Glenn Beck: Monopoly money?

Capitalism in the hot seat

By Arthur B. Laffer, Stephen Moore, Peter Tanous

GLENN: By the way, Stephen Moore is here and he's got some more on the budget and I just -- you know, Stephen, I would like to run this by you. What do you say we just kill the rich people? Because if we kill the rich people, we will reduce the people who are the tired and the people who are looking for a job because we'll open up 2% of high-paying jobs in America.

MOORE: (Laughing). I don't say kill the rich. I say eat the rich, as P. J. O'Rourke would say. But you are right.

GLENN: Well, we could kill them and eat them.

MOORE: This class warfare really has gotten out of hand and, you know, there's so much wrong with this. And I was just listening to your monologue about this. But one of the things is let's just talk about where jobs come from. I mean, I know this is a mystery to people in Washington who think jobs come from government, but most people in real America know that jobs come from small businesses. And guess who falls in that $250,000 and up category, Glenn? It turns out according to the latest calculations about 68% of all those people are going to be paying those higher taxes. Those evil rich people, they're small business owners and operators who get up and entrepreneurs who started these businesses. So how are the --

GLENN: 68 -- wait, wait, wait.

MOORE: The other question they can never answer is how do you create the jobs if you are taxing the people who create the jobs?

GLENN: Wait a second. 68%.

MOORE: Yeah.

GLENN: Of those people who are small businesses are going to be affected by this.

MOORE: No, no, no, no, no. Let me be very precise about this. 68% of the people who make, who are in this income category that Obama wants to tax, 68% of those or two out of every three of these people are going to face these higher taxes. They are small business either owners, operators or investors. They are the people who provide the capital and the elbow grease that make small businesses possible.

GLENN: And if I'm not mistaken, out of all of the businesses -- I mean, we could talk about General Motors and everything else but out of all of the businesses in the country, 70% of all jobs are provided in this country by small business?

MOORE: Yeah, and small business is defined as a business that employs anywhere from 1 to 250 workers.

GLENN: Okay. I'm a small business because I have --

MOORE: Right, right.

GLENN: 20 full-time employees here in New York, I'm a small business owner.

MOORE: And you're also one of those evil rich people, too.

GLENN: Oh, I know, I know. And I've been so evil to my employees and I've done so -- seriously, Stu, do you have a gun? Oh, thank goodness we're in New York. You don't have a gun. Otherwise I would have said to you shoot me and kill me now.

MOORE: Well, we're going after you and we're going after Tiger Woods and we're going after Hannah Montana and all these people.

GLENN: So listen, Stephen, what else is in this budget yesterday that -- by the way, yesterday I found out while I was on the TV show that I -- because I said look at all of the earmarks in this budget from Joe Biden and Barack Obama. During that part of the TV show I hear in my ear, just got a note from the White House; Barack Obama's name, not the earmark but Barack Obama's name on that earmark is being expunged. It's amazing.

MOORE: Yeah, 9,000 earmarks in the spending bill that passed the house. I believe it was Tuesday or Wednesday, 9,000 of these things. And you mentioned I think one of them on your show that, yeah, now the government's going to pay you to take that tattoo you got off on your butt when you were in high school. That too removal, folks, is now a federal government program. There is my --

GLENN: Well, they will say that's such a distortion, Mr. Moore. What that is is that is -- we're trying to break up gangs when they get those gang tattoos.

MOORE: Okay.

GLENN: And so what we do is we take that gang tattoo, then they won't be part of gangs anymore: That will work.

MOORE: Why don't we turn to something more serious that you mentioned earlier and that is this cap and trade something. You know, think about this in the context of what's happening in Detroit with the Big Three auto companies. Think about this in terms of the steel industry, the chemistry. Any manufacturing in America. I mean, here we face a meltdown in manufacturing and it means a lot of these hardhat workers are losing their jobs. Terrible thing, right? The absolute worst thing you could possibly do for American manufacturing right now and any -- by the way, anybody listening to this show who works for a manufacturing firm, you ought to be out in the streets revolting against this cap and trade because what's going to happen, Glenn, is we're going to put essentially a 10 or 15% tax on our own manufacturers, the ones where they say made in the USA and so what's going to happen is all of these jobs and manufacturing plants are going to move out of the United States and they're going to go to China and they're going to go to India and they're going to go to Pakistan and we're not going to have any manufacturing left in this country.

GLENN: How do we do this.

MOORE: Sorry.

GLENN: How do we do this in a budget? How are we not even -- we're just putting this in a budget and all of a sudden we have cap and trade?

MOORE: It is economic Harry Carey. It really is. In fact, they have done this in Europe. In fact, they should look at what's happening in Europe because Europe's a little bit ahead of us in this stuff. They did cap and trade about five or six years ago. You've got steel workers that are protesting in the streets against cap and trade because they're, all the European steel workers are losing their jobs and where are those jobs going? Just as I said, they are going to other third world countries that don't have cap and trade which means you don't do anything to reduce global warming. All you do is shift the jobs from the USA to all these other countries.

GLENN: Okay, so Stephen Moore from the Wall Street Journal, author of End of Prosperity.

Tell me, let's switch gears for a second. The banks have not been nationalized. They didn't nationalize CitiBank today. They just bought 40% of it!

MOORE: Right.

GLENN: What is the difference, what is the difference besides the word game? All we're doing is what's the definition of "Is."

MOORE: Yeah.

GLENN: This is a nationalization of CitiBank, is it not?

MOORE: Yes, it is. You are exactly right, Glenn.

GLENN: Okay.

MOORE: Right now we've bought, I believe the federal government is about a 70 to 75% owner of CitiBank. So how is it not nationalized?

GLENN: What does this mean now to the average person? What is going to change? Where are we headed now, Stephen?

MOORE: Well, I mean, we are moving -- you know, I used to say we're creeping toward socialism. I think we're taking now big leaps towards it and it's not just --

GLENN: We're running.

MOORE: What?

GLENN: We're in a flat out Sprint, man. We are running.

MOORE: And I mean, you know, it's not just in banking. I mean, we've done this now -- I mean, we're basically the owners of major insurance companies, we're the owners of the Big Three auto companies, we're the owners of many of the manufacturing firms that have come down. I mean, the investment banks. We have got to stop. I mean, how many times do I have to keep saying this? We have to stop bailing people out because there aren't going to be any businesses left that are making money.

GLENN: Stephen, when we sat at that dinner two years ago.

MOORE: You were against me, Glenn, but you are using it against me, Glenn, but go ahead.

GLENN: No, I'm not using it against you. We looked at scenarios that were crazy, just crazy, and they've almost all been done now.

MOORE: Right.

GLENN: What is the --

MOORE: I don't even recognize our government anymore. I don't recognize what we've done. I was saying jokingly yesterday that, you know, I'm going to have to move to France to find free markets, you know.

GLENN: Yes, yes. Okay. So let me ask you this: We sat -- it was probably two years ago and we looked at crazy scenarios.

MOORE: Yeah.

GLENN: And couldn't happen, couldn't happen. What is the crazy scenario where we're going to say a year from now, can't, can't be, can't be? I say within two years that this economy is in such horrible shape, the world is on fire that we are actually tying within two years to a global government.

MOORE: Well, that's certainly the dream of the left is to have global government and then all this stuff like cap and trade is like that. I think my kind of doomsday scenario, I mean a year from now -- and by the way, when we talked a year and a half or two years ago, you know, I didn't believe any of this stuff was possible that we would -- I am just aghast at how much our country and our government has faltered in the last six months. So the doomsday scenario that I see and that we're getting even closer to every day is a rampant inflation. Not 1970s style inflation of, you know, 15% but we could see 25, 30, 50% inflation rates with all the money that's been created.

GLENN: Do you think that could be --

MOORE: And all that money is necessary to pay for all these government programs that we created.

GLENN: Do you think that could happen within a year?

MOORE: Well, no, I'm exaggerating a little bit but I can see 1970s still inflation by next 2010 and if we keep printing money -- I mean, look, inflation, there's too many dollars chasing too few goods. We could see, you know, 20% inflation. We could be like Argentina.

GLENN: So Stephen, there was a story today. I think it was on Bloomberg, and I didn't pull it off and I need to, but it was about the record treasuries that we are auctions off this week. We have never auctioned off seven-year treasuries like this, the record amount of debt we're telling off now. They're seven-year treasuries which means they have got to be sold again, right?

MOORE: Seven years from now they have got to be sold again.

GLENN: Seven years, yeah. Otherwise we're out of money. Did you read this article by any chance?

MOORE: I'm not familiar with it.

GLENN: You've got to read it. It was talking about these seven-year treasuries and they were quoting people in Asia, finance ministers and bankers and everything else and they said there is a real shot if America doesn't stop spending money, there is a real shot that they will default. We're not going to default because, nations don't default because you just print money.

MOORE: But that's the way governments default, Glenn, is they just print paper dollars, right.

GLENN: Yes. And that just -- then you're into hyperinflation.

MOORE: Yeah.

GLENN: But they're saying -- I mean, there were credible people saying in this there's a chance that America defaults on this and at some point -- these are Asians saying this. At some point we are not going to buy this debt. How are we going to pay for this in seven years, Stephen? There's no plan that would pay for all of this in seven years.

MOORE: Well, that's right. And by the way, I think the federal government should be, when they are doing all this borrowing, if they were smart, they would be laughing at these 30-year low interest rates because I guarantee you a couple of years from now we're not going to see those low interest rates.

GLENN: Nobody will -- nobody would buy them at 30. Nobody would buy 30 years of our debt.

MOORE: Well, you are probably right. You are probably right about that. But, you know, it gets to the point that the origin of this sin, which is there is this mentality in Washington the government can borrow all this money, we get trillion dollars, we can spend it, we create jobs, we stimulate the economy without any thought about where the money is going to come from.

GLENN: Okay, last --

MOORE: Of course, the money comes from borrowing it and hyperinflation, we pay a very high price on this.

GLENN: Last --

MOORE: We used to worry about what we're doing to our kids. Now we worry what we're doing to our grandkids and our great grandkids.

GLENN: Stephen, let me ask you this, last question: Now I just lost it. Shoot, I have less than a minute. So I'm going to go. I'm sorry. I just lost the -- I just lost the question. Darn it. Okay, Stephen, thank you very much.

MOORE: See you, Glenn, bye.

GLENN: Bye-bye.

STU: It's been a rough day.

GLENN: It has been a rough day. I got sidetracked on three different things.

STU: You are kidding. Your mind was thinking of three different things in the middle of an interview with someone who's speaking? You're kidding me. That just happened on the air?

GLENN: I'm so riddled with ADD, so riddled.

It's never too early to start your Christmas, Hanukah, or Kwanzaa shopping. Or even birthday gift shopping. Especially if that special someone in your life is a Democrat. Because at last count, pretty much all the Democrats are now running for president. And that means there has never been a wider selection of official candidate merchandise to choose from. Whether you're into environmentalism, feminism, classism, socialism, or just plain love, there is a smorgasbord of classy items that you and yours will treasure forever... or at least until the next presidential election.

We have browsed each of the candidates' online stores, so you don't have to (it only took us three months). We have curated only the finest items from each of the Democrats running for president of the United States of America. Without further ado, here is your handy progressive gift guide – or maybe your what-not-to-gift guide.

First, the bargain basement options. Hurry! Time is running out to grab your Beto bandana, or your Delaney pack of golf balls, because at this point Stu has as much of a chance as these guys of getting the nomination.

Tom Steyer, for example – is he still in the race?


https://shop.tomsteyer.com/collections/frontpage/products/tom-2020-pattern-tee


There's way too much Tom here. That shirt's got more Toms than a Caucasian dentists' convention.

For the slightly more moderate Democrat in your life, perhaps they'd like to join the "Yang Gang"…

https://shop.yang2020.com/collections/bumper-stickers/products/yanggang-decal


Andrew Yang is a lock for Math Club president…


https://shop.yang2020.com/collections/apparel/products/math-hat


But for actual president? Well, I wouldn't make plans for how you're going to spend your $1,000-per-month Yang allowance just yet.

If you happen to be shopping for your dog, may I suggest this lovely "Dogs for Delaney" dog collar…


https://store.johndelaney.com/products/dogs-for-delaney-collar


John Delaney's definitely going to secure the canine vote with this kind of outreach. As for any human votes, that's another question entirely.

How 'bout this tastefully understated "Natural Canvas" Michael Bennet tote to remind you he's also still here?...


https://store.michaelbennet.com/michael-bennet-for-america-natural-canvas-tote/


Then again, it's a tote. So, it'll end up on the floor of your closet and you won't have it with you until that one random moment when you're out somewhere and you really need a tote bag. Just like Democrats will really wish they had a moderate when we're in the middle of the socialist nightmare of their creation.

Captain Planet himself, Jay Inslee recently dropped out of the race, but don't let that stop you from picking up what may be the greatest single item sold by anyone in this race…


https://store.jayinslee.com/elvis-the-elves-the-mystery-of-the-melting-snow-by-jay-inslee/


A children's book called Elvis & the Elves: the Mystery of the Melting Snow. Written and illustrated by Governor Jay Inslee. Talk about a whodunnit – how could that snow possibly be melting? Spoiler alert: it's because of evil, white, patriarchal capitalism. And Donald Trump.

Then there's the candidate who thinks you're a moron that can't pronounce his last name: Steve Bullock...


https://shop.stevebullock.com/collections/apparel/products/emoji-t-shirt


Get it? Bull. Lock. Oh, so that's how you say the name that sounds exactly how it's spelled.

There's another candidate who also thinks you need help pronouncing his last name…


https://store.peteforamerica.com/collections/apparel/products/boot-edge-edge-t-shirt


And he is definitely right about that. So, thank you, Pete "Boot Edge Edge." That helps.

Just outside the bargain bin section, but just barely, are candidates like Julian Castro and his "El Presidente" t-shirt…


https://store.julianforthefuture.com/julian-castro-loteria-card-white-tee/


When your last name's Castro, do you really want to go with a weird drawing of yourself as if you're a classic Latin American dictator on a postage stamp?

If you prefer a little "dark psychic forces" battling in your candidates, you'll love Marianne Williamson's "Turn Love Into a Political Force" rally sign…


https://store.marianne2020.com/collections/signs/products/love-rally-sign


"Turn Love Into a Political Force" would be an even better title for a Marianne Williamson album of 80s cover songs. And if you think I'm joking, then you haven't heard Bernie Sanders' classic 1987 folk album, We Shall Overcome. That's not a joke. Well, it is a joke, but it's also a very real thing.

Now, just a quick pause to consider the peculiar baby-wear that way too many candidates are selling…

…including Elizabeth Warren's trans-pride flag onesie. Let me get this straight – we can't force any gender on a child, because that's just cruel. But we can force a political advertisement on a baby? How do we know that baby is actually a Biden or Warren fan? The child may not even be a Democrat or a Socialist at all. That baby might self-identify as a Libertarian, or Republican, or even worse – a moderate Democrat.

Now to the premium items from the premium candidates. Elizabeth Warren – the candidate with the most honesty in her advertising…


https://shop.elizabethwarren.com/collections/apparel/products/impolite-arrogant-women-make-history-unisex-t-shirt

-AND-

https://shop.elizabethwarren.com/collections/drinkware/products/strong-american-unions-mug


Warren's merchandise reflects the woman herself – cold and humorless (watch her "This isn't funny" clip from the last debate here at the 4:27 mark). I'm sure she's really fun once you get to know her. Then again, maybe not.

Speaking of serious women, Kamala Harris wants to be president very badly for you, the people, as you can tell from her "For the People" poster…


https://store.kamalaharris.org/poster-for-the-people/


At $29.99 though, she's sure not charging "people's" prices. Of course, she might be having to pay royalties to a certain someone for riffing on their poster. Just saying.

For the race's number one socialist, there's a whole lot of capitalism going on in Bernie Sanders' campaign. He sells so many delightful items that it's hard to choose. But we did anyway. The most random item is this hundred-dollar, black, "Art of a Political Revolution – Artists for Bernie Sanders Coaches Jacket"…


https://store.berniesanders.com/collections/apparel/products/artists-for-bernie-coaches-jacket


Coaches across the land will be clamoring for this one. You know, since coaches are such a strong Bernie-socialist demographic.

If that's a little over your budget you might consider a "Feel the Bern" fanny pack, to help store all those government freebies you'll get from Bernie…


https://store.berniesanders.com/collections/apparel/products/feel-the-bern-fanny-pack


This is the only context in which you'll ever want to hear "feel the burn" and "fanny" in the same sentence.

And finally, from front-runner Joe Biden, we have this fine "Women's Fitted Biden Polo." Which is just about the best polo description ever…


https://store.joebiden.com/collections/apparel/products/biden-polo-womens-fit


It promises the kind of snug approach that Biden loves to provide women. Even when they don't ask.

This was one of the first homesteads in the area in the 1880's and was just begging to be brought back to its original glory — with a touch of modern. When we first purchased the property, it was full of old stuff without any running water, central heat or AC, so needless to say, we had a huge project ahead of us. It took some vision and a whole lot of trust, but the mess we started with seven years ago is now a place we hope the original owners would be proud of.

To restore something like this is really does take a village. It doesn't take much money to make it cozy inside, if like me you are willing to take time and gather things here and there from thrift shops and little antique shops in the middle of nowhere.

But finding the right craftsman is a different story.

Matt Jensen and his assistant Rob did this entire job from sketches I made. Because he built this in his off hours it took just over a year, but so worth the wait. It wasn't easy as it was 18"out of square. He had to build around that as the entire thing we felt would collapse. Matt just reinforced the structure and we love its imperfections.

Here are a few pictures of the process and the transformation from where we started to where we are now:

​How it was

It doesn't look like much yet, but just you wait and see!

By request a photo tour of the restored cabin. I start doing the interior design in earnest tomorrow after the show, but all of the construction guys are now done. So I mopped the floors, washed the sheets, some friends helped by washing the windows. And now the unofficial / official tour.

The Property

The views are absolutely stunning and completely peaceful.

The Hong Kong protesters flocking to the streets in opposition to the Chinese government have a new symbol to display their defiance: the Stars and Stripes. Upset over the looming threat to their freedom, the American flag symbolizes everything they cherish and are fighting to preserve.

But it seems our president isn't returning the love.

Trump recently doubled down on the United States' indifference to the conflict, after initially commenting that whatever happens is between Hong Kong and China alone. But he's wrong — what happens is crucial in spreading the liberal values that America wants to accompany us on the world stage. After all, "America First" doesn't mean merely focusing on our own domestic problems. It means supporting liberal democracy everywhere.

The protests have been raging on the streets since April, when the government of Hong Kong proposed an extradition bill that would have allowed them to send accused criminals to be tried in mainland China. Of course, when dealing with a communist regime, that's a terrifying prospect — and one that threatens the judicial independence of the city. Thankfully, the protesters succeeded in getting Hong Kong's leaders to suspend the bill from consideration. But everyone knew that the bill was a blatant attempt by the Chinese government to encroach on Hong Kong's autonomy. And now Hong Kong's people are demanding full-on democratic reforms to halt any similar moves in the future.

After a generation under the "one country, two systems" policy, the people of Hong Kong are accustomed to much greater political and economic freedom relative to the rest of China. For the protesters, it's about more than a single bill. Resisting Xi Jinping and the Communist Party means the survival of a liberal democracy within distance of China's totalitarian grasp — a goal that should be shared by the United States. Instead, President Trump has retreated to his administration's flawed "America First" mindset.

This is an ideal opportunity for the United States to assert our strength by supporting democratic values abroad. In his inaugural address, Trump said he wanted "friendship and goodwill with the nations of the world" while "understanding that it is the right of all nations to put their interests first." But at what point is respecting sovereignty enabling dictatorships? American interests are shaped by the principles of our founding: political freedom, free markets, and human rights. Conversely, the interests of China's Communist Party are the exact opposite. When these values come into conflict, as they have in Hong Kong, it's our responsibility to take a stand for freedom — even if those who need it aren't within our country's borders.

Of course, that's not a call for military action. Putting pressure on Hong Kong is a matter of rhetoric and positioning — vital tenets of effective diplomacy. When it comes to heavy-handed world powers, it's an approach that can really work. When the Solidarity movement began organizing against communism in Poland, President Reagan openly condemned the Soviet military's imposition of martial law. His administration's support for the pro-democracy movement helped the Polish people gain liberal reforms from the Soviet regime. Similarly, President Trump doesn't need to be overly cautious about retribution from Xi Jinping and the Chinese government. Open, strong support for democracy in Hong Kong not only advances America's governing principles, but also weakens China's brand of authoritarianism.

After creating a commission to study the role of human rights in U.S. foreign policy, Secretary of State Mike Pompeo wrote last month that the principles of our Constitution are central "not only to Americans," but to the rest of the world. He was right — putting "America First" means being the first advocate for freedom across the globe. Nothing shows the strength of our country more than when, in crucial moments of their own history, other nations find inspiration in our flag.

Let's join the people of Hong Kong in their defiance of tyranny.

Matt Liles is a writer and Young Voices contributor from Austin, Texas.