Speaker 1: Thomas Massey decided to show how complicated inflation is, how
hard it is to understand. So he did a little
video where he took a dude's iced tea looks like
good thick tea. Then Massey did this, This is what
happens when you have a quantity of something or in
the water and we add more to it.
Speaker 2: This is delusion. The principle is so simple that a child.
Speaker 1: Can understand, and you can create this little science project
at home.
Speaker 2: Sorry, you can have your tea bags.
Speaker 1: Well, it's not really so much new tea anymore as
his tea mixed with water. It's deluded. Wow, that was easy.
So maybe Zach Cabraham can help us understand how this
applies to life. Maybe we can also talk about free speech.
It's so interesting to see a guy who is my
dear friend and brother and on this program every week
having the same concern I do about this stomping of
free speech. It's an unmitigated disaster, according to a left
landing journalist, who are running out of ways to talk
about how bad this is. We'll talk about that, We'll
talk about Boeing, and remember where you were when you
heard the reality of Boeing plus the forgivable loans. Kamala
Harris wants to give out to black men, but just
black men and much more. As we say in the business,
we'll talk about this with the help of Wow, Bulwark
Capital Management, No Your Risk Radio dot Com, and with
God Almighty.
Speaker 3: The Todd Herman Show is one hundred percent disapproved by
big pharma technocrats and tyrants everywhere. No from the high
mountains of Free America. Here's the Emerald City exile cod Herman.
Speaker 1: Today is the day the Lord has made, and these
are the times to which God has decided we shall live.
Zach Cabrah, my friend brother, chief investment officer Bowarck Capital Management,
joins us. Dude, my head's still spinning looking at that
inflation thing. The thick good ice team made watery and runny,
and that's Is it really that easy? Is that really
what's what inflation does to us?
Speaker 2: I mean, yeah, I mean that's it.
Speaker 4: It's a I mean that's obviously a very uh, very
simplistic look at it, but yeah, I mean that's that's
it in its simplest form. I mean, bottom line, right,
it's just currency degradation and loss of purchasing power over time,
and that I think the way that we were having
this discussion yesterday here in the office on our own podcast,
that based on the way the world is set up
and the way technology is shifted, I think that you're
going to see I don't think traditional voute or tradition,
traditional measurements or levels of inflation are.
Speaker 2: Going to adequately describe what we're dealing with.
Speaker 1: Uh that that's a scary thing you said there right.
Speaker 4: There, well, and and and some of that is subterfuge.
I think some of it is on purpose because the
powers that be have no inflation. There's no beneficial part
of inflation to them, right, So what the bottom line is,
anybody that's in president or in office has a desire
to understate inflation.
Speaker 2: Right.
Speaker 4: That being said, I just don't think it's going to
due to the structure of the world, how resilient we've
proven that a lot of commodities are to extract, how
efficiencies have gotten there, like you think about oil and
fracking and things like that. I think that primarily that's
certainly what we've seen over the last few years, and
I think you're going to see it at some points
for some time in the future, that the primary form
of inflation is going to be asset price inflation.
Speaker 1: Okaying that asset price inflation, well, just.
Speaker 2: Because of the way the world is set up, the
world is.
Speaker 4: So much economically speaking in some ways and not in others.
Globalism has made the world less fragile. Meaning you know,
in the past, it used to be so much more
acceptable for a variety of different reasons that this country
or this region produced this good, this country or this
region produced that good, and inflation was very, very apparent
because the country that produced good X didn't want to
sell it to the same price to the other country
over there because they've been running up they've been you know,
printing money, integrading their currencies.
Speaker 3: Right.
Speaker 4: Well, the global economy has gotten so much more diverse
and individual countries, you've begun sourcing things from so many
different places. There's so many more just it's just so
much more economically disparate. There's just there's you know, one
region doesn't produce one set of stuff, right, people, they
have more diverse economies. And so I think that what
you're seeing is traditional metrics and ways that we look
at inflation won't necessarily catch it. But go look at
asset prices, look at land prices, look at housing prices,
look at stock prices. Right, assets that you own, those
have gone up way more than even that they report,
like groceries and things like that have gone up. And
that doesn't surprise me, because I think the impacts are
just as bad. Meaning the only way in the current
world that you can stay above in inflation or benefit
from it, or stay out in front of it is
if you have substantial asset holdings.
Speaker 2: Right.
Speaker 4: If you don't, they're just running away from you. And
that's how you offset. Right, assets rising and cost or
rising in price is how you offset so many of
these these cost increases.
Speaker 1: So if you're renting right now and you are painting
a lot of rent, you're probably going to rent for
a very long time because if the inflation curve keeps
up and the assets costs, you're saying the inflation is
really peaking in these things, these assets you need, you
are not going to get ahead of inflation unless you
develop some form of ownership. But then you're in a
catch twenty two because the people who own those buildings
have to stay ahead of inflation. They have to continue
to increase rent or make it more efficient somehow, which
is hard to do with a fixed asset like an
apartment building. So we are talking about a divide here,
that great thing of you'll own nothing and be happy.
That's sort of happening through this asset inflation.
Speaker 4: Yeah, yeah, it is, it is, and it will continue
to happen as you know, as prices go higher and higher. Right,
I mean you know it used to be people would say,
and this is just one example, but kind of a
good example that could happen in many different ways. You know,
people used to say things like, you know, I need
to go buy some a few bitcoin, you know. Now
most people are like, hey, I want to go own
a fractional piece of a bitcoin, right, yep. That's it's
kind of an example, right. You see, you see other
websites coming out offering to sell art or other private
assets in a pooled way, so you can own a
piece of them, but you can't own the whole, right,
And so you're starting to see this and what that
sort of is in a way is it's kind of
the undercover acknowledgment that the currency itself is in some
ways worthless, right, meaning you might have ups and downs
in terms of price. But people are very very certain.
And I don't I don't. I have no illusions about
why they're certain when you look what the government's doing.
But people just feel very certain that whatever it is
that they're buying with currency, right, whatever asset it is,
it's most likely going to be higher. And I agree
with them. When you go down this path, when you
go down this road to perdition, there typically is no
turning back. And the reason there is no turning back
is each day you extend this fallacy. Each day you
extend this fairy tale, right, this nonsense. Every day it extends.
By definition, you're pushing further and further and further away
from the zero bound, right, which means that a fall
back to the zero bound, by definition, a return to
quote unquote normal. Each passing day, it's becoming more and
more painful. So so if we if we were willing
to print ourselves into oblivion when we were just that
far away from the zero bound, you know what do
we do now that we're this far away? They all
of a sudden got to sit there and say, now, no, no,
we got to let things get back equal. People are
on their own now.
Speaker 1: Nope, no, right, And I've seen this with people whose
kids are forty five, forty six, forty seven years old
and still turn into mom and dad saying, Hey, I
need bail money. This business failed. I need you to
help me right and right now. You're not really going
to go back to when they're seventeen and say, Okay,
you got to start doing things on your own, because
you can't reinstall normal at that point. So I want
to ask you about this global tax on billionaires because
I have this theory and now this isn't even conspiratorial.
I actually think that you could look at this from
a perspective compassion if you wanted to do that. In
regard to you will own nothing and you'll be happy
in renting cars, et cetera. It's prepping an environment for
an econo reality that are betters know they've installed through
their theft and graft. And I'll share that with you
in a second. Zach just mentioned food prices. Food prices
are going up, and you own those for a short time,
but you have to have food to eat, and you
can google that that's been fact checked. In fact, we'll
invite fact checked organizations belong to point out that you
need food to eat, you can go and I guess
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Zach for a global billionaire attacks, coupled with the outcome
of what we've been being coached on for the past
three years. We've been told it's going to be a
renter's economy. It's going to be a sharing economy. You're
gonna share cars, you're gonna share office places, you're going
to share houses. Now you're gonna have fractional houses. You've
had these apartments sub apartments in Asia, tiny tiny little apartments,
and now you have stand up apartments being pitched, stand
up airplane flights being pitched right, And so I've seen
this them normalizing the environment of you're not ever going
to own anything, and that's very, very normal, coupled with
this billionaire attacks to get five point seven trillion dollars globally.
So let me unpack what I'm making a case of.
Do you think they've been prepping people of eight ny
nineteen up to twenty five years old. For the reality
that guys, it's a good thing not to own. It's
a good thing to not own a house. Don't be
upset by that. We don't want a global revolution because you,
guys realize you've been robbed step one. Do you think
that that is even possible?
Speaker 4: I don't know if they're I so full transparency here,
and I could make a lot of a if you're
asking me what I believe, if you're asking me what
I believe versus what I think.
Speaker 2: What I think is is.
Speaker 4: That I think there's a lot of people that are
pushing that narrative that you see it as a sort
of a guaranteed end right, meaning that that's the way
it's going to roll out. So you know, let's not
engage in the futility of fighting a certain future.
Speaker 3: Right.
Speaker 4: If you ask me what I believe, I believe that
it is much more intentional than that. I believe that
for a variety of different reasons. Yeah, and you can
look at the genesis of socialism. I think that these
people still have this childlike belief in a global utopia
that is the reincreer, you know, re incarnation of John
Lennon's song, right, no hell and no heaven, no religion,
to all that stuff. And I think that they think
a big part of that is removing the materialism from
the world, at least as it relates to you.
Speaker 2: Know, the proletariat. Uh, certainly, not as relates to them.
Speaker 1: Yeah right, someone's good.
Speaker 4: Yeah, yeah, somebody's got on it, right that. Everybody's like, well,
you know, And I was having this conversation the other day.
They're like, well, yeah, but communism, you know, it's not
about making money. It's you know, in capitalism, it's about
the capitalists and communism don't have it.
Speaker 2: And I go, yeah, you do. It's called the pullet bureau, righty,
it's the same thing.
Speaker 4: Right, yeah, we've got yeah, they they own like crazy, right,
it's all it's You're just you're just referring to them
as two different things. At least one's honest about it,
the other one isn't. So I know, I think that
they are prepping people for that. I think that, like
I said, I think that there's a confluence of things there.
I think that there is a big contingent of people
that just sees that as a necessary end to move
the world in a direction that they think is more
moral and more correct. I think that there are other
people that really are probably in the back rooms twisting
their mustaches and petting their head airless cat.
Speaker 2: Uh. You know George Soros is of the world right? Uh?
Speaker 4: That that that that you know that this is strategic, strategic.
Speaker 1: And cold and ungodly and usury and abusing people and
lording your power and all the things that the that
God tells us to not do. People who've been given
that that quantity of power for a time, and then
they're going to realize when they're suddenly unwittingly, unwillingly bowing
their knee and unwittingly having the words pop out of
their mouth that Jesus christis Lord. Wait what did I
just say? Then they're gonna find out they didn't actually
have any power, and that'll be a stunning moment for them.
So then this billionaire at tax on one hand, let's
prep the environment. You're not going to own anything. We'll
own it. We're gonna pretend we don't, but we're gonna
let you lease it. And that's usury and that's that's
that's sharecropping by another phrase, But we're gonna have a
billionaire attacks. So I see them floating this now, a
global billionaire attack, so that the rich finally pay their
fair share. And it's going to raise a WAP being
five point seven trillion dollars. Now that'll fix all the
world's problem because five point seven trillion, that's got to
be like a day's worth of spending right there globally.
Speaker 4: Yeah, it's not even two and a half years of
US government alone fiscal deficit. So global tax on billionaires, yes,
so yes, No, So I think that this is all
kubookie theater.
Speaker 2: Okay, I think this is that.
Speaker 4: So they can with a straight face look at a
tell everybody to get their assets and trusts, right yeah,
And then b they can look at the populace and say,
see we put that in place, we we tax those
billionaires because I mean, make no mistake about it, that's
who these people work for, right, I mean it's it's
hand in glove. To assume one is there without the
other is ridiculous. And I think you know what I
think is you'll probably end up And they have other
examples of that. I was just reading a story the
other day that should be of no surprise to anybody
that's paying attention. Was it yesterday? What country was it?
There was a country that said we're going to be
raising X amount of money in a tax raise on
wealthy people. It ended up it might even have been
a state, and I think it was a separate country. Anyway,
it ended up bringing in like less than one twentieth
of what was predicted, but a bunch of those people
ended up moving them and their goods outside of them.
Speaker 1: I think it was France. Oh maybe, yeah, I think
it was France that they announced it. They're going to
do this, and then the buche and then they're gone,
and wait, that's not fair. Right now, they're going to
create an exit tax. Have you seen this? California wants
to create an exit tax o.
Speaker 5: Wait, wait, you're taking your business to Texas. Oh, that's
going to cost you four million dollars or something to
take your business Texas. You know your economy and society
is in good standing when you are charging me people
money to leave your state.
Speaker 2: Not to.
Speaker 4: Mention the fact that I got to believe that'll get
shot down by the Supreme Court. Somebody leaving your state
is not a taxable event. Yeah, And you can't. I
don't understand how they're leaving your state. So I mean
they're not using your goods, or your roads, or your
services anymore. That's I can't believe that'll be allowed to stand.
Speaker 1: Well, there's been so many things. I want to believe you.
I want to stand with you on this, but there's
so many things that we're seeing that we're not supposed
to be seeing. Kambella Harris, I want to get to
this free speech thing. I want to talk to these
about this because you seem very concerned about that, even
more so than fiscal things. And I want to talk
to you about why, because that's interesting to me. But
CAMPBELLA Harris, the people who run her, and this is
from zero Hedge, and you know that they're the best
financial site ever.
Speaker 2: Oh yeah, right.
Speaker 1: I love Zero Edge. On track to post Democrats' worst
presidential election performance with blacks in sixty four years. That
desperate Kambla Harris smashed the vote buying button on Monday,
proposing an opportunity agenda for black men that includes dishing
out one million dollars in forgivable loans twenty thousand dollars each.
The loans should be offered to black entrepreneurs in partnership
with trusted organizations like mission driven lenders and banks with
a proven commitment to their communities. Gosh, Zach, there's certain
banks that would line up to institute to hand out
these moneies instead of it just coming from the government,
they partner in this. Thank god, we've got those banks
who are willing to step up and put skin in
the game and not make a single stinking dime on it.
Isn't that good.
Speaker 4: It's selfless, man, it's you know, just doing the lord's work.
Speaker 2: Right.
Speaker 1: This is the same swindle as the money for the
illegal immigrants. It has to be swindled through banks. You
can't just give them the ten grand. No, you get
a debit card in the ten grand in a bank,
but they have a management fee on it.
Speaker 4: Yeah, and look it's sort of opaque. And I get
that people are busy and all that kind of stuff.
What amazes me is, remember how well this stuff you
used to get hidden in disguised. Now just yes, you
know what I mean, Like, now it just isn't And
you're like, if you don't see it, it's because you're
not looking. Just like full stop.
Speaker 2: If you see it like, either you're.
Speaker 4: Just risk blind and dumb, right, or you just or
you're making a choice.
Speaker 1: This is very much like showers and gyms. So let
me explain this. This is and this could be risk.
I see you. When I said that, Alex looks at
me like, Okay, you put God at the center of
the show. I better not. So here's what I mean.
When you go to a gym, I don't like to
shower another man. I don't like to see naked men.
And this is a rule. Tell me if I'm wrong.
If you ever want to be seen naked in your gym,
try to put your shorts on. You get out of
the pool. You've been swimming, No one's in there. Stand
there with a towel wrapped around you for thirty seven
straight minutes. Not a single man will walk into that gym.
The moment well, that's just when the towel hits the floor.
It's when you have one leg in your shorts. Yeah,
And then that's this, And am I right, Alex? That's
a fact. But there's also this, And this is what
I mean. They're not even hiding this stuff in fancy language.
They're not saying entrepreneurs from certain zip codes, which is
how they would do it. Meaning and well, it's mostly
black men. They're just coming out and saying this. This
is just like there's a sort of showering you do
in a gym. If you have to shower, you go in,
you rinse your body so it doesn't stink. But you
do not go extensive. You do not.
Speaker 2: It's a smash and grab job, right, surface washing.
Speaker 1: Yeah, Okay, that's the polite way to say it. But
there are men of a certain age who so don't care. Nope, nope,
And they're down there with flashlights and I'm sure.
Speaker 4: They're also they're also not in a hurry to put
clothing back off.
Speaker 1: No, And that's and right and so and.
Speaker 2: That's the part that gets to me is where I'm
just right.
Speaker 1: And you got to set it down and say, hey, sir, listen,
there's gym washing and its surface level. It's like a
spray and wash.
Speaker 4: We do not go hunting, and you're not and you're
not a sixty four chevelle.
Speaker 1: No, you don't need it. It's not ail, not a
detailing job.
Speaker 4: You don't need cherry cloth, right, you just need to
just take that towel and give yourself.
Speaker 1: A right and away from me. And by the way
that the suns, they don't need to be naked, that's all. No, No,
you don't, okay, Alex gave me the look. That's it. No,
you did. Don't even deny it. So here's the deal
with them being so bold about this. Clearly this is illegal.
Clearly it's unconstitutional. Clearly you can't give government money to
people buy race. But the Gates Foundation is sponsoring a
professor who has launched a nonprofit and they are going
to fund this guy so that he can go out
and encourage segregation in schools.
Speaker 2: Naturally.
Speaker 1: No, and this is a real guy. His name is
Sharif L. McKee and visions of world where all black
students are taught by same race teachers. Gates Foundation, NBC, Universal, Nike,
the Bezos family. So they don't even care enough to
hide it. And I don't even think they can see it.
I think spiritual blindness extends into economic blindness, extends into
moral blindness. Does that make sense?
Speaker 2: Well, it does.
Speaker 4: But I think that you're looking past something because there's
some basic philosophical facts here.
Speaker 2: That are known, okay, and.
Speaker 4: That is is that in education, it has been well
established for many a decade that you can have separate
but equal educational systems.
Speaker 1: Oh I didn't know that this is known.
Speaker 2: Yeah, okay, yeah, yep, yep, this a long time ago
that separate can still be Okay, got it all right?
Speaker 4: So no, no, literally, we're it's our answer to fix
societal inequality is to go backwards. The new progressive, the
new progress is literally traveling back into it's.
Speaker 1: It's it's truly aggressive. I came up with a great
answer for the DEI people on the equity part. I'm
raising my hand. Okay, my turn to be the leader.
Speaker 2: Of the group. Yeah yeah, how about that?
Speaker 3: Right?
Speaker 1: Sure to workshop podon me. No, it's my turn to lead.
It's equity, my turn. You sit down. Now, I get
to I get to run the workshop because everybody has
to go to the same place. We're all leaders and
we're all followers. None of it, none of it makes
any sense, which brings me into free speech. Then we
need to get to Boeing. Okay, because we got to
talk to Boeing. Thing. This has been your beat and
you you do not get enough credit for the work
you did on Boeing. Let me say this to people
who are listening and are watching. I have you. You're
my witness on this. Zach, you asked me about the
place in part of ours renew that healthcare, didn't you?
Speaker 2: Yeah? And I?
Speaker 1: And I answered didn't I and didn't? Wasn't I enthusiastic?
Speaker 3: Right?
Speaker 2: Uh huh?
Speaker 1: Okay? See I would tell Zach this in private. I
would tell you this in private. World class healthcare. That
is illegal here. That should tell you something. World class
healthcare from stem cells that come only from placentas and
umbilical cords period never boarded babies. It's illegal here. You
can't get this stuff, this Wharton jelly approach. Instead. The
umbilical cords and stem cells are usually tossed out as
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You can go find out got to renew r E
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r E n U e dot healthcare. So all the
things we're talking about is possible here right now, Zach,
because you and I can speak freely right now. I
don't know how much of this conversation will survive YouTube,
maybe most of it. I don't think we've stepped on
any of the bad things yet, but we'll find out.
You have said that you are in fact correct me
if I'm wrong. More so than the economics or the
power grabbing, the corruption. You seem very concerned about the
attack on free speech. So why is that so big
for you, being that you're a I mean, not a
finance guy. You're a dad, you're a Christian, you're a
human being, but your profession is finance, your produciary.
Speaker 4: Why this Yeah, the quote I put on uh on
Twitter was that I'm far more concerned concerned about the
assault on free speech than I am the quote unquote
assault on our capital.
Speaker 1: Okay, oh right, oh wait there was assault on the capitol.
Speaker 4: Yeah apparently, yes, Oh wait, that's like the most violent
day in history. Yeah it was. It was a gorilla
group that was armed with red baseball caps, tennis shoes,
and blue jeans and uh you that is the triumvirate
of trouble, is what I call that. Right When those
three things coalesce, freedom is on the run.
Speaker 2: Yeah.
Speaker 4: So the the the reason why it's an Orwellian experiment
in real time, and it's very it's it's at the
bottom at the end of the day. It's it's terrifying
to me. It's rrifying to me that bell Wethers of
one of the main two political parties in this country
John Kerry and Hillary Clinton are both cited inside of
a two week period of time saying that freedom of
speech is the big hurdle, That freedom of speech is
the big problem when you think about how scary of
a comment that is and the fact that that comment
is broadly accepted. Right, if you do not have freedom
of speech, you don't have a bill of rights, full stop.
Because if you don't have freedom of speech, especially the
way that these people are defining it, their freedom of
speech is giving government autocratic authority to define what is
true and what isn't true. Right, That's what their definition
of free speech really is.
Speaker 3: Right.
Speaker 4: It's saying that we're going to make the government the
arbiter of all that is true and all that isn't,
the adjudicator of all that is true and all that isn't,
and that they will be the judge and jury as
far as that is concerned. And why that concerns me
is there's only two types of people in the world
that think.
Speaker 2: That's a good idea.
Speaker 4: A autocrats that want total control and be idiots that
don't know their history, right, and these people that back
that up and pair it that. I look at them
and I want to go. Stop a second, guys, stop,
you're building your own prison. Okay, this isn't a political issue.
You and I do not disagree that if we live
in a society where somebody else can determine what the
truth is right and what is the truth, it's whatever
they deem to be politically expedient, and if we forfeit
that right, there's nothing left. You don't have anything left.
They control everything right right. And the fact that people
are even advocating this saying that the where do you
even get that idea? Think about the insanity of that
comment that what an unmitigated disaster free speech has been?
How well, walk me, walk me through where how you
come to that conclusion or what you base that statement on.
Speaker 1: Okay, I'm going to go way deep, truly not being sarcastic.
And so let's start with a question. And I'm not
I'm not trying to play sophistry. I'm not doing community
college philosophy. One to one? What is truth? Go theologically?
Because a certain Roman empire, a representative the empire asked
this question of the Lord Jesus, what is truth? Truth
is not a what?
Speaker 2: So?
Speaker 1: Truth is a who h what I see? Party? The way.
The truth all right, super deep. Everybody who is wanting
free speech stomped out, You're right, wants truth stomped out.
The truth is a entity, so a they can't win
the battle because if you stomp out the truth, you've
stomped out God. That won't happen. But look at every
single one of them, to some degree or another, wants to
set up a godhood. You have John Carey who wants
to be the God of energy. He wants to decide
what people eat and when. He wants to decide what
people use in terms of the common blessings and what
they don't. Hillary Clinton wants to be the arbitra of
when babies die, When it's okay to murder a baby,
she wants to be the arbitra of that. Kamala Harris
wants to end Republican forms of democracy by never going
through debate and seizing power, which is ungodly. That's not
how we are to describe Christian leadership. Look at how
the elders in the church operate. Has God set of
church with checks and bounces. I think they don't know it,
but I think that they're being prepped for the big,
big fight. Against truth itself, right, and so this is
like this this warm up period and where people give
into this. Now I'm not talking about the power brokers,
but I'm talking about people who fall for this. Here's
what they're seeking. They're seeking complete immunization from being forced
to think, yeah, okay. And when you ask someone a
question where they're truly forced to think, sometimes they get
really really uncomfortable. I can remember therapeutic settings where parents
did not want to admit that their actions had harmed
their kids. And I'm talking about a dad who left
as family. Daughters were seven and nine years old. And
I'm watching this in a therapeutic session, a family session,
and he's being confronted with this, and he kept saying,
but I was there, but I came on the weekends,
but I And finally his little girl said, do you
know that mom never replaced her side of the bed.
I said, what are you talking about? She goes, she
never ever stopped making the bed like you laidd it.
Your alarm clock was there, The books that were there
the night before you walked out on our family was there.
Every time I walked into that bedroom to see my
mom to be read to, I was reminded you didn't
love us enough to be there reading with us. And
this was this earth shattering moment for this man who
was a prideful man, and he wept. He never wanted
to hear that truth. And she said to him in
that therapy, Zach, she said, you've never let me say
those words to you. All right, You're only letting me
say it because you're embarrassed to walk out of the
room right now. M Yeah, So we live in a
society where people have built beautiful cocoons. Everything's normal. The
figureheads watching out for us, The mainstream media is telling
us the truth. My kids are safe in the public schools.
There's no sex being taught there. DEI is very very good, right,
So I think you have people who are fighting truth unwittingly,
the actual truth, the truth meaning God and people down
below going. I like ice cream, and the public schools
are very good, and they serve hot dogs on Fridays
and my kids love the lasagna. Does that make sense?
Speaker 4: Yeah, No, it's it's it's it's taking the blue pill,
right like for go back to sleep and still believe
this is stake right, Like it's it's like the matrix
and I will never personally understand any and that's the
issue that you know, going back to the whole free
speech debate.
Speaker 2: H it is just so it's so maddening to me.
Speaker 4: Because it's just people that don't have any understanding of
historical norms. Meaning if they're like, well, this freedom and
you go, guys, if you don't have freedom of a speech,
none of the other Bill of Rights even matters. It
doesn't matter, right, If you don't have freedom of speech,
you have no freedoms, you have no guaranteed freedoms. And
at some point in this world people started looking at
any cost associated with any decision, that any cost is unacceptable, right,
rather than understanding, Look, guys, nobody ever said all of
these freedoms in the Bill of Rights were one hundred
percent convenient all the time.
Speaker 2: It's not.
Speaker 4: For instance, one of the designed in features of our
government system is gridlock. Did the founding fathers know that
at times that would be frustrating or that could even
potentially be damaging to the long term interest in the
United States?
Speaker 2: Yes, of course they did. Do you know why they
included it?
Speaker 4: And I know you do it because the alternative was
way worse, Meaning yes, we will gladly accept the costs
or the weight that are associated with freedom, because they
are far less punitive than the costs that are associated
of no freedom, right, right, Like that's the thing. And
now everybody's like, well, yeah, but they are costs associated
with freedom, and you're like, there always has been.
Speaker 1: Right, and they would rather have had it very very
difficult for government to seize ultimate control by having committees
and committees upon committees and redeciding and swing the process down,
rather than someone being able to say, hey, kick that
old man out of here, use the twenty fifth Amendment.
Give the power to me. We don't need those stinking vote.
I'm in her defending democracy. Right, that's right. There's two
of the things I want to cover with you today.
One of them is well, no, they're both business ish. Noo,
they're both business. One is your beat, baby. You were
all over the Boeing thing so early on. You don't
get enough credit for that, so I want to give
you credit and hear about this. They're in trouble, it
looks like to me, but I eat no financial analysts. Plus,
thank gosh, Merk Garland has seen the lights. He's against them.
The money laundering and he's come out strong against the
money launering entity. That's going to be a very very
big deal. You drink wine, right?
Speaker 2: Yeah? I do? All right, so not a not a lot.
Just with kids.
Speaker 4: I just can't drink. But I do love a good
glass of a good cabinet.
Speaker 1: Okay, So, like, do you drink it out of a bong?
Or I decided to do a wine bong once. If
you're not if you've never done a beer bong, it's
where you take this big funnel and a big tube
on it and then you pour it down your throat
that bypasses the epiglodal process and goes straight into the bloodstream.
And I'm telling you do not do this. This is
before I knew the Lord, before we discipled. So one
night at North Idaho College, in an effort to impress
some girls, I decided to to do a beer bong
with a full bottle of cabernet.
Speaker 4: Oh yeah, that'll get you like, oh my gosh.
Speaker 1: H Now. The reason I bring that up is we
have a mutual friend, Tim Krookshank, founder and CEO Bone
Frog Coffee. He has started bone Frog Sellers, so he's
now producing wine and it has the Bone Frog logo
on it. This is something that promotes remembering and honoring
fallen Navy seals. Bone Frog Cellars has been in existence
for what did we get? We had two thousand? I
think the wine. They had a two thousand and fourteen
or fifteen at our house. And unlike Zach, I don't
like wine. And Tim knows this, but my wife enjoys it.
She doesn't drink it a lot. But man, we've got
some friends and they are really really into wine, and
they know about it. They study it, they buy magazines
about it, websites. They travel the world drinking wine. So
I brought them over and I this was risky because
if Tom didn't like the wine, Sherry didn't like the wine,
I'd have to tell you or just say to Tim,
I can't promote the wine. That's what I would have done, Tim,
I can't promote the wine. They loved it. I watched Tim,
I mean, Tom drink the mare Low first and he
was thoughtful. Yep, it's good.
Speaker 3: Good.
Speaker 1: He goes. Now, these things these things change as you eat,
really it goes. Yeah, the flavor changes, they breathe more.
He took the second drink of than are low, and
his face lit up and oh yeah, yeah yeah, and
he was really excited. We'll get these. I don't know
why the team hasn't produced this. We've had this for
a while. He drank the Kaberde, loved the cabernet right
off the bat. And my daughter had cooked this incredible
meal that went with all this stuff, such good food,
peeda bread and homemade hummus and all sorts of things.
And then Tom said the most wild thing. He goes,
you know what, I actually liked them are a little better,
and that's weird for him. He's a cabernet guy. So
you can try this wine and of course help us
raise money for the Navy Seal Foundation for the families
have fallen Navy seals. Go to Bonefrogsellars dot com, slash
Todd and get ten percent off there. Enjoy the wine.
Let me know what you think of it, since I
don't drink wine. Bonefrogsellers dot Com, sash Todd, so zach
real Quick td Bank is man. They're getting buried a
three billion dollar settlement with the youth authorities because their
lax practices allowed significant money laundering. How are they ever
going to recover from three billion dollars. I mean that's
got to be carried interest for up to a weekend?
Am I wrong? I mean, no, you're not.
Speaker 4: And I'm interested to see how this plays out because
he the Amritrade was purchased by Schwab, and so I
don't know. I don't know if TD Bank was if
they separated that entity out. I thought the whole apparatus
was purchased by Schwab, which what I think would make
Schwab liable for that three billion dollar hit.
Speaker 2: But uh, yeah, it.
Speaker 1: This is like you're me getting a three dollar parking ticket.
Speaker 4: Yeah, yeah, Yeah, It's not a big deal. I'm sure
there'll be some appeals.
Speaker 1: Some lawyers will get paid more money, yeah.
Speaker 4: And I'm sure they'll be able to string out the
payments and have a flexible way of paying it out.
This is not going to be a This is not
going to be a game changer in a negative way
for TD Bank or Schwab or anybody like that.
Speaker 1: Yeah. But I'm just relieved to see that Mark Garland. Man,
he's waking up to that money laundering and this has
got to be the only instance he's aware of. I
was kind of brainswimming before the show, and I was
thinking other than you know, Ukraine, the money through the
pharma companies for the flu, the kickbacks to colleges and universities,
the money laundering through uh political you know packs and
paying people's cousins and the Biden family, all the normal stuff, right,
I mean other than that, it's it's difficult to think of,
you know, any money laundering that that might be going on.
Speaker 2: Well, what he means.
Speaker 4: Is that there were several securities accounts that made contributions
to Trump campaigns MM.
Speaker 1: And they had that money laundering.
Speaker 2: Yeah, that stuff, right.
Speaker 1: I would like to start a business called money laundering
and can see how long it could last, and and
see if you could just set that up and actually
have people coming and go what is money larnering? You're
bringing your cash, probably get some calls from some congressional
offices offering.
Speaker 2: To be on the board. They'd be like, hey, we
want to help out. Like the work you're doing, You're
doing good work.
Speaker 1: Yeah. There was a company that bought one of my
companies called Loud. I bought my internet radio company, and
I was doing a tour with one of their executives
and their original claim to fame was this. You would
send in your CDs and they would digitize them for you.
So this is before, right before anyone had access to this.
And Martin had a plan. He's Tobias. He's a smart,
very clever, actually very friendly man, lives now out where
I do, and so it was going to grow over time.
He had a vision. But I went and took a
tour one day and I was talking to other engineers.
I said, so, do you want me to believe that
you actually digitize all the CDs? This is what do
you mean? I go, like, if I send in my
Aerosmith collection, because I've got all the Aerosmith CDs all,
like even the bootleg ones, and I send that in.
Other people have sent in Aerosmith CDs the same ones.
Am I to believe that you actually pay the laborers
to open up my CDs?
Speaker 2: You don't just pull up the old file and send.
Speaker 1: It to me, right? And the look at his face
is he just went utterly pale. I go, oh am
the other one? Am I the only one who's ever
figured that out? And the record companies were pretending this
is what they were doing. It was music laundering. Basically
music laundering all right, let me ask you about Boeing.
So hold on, Just when I said Boeing, I thought
I heard a rifle.
Speaker 2: Yeah, you gotta be yeah, i'd be checking jact.
Speaker 1: There's a red dot.
Speaker 2: Yeah, you're gonna want to that on your forehead.
Speaker 1: We might get unalived. So here's the headline. I saw.
Boeing is desperate for liquidity, files a twenty five BILLI
million dollar shelf registration. So I'm looking at Boeing, and
if I understand this correctly, Zach, they purchased McDonald douglas right, yep.
That makes them the biggest aerospace company in the world.
They're producing money hand over fist with software, with hardware
in Ukraine, and then we're funding both sides of the
war between Hamas and Israel, even though we've sent troops
into Israel, and God protect those troops because they're being
targeted by missile systems we bought for Iran, that is
Hamas yep. And Boeing finds itself short on capital liquidity,
They find themselves short in liquidity. That's a lot like
Paul McCartney, who's worth one point sixty four billion dollars
saying kind of bumma smoke.
Speaker 2: Yeah, well it is, but it isn't.
Speaker 4: And this is one of the reasons that we were
taught that we were so vociferously telling people when Jim
Kramer came out at the end of COVID and was
saying that Boeing was his favorite reopening stock. And I
don't mean that to keep panning on Jim, But what
we were making arguments to people is, hey, look, regardless
of whether good or bad things happen here, there are
going to have to be decisions made down the path
that are decidedly bad for shareholders, okay, And one of
them was that somehow, in some way Boeing was going
to have to undo a lot of the stock repurchases
that they had made between the between the years of
let's call it twenty thirteen to twenty eighteen. And so
what we looked at was we just saw everywhere we
looked in their business. First of all, the margins that
drove them to their record high stock price were not real.
Those margins were not real. What we found out, what
we were making an argument at the time was is
that those margins are not real.
Speaker 2: Right now that those are those margins.
Speaker 4: Exist the way they because of deferred cost meaning they're
not paying the full freight to make the airplane, right,
they're hiding these costs and they're just pushing these costs
out and deferring them. So and then we said, okay,
then we look at every segment of their business. It's
going to get more expensive, not less expensive. Right with
the brain drain, bigger client turnover, all of that has happened.
Unions are going to want more pay All of that
has happened. And then you had the issue of to
get through the whole COVID mess, they had to take
on an additional if I remember correctly, thirty five to
forty billion in debt. And so you look at the
debt servicing costs of that, you looked at the repaying
of it. And that's why I told people, I go, look,
I don't think Boeing is in any risk of going
under per se, but what I know is that people
are going to continue to look at the previous highs
it was at and think how can it get back there?
What I will tell you is that it's not getting
back there any time, you know, for some time in
the future, because it never should have been there in
the first place. It wasn't It wasn't that valuable. That
was a perception that the market had, which has been
proven to be incorrect.
Speaker 2: So you look at every part of their business. It's
more expensive.
Speaker 4: They still have the debt on the balance sheet from
the whole COVID issue, and that's this, that's what this
thing is all about. And in a way, it's sort
of a good step for Boeing because if you notice,
part of this deal includes them by selling stock. Okay,
So really good issue for investors to understand. I was
saying back in twenty seventeen, twenty eighteen that I thought
it was the height of corporate irresponsibly, the height of
misgovernance on a corporate level, and idiocy for Boeing to
be buying back their stock. And I had so many people,
so many shareholders look at me and go, well, what's
your problem that helps shareholders? Why do you want to
buy back stock? And I go, because you've got an
industrial corporation, Okay, that is extraordinarily mature, extraordinarily bureaucratic, and
they're buying back stock at the highest valuation the company's ever.
Speaker 2: Traded at in forty years, okay.
Speaker 4: And we were sitting there saying, if you want to,
if you want to tell me how ridiculously irresponsible a
CEO is, show me that, right. And why were we
saying that because we knew that at some point down
the road that stock you purchased right that you purchased
for that ridiculous price, you could be buying shares right
now for one fourth the price that they were buying
them at in twenty seven, twenty eighteen, which means what
that each dollar they dedicated in stock buybacks would buy
them four times as much stock.
Speaker 1: Okay, they have to know there's a third shoe, because
we had no look look of this. We had those
crashes that the engineers said, you know these planes are
going to crash, right, yeah, I mean you know that
you have monkeyed these planes together and taped them together,
and these planes are not going to work. You know,
you're not training the pilots. We had the two crashes,
We had the whistleblowers who got unlived, both got unlived.
We have a actual criminal investigation now actually proceeding against
go Boying. We have fines, we have them, and you
gave the great case of for instance, they decided that
they don't need roofs right, if they're huge manufacturing facilities,
we don't really need roofs. Let's let's put off the
roof maintenance and have that as a deferred cost. So
they bought their shares when they knew they were at
risk of a criminal investigation. They knew about these crashes,
they knew there was going to be lawsuits all over
the place for multiple, multiple different jurisdictions.
Speaker 2: I don't think they knew.
Speaker 1: You think they're that you actually think and I'm not,
I'm not. I trust you. You know this. People can
be CEOs and that stupid.
Speaker 4: It's not that stupid, it's that delusional. Right, Yeah, things
have gone too good for too long. Every single every
single rock they've flipped over in their career. We you
and I know these people, and and and I've told
young people before, one of the worst things that can
happen to you is that you get success.
Speaker 2: Right out of the gate and whatever it is you do,
because it.
Speaker 4: Just it gives you a false sense of ability, It
gives you a false sense of value. In the investment world,
that can actually be very dangerous. And I've heard several
very accomplished investors talk about this that their first eight
or nine years in the business, were just in a
bull market and they just thought things worked a certain
way and they were killing it, and then all of
a sudden they hit a rough market and it just
rocked them. Right, So I think that's a big part
to do. I think it also points to the complete
I think it points to how delicate, otherwise robust and
tough and rigorous economies and companies can can. Bureaucracy eats
things from the inside out.
Speaker 2: Right.
Speaker 4: It allows people that are great at climbing the ladder
but may have very little to absolutely no ability to
run a corporation, but they just happen to be an
all pro when it comes to kissing backsides, right or whatever, right,
whatever makes them Because to thrive in a bureaucratic environment
has nothing to do with your output or your talent, right,
it can. It has abilities. But people always assume, Oh,
he must be the brightest guy because he's CEO. You're like, no,
it usually means he's the best with a switch point. Right,
he's the best at he's the best at stabbing people
in the back and right, that's usually what it means.
Speaker 1: Man, If people don't understand that reality, the corporate backstabbing
if they've never seen it happen. It is so much
like the show Survivor.
Speaker 2: Yeah. Yeah, Oh that's such a good point.
Speaker 1: Yeah, it truly, truly is. I'm going to share with
you a respet I offered once to the most remarkable
case of well, let's know, the second most remarkable case
of corporate backstabbing I ever saw. I shared one the
other day about the internet radio days. I'm going to
show you a Microsoft story. I want you to think
of one that you've seen or witnessed, and we'll talk
about that in a second. With Zach Abraham, Chief Investments
for Bulwark Capital Management. We're talking here about some companies
involved in the skullduggery big companies. Let me offer you
a small, tiny, little company that's almost too small for
you to notice, except they're so so good at what
they do, and they only really matter because they're dear friends,
and they only really matter because they really do do
God's work, and they only really matter because all lives
matter to them, And they only really matter because they
make an excellent form of a product that you're going
to use for the rest of your life, unless you
choose to have bacteria grow in your skin, in which
case it'll get itchy and eventually you start scratching your
skin and end up with welts which you become infected
and then puss filled. Then you'll stink like rotting pus.
So that's one option. The product is soap, so you
want to stay hygienic, and the company's Alan Soaps, one
hundred percent natural, made in America by a family of
three generations of soap making expertise, by the way, and
they hire people who the party Kamala Harris and others
would say abort him. Well he's thirteen, yeah, but still
but still, I mean that's what medical ethicists is just saying,
he's not. Really, he's a brilliant kid. He's just nonverbal
with autism, and he's been through eighteen operations because the
structure health concerns. His brother Ian works there now fruitfully.
They have hired a young woman who got autism late
in life. You imagine heartbreaking that is now to have
been supposedly limited. She's thriving there, helping with social media
other things. Very good, very good to see. Or you
could continue to buy companies soap from big companies that
simply don't care to Seeri's a number, So I mean,
Allen's is too small to matter, except they matter so much.
Go to Alan Soaps dot com slash Todd. You get
temper off all their products there. It's Allanssoaps dot com,
sash Todd. Zach Cabram's with me. I'll go first, corporate
skuldug Rey so Zach. I'm in my office at Microsoft
and I get a phone. I get an email, fevered
email from my boss, Hey can you pop into? And
I don't remember the conference room. It was Red West
c it was on the third floor. Can you pop
in real quick? And I wrote back and said, hey,
doing something. He goes probly one. I said, hey, like
I'm on a phone call that I get the prize zero,
which is priory zero. This is bigger than anything, so
come in here. So I go into the conference room
and I sit down and on the screen is on
the screen or on the whiteboard, and the screen is
a presentation from something I wrote. And it was a
plan I wrote, and my boss was presenting it as
his and the entire room had been listening. He was
posing as if it was his plan, and so he said,
I'd asked my chief strategies to come in. He actually
had a lot to do with this, so I just
wanted to get his opinion on this. I had some
questions about the finances and then some of the legalities. Hey, Tom,
can you dress these things? Here's what I do? Oh wow, Rob,
you're giving me way too much credit. I didn't have
anything to do with this. He goes, no, No, don't
be humble, dude. I mean you, you had a lot
to do with this, Rob, this is all your work, man.
I don't I don't think I can be helpful. I'm
so sorry. I'm kind of lost. And the look on
his face he turned red from toe to head, rage sweat,
and I finally said.
Speaker 2: Well, what did he think your response was going to be?
Thanks for?
Speaker 1: He thought I was just gonna play ball.
Speaker 2: Wow, boy, he didn't really know you that well.
Speaker 1: So I said this. I said, well, just looking at
the screen, just guessing, And I laid out a few
facts that I knew he didn't know, talking about the
RIAA and National Association Broadcasters and some legalities and some
financial detail. But I'm guessing. So the meeting leaves or
the meeting breaks up. I leave and a senior vice
president backs me to the wall in the kitchen and
he goes He turns around and goes, hey, I saw that.
Speaker 3: It's like.
Speaker 1: Beautiful, that was beautiful. Everybody knew that was yours. I go,
how did they know that, Todd, You're the only person
in the world who would name a strategic plan. Don't
be food. Everybody knew this was yours and that was
beautifully handled.
Speaker 2: That's hilarious.
Speaker 1: Get this. He got me capped. No, he justly got
moved out. He did some bad things, sexual things with
under I mean with younger women who were not his
wife and worked for him. So they put him on
the beach for a little while, just him. He couldn't
have direct reports. He couldn't even have his ADMIN because
she was female. So he's going through this retraining process.
The first person who wanted to hire was me. Why, Okay,
so I'm creative, I'm goofy, I don't know what I'm doing.
Therefore I think of unique plans. But you know what
it was, It was that moment. It was going into
that meeting and icing my boss with kindness.
Speaker 2: Yeah right, yeah.
Speaker 1: So you give me one that you've seen this, this
knife wielding, and you don't have to make it personal.
Maybe you could make it from WKRP in Cincinnati, just
pretend it was you, maybe it was actually Venus fly Trap.
Speaker 4: Oh man, I've seen so many of them. I mean,
thank god that was Some of those experiences are what
convinced me that I was never going to make it
in the corporate world just because.
Speaker 2: I you know, I just I'm not cut out that way.
Speaker 4: Uh you know, I'm somebody that for for and you know,
I think people say this and it sounds romantic and fun,
but but you know, sometimes it's not right.
Speaker 2: There's the downside to it.
Speaker 4: But I'm just one of those people where if there's
no music, you're not going to see me dancing, and like,
I'm not you know, if it's not true, I'm not
going to say it is, you know, so, but I
mean callss caullless situations like that where you know, where
you'd be in a meeting and you'd hear somebody advocating
something and then the minute that they'd get pushed back
from somebody else immediately became not their idea and.
Speaker 2: They lost somebody else.
Speaker 4: You know what I mean, Where you you'd I mean
that you'd see that on a weekly But it's right, well,
I mean, I agree with you.
Speaker 1: But Jim that that was right, right, right?
Speaker 2: That was gimsu I agree with you.
Speaker 4: Meanwhile, twenty minutes before walking into the meeting, Oh he's
gonna love this, you know, there's gonna love it. Yeah,
just that kind of stuff. Let me some other ones.
The I was an interesting perspective to be able to
watch some funds that blew up uh in O eight
O nine of the financial and I and when I
say it was it was advantageous to see it and
experience it, to see that side of it. It was
not a fun experience for everybody involved, but watching watching
everybody just pull away from those messes. And it was
nobody's fault, right, There was nobody taking the buck. There
was no the buck stops here everybody. I mean, it
was so reminiscent of the whole idea success has many fathers,
but failure as an orphan. Yeah, I mean that failure,
That failure was got left in the alley, you know
what I mean.
Speaker 1: Like they couldn't find the person who signed a thing. No,
we don't know, no.
Speaker 4: And what's funny is that nobody really had an incentive
to hold anybody's feet to the fire because they didn't
want their help with the fire. Right, it was like
this mutually agreed upon like lays a fair attitude where
we're not going to really have real oversight.
Speaker 2: Yeah, and no one's going to be held accountable because
none of us benefit from it.
Speaker 1: So yeah, we at least they have Washington d c.
To turn two for full and complete accountability. We can
always count on that.
Speaker 2: Right.
Speaker 1: Absolutely great to have you here, my friends. Wise Council
Day Friday with Zach Abraham. We'll talk to you next week.
Say how to your lovely family. We miss you out
here in the high mountains for free America. You know
there's winter skiing.
Speaker 2: Yeah, I know, I know, Ok, and I do, like
I gotta get my kids.
Speaker 1: Out, get I'm not here, all right, we'll see soon.
Speaker 2: All right, man, This is great.
Speaker 1: Yeah, thank you, this Todd Hermershew. Please go be well,
be strong, be kind, Please make every effort to walk
in the light of Christ.