RADIOMarch 04, 2025

Financial Expert WARNS: Why Trump’s Tariffs are a Risky Game

Inflation is still up, prices are still high, GDP is now predicted to decrease, and the Legacy Media is, of course, blaming President Trump and his tariffs. But financial expert Carol Roth makes the case that they KNEW this was coming. The economy is still reeling from Biden-era spending. That’s why Glenn advises Trump to demand in his first Address to Congress that Congress pass a budget with a bare minimum of a trillion dollars in cuts. But Carol also gives a warning: she believes that DOGE’s cutting and Trump’s tariffs could “explode the deficit” and alienate our allies if they are not done surgically.

Transcript

Below is a rush transcript that may contain errors

GLENN: All right let me go to Carol Roth. Hello, Carol. How are you?

CAROL: Yeah. Glenn, I've just found that we've only been in this administration for a month and a halfish, and I feel like it's been 16 years.

GLENN: Yeah. I know. I know.

CAROL: There's so much going on. I'm trying to process it now. When somebody said, it's only been a month and a half. I went -- you know, my mind was blown.

GLENN: Yeah, we're 40 days into this administration. You're looking into this. And it's breathtaking at what has been done. Last -- last month, we had I think 1800 encounters at the borders.

A year ago, last February, it was 1009000 encounters.

That's how much of an impact he has made on that. We have all these things that he has done. But when it comes to the economy, Congress has to move on some of his things. He hasn't really done anything with the economy. Except, perhaps, for DOGE. Which you've been warning about on this program, for a while now.

What's happened?

CAROL: Yeah. Yeah. So we've talked about before, that the economic situation, is not really what it was presented to be. You know, we heard under Biden and certainly during election season. What a wonderful economy we had. All of these really great statistics, on employment and growth.

And it's become very clear. Well, it was very clear to all of us, before. We've talked about it. Something that Secretary of the Treasury, Scott Bessent talked about a couple of weeks ago. Is that really, the economic foundation is incredibly fragile. And what we've had the Biden administration do, which was exceptionally nefarious. Is that they decided that they were going to spend to paper over the weakness of the economy.

So if you remember, I think it was back in 2022, we had those two down powers of GDP. Which is a technical recession.

For some reason, by the way, they said, was not a recession. I'm sure if Trump had to down quarters, they would say it was.

GLENN: Right. Depression.

CAROL: But it had a D in front of it, so it wasn't. Then we came out of it. Then it was pretty clear that we were going to go into this double dip recession.

So what did they do to increase government spending, which is very inefficient spending, and we have been running deficits as a percentage of GDP. That are at wartime levels.

We're talking six to 7 percent of GDP, the historical average is somewhere around three, or three and I half percent.

So about double, you know, what you might see, on average. Not -- well, you have a good economy. You would actually expect that to be much lower. Because you're getting more receipts.

That's what happened. We had more receipts. We were taking $5 trillion. And they're spending even more. They're spending almost $7 trillion. So that was done to mask the weakness in the economy. Now that we don't have the ability to continue to kick up even more and more to show growth, the consumer continues to be tapped out from all the Biden Arab policies. And the fact that we have DOGE. Which is trying to cut down government spending. We're at a situation where things could get uglier. Before they get better. Or they could get uglier. And they could take away the political will to make them better.

That's this delegate dance that we've been talking about. Why we need this careful choreography.

The craziest thing that has happened over the past several days. Is that the Atlanta Fed. One of the branches of the Federal Reserve. Has a tool that predicts GDP each quarter.

They went over the last four weeks. Okay. Four weeks time. From predicting we would have almost 4 percent GDP growth in the first quarter. To now negative 3 percent, in the first quarter.

GLENN: That's impossible.

CAROL: A seven percentage point difference in four weeks! Which, A, just goes to show what a joke any of this reporting. And these tools and this data are.

But I think also shows, hey. We've got, you know, somebody else at the helm here.

So now we don't need to doctor these numbers in a way that seem a bit more friendly.

And it's so -- we potentially could be seeing something ugly. Which is something that we've talked about many, many times.

And this has been a setup, that they knew was come.

If you go back to the middle of last year, you had a bunch of, quote, unquote, noble economists. That put out a piece that said, Trump was going to create inflation. He was going to do all these things to the economy. And I called it right out, there is will it. This is a setup. They know this is coming, right then. They are setting the groundwork to blame this on Trump.

Get ready for the talking points.

Trump has been in there for only six weeks.

He hasn't even really had a chance to do anything about the economy. Congress certainly isn't helping. And yet, we're already getting the rhetoric that, oh, look what he did to our really great economy.

GLENN: Correct me if I'm wrong here, Carol. But the Biden administration, while they spent a lot of money, they did it in ways to cover things up, et cetera, et cetera.

But that -- that big 2021, you know, $1.2 trillion bill. And then the 836 billion for roads and bridges. And broadband. And then the 144 in the Inflation Reduction Act. It's well over a trillion dollars.

And it's my understanding, that only 17 percent of that money has been sent. Spent. So what happens if we don't stop the spending, of just the stuff that is already on the books from Biden. Wouldn't that cause our inflation to go through the roof.

CAROL: Yeah. It absolutely would cause our inflation to go through the roof. Because even with the cash in and cash out that we have. As you said, we're running these wartime deficits. And, by the way, we're financing those at high interest rates. Not necessarily in the historical context. But in the context of the last 15 years. And in a way that we have now made the interest expense, on our debt, you know, what we're paying for stuff we've already bought.

Exceed, the financing charges exceed what we're spending on defense. Nile Ferguson has a great sort of maxim, if you will. That basically, I'm paraphrasing here.

But, you know, nations that spend more on interest, versus debt, don't, you know, remain great nations for very long. That seems to be pretty obviously, something that everybody can wrap their heads around. That we've -- we don't want to be spending all of our money paying for stuff that we, quote, unquote, already bought. And we certainly, at these levels, cannot afford to do that. If we continue to do that, and, you know, this kind of goes into another conversation that we've had before, Glenn, too. That central banks around the world who used to be our friends in support of the US being the world's reserve currency, used to just buy Treasuries, as kind of part of the deal here on an ongoing basis. Over the past 11 or so years, they have been net sellers of Treasuries. They have actually replaced that with gold on their balance sheet. So if we don't have central banks that will just buy Treasuries, whenever, because that's part of the geopolitical deal, that means you have to find people, who are, you know -- looking at the price. They're looking at the price of the treasuries. And basically, you know, at these levels, of even though, they've come off a little bit. And we can talk about that too.

But they're saying. Overall, they're saying, yeah, we're not going to do that. You know, we need to have a reprice here.

And, you know, when you don't have enough demand. You end up seeing our yields go higher. To the extent, they add you up too high. Which we were dangerously close to a few years ago. We've come off now.

If you hit that. That could end up causing a debt spiral.

End up causing a mismanagement.

Or not a mismanagement.

A throwing up, if you will, of the Treasury market. And have global implications. Let me explain this, so the average person understands what you just said.

You are -- you are wanting to buy a new house.

And the interest rates are up at 8 percent.

You say, honey, I don't think we should buy a new house.

The interest rate is too high.

And somebody says, historically not. Yeah. Historically, you might be right. But we're not buying in the 1980s right now. We're buying today, with our financial situation. So I don't think we're going to buy the house.

That's what a normal person would do. And you can start saving known buy a house later.

That's not what the government is doing. They're saying, let's buy the house at the high interest rates anyway.

But when you have poor credit, really good banks are going to say, no. I'm not going to take your loan.

That's what she's talking about with the central banks. They're like, I don't want it. I would rather buy gold.

Because I don't trust that you guys are ever going to get out of debt.

And so what happens? Loan sharks step in.

This is what she's saying about the yield going up. The loan sharks step in.

And they say, I can make this deal for you. It will cost you 12 percent.

You're like, 12 percent. That's outrageous.

You're going to do it, or you're not going to do it. What do you want?

So we're bigger ourselves with lone sharks. That's why, I believe, the president needs to say, tonight. Congress must pass a budget.

It must have cuts. I would love him to say, it must have a trillion dollars, bare minimum, of cuts. To show the rest of the world, that we're serious.

I don't know why Javier Milei can do these things, but we can't.

CAROL: However. However, however, Glenn, if we cut as we talked about, a trillion dollars. And we cut it up very carefully. And we don't choreograph it like Fred Astaire and Ginger Rogers, and then we don't have that in our GDP, then we have a shrunken economy. We're taking in less receipts, and we actually explode the deficit, which could end up in a debt spiral.

GLENN: Right.

CAROL: So, yes. Congress needs to do their part. But it needs to be done very surgically, and that's the ultimate challenge.

That's the mess that the Biden administration left for Trump.

GLENN: If I were king of the world today, and I could go in and say, Congress, this is what you're going to do.

I would say to them, you're going to cut a trillion dollars. Plus, you're going to pass a flat tax. Or 15-15-15. What the president has talked about. And you're going to cut 15 percent of all regulations. Cut them right now. And you're going to pass the REINS Act. That would change the dynamics of the economy.

Yes. We would have all of that spending going away from our GDP. From the government.

Good, but money would flow into our country, and jobs would be created.

And we would he go night the engine at the same time. That's what has to happen! But that's not going to be the president's fault, if it doesn't happen. What a surprise! It will be the lame ass G.O.P. that will screw this up.

He has to get them back on path. Back in just a second with Carol Roth with some good news.

GLENN: Okay. Is there anything else that we need to hit here, on the economy, before we get to some good news?

CAROL: I mean, this was probably going to be a whole other segment, at some point we need to have a discussion about the tariffs. It's probably not the time now.

GLENN: No. Okay.

CAROL: But we need to have a discussion about these tariffs.

GLENN: Okay. Let's do that now. Let's start there.

CAROL: All right. So basically, what did the American people hire Trump to do? Right?

They hired Trump to stabilize prices. To get things more normalized.

And, yes. We have these issues around the world. In terms of where we stand by trade.

However, as we have been talking about, we just talked about, this needs to be very surgical. We need to have Fred Astaire and Ginger Rogers doing choreography. We don't need to have a bull in a China shop.

And the tariffs situation, given the precarious economic situation that Biden has left us. And the fact that the citizens of the United States want priced ability is absolutely maddening.

I understood Art of the Deal. I understood the first time around, that we're trying to put some pressure. Show who is the big dog, and people to come to the table. But now, we're going after our allies.

We're trying to kind of separate ourselves from China. Well, we have country. Companies who decided to move manufacturing from China to Mexico.

So that they could be more aligned with the United States and North America. And now we're putting these crazy tariffs on it. This is -- this is something that, frankly, nobody in any economic circle, that I know, understands the strategy.

GLENN: Okay. So here's. And it does not seem to be consistent with what I have been talking about.

GLENN: Okay. Donald Trump has been playing many different games all at once. And the strategy that comes with Canada and Mexico.

I don't think really has anything to do with the economy.

It has everything to do with the border.

He is saying, help us with the border.

Help stop the flow of illegals. Stop fentanyl. And recognize that your cartels are terror organizations. Work with us. If you don't want to. That's fine!

You will get a tariff. He's not saying, you know, we -- you're charging us too much for our milk. And not enough for your milk.

Or whatever. That is part of it. But that's not really what he's after, I believe, on the tariffs with Canada and Mexico!

CAROL: I agree. That was the first time, we tried this.

And he got them to the table. And now we need to have sort of a different situation. Because the reality is that, as you said, he's made huge strides.

We have a tiny fraction of the encounters at the border.

So that is moving in the right direction. But things like pricing ability. Is not necessarily moving in the right direction.

And to throw this into the mix, at a time that is so precarious from an economic situation. Even if that is the ultimate outcome, it seems like the wrong tactic to take, because the situation on the economic front is so volatile. Find another path to do that! That's all I'll have to say on that.

STU: Yeah. And just to back up Carol's point on the border, I mean, we're down -- this is the lowest month we've had in at least 25 years of border crossings.

GLENN: Since 1968 or something crazy like that.

STU: Yeah. The only other close month was April 2017. Right? After Trump came in the first time. But that was much more about just tone, and it did slow things down.

This seems to be backing up with action.
And, you know, I -- I tend to agree on the tariffs with Carol here.

GLENN: Yeah, I'm against tariffs. I'm for even playing field tariffs.

STU: But, again, and that is defensible logically. Not what's happening with Canada, with being in agreement. There's no tariffs.

It was his agreement. He designed it. And now he's putting the tariffs on.

GLENN: I know.

CAROL: That's going back with the surgical part, if it was something very specific, I could understand. But across-the-board, at these levels, seems really insane at this point.

THE GLENN BECK PODCAST

Redefining Autism: Is it a DEEPER form of human intelligence?

Autism is often described as a disorder, but what if it’s something more? Glenn Beck and Dr. Diane Hennacy explore the extraordinary cognitive abilities of autistic individuals, from pattern recognition and visual thinking to savant-level intuition. They discuss how autistic minds may represent a different kind of human intelligence which is faster, more perceptive, and less dependent on language. Could autism be an evolutionary adaptation, revealing a deeper form of awareness we’ve lost?

Watch Glenn Beck's FULL Interview with Dr. Diane Hennacy HERE

The REAL culprits behind America's economic divide

America’s economy isn’t broken by capitalism... it’s broken by control. Glenn Beck and Carol Roth dive deep into how government intervention, corporate monopolies, and central bank policies have created a rigged “K-shaped” economy that rewards the rich while trapping the working class in debt and despair. From housing shortages and student loans to the rise of socialism and global governance, they reveal why Americans are losing faith in the system and what must change to reclaim the American Dream.

Dr. Oz EXPOSES the $15 Billion Medicare SCAM Behind the Gov't Shutdown

Glenn Beck sits down with Dr. Mehmet Oz to reveal the shocking truth behind the government shutdown and how billions of taxpayer dollars are being STOLEN through Medicare and Medicaid fraud. From California’s healthcare funding for illegals, to foreign governments like Russia, China, and Cuba exploiting America’s medical system, this discussion exposes the corruption draining our nation’s resources. Was this the real reason for the government shutdown?

Democrats cave on shutdown—But Glenn warns the real fight begins NOW

Enough Democrats have finally decided to end the government shutdown. But as we await a final vote, Glenn warns that the battle is far from over. The shutdown had a MAJOR effect on our nation: it softened people up even more to socialism.

Transcript

Below is a rush transcript that may contain errors

STU: Thank God, we are out of this shutdown potentially.

That's the thing today.

GLENN: Yeah. Are we? Are we though?

Are we?

STU: Yeah. The Democrats stepped up. Or folded, depending on who you are talking to. And solved this for us.

GLENN: Yeah. Yeah.

Thank you for that. I appreciate that.

It is -- it's so clear now that all they did was they held this for the election, to try to win the election. And now they're ready to -- to fold. And we are seeing people with real, real problems all around the country.

Socialism is becoming popular because the -- quite honestly, the -- the right is not -- is not answering the question, what do we do from here?

We are in what's called a K shaped economy right now.

And that's what happens after a crisis. When the different groups, head to different opposite directions and locations.

If you think about a K, you think the upper line goes up. And the lower line, that's the -- the up are the people with assets and homes and stable jobs.

And they'll do well.

But the lower -- the lower line goes down.

And that's the people living paycheck to paycheck.

The renters. The small businesses. The wage earners. That all fall behind.

And right now, you're seeing on television, you're seeing, oh, my gosh. Look at, the stock market is up. All of these things are up. Well, that's great. Some rise. Some sink. But the gap is widening here. The K at the very beginning where the two lines meet is very, very close to each other.

But as they keep going, those lines becomes further and further apart. And there is a moment in -- you know -- there's a moment -- how can I explain this?

Remember the old country fairs? You probably never went to one. But maybe you saw it on TV. Where there's a strong man contest. And there's that thing where, you know, you hit the -- you hit the thing with the hammer, and the bell goes up. And it goes bing!

That's what's happening right now. There's a strong man contest going on right now, and everybody leans in to see, oh, will this guy be able to ring the bell? And he takes the big hammer, and he swings it, and the puck goes up, and it rings the bell. Some swing just as hard, and the puck barely budges, okay? Same hammer, same pole, different outcomes. That's a K-shaped economy.

And we live in a moment where the puck is going up for those who already own a house and have investments or run businesses that survived the storm. And, you know, they -- they swing the hammer.
And the bell goes up and rings the bell. But the family down the street, the young couple that is trying to buy their first house. The small shop owner that never reopened. They're swinging just as hard. Just, the puck is barely going up as hard. And the system says, "Try again, step right up. Try again."

And then hands a smaller hammer. A K-shaped economy is not philosophy.

It's not a political slogan. It's what happens when a government prints money like confetti. And then watches inflation climb a ladder that is missing rungs. And then tells you, don't worry. The economy is booming. I'm sorry. The economy is not booming for a lot of Americans.

And there are big changes being made right now of the global level. And I like the changes that are being made at the global level. But we are -- we are forgetting there are too many people that are really hurting right now.

You know, we are going to continue to work and continue to spin our wheels on socialism. Until there is a new idea on how we're going to get out of this problem.

And Donald Trump is working on a long-term solution. But I -- I fear that's not going to be enough.

I heard a crazy idea today about a 50-year mortgage. Oh!

Wow!

So the average person is in their house for 12 years.

And I've got a 30-year mortgage. Which means, I'm not really putting very much into it. Because the bank is taking all of the interest rates for the first, you know, ten years, at least. They're taking all the interest first. And then I don't really start paying my house off until the last 15 years of that mortgage. But now, instead of a 30-year, you want me to do it for 50 years!

Oh! Okay. Okay.

Well, what -- what is that going to do. Well, first of all, it's going to raise the price of the house.

You know, if everybody starts -- I get a 50-year mortgage, so I can afford the house. We have a shortage of houses.

So the house payments. Sorry, the house prices are going to go up because we have a lack of housing. And then on top of it, you're going to double the payment anyway.

Because you're paying all that extra interest. I mean, you're just charging more and stretching it out. It's like, solving hunger by not giving food. But just giving longer straws to people.

Okay. Wait. What?

You'll pay double to the same house. It means double the interest rates. And while your roof has to be repaired, the -- the brand-new wiring that you had when you bought the house, all needs to be redone. The appliances have to be replaced. Everything. The bathroom is completely out of date.

All has to be replaced again. You're still paying on that house.

It's like buying, not one house, but two houses. And it's not freedom.

It is trapping you. And, you know, what really bothers me is, it is home ownership. No. I'm sorry.

It's renting, disguised as home ownership.

That's what that is. You're not going to build equity into a house like that. You won't own your home until you're in your '80s. And if you bought it later in your life, your children will inherit the payments that you have. It masks the problem that we really have. Is home prices. Because we don't have enough homes.

We also have these giant corporations that are buying up homes, en masse!

And then renting them to us!

And we also have prices for the home that is broken from the wage -- a 50-year mortgage is like giving someone a longer plank on a sinking ship.

I'm going to end up in the water anyway.

I guess that's helpful in a strange sort of way.

What we don't understand is these are the conditions in which socialism thrives.

If we keep just trying to say, socialism is wrong! We're not going to help anyone.

There's two things that have to happen.

We, A, have to come up with new solutions for these very old problems.

And the new solutions cannot involve printing more money. Bailing the banks out.

Giving the banks more interest. Or anything like that.

Because socialism is coming with a vengeance. And, boy, I've got to tell you, it is going to have all kinds of answers, because it always does. In January, I will start something new, called the Torch, and it exists really, for one reason. We're running out of time to relearn what our grandparents knew by heart. Okay? The lies that we face today are not new.

They're old ghosts wearing just modern clothes. And starting January, I'm dedicating the next part of my life.

The last part of my career, to education on history and -- and usable things going deep. You know, the thing about broadcast is, you go very wide and very shallow. I need to go narrow and deep at times.

We will still be doing what I do here. Which is bringing you all the news and trying to make sense of it.

But I need to go deep on things. And socialism is one of them.

So we are working right now on new programs and new podcasts, and new -- a new daily rhythm of learning that I've never done before. And some of these shows are just going to be you and me, every single day, just walking through history with a flash light in one hand and the truth in the other, trying to figure out what's going on. But one of the lessons that I think we need in this is a series on socialism, on why it never works, how it happens.
And how the lies always begin exactly the same. This is the kind of work that the Torch is being built for. So let me give you -- let me give you a highlight of one lesson.

On how -- whenever a society gets into this situation, history will show us, a poisoned promise begins. And I'll give that to you, here in just a second.

GLENN: Okay. So let me give you -- with a K-shaped -- a K-shaped economy, the socialists always arrive making all kinds of poison promises, and there is a pattern. And it is so ancient, it can be Scripture. Also, modern enough to sit on the news crawl, as you're watching whatever news you're watching.

Every socialist experiment starts with the same smooth tongue promise: We are going to make life fair.

Unfortunately, for socialists, you know, history keeps impeccable books. The receipts are really, really damning. Fortunately for socialists, nobody ever reads history.

So let's take a quick stop at history for a second. Hugo Chavez is probably the latest. When Chavez took power in Venezuela, it was 19.95. He told the nation, which was boom. It was lake America 2000, okay?

He said -- he's building a new -- a new revolution that would create a classless society. Where oil wealth would lift the poorest into dignity.

Okay?

He had the richest country, besides I think the United States of America, in the western hemisphere.

He said, it wasn't enough!

We need no more hunger.

No more shantytowns. And the state will guarantee your rights. And we're going to distribute the wealth of the rich to the people.

And everybody cheered. And everybody was so very excited. And for a short moment, the fantasy glowed. Because it always the blows for just a fraction of the second.

He nationalized the oil industry. Then he said, poverty he would end by decree.

Well, he ended something by decree.

By 2014, the shelves were completely empty in the stores. By 2016, the average Venezuelan was losing over 20 pounds a year, due to food shortages.

Let me just remind you, that by 2016, they were eating the dogs and the cats in the streets.
Not making that up. Look it up yourself. And the zoo animals in the cages of the zoo were also being cooked up for people on the streets to eat!

Hospitals lost their power. Children died from treatable diseases.

Millions fled the country. And today, Venezuela sits on the largest proven oil reserves in the world!

And yet, people are standing in line for bread while the daughters of the socialists post photos of European vacations. What's happening to the revolution there?

It ended with a ruling class gorging on privilege and the nation digging through dumpsters for meals. That's the way it always happens. It's not an outlier. It's a rule.

Look at Cuba, 1959, Fidel Castro. I'm quoting, the revolution will bring justice, equality, education, and health care for all!

Freedom from American exploitation. Che declared that Cuba would become an example of a new humanity!

Well, what followed?

Well, first thing they did, was they shut down the independent newspapers. They were shut down by 1960. Then they imprisoned people in labor camps for being counterrevolutionary, including priests, teachers, and homosexuals.

Yeah, that Che. Then food rationing began in 1962. By the way, food rationing in Cuba has never ended!

Today, the average salary in Cuba is $15 a month!

Now, the same communist party that claimed to abolish class, created the most immovable ruling class in the Caribbean, and yet the billboard still shows smiling peasants and slogans about equality, while the sons of party officials are driving imported cars through Havana's rotting streets. And everybody else has to fix a car from the 1950s. Remember, the promise was fairness, but result was an island-sized cage.

All right. It was just those two! Now, let's look at Germany. The Nazis were -- national socialists. Hitler didn't sell Naziism as tyranny. He sold it as social justice for the German worker. The Nazi platform, 1920, promised abolition of unearned incomes. Profit-sharing in large industries. Nationalization of trust. Land reform because there just wasn't enough space for people to own their own houses. All in the interest of the common good. It was marketed as a worker's movement. A worker's -- a socialist worker's movement, and it was going to correct all the inequality, punish the greedy capitalists, and restore fairness. So what happened? Well, first the disabled had to go, and the sick children. Because we can't afford to keep them going. And the political dissenters, they were just stopping us from all this progress. Oh, and the Jews, of course and the Slavs.

And the Pols. I mean, anyone who didn't fit the utopian math, they were gone. The promise of fairness became the most industrialized murder machine the world has ever seen. But don't worry. We can also go to the Soviet Union. The grand cathedral of socialist dreams.

Here's what Lenin promised: We'll bring about the complete equality of all citizens, end quote!

The state, quoting, will whither away! Oh, yeah.

The workers will own the factories. The peasants will own the land. Okay. So they got power. And what happened?

Well, none of that. Under Stalin, over 100,000 priests were executed or sent to camps. Why?

Why do they keep going after the religious people? Because the religious people are the only ones that will stand against monsters, that's why.

Millions of Ukrainian peasants were starved under the Holodomor for refusing the collectivization. Read that story. It's horrific. The workers paradise required one of the largest secret police stories in human history. Why?

Soviet Union became a nation where you waited hours to buy bread. Party members, however, if you were in the party, and you were high up.

Oh, you could get anything you wanted. You had luxury stores that were built just for you.

By the 1980s, the system was so hollow, that the most basic consumer goods. Soap. Shoes. Toilet paper, they were rationed or unavailable. And, by the way, the state never withered away. It metastasized into every corner of life. It became everything.

This story of socialism is written in blood, in ledger books, all over the world.

And it always starts with the promise of equity or equality. And it always leads to the rise of an elite who decides what equality means. And every time it fails, they say, well, that was just put in the hands of the wrong people.

No, the key word here is not wrong. It's people. People.

The workers never get the factories. The peasants never receive the land. The poor never get any of the wealth.

And it's this story over and over and over and over again.

Socialism begins with a promise. But always ends with a ruling class, armed with absolute power!

Only the names change.

Did you know that -- did you know in Jamestown, in 1619, you know, that boat that the New York Times said arrived. Didn't arrive with slaves.

It arrived with socialism. It ended in cannibalism. Did you know that the pilgrims tried the same thing?

They decided, you know what, we should put everybody's money into a big pile. You take whatever you be need.

That's the Christian thing to do!

You know what that ended with?

Starvation and death.

By the way, the big reunion tower, the big ball you see in the sky.

That's to mark reunion.

That's the first sociologist town in 1855 in Dallas. Guess how that ended! Starvation!