Stu may be off for the day but his power rankings aren't. Watch this clip to hear Glenn and Pat give you the top ten candidates thus far in the race for the Democrat nomination.
Stu may be off for the day but his power rankings aren't. Watch this clip to hear Glenn and Pat give you the top ten candidates thus far in the race for the Democrat nomination.
Exactly what is inside Democrats’ HUGE spending package, now that Senator Manchin and Majority Leader Chuck Schumer have reached a ‘deal’? The left will say this new, MASSIVE spending — with Team Biden’s fingerprints all over it — is all about saving the economy and the climate until they’re blue in the face. But this is the only conclusion from passing it that’s guaranteed: Your taxes WILL go up. In this clip, Glenn and Stu explain…
Below is a rush transcript that may contain errors
GLENN: So let's talk about -- let's first, I guess, wrap up last week. We're now finding out what's in this bill. You know, the -- the Manchin/Biden Build Back Better. Hey, we're going to reduce inflation bill. It's not going to reduce inflation. In fact, we now find out, some of the things that just, they couldn't find time to print, before they voted on it. It's going to affect everybody's taxes. And I mean everybody's taxes. If you make $30,000 or more per year, your taxes are going up next year. And it's all for this green new deal. And Stu has been watching all of it, unfold. And I've been watching what's happening with the assault weapons. The AR ban, that is now passed in the House, going the law the Senate. Let's go through some of them. Let's start with the Build Back Better Manchin bill.
STU: Yeah. This is a bill that it's been an incredible journey on this one. Because as we kind of all remembered, the Democrats initially wanted $6 trillion of spending through Bernie Sanders. His estimates. The White House came in at I think 3.5 trillion. After they whittled it down. To try to look like they were being responsible. Both Manchin and Sinema opposed this famously. So they could not get to 50 votes. Which they need to get to in this particular bill.
STU: So they went back and forth a bunch of times. They first lowered it to I think 2.1 trillion. Then to 1.9 trillion. Then to 1.7 trillion. And these numbers are -- as you pointed out, multiple times, Glenn, in real depth. Not only here, but also on your TV show. That spending number is really a misleading thing to look at. It's much more what America is going to do on the negative side. Than it is just the spending. But as we've all seen. We've spent $1.9 trillion on this covid bill, at the beginning of Biden's presidency. Which led to a good chunk of what we see now as far as inflation. So imagine if we had gone ahead with that extra $3.5 trillion, that they wanted back in 2021. Now, of course, since then, the Republicans have come on board, for a trillion dollars of infrastructure spending. Not to mention, many of them were on board with all of the other covid spending that we had going on. And there was another proposal, for $250 billion of spending. For this Chips Act. Which theoretically, has some behind it. As we've seen what's going on in China. And Taiwan. All of our chips are made in Taiwan. We have a major problem with the supply chain. So in theory, you can see why you would talk about this, and why it might be a bipartisan issue. Even though, again, I don't think this is the right way to approach that problem. But you can understand why that problem exists. So $250 billion was on the table. And Republicans were basically like, look, we of course. Because they always do. Will go along with a ton of your spending requests. Republicans do not have a problem with spending.
GLENN: In fact, we might even add more to your spending in some cases.
STU: Yeah. And they usually do. We see now, this is not the Tea Party era. There's no leadership voice on the right, who is arguing for less spending. That's not a position.
GLENN: I would say the Freedom Caucus. The Freedom Caucus --
STU: They're in minority status.
GLENN: You're right. You're right.
STU: You're right. There's just not anybody really there. So this 250 billion-dollar bill is going forward. But Mitch McConnell does not want the Build Back Better thing to happen. He's drawn the line there, for whatever reason. He's drawn the line there on spending, which at least it's drawn somewhere. And he says he doesn't want this. But that 50-vote threshold is still sitting out there. They can do this at any point, until this election happens. And they leave -- they leave office. Assuming Republicans win the House or the Senate. So it's been sitting out there. And Manchin keeps coming on. And then he's off. And he's on, and he's off. And so finally, the -- McConnell says, look, I'm not going to go ahead with this $250 billion in chip spending. Unless you say, the Build Back Better thing is done. We're done with this reconciliation thing. It's over. Right around that time, Joe Manchin comes out and says, gosh darn it. This is over. I will not negotiate anymore. I am done. We have had all these conversations. It's over. Big media splash. Everyone reacts, goes crazy. So McConnell goes to Chuck Schumer and says, hey, Chuckles. Remember when I said I would go along with you, if, of course, you stopped the Build Back Better thing? Well, it looks like it's gone. So I'll go along with you on the Chips Act. The Chips Act goes through. They vote for it. It gets signed. Literally, the next day, Joe Manchin comes out and says, by the way, we've come up a deal. We have a deal now, to spend hundreds of billions of dollars on the reconciliation bill that I just said was dead a few weeks ago.
STU: This all goes back to McConnell here, getting absolutely schooled by Chuck Schumer.
GLENN: Can I ask you a question? How do we never learn our lesson? How is it that it never works out the other way? Why? Why? Why? Why? Why? I want to know why.
STU: You get every little bit of this you deserve. When you do a deal with Chuck Schumer. How can you not know, he's going to lie directly to your face at every opportunity?
GLENN: Kentucky, what is wrong with you? Stop giving us -- stop giving us McConnell! Stop it! Stop. He's dirty. He's in bed with the Chinese. He's -- he's -- engaged in nepotism. And everything. Stop it. The guy is worthless. Absolutely worthless.
It is -- I swear to you, he's like a Democratic infiltrator. He's like, I'm going to pose as a Republican. But, Chucky, you and me, baby.
STU: You know, look, McConnell, you can certainly say, he's done some good things. Particularly, I mean, the Supreme Court does not look like it does today without McConnell holding that line.
GLENN: And -- and -- and --
STU: You know, he typically votes -- you know, he votes like a Republican.
GLENN: Like a turtle.
STU: He's not the worst guy. He's not Adam Kinzinger. Right? He's not a guy who is out there constantly voting. Even Susan Collins. He's not that type.
GLENN: He's the head of the Senate for the Republicans!
STU: Yeah. But the power is such a significant part of this. He's always playing games. And here's a game. You play dangerous games, you get dangerous results. And this is what's happened. So now they've been -- again, if you have principle, you just don't vote for the 250 billion-dollar thing in the first place. And that's the problem. You say, this is a bad idea. We're not going to spend that much money. When we're sitting here, complaining about inflation every day. How do you have any credibility on a major issue like that, when the Republicans have gone over -- almost as much money. That was spent on the bill, they all complained about from Joe Biden, has been spent in multiple different bills. That the Republicans have signed on to! I mean, it's -- they have very little credibility here. Their only hope is that most people won't know the background of this stuff. And think, they're at least a little better that be the Democrats. Which I guess they are. But that gap seems to shrink all the time.
GLENN: No. They're just slower. They're just slower at it. And maybe it's because they do have some stops in there. Some people who are fighting against it. Or they're so incompetent, that they can't pass the same kinds of bills. You know what I mean? Maybe they're like, no, I'm all in. Marxism, I think it's great. You like Karl Marx? I like Karl Marx. Let's do it! Then they get up and put bills together. And so the actual Karl Marx, who is in the Democratic Party, steps up and like, these guys are worthless. Maybe they're just incompetent. And that's the only reason why they're going slower. But they're taking off a cliff. Just the same cliff. The same cliff. You watch. I think you're going to see, after the election. If the Republicans win, which they could screw up.
STU: Uh-huh. In a big way. It looks like they're going to screw the Senate up already. At this point, I don't think it's any better than 50/50, they win the Senate.
GLENN: I saw that from your favorite website. What is it? Five --
STU: Oh, FiveThirty. That's what they're saying? Oh, God that's terrifying.
GLENN: Yeah. They're saying 50 percent. They were -- in fact, they were, I think, at 40 percent, that the Democrats would hold it. Now they're up to, I think 50 or 60 percent.
STU: Well, I mean, it's probably a result of things like the latest poll in Pennsylvania, that has Dr. Oz is down double-digits. Again, never made -- against the guy who is barely alive. The man is barely alive. And he's beating Dr. Oz by 11 points.
GLENN: What. What a surprise. Democrats don't have a problem with that.
STU: I guess not.
GLENN: I mean, they could -- you could have -- you know those old pictures where you could kill an outlaw in the wild west? And they just prop his body up in a coffin? You could have Democrats in those pictures, and they would still be voted into office.
Democrats are pushing forward a bill to ‘reduce inflation,’ even though it will have the exact OPPOSITE effect. This all relates to the far-left’s effort to reduce global climate change, Glenn explains, but why should we trust President Biden to fix ANYTHING? Glenn uses America’s current strategic oil reserve MESS to prove that a) Biden cannot be trusted to solve ANY of our issues and b) to show how America is moving towards FASCISM with a dangerously fast pace…
Below is a rush transcript that may contain errors
GLENN: Let me tell you what's been playing on my mind the last few days. And show you exactly what is coming. There is a new report out now, from -- from the government, that shows that this -- this inflation-reducing bill. Oh. I love it. Do you love it, Stu? I love it already.
STU: Oh, it definitely will reduce inflation. That much I know for sure.
GLENN: Yeah. Well, the new government -- the government report says, no. Not going to do that. In fact, it will make it worse. And here's the thing that is kind of left out on the edit room floor, when everybody was voting for it. And that is, that this wonderful Joe Manchin, Joe Biden bill. Is actually going to put the burden on taxes on everybody. But the lion's share goes on the lower and middle class. 400 -- 400000-plus. They're paying their fair share. But it seems as though, a lot of money is going to be raised, from those wonderful, wonderful people. That are just barely surviving now. The taxes are going to be raised. Beginning next year. And it begins at $30,000 a year. So not only is it going to not reduce inflation. Because what's going to happen? They're going to spend this money. They're going to take the money from you. Plus, the money that we borrow. And they're going to spend it. But how are they going to spend it? They're going to spend it, the way they want to spend it. And later on in the program, we'll give you all the details of, where this money is going. But you're going to be relieved. It's going to, you know, the green new deal. It's going to all new green projects. Which is wonderful. But is that how you would spend your money? No. Of course not. The average American is saying that global warming is the last priority on their list. However, it is the Biden administration's top priority. So when they can't convince you to do a Build Back Better bill. When they can't convince you that global warming should even be in the top five. What they have to do is take control of your money, and spend it the way they want. Now, this isn't really about global warming, as we've told you before. ESG scores are a ruse. It is -- it is the largest transfer of wealth, in human history. This is the biggest scam in human history. ESG and global warming. That's not to say, that global warming isn't happened. All you have to do is read a thermometer. All you have to do is look at the pattern. Global climate change is something that is natural. I.e., the ice age. So we have these problems from time to time. And it's just the way the world behaves. And the environment behaves. Are we contributing to it. It would make sense to me, that, yeah. You can't do as much as we have done to the -- to the atmosphere. And not affect it some way or another. The question is: Can we stop it, with the plan that has been outlined by Joe Biden. Well, when Joe Biden can't win in Ukraine. His plan in Afghanistan was a complete disaster. His plan for inflation, is a complete disaster. His plan -- I mean, I don't know if you heard this. He's sick again with covid. He just was tested again this weekend. He has another case of covid. When he can't control these things, how is he expected -- his plan to control the weather, why does anyone have confidence that that would work? It's not really designed to do that. Here's what it's designed to do. Let me show you the pattern here. What has Joe Biden done with the strategic oil reserve? The strategic oil reserve was filled. And we were fine with it. The oil reserve was in case of war, that the United States can fuel its planes and its warships. So we don't have to worry about that, in a time of need. If you use the strategic oil reserve, the strategic oil reserve is gone, within a few days, just from the trucking and all of the transportation on the east coast alone. It's not made to sustain the entire country and everybody's gas and the trucking gas. Okay? So we're depleting that. And everybody has been saying. Everybody I know, says, that doesn't make any sense whatsoever. It doesn't make sense. Because what are you going to do? Donald Trump filled it up, at the lowest possible price, because we had an abundance of oil. We were energy independent. So we bought it at the cheapest price, and filled it up. Now, Joe Biden has taken and cut our strategic oil reserve. And it continues to go a million barrels at a time. Every single day, it is reduced even more. Well, he's made the announcement that he's going to replenish that, beginning this fall. Okay. How much money is that costing? And who are we buying it from?
This is the first key to understand what's really going on. Remember, we're reshaping the economy. We are becoming a fascistic nation. Take everything you know about fascism. And throw it out the window. You know, as far as concentration camps and killing Jews and everything else. My uncle Lee I don't told me one time, because he's talk with your hands Italian, and he grew up with Mussolini. And he told me one time, with a few belts in him. You know, I'm tired of everyone talking about Mussolini. He was a good man. Uncle Leo, keep that to yourself. But what he was concentrating on was the good part of fascism, if you can call it that. The trains ran on time. Things worked. If you've lived in Italy or ever lived there, I think I mailed the letter back home. When I was staying in Italy for a few weeks, when I was 19 years old. I'm not sure that letter arrived yet. Okay?
Nothing works in Italy. So fascism is a way to make things work, so they say. Centralized power. And all the power. And unlike communism, it doesn't take the companies. It has a public/private partnership with companies. That's the fascism, that America is now going down the road, led by Joe Biden. That's not a conspiracy theory. That's not a slam. Put your feelings of fascism in neutral. They say capitalism doesn't work. We have to try something new. So we're going to try something new. They just call it System X, going pack to the 1940s. Because they don't want to call it fascism. But when the United States partners with companies, as they are now doing, i.e. Facebook. Twitter. Google. All of the social media platforms. What are they doing? They are working with, to suppress people's voices. Because the government can't do that. Because of the First Amendment. So what do they do? They just have a partnership, and they call them up, and they say, hey. You have to silence these voices. Have you noticed that voices now, this weekend, are being silenced and people are being pulled off of social media, if they define inflation as two quarters of negative growth. You can't say that now?
That's fascism. So let me get back to the oil. So you're not going to be able to buy gas anymore. Because it gets more and more expensive. And it's going to get more expensive, the minute the government starts to buy oil, itself, to refill the strategic oil reserve. And it's going to be a huge order of oil. And the government gets to pick, which companies get the oil. Get the money for the oil. So you should know this, from anything, in capitalism. When you put in, an enormous order, and you're the biggest client a store has, do you get better service, or worse service?
Do they cater to you, or do they treat you exactly the same as everyone else? That's the key. They will treat you, differently, if you're the biggest buyer.
So just as we gave money $60 billion to Ukraine, and they were definitely not a country, that was going to okay gay marriage. As soon as we gave them, in the middle of war, where, you know, their population is in other countries, as soon as we write the check, and they cash the check. And they have the arms and the money from us, what do they do?
They suddenly pass a law, okaying gay marriage. That is not in line with what the people of Ukraine want. That is not in line with the President Zelinsky. It's not in line with their version of Congress.
They did it because we said, you're not getting the money unless you do it. Now, how is that going to play with the oil companies? You have a big order coming in for oil. If he buys oil from the United States and from our oil companies, which is not necessarily guaranteed, if he does it with our oil companies, I can guarantee you, he will extract more than oil from that country. From that company.
He will now be the biggest buyer, which will hurt you, but it will also give him the ability to say, you know what, I'm not going to buy your oil. I'm going to buy it from another company. I mean, unless you agree to stop doing X, Y, or Z, in oil exploration.
Now, I'm going to take a one-minute break. And I'm going to give you two other bills that are happening. And show you exactly how what we're building now, with these bills that are passing in Congress, is a New World Order. Is a new way, for the government to do business. It is the beginning of fascism. And I'll explain it to you, in 60 seconds.
First, who is our sponsor?
JEFFY: American Financing. NMLS 182334. Www.NMLSconsumeraccess.org.
GLENN: Who is it?
Yeah. So who doesn't love going to the bank, and getting a loan? Oh, it is so much fun. It's so easy. You could practically do it at your bank drive through. It takes a lot of time. You really have to pay attention. When you look -- when you're there signing for the loan, and you look at what it's going to cost you over 30 years. You have, well -- I've had maybe two or three small aneurysms, at that point. It's a frightening thing. You need somebody who is on your side. Does not work for the banks. But is working for you. To get you the best loan possible. Right now, wouldn't it be sweet, to long in your rates. Let's say you know you have to move. But you're not ready to pull the trigger on a house today. But you want to be able to do it in the next six months. You can get preapproved right now, with American Financing. And lock in today's rate. It's going to do one of two things in the next six Ms. It's either going to go back to zero, which would be horrific. Or they're going to continue to raise the rates. I don't know. Because we're not living in a sane world anymore. But this will lock in your rate today. And if it's lower, you can the barbecue and say, okay. I want a better rate than that. But American Financing. One of the on me people -- in fact, the only group, is locking in your rate. So you have time. Just in case you want to borrow that money in the Fauci. Please go to AmericanFinancing.net. AmericanFinancing.net. You can call them now. Stu, what is their phone number.
STU: Their phone number, Glenn, is 800-906-2440. 800-906-2440. Or as you mentioned AmericanFinancing.net.
GLENN: See, I'm just trying to bring him along, trying to teach him. Give him a little room. Let him read the phone number, so he can get better. And maybe some day, he too can be in the Hall of Fame. Ten-second station ID.
GLENN: Okay. So now let's look at the chip bill. The chip bill was another $250 billion. And the chip bill was, what? Was to encourage manufacturing. To make more chips, here. Okay. Well, we all know that that's a good idea. It seems to be the only thing that we think is a good idea. Medicine, make our vaccines here. Make our own medicine here. Our own insulin. Make it here in the United States.
No. Don't worry about it. We didn't learn anything from covid. We can just keep getting all our medical supplies from China. For some reason, we're doing chips. Okay. I think that's a really good idea. But the way you do it, to encourage people to make chips. If you want the government involved at this level. You cut the red tape. And you cut taxes for those companies that are going to make more chips. You give them breathing room, so they can do this. Instead, what we did was pass a corporate welfare bill. And the government is giving that to these companies. So they will make chips. Now, do you think that that money is going to go to any corporation, that is not with social justice. Do you think that money is going to go to any company, that doesn't have the right number of women, and minorities, on the board of directors. Do you think this money is going to anyone, that is not all down with the new way of -- of life. The new tomorrow. Do you think it's going to any company that is not green and is on the bandwagon for green. Of course not.
The United States government at $250 billion has just become the sugar daddy for chips. You have to think differently. They are creating public/private partnerships. So you no longer control through demand, what you want. The government is reshaping our entire world and economy by being the biggest buyer of -- of different things. So instead of doing it the right way. They've passed this big bill, and we've seen it before. So we don't freak out. But what you're missing here is, the insensitive for the government to do it, is different this time. It's not because they think it's the best thing for you. Or even the best thing for the country, that you would agree with. They've decided the direction of this country. And so now, they're going to put these companies under their thumb. The 700 billion dollar green deal. Again, impoverishing you, so you don't have the buying power. And then taking that money, and spending it the way the government wants to spend it. Because they can't get you to do it, they'll do it for you. This is the way they get to a place where in the end, you own nothing. But you'll be happy. Well, if you don't own it, and I don't own it, who owns it? The government, and giant corporations, which makes you a renter. And something that you can't necessarily get what you want. You'll get what the government will give you.
Carol Roth, former investment banker and author of ‘The War On Small Business,’ joins Glenn to answer his latest questions regarding the economy: Are we in a recession, despite what the White House claims? At what point do the Fed’s interest rate hikes become dangerous? And how are we expected to bring down inflation when interest rates continue to climb? Plus, Roth explains why she believes Democrats' desire to spend millions more to fight climate change shows they don't care about our current economy: 'They're doing this on PURPOSE.'
Below is a rush transcript that may contain errors
GLENN: Oh, man. There have been so many things that have been going on this week. I wanted to bring Carol Roth on. She was the author of the war on small business. She is a former investment banker. And she speaks the language of the common man. And she cares more about Main Street than Wall Street. She's here to try to help me make sense of what happened this week. Hi, Carol. How are you?
CAROL: Hey, Glenn. Great to be with you. Happy Friday.
GLENN: Thank you. Happy Friday to you. Okay. So I have several things to ask you. Let's see if we can tick these out for a minute. And if you can add things beyond this, I would love to hear it. We're two quarters now. Two quarters of contraction. They're trying to say, that that's -- that's not a recession. That is a recession. Correct?
CAROL: Glenn, I told you and your listeners about this months ago, I predicted this is what's going to happen. Because the group that is charged with officially declaring recessions. The National Bureau of Economic Research, or NBER, gives themselves latitude intentionally, of course, they're going to. They can't have political spin. They can't extract a fee, if we can just all look at the data, and go, oh, obviously, this is a recession. Despite all of that, we all in the financial media, in the economic predicting realm. Everybody colloquially agrees, that two quarters of economic contraction is recession. Because if you have something that doesn't have a definition, people can't understand it. There's no way to create any policy around it. You can't just have something that completely has no definition.
GLENN: Correct, correct.
CAROL: So, yes. There is latitude. And that is why I predicted, given that latitude that they would do exactly what they're doing now.
GLENN: So the other thing that happened this week. So we had the announcement, we're in a recession. Increased the rate 75 basis points. So we're up to 22.5, or 2.5, right?
CAROL: Yeah. And --
GLENN: At what point, does this become a stall of the engine?
Do we have any idea at what point it starts to get dangerous, or are we already there?
CAROL: So if you believe the sort of economic theory that, you know, 2 percentish is the neutral rate that -- if everything expands, that 2 percent, and the fed fund rate. 2 percent is their target neutral rate, then we're just around neutral right now. And it shouldn't be that much of a concern. Frankly, we had an artificially depressed set of fed funds rates for a variety of reasons. And so bringing that to a normalized level isn't that bad. To get down the inflation, that they have caused, they probably need to bring it up, a little bit more.
GLENN: Yeah. But I do think, that if we start seeing something that has, what we fancy people call a four handle on it. Where it's 4 percent or higher. Get out of the three range. Then that's why you're going to start seeing people freaking out. And having a major impact on the economy.
GLENN: But is -- I'm old enough to remember Volcker. And we had 18, 19 percent interest rates. And that was just from the inflation that we -- that we had Jimmy Carter. That was nothing like this inflation. How are we expected to bring inflation down, with two, four, five, 10 percent inflation? Or, I mean, 10 percent interest rates.
CAROL: Well, here's the reality, that the fed's tools aren't going to fix some of the issues. I mean, we have a supply and demand imbalance. So unless the fed can stop printing money. And printing oil, and printing food. They're not going to fix those areas. The only thing they can do is completely jam up the economy so bad, that we're in a massive recession, and everybody is reporting their money. And that's how those supply and demand metrics are coming together. And they're really focused on the demand side, not the supply side. What we need to be focused on is how do we get more supply in these areas, so that we balance that out from the supply side, not the demand side.
GLENN: It's a Rudyard world. A poem that came a few years ago. And the line that came to mind, we had plenty of money, but nothing our money could buy. So help me out. We're fighting inflation. We can't do it really effectively, like Volcker did. Because it would just choke us to death. And then Manchin comes in. And we change Build Back Better, into something called the Inflation Reduction Act. How can you spend an additional $700 billion and reduce inflation?
GLENN: I -- yeah. This is like -- I might get a little agro here. This is making me so angry. Because western going to throw a parade for Joe Manchin. He was the one that stopped build back broke. He was the one that saved us from even more inflation. Taking inflation to hyperinflation. Now, when we're all really happy about them keeping praise upon him. He is backtracking. And so they're like, we're going to go spend a bunch of money, to spend inflation. But the reality, Chuck Schumer came out and he said it, this is green new deal-lite. This is about spending new money on their climate hopes. Instead of fighting inflation. He put it out there, in a tweet on Twitter that I responded to. They're saying the quiet part out loud. They don't care. This is what they're trying to do.
And this is why we have, Glenn, I'm calling it, The Great Resettion. So a Recession -- the Great Recession was from the financial crisis. This is from your wonderful book. The Great Reset. This is The Great Resettion. This is intentional, they're doing this to us, on purpose.
GLENN: Yeah. Yeah. It is incredible, that even John Kerry came out and said, we have to do this. We're going to have to spend billions. If not trillions of dollars on this. And that in the end, will be anti-inflationary. And it's like, that doesn't make any sense. That's worse than common correspond math.
CAROL: And they've been wrong on everything.
CAROL: These are the people that told us, there's no inflation. They told us the way to fix crime was defund the police. They were wrong on covid. They've been wrong on everything, including the energy transition, that's affecting us not only here. But in Europe. And now all of a sudden, we're saying, oh, you're going to do this by spending more money? I mean, it is just -- basically, Congress is just theater and money laundering at this point.
GLENN: So correct me if I'm wrong, historically speaking. Volcker, when he made the tough decision. He made the tough decision, to hurt the American economy, to save the dollar. And to save the world's reserve currency. And so he had some credibility. I have been worried, ever since TARP, that the world is going to despise us. Because we have -- we have destroyed the currency. Which is destroying the economies of everyone in the world. So we can not suffer. That's what we've been doing. When I heard Joe Biden say yesterday, well, inflation, but, you know, there's inflation all over the world. I thought, yes. Because they hold our dollar.
Are we not causing the inflation in Germany and every place else? Are we not the root of that problem?
CAROL: I think the central bankers in Europe and Japan and some other areas, can share some of the credit. But here's the amazing thing. And you're so spot-on about Volcker. You know, back when we really were this world reserve currency, and we had somebody like Volcker who was trying to do the right thing. We had a dilemma. We talked about this before. Where you have to make a decision. Do you make decisions based on keeping the world currency stable for the -- the world, or do you make decisions based on what's right for the United States? Incredibly, we have done neither. We have destroyed the value of the dollar.
CAROL: And the purchasing power here in the US. And we also created a horrible situation for everybody around the world. So nobody is happy. And so, yes. We're having an inflationary issue across the world. And now, because of all these other central banks and the strong dollar, we also have a potential debt issue, in the emerging markets. Because all of not only their commodities, but their debt is dollar denominated.
GLENN: Last -- last thing I have on my list, is we had some inflation numbers today.
But it's not the CPI. The Consumer Price Index, which is at 9.1, I think. It's something else. And I think it is -- shoot. I had it written down.
CAROL: The PC?
STU: The employer cost.
GLENN: Yeah. Employer cost index is what that was. What is that one?
CAROL: So this is a subcomponent, that's not really one of the core ways that they look at inflation. It's more of an indicator that's stuck in the middle of other indicators.
But the ones that we're most focused on are the CPI, which is sort of the one that the headline. The consumers focused on. The one that the fed is most focused on is the PCE. Which is the personal consumption expenditures. And that's a different read. And, no surprise, that's much lower.
GLENN: And hang on. Hang on just a second.
That's the one that they're raising the interest rates, and doing all these things, to discourage us from buying things. Right? They need us to slow down the velocity of money. Correct?
CAROL: I don't know what they're doing. Because they're trying to get us to, quote, unquote, like you said, slow down the velocity of money. Slow down spending. Cool demands. But the government is out spending money to everybody in the world, and spending more. So I honestly have no idea what they're doing. But, yes. Theoretically, that's what they're doing. But the PCE number is what the fed is going to be focused on. It is many percentage points lower than the CPI. So as that comes down, you know, in tandem, you're not going to need to see the CPI at three or four, for them to feel like what they're going to do. And this is the crazy thing. The Wall Street Journal. Every month, they go out and they interview economists. More than half the economists think that by the end of next year, that the fed is going to be cutting rates again.
GLENN: I know. I read that --
CAROL: So this is --
GLENN: I thought that's insane.
CAROL: It is. This is all a game. And they think that they know what they're doing. But the reality of what they're doing, is they're creating these boom and bust cycles, that benefit the wealthy and well-connected. That wash out the average connector. And transfer wealth from Main Street to Wall Street. This is all they're doing. And we have to stop them.
GLENN: Right. It is amazing. I look at this chip thing, that they spent what, another $250 billion on it. That is corporate welfare. So that is taking our tax dollars and giving it to these giant corporations. I saw that, and I thought, all they're right now, is impoverishing the little person. The person on Main Street. Paying the taxes. They're making it so we don't have any purchasing power. We can't -- we can't go anywhere. Because of the gas. We can't do anything. We'll start to lose our houses. We'll start to default on our loans and our cars. They'll be fine with it. And the government is now saying, I'm your consumer. So you businesses, you do what I say. Because I'm going to be buying. Isn't that what's happening?
CAROL: Absolutely. It's the barbelling of the classes. You're going to have the complete hollowing out of the middle class and the working class. And we've seen this throughout history before. You know, at the late stages of empires, this is what happens. Where you get that wealth, that's concentrated. In fewer and fewer hands. And then you have everybody else is poor. And nobody else is in the middle. And that's exactly with my reaction. When I saw this. Not to see, that we don't need to compete with China. But these are very wealthy companies.
GLENN: But you lessen the red tape. You just lessen the red tape.
CAROL: Thank you. Thank you. Yes. Because they're just giving more corporate welfare. And, by the way, the Elizabeth Warrens in the world, who stand up, and say, bad corporations, they're all going along with this. It's bizarro world.
GLENN: Carol, thank you so much. I really appreciate all your work on this. And keeping us informed. You can follow her on Twitter. Carol J. -- Carol J.S. Roth. Or you can go to CarolRoth.com, and she's a writer, and working on a new book, that I'm very excited about. You should announce that at some point. But she's also -- she also writes for TheBlaze.com. And is a frequent guest on this program. Thank you so much, Carol. I appreciate it.
CAROL: Have a wonderful week, Glenn.
Two recent, viral videos — both showing small children targeting police officers — show we’re currently living in a ‘real-life version of Lord of the Flies,’ BlazeTV's Jason Whitlock tells Glenn. Like the characters in the book, children in our society are falling into total chaos, brutality, and depravity, he says. It's due to a lack of respect for our nation, for law enforcement, and for American values. And, ‘once you impose that mentality on the culture, this is the kind of chaos that will just become more and more pervasive.’ So, Whitlock explains why he believes only a ‘spiritual awakening’ can save our nation now…
Below is a rush transcript that may contain errors
GLENN: Jason Whitlock, host of Fearless. How are you, sir?
JASON: I'm great, Glenn. How are you?
GLENN: Well, I'm good. You know, I saw two videos last week. I saw these children punching a cop. Hitting a cop. Little kids. I'm sure you saw this too. And then a 4-year-old. A 4-year-old picking up a gun and shooting at the cops. And I thought, is this -- are we at a new level now? What is happening to us, Jason?
JASON: You know, I talked about this last week. And it's like, we're living in a real life version of the novel Lord Of the Flies. And young people are, you know -- they crash an airplane. And they -- a bunch of kids survive on this island. And they descend into total chaos. And brutality. And depravity. Because there's no adult supervision. Because there's no faith in God. And that's what's happening with young people. There is no adult supervision. And so they're descending further and further into depravity and chaos and foolishness. And -- and when you look at -- you were asking, is this organized? And, yeah. I think all of this is organized. That people are trying to undermine America, have promoted the environment, the disrespect for authority. The disrespect for the country. The disrespect for law enforcement. And once you've imposed that mentality, on the culture, this is the kind of chaos and depravity, that's going to become just more and more pervasive.
GLENN: So how do we get out of that? Is anybody -- is anybody seeing anything good happen, in the black community, towards police officers, for instance?
JASON: Well, as it relates specifically to the black community, I think it's -- it's what the entire American community is going to require. And that's a spiritual reawakening. It's the only hope. As this culture as become more and more secular, and more and more godless, it's just going to become more and more depraved. And, again, you talk about it constantly. All of this is rooted in the destruction of the family culture. And so when you tear apart families, this is what happens. And so is the problem most acute with African-Americans? Yes. Because of the destruction of the black family. The terror. The impact of that has been most harshly felt on black people. But it's happening in all parts of American society. So even where there are two parents, we're still not talking about a traditional family structure. We're still not talking about a true commitment to developing and nurturing young people. You know, we -- we deal with our young people, after we deal with our jobs. After we deal with making as much money as we possibly can. And have secured our second, third car. Our second home. We just don't have -- America does not have the commitment to young people and children that we used to have. And so we shouldn't be surprised that these kids are turning on us. And turning on the culture. And the -- the society we've left them with.
GLENN: Jeez. All right. What's the big topic for you today, on your show?
JASON: Today, we're going to talk about Kyle Murray, and the contract being given out in the NFL. And how, you know, I'm less excited for the NFL, than I've been at any time in my life. But the topic tomorrow, that I'm going to get into, that I would -- your audience would maybe really, really be interested in, is I watched a sermon from a minister called Bishop E.W. Jackson. And I think he gave it two weeks ago. I watched it yesterday.
It is one of the greatest sermons. If not the greatest sermon I've ever watched. And it made me realize what -- what the problem is, with this whole January 6 thing. And why it doesn't sit right with me. And who is really to blame. And, again, these --
GLENN: What's -- what's the just of it?
JASON: Well, the just of it is like, as Christians, as believers, we're sitting on the sidelines, in this cultural war. And -- and we have to get involved. This whole separation of church and state is being misused. And if we don't return to a John the Baptist mentality, impose our will on this culture, you know, let's not sit around and complain about the culture. So for me, this wasn't his argument. For me, his takeaway was. Look what happened on January 6. And I blamed the media. And I blamed the left. And I blamed all the lies that were told. But I also blame us, as Christians. Because we -- we need -- rather than -- and again, this isn't an anti-Trump statement. But it's just a fact. Rather than flying the Trump flag. We need to be flying the Jesus flag. A religious flag. A faith flag. And demanding that our politicians build a culture that is respectful of the Judeo-Christian culture that this country was founded upon. We -- we deserve that. We're owed that. That's the reparations we're owed. Our Founding Fathers built the Judeo-Christian culture, and founding documents, based on that. And we're watching politicians and elitists betray all that. Destroy all that. And we haven't mustered the strength, as believers to -- to take our butts to Washington. Instead of letting the leftist crazies and lunatics define all the protests. And instead of letting political people. And again, I have no problem with the MAGA crowd. But if that had been a group of Christians out there, praying and -- and asking for America to restore some integrity and facts and truth to this society. A group of Christians would have never been baited into entering the Capitol. We never would have let Ray Epps and the other influencers, bait us into the lunacy, that they're now using against us. And so now we've got to put away these political identities, and embrace the true identity of this country. And the only identity that can really save this country, and that's faith in God.
GLENN: I will tell you, that on this faith in God, this is how far away we are. Did you know that we are now sending money overseas, through blinker pen. Through the Bureau of Democracy human rights and labor grant program. And it is promoting atheism and humanism.
JASON: Yeah, I didn't know that. It doesn't surprise me. And, again, if we don't gather up as believers and say, we know what you're doing. And make them talk about, what they're actually doing. We have to draw a line in the sand, Glenn. We just you haven't done it. And enough is enough. The drag queens at schools. Grooming and trying to bait our children into a lifestyle that is unhealthy and doesn't lead to reproduction. We got to stop this. We -- if we can't draw a line in the sand, over what they're doing to our kids, then we're cowards, and we deserve the destruction that's coming to this country.
GLENN: Hmm. Thank you so much. I really, really enjoy talking to you.
JASON: Thank you, Glenn. Love you too.
GLENN: Jason Whitlock. TheBlaze TV host of Fearless.