It's Wise Council Day, but it's also summer. With summer's out, sun's
out, the guns are out. That's what my friend John Curle used to
say. So, Hey, I'm wearing a T shirt a Wise Counsel Day.
I hope Zach will forgive me. I need to talk about some things
tangentially related to the economy, such as the debate. Zach and I are
sitting down to record this before the debate, so we might make some predictions,
but really just about what would we do if we were in Donald Trump's
shoes or figure out Biden's shoes. Plus, Javier Malay has done something extraordinary
in Argentina. This hasn't happened there in thirty years. Has to do with
inflation. So we'll talk about this all with the help of God Almighty and
and Know Your Risk Radio dot Com. The Todd Herman Show is one hundred
percent disapproved by big pharma technocrats and tyrants everywhere. Now from the him in
some free America. Here's the Emerald City Exile God her Man. Today is
a day the Lord has made, and these are the times to which God
has decided we should live. My brother Zach Abraham joins me, friend and
brother, chief investment officer Bulbart Capital Management, Zach. So good to see
you, man, and I know we're getting you over here. Finally got
the trip scheduled, Yes, sir, and I've got a I know there
are some listeners over there in your neck of the woods that uh, that
are going to hear this, and you will be getting reached out to by
my wife probably today to uh to book some stuff. So we're not we're
not blowing you off, uh and you're not. You're being careful about the
stuff. And I know why because I know exactly the people you're talking about,
I think. And there's some stuff that that we're finally going to get
to do at a place they built, and it sounds like it's fun for
us to go engage in this thing that we won't mention because our tools for
this are lost. Yeah. I just I hope, I hope they have
spares, right, you know, I don't know, yeah, right,
just if people want to know these people they're they're they're contractor enthusiasts, and
so we all get together, you know, frame frame, little houses,
you know, stuff like that. So I lost my I lost my level
in my hammer so that's what we're going. Yeah, right, and you
had that, didn't you have one of those semi auto drills. Yeah,
yeah, yeah, it's uh yeah, semi allegedly. Yeah. I had
that five six two bit on it. Yeah, five point six two uh
five six five voltage okay, gots yeah, five six five. I wanted
to make sure, right and uh they I also had that nine millimeters hammer,
but that was the uh that was the semi out of hammer and that
can hit like that can hit ten thousand times in a second, No,
it can. Yeah. And I had this really long range seven six two
gauged screwdriver. Yeah yeah, those are solid. Yeah with that strappy word
right your chest. Yeah yeah, you can you can get you can get
any screw from almost a mile away. Good that we made that a big
mystery for people back in the day. You still, from time to time
go into the building with KYRO Radio and ktt H over in Seattle. Right,
you know what. I haven't been up there and recorded a show up
there in like a year. I want to say. Okay, all right,
well I was in there once. And this is unrelated to what we
were talking about, because you and I were talking about making many houses.
But I was in there doing radio one day and on that team show that
everyone wants to come back the candy I can touch you? Do you remember
the fever for that? I don't know about you, But everywhere I went,
people like more cam cany, Mike can talk. Yeah, No I
didn't. I don't think I ever heard that. Actually, White was it.
I heard a lot of complaints. And I'm not just pumping sunshine here,
but I heard a lot of complaints. They're like, why are they
doing that? Todd was better on his own, right, Yeah? Well
it anyway, So we were doing the show one day and the newslady came
in and she ran a quote and I'm trying to remember the liberal congresswoman who
was complaining about Air fifteen's These have bullets the size of footballs and they can
shoot one hundred of them in half a second. And she ran this SoundBite
during the news and she gets into the news and I go, Okay,
hey, hold on a second, you know that's not true, right,
Well, she's an elected representative, but that's not true. I actually went
and showed her. I went home and took a picture of a shell out
of my Air fifteen put it in my hand, brought it back and said,
this is it. Well, she's an elected official. You're sticking by
the size of a football thing. That's how bad things got back there,
man, it was I know, I know, And she continued to run
the sound bite, Well, yeah, yeah, so she's she's the rounds
are a size of football. But that's also why she won't travel to guamside.
I look, look, I don't really even care. I mean I
do, but I don't even really care what your political persuasion is. If
you think that, if you think that being a public official means that you
know more or are smarter or more well informed than anybody else, that to
me is willful ignorance. If you want to believe that you're you're again,
and you may be on the left, you may be on the right.
The one thing we should all agree on is that the vast majority of our
public officials are self serving idiots, just regardless of pretty affiliation. And if
and if you can't agree with it, it like if we can't agree on
that, we're not even be able to agree on the weather, right like,
because I don't know what to tell you. Well, and it's profoundly
disturbing when people will let that title rule things. I was you know that
she's elected official. You had the same look on my face, which was,
wait, is there an end of that sentence? You've made an obtion,
right, which means what, which means that she's more likely to be
lying to you? Okay than I agree with that right. And I'm holding
in my hand the thing that she was talking about, and you're gonna deny
this. We got to dig into the debate. You and I are recording
this before the debate, so we can We're gonna have to be I guess
smart about how we do this. But I wanted wanted to get into is
what you would do? And you get to choose if you're the figureheads or
Trump first. So we'll get into this with Zach Abraham. I was down,
Zach, I went back to Mexico. You know this right port of
Arta renew healthcare. You should look into these guys. Man. I'm telling
you, I know you, I know you talked about wanting to get down
there. My ankle, which was preventing me from running in any serious sense
sprinting is it's back. I did a full kit Murph. That's with the
weight vest. I did that Saturday. Yesterday. This week I did Two
days after that, I did Fran I'm running again. My ankle is so
solid. This is two and a half weeks after I went and got these
stem cells injected. These are ethically gathered. They have nothing to do with
abortion. They wouldn't do this. This comes from a placentas, it comes
from on bilical cords. They get in the business and getting into your ankle
or wherever your body needs it. First thing they do is destroy the inflammation.
The next thing they do is they assigned themselves a role in this case.
The role they assigned themselves was build tissue for Todd's left ankle and it
is absolutely fixed. And the doctor told me it was good you're here because
you were building up to an achilles heel tewer, you're going to have an
achilles tendon tear, because this is how they start. He's a Harvard certified
surgeon who did this injection. And I am so thankful for this. If
you've been told you're facing surgery, stop stop. Please let the people at
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of Art to Mexico because they are not allowed to do that up here because
the government won't let them. All Right, the debate, Zach, I
could ask this like the mocking bird beat? What are the keys to success
here? Zach? But let me just do it? Open? Then new
question? What would you do if you were Donald Trump, knowing that we're
recording this before the debates? What would you do? How would you open?
How would you treat this night? I? Yeah, he's not going
to take my advice for anybody else's. But if I, if I took
it from the standpoint, the easiest way for me to do it is think
about it. Okay. If I was sitting there in a room with him,
what advice would I give him? I would say, first of all,
avoid personal attacks, okay. And the reason I would say that is
look at his Look at his approval numbers? Right, Biden? Yeah,
yeah, you don't just just all night long. The theme should be no,
no, no, stand on your record Okay, I had my four
years, you had your four years. Who's did you like better? Right?
Explain the border, Explain inflation, Explain you know, the budget deficits,
all that kind of stuff, right, and just keep pivoting back to
that. Make him do not let this turn into a personal mud slinging event,
right, Like, just don't let it do it. If I'm Biden,
That's exactly what I want to do, right, because I think the
only way that this debate changes anything in my mind is I think Trump actually
comes into this debate and from my point of view, with more to lose
than Biden. You know, and you can you can judge it off the
holes, you can judge it off just you know, whatever you want.
But you know, I think if you have the election today, my feel
is that Trump would win again. I could be wrong. I'm not a
political analyst or anything like that, but I would just say, make him
stand on his record, right. I'm a big believer in the old adage,
when your enemy is defeating him himself, don't don't don't interrupt him.
Yeah, right, So just don't just don't get into a mud slinging thing.
It makes you less attractive. Just keep pivoting back and just go hey,
Joe. At the end of the day, we can get into personal
attacks here, but I stand by my four years. Do you stand by
yours? Yep? And that's I think that's sound advice. And I would
say this from the perspective of the figurehead. He's got to make this about
insurrection, so he right off the bat has to get Donald Trump upset about
Look, you know, folks, I'm standing here against an insurrectionist. I'm
standing here against a guy who caused an attack at our capital, the bloodiest
attack, three dead cops. And I can't even believe I'm a felon.
I'm standing next to a man convicted of thirty six I mean, the choice
is very clear. A thirty six a felon of thirty six convictions facing endless
court problems. Who's an insurrectionist who led an assault on the United States Capitol
or me Joe Biden. And what have we done. We've taken the American
people, We've put them first. We are now are economistic. It was
in ruins. People were out of work under this man. Unemployment was eighteen
percent. It's at four today. Because he was so focused on insurrection and
that's what they're going to have fed the figurehead. And I tell you the
line, I tell you the line that I would love to see Trump deliver.
What should be this? You really rehearsed that well? Yeah, well,
and then and then immediately can because I agree with you your pivot,
it's a complement, yeah, and it's and and but there's no question Biden's
going to throw that at him. And so what I would do is the
very next thing I would say is I would say, you rehearsed it well,
and then I would go to actually reading the quote and go, here's
what I really said. Now, of course this didn't get reported in the
media, and I knew you'd try to pull this trick, Joe, so
I brought the transcript. Here's what I really said, both in Charlottesville and
the day of it. Here's what I really said, right, yeah,
and I and I was yeah, it's just it's a pause in the breath.
Wow, you really rehearsed that. Well, yeah, Joe. You
know what's sad is it's unfair. And I'll tell you why it's unfair.
Is you making this charge now after lying for the past two years. And
it's just very simple Joe, it's just very simple. In fact, I've
got the transcript. Here's what I said. Proceed peacefully, Joe. Charlotte'sville.
Even Snope said, to admit, Joe, I criticized the white supremacist.
But Joe, this isn't about January sixth. This is about an open
border. You destroyed my thirty seven, my thirty seven executive orders that secured
the border. You undid them on day one. Joe, just put them
back. Just my question phrase, why not just put him back? They
were working, We were fair well. And to me and to me,
Joe, that's the only real insurrection that's happened over the last four or five
That's a great line. That's right. You want to talk about insurrection,
Let's talk about ten to fifteen million illegals that have flooded over the border since
right. You know, you talk about usurping the constitution. Let's talk about
that, right, And let's talk about the fact that they are being registered
to vote, that you have an effort to register to them to vote.
That's you put out an executive order that all federal agencies have to do this.
We know that people who are here illegally, and Joe Why is that
fair to them? Because if they vote, it's a felony, Joe,
they could they could be in even bigger trouble. Why are you using these
people this way? Why are you using immigrants for political power? How sad
is that, Joe that you would do that? And the sex trafficking your
children. There's so much for President Trump to get on. Then this this
on the economy, where would you hit what would be the biggest hits on
Biden on the economy that people feel in your mind? Well, I think
inflation number one, right, right, and go, well, yeah,
Joe, you know you can talk about you know, and and weave it
into the employment discussion. You know, you can talk about the employment,
you know, which is funny because we shut the economy down, so of
course there was high and you're taking credit for all the all the but but
I think the biggest one is a dynamic, booming economy at what cost?
Look at the deficits we're running okay, well like meaning you know, just
getting that through and and and the reason I say that is I have this
conversation with people people frequently, and you know, I do it for a
living, so I think I assume that other people are looking at things the
same way. And then I realized people's eyes light up and kind of,
you know, get big whenever I bring this up, and they're like,
really, you know, they're not aware of of how big the deficit is
historically and the impact that's having on the economy. And it's you know,
taking any credit economically for any type of growth or you know unemployment numbers out
there when you're running six and a half to seven percent deficits, right,
it's ridiculous because yeah, we're we're paying twice as much as the utility of
those jobs actually delivers, right, So you're going backwards, and I would
be I would be very very if you want to talk about rehearsing. If
Trump rehearsed one or two things, it would be this. Joe, you
know what Independence Day in the Trumpian independence A beautiful day, Joe. I
know you like to call it the fourth of July. We'd like to call
it Independence Day because we got independence from Britain, Joe, from a king
Joe. And the price is Joe. The prices gas was this when I
was in office, when we had guests, we're producing Joe, did you
know that Russia is now sending more more energy to Europe than we are.
Joe. For the first time, the cost for a family of four to
travel in a car Joe to the fourth of July part of the Independence Day
party, would have been twenty dollars. It's forty Joe. A pack of
hot dogs was five ninety five. Right now it's ten ninety five. Joe.
The chips, Joe, the chips, the American people, and the
potato chips, and then the drive home. My fourth is July weekend.
Myn Dependence Day weekend cost Americans twenty dollars. Yours cost some sixty Joe.
And that's just one weekend, Joe. Are you willing to apologize? Are
you willing to apologize? And A And I'm glad the unemployment rates really low.
It's the only way anybody can afford to feed themselves, you know what
I mean? Like, right, Yeah, if you want a second job,
which you're probably gonna need, you know, if you want to eat
and fuel your car, right, the good news is is you can probably
find a second job. Yeah. I think there's some great questions that he
can put out there too, such as this, Joe, why do you
think that Putin didn't attack Ukraine when I was president. Oh, I think
that's a great one. Why what great one? And Joe, by the
way, why are we funding Jamaas? I stand with Israel. Why are
you funding Jamaas. Why have we spent why have we spent exponentially more money
trying to protect the sovereignty in the borders of Ukraine than we do our own
southern border right right? And Joe, I was looking at the citizens of
Maui with that terrible, terrible fire and that decision to not thin the jungle
up there and to allow this this infrastructure to under Democrat policies to rot.
You're giving them seven hundred dollars, Joe, people burned out of their homes,
their kids burned to death, seven hundred dollars. Every legal immigrants gets
twenty two hundred dollars a month. Joe, Just explain how that's carrying and
fair. Just explain to the American people right now how that's caring in fair.
Seven hundred dollars for hurting grieving American families in Hawaii, twenty two hundred
dollars a month for legal immigrants. I just want you to explain how that's
carrying and fair and start putting them unnotice that way, stirring their commerce.
I think there's a lot that could be done there. Did you hear about
it? Well, I know you did, But did you Trump challenged him
to a drug I was begging for this. I had been saying this for
the longest time. He should press that, Hey I took my drug test?
Did you take yours? Yeah? Did you see that? I was
laughing so hard. The dismissal of the Biden campaign. Yeah, this is
just below you know, this is this is classic Trump. We're gonna avoid
it. And I'm sitting there going and everybody's gonna be like, there are
a lot of people out there that are going to buy that line. And
I'm sitting there going. If he wasn't taking a who would do that?
Like most people running for president right would go, Hey, this is ridiculous,
But okay, if you want me to pein a cup, I'll pein
a cup. You know, whatever whatever it takes to prove to the American
people that I am what I say. I am fine, I'll do it
right right. And the Democrats and the muckingbird media same thing, are out
there just saying this is a newsweek headline, Trump accused of waving to people
who aren't there. No, he's waving at cameras. He's way to the
American people by waving to the cameras. He's waving at the American people.
It's so so sad. There's this other though, guy in Argentina, Javier
Malay, and you've been studying him. I want to talk about something he's
achieved here in a second man, Javier Malay came in with a chainsaw.
He said, I'm going to eliminate this department. In that department, he
held a meeting with his staff, all the cabinet members and said, we're
going to do a corruption review because some of you are probably corrupt. I'm
not going to have it in my administration. He on day one announced the
end of this department, that department, this department. Now he can do
things there that presidents have trouble getting done here because of the you know,
we still kind of try to stick by the checks and bounces when it's convenient.
But for the first time in thirty years, they had no inflation in
a when one week, one week with no inflation, the first time in
thirty years. I mean that's a very, very big deal in that country.
It's it's a huge deal because and if you know anything about his past,
one of the reasons that he's taken the line that he has is he
endured at some point in childhood, he went through the hyperinflationary stages of Argentine.
Argentine Argentina has a long history of this. Right, you can go
back to the Parons. Right, you had out of control spending inflationary pressures
there. What is I believe Argentina has now defaulted on its sovereign debt either
four or five times in the last hundred years. And so he lived through
some of these, you know, these issues, and those issues are what
drove him into a career in economics. So he was an economics professor.
And then the thing I like about it is he didn't just stay in academia.
He actually was head of economics for a financial management company. So he's
got private sector knowledge and he understands full well. I think that he's proving
proving a couple of things. A he understands full well, uh, you
know the role of government spending and inflation. He's proven that. His story
sort of reminds me a little bit of the or is it the Ecuadorian president
took over. I don't think it was Ecuador where anyway, one of the
other Latin American countries, really small, had the highest murder rate in the
world. Right. He reminds me of him in a lot of ways,
meaning very quick, concisive action or decisive action, you know, concise,
they know what they're doing and they know what they want to get done.
And the other thing that I like about him is he illustrates in my opinion
so far, we'll have to see the way it plays out, but he's
really blowing away the myth that, well, if we cut government spending,
there's a direct feedback to the economy. Right. You can't do that.
You'll kill the economy. You cannot act. Look, are there benefits that
come from government spending? Sure, okay, But like anything else, there's
a there's a point of diminishing returns. And when government gets out of the
way and that creates lower government spending, we like to act as if there's
no other ancillary benefits. Right. One of the other ancillary benefits right out
of the gate is less cost of doing business, right, less regulations,
less politicians. We don't need as much tax revenue. We get out of
the way, we make things easier, you know. So they want to
look at everything like in a vacuum and go, oh, we can't grow
the economy if government embraces austerity. And you're like, well, if they
embrace it correctly, yes you can, right you. Productivity can fill in
the gaps. Doesn't mean there won't be some pain. But the question is
then what pain is worse? Right? Like, you know, you know
we act in a merit we can't cut government spending. That would bring down
economic growth. And you're like, that bring down inflation too, Tho,
wouldn't it? You know what I mean? So you're like, what,
you know, what are we talking about here? And I think it's interesting
that, you know, every economist and every politician only wants to focus on
the downsides of austerity or the downsides of bringing down government spending as a percentage
of GDP. Well, of course that's what they want to focus on because
they want a bottomless checkbook, right right. They just want to keep right
check spending is power. So let me ask you this. In our government,
if you were to think about efficiencies and you could go in and shave
or significantly diminish the impact of one or two federal agencies to help the economy.
Are there one or two federal agencies that you think would do the best
job if you to shave them down or even eliminate them from, you know,
hindering our economy. And I can think of some kind of right off
the bat. I think labor and industries is duplicative because they exist within the
states. All states have safety groups, right, they all have government safety
groups. Ell and I at a federal level does so much to cause paperwork
to this constant review of things. That's one. The other is anything to
do with health regulations in businesses and how people are treated in businesses, in
health regulations in hospitals, et cetera, any and all of that top down
medical regulation. And I've spent some time with some legendary doctors when I was
in Mexico. They told me flat out the reason that they left the insurance
based medicine is, they said, I spent in We're talking about his practice.
He had an eighteen person practice, so he had himself and further doctors.
He said, eighty percent of our time as an administrative staff was government.
So we had meetings eighty percent of which had to do with government,
not patients. So if we did away with those two things, I think
you could see a freeing of the economy in ways that would blow people's minds
because finally, then medical profession could begin to invest in medicine again and labor
and industries. You could still have safety at the state level, but they
wouldn't be constantly responding to this in that federal agency showing up and saying you
need to change this and that or move this bolt. I mean, those
don't seem like sexy things, but they can have a huge impact on the
economy. Oh, they could have a huge impact, and I think that
you could do that. You know, there may be one of the one
of the problems about discussing this is there's probably there's probably something. Regardless of
how defunct or how stupid we think a certain department is, there's probably maybe
at least one or two things they do that is somewhat crucial. So obviously
I wouldn't say just go through there and just start, you know, asking
them right and left. You have to do it in a in a you
know, a concise and educated manner. But for instance, you know,
you could probably make one agency that costs you know, one tenth or one
you know fifth, it's the very of several agencies and get that one agency
to do those one or two important things that all these other agencies do.
You know. Perfect example would be the e p A. Right, that's
a huge one huge. They have too much power, way too much power.
The other thing too, is that it's you know, you know,
with the e p A, I think the federal government would be so much
or we'd all be better off. And it just makes more sense. The
EPA should be a state function, right, and meaning there should be federal
standards. Okay, you should have a baseline federal standard and then get rid
of the e PA because think of how much money you waste and just administration.
This I was when I lived in DC. I was jogging to work
one morning. I jogged past this building and they had all their lights on
and then the sprinklers were on and it was raining. It was the e
p A. Of course, of course, yeah, yeah, always the
worst effects, right, so so but think about the you know, just
and and for people to know that I'm not just you know, saying this
shooting from the hip, I bet at the very least. I mean,
And and this is me being extraordinarily generous, because you and I both know
you could the EPA just in unneeded administrative costs. You could probably cut at
least the budget by fifty percent, take the take the other fifty percent,
and administer to the states based on the acreage of national forests they have,
based on the percentage of lands that they have that are are environmentally sensitive,
you know, things like that. You could define rivers and waterways as being
environmentally sensitive areas, but allocate out the money to the individual states with a
mandate that they have to use it for their own internal state EPA. And
you just can't convince me that that isn't infinitely more impactful, right, And
why we know this, right, the more local spending and legislation is,
the better it works. Right. And think of the blanket rules that you
have in the EPA that people have to adhere to. That are these catch
all rules that in probably most states they don't even apply, right, Right,
it's not eve an issue. Right, So hey, you know there
and I think there's so many things that you could do. The FDA you
could do a similar thing, maybe not make it the States, but I
mean you could streamline the FDA and probably cut their budget by fifty to sixty
percent and probably get better results. I'm not an expert in that. Well,
the fact is this, most food companies that want to be sued for
poisoning people, and the FDA is if it's a former company. Guys,
it's forty percent of its funding through pharma. There's one we haven't mentioned,
and there's a meme, and I'll share this meme with you, Zach,
because it is so so spot on. There's one agency we haven't mentioned,
and I think this could be done away with legitimately. And I don't want
to get back into the fair tax discussion because you know I have had this,
but I think legitimately yep, Because there's a meme. When you could
explain things with a meme that's like six lines long, then you know something
is either really really simple or has been made way way too complicated. So
I'll share this in just a second. In this studio, right, we
have a pretty complicated system. Leona is back there running things, so she'll
pick this, like camera one. So if I do that, and I
do camera one, and then I go camera two, and then it's over
here and look at there, there's camera three, and she could do crazy
things on the screen like bring Zach back and just press a magic button and
boom you see Zach, et cetera. And then Zach's gone and now it's
just me. We have this intense studio. God. We use God's money
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an air filter running because it's too loud. I don't want to write a
check every time we have to replace the stink in air filters. Secondly,
we're not blown dust up around here. We don't need an air filter.
We use the air purifier. It purifies the air, not by what it
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Todd three. So here's the meme, Zach, and this is the big
one for me, that you could do away with this department and you could
have a magical turn on our economy guy named Samuel Fisher wrote this and posted
it. White House. We weren't able to track six point two billion dollars
cent to Ukraine. California. We'ren't able to track twenty four billion dollars spent
to combat homelessness the Pentagon. We're unable to track two point three trillion dollars
of military spending. US Treasury weren't able to track five trillion dollars of pandemic
spending. The IRS. We know exactly who you sent six hundred and one
dollars and fifty seven cents to. You better report it or you're going to
jail. I mean that's sort of spot on, isn't it. Yeah,
Yeah, the other And I mean I think we're talking about the IRS.
Yes, we're preaching to a We're preaching to a pretty accepting congregation, meaning
you know, I don't think anybody's going to race to go defend these guys.
But just to give you, you know, to give you an idea,
I feel like, if you want to understand, if I want to
explain the idiocy of the way that tax policy in this country is handled,
and and and to be fair to the I R S right there, they
are just a figment or a creation of legislators. So you know, I'm
not no personal shots at those guys, right, But having said that,
if you look at just look at social Security in the way it interacts with
with the I R. S. Right. Social Security is a tax that
we all pay into, okay, and then when it's time to collect on
that tax, we get our check and then have to pay federal taxes on
it. Think about the amount of time it is wasted as opposed to just
factoring that in to Social Security one way or the other. And you know,
think about the time and money that's wasted processing tax returns on Social Security.
It is so archaic and ridiculous. It's mind blowing. And the amount
we waste on it is incredible. And I think that you would need the
irs in some shape or form. And this might tick some people off listeners
off, but I don't selfishly. If somebody was to go, hey,
how do you think taxes should work? Selfishly, I'd say I think it
should be a flat tax or a fair tax based on consumption. Okay,
A great. Now, when I look at a country, first of all,
I think that when we're having a discussion about taxes. I think that
we all have to acknowledge that there is no solution that's going to be great
for everybody. Right, it's taxes. They stink, right, Whatever tax
were left with, no one's going to like it. But I do think
that some sort of prog and I hate using this word, some sort of
progressive income tax is warranted because I think as a guy that makes what I
make, I find it repugnant that somebody that makes, you know, fifty
to one hundred thousand dollars a year pays this income tax that I do.
Now I pay more, But I'm I'm okay with that because I think we
should have a tax policy. And bear with me when I say this,
because I'm not I'm not a progressive when it comes to this at all.
But I just think that we should have a tax policy that is designed to
help build wealth, right, to help build capital, right as opposed like
and if you think about that, I just think it's a big twist to
put on the way that we look at it, and it could be something
that would be incredibly beneficial for everybody. Right, if you were going to
tell me that you weren't gonna nickel and die me every time I turned around
and that I wasn't going to have to be double tax Would I be okay
with a thirty five percent income tax? Yeah? Selfishly, i'd like it
to be less. I don't enjoy paying taxes, but I would pay thirty
five if it meant that that guy making one hundred grand a year was only
paying ten. I'm okay with that. Okay, And I get that,
and I think that that is a righteous view and I understand it. But
here's where I would be is I would do everything to shift over to taking
guys like you and frankly me, I'm not as well rewarded as have been
in some periods of my life. You know, you make a million bucks
a year, that's a that's a pretty hefty paycheck. And I look at
that reward and I would do something else, Zach. I would do much
much more to encourage charitable giving and wealth building. So the wealth building,
like, let's it's insane to me that we do a bunch of taxation of
subsistence savings. So if you're making fifty grand a year and you're able to
put away five grand a year, that should that should not be taxed.
In fact, it should never be taxed. The money you earned that goes
into a subsistence based account when you're in that building life stage, that should
not be taxed. That should be rewarded. For guys like you or guys
like me, when we're at the top of our earning, you know,
we should be able to give a bunch of that to charity and have much
more of that written off. If the charities are proworting core needs, not
ideological needs. Charities that feed people, charities that provide education to people,
charities that provide healthcare to people. You take core need charities and you get,
say, one hundred percent right off for a core need charity, and
of course every charity's going to get in there and say we're core need.
So say, no, what are core needs. Let's be biological, food,
water, healthcare. Those are core needs. Now you have this argoding
about what it's healthcare? Okay, so what are we going to say?
It's life sustaining, never ending. It's not about ending life. It's about
sustaining life. If you do those things and you get one hundred percent right
off for that, you'd have to be a pretty cold snakelike you know,
reptilian person to not take advantage of that. Everything else, to me,
I would shift over into consumption tax. I know we've had this discussion.
But the reason I say that is because the amount of time that's wasted,
and it's somewhere around if you're a business, it's somewhere around one hundred and
twenty hours a year dealing with tax issues. You know, the amount of
paper you guys have to do, given the money that you steward for other
people as if a do just based on that. So I think if we
incentivize savings and we incentivize charity to core needs, all of a sudden,
we don't have any argument for a welfare system. We don't have any argument
for that other than well we want the government to do it because we hate
churches or we hate private charities. That to me is a fundamental shift pushing
everything else down to the states. I totally totally agree with. But to
me, the I R s with this comparison, To me, it means
you've got a lot of busy work that you choose to do on us and
not on other people. That's that's all I'm saying. Yeah, No,
I'm with you, I'm with you, and I agree with virtually everything you
said. Like I said, I I would be willing, I would be
willing to pay more. But no, there's there's so many things you can
do. I mean there's there's you know, for instance, working into tax
policy, being crease. You know you can. There was a there was
a gentleman that was a I got to know. He wasn't a client,
but he was a I an associated. He was a professor at the University
of Washington Legal department, really successful lawyer that I got to know, and
he ran his tax policy planned by me. Or it was a feature where
he said, basically, you incentivize people. You basically treat the investing in
small business investing not purchasing a majority ownership, but investing in small businesses.
You give them a similar tax policy or tax consequence for economic opportunity zones.
Right, So where you sit there and go, look, if you make
an investment of this size into a business this big, and you make the
biggest benefits for those smaller businesses, right, then any gains if you keep
that investment in place for five years or more, any gains you make on
that money are non tax man. I love it, right, those incentives
make sense to me. Yeah, if we're going to have anything other than
the fair tax, which is my preference, consumption based fair tax, get
the government out of picking winners and losers, get that all done. If
we can't have that, then yes, and incentivize those actions that way.
One thing I want to close off today with Zach is you guys focus so
much on energy because energy is the economy. One of the core things I've
learned from you is you cannot divorce any economy from energy. And this is
really, to me, the purest form of harnessing that which God creates.
Sun petrol rites nuclear. We're harnessing that which God creates, the common blessing
on everybody. The sun falls on everybody. So I asked you this question.
In just a second, there's another blessing that God gives us. And
sometimes it's difficult to look at as a blessing. Honestly, is your body
is a blessing. Here body is a temple. Sometimes it doesn't feel like
it. I know that you're hungry, you're hurt, you're sick. Sometimes
it feels like, man, I've got to drag this body around. Well
short of our glorified bodies that we get when we are committed to the Lord
Jesus, we're changed by him. We accept them as our Lord and savior.
Eventually we have these glorified bodies. Not yet. But the body is
a blessing. Are you treating it as such? Or is it hurting you?
If you are constantly making noise when you stand up and in constant pain,
I'm gonna guess. I'm gonna guess it's inflammation. So number of things
can cause inflammation. One of the big ones is sugar. The more refined
sugar you eat, the more you're going to hurt. And this can add
up over the years if you're like the average American. The average American consumes
I think it's eighty pounds of refined sugar a year. Think of eighty pounds
of sugar. And that doesn't count sugars from fruits and vegetables and honeys.
I'm talking about refined sugar, the white stuff. If you've been doing that
for a long time, you probably have inflammation all over your body. So
let me guess about something. You've chosen to use iboprofen or some of those
derivatives advil, right right, So you're probably doing this in high amounts.
Am I right? Because you can't sleep without it? And I bet you
take a bunch of ibprof when at night you wake up and oh man,
the inflammation's gone. It's not it's shifted. It's time shifted. What's happened
is Hyperprofonen's gotten in and destroyed the lining to your gut. So now when
you go eat just any food, particles from that food are ending up in
your bloodstream and they don't belong there. Guess what happens. It goes after
your joints, your endocrine system, it goes after your heart. Right,
it does not belong in your bloodstream. So but what do you do?
Are you telling me Herman, I just need to hurt No, I'm telling
you supercharge this with the omega threes from native path krill. Krill are not
fish, they're crustaceans. They're not from waters with a bunch of heavy metals
and them. They only come from the Antarctic, the purest possible waters we
have. These are sixty percent more potent than vitamin C for helping the immune
system. There twice to three times as absorbable as fish based oils. Their
bioavailable much more bibliable, meaning more of it goes to work in your body,
meaning it saves you money and it fights information. My testimony to you
is I was an iberprofen addict. I convinced myself I needed it. I
do not take it anymore. It is not in our house. I went
to look for some of the other day, just curious if someone was there.
There's none. I will not have it near me. I no longer
need it. You could have the same thing. Don't be in pain,
and don't make the information worse, and don't reward farmers bad behavior. Go
to nativepathcrill dot com slash todd. Go see the specials they have for you
there today. That's nativepathcrill dot com, slash todcrills with the cave by the
way nativepathcrill dot com slash todd. A couple of headlines drew my attention,
Zach. This is well Russia. June seventeen, twenty twenty four. Russia
overtakes US and gas supplies to Europe for the first time in two years.
Wait a minute, what happened to the pipeline that we didn't blow up?
Because our CIA would never do that with our navy seals and what happened to
the all that magic things we were doing with sequestering their economy. How in
the world did this happen? This is I think this is another really good
picture of the ineptitude of the current administration. Meaning and this is the idiocy
of it. And this is also one of the byproducts of ideological capture of
a of a of a political party, right, which is, you know,
when ideology takes over reality, this is what you end up with,
meaning when you talk about curtailing and to be fair, US oil production has
bounced back to pre COVID levels and I believe it's hit a record, but
it's done it in spite of this administration. I don't think the administration is
done like anything like permanent damage or anything like that. But they have they
have not they have not helped. And this whole idea of whenever you say
we're going to limit production or we're gonna do this, we're gonna do that,
all you're saying is we're going to send that money somewhere else, right,
Because the amount of energy that's needed is going to get needed. And
that's why he's so frustrating to hear these Oh it's good that the Biden administration's
cracking that, and you go, good, what do you mean. It's
a liquid market, meaning whatever you don't produce, it just means somebody else
is and they're getting paid instead of you. Right, It's just it's a
ridiculous. It's a ridiculous approach to take, because what you do here in
the United States regarding energy policy is going to have little to no effect or
what anybody else around the world decides to do. And any other leader of
a country who's sitting there looking at a situation where he can affordably provide his
constituents, the citizens of his country with affordable, effective electricity or go down
some ideological path with you, in ninety eight percent of those countries, they
can't afford to make the decision you're making, Right, So what are they
going to do? Somebody else like Russia, who you're currently fighting, Right,
your energy policy has helped them backfill the financial whole that the war has
caused them. That's my exact point is here we are saying we're you know,
we're putting the toughest sanctions on Russia in a decade since before they were
franchised by Ray Kroc when Kroc created the country Russia with my son bos Helps
a CFO and why on a bad And now we've sanctioned their moneies and they
can't and right we have. And then guess what, we sanctioned their moneies
and we stopped producing energy and stop selling it. And Russia says, oh,
the sanctions hurting us very bad. Now what can we do but sell
gas and energy to the companies the country's attacking us. Well, yeah,
and look, and if you go look at the data. And I'm not
an expert on this, but I've talked to people that are. But if
you go look at the energy storage data, those sanctions did virtually nothing to
impact Russia financially. That oil was still out on the open market, right,
they were selling it through back channels. Countries like India didn't even pay
attention. They just bought it from Russia anyway. Yep. And so again,
and then at the same time, you're you're not doing anything to help,
and you're demonizing producers here in the United States, and it's just it's
just idiocy. And it's something what irritates me the most. Now I don't
know about his I don't know about him now, because I don't think that
he's making policy. But if you go back to like twenty sixteen and pre
Joe Biden, and if you gave him, you know, the truth serum,
I think that he would I think he would acknowledge this. I think
he would know that this isn't But but A, I think he's effectively incapacitated.
And B it's that ideological capture where where you're going, you're doing this
simply to pacify your base, and you have to it right. You've trapped
yourself. You have to do these things. One thing, and we're short
on time, is can we spend some time next week or maybe the new
after because next week's next week is an independence stay and I think we're both
going to be taking some time off. This small modular nuclear I'm looking at
this Westinghouse has these plants that they have planned. I mean to me,
I don't know that it gets more simple than this. And you had talked
to me that this is very very different. I want to dig into it
on a future show. But this is really really different from the big nuclear
pants with those big huge cylinders and everything. I mean, how promising is
this stuff from your perspective as an investor, it's extraordinarily promising because if you
think about it, is there risk to nuclear? Yeah? There is.
There's risk to every form of energy, right. The data will prove and
I think people are starting to get past this, at least it seems that
way. The data will prove that nuclear is the least dangerous, right,
it just is. You know, there have been no deaths attributed to nuclear
energy in the United States period. Okay, none. You cannot say that
about any other form of energy. Okay, Well, that is what it
is. But what's really interesting is if you think about it, just by
breaking these up into much smaller reactors, you lower the risk even more,
right, because if something did go wrong, it would impact such a smaller
area, right, and and it would be so much less disruptive to the
you know, area around it. And the other thing people need to understand
is the way the technology has changed. And I think this gets glanced over,
but it's probably not the best. It's probably not the best. But
look at that nuclear what what was that nuclear plant? Wasn't that in Ukraine?
Actually? Where the you where where was the last couple of years where
it was taking direct hits from cruise missiles and and not no weeks right,
fine, right, and the employees can stay in Yeah. What what other
power plant in the world could take direct hits from nuclear missiles and not have
some kind of catastrophic issue? Right, And there's no I mean, there's
the sure Nobyl lesson that we learned, and we saw that. We saw
the thing with the nuclear actor in Japan. But to your point, I
was in San Francisco. I wasn't where this happened, but I remember when
the gas lines blew up, Remember the natural gas lines, people sitting in
their homes doing nothing, and yeah, blows up. All energy is by
nature potential power. Therefore it all has this potential downside. I would love
to dig into that economically, and next time we record again, we'll figure
it out. Because I know independence is coming up. I'm seeing these ads
on Facebook for a company that says they're going to set you up as your
own bank. And I've had friends who yeah, there's a lot of ads
that sounds so so good. So I see the look on your face.
So let's spend some time at that. And then when we get over here,
we've got to have our charter of Polouz to day where we just sit
and you bring just crazy charts. Yeah, you bet. And I'll just
say say one thing really quick, guys, if you're looking into that whole
bank on yourself thing, call us. I'm not going to try to sell
you anything. You just need to understand what it actually is because it doesn't
work anywhere close to the way that it's sold. So just call us and
Milwaukee's okay cool. Eight sixty six seven seven nine risks. I hope I
do not have to do disclaimer now. I don't think you do. I
didn't give any advice. I just today it works a lot different than that's
true. Right, sor right? So I can say it again, I
could say again. Eight sixty six seven seven nine risks. All right,
Zach appreciates you whiles canceledday. I was fun. Appreciate you and we'll see
you over here. Brother, all right man, looking forward to it.
Thanks for having me, Lord, Thank you for reminding us that you rain
the common blessings down on people who, well a lot of us would think
don't deserve it, but then again, you made them. You love them
equally to how you love us. This is the Todd Hermann Show. Please
go, be well, be strong, be kind, and please make every
effort to walk in the light of Christ.