Glenn Beck: Market madness


The Little Book of Bull Moves in Bear Markets

by Peter D. Schiff


GLENN: From Radio City in Midtown Manhattan, third most listened to show in all of America. Hello, you sick twisted freak. Welcome to the program. We have Peter Schiff on the phone from Euro Pacific Capital, and I wanted to get Peter to explain first of all what happened last night. We had all of the futures markets freeze up and you couldn't, you couldn't buy your way out last night. The market's pretty much closed. Is that an accurate?

SCHIFF: You couldn't sell your way out if you were trying to sell any futures because they were lock limit. But seems like the event that precipitated the decline was the near 10% decline in the Nikkei and what happened is a lot of the major exporters, right, that export to the United States came out with some bad earnings numbers and that clobbered Japanese stocks and also sent the Japanese Yen, you know, soaring.

GLENN: Okay. Peter, remember this isn't CNBC. This is -- you know, this is not a financial show at all. So if you can break down everything as much as you can. Why were we expecting the market to open and people were full-fledged panic this morning?

SCHIFF: Well what happened is, you know, with all the selling that was happening in Asia, people who trade stocks started anticipating more weakness in U.S. stocks when they opened the following morning and so people started selling U.S. stock index futures and that drove them to limit down and that's what got everybody frightened because we hadn't seen a limit down move in the stock market. I can't even remember when that's happened.

GLENN: Okay. So why didn't it shut down and trip? What happened? Why is it now at only, you know, 350 points?

SCHIFF: Well, you know, buyers came into the market. So it wasn't, the opening wasn't nearly as bad as people had feared. But remember the day is still early. You know, we can still go a lot lower. I don't think -- you know, people keep bringing up, oh, people who bought in October 1987, they made a lot of money. So people should just come in and buy, and the same thing is going to happen. But the big difference is in 1987 we were still in a bull market. The bull market began in 1980 and it went until 2000. So that was a correction in a bull market. Now we're in a bear market. We've been in a bear market since 2000. So buying a big dip in a bear market, maybe it would work for a trader, but for a long-term investor, stocks are going to continue to lose value over time.

GLENN: I have to tell you, Peter, it's driving me nuts. You know, people will watch these traders and these people on television. They're salesmen. I mean, it benefits them when they say, "Hey, you know, getting in..." I mean, I had people say on my show -- I think you were on the same show with me on the day where the Dow came close to hitting 14,000 and people were saying there's lots of room left in this thing and I'm like, you're out of your mind.

SCHIFF: Of course, look, you are not going to walk into a used car lot and the dealer's not going to tell you not to buy any of these cars. I mean, that's the same thing that goes on in Wall Street. They want to sell stocks. No matter what the price is, it's always time to buy. And it's either a bull market or it's the end of a bear market. I mean, it's always time to buy if you listen to Wall Street.



GLENN: All right. So Peter, if you had a 401(k) or, you know, if you had anything right now, what should you -- if you had a financial advisor and you got him on the phone, what would be the tip-off that your financial advisor got it? What are the questions that you should ask? Or what would be the telltale signs?

SCHIFF: Look, they would have to understand that the U.S. economy is a complete disaster, that in the future it's going to look nothing like it did in the past, therefore corporations, many of them are not going to earn the type of money that they used to earn. Many companies that have been here for years are going to go out of business. Our earnings are going to collapse and stocks are going to be worth a lot less in real terms than they are now and that riding this bear market out is not a good idea. So he would have to basically give you some whole new ideas to try to reallocate your portfolio for the way the world is going to look, not the way the world used to look.

GLENN: Okay. How much of a role are the hedge funds playing on dumping their assets? For instance, gold has been --

SCHIFF: I think they are playing a major role because right now everything is going down. Regardless of the fundamentals, regardless of the value, people are saying whatever they've bought with borrowed money. And since we have thousands of hedge funds -- and also it's not just hedge funds. You also have mutual funds and other investors that are all simultaneously trying to get out the door at the same time and everybody is selling. And, of course, you've got fire sale prices. But the U.S., the Dow is not on a fire sale. I still have I many U.S. stocks are expensive even after the decline considering what is likely to happen to their earnings. But I think people who still hold U.S. stocks, one thing they can do is when they're selling their U.S. stocks, they can go and buy some of the stocks in other countries where the valuations are a lot better. And you have to remember what's actually going on right now in the global economy is the countries that loaned us a lot of money are having financial problems because we can't pay that money back. So there's trillions of dollars of loss --

GLENN: Wait, wait. Wait, wait. Explain that. Where have we defaulted on paying money back?

SCHIFF: Well, we borrowed, you know, trillions of dollars from the rest of the world to buy houses, to remodel houses, to import cars, to buy consumer electronics, to buy clothing and furniture, to do all sorts of things. Every American has a dozen credit cards in his wallet, he's got car loans, student loans, mortgages. Where is all that money coming from? The money is coming from the rest of the world because that's where all the savings are. And, of course, Wall Street came up with all these products to put together Asian savers with American borrowers and arranged all these cross-border loans. But the world is starting to realize that Americans are not going to be able to pay the money back. We haven't defaulted on all of it yet, but people are starting to connect the dots and realize that it's impossible for Americans to pay this money back. They don't have the income, they don't have the assets. And so this whole dynamic is imploding. So in the short run the people who loaned us the money are suffering but ultimately the change is going to be much worse for us because in the near future, our economy's going to have to function without credit. People are not going to be able to use credit cards and borrow money to buy cars or to buy big screen TVs or to, you know, buy furniture. Our whole economy is going to change. And when Americans can only spend the money they actually have, this whole phony service sector economy that grew up around access to foreign savings and credit is going to crumble. But meanwhile the rest of the world still has a viable economy. They still have all their infrastructure, all their factories, all their savings. All they are doing is losing money on what they loaned us. But going forward, their economies are viable. Ours is not, and we've got a major, major transformation ahead of us and unfortunately we know the Obama administration is coming in and everything they are going to do is going to try to interfere with what the market is trying to do to correct the economy, and we know how that worked in the 1930s. It's not going to work any better now, especially when you've got the printing press nature of our money now that we didn't have back then and we have the potential for an inflationary depression that would be much worse than a depression that we had in the Thirties.

GLENN: All right. You know, I just said on the air that I'm not convinced that -- I'm not an economist. I don't know, you know, I don't know what labels mean and everything else. So I can just tell you that what I said on the air is I've been concerned about a depression, but I'm more concerned of a Weimar Republic at this point. I don't know what the event is. I just know -- or what anybody's going to call it. I just know we are headed for a major event and within 24 months this country doesn't -- I mean, I'm not saying that the country is wiped out or anything else and we all survive and we're not out eating leaves, but it is dramatically different than it is today.

SCHIFF: Oh, exactly. And the real bigger crisis that is going forward is the one that we are in the process of creating right now with all the bailouts and all the money we're printing and all the stimulus packages because ultimately when the dollar stops rising, which it's doing now as a result of all these hedge funds and all this unwinding. When the real move in the dollar is down, when the price of gold is not going down but going up $100 or $200 or $300 a day and the dollar is dropping 10 or 20% every time we go to bed, that's the real crisis. The real crisis isn't when you go to the bank and you can't get your money out. The real crisis is when you go to the bank and you do get your money out but you can't buy anything with it. And that's what's coming.

GLENN: So Peter, explain the price of gold. Price of gold is down $713 now. To most people that doesn't make any sense. My research shows that it is from these giant firms that are dumping bars of gold to be able to have some sort of liquid asset.

SCHIFF: Yeah. I mean, everybody is selling everything, but if you look at on a relative basis, gold has held up relatively better than most assets. If you look at how much the Dow is down on the year, it's down more than gold. So in terms of gold, the Dow has lost value. So people who are holding gold rather than stocks are preserving more of their wealth. But ultimately I think this is purely a function of the market.

GLENN: Right.

SCHIFF: If you actually look at the physical demand for gold, the demand for coins, for actual gold bullion by real people who are trying to save money is going through the roof.

GLENN: Right.

SCHIFF: And what's happening is you are seeing the big players, the leverage players who were selling their gold.

GLENN: At a fire sale because they got it --

SCHIFF: People are buying gold.

GLENN: Right. Because the reason why it's going down is because there are people who are in panic mode that have to liquidate huge sums of gold, right?

SCHIFF: Yeah. And a lot of times it's not a panic. If you borrowed a lot of money to go out and buy gold -- and a lot of people like myself who forecast these events correctly as far as from an economic macro call and they tried to think of, okay, what can I do to profit from this or to benefit from it, they went out and bought gold. Now, the thing was in the hedge fund community, you just don't buy stuff. You borrow money. You use leverage because you get a big incentive.

GLENN: Right.

SCHIFF: So all of a sudden the people who anticipated this major collapse, who bought a bunch of gold, maybe they even bought a bunch of gold to hedge some of their long stock positions. Now they are losing on everything, and the bankers who owned them the money are giving them a call and saying, "Hey, you've got to pay this money back because your assets are falling." And now they have to sell stuff. So it's not a panic. It's a situation where they are required to sell and they have no choice.

GLENN: Right.

SCHIFF: At whatever the price is.

GLENN: I didn't mean to say it was necessarily panic as much as it is they have no choice. They have got to sell it. No matter what the cost is, they have got to sell it because they have to raise the money. And that would cause --

SCHIFF: They don't really want to sell their gold. They would rather sell some other stock but there's no market for it. There's no bids. At least there's buyers for gold. So if you need to raise money in a hurry, you can always raise it by selling gold because there are always people who want to buy it.

GLENN: One last question here on the gold thing. If we look back to the 1980s when inflation really truly kicks in, is there any way, Peter, that massive inflation doesn't start coming our way within the next eight to twelve months?

SCHIFF: No, I mean, it's coming. I mean, we already have pretty high inflation. The government lies about it. Asset prices are coming down but goods prices are going to come up. They are going to come up. In terms of gold, sure, we're going to have big deflation in terms of -- if you want to figure out what things cost new terms of ounces of gold, things are going to get cheaper. But in terms of little pieces of paper, the Federal Reserve notes we're cranking off the presses, in fact if you read all the things the central banks are doing, they are talking about supplying unlimited quantities of dollars, unlimited. They are going to run them off, you know, until they run out of trees, run out of ink, run out of paper. And if they are going to do that, how can it have any of its value? And how can people around the world continue to accept the money we're printing in exchange for all the products they are producing? They are not going to do it.

GLENN: But if we go back to the 1980s when Voelker came in and he tried to bring the money supply in and, you know, bought into a strong dollar, Barack Obama says he believes in, that's why he has Voelker as one of his guys, A, you can't bring that money in because you'll stop all of the money supply. You'll choke the economy to death. I mean, the deal is do I choke it to death or do I just bleed it to death.

SCHIFF: But the thing is believing in the strong dollar is one thing but actually pursuing the policies that are going to give us a strong dollar, it's like you could say I believe in getting A's. You know, I can go to school and say I believe in getting all A's. Well, that's great but if I don't actually study and I cut, doesn't matter how much I believe in getting A's, I'm going to get out. So in order to have a strong dollar, we have to have a sound economy which means we have to manufacture, we have to export, we have to save, we have to cut regulations, we have to cut taxes. We have to do all the things that are consistent with a strong dollar. But Barack Obama doesn't want to do any of those things. So, you know, he wants to cut class but he still wants to get an A. It ain't gonna happen.

GLENN: How much better do you think John McCain would be, or do you?

SCHIFF: I don't know how much better he would be. I think he would be less bad but one of the things I wrote about him, you know, the little book that just came out, The Little Book of Bull Moves in Bear Markets, my idea there was that Obama would actually be the lesser of the evils because I thought that if we put McCain in charge, with all his, you know, get the government off your back, with all that nonsense that he says but he doesn't actually believe, if we had four years of McCain and then the situation got really bad, I could just imagine what would replace him, whereas if we put Obama in right now and let him try to fix the problem with big government, and when it's so much worse in four or five years, then maybe we can react the other direction and say, okay, we tried big government; now let's try less government; let's bring in a real reformer. So in a way, you know, maybe that can be a positive. But then again I could just be grasping for straws here.

GLENN: No, I have played those scenarios in my head over an over again and that's one of the main things that stops me from committing and filling out my vote today is I haven't really decided that yet. I mean, I just wonder. My question is do we survive an administration that doesn't -- is going the complete opposite direction. I mean, does the dollar survive four years.

SCHIFF: And that's the problem. We can survive the economic problems. They are severe. We've dug ourselves into a big ditch. But you know what? We can survive it. We don't need to buy more cars. We don't need to -- we have so much stuff, we're fine. It's okay if we stop spending money for a while and start saving. It will cause, you know, some pain and maybe a lot of people who are retired are going to have to go back to work. I mean, that's unfortunate but, you know, they can do it. But what we can't survive is all the government cures. All the things that government is going to do in the name of making the situation better that is going to make it much worse. That's the danger.

GLENN: And that doesn't even --

SCHIFF: We end up killing ourselves.

GLENN: Right. And that doesn't include anything in the scenario that I've been calling the perfect storm, that doesn't include what would happen to our economy with civil unrest. That doesn't include what would happen to our economy if we were hit again.

SCHIFF: You can imagine, you know, with what's happening in the market, Barack Obama could win in a landslide. This could be the biggest lopsided victory since Reagan. He can sweep in all kinds of Democrats. And what is the big mandate? The mandate is to undo the perception of free markets, that government is the answer, that we're in trouble because of all this unbridled greed in capitalism and we need the government to do everything.

GLENN: Yeah.

SCHIFF: And that's the problem.

GLENN: Peter Schiff, thank you, sir. I appreciate it.

SCHIFF: Thank you.

GLENN: Book of bull moves and bear markets is his book. He is from Euro Pacific Capital, Peter Schiff.

From the moment the 33-year-old Thomas Jefferson arrived at the Continental Congress in Philadelphia in 1776, he was on the radical side. That caused John Adams to like him immediately. Then the Congress stuck Jefferson and Adams together on the five-man committee to write a formal statement justifying a break with Great Britain, and their mutual admiration society began.

Jefferson thought Adams should write the Declaration. But Adams protested, saying, “It can't come from me because I'm obnoxious and disliked." Adams reasoned that Jefferson was not obnoxious or disliked, therefore he should write it. Plus, he flattered Jefferson, by telling him he was a great writer. It was a master class in passing the buck.

So, over the next 17 days, Jefferson holed up in his room, applying his lawyer skills to the ideas of the Enlightenment. He borrowed freely from existing documents like the Virginia Declaration of Rights. He later wrote that “he was not striving for originality of principle or sentiment." Instead, he hoped his words served as “an expression of the American mind."

It's safe to say he achieved his goal.

The five-man committee changed about 25 percent of Jefferson's first draft of the Declaration before submitting it to Congress. Then, Congress altered about one-fifth of that draft. But most of the final Declaration's words are Jefferson's, including the most famous passage — the Preamble — which Congress left intact. The result is nothing less than America's mission statement, the words that ultimately bind the nation together. And words that we desperately need to rediscover because of our boiling partisan rage.

The Declaration is brilliant in structure and purpose. It was designed for multiple audiences: the King of Great Britain, the colonists, and the world. And it was designed for multiple purposes: rallying the troops, gaining foreign allies, and announcing the creation of a new country.

The Declaration is structured in five sections: the Introduction, Preamble, the Body composed of two parts, and the Conclusion. It's basically the most genius breakup letter ever written.

In the Introduction, step 1 is the notificationI think we need to break up. And to be fair, I feel I owe you an explanation...

When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another…

The Continental Congress felt they were entitled by “the Laws of Nature and of Nature's God" to “dissolve the political bands," but they needed to prove the legitimacy of their cause. They were defying the world's most powerful nation and needed to motivate foreign allies to join the effort. So, they set their struggle within the entire “Course of human events." They're saying, this is no petty political spat — this is a major event in world history.

Step 2 is declaring what you believe in, your standardsHere's what I'm looking for in a healthy relationship...

This is the most famous part of the Declaration; the part school children recite — the Preamble:

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.

That's as much as many Americans know of the Declaration. But the Preamble is the DNA of our nation, and it really needs to be taken as a whole:

That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

The Preamble takes us through a logical progression: All men are created equal; God gives all humans certain inherent rights that cannot be denied; these include the rights to life, liberty, and the pursuit of happiness; to protect those rights, we have governments set up; but when a government fails to protect our inherent rights, people have the right to change or replace it.

Government is only there to protect the rights of mankind. They don't have any power unless we give it to them. That was an extraordinarily radical concept then and we're drifting away from it now.

The Preamble is the justification for revolution. But note how they don't mention Great Britain yet. And again, note how they frame it within a universal context. These are fundamental principles, not just squabbling between neighbors. These are the principles that make the Declaration just as relevant today. It's not just a dusty parchment that applied in 1776.

Step 3 is laying out your caseHere's why things didn't work out between us. It's not me, it's you...

This is Part 1 of the Body of the Declaration. It's the section where Jefferson gets to flex his lawyer muscles by listing 27 grievances against the British crown. This is the specific proof of their right to rebellion:

He has obstructed the administration of justice...

For imposing taxes on us without our consent...

For suspending our own legislatures...

For quartering large bodies of armed troops among us...

Again, Congress presented these “causes which impel them to separation" in universal terms to appeal to an international audience. It's like they were saying, by joining our fight you'll be joining mankind's overall fight against tyranny.

Step 4 is demonstrating the actions you took I really tried to make this relationship work, and here's how...

This is Part 2 of the Body. It explains how the colonists attempted to plead their case directly to the British people, only to have the door slammed in their face:

In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury...

They too have been deaf to the voice of justice... We must, therefore... hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.

This basically wrapped up America's argument for independence — we haven't been treated justly, we tried to talk to you about it, but since you refuse to listen and things are only getting worse, we're done here.

Step 5 is stating your intent — So, I think it's best if we go our separate ways. And my decision is final...

This is the powerful Conclusion. If people know any part of the Declaration besides the Preamble, this is it:

...that all political connection between them and the State of Great Britain, is and ought to be totally dissolved...

They left no room for doubt. The relationship was over, and America was going to reboot, on its own, with all the rights of an independent nation.

And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.

The message was clear — this was no pitchfork mob. These were serious men who had carefully thought through the issues before taking action. They were putting everything on the line for this cause.

The Declaration of Independence is a landmark in the history of democracy because it was the first formal statement of a people announcing their right to choose their own government. That seems so obvious to us now, but in 1776 it was radical and unprecedented.

In 1825, Jefferson wrote that the purpose of the Declaration was “not to find out new principles, or new arguments, never before thought of… but to place before mankind the common sense of the subject, in terms so plain and firm… to justify ourselves in the independent stand we are compelled to take."

You're not going to do better than the Declaration of Independence. Sure, it worked as a means of breaking away from Great Britain, but its genius is that its principles of equality, inherent rights, and self-government work for all time — as long as we actually know and pursue those principles.

On June 7, 1776, the Second Continental Congress met in Philadelphia at the Pennsylvania State House, better known today as Independence Hall. Virginia delegate Richard Henry Lee introduced a motion calling for the colonies' independence. The “Lee Resolution" was short and sweet:

Resolved, That these United Colonies are, and of right ought to be, free and independent States, that they are absolved from all allegiance to the British Crown, and that all political connection between them and the State of Great Britain is, and ought to be, totally dissolved.

Intense debate followed, and the Congress voted 7 to 5 (with New York abstaining) to postpone a vote on Lee's Resolution. They called a recess for three weeks. In the meantime, the delegates felt they needed to explain what they were doing in writing. So, before the recess, they appointed a five-man committee to come up with a formal statement justifying a break with Great Britain. They appointed two men from New England — Roger Sherman and John Adams; two from the middle colonies — Robert Livingston and Benjamin Franklin; and one Southerner — Thomas Jefferson. The responsibility for writing what would become the Declaration of Independence fell to Jefferson.

In the rotunda of the National Archives building in Washington, D.C., there are three original documents on permanent display: the Constitution, the Bill of Rights, and the Declaration of Independence. These are the three pillars of the United States, yet America barely seems to know them anymore. We need to get reacquainted — quickly.

In a letter to his friend John Adams in 1816, Jefferson wrote: “I like the dreams of the future, better than the history of the past."

America used to be a forward-looking nation of dreamers. We still are in spots, but the national attitude that we hear broadcast loudest across media is not looking toward the future with optimism and hope. In late 2017, a national poll found 59% of Americans think we are currently at the “lowest point in our nation's history that they can remember."

America spends far too much time looking to the past for blame and excuse. And let's be honest, even the Right is often more concerned with “owning the left" than helping point anyone toward the practical principles of the Declaration of Independence. America has clearly lost touch with who we are as a nation. We have a national identity crisis.

The Declaration of Independence is America's thesis statement, and without it America doesn't exist.

It is urgent that we get reacquainted with the Declaration of Independence because postmodernism would have us believe that we've evolved beyond the America of our founding documents, and thus they're irrelevant to the present and the future. But the Declaration of Independence is America's thesis statement, and without it America doesn't exist.

Today, much of the nation is so addicted to partisan indignation that "day-to-day" indignation isn't enough to feed the addiction. So, we're reaching into America's past to help us get our fix. In 2016, Democrats in the Louisiana state legislature tabled a bill that would have required fourth through sixth graders to recite the opening lines of the Declaration. They didn't table it because they thought it would be too difficult or too patriotic. They tabled it because the requirement would include the phrase “all men are created equal" and the progressives in the Louisiana legislature didn't want the children to have to recite a lie. Representative Barbara Norton said, “One thing that I do know is, all men are not created equal. When I think back in 1776, July the fourth, African Americans were slaves. And for you to bring a bill to request that our children will recite the Declaration, I think it's a little bit unfair to us. To ask our children to recite something that's not the truth. And for you to ask those children to repeat the Declaration stating that all men's are free. I think that's unfair."

Remarkable — an elected representative saying it wouldn't be fair for students to have to recite the Declaration because “all men are not created equal." Another Louisiana Democrat explained that the government born out of the Declaration “was used against races of people." I guess they missed that part in school where they might have learned that the same government later made slavery illegal and amended the Constitution to guarantee all men equal protection under the law. The 13th, 14th, and 15th Amendments were an admission of guilt by the nation regarding slavery, and an effort to right the wrongs.

Yet, the progressive logic goes something like this: many of the men who signed the Declaration of Independence, including Thomas Jefferson who wrote it, owned slaves; slavery is evil; therefore, the Declaration of Independence is not valid because it was created by evil slave owners.

It's a sad reality that the left has a very hard time appreciating the universal merits of the Declaration of Independence because they're so hung up on the long-dead issue of slavery. And just to be clear — because people love to take things out of context — of course slavery was horrible. Yes, it is a total stain on our history. But defending the Declaration of Independence is not an effort to excuse any aspect of slavery.

Okay then, people might say, how could the Founders approve the phrase “All men are created equal," when many of them owned slaves? How did they miss that?

They didn't miss it. In fact, Thomas Jefferson included an anti-slavery passage in his first draft of the Declaration. The paragraph blasted King George for condoning slavery and preventing the American Colonies from passing legislation to ban slavery:

He has waged cruel war against human nature itself, violating its most sacred rights to life and liberty in the persons of a distant people who never offended him, captivating and carrying them into slavery in another hemisphere... Determined to keep open a market where men should be bought and sold, he has prostituted his negative for suppressing every legislative attempt to prohibit or to restrain this execrable commerce.

We don't say “execrable" that much anymore. It means, utterly detestable, abominable, abhorrent — basically very bad.

Jefferson was upset when Georgia and North Carolina threw up the biggest resistance to that paragraph. Ultimately, those two states twisted Congress' arm to delete the paragraph.

Still, how could a man calling the slave trade “execrable" be a slaveowner himself? No doubt about it, Jefferson was a flawed human being. He even had slaves from his estate in Virginia attending him while he was in Philadelphia, in the very apartment where he was writing the Declaration.

Many of the Southern Founders deeply believed in the principles of the Declaration yet couldn't bring themselves to upend the basis of their livelihood. By 1806, Virginia law made it more difficult for slave owners to free their slaves, especially if the owner had significant debts as Jefferson did.

At the same time, the Founders were not idiots. They understood the ramifications of signing on to the principles described so eloquently in the Declaration. They understood that logically, slavery would eventually have to be abolished in America because it was unjust, and the words they were committing to paper said as much. Remember, John Adams was on the committee of five that worked on the Declaration and he later said that the Revolution would never be complete until the slaves were free.

Also, the same generation that signed the Declaration started the process of abolition by banning the importation of slaves in 1807. Jefferson was President at the time and he urged Congress to pass the law.

America has an obvious road map that, as a nation, we're not consulting often enough.

The Declaration took a major step toward crippling the institution of slavery. It made the argument for the first time about the fundamental rights of all humans which completely undermined slavery. Planting the seeds to end slavery is not nearly commendable enough for leftist critics, but you can't discount the fact that the seeds were planted. It's like they started an expiration clock for slavery by approving the Declaration. Everything that happened almost a century later to end slavery, and then a century after that with the Civil Rights movement, flowed from the principles voiced in the Declaration.

Ironically for a movement that calls itself progressive, it is obsessed with retrying and judging the past over and over. Progressives consider this a better use of time than actually putting past abuses in the rearview and striving not to be defined by ancestral failures.

It can be very constructive to look to the past, but not when it's used to flog each other in the present. Examining history is useful in providing a road map for the future. And America has an obvious road map that, as a nation, we're not consulting often enough. But it's right there, the original, under glass. The ink is fading, but the words won't die — as long as we continue to discuss them.

'Good Morning Texas' gives exclusive preview of Mercury One museum

Screen shot from Good Morning Texas

Mercury One is holding a special exhibition over the 4th of July weekend, using hundreds of artifacts, documents and augmented reality experiences to showcase the history of slavery — including slavery today — and a path forward. Good Morning Texas reporter Paige McCoy Smith went through the exhibit for an exclusive preview with Mercury One's chief operating officer Michael Little on Tuesday.

Watch the video below to see the full preview.

Click here to purchase tickets to the museum (running from July 4 - 7).

Over the weekend, journalist Andy Ngo and several other apparent right-leaning people were brutally beaten by masked-gangs of Antifa protesters in Portland, Oregon. Short for "antifascist," Antifa claims to be fighting for social justice and tolerance — by forcibly and violently silencing anyone with opposing opinions. Ngo, who was kicked, punched, and sprayed with an unknown substance, is currently still in the hospital with a "brain bleed" as a result of the savage attack. Watch the video to get the details from Glenn.