RADIO

Trump’s plan to ABOLISH the Department of Education CONFIRMED

Donald Trump has announced that he WILL push to abolish the Department of Education and give the power over our school system back to the states. Glenn and Stu review his plan to overhaul the entire education system, including by clearing out all the “anti-American insanity” that has taken over our colleges. But will he actually be able to make these big moves? Glenn and Stu also discuss some rumored picks for Trump’s cabinet, including Sen. Marco Rubio as Secretary of State, as well as the confirmed Trump pick, Rep. Elise Stefanik as Ambassador to the United Nations.

Transcript

Below is a rush transcript that may contain errors

GLENN: Well, let's say, hello to Stu Burguiere. Hello, Stu. How are you?

STU: Very well, Glenn. Exciting things happening.

GLENN: Exciting things, right?

STU: Yeah. Shutting down the Department of Education.

GLENN: You don't believe that?

STU: I don't -- I'm skeptical, whether it will actually occur.

I am excited about the prospect of a president who actually wants it to happen. I feel like it's been -- we haven't felt heard that since Reagan. But, of course, Reagan famously did not actually achieve --

GLENN: Of course. Of course. Reagan also said that he was going to make Jerusalem the capital of Israel.

STU: Right. Exactly.

GLENN: And he didn't do that.

STU: I will also say, one of the central parts of education policy for Republicans for as long as I've been aware of politics, have been the idea of, you know, school choice.

And nothing ever happened, until the past couple years. Right? Like now we've come further on school choice, than at any other point in my lifetime.

GLENN: Yep.

STU: I'm really excited about that. I think his appointments around this area will be really interesting.

GLENN: So here's what he has said. First, let's start with his plan to overhaul leftist colleges. Cut five.

DONALD: Tuition costs at colleges and universities have been exploding. And I mean absolutely exploding. While academics have been obsessed with indoctrinating America's youth. The time has come to reclaim our once great educational institutions from the radical left. And we will do that.

Our secret weapon will be the college accreditation system. It's called accreditation for a reason. The accreditors are supposed to ensure schools are not ripping off students and taxpayers.

But they have failed totally. When I return to the White House, I will fire the radical left accreditors that have allowed our colleges to become dominant by Marxists, maniacs, and lunatics.

We will then accept applications for new accreditors who will impose real standards on colleges once again and once and for all.

These standards will include defending the American tradition and Western civilization. Protecting free speech, eliminating wasteful administrative positions, that drive up costs incredibly.

Removing all Marxist, diversity, equity, and inclusion bureaucrats. Offering options for accelerated and low cost degrees. Providing meaningful job placement in career services.

And implementing college entrance and exit exams. To prove that students are actually learning and getting their money's worth. Furthermore, I will direct the Department of Justice to pursue federal civil rights cases against schools that continue to engage in racial discrimination.

And schools that persist in explicit, unlawful discrimination, under the guise of equity, will not only have their endowment stacks, but through budget reconciliation, I will advance a measure to have them fined up to the entire amount of their endowment.

GLENN: Oh, my.

TOM: A portion of the cease funds will then be used as restitution for victims of these illegal and unjust policies. Policies that hurt our country, so badly.

Colleges have gotten hundreds of billions of dollars from hard-working taxpayers. And now, we are going to get this anti-American insanity out of our institutions, once and for all. We are going to have real education in America.

GLENN: Oh, yeah. Again, we need some porn music for this stuff. This is just, oh, say it again, Donald.

That is very, very clear, I think.

STU: Yes.

GLENN: The clearest I have -- I have heard him, and the most passionate that I've heard him.

These are not campaign promises. He doesn't need to make these promises anymore.

These are, here's what we're doing, right now.

Included in that, that whole rant, is this. Cut four, please.

DONALD: And one other thing I will be doing very early in the administration, is closing up the Department of Education in Washington, DC, and sending all education and education working needs back to the states. We want them to run the education of our children.

Because they'll do a much better job of it.

You can't do worse. We spend more money per pupil by three times, than any other nation. And yet, we're absolutely at the bottom. We're one of the worst. So you can't do worse.

We're going to end education coming out of Washington, DC. We're going to close it up. All those buildings all over the place. And you have people in many cases, hate our children. We're going to send it all back to the states.

GLENN: Wow.

Again, oh, yeah.

STU: Love that. I think that's really exciting.

GLENN: Now, do you think he won't do it, or do you think he won't be able to do it?

STU: I mean, I hope that it would happen. But, I mean -- if you're focusing on the national levels of pessimism, that I have when it comes to anything going on in Washington.

GLENN: You are a little back rain cloud.

STU: I mean, look, I'm trying to be realistic here.

But I think that there is -- I think -- it's interesting. Because Trump, when he puts his mind to it, he can accomplish anything.

GLENN: Yeah.

STU: But there are certain things that he says, that are things I think he likes and wants. But aren't central focuses of his life.

For example, we know the border is. There's no question, he will do stuff on the border.

Another example I would use, would be term limits.

He talked often, in speeches about term limits in 2016, and 2017.

GLENN: I think -- wait. Wait. Wait.

Hang on just a second. I think to compare Donald Trump's 2016 version, you're looking at a new two-point -- maybe 2.9 version of Donald Trump. Almost a 3.0.

He's not the same guy.

STU: It's true. It's not even a criticism of him though. You can only focus on so many things.

You can only get so many things done.

Typically, maybe he's going to come up with a whole new way to do it. Maybe he's putting all these people in, that will be able to kind of shepherd these things, so he doesn't have to focus on them at all.

GLENN: Now, that is --

STU: Your bully pulpit, you can really only push for one or two things at a time.

GLENN: Hmm. I don't know. I find these videos, that he's putting out, to be almost like a fireside chat.

STU: Uh-huh.

GLENN: And he's putting them out for a reason.

Have you ever seen a president do this, as president-elect.

STU: No. I like it.

GLENN: I love you this. I love this.

And he's putting this out, one after another after another after another.

Because he is preparing the Washington swamp, and America. These are massive changes coming our way.

And we're going need to your support. And he has told me, I've got to do all of this in 100 days, Glenn. I've got 100 days to do it.

STU: He's right on that. That's way he should be thinking. And it's a lot to do.

GLENN: It is.

But do you remember that first bill that Barack Obama put in, that we looked at?

It was one of the first health care bills. It was TARP. And then there was -- there was something else.

STU: It was the stimulus plan, wasn't it? $780 billion or something.

GLENN: Yeah, and it was like 2,000 pages. And we went through it, paper, I printed it. And said somebody -- I didn't know how long it was at first. Would you print this up, let me read this? And it was sitting on our kitchen table in our studios, in New York City.

Remember?

And I looked at that, and I went, this is not about stimulus. This is about fundamental transformation.

STU: Uh-huh.

GLENN: Okay? And they just loaded that bill with everything.

The reason why I bring that up. Is because that showed to me, that they did something we never did.

And that is, plot the entire course. They knew exactly what they wanted to do.

Okay. And they never told us.

Donald Trump is the first that one I'm seeing, do this.

He didn't even do this in 2016. He made promises in 2016.

And he believes in keeping promises.

But he didn't believe in getting everything done.

He has the Congress and the Senate right now.

He can make the right appointments, right now.

If he fails to make the right appointments, that's going to be a problem.

Because if he has any internal fighting, they are going to unleash, on him.

STU: Yeah. I -- I think that's true.

GLENN: And if he has anybody on his own side, fighting against him, which he did have last time.

STU: Definitely did, yes.

GLENN: He's got to -- there is a mandate here.

And the Republicans should be reminded of that.

And he should not put anybody in any position that doesn't understand MAGA.

This is where we're going.

This truly is fundamental transformation.

This is a reset back to the Constitution, in as many ways that I have ever seen. This is as impactful as what FDR did, in the opposite direction in 12 years.


STU: Hmm. That's interesting. Because part -- and let me -- I'm playing devil's advocate here.

Because I have the same level of hope here, for what might happen.

GLENN: I want you to know though.

I don't hope. I believe I know. I believe I know.

In talking to him, he's not the same guy.

STU: I'm not. And that's not what I'm saying. I'm not saying he's the same guy. I'm just saying it's hard. This is a difficult thing to do. Getting rid of the Department of Education, like Ronald Reagan really believed that. He really did. That was not a fake thing.

He talked about it for decades leading up to his presidency.

GLENN: I know that. I know. I know.

STU: It wasn't even one term off and he's magnum like maybe Donald Trump has done here. This is what this man was known for, for multiple decades, and still, it was hard to do.

GLENN: Well, not Department of Education.

STU: That was central to his talks in like the '60s.

GLENN: No, it wasn't. The Department of Education was started by Jimmy Carter.

STU: Yes. Consistent policies on education. You're right. Sorry, I'm not being clear.

GLENN: Yes. Yes.

STU: But regardless of that, I have hope and optimism for what he can do.

But like, when you're talking about, this is somebody who is going to do whatever MAGA thing he wants -- I mean, his appointment so far, has been pretty normal.

GLENN: I know. It makes me nervous.

STU: But Marco Rubio, secretary of state, is like --

GLENN: I know. I wanted Richard Grenell.

STU: Any Republican president, in that field, could have -- could have listed Marco Rubio as Secretary of State. It's like, I don't even think -- I'm not saying it's a bad pick.

But it's not particularly consistent with what I hear from the audience at times, about like how against Ukraine funding they are.

GLENN: How against Ukraine and the WEF and the United Nations.

STU: Yeah.

GLENN: I mean, I want somebody in the UN, that wants to shut it down.

STU: I mean, and Elise Stefanik is a normie Republican pick.

GLENN: Yes. She's solid. She's solid.

STU: And I don't think that's bad. I thought she was really, really good on a lot of things.

I'm not even against any of these picks. But --

GLENN: Yeah, me too. Marco Rubio, I'm borderline on. That's a disappointment.

STU: We've had him on the show. We like Marco.

GLENN: I like Marco.

I don't want him as a Secretary of State under Donald Trump.

STU: It's interesting.

GLENN: I want Richard Grenell. I want the guy who will walk in and say, hey, by the way, just got off the phone with the president. We're going to make a deal here, or I'm going back to telling him, we don't have a deal. And instead of sending a signed deal to him, we're going to be sending aircraft your way.

You know what I mean? I want somebody who will walk into the EU saying, you are either paying your way.

What he says, he means. You're either paying your way. Or I'm done.

I want that guy. And I'm not sure that Marco Rubio is that guy. He could be. Maybe he could surprise us.

STU: Yeah. He's obviously -- he was under serious consideration for vice president, at least by all the reporting.

It's interesting.

And I think part of the things with Trump. This is, I think consistent with him.

And again, I'm not being critical here.

I'm just trying to state what I think is actually true. Which is, a lot of what Donald Trump says is a negotiation.

And we all know that, going back to the art of the deal, right?

You know that. And when he says, Kim Jong-un is my best friend. He doesn't mean it. Right? To have

He doesn't also mean, the next day, when he says we're sending -- we're going to nuke North Korea tomorrow.

He doesn't mean either of those things. They're both different pieces.

GLENN: I think this is fascinating. I want to go thew the things that he says. And I want to you point out, what you think is a negotiation.

STU: I don't always know.

I can guesstimate. We know that those two positions can't be true though. And this is the 2016, or 21st term reference here.

But like, saying you're going to, you know -- we're going to blast North Korea. Like you've never seen. And also, we're great friends. I love the guy.

Like those are two obviously --

GLENN: I know that.

But I think there's a difference. The way he deals with dictators.

STU: That's true.

GLENN: He knows. Because he's a private businessman.

Who has bullied his way in very good negotiating ways.

STU: Uh-huh.

GLENN: He has -- he's used that as a businessman. He knows who these people are.

STU: Uh-huh.

GLENN: Okay?

So he knows, these are the things I would hate in business. And I've done them, to people who think they're all that. And I always win.

I think that's different, than what he's doing on -- for instance, the Department of Ed.

STU: But like, I think it's consistent with what you would do with Marco Rubio or Elise Stefanik. You're picking people that are maybe more hawkish than you, to send a message of being hawkish. While at the same time, maybe trying to implement a more J.D. Vance-ish type foreign policy. It could be.

GLENN: Maybe. Maybe. Maybe. I will give this man the benefit of the doubt, in '16, I didn't, and I was shocked by what he got done and what he meant. And now I really think he really means every word that he says on these policies.

These are scripted.

These are not campaign promises.

These are, here's what we're going to do.

So I take them literally.

Not just seriously. But literally.

But I could be wrong.

But the only -- my only thing on some of his appointments is: What does he know, that I don't know? About Marco Rubio.

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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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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