow. I don't even know who that is. I was at Fox News at the time.

I don't I don't recognize that anchor. Mike Norman. He didn't keep laughing because, boy, oh, boy, were you right about that? So so with that understanding, I mean, what specifically do you think is going to happen now? So you're saying the feds could control this by stopping printing the money and buying the bonds. They're tapering it slightly, but you're saying it's going to have to go back up. It's not a real taper.

And we are probably going to see the passage of this BBB. We just don't know what the huge number is going to be, but it's going to be well over $1.5 trillion. And that would be a win for the country. It was $3.5 trillion. So that would be a win for the country. I mean, it was 3.5 trillion. So what specifically do they do if the feds are not going to stop buying and they're not going to raise interest rates? Well, as I said, they're going to keep on printing money until the dollar collapses because they have built this phony economy. And it certainly predates Biden. It's been going on for a long time. It really started early in the Greenspan era, back in the late 80s, early 90s, when we really started embarking on this path. bubble economy that is based on going increasingly deeper into debt, borrowing money that we can

never possibly repay. And the only way we're able to afford to pay the interest on the money we've already borrowed is because the Fed's got rates at zero. Meanwhile, we've completely hollowed out our industrial base. I mean, Donald Trump at least pointed this out when he ran for presidency back in 2016. He talked about our huge trade deficits and that he was going to do something to turn it around. Unfortunately, he didn't do anything to turn it around. And the trade deficits got bigger under Trump's watch. But now under Biden, they've exploded. I mean, they're by far all time record highs. So our dysfunctional economy is being propped up by imports. All these products that we no longer produce are being supplied to us from stronger economies abroad that can produce the stuff that we can't. But we're only able to

pay for it so long as they're willing to accept our paper dollars. But if we keep printing them and they keep losing value, the world's not going to want our paper anymore and the value is going to collapse. And that means the prices of all the goods that we're importing are going to go through the roof. And if you think we got an inflation problem now, wait till you see what happens after the dollar crashes. So then what happens? Well prices go way up and so do interest rates because nobody will lend us money with inflation skyrocketing and so a whole economy that's based on debt finance consumption where we print up money and borrow money to buy the products that are made in other countries,

this whole model implodes. And then what's left behind is a dysfunctional economy that can't really, you know, isn't viable because where are all the factories? Where's all the productivity? We can't operate a service sector economy without the imports coming in to bridge the gap between what we consume and what we produce. So what's going to have to happen is consumption is going to have to implode because we're not going to have the goods to consume. But when 70 plus percent of your GDP is consumption and everybody stops consuming because there's nothing to buy, then what happens to the economy? And what

happens to the government's ability to fund its spending. Tax revenues implode and then what? Is the government going to print? Is the Fed going to print even more money? Is it going to pour all that gasoline on a raging inflation fire? Because if they do that, then we have hyperinflation. The alternative is the government defaults on all those commitments. It doesn't make the social security payments. It doesn't even make the payments on the national debt. It has to tell holders of US treasuries, they're not gonna get paid because the government's run out of money.

Okay, this is very doomsdayish and it's very scary. And I wanna keep asking, and then what? I mean, and then we just, we sit with our soup alone with no money, like what? I mean, honestly, then we elect a Republican and he comes in and says, well, I mean, the last Republican spent like the drunken sailor, too. So but who what do we do? Like then we elect Peter Schiff and we say, Peter, help us.

We have two choices, right? We can do the right thing or we can keep doing the wrong thing. The right thing would be to collapse government, to cut government spending dramatically, to deregulate the economy to the greatest degree possible so that we can unleash the free market, so that we can dig ourselves out of this gigantic hole that we're in. That's the only way we're going to get out of it is with a real free market, capitalist economy people have to go back to saving we have to go back to sound money and higher interest rates we

have to produce more than we consume that's how you get out of debt and rebuild the economy uh we can do it it's possible i mean we did it before i mean america wasn't always a rich powerful nation uh we became rich and powerful because we were the freest people in the world. Well, we're no longer the freest people. We have a big government that taxes and regulates to a great degree. And we need to change that. We need to restore the freedom that we lost so we could rebuild the prosperity that government destroyed. But I'm concerned, given the mood of the electorate and the popularity of socialism and the contempt that a lot of people unfortunately feel for capitalism, because capitalism has been given a really bad name by the government because they preach

capitalism, but they don't practice it. They practice socialism or corporatism or fascism or crony capitalism, whatever you want to call it. But whatever we or corporatism or fascism or crony capitalism, whatever you want to call it. But whatever we've had has not been capitalism. That's been the problem. But if the public buys into this myth that what we need is government to do everything, we need to further empower government to micromanage the economy and allocate resources and to make everything fairer, then we're in a lot of trouble in this country. We're going to see not only a precipitous decline in our standard of living, but it's going to be permanent. And then, of course, you know, a lot of people are going to

be leaving the country. That's going to be the unfortunate part. You know, all four of my grandparents came here in search of freedom. It would really be a shame if my children left in search of freedom. Okay. Let me take you back to something I understand. When I was in law school, I was poor. I was putting myself through law school. I had no money and you weren't even allowed to work to supplement your income there. So yeah, I had no income. And I had a ton of debt and it was just racking up and racking up and racking up. So I had the credit card, which was racking up and racking up.

And then, of course, with the interest rate, it was going through the roof. And my brother, who's always been financially responsible, unlike yours truly, I wasn't, said, Meg, you have to stop spending. You have to stop running up that credit card. And I said, Pete, I have no choice. I need it. I'm using it to pay for my groceries and things like that. I don't have another source of income. And he said, well, then you're going to have to find a way of taking in some money, of earning. You're going to have to find some ways of earning so you can pay it off. Well, I couldn't. But then I graduated from law school and I got a good job right out of law school.

And it was wonderful because even though I had never found a way to stop running up that credit card, my income went up. It became existent. And slowly but surely, I was able to pay off the card. What I hear the government saying is the Build Back Better bill is going to result in so many jobs. Women are going to get more jobs. Minorities are going to get more jobs that they're going to be like the newly minted Megyn Kelly lawyer, Esquire. And they're going to be running around producing and earning. And all of that earning, which then the government will tax and so on, is going to solve this problem. Why is that not true?

Well, first of all, politicians have been saying that for decades. I mean, it's not new. Politicians used to say that, you know, today's deficit is a down payment on tomorrow's surplus. If we make the investments now, we'll grow the economy faster. And that's how we're going to reduce the debt. Well, we're $30 trillion in debt or $29 trillion in debt. So none of these government promises of increased spending have ever resulted in less debt. It always increases the debt, which makes sense. The government is going to borrow more money and spend it.

By definition, that's going to grow the debt. But to say that making government bigger is going to somehow lead to a more efficient, more productive economy is sheer nonsense. It's actually the reverse that is true. The smaller you make government, the more productive the economy. If the Build Back Better bill ends up redirecting resources away from the private sector to government, which is what it does, because resources aren't created out of thin air. Any resources that the government uses have to come at the expense of resources that the private sector no longer has access to. So to the extent that the government becomes bigger and more involved in the economy, the economy becomes

less efficient and less productive. And so the deficits will get even larger than just what we get from spending the money because it will reduce the economic output of the country and it will add to the inflationary pressures that already exist in the economy. My gosh, this is so depressing. This is like the me graduating from law school with, at the time I had over $100,000 in debt and absolutely no money to my name. And but my very first job was $85,000 a year because I went for a white shoe law firm, which trust me, back in 1995, even today is good. But back in 1995, I was like, I am rich. I've gone from zero to rich.

And this is like that me doesn't have $100,000 in debt. That means got $100 million in debt. And my $85,000 a year is a teaspoon in the ocean. And I'm not going to be able to tackle it. And there's another complication in that situation where I've got this third party working against me in our in our nation's situation. It's government, you know, sort of paddling the other way. And a lot of people, a lot of these, you know, Keynesian economists or MMTers,

see, they think that government debt is irrelevant because as long as the government can print money, they don't see the debt as a problem because they say, well, the government will never run out of money because it can print as much as it wants. Well, the problem is if it prints too much, the money runs out of purchasing power so what good is it if you can print a bunch of money that doesn't have any value if you can't buy anything with the money then the money it doesn't matter that you can print an unlimited amount of it and that is the risk that we have all governments that take on too much debt end up destroying their currency the only reason that we haven't destroyed ours yet is

because we've been the reserve currency. So we've been able to abuse that privilege. We've been able to go deeper into debt without destroying our currency than any other country in the history of the world. But that doesn't mean that there's an unlimited amount of debt. We are going to find that breaking point. And I think that point is coming relatively soon. So Glenn Beck was on the program about a month ago, and he was making some dire predictions, not totally dissimilar to this, and was saying at that point, once we've basically eliminated the value of our own currency, he predicted the government's going to do something radical, like your currency truly is no longer relevant. You know, you're whatever you have in the bank, it's no longer relevant. And we're going to start reallotting

our new currency based on identity or whatever the flavor of the day is. And all your savings, you know, if you've been somebody who worked hard and put savings away in the bank versus somebody who hasn't worked at all and wants more of a socialistic system where you take from the workers and give to the non, we'll wind up winning the day because the value of our savings will have effectively been eliminated. What do you think of that? Well, yeah, I think the government is going to wipe out savings. And of course, it's going to wipe out its own debt because a lot of our savings are in government debt and that's going to get wiped out with inflation. But it's not going to be a panacea. I mean, first of all, yeah, people are no longer going to have debt, right? You took

out a big mortgage to buy a house, and now you don't really owe any money anymore because the mortgage is wiped out through inflation. But our whole standard of living is going to implode because the world is not going to simply re-accept whatever our new money is as the reserve currency, right? That will be over, right? We're not going to have that ace up our sleeves anymore. So how is the US economy going to function without all those goods coming in from the rest of the world? I mean, you think there's a supply shortage now. We have record trade deficits right now. So we have more foreign goods than ever flowing into the US and it's still not enough because we don't produce anything ourselves. Imagine what happens when none of

those foreign goods are coming in anymore. I mean, imagine going into a Walmart and staring at nothing but empty shelves. I mean, go in there and try to find the stuff that's made in America. You won't be able to do it. It'd be like a scavenger hunt. So when we no longer have the ability to buy all the stuff the world makes with the money that we print, that's the end of this economy. The whole thing implodes. And then where are we going to go?

I mean, as I said, the only way out is to radically shrink government. Government needs to get smaller, like the taxes, the regulations need to go away. But even then, it's not going to happen overnight. It's like, well, we're going to expand the IRS and we're going to manage to find the taxes in those, you know, one percenters who aren't paying their fair share, not even the one percent of the billionaires. This is not the solution. This is this is not going to get it done. And you mentioned the supply chain. I mean, what do you make of that, Peter? Because that, you know, we've seen more and more that that doesn't seem like it's anywhere near being solved. In fact, Chris Wallace had Pete Buttigieg on Fox News Sunday this past week, and he was making some good points. Listen to the numbers he threw out. Let's talk about the backups in the supply chain. Since the president announced two weeks ago that the port of Los Angeles was going to 24-7 operations. The number of container ships waiting offshore has not gone down. It's gone up from 56 to 77. One day last week, a terminal pier in Long Beach announced 2,000 appointments for truckers went unused. Goldman Sachs says that port congestion is not going to ease until the second half of next

year. Yeah, there are definitely going to continue to be issues, especially as long as the pandemic continues, right? OK. Yes, there are. But everything's going in the wrong direction. I mean, that's those numbers he was ticking off are post the Biden administration's emergency intervention and trying to get these ports to work 24 seven and trying to increase the number of truckers and so on. That's post all that. Yeah. And first of all, this is all symptomatic of America's dysfunctional economy because all the traffic is one way. We have all these containers coming, but they're leaving empty. In fact, some of them don't even leave because it's too expensive to bring them back to China. And so they're piling up over here, but we're importing more than ever before.

The problem isn't a lack of supply. It's an abundance of demand that's been created by the government, just printing up money and giving it to everybody. And the problem is we're not producing the stuff domestically. We're relying more and more on what we're importing, but the cost of bringing in those imported goods keeps on going up. And that's not a function of the supply shortage.

It's again, on the demand side from the Federal Reserve creating money. And of course, decades and decades of excessive regulation and taxes that has destroyed our domestic productive capability and our own supply chains that has made us so reliant on the rest of the world. And now the rest of the world can't actually fill that gap because it too is dealing with its own COVID-related issues. And even though it's supplying us with more merchandise than ever before, that's still not enough because that's how screwed up our economy is.

And also, I want to circle back to your comments on the IRS. You know, the last thing America needs is more IRS agents harassing American businessmen. They have a big enough problem as it is dealing with existing regulations now dealing with COVID to have more IRS agents, you know, that are going to be breathing down their necks is going to make it even harder for these guys to stay in business. And also the IRS agents are not going after the billionaires. The billionaires are not evading their taxes. They don't have to. There are plenty of legal ways for billionaires to avoid their taxes.

The government is going after middle class Americans. It's the small business owner who is evading taxes. It is the guy working in a gig economy who's not reporting all of his cash income. He's evading taxes. And a lot of these small business owners and independent contractors, they would pay their taxes if they could. But you know what? It's either pay the rent, feed the family, or pay taxes. So a lot of people are not paying taxes because it's the only way they can survive. And that is who the IRS agents are going after. They're not going after the billionaires. They're going after average Americans who are by necessity probably underreporting their income or inflating their deductions. The billionaires don't have to do that. The tax code is already rigged to benefit

the super rich. They don't have to cheat. It's so true. That is 100% true. I mean, I know a very rich man in New York, just by way of example, in the real estate industry, who said, I pride myself on never paying $1 in taxes. He said, my father would roll over in his grave if he knew I paid $1 in taxes. They already have a system that's set up to help them avoid. And it's all legal. We saw that with Trump and his tax returns when they got leaked. It was outrageous to a lot of folks, but it was totally lawful.

And it's people who can't afford these high-priced accountants to sort of work the system who are going to get pinched. But can I ask you a question? Yeah, well, the biggest problem, Megan, if your income comes from wages or salaries, you're screwed, right? And that's where the middle class gets their money. They work for a living and they get paid. And they don't have all these tax write-offs. It's when you're already rich and your income comes from investment, whether it's real estate or other types of capital gains, and you have the ability to shelter income and depreciate assets and all sorts of ways to eliminate your taxable income, even as you're getting richer, right? There's ways around all these laws if you have the right kind of income. But if you're

just an average guy, you know, working for a living, you know, you're stuck paying confiscatory rates of tax, especially when you look at your payroll tax, your unemployment tax, and the self-employed people, they really feel it because they pay the entire 15%, right? They don't have an employer to share it with. And then they pay the income tax, the federal income tax, the state income tax. You know, they may be giving a third of their income in taxes and they can't survive on what's left over, especially now with prices rising so much. OK, so we're going to pick it up with Peter in one minute on the unemployment rate, because the Biden administration was dancing over this jobs report, saying it was better than expected.

So should they be dancing? Should you? We're going to pick it up with Peter there in just one minute. But right after this break, did you know that you cannot say the W word anymore? We have a new You Can't Say That coming up.

And remember, folks, you can find The Megyn Kelly Show live on Sirius XM Triumph Channel 111 every weekday at noon east, as well as the full video show and clips when you subscribe to our YouTube channel. Just go to youtube.com slash Megyn Kelly, and it would be great if you would subscribe over there. And I meander through the comments from time to time. It's always fun to see what you guys are thinking. By the way, if you prefer an audio podcast and you want to share it with folks, just go ahead and subscribe and download on Apple, Spotify, Pandora, Stitcher, or wherever you get your podcasts. And there you can find our full archives with more than 195 shows, which I think you'll enjoy.

It's time for another edition of the feature on our show called You Can't Say That or Do That or Think That. Oh, wait, this is America. And today we're going to talk about the W word. You know the word. Wait, am I allowed to say it? OK, cover your ears if you're offended by strong language. Ready? Woke.

Yes, you see, the left has set its sights on a new target in the word policing arena. It's not that woke is under fire for being a set of beliefs that are worthy of attacking. No. Now the word itself is apparently problematic. Remember, Emily Jasinski was telling us about this. This really started, as most things do, on Twitter. Most bad things, that is. After Virginia's results last Tuesday, Democrat James Carville went off on the progressive left for contributing to the massive losses in the state. You'd think they'd listen to him. He knows a thing or two about how to win.

And he pointed to the problem of wokeness. It was the basis for a question CNN asked Democratic Senator Mark Warner over the weekend. Watch Carville and then the question after. I want you to listen to what Democratic strategist James Carville had to say about what he thinks went wrong for Democrats. What went wrong was just stupid wokeness. I mean, just defund the police lunacy, just take Abraham Lincoln's name off of schools. I mean, just defund the police lunacy to take Abraham Lincoln's name off the schools. I mean, that people see that and it's just really have a suppressive effect all across the country. The Democrats, some of these people need to go to a woke detox center or something.

It's amazing. Are Democrats too woke, Senator? Are they too woke? Well, Barack Obama has called out the Democratic Party for this. James Carville has called out the Democratic Party for this. They know something about how to win an election, but some don't care. Like Representative AOC. She didn't like Carville using the term woke in his critique. And she tweeted that using terms like woke to insult voters under 45 is denigrating. Is there anything that is not denigrating to her? But others saw something different with the use of the term woke by Carvel and CNN.

Adam Serwer, staff writer at The Atlantic, shared the video on Twitter Sunday night and implied the use of the term woke was actually something deeper, perhaps more diabolical. Part of the utility of this kind of use of woke is that it expresses sentiments that people using it would be uncomfortable articulating directly. He tweeted. Oh, you see what he's getting at there? See what he's implying? Well, if you don't, Joel Anderson of Slate put a much finer point on it. Quote, if you're not black and started using woke pejoratively sometime post 2018 or so or worse, don't know anything about the earlier iteration of the term, I think it's fair to consider it a racial slur, he tweeted. A racial slur. But he goes on, and it doesn't mean I'm going to do anything to you or that anyone else will, but it doesn't mean I won't either. Oh, really? Really, Joel? We're quaking in our boots. What does that mean? He answered someone in the replies, sometimes violence or threatening it is the answer, I got to say. Screw you, Joel. So if

you're saying woke, you not only might be a racist, but you might need to be dealt with through violence or at the very least threats of violence because you can't say that. Oh, wait, this is America. So woke, woke, woke, woke, woke, woke, Joel, woke. Come and get me. Oh, wait, I'll sick the police on you if you commit a crime by hurting me. Oh, that's racist, too. I'm so sick of this, Steve Krakauer. I'm like, the word policing has got to stop. And I'm going to keep saying woke. And I think everybody should, too. Yeah, well, I like to say the word woke also. I mean, I think it seems like there was a great article. It was like, OK, fine, we won't say woke. But can we have a term for what is absolutely happening here and needs to be described? Because what, you know, okay, if we can't say woke,

can we say something else? Something is very real happening here, but we need a way to describe it. Incredibly annoying assholes. I'll settle on that. That works too. Somebody who's not annoying is Peter Schiff. He's coming back right after this quick break. Before we move on to the unemployment rate, can I ask you, because, you know, as we talk about our currency getting devalued and going into the toilet, I know you tweet a lot about Bitcoin and gold, and we've had a lot of Bitcoin believers come on here to talk to us about, you know, why we should be buying it. And so far, in my case, we're not. I thought it was hilarious that you called Bitcoin an imaginary friend. What does that mean? Well, you talk about Bitcoin believers, and that's the only value the asset has is the belief

that people have in it. You know, because Bitcoin itself is nothing. It's just a string of numbers generated by a computer. So it exists in cyberspace, but there's no real utility to this string of numbers. There's nothing that you can actually do with it. But to the extent that people believe that this string of numbers has value and they're willing to buy the string of numbers from somebody else, then it can have a price. And so as long as, you know, everybody is delusional with respect to what they own, and they're just willing to maintain their belief that this thing is going to continue to appreciate forever and go to the moon, you know, you have this market. But to me, it's just a gigantic bubble. I mean, we've seen it in other asset classes. You know, you think about the

Beanie Baby craze. I mean, Beanie Babies had some value, at least. I mean, Bitcoin has none. But people ascribed a much higher value to Beanie Babies than the fact that they were just, you know, a cuddly little toy. But let me ask you something. And people thought they were going to get rich if they held on to them. Isn't it? Can't you say the same thing about gold? My kids were actually just asking me this question the other day.

They're like, who decided that gold was going to be this most valuable thing? Why didn't somebody pick up dirt and say, this is going to be the basis for our current set? Is there intrinsic value in gold beside that we just decided to ascribe to it? Nobody decided gold was going to be money. Gold just became money over thousands of years because it worked better as money than all the other commodities that had been used as money in addition to gold. But gold's value comes from its properties and its scarcity. Bitcoin may be scarce, even though you can replicate it indefinitely with other coins, but its properties don't really have any value. I mean, gold is a valuable metal because of all the things you can do with gold. I mean, jewelry is made out of gold for a reason. It's not like they just use it.

It's because the jewelry has a better use when it is made out of gold than if you make it from something else. You look inside your cell phone, you get the computer chip and there's gold in there conducting electricity. Why do they use gold? Why don't they use a cheaper metal? Well, because gold does a better job. And so it's worth paying the extra cost to have that better conductor inside your chip. I mean, they use gold in dentistry, in aerospace, in medicine, because the properties that gold has, and they're superior to the properties that other metals have that potentially you might be able to use. But the people in the Bitcoin community, they put out a lot of false information on gold, because they want to diminish the value of gold and pretend that gold is worthless

so they can substitute it for Bitcoin or substitute Bitcoin for gold. But it's hard to say where you hear the most ridiculous stuff coming from the Bitcoin crowd. Is it the positive stuff they say about Bitcoin or the negative stuff they say about gold? Because either is irrational, but it's all part of the mania, part of the hype to dupe people into buying it. Because once you own Bitcoin, your main goal is to get other people to buy it too. Yeah. That's the only way it works. Because if we're going to just take a look at these numbers in the digital world, just these random numbers on a screen and say, that's worth something to me, then you need the delusion. Like that's the only way it works that everybody

agrees. Oh yes, that's worth something. And I want it too, but it seems to be working, right? I mean, you've got so many very well-known people, Elon Musk and others, but really successful people buying into this. They just had the mayor of New York, Eric Adams, not that he's incredibly financially successful, but he's saying he's going to take his first three paychecks in Bitcoin. More and more, you're seeing people like, oh, I'm too late to get in on it. I want to get in on it. You know, I bought it for a thousand dollars and now I've got 500,000 worth of Bitcoin. Right. So it's like, yeah, a lot of people feel like it's a gold rush and they've missed it and they need to get in on it. Yeah, it's a fool's gold rush.

And all of these schemes always work until they don't. I mean, that's the problem, right? Whether it's a chain letter, a pyramid scheme, a Ponzi scheme, they all work really well initially. And people have a delusion that they've made a bunch of money because all the gains are on paper. Now, some people actually made real gains because they got in early and they cashed out. But mostly you have people that got in and never got out. And so it's this gigantic bubble. And the problem is when the bubble pops and the air comes rushing out, that will eventually happen. But when you get these politicians saying, oh, I'm going to take a paycheck in Bitcoin, they're not taking their salary in Bitcoin. Their salary is in dollars. They're just doing this publicity stunt where

they're going to say, hey, you could take my salary, convert it to Bitcoin, pay it to me. Then I'm going to take the Bitcoin and sell them and get the dollars so I can pay my rent. I can buy my groceries. I can pay my insurance and my taxes. Why are these mayors doing it? Because they want the political support of the Bitcoin community. They're probably getting campaign donations from big Bitcoiners for them coming out and helping to pump up Bitcoin. And clearly, these mayors would like to see some of these crypto related businesses set up shop within their cities so they can start paying taxes locally. You did say something like that. Employing people locally. So to curry favor with these crypto entrepreneurs, they come out and say stuff like this, which makes it more likely that some of these businesses will move there.

But at the end of the day, this is going to come back to bite those cities because all these crypto businesses are going to fail because they're all part of the bubble. It's all malinvestment because when the price comes crashing down, the businesses are gone. The only reason people want Bitcoin or any other crypto is because they think they're going to get rich. It's their ticket to easy street. It's a lottery ticket that can't lose. All you have to do is buy it and hold it and you're going to be rich. You don't have to work hard. You don't have to save. Just buy this Bitcoin and just sit on it, hodl it and you're going to be a millionaire, right? Well, that's a fantasy. A lot of people, unfortunately, are believing in this fantasy. And the fact that

the price is going up is helping to perpetuate the delusion and the greed that surrounds all these cryptocurrencies. But this is going to end badly. I've seen this before many, many times. You have a lot of young people that have never seen this before that think older people like me, we don't know what we're talking about. We're missing out on this new era because it's different this time. Well, it's not different this time. It's the same. Just because it's on a blockchain doesn't mean that the laws of economics no longer apply. If it walks like a bubble and quacks like a bubble, right, it's a bubble. And that's what this thing is. And the people who are trapped inside it just don't realize it yet. Do you have any predictions on when that's going to implode? I stopped trying to do that. I mean, the price keeps going up as more and more people get fooled into buying it.

And so how many more fools are going to overpay for worthless digital tokens? I don't know. I mean, the price can certainly go higher. I mean, here we are, you know, 65, 66,000. I think we got to 68,000 earlier this morning. So getting close to 70,000, a lot of people have laser beams in their eyes hoping for 100,000. I mean, it's certainly possible. I mean, it may not happen. It may happen. I don't know, but I do know that once it stops going up, it's going down and it's going way down. And eventually it's going to zero. It's basically gambling. So be prepared to lose the money, same as you are when you go to Vegas. Don't bet anything you can't afford to lose. Okay, so let's talk about the unemployment rate,

because I do think something bigger is going on here. The US added 531,000 jobs last month. That was better than we expected. We thought it was going to be worse than that, and it was better. Those numbers topped the expectations of 450,000 by almost 100,000. And it follows a more disappointing month Down to four point six percent in October. That's the lowest it's been since February of 2020. So the unemployment rate's going down. We're adding more jobs. And the Biden administration is looking at us saying, well, A, C, our policies are working. And then B, why aren't you more happy with us? You should be more happy with us. Why was economy the number two issue, according to most polls, for all those voters who voted Republican this past Tuesday? Because look what we did for you. Your thoughts on that? Well, first of all, you know, the economy is always only the number one issue when it's bad. See, when the economy is good, voters look for other reasons to vote. It's only

when the economy is bad that it becomes the number one issue. And I think the economy is bad. And I think those numbers don't really tell the whole story. I mean, first of all, we're not really creating jobs. We're restoring the jobs that were temporarily put on hold due to the pandemic, which is why it's so laughable when Biden claims credit for creating these jobs. These jobs were here before Biden, right? The workers just went home because they were told to go home because they had a lockdown for COVID. And so all that's happened since Biden has become president is those people have gone back to their jobs. Biden had no role in creating those jobs. They were here. What Biden

has done is actually slow down the process. More people would have returned to their jobs sooner, but for the policies of the Biden administration. The other big problem, though, is a lot of people are not going back to work. That's why the labor force participation rate is still so low. And one of the reason that the unemployment rate is so low is because in order to be counted as unemployed you have to want to work but we have a lot of people who don't have jobs who don't want them now because the government's made them a better deal and so they're not working or they're just trading cryptocurrencies or trading stocks they're doing other things and they think they've found a better way than actually going

back to work. So that is part of the problem is the mass number of people that are no longer even part of the labor force. That is one of the reasons that so many companies are having such a hard time hiring people because they don't want to work. Even if they pay them higher wages, many people still don't want to work. But of course, if they pay them higher wages, they have to pass that on to the customers in higher prices.

And so even though people are going back to work, their paychecks don't go as far as they used to, even though in some cases the paychecks are bigger, they're not big enough to compensate for the increase in prices. And those price increases are going to accelerate. We got the producer price numbers that came out today. And for the first 10 months of the year, producer prices are up 8.3%. So if you annualize that out over the full year, that's a 10% increase in prices at the producer level. Well, consumer prices are only up about 6%. What does that mean? That means that businesses have been reluctant to pass on those increases in their costs to the consumer. Well, that's all

going to change, I think, next year, because a lot of these businesses were kind of hoping that the price pressures would ease off, that the Fed was right, that it was transitory. And so they were not passing on these increases to the customers. Well, when it turns out that the price increases are permanent, they're going to stop hoping for relief. And instead, they're going to look to the customers to pay these higher costs. So you're going to see that in 2022, as well as the additional increases that are going to come during that year. So not only is 2022 going to have all the inflation from 2022, but we're going to have to catch up with what we didn't get in 2021, because the producers took that bullet for us.

Who are the people who are still sitting at home? Because even the Biden extended unemployment checks stopped in September. So, I mean, that government dole out, it doesn't last forever. How are these people affording to still be sitting on their couches? Well, there are still other benefits

that people are getting that didn't expire that they get for how many kids they have. And people are still able to get regular unemployment benefits, even if they don't get the supplement. Some people may still be sitting on some of their savings. A lot of people, remember, didn't pay rent for a long time because of the rent moratorium. I'm not sure how many people are still living rent-free because of that. But obviously, people are finding a way to get by without jobs because there's, what, 5 million fewer people in the labor force today than there were prior to the pandemic. And of course, we've added population. People have graduated from high school and college over the last couple of years, yet we still have, you know, 5 million fewer people that are employed and actually helping to produce stuff.

So, Peter, you're an interesting guy. Looking at your background, now having listened to you, I'm not surprised that you once worked on, it was the Ron Paul presidential campaign, right? Not Rand Paul, the Ron Paul, campaign, right? Not Rand Paul, the Ron Paul in very libertarian. Yeah, well, it was back in 2008. So. Yeah. So that, I mean, that, that makes sense, right? Listening to you, smaller government and all that. And so I wonder, who do you think, like, when you look around at today's politicians, who do you like? Right? Because it's like, it seems like both parties now want to grow government and throw money at our

problems. Yeah, you know, that was the big problem during the Trump era. I mean, Trump was a big government guy. I mean, he talked about smaller government on the campaign trail. But when he became president, what did he do? He increased military spending. He increased welfare spending. He created new departments of government like the Space Force. And so instead of making government smaller under Trump, we made it a lot bigger. Also, Donald Trump was a big advocate of 0% interest rates, quantitative easing. In fact, he wanted the Fed to go negative. He thought zero was too high. He wanted negative interest rates. He wanted even

more inflation to pay for his expanded government. And he was a protectionist. You know, I was a big critic of the Trump tariffs and his trade deals at the time he was making them. Not that many Republicans were willing to stand up for that. But I said these deals were going to backfire. And today we have record trade deficits with China. So if we were losing on trade before Trump, we're losing even bigger on trade after Trump. So really, you know, Trump was more of a populist than a true conservative or libertarian. You know, what we need in the Republican Party is a party of fiscal responsibility and small government, free markets, capitalism. We have to cut government spending, you know, and not just on the things

that are unpopular, but on the popular programs. We have to cut Social Security spending. We have to cut Medicare spending. The government doesn't have the money. We need to make these big cuts to make government smaller to relieve the economy of the burden of paying for all this government, especially the younger people who are just starting out. They can't succeed with the type of tax burden that's on the economy. And we can't create the type of jobs that they need to succeed unless we unleash the economy and free up all these resources. We need more savings. We need more capital investment.

We can't just print money. We have to make stuff. And we're not gonna do that with 0% interest rates, massive government spending. So we need politicians to understand this and who have the guts to tell the public the truth about what needs to be done. Yeah. It's funny because you hear these young

people say like, oh, socialism, socialism. There's nothing wrong with capitalism. Capitalism done right. Capitalism done wrong can lead to some unfortunate results. We may be feeling that now. I will say this. You know, Ron has a son. His name is Rand. And he's he's got a lot of the same economic policies. Would you ever consider supporting him? Well, I've always supported Rand. I've known him for a long time. I've known I knew him before he got to the Senate. In fact, when he was first elected in Kentucky in 2010, I ran for Senate that year, too, in Connecticut. Yeah, that's right. So I never made it out of the primary because I can't believe we have Bl made it out of the primary because I lost

the Republican primary, but he won the primary and then won the White House. So I am a supporter of Rand. He's one of the few senators who I can support. But you said that capitalism, when it's done wrong, it's a problem. The bigger problem is there's no way to do socialism right. It sounds like everybody thinks that the only reason socialism hasn't succeeded is because they didn't do it right. It's impossible to do it right. Yeah. And people also forget that fascism is a form of socialism. A lot of people think, no, fascism is what you get when you're on the extreme right.

No, the extreme right would be anarchy. If you're going to put, you know, capitalism on the left, then the opposite of that would be no government, not complete government. Communism is actually a form of socialism. It's one form. Fascism is another form of socialism. And unfortunately, the type of socialism that we basically have in America really is fascism. If you go back and look at Mussolini fascism, we've pretty much adopted it here in the United States. And that is the problem. We need more freedom in America.

And that means lower taxes, less government regulation and a lot less government spending. Sounds great. It's sad that you did not win that race because we got Richard Blumenthal here in Connecticut instead, who's got a very different economic philosophy than you do. What a pleasure getting to know you. Thank you so much for coming on, Peter. My pleasure, Megan. of our podcast, which we launched last September. Coleman Hughes and Cheryl Atkinson are here. That's a great pairing. I'm excited for them. And in the meantime, if you want to check out the show, you can go to youtube.com slash Megyn Kelly.

You can check out our interview with the Don Lemon accuser, Dustin Ice, yesterday and download the show, Megyn Kelly, on Apple, Pandora, Spotify, and Stitcher. Love your support. See you tomorrow. Thanks for listening to The Megyn Kelly Show. No BS, no agenda, and no fear.