GLENN

Zuhdi Jasser Fires Back: 'Give Us Some Breathing Room'

Dr. Zuhdi Jasser, host of Reform This! on TheBlaze and longtime guest of The Glenn Beck Program, joined Glenn on radio today in response to a provocative article published online by Pam Geller, who went after Dr. Jasser, calling him the “Grand Mufti of the Stealth Jihad.” Largely silenced by the left and mainstream media for not being the "right" kind of Muslim, Dr. Jasser is now under attack from a faction of the far right that doesn't accept the possibility of a moderate interpretation of Islam.

"I admit, Islam has a major problem within it. We're frustrated. It has cancer. We are in the 15th century. But we need at least a little oxygen. Give us some breathing room to say, you know what, maybe reform is possible," Dr. Jasser said.

Enjoy the complimentary clip above or read the transcript below for details.

GLENN: Something came to my attention yesterday, and I wanted to get Zuhdi Jasser on right away. Zuhdi Jasser has been a friend of mine for, I don't even know. Fifteen years, maybe?

 

He is, I believe, one of the bravest Muslims in America today, one who still practices his faith. There are many people who used to be Muslim who left their faith. He is a guy who still practices his faith and is a reformer, is somebody like Martin Luther, who says we have to reform this.

 

There is a difference between Islam and Islamists. If you are a Muslim, that's not necessarily a problem. If you're an Islamist, it is always a problem.

 

Zuhdi Jasser seems to understand this. But apparently, on his radio show on TheBlaze this last weekend, he went off on a few people here in America. Let me give you the -- let me give you just the headline and a little bit of this story.

 

The Grand Mufti of stealth jihad, Zuhdi Jasser says there's no greater threat than Pamela Geller and her colleagues. This is from Pamela Geller: In one fell swoop, moderate Muslim, in quotation marks, Zuhdi Jasser has dropped a Moab on the most effective counterjihadist in the West. The Grand Mufti of the stealth jihad has devoted an entire episode of his show on TheBlaze network Reform This to smearing me and many of my colleagues, including Robert Spencer, Andrew Bostom, Claire Lopez, John Guandolo, and others as alt-jihadists.

 

He says there are no greater jihadists than the alt-jihadists when it comes to living in the land of freedom because they seem to want to kill us and knock us off at the knees. Who even knew he had a show on TheBlaze? Why is Glenn Beck giving this vicious saboteur a platform? Wow.

 

STU: Vicious saboteur. Wow. That's impressive.

 

GLENN: Yeah.

 

Frank Gaffney immediately wrote to a group of us whom Jasser targeted, telling us to hold off in the interest of peacemaking. It was striking how quickly Gaffney jumped to Jasser' defense. I've never seen him jump to my defense like that. What a Stepin Fetchit boy Gaffney is for Jasser. It epitomizes how much people who recognize the jihad threat have been fooled into thinking that they have to have a moderate Muslim on board, or their efforts will be criticized by the left as Islamophobic.

 

So she is making the point that Frank Gaffney is afraid of being called Islamophobic

 

STU: Oh, yeah. Frank Gaffney seems like he has a lot of fear about being called things. If I were -- yeah, that's his defining characteristic.

 

GLENN: So let me welcome to the program the Grand Mufti of the stealth jihad, Zuhdi Jasser.

 

JEFFY: Right.

 

STU: Or Zuhdi Jasser. One of the two.

 

GLENN: Yeah, Zuhdi, how are you?

 

ZUHDI: Great, Glenn. Thank you for having me. Boy, you know, those responses sort of make me feel like I did the right thing by calling these guys out.

 

You know, I mean, listen, I get it. We're a minority movement. I get it that we're underdogs. But the issue and the reason why I finally needed to speak out, you know, listen, over the last few months, from Stephen Kirby posting on Spencer's website, others. There's two characteristics that need definition of the alt-jihad.

 

Number one, they view Islam as monolithic, a one-entity, a monopoly. No other ideas within it. And, two, they view reformers as having no hope, as liars. They constantly call me a liar about my scripture that I interpret and reinterpret in a different way from the original Arabic.

 

So fine. I'm not trying to take away their free speech. I know they're anti-jihad. But how do they differ from the useful idiots on the left who say that Islam is one, it's beautiful. There's nothing wrong with the misogyny in Saudi Arabia. Islam is peaceful. How does that monopoly on Islam being positive, how is their yang not the ying to the saying that Islam is all one and the Mufti of Islam is it and Zuhdis are just aberrations? I mean, they're actually doing the same thing by taking the oxygen out of what we're trying to do in reform. And when there's no hope for our work, we have to call it out.

 

GLENN: So, Zuhdi, I have to -- I'm sorry I haven't been following this -- this trial that you're going through right now, until last night.

 

And I tried to figure out what this was about. And apparently, you sent out a declaration of principles to all the mosques or many of the mosques. And you asked them to sign on as -- as cosigners. And many of them didn't. In fact, I think only, what was it? Forty did. And what they're trying to say is, see, Islam is a sham. And there's nobody behind you. When if I have this right, I look at it in a different way. That you are Martin Luther, who has just nailed the demands up on the church door. And they're expecting Martin Luther to have all of the -- how many of the priests decided to join Martin Luther? Well, not very many. Especially at first.

 

And they would call Martin Luther a failure. Am I reading this right?

 

ZUHDI: Yeah, pretty close. I think our role model for what I do are John Locke, Thomas Paine, Jefferson. We're trying to create the space for Martin Luthers. I realize I don't have a degree in Sharia, but the reform -- reformation in Europe gave space to the enlightenment scholars to have room to do their work.

 

When we sent that declaration out, these guys were writing at -- Spencer was publishing Kirby's work that said we were dead on arrival, that basically we were hopeless. And we nailed those declarations out, knowing that the establishment, the Islamic establishment would definitely reject it. But we proved our point.

 

If they were moderates, they would have signed on. And actually the Islamists on the left would have proven us wrong by saying, "Oh, they are peaceful." Well, no, we proved her right, that Islamists are supremacists. And as Geller says, they're Nazis. But she's not fighting the Naziism of Islamism. She thinks all of Islam is hopeless and a monopoly. And us Muslims are lying that are trying to reform from within.

 

GLENN: So you're --

 

ZUHDI: And all we're trying to do --

 

GLENN: So let me give you a clearer example. She says that she's fighting Naziism. But actually, what she's fighting is all Germans. And if anyone who says I am not a Nazi -- I was fighting against the Nazis, they're automatically lying because all Germans are Nazis.

 

So anybody who says that they are trying to reform, I'm a peaceful Muslim, even though you're proving the -- the sun shine and lollipops left wrong and saying, "Look, no. These -- these guys are not who the left is saying they are. These -- this is part of the Nazi party. But there are these -- these Germans here that are fighting. But there are many Germans inside of those -- those mosques, if you will, that are only there because they're afraid they're going to be killed by the storm troopers." Am I right on that?

 

ZUHDI: Exactly. I mean, this is why -- her verbiage, her messaging is exactly what comes out of the supreme counsel of Iran, the Saudi Wahhabis. The Al-Azhar Universities, the establishment that whips and flogs Muslims like myself. In a country where we can do this work, there's actually an alt-jihad movement that is basically doing the bidding of those governments by saying, "Oh, the Mufti of Islam is it. There are no reformers. There is no reform possible." So, therefore, yes, they ignore the fact, Glenn, that we are contrite.

 

I admit, Islam has a major problem within it. We're frustrated. It has cancer. We are in the 15th century. But we need at least a little oxygen. Give us some breathing room to say, you know what, maybe reform is possible.

 

But when they say it's terminal -- when John Guandolo posts on his site and says Sebastian Gorka, because he said that reformers need to be supported, is unfit for duty and says that the Jassers of the world are utter nonsense and calls us a fantasy Islam, how does that actually then give us room to operate and let Americans see a solution?

 

I mean, I'm a doctor. When I see patients that have cancer, I don't just say, oh, that's it. Call a hospice. See you later.

 

No. Everybody needs hope. Our movement is about hope. We admit we're a minority. But give us some hope, for crying out loud, or else you're part of the alt-jihad.

 

GLENN: And I see now why you're calling it the alt-jihad because it is part of the alt-right movement. This all-on-nothing, Nazi kind of mentality of the alt-right needs all Muslims to be bad.

 

ZUHDI: And, you know, I didn't call it right because I think it sort of exists throughout the left and the right in America, that we -- there are two groups on each extreme that view Muslims in a monolith. Either Muslims are all peaceful, no problem, psychiatric or criminal. Or on the other side, they're either terrorists or terrorists in waiting.

 

And that's not the Islam I teach my kids. Granted, they can say I'm a liar about the narrative of the Prophet Muhammad. But do you think that the Islam I teach my kids demonizes and says the Prophet Muhammad is irredeemable? That's not how you reform Islam.

 

We have to come up -- call it mythology. Call it what you want. We have to come up with narratives of the Prophet Muhammad that are 21st century narratives and call that reform and renew the branding of Islam to an American type of Islam that's compatible with our Constitution. And if we can't make that distinction, Americans are going to get confused that there's no solution, except this cataclysmic battle against 25 percent of the world's population. And that's just absurd.

 

GLENN: Tell me one last thing: Is it Ali -- is it Allah Jah Izetbegovic (phonetic)? I don't know how to say it.

 

STU: Huge fan. We're huge fans.

 

GLENN: Yeah, huge fan.

 

Do you know the name? By the way, I butchered it.

 

ZUHDI: Yes, Alija Izetbegovic. You know, listen, on my podcast, I talked about many scholars that affected me. And Izetbegovic was the president of Bosnia. He was in prison 15 years. He talked about humanism and Islam. You know, was he an Islamist? Yeah, he was. He said, so, listen, I'm not an Islamist. But there's books that affected who I am.

 

Martin Luther was an anti-Semite. Justin had slaves. There are many people that affected who we are, that had things in their lives -- so then Spencer then publishes that I used an Islamic supremacist as a source of reform. That's absurd. We don't take authors, in toto. We take some of their messages.

 

I mean, if there was an author I could tell you is a reformer, we would just use him and say, let's follow him. But, no, we had to create or invent the Muslim reform movement that has 30, 40 different scholars that we use to inform what we're doing. Izetbegovic's book, Islam Between East and West, has a defense of secular humanism. The ideas of humanism being central to part of Islamic ideas. I don't buy his declaration. I reject it. Our Muslim reform movement rejects it. But what they want to do is cherrypick things I say to say, oh, that proves that I'm a stealth jihadists. So, therefore, forget the last hundreds of articles and books and speeches I've given, this proves that Jasser is actually lying. I mean, that's not American. That's not --

 

GLENN: Zuhdi, I have known you -- was I the first national host to bring you to the forefront?

 

ZUHDI: Absolutely. Back in 2006, on CNN.

 

GLENN: Okay. So 2006. I've known you since 2006. And I've heard you passionate about many things. I sense something different in your voice this time. A real sense of not despair, but overwhelming frustration here from people who you would hope that would be reasonable. Am I -- am I sensing something here, or is it just hogwash?

 

ZUHDI: You're right. I mean, I was blessed to have parents that came to the freest country in the world. And I'm getting squeezed from both sides of the political spectrum. And folks that are with me with a common enemy -- I don't care if they believe Islam is evil or whatever as a faith, but at least give us room to operate. And don't say the same things about me that the theocrats of Saudi Arabia and Iran say. Give us a little bit of room. And say, well, okay. Fine. A little benefit of the doubt that maybe there are versions where minority -- and in this country, when I hear this discourse between these two extremes, where are we supposed to operate? It's frustrating.

 

GLENN: Zuhdi Jasser, I admire you, sir. And if Pamela Geller doesn't know why Glenn Beck gives airtime to this voice, maybe the rest of the country can understand it, in just the last ten minutes. I think you have an important voice that has been silenced by what was the left for most of the last ten years.

 

And now apparently, being silenced by the right or wanting to be silenced. The alt-right. And it's just as wrong. And I stand with you, Zuhdi. And anything I can do to help expose you to more people, I will do. Anything I can help, I will do. I think you have an important voice. And I sure appreciate your willingness to continue to stand.

 

ZUHDI: Well, God bless you, thank you, Glenn. Appreciate it. Be well.

 

GLENN: You bet.

 

STU: And his podcast is on TheBlaze.com/radio. You should listen to it. Another thing, he threw out a lot of names, and a lot of them you may not be familiar with. One that he did mention that said, hey, you know, we need to give Zuhdi Jasser room to move and show that this can be reformed was Sebastian Gorka. That is a top adviser to Donald Trump, is what he's talking about there. So you talk about where this battle is happening. It's not on the right. It's not on the Donald Trump level. It's way out in the wilderness of Richard Spencer and Pamela Geller and all these other people out there. But it's important to know, that in the Trump administration, they're looking at Zuhdi Jasser as someone who is a real hope to solve this problem. And, you know --

 

GLENN: And thank God for that.

 

STU: I think you're right to sense that despair in him. But that's encouraging, right?

 

GLENN: Oh, it's very encouraging.

 

This is the guy I've been since 2006, I've been saying, Bush needed to listen to. Obama needed to listen to. The world needs to listen to. He gets it. He really gets it. And if you just want to hate Islam, he's not your guy. But if you believe -- I mean, I was just in a land where people are worshiping a half elephant, four-armed lady. I mean, I don't even -- I mean, you know. What the hell is that? Is what I was thinking.

 

Okay. What are the people like? If I'm going over, my job is to destroy all those people that have the elephant idol. Well, good luck with that. I don't want to join you. If you would like to help people get closer and closer to the truth and out of error, then let's have a conversation. I don't want to just be the destroyer of anything, unless you're trying to destroy everybody else. And that's what Islamists do. That's not what Zuhdi Jasser and millions of good Muslims do.

TV

The ONLY Trump/Epstein Files Theories That Make Sense | Glenn TV | Ep 445

Is the case closed on Jeffrey Epstein and Russiagate? Maybe not. Glenn Beck pulls the thread on the story and its far-reaching implications that could expose a web of scandals and lead to a complete implosion of trust. Glenn lays out five theories that could explain Trump’s frustration over the Epstein files and why Glenn may never talk about the Epstein case again. Plus, Glenn connects the dots between the Russiagate hoax, the Hunter Biden laptop cover-up, and the Steele dossier related to the FBI’s new “grand conspiracy” probe. It all leads to one James Bond-like villain: former CIA Director John Brennan. Then, Bryan Dean Wright, former CIA operations officer, tells Glenn why he believes his former boss Brennan belongs in prison and what must happen to prevent a full-blown trust implosion in American institutions.

RADIO

Rumors explained: Is Fed Chair Jerome Powell OUT?!

After rumors spread that President Trump would soon fire Federal Reserve Chair Jerome Powell, Trump has said that he's "not planning" on it right now. But is it possible for Trump to fire him? Will he resign? And how is the Fed Chair even chosen in the first place? Glenn and his head researcher Jason Buttrill explain ...

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, last night, I was rapidly looking the lie some of these rumors, on X.

Pretty incredible people on what's going on with Jerome Powell and the fed.

What the heck?

I was actually popping popcorn and watching this. It was so crazy.

GLENN: So it's just the rumors, that he is going to be stepping down?

JASON: Well, yeah.

Yeah. Anna Paulina Luna. Congresswoman. She was saying, it was almost imminent, that he was about to be fired. Actually fired.

There were other rumors saying, well, we're not sure about fired.

But he's considering resigning.

GLENN: Yeah. You know why.

JASON: We were like, what the heck is going on?

GLENN: So do you know why?

Do you know why he's resigning? Any guesses? I mean, you had popcorn out. I would love to hear what you have come up with.

JASON: So there was the CPI stuff coming out. The interest rates going up.

We know that the President wants interest rates to come down. I'm assuming that is what the deal is, and there's some sort of internal battle going on.

GLENN: Well, and the president can't fire the Fed chief. Okay?

So the Fed chief is the one that nominated. The federal reserve is the biggest crock of bullcrap I've ever seen in my life.

It's nothing, but the five biggest banks. Okay? And you know which ones they are. They're the ones that keep getting bigger. And everybody else is falling to the wayside.

So the Federal Reserve is the arm of those five banks.

Okay?

And they suggest, who the president can select from.

So the president can't say, I don't want any of these guys. I want this guy. Can't do it.

He has to take a look at the list that all the banks have put together. Is. Say, pick from this list, Mr. President.

Did you know that?

JASON: It's kind of how Iran chooses their next president.

GLENN: It's exactly. It's exactly that way. Except, this religion is all about the almighty dollar.

Okay. So he can't -- he can't pick on his own. But the president has a right to pick one, you know, every term. If it comes up in his term.

The president wants this guy out. And I think he's been really, really bad.

Because he's been wrong on almost -- on almost everything. But show me the -- show me the Fed, you know, the guy who the Fed was right ever.

So he can't fire him. But he wants him out. Because he wants interest rates dropped.

And, you know, the jobs are coming back. Things are coming back.

But interest rates keep coming up.

And the -- and the interest rates, if we keep our interest rates high, we have a harder time borrowing money for our debt.

And it just gets more and more expensive for everybody all along. So the president wants him to back off interest rates. But the Fed chief believes that that could cause more inflation.

Which I think he's right on that one. And I hate to say he was right on anything.

Because I don't think he was ever right.

Makes me question myself. When he's like, well, I think he might have a point on that one. But the president is like, no. He can handle it.

I want them down. I want cheap money again.

He refuses. So what has the president done?

The president can only fire him, with cause!

So what do you do when you can only fire somebody with cause, and you want them out.

You find a cause, and this one is easy.

So the Fed has been the one leading the way saying, we can't keep borrowing money.

We've got to have some fiscal sanity. Right?

This is going to kill us. We have to keep these interest rates high, because you are borrowing too much money. And maybe this is the only way to stop you.

So we got to keep it high, because you've borrowed too much money. And how many times has he testified in front of Congress? We've got to cut. We've got to cut. You can't keep spending like this.

Okay? Well, did you know that the Federal Reserve, with our tax dollars, the five biggest banks, a/k/a the Federal Reserve, is redoing their offices. To the tune of two billion dollars!

Now, I don't know what kind of wallpaper they need there.

But that seems like a pretty hefty renovation, especially when everybody is looking at cutting things. And you're lecturing me about spending money. So they get money from the government, okay? They're telling us, stop spending.
Stop borrowing.

Except, okay. What you've borrowed. I need $2 billion of that, to redo our offices in Washington, DC.

Excuse me?

Why don't you do that yourself. Okay. I think banks maybe have some money.

So they're borrowing that money, and there's $700 million over.

So it's $2 billion. $700 million over budget. And they're still not finished.

And the problem is: They're putting in water features.

They have a rooftop garden they're building.

JASON: Okay.

GLENN: I mean, it is -- it's insane. The president now knows, really? You want to play this game with me. I will sit your ass down in front of Congress, and you answer to the American people, how you're lecturing us about spending. And you're putting in a rooftop garden and a water feature in your office. No! No.

So the president is now threatening, I'll fire you for this. You want to quit, now would be the time to quit.

Otherwise, I'm dragging your butt in front of Congress.

You answer to the American people for this. And they will beg me to fire you.

That's what's happening.

JASON: I looked at that a lot.

Because I was like. There's got to be some leverage that the president had, because they can't get rid of.

But that is a pretty big cut. That sounds like a Babylon Bee article. $2 billion.

GLENN: It does. It does. $2 billion, 700 million over budget.

JASON: Oh, my gosh.

GLENN: I mean, and these are the responsible bankers. No, I don't think so.

It just shows, they don't mean what they say. They'll just keep doing it for themselves. You know, if you really believed that America was really on that financial cliff, why would you do that?

You would lead the way and say, guys, we are going to be the only responsible ones here.

We will lead by example.

No renovation. You know what, go to IKEA?

You need a new desk. Go to IKEA, and get a new desk. Well, we have to keep up our image. We're not going to have a country.

So what do you say, we go to IKEA?

Our image should be, we are going to lead the way out of this madness!

That's what a leader would do.

JASON: So, Glenn, I still don't think I get this disconnect between Trump and Powell on -- we know Trump wants to lower interest rates.

Powell is standing back and saying, basically, he doesn't want to do it.

Is he trying to undermine President Trump on this?

GLENN: President Trump thinks so. President Trump thinks so.

I think so, to some degree.

I mean, I'm worried about inflation.

Look, you know what happened. Do you know what's happening with yap?

JASON: What's happening with Japan?

GLENN: So what's happening with Japan, is Japan has always had this really amazing image of, we're solid. We're absolutely solid.

This is target to crack. The foundation.

1989.

Let me go back to 1989.

This was the crown jury trial of the global economy.

Back in 1989, you probably aren't old enough to remember.

All of a sudden, Japan owned everything in America. We were just becoming Japanese, and everything was being purchased by Japan. Kind of like it feels a little bit like China now.

JASON: They even owned Nakatomi Plaza, Glenn, that Bruce Willis had to save -- they owned everything in every '80s movie!

GLENN: Oh, yeah, they owned absolutely everything.

Okay? And the -- things were so insane in Japan. The grounds of the imperial palace, in Tokyo, on paper was worth more than the entire value of the state of California.


JASON: Wow!

GLENN: Okay?

So their land. Everything just shot up. And so they had all of -- they were flush with all this cash.

And people believed that Japan had suddenly, you know, cracked the formula for, you know, eternal prosperity.

That's the problem. Then it all started to fall apart. And the asset prices. That they had mortgaged against.

Okay?

They had borrowed. Well, the imperial palace was worth more than California.

That doesn't make any sense. You wouldn't mortgage it like that. At least long-term. I will do this real quick, and pay it off.

You would never, ever mortgage, because you know that's inane. Well, nobody ever wanted -- and it seems in governments, nobody ever wants to believe that this is just a fluke. Okay?

So the asset prices collapse. The stock markets plunged. And for three decades, they have gone into this very polite political coma.

Okay? Economic coma. And so the central bank did something radical. They were the first ones to set your interest rate at zero. They lowered the interest rate. They made money so cheap, it was nearly free. Zero percent interest. Sometimes, they would pay you to take out money.

So the -- they had negative interest rates. Can you imagine that? Now, you're not fixing the problem. You're just printing wallpaper to cover the mold. All right?

So they've done this for decades.

Now their debt is I think 260. Or 280 percent of their GDP.

I think, what is ours?

100?

80 percent.

Something crazy. 120. You never believe back.

The death threshold is usually 120, 140.

They're 260 percent of their entire economy is debt.

That's not a crack. That's a fault line.

So this week. Or was it last week? Things started to creek and grown in Japan.

And the government bonds, which are like our treasuries. Is this getting too complex.

Are you following this still?

JASON: Yeah.

GLENN: Okay. So their government bonds.

They were the safest investments on earth.

One of them. Okay?

It's us. Japan, Germany.

They started to fall.

Hard. And when bond prices fall, interest rates were the easily go up.

All right?

So they borrow all this money.

260 percent of their GDP is borrowed. Okay?

So they borrowed all of that money. And they had it at like 3 percent interest. Whatever.

2 percent interest.

And they were paying people.

2 percent.

Well, all of a sudden, the cracks started to appear. And people were like, I'm not sure this is stable at all.

And then the belief of the system started to -- to go away. So people started selling their Japanese bonds.

Once they do that, now the yields have to go up.

What happens when yields go up?

What happens when interest rates go up? For a government. You have to pay more interest on your debt!

Okay?

You add two or three points.

Just imagine, you have an adjustable rate. Okay?

This is a government having an adjustable rate. Except, they have 260 percent of everything they make, in debt!

And it's all leveraged.

And now, their adjustable goes up two, three, four points.

You're not able to afford that anymore, okay?

So massive problem.

Because what it really means is. People don't believe in Japan.

They know the con game is now over.

And investors are saying, you know, I want a whole lot more in return.

Because I just don't believe you anymore.

And it's not just Japan's problem. This is not a neighbor's house on fair.

This is -- imagine we're all living under the same roof. This is the neighbor's apartment, on fire.

We're all under the same roof. We all have the same foundation. And so when this happens to Japan, you should pay attention. And I'll show you the ripple effects in just a second.

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(music)

GLENN: Okay. So now if Japan -- that means there's a stampede out of Japan.

And people are starting to look and reprice the risk of their money.

Now they're like, wait a minute.

The most stable. You know, if you're driving a car and it is the safest car in the world and all of a sudden, they just start blowing up on the highway.

You're like, I don't think that's the most -- that's the safest car on the highway.

And if that's the safest car, what does it mean for the car I'm in?

You know what I mean? So now, this is going to push US interest rates going up.

Which makes our mortgage rates go can up. And our car loans more expensive. And the national debt. Which is already costing us $1.2 trillion a year, just in interest.

Now, they can't sell their treasuries. People are skittish on treasuries. Maybe they come to the United States, but they're not so far.

They're getting out of the Japanese interest. Or the bonds there.

Japan has to pay their bills.

What do you do when you have to pay a bill?

And you don't have any money coming in.

You don't have enough money coming in. What do you do?

You sell something. Right? You sell your car. You sell something that you have of value.

Well, what do they have? What do they hold of value? US Treasuries.

So now, we are trying to sell our bonds, for our new debt, they hold our old debt.

They're saying, hey. Anybody want to buy this debt? Because I have to sell it. Fire sale. What do you give me for it?

Okay?

Which makes that debt more attractive, because they can get a better deal there.

Which means, if we want to have new debt, we have to raise our interest rates. Which means, we pay more for interest for our mortgages and everything else.

And it floods the market with bonds, crushing the prices, skyrocketing the costs for us.
And causing even more trouble, in other countries, that have US bonds. Because they start to look and go, nobody is buying these bonds.

Well, of course not. You have two countries. The two stablest countries besides Germany.

You have the two stablest countries now selling US Treasury bonds.

Okay? Really, really bad.

Now, let me add this on.

Germany is now having to pay for their own army.

And so they said, they're going to borrow money.

To build the army.

And they're going to lower their interest rate. So they can borrow more money. All right?

And now, the German bund, which is -- you know, like our Treasury. That's now starting to fall apart.

Well, Germany has some assets, they can sell.

What do you think that asset might be that they want to sell?

US treasuries.

We have been playing an extraordinarily horrible game.

This is why I believe the president wants somebody else in charge of the Fed, because the Fed can say, we're lowering the interest rates.

Because he's got to get more money into the system. So people can spend money, can start businesses. Borrow money.

Get things moving, so we can increase the amount of taxes that we collect.

The more people money -- the more people make, the more taxes we collect.

So he's like, we've got to grow the economy. And the only way we can grow the economy is to lower the interest rates.

But at the same time, interest rates around the world because of what's happening with the bonds is going through the roof.

We are in a very -- we've never been in this position before.

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