Speaker 1: What is a debt swap between US and Japan? And
what would happen if Japan was getting ready to unload
a whole bunch of American bonds, let's say, maybe two trillion,
to cover some of their debts and their teetering economy.
What would that mean in.
Speaker 2: This debt swap.
Speaker 1: We'll talk with Zach Abraham about that. Will also address
the switchover to Camy. It's always been Cammy like there
was this thing that supposed there's a guy named Joe Biden.
Has never heard of it, Joe Biden, that never happened.
It's always been the lady who wasn't the borders are what's.
Speaker 2: The effect in the economy of that?
Speaker 1: And Zach get some questions from me about the politics
about the elections.
Speaker 2: We'll do this with the help of Bulwark.
Speaker 1: Capital Management, No Your Risk Radio dot Com, and much
more importantly, with God Almighty.
Speaker 3: The Todd Herman Show is one disapproved by big pharma
technocrats and tyrants everywhere. Now from the high mountains of
Free America, here's the Emerald City exile God her Man.
Speaker 1: Today is a day the Lord has made, and these
are the times which God has decided we shall Live Josh,
if I got my wife's council shirt.
Speaker 2: No, actually I didn't.
Speaker 1: I didn't want to wear my wife's council shirt because
it's another day with my seal fit backpack. Didn't want
to destroy my wife's council shirt, So I'll destroy one
of my favorite Rogue Fitness shirts. Zach Abraham joins us
chief investment officer Bowler Capital Management.
Speaker 2: Zach, welcome back to the program. Good to have you
for those on video.
Speaker 1: In fact, we gotta make we got to get some
screenshots at this Zach in a glorious, glorious little five
o'clock shadow thing. Are you willing to share with the
people how that all happened?
Speaker 4: Yeah, no, gladly, because I'm not a primper, right Like,
I'm not a guy tries out, you know, different things
and stuff. My wife, you know, when I have a
wardrobe style shift, that's always precipitated by the wife.
Speaker 2: Yeah.
Speaker 5: But I came home from the free mountains.
Speaker 2: Of Ido High Mountains, a free American high high.
Speaker 4: Mountains, a free America, and I did what I you know,
because a lot of times I'll let I grow vacation
beard just because hey, it's I'm taking time off, you know,
and why shave? Well, And when you're in the high
mountains of Free America, there's something about a beard that
kind of amps up the patriotic feeling.
Speaker 5: You know. It's like, you know, you're out.
Speaker 4: There rubbing gristle against the pine trees, and you know,
it feels like it's an extra layer of armor against
potential bears and wolverines and such. Right, there's all these things.
So I get home and I'm going back into business mode.
And it was the day we got home, and I
went upstairs and did a couple other things, and I shaved,
and I came back downstairs, and in unison, my wife
and daughter look at me.
Speaker 5: And go, what did you do that for? You look
so much better with a beard. That's where I went.
Speaker 4: I didn't have a comeback, right, because it was your
wife and your daughter telling you that. Yeah, And I said,
all right, well we'll we'll go back to the beard.
Speaker 5: So here we are.
Speaker 2: I love it.
Speaker 1: I wassly in a friend's house when he had decided
to shave his beard that he'd had since his little
boy was a baby.
Speaker 2: His little boy was about seven years old, and he
had a big beard.
Speaker 1: I'm talking a bushy beard, and he came down from
shaving and walked in.
Speaker 2: And his wife says, I love it. It reminds me
when you were young.
Speaker 1: And all of a sudden, I look over as the
little boy's little boy was looking up at stairs, and
he goes. He screamed, I know that just pegged the
meters and I was like, you know what that just did?
Speaker 2: Everybody listen.
Speaker 1: He screamed, ran out of the room crying, and his
dad came down to try to comfort him, and the
boys are like, no, get out, get out. He was
so traumatized. He'd never seen.
Speaker 2: His father's face that is funny, not a single time
in person.
Speaker 1: So I'm glad you're wife and daughter sew the light
on that.
Speaker 4: Ye well yeah, and then and then, you know, at
least for me, you know, especially with the wife. If
the wife looks at you unequivocally and says you look
better with a beard, what, you don't have a choice
at that point.
Speaker 1: You know, I mean, well, don't say that, because my
wife wants me to grow a full, full bushy beard
back and I'm actually liking being fresh faced.
Speaker 4: Oh well yeah, but you can use the seal thing
coming up as the excuse.
Speaker 1: That was the precipice for this. That's why I did it,
because everybody said, like one thing, you're going to be
eating MREs with caked mud all.
Speaker 2: Over your face. At least get rid of your beard.
Speaker 1: Trust this on this grow beard, you know, to get back,
which was the genesis of the tanning too, because people said,
you're going to get sunburns. You want to be sunburned
because you're not going to be smirring this stuff on yourself.
You can wear sunscreen when you get there, but they're
not going to give you a bunch of this. Then
all of a sudden, I notice that people look better tanned.
Speaker 5: And it's true.
Speaker 2: I've never cared about how I look. What's up?
Speaker 4: Yeah, remarkably so. And I'm not a tanner, but I
just know that that.
Speaker 1: I mean, yeah, I can't believe I'm a guy who
lays in my backyard and with the sun or now
walks my dog with my shirt off and I put
a shirt on when I hear a car coming.
Speaker 2: I mean, I don't want.
Speaker 1: People saying, who's the like, weird looking old dude walking
around shirt off? Because I ain't a guy who needs
nobody needs to see me with the shirt off.
Speaker 2: It's never gotten to that point.
Speaker 4: Nobody needs to see anybody like that. Whenever you see
the guys we're like, I'll see guys runn through the
neighborhood with the shirt off, and I'm like, come on, man,
you can wear a cutoff shirt. Everybody knows that you're
in good shape.
Speaker 5: Right, come on, right, what are we doing here?
Speaker 3: Right?
Speaker 1: A guy a neighbor did catch me because I didn't
know he was his front yard.
Speaker 2: He goes shirt off.
Speaker 1: Huh, okay, I'm doing to this thing in September, and
I tried to give him the expect He didn't.
Speaker 2: Buy it for a second, like you just oh right now,
but listen.
Speaker 1: And someone said to me once, yeah, but if you
got down to like eight percent body fat and put
on like twenty pounds of buscle, no, I never want
to be that guy.
Speaker 2: I never want to be the guy at the gym
taking the shirt off. I don't care. Like and okay,
so now we've been.
Speaker 4: If we have a term for guys like that, it's
not suitable to say on this, but my if I've
got any college buddies listening, they know exactly what term.
Speaker 2: I'm talking about I see some.
Speaker 5: Guys like that, and you don't want to be called that.
Speaker 2: I see.
Speaker 1: I have friends who occasionally take their shirt off and
it's to cool down, and but the ladies don't get
to do it.
Speaker 2: So it's to me, it's equity. That's what it is.
Speaker 1: It's equity, me and Cammy on the equity front. You
wanted to talk to me about something political. I wanted
to talk to you about this Japanese debt swap. So
we'll roll into the content part of the program now
that we've had the bro session, the mini pro session,
but we'll go back to the pro session. So Zach
cude questions about the election. Things you wanted to ask
me politically?
Speaker 5: Oh? Yeah, the biggest thing.
Speaker 4: I was just getting your handicap on what's going on here,
because you know, if you believe some of these polls,
and look after a couple of the last two elections,
I don't really believe the polls, regardless on either side. Yeah,
and it's not because I think they're doctored. I just
think that that the way that we do things has
changed so much, and you know, so much of politics
has become stigmatized, and I think that people have all
kinds of incentives not to give the answer, you know. Anyway,
I just think there's all kinds of reasons why there's
so much noise and polls. But I mean we've all seen,
I mean, we got to like, we got to call
a name to it, because it's like the uh, the
immaculate conception, Right, it's like the immaculate makeover of Kamala Harris.
This space of two weeks, I just find it really amusing, right,
This is, I mean, objectively looking at it, this is
the least qualified, least popular person in her own party
to ever make a major ticket, right, the least amount
of accomplishments. The only real accomplishment she got was being
made or reaching the spot of prosecutor. You and I
both know there were some extra curriculars that helped her
get that assignment. Yep, so so, But watching how she
just instantaneously becomes the hero of democracy, and I'm supposed
to believe that she's leading Trump now in the polls,
I just again, yeah, probably is probably a dumb question
because I don't put any weight in the polls. But
where where do you because I know you're I mean,
I know you're on this all the time. Where do
you think we actually are? I just can't believe that
Middle America and the average American out there is anywhere
near as sickle fhantically in love with Kamala Harris as
all the media seems to be.
Speaker 1: No, there's not a chance, and just look at it
this way. Cammy Harris was able to achieve one percent
support right in the Democrat primaries, coming from the state
of California as a senator being pushed by the mockingbird media.
Speaker 2: They didn't call her out on weight.
Speaker 1: You're black now, wait, you're not Indian anymore? No, No,
I've always been. The laugh is still the same, go
back to this. CNN did an entire segment about six
months ago about Cammy Harris being a drag on the ticket.
They spent about six minutes talking about how her laugh
is annoying, people find her disingenuous. The border catastrophe is
an utter failure for her. She was identified as the
borders are She's a drag on the ticket and has
been for years. And then they came and said, but
she can't be replaced. She is a black woman and
cannot be replaced. That six months ago does anyone actually
believe that in the last three weeks there has built
up this enormous, enormous enthusiasm for Cammy Harris.
Speaker 2: I go look at the real clear politics polls, and
I look at the poll of polls.
Speaker 1: There are states where Trump is up fifty per you
know where Trump is up and Camey's up, but on
a true intention to vote.
Speaker 2: Here's how they do it.
Speaker 1: Early on, they pull everybody. And here's how the Democrat
polsters do it. Who do we need to pull to
show the result? We want likely voters, registered voters, adults, people.
Speaker 2: Who can breathe, people who are not yet dead.
Speaker 1: And that's the way that they're pulling these numbers in
to try to massage these numbers. The polsters are as
incentivized as anybody to make it seem close. The people
in the Mockingbird media wanted to make it seem close.
There's an attempt to deep, you know, to drive down
the enthusiasm of Trump supporters.
Speaker 2: And then just look at this, look at the in
person draw.
Speaker 1: And I know this is anecdotal, but if there is
all this massive enthusiasm for Cammy Harris, Donnie Lemon the
other day was making a point that one hundred and
thirty thousand people on a zoom call. It's a record
breaking zoom call. Did how easy it is to fake
up zoom calls? Cammy house got faked, she got caught
faking it. We ran on this program a guy who
took video of one of her Zoom townhall meetings and
they were replicating faces. So they were just using they
were using digital trickery that if you weren't paying attention,
wait a minute, this lady's on the screen five times
or four times? It was you know, integers of four
or two. They did that, and you look at the
in person draw. If truly people believe Camie Harris is
the savior of what they call democracy, is she truly
going to have a problem filling up a classroom of people?
And this is the rout it or this? She went
on stage with a after a song played by Megan
the Stallion. So do you know who Megan the Stallion is?
Speaker 5: Yeah?
Speaker 1: Okay, do you know the song I'm going to talk about?
Speaker 2: I don't know what's okay, I'm going to be Okay.
Speaker 4: I'm not like a card carrying Megan the Stallion fan
club member.
Speaker 1: Okay, I'm just gonna tell you. And if you are
listening and they're watching with kids, please take a break
for about sixty seconds. And my apologies to all women everywhere,
including Nana.
Speaker 2: And if you want to leave the room for this,
you can leave the room for sixty seconds. Nana. No, Okay,
You're fine.
Speaker 1: She's like, she's the young person I know all about
Meghan this Stallion Todd. You're not gonna tell me anything.
I don't know, Zach. This song is about her.
Speaker 2: Wet Okay, Yeah, how she needs a mop yes to
follow her around?
Speaker 5: Yeah?
Speaker 2: Okay.
Speaker 1: Now, if I were to say that about a female's body,
I would be denigrating her body. I would be diminishing
her as a human being. I would diminish her as
a as a child of God. That's the song that
Cammy Harris gets on stage after No Way Megan the
Sad and performs that Cammy Harris walks on stage. This
is after she's been on Rue Paul's show. The pandering,
the degree of pandering they're putting out and then this, now,
this desperate attempt to make it seem like she's not the.
Speaker 2: Borders are Do you do that? If she's leading in
the polls.
Speaker 5: Do you think so?
Speaker 3: Do you?
Speaker 2: Or this the big.
Speaker 1: Coordinated effort between the Mockingbird media will play this probably
this week sometime, or maybe we played it last week.
I always forget, but we had this thing where jd
Vance is weird. That's their defense. This is the big play. Well,
jd Vance is weird, something can be he said, I
don't know, He's just he's weird. And then all of
a sudden in the Mockingbird media saying, what is what
can we make of the weird factor with jd Vance? Well,
it has been known for a long time that Jade
Vance is very weird.
Speaker 2: Well, he's just weird.
Speaker 1: There's thirty instances all of a sudden of jd Vance
is weird, coming from a party who had a fake
woman wagging fake breasts in the cameras, who had a
congressional staffer have sex with his boyfriend or someone he
met in a bar on camera in the Congressional in
the ins Yeah, judiciar room, Yeah, Senate judiciary room. A
party that had Cammy Harris shaking hands with a six
foot four looking bearded dude in a dress who's acting
all feminine, and this is all normal and jd Vance
is weird. Does that sound like anybody who thinks they're
leading in the polls?
Speaker 6: Well?
Speaker 4: No, But but what I would wish would happen is
for Middle America to wake up and go, hey, they've
just given you some insight. Okay, and they've given you
insight because I think they're being honest. I think they
do think jd.
Speaker 5: Vance is weird.
Speaker 4: And I think they think he's weird because he came
from a modest, blue collar background, from a very poor area.
And that's what these people actually think of real hard
scrabble Americans that have traditional values.
Speaker 5: They do.
Speaker 4: They think you're weird. They think you're the odd man out,
they think you're the you know what I mean. And
it's why it kills me when I see these quote
unquote working class folks or the Middle America, you know,
assault of the earth people thinking they're liberals, and I'm like,
they disdain you. They disdain you, right anything traditional Americana,
work your way up? I mean, who jd Vance? How
do you not respect? Look, even if you disagree with
this politics, how do you disrespect the guy's.
Speaker 5: The American dream.
Speaker 4: He's the walking embodiment of the American dream meaning, no
matter what name you're born into, no matter what rabble
and you know, dribble you grow up in. No matter
how disastrous the background, you can be on the presidential ticket.
You can be accomplished, you can have a great family,
you can you know, you can have a movie in
a book and you know, like that's weird.
Speaker 5: I mean, if Thomas Jefferson was weird, and.
Speaker 1: They're saying he's weird because he there was a statement
he only wants white children in America. Have you looked
at his adopted kids because they ate white?
Speaker 2: Right?
Speaker 5: When he married it? He married an Indian woman.
Speaker 1: Right right, And and Cammy used to be in and
then she had that operation and then they put black
stuff in her and now she's black, and Megan the
Stallion did something to her and now she's extra extra black.
And that's what If I were a black American, I'd
be looking at this going, so that's how you be black?
Speaker 5: Right?
Speaker 1: You have Meghan the Stallion. You want to be president
of the United States, you have Meghan the Stallion. And
I've heard liberals come and say, yeah, but Trump has
Kid Rock. Kid Rock's big problem is what exactly I mean?
So he's had some songs about drug use, and guess
what he says, it's not that great. He says, the
drug use is not that great. Yeah, it's the comparison
drives me nuts.
Speaker 5: I mean, yeah, yeah, we're going to drug use.
Speaker 4: Okay, then don't ever have Bruce Springsteen play for you?
Speaker 5: You know what I mean? Like, I mean, come on,
are you kidding me?
Speaker 4: Every rocker from that thing has had something, but it's
pretty different because they're not walking around singing wop.
Speaker 1: Right, Okay, yeah, okay, So now I just proved that
that's been fact checked. It's automatically fact checked. What oh, no,
I have I have the video Chris, Yeah, Chris Bray
has it. Chris Bray has it, so we'll we'll yeah,
now that is fact checking me. No, Chris Bray has
the video of Cami walking on stage to that song.
We'll continue with Zach Abraham. It was Zach who walked
in refirm this.
Speaker 2: Please. When you walked into our studio, it smelled like.
Speaker 5: What it's it's well, it smelled like freedom.
Speaker 3: Like.
Speaker 2: You said, it like a thunderstorm. Thunderstorm right, So Zach
affirms this again. The deal has changed.
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deals dot com. Zach, this guy who's the biggest Zach
Abraham obsess e in the world, and he's a dear
friend of mine, and he's a good man and a
solid man. He wanted to ask you about this. This
this Japanese default or debt swap that we do.
Speaker 2: It's this game that we play.
Speaker 1: And apparently Japan is on the verge of a fire
sale hundreds of billion dollars of US debt to plug
gaping holes in there, teetering banks and pension funds.
Speaker 2: This comes from Peter saint Ah. She's a PhD.
Speaker 1: So obviously this has to be true because he knows
what he's talking about, because he's a PhD. What is
this debt swap thing that we do with Japan? And
if you heard about this Japanese fire sale on our bonds,
I haven't.
Speaker 5: Heard about it.
Speaker 4: It wouldn't meaning I may have. I just probably didn't
pay a lot of attention to it. Because this is
going to be another I was going to say that
this is going to be sound like we're going into
a really big discussion and it won't be.
Speaker 2: Okay, So shoot, so we're gonna have to stretch this.
Speaker 4: Yeah, I'm sure that's not going to be an issue
from you and I. But here's the deal. If it
was going to trash treasury markets, if it was if
it was, if it was, if they were selling enough
and they were planning to sell it in a fashion
that would hurt treasury markets, they absolutely would not do
that unless they coordinated with the Treasury.
Speaker 5: And here's how this would go down. Okay, the Treasury.
Speaker 4: And the Fed combined would probably be able to soak
up that liquidity without even having the reissue QI.
Speaker 5: Okay.
Speaker 4: They would line up all the member banks, they would
do schedule sales on routine times. They would all know
what those times were, and they would soak up the debt.
It'd be that simple. It's it's just Is it fair no,
Is it disgusting yes? Is it just fabrication, yes, But
it's the way it works. Japan is not.
Speaker 5: Now. China may dump them Anya to create a little disorder.
Speaker 4: But you know, and it sounds crazy to say this,
but I think it. At present, China only owns nine
hundred billion to a trillion dollars worth of debt that
nothing now fedid soaked out up. If the FED had
to do that and it made treasury markets disorderly, the
FED could soak that up by lunch.
Speaker 5: You know.
Speaker 4: Again, everybody needs to realize, and it's something that I
have to remind myself too, because the fundamental investor inside
of me recoils it this.
Speaker 5: On a regular basis.
Speaker 4: If we are facing a problem that involves solvency and
that can be fixed with money, we are not facing
a real problem.
Speaker 5: The problems will.
Speaker 4: Be when we are facing issues that printing money cannot fix. Right,
any bank, no matter how insolvent, it is not a problem.
You inject enough money to the bottom line and it's solvent.
It's just it's that simple.
Speaker 5: Right.
Speaker 4: You know, so if we want to get into a
conversation about is it real money or all these other things,
you know that that's an interesting conversation. But there is
not gonna be one of these things, including Japan unloading
debt or China unloading debt that's going to Royal treasury
markets and make the market tip over.
Speaker 5: It's just not gonna happen.
Speaker 4: And you know, look what the FED did in a
matter of a you know, ninety days in response to COVID, Right,
you don't think they can soak up a trillion or
two from a And like I.
Speaker 1: Said, but no, that's the specific clearly, I'm sorry, I
just have to do one thing they said. Prior to
them deciding to use COVID, it was Blackrock and others
who said, you need to create a whole bunch of
fake money, about seven hundred and twenty billion dollars worth,
and the FED said, okay, and here's the chance to
do it. And then the Treasure said, okay, we'll use
it and give it back to you. That's what you meant, right, yeah.
Speaker 4: Yeah, yeah, basically yeah so so, but my whole point
is they're just there is first of all, a company
like a country like Japan, especially when you look at
what China's doing. Japan is going to do nothing to
irritate us. They did nothing Japan. Yeah, Japan would do
nothing to irritate us. Second of all, even if they tried,
like I said, and they have no incentive to try,
because remember if they start dumping treasuries into the market
and the market sees that Japan's bidding against themselves, right,
they're not going to. You don't just push a button
and sell a trillion or two trillion dollars of treasuries
at a market bid, right. You price that out and
you feed it out over time because you don't want
to blow up the market, you know, because you're not
going to. If I want to go sell something, I'm
not going to go do it in sech a way
where I drive the price down on myself by twelve
to fifteen percent, right or twenty percent. So it's it's
disgusting because it is yet another example of how outside
of reality the financial system really is.
Speaker 5: But as far as.
Speaker 4: It being a lighting of a fuse or a tipping point,
it's not, and it won't be.
Speaker 1: I just heard this conversation. You're talking about the made
up financial system. I heard this conversation was with It
was on Fox News and it was a Democrat who's
a surrogate for Cammy Harris, and they were talking about
gas prices and how gas prices have come down. And
I'm forgetting the name of the lady in Fox News.
She does a good job. It's pretty solid on the economy,
kind of conservative esque. And she said, but wait a minute,
you guys have driven You've drained the.
Speaker 2: Strategic oil reserves. You've utterly drained the strategic oil reserves.
Why did you do that? And you know what the.
Speaker 1: Democrat said, because gas prices were high. And he's siding here, saying,
but we've done more production of gas and oil and
more export exporting of gas and oil in this country
than in any time in history. Under the Biden administration,
we produce more gas, we have export more.
Speaker 2: Gas than at any time in history.
Speaker 1: And then she comes back, she says, but wait a minute,
you just said we drained the strategic old reserves because
gas was high, gas prices were high. How did those
two things go together that we're all of a sudden
doing all So what is the truth about that? And
is there is there any strategic oil reserve anymore as
you guys monitor energy or is it that bad because
at a time we're being told you like three days
of strategic reserves.
Speaker 4: Yeah, no, I mean it, and it still is in
that I mean, I think that they've made some Last
time we checked, I have to get to chase for
the exact numbers here, But last time we checked, they
were sitting, you know, they had burned down something like
seventy I want to say, like sixty five seventy percent
of the the strategic reserve. So and and the equipment.
Them saying that they have produced more oil and gas
than any other administration. That is patently false.
Speaker 6: They have they have returned rates too close to the
highs in terms of daily production. They they have well
they have not done anything. So we have now we
have returned to close to the highs in terms of
daily production, you know, barrels of oil being produced or
annual oils, barrels of oil being produced. But you know,
this is a classic case of you know, the president
trying to take credit for things that he had absolutely
nothing to do with.
Speaker 1: What Joe Biden has something to do with ice cream
and a bunch of drugs in the ice cream.
Speaker 4: Yeah, well he's sniffing, he's he's a super smeller, right,
So so yeah, those number, but but it literally has
been despite their actions, right, So they have done nothing.
I think that I think that some of the things
that they have been blamed for in terms of impeding
oil production, I think some of those things have been overstated.
But what is not overstated is that virtually nothing they
have done has made it easier to produce oil. If anything,
on balance, they've it's made it harder with oil and
that gas. And so you know, that's all. It's just
that's one of those frustrating political points where you sit
there and everybody buys it as fact, and you go, well,
you know, it's like saying, Joe Biden created more jobs
than any of the president in history, and you're just like, hey, well,
if we want to run this scenario again, we can
have every president quote unquote create as many jobs. It's
as simple as turning off the economy right before you
take office and turning it right back on after you
take your place, Right, I mean, it's just a Joe.
Speaker 2: I put more.
Speaker 1: I put more water in that bathtub than any any
bathtub user in recent history.
Speaker 5: Yes, and you did a phenomenal.
Speaker 2: And it was highly, highly difficult.
Speaker 1: I have to run this by you a second. It's
one of your very, very favorite financial people, Janet Yellen
said something, and I think it's encouraging about the economy.
Or run that by you second, Zach Abraham, chief and
Vestmo officer bull Or Capital Management. You guys know that
I've developed a pretty big affection for the Native Path company.
I'm using Native Path hydrate in fact, in this cup,
and when it's not bone Frog.
Speaker 2: Coffee these days, it's Native Path hydrate. I do that.
Speaker 1: I want you to understand because hydration is not a
thing you do a day in advance. A big exercise.
In fact, for my sealfit journey September twenty through the
twenty fifth, one of the things they stress is, do
not think you're going to properly hydrate your body even
three or four or five days ahead of time. You
need to be on this a month ahead of time.
There's a lot of ways to hydrate your tissue. We
can talk about that. The other thing I'm doing is
I'm all over Native Path collagen because I know something
about seal fits, which was very little, but I know this,
I am going to get hurt. It is unavoidable when
you exercise that long at that level to not be hurt.
I'm going to get hurt. My goal is to not
be injured and to thrive and to have fun. As
weird as that sounds in a mini version of Hell Week,
I want to have fun. I want to thrive. I
want to be a I want to contribute to a team.
I want to be able to provide support to the team.
All the guys are going to be younger and stronger
than me, all of them, every single one in my
co hors and I want to be a contributor. I
want at the end of this those guys to go.
You know what, I'm glad that guy was on our
team and that it's probably not going to be physical.
I can't match their physical abilities. Maybe it's leadership, maybe
it's humility.
Speaker 2: I don't know.
Speaker 1: I hope God will turn me onto that. Here's the
thing I am doing is I am prepping my body
for the beating it's going to take for that long
of time this little mini version of Hell Week by
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Speaker 2: Those are all side effects.
Speaker 1: For me, I'm much more interested in preserving my body
and knowing I'm going to get hurt, but I.
Speaker 2: Don't want to be injured.
Speaker 1: You'll probably work harder than I do on a daily basis,
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dot com slash Todd. Janet Yellen one of your very
favorite financial people, Zach. She gets everything right. She was
giving a speech about transitioning to a lower carbon global
economy and by that she means carbon dioxide and she
announced a happy, happy number. This will only cost the
American people three trillion dollars a year.
Speaker 2: If A, do you believe that? And B what if
you were Janet?
Speaker 3: Yeah?
Speaker 1: And would you do with three trillion versus trying to
reduce our carbon dioxide three trillion a year to transition
the economy to carbon dioxide less environment.
Speaker 4: Well, the first thing I would do is spend a
little bit of that money on some actual science and
research so we could actually know what in the.
Speaker 5: World we were doing.
Speaker 2: Okay, that's a.
Speaker 4: Second of all, you're the Federal Reserve. You have absolutely
no authority to do that whatsoever, appropriating or allocating money
that is our money, not yours. You are you are
supposed to be the regulator of the banks and the
lender of last resort. You should have app You shouldn't
even speak to climatolic. You're not a climatologist. You wouldn't
know one if you tripped over one on your way
into the Equis building.
Speaker 5: It is. This is just.
Speaker 4: To talk about a microcosm of what is wrong with
our ruling.
Speaker 5: And elite class. Right.
Speaker 4: I want to look at her and go, you can't
even properly forecast inflation on a quarter to quarter basis,
but now you're.
Speaker 5: Going to take over the weather. Are you kidding.
Speaker 4: The fact that we even have to have these conversations
if we had, if we had an educated and informed
enough electorate, we shouldn't even have to have the right saying.
Speaker 5: That should be the saying. That should be the death
now for.
Speaker 4: Whatever administration put her into place, the idea behind that,
and the power dynamics of that, like, do you think
any of the allocation of that three trillion will have
anything to do with you know, corporate nepotism of sorts?
Speaker 5: Will that go to friends of hers? I mean, just
the whole thing is just patently ridiculous.
Speaker 4: And you know, all the models that we're adhering to
would have us believe that Miami's currently under eight feet
of water, you know, and we can go off on
the whole climate change and what nonsense the whole thing
is and and well not climate change, right, It's constantly changing.
And I don't find it to be a far fetched
idea that man has an impact on that.
Speaker 1: I live in the world. Everything has an impact. Squirrels
have an impact. We all have impacts, right, right. But
I can prove this with my favorite example. I just
don't want to say it again. I just I say
it all the time. It's my favorite example. And it's
about eating pets. See I said it. If truly, look,
here's the thing. If truly the world is drowning in
carbon dioxide, then kill your pets and eat them. Yeah,
because I mean your pets are useless eaters.
Speaker 2: They're not going to yeah right.
Speaker 5: Why are cows of target? But cats and dogs aren't?
Right right? Walk me through that right?
Speaker 1: Well, because the cats they are cute, thinks I think
calves are very very cute.
Speaker 2: There's no in the black.
Speaker 5: And white spots.
Speaker 2: I mean, come on, Look, I have trouble eating beef.
I will tell you why I eat it.
Speaker 1: I eat it when I see a little baby calf
that's born and he's happy to be a calf.
Speaker 2: He's running go. I'm a calf. I'm a calf. I'm
a calf. Look, he's chasing his mom around.
Speaker 1: He's suckling on her, and he chases things and bucks
is his little you know, feed up and his hooves.
And I look at that happy little calf and then
I think I'm gonna eat you. That's that's hard for me.
I still eat beef and I'm fine with it. But
my point on this is you could test any anything.
You can go to the climate charts. You can go
to how they place their instruments in the holes of
ships and they're gonna get hotter. They place them in
parking lots surrounded by you know, concrete jungles.
Speaker 2: We can do all of it. We can go to
hide the decline. Just asks a simple question.
Speaker 1: Why are the climate zelots saying all the cows need
to be destroyed. You need to hold your pig herds.
These need to need to be destroyed. You need to
test every cow for the flu, but keep your dogs
and cats. Because it has nothing to do with climate.
It has to do with access to food.
Speaker 5: No, but you made me really hungry for veal.
Speaker 1: Now veal will not eat I. Actually, you eat veal.
I cannot eat veal.
Speaker 5: I can't tell you the last time I did. But
I'm not gonna. I'm not gonna turn it away.
Speaker 2: Okay, I see, I can't. No, I have to be
about it.
Speaker 5: It's already been done though.
Speaker 4: It's like if you don't eat that veal chop, It's
not like that little fellow is going to.
Speaker 5: Come back to life.
Speaker 1: It's not the life thing. It's the they're trapped in
a cage and never get to know. That is discussed, right,
and I'm all about dispatch the animal quickly. Do it
the way that is as humane as possible. Right, do
it that way and don't do it the other ways.
So with Jenna Yellen saying this about three trillion a year,
you said something interesting. I think people have forgotten this,
and I want to focus this in a second, because
you said something interesting I think people have forgot of.
Zach explained this in just a second. If you are
like one hundred million Americans who have extra fat on
your body, I have some potentially bad news. They're gonna
take away your and they're going to try to limit
your foods. That's coming. They're going to try to legislate
to what you eat that's coming. You can't do much
about that. I mean, we can vote and whole President
Trump seizes coming. If God forbid or God willing, he
makes it through the election fraud and is actually president,
will stop this. Thomas Massis all over this. But if
you are one of those hundred million Americans who is
obese and heavy, you probably have faty liver and this.
You could complicate this all you want, or you could
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That's get liverhelp dot com slash todd. Zach, you said
something I had utterly forgotten. This is how socialization works
and normalizing the abnormal. You said, the Federal Reserve is
supposed to be the lender of last resort.
Speaker 2: That's exactly right.
Speaker 3: Yeah, so ye.
Speaker 2: Wait, when was the last time it was the lender
of last resorts?
Speaker 4: I mean, technically speaking eight oh nine, But in my opinion,
they went about it completely the wrong way, and then
they continued, in my opinion, making erroneous policy decisions thereafter.
But and this is why I've said, for those that
sit there and go abolish to FED like, we got
to get rational.
Speaker 5: People have to get back to making rational decisions.
Speaker 4: Meaning just because the current FOMC is a complete joke
and his way outside of their purview, does not mean
we don't need a central bank.
Speaker 5: And I'll give you an example.
Speaker 4: If you don't have a lender of last resort in
an international financial community, you could theoretically get a cabal
of enough big company or enough big countries to get
together and crash your financial marks. Right, And when things
like that are going on, you can't destroy your own
economy just because you don't want the existence of a
central bank.
Speaker 5: There is a there is a need for a central bank.
Speaker 4: And and like I said, a classic example of this is,
you know, to a degree, O. Eight oh nine was
an example of it, meaning the first actions they took.
I you know, even looking back on it, I don't
so much as have a problem with the immediate actions
they took in O.
Speaker 5: Eight oh nine. It was that, in my opinion, and.
Speaker 4: I think history bears this out, will continue to bear
it out. In my opinion, the legislative and regulatory changes
they made were exactly the opposite of what they should
have done. Literally, it further entrenched their power. It was
very self serving action. Right, they gave themselves greater purview
and greater power. They didn't need to do that. What
they should have done is reinstated something like Glass Steegel,
which kept and in my opinion, they should have given
banks the option and said, hey, if you want FDIC
coverage and you want to and you want you know,
you want that protection, then you need to adhere to
Glass Steagle type regulations. If you don't, if you want
to combine investment bank and uh, you know, an insurance
a company and a consumer bank all in one, which
is the legislation.
Speaker 5: The Glass Steagle.
Speaker 4: And and for that matter, Glassteagle was put in right
after the Great Depression, and we never had a real
financial crisis after that.
Speaker 2: That was preventing those roll ups, right.
Speaker 4: Right, Yeah, And then and then we repeal Glass Steagel
in ninety eight or ninety nine, and then the biggest
financial crisis since the Great Depression happens nine years later, shocker.
Speaker 3: Right.
Speaker 4: So, but but in terms of O eight O nine
is a good example to use because what happened there
were there were other errors along the way, but what
happened was basically they said that if you diversify low
pales of these home loans enough, right, that we don't
need to consider credit quality of these mortgages because and
the logic at the time was, we've never had a
country even the Great Depression, we didn't have a country
wide real estate collapse. Certain sectors were hit, certain sectors weren't,
and so like only government could do, they'd sit a well,
Government and Wall Street together sit there and go, well,
then if if it can never happen across the country
at the same time, then the only thing we have
to do is geographically diversify them. Well, there's a big
hole in their logic, meaning because you realized that one
of the reasons that you never had in O eight
oh nine before is because we never gave things good
credit ratings baiting based on divers diversification of geographical location,
meaning right, everything was held to credit standards. So, oh,
you do something completely different and you expect the outcome
to be the same. It's just it's patently ridiculous on the.
Speaker 5: Face of it, right.
Speaker 4: But that being said, a lot of those mortgages, or
a lot of those and I'm just blanking right now
on what the collateralized mortgage obligations that they used, right,
because the banks were using those an alternative to cash,
because the rule at the time was if you had
triple a rated debt on the balance sheet, you didn't.
Speaker 5: Have to report it.
Speaker 4: You could just record it as cash on the balance
sheet because it's as good as money, right, which is
a ridiculous rule enough itself, right, But a lot of
those mortgages that were driving these banks down, when when
the whole thing started, that mortgage market went no bid,
and it went no bid because nobody knew what they
were worth nobody. Everybody knew they weren't worth nothing, but
they didn't know what they were worth, and they already
owned too much, so all of a sudden it became
something you couldn't touch. Well, you know, the worst of
those collateral lies mortgage debts or obligations that those banks
held on their balance sheets.
Speaker 5: Maybe we're worth eighty.
Speaker 4: Cents on the dollar, okay, but when the market goes
no bid, you're crashing all these banks, because now, all
of a sudden, the very next day, the banks have
to report that as a total loss.
Speaker 5: They got to mark them to market.
Speaker 3: Right.
Speaker 4: In a situation like that, that is perfect for a
central bank to step in because they are buying assets
that do have value, and they're buying them at a
steep discount, which they'll be able to sell once the
market settles down and we figure out what the internal
value of it is, right, and that action prevents another
great depression from taking place. So in that way, the
central bank is intervening, which I'm not a huge fan of,
but they're intervening in a way that they're not. All
they're doing is taking that off the market. It's sort
of like what we did in the eighties with the
Security Trust. I'm forgetting the name of it, but during
those Savings Alone crisis, the Acnell crisis, right, we have
the Savings and t Saving Trust Savings Company I believe
is what it was referred to, right, It bought up
those assets because they were killing the banks. Bought up
the assets that did have value but were getting marked
way down because of a temporary issue, and then they
resell those back into the market to later. But that
is the role of a central bank, and that's why
they should be there. Just because some idiots on Wall
Street change credit standards, it shouldn't nuke our.
Speaker 5: Entire economy, right.
Speaker 4: The problem I have is what they did after that.
So yes, we still need the role of a of
a lender of last resort. But as you could tell
by the genesis of this conversation, that's not what they
are anymore.
Speaker 1: No, now they're not even the lender of last resorts.
They're a lender of first resort. But more than that,
they're market makers. You have, Jennet Yellen, this is a
market making statement. We need three trill a year to
fight so called climate change. And yeah, the climate change is,
but it's not the climate catastrophe. They're pitching their market makers, marketplacers,
their stock pumpers, their segment industry segment pumpers. They are
anything but the lender of last resort. The now driving
this and that is a huge, huge poison. Always good
to have you on, my friend, and to get wise
counsel from you. Thank you for taking the time, and
let's make sure we get a good, big, huge picture
of Zach in the five o'clock shadow.
Speaker 2: I think I think that it's like more like.
Speaker 5: A nine o'clock. Okay, it takes a few days. This
takes a few days.
Speaker 2: There people voted to my beard.
Speaker 1: They get to vote on yours, fairest fair I appreciate
you coming out with my brother.
Speaker 5: Yeah, I'd love to hear let the people talk.
Speaker 2: Okay, that's it.
Speaker 1: We're putting up a picture. You get to vote Zach
with the beard without the beard. That will be in
the show. Notes right, Nana, Zach with.
Speaker 2: The beard without the beard. This is the Todd Herman show.
Speaker 1: Please go, be well, be strong, be kind to please
make every effort to walk in the light of Christ.