RADIO

Glenn GOES OFF on Senators Trying to Block Trump’s Cabinet Nominees

What's actually going on in Washington, DC? President Trump's cabinet nominees like Tulsi Gabbard, Kash Patel, and RFK Jr. faced hostile confirmation hearings as both Republican and Democratic senators grilled them on insane things. But why would Bernie Sanders, for instance, oppose RFK Jr., a fellow critic of Big Pharma? And why would someone like Doug Burgum get an easy pass to lead the Department of the Interior when climate change is allegedly the biggest crisis we face? It's because these senators don't actually care about "truth," Glenn argues. They care more about preserving themselves and stopping any nominee who will expose their corruption. But the American people have had enough. The truth WILL be revealed. And that's why Trump needs his cabinet ...

Transcript

Below is a rush transcript that may contain errors

GLENN: All righty. I have a few things to say.

Let's start with, who is having a hard time getting confirmed?

Okay. Let's just go through the names here in a second.

What's really being discussed here.

Who is under the gun?

Let's start with Pete Hegseth. What is he going to do?

He's going into the Department of Defense. He's looking for those weasels, that have been changing everything in our Defense Department.

Has been culling anybody who disagreed with Joe Biden.

Anybody who thought Donald Trump might be right.

They got rid of all of those people.

Then they committed another atrocity, I believe, for our military.

Demanded that you get the COVID shot, or you were out! It was crimes, incompetence, maybe crimes of incompetence, in Afghanistan, at least. They were trying to control the message. Control the military through DEI.

So Pete Hegseth is a target. Why? Because he's going to find out what's going on. He's going to run investigations. And he's going to stop it.

Okay! Next. FBI DOJ.

So why -- what is he going to do? What is Kash Patel going to do when he gets into the FBI?

Well, he's going to investigate crimes, the weaponization of the FBI. Also, the way that they protected those in Congress, or those in power.

I.e., the Hunter Biden laptop. I.e., the FISA courts.

So he's looking for bad guys, while also trying to clean it up. Because you can't clean it up, if you don't know who the bad guys are.

Then you have the Director of National Intelligence. And Tulsi Gabbard. She's under fire. Why?

Well, she needs to go in and expose all of the black ops, and those leaking lies to the press. And shoring up lies to the members of Congress.

And rooting out the darkness between the members of Congress, the White House, the military industrial complex, and the intelligence community.

What is RFK? Why is he being challenging?

Because he's going to expose the lies of COVID, the corruption, and corruption with pharmaceutical companies.

He's going after and breaking that all up. These are all big businesses. You know, big businesses, for congressmen and senators. And the government!

This is -- this is the center of public/private partnerships. Okay?

And they all involve people who want to go in and find out the root of what's really going wrong here! So they're all under attack.

But what did the Democrats say, is the existential threat to the republic, and all mankind?

What was it?

STU: Global warming!

GLENN: Global warming. Global warming. Guess who just -- whose nomination just flew by!

Doug Burgum.


STU: Burgumentum, yeah. It sure did fly by.

GLENN: Doug Burgum. That is weird.

STU: You would think for Department of the Interior, the concern for a bunch of people who think global warming is the big concern.

GLENN: What he's going to do is reverse a lot of the things and make coal, gas, oil exploration okay for many parts of the Interior of the United States.

He sailed through!

Now, how does he sail through, if he's just going to be -- his role will be to destroy the opposition to oil, gas, and coal?

Notice what he's not going to be doing. He's not going to be investigating the government.

So forget about what we said about the biggest threat. No, no. The biggest threat seems to be the people who are looking into corruption!

So I was a little outraged. I've been a little outraging all week.

And I want to clarify things. And make very, very clear.

We're talking about threats to our democracy.

That's what they said. And I believe that to be true! We're talking about the rule of lay. Right?

But let's -- let's actually look at what is being said in the so-called confirmation hearings.

On day one, with Bernie Sanders and RFK. America's favorite millionaire socialist was railing about onesies.

Onesies! What? That's the great moral crisis facing this country? While we teeter on the edge of war. While the economy is in free fall. While we have corruption all throughout our government? With COVID and pharmaceuticals. Onesies is the thing you're bringing up?

While the very institutions, he claims to protect, have all been turned into political weapons.
Then when RFK Jr had the audacity, the unmitigated gall to point out, that this self-styled champion of the working class was the single largest recipient of pharmaceutical money in 2020, what happened? What happened?

The old man went -- oh! I knew this was going to come up in my socialist dreams.

What did he do?

He did what they all do. He had to silence RFK.

He had to have him dismissed. He needed to discredit him.

He needed people not to hear what RFK was saying.

The same man who spent decades raging against corporate greed. Suddenly has nothing, but caveats and excuses, when the money was going his way.

Now, I don't think it was. But let's just say, that was a lie about Bernie Sanders!

Let's just say that RFK just made that up.

Okay. What had to happen?

Well, Bernie Sanders needed to be able to clarify. Right?

He needed to be able to say, that's not true. And here's why that's not true.

But he couldn't. Okay? He just had to shout it over what RFK was saying. He had to silence and talk over RFK to stop the accusation.

He needed to defend himself, and explain. That's what would happen in a fair system.

But no one on the receiving end can silence the senators. No one on the receiving end can talk over them, and say, that's a lie! And get the control of the room back, so they can set the record straight. The senators can. See, the questions are akin to, when did you stop beating your wife? And I think that was an actual question for Pete Hegseth, last week. Was it not? When did you stop beating your wife?

These hearings are not advice and consent as the Constitution requires. They are smear, destroy, and delay.

Let's move on to Kash Patel. The man accused, without any evidence, of course, of planning to weaponize the DOJ and FBI. That's laughable!

Who is accusing him of that? The very senators, who have spent the last 20-plus years. Weaponizing the entire government, against the American people.

The same people who oversaw the raids on journalists. The spying on sitting presidents. The suppression of political opponents. The imprisonment of pro-life activists, while violent rioters just walked free.

Are these the people who have the audacity, to clutch their pearls about the politicization about law enforcement?

The hypocrisy is so thick, I almost choked to death on it!

And then there's Tulsi Gabbard. God bless Tulsi Gabbard.

When she finally got a chance to speak, she laid it out, plain. Corruption in our intelligence community, is not a theory. It's a fact!

It's a matter of record. It's not even in dispute.

But did anybody talk about that?

No!

Smear, silence, destroy.

Instead, they smeared her. She's a Russian agent.

She's a traitor. She's a spy for Syria. She doesn't care about the Constitution.

These people are so desperate to maintain their stranglehold on power, they will destroy anyone who has -- who has the gall or the opportunity to expose them. They're all rallying around the idea that these people must be stopped, why?

Why did Doug fly through with the Department of Interior, if that's the biggest problem? Because that's not the biggest problem.

They know the biggest problem right now is, they're about to be exposed. So they have got to destroy and delay and stop these people.

They asked her if Edward Snowden was a traitor. They weren't interested in their answer. Because the truth is too dangerous for them. They're not interested in an actual answer on any of these questions.

Here's the truth: Is Edward Snowden a traitor?

Well, I don't know. We could talk about that back and forth.

But I know he shouldn't have ever had to blow the whistle.

Especially to the press.

But it's because of this very committee, senators, it is because of many of you, in fact, you from Colorado, that are questioning me on that!

You were in the Senate, at the time.

Why did -- why didn't -- why wasn't he comfortable coming to you, to blow the whistle.

Why is it he couldn't, become a whistle-blower?

He had to go to the outside press?

See, all of the things that they were doing, that he exposed, I don't like the fact that he exposed them.

Because it hurt the United States. But I'm glad he exposed them. Because what you were doing. What you in Oversight were allowing to happen for years, was against the Constitution.

Was against our rule of law.

So he shouldn't have had to have blown the whistle.

You, all of you, sitting right here on this panel, you're in charge of oversight. You failed!

And you dare question me. Maybe you should do your damn job. Maybe you should stop the unconstitutional surveillance programs, before they ever begin.

These are the people that oversaw the FBI lying to the American people about Hunter Biden's laptop. The laptop that proved the sitting president of the United States and his family took tens of millions of dollars from foreign adversaries, including China!

The same China that is threatening the United States, threatening Taiwan, the same China that these very senators allowed to buy up American farmland and land around our own military bases.

The same China that floods our streets with fentanyl, while their partners in Mexico, butcher Americans, at the same border. While these same senators do nothing, while millions of unknown, undocumented people flood over our borders. And have empowered the cartels.

Don't you dare ask me who the traitor is, Senator!

Don't do it.

Where are you on any of these?

Let me ask you, Senator. Let me all of you.

Who is the traitor here?

Is Edward Snowden the traitor that just has to be executed?

Because treason comes with execution. So is he the traitor here?

Is he the biggest traitor? That happened 15 years ago. Your technology on spying, and corruption, is far beyond anything he ever said!

Is he the traitor? Or is Senator, let me ask you, the president.

President Joe Biden, is he the traitor for taking millions of dollars from our enemy!

Is his family? Did they commit treason? Or is it the people under your oversight, who knowingly spread false information, to protect that family?

Or is it you, Senator? Are you complicit? Are you corrupt, or are you just simply incompetent!

Because it's one of the three. Incompetence. Corruption. Or outright treason. Which is it, Senator. That's what I would like to hear.

Pick one! Because the country is waking up. And the American people are demanding an answer.

And we will get it in the end.

You cannot build this house of lies.

It's already crumbling around. Now would be the time to tell the truth, senator.

Because we're looking for a lot of answers here.

Who was actually executing the duties of the president of the United States, in the last six months?

Maybe the last four years.

I don't know how long. When did you know, Senator? Did you know who was protecting? Who was silencing anyone that was trying to say, maybe we have a problem here? The president is clueless.

By the way, while we're on this topic. Who was responsible for the coup?

To overthrow a president of the United States!

Because that's what it was.

How did that happen?

Who was actually there? Who made that happen? And then selected Harris to be the democratic candidate. Who did that? How did that happen? I'm so interested to know, because none of it is constitutional. And why did, whomever actually came up with the huge list of names for presidential pardons. Include so many of you!

Senators.

So many congressmen, so many people who dared to point the finger my way. Who was in charge of that list. And why are you on those lists?

Is this the reason you're afraid of people that are simply looking for the truth?

Because I want to be crystal clear on what this really is.

I'll continue in 60 seconds.

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Ten-second station ID.
(music)

GLENN: I want to be clear at this point in my rant, of what this is really about. What's really happening in Washington, DC, right now.

This is the Deep State, and all of the corrupt senators, right now, fighting for their survival.

That's all this is.

It is the act of desperate people doing all they can, to stay out of jail. Literally, stay out of jail. You start exposing the corruption in the military-industrial complex.

It goes right to the senators. You start exposing the corruption, and the black ops that are happening in Intel community, it goes right to the senators.

You start exposing what happened next at the DOJ and FBI. It goes right to the senators.

They're all Oversight. Many of them benefited from these things, politically. And in power. They're trying to stay out of jail. This is the ruling class. Democrats and Republicans panicking for the first time in decades, their grip on power is slipping.

Because this president is appointing people in all positions, that are going to go grab it by its roots, and root it out! And show it to the American people. At best, it's -- it's those who have been in bed with the intelligence and military complex.

Who believe at best, that war and American intervention works. Doing all that they can, to keep their secrets and their secret policies, that keep us in these wars, alive.

The problem is: None of their old tricks work. We've had these tricks for over 100 years.

Conspiracy theory. That's a Karl Marx thing. That was used by Woodrow Wilson.

That was used again, by the Soviet Union. And the plants here in the United States.

Call them conspiracy theorists. Discredit them.

Destroy them. You've called us so many names now. We don't believe any of them.

Words don't have any meaning anymore. Your tricks don't work. The smears. The leaks. The media hit jobs.

The fake outrage.

You've played that role too many times. It's a -- no.

It's a Mexican soap opera. A Spanish soap opera. They're so over the top, they're hysterical.

You've played that role too many times.

We know. We know the system is corrupt. We know the game is rigged. And we know there is no moral high ground left for you to stand on.

TV

The ONLY Trump/Epstein Files Theories That Make Sense | Glenn TV | Ep 445

Is the case closed on Jeffrey Epstein and Russiagate? Maybe not. Glenn Beck pulls the thread on the story and its far-reaching implications that could expose a web of scandals and lead to a complete implosion of trust. Glenn lays out five theories that could explain Trump’s frustration over the Epstein files and why Glenn may never talk about the Epstein case again. Plus, Glenn connects the dots between the Russiagate hoax, the Hunter Biden laptop cover-up, and the Steele dossier related to the FBI’s new “grand conspiracy” probe. It all leads to one James Bond-like villain: former CIA Director John Brennan. Then, Bryan Dean Wright, former CIA operations officer, tells Glenn why he believes his former boss Brennan belongs in prison and what must happen to prevent a full-blown trust implosion in American institutions.

RADIO

Rumors explained: Is Fed Chair Jerome Powell OUT?!

After rumors spread that President Trump would soon fire Federal Reserve Chair Jerome Powell, Trump has said that he's "not planning" on it right now. But is it possible for Trump to fire him? Will he resign? And how is the Fed Chair even chosen in the first place? Glenn and his head researcher Jason Buttrill explain ...

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, last night, I was rapidly looking the lie some of these rumors, on X.

Pretty incredible people on what's going on with Jerome Powell and the fed.

What the heck?

I was actually popping popcorn and watching this. It was so crazy.

GLENN: So it's just the rumors, that he is going to be stepping down?

JASON: Well, yeah.

Yeah. Anna Paulina Luna. Congresswoman. She was saying, it was almost imminent, that he was about to be fired. Actually fired.

There were other rumors saying, well, we're not sure about fired.

But he's considering resigning.

GLENN: Yeah. You know why.

JASON: We were like, what the heck is going on?

GLENN: So do you know why?

Do you know why he's resigning? Any guesses? I mean, you had popcorn out. I would love to hear what you have come up with.

JASON: So there was the CPI stuff coming out. The interest rates going up.

We know that the President wants interest rates to come down. I'm assuming that is what the deal is, and there's some sort of internal battle going on.

GLENN: Well, and the president can't fire the Fed chief. Okay?

So the Fed chief is the one that nominated. The federal reserve is the biggest crock of bullcrap I've ever seen in my life.

It's nothing, but the five biggest banks. Okay? And you know which ones they are. They're the ones that keep getting bigger. And everybody else is falling to the wayside.

So the Federal Reserve is the arm of those five banks.

Okay?

And they suggest, who the president can select from.

So the president can't say, I don't want any of these guys. I want this guy. Can't do it.

He has to take a look at the list that all the banks have put together. Is. Say, pick from this list, Mr. President.

Did you know that?

JASON: It's kind of how Iran chooses their next president.

GLENN: It's exactly. It's exactly that way. Except, this religion is all about the almighty dollar.

Okay. So he can't -- he can't pick on his own. But the president has a right to pick one, you know, every term. If it comes up in his term.

The president wants this guy out. And I think he's been really, really bad.

Because he's been wrong on almost -- on almost everything. But show me the -- show me the Fed, you know, the guy who the Fed was right ever.

So he can't fire him. But he wants him out. Because he wants interest rates dropped.

And, you know, the jobs are coming back. Things are coming back.

But interest rates keep coming up.

And the -- and the interest rates, if we keep our interest rates high, we have a harder time borrowing money for our debt.

And it just gets more and more expensive for everybody all along. So the president wants him to back off interest rates. But the Fed chief believes that that could cause more inflation.

Which I think he's right on that one. And I hate to say he was right on anything.

Because I don't think he was ever right.

Makes me question myself. When he's like, well, I think he might have a point on that one. But the president is like, no. He can handle it.

I want them down. I want cheap money again.

He refuses. So what has the president done?

The president can only fire him, with cause!

So what do you do when you can only fire somebody with cause, and you want them out.

You find a cause, and this one is easy.

So the Fed has been the one leading the way saying, we can't keep borrowing money.

We've got to have some fiscal sanity. Right?

This is going to kill us. We have to keep these interest rates high, because you are borrowing too much money. And maybe this is the only way to stop you.

So we got to keep it high, because you've borrowed too much money. And how many times has he testified in front of Congress? We've got to cut. We've got to cut. You can't keep spending like this.

Okay? Well, did you know that the Federal Reserve, with our tax dollars, the five biggest banks, a/k/a the Federal Reserve, is redoing their offices. To the tune of two billion dollars!

Now, I don't know what kind of wallpaper they need there.

But that seems like a pretty hefty renovation, especially when everybody is looking at cutting things. And you're lecturing me about spending money. So they get money from the government, okay? They're telling us, stop spending.
Stop borrowing.

Except, okay. What you've borrowed. I need $2 billion of that, to redo our offices in Washington, DC.

Excuse me?

Why don't you do that yourself. Okay. I think banks maybe have some money.

So they're borrowing that money, and there's $700 million over.

So it's $2 billion. $700 million over budget. And they're still not finished.

And the problem is: They're putting in water features.

They have a rooftop garden they're building.

JASON: Okay.

GLENN: I mean, it is -- it's insane. The president now knows, really? You want to play this game with me. I will sit your ass down in front of Congress, and you answer to the American people, how you're lecturing us about spending. And you're putting in a rooftop garden and a water feature in your office. No! No.

So the president is now threatening, I'll fire you for this. You want to quit, now would be the time to quit.

Otherwise, I'm dragging your butt in front of Congress.

You answer to the American people for this. And they will beg me to fire you.

That's what's happening.

JASON: I looked at that a lot.

Because I was like. There's got to be some leverage that the president had, because they can't get rid of.

But that is a pretty big cut. That sounds like a Babylon Bee article. $2 billion.

GLENN: It does. It does. $2 billion, 700 million over budget.

JASON: Oh, my gosh.

GLENN: I mean, and these are the responsible bankers. No, I don't think so.

It just shows, they don't mean what they say. They'll just keep doing it for themselves. You know, if you really believed that America was really on that financial cliff, why would you do that?

You would lead the way and say, guys, we are going to be the only responsible ones here.

We will lead by example.

No renovation. You know what, go to IKEA?

You need a new desk. Go to IKEA, and get a new desk. Well, we have to keep up our image. We're not going to have a country.

So what do you say, we go to IKEA?

Our image should be, we are going to lead the way out of this madness!

That's what a leader would do.

JASON: So, Glenn, I still don't think I get this disconnect between Trump and Powell on -- we know Trump wants to lower interest rates.

Powell is standing back and saying, basically, he doesn't want to do it.

Is he trying to undermine President Trump on this?

GLENN: President Trump thinks so. President Trump thinks so.

I think so, to some degree.

I mean, I'm worried about inflation.

Look, you know what happened. Do you know what's happening with yap?

JASON: What's happening with Japan?

GLENN: So what's happening with Japan, is Japan has always had this really amazing image of, we're solid. We're absolutely solid.

This is target to crack. The foundation.

1989.

Let me go back to 1989.

This was the crown jury trial of the global economy.

Back in 1989, you probably aren't old enough to remember.

All of a sudden, Japan owned everything in America. We were just becoming Japanese, and everything was being purchased by Japan. Kind of like it feels a little bit like China now.

JASON: They even owned Nakatomi Plaza, Glenn, that Bruce Willis had to save -- they owned everything in every '80s movie!

GLENN: Oh, yeah, they owned absolutely everything.

Okay? And the -- things were so insane in Japan. The grounds of the imperial palace, in Tokyo, on paper was worth more than the entire value of the state of California.


JASON: Wow!

GLENN: Okay?

So their land. Everything just shot up. And so they had all of -- they were flush with all this cash.

And people believed that Japan had suddenly, you know, cracked the formula for, you know, eternal prosperity.

That's the problem. Then it all started to fall apart. And the asset prices. That they had mortgaged against.

Okay?

They had borrowed. Well, the imperial palace was worth more than California.

That doesn't make any sense. You wouldn't mortgage it like that. At least long-term. I will do this real quick, and pay it off.

You would never, ever mortgage, because you know that's inane. Well, nobody ever wanted -- and it seems in governments, nobody ever wants to believe that this is just a fluke. Okay?

So the asset prices collapse. The stock markets plunged. And for three decades, they have gone into this very polite political coma.

Okay? Economic coma. And so the central bank did something radical. They were the first ones to set your interest rate at zero. They lowered the interest rate. They made money so cheap, it was nearly free. Zero percent interest. Sometimes, they would pay you to take out money.

So the -- they had negative interest rates. Can you imagine that? Now, you're not fixing the problem. You're just printing wallpaper to cover the mold. All right?

So they've done this for decades.

Now their debt is I think 260. Or 280 percent of their GDP.

I think, what is ours?

100?

80 percent.

Something crazy. 120. You never believe back.

The death threshold is usually 120, 140.

They're 260 percent of their entire economy is debt.

That's not a crack. That's a fault line.

So this week. Or was it last week? Things started to creek and grown in Japan.

And the government bonds, which are like our treasuries. Is this getting too complex.

Are you following this still?

JASON: Yeah.

GLENN: Okay. So their government bonds.

They were the safest investments on earth.

One of them. Okay?

It's us. Japan, Germany.

They started to fall.

Hard. And when bond prices fall, interest rates were the easily go up.

All right?

So they borrow all this money.

260 percent of their GDP is borrowed. Okay?

So they borrowed all of that money. And they had it at like 3 percent interest. Whatever.

2 percent interest.

And they were paying people.

2 percent.

Well, all of a sudden, the cracks started to appear. And people were like, I'm not sure this is stable at all.

And then the belief of the system started to -- to go away. So people started selling their Japanese bonds.

Once they do that, now the yields have to go up.

What happens when yields go up?

What happens when interest rates go up? For a government. You have to pay more interest on your debt!

Okay?

You add two or three points.

Just imagine, you have an adjustable rate. Okay?

This is a government having an adjustable rate. Except, they have 260 percent of everything they make, in debt!

And it's all leveraged.

And now, their adjustable goes up two, three, four points.

You're not able to afford that anymore, okay?

So massive problem.

Because what it really means is. People don't believe in Japan.

They know the con game is now over.

And investors are saying, you know, I want a whole lot more in return.

Because I just don't believe you anymore.

And it's not just Japan's problem. This is not a neighbor's house on fair.

This is -- imagine we're all living under the same roof. This is the neighbor's apartment, on fire.

We're all under the same roof. We all have the same foundation. And so when this happens to Japan, you should pay attention. And I'll show you the ripple effects in just a second.

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(music)

GLENN: Okay. So now if Japan -- that means there's a stampede out of Japan.

And people are starting to look and reprice the risk of their money.

Now they're like, wait a minute.

The most stable. You know, if you're driving a car and it is the safest car in the world and all of a sudden, they just start blowing up on the highway.

You're like, I don't think that's the most -- that's the safest car on the highway.

And if that's the safest car, what does it mean for the car I'm in?

You know what I mean? So now, this is going to push US interest rates going up.

Which makes our mortgage rates go can up. And our car loans more expensive. And the national debt. Which is already costing us $1.2 trillion a year, just in interest.

Now, they can't sell their treasuries. People are skittish on treasuries. Maybe they come to the United States, but they're not so far.

They're getting out of the Japanese interest. Or the bonds there.

Japan has to pay their bills.

What do you do when you have to pay a bill?

And you don't have any money coming in.

You don't have enough money coming in. What do you do?

You sell something. Right? You sell your car. You sell something that you have of value.

Well, what do they have? What do they hold of value? US Treasuries.

So now, we are trying to sell our bonds, for our new debt, they hold our old debt.

They're saying, hey. Anybody want to buy this debt? Because I have to sell it. Fire sale. What do you give me for it?

Okay?

Which makes that debt more attractive, because they can get a better deal there.

Which means, if we want to have new debt, we have to raise our interest rates. Which means, we pay more for interest for our mortgages and everything else.

And it floods the market with bonds, crushing the prices, skyrocketing the costs for us.
And causing even more trouble, in other countries, that have US bonds. Because they start to look and go, nobody is buying these bonds.

Well, of course not. You have two countries. The two stablest countries besides Germany.

You have the two stablest countries now selling US Treasury bonds.

Okay? Really, really bad.

Now, let me add this on.

Germany is now having to pay for their own army.

And so they said, they're going to borrow money.

To build the army.

And they're going to lower their interest rate. So they can borrow more money. All right?

And now, the German bund, which is -- you know, like our Treasury. That's now starting to fall apart.

Well, Germany has some assets, they can sell.

What do you think that asset might be that they want to sell?

US treasuries.

We have been playing an extraordinarily horrible game.

This is why I believe the president wants somebody else in charge of the Fed, because the Fed can say, we're lowering the interest rates.

Because he's got to get more money into the system. So people can spend money, can start businesses. Borrow money.

Get things moving, so we can increase the amount of taxes that we collect.

The more people money -- the more people make, the more taxes we collect.

So he's like, we've got to grow the economy. And the only way we can grow the economy is to lower the interest rates.

But at the same time, interest rates around the world because of what's happening with the bonds is going through the roof.

We are in a very -- we've never been in this position before.

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