1 00:00:04,879 --> 00:00:07,160 Speaker 1: What's going on. Thank you so much for listening to 2 00:00:07,200 --> 00:00:09,640 this podcast. It is heard live every day from noon 3 00:00:09,679 --> 00:00:12,480 to three on WBT Radio in Charlotte. And if you 4 00:00:12,560 --> 00:00:16,719 want exclusive content like invitations to events, the weekly live stream, 5 00:00:16,760 --> 00:00:18,719 my daily show prep with all of the links, become 6 00:00:18,719 --> 00:00:22,359 a patron, go to dpeteclendershow dot com. Make sure you 7 00:00:22,440 --> 00:00:24,920 hit the subscribe button. Get every episode for free right 8 00:00:24,960 --> 00:00:27,320 to your smartphone or tablet, And again, thank you so 9 00:00:27,399 --> 00:00:33,799 much for your support. We've been talking about what maybe 10 00:00:34,159 --> 00:00:37,560 the economic model that is at the heart of what 11 00:00:37,600 --> 00:00:41,679 Trump is doing, and it's called balanced Trade, and it 12 00:00:41,719 --> 00:00:44,200 was first written about under that title. I don't know 13 00:00:44,200 --> 00:00:46,880 if it predates this, but nineteen ninety six. I went 14 00:00:46,920 --> 00:00:51,320 over this in the last hour. And now we've got 15 00:00:51,359 --> 00:00:56,719 news that's breaking on China, that is, they've done retaliatory 16 00:00:57,359 --> 00:00:59,920 tariffs on us, and then Trump just hit them with 17 00:01:00,079 --> 00:01:02,560 another set and he just said. There was a clip 18 00:01:02,600 --> 00:01:05,120 at the top of the hour news where he said, 19 00:01:05,120 --> 00:01:08,280 you know, this will continue until China comes to the 20 00:01:08,319 --> 00:01:10,799 table and does a deal. And they want to make 21 00:01:10,840 --> 00:01:13,400 a deal, but they just don't know how to They 22 00:01:13,400 --> 00:01:15,519 don't know how to get here, and that may be 23 00:01:15,599 --> 00:01:17,480 part of it, like they don't want to lose face 24 00:01:19,799 --> 00:01:25,640 in coming and working out a deal. Also, remember they're commies. Okay, 25 00:01:25,799 --> 00:01:29,359 they are communists, so you can't really trust them. Let 26 00:01:29,400 --> 00:01:31,120 me play a clip, well, actually, let me get a 27 00:01:31,120 --> 00:01:32,640 call from Trent on first, and then I'm going to 28 00:01:32,680 --> 00:01:35,799 play a clip of mister wonderful but Trent welcome to 29 00:01:35,840 --> 00:01:36,760 the program. Hello, Trent. 30 00:01:37,560 --> 00:01:40,439 Speaker 2: Yeah, thank you so much, love your show man. It's awesome. 31 00:01:41,040 --> 00:01:41,519 Speaker 1: I appreciate. 32 00:01:41,519 --> 00:01:42,959 Speaker 2: I want to give a shout I want to give 33 00:01:42,959 --> 00:01:46,519 a shout out to PhD Weight Loss Man. I was 34 00:01:46,799 --> 00:01:49,480 June seventh, I went into PhD Weight loss Man. Those guys, 35 00:01:49,680 --> 00:01:54,000 those those counselors are absolutely awesome, those nutritions, they're aftuly awesome. 36 00:01:54,079 --> 00:01:55,879 I was two or sixty three pounds when I went 37 00:01:55,920 --> 00:01:58,719 in there. Five months later, I was down to one 38 00:01:58,760 --> 00:02:00,920 hundred and eighty nine pounds stuck with their plan, man, 39 00:02:01,120 --> 00:02:03,799 and it has been a game and life changer for me. 40 00:02:04,079 --> 00:02:08,719 Speaker 1: That's awesome, dude too. You started at two sixty three, yep, 41 00:02:08,800 --> 00:02:11,159 and you went down to one nine? 42 00:02:11,639 --> 00:02:14,680 Speaker 2: Is that your have lost seventy four pounds and I'm 43 00:02:14,719 --> 00:02:17,000 still at that the weight at this time right now. 44 00:02:17,159 --> 00:02:19,159 Speaker 1: That's awesome, dude, is that your goal weight? That's what 45 00:02:19,199 --> 00:02:20,039 you were shooting for. 46 00:02:20,759 --> 00:02:22,520 Speaker 2: No, I was shooting for a little bit lower, but 47 00:02:23,080 --> 00:02:25,360 I was very happy. My wife started looking at me 48 00:02:25,360 --> 00:02:28,159 and goes, man, hey, man, you're getting really skinny. I said, yeah, 49 00:02:28,199 --> 00:02:30,560 I'm feeling pretty good though. I'm just waiting stuff. And 50 00:02:30,800 --> 00:02:32,240 you know, I'm gonna be looking good in my bathing 51 00:02:32,280 --> 00:02:34,199 suit when it comes this summer. So that's kind of 52 00:02:34,240 --> 00:02:35,039 how I was looking at it. 53 00:02:35,159 --> 00:02:38,919 Speaker 1: Nice, that's awesome trend it is. I love talking to 54 00:02:38,960 --> 00:02:40,919 people who have gone through the program like that because 55 00:02:41,240 --> 00:02:44,560 and you hit your goal or you you finished the 56 00:02:44,560 --> 00:02:45,919 program how long ago. 57 00:02:47,120 --> 00:02:50,039 Speaker 2: I'm just this is I'm getting into the maintenance phase 58 00:02:50,240 --> 00:02:50,719 right now. 59 00:02:50,800 --> 00:02:53,919 Speaker 1: Gotcha. Well, I would shoot me an email if you 60 00:02:54,000 --> 00:02:57,520 got any questions whatever about maintenance. I am happy to help. 61 00:02:58,199 --> 00:03:00,280 But you know, those nutritionists are there with you too. 62 00:03:01,199 --> 00:03:04,360 Speaker 2: They and they are tremendous. They are absolutely tremendous. But 63 00:03:04,400 --> 00:03:06,599 you know, I spent thirty years actually putting on the 64 00:03:06,599 --> 00:03:09,280 way and then it took a little time to get 65 00:03:09,280 --> 00:03:10,800 it off. It took me five months to get the 66 00:03:10,919 --> 00:03:12,599 weight off. And that's the way I kind of look 67 00:03:12,599 --> 00:03:16,879 over here. Dealing with Trump's tariff man, I mean Bill Clinton, 68 00:03:17,080 --> 00:03:22,000 you know, no matter I voted for him the second term. Yeah, yeah, yeah. 69 00:03:22,000 --> 00:03:25,000 Boom me I tell you what man, I really did 70 00:03:25,080 --> 00:03:26,719 even after all that would happen. But I'll tell you 71 00:03:26,759 --> 00:03:28,879 right now, Ma Wallett was doing feeling pretty good during 72 00:03:28,879 --> 00:03:32,439 that time period. But you know, he's one of the responsibility, 73 00:03:32,479 --> 00:03:34,360 one of the ones responsible for actually trying to be 74 00:03:34,400 --> 00:03:37,639 in the World Trade Organization and actually having a present 75 00:03:38,240 --> 00:03:42,520 what is it, preferential trade status inside the World Trade Organization? 76 00:03:42,680 --> 00:03:45,120 Speaker 1: Yeah, most Favored nation status, Yeah. 77 00:03:45,039 --> 00:03:48,719 Speaker 2: Both exactly, and then NAFTA that was Bill Clinton. Well, 78 00:03:48,919 --> 00:03:52,039 here's what they've done. We have sold our tail off 79 00:03:52,080 --> 00:03:54,560 to the rest of the world. Where are textile industries 80 00:03:54,599 --> 00:03:57,919 that used to be inside Concord in Kannapolis, North Carolina. 81 00:03:57,960 --> 00:04:01,039 Where's the steel industry. Where's our furniture business used to 82 00:04:01,039 --> 00:04:03,280 be in Hickory and Wits the Salem. You know, where 83 00:04:03,280 --> 00:04:06,479 in the world are drug manufacturers. Everything's being done over there. 84 00:04:06,479 --> 00:04:08,759 We've been at war with we have been war with 85 00:04:08,879 --> 00:04:13,240 China economically for thirty five years, and people just waking 86 00:04:13,319 --> 00:04:14,879 up to it. I'm just glad that we've got somebody 87 00:04:14,919 --> 00:04:17,680 who's got gusting up to try something a little bit different. 88 00:04:17,839 --> 00:04:20,120 I'm kind of like you, Pete. I am a wait 89 00:04:20,240 --> 00:04:24,759 and see exactly what is going to happen. I'm not 90 00:04:24,839 --> 00:04:27,879 actually based on what's happening today. I think we have 91 00:04:27,959 --> 00:04:31,040 overreaction on the stock market. I've got money investing in 92 00:04:31,040 --> 00:04:33,360 the stockham I taking a hit, Yeah, but I'm not 93 00:04:33,399 --> 00:04:35,199 looking to draw that money out today. I'm not looking 94 00:04:35,240 --> 00:04:37,040 to draw that money out tomorrow. I'm not looking to 95 00:04:37,079 --> 00:04:38,240 draw that money out next year. 96 00:04:38,399 --> 00:04:40,560 Speaker 1: Yeah, but there are people. But there are people who 97 00:04:40,879 --> 00:04:44,160 who are looking to draw out next year, and we 98 00:04:44,519 --> 00:04:46,839 should keep that in mind. That there are people that 99 00:04:46,959 --> 00:04:50,759 are looking at the stock market and our concerned because 100 00:04:50,800 --> 00:04:53,920 their retirement accounts have taken a beating and they may 101 00:04:53,959 --> 00:04:56,600 be approaching, if not entering, right now, retirement. 102 00:04:57,759 --> 00:05:00,800 Speaker 2: Absolutely, And you know, I feel for those people. Once again, 103 00:05:01,920 --> 00:05:04,600 I didn't lose my weight in a day. I didn't 104 00:05:04,600 --> 00:05:06,040 lose my weight in a year, and I didn't put 105 00:05:06,040 --> 00:05:07,759 the weight on in a day or a year either, 106 00:05:08,160 --> 00:05:10,319 And I just I just think that we need to 107 00:05:10,399 --> 00:05:14,519 kind of actually be patient, see what happens, see what approaches. 108 00:05:14,600 --> 00:05:20,079 But something has to be done because those good textile jobs, 109 00:05:20,079 --> 00:05:22,800 those good industrial jobs, they have just gone to the wayside. 110 00:05:22,839 --> 00:05:24,399 I mean, they have just been pushed off to other 111 00:05:24,439 --> 00:05:27,160 countries where the labor is so much cheaper right well. 112 00:05:27,000 --> 00:05:29,040 Speaker 1: And they have a lot of those jobs have been 113 00:05:29,079 --> 00:05:31,439 I've talked about this before. Over the last week, a 114 00:05:31,439 --> 00:05:34,680 lot of those jobs have been lost to automation. These 115 00:05:34,680 --> 00:05:37,439 are high tech jobs. You need fewer people to do them, 116 00:05:38,240 --> 00:05:41,040 and we produce like we like Right now, an American 117 00:05:41,079 --> 00:05:47,240 steel worker makes almost two tons of steel per worker 118 00:05:47,279 --> 00:05:51,000 per hour or something like that, whereas like fifty years 119 00:05:51,000 --> 00:05:55,279 ago it was less than as I point eight percent 120 00:05:55,279 --> 00:05:59,680 of a ton like it. So the productivity has continuously 121 00:05:59,759 --> 00:06:03,360 gone up for our manufacturing sector. And I've said this 122 00:06:03,480 --> 00:06:08,279 number two repeatedly. Half a million manufacturing jobs are unfilled 123 00:06:08,360 --> 00:06:11,720 right now in America. And the question I asked yesterday 124 00:06:11,759 --> 00:06:14,399 is do people even want these jobs? Like we keep 125 00:06:14,439 --> 00:06:16,839 talking about how oh, these will be good, you know, 126 00:06:16,920 --> 00:06:20,519 manufacturing jobs. But if people are refusing to work them, 127 00:06:20,920 --> 00:06:24,279 then what's the point of on shoring all of these jobs. 128 00:06:25,639 --> 00:06:28,399 Speaker 2: I teach for a living, yeah, and I have young 129 00:06:28,480 --> 00:06:32,839 men that just left my classroom that would love jobs 130 00:06:32,879 --> 00:06:34,800 like that. I just don't think there's a lot of 131 00:06:34,800 --> 00:06:37,800 recruiting going on manufacturing wives to try to actually get 132 00:06:37,800 --> 00:06:41,240 these young men into those jobs. I'm not a big 133 00:06:41,439 --> 00:06:44,199 I'm not a big fan of common Core, and I 134 00:06:44,240 --> 00:06:46,480 wann't a big fan of No Child Left Behind. I 135 00:06:46,480 --> 00:06:48,199 wasn't a big fan of either one of those because 136 00:06:48,199 --> 00:06:50,720 I think we sold ourselves out to the rest of 137 00:06:50,720 --> 00:06:52,319 the world when we did that and try to actually 138 00:06:52,319 --> 00:06:53,800 mainstream everybody to college. 139 00:06:53,959 --> 00:06:58,439 Speaker 1: Have you seen have you seen the results that just 140 00:06:58,480 --> 00:07:02,240 came out about Mississippi. Have you seen their their reading, 141 00:07:02,279 --> 00:07:06,560 their nape scores? I have not their number one in 142 00:07:06,879 --> 00:07:10,800 third grade math and reading. They're calling it the Mississippi miracle. 143 00:07:10,839 --> 00:07:13,040 Like would they used to be the butt of the jokes, 144 00:07:13,279 --> 00:07:16,879 but they went back to phonics years ago and they 145 00:07:17,040 --> 00:07:20,800 implemented a focus on reading and math at the lower 146 00:07:20,839 --> 00:07:22,879 grades and they just did it the old fashioned way, 147 00:07:23,160 --> 00:07:25,800 and now they had the highest scores or something. Uh. Yeah, 148 00:07:25,839 --> 00:07:28,160 I saw the headline on it and pulled the story. 149 00:07:28,199 --> 00:07:30,279 I just haven't gotten to it. But you, as an educator, 150 00:07:30,279 --> 00:07:32,000 you may be interested to look that up, because, like 151 00:07:32,040 --> 00:07:35,439 to your point about common Core, Yeah, like the old 152 00:07:35,439 --> 00:07:39,319 tools seem to work and Mississippi just implemented them again, 153 00:07:39,720 --> 00:07:41,279 and it seems to have paid off. 154 00:07:41,160 --> 00:07:45,000 Speaker 2: For Absolutely, we get back to we get back to 155 00:07:45,040 --> 00:07:48,560 common sense. I think that we'll get back to a 156 00:07:48,920 --> 00:07:50,040 very prosperous America. 157 00:07:50,160 --> 00:07:52,160 Speaker 1: Yeah, now, I got you, Trent to I appreciate the call, buddy. 158 00:07:52,160 --> 00:07:57,160 Congratulations on the on the weight loss too, thank you. Yes, absolutely, 159 00:07:57,319 --> 00:07:59,839 all right. So spring is here a time of renewal 160 00:07:59,879 --> 00:08:04,800 and celebrations. 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I knew him 182 00:09:16,480 --> 00:09:21,320 from Shark Tank, the NBC show, and I used to 183 00:09:21,320 --> 00:09:26,279 love watching Shark Tank the early seasons, and for I 184 00:09:26,279 --> 00:09:29,639 think everybody knows the concept, right. Inventors come in and 185 00:09:29,720 --> 00:09:35,799 they pitch their invention and then you got five you know, investors, 186 00:09:36,759 --> 00:09:41,320 and they negotiate deals with the inventor and usually the 187 00:09:41,360 --> 00:09:43,559 inventor will give up a portion of the ownership of 188 00:09:43,600 --> 00:09:47,960 the company in order to get you know, the sharks 189 00:09:48,639 --> 00:09:52,159 help with you know, getting their product into the big 190 00:09:52,200 --> 00:09:56,720 box stores or getting production done or whatever. So it's 191 00:09:56,840 --> 00:09:58,679 really a fantastic show. And I've like, there are a 192 00:09:58,720 --> 00:10:00,840 lot of products that are on the market today that 193 00:10:00,919 --> 00:10:04,000 came through this program. He's one of those sharks. Okay 194 00:10:04,279 --> 00:10:07,759 so and East Canadian, if I recall correctly, very wealthy 195 00:10:08,080 --> 00:10:10,080 does a lot of business in China, all over the 196 00:10:10,120 --> 00:10:13,200 globe and all of this stuff. So here he is 197 00:10:13,320 --> 00:10:14,919 on CNN. 198 00:10:14,679 --> 00:10:17,639 Speaker 3: One hundred and four percent tariffs in China are not enough. 199 00:10:17,879 --> 00:10:21,240 I'm advocating four hundred percent. I do business in China. 200 00:10:22,080 --> 00:10:23,759 They don't play by the rules. They've been in the 201 00:10:23,879 --> 00:10:26,919 wo for decades. They have never abided by any of 202 00:10:26,919 --> 00:10:29,480 the rules they agreed to when they came in for decades. 203 00:10:29,759 --> 00:10:32,600 They cheat, they steal, they steal ip I can't litigate 204 00:10:32,600 --> 00:10:37,080 in their courts. They take product, technology, they steal it, 205 00:10:37,159 --> 00:10:41,240 they manufacture it and sell it back. Here never has 206 00:10:41,279 --> 00:10:45,000 an administrator and four or I want like Chi on 207 00:10:45,080 --> 00:10:49,399 an airplane to Washington to level the playing field. It 208 00:10:49,559 --> 00:10:53,879 is not about tariffs anymore. Nobody has taken on China yet, 209 00:10:53,960 --> 00:10:56,120 not the Europeans, no administration. 210 00:10:56,320 --> 00:10:57,080 Speaker 4: For decades. 211 00:10:57,480 --> 00:11:00,759 Speaker 3: As someone who actually does business there, I've had enough. 212 00:11:00,840 --> 00:11:04,519 I speak for millions of Americans who have ip that 213 00:11:04,559 --> 00:11:08,679 have been stolen by the Chinese. I have nothing against 214 00:11:08,720 --> 00:11:13,360 the Chinese people. They brought great literacy, art and tech 215 00:11:13,440 --> 00:11:18,559 to the world, the government cheats and steals and coming. Finally, 216 00:11:18,960 --> 00:11:21,200 an administration. You may not like Trump, you may not 217 00:11:21,399 --> 00:11:25,399 like his style or his rhetoric. Finally, an administration that 218 00:11:25,480 --> 00:11:31,120 puts up and says enough four hundred percent tariffs tomorrow morning. 219 00:11:32,159 --> 00:11:33,039 Speaker 4: He'll tell you why. 220 00:11:33,399 --> 00:11:37,519 Speaker 3: She can only stay the supreme leader if people are employed, 221 00:11:38,200 --> 00:11:41,000 if we wipe out any business there, Because we are 222 00:11:41,039 --> 00:11:44,759 still thirty nine percent of all consumables on Earth and 223 00:11:44,799 --> 00:11:47,960 twenty five percent of the world's GDP, America is the 224 00:11:48,080 --> 00:11:50,519 number one economy on Earth with all the cards. We 225 00:11:50,559 --> 00:11:53,639 will not have that forever. It's time to squeeze Chinese 226 00:11:53,720 --> 00:11:54,879 heads into the wall. 227 00:11:55,559 --> 00:11:58,679 Speaker 4: Now, well, well, I hear you, but hold on. 228 00:11:59,200 --> 00:12:03,440 Speaker 5: If we're talking about people, the average consumer, not necessarily 229 00:12:03,840 --> 00:12:06,879 the head honchos of businesses all across the globe. Can 230 00:12:06,919 --> 00:12:11,120 they withstand the pressure of that sort of tax on 231 00:12:11,200 --> 00:12:15,399 the good? But yeah, but what's your timeline compared You 232 00:12:15,399 --> 00:12:18,799 don't know the average Americans timeline, what they can actually survive. 233 00:12:18,799 --> 00:12:20,120 Speaker 4: There's people right now who. 234 00:12:20,200 --> 00:12:23,720 Speaker 3: Can serve tomorrow morning cheese on an airplane to Washington 235 00:12:23,759 --> 00:12:24,360 to cut a deal. 236 00:12:24,960 --> 00:12:25,440 Speaker 4: There you go. 237 00:12:26,399 --> 00:12:31,320 Speaker 1: Kevin O'Leary, advocating four hundred percent tariffs in order to 238 00:12:31,440 --> 00:12:36,120 force the communist leader to get over here or his 239 00:12:36,200 --> 00:12:39,399 representative to get over here and negotiate a trade deal. 240 00:12:41,000 --> 00:12:43,600 By the way, congratulations to Richard from Matthews, he won 241 00:12:43,639 --> 00:12:50,440 the tickets. Good job, Richard. Joel Barry is the managing 242 00:12:50,519 --> 00:12:56,039 editor of the Babylon b and UH. In response to 243 00:12:56,120 --> 00:13:01,519 this clip from Kevin O'Leary, he posted on Twitter formerly 244 00:13:01,519 --> 00:13:05,440 known as X When I worked in international logistics, I 245 00:13:05,480 --> 00:13:09,440 had many customers who imported from China, and even a 246 00:13:09,440 --> 00:13:13,360 few inventors of new products. The story was always the same. 247 00:13:13,720 --> 00:13:18,799 An American invents an exciting new product, they then manufacture 248 00:13:18,840 --> 00:13:22,080 it in China, and within a year there are one 249 00:13:22,159 --> 00:13:25,639 hundred others in China stealing the design and flooding the 250 00:13:25,679 --> 00:13:31,279 market with cheap knockoffs. The inventor can't do anything and 251 00:13:31,320 --> 00:13:35,240 they lose it all. China has presided over the greatest 252 00:13:35,440 --> 00:13:39,600 theft and transfer of wealth from the United States in history. 253 00:13:40,120 --> 00:13:44,679 They need to be dealt with, right I have from 254 00:13:44,679 --> 00:13:47,600 the very beginning, ever since Trump rolled out this regime. 255 00:13:47,919 --> 00:13:51,440 What April second, whenever it was, I guess it was 256 00:13:51,440 --> 00:13:55,919 a week ago today, I guess so. And he had 257 00:13:55,919 --> 00:13:57,679 the big charts and all of that. I have been 258 00:13:57,759 --> 00:14:03,039 very clear that China is a separate thing than all 259 00:14:03,080 --> 00:14:06,000 of the other countries that we're talking about. Every country 260 00:14:06,039 --> 00:14:08,919 is going to be different, right whatever. And my questions 261 00:14:08,919 --> 00:14:11,159 at the time were about, well, wait a minute, why 262 00:14:11,159 --> 00:14:13,639 are we slapping tariffs on countries where we are running 263 00:14:13,720 --> 00:14:15,159 surpluses against them? 264 00:14:16,320 --> 00:14:16,480 Speaker 2: Right? 265 00:14:16,559 --> 00:14:20,480 Speaker 1: This doesn't seem like a uniform kind of a level 266 00:14:20,519 --> 00:14:23,879 setting kind of deal. So again, trying to decipher the 267 00:14:24,000 --> 00:14:28,279 rationale for all of the different pieces has been very difficult, 268 00:14:28,320 --> 00:14:31,559 not just for me but for everybody. And we get 269 00:14:31,600 --> 00:14:36,759 all of the mixed messaging not helping. But with China, 270 00:14:37,360 --> 00:14:41,960 we would never trade with the Soviet Union like we 271 00:14:42,039 --> 00:14:46,039 do with China. I understand the argument at the time. 272 00:14:47,000 --> 00:14:50,639 The free trade argument was, you know, the Soviet Union collapsed, 273 00:14:50,799 --> 00:14:54,200 and so we will encourage China to move away from 274 00:14:54,200 --> 00:14:58,000 that communist philosophy and move more towards the global community, 275 00:14:58,039 --> 00:15:02,919 if you will. It hasn't wor it hasn't worked, and 276 00:15:03,000 --> 00:15:07,080 maybe actually the Communist Party would have fallen in China 277 00:15:07,480 --> 00:15:10,320 had we treated them the same way that we treated 278 00:15:10,759 --> 00:15:14,759 the Russians the Soviets. Here's a great idea how about 279 00:15:14,799 --> 00:15:18,039 making an escape to a really special and secluded getaway 280 00:15:18,039 --> 00:15:20,480 in western North Carolina. Just a quick drive up the 281 00:15:20,519 --> 00:15:23,799 mountain and Cabins of Asheville is your connection. 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Some breaking news two items, 301 00:16:30,440 --> 00:16:35,200 actually they are related. I suspect number one. The Dow 302 00:16:35,600 --> 00:16:39,759 is now back up over forty thousand. It has picked 303 00:16:39,840 --> 00:16:45,039 up what is that somewhere around seven percent. It has 304 00:16:45,240 --> 00:16:47,879 made back almost all of the losses over the last 305 00:16:47,919 --> 00:16:53,120 two days. The reason maybe might have something to do 306 00:16:53,200 --> 00:16:59,120 with an announcement made on Donald Trump's truth social with 307 00:16:59,480 --> 00:17:02,600 under his count and it says, quote, based on the 308 00:17:02,720 --> 00:17:06,240 lack of respect that China has shown to the world's markets, 309 00:17:06,839 --> 00:17:11,160 I am hereby raising the tariff charged to China by 310 00:17:11,200 --> 00:17:13,960 the United States of America to one hundred and twenty 311 00:17:14,000 --> 00:17:17,920 five percent effective immediately. At some point, hopefully in the 312 00:17:17,960 --> 00:17:21,640 near future, China will realize that the days of ripping 313 00:17:21,680 --> 00:17:25,400 off the USA and other countries is no longer sustainable 314 00:17:25,599 --> 00:17:30,599 or acceptable. Conversely, and based on the fact that more 315 00:17:30,640 --> 00:17:34,279 than seventy five countries have called representatives of the United States, 316 00:17:34,279 --> 00:17:39,279 including the Departments of Commerce, Treasury, and the USTR to 317 00:17:39,319 --> 00:17:42,839 negotiate a solution to the subjects being discussed relative to trade, 318 00:17:42,880 --> 00:17:47,480 trade barriers, tariffs, currency manipulation, and non monetary tariffs, and 319 00:17:47,640 --> 00:17:51,640 that these countries have not, at my strong suggestion, retaliated 320 00:17:51,640 --> 00:17:54,559 in any way, shape or form against the United States. 321 00:17:55,079 --> 00:18:01,039 I have authorized a ninety day pause and a substantially 322 00:18:01,160 --> 00:18:07,160 lowered reciprocal tariff during this period of ten percent, also 323 00:18:07,440 --> 00:18:11,279 effective immediately. Thank you for your attention to this matter, 324 00:18:11,920 --> 00:18:14,920 which is like, that's what you get from your HR. 325 00:18:15,000 --> 00:18:18,720 Thank you for your attention to this matter. So he 326 00:18:18,960 --> 00:18:21,400 just cut to all of those crazy rates that were 327 00:18:21,400 --> 00:18:24,119 all over the place and all that they've all been. 328 00:18:24,599 --> 00:18:28,039 He's taken them all to ten, just ten percent, and 329 00:18:28,200 --> 00:18:38,759 paused for three months except China. Now Eric Ericson, who 330 00:18:38,799 --> 00:18:42,559 was a talk show host out of Atlanta, he wrote 331 00:18:42,559 --> 00:18:45,400 the following, I got up this morning to start writing 332 00:18:45,440 --> 00:18:47,839 and show prepping. Much of what is below was written 333 00:18:47,960 --> 00:18:50,160 last night with the goal of getting up this morning 334 00:18:50,200 --> 00:18:53,240 and revising it in set, which, by the way, when 335 00:18:53,240 --> 00:18:58,759 you do a show, you're always prepping. And I will 336 00:18:58,759 --> 00:19:04,240 prep stuff for this. I will prep it all morning long. 337 00:19:04,319 --> 00:19:06,519 I wake up at six and I start prepping. But 338 00:19:06,599 --> 00:19:10,640 I also prep after the show for the following day, Right, 339 00:19:10,799 --> 00:19:16,720 So I'm constantly putting stuff into the pipeline, and then 340 00:19:17,400 --> 00:19:18,960 you know, you wake up in the morning, you look 341 00:19:19,000 --> 00:19:22,000 at the day's news, and if nothing is really going on, 342 00:19:23,000 --> 00:19:26,079 I'm just kidding. There's always something going on. But you then, 343 00:19:26,200 --> 00:19:28,680 you know, you try to piece together the show from 344 00:19:28,720 --> 00:19:31,559 the prep you did the night before and from the morning. 345 00:19:31,599 --> 00:19:34,599 So part of his process is he writes this stuff 346 00:19:34,640 --> 00:19:36,559 out in the previous night. So this is what he 347 00:19:36,640 --> 00:19:41,519 says he wrote last night in preparation for his show today. 348 00:19:46,160 --> 00:19:50,880 Given overnight markets, he says, I am told by somebody 349 00:19:51,680 --> 00:19:55,680 in close Trump orbit that the president is considering a 350 00:19:55,759 --> 00:20:00,039 pause on the tariffs. Despite his statements last night. He 351 00:20:00,079 --> 00:20:04,839 came under extraordinary pressure from major donors late yesterday to 352 00:20:05,039 --> 00:20:08,880 find any excuse at all to claim that he could 353 00:20:08,920 --> 00:20:13,039 pause the tariffs. The speculation is pretty much what I 354 00:20:13,079 --> 00:20:15,960 had guessed. He will claim that he has so many 355 00:20:16,000 --> 00:20:19,720 offers to negotiate that tariffs need to be paused because 356 00:20:19,759 --> 00:20:23,880 he cannot negotiate so many deals before tariffs affect all 357 00:20:23,920 --> 00:20:29,960 of those begging for relief, which is exactly what Trump 358 00:20:30,039 --> 00:20:34,079 just announced. Ericson said, the bottom line is I am 359 00:20:34,079 --> 00:20:38,680 told by very reliable I am told very reliably that 360 00:20:38,839 --> 00:20:44,319 yesterday major business leaders who backed Trump's election made clear 361 00:20:44,359 --> 00:20:47,400 to him that bad things are coming if the tariffs 362 00:20:47,440 --> 00:20:50,559 are not paused. Keep in mind, this is not a guarantee. 363 00:20:50,599 --> 00:20:55,160 Parts of the close Trump orbit, there is a growing 364 00:20:55,200 --> 00:20:59,839 belief that, given his conversations yesterday, he'll hit pause sometime 365 00:21:00,200 --> 00:21:06,240 this week. That's what Ericson had worked up based on 366 00:21:06,359 --> 00:21:10,599 his contacts inside Trump World last night for today's show. 367 00:21:16,160 --> 00:21:18,920 So a ninety day pause and a reduction to a 368 00:21:18,960 --> 00:21:22,680 baseline ten percent. That's where this is now gone. And 369 00:21:22,720 --> 00:21:25,759 this was all part of the plan. I assume that's. Look, 370 00:21:25,839 --> 00:21:28,279 I'm not going to argue with people about what was 371 00:21:28,319 --> 00:21:33,599 the actual intent and what wasn't or whatever, because when 372 00:21:33,640 --> 00:21:38,279 people have beliefs, it is very difficult to move them 373 00:21:38,440 --> 00:21:42,480 off of those beliefs. People spend a lot of time 374 00:21:42,680 --> 00:21:49,160 defending positions, and then if those positions flip, then they'll 375 00:21:49,200 --> 00:21:51,839 they'll be faced with either the recognition that they were 376 00:21:51,920 --> 00:21:56,680 lied to and that they helped to promulgate the lie, 377 00:21:57,119 --> 00:21:58,880 or they have to kind of double down and just 378 00:21:58,920 --> 00:22:01,000 say that's what the that's what the plan was. The 379 00:22:01,000 --> 00:22:03,759 whole time, I don't need to know what the plan is. 380 00:22:04,279 --> 00:22:08,119 I'm just being a foot soldier basically. And so he 381 00:22:08,160 --> 00:22:09,960 always had this plan. This was always the way it 382 00:22:10,000 --> 00:22:12,240 was going to go. I don't know if that's true. 383 00:22:12,559 --> 00:22:14,880 I'm just to be clear. See I'm not laying down 384 00:22:14,880 --> 00:22:17,240 a mark or saying he lied about all of this. 385 00:22:17,400 --> 00:22:19,960 I have no idea what happened. But if people in 386 00:22:20,000 --> 00:22:25,960 Trump world told Eric Erickson that a bunch of these 387 00:22:27,039 --> 00:22:29,920 business leaders that were big donors to Trump came in 388 00:22:29,960 --> 00:22:32,759 and they were like, dude, you're going to wreck us. 389 00:22:34,200 --> 00:22:38,279 You need to find an off ramp fast. And here's 390 00:22:38,319 --> 00:22:41,559 the thing. He's keeping the ones on China, and that's 391 00:22:41,640 --> 00:22:46,920 really like, that's the biggest threat. That's the biggest problem 392 00:22:48,119 --> 00:22:53,319 that we have with the trade deficit. It is we 393 00:22:53,400 --> 00:22:58,279 run surpluses to other countries. It's China that, as you 394 00:22:58,440 --> 00:23:01,319 just heard in the clip from Kevin o'lear, it's China 395 00:23:01,359 --> 00:23:05,880 that has ignored all of these WTO regulations. They've stolen 396 00:23:06,200 --> 00:23:10,279 intellectual property from countries and people all over the planet. 397 00:23:10,680 --> 00:23:16,240 We're not the only ones, and so fighting them on 398 00:23:16,319 --> 00:23:22,119 their economic practices, I think that's the proper target. So 399 00:23:23,880 --> 00:23:28,200 I don't know we'll see. By the way, I mentioned 400 00:23:28,240 --> 00:23:30,079 at the beginning that there was a fellow by the 401 00:23:30,160 --> 00:23:32,759 name of Jim Rickards. He was on a podcast. I 402 00:23:32,759 --> 00:23:34,839 have some audio. I'm going to start playing some of 403 00:23:34,880 --> 00:23:36,880 it in the next segment and then more in the 404 00:23:38,000 --> 00:23:43,279 final hour. But Records is a proponent of these tariffs. 405 00:23:44,079 --> 00:23:47,720 So he's a supporter of what Trump has been doing. Okay, 406 00:23:48,400 --> 00:23:52,599 but he also says we are in a recession right now. 407 00:23:54,440 --> 00:23:56,880 That's what he says, based on the analytics that he 408 00:23:56,920 --> 00:23:59,720 looks at. He says, because the definition of a recession 409 00:24:00,079 --> 00:24:02,599 by the Biden teams attempt to redefine it. You know, 410 00:24:02,640 --> 00:24:06,720 a couple of years ago, two quarters of negative quote 411 00:24:06,720 --> 00:24:10,160 growth of shrinkage, basically two quarters back to back, right, 412 00:24:10,200 --> 00:24:13,240 That's always been the definition of a recession. But you 413 00:24:13,279 --> 00:24:16,039 don't know that until after the fact. So there are 414 00:24:16,079 --> 00:24:19,400 other analytics that he looks at, and he says, those 415 00:24:19,440 --> 00:24:24,000 analytics show that we are in a recession, and we 416 00:24:24,039 --> 00:24:25,880 are at the part now where it's like it's now 417 00:24:26,240 --> 00:24:28,759 settled in all right. If you're listening to this show, 418 00:24:28,799 --> 00:24:30,319 you know I try to keep up with all sorts 419 00:24:30,359 --> 00:24:32,359 of current events, and I know you do too, And 420 00:24:32,480 --> 00:24:35,880 You've probably heard me say get your news from multiple sources. 421 00:24:36,359 --> 00:24:39,640 Why well, because it's how you detect media bias, which 422 00:24:39,680 --> 00:24:42,599 is why I've been so impressed with ground News. It's 423 00:24:42,680 --> 00:24:46,119 an app, and it's a website and it combines news 424 00:24:46,160 --> 00:24:48,079 from around the world in one place so you can 425 00:24:48,119 --> 00:24:51,480 compare coverage and verify information. You can check it out 426 00:24:51,480 --> 00:24:56,119 at check dot ground, dot news slash pete. I put 427 00:24:56,119 --> 00:24:59,079 the link in the podcast description too. I started using 428 00:24:59,119 --> 00:25:01,559 ground News a few more months ago, and more recently 429 00:25:01,759 --> 00:25:03,720 chose to work with them as an affiliate because it 430 00:25:03,799 --> 00:25:07,640 lets me see clearly how stories get covered and by whom. 431 00:25:07,920 --> 00:25:10,880 The blind spot feature shows you which stories get ignored 432 00:25:10,920 --> 00:25:13,839 by the left and the right. See for yourself. Check 433 00:25:13,920 --> 00:25:18,400 dot ground, dot news slash pete. Subscribe through that link 434 00:25:18,440 --> 00:25:21,319 and you'll get fifteen percent off any subscription. I use 435 00:25:21,400 --> 00:25:24,519 the Vantage plan to get unlimited access to every feature. 436 00:25:24,720 --> 00:25:27,480 Your subscription then not only helps my podcast, but it 437 00:25:27,519 --> 00:25:30,680 also supports ground News as they make the media landscape 438 00:25:30,680 --> 00:25:35,759 more transparent. All right, So this fella, Jim Rickards a 439 00:25:35,880 --> 00:25:39,039 seasoned attorney. I don't know what kind of seasoning, but 440 00:25:39,160 --> 00:25:43,519 he is seasoned. Also an economist and a national security expert. 441 00:25:44,279 --> 00:25:47,440 Over his four decade career, he has advised the CIA, 442 00:25:47,640 --> 00:25:50,880 the Pentagon, the US Treasury. He has played pivotal roles 443 00:25:50,880 --> 00:25:54,799 in financial negotiations during multiple national crises. He is the 444 00:25:54,839 --> 00:25:58,200 author of Currency Wars, The Road to Ruin, and other 445 00:25:58,200 --> 00:26:03,960 New York Times bestsellers. He was on the Triggernometry podcast. 446 00:26:04,720 --> 00:26:07,000 The episode is the latest one, I believe that's up there, 447 00:26:07,039 --> 00:26:09,359 so you can watch it if you would like, and 448 00:26:10,440 --> 00:26:14,279 he has asked about his current read on or his 449 00:26:14,400 --> 00:26:16,119 read on the current situation. 450 00:26:17,640 --> 00:26:20,920 Speaker 4: We probably are in a recession. The thing is, you know, 451 00:26:20,960 --> 00:26:23,200 the official scorekeeper. This is for the United States, not 452 00:26:23,279 --> 00:26:26,000 the world. A world recession is rare, by the way. 453 00:26:26,319 --> 00:26:29,160 Usually you know one sector, you know, Europe, the United States, 454 00:26:29,240 --> 00:26:31,480 or Asia could be in a recession. Others might be 455 00:26:31,519 --> 00:26:33,480 doing better trying to pull the world economy out of 456 00:26:33,480 --> 00:26:35,839 a bit. But a global recession, that do happen, but 457 00:26:35,880 --> 00:26:38,680 they're quite rare. But just with reference with regards to 458 00:26:38,759 --> 00:26:42,359 the United States, there's this National Bureau of Economic Research. 459 00:26:42,400 --> 00:26:44,880 It's a bunch of big head economists up in Cambridge. 460 00:26:45,039 --> 00:26:48,680 They're the official, unofficial scorekeepers, so they tell you when 461 00:26:48,720 --> 00:26:51,279 you have recession, when you're out of BETATC and that's 462 00:26:51,319 --> 00:26:54,640 widely accepted. The problem is they usually tell you you've 463 00:26:54,759 --> 00:26:58,000 entered a recession about six months after it's over, so 464 00:26:58,200 --> 00:27:00,559 you can't rely on them. So you have to look 465 00:27:00,559 --> 00:27:02,839 at a lot of other metrics, predictive analytics and so 466 00:27:02,920 --> 00:27:05,880 forth to if you want to either predict it or 467 00:27:06,079 --> 00:27:07,880 just kind of know it at real time. So you're 468 00:27:07,960 --> 00:27:10,960 saying the US may already be in a recession. What 469 00:27:11,000 --> 00:27:13,480 are the markers? What are the markers? Well, there are 470 00:27:13,480 --> 00:27:16,400 a lot of them, but one is, you know, the Federals. 471 00:27:16,400 --> 00:27:19,519 Theerve Bank of Atlanta has a tracker. It's called GDP. 472 00:27:19,720 --> 00:27:22,720 Now it's actually pretty good. Some of these statistical methods, 473 00:27:22,880 --> 00:27:25,519 certainly the ones on Wall Street aren't worth our time, 474 00:27:25,960 --> 00:27:28,680 but the Land of fed is a pretty good tracker. 475 00:27:28,759 --> 00:27:32,759 It went from around numbers kind of positive two point 476 00:27:32,799 --> 00:27:35,359 four percent for the first quarter of twenty twenty five 477 00:27:35,799 --> 00:27:39,000 to negative two point seven percent in a matter of days. 478 00:27:39,079 --> 00:27:41,759 And it looks like at Acapolca clifftop. It went straight down. 479 00:27:42,240 --> 00:27:45,160 And they said, well, the reason is because of Trump's 480 00:27:45,200 --> 00:27:47,440 tariff proposals, and you know he puts them on, takes 481 00:27:47,480 --> 00:27:49,279 them off. No one really knows. But because of that, 482 00:27:49,799 --> 00:27:51,920 there was a surge of imports. People were trying to 483 00:27:51,960 --> 00:27:55,359 actually get stuff into the United States before the tariff said, 484 00:27:55,680 --> 00:27:59,680 and of course imports increase the trade deficit, which decreases GDP. 485 00:28:00,039 --> 00:28:02,839 That was the explanation for that, probably something to that, 486 00:28:03,039 --> 00:28:05,279 But there's just a lot else going on. We're not 487 00:28:05,559 --> 00:28:09,200 quite at the stage of ness layoffs. But hiring hit 488 00:28:09,279 --> 00:28:11,799 a wall about six months ago a little bit longer 489 00:28:11,839 --> 00:28:15,440 where they just stop. Basically, people weren't hiring anymore. They 490 00:28:16,279 --> 00:28:18,119 firing people is the last thing you do. By the 491 00:28:18,240 --> 00:28:20,640 time you get to the layoff stage. It's the unemployment 492 00:28:20,720 --> 00:28:23,799 going up. That's the sign. That's a lagging indicator. You're 493 00:28:23,799 --> 00:28:26,680 probably already in the recession because it's so hard to 494 00:28:26,759 --> 00:28:29,720 find people, train them, you know, get them going. It's 495 00:28:29,799 --> 00:28:31,359 the last thing you want to do. So you'll you know, 496 00:28:31,880 --> 00:28:33,680 cut out the laundry, build you know, turn down the 497 00:28:33,720 --> 00:28:36,240 electricity and negotiate the way. You'll do a lot of 498 00:28:36,279 --> 00:28:38,920 elves before you lay people off. When you start doing that. 499 00:28:38,960 --> 00:28:41,920 We're getting close to that point now, all right. 500 00:28:42,039 --> 00:28:46,640 Speaker 1: Another indicator he points to is the yield curve, and 501 00:28:46,880 --> 00:28:47,640 he explains that. 502 00:28:48,759 --> 00:28:51,000 Speaker 4: Well, fortunately this is an easy one. So so the 503 00:28:51,039 --> 00:28:53,480 yield curve is just you know, a typical curve. So 504 00:28:53,640 --> 00:28:57,279 the y axis, the vertical axis are interest rates, and 505 00:28:57,400 --> 00:29:01,559 the X axis, the horizontal axis arereturities. So the US 506 00:29:01,640 --> 00:29:04,079 Treasury people say, you know, government security as well. Okay, 507 00:29:04,200 --> 00:29:06,359 but there's a one month bill, a three month bill, 508 00:29:06,440 --> 00:29:09,079 a one year, a two year note, a five year note, 509 00:29:09,119 --> 00:29:11,039 all the way out to a thirty year bond. So 510 00:29:11,160 --> 00:29:12,960 that's the X axis, all right. 511 00:29:13,000 --> 00:29:14,759 Speaker 1: So I'm gonna pause right there so you understand, get 512 00:29:14,799 --> 00:29:17,519 the visual in your head. On the left side, you've 513 00:29:17,559 --> 00:29:21,519 got the you know, vertical axis, the the y axis 514 00:29:21,680 --> 00:29:24,880 top to bottom, and that's the yields, the interest rates, 515 00:29:25,319 --> 00:29:27,839 and then on the bottom is the X axis, and 516 00:29:28,200 --> 00:29:31,240 it's broken up into basically time period how long it 517 00:29:31,279 --> 00:29:35,200 takes for the bonds to mature, from you know, months 518 00:29:35,279 --> 00:29:37,920 all the way out to thirty years. And so what 519 00:29:38,119 --> 00:29:43,839 that yield curve normally looks like is it starts in 520 00:29:43,920 --> 00:29:47,839 the bottom left hand side of the of that axis 521 00:29:47,920 --> 00:29:50,759 of that graph starts at the bottom left and then 522 00:29:50,880 --> 00:29:53,960 kind of like gradually goes up like a hill. It 523 00:29:54,039 --> 00:29:57,079 goes up and then flattens out at the top. That's 524 00:29:57,119 --> 00:29:59,400 what a normal yield curve looks like? 525 00:30:00,079 --> 00:30:02,359 Speaker 4: Why access or interest rates? Every one of those has 526 00:30:02,440 --> 00:30:05,480 a different interest rate. They can be close or where 527 00:30:05,519 --> 00:30:07,240 there could be a spread, and all you do is 528 00:30:07,279 --> 00:30:10,559 you plot those interest rates. So what's a normal YEO curve? 529 00:30:10,599 --> 00:30:14,039 A normal YO curve is upwardly sloping from left to right, 530 00:30:14,599 --> 00:30:16,720 and that makes sense. You know, longer maturity. If I'm 531 00:30:16,720 --> 00:30:19,000 going to lend you overnight, I might want one rate. 532 00:30:19,039 --> 00:30:20,680 If we're going to lend you for ten years, and say, well, 533 00:30:20,759 --> 00:30:22,599 what could happen to ten years? So I'm going to 534 00:30:22,640 --> 00:30:25,599 want a higher rate. So an upperly sloping YE curve 535 00:30:25,880 --> 00:30:30,480 is normal, but periodically it's not bad. Unusual a little 536 00:30:30,480 --> 00:30:33,279 bit unusual. You get a downward sloping your curve where 537 00:30:33,279 --> 00:30:36,759 the longer maturities have lower interest rates. What does that 538 00:30:36,880 --> 00:30:39,599 tell you, Well, the treasure market, that's a big money. 539 00:30:39,599 --> 00:30:41,279 You know, I used to work for a primary dealer, 540 00:30:41,440 --> 00:30:43,519 were one of the one is authorized to deal directly 541 00:30:43,599 --> 00:30:47,240 with the Fed. They're only about twenty banks with that status, 542 00:30:47,839 --> 00:30:50,799 so you talk to the Fed every day. A downward 543 00:30:50,839 --> 00:30:52,480 sloping your curve and this is where again the big 544 00:30:53,839 --> 00:30:56,200 the big money kind of sets this the market as says, 545 00:30:56,279 --> 00:31:01,039 this tells you that a recession is coming, and you know, 546 00:31:01,079 --> 00:31:03,240 how do you enjoy that inference? Well, let's say short 547 00:31:03,319 --> 00:31:07,160 term interist rates are four percent and longer term interistrates 548 00:31:07,200 --> 00:31:11,359 are three percent. Were actually the actual numbers now are 549 00:31:11,359 --> 00:31:15,279 close to five and four. So but you said, well, 550 00:31:15,279 --> 00:31:17,480 do you I'll take a four percent coupon four percent 551 00:31:17,559 --> 00:31:19,359 yield of maturity in a ten year note, because that's 552 00:31:19,359 --> 00:31:21,599 going to look really sweet a couple of years from 553 00:31:21,599 --> 00:31:23,279 now when interest rates are one and a half, when 554 00:31:23,279 --> 00:31:26,559 the recession kicks in and interest rate collapse, the high 555 00:31:26,599 --> 00:31:29,319 coupon is going to look very attractive. Number one, number 556 00:31:29,359 --> 00:31:33,319 two botto math one oh one is kind of countertuitive. 557 00:31:33,359 --> 00:31:36,079 But when interest rates go down, prices go up, and 558 00:31:36,160 --> 00:31:38,839 when interest rates go up, prices go down. So if 559 00:31:38,880 --> 00:31:42,480 you believe recession is coming and interst rates are coming down, 560 00:31:42,960 --> 00:31:45,680 you'll lock in the higher coupon now, and when interest 561 00:31:45,720 --> 00:31:48,759 rates do come down, you'll have capital gains on that note. 562 00:31:48,799 --> 00:31:52,079 So it's a really attractive trade. So but meanwhile, back 563 00:31:52,160 --> 00:31:54,039 here in the in the short end of the curve, 564 00:31:54,160 --> 00:31:57,000 thirty day bills or for you know, three three month 565 00:31:57,079 --> 00:31:59,599 bills or six month bills or whatever. That really is 566 00:31:59,720 --> 00:32:02,599 much more subject to Federal Reserve control. It's about the 567 00:32:02,759 --> 00:32:06,400 only thing they control. This this idea that the Fed 568 00:32:06,519 --> 00:32:09,680 can control long term rates by manipulating short term rates, 569 00:32:09,720 --> 00:32:12,480 because this is just the you know, the value of 570 00:32:12,519 --> 00:32:15,119 a strip of short term rates. Well, that's all nonsense. Maths, 571 00:32:15,160 --> 00:32:17,599 the theory. You can do the math, but that's all nonsense. 572 00:32:17,640 --> 00:32:20,160 So so the point being, when you have a downward 573 00:32:20,200 --> 00:32:23,359 sloping your curve, that's a sign that the recession is coming. 574 00:32:23,880 --> 00:32:26,960 People are bidding for those intermediate term securities and pushing 575 00:32:27,039 --> 00:32:28,480 the right down a little bit, but it's gonna look 576 00:32:28,480 --> 00:32:30,039 real good when they're in one second. 577 00:32:30,079 --> 00:32:32,240 Speaker 3: Sorry, is that a sign of the recession is coming 578 00:32:32,359 --> 00:32:34,079 or is it a sign that people think a recession 579 00:32:34,200 --> 00:32:34,880 is coming? Well? 580 00:32:35,279 --> 00:32:38,240 Speaker 4: People, but the people are the biggest institutions in the world. 581 00:32:38,359 --> 00:32:43,240 This curve is set by sovereign wealth funds, endowments, pension funds, 582 00:32:43,319 --> 00:32:46,279 insurance companies, the players in that market. It's not that 583 00:32:46,359 --> 00:32:49,759 they're infallible, but they are. It's a it's a basically 584 00:32:50,559 --> 00:32:53,319 distillation of all the big money in the world. Kind 585 00:32:53,359 --> 00:32:55,720 of saying something to you is so you should you 586 00:32:55,759 --> 00:32:58,839 should kind of just not the math is simple. The 587 00:32:58,920 --> 00:33:00,519 YO curve is simple. Look up, but you have to 588 00:33:00,559 --> 00:33:01,400 know what it means. 589 00:33:01,480 --> 00:33:04,519 Speaker 1: Right and where we are now is now it's kind 590 00:33:04,559 --> 00:33:09,200 of flattening, and that's that means the recession is here. 591 00:33:12,079 --> 00:33:12,400 Speaker 2: All right. 592 00:33:12,480 --> 00:33:14,799 Speaker 1: That'll do it for this episode. Thank you so much 593 00:33:14,839 --> 00:33:16,880 for listening. I could not do the show without your 594 00:33:16,960 --> 00:33:19,680 support and the support of the businesses that advertise on 595 00:33:19,759 --> 00:33:22,480 the podcast, so if you'd like, please support them too 596 00:33:22,599 --> 00:33:24,240 and tell them you heard it here. You can also 597 00:33:24,279 --> 00:33:26,839 become a patron at my Patreon page or go to 598 00:33:27,039 --> 00:33:30,680 dpetecleanershow dot com. Again, thank you so much for listening, 599 00:33:30,839 --> 00:33:32,720 and don't break anything while I'm gone.