RADIOFebruary 02, 2023

Amazon’s DEEP government partnerships could RUIN YOUR LIFE

Amy Sterner Nelson has experienced firsthand just how dangerous Amazon truly can be. She joined Glenn during his ‘Targets of Tyranny’ special last year to detail how the tech giant used civil asset forfeiture in an attempt to pressure Amy’s husband, Carl, to admit to felony accusations that he did not commit. But, since sharing her story with Glenn’s audience, Amazon’s dark practices seemingly have only gotten worse. She joins Glenn in-studio to detail the latest developments, explaining just how deep Amazon’s partnerships with our federal government run. But it’s not just Amazon, Amy explains. It’s ALL of Big Tech, and their partnerships, their corruption, and their scare tactics are something we should ALL be terrified of.

Transcript

Below is a rush transcript that may contain errors

GLENN: The founder of the Riveter. She is -- she is really -- I feel stupid sitting in the same room with her. She's a graduate of Emery University.

NYU, School of Law, practice corporate litigation with a focus on high profile First Amendment matters for over a decade in New York and then in Seattle.

Mother of four. Contributor for Ink. The host of iHeart Radio's What's Her Story, with Sam and Amy.

She's raised $30 million in venture capital to grow the Riveter.

She's also been published in the Washington Post, Newsweek, Seattle Times, and she's been all over the world speaking. Fortune's most powerful women. I mean, jeez.

Overachieve much, Amy?

AMY: No.

GLENN: So, Amy, you were on with us -- by the way, welcome. Glad you're here.

AMY: Thank you. Thank you.

GLENN: And you're sitting up, taking nourishment. That's always good. You came in here for the targets of tyranny special. And we had been in correspondence for a while. Because of what happened to you and your husband in Seattle with Amazon. And the feds.

Can you quickly just recap that for anybody who doesn't remember?

AMY: Yeah. So my husband worked for Amazon web services for nearly eight years. If you don't know, AWS is a subsidiary of Amazon.

Where the internet lives, cloud computing lives, and these big data warehouses across the world.

My husband worked in real estate, helped scouting locations that would be good to build data centers and projects along those lines.

He left Amazon in 2019. On April 2nd, 2020, the FBI knocked on our door.

We learned then that my husband was being accused. At the time, we didn't know by who.

Of a crime called private sector honest services fraud, which is depriving your private employer of your honest services. At the time, the FBI did not ask my husband what happened. It was clearly an accusation. And two months later, the government used forfeiture, to seize all of our family's bank accounts.

GLENN: Your bank accounts. Your husband's, your joint. Everything.

AMY: I mean, to the point, Glenn. The DOJ went into our law firm's client trust account. And seized all the money that we had paid our lawyers.

GLENN: Oh, my gosh. Oh, my gosh.

AMY: And my husband at that point was never charged with a crime. In fact, he was never charged with a crime. Civil forfeiture is something the government did use. It's a tool. And they can seize your money, your home, your safe deposit box.

GLENN: They can squeeze you in every way they possibly can.

And many times, you don't get the money back.

AMY: We really don't. And we were kind of told. Don't expect to get the money back, no matter what.

GLENN: That's craziness.

That's King George. Declaration of Independence-style stuff.

AMY: And the thing is, it's a tool. It's a pressure tool. So my husband had been accused of April 2nd, 2020.

And the prosecutors wanted to plead guilty to a crime. It was all very specific and unclear. The crazy thing is, that largely what my husband was being accused of, depriving Amazon of his honest services, related to actions my husband took after he didn't work at Amazon. But, anyway, we did fight.

And, you know, we -- we had four little girls.

We sold our home. We sold our car. We liquidated our retirement. We borrowed money from family and friends to pay lawyers and to survive.

GLENN: And didn't they go into your family's accounts too? Your dad or something?

AMY: Oh, my gosh. Yeah, so my father was critically ill. He almost died. He also got a life-saving kidney transplant in April of 2020.

And two weeks later, the FBI emptied out his bank accounts. My husband and I had paid for his medical care.

GLENN: Unbelievable.

AMY: So he would have died, if my mother wouldn't have helped him pay his medical bills.

GLENN: So many times, people see this and go, yeah. But there had to be something.

You -- you told the story of what that something is. And it revolved around a very expensive lawsuit from Amazon.

AMY: Yeah. So to preface this, we had no idea what was going on. And the day the FBI showed up at my house, my husband hired criminal defense attorneys and said, please call Amazon, and tell them, I will come in and talk to them. I don't understand what is going on. But I have nothing to hide.

And Amazon's lawyers said, we will only speak to him if he's pleading guilty to a felony. And at the time, we were going, what was going on?

Amazon's lawyers squarely put the DOJ between the company and my husband.

Very few companies have that kind of access to DOJ, and for an institution that's meant to be apolitical, that's wrong. It's just wrong. But what we learned over the course of years, and spending a lot of lawyer money is that, in February of 2020, Amazon broke a contract with a real estate developer. And by the explicit terms of that contract, unless they could improve the developer committed a felony crime, they were going to owe him over $100 million in damages.

The next day after they broke the contract, they had the first meeting with the Department of Justice. They meant with the Department of Justice over 100 times trying to lobby for criminal charges.

The government spent countless FBI hours and prosecutor's hours. Essentially doing Amazon's bidding. And what we do know, is despite all the things that Amazon told the government. They never told the government, that they broke a contract and needed a felony. Or they would be liable for hundreds of millions of dollars in damages.

GLENN: So you decided to fight this.

AMY: Yes.

GLENN: You guys are fighters. You decided to fight. It has cost you a great deal. Your husband, nor you, nor anybody else has ever been charged. You thought this was kind of wrapping up.

And then you came on the special. And I think I may have said, are you sure you want to come on?

And I know I said, I hope nothing happens because of this.

The day after. Coincidence?

AMY: I don't really believe in coincidences anymore. But the day after, the Department of Justice subpoenaed Amazon for all the documents that Amazon had, that had been produced in the civil litigation. Because after Amazon failed to get criminal charges, they sued my husband.

And I'll note something about that, that I think Amazon didn't anticipate. But usually, when you're accused of a crime, you never get to see the communications, between your accuser and the Department of Justice.

And in this civil case, because Amazon sued my husband, my husband was able to see all those communications. And they're very shocking.

And I mean, to me, as a lawyer, I was floored. By the things that had been made public, that I had been able to see.

GLENN: Why?

What was seen?

ADAM: Amazon hired a former federal prosecutor from the Eastern District of Virginia. They paid him millions of dollars to lobby his former colleagues, for criminal charges.

The former -- the current prosecutors of Virginia, immediately ushered in Amazon for a meeting.

They set up a meeting with the prosecutor's press office.

Because this was clearly going to be such a sexy and scandalous case.

They never checked anything Amazon said.

They never asked to see my husband's terms of employment or his non-compete. Like, they just didn't ask to see it.

Amazon said they had paid this real estate developer, $16 million.

Amazon had paid the real estate developer $0.

So nobody ever checked anything. They just went for it.

GLENN: Because it was really, literally, an old boy's network.

I know you, you know me. This is a problem.

AMY: I mean, we have an email that's now in the public docket in Virginia, where Patrick Stokes, Amazon's lawyer, asked his former colleague, Jessica Aber, who is now the US attorney for the eastern district of Virginia, who just sued Amazon's main rival, Google. And Pat (inaudible) said to Jess Aber, we want to talk to you about civil asset forfeiture.

Prosecutors in the eastern district of Virginia have not used civil asset forfeiture, outside of a drug case, in 30 years, that I can find.

GLENN: So this is now building looked at again for the second time?

AMY: You know, I really think that Amazon keeps pushing DOJ to try to do something. And DOJ isn't doing anything, except kind of -- the investigation just kind of hangs out there. Because it was a threat, right?

Unless Amazon can get a felony conviction as a real estate developer, they are going to be liable for damages.

GLENN: All right. So the reason -- and we talked about this. You mentioned this. But I have been seeing more and more stories. About people from the DOJ, going to work, right directly to the Pentagon.

And people from the intelligence agencies.

This is terrifying, because there is a public had she private partnership, that you should be very aware of.

Our DOJ, our national security agencies, all of them are using Amazon. Amazon, as their cloud bank.

When you have that, you have control of the government, or the government has control of you.

At best -- at best, if one doesn't have something over the head of the other, they're partners in everything.

That is extraordinarily dangerous.

AMY: It's incredibly dangerous. I mean, and the thing that kind of blows my mind is that no one is really even paying attention to it.

I mean, on Amazon's board, they have the former head of the NSA, Keith Alexander. That's not a person with business experience, that should be on the board of a business company.

I mean, why else would he be there, other than to get contracts with the NSA?

And sure enough, in 2021, the NSA quietly awarded Amazon web services, a 10 billion-dollar contract.

Like, it's something that we should all be very frightened of. It's happening across big tech.

It's happening -- you've read the Twitter files.

You see it everywhere. And Amazon is hiring hundreds, hundreds of CIA, FBI, former federal prosecutors.

GLENN: And what -- just having those guys in a high-tech company that has the information on each of us with be that Amazon does, that's not good. There's no wall between that company and the government.

TAYLOR: Absolutely not. There's no wall at all. And you look at things. Amazon is now getting into Pharma. Right?

Amazon just launched a five dollar subscription to get your pills. Now you're going to give all your health data to Amazon. It's terrifying.

And Jeff Bezos is an oligarch. Right?

If you looked at the indictment of the FBI agent, Charles McGonigal, it described an oligarch, Dara Paska (phonetic), as a man of vast wealth with close ties to the government. That is exactly what Jeff Bezos is.

GLENN: So what's next in this?

Have you written off ever getting your money back?

AMY: So we actually got our money back. So we pulled off what people thought would be impossible.

GLENN: Wow. You should do a podcast just on how to do that. I know lots of people who just driving through town, they had cash, the sheriff pulls them over. The cop pulls them over.

That's ours. I mean, you never get it back. How did that happen?

AMY: So the government -- it's such a strange process. It goes back to the time of pirates.

But when the government seizes your money, and they don't charge you with a crime. They then have to sue your asset. So they sue your bank account. It's like US versus $4,000 at Wells Fargo.

And they do that, because your assets don't have due process. So they can just avoid all due process.

So the government here, sued our bank accounts, went to the court, paused the case for six months.

Went to the court again. Asked to pause it for six months.

Judge said you only get four months this time. They wanted a deposit again, and it wasn't going to happen. So it was time to litigate, and it was time for the government to prove their case against the bank accounts.

And instead of opting to prove their case, the government gave us the money back.

GLENN: Unbelievable.

STU: How long was that from beginning to end, when you lost the money to when you finally received it again?

AMY: It was 22 months.

GLENN: You had nothing.

AMY: We had nothing.

We had to figure out how to feed our four daughters.

My mother, who was amazing. My mother who was a public school teacher, worked her whole life. And my mother kept asking, don't they care about your daughters? You have a baby.

And I said, mom. They don't care. She said, this is our government. And I said, they don't care. They care about Jeff Bezos and Amazon. They do not care that we have children to feed.

They did say, when they seized our money, that if my husband pled guilty to a crime, they would give some of it back.

It's such a transparent tool of corruption. It should be gone. It should be abolished.

GLENN: It's unbelievable.

STU: You mean that threat, where they can say, hey, just say you're guilty, and then we can make it all better.

Therefore, getting the guilty plea out of you. And it's really kind of your only option at that point.

GLENN: Yeah, and they held everything.

Including, if this goes on, and you arrest your husband, we will do it in front of your children.

AMY: My husband asked his lawyers -- his lawyers asked the prosecutors over and over again, who were saying in 2020, we're charging him. We're coming.

They never charged him. But they threatened you.

And my husband's lawyers asked the prosecutors. Can he turn himself in, if you're going to indict him? And the prosecutor said, no. We will arrest him in front of your home, in front of your kids.

GLENN: Isn't that crazy?

Knowing that that was a big fear of theirs.

STU: So wrong.

GLENN: This is so corrupt and so bad. Amy, thank you for telling the story.

We'll get some closing thoughts from you in just a second. It's Amy Nelson. And her website is TheRiveter.co or is it .com? Dot-co.

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STU: No.

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Ten-second station ID.
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Amy Nelson is with us. Final thoughts or advice?
AMY: Well, as you know, Glenn, I've been a progressive my entire life. And one thing that has really surprised me in all this is that progressives see things in black and white.

The right side sees things in black and white. But really, this is about our rights, and we should all be fighting for the same rights, including due process. And so I just hope that the Department of Justice could try to be more fair and transparent.

GLENN: Is it over? It's not.

AMY: It not over. But it will be some day. That's what my husband says. It can't last forever.

GLENN: That's just crazy. Do you still consider yourself a progressive?

AMY: I consider myself politically homeless.

GLENN: I think a lot of people feel that way.

AMY: I think so too.

GLENN: And it's weird because if you're a classic liberal. You know, I call myself more of a Libertarian. But it's also classic liberal.

It's the same thing. I believe in the Constitution, and the Bill of Rights.

That's -- that's -- that's all that's important. The rest of it is nonsense.

AMY: It is. And there's so much ink spilled distracting us from those things.

GLENN: Yeah. Yeah. Nobody talks about those things.

Your story and stories like you, that should be everywhere. And that's something that Republicans and Democrats and independents should all be standing up and saying, this has got to stop. Because if they'll do it to you. They'll do it to anybody.

AMY: They truly will.

GLENN: Yeah. Thank you so much. My best to your family. How are your kids?

AMY: They're great. They're amazing. They're kids. They're resilient.

GLENN: Thank you so much. Appreciate it.

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.

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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