Pat Gray joins Glenn and Stu to discuss CNN+’s embarrassing launch and college students calling out CNN’s disinformation at a conference. Author Michael Malice joins Glenn to discuss the news of the day, including the misinformation being spread by our intelligence community and the mainstream media. Recovering investment banker Carol Roth joins to discuss her article “Creative ways to combat inflation.”
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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Today's podcast rate, one Michael malice, is on. We talk to a couple of people that really know what's going on in Washington. One is, is a Republican, it's going to probably be the head of the financial. The finance committee in Washington looks over the financials sector he's talking to us about what's really going on and the dangers of a central bank crypto currency from the fat. Also, we talk about the dangerous pattern that we now have in our intelligence community, using unverified sources and facts as propaganda in the war in Ukraine. Carol rough also joins us about the economy and, what's ahead there by the way we want to save a little bit of money, you have an opportunity, I think it's. I think it's up until Sunday. You said one point: if right. Eighty and eighty is- I think it might be this weekend again. If you try it, if you listen, the package on Saturday in a good shot feel free, but it's the code, the Alamo, when you sign up replace tv, I believe to be not come slash plan. If you do with their use the code, the Alamo, you save twenty bucks off your sniffing going forward and one of the things you get what you get access to the weekly Wednesday night Television show, which next week is, is a dangerous show, but a very serious show it's on the president's cognitive collapse. Also you get things like our pod casts. Do you get the one on one interviews? You don't want to miss this interview this week on the pod cast. It comes out Saturday. It's been out for two days of Europe Play Subscriber, but it is it's all about Hunter vines, laptop and the Biden family. Don't miss it! That's tomorrow's podcast! Here's! Today's
the only thinking this is Linda Programme, this
is the last day for the promo code, the Alamo. We are all. I know why you're going out of business,
whole company thrown out of business? Isn't it last night you can save, because tomorrow gone since all got area thinks I think, you're talking about CNN plus. Ah they are easily in any ass. I think you're right anyway, we really need your support. Social media has just they have us.
Why the throat- and we built this to be.
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Obviously we will thrive. We are the Alamo I built this to be the last man standing and
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and today is the last day you can do that. So
speaking of CNN Plus, which on day two
They love. This gave a fifty percent cut. The rate means day. One went so well, they didn't charge as much anymore. Is that what it is? Yeah man? I have been speculating in my own head, how few people,
actually subscribed and
you. It was under thirty thousand yeah
I bet it was thirty. Do you, I think so think of the global reach I'll bet it was between one and five
I was in or one in five people now, because I think you're right you. This is the type of organization they put it,
more fortune into this I mean they have so many employees there already talking about laying off. Oh, yes, I'd love to do an interview on that with brine stealth. Why? I particularly for I guess I do remember you- haven't you been interviewed by bride yeah for all by the light to do is invite him on to talk about something very important again, that I know he's really interested in shirt and then right at
point where you're making the point
would say: Brian is in your car
when he collapsing, are about to go out on a peace. That is exactly. Why would you say I know now react to something like that. You think he might do not now around a kind of the added value of a fat. Lump standing is art, so yesterday, yesterday they had this this big
I I don't even know conference where they brought in all of the liars
and they set him on a stage and they said we want to talk about misinformation and for Mation and mal information and how
destroying our democracy, so the guy
pick right away as the fat lump from CNN and
He was asked a question about Disney
and he said you know the theme the talking
point of the right about protecting kids from the dangers of the Walt Disney Company its.
Elite Disney is just a stand in
it's a symbol for something bigger. A conservative
backlash to growing acceptance of gay and transgender people like gosh
You couldn't be more wrong. If you try and Igg tries to be wrong again, the the builder
king about would also prohibit you talking about straight sexual encounters, not how it could possibly be about being gay when it also would brave it straight conversations makes no sense. It is truly about, because I looked up the definition today from the Justice Department.
And the the
CAN bar association. It
his grooming. It is technique
Lee Grooming yeah. This is a this. Is that big debate right now?
I used that term. I think it up a lot who really made a good explanation. This was a was James Lindsay. The other yoga and one of the things he mentioned was people keep saying. Grooming like like look
I think Chris Hayes is wrong on basically every issue on MSNBC, I'm sure we would agree on that. Nothing do I think, he's trying to molest children. No, I don't, but that's not the definition of grooming right that
people like that is one definition like Jeffrey Epstein. Yes, he would be called a groomer. Now again, wasn't gay,
nothing to do with being gay no
he was not the groomer yeah, the the
Gladwell. Whatever aim was Julian mad Maxwell PMS. Well again, they work together. On that I would, I would have no, I know that, but she was doing the grooming he
is doing the molesting
Yes, I said I would hear some of the stories like you know they they both important
at a young age painter to their house and kept the correct. There's there are cases where Epstein. I would definitely put him in this category as well, but again, like you, jumped to that. What what
what James Linsey said on the show. Is that, like
of grooming. As for a cult, for example, you're trying to do look at the craziness we're talking about
men or women, and women or men right like these basic facts, that everyone understands you're, trying to convince people to quit
his a foundational truth that they all know, that is the type
of activity cults do all the time right, but he and here's the other part that cults do they also,
a separate you mainly from your family. They start
separating you and making sure that they are between you and mom and dad are you in the family and anyone who comes up against it. They are
credited and there are an enemy of the cult yep, that's what this is yeah. I really listened to some of the people who have left you know or Scientology who, who believe they've been groomed into that lifestyle. You know the one I can think of her name, but but later it was on king of Queens
listen to her talk about. It
the stuff she's talking about she's, not talking about this, the grooming stuff, like Jeffrey Epstein, it's a totally different thing. Pat gray joins us.
Pat Gray unleashed the podcast. You can get anywhere at the
information and the erosion of democracy conference. A University of Chicago freshman stood up and said
the a question for Brian Stelter, her money,
Christopher Phillips, I'm first year at the college
My questions for Mr Seltzer Steve
What can extensively about Fox NEWS being a purveyor of
but CNN is right up there with them. They push the russian collusion hoax. They push the justly small at hoax days,
air justice Cavenaugh rapists and lay all those reared Nick Salmon. As a white supremacist, Annie S, they dismissed the Hunter Biden Laptop Affair as pure russian disinformation. All true with mainstream corporate journalists becoming little more than policies and cheerleaders for the regime is a time to find.
Declare that the the
of journalistic ethics is dead
add or no longer operative?
mistakes of the mainstream media and CNN in particular seem to
generally all go in one direction. Are we expected to believe that this is all just some sort of strand M coincidence, or is there something else about elicited this answer to bad sign for lunch early thing? There's a clauses as there is against, but but I think my honest answer to you and I well come over and talk in more detail after the opening of a lead. I think
Describing a different channel than the one that I watch
but I understand that is a popular right wing narrative about CNN,
it's an ordinance, it would not be a reality in democracy. All these
works? All is out, have to defend democracy and when they screw up admit it.
when belligerent vocs correspondent was wounded in new crime. Stop
but he refused to admit it. He said those are basically those things didn't happen. That's just a narrative,
yeah. All of those things are easily verifiable. You know you just
to admit it, but he is part of the Disan formation and yet he's the expert trying to point
the DIS information wherein an upside down world.
give you one more college student that went after an apple bomb. Listen to this soon.
four thousand and twenty wrote those who live,
The fox news bubble do not, of course,
need to learn any of the stuff about hundred Biden referring to his laptop of curse upon
later after that found that if voters knew about the content of the laptop, sixteen percent of Joe Biden
there's would have acted differently now. Of course, we
A few weeks ago, the New York Times confirmed that the content is real
the media, acted inappropriately appropriately, Wendy instantly.
missed hunter biting off topic Russian, this information into this. What can we learn from that in ensuring that what we label, as this information, is truly this information and not reality? I might
My problem with hundred binds laptop is, I think, a totally irrelevant. I mean it's not whether it
this information I mean, I didn't think the hunter
I didn't business relationships have anything to do with who should be present a United States of America,
I didn't find I do find it to be interest and didn't find it. My problem with that as a as a major stop. This is why this too is incredible. Here's she's from
it ladder goods or that's, why you don't like this, but she finds it
not interesting to hear the headlines that she has written lately. Tucker Carlson is stirring up hatred of America, the Mai,
pillow guy. Could read
you destroy democracy, Laura Abrams, descent, into despair v
that she finds interesting.
The relationships that
are providing money to the current president, not
not interested. You know if it was tunnel
junior ology find a very high what she I don't know, really yeah making millions from a foreign country and has written emails that, like a tenth or fifty percent of it.
To the big guy, his dad, the I highlight the hell you're that that I can. I know I would lay that my house and everything I have
the two of you but
don't know if I can say that about most of the media on the right or the left.
That if this were reversed, we'd cover it with.
Would cover it. Nor can I call for the impeachment of the president. I think, with proven that I think we have to
We have to revise its very interesting and its.
It's fascinating to me that they are,
continuing the lie. It shows they.
Learned anything they're, not interested
it in learning anything yeah they
have decided what the role of the media is.
The role of the media is to protect the Democratic Party. That's it
and now they are taking the step,
further and they are
anything that disagrees with us up on this stage is
this information and a threat to democracy that
scared, the hell out of people now
It's really good. The college students that were there
then the fact that we're not a democracy, that's also really worry about. The founders wanted against it. So often Peggy, Pat Pat Gray, from Pat Gray, unleashed you're listening to the best of the Glenn Beck program. The this is the Glenn Beck program. Well,
to Michael Malice, the author of the Anarchist Handbook, dear reader, the unauthorized autobiography of Kim Jong too.
and the new right, a journey to the fringe of american politics,
earth. Strangely of two New York Times best sellers. I ha who knew
He could get on the New York to I can't get on the New York Times. I mean not on the top. Ten
yeah you're more number one in sales but number fifteen on the New York Times.
Welcome to Mr Michael Malice, hi Michael. How are you a good morning?
Sunday morning, yeah yeah,
I've got several things to talk about. First of all, I'd love to hear.
Opinion on the p reporter that
The loot lean knew the Pentagon was lying when they were like Gan, Russia might be using chemical weapons.
And now we find out that our National Security Council and our
spreading misinformation, they're using it they and they think it's a noble lie
you know we're just trying to stop Russia trying to beat him to the poor
so they are.
Using this information on the american people and on the rest of the world that doesn't sound like a good idea. It may
in a good idea, maybe twenty years ago, when you wouldn't have social media and other such mechanisms that can demonstrate things that aren't true and have them spread. You know, quite literally, at the speed of light. I think this is just piss poor strategy. I think, if you want to whip people into a frenzy against Russia
talk about the things the Russians are doing. Anytime, you add lies on top of the pile it's just going to alienate people and there's a huge
a population both from Democrats and from Republicans that whoever the sitting president
is there just go to immediately this believe anything? They say on its face set to Hap, like actual receipts, that they're being deceptive is really crazy at all. So it just speaks to the y. I'm hopeful about the future. You know the enemy class, which includes corporate journalist. These are not clever, sophisticated people they're, not good
being manipulative. They just been at it for a hundred years and they're not a position to change their strategy, and that bodes well for all of us here.
And I e I was thinking I was thought about you this morning when I was reading this article, because I thought this,
What the founders wanted us to feel like not about
lists and they were counting on journalist holding the line
they wanted us, I mean George Washington talked about it. Thomas Jefferson talked about it all the time. The government
should never be feared by the people, the government-
The people rising up in the people's holding them accountable and
never trust the government and men
trusted it for so long, and I think this
is actually a good thing that we don't really trust them anymore.
I don't know who we is here, sir, but you're speaking to an anarchist. So we have never trusted and I will also point out that you're dead, Jeffrey I'm a big Alexander Hamilton fan, but
Person was a good example of this because Glenn, as you Know- and I know people find interesting when Jefferson was in the cabinet, Washington's cabinet he's
speaking left and right to the press to make Washington look bad. So he in this case
his money where his mouth is, and he used the press as a mechanism to keep the government in check. So this has been going on this kind of
backdoor collusion between the media and the federal government. Since the again the wash determined
it always it always, but the know
One thing we did have is we had a media that I mean when I was
watching that video about
months ago, with the a p reporter
sitting there and just not giving the Pentagon any room to breathe he's like luck,
so where's the evidence, because I
how this works. You say
Something like that and you usually come out here and You'Ll- show us declassified, but
we're not doing that. So you don't have any evidence
Of course we have evidence we're not going to share with you now we find out,
There was only one guy in the press that did that I'll defend them
broadly speaking in one sense, I don't think any of us are privy to what kind of pressure-
the Pentagon and and the state is capable of exerting on media outlets. What kind of phone calls they can make behind closed doors
make sure their story gets out? I think they have
lot more leverage than any of us realize now, and I can I had in their non you of course, but that can manifest in things like report is being told. Ok, we're not talking about this issue and what is that individual portable,
from supposed to do now that media that media reporter
has what's called the internet and should go out and expose it. That's what they should do anybody,
this point that looks
their job and says I'm going to be quiet. When I have information that is
really critical to the survival of our country and our republic. I don't
I hold you responsible, you should have said-
something. I drives me nuts, when these people leave you know years of service at the Pentagon or whatever, and then they come out a year later. With a tell all book
Why didn't you say something when you were there
yeah. I mean that you're not going to have me defend them in the sense of saying that the courageous people I'm just saying that it makes sense in many cases why they would make those decisions that they did
so the New York Times or the Washington Post came out this week and said Elon Musk
investing in twitter,
add news for free speech
that is the upside down world. I I was ecstatic because I think what is Elon musk I had this tweet
you learn, musk has done a better job of going on on oftener than practically the entire concerted movement. What's one
full about this, and I don't think you uncle cares about free speech so much as being a counter puncher like President trump us in certain concepts,
for them Twitter was their sacred space. This was their temple. This was their place to men,
The conversation to discuss
political issues and now you have
This heretic, you know crossing the you know crossing the Rubicon.
saying this is my house now, and this is causing them before
done. One single thing: the only thing he's teased is: do you guys wanted edit button? So the fact that here
in their house. Is
causing them so much existential distress. It's absolutely hilarious, because the key is you
I have to go where the enemy class is and make them feel unsafe. Make them feel that their forts are breached, because then they don't have that air of smugness and they're going to
that Sri king of fear correctly, because they are not
in charge anymore. More is def
what about Elon Musk then others I mean
is, he has? Is it his his
kind of I hate to say, as I hate Thomas Edison, but as it is
Thomas Edison kind of I'm just going to go out and do it
that kind of that
and of american Spirit. That gives him a little protection from people. Talking about you, I must have using Edison, should use Tesla. We our test, guess that's like I'd, have died, broke, sire,
you don't test was another better exempt, because you on what is an immigrant was an economically as well. I wouldn't
born in another country, a lot of
in that Americans Qana take for granted. You absorbed through us, Moses you're, not going to kind of be raised in that context,
but I think you on it, I'm being quite serious years. Elands on the spectrum he's he's got Asperger's buys admission when you have that kind of hyper logical mindset, a lot of things that other people, my kind of problem
You you're not even have more strength to stand up so when he sees who is up against him and the smears and the lies he's an image
better position, especially given his well and is also sitting, is socratic personality to fight back and realize
Okay, these are not people making mistakes. These are people who they had their druthers.
give me yesterday and now I want to put me out of business today.
And I will tell you that you know everybody looks at Asperger'S- is something horrible. Your kids would at would have, however,
it's actually turning out, you know,
you can control it. It's like eighty d:
if you can control it, it actually
works out to be something really good for the
culture that we're right now, yeah.
great advantages. People are in the spectrum, have that others don't say before. I think there's a big movement among people without ISM to account,
human eyes and be like a way. We not disabled that we just think differently and- and I think this a lot you that is all the more
twitter thing with EU law. Mosque came out,
but April fifth, is when they were first, a recording of that's window washing and posted. It was a danger
we get a story about the New York Times coming out and saying you know,
two reporters here, the New York Times. You don't have to use twitter because
we run the danger of you know an echo chamber. If we're spending too much time too much,
They just thought of this to
time on Twitter,
and there's a lot of really dangerous people on Twitter. So you don't have to use it.
Are those connected with it? Is, I don't think they're connected per se, I think
speaks to one Taylor Lorenz, who was a you know, one of the most malevolent New York Times reporters she was I'm embassy MSNBC. You know cry
about how mean people are hurting twitter notice, the two contradictory statements Glenn. If it's an echo chain,
there's no nasty people if you're just talk.
to each other,
Are you getting all this hate? So it's really not an echo chamber twitter
demonstrated to corporate journalists how much hatred contempt the average person correctly has for them I
what happened is I'm sure after that, crying fit their phone calls behind the scenes to twitter asking to crack down and make people treat journalists
sir. They drew the line and, as a result, the New York Times is somewhat retreating. I'll. Take this with a grain of.
I think we all remember in two thousand and sixteen after President Trump won
indian banquet who's headed to in York.
I'm set all we're gonna do a better job
I China accommodate more Americans are reporting was way off and instead they double triple quadruple down, but I think this is a big retreat
his them. You know we had four years of like social media misinformation, your journalists are being treated poorly when they're the heroes of our society, and you know the more there
trapped on instead of doubling down now they're having to retreat. So this is a victory that people should be very grateful for, even though it's a very small
victory. One last thing: I've we've got about ninety seconds. For this s, eye energy on,
Tuesday pleaded guilty to three counts of violations.
in their their wind farms? They are a big wind power, developer and
currently they pled guilty?
Do the murder of golden eagles
Apparently the birds were
killed by blunt force trauma after being quote struck
by the wind turbine blades at its facilities in? Why arming or new Mexico
and they're they're they're, paying six point. Two million dollars rest rested the restitution. I I I guess to the Eagles families.
just to me this is just another thing that shows
environmental issues are never going to be happy with anything anything. Well, I'm a big
dangerous species person. I've got two hundred species of succulents in my house, and I just looked it up while we're talking the Golden Eagle
or is the world's most widely distributed space spaces of eagle. It's not
endangered, it's not even vulnerable near threatened its least concern. So this seems to me to become
we if this was some kind of bird where there's like fifty them left, then I could understand,
the idea of alright. We have to have draconian measures to kind of protect them, but that is not the case with this species at all. This is just
you know very bizarre, but this isn't unusual. Wind farms are known.
Decimating bird populations at and by the way. Those of you who have cats that live outside your cat's, entire life is dedicated to killing those birds
yeah that sort of thing: the murder, birds all dates, their favorite thing. I had a. I had a hawk, I think, land in my backyard the other day and
we are all watch you were having dinner and then we realise the reason why landed is it was having dinner as well?
Yeah I mean it's, it's it's a vicious way to die by Talon, but
I don't have to worry about it. Neither do you so, let's move on with our lives,
Michael, thank you so much. I was a pleasure. You bet
Michael malice. You can follow him
remember it's just an echo chamber
Michael malice dot com is his website back in just a minute, the best of the programme hero, Roth, a recovering investment baker and the author of the war on small business. She has
just released a new article, you'll find it at the blaze dot com cream
of ways to come to combat
inflation Carol. I went over that with the audience yesterday.
We really good and so much better than
Take the bus
and what did they say? Eat lead,
those little tools yeah. Thank you Bloomberg for that. Go big on lentil, so grab that article now at the blaze, dot, com, creative ways to help combat inflation. She has some really good advice on what people
be doing right now to save lives.
Ask you about the
mortgage situation, I'm getting a ton of calls and emails from people that say
should I buy so? Should I buy a home or not buy a home? What what
did you have any advice on that already in sight, I saw give in
because we're not allowed to give financial advice, the other the disclaimer. This is not financial advice. This is just information for you to research and to consider so there are a couple of
things to think about.
This is again a rule of thumb for every one percent.
That a mortgage rate goes up. You
I'm going to add about ten percent to the cost of your home over the time that you buy the home. So you, as you can, as you see it, kind of tick up and take up
if you wait and you have to get a higher and higher mortgage rates, just keep in mind that the or that going to adds hen per cent on the back and which you are not seeing up front when you pay its by all
We heard I was with a meal kudos earlier this week in, and he gave me a statistic that apparently the breaking point where it becomes unaffordable for people
to buy homes- and we haven't seen this in a while. So I just don't know how accurate it is. Today is five point: seventy five percent, so parent lay
and what the industry things is. The magic number there are a couple of competing things:
We have going on right now. We obviously have home prices that have been severely inflate,
and because of the Federal Reserve's intervention in the markets, but we
also have now a a situation
where our dollars are going to be worth less, so we need to have hard assets. We also have a severe under supply.
of homes and the markets door after the great risk
actually the financial crisis that next decade we were under built by you, know, kind of forward
five million home so depending on who you ask for twenty five million
homes that we need in terms of the the housing for it,
individuals and we've, obviously,
at a slow down on immigration. So we know the bidet administration is going to ramp that up again, there's going to be more demand for housing. So I
imagine that even if there is some pulled back, you know first some point in time. The fact that we have such under supply and is going to take so long to fill that end is going. You at some point provide a level support, not to mention, as we have to
about Glenn and with Britain some articles at the blaze about we ve got these corporations who are flush with cash work
Anne and being buyers, so you ve got more buyers than just hope.
owners in the market that also provide some support for pricing
I I really hate the expression yeah, but this time it's different cause, it usually never is, but this
there is one additional element- and that is, we don't have a glut of housing? We we act
I have the opposite problem now. Let me
ask you this, because the interest rates at the banks are already going up for your loans
and it's it's already up in the force in some places close to follow your five year and yet the
Banks are only paying fifty four.
and interest for the loans correct. I don't
the exact amount that sort of the national average now, but in terms of the spreads,
obviously a rising interest rate environment is more favorable to banks and we have a situation where banks are flush with cash from what's been going on
over the last couple of years. So, even if you have savings in your bank they're not going to be,
and you very much on that, because they don't need to incentivize people to give them more money right now, I'm I'm asking about the the EU. You curb inflation is.
The FED charges the banks more money, more more interest for them.
To borrow money from the FED to be able to lend it out so
we're paying maybe two percent you're paying five percent and
they get to keep the three percent. That two percent goes back to be burned, right, yeah, outside
I don't. I don't have the specific kind of number of an average of where banks are in terms of their
capital all to give you a really specific.
answer? I can answer that next time, but, yes, that is sort of the spread. That's how banks make money right. They
I take it, they take money at a lower rate. They they,
put it out at higher rate, but you have to remember to also projecting into the future
because they're locking and in some cases that right for you it'll props authority,
here, so other they're they're kind of urging it over TAT. So I'm not I'm not bashing the banks for ranking profit Mackay, that's fine
What I'm? What I'm questioning is? How does
The FED suck that money back in from banks
are flush with cash. Okay. So, basically, what
they have done well really over the last ten years,
twelve years, but then they accelerate over the last couple of years as they have bought assets, and
are cats, so they went and they bought two different asset classes. They bought Treasury securities and they bought mortgage backed securities,
they're sitting, what kind of a religion of those the fat nine show
Leon dollars worth of those on their balance sheets which, by the way as we ve talked about before they bought that with my
they created out of nowhere when we, when we do, that, we create money out of nowhere and go buy things. It's fraud when the FED does it its monetary policy, so they
created, money, which is you know what is driving up the price of everything, because it's not productive asset, they just added more to the money supply and they went out into the market and they bought all of these assets
now, in addition to raising the interest rate, the other thing that you heard out of the FED from their minutes this week is Quantum,
hate of tightening they're gonna going to let that balance sheet run off either with direct sales.
Or just by letting those assets mature and not real,
fasting, the money and that's what changes the dynamic of getting the money out of the market. But you can't just
you bought Treasury bills,
you can let it expire, but that means the government has to sell that some place,
and right now the Treasury
is not having to really pay interest too,
the Federal Reserve, because it it's illegal, so those are almost interest free loans for
the right in the rub is with when they do. When they take back in any profit of their securities, they actually have to give it by law back to the Treasury right. So,
we're getting. We are actually getting free loans, but that ride is going
come to an end and
in in flow in high inflation, I mean you're
looking at you
If they can't sell those treasuries and yet
and pay the interest rate. Then you are technically in default yeah, as is that their serve to different strategies. They have they either
let them mature.
And then they just run off the balance sheets. You know cause they have them at different maturities, so they don't actually sell,
into the market, and then the secondary strategy is actually selling them back into the market, but going back to bonds, which is super complicated. It goes back to the difference
between yields and the bond prices. So when you, you know that they're they trade on an inverse basis and that's why you're saying that the yields increase okay, so
let's get out of the letter Levy Hitler. We just. Let me just add one more question on this day:
How possible do you think it is that
I mean the government pensions already have to buy
railroad: U S, postal service? U S military, etc, etc. They have a requirement that the
those pensions hold
g per cent in treasuries.
It's a great way to force people to buy your treasuries. Now that's government workers so whatever how like
is it that when we run out of people who want to buy our bonds and our debt that they just
to a couple of things they they go and say you're not going to
the federal insurance on
unless you buy and balance us treasuries with it. You buy some of the debt
and also the same kind of thing is
with Uncle SAM and E S g. You
be able to get insurance
unless you buy these certain things? I it's a possibility, but look at what they just did
during cove, then there were no international buyers. There were no domestic buyers to stand by and bye trillions of dollars worth the bonds to cover this
sending that we did for quote, unquote, Covid relief and that's why the FED bought it's a bit
basically the monetization of the debt and obviously that's part of what cause inflation. The thought process is
as they raise interest rates, start to just decrease the balance sheet. They hit a wall
can't do it anymore and they reversed course, and we've seen this happen over and over again over the last twelve years, we're over we're going to shrink the balance sheet. The market kind of freaks out you'll get the Congress, has their spending plans and they
each course. So the reality is in terms of the cycle that there are some points in which they probably end up, changing and going back and buying more assets. Again
Let me let me let me
more question on the interest rates. The St Louis Federal Reserve leader has come out,
said: we need to raise interest rates immediately by three points that
bring us to three point: five at the bank level. How does the
where does the Saint Louis FED Guy, have much say what does that mean well leaving
hearing from a number of people at the fad, including be what we consider to be the most diverse you're, the one who's in most favor, of a lot of support instead
less like Brainard his up for vice chair of the FED and we've been here.
I can pretty much sheer panic out of them, which is not really comforting for the market, and it is so frustrating. It should be so angry about this because they had so many opportunities where they could start to raise interest rates, or they could have pulled back the buying program which, as we talked about
has the same impact in terms of rates. They were buying securities up until last month, so they could have stopped this
on time ago. They could have had a nice slow trajectory. Twenty five basis points here. Twenty five basis,
well. They could have put us on a normalisation path back in June of two thousand and twenty the market reached all time high, so that this was not something in my opinion that was necessary and- and you know they just sort of didn't, let a crisis
go to waste and now the same people who created the situation who didn't know there was going to be inflation, who didn't realize. All of these things are going to happen are now promising. They know exactly what to do to save us from this economic catastrophe or a recession or whatever it is, and-
idea that you can just all the sudden start to run off this,
Security, isn't a major fashion or to jolt rates, and that's not going to have a major role
in replicas repercussions across the economy is absolutely and say
have a piece of good news that I want to run by you cause I've seen this more than once, and I would love to get your opinion on this week
return in sixty seconds with Carol Roth
Transcript generated on 2022-04-10.