Latest / Financial Survival Network / Debt Crisis: Too Much Revenue? - John Tamny #6336

Transcript

Debt Crisis: Too Much Revenue? - John Tamny #6336 · Financial Survival Network

• 0:00
  Speaker 1: We have lots of debt because we have too much revenue.
• 0:03
  Speaker 1: Any entity, whether it's an individual business or a government,
• 0:07
  Speaker 1: known to be taking in a lot of money and
• 0:10
  Speaker 1: expected to take in a lot more in the future.
• 0:13
  Speaker 1: We'll always be able to borrow and will borrow, and
• 0:16
  Speaker 1: so we have a revenue problem. But people keep calling
• 0:20
  Speaker 1: it a spending problem or an under taxation problem, and
• 0:24
  Speaker 1: that's dangerous and it's mistake.
• 0:25
  Speaker 2: You're listening to Carrie Letz's Financial Survival Network, where you
• 0:29
  Speaker 2: get valuable information you just can't find anywhere else to
• 0:33
  Speaker 2: thrive in today's trying times. You need the Financial Survival
• 0:37
  Speaker 2: Network now more than ever. Go to Financial Survivalnetwork dot
• 0:42
  Speaker 2: com and get your free newsletter and gift. Financial Survival
• 0:47
  Speaker 2: Network now more than ever.
• 0:53
  Speaker 3: And welcome you are listening to and watching the Financial
• 0:57
  Speaker 3: Survival Network. I'm your host, Carrie Leutz with us Retreat.
• 1:01
  Speaker 3: One of my first guests, John Tamney, you were with
• 1:06
  Speaker 3: me when I literally had three people watching the channel.
• 1:12
  Speaker 3: Two of them were related to me and the third
• 1:14
  Speaker 3: one was me and you stuck with me for fifteen years.
• 1:18
  Speaker 4: Here.
• 1:19
  Speaker 3: I can't express my gratitude enough, but what we were
• 1:23
  Speaker 3: talking about fifteen years ago is true now obviously you
• 1:27
  Speaker 3: know it as president of Parkview Institute, editor of Real
• 1:31
  Speaker 3: Clear Markets, and your latest book is The Deficit Delusion,
• 1:36
  Speaker 3: And that's just one of the many delusions that are
• 1:40
  Speaker 3: taking place here. The deficit, if I could sum it up,
• 1:46
  Speaker 3: would be a non issue if the government didn't spend
• 1:53
  Speaker 3: so much money, right.
• 1:55
  Speaker 1: No, I think that presumes that Haites politicians, that they're
• 2:02
  Speaker 1: just classical liberals, or Russia's politicians are classical liberals. They
• 2:08
  Speaker 1: just choose not to spend, and that's why they aren't
• 2:11
  Speaker 1: a debt. No, we have lots of debt because we
• 2:13
  Speaker 1: have too much revenue. Any entity, whether it's an individual
• 2:18
  Speaker 1: business or a government known to be taking in a
• 2:22
  Speaker 1: lot of money and expected to take in a lot
• 2:24
  Speaker 1: more in the future. We'll always be able to borrow
• 2:27
  Speaker 1: and will borrow, and so we have a revenue problem.
• 2:32
  Speaker 1: But people keep calling it a spending problem or an
• 2:35
  Speaker 1: under taxation problem, and that's dangerous and it's mistake.
• 2:38
  Speaker 3: Well, we're spending one thing Doge has shown us. It's
• 2:42
  Speaker 3: kind of lifted the veil off of the ridiculous things
• 2:47
  Speaker 3: that the government finds to basically piss our money away
• 2:50
  Speaker 3: on don't you think yes?
• 2:54
  Speaker 1: And thank God, I'm happy for things like DOGE, although
• 2:58
  Speaker 1: I say in the book that it's not going to work,
• 3:02
  Speaker 1: and I knew it wouldn't work, because, for one, it's
• 3:07
  Speaker 1: just hard to get government to give up what's already
• 3:11
  Speaker 1: being spent on. Ronald Reagan knew that. When he got
• 3:14
  Speaker 1: into office in the nineteen eighties, he found out that
• 3:17
  Speaker 1: every program had at least one Republican constituent. So there's
• 3:21
  Speaker 1: no way to cut anything. But there's the other problem.
• 3:24
  Speaker 1: Let's say Elon musk hats succeeded and got two trillion
• 3:29
  Speaker 1: in savings. Smaller government, Oh please, because suddenly Congress has
• 3:36
  Speaker 1: two trillion in fresh powder, fresh money to start spending
• 3:42
  Speaker 1: on new programs. And they all start small, but once
• 3:46
  Speaker 1: they start, they grow and grow. Medicare as I point
• 3:49
  Speaker 1: out in the book, began as a three billion dollar program.
• 3:53
  Speaker 1: It's on the verge of being a trillion dollar program,
• 3:55
  Speaker 1: assuming it's not already. And so I don't want spending cuts. Again,
• 4:00
  Speaker 1: it's not about spending. We have a revenue problem. Until
• 4:03
  Speaker 1: we address the fact that we've got too much revenue
• 4:05
  Speaker 1: now and exponentially more in the future, debt's going to
• 4:08
  Speaker 1: keep going up.
• 4:10
  Speaker 3: And even if they don't have enough revenue, they just
• 4:13
  Speaker 3: print the difference.
• 4:14
  Speaker 1: Right, I would reject that. If we were printing the difference,
• 4:19
  Speaker 1: if Treasury really had to print to pay off its
• 4:23
  Speaker 1: debt or to fund government, then we wouldn't have much
• 4:26
  Speaker 1: debt because who would buy income streams that are being printed.
• 4:32
  Speaker 1: Let's never forget that, no one, we don't. We don't
• 4:35
  Speaker 1: earn dollars, and we don't buy dollar income streams. We
• 4:39
  Speaker 1: buy what dollars can be exchanged for. And so if
• 4:42
  Speaker 1: Treasury we're printing this, no one would want to earn
• 4:45
  Speaker 1: Treasury own treasuries in the first place, and there wouldn't
• 4:48
  Speaker 1: be any debt.
• 4:50
  Speaker 3: Well, some of it's being printed. If partial monetization has
• 4:55
  Speaker 3: to be taking place, it's got to be well, because
• 4:59
  Speaker 3: seven twenty percent of our debt that's out there now
• 5:02
  Speaker 3: is interest on prior to debt.
• 5:05
  Speaker 4: Right.
• 5:06
  Speaker 1: Okay, Well, but see I argue in the book, that's
• 5:09
  Speaker 1: a good thing. Wait, so you're going to tell me
• 5:12
  Speaker 1: we're libertarians. You're going to tell me that that is
• 5:16
  Speaker 1: a growing portion of total federal spending is just paying
• 5:19
  Speaker 1: off debt. Well, good, What I don't want to hear
• 5:22
  Speaker 1: is that a growing portion of federal spending is introducing
• 5:25
  Speaker 1: new programs.
• 5:26
  Speaker 4: And so.
• 5:29
  Speaker 1: I make a case in the book that, look, social
• 5:33
  Speaker 1: Security is a bad idea, Medicare is a really bad idea.
• 5:37
  Speaker 1: Keep them because they're a barrier to bigger government because
• 5:40
  Speaker 1: they consume more and more of the total budget along
• 5:43
  Speaker 1: with interest payments. Let those roll and that gives us
• 5:48
  Speaker 1: time to maybe actually have a real discussion about the debt.
• 5:52
  Speaker 1: That it's a problem of too much tax revenue. So
• 5:54
  Speaker 1: let's actually reduce taxes so substantially so as to not
• 5:59
  Speaker 1: have a laugher of effect. That's why we have so
• 6:01
  Speaker 1: much debt. Government revenue keeps going up, but let's actually
• 6:05
  Speaker 1: bring revenue down so substantially that people don't want to
• 6:07
  Speaker 1: lend to us in the first place.
• 6:09
  Speaker 4: Well, we're on our way.
• 6:11
  Speaker 3: What about you know, like Doge, it was successful in
• 6:15
  Speaker 3: certain aspects. Maybe it turned into more of a political
• 6:18
  Speaker 3: weapon than a economic savior. But now they're talking about
• 6:23
  Speaker 3: by January twentieth, eliminating one hundred thousand government regulations that
• 6:29
  Speaker 3: are obsolete, illegal, conflicting, or make no sense whatsoever. And
• 6:34
  Speaker 3: they've got the tools in place to do it. What
• 6:38
  Speaker 3: do you think will happen if we get to January
• 6:40
  Speaker 3: twentieth of twenty twenty six and they actually get rid
• 6:44
  Speaker 3: of all those rigs.
• 6:45
  Speaker 1: John, I'll take it. I like it a regulations attacks
• 6:52
  Speaker 1: like anything else. The regulations. You're quite literally asking people
• 6:58
  Speaker 1: who could not get jobs in certain industries to oversee
• 7:02
  Speaker 1: those who could and basically tell them what to do.
• 7:06
  Speaker 1: What an awful idea. Get rid of them every which
• 7:10
  Speaker 1: way you can, and so thumbs up. I know you're right. Look,
• 7:14
  Speaker 1: not all of Doge was bad. Anything that shines a
• 7:17
  Speaker 1: light on what government does is I think a very
• 7:20
  Speaker 1: good thing. I just but when I'm so tired, and
• 7:24
  Speaker 1: I quote Musk in the book, I look, I venerate him.
• 7:28
  Speaker 1: He's a remarkable human being, Thank goodness he lives in
• 7:30
  Speaker 1: the United States. But it's just so exhausting to hear
• 7:35
  Speaker 1: about how well we're headed toward bankruptcy and this is
• 7:38
  Speaker 1: the end, and oh my gosh, no, we're not. If
• 7:41
  Speaker 1: we were headed toward bankruptcy, we wouldn't have any debt.
• 7:44
  Speaker 1: The real scandal is the fact that we've got thirty
• 7:48
  Speaker 1: seven trillion in debt and the markets keep bidding down
• 7:51
  Speaker 1: the yields on treasuries. What does that tell you? It
• 7:54
  Speaker 1: tells you that Americans are massively over taxed now and
• 7:57
  Speaker 1: in the future. Such the thirty having trillion is a yawn.
• 8:01
  Speaker 1: Of course, we can pay it off. It's nothing to us,
• 8:04
  Speaker 1: and it's nothing relative to where we're headed in terms
• 8:07
  Speaker 1: of revenue collection.
• 8:08
  Speaker 4: Yeah.
• 8:09
  Speaker 3: Well, one of the interesting things that people, the many
• 8:12
  Speaker 3: of you out there, failed to connect is that the
• 8:17
  Speaker 3: income tax and the Federal Reserve almost implemented simultaneously.
• 8:25
  Speaker 4: Right, you can't have without the other.
• 8:28
  Speaker 1: Yeah, well I don't. Yeah, the income tax was a disaster.
• 8:33
  Speaker 1: You know me, I have the last time I was
• 8:35
  Speaker 1: on I think we vastly overstate the impact of the FED.
• 8:39
  Speaker 1: I just don't think it's that important one way or
• 8:42
  Speaker 1: the other. This is not me defending the FED, but
• 8:47
  Speaker 1: I just when people say, well, yeah, look at the
• 8:49
  Speaker 1: value of the dollars since the FED was opened up,
• 8:53
  Speaker 1: Well no, Actually it was in nineteen thirty three that
• 8:57
  Speaker 1: FDR de valued the dollar and FED cheer and Eugene
• 9:00
  Speaker 1: Meyer was adamantly opposed to it, but had no power
• 9:04
  Speaker 1: to block FDR, so he resigned and bought The Washington
• 9:08
  Speaker 1: Post to use it as a vehicle to criticize this
• 9:12
  Speaker 1: inflationary president. In nineteen seventy one, FED Chairman Arthur Burns
• 9:18
  Speaker 1: beg Richard Nixon, do not sever the dollars link to gold.
• 9:22
  Speaker 1: He was once again powerless to control what Nixon did.
• 9:26
  Speaker 1: You know, presidents get the dollar they want, sadly, and
• 9:30
  Speaker 1: so I just think this focus on the FED is counterproductive.
• 9:34
  Speaker 3: All right, I'm agreeing with you. I think that power
• 9:38
  Speaker 3: is less and less. But it appears that the world
• 9:41
  Speaker 3: is heading towards some type of economic crisis pre cal
• 9:45
  Speaker 3: We're talking about price of gold over four thousand and
• 9:50
  Speaker 3: ounce today. A price of silver broke fifty, which is
• 9:55
  Speaker 3: a generational, multi generational high. We haven't seen it go
• 9:59
  Speaker 3: that high since the Hunt Brothers debacle back in I
• 10:03
  Speaker 3: guess it was nineteen ninety if memory serves me correct,
• 10:06
  Speaker 3: a nineteen eighty eighty off by a decade. So it's multiperational.
• 10:11
  Speaker 3: It's a multi generational high. And silver was the only
• 10:17
  Speaker 3: the only commodity to not reach a new high in
• 10:21
  Speaker 3: the past forty five years. So that's a pretty noteworthy,
• 10:26
  Speaker 3: isn't it.
• 10:27
  Speaker 1: It's hugely noteworthy, I'd think.
• 10:30
  Speaker 4: So.
• 10:30
  Speaker 1: I first came on your show fifteen years ago. If
• 10:35
  Speaker 1: you had asked me, or and I had asked you,
• 10:38
  Speaker 1: imagine gold at four thousand and fifteen years of silver
• 10:42
  Speaker 1: at fifty we'd say, oh my gosh, wow, and what
• 10:47
  Speaker 1: but to me and so it terrifies me. But to me,
• 10:51
  Speaker 1: it's not a future crisis. It's a now crisis. But see,
• 10:57
  Speaker 1: you don't see it. And what I mean by that,
• 11:00
  Speaker 1: and no one sees it. Imagine people buying up as
• 11:05
  Speaker 1: they're doing silver and gold, they are buying wealth that
• 11:10
  Speaker 1: already exists. They are buying two commodities that as the
• 11:15
  Speaker 1: dollar weekends, they go up, and so it's a natural
• 11:18
  Speaker 1: hedge against the dollar or any currencies decline. Oh what
• 11:23
  Speaker 1: a tragedy. We're talking about AI right now and all
• 11:26
  Speaker 1: the advances with it, and I'm loving every minute of it.
• 11:29
  Speaker 1: But think how much more advanced we would be right
• 11:33
  Speaker 1: here and right now if the dollar hadn't been so
• 11:37
  Speaker 1: persistently devalued all of the twenty first century. What have
• 11:42
  Speaker 1: we not done? What are we not doing? And so
• 11:46
  Speaker 1: the crisis is now, and the crisis is now because
• 11:50
  Speaker 1: people are buying inflation hedges rather than stock and bond
• 11:55
  Speaker 1: income streams representing the creation of future wealth. And it's
• 11:59
  Speaker 1: just It really saddens me. But let's not insult what's
• 12:05
  Speaker 1: really tragic by saying it's something in the future. It's
• 12:09
  Speaker 1: right now, and people are buying gold. That is a
• 12:13
  Speaker 1: really bad sign.
• 12:15
  Speaker 3: Yeah, it's a loss of confidence in the system.
• 12:18
  Speaker 1: Right, it's a loss of confidence in the future. It's
• 12:20
  Speaker 1: a loss of confidence that in putting wealth to the
• 12:25
  Speaker 1: David Bonce and the investor, I thought, put it well,
• 12:28
  Speaker 1: not about gold, but he said, I've never wanted to
• 12:30
  Speaker 1: buy buildings. I always wanted to buy the people inside
• 12:34
  Speaker 1: the buildings, and you know, and buying gold is just
• 12:39
  Speaker 1: buying something that does well when money's not doing well.
• 12:44
  Speaker 1: Good heavens again, it's not matching talent with capital, which
• 12:50
  Speaker 1: is the ways of progress. Economic growth is not consumption.
• 12:54
  Speaker 1: That's what economists think, and that's why the economics profession
• 12:57
  Speaker 1: is such an embarrassment and such a danger injerious, dangerously
• 13:01
  Speaker 1: deluded profession. Economic growth is investment, and there's as as
• 13:07
  Speaker 1: the four thousand gold price indicates, there's less investment than
• 13:11
  Speaker 1: there otherwise would be.
• 13:13
  Speaker 3: Yeah, yeah, and so it takes away from investment. And
• 13:18
  Speaker 3: the whole system runs on confidence, right.
• 13:21
  Speaker 1: It runs on confidence, but it runs let's elevate the speculation.
• 13:28
  Speaker 1: What does George Gilder call quote bubbles? I hate bubbles.
• 13:32
  Speaker 1: I think that's an absurdity. But he always says their
• 13:36
  Speaker 1: growth spasms. There's these big speculative Oh, what's something news
• 13:41
  Speaker 1: along the way. We're going to direct enormous amounts of
• 13:44
  Speaker 1: capital to them. Lots of failure will be left in
• 13:48
  Speaker 1: its way, and that's the good thing. Look at all
• 13:50
  Speaker 1: we've learned through all this investment. You learned nothing when
• 13:56
  Speaker 1: you buy gold. You learn nothing when you buy silver.
• 13:58
  Speaker 1: You just know that, Oh, well, well I've succeeded. Because
• 14:01
  Speaker 1: the dollar's worth less than it was. What a tragedy.
• 14:05
  Speaker 1: There's no progress going on here, and so that's the crisis.
• 14:10
  Speaker 1: Could there be a future crisis whereby government, in response
• 14:13
  Speaker 1: to its horrid oversight of the dollar, does even dumber things. Yes,
• 14:18
  Speaker 1: I think that's what happened in two thousand and eight.
• 14:20
  Speaker 1: I'll go to my grave saying that the crisis was
• 14:23
  Speaker 1: not financial. It was an effect of George W. Bush
• 14:27
  Speaker 1: and other Republicans and Ben Bernanke. This is not a
• 14:30
  Speaker 1: knock on Republicans, but Republicans always want to intervene, intervening
• 14:34
  Speaker 1: the natural workings of the markets. Of course, they created
• 14:37
  Speaker 1: a crisis, and so I worry that could happen again.
• 14:41
  Speaker 3: Yeah, So if it does happen again, how do you
• 14:45
  Speaker 3: protect yourself against that type of thing?
• 14:48
  Speaker 1: Oh, it's well, it's it's it's a gosh, it's a
• 14:51
  Speaker 1: great question. I don't know. It's hard to protect yourself.
• 14:56
  Speaker 1: Sometimes gold goes down in these scenarios. Sometimes a gold
• 15:00
  Speaker 1: goes up. But yeah, you probably want to have exposure
• 15:03
  Speaker 1: to wealth that already exists. If there's a quote crisis,
• 15:08
  Speaker 1: stocks are less attractive because stocks are a look ahead,
• 15:12
  Speaker 1: and a quote crisis signals that government is intervening in
• 15:16
  Speaker 1: ways it's basically substituting itself for the marketplace, and so
• 15:21
  Speaker 1: the future becomes more bleak as a result. And it's
• 15:25
  Speaker 1: just it's frustrating to see where is Larry Kudlow on this,
• 15:30
  Speaker 1: Where's Steve Moore? Where are all these Republicans? Why won't
• 15:33
  Speaker 1: they go to President Trump and say, you have got
• 15:36
  Speaker 1: a problem on your hands. You want economic growth, but
• 15:40
  Speaker 1: you want a week dollar, which is inimical to growth,
• 15:43
  Speaker 1: precisely because it's inimical to investment. Is Scott besn't just
• 15:47
  Speaker 1: going to keep being Treasury secretary while being utterly oblivious
• 15:53
  Speaker 1: to the declining dollar. Is this what we've come to
• 15:56
  Speaker 1: as Republicans? They can be better than.
• 15:58
  Speaker 3: This, I would hope, But you know, we've just seen
• 16:05
  Speaker 3: this like so many times here. And the one thing
• 16:10
  Speaker 3: we learned from history, John, is we don't learn from history,
• 16:14
  Speaker 3: right yep.
• 16:16
  Speaker 1: So yeah, it's hard to learn from history if we
• 16:19
  Speaker 1: don't understand history. And let's go travel back in time
• 16:24
  Speaker 1: to two thousand and eight to this day. The history
• 16:28
  Speaker 1: is that it was a financial crisis. No, it was
• 16:30
  Speaker 1: a crisis of intervention. Economies grow and gain strength from weakness,
• 16:37
  Speaker 1: as in when the bad ideas are allowed to die.
• 16:40
  Speaker 1: That's the sign of an economy growing because there bad
• 16:44
  Speaker 1: ideas are being relieved of precious resources. The crisis was
• 16:48
  Speaker 1: one of intervention. To this day, the vast majority of
• 16:52
  Speaker 1: people say, well, the economy crashed in twenty twenty because
• 16:57
  Speaker 1: of the coronavirus. No, the coronavirus didn't cause any business
• 17:01
  Speaker 1: to die. It didn't close any school, didn't close any
• 17:04
  Speaker 1: business it did. It didn't eviscerate supply chains. Panicky politicians
• 17:09
  Speaker 1: did that. And so how can we learn from history
• 17:13
  Speaker 1: when the historians keep stepping on the punchline and the truth.
• 17:19
  Speaker 1: Politicians cause crises because they intervene and substitute themselves for
• 17:26
  Speaker 1: the marketplace. And they and they rooted in well, if
• 17:30
  Speaker 1: we don't do something, the result is going to be
• 17:33
  Speaker 1: a crisis. Well that's a self fulfilling prophecy. They are
• 17:37
  Speaker 1: the crisis. They were in two thousand and eight, they
• 17:38
  Speaker 1: were in twenty twenty, and so my fear is that
• 17:42
  Speaker 1: there's going to be another hiccup related to this retile,
• 17:46
  Speaker 1: relentless rush into wealth that exists gold instead of wealth
• 17:50
  Speaker 1: that doesn't yet exist, stock and bond income streams, and
• 17:54
  Speaker 1: the result is going to be government intervening in ways
• 17:57
  Speaker 1: that really harmless.
• 17:59
  Speaker 3: You again, all right, well, your breath of fresh air.
• 18:04
  Speaker 3: But at least if you get people talking about it,
• 18:09
  Speaker 3: maybe there's a chance. When we ignore these things then
• 18:12
  Speaker 3: they come back to bite us.
• 18:14
  Speaker 4: And that you know where Well.
• 18:16
  Speaker 1: You're right, and so thank goodness that people like you
• 18:18
  Speaker 1: are doing this, that you've stuck with it for all
• 18:20
  Speaker 1: this time, three watchers, fifteen years ago, and look at
• 18:26
  Speaker 1: where you are today. Let's keep having the discussion. Markets
• 18:31
  Speaker 1: do not cause crises. People do not cause crises simply
• 18:37
  Speaker 1: because when people fail, they're relieved with their ability to
• 18:40
  Speaker 1: continue failing. It's just pure logic, which that's not a crisis.
• 18:46
  Speaker 1: That's better. That's a sign we're improving. Politicians cause crises,
• 18:50
  Speaker 1: let's shout it from the mountaintop over and over again.
• 18:53
  Speaker 1: And they're causing a crisis right now. The dollar is
• 18:56
  Speaker 1: the world's currency, and we have a president who thinks
• 19:01
  Speaker 1: it's good for economic growth to devalue it, and we
• 19:04
  Speaker 1: have a Treasury secretary who's going along with this, not
• 19:08
  Speaker 1: not talking to the markets and saying we don't like
• 19:10
  Speaker 1: the direction of the week of the week dollar. It's
• 19:13
  Speaker 1: really sad and it's really frustrating the Republicans close to
• 19:17
  Speaker 1: President Trump won't make more noise.
• 19:20
  Speaker 4: Yeah, and you know, like there's like another thing.
• 19:24
  Speaker 3: When interest rates are heading lower, that's a sign of
• 19:28
  Speaker 3: bad economic activity. You know, in the old days before
• 19:32
  Speaker 3: the Great Depression, when interest rates went up, that was
• 19:35
  Speaker 3: bullish because there was demand for money, investment taking place.
• 19:40
  Speaker 4: All of this.
• 19:41
  Speaker 3: So we kind of need to get back to our basics,
• 19:45
  Speaker 3: don't we.
• 19:46
  Speaker 4: Yeah.
• 19:46
  Speaker 1: I mean that's very important too. People always say, well,
• 19:50
  Speaker 1: higher interest rates are sign of a credit crunt. Really, well,
• 19:55
  Speaker 1: it's probably a sign that those with title to money
• 19:59
  Speaker 1: are taking bigger risk with it. The scariest times are
• 20:03
  Speaker 1: when we're at one percent or zero. That's a sign
• 20:06
  Speaker 1: that those with access to capital aren't taking any risk,
• 20:09
  Speaker 1: that they're they're literally directing it to the surest of
• 20:11
  Speaker 1: sure things as opposed to new ideas. And so, yeah,
• 20:16
  Speaker 1: everything's upside down right now, and it just it becomes
• 20:19
  Speaker 1: more upside down when the netwits that the Fed say, well,
• 20:23
  Speaker 1: we're gonna we're gonna go to the zero because money's
• 20:27
  Speaker 1: tight right now. Well imagine that. And then these are economists.
• 20:32
  Speaker 1: These are economists who would say, if you impose rent
• 20:36
  Speaker 1: controls on mat Manhattan apartments, there will be fewer apartments
• 20:39
  Speaker 1: for rent. How is capital any different? And yet they
• 20:43
  Speaker 1: always go to zero and they say, I will see
• 20:45
  Speaker 1: we're doing our part. Well, no, you're not doing your part.
• 20:49
  Speaker 1: There's always going to be a price for capital, and
• 20:51
  Speaker 1: it's never going to be zero, and it's never going
• 20:54
  Speaker 1: to be one person.
• 20:55
  Speaker 4: Yeah. Yeah, and that's the same thing.
• 20:58
  Speaker 3: If we raise the minimum way we create more unemployment.
• 21:02
  Speaker 3: That's been proven time and time again, and yet we
• 21:06
  Speaker 3: never learned.
• 21:06
  Speaker 1: Yeah, you don't mess with prices and politicians mess with prices.
• 21:11
  Speaker 1: Donald Trump loves messing with prices, and it's just sad.
• 21:15
  Speaker 3: Again.
• 21:16
  Speaker 1: I think there's a times good instincts from him, but
• 21:20
  Speaker 1: it just frustrates me that no one close to him
• 21:23
  Speaker 1: is willing to say, you know what, you don't talk
• 21:25
  Speaker 1: that way, and you're shrinking yourself. You're shrinking your economic program,
• 21:31
  Speaker 1: everything about it when you talk that way.
• 21:33
  Speaker 4: Yeah.
• 21:34
  Speaker 3: So all right, well, hey, tell us again where we
• 21:39
  Speaker 3: find you, how we connect with you on the web
• 21:41
  Speaker 3: and find out more about what you're doing and by
• 21:44
  Speaker 3: your book.
• 21:45
  Speaker 1: Yes, yes, well, thank you as always Carrie for having
• 21:48
  Speaker 1: me on. You can find me at Real Clear Markets
• 21:52
  Speaker 1: every day. I'm on Twitter every day. I put out
• 21:55
  Speaker 1: at least one column every day, and of course you
• 21:57
  Speaker 1: can find all my books on Amazon. Is on everyone
• 22:00
  Speaker 1: watch and should buy several copies of each and pass
• 22:04
  Speaker 1: them around and read them and lovingly cress the page.
• 22:10
  Speaker 4: Is all that?
• 22:11
  Speaker 3: All right, hey, appreciate you coming on as always. I've
• 22:15
  Speaker 3: written a couple of books as well in the process,
• 22:19
  Speaker 3: and I've got this book here. The world, according to
• 22:23
  Speaker 3: Martin Armstrong, talks about a lot of the issues that
• 22:27
  Speaker 3: you've discussed as well. Appreciate you coming on and if
• 22:31
  Speaker 3: any questions or comments for John are myself, shoot me
• 22:34
  Speaker 3: at email kl at Carrie LUTs dot com.
• 22:37
  Speaker 4: John, We'll talk to you again real soon.
• 22:39
  Speaker 1: Thanks so much, Thank you so much, Cary appreciate it.
• 22:41
  Speaker 2: Thanks for listening to Carrie Let's's Financial Survival Network, your
• 22:45
  Speaker 2: solution to today's trying times. For the latest, go to
• 22:49
  Speaker 2: Financial Survivalnetwork dot com. Financial Survival Network now more than ever,