Latest / Man in America Podcast / Musk Issues Dire Warning: 'The Dollar Will Be Worthless' w/ Dr. Kirk Elliott

Transcript

Musk Issues Dire Warning: 'The Dollar Will Be Worthless' w/ Dr. Kirk Elliott · Man in America Podcast

• 0:00
  Seth Holehouse: Ladies and gentlemen, welcome to Man in America. I'm your host, Seth Holehouse. So recently, there was a video that had gone viral that was pretty embarrassing to the Biden administration. Now I know this happens daily, but this one in particular was one of Biden's chief economic advisers when he was attempting to explain the government printing money, yet also borrowing money. And it honestly, it makes him look like he has a third grade education.
• 0:25
  I'm not even kidding. So on top of that, we've got Elon Musk coming out warning that the dollar will be worth nothing in relation to the economic policy that's being implemented right now, and a whole host of other things. So joining us to make sense of all this is my good friend, doctor Kirk Elliott. So please enjoy the interview. Kirk, as usual, it's great to have you back on.
• 0:45
  Thanks for coming here today.
• 0:47
  Speaker 2: It's great to be with you.
• 0:49
  Seth Holehouse: So, of course, there's a lot to talk to talk about. But one of the big things I think that is going around is the if you look at a leader, whether it's a president of a country or a CEO, a lot of times, a leader is only as good as the people around him. Right? So having a great marketing guy, great operations, etcetera, can make or break a company regardless of how good the leader is. So if you look at Joe Biden, now we know what kind of leader he is.
• 1:15
  We're not gonna comment on that here. I think most of our viewers know exactly what kind of leader he is, and who he's really being controlled by. But if you look at what's happening in the economy, you might say, okay, well, who are his advisers? Now, you sent me a video, and this video has been going all over the place. Let me pull it up.
• 1:32
  So of this guy named Jared Bernstein or Bernstein. Now, so this is his act Biden's economic adviser. And this is part of a documentary or an interview with him, and he's trying to explain why The US borrows so much money when they can just print it. So I'm gonna play this, and the video speaks for itself. I'm looking forward to hearing your response.
• 1:57
  It's it's a minute twenty two.
• 1:59
  Mel K: Like you said, they print the dollars. So why why does the government even borrow?
• 2:04
  Speaker 2: Well,
• 2:07
  Speaker 4: the so the I mean, again, some of this stuff gets some of the language that the some of the language and concepts are just confusing. I mean, the government definitely prints money and it definitely lends that money, which is why the government definitely prints money, and then it lends that money by, by selling bonds. Is that what they do? They they they yeah. They they sell bonds.
• 2:37
  Yeah. They sell bonds. Right? Since they sell bonds and people buy the bonds and lend them the money. Yeah.
• 2:42
  So a lot of times a lot of times, at least to my year with with MMT, the the language and the concepts can be kind of unnecessarily confusing, but there is no question that the government prints money and then it uses that money to so yeah. I I I guess I'm just I don't I can't really talk. I don't I don't get it. I don't know what they're talking about. Like, because it's like the government clearly prints money.
• 3:13
  It does it all the time, and it clearly borrows. Otherwise, we wouldn't be having this debt and deficit conversation. So I don't think there's anything confusing there.
• 3:24
  Seth Holehouse: I I felt uncomfortable just watching that. I I I mean, I I feel like your average American can probably explain it better than him, and this guy is one of Biden's economic advisers. So so, Kirk, you know, does it does it take being a a PhD in economics to understand these things?
• 3:43
  Speaker 2: Okay. No. It doesn't. So he's not just a economic adviser. He's the chief of the Council of Economic Advisers.
• 3:52
  Like when it comes to economic policy, speaking into the president's ear, he's the top guy, right? He's the one that And so we we kind of giggle sometimes that that Biden is incoherent and can't finish a sentence. But, oh, my word. This guy was no better. I I listened to that minute and twenty two seconds, and I I don't know what he said because he doesn't know what he's saying.
• 4:18
  So there's so much stuff in there that he doesn't know, which is basic. If you're the chief of the Council of Economic Advisers, you should know that the government doesn't print money. Government doesn't print money. The government has through the Treasury Department, has Treasury bonds that they sell and they receive money. So that's how they get it.
• 4:45
  So how would it how would we get money? Well, other countries, China, Brazil, Russia, United Kingdom, Germany, they're buying U. S. Treasuries. That's an inflow of cash coming in and they're getting our treasury bonds.
• 5:01
  So what this guy was bumbling around about, he said, Yeah, well, we sell bonds. I think we sell bonds and we print money. It's very it's not confusing. It's like, wait a second. If you were printing money, then why would you need to sell bonds?
• 5:17
  You do one or the other, right? So we issue bonds that the Federal Reserve buys. The Federal Reserve prints money. That's not part of the government. The the this is the misconception.
• 5:31
  This is probably why he's bumbling around because he knows the real answer, which is the Federal Reserve is not federal. It's not a reserve. It's it's a it's a basically seven cartel owning banker families that through the Federal Reserve Act in 1913 schmoozed all of the Congress and all of America saying we can print money out of thin air by printing, pressing the red button on the printing press, and you're going to pay us interest for that to the federal government. So when we need money as a country, we sell bonds. The buyer of last resort is the Federal Reserve.
• 6:12
  So the Federal Reserve prints money. They buy our bonds. That's how it works. So everything that he said is wrong and he should know this. And if he doesn't, he has absolutely zero business advising the president on economic matters because this is basic.
• 6:30
  But this is maybe why we have inflation that we can't control, why most families in America are living hand to mouth paycheck to paycheck, because he just keeps printing money to buy the bonds. Now, Fed has this toxic balance sheet of all kinds of US Treasuries that nobody else in the world is wanting right now. China's dumping. The Russia is dumping them. The the European Union's dumping them.
• 6:55
  Bank of Japan is dumping them. The the US Treasury is is not the safe haven, bellwether blue chip Treasury that it used to be because we're printing too much money, because we've got a guy like this whispering into the president's ear. And if he whispered that into the president's ear, I don't know what the I mean, yes, we've got the outcome that we've got, but I don't know how anybody could understand what he actually said because he doesn't even understand
• 7:29
  Seth Holehouse: Do you think that he doesn't understand, or do you think that he's trying to hide something? Like, he he's trying to give an answer, like you mentioned, that like you alluded to, that maybe doesn't reveal what's actually going on because this may you know, I'm not sure where the interview came from. Maybe it was on, you know, CBS money or it looks like it was probably more mainstream. So do you It was
• 7:54
  Speaker 2: it's a documentary on modern monetary theory, but he was being interviewed on the documentary and then it was aired on Fox Business saying, what? This guy doesn't understand modern monetary theory. We don't understand. So he was being interviewed for a documentary that's going to be aired and now it went on mainstream media. So I do think that he probably knows, although I started listening to other interviews that he's done recently about inflation, And I begin to wonder if he actually understands monetary policy.
• 8:30
  I don't know what his background is. I don't know if he is an investment banker. I don't know anything about his background. But I'll tell you this much. He struggles to When he's asked questions about the unemployment rate and the labor force and interest rate policy and inflation and all of these mechanisms, he struggles a lot to answer them.
• 8:53
  So I don't know what his background is, but what I do, if he's advising the president on the most important thing in our country, my guess is that he knows. That he knows how this works. And he's fumbling around because he has to choose his words carefully because he doesn't want to let The US population know that the Federal Reserve isn't actually part of the US government. It is a private bank that gets interest from The United States when they ask them to print money. And when nobody else wants our treasuries, the Fed, the New York Federal Reserve, will buy the U.
• 9:35
  S. Treasuries with money that they print out of thin air. That's the answer that he doesn't want to give because that exposes the whole game. So therefore, when asked about it, he's fumbling around and he says, well, the government prints money and the government borrows money. And and this is this is not this is not shouldn't be that confusing.
• 9:58
  It's like, well, it is confusing when the government actually doesn't print money.
• 10:05
  Seth Holehouse: Remember as a kid, your parents and grandparents making you try all the vegetables on your plate or when they coaxed you to eat fruit instead of sweets? That's because they knew what was good for you, and it's truer today than ever before. You need to eat your fruits and veggies. There's no substitute for a healthy diet, but there is Balance Nature. Their products are gluten free and non GMO, and they contain no added sugars or synthetics.
• 10:29
  So if you're looking for something to make you feel better naturally, you should definitely try Balance of Nature today. Eat your fruits and veggies every single day with Balance of Nature. I started taking Balance of Nature the day I decided I was ready to start feeling better. Are you ready to start? Follow the link and use the promo code Seth to get the special offer of 35%.
• 10:49
  So order online and use the link and use the discount code Seth to get 35% off today.
• 10:55
  Speaker 2: They don't. The Fed prints money.
• 10:57
  Seth Holehouse: The question I have then is if you look at a lot of Biden's policies, you could argue that a lot of them seem to be intentionally destroying America. Open border, for one. I I mean, any number of things, you know, unsecuring our our grid, giving access to our power grid to, you know, Iran and China, for example. There's a lot things that he's done that even the probably your average American now is thinking is is is like, is it just poor, is it bad president, Or is he actually trying to destroy America? Because it seems like he's trying to destroy America.
• 11:33
  Now I know that economically, if you can you you know, economics can be a weapon of war. Right? So you sent me another article, which I think is really worth us looking at, versus your head saying, are we destroying the economy on purpose, which in a lot of ways also, I think, would imply, are we destroying America on purpose? So walk us through what this is about. What what's the point being made here?
• 11:57
  Speaker 2: Yeah. So there's there's a couple of ways to actually destroy America now. How is China doing it? China wants to strike fear into the hearts and minds of people, and I believe that they used Iran as a proxy for that to send drones into Israel. Fear, fear, fear also.
• 12:16
  So if you create enough fear and how else could you create fear through the banking system? Right. If somebody is fearful that their bank is going to run out of money or their bank is going to close, What people start to do is they start to give away their freedoms, their religious freedoms, economic freedoms, political, social. I mean, all of these freedoms they'll give away in exchange for perceived security peace. So this what we're seeing right now is nothing new.
• 12:46
  So the Cloward Pyvan theory goes all the way back to 1966, way before I was I wasn't even born then. Right. This goes back a long ways. So the Cloward Piven strategy is a political strategy outlined in '66 by an American sociologist and political activist, Richard Cloward and Francis Piven. The strategy aims to utilize militant anti poverty groups to facilitate a political crisis by overloading the welfare system via an increase in welfare claims, basically forcing the creation of a system of guaranteed minimum income and redistributing income through the federal government.
• 13:32
  So this is right out of the rules for radicals playbook. It's right out of Obama's community organizer playbook where you create fear and uncertainty and you use militant anti poverty groups to start sounding the warning bells. It's like, hey, the economy stinks. We need guaranteed minimum income. It's not fair that we can't pay our bills.
• 13:57
  And let's redistribute that from the evil billionaires and to all of us that have needs, and we'll use the government to do that through excessive taxation. Right. So this is basically what this is all about, this Cloward Piven strategy. And Seth, we're seeing this play itself out right underneath our nose. And people are kind of unaware.
• 14:22
  They're just thinking the economy is collapsing. I think it's all part of it. I think social unrest, upheaval, economic imbalances, all of that is part of what we're seeing underneath this, what's actually clearly the byproduct of the rules for radicals playbook.
• 14:46
  Seth Holehouse: Even if you go back to that, I'll pull that article up really quickly here. So it says that, you know, Cloward and Piper were both professors at Columbia University School of Social Work. Right? Whenever I see social anything, I mean, it may I mean, I'm not gonna cast an umbrella over it all, but typically, think, oh, socialist. Right?
• 15:03
  Social welfare programs. Social this. So but even you can see the strategy. It says that that their article was focused on subversively compelling the Democratic Party, which in '66 controlled the presidency in both houses to redistribute income to help the poor. I mean, that's communism.
• 15:20
  Right? Yeah. It's wealth redistribution. Well, who who redistributes it? How much they they put in their own pocket?
• 15:26
  So they said here below, the ultimate objective of the strategy to wipe out poverty by establishing a guaranteed annual income will be questioned by some, but the ideal of individual social and economic mobility has deep roots. Even activists seem reluctant to call for national programs to limit poverty by the outright redistribution of income. So and this is this is scary stuff. So what what this article that we pulled up on on zero hedge here. Right?
• 15:52
  Are we destroying the economy on on purpose? So is this is this what we're, you know, the author here? Is this what they're asserting? Is it it's this exact strategy that's being basically rolled out in America? And how does it relate to the modern America we see?
• 16:10
  Is it like the the immigrant welfare, all the illegals coming in and draining, you know, kind of getting on the welfare system? Or how do you make sense of this as it applies to our modern American economy?
• 16:20
  Speaker 2: Well, you can't really make sense of it. I mean So in this article on zero hedge, there's statement. Where is the common sense in any of the policy decisions of this government and of the Federal Reserve, or is it simply just too stupid to be stupid? I thought that was a great quote because you can't continue to print money and fund everything under the sun and expect to still get away with it over time. So Elon Musk, over over the weekend, warned about this very issue over Biden's massive deficit spending.
• 17:03
  So he was sounding sounding the warning bells, but he's not alone. So he said, we need to do something about our national debt or the dollar will be worth nothing. It's like, how could the dollar be worth nothing? Well, when you don't have tangible backing backing it and you keep printing to fund all this stuff, it devalues that currency and it takes way more of that junk currency to buy valuable goods and services. That's what inflation is.
• 17:27
  But we keep printing like that. The dollar will ultimately devalue so much that approaches zero. Now we've got things happening. You know, that Cloward Pyvin issue. General McMaster also on May 3 said World War three is coming.
• 17:44
  We need to double our defense spending now. That's okay. Spending. Got to double spending because out of fear, people are going to start making stupid decisions. World War three is coming.
• 17:54
  Right? We've got overspending. You know, COVID, Biden signed in December of twenty twenty one the Build Back Better program. Remember that dumb thing? They were going to make America amazing and they were going to build it back to where it was, but better.
• 18:13
  Right? Well, they spent $2,000,000,000,000 to build back better in America, but we're not any better. We're actually worse. So they spent $2,000,000,000,000, and I don't know what the outcome was. So now when you have that and you've got all this inflation, nothing is getting better.
• 18:35
  Economy is not better. They're not increasing a ton of jobs. Wages aren't going up. They're actually coming down. Inflation is persisting.
• 18:43
  Interest rates are rising. It's like, what about that 2,000,000,000,000 that you spent? What did you spend it on? It didn't make anything better. It actually made things worse because that it creates more inflation.
• 18:53
  So now over the weekend, Berkshire Hathaway had their annual shareholder meeting. And that's always like something that everybody looks at because Warren Buffett's so smart. They want to hear what he has to say. Well, he said a couple of things. Number one, I mean, the guy's getting really old.
• 19:12
  And the first thing he says is, I hope to be around for the next annual shareholder meeting. It's like, boy, that's morbid. But what else he said is this overspending actually needs to stop and taxes are going to go up. He in his exact words, he said higher taxes are likely. So why does he say that they're likely?
• 19:35
  Just like Elon Musk, he warned about the important consequences of deficit spending. And you got to realize, he's a Democrat. Right? He's he's not even liking Bidenomics right now.
• 19:49
  Seth Holehouse: So Folks, at the very heart of our democracy lies a principle we hold sacred free speech. It's the cornerstone that supports every freedom we cherish. Yet in today's digital age, discussions about our wealth, our rights, and our future are being silenced or overshadowed in mainstream narratives, leaving many feeling voiceless in conversations crucial to our financial independence and security. This is where wealth protection research steps in, armed with a mission that's never been more critical. Wealth Protection Research is not a financial advisory firm.
• 20:21
  They're defenders of free speech committed to giving a voice to the silenced. Wealth Protection Research tirelessly seeks out financial experts. These are the voices that challenge prevailing narratives, especially as we navigate the uncertainties of the twenty twenty four election. Wealth Protection Research has created a twenty twenty four election wealth protection report. This free report highlights the three best ideas for protecting and growing your money heading into the twenty twenty four election.
• 20:47
  It contains ideas the mainstream media won't even touch, and listeners can get it completely free. So text ideas to 76626 to claim your free copy. If you believe in the sanctity of free speech and the importance of financial freedom, then act now. So text ideas to 76626 to claim your free copy of this 2024 election protection report. It's time to widen the scope of what we're told to hear the ideas the establishment does not think you can handle and to take control of our financial destinies.
• 21:19
  So folks today, text ideas to 76626 to claim your free copy.
• 21:26
  Speaker 2: In this meeting, they own I can't remember, Seth, what what streaming service it is that Berkshire Hathaway owns. It might be Paramount Plus or something like that. One of the streaming services, he's dumping them. He's dumping those shares. Why?
• 21:43
  Because it's extremely unprofitable. See, this is kind of an unofficial leading indicator of where things are going, because when people don't have money, they stop buying the frivolous things like streaming services. So he's dumping it because it's so nonprofitable. And to me, that's that's a foreshadowing of things to come, that it is going to get worse. Buffett seeing it.
• 22:06
  Elon Musk is seeing it. The only ones who really aren't seeing it are are the chief of the Council of Economic Advisers and Biden himself. Now, the press secretary is probably getting sick and tired of lying constantly on every press meeting. So she had somebody else do her bidding, and it was Mark Hamill, Luke Skywalker. So at the last press meeting, he gets up there and saying, you know, we're winning this war on inflation.
• 22:35
  It's like, buddy, just because you were trained by Yoda doesn't mean that you're wise. Right? So but they're having other people that would have influence in this world on the hearts and minds of people who people think they're smart. I mean, who's smarter than Luke Skywalker? Right?
• 22:53
  Who's I mean, this is insane that he'd be up there talking about how we're winning this battle against inflation because our press secretary probably thought, oh, maybe it's going to be more reputable if somebody else other than me talks about how we're winning this battle. So I would venture to guess in this election year, you're going to have all kinds of celebrities who know nothing about nothing counting all these great things that Biden has done when actually it's not true. It's not true. We are not winning the battle against inflation just because Luke Skywalker says it.
• 23:30
  Seth Holehouse: It's almost cosmic.
• 23:30
  Speaker 2: He was trained by Yoda, right? But
• 23:34
  Seth Holehouse: Well, Yoda was like a double PhD in finance, right? He was
• 23:39
  Speaker 2: Yoda was a smart little creature. I mean, seriously. I mean, this it's it's becoming ridiculous.
• 23:48
  Seth Holehouse: It's clown.
• 23:48
  Speaker 2: They don't have any foundational underpinnings to brag about in this economy. So they're having celebrities that people might trust start to talk about stuff when they don't know. I mean, you can't listen to the chief of the Council of Economic Advisers. You can't listen to Biden. I mean, both of them sound about the same.
• 24:06
  Inconherent, incoherent nonsense that actually doesn't make sense. I actually feel after Jacob Bernstein spoke, I almost feel dumber. I mean, I may have lost brain cells because it was so bad. I mean, wow, how could this be? I mean, I was shocked and appalled by it because this is the economic advice that's being given to our president.
• 24:34
  No wonder we're in a mess.
• 24:36
  Seth Holehouse: Well, the fact that they're bringing Mark Hamill out, which you wanna see the public's reaction if you because I'm gonna see him on Twitter, and he shared a few things that were very pro Biden. The comments just eviscerated him. Like, was I I don't think I saw a single positive comment. Like, I'm convinced that the actual approval rating of the Biden administration's probably lower than 15%. Like, at this point, if you if you can look at that administration and think, hey, they're doing a great job and I approve.
• 25:07
  There's something wrong with your brain. Or you're just watching so much Rachel Maddow, and that's it that you don't see you your your view of reality is so skewed from propaganda that you no longer see truth. And it's frightening. I mean, it's it's it's scary that, again, you know, they're bringing Mark Hamill out to try to convince people that Biden's doing a great job with the economy. I mean, it's like, but but, you know, know, they do trust is this guy right here, Elon Musk.
• 25:37
  This is a guy that people trust. He's a guy that's got, you know, what, a hundred million followers or whatever, massive number on Twitter. So him coming out, it's like, I'll trust the richest guy in the world or at least on paper. Right? We know it's these, you know, European families, but in terms of, like, I'll trust Elon Musk when he says something.
• 25:53
  But him coming out saying the dollar will be worth nothing. I mean, this is exactly what you and I have been talking about. Like, this this is this is what we're talking this is hyperinflation. This is the collapse of the the dollar system of the fiat currency. This is to me, this is the warning that we should all be watching.
• 26:11
  Speaker 2: Yeah. Absolutely. I mean, when you've got alternative currencies, cryptocurrency, Bitcoin, things like that starting to go up, it's because people are losing faith and confidence. But when I look at cryptocurrency and I look at gold and silver, they have the same fundamentals that drive their their move upwards. Number one is privacy.
• 26:36
  People like decentralized blockchain cryptocurrency because it's private and they want growth. Why do people go into gold and silver? Because it's private. It's not digital. You know, it's it's something tangible and real and it has growth.
• 26:51
  So to me, the fundamentals behind cryptocurrency and gold and silver, why people want them are the same. Now the reality is they're not quite the same. Right? Because cryptocurrency is still digital, it's easy to flip off the switch to your coin wallet and saying, oh, based on your IP address, boy, you're from Russia. We're gonna cut you off.
• 27:10
  You can't access any of your money. They did do that. So Russians can't get their money out of Coinbase because of this war that's happening with Russia and Ukraine. But let's take it one step further. Let's just say it's not just Russia that they don't like.
• 27:26
  They don't like you because you're a Christian and you donate to a church. They don't like you because of your political ideology or anything. I mean, you could go on and on and on about the number of reasons why somebody may like or not like somebody. So anything that you can flip off with a switch, whether you have access to your funds or not, I don't like. That's not safe.
• 27:47
  It might be private. There might be growth, but it's not safe. And I would beg to differ that it might be kind of private, but your coin wallet, your token wallet isn't because that's still attached to your bank account. They still know who you are. They still know how much you have in there.
• 28:05
  And if you can't get it, you can't get it. That's not real. So therefore, fundamentals kind of those two type of sectors are very similar and why people go into them. But one of them is safe and one of them is not. And I would allocate for safety in this overreach world where they want to know everything about everybody and all things and basically create robots that serve them and their globalist needs.
• 28:34
  I don't want anything that's digital, Seth. Nothing. I want tangible assets like gold and silver that protect and preserve and can grow and can thrive, but they're safe. They're safer and they're private.
• 28:48
  Seth Holehouse: So folks can go to goldwithseth.com. And what's the phone number people can call, Kirk?
• 28:53
  Speaker 2: Seven two zero six zero five three nine zero zero. That's (720) 605-3900 or simply and tell them Seth sent. You are simply go to goldwithseth.com.
• 29:07
  Seth Holehouse: Perfect. Kirk, thank you so much, man. Have a great rest of your day.
• 29:11
  Speaker 2: I will. You too.
• 29:13
  Seth Holehouse: Folks, perhaps you'd agree with me when I say that over the past five years, the mainstream health care systems credibility has plummeted. Alternative health care systems that aren't beholden to medical consensus or big pharma are on the rise. Sweetamine is time tested and proven to boost your life with better health. It's one of the leading products that helps with inflammation and daily aches and pains. Just because you get older, it doesn't mean you have to feel old.
• 29:37
  And folks, did you know that most of the diseases that make people sick and die these days are rooted in chronic inflammation, oftentimes due to glycine deficiency. So sweetamine is composed mainly of the amino acid glycine, the nutrient that the immune system uses to regulate inflammation. So with once daily sweetamine, most people feel the reduction in pain after just a few days. So I challenge you to the twelve day sweetamine challenge to fight inflammation and take control of your health today. So folks, buy sweetamine online at sweetamine dot com, or call 855 That's (855) 438-7933.
• 30:14
  And make sure you use promo code Seth, s e t h, to get a nice discount on your purchase.