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Glenn Tells Head of Libertarian Party What Floored Him About Gary Johnson

Nicholas Sarwark, chairman of the Libertarian Party joined Glenn in studio Thursday to discuss the contentious 2016 election and the future of his party. Does Sarwark see 2016 as a missed opportunity for the Libertarian Party?

"Absolutely not," Sarwark said.

"You don't?" Glenn responded in surprise.

Glenn and Sarwark continued a lively discussion about the 2016 candidates, Gary Johnson's distrust of religion more than government, and how Libertarians can shape their message of individual freedom to appeal to a larger swath of voters.

"He made a point every time he came on this program to mention that he distrusted religion more than he distrusted the United States government, and we were floored by that," Glenn said. "Now, I have a healthy distrust of religion as well. Religion gets us into problems just like government does. It depends on who is running those things."

Enjoy the complimentary clip or read the transcript for details.

GLENN: We've invited the chairman of the Libertarian Party on, Nicholas Sarwark. He's 37 years old. He took over the head of the Libertarian Party when he was 34. He's a former public defender and -- and wants to grow the Libertarian Party. Welcome to the program. How are you?

NICHOLAS: I'm fabulous. Thank you so much for having me on, Glenn.

GLENN: You bet. When you look back at 2016, do you see that as a missed opportunity for the Libertarian Party?

NICHOLAS: Absolutely not.

GLENN: You don't?

NICHOLAS: We -- we took advantage of the opportunities that were given.

We had been doing work -- as you probably know, the Libertarian Party has been around for 45 years now, and it's been small, and it's been growing slowly and steadily over time. 2016 was a huge opportunity. The old parties decided they wanted to nominate the worst people they could find, and they did.

GLENN: Right. Right.

ROBERT: We nominated two very experienced former governors who were very popular Republican governors in Democratic states. So we had kind of the perfect storm.

GLENN: But were they? And I hate this test because no one ever passes the Libertarian test. You can talk to any Libertarian, and they will convince you that you're not Libertarian enough. So it doesn't -- so I hate this test. But these guys were for a lot of big government policies, when they were government -- when they were in government. And they also, you know, didn't meet basic fundamental principles of freedom of religion, et cetera, et cetera.

And we felt at least -- and, you know, I don't know who the Libertarian Party is trying to appeal to. But we felt at least -- and still do -- we belong in the Libertarian Party because we're strict constitutionalists.

NICHOLAS: Right.

GLENN: But we don't feel welcome there. And we certainly didn't feel welcome with Gary Johnson.

NICHOLAS: Really? And who made you feel unwelcome, Glenn?

STU: You. It was you.

GLENN: Gary Johnson.

NICHOLAS: It's usually me.

GLENN: No, it was Gary Johnson.

NICHOLAS: Really?

GLENN: Yeah, he was on our show a couple of times.

STU: And we liked him.

GLENN: And we liked him.

STU: We had good conversation with him.

NICHOLAS: Okay.

STU: But, for example -- quick example to back this up, he mentioned a lot to a lot of different media sources the percentage of issues he agreed with Bernie Sanders on. That was a big talking point for him, and I think to a lot of people in this audience, even though I can't imagine the percentage he was quoting, which was like 80 percent or something like that, was actually true, because he was using that as such a kind of an outward talking point, to many media sources and mentioned it even here on the show, I think that that scared a lot of the audience away.

NICHOLAS: Right.

GLENN: Also, he made a point every time he came on this program to mention that he distrusted religion more than he distrusted the United States -- the government. And we.

NICHOLAS: That's --

GLENN: And we were floored by that. Now, I have a healthy distrust of religion as well. Religion gets us into problems just like government does.

NICHOLAS: Right.

GLENN: It depends on who is running those things.

So we just -- we just felt like -- and this is why I wanted to have you on.

JEFFY: Yeah.

GLENN: Like Austin Petersen, we loved. We loved.

NICHOLAS: Okay.

GLENN: Where are you guys headed -- because I know America, especially the youth, is headed towards this -- you know, this idea of a new kind of Marxism. And big government. Are you guys constitutionalists, or a hybrid of things? What is it?

STU: Wow. That was a long question.

NICHOLAS: Yeah, that's a huge question. It's double-teaming, which is perfectly fair.

I'm used to it.

So starting with the Sanders thing, yeah, Gary Johnson agreed with Bernie Sanders 80 percent of the things.

GLENN: May I just say, you're not in a hostile room.

NICHOLAS: I don't feel like I'm in a hostile room. I feel like I'm in a friendly room. I'm smiling.

GLENN: All right.

NICHOLAS: He agreed with Bernie Sanders on a lot of stuff. I agree with Bernie Sanders on a lot of stuff.

GLENN: I agree with Bernie Sanders on the problems, not necessarily the solutions.

NICHOLAS: I agree with a lot of conservatives on a lot of stuff. Libertarianism is something fundamentally different, and there are a lot of conservatives who feel not welcome, as you feel. That's a -- that's a normal feeling. There are a lot of liberals who feel not welcome.

GLENN: Right.

NICHOLAS: And the reason is the same: We kind of deny the validity of the paradigm of left and right. Left and right is not important. What is important is freedom and government control. So if you're pro-freedom on an issue, you're for empowering individuals over empowering government, we're with you, whether the issue with you on is from the left or from the right. And the thing that makes people feel uncomfortable is, if you've been in this left/right paradigm, hearing somebody say nice things about a freedom issue that's on the left makes your skin kind of crawl. And if you talk to liberals, it's the same thing. If I say something nice about what a conservative did because it was pro-freedom on that issue, but it's from the right, they're like, "Well, you guys are just bad Republicans."

STU: Right.

GLENN: I would agree with you in most cases. With this audience -- not all of this audience, but a large share of this audience, we are -- here's the problem with Gary Johnson. Gary Johnson came in and he said -- or was on, and he said twice -- and then the running mate Weld said the same thing that -- we said, "How can you have a law that a photographer has to take a picture or wedding cake -- it doesn't make any sense. You can't be for ultimate freedom and maximum personal responsibility and also say, "Oh, and the government should regulate that." As Penn Jillette and I talked about --

NICHOLAS: Right.

GLENN: -- you know, you should be able to have your business do anything that you want, and I have a reason to go, "I'm never going to go there."

NICHOLAS: I love Penn Jillette. So this is going to be hard for him to watch or listen to.

That's right to a point. There's a -- I can get into a long discussion of Anglo-American contract law and stuff like that. But that's probably boring for your listeners. The point is that there's this tradition of something being open to the public. A movie theater is open to the public. A drugstore is open to the public. And open to the public means if you're a person who is not belligerent and you come in, I sell you the stuff off of my shelves.

I don't get to say, "Hey, you can't buy the candy bar because you're white. Sorry. Leave." That runs through our legal history. There's also a long tradition, in America, which is really different, of a strong and vibrant First Amendment, both the free exercise clause and the free speech clauses, that say, I get to say whatever I want. The government can't stop me. Other people can disagree. And I get to exercise my religion, as I choose, as long as I don't violate laws of general applicability. And there can be no compelled speech. That's big. You can't make me say something I don't want to say, as the government.

The tension comes when you get in the middle. Because what are we talking about when we talk about cakes? Because it's a cake issue. And it's a hypothetical. And it's weird. But up in the northwest, it's not hypothetical. Are we talking about, hey, it's a Costco sheet cake. I just want to buy a cake? In which case, yeah, you have to sell that cake to everybody.

GLENN: It's off a shelf.

NICHOLAS: If it's, I want you to write, I want you to express, I want you to put words on to the cake, then it's different. And then photography gets into a weird spot because it's --

GLENN: It's art.

NICHOLAS: Some of it is art. Some of it is documentary. You know, is the artist's message in there? These are hard issues. There isn't one right answer. It's not black and white. A lot of life isn't black and white. And what I've been trying to do is get Libertarians to focus on how many areas do we agree on?

GLENN: It's amazing. Yeah. A lot.

NICHOLAS: If this is a point of contention, where you are a little farther on the free speech side than the Costco sheet side, that's okay. Because we agree on so much else.

GLENN: I agree.

NICHOLAS: Let's have a beer and talk about this. But let's work together on all the other stuff.

GLENN: I agree with you. It just, to me, it seems like a very -- a very easy call, I have -- for instance, you don't have a right to come in -- to me, to come in and say, "Oh, well, I'm just not serving your kind. So you get out." I got to serve you everything. But if you're asking me to do something that is part of a religious ceremony or something that I feel is religious, then that's an easy call.

NICHOLAS: Right. It's coerced expression.

GLENN: Yeah. And it's just so easy, black and white.

STU: It did not seem to be Gary's position, what you're articulating here. I'm totally comfortable. In fact, I agree with you, on what you just articulated. It's just, that's not what he articulated.

NICHOLAS: I got that. And no candidate is perfect. No person is perfect. I love Gary Johnson. He's strong in some areas. He's weak in others.

STU: As we all are.

NICHOLAS: Austin Peterson is strong in some areas, weak in others. And the delegates make those choices.

GLENN: Right.

NICHOLAS: You know, we're -- you want to talk about big differences between the Libertarian Party and the old parties, we had a convention in Orlando, where 1,000 delegates from across the country selected by state Libertarian parties came into a room. Our bylaws explicitly prohibit bound delegates. Every one of those people was totally free to vote for any presidential nominee. They got to meet them. They got to shake their hands. They got to see them in debates. And those delegates in that room made a choice about who they thought would best represent the Libertarian Party. My job as chairman is to empower the choice of those delegates. So I would get these calls where people would say, "Well, what are you going to do about Weld, or what are you going to do about Johnson?" The delegates decide. I don't decide that.

GLENN: No, I agree with that. It's not you. It's not the party. Now, the question is, how does -- because to me, this looks like such an easy place to go and unite the country. Because I -- I really believe -- I can live next to Ben & Jerry for the rest of my life. And they can --

NICHOLAS: They live here? I thought they were up in Vermont.

GLENN: Yeah. But I could live next to them for the rest of my life and we'd never -- we'd be perfectly fine neighbors.

NICHOLAS: Right.

GLENN: It's only when I try to affect them or their business or what they believe, or they try to do it to me --

NICHOLAS: Right.

GLENN: -- coercively through government. So -- and I think that's where a vast majority of America is. I could be wrong.

How do you shape that message to cut through and -- and appeal to -- to more people? Because I think that's where people are.

NICHOLAS: I think you start by changing people's premises. The veterans of the culture wars, like many veterans, bear scars from that. Because these were fights that we had during the '90s and the 2000s, between the right and the left, over who gets to have government tell you how to live your life. That's what made them so bitter. That's what made them so angry. Because the stakes of losing were so high.

GLENN: Correct.

NICHOLAS: In a Libertarian society, what we change -- what the party is trying to do in changing America is take that option off the table. No matter how much we disagree --

GLENN: Amen.

NICHOLAS: -- about how you live your life or I live my life, which we may, probably have some disagreements, we agree as a premise that I won't try to use the government to try and control you and you won't use it to try and control me.

GLENN: This is so easy.

NICHOLAS: And it makes -- it makes for better debates and discussions and dialogues because we can get heated and we can get angry. And we can shout or yell or cry or whatever, but we know at the end of the day, it's safe. Because we're exchanging ideas, not fists or guns. That's what we're trying to -- to change about the culture of politics in this country. Libertarian politics is basically -- it's anti-politics. Politics, political economy generally is different groups of people arguing over which one of them gets to take your tax money and give it to their corporate cronies. Theirs. Because theirs are the good ones. Not the other guys. The other guys -- you don't want to give any money to him, but the developer that I know, oh, yeah. No, that's the guy that should get your tax dollars.

GLENN: We're seeing this with Donald Trump.

NICHOLAS: Right.

GLENN: The right was against the stimulus package.

NICHOLAS: Until he did it.

GLENN: Until he's got a bigger stimulus package, and they're for it.

NICHOLAS: Right. We're fundamentally different because we're the only political party in the country that's dedicated to the idea that you have a right to pursue happiness any way you choose, as long as you don't hurt other people and you don't take their stuff.

We're fighting to make it so that government stops taking stuff away from you and stops controlling your life.

GLENN: Okay. So let's get into that. When we come back --

NICHOLAS: Sure.

GLENN: And you're going to be with me on TheBlaze, so we'll maybe spend another ten minutes. And then tonight, at 5 o'clock, we'll spend a full hour. And I really want to concentrate on that. Because there's a new study out -- and this is of conservatives -- conservative millennials. Forty -- 51 percent say that the government -- that the First Amendment is sacrosanct, that you have a right to speech and a right to free press. 49 percent say that is sacrosanct. But the government has to decide what speech is okay. I mean, it's crazy. And it's conservatives that are saying that. How do we change that?

[break]

GLENN: Talking to Nicholas Sarwark. He is the chairman of the Libertarian Party. We have to get to this here in a couple of minutes, and we'll probably spend more time on it tonight. Can you just go over -- because I only have two minutes here. Can you just go over and then just tease for tonight to explain this, what you just said to me during the break?

NICHOLAS: Sure. Oh. Oh. You had asked earlier whether or not the Libertarian Party is constitutionalist. But it's not anti-constitutionalist. The Constitution, as written, has good things in it -- free speech, Fourth Amendment, stuff like that -- and it has bad things in it, three-fifths of a person, some anti-Democratic stuff.

We support freedom. Every issue. Every time. If the Constitution supports freedom, we're behind the Constitution. If the Constitution takes away freedom, we're against the Constitution. Our North Star is individual liberty, not a particular document written by a particular set of people in a particular place in time.

Legally, we're bound by the Constitution, but our goals --

GLENN: Is there a better document than the Constitution?

NICHOLAS: Oh, no. It's very much the Churchillian line. It's the worst system, except for all the other ones.

GLENN: Yeah. I'll give you that. I mean, we've had this argument -- I had a progressive on the other day, and we were talking about it.

And I said, "You know, let's just agree on the top ten. The first ten amendments." And I said, "Except for the 13th Amendment and Prohibition, the Constitution, all the other amendments are just like, hey, dummy, this is what we were saying in the first ten."

NICHOLAS: Oh, yeah.

GLENN: And that's really where we have to get to.

NICHOLAS: Bill of Rights is solid. Bill of Rights is solid. We're totally behind the Bill of Rights.

GLENN: Rock solid. Yeah.

NICHOLAS: Other parts of the Constitution get a little bit muddy.

GLENN: Yeah. But the Bill of Rights -- I think when people talk about the Constitution, I think, you know, they're not talking necessarily about all the inner workings of how the government works and the three-fifths clause, which was in there for a reason that nobody even knows about anymore. But looking at that Bill of Rights, there is a huge connection across all categories.

NICHOLAS: Absolutely.

GLENN: All categories.

I'm really looking forward to our conversation later today. 5 o'clock on TheBlaze.com. The Libertarian Party.

What is it? What do they believe? And where are they going in 2018 and 2020? You want to be a part of change? Join us tonight. 5 o'clock. Only on TheBlaze TV. TheBlaze.com/TV. Join us tonight at 5:00.

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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