RADIO

NYC's Zohran Mamdani praised convicted TERROR funders?!

Zohran Mamdani, the communist-praising New York City mayoral candidate who just won the Democratic primary vote, really likes a group of people called the “Holy Land 5.” Glenn Beck reviews how this group was convicted of funneling money to Hamas. Is this really the candidate New York Democrats want as their next mayor?!

Transcript

Below is a rush transcript that may contain errors

GLENN: Oh, my gosh.

There is a show, behind the show today.

Wish those cameras would just keep going. Because it's showing my staff to be insubordinate. I understand they already edited part of this show without my knowledge. And I'm not happy about it, Sara. Not happy about it.

Huh. She's not going to respond to me, is she?

Okay. Well, Jason, welcome to the program.

JASON: Thank you, Glenn.

GLENN: I'm just continuing to be abused today. I'm getting fatter by the minute. Just like Bowman said. You know, he has to deal with being called the N-word directly and indirectly.

And that's why he has heart disease, diabetes, cancer. I would think it might be the food that he's shoving in his fat mouth. Apparently not, it's being called -- you know, when -- I've been called all kinds of names. Racist, sexist, anti-Semitic, homophobic, transphobic, Islamophobic.

I've been called a Nazi every day for the last 20 years. And you know what I don't do? I don't go and record a song, calling all my friends that. You know what I mean?

You know, I don't like it. And so I don't record music and then pump it out into -- into society. You know, I just don't do that. I don't do that. So could it be that that word is something that is really, really horrible, but you've decided to embrace? And then use as an axe to grind?

I'm just saying.

I think that word is really, really awful.

Not -- not like the word that was taken out of the show today, Sara.

Without my knowledge, nor permission.

But, I mean, I'm sure you know the FCC rules, much more than I do.

SARA: I mean, if I was offended, I'm sure a couple others might be too.

GLENN: You were not offended. You were drunk.

SARA: Same thing. Same thing.

JASON: I saw Sara gain 10 pounds, and get skin cancer at the point where he said --

GLENN: Right off the bat. Right off the bat.

Well, you know what might help, maybe we can free the Holy Land Five. Have you heard the latest -- first of all, we've got to play some of these. Let me see if I can find them here.

Some of the latest comments from Mamdani, who is, you know, running to be the mayor of New York. And I predict, will win. Will win!

Because New Yorkers are insane. But, anyway, listen to him, about his platform.

Cut one.

VOICE: You were running on issues that are very relevant to people in New York City. The cost of housing.

Free busing.

Some have projected that this is the type of platform that would work in other parts of the country.

I mean, you're a proud democratic socialist. Do you think that's a platform that would work for other candidates running. In other parts of the country.

VOICE: Absolutely. I think ultimately, this is a campaign about inequality.

And you don't have to live in the most expensive city in the country to have experienced that inequality, because it's a national issue.

And what Americans coast-to-coast are looking for, are people who will fight for them. Not just believe in the things that resonate with their lives. But actually fight and deliver on those very things.

And part of how we got to this point was through the endorsements of Congresswoman Alexandria Ocasio-Cortez and Senator Bernie Sanders, who have been leading this fight against oligarchy across the country.

And I think that in focusing on working people and their struggles, we also return back to what makes so many of us proud to be Democrats in the first place.

GLENN: Right!

Communism.

I think that's great.

So, you know, I hear all the time, the talk about free bus fare.

You know, it's all over.

Here in the heartland. It's all over.

I've been hearing it from the farmers everywhere.

They're like, you know what I want a candidate to talk about is free buses. Because who will pay for that?

Actually, I don't hear anybody who is actually working for a living. And paying taxes, talk about free bus fare.

Because that would raise their taxes.

So I don't -- I don't hear that.

That's weird.

But the good news is, he's going to Trump-proof New York City. Cut two.

VOICE: I propose that we raise $10 billion, to pay for our entire economic agenda, and start to Trump-proof our city because we know he will use federal funding as leverage over this city.

And we will do so in two key ways. The surfacer to match the state's top corporate tax rate to that of New Jersey.

We are in 7.25 percent. They are at 11.5 percent.

Corporations get paid over there. They get paid over here.

And the beauty of it is, it doesn't just apply to corporations headquartered in New York City. Because when you say this, people will say, well, they will go to Florida. Wherever you are headquartered, as long as you do business in the state of New York, you are taxable for that corporate tax.

GLENN: Oh, my gosh.

VOICE: We're talking about corporations that make millions of dollars. Not just in revenue. But in profit.

And the second is taxing the top 1 percent of New Yorkers.

We're talking about people who make a million dollars a year or more. Taxing them just by a flat 2 percent tax increase. And I know they will not be happy about this. They may not to like this tax policy. I want to be very clear. This is about $20,000 a year. It's a rounding error.

GLENN: It is.

VOICE: It makes every New Yorkers life better. Including those who are getting taxed.

GLENN: I know. You know, when they increase my taxes, I think to myself, you know, this is making my life better. Who doesn't think that? Honestly, who doesn't think that?

So let me see if I can get this right. Help me out, Jason. I'm a little fuzzy. I'm a little tired today.

I can't do the math. I don't think I can do the math this complicated.

So it doesn't matter if you're headquartered in New York or New York City, if you are going to do any kind of business in New York, they're going to take your tax rate from 7.5 to over 11 percent.

JASON: Over 11.

GLENN: And that is for the privilege of selling your product or doing any business in New York.

JASON: Right.

GLENN: I've got news for you. I'm totally fine, you know, pulling out of New York, making sure that nothing -- New York, you're on your own. Good luck with that.

I'm sorry. A, I don't think you can do that.

Well, you can, if you're the European Union.

And that's working out really well for them. But I don't think it's going to work out well for New York.

Now, he did compare it to New Jersey.

Which is a booming business. That is seriously. No. Seriously.

That is -- people are lining up with U-Hauls just to get into that state. Mainly, so they can pick up their stuff and get out of that state. But I think that's going to work out well. That's going to work out well.

GLENN: Oh, amazing. And that's essentially. It's interesting you mentioned the European Union. It's essentially what they were trying to impose through a green new deal, Paris accord type stuff.

Basically, anybody that does business with company A, will have the same restrictions as B, C, D, all along the line.

Good luck, New York, because you are done.

The economic engine of the world is done, if you do these things.

But I think that he doesn't understand. Or maybe he does. I don't know.

But the mayor of New York City can't really do these things.

Maybe it's just populism on the far left corner.

Maybe.

GLENN: No. He can do these things, along with his city council.

JASON: I think --

GLENN: Which is not going to be hard. It's not going to be hard.

It's New York. I've lived there.

It's going to be very easy. Very easy.

That is the entire communist party. You know, like, hey, the communist parties. Do they have the Communist Party of New York. Do they have meetings?

Yeah. What day is the city council meeting.

Really, that's the way it is.

So you have that going for you.

Now, the other thing I really like. This guy has deep economic experience.

First of all, you know, he was in a movie, directed by his mother.

And he speaks in several different accents. Including strangely an Indian accent. Where he sounds like, you know, an Indian, just off the boat.

Do we have it? Yeah. Go ahead and play this, please.

VOICE: I think the New Yorkers, more than they hate a politician they disagree with. They hate a politician they can't trust. Just.

VOICE: On the subject of trust.

VOICE: They go to their local bodega.

VOICE: Is there one that's real and one that's effective?

VOICE: What I would say, as any immigrant knows, having been born in Uganda and then raised in South Africa and then moving here when I'm seven years old. They're different parts of my life.

VOICE: What do I choose? What do I choose?

VOICE: Mamdani was talking about a worldwide press tour, back when he was a rapper.

VOICE: Bring the flavor to the fish. Bring the flavor to the rice.

VOICE: In a Disney movie, directed by his mother.
(music)

VOICE: Nepotism and hard work, goes a long way.

GLENN: Goes a long way.

VOICE: Here in New York City, this is how I speak.

GLENN: Listen to this. This artwork goes a long way.

What the hell is that? What a phony this guy is. "A lot of artwork, it goes a long way. Mommy put me under her skirt when I was five."

What is that? Now, well, he's lived all over the world.

Well, I've lived all over the country, you know. I might say y'all once in a while. But I also might say you guys once in a while.

I say soda, and I also say pop.

Never soda pop, because that's just weird. But I say both of them.

But I never say it like this! Ever!

I mean, what -- what is the deal with the fake accents from the Democrats?

Why?

It's like they have -- I mean, I know they have no soul.

But it's like they have absolutely nothing real inside of them.

They're just like this shape. Oh!

They're shapeshifters. That's why.

They're actually lizard people who are shapeshifters.

Don't say that out loud.

Shh. It's just between us.

You me, and the other 11 million people.

That's just us.

Okay. Now, he also has made a big deal out of the holy land five.

And I want to get into that, when we come back. Because this one is really interesting.

Who are the holy land five?

Well, they're his dogs.

And I don't mean like he puts them on leashes. Hey. Who am I to say. That's not wrong to say, put people on leashes. Make them bark as dogs.

There's nothing wrong with that. You're perfectly normal.

They're his boys, the holy land five.

We will get into that from his great, great rap number called I don't know. Crappy crap.

I don't know what it was called.

It talks about the boys the holy land five. We will get to that in just a second.

First, let me tell you about holy earth.

I used to think sheets were sheets.

I am a sheet snob.

I really am.

And sheets are sheets. They usually feel like sandpaper.

You know, and then, you know, I went to a hotel once, that had really good sheets.

And I was like, oh, my gosh. What are these sheets made out of?

It's like cotton. But it's cotton that has 400 thread count. Or whatever the number is supposed to be.

And you're trying to buy those sheets.

Like, that's crazy. Crazy.

Cozy Earth makes really great sheets.

Cozy Earth, they make towels. They make lounge wear.

Which is material that is natural temperature-regulated. Breathable, soft.

Cozy Earth makes great sheets.

I wear their pajamas every single night.

My wife wears them every single night.

Of course, hers has a big sign on it. Like, don't even think about it, you. I don't even know what that means.

The Cozy Earth pajamas are really great. And if you're tired of being sweaty, you want luxury and comfort all wrapped up in one, make the switch to Cozy Earth today.

They have a 100-night sleep trial. They have a 10-year warranty. If you're not loving them, you can send them back.

They make great, great clothing. They make great lounge wear and sheets. So Cozy Earth. Just try them. Use my name Beck for up to 40 percent off their best-selling products right now. It's CozyEarth.com.

Use the promo code Beck.

CozyEarth.com. Promo code Beck.
(music)
(OUT AT 8:49 AM)

GLENN: So let me play some of this super, super classic rap from Mamdani. Here he is.

His little rap, called Salaam.
(music)

GLENN: Yeah. I have no idea what he just said. But I'm like with all rap songs. So what he said was, me, Alamo Zohran, my love to the Holy Land Five. You better look them up.

All right. So we did a long time ago, but here to refresh our memory is Jason Buttrill. Jason, the Holy Land Five. Could you bring America back up to speed?

JASON: What's crazy is, unless you are in some way connected ideologically to this, there's no real reason why most people would have ever heard of the Holy Land Five or the Holy Land Foundation.

And I've been accused of throwing on a few tinfoil hats in my time.

But, I mean, this is pretty dang blatant on what his motivations are.

The guy behind the guy.

So just to -- like you said, refresh. The holy land five. This comes from a court case.

United States of America, versus the Holy Land Foundation.

So in a nutshell, this case revealed, for the very first time, an elaborate scheme, launched by the Muslim Brotherhood. To shift sentiment, pump.

GLENN: Hang on just a second.

Let me just -- for those who are keeping score, Muslim Brotherhood. Bad!

Okay. So I just want to speak down to -- or, I mean, just clarify to some people who may have voted last week.

I just want to keep score here.

Foundation bad. Muslim Brotherhood, worse!

Okay. Go ahead.

JASON: Yeah. We're going way back in the history books here. Muslim Brotherhood. I'll go even further.

They're the ones who created modern day Salafi-Jihadism. So modern day terrorists, like Osama Bin Laden, they all took reference from the grandfather of terrorism. His name is Asan Bannon (phonetic).

Anyway, this case was all about funneling money to the American organization. That would give sentiment. Cash. Everything. To funnel back to Hamas.

And kill Jews. And lead the things like October 7th.

So he's praising these guys, that got busted in this case.

And --

GLENN: Right.

Now, here's the bad thing. In Canada, the youth are now looking at the clerics of Iran with higher regard than they do, the United States of America.

This guy is going to do for Islam, what Barack Obama did for Marxism. Mark my word!

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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