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Speaker 1: What is a debt swap between US and Japan? And

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what would happen if Japan was getting ready to unload

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a whole bunch of American bonds, let's say, maybe two trillion,

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to cover some of their debts and their teetering economy.

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What would that mean in.

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Speaker 2: This debt swap.

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Speaker 1: We'll talk with Zach Abraham about that. Will also address

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the switchover to Camy. It's always been Cammy like there

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was this thing that supposed there's a guy named Joe Biden.

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Has never heard of it, Joe Biden, that never happened.

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It's always been the lady who wasn't the borders are what's.

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Speaker 2: The effect in the economy of that?

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Speaker 1: And Zach get some questions from me about the politics

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about the elections.

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Speaker 2: We'll do this with the help of Bulwark.

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Speaker 1: Capital Management, No Your Risk Radio dot Com, and much

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more importantly, with God Almighty.

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Speaker 3: The Todd Herman Show is one disapproved by big pharma

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technocrats and tyrants everywhere. Now from the high mountains of

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Free America, here's the Emerald City exile God her Man.

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Speaker 1: Today is a day the Lord has made, and these

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are the times which God has decided we shall Live Josh,

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if I got my wife's council shirt.

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Speaker 2: No, actually I didn't.

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Speaker 1: I didn't want to wear my wife's council shirt because

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it's another day with my seal fit backpack. Didn't want

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to destroy my wife's council shirt, So I'll destroy one

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of my favorite Rogue Fitness shirts. Zach Abraham joins us

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chief investment officer Bowler Capital Management.

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Speaker 2: Zach, welcome back to the program. Good to have you

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for those on video.

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Speaker 1: In fact, we gotta make we got to get some

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screenshots at this Zach in a glorious, glorious little five

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o'clock shadow thing. Are you willing to share with the

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people how that all happened?

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Speaker 4: Yeah, no, gladly, because I'm not a primper, right Like,

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I'm not a guy tries out, you know, different things

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and stuff. My wife, you know, when I have a

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wardrobe style shift, that's always precipitated by the wife.

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Speaker 2: Yeah.

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Speaker 5: But I came home from the free mountains.

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Speaker 2: Of Ido High Mountains, a free American high high.

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Speaker 4: Mountains, a free America, and I did what I you know,

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because a lot of times I'll let I grow vacation

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beard just because hey, it's I'm taking time off, you know,

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and why shave? Well, And when you're in the high

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mountains of Free America, there's something about a beard that

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kind of amps up the patriotic feeling.

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Speaker 5: You know. It's like, you know, you're out.

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Speaker 4: There rubbing gristle against the pine trees, and you know,

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it feels like it's an extra layer of armor against

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potential bears and wolverines and such. Right, there's all these things.

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So I get home and I'm going back into business mode.

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And it was the day we got home, and I

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went upstairs and did a couple other things, and I shaved,

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and I came back downstairs, and in unison, my wife

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and daughter look at me.

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Speaker 5: And go, what did you do that for? You look

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so much better with a beard. That's where I went.

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Speaker 4: I didn't have a comeback, right, because it was your

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wife and your daughter telling you that. Yeah, And I said,

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all right, well we'll we'll go back to the beard.

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Speaker 5: So here we are.

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Speaker 2: I love it.

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Speaker 1: I wassly in a friend's house when he had decided

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to shave his beard that he'd had since his little

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boy was a baby.

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Speaker 2: His little boy was about seven years old, and he

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had a big beard.

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Speaker 1: I'm talking a bushy beard, and he came down from

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shaving and walked in.

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Speaker 2: And his wife says, I love it. It reminds me

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when you were young.

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Speaker 1: And all of a sudden, I look over as the

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little boy's little boy was looking up at stairs, and

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he goes. He screamed, I know that just pegged the

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meters and I was like, you know what that just did?

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Speaker 2: Everybody listen.

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Speaker 1: He screamed, ran out of the room crying, and his

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dad came down to try to comfort him, and the

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boys are like, no, get out, get out. He was

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so traumatized. He'd never seen.

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Speaker 2: His father's face that is funny, not a single time

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in person.

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Speaker 1: So I'm glad you're wife and daughter sew the light

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on that.

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Speaker 4: Ye well yeah, and then and then, you know, at

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least for me, you know, especially with the wife. If

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the wife looks at you unequivocally and says you look

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better with a beard, what, you don't have a choice

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at that point.

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Speaker 1: You know, I mean, well, don't say that, because my

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wife wants me to grow a full, full bushy beard

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back and I'm actually liking being fresh faced.

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Speaker 4: Oh well yeah, but you can use the seal thing

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coming up as the excuse.

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Speaker 1: That was the precipice for this. That's why I did it,

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because everybody said, like one thing, you're going to be

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eating MREs with caked mud all.

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Speaker 2: Over your face. At least get rid of your beard.

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Speaker 1: Trust this on this grow beard, you know, to get back,

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which was the genesis of the tanning too, because people said,

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you're going to get sunburns. You want to be sunburned

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because you're not going to be smirring this stuff on yourself.

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You can wear sunscreen when you get there, but they're

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not going to give you a bunch of this. Then

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all of a sudden, I notice that people look better tanned.

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Speaker 5: And it's true.

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Speaker 2: I've never cared about how I look. What's up?

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Speaker 4: Yeah, remarkably so. And I'm not a tanner, but I

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just know that that.

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Speaker 1: I mean, yeah, I can't believe I'm a guy who

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lays in my backyard and with the sun or now

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walks my dog with my shirt off and I put

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a shirt on when I hear a car coming.

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Speaker 2: I mean, I don't want.

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Speaker 1: People saying, who's the like, weird looking old dude walking

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around shirt off? Because I ain't a guy who needs

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nobody needs to see me with the shirt off.

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Speaker 2: It's never gotten to that point.

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Speaker 4: Nobody needs to see anybody like that. Whenever you see

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the guys we're like, I'll see guys runn through the

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neighborhood with the shirt off, and I'm like, come on, man,

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you can wear a cutoff shirt. Everybody knows that you're

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in good shape.

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Speaker 5: Right, come on, right, what are we doing here?

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Speaker 3: Right?

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Speaker 1: A guy a neighbor did catch me because I didn't

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know he was his front yard.

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Speaker 2: He goes shirt off.

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Speaker 1: Huh, okay, I'm doing to this thing in September, and

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I tried to give him the expect He didn't.

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Speaker 2: Buy it for a second, like you just oh right now,

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but listen.

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Speaker 1: And someone said to me once, yeah, but if you

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got down to like eight percent body fat and put

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on like twenty pounds of buscle, no, I never want

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to be that guy.

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Speaker 2: I never want to be the guy at the gym

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taking the shirt off. I don't care. Like and okay,

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so now we've been.

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Speaker 4: If we have a term for guys like that, it's

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not suitable to say on this, but my if I've

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got any college buddies listening, they know exactly what term.

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Speaker 2: I'm talking about I see some.

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Speaker 5: Guys like that, and you don't want to be called that.

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Speaker 2: I see.

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Speaker 1: I have friends who occasionally take their shirt off and

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it's to cool down, and but the ladies don't get

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to do it.

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Speaker 2: So it's to me, it's equity. That's what it is.

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Speaker 1: It's equity, me and Cammy on the equity front. You

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wanted to talk to me about something political. I wanted

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to talk to you about this Japanese debt swap. So

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we'll roll into the content part of the program now

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that we've had the bro session, the mini pro session,

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but we'll go back to the pro session. So Zach

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cude questions about the election. Things you wanted to ask

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me politically?

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Speaker 5: Oh? Yeah, the biggest thing.

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Speaker 4: I was just getting your handicap on what's going on here,

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because you know, if you believe some of these polls,

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and look after a couple of the last two elections,

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I don't really believe the polls, regardless on either side. Yeah,

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and it's not because I think they're doctored. I just

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think that that the way that we do things has

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changed so much, and you know, so much of politics

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has become stigmatized, and I think that people have all

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kinds of incentives not to give the answer, you know. Anyway,

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I just think there's all kinds of reasons why there's

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so much noise and polls. But I mean we've all seen,

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I mean, we got to like, we got to call

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a name to it, because it's like the uh, the

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immaculate conception, Right, it's like the immaculate makeover of Kamala Harris.

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This space of two weeks, I just find it really amusing, right,

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This is, I mean, objectively looking at it, this is

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the least qualified, least popular person in her own party

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to ever make a major ticket, right, the least amount

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of accomplishments. The only real accomplishment she got was being

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made or reaching the spot of prosecutor. You and I

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both know there were some extra curriculars that helped her

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get that assignment. Yep, so so, But watching how she

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just instantaneously becomes the hero of democracy, and I'm supposed

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to believe that she's leading Trump now in the polls,

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I just again, yeah, probably is probably a dumb question

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because I don't put any weight in the polls. But

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where where do you because I know you're I mean,

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I know you're on this all the time. Where do

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you think we actually are? I just can't believe that

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Middle America and the average American out there is anywhere

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near as sickle fhantically in love with Kamala Harris as

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all the media seems to be.

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Speaker 1: No, there's not a chance, and just look at it

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this way. Cammy Harris was able to achieve one percent

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support right in the Democrat primaries, coming from the state

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of California as a senator being pushed by the mockingbird media.

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Speaker 2: They didn't call her out on weight.

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Speaker 1: You're black now, wait, you're not Indian anymore? No, No,

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I've always been. The laugh is still the same, go

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back to this. CNN did an entire segment about six

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months ago about Cammy Harris being a drag on the ticket.

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They spent about six minutes talking about how her laugh

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is annoying, people find her disingenuous. The border catastrophe is

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an utter failure for her. She was identified as the

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borders are She's a drag on the ticket and has

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been for years. And then they came and said, but

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she can't be replaced. She is a black woman and

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cannot be replaced. That six months ago does anyone actually

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believe that in the last three weeks there has built

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up this enormous, enormous enthusiasm for Cammy Harris.

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Speaker 2: I go look at the real clear politics polls, and

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I look at the poll of polls.

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Speaker 1: There are states where Trump is up fifty per you

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know where Trump is up and Camey's up, but on

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a true intention to vote.

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Speaker 2: Here's how they do it.

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Speaker 1: Early on, they pull everybody. And here's how the Democrat

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polsters do it. Who do we need to pull to

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show the result? We want likely voters, registered voters, adults, people.

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Speaker 2: Who can breathe, people who are not yet dead.

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Speaker 1: And that's the way that they're pulling these numbers in

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to try to massage these numbers. The polsters are as

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incentivized as anybody to make it seem close. The people

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in the Mockingbird media wanted to make it seem close.

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There's an attempt to deep, you know, to drive down

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the enthusiasm of Trump supporters.

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Speaker 2: And then just look at this, look at the in

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person draw.

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Speaker 1: And I know this is anecdotal, but if there is

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all this massive enthusiasm for Cammy Harris, Donnie Lemon the

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other day was making a point that one hundred and

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thirty thousand people on a zoom call. It's a record

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breaking zoom call. Did how easy it is to fake

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up zoom calls? Cammy house got faked, she got caught

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faking it. We ran on this program a guy who

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took video of one of her Zoom townhall meetings and

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they were replicating faces. So they were just using they

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were using digital trickery that if you weren't paying attention,

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wait a minute, this lady's on the screen five times

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or four times? It was you know, integers of four

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or two. They did that, and you look at the

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in person draw. If truly people believe Camie Harris is

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the savior of what they call democracy, is she truly

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going to have a problem filling up a classroom of people?

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And this is the rout it or this? She went

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on stage with a after a song played by Megan

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the Stallion. So do you know who Megan the Stallion is?

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Speaker 5: Yeah?

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Speaker 1: Okay, do you know the song I'm going to talk about?

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Speaker 2: I don't know what's okay, I'm going to be Okay.

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Speaker 4: I'm not like a card carrying Megan the Stallion fan

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club member.

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Speaker 1: Okay, I'm just gonna tell you. And if you are

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listening and they're watching with kids, please take a break

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for about sixty seconds. And my apologies to all women everywhere,

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including Nana.

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Speaker 2: And if you want to leave the room for this,

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you can leave the room for sixty seconds. Nana. No, Okay,

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You're fine.

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Speaker 1: She's like, she's the young person I know all about

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Meghan this Stallion Todd. You're not gonna tell me anything.

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I don't know, Zach. This song is about her.

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Speaker 2: Wet Okay, Yeah, how she needs a mop yes to

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follow her around?

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Speaker 5: Yeah?

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Speaker 2: Okay.

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Speaker 1: Now, if I were to say that about a female's body,

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I would be denigrating her body. I would be diminishing

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her as a human being. I would diminish her as

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a as a child of God. That's the song that

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Cammy Harris gets on stage after No Way Megan the

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Sad and performs that Cammy Harris walks on stage. This

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is after she's been on Rue Paul's show. The pandering,

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the degree of pandering they're putting out and then this, now,

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this desperate attempt to make it seem like she's not the.

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Speaker 2: Borders are Do you do that? If she's leading in

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the polls.

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Speaker 5: Do you think so?

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Speaker 3: Do you?

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Speaker 2: Or this the big.

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Speaker 1: Coordinated effort between the Mockingbird media will play this probably

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this week sometime, or maybe we played it last week.

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I always forget, but we had this thing where jd

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Vance is weird. That's their defense. This is the big play. Well,

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jd Vance is weird, something can be he said, I

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don't know, He's just he's weird. And then all of

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a sudden in the Mockingbird media saying, what is what

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can we make of the weird factor with jd Vance? Well,

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it has been known for a long time that Jade

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Vance is very weird.

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Speaker 2: Well, he's just weird.

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Speaker 1: There's thirty instances all of a sudden of jd Vance

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is weird, coming from a party who had a fake

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woman wagging fake breasts in the cameras, who had a

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congressional staffer have sex with his boyfriend or someone he

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met in a bar on camera in the Congressional in

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the ins Yeah, judiciar room, Yeah, Senate judiciary room. A

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party that had Cammy Harris shaking hands with a six

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foot four looking bearded dude in a dress who's acting

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all feminine, and this is all normal and jd Vance

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is weird. Does that sound like anybody who thinks they're

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leading in the polls?

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Speaker 6: Well?

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Speaker 4: No, But but what I would wish would happen is

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for Middle America to wake up and go, hey, they've

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just given you some insight. Okay, and they've given you

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insight because I think they're being honest. I think they

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do think jd.

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Speaker 5: Vance is weird.

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Speaker 4: And I think they think he's weird because he came

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from a modest, blue collar background, from a very poor area.

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And that's what these people actually think of real hard

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scrabble Americans that have traditional values.

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Speaker 5: They do.

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Speaker 4: They think you're weird. They think you're the odd man out,

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they think you're the you know what I mean. And

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it's why it kills me when I see these quote

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unquote working class folks or the Middle America, you know,

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assault of the earth people thinking they're liberals, and I'm like,

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they disdain you. They disdain you, right anything traditional Americana,

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work your way up? I mean, who jd Vance? How

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do you not respect? Look, even if you disagree with

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this politics, how do you disrespect the guy's.

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Speaker 5: The American dream.

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Speaker 4: He's the walking embodiment of the American dream meaning, no

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matter what name you're born into, no matter what rabble

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and you know, dribble you grow up in. No matter

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how disastrous the background, you can be on the presidential ticket.

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You can be accomplished, you can have a great family,

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you can you know, you can have a movie in

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a book and you know, like that's weird.

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Speaker 5: I mean, if Thomas Jefferson was weird, and.

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Speaker 1: They're saying he's weird because he there was a statement

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he only wants white children in America. Have you looked

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at his adopted kids because they ate white?

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Speaker 2: Right?

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Speaker 5: When he married it? He married an Indian woman.

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Speaker 1: Right right, And and Cammy used to be in and

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then she had that operation and then they put black

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stuff in her and now she's black, and Megan the

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Stallion did something to her and now she's extra extra black.

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And that's what If I were a black American, I'd

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be looking at this going, so that's how you be black?

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Speaker 5: Right?

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Speaker 1: You have Meghan the Stallion. You want to be president

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of the United States, you have Meghan the Stallion. And

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I've heard liberals come and say, yeah, but Trump has

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Kid Rock. Kid Rock's big problem is what exactly I mean?

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So he's had some songs about drug use, and guess

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what he says, it's not that great. He says, the

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drug use is not that great. Yeah, it's the comparison

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drives me nuts.

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Speaker 5: I mean, yeah, yeah, we're going to drug use.

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Speaker 4: Okay, then don't ever have Bruce Springsteen play for you?

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Speaker 5: You know what I mean? Like, I mean, come on,

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are you kidding me?

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Speaker 4: Every rocker from that thing has had something, but it's

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pretty different because they're not walking around singing wop.

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Speaker 1: Right, Okay, yeah, okay, So now I just proved that

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that's been fact checked. It's automatically fact checked. What oh, no,

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I have I have the video Chris, Yeah, Chris Bray

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has it. Chris Bray has it, so we'll we'll yeah,

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now that is fact checking me. No, Chris Bray has

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the video of Cami walking on stage to that song.

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We'll continue with Zach Abraham. It was Zach who walked

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in refirm this.

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Speaker 2: Please. When you walked into our studio, it smelled like.

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Speaker 5: What it's it's well, it smelled like freedom.

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Speaker 3: Like.

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Speaker 2: You said, it like a thunderstorm. Thunderstorm right, So Zach

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affirms this again. The deal has changed.

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Speaker 1: This is now buy one, get one for Edenpure's oxy

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Leaf to Thunderstorm device. The deal has changed, the economy

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has changed. This is the one that you need to

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get if you have any sort of small business where

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smelled is a concern, and that might mean that you're

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located in a bad area. Maybe you're a restaurant next

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door to an auto shop. Maybe you are a hair

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cutting place and the chemicals can be overwhelming if you

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00:17:28,119 --> 00:17:31,039
do hair dyes. Maybe you're a gym and you've got

381
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our tanning room. Tanning rooms don't always smell great. Maybe

382
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you're a gym and you have a locker room. Locker

383
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rooms don't always smell great. Maybe you've got a kid.

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00:17:40,319 --> 00:17:44,480
They're headed to a collish dorm with non hygienic young adults.

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All those things are the realm of the oxy Leaf

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00:17:48,000 --> 00:17:51,599
to Thunderstorm device that produces ozone that goes out and

387
00:17:51,680 --> 00:17:56,640
destroys the molecules that cause bad smells. It doesn't just

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do it to the smells, the molecules that cost the smells.

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It were against viruses. It is almost completely silent. It

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00:18:05,039 --> 00:18:08,319
takes you open the box, you take out the device,

391
00:18:08,880 --> 00:18:12,079
you put it in the outlets, and you will feel

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and smell it in minutes. Three of these things will

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absolutely provide home home coverage. And now you can get

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00:18:19,720 --> 00:18:21,240
buy one, get one.

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Speaker 2: Just go to.

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00:18:25,960 --> 00:18:29,319
Speaker 1: Go to eatinpreer deals dot com. Just go to etinper

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deals dot com. Enter code Toddbogo. That's eating per deals

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00:18:34,240 --> 00:18:37,400
todd Bogo. Get this, buy one, get one free. Breathe

399
00:18:37,400 --> 00:18:40,640
a breath of fresh air. Eatinper deals dot com. Enterte

400
00:18:40,960 --> 00:18:44,319
code todd Bogo. It should say that in the screen

401
00:18:44,400 --> 00:18:47,839
right now it says TOD three, but it's todbogo eatinper

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00:18:47,960 --> 00:18:52,200
deals dot com. Zach, this guy who's the biggest Zach

403
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Abraham obsess e in the world, and he's a dear

404
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friend of mine, and he's a good man and a

405
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solid man. He wanted to ask you about this. This

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00:19:01,759 --> 00:19:05,400
this Japanese default or debt swap that we do.

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Speaker 2: It's this game that we play.

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Speaker 1: And apparently Japan is on the verge of a fire

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sale hundreds of billion dollars of US debt to plug

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gaping holes in there, teetering banks and pension funds.

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Speaker 2: This comes from Peter saint Ah. She's a PhD.

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Speaker 1: So obviously this has to be true because he knows

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what he's talking about, because he's a PhD. What is

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this debt swap thing that we do with Japan? And

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if you heard about this Japanese fire sale on our bonds,

416
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I haven't.

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Speaker 5: Heard about it.

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Speaker 4: It wouldn't meaning I may have. I just probably didn't

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pay a lot of attention to it. Because this is

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going to be another I was going to say that

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this is going to be sound like we're going into

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a really big discussion and it won't be.

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Speaker 2: Okay, So shoot, so we're gonna have to stretch this.

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Speaker 4: Yeah, I'm sure that's not going to be an issue

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from you and I. But here's the deal. If it

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was going to trash treasury markets, if it was if

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it was, if it was, if they were selling enough

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and they were planning to sell it in a fashion

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that would hurt treasury markets, they absolutely would not do

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that unless they coordinated with the Treasury.

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Speaker 5: And here's how this would go down. Okay, the Treasury.

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Speaker 4: And the Fed combined would probably be able to soak

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up that liquidity without even having the reissue QI.

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Speaker 5: Okay.

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Speaker 4: They would line up all the member banks, they would

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do schedule sales on routine times. They would all know

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what those times were, and they would soak up the debt.

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It'd be that simple. It's it's just Is it fair no,

439
00:20:36,799 --> 00:20:41,200
Is it disgusting yes? Is it just fabrication, yes, But

440
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it's the way it works. Japan is not.

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Speaker 5: Now. China may dump them Anya to create a little disorder.

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Speaker 4: But you know, and it sounds crazy to say this,

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but I think it. At present, China only owns nine

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hundred billion to a trillion dollars worth of debt that

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nothing now fedid soaked out up. If the FED had

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to do that and it made treasury markets disorderly, the

447
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FED could soak that up by lunch.

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Speaker 5: You know.

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Speaker 4: Again, everybody needs to realize, and it's something that I

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have to remind myself too, because the fundamental investor inside

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of me recoils it this.

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Speaker 5: On a regular basis.

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Speaker 4: If we are facing a problem that involves solvency and

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that can be fixed with money, we are not facing

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a real problem.

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Speaker 5: The problems will.

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Speaker 4: Be when we are facing issues that printing money cannot fix. Right,

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any bank, no matter how insolvent, it is not a problem.

459
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You inject enough money to the bottom line and it's solvent.

460
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It's just it's that simple.

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Speaker 5: Right.

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Speaker 4: You know, so if we want to get into a

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conversation about is it real money or all these other things,

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you know that that's an interesting conversation. But there is

465
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not gonna be one of these things, including Japan unloading

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debt or China unloading debt that's going to Royal treasury

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markets and make the market tip over.

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Speaker 5: It's just not gonna happen.

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Speaker 4: And you know, look what the FED did in a

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matter of a you know, ninety days in response to COVID, Right,

471
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you don't think they can soak up a trillion or

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two from a And like I.

473
00:22:09,720 --> 00:22:12,400
Speaker 1: Said, but no, that's the specific clearly, I'm sorry, I

474
00:22:12,440 --> 00:22:15,039
just have to do one thing they said. Prior to

475
00:22:15,119 --> 00:22:18,920
them deciding to use COVID, it was Blackrock and others

476
00:22:18,920 --> 00:22:21,319
who said, you need to create a whole bunch of

477
00:22:21,400 --> 00:22:23,599
fake money, about seven hundred and twenty billion dollars worth,

478
00:22:24,160 --> 00:22:27,519
and the FED said, okay, and here's the chance to

479
00:22:27,519 --> 00:22:29,240
do it. And then the Treasure said, okay, we'll use

480
00:22:29,279 --> 00:22:32,759
it and give it back to you. That's what you meant, right, yeah.

481
00:22:32,640 --> 00:22:37,119
Speaker 4: Yeah, yeah, basically yeah so so, but my whole point

482
00:22:37,200 --> 00:22:42,839
is they're just there is first of all, a company

483
00:22:42,920 --> 00:22:46,920
like a country like Japan, especially when you look at

484
00:22:47,000 --> 00:22:50,920
what China's doing. Japan is going to do nothing to

485
00:22:51,000 --> 00:22:55,960
irritate us. They did nothing Japan. Yeah, Japan would do

486
00:22:56,000 --> 00:22:58,880
nothing to irritate us. Second of all, even if they tried,

487
00:22:58,960 --> 00:23:02,400
like I said, and they have no incentive to try,

488
00:23:02,799 --> 00:23:05,519
because remember if they start dumping treasuries into the market

489
00:23:05,519 --> 00:23:09,039
and the market sees that Japan's bidding against themselves, right,

490
00:23:09,079 --> 00:23:10,920
they're not going to. You don't just push a button

491
00:23:10,920 --> 00:23:13,519
and sell a trillion or two trillion dollars of treasuries

492
00:23:13,559 --> 00:23:16,240
at a market bid, right. You price that out and

493
00:23:16,240 --> 00:23:18,000
you feed it out over time because you don't want

494
00:23:18,000 --> 00:23:19,759
to blow up the market, you know, because you're not

495
00:23:19,799 --> 00:23:22,440
going to. If I want to go sell something, I'm

496
00:23:22,480 --> 00:23:24,000
not going to go do it in sech a way

497
00:23:24,039 --> 00:23:26,240
where I drive the price down on myself by twelve

498
00:23:26,279 --> 00:23:30,880
to fifteen percent, right or twenty percent. So it's it's

499
00:23:30,960 --> 00:23:34,559
disgusting because it is yet another example of how outside

500
00:23:34,599 --> 00:23:36,799
of reality the financial system really is.

501
00:23:37,440 --> 00:23:38,759
Speaker 5: But as far as.

502
00:23:38,599 --> 00:23:41,680
Speaker 4: It being a lighting of a fuse or a tipping point,

503
00:23:41,759 --> 00:23:42,720
it's not, and it won't be.

504
00:23:43,000 --> 00:23:45,480
Speaker 1: I just heard this conversation. You're talking about the made

505
00:23:45,519 --> 00:23:49,599
up financial system. I heard this conversation was with It

506
00:23:49,640 --> 00:23:54,119
was on Fox News and it was a Democrat who's

507
00:23:54,160 --> 00:23:58,119
a surrogate for Cammy Harris, and they were talking about

508
00:23:58,119 --> 00:24:02,759
gas prices and how gas prices have come down. And

509
00:24:02,839 --> 00:24:04,839
I'm forgetting the name of the lady in Fox News.

510
00:24:05,279 --> 00:24:08,480
She does a good job. It's pretty solid on the economy,

511
00:24:08,759 --> 00:24:12,559
kind of conservative esque. And she said, but wait a minute,

512
00:24:13,440 --> 00:24:16,039
you guys have driven You've drained the.

513
00:24:16,039 --> 00:24:20,359
Speaker 2: Strategic oil reserves. You've utterly drained the strategic oil reserves.

514
00:24:20,920 --> 00:24:22,400
Why did you do that? And you know what the.

515
00:24:22,359 --> 00:24:27,400
Speaker 1: Democrat said, because gas prices were high. And he's siding here, saying,

516
00:24:27,400 --> 00:24:29,799
but we've done more production of gas and oil and

517
00:24:29,880 --> 00:24:33,079
more export exporting of gas and oil in this country

518
00:24:33,559 --> 00:24:36,079
than in any time in history. Under the Biden administration,

519
00:24:36,160 --> 00:24:38,480
we produce more gas, we have export more.

520
00:24:38,359 --> 00:24:39,720
Speaker 2: Gas than at any time in history.

521
00:24:39,799 --> 00:24:41,599
Speaker 1: And then she comes back, she says, but wait a minute,

522
00:24:41,759 --> 00:24:45,359
you just said we drained the strategic old reserves because

523
00:24:45,400 --> 00:24:48,319
gas was high, gas prices were high. How did those

524
00:24:48,319 --> 00:24:51,079
two things go together that we're all of a sudden

525
00:24:51,160 --> 00:24:54,359
doing all So what is the truth about that? And

526
00:24:54,640 --> 00:24:57,920
is there is there any strategic oil reserve anymore as

527
00:24:57,920 --> 00:25:00,880
you guys monitor energy or is it that bad because

528
00:25:01,079 --> 00:25:03,519
at a time we're being told you like three days

529
00:25:03,519 --> 00:25:04,880
of strategic reserves.

530
00:25:05,400 --> 00:25:07,359
Speaker 4: Yeah, no, I mean it, and it still is in

531
00:25:07,440 --> 00:25:10,279
that I mean, I think that they've made some Last

532
00:25:10,279 --> 00:25:12,400
time we checked, I have to get to chase for

533
00:25:12,440 --> 00:25:16,200
the exact numbers here, But last time we checked, they

534
00:25:16,200 --> 00:25:19,759
were sitting, you know, they had burned down something like

535
00:25:20,839 --> 00:25:23,119
seventy I want to say, like sixty five seventy percent

536
00:25:23,160 --> 00:25:30,000
of the the strategic reserve. So and and the equipment.

537
00:25:30,279 --> 00:25:34,039
Them saying that they have produced more oil and gas

538
00:25:34,079 --> 00:25:36,559
than any other administration. That is patently false.

539
00:25:38,519 --> 00:25:42,880
Speaker 6: They have they have returned rates too close to the

540
00:25:43,000 --> 00:25:45,880
highs in terms of daily production. They they have well

541
00:25:45,920 --> 00:25:48,640
they have not done anything. So we have now we

542
00:25:48,680 --> 00:25:50,680
have returned to close to the highs in terms of

543
00:25:50,759 --> 00:25:55,440
daily production, you know, barrels of oil being produced or

544
00:25:55,480 --> 00:25:59,799
annual oils, barrels of oil being produced. But you know,

545
00:25:59,839 --> 00:26:02,440
this is a classic case of you know, the president

546
00:26:02,440 --> 00:26:04,279
trying to take credit for things that he had absolutely

547
00:26:04,319 --> 00:26:05,000
nothing to do with.

548
00:26:05,920 --> 00:26:08,000
Speaker 1: What Joe Biden has something to do with ice cream

549
00:26:08,039 --> 00:26:09,960
and a bunch of drugs in the ice cream.

550
00:26:10,200 --> 00:26:15,839
Speaker 4: Yeah, well he's sniffing, he's he's a super smeller, right,

551
00:26:16,440 --> 00:26:23,119
So so yeah, those number, but but it literally has

552
00:26:23,200 --> 00:26:27,440
been despite their actions, right, So they have done nothing.

553
00:26:27,759 --> 00:26:30,480
I think that I think that some of the things

554
00:26:30,519 --> 00:26:32,839
that they have been blamed for in terms of impeding

555
00:26:32,839 --> 00:26:36,400
oil production, I think some of those things have been overstated.

556
00:26:37,319 --> 00:26:42,000
But what is not overstated is that virtually nothing they

557
00:26:42,039 --> 00:26:46,279
have done has made it easier to produce oil. If anything,

558
00:26:46,319 --> 00:26:50,480
on balance, they've it's made it harder with oil and

559
00:26:50,559 --> 00:26:54,160
that gas. And so you know, that's all. It's just

560
00:26:54,559 --> 00:26:56,960
that's one of those frustrating political points where you sit

561
00:26:57,000 --> 00:27:00,440
there and everybody buys it as fact, and you go, well,

562
00:27:00,640 --> 00:27:02,839
you know, it's like saying, Joe Biden created more jobs

563
00:27:02,839 --> 00:27:07,839
than any of the president in history, and you're just like, hey, well,

564
00:27:08,319 --> 00:27:10,839
if we want to run this scenario again, we can

565
00:27:10,920 --> 00:27:13,680
have every president quote unquote create as many jobs. It's

566
00:27:13,680 --> 00:27:15,759
as simple as turning off the economy right before you

567
00:27:15,799 --> 00:27:18,079
take office and turning it right back on after you

568
00:27:18,160 --> 00:27:21,039
take your place, Right, I mean, it's just a Joe.

569
00:27:20,880 --> 00:27:21,359
Speaker 2: I put more.

570
00:27:21,720 --> 00:27:26,720
Speaker 1: I put more water in that bathtub than any any

571
00:27:26,759 --> 00:27:28,559
bathtub user in recent history.

572
00:27:29,039 --> 00:27:31,079
Speaker 5: Yes, and you did a phenomenal.

573
00:27:32,720 --> 00:27:35,319
Speaker 2: And it was highly, highly difficult.

574
00:27:35,440 --> 00:27:37,519
Speaker 1: I have to run this by you a second. It's

575
00:27:37,640 --> 00:27:41,359
one of your very, very favorite financial people, Janet Yellen

576
00:27:41,440 --> 00:27:43,880
said something, and I think it's encouraging about the economy.

577
00:27:44,119 --> 00:27:46,000
Or run that by you second, Zach Abraham, chief and

578
00:27:46,039 --> 00:27:49,359
Vestmo officer bull Or Capital Management. You guys know that

579
00:27:49,440 --> 00:27:53,920
I've developed a pretty big affection for the Native Path company.

580
00:27:53,960 --> 00:27:56,359
I'm using Native Path hydrate in fact, in this cup,

581
00:27:56,519 --> 00:27:57,799
and when it's not bone Frog.

582
00:27:57,599 --> 00:28:01,200
Speaker 2: Coffee these days, it's Native Path hydrate. I do that.

583
00:28:01,240 --> 00:28:04,119
Speaker 1: I want you to understand because hydration is not a

584
00:28:04,160 --> 00:28:06,480
thing you do a day in advance. A big exercise.

585
00:28:07,039 --> 00:28:09,440
In fact, for my sealfit journey September twenty through the

586
00:28:09,440 --> 00:28:11,640
twenty fifth, one of the things they stress is, do

587
00:28:11,759 --> 00:28:15,319
not think you're going to properly hydrate your body even

588
00:28:15,400 --> 00:28:18,079
three or four or five days ahead of time. You

589
00:28:18,160 --> 00:28:20,200
need to be on this a month ahead of time.

590
00:28:20,359 --> 00:28:22,640
There's a lot of ways to hydrate your tissue. We

591
00:28:22,680 --> 00:28:25,920
can talk about that. The other thing I'm doing is

592
00:28:26,160 --> 00:28:29,839
I'm all over Native Path collagen because I know something

593
00:28:29,880 --> 00:28:33,599
about seal fits, which was very little, but I know this,

594
00:28:34,519 --> 00:28:38,200
I am going to get hurt. It is unavoidable when

595
00:28:38,279 --> 00:28:41,559
you exercise that long at that level to not be hurt.

596
00:28:41,680 --> 00:28:44,720
I'm going to get hurt. My goal is to not

597
00:28:44,759 --> 00:28:46,880
be injured and to thrive and to have fun. As

598
00:28:46,920 --> 00:28:49,599
weird as that sounds in a mini version of Hell Week,

599
00:28:49,680 --> 00:28:51,799
I want to have fun. I want to thrive. I

600
00:28:51,839 --> 00:28:53,720
want to be a I want to contribute to a team.

601
00:28:54,000 --> 00:28:55,839
I want to be able to provide support to the team.

602
00:28:55,880 --> 00:28:57,799
All the guys are going to be younger and stronger

603
00:28:57,839 --> 00:28:59,720
than me, all of them, every single one in my

604
00:28:59,759 --> 00:29:02,079
co hors and I want to be a contributor. I

605
00:29:02,160 --> 00:29:03,880
want at the end of this those guys to go.

606
00:29:03,920 --> 00:29:05,240
You know what, I'm glad that guy was on our

607
00:29:05,279 --> 00:29:07,759
team and that it's probably not going to be physical.

608
00:29:08,759 --> 00:29:12,079
I can't match their physical abilities. Maybe it's leadership, maybe

609
00:29:12,079 --> 00:29:12,680
it's humility.

610
00:29:12,720 --> 00:29:13,079
Speaker 2: I don't know.

611
00:29:13,599 --> 00:29:15,480
Speaker 1: I hope God will turn me onto that. Here's the

612
00:29:15,519 --> 00:29:18,759
thing I am doing is I am prepping my body

613
00:29:18,880 --> 00:29:21,559
for the beating it's going to take for that long

614
00:29:21,640 --> 00:29:24,119
of time this little mini version of Hell Week by

615
00:29:24,279 --> 00:29:28,119
using native path collagen, so this can help reduce the

616
00:29:28,400 --> 00:29:32,680
wear and tear on your joints because it gets inside

617
00:29:32,680 --> 00:29:37,079
your body and makes your bones less breakable, increases bone

618
00:29:37,119 --> 00:29:41,079
mineral density, and it accelerates tissue recovery. It gets into

619
00:29:41,079 --> 00:29:44,759
your body's cartilage and can help preserve that. My friend

620
00:29:44,839 --> 00:29:47,400
Ben turned me under this that having collagen before exercise

621
00:29:47,440 --> 00:29:50,359
can make that possible. And if you're someone who is

622
00:29:50,480 --> 00:29:54,480
really really interested in aesthetics, Native Path collagen with type

623
00:29:54,519 --> 00:29:56,720
one and three collagen, which is found the ninety percent

624
00:29:56,720 --> 00:29:59,559
of your body. It also helps with hair thickness, helps

625
00:29:59,599 --> 00:30:02,319
reduce wrinkles, and strengthens damaged nails.

626
00:30:02,640 --> 00:30:03,720
Speaker 2: Those are all side effects.

627
00:30:03,759 --> 00:30:06,240
Speaker 1: For me, I'm much more interested in preserving my body

628
00:30:06,519 --> 00:30:08,680
and knowing I'm going to get hurt, but I.

629
00:30:08,640 --> 00:30:09,599
Speaker 2: Don't want to be injured.

630
00:30:09,880 --> 00:30:12,200
Speaker 1: You'll probably work harder than I do on a daily basis,

631
00:30:12,200 --> 00:30:13,519
So right now, go get this.

632
00:30:13,960 --> 00:30:16,400
Speaker 2: Get that Native Path is get nativepath.

633
00:30:15,920 --> 00:30:18,319
Speaker 1: Dot com slash todd. You can stock up a Native

634
00:30:18,319 --> 00:30:21,079
Path college and for an incredible savings up to forty

635
00:30:21,119 --> 00:30:24,119
five percent off plus free shipping. Every order comes to

636
00:30:24,119 --> 00:30:26,319
the three and sixty five day money back guarantee, so

637
00:30:26,359 --> 00:30:28,519
you can try it risk free today. That website to

638
00:30:28,559 --> 00:30:30,720
get is get nativepath dot com slash todd for up

639
00:30:30,720 --> 00:30:33,799
to forty five percent off and free shipping. Get nativepath

640
00:30:33,799 --> 00:30:37,440
dot com slash Todd. Janet Yellen one of your very

641
00:30:37,440 --> 00:30:41,440
favorite financial people, Zach. She gets everything right. She was

642
00:30:41,480 --> 00:30:45,359
giving a speech about transitioning to a lower carbon global

643
00:30:45,359 --> 00:30:48,279
economy and by that she means carbon dioxide and she

644
00:30:48,279 --> 00:30:51,480
announced a happy, happy number. This will only cost the

645
00:30:51,480 --> 00:30:54,880
American people three trillion dollars a year.

646
00:30:55,920 --> 00:30:59,200
Speaker 2: If A, do you believe that? And B what if

647
00:30:59,240 --> 00:30:59,799
you were Janet?

648
00:30:59,839 --> 00:31:00,000
Speaker 3: Yeah?

649
00:31:00,119 --> 00:31:02,799
Speaker 1: And would you do with three trillion versus trying to

650
00:31:02,839 --> 00:31:06,519
reduce our carbon dioxide three trillion a year to transition

651
00:31:06,599 --> 00:31:09,319
the economy to carbon dioxide less environment.

652
00:31:09,880 --> 00:31:12,079
Speaker 4: Well, the first thing I would do is spend a

653
00:31:12,119 --> 00:31:15,000
little bit of that money on some actual science and

654
00:31:15,079 --> 00:31:17,240
research so we could actually know what in the.

655
00:31:17,200 --> 00:31:18,119
Speaker 5: World we were doing.

656
00:31:18,279 --> 00:31:19,200
Speaker 2: Okay, that's a.

657
00:31:19,359 --> 00:31:24,440
Speaker 4: Second of all, you're the Federal Reserve. You have absolutely

658
00:31:24,680 --> 00:31:30,680
no authority to do that whatsoever, appropriating or allocating money

659
00:31:30,920 --> 00:31:34,640
that is our money, not yours. You are you are

660
00:31:34,680 --> 00:31:37,839
supposed to be the regulator of the banks and the

661
00:31:37,960 --> 00:31:41,240
lender of last resort. You should have app You shouldn't

662
00:31:41,240 --> 00:31:45,680
even speak to climatolic. You're not a climatologist. You wouldn't

663
00:31:45,680 --> 00:31:47,680
know one if you tripped over one on your way

664
00:31:47,680 --> 00:31:48,720
into the Equis building.

665
00:31:49,720 --> 00:31:51,240
Speaker 5: It is. This is just.

666
00:31:53,599 --> 00:31:57,559
Speaker 4: To talk about a microcosm of what is wrong with

667
00:31:57,599 --> 00:31:58,480
our ruling.

668
00:31:58,160 --> 00:31:59,839
Speaker 5: And elite class. Right.

669
00:32:00,640 --> 00:32:02,160
Speaker 4: I want to look at her and go, you can't

670
00:32:02,240 --> 00:32:06,559
even properly forecast inflation on a quarter to quarter basis,

671
00:32:06,920 --> 00:32:08,000
but now you're.

672
00:32:07,839 --> 00:32:11,200
Speaker 5: Going to take over the weather. Are you kidding.

673
00:32:12,960 --> 00:32:16,839
Speaker 4: The fact that we even have to have these conversations

674
00:32:17,279 --> 00:32:20,039
if we had, if we had an educated and informed

675
00:32:20,160 --> 00:32:24,000
enough electorate, we shouldn't even have to have the right saying.

676
00:32:24,039 --> 00:32:26,559
Speaker 5: That should be the saying. That should be the death

677
00:32:26,640 --> 00:32:27,039
now for.

678
00:32:27,000 --> 00:32:31,720
Speaker 4: Whatever administration put her into place, the idea behind that,

679
00:32:32,240 --> 00:32:37,359
and the power dynamics of that, like, do you think

680
00:32:37,400 --> 00:32:39,960
any of the allocation of that three trillion will have

681
00:32:40,039 --> 00:32:43,880
anything to do with you know, corporate nepotism of sorts?

682
00:32:43,880 --> 00:32:46,079
Speaker 5: Will that go to friends of hers? I mean, just

683
00:32:46,680 --> 00:32:49,240
the whole thing is just patently ridiculous.

684
00:32:49,720 --> 00:32:53,200
Speaker 4: And you know, all the models that we're adhering to

685
00:32:53,720 --> 00:32:56,519
would have us believe that Miami's currently under eight feet

686
00:32:56,559 --> 00:32:59,359
of water, you know, and we can go off on

687
00:32:59,359 --> 00:33:01,720
the whole climate change and what nonsense the whole thing

688
00:33:01,839 --> 00:33:06,319
is and and well not climate change, right, It's constantly changing.

689
00:33:06,359 --> 00:33:10,039
And I don't find it to be a far fetched

690
00:33:10,079 --> 00:33:12,240
idea that man has an impact on that.

691
00:33:12,160 --> 00:33:14,880
Speaker 1: I live in the world. Everything has an impact. Squirrels

692
00:33:14,880 --> 00:33:17,759
have an impact. We all have impacts, right, right. But

693
00:33:18,400 --> 00:33:20,400
I can prove this with my favorite example. I just

694
00:33:20,440 --> 00:33:22,440
don't want to say it again. I just I say

695
00:33:22,480 --> 00:33:24,680
it all the time. It's my favorite example. And it's

696
00:33:24,720 --> 00:33:28,559
about eating pets. See I said it. If truly, look,

697
00:33:28,599 --> 00:33:31,039
here's the thing. If truly the world is drowning in

698
00:33:31,119 --> 00:33:34,079
carbon dioxide, then kill your pets and eat them. Yeah,

699
00:33:34,119 --> 00:33:36,119
because I mean your pets are useless eaters.

700
00:33:36,240 --> 00:33:38,000
Speaker 2: They're not going to yeah right.

701
00:33:38,039 --> 00:33:41,440
Speaker 5: Why are cows of target? But cats and dogs aren't?

702
00:33:42,480 --> 00:33:44,640
Right right? Walk me through that right?

703
00:33:44,680 --> 00:33:49,240
Speaker 1: Well, because the cats they are cute, thinks I think

704
00:33:49,400 --> 00:33:50,759
calves are very very cute.

705
00:33:51,279 --> 00:33:52,799
Speaker 2: There's no in the black.

706
00:33:52,559 --> 00:33:53,440
Speaker 5: And white spots.

707
00:33:53,480 --> 00:33:55,920
Speaker 2: I mean, come on, Look, I have trouble eating beef.

708
00:33:55,960 --> 00:33:57,400
I will tell you why I eat it.

709
00:33:58,000 --> 00:34:00,960
Speaker 1: I eat it when I see a little baby calf

710
00:34:01,240 --> 00:34:02,839
that's born and he's happy to be a calf.

711
00:34:02,920 --> 00:34:04,559
Speaker 2: He's running go. I'm a calf. I'm a calf. I'm

712
00:34:04,599 --> 00:34:06,519
a calf. Look, he's chasing his mom around.

713
00:34:06,599 --> 00:34:10,679
Speaker 1: He's suckling on her, and he chases things and bucks

714
00:34:10,719 --> 00:34:14,039
is his little you know, feed up and his hooves.

715
00:34:14,079 --> 00:34:16,079
And I look at that happy little calf and then

716
00:34:16,079 --> 00:34:18,719
I think I'm gonna eat you. That's that's hard for me.

717
00:34:19,000 --> 00:34:21,440
I still eat beef and I'm fine with it. But

718
00:34:21,519 --> 00:34:24,840
my point on this is you could test any anything.

719
00:34:24,880 --> 00:34:26,960
You can go to the climate charts. You can go

720
00:34:27,000 --> 00:34:29,199
to how they place their instruments in the holes of

721
00:34:29,239 --> 00:34:31,599
ships and they're gonna get hotter. They place them in

722
00:34:31,679 --> 00:34:34,679
parking lots surrounded by you know, concrete jungles.

723
00:34:34,920 --> 00:34:36,199
Speaker 2: We can do all of it. We can go to

724
00:34:36,280 --> 00:34:38,559
hide the decline. Just asks a simple question.

725
00:34:39,079 --> 00:34:42,320
Speaker 1: Why are the climate zelots saying all the cows need

726
00:34:42,360 --> 00:34:44,719
to be destroyed. You need to hold your pig herds.

727
00:34:44,880 --> 00:34:47,119
These need to need to be destroyed. You need to

728
00:34:47,199 --> 00:34:49,800
test every cow for the flu, but keep your dogs

729
00:34:49,800 --> 00:34:53,480
and cats. Because it has nothing to do with climate.

730
00:34:53,559 --> 00:34:55,039
It has to do with access to food.

731
00:34:55,639 --> 00:34:57,519
Speaker 5: No, but you made me really hungry for veal.

732
00:34:59,159 --> 00:35:02,480
Speaker 1: Now veal will not eat I. Actually, you eat veal.

733
00:35:02,519 --> 00:35:03,400
I cannot eat veal.

734
00:35:03,880 --> 00:35:06,880
Speaker 5: I can't tell you the last time I did. But

735
00:35:07,519 --> 00:35:09,960
I'm not gonna. I'm not gonna turn it away.

736
00:35:10,039 --> 00:35:13,519
Speaker 2: Okay, I see, I can't. No, I have to be

737
00:35:13,559 --> 00:35:13,880
about it.

738
00:35:14,159 --> 00:35:15,239
Speaker 5: It's already been done though.

739
00:35:15,719 --> 00:35:19,079
Speaker 4: It's like if you don't eat that veal chop, It's

740
00:35:19,119 --> 00:35:20,480
not like that little fellow is going to.

741
00:35:20,519 --> 00:35:21,239
Speaker 5: Come back to life.

742
00:35:21,679 --> 00:35:24,320
Speaker 1: It's not the life thing. It's the they're trapped in

743
00:35:24,400 --> 00:35:27,000
a cage and never get to know. That is discussed, right,

744
00:35:27,199 --> 00:35:30,400
and I'm all about dispatch the animal quickly. Do it

745
00:35:30,480 --> 00:35:33,480
the way that is as humane as possible. Right, do

746
00:35:33,559 --> 00:35:36,000
it that way and don't do it the other ways.

747
00:35:36,400 --> 00:35:40,440
So with Jenna Yellen saying this about three trillion a year,

748
00:35:40,840 --> 00:35:44,079
you said something interesting. I think people have forgotten this,

749
00:35:44,960 --> 00:35:46,880
and I want to focus this in a second, because

750
00:35:46,880 --> 00:35:49,679
you said something interesting I think people have forgot of.

751
00:35:49,840 --> 00:35:52,760
Zach explained this in just a second. If you are

752
00:35:52,880 --> 00:35:55,920
like one hundred million Americans who have extra fat on

753
00:35:55,960 --> 00:35:59,440
your body, I have some potentially bad news. They're gonna

754
00:35:59,440 --> 00:36:02,440
take away your and they're going to try to limit

755
00:36:02,440 --> 00:36:05,119
your foods. That's coming. They're going to try to legislate

756
00:36:05,159 --> 00:36:07,679
to what you eat that's coming. You can't do much

757
00:36:07,679 --> 00:36:10,079
about that. I mean, we can vote and whole President

758
00:36:10,119 --> 00:36:12,639
Trump seizes coming. If God forbid or God willing, he

759
00:36:12,679 --> 00:36:15,079
makes it through the election fraud and is actually president,

760
00:36:15,400 --> 00:36:18,400
will stop this. Thomas Massis all over this. But if

761
00:36:18,440 --> 00:36:20,639
you are one of those hundred million Americans who is

762
00:36:20,639 --> 00:36:25,280
obese and heavy, you probably have faty liver and this.

763
00:36:25,480 --> 00:36:27,519
You could complicate this all you want, or you could

764
00:36:27,519 --> 00:36:30,960
make it very simple. Your liver gets surrounded by fat,

765
00:36:31,360 --> 00:36:35,400
it puts enormous pressure on it. It cannot properly filter

766
00:36:35,480 --> 00:36:39,000
your blood. Your blood becomes impure. You end up feeling

767
00:36:39,199 --> 00:36:41,760
sluggish and tired because your blood doesn't have the right

768
00:36:41,760 --> 00:36:46,159
amount of oxygen in it. For instance, it's impure over time.

769
00:36:46,440 --> 00:36:48,960
That can make your liver sick and you can end

770
00:36:49,039 --> 00:36:52,920
up with liver disease. You can end up with heart disease. Fortunately,

771
00:36:52,960 --> 00:36:56,840
there is liver health formula and this protects your liver

772
00:36:56,960 --> 00:37:02,920
with eleven clinically proven botanicals say chemicals botanicals that helps

773
00:37:02,960 --> 00:37:06,079
protect your liver, recharge it, and it can even help

774
00:37:06,119 --> 00:37:10,079
you lose belly fat, which is what causes fatty liver.

775
00:37:10,760 --> 00:37:12,800
The folks who make this want you to know something.

776
00:37:13,400 --> 00:37:16,679
Please do not think they want you to be on

777
00:37:16,719 --> 00:37:17,840
this for the rest of your life.

778
00:37:17,880 --> 00:37:18,519
Speaker 2: They don't.

779
00:37:19,079 --> 00:37:21,880
Speaker 1: In fact, this is a stopgap measure while you take

780
00:37:21,920 --> 00:37:24,920
care of the big problem, which is the belly fat.

781
00:37:25,280 --> 00:37:27,840
Here's what you can do to get a very very

782
00:37:27,880 --> 00:37:30,599
special deal. By a thirty day supply of liver health formula,

783
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784
00:37:32,519 --> 00:37:36,679
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785
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786
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That's a thirty day supply of liver health formula plus

787
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788
00:37:45,519 --> 00:37:48,760
free gift. Go to get liverhelp dot com slash todd.

789
00:37:48,800 --> 00:37:53,039
That's get liverhelp dot com slash todd. Zach, you said

790
00:37:53,079 --> 00:37:57,280
something I had utterly forgotten. This is how socialization works

791
00:37:57,280 --> 00:38:00,719
and normalizing the abnormal. You said, the Federal Reserve is

792
00:38:00,760 --> 00:38:03,079
supposed to be the lender of last resort.

793
00:38:03,760 --> 00:38:04,840
Speaker 2: That's exactly right.

794
00:38:05,440 --> 00:38:06,519
Speaker 3: Yeah, so ye.

795
00:38:06,760 --> 00:38:09,960
Speaker 2: Wait, when was the last time it was the lender

796
00:38:10,000 --> 00:38:10,840
of last resorts?

797
00:38:11,800 --> 00:38:20,320
Speaker 4: I mean, technically speaking eight oh nine, But in my opinion,

798
00:38:20,360 --> 00:38:22,559
they went about it completely the wrong way, and then

799
00:38:22,599 --> 00:38:27,199
they continued, in my opinion, making erroneous policy decisions thereafter.

800
00:38:28,719 --> 00:38:31,360
But and this is why I've said, for those that

801
00:38:31,440 --> 00:38:34,840
sit there and go abolish to FED like, we got

802
00:38:34,880 --> 00:38:35,679
to get rational.

803
00:38:35,719 --> 00:38:38,199
Speaker 5: People have to get back to making rational decisions.

804
00:38:38,280 --> 00:38:42,199
Speaker 4: Meaning just because the current FOMC is a complete joke

805
00:38:42,280 --> 00:38:44,400
and his way outside of their purview, does not mean

806
00:38:44,440 --> 00:38:45,679
we don't need a central bank.

807
00:38:45,800 --> 00:38:47,119
Speaker 5: And I'll give you an example.

808
00:38:48,760 --> 00:38:51,480
Speaker 4: If you don't have a lender of last resort in

809
00:38:51,519 --> 00:38:55,480
an international financial community, you could theoretically get a cabal

810
00:38:55,599 --> 00:38:58,159
of enough big company or enough big countries to get

811
00:38:58,159 --> 00:39:02,800
together and crash your financial marks. Right, And when things

812
00:39:02,880 --> 00:39:05,480
like that are going on, you can't destroy your own

813
00:39:05,519 --> 00:39:09,679
economy just because you don't want the existence of a

814
00:39:09,719 --> 00:39:10,360
central bank.

815
00:39:10,400 --> 00:39:12,920
Speaker 5: There is a there is a need for a central bank.

816
00:39:13,639 --> 00:39:17,159
Speaker 4: And and like I said, a classic example of this is,

817
00:39:17,880 --> 00:39:21,639
you know, to a degree, O. Eight oh nine was

818
00:39:21,679 --> 00:39:24,599
an example of it, meaning the first actions they took.

819
00:39:24,960 --> 00:39:27,119
I you know, even looking back on it, I don't

820
00:39:27,159 --> 00:39:30,800
so much as have a problem with the immediate actions

821
00:39:30,840 --> 00:39:31,400
they took in O.

822
00:39:31,519 --> 00:39:35,239
Speaker 5: Eight oh nine. It was that, in my opinion, and.

823
00:39:35,199 --> 00:39:37,760
Speaker 4: I think history bears this out, will continue to bear

824
00:39:37,800 --> 00:39:42,519
it out. In my opinion, the legislative and regulatory changes

825
00:39:42,559 --> 00:39:45,159
they made were exactly the opposite of what they should

826
00:39:45,159 --> 00:39:49,440
have done. Literally, it further entrenched their power. It was

827
00:39:49,599 --> 00:39:52,960
very self serving action. Right, they gave themselves greater purview

828
00:39:53,000 --> 00:39:55,119
and greater power. They didn't need to do that. What

829
00:39:55,119 --> 00:39:58,159
they should have done is reinstated something like Glass Steegel,

830
00:39:58,559 --> 00:40:01,639
which kept and in my opinion, they should have given

831
00:40:01,719 --> 00:40:04,679
banks the option and said, hey, if you want FDIC

832
00:40:04,960 --> 00:40:09,159
coverage and you want to and you want you know,

833
00:40:09,199 --> 00:40:12,159
you want that protection, then you need to adhere to

834
00:40:12,199 --> 00:40:15,719
Glass Steagle type regulations. If you don't, if you want

835
00:40:15,719 --> 00:40:19,800
to combine investment bank and uh, you know, an insurance

836
00:40:20,360 --> 00:40:23,039
a company and a consumer bank all in one, which

837
00:40:23,079 --> 00:40:24,800
is the legislation.

838
00:40:24,400 --> 00:40:25,480
Speaker 5: The Glass Steagle.

839
00:40:26,639 --> 00:40:30,559
Speaker 4: And and for that matter, Glassteagle was put in right

840
00:40:30,599 --> 00:40:32,400
after the Great Depression, and we never had a real

841
00:40:32,440 --> 00:40:34,239
financial crisis after that.

842
00:40:34,239 --> 00:40:36,000
Speaker 2: That was preventing those roll ups, right.

843
00:40:36,519 --> 00:40:39,239
Speaker 4: Right, Yeah, And then and then we repeal Glass Steagel

844
00:40:39,280 --> 00:40:41,360
in ninety eight or ninety nine, and then the biggest

845
00:40:41,360 --> 00:40:45,760
financial crisis since the Great Depression happens nine years later, shocker.

846
00:40:45,840 --> 00:40:46,039
Speaker 3: Right.

847
00:40:46,400 --> 00:40:50,760
Speaker 4: So, but but in terms of O eight O nine

848
00:40:50,800 --> 00:40:54,519
is a good example to use because what happened there

849
00:40:54,519 --> 00:40:56,960
were there were other errors along the way, but what

850
00:40:57,159 --> 00:41:03,159
happened was basically they said that if you diversify low

851
00:41:03,280 --> 00:41:07,440
pales of these home loans enough, right, that we don't

852
00:41:07,519 --> 00:41:11,519
need to consider credit quality of these mortgages because and

853
00:41:11,840 --> 00:41:15,679
the logic at the time was, we've never had a

854
00:41:15,800 --> 00:41:19,639
country even the Great Depression, we didn't have a country

855
00:41:19,679 --> 00:41:25,159
wide real estate collapse. Certain sectors were hit, certain sectors weren't,

856
00:41:25,440 --> 00:41:28,719
and so like only government could do, they'd sit a well,

857
00:41:28,800 --> 00:41:31,119
Government and Wall Street together sit there and go, well,

858
00:41:31,159 --> 00:41:35,199
then if if it can never happen across the country

859
00:41:35,239 --> 00:41:37,400
at the same time, then the only thing we have

860
00:41:37,440 --> 00:41:39,800
to do is geographically diversify them. Well, there's a big

861
00:41:39,840 --> 00:41:44,920
hole in their logic, meaning because you realized that one

862
00:41:44,960 --> 00:41:47,079
of the reasons that you never had in O eight

863
00:41:47,079 --> 00:41:52,079
oh nine before is because we never gave things good

864
00:41:52,119 --> 00:41:56,599
credit ratings baiting based on divers diversification of geographical location,

865
00:41:57,039 --> 00:42:00,119
meaning right, everything was held to credit standards. So, oh,

866
00:42:00,519 --> 00:42:03,960
you do something completely different and you expect the outcome

867
00:42:04,000 --> 00:42:06,519
to be the same. It's just it's patently ridiculous on the.

868
00:42:06,440 --> 00:42:07,159
Speaker 5: Face of it, right.

869
00:42:07,480 --> 00:42:12,360
Speaker 4: But that being said, a lot of those mortgages, or

870
00:42:12,400 --> 00:42:16,079
a lot of those and I'm just blanking right now

871
00:42:16,719 --> 00:42:19,960
on what the collateralized mortgage obligations that they used, right,

872
00:42:20,079 --> 00:42:22,480
because the banks were using those an alternative to cash,

873
00:42:22,519 --> 00:42:24,599
because the rule at the time was if you had

874
00:42:24,599 --> 00:42:26,960
triple a rated debt on the balance sheet, you didn't.

875
00:42:26,760 --> 00:42:27,480
Speaker 5: Have to report it.

876
00:42:27,800 --> 00:42:29,719
Speaker 4: You could just record it as cash on the balance

877
00:42:29,719 --> 00:42:31,519
sheet because it's as good as money, right, which is

878
00:42:31,519 --> 00:42:35,880
a ridiculous rule enough itself, right, But a lot of

879
00:42:35,920 --> 00:42:40,039
those mortgages that were driving these banks down, when when

880
00:42:40,079 --> 00:42:43,239
the whole thing started, that mortgage market went no bid,

881
00:42:43,719 --> 00:42:46,000
and it went no bid because nobody knew what they

882
00:42:46,039 --> 00:42:50,639
were worth nobody. Everybody knew they weren't worth nothing, but

883
00:42:50,719 --> 00:42:53,039
they didn't know what they were worth, and they already

884
00:42:53,079 --> 00:42:55,039
owned too much, so all of a sudden it became

885
00:42:55,119 --> 00:42:59,199
something you couldn't touch. Well, you know, the worst of

886
00:42:59,239 --> 00:43:02,639
those collateral lies mortgage debts or obligations that those banks

887
00:43:02,639 --> 00:43:03,719
held on their balance sheets.

888
00:43:04,159 --> 00:43:05,800
Speaker 5: Maybe we're worth eighty.

889
00:43:05,559 --> 00:43:08,639
Speaker 4: Cents on the dollar, okay, but when the market goes

890
00:43:08,679 --> 00:43:12,000
no bid, you're crashing all these banks, because now, all

891
00:43:12,000 --> 00:43:13,880
of a sudden, the very next day, the banks have

892
00:43:13,920 --> 00:43:15,360
to report that as a total loss.

893
00:43:15,360 --> 00:43:16,400
Speaker 5: They got to mark them to market.

894
00:43:16,519 --> 00:43:16,679
Speaker 3: Right.

895
00:43:17,239 --> 00:43:20,199
Speaker 4: In a situation like that, that is perfect for a

896
00:43:20,239 --> 00:43:23,559
central bank to step in because they are buying assets

897
00:43:23,639 --> 00:43:26,239
that do have value, and they're buying them at a

898
00:43:26,440 --> 00:43:29,920
steep discount, which they'll be able to sell once the

899
00:43:29,960 --> 00:43:32,280
market settles down and we figure out what the internal

900
00:43:32,360 --> 00:43:37,320
value of it is, right, and that action prevents another

901
00:43:37,360 --> 00:43:41,159
great depression from taking place. So in that way, the

902
00:43:41,199 --> 00:43:44,079
central bank is intervening, which I'm not a huge fan of,

903
00:43:44,559 --> 00:43:47,559
but they're intervening in a way that they're not. All

904
00:43:47,559 --> 00:43:50,360
they're doing is taking that off the market. It's sort

905
00:43:50,400 --> 00:43:52,039
of like what we did in the eighties with the

906
00:43:52,079 --> 00:43:56,320
Security Trust. I'm forgetting the name of it, but during

907
00:43:56,320 --> 00:43:59,199
those Savings Alone crisis, the Acnell crisis, right, we have

908
00:43:59,280 --> 00:44:02,320
the Savings and t Saving Trust Savings Company I believe

909
00:44:02,360 --> 00:44:04,199
is what it was referred to, right, It bought up

910
00:44:04,239 --> 00:44:07,639
those assets because they were killing the banks. Bought up

911
00:44:07,639 --> 00:44:10,559
the assets that did have value but were getting marked

912
00:44:10,599 --> 00:44:13,480
way down because of a temporary issue, and then they

913
00:44:13,519 --> 00:44:15,679
resell those back into the market to later. But that

914
00:44:16,079 --> 00:44:17,880
is the role of a central bank, and that's why

915
00:44:17,880 --> 00:44:20,320
they should be there. Just because some idiots on Wall

916
00:44:20,320 --> 00:44:22,599
Street change credit standards, it shouldn't nuke our.

917
00:44:22,599 --> 00:44:23,719
Speaker 5: Entire economy, right.

918
00:44:24,199 --> 00:44:26,239
Speaker 4: The problem I have is what they did after that.

919
00:44:26,639 --> 00:44:28,760
So yes, we still need the role of a of

920
00:44:29,400 --> 00:44:31,840
a lender of last resort. But as you could tell

921
00:44:31,880 --> 00:44:34,519
by the genesis of this conversation, that's not what they

922
00:44:34,559 --> 00:44:35,119
are anymore.

923
00:44:35,199 --> 00:44:37,800
Speaker 1: No, now they're not even the lender of last resorts.

924
00:44:37,840 --> 00:44:40,000
They're a lender of first resort. But more than that,

925
00:44:40,239 --> 00:44:43,280
they're market makers. You have, Jennet Yellen, this is a

926
00:44:43,280 --> 00:44:45,800
market making statement. We need three trill a year to

927
00:44:45,840 --> 00:44:48,559
fight so called climate change. And yeah, the climate change is,

928
00:44:48,599 --> 00:44:53,039
but it's not the climate catastrophe. They're pitching their market makers, marketplacers,

929
00:44:53,360 --> 00:44:58,079
their stock pumpers, their segment industry segment pumpers. They are

930
00:44:58,159 --> 00:45:00,960
anything but the lender of last resort. The now driving

931
00:45:01,039 --> 00:45:05,280
this and that is a huge, huge poison. Always good

932
00:45:05,280 --> 00:45:07,440
to have you on, my friend, and to get wise

933
00:45:07,480 --> 00:45:10,039
counsel from you. Thank you for taking the time, and

934
00:45:10,239 --> 00:45:13,440
let's make sure we get a good, big, huge picture

935
00:45:13,559 --> 00:45:15,159
of Zach in the five o'clock shadow.

936
00:45:15,559 --> 00:45:17,840
Speaker 2: I think I think that it's like more like.

937
00:45:17,880 --> 00:45:20,800
Speaker 5: A nine o'clock. Okay, it takes a few days. This

938
00:45:20,960 --> 00:45:21,639
takes a few days.

939
00:45:21,719 --> 00:45:23,039
Speaker 2: There people voted to my beard.

940
00:45:23,039 --> 00:45:25,360
Speaker 1: They get to vote on yours, fairest fair I appreciate

941
00:45:25,400 --> 00:45:26,199
you coming out with my brother.

942
00:45:26,920 --> 00:45:28,880
Speaker 5: Yeah, I'd love to hear let the people talk.

943
00:45:29,000 --> 00:45:29,599
Speaker 2: Okay, that's it.

944
00:45:29,639 --> 00:45:31,679
Speaker 1: We're putting up a picture. You get to vote Zach

945
00:45:31,760 --> 00:45:33,239
with the beard without the beard. That will be in

946
00:45:33,280 --> 00:45:35,280
the show. Notes right, Nana, Zach with.

947
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Speaker 2: The beard without the beard. This is the Todd Herman show.

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Speaker 1: Please go, be well, be strong, be kind to please

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make every effort to walk in the light of Christ.