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Expert gives the ACTUAL reasons why gas prices decreased

‘Falling gas prices give Democrats a sense of optimism for November,’ The Hill reported earlier this week. But that doesn’t mean Democrats deserve ANY credit. Financial expert Carol Roth, author of ‘The War On Small Business,’ joins Glenn to explain the ACTUAL reasons gas prices have dropped and the one way Biden actually is just making it worse. Plus, Roth and Glenn discuss whether the coming energy crisis could lead to the federal government nationalizing the entire industry…

Transcript

Below is a rush transcript that may contain errors

GLENN: Carol Roth, the war on small business author. And former recovering investment banker, that actually can break things down and talk and explain what things mean to the regular schlubs of America.

Welcome, Carol. How are you?

CAROL: You know, just enjoying the Biden economy. How are you?

GLENN: Oh, my gosh. That party yesterday was absolutely incredible. Incredible.
(laughter)
I mean, it was surreal. They were celebrating that the interest rate is coming down. Can you explain what happened with the interest rate numbers. The CPI numbers.

CAROL: All right. Well, James Taylor was there. So we saw fire. And we saw rain. We saw a revery hot CPI report yesterday. As we know, the CPI is one of the measures of inflation. And one of the measures of consumer inflation. We do know it's understated because they have messed with it, for the last several decades. To underplay it. But it's still a benchmark to sort of compare. It was considered hot by all expectations. We knew there was going to be some decline, in the headline number, because of the sharp decline in gasoline prices.

GLENN: Wait. Wait. But could you explain why the price of gasoline was going down?

CAROL: Sure. So before we get to the nitty-gritty.

GLENN: Yeah.

CAROL: So there were a couple of reasons why gasoline is come down. Some of it was our president pulling a little bit of a stunt, pulling oil out of our oil reserves. And putting it out in the markets, to kind of depress it. Some of it was artificial, because the gas taxes have been on hiatus in certain locales. But the biggest reason, that the gasoline prices are coming down. Because of the price of oil is coming down. And the biggest reason the price of oil is coming down is because the price of oil got too high.

It's just pure demand destruction. There's a saying in the commodities market, that the best cure for high prices, is high prices.

And that's we saw. Not only here in the United States, where people maybe decided not to take a road trip. Or reroute their lives. You know, so they're not using as much energy. And particularly gasoline. But also, on a global stage. Obviously, the prices are going through the roof, as we know in Europe. Completely self-inflicted.

But, you know, again, they're having to make those same choices. And then China, as we've discussed previously. Is having its own issues. And particularly, with parts of that country, being under lockdown. And being a top consumer of oil. They weren't using it.

So the demand destruction, is that reason. That big reason, that we had to decrease in oil. And then decrease in gas.

GLENN: So just confirm, this is a good way to look at the words demand instruction. Because you'll hear people to say, what we're looking for is demand destruction in the oil prices. And blah, blah, blah. And, you know, it just kind of goes over people's heads. And I describe it today. Every time you hear demand instruction, put your fame. So Carol Roth, your bank. Your bank account. At let's say Bank of America.

What they're looking for. What they're really looking for, is Carol Roth's bank account at Bank of America to be destroyed. So you don't have the money to go and buy the things. Correct?

Looking to price things so crazy. That you can't -- you can't afford it.

CAROL: Yeah. It's the outgrowth of high prices, that basically Carol Roth says, you know -- I'm looking at my bank account. It's being destroyed.

And there's no way that I can go on that road trip. So I'm just not going to be one of those people in the market, who is purchasing gasoline this month. I'm going to take a reprieve. I'm going to work from home. That's part of the whole story of the Federal Reserve. What they're trying to do to, quote, unquote, slow down the economy. And engineer their -- another big -- you know, kind of financial speak. A soft landing. Trying to quell inflation without tanking the economy.

And that's their tool kit, is all about demand destruction. They don't want the consumer to purchase. They don't want businesses to make investments. And we've already had two quarters of negative growth.

So if they're trying to get the economy to slow down, you know what that means? That means more contraction.

GLENN: Okay. So that's why gas is going down. And that was really the only thing that went down. Right?

We had food prices skyrocketed.

CAROL: Yeah. It's crazy. I saw a stat in there, that food in the house, it was something like they were in the highest levels since the late 1970s. '79, I think. So we have hot numbers in food, in shelter. In medical care services. This isn't like ancillary stuff. This isn't the fancy clothes. This is the stuff that you're -- you know, you need to be able to live your life.

And it was the -- the fact that we thought, maybe -- the lower energy prices would flow through, no pun intended, a little bit more of the economy. But it's just shown that we have a very broad base, in terms of inflation. It's not just coming from that one pocket. It's not just Putin's fault, Glenn.

GLENN: Right.

CAROL: And that is going to take a long time to come back down to normalized levels.

GLENN: So we have something else to add on top of that. And you can call it climate change or just a bad season, or whatever. But I was talking to my aunt, who is like 85 years old, yesterday.

Quite a conversation. I said!

Anyway, she was canning yesterday. And she was like, there have been no peaches. No beans. She said, we planted our bean garden three times. We had a hard time even finding seeds for it.

There is -- we are facing a real crisis just because the crops didn't come through, and that's happening globally. You add to that, all of the other problems. We haven't seen -- we're now just about to get into the time, where we would be using this summer's crops. Correct?

So food prices still have a lot way to -- a long way to go. In the up direction, don't they?

CAROL: They do. And that's part of the issue. Why I'm sort of banging my head against the wall, in terms of these discussion points. Because as we talk about the demand destruction that the fed policy is trying to enact.

Our issue is the broad-based supply issue. And as you mentioned, one of the areas that is undersupplied is food. Part of that, as you mentioned, because of weather events. Some of that because of fertilizer shortages. Some of it is because of by-products from energy that go into dry grains. Some of that, because of, you know, war in Ukraine.

But all of these things happening at the same time, are creating those shortages.

And again, as the consumer decides what to substitute. They may be able to substitute to a lower cost food, but they can't substitute food. And that will continue to be an issue, all across the globe.

GLENN: Well, they can't eat bugs. They're supposed to be very, very tasty.

Okay. Hang on just a second. I want to ask you a couple of things about the fed, and what they're planning on doing. And I'm reading some disturbing things, that I would just like -- talk me down from the tree. We'll do that in 60 seconds.

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(music)
So a couple of things, let's -- let me start with the fed. I am -- I am reading now, that the fed is going to raise the rates again.

But as astonishing as it seems to me, that we are at these historically speaking low rates. And it's going to stop the heart of the economy. They're saying now, the next rate, or rate hike. Or two. Could just put us into a tailspin. Do you believe that?

CAROL: I do. If you go back to Janet Yellen, our, quote, unquote, esteemed Treasury secretary. The one that told us that inflation would be transitory. And that they needed to get information on $600 e-commerce transactions to keep the billionaires in check, Glenn.

She was on -- one of those weekend shows. And she said, basically, that they fed is going need to a great deal of skill. And also, some luck to achieve this soft landing. Trying to bring down inflation, without taking the economy.

Well, we know on the skill side, we know that they don't have the skills. You know, they were behind the curve in terms of raising the rates to begin with. They waited until we were at, you know, historic 40-year highs, before they even started thinking about reversing course.

So obviously, we know that probably is not -- that the skill part of it. The luck part of it isn't on our side either. Because they don't have the right tool set. As we've been talking about this supply side, versus demand side. And the demand destruction. Their tool set, in terms of raising the target interest rate. As well as potentially reducing the assets under balance sheet. Although, I don't know if they'll ever get around to that. That, again, is to destroy demand.

It's just to have the consumer slow purchases. It's to have businesses slow investment. First, they have the government that's working, you know, against them on that. The government policy is spending more. So those two things are at odds. Which makes absolutely no sense.
But the problem we have now, isn't a demand side issue. It's a supply side issue. As we've been talking about, we have brought under supply. So unless the fed knows how to print labor, print food, print oil, print housing, they are not going to be able to solve for that -- for that Delta, that distance between supply and demand without completely slowing the economy to the point that we are in a severe recession. And that is what the market is signaling, both the stock market and the bond market right now.

Is saying, boy, we don't have the confidence, that the fed not only has the tools, but that they aren't going to put us in a worse situation. And on top of that, then you also have the global economy, you know, in tatters as well. Which isn't a lot -- not a lot. So I'm not real bullish on the skill and luck of the fed right now.

GLENN: So I was in -- I was in Italy last week. And just talked to people. Sit at a restaurant or whatever. And we just talk to people. And one of the more disturbing trends that I heard was, you know, that -- that things are getting really bad. And one person described it to me, as the winds of revolution are sweeping Europe.

Because -- and it's fascinating. Everyone knew, it was the same problem, we have here. The elites are going in one direction. And the people are going in another.

The people are saying, give it back to us. And the elites are saying, give it all to us.

And that's not going to last. And I kept hearing things like, we're just going to have to learn to -- that the this year days of having things that you wanted, and easy lives, are over. Can you describe what that means?

That Americans are just going to have to live a different kind of life.

CAROL: Yeah. It's so frustrating. That, you know, we have the leading economy in the world.

And you have all of these first world countries, that really have spent time, using their technology, to help other countries. And to help lift up human flourishing around the globe. I mean, if you think about China, and what we've done in terms of the extreme poverty there.

Lifting out 90 percent of their population, from extreme poverty. Because they were able to trade with us. And basically suck up some of our capitalism into the communist system. You know, that's what we should be doing. We should be taking that leadership, saying that we know how to do things the best way. And we're going to help everybody flourish. Instead, you have these elites, no. You know, we want this to be a third world country. And we want to be in a dictatorship. Where us at the top, have our own set of rules, and have all the power. And you just suffer. And you're going to have to suck it up.

And, unfortunately, there are some people, who will go along with that. Yeah. You know, crisis. We have to do all this together. Kind of what happened with covid. But we should have happened over the past two years. That they don't have our best outcomes.

GLENN: Interest.

CAROL: Yeah. Outcomes at heart. And they will do anything. Lie. Completely do anything they can to get and usurp that power. And we've already seen, you know, smaller amounts of civil unrest, you know, in developed countries. Whether it was the freedom convoy, or in the Netherlands with the farmers. And, you know, you're right. This could end up becoming a much bigger issue. Which, you know, if it changes the tide. You know, in a sense, it may not be the worst outcome. Not that obviously, I ever want to see any sort of violence or unrest. But we need to change the tenor, and the people need to take back common sense and sanity here.

GLENN: So the -- the one thing that kind of makes sense to me. Is -- you know, if you're somebody who wants control of things. You need to control medicine. They do. They need to control education. They do.

But they need to control energy. You know, I'm seeing this happening in Europe because they're ahead of us. And they're all -- people are going to freeze to death, this winter. They will freeze to death. And people did be able to pay their power bill. Which will put the energy companies into distress. And they won't have the money to do it. Because people aren't paying their bills, et cetera, et cetera. And I just think the government will step in and say, they couldn't get it done. This needs to be done by the government. And you could see the West just taking and absorbing all of our energy companies. Do you think that's a possibility?

Because I think it's likely, at least in Europe.

CAROL: I mean, so if you think about the desire to nationalize, control, have sort of a public/private partnership. At least in the US. California is sort of our incubator for that. And they're starting to test that in a lot of different realms. They just put together that fast recovery act. Which is going to be a state council on fast food. So they'll manage the fast food industry.

And, again, that is a step to try to nationalize these industries. I definitely see a place. We've already been hearing from the U.S. and abroad about things like price caps. We have a big problem in Europe, in terms of the way, they have kind of financed themselves, and a potential collapse of, you know, some of the energy companies and utilities out there. So, yes. You're going to have some -- the governments come in with a bailout. And then they may use that as an excuse. Well, we're bailing them out anyway. They can't manage them. We need to take this over. So whether it's food. Whether it's energy.

Whether it's any aspect of our economic freedom. These crisis are their touch points.

And, again, self-inflicted crisis. In order for them to say, we created the problem. But don't look at that. We'll fix that for you.

GLENN: Carol, will you do me a favor? I would like to do a special with just a group of experts, that can tell the average person, what's coming, and how do we deal with it.

I mean, it's so overwhelming to the average person. And I don't think, because people make it so complex. Because it is complex.

But they make it so complex, that they -- they don't even think about breaking it down into smaller bite sizes, that people can understand. So can you find a bunch of people, that you really think get it. That maybe can sit around at a roundtable, and maybe have a conversation about this.

CAROL: Yes. I would love to be honored to. And I will be in touch.

GLENN: Okay. Good. Carol, we'll talk again. Carol Roth. Carol Roth. Make sure you follow her. She's really, really spot-on. You can follow her at CarolRoth.com.

Also, tonight is a special on the energy crisis. And the collapse that is coming for Europe and what it means to America. Not just the explanation. But what we need to do about it. That's tonight. BlazeTV.com.

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RADIO

Meet the pro-Intifada candidate NYC Democrats just elected

New York City Democrats just elected 33-year-old Zohran Mamdani, a "socialist Muslim", as the Party's candidate for mayor. But Glenn Beck argues that his radical beliefs are actually communist and Islamist.

Transcript

Below is a rush transcript that may contain errors

VOICE: Z10852. Something weird is going on. The World Trade Center is on fire.

VOICE: Seriously the top of the building. We're trying to get information.

VOICE: Top level of one of the --

VOICE: To unfold from New York City.

VOICE: A plane crashed just --

VOICE: My sister is in that believe. I hope she's okay. I have to come to New York.

VOICE: It's pandemonium.

VOICE: It's raining papers.

VOICE: Wait a minute! Stop just a second. Why are we -- why are we -- I've got breaking news. Breaking news, yesterday. New York City just elected as their mayoral candidate for the left. And the Democrats, a -- a Muslim radical, who is also a communist!

So, you know, it only took you 25 years. It only took you 25 years, New York, to go completely insane.

Somebody who is -- well, I mean, if I might quote Michael malice today. I am old enough to remember when New Yorkers endured 9/11 instead of voting for it.

But you've got a -- you've got a communist jihadist apologist now.

Who was -- you know, well, CAIR put $100,000 behind his bid for New York City mayor.

So you have somebody who is endorsed by CAIR. That's really good.

He also was somebody who said, you know, he was -- he was for the shooting of the United Health Care CEO.

Said he was looking forward to driving down magnum Joan avenue. I don't know. Sounds like supporting people in the streets. Maybe it's just me.

Then he also said that he was going to globalize the intifada, which I think that's -- maybe -- maybe that's just me.

I mean, what do I know?

Tim Miller who is a podcaster. Asked him a few weeks ago. Asked him about his pro Palestinian slogan. Globalized the intifada. And he said, for me, ultimately, what I hear in so many, is a desperate desire for equality and equal rights, in standing up for Palistinian human rights. Oh, is that what you hear, Mr. CAIR?

Really? Huh, that's interesting.

Right. So globalize the intifada.

I mean, I mean, sure, that's -- I mean well, let me go on.

Because I don't want to take him out of context.

He then delved into the semantics of the intifada, citing the United States Holocaust memorial museum's use of a word for a translation for uprising, in an Arabic version of an article, a museum published about the Warsaw ghetto.

Oh!

So this is just a comparison, about the -- the armed rebellion against the Nazis!

I don't know if that makes me feel better!

I mean, if we're globalizing that.

We're the Nazis in this scenario.

Because I don't think it's the Palestinians.

I certainly don't think it's anybody who is like, hey.

Global jihad. I don't think it's those guys.

Or the Nazis. Who are the Nazis in that?

And it seems, if that's what you mean, then it's not just a harmless kind of slogan about human rights. It is a call for violence on the streets.

Because I don't know if you know, that's what happened when the Jews had their uprising against the Nazis.

I'm just saying!

But, hey, hey, free Palestine.

Oh, that's not what that means, gang. That is not what that means, but don't worry about it. He's just going to be possibly the new mayor.

And that's great. By the way, the Columbia faculty members signed a letter defending Hamas.

They were also among the donors to his mayoral campaign.

So, you know, you don't have anything to worry about.

And his father, who used to work at Columbia. Do you know, Stu?

Is his Dad -- is he still a professor at Columbia University?

He said that -- this violent terror thing of Islam, is not a part of Islam. Now, I've read the Koran, and much of the hadith.

And I'm pretty sure the violence is a part of that. But no.

No. This is something entirely new.

And his father while at Columbia university, wanted everybody to know, that this is actually -- this is something that came out of America!

America is really responsible for this.

And, you know, it really started with the Reagan administration, you know, when he started -- when he started with his very religious terms, to finish the war against the evil empire.

So, you know, that's where -- that's where 9/11 came from.

Is what -- don't worry about it! Don't worry about it!

Because who am I? I'm clearly just -- am I an anti-Semite today, or am I an Islamophobic? I can't remember which one.

Oh, it's probably both. Anyway, Islamophobia. Let me just explain Islamophobia. I haven't even gotten to the Communist part of it. Which is really, really -- New York, you're in one for hell of a ride. Buckle up.

It will be a fun rollercoaster for you. My gosh, I've never been happier that I've been away are if New York.

Anyway, I just want I to know, there is Islam. And then there is Islamists. Now, an Islamist is somebody who really wants Sharia law.

That's political Islam!

That's not a faith. That's political Islam.

Now, let me make really -- something really clear. Criticizing Islamism, is not Islamophobia. Pointing out the dangers of, oh. I don't know.

Political Islam. The ideology that seeks to use the tools of democracy, ultimately to destroy democracy, is not an attack on Muslims.

No. Uh-uh.

You know why?

Because Muslims are often the first people in line.

The first victims of the ideology.

So let's draw a bright, bright line between Islam as a faith, millions of people can practice that faithfully and peacefully.

It's mostly peaceful, okay?

Then there's the Islamism.

Islamism is something entirely -- that's a political project.

A theocratic political -- oh. Left loves theocracies. They love it.

Of course, you never see a problem with it.

See it when an Islamist is touting it. Anyway, it's not about prayer. It's not about fasting. It's not about spiritual life.

It's all about power. It's about merging of mosque and state. It's about implementing Sharia, not as a personal code of conduct. But as a governing legal system.

And it's -- it's supremacy.

Absolutely. Faith.

Religion.

It's -- there's one thing that's supreme.

It's misogynistic.

Deeply intolerant of all kinds of things.

Descent. Secularism. Other faiths. Even competing interpretations from inside the faith itself.

It will behead them too.

So let's -- let's be honest here for a second.

You know, CAIR should be labeled an international terror organization.

In my opinion. In my opinion.

Oh, does that make me -- that makes me an Islamophobe. I'm sure. I'm sure they will start a campaign against me on being an Islamophobe.

Stand in line, guys. You've been doing it since 2001, okay?

I don't really care. And I don't think the American people. I think that record, all the grooves are worn-out on that one, okay?

This is not a religion we're talking about. When we're talking about Sharia law. And we're talking about globalize the intifada. What does that mean, actually, to globalize it?

Does that mean we now want to do what is happening to Israel? All over the world?

Has the Palestinian plight become our plight you now, as Americans?

That there has to be an intifada here!

Because it's the kind of the same. You know. It's kind of the same over, you know, with what the Palestinians are going through.

Well, it's very much like what the Jews went through with the Nazis.

That's a weird one. That one makes my head hurt. It's very much the same as that. And very much the same as the fight against Donald Trump.

Oh, this is going to be fun. It's fun!

Really fun. You know, the irony here is, the ones that will scream Islamophobia the most, are the ones in the progressive left, the champions of feminism, LGBTQ rights. And secularism.

They're going to -- no. You want -- they're going to stand with the people, who want to kill them first.

See, this is how smart they are!

This is why it's going to work out well, in New York City.

Let me just say. If you have an ounce of common sense, you run a business, you have an ounce of wealth. And I don't mean wealth like, you know, hey, Lovey.

Let's get on the boat for a three-hour tour with a suitcase full of cash. I mean you saved anything, anything, get the hell out of New York City.

I mean, this is about survival. This is about free speech. This is about women's rights.
Religious pluralism. Secular legal systems. Liberal democracy.

But it's also about failed principles of Communism. Okay?

First, you have to call out political Islam for what it is. Okay?

And we have to do it with the clarity that we call out white nationalism.

Got to do it with that. Got to -- you know, the Klan. Really bad people.

Really bad people.

Anybody who is shouting for globalized intifada?

Pretty bad. Pretty bad people.

Okay?

Now, let's get to communism.

Because that's another cool, cool angle of the new Democratic candidate for -- for mayor of New York City.

That I just -- I think is cuddly and cute. Sure, it led to 100 million deaths. But this time, New York is going to be radically different. Oh, did I use the word radical?

I didn't mean to use that. What's radical about this guy?

Nothing. He's just like you!

Well, not exactly.

But let's talk about communism, next!

Now, the new mayoral candidate that's running there in New York City. That so many young people rushed to defend and vote for. He's promising free buses.

That's going to work out.

Where are you going to get the money for free buses.

It's free!

City-run grocery stores.

Oh, rent freezes. And finally somebody has done it. A 30-dollar minimum wage.

So under the banner of equity. And, you know, we will tax the wealthy. And the corporations. You know, we're going to squeeze another $10 billion out of them.

Really?

Because they're going to call a U-Haul.

You know, they will call something like U-Haul. There will be a lot of -- there will be a lot of movers that are like, how do I get the truck back from Texas or Florida back up to New York? Nobody is moving up there.

But he's going to do it.

Now, his vision isn't really new. You know, just -- just tax people, so we could have city-run grocery stores. You know, I remember -- I'm old enough to remember those city-run grocery stores in Moscow.

They were great.

The shelves were empty.

But that's just Moscow.

It worked out completely different in Venezuela.

Where, oh, no.

It didn't. That's right. The grocery store.

They were eating the zoo animals.

But it will be different in New York.

Because they have rent controls too.

And that will just choke the housing supply, but don't worry. As a young family.

You know, you voted for it.

You know better.

It will work this time.

So, you know, I like building ideas, I just don't like usually building on the graves of 100 million people.

But, you know, why not? Why not?

You know, use this dogma.

And this time, it will be different. It's not like it was in China. Where the great leap forward, was a gross -- a gross parody of progress. Venezuela, which was oil rich. One of the richest nations in the hemisphere now sees 90 percent of its population in poverty!

Yeah. Darn it. You know what they did?

They decided to take state control of things.

You know, like grocery stores. And it worked out well. How is that free busing working out in Venezuela?

I just want to -- I just want to know.

Anyway, then you've got the globalize the intifada. Which is going to drop a little violence in, and anti-Semitism in with your communism.

Which is weird!

Because violence and anti-Semitism, always happen. When it -- when it comes to -- when it comes to communism.

This is weird!

I've got to play something for you. Because this has talked about on me earlier this morning.

Oh, wow.

Wait a minute. This is -- this is the whole coalition coming together here.

So this is going to be good. New York, this is going to be great.

It's going to be great for you.

No. He's going to uplift you. Then the social fabric of New York City is just going to be -- just one.

It's going to be fantastic. Don't worry about your 120 billion dollars in debt. Or your 10 billion-dollar deficit that you have right now.

You are going to charge the rich more taxes, and they will stay right there.

They will be like, you know what, that 46 percent in taxes that I'm paying, this is just not enough. It's just not enough.

I need to pay 60 or 70 percent to be able to pay my fair share. So that's good. That's good. That's good.

You know, they're not risking 100 million people. It's just 8 million people.

This time, it's just 8 million people.

But, hey. For those of you in upstate New York. That aren't going to be part of this experiment.

Don't worry, you get to pay for it. Because they'll kick it up to the state. The state will have to subsidize everything. And don't you love it?

Really, don't you want to subsidize the really crazy ideas of New York City?

I mean, why don't you have a -- why don't you have a democratic socialist. A/k/a communist mayor.

Why haven't you done that? Are you not progressive enough? Are you not looking into the future?

Are you stuck in the past?

I don't know. I don't know. The graveyard is pretty big. I have a hard time getting past that one. You know, yeah, so I'm stuck in the past. Because I can't seem to pass that graveyard, and get to be down the path with you. But it's going to be a paradise.

Forget arithmetic. You know, or human nature. This time, it's going to work. It's going to work. So all right!

Wish I lived in this morning.

No wait. Nope. I don't. Nope, I don't.

And Ted Cruz, stop it. Stop writing, hey, come to Texas. No. No. Don't come to Texas. Don't come to Florida. Go to California. It's beautiful this time of year. Go there. Go there.