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Speaker 1: So Zach Abraham, chief Investments for Bulwark Capital Manager, is

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going to join us and Starbucks man utter nazis.

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Speaker 2: This is so utterly abusive to employees.

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Speaker 1: So we'll talk about that with Zach because of course

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he's on boards of companies and he's a fiduciary, invests

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my money, on our families money and other people's money.

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So we'll talk about But plus, he went through on

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his Twitter and he was professor Zach unrealized gains and

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losses and investment securities and what does that mean for us?

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Speaker 2: And why is it insane? And why do we care?

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Speaker 1: Then this what we're lacking in credit creation is being

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more than accounter for with seven percent deficits. Let's talk

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about that. That seems rather important leading up into an

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election at all. But I think we'll also get quickly

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into what things can we look at to determine how

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bad or good the economy is, because the people who

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run things would rather us not not see those things.

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We'll talk about this with the help of our YouTube

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channel YouTube dot com slash at the Todd Herman Show,

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and of course with a great grace of God Almighty.

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Speaker 2: Let's begin.

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Speaker 3: The Todd Herman show is one hundred percent disapproved by

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big pharma technocrats in tyrone s everywhere from the high

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mountains of Free America. Here's the Emerald City XI Todd Herman.

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Speaker 1: Today is the day the Lord has made in These

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are the times through which God has decided we shall live.

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Zach Abraham joins me. He's the chief in investment officer

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of bowl Or Capital Management. On Noel learned to speak.

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Someday maybe when I'm not multitasking looking at a stupid

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computer that will not behave Zach wilcome back to the

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Todd Herman Show.

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Speaker 4: Always good to be back.

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Speaker 1: So, man, I don't know what to say about these

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people at Starbucks and what they're doing to these employees.

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This is unexpected and it's not like me to want

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to come out and defend Starbucks, given you know what

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they are politically, et cetera. But they came out with

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a heck of an announcement. And do you want to

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break it to the people you want me to?

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Speaker 4: Yeah? You you take it? Yeah? Okay?

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Speaker 1: I mean because I'm the professional broadcast so you have

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a great, big radio show and I'm talking about your

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ratio is huge, all right, it's this Starbucks, Warrens corporate staff,

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show up an office or get fire. The golden era

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of remote work seems to be ending. Starbucks is the

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latest mega corporation to enforce a return to office mandate

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for white collar workers.

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Speaker 2: People have got to revolt on this thing, Zach.

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Speaker 1: I mean, there's just this, there's no way around that

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you have to be able to work from home.

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Speaker 5: This reminds me of the old line that you know

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from time to time, the tree of liberty, Blood of tyrants. See,

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we've got we've gone over the event horizon of madness here.

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And I was reading it not just Starbucks, that this

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is the same headline as is occurring in another company

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as well, and it's escaping me right now where it was.

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And this goes to you know, I think you and

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I've discussed before, We've talked about it on our show

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as well, which is, Look, you didn't just turn a

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corner and all of a sudden, this is a work

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from home economy. I think that they're working from home

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going forward will be more prevalent in certain industries, less

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prevalent in others.

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Speaker 4: It is a permanent fixture in the sense.

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Speaker 5: It's not going away, but there are some jobs as

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an employer, you know there are there are some jobs

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where there is a noticeable advantage of having people together, collaboration, talking, communication,

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people like going do it on zoom and.

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Speaker 4: It's like it's I come on right, it's not even

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close to the same.

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Speaker 1: Yeah, And there's something to be said for proximity to

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human beings, right yep. And now my radio company, when

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I worked in morning radio, Shodow and I worked in

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the same building. You were there as often as I was.

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They made this attempt to have us all come into

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the office place. And a lot of us were working

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out of states because of COVID all that, And at

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that point I understood what they were trying to do.

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We need to have a collegial workspace.

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Speaker 2: We need people to work collaboratively. And I was talking

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to the HR lady.

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Speaker 1: I have nothing, no disparaging remarks to make whatsoever, not

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just because I signed the non disparagement agreement that's binding,

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because I don't. But I talked to this lady at

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a jelly lover, great great human being. HR lady, I said,

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but people hate each other. She said, well, but that's

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what we're trying to fix. I go, no, no, no, no, you

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can't fix. You can't fix an office that's eighty five

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percent a radical socialist communist and fourteen percent conservative and

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two percent libertary and one percent libertary. You can't do it.

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You understand something people hate each other, that that's gone.

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You can't fix that. You'd have to completely change the

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office out and bring in absolutely new people and guide

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it as a building. But do you think working in

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proximity to one another prevents that if you have healthy,

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decent leadership. I mean you guys reviewed leadership. You look

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at leadership teams all the time.

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Speaker 4: Yeah, no, I look.

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Speaker 5: Wild deliver in a world that is literally where the

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woke agenda is now calling into question the efficacy of

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brown versus the Board of Education, right, which is you know,

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the re segregation of college campus right. So I mean

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you've got to take that into context. Yes, in this world,

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I think that division and separation only exacerbates the issues.

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Speaker 4: I think it is great to have.

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Speaker 5: For instance, it's easy to us for us to myopically

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look through a lens, but let's roll with it. One

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of the I think one of the easiest over time,

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one of the easiest ways to bridge the political divide,

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for instance, to convince let's say, young, really woke people

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that anybody that disagrees with them isn't evil. Let them

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work in an office with these people and see that

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they can give money to poor people, they can give

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to charitable causes.

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Speaker 4: They're good people, you know what I mean.

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Speaker 5: Like it humanizes things, and on all levels, that's always

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a helpful thing. I think it's so often or not

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we characterize people that disagree with us with the most

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outrageous version of that disagreement, rather than seeing the normal,

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well intended people that actually make up the vast majority

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of supporters of whatever that you know what I'm saying,

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whatever idea that is, you know, And we can even

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do it as a little thought experiment here. The average

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Kamala Harris voter, the average is not somebody that wants

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to decimate the Bill of Rights or rip down free markets.

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Speaker 3: Right.

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Speaker 5: The average Kamala Harris voter, the average one waits certain things.

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Speaker 4: Now, whether they're right to do this or not, we

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can discuss it a lot. Obviously.

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Speaker 5: I think most of the listeners know you're in my

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opinions on this, but they're not evil people. The average

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Kamala Harris Fold. Are they backing something that's particularly evil?

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I think so, right, that's my opinion.

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Speaker 1: You know who they are average? Can I tell you

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what I think they are? What terrified?

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Speaker 4: Yeah, i'd agree, I would agree.

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Speaker 2: Right, And I mean, and you and I were garbage?

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Speaker 4: Well apparently, did you know by the way I watched it.

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Speaker 1: I watched this time and we watched this really closely

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the other day. I think it was Wednesday that went

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up on our three story segment. Right on Wednesday. He's

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reading that. He's reading that statement, Zach someone wrote that

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for him. I mean, you watch his black Reptilian Parkinson's

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impacted medicated eyes.

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Speaker 2: Joe Biden is reading that statement.

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Speaker 1: It looks like it, yeah, which makes it worse.

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Speaker 4: It does.

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Speaker 5: But it's one of the reasons why I'm doubting that

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he would read it, because that means the staff prepared

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that for.

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Speaker 1: Oh no, no, no, no, oh. I just I think

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he's so far gone. I think he's so complete and

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he could read that note. And I'll confess something to

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you now, this is a confession to this audience. I

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don't like polling data. I mean I used to do it.

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I ran a big data company. I sold a big

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data company at one point. I found it very interesting.

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But because they don't trust political polls, because they don't

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believe in the networks that do them. We used to

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in radio be told you have to do one polling

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show per week. Okay, so one day a week, you

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need to do a show that's intense on polling. I'm like,

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you're telling me, as a program director, I need to

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talk about things they don't care about. And program director said, yes,

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but you're really good at it. You have really good

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insights on polling and data ready, and this is a

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true thing. I did an hour on polling as prescribed.

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I argued it down to one hour, not a whole show,

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one hour, and I got done with that hour and

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it was wrapping up the show. I wrapped up with

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the personal note like I used to do in radio,

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and I said to my producer, did anything I say

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make sense? It's like what I go. Did anything I

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said today make any sense whatsoever? Because Yeah, I thought

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it was a great show. It's very interesting, dude, I

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had no idea I was. I mean, this was an

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autopilot show and I just turned my brain off. Biden's brain,

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I think is medically off man and so hey, sit down,

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read this, he can read it. And then probably sixteen

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seventeen minutes later, I think I called people garbage.

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Speaker 5: Yeah, it's a strange it's really a strange place that

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we've gotten ourselves into. Meaning, you know, it kind of

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goes into what we're talking about, like the vitriol, the

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vitriol that is embodied in this pre I mean, getting

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to the point where you're called I mean, let's think

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about this. It's so we have a system and a

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media that is so focused on one side, not the other.

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The sitting US president just referred to fifty percent of

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the US populace as garbage.

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Speaker 1: And then the political said that he didn't say it.

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What they said is that he referred to the hatred

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of Trump supporters as garbage.

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Speaker 4: But the problem is is that's not what he said.

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Speaker 2: I know, I know that's what he said.

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Speaker 4: I know.

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Speaker 5: Now the White House, now the White House has changed

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the transcript.

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Speaker 1: Which is illegal. Yeah, it's illegal to aulter a presidential transcript.

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Speaker 5: Look, everybody and see here, here's here's the political idiocy

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of the left right here. Okay, everybody and their mother

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knows the guy's not right. In his mind to come

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out as folk, right. I mean they're making it so,

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they're making it so much of a bigger like it

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should be a bigger like it should be a big thing.

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Speaker 1: Don't get me wrong, right, but just as folk days

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before the election, they should just come along and say,

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you know what we needed to go. Simcinia, he's got

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Parkinson's real bad like. He doesn't know where he is.

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He he thought he was Kamal Harris when he was

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reading that. He actually thought he was Kamal Harris. We

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have an economy that's going to be effect by all this,

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and whoever wins or is installed as it were, I

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need to talk with you about the way.

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Speaker 2: There's a great article in the show notes.

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Speaker 1: We won't get two into it because it's really long

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article about how the government is constantly constantly changing and

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altering economic data to make it look better. So we'll

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talk about Zach about this in a second. Since it's

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the economy. Let me tell you this and this. I

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got this note from Jen at Radio America Sales and

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it's forwarded from Bioptimizers. They're doing their November Black Friday

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don't know how they survived this way. So all their products.

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You get to biptmizers dot com and slash Todd and

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use promo code Tod. Now that's important. Okay, you got

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there's a couple things that I want you to know about.

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to win up to one hundred dollars in free product

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from Bioptimizers. So Zach, there's a great article at zero

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Hedge about many of the ways that the government gaslights

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people about the economy. And it relates to unemployment numbers,

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it relates to inflation numbers, it relates to calculations of

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the GDP taking this product set out. For instance, they

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were making the case that inflation are not gone up.

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But oh, by the way, we remove staples like food

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and energy from the GDP data so that they could

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claim that, just like they did with the crime statistics,

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the FBI removing major cities from that. So how can

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we as Americans? How is how can we as Americans

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really make sure that we're not getting gamed? Like what

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can we look around us and say, Okay, the economy

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is in bad stead.

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Speaker 4: Man, that's a tough question.

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Speaker 5: And in the past, I mean they were, I mean, shoot,

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in the past a lot of times the United States

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users look at the stock marketing and we tell you

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the story that's been gained to a certain extent, it's

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a little bit tough. But this goes to one of

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the things that we've been talking about a lot. And

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there's a there's an interesting article out here that I

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want to pull up for you on the exactly on

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this topic. It's funny because I just tweeted about this,

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but it says it's from the economists, and it says,

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quote unquote, sentiment is weak, almost at the level you

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might expect if the economy were in a state of recession.

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That's one of the biggest data puzzles out there. Okay, well,

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I can't tell you definitively. Whenever we're discussing the economy,

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people need to keep in mind and you can agree,

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you can disagree with me all you want. I did

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at the beginning of my career, and I have learned

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over the last sixteen or seventeen years that whether I

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agree with it or not, it doesn't matter.

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Speaker 4: This is true.

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Speaker 5: There is no more dynamic complex system in the world.

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In the world now there's life is a more nature's

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techickly a more complex system. But in terms of man

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made systems, there really isn't a more complex system with

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more variables than an economy. The inputs are just incredible

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in terms of the numbers of them, which makes it

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why it's so hard to have economic predictions.

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Speaker 4: Right.

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Speaker 5: But what we were saying was that when you that

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headline from the Economist does not surprise me at all.

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Why because you're running seven percent deficits, meaning.

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Speaker 2: You've got to explain this. This you tweeted about this.

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Speaker 1: I'm sorry to interrupt you, but this is so vital

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and important to understand. Let me stop quick with sentiment.

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You're saying sentiment is weak. So this is people's trust

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in the economy. So p so the distributed wisdom and

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emotions of Americans are saying, hey, you know what, things

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don't feel right? Okay, And then you're explaining this mathematically

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with these seven percent deficits.

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Speaker 4: Yeah so, And quite honestly, sentiment indicators have been fairly good.

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Speaker 5: Every data set has its has its, you know, good

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parts and bad parts. And there is no and I

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repeat this, there is no one hundred percent accurate economic

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indicator on the face of the earth period full stop.

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Speaker 4: Okay. But sentiment indicators historically have been pretty good.

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Speaker 5: They've been really bad over the last twelve to thirteen

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years predicting recession.

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Speaker 4: Why.

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Speaker 5: There's several reasons why, but one of the biggest reasons,

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in my opinion, is that government and central banks have

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taken a much more central role. When you understand how

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we measure economic output, which is GDP, right, gross domestic product.

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Speaker 4: And we've talked about this.

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Speaker 5: Before on this show, and I've talked and I'm going

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to oversimplify it for the sake of brevity, but when

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you understand the way GDP is calculated, it really is

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the summation of virtually all transactions that happen inside of

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an economy over a given period of time.

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Speaker 4: Okay.

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Speaker 5: So when a government begins to spend seven percent deficits,

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and when that government its deficits have averaged historically one

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and a half to two and a half percent, okay,

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that is going to set off. That is going to

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show GDP going up, right, because it's pouring cash into

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a system right.

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Speaker 1: But just got it. Okay, just before you said it,

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I'm like, oh, of course, deficit spending seven percent? Oh look,

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ching every transaction. Oh oh wow, we're good. This is

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adding up. This is economic activity. Right, Paying our debts

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or not even paying our debts, paying to float the

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interest on our debts, right, paying the credit card minimum

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every month and not even that in our case is

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economic activity.

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Speaker 4: Right? So what did we so?

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Speaker 5: An easy way to look at this lot so is

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what did we see from the end of two thousand

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and nine to twenty twenty, right, what did we we

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saw on a stock market going ballistic, rich getting richard

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and they've ever been record low wage gains for Middle America, right,

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and record slow growth coming out?

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Speaker 4: Well, why was that same basic dynamic?

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Speaker 3: Right?

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Speaker 5: Because, and here's the catch, this is why you'll get

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good economic readings with bad sentiment. Where does that deficit

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spending go to? It goes to companies and places where

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the government does business with. It doesn't filter through the

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economy like normal GDP would.

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Speaker 4: Right.

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Speaker 5: Like, so let's say we have a productivity boom, Okay,

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all parts of the economy virtually are going to be impacted,

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usually in a positive way. From a productivity boom, whether

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it comes from the Internet, new technology, whatever the case

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may be. Whereas with deficits spending, you're going to have

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the people that are or the people in corporations that

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are receiving that are beneficiaries of that deficit spending, and

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then you're gonna have people that aren't.

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Speaker 4: Right, it's very bifurcated.

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Speaker 5: And so what we would expect, and one of the

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things we were talking about is in a big deficit

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environment like this, we expect to experience periods of time

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with sentiment and house holding, net worth and all these

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other things where it looks and feels like a recession.

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Speaker 4: But GDP is still going up.

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Speaker 5: And as deficits become bigger percentages of the economy, that

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anomally should become more and more present, right because because

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it'll make the economy look less and less cyclical, because

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that that government spending is as steady as a clock.

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Speaker 1: Well, so this is a massive economic lie. And if

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you're listening to this, by the way, versus watching it,

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00:19:28,599 --> 00:19:31,440
Zach Abraham's with a chief investment officer Bulwark Capital Management,

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00:19:31,759 --> 00:19:34,720
new Uroscrity dot Com. All right, let me expand this. Then,

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so the Bible tells us to be really really careful

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about debt and usery, maybe don't charge people users' rates

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and be ready to forgive loans and the seven year jubilees,

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whereas our society, if I to understand this correctly, are

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seven percent deficit, is economic activity that softens a weak

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economy's appearance, because hey, look it's it's it's it's economic activity.

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Speaker 4: Air go.

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Speaker 1: Then it would seem to me that one of the

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things that the central banks really like are people paying

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the monthly minimum on their credit cards because it's repeating

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cyclical economic activity that ain't ever going to stop. And

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sure there's some bankruptcies here in there, but they don't

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really care about that because this is just French cases.

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Plus they're just little people. I mean, they're just an

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ordinary folk. It doesn't really matter if they go bankrupt.

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So that's revolving credit line thing, minimum bounces on your

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tire credit card, your gas credit card, store credit cards,

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visa MasterCard. That's also economic activity, albeit stalemating hamster wheel

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I mean usury or if you like, it's almost like

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sharecropping in a way.

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Speaker 5: Yeah, yeah, And I mean look, and it answers so

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many questions. And look, again, these are very complex things.

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So are there is there more to it than this? Yes,

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but it's a big it's this is the lion share,

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you know, part of what we're seeing right, Like for instance,

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just all you have to do is go back and

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look at World War two. Go look what happened to

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gross domestic product in World War two went through the roof. Right,

404
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that's the last time we were running seven percent deficits. Okay, Now,

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a little bit different then because you didn't have automation, right,

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So literally every bit of that production what was feeding

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back into the consumer's pocket, right, because you had to have.

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Speaker 4: People making all of these goods.

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Speaker 5: You didn't have machines doing it, you didn't have factories

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in China doing it, right, So the feedback loops were

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going right back into the main economy.

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Speaker 4: Today that's not the case.

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Speaker 5: It's feeding right back into the corporation's hands, therefore the

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wealthy's hands. But now, is there some trickle down effect? Yes,

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there is, there is some trickle down effect.

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Speaker 4: But what we're.

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Speaker 5: Saying is if we look at a normal economy that,

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let's say in America is growing at four percent, right,

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everybody feels good go back to two thousand and six,

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two thousand and seven, we're cranking along three three and

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a half percent GDP.

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Speaker 4: We're in there.

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Speaker 5: Everybody felt good, right, every part of the economy was

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doing well.

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Speaker 4: It was about to get bad, but everybody felt good.

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Speaker 3: Right.

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Speaker 4: How is it that we're today where GDP numbers are

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above that, household net worth and numbers are above.

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Speaker 5: That, wages have gone way up, and yet sentiment readings

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today are nothing like you saw on six o seven.

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Speaker 4: Why is that?

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Speaker 5: Well, because the delta between GDP and how it's affecting

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consumers is much larger than it was then, because so

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much more of the GDP is government deficit spending, right,

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and that's not having so you so on the surface

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of it, you go, well, the last time GDP was

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expanding like this, it was the best of times. We

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were like, yeah, but that was real GDP growth, that

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wasn't just deficits spending.

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Speaker 4: Right.

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Speaker 2: It's almost this extraordinary for people to understand.

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Speaker 1: We have built in our in our in our economy,

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the most labyrinthine and broad set of perverse incentives that

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have ever existed in mankind's history, and.

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Speaker 5: We've created We've created an economic Potempkin Village on top

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of it.

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Speaker 1: Okay, so people, some people know what Potempkin Village means.

448
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Other people don't. Alex Overall, who's a very smart young man,

449
00:23:10,920 --> 00:23:13,480
produces the show now because nine is moving on to

450
00:23:14,079 --> 00:23:18,160
a bigger, better career or different care I should say

451
00:23:18,240 --> 00:23:21,559
bigger better. It's bigger better. You don't look at me

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00:23:21,640 --> 00:23:23,599
that way, young lady. We're very proud of you. We're

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very very we're thrilled to I've had you.

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Speaker 5: Hear.

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Speaker 1: But so Alex doesn't know what Potentmkin Village means.

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Speaker 5: Okay, So Potempkin Village goes back to the the the

457
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what would you call it? The the the I'm forgetting

458
00:23:36,279 --> 00:23:39,440
the name, but Russia, back to Russia when they have

459
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these art right yep. And I'm forgetting exactly who it was.

460
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But Petempkin was like or was it No? Was it

461
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was it Rasputin? Or I think it was named after

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the guy Patempkin. Anyway, he was like a Department of

463
00:23:52,400 --> 00:23:56,200
the Interior, kind of like a Rasputin like character, and

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we really wanted to ingratiate himself with the Tsar.

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Speaker 4: It might might have been actually been Catherine the Great.

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Speaker 5: I gotta go brush up on the story anyway, Long

467
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story short, he's supposed to be developing the interior.

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Speaker 4: He's not doing a very good job.

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Speaker 5: But what he does instead is he goes around the

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countryside setting up all of these false front buildings, right,

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and so then he drives through the country and he's

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showing the queen or the tzars or whatever it is, like, hey.

473
00:24:19,519 --> 00:24:22,559
Speaker 4: Look at everything that we've done. Well, you know, it

474
00:24:22,640 --> 00:24:24,880
was just a facade. It was like in old West towns, right,

475
00:24:24,920 --> 00:24:27,440
how they are the false fronts, right?

476
00:24:28,279 --> 00:24:30,559
Speaker 5: So yeah, so on the surface it looks like one thing,

477
00:24:30,599 --> 00:24:32,279
but you know, when you look behind it, there's other.

478
00:24:32,519 --> 00:24:36,119
Now I'm not saying it's fully a Potempkin village because

479
00:24:36,119 --> 00:24:38,359
the GDP readings are accurate.

480
00:24:38,680 --> 00:24:40,480
Speaker 4: Okay they're not. They're not falsified.

481
00:24:40,599 --> 00:24:43,400
Speaker 1: Oh wait, hold it please, I love you so much.

482
00:24:43,559 --> 00:24:49,440
You're the greatest economic mind I know. Until the government says, gosh,

483
00:24:49,519 --> 00:24:53,559
inflation's up, could we go ahead and remove some of

484
00:24:53,599 --> 00:24:56,759
the measures like core items like oh, I don't.

485
00:24:56,599 --> 00:24:59,400
Speaker 4: Know food, right, but that's inflation numbers.

486
00:24:59,440 --> 00:25:04,160
Speaker 1: Okay, right, but the GDP is up, okay, got that,

487
00:25:04,720 --> 00:25:07,000
But this other lever we look at inflation.

488
00:25:07,240 --> 00:25:09,960
Speaker 2: Oh, that's that's mine. So GDP's everything.

489
00:25:10,599 --> 00:25:13,359
Speaker 1: Inflation is all the things, accept the things you need

490
00:25:13,400 --> 00:25:13,720
to live.

491
00:25:14,319 --> 00:25:17,839
Speaker 5: Right, So those numbers affect what we call real GDP,

492
00:25:18,039 --> 00:25:18,759
which real.

493
00:25:19,079 --> 00:25:19,279
Speaker 4: Yeah.

494
00:25:19,359 --> 00:25:23,119
Speaker 5: Real GDP is the nominal growth number less inflation.

495
00:25:23,720 --> 00:25:25,960
Speaker 4: Okay, so you got a minus inflation from it. That

496
00:25:26,000 --> 00:25:26,799
gives you a real number.

497
00:25:26,920 --> 00:25:30,640
Speaker 5: But what I'm saying is the nominal GDP number is accurate.

498
00:25:31,359 --> 00:25:33,200
Speaker 4: Okay, it is accurate. Okay.

499
00:25:33,480 --> 00:25:36,839
Speaker 5: What isn't in my opinion, and I think that there's

500
00:25:37,039 --> 00:25:40,119
a preponderance of evidence to back this up, is the

501
00:25:40,119 --> 00:25:41,079
inflation data.

502
00:25:41,839 --> 00:25:44,720
Speaker 4: Okay. And we've talked about this on the show before.

503
00:25:44,759 --> 00:25:49,000
Speaker 5: Well, if my inflation data is incorrect and it's understated,

504
00:25:50,000 --> 00:25:54,759
then my GDP number could be accurate and properly stated.

505
00:25:54,960 --> 00:25:56,599
Speaker 4: But it's only as good as the inputs.

506
00:25:57,160 --> 00:26:00,599
Speaker 5: Right, So if my inflation data is in correct and

507
00:26:00,640 --> 00:26:04,759
it's artificially understated, then GDP real.

508
00:26:04,480 --> 00:26:07,119
Speaker 4: GDP is going to come in artificially high. Right.

509
00:26:07,279 --> 00:26:09,559
Speaker 5: But it's not because they're screwing with the GDP numbers.

510
00:26:09,559 --> 00:26:11,640
They're messing with the inputs. Does that make sense?

511
00:26:11,759 --> 00:26:12,039
Speaker 2: Yes?

512
00:26:12,079 --> 00:26:15,079
Speaker 1: And I'm just thinking of God's word. I don't remember

513
00:26:15,079 --> 00:26:18,119
what psalmness is but God uses the simple things to

514
00:26:18,400 --> 00:26:23,359
shame the wise, and the weak things to shame the strong.

515
00:26:24,200 --> 00:26:27,240
So I'm listening to this and what you just said

516
00:26:28,079 --> 00:26:33,759
is about thirteen minutes of financial education that should be

517
00:26:34,359 --> 00:26:40,680
core to every single I'm talking maybe ninth grade in

518
00:26:40,680 --> 00:26:44,319
a simplified form, all the way through high school every

519
00:26:44,400 --> 00:26:48,359
year to put on constant as the youngs say, or

520
00:26:48,359 --> 00:26:51,640
and repeat as us old say. So people begin to

521
00:26:51,720 --> 00:26:55,000
understand not much just potentkin village means, but how this

522
00:26:55,000 --> 00:26:58,640
stuff has all been rigged. And Zach Abraham, the irrestrated

523
00:26:58,680 --> 00:27:02,480
dot com Chief investment Officer Bulwark Capital Management, thank you

524
00:27:02,519 --> 00:27:03,279
for that explanation.

525
00:27:03,359 --> 00:27:04,920
Speaker 2: It is one other things I want to ask you,

526
00:27:05,039 --> 00:27:06,240
and it relates to this.

527
00:27:06,279 --> 00:27:08,759
Speaker 1: It's a carry out of this conversation, and it's about

528
00:27:08,759 --> 00:27:10,079
that GDP being complete.

529
00:27:10,079 --> 00:27:11,200
Speaker 2: I'm going to push back on that.

530
00:27:11,640 --> 00:27:14,440
Speaker 1: I contend it's not complete, and I'll tell you why

531
00:27:14,480 --> 00:27:15,839
I mean this in just a second. Okay, Why I

532
00:27:15,920 --> 00:27:20,039
say that there is a GDP that's moving outside this

533
00:27:20,079 --> 00:27:23,319
country and it's part of what used to belong here

534
00:27:23,559 --> 00:27:27,519
is healthcare spending. Now I know healthcare spending goes up

535
00:27:27,559 --> 00:27:29,559
all the time in the United States. Thomas Massey just

536
00:27:29,559 --> 00:27:32,559
showed this chart, Ran Paul showing it. President Trump showed

537
00:27:32,559 --> 00:27:35,559
it on the Joe Rogan Experience. This chart where our

538
00:27:36,000 --> 00:27:39,200
spending on healthcare continues to skyrocket and yet healthcare outcomes

539
00:27:39,240 --> 00:27:42,720
are continued to decline in this country. Well, that's because

540
00:27:42,759 --> 00:27:47,880
it's not healthcare. That's because healthcare is happening outside this country.

541
00:27:48,400 --> 00:27:53,200
Is happening outside this country. And when that occurs, we

542
00:27:53,319 --> 00:27:58,079
lose not just GDP, but we lose respect for our

543
00:27:58,119 --> 00:28:01,960
healthcare system. But it's not like the other countries are

544
00:28:02,000 --> 00:28:05,359
getting better. They're taking our stuff and using it better.

545
00:28:06,319 --> 00:28:08,079
In the case support of art to Mexico, there's a

546
00:28:08,079 --> 00:28:11,240
healthcare clinic there I go to called Renew Healthcare, and

547
00:28:11,319 --> 00:28:14,000
they do one thing, and they do it extraordinarily well.

548
00:28:14,680 --> 00:28:18,720
They source ethically gathered stem cells from placentas and umbilical cords.

549
00:28:19,240 --> 00:28:22,119
They pay for the entire birth cycle of the women

550
00:28:22,599 --> 00:28:24,480
whether or not they use their stem cells because they

551
00:28:24,480 --> 00:28:27,759
only accept about ten percent of stem cells, and then

552
00:28:27,759 --> 00:28:30,920
they culture them in their lab. In Mexico, they have

553
00:28:31,319 --> 00:28:34,039
invested in creating their own oxygen because they want to

554
00:28:34,079 --> 00:28:36,759
know exactly how pure it is. They don't want any

555
00:28:36,799 --> 00:28:39,160
supply chain issues, so they've invested a ton of money.

556
00:28:39,200 --> 00:28:40,880
I've stood in the room where they produce the auctionen.

557
00:28:40,880 --> 00:28:45,039
It is incredible. They have the largest hyperbaric chamber in

558
00:28:45,079 --> 00:28:48,519
North America. When you sit in that, it helps reduce inflammation.

559
00:28:48,599 --> 00:28:50,759
Immediately after they inject you with the stem cells, it

560
00:28:50,799 --> 00:28:54,240
helps activate them drive it into your muscle tissue. That's

561
00:28:54,240 --> 00:28:58,160
all happening in Mexico. It helps people avoid surgeries, recover

562
00:28:58,440 --> 00:29:02,400
so much faster that even can correct traumatic brain injuries,

563
00:29:03,240 --> 00:29:07,519
violent injuries like horse writing accidents, car accidents. It's amazing.

564
00:29:08,359 --> 00:29:13,440
And here it's illegal because our government wants to burn

565
00:29:14,119 --> 00:29:17,880
placentas in aabilical cords. So that portion of our GDP

566
00:29:18,079 --> 00:29:21,160
is where it belongs in a healthcare clank, albeit in Mexico,

567
00:29:21,200 --> 00:29:23,400
which is the part of our to the safest city

568
00:29:23,440 --> 00:29:26,319
in Mexico, I totally endorse these guys. Go to renew

569
00:29:26,400 --> 00:29:28,839
dot Healthcare. It's r E n U E dot Healthcare.

570
00:29:29,160 --> 00:29:32,759
They'll hook up with your doctor here and see your MRIs,

571
00:29:32,799 --> 00:29:34,240
your cat skins, figure out if they can help you,

572
00:29:34,279 --> 00:29:35,920
and they'll tell you if they can, and if they cannot,

573
00:29:35,920 --> 00:29:40,559
they'll say, sorry, we can't. It's renew dot healthcare. So Zach,

574
00:29:40,680 --> 00:29:42,960
let me just push back every so gently on this

575
00:29:43,279 --> 00:29:47,880
idea that our GDP is accurate. All right, how much

576
00:29:48,240 --> 00:29:52,000
are we earning on fentanyl in the country, street fentanyl?

577
00:29:52,680 --> 00:29:56,920
Think about it? And sex trafficking and how much underground

578
00:29:56,960 --> 00:30:01,119
labor is going on in terms of immigration, how much,

579
00:30:01,279 --> 00:30:04,799
how much extortion, and how much actual money laundering. So

580
00:30:04,880 --> 00:30:08,359
let's start with a big one like drugs dugs is

581
00:30:08,400 --> 00:30:12,759
a multi hundred billion dollar business at probably six hundred billion.

582
00:30:13,200 --> 00:30:17,400
Sex trafficking globally is approaching that. In America is one

583
00:30:17,440 --> 00:30:20,240
of the top centers for sex trafficking. Sadly, there's what

584
00:30:20,359 --> 00:30:22,680
six hundred billion plus six hundred bility you're starting to

585
00:30:22,680 --> 00:30:25,880
talk about some like fairly large money.

586
00:30:26,000 --> 00:30:31,240
Speaker 5: Yeah, yeah, those are those are what we call statistically significant.

587
00:30:30,480 --> 00:30:34,559
Speaker 1: Figures, statistically significant figures. Is there anything in finance that

588
00:30:34,720 --> 00:30:37,640
actually tracks that or is there any way to know that's?

589
00:30:37,680 --> 00:30:39,400
I mean, we know what's going on. We could take

590
00:30:39,400 --> 00:30:42,519
that data and apply it. I guess should that be

591
00:30:42,519 --> 00:30:45,119
included in economic numbers? Because you've said, and you've taught

592
00:30:45,119 --> 00:30:48,279
me to believe that a nation's economy is a sign

593
00:30:48,319 --> 00:30:49,720
of its morals, and a moral is the sign of

594
00:30:49,759 --> 00:30:50,440
its economy.

595
00:30:51,559 --> 00:30:54,559
Speaker 4: Yeah, you know, that's an interesting question, man, that's one

596
00:30:54,599 --> 00:30:55,559
I've never gotten before.

597
00:30:57,079 --> 00:30:59,279
Speaker 2: So let's start with an easy one. Should it be

598
00:30:59,319 --> 00:31:00,519
included in our ap.

599
00:31:02,480 --> 00:31:03,519
Speaker 4: Probably? Okay.

600
00:31:03,880 --> 00:31:07,599
Speaker 5: There's two ways to approach this topic, one that is

601
00:31:07,799 --> 00:31:12,640
purely analytical and one that is more cultural and morality based.

602
00:31:12,680 --> 00:31:14,480
Speaker 4: So let's start with a purely analytical one.

603
00:31:14,599 --> 00:31:16,640
Speaker 1: Okay, probably have separate music for this one, like the

604
00:31:16,680 --> 00:31:18,799
Jeopardy theme, and then after us we'll get to a

605
00:31:18,839 --> 00:31:21,480
c DC back and blackers. Okay, so you're going to

606
00:31:21,519 --> 00:31:23,400
say analytically, Yeah.

607
00:31:23,240 --> 00:31:25,960
Speaker 5: So what I would say is probably not on an

608
00:31:25,960 --> 00:31:30,039
analytical basis, and the reason why would be because these

609
00:31:30,079 --> 00:31:33,559
are what we'd refer to is off ledger off. I mean, look,

610
00:31:33,720 --> 00:31:36,279
I hate talking about this stuff because this is you know,

611
00:31:36,319 --> 00:31:40,000
the ruining, the absolute ruining of human lives, the destruction

612
00:31:40,119 --> 00:31:40,960
of human spirits.

613
00:31:41,519 --> 00:31:43,559
Speaker 4: It's horrific, right, But if.

614
00:31:43,400 --> 00:31:45,359
Speaker 5: We want to look at it through an analytical lens,

615
00:31:45,640 --> 00:31:47,559
these are what we'd refer to as off balance sheet

616
00:31:47,599 --> 00:31:53,319
or off ledger transactions, meaning they're they're the the the

617
00:31:53,319 --> 00:31:57,599
the multiplier effect on on that on that economic activity

618
00:31:58,359 --> 00:32:02,519
is going to be substantially different than the multiplier effect

619
00:32:02,559 --> 00:32:07,519
off of normal economic activity, meaning that economic the money

620
00:32:07,559 --> 00:32:09,519
that is produced from those activities is not going to

621
00:32:09,559 --> 00:32:13,319
flow to nearly as many hands. A lot of it

622
00:32:13,359 --> 00:32:15,720
is going to be pushed back outside of the country,

623
00:32:15,759 --> 00:32:21,680
so we'll have way less downstream positive impacts. So if

624
00:32:21,720 --> 00:32:23,799
I was sitting there, if somebody asked me to conduct

625
00:32:23,799 --> 00:32:29,839
GDP and calculate those numbers into it, I would probably initially,

626
00:32:29,880 --> 00:32:32,480
Now the data might take you somewhere else, but initially

627
00:32:32,519 --> 00:32:35,359
my approach would be something like, Okay, here's what we

628
00:32:35,480 --> 00:32:38,599
believe the gross number is. Now we're gonna we're gonna

629
00:32:38,599 --> 00:32:42,319
adjust that number because it isn't gonna it isn't going

630
00:32:42,400 --> 00:32:46,000
to transact like normal GDP, right, So you would want

631
00:32:46,000 --> 00:32:48,359
to discount it to some degree, right.

632
00:32:50,039 --> 00:32:51,359
Speaker 4: Just because a lot a lot of that money is

633
00:32:51,400 --> 00:32:53,119
going to be moved out of the system. It's not

634
00:32:53,240 --> 00:32:56,000
going into banks, it's not creating tax revenue.

635
00:32:56,599 --> 00:33:01,640
Speaker 6: Banks, right, right, So it's laundered, right, and okay, so

636
00:33:01,720 --> 00:33:03,759
you might you know what, as we sit here and

637
00:33:03,759 --> 00:33:07,039
talk about it, Todd, you know what, honestly, and new

638
00:33:07,119 --> 00:33:11,160
factor drugs into it, it's probably a negative GDP impact.

639
00:33:10,839 --> 00:33:13,359
Speaker 2: Because of it leaving the country. Being launched. But there

640
00:33:13,359 --> 00:33:15,759
are banks here who know they're laundering.

641
00:33:15,359 --> 00:33:18,319
Speaker 5: This, right, And the cost well, and remember the costs

642
00:33:18,400 --> 00:33:21,480
assigned by both are still being the costs that are

643
00:33:21,519 --> 00:33:26,200
inherent in both, right, both societally law enforcement wise.

644
00:33:26,279 --> 00:33:29,440
Speaker 4: Right, all these other costs, those costs are still realized.

645
00:33:29,640 --> 00:33:30,920
The profit is not. It's moved.

646
00:33:31,200 --> 00:33:34,240
Speaker 1: Yeah, profits moved, except there are US banks that know

647
00:33:34,319 --> 00:33:37,640
they have high risk transactions and they know it's laundering,

648
00:33:38,279 --> 00:33:41,079
they know it's cartel money, but they'll look the other

649
00:33:41,119 --> 00:33:43,680
way for their percentage. It's the same thing that we've

650
00:33:43,680 --> 00:33:46,559
talked about in New York City, well in other cities.

651
00:33:46,599 --> 00:33:49,720
In fact, Eric Adams he called this out. You know,

652
00:33:50,720 --> 00:33:52,240
I don't want to say the mayor of New York

653
00:33:52,279 --> 00:33:54,519
is getting red pilled. But ever since he made the

654
00:33:54,960 --> 00:33:58,039
tremendous mistake of speaking truth about mass illegal immigration in

655
00:33:58,039 --> 00:34:00,799
his city, and you know who's in the saying, guys,

656
00:34:00,839 --> 00:34:02,240
help me here, I need some money.

657
00:34:03,000 --> 00:34:03,799
Speaker 2: Ship them out of here.

658
00:34:03,839 --> 00:34:04,000
Speaker 4: Man.

659
00:34:04,039 --> 00:34:06,240
Speaker 1: People are seeing people see what we're doing. This is

660
00:34:06,240 --> 00:34:08,880
affecting my political career. And Eric b fine, you're in

661
00:34:08,880 --> 00:34:10,800
a democratic city. We're gonna take care of you. So

662
00:34:11,039 --> 00:34:12,920
when he told them, he said that now the DJ

663
00:34:13,079 --> 00:34:15,800
is investigating him. He actually came out. Then he wants

664
00:34:15,800 --> 00:34:18,119
to house these people in neighborhoods. He just wants them

665
00:34:18,119 --> 00:34:18,719
out of the city.

666
00:34:18,719 --> 00:34:18,880
Speaker 4: Man.

667
00:34:18,880 --> 00:34:21,320
Speaker 1: He wants give people bonuses to put them and build

668
00:34:21,320 --> 00:34:24,599
a spare bedroom and your additional dwelling unit. But he

669
00:34:24,639 --> 00:34:27,400
said something that you and I've talked about. He said,

670
00:34:27,400 --> 00:34:30,519
there are banks that are taking a raak for the

671
00:34:30,559 --> 00:34:33,559
money they hand out to illegal immigrants. It's so just

672
00:34:33,599 --> 00:34:38,440
tin get this. We are taxed at by force. It's

673
00:34:38,480 --> 00:34:41,320
taken from us, given to government bureaucrats who number one

674
00:34:41,360 --> 00:34:46,039
pay themselves number two stock up for their retirement guaranteed

675
00:34:46,039 --> 00:34:50,719
pensions no one else gets. Then they take that money

676
00:34:50,800 --> 00:34:53,719
and they give it to banks, and the banks go sweet,

677
00:34:53,719 --> 00:34:55,559
thank you. Oh, we're gonna have some management fees on

678
00:34:55,599 --> 00:34:57,239
top of this. I mean, it shouldn't top out. You know,

679
00:34:57,239 --> 00:34:59,880
it's probably not more than seven percent to do what

680
00:35:01,320 --> 00:35:04,039
So put it in our account and then give people

681
00:35:04,199 --> 00:35:11,039
a six cent plastic rectangle that's a debit card. And yeah,

682
00:35:11,079 --> 00:35:14,159
we've got some infrastructure stuff ATMs et cetera. Probably costs

683
00:35:14,199 --> 00:35:17,480
us up to one one percent each time you scan

684
00:35:17,599 --> 00:35:22,440
the card. If that, if that, and that economic activity.

685
00:35:23,960 --> 00:35:30,079
I mean it's tracked, but is it really tracked given

686
00:35:30,440 --> 00:35:33,559
the opportunity loss? I mean, you think about and we

687
00:35:33,559 --> 00:35:35,559
don't talk about this. This is also an interesting question.

688
00:35:36,199 --> 00:35:38,599
Speaker 5: Well yeah, that's also just so so if we just

689
00:35:38,719 --> 00:35:44,280
if we just look at money going to especially illegal immigrants,

690
00:35:45,559 --> 00:35:47,559
the same thing that that that is a that is

691
00:35:47,599 --> 00:35:49,519
an economic activity black hole.

692
00:35:50,000 --> 00:35:51,679
Speaker 4: And the reason why I say.

693
00:35:51,440 --> 00:35:53,599
Speaker 5: That is because so the banks are still making money

694
00:35:53,639 --> 00:35:56,159
on us, So that's going to count towards GDP in

695
00:35:56,239 --> 00:35:59,639
that funny. In that funny, the banks benefit from it

696
00:35:59,679 --> 00:36:02,199
almost somebody else does, right, And and and the reason

697
00:36:02,280 --> 00:36:04,000
for that is just simply, when you look at the

698
00:36:04,079 --> 00:36:07,880
amount of money earned or given to illegal immigrants by

699
00:36:07,880 --> 00:36:12,079
the government or through their job or whatever, a disproportionate

700
00:36:12,079 --> 00:36:14,079
amount of that money gets shipp back to wherever they're.

701
00:36:13,880 --> 00:36:15,119
Speaker 4: From on average.

702
00:36:15,239 --> 00:36:18,800
Speaker 5: Right, So so that is like a transporting of GDP

703
00:36:19,079 --> 00:36:20,760
outside the system.

704
00:36:20,880 --> 00:36:24,159
Speaker 1: But there's a rake. There's a rake. Western Union takes

705
00:36:24,159 --> 00:36:26,960
a rake, Venmo takes a rake, PayPal takes a rake.

706
00:36:27,400 --> 00:36:30,639
Everybody takes a rake except us. Yep, what's that whole

707
00:36:30,800 --> 00:36:32,639
saying about? When you arrive at the you're playing a

708
00:36:32,639 --> 00:36:33,840
poker game, you.

709
00:36:35,440 --> 00:36:36,800
Speaker 4: Yeah, and you can't spot the sucker at the table.

710
00:36:36,880 --> 00:36:37,360
You're the sucker.

711
00:36:37,719 --> 00:36:39,760
Speaker 5: Not not only not only are we not taking a rake,

712
00:36:40,239 --> 00:36:43,719
we're paying for it. We're paying for it, right, We're

713
00:36:43,760 --> 00:36:45,920
paying for it in so many ways. We're paying for

714
00:36:45,960 --> 00:36:49,800
it in higher inflation, less housing availability, we're paying for

715
00:36:49,840 --> 00:36:53,960
it in we're actually paying for it, right, So it's

716
00:36:54,079 --> 00:36:56,039
actually our dollars that are be giving to these people.

717
00:36:56,199 --> 00:36:59,199
Right and now, let me let me, let me flip over.

718
00:37:00,079 --> 00:37:04,199
This is not an argument against immigration, right. We need immigration.

719
00:37:04,559 --> 00:37:07,159
Our immigration is one of the cornerstones has made this

720
00:37:07,239 --> 00:37:11,239
country great. And and that you know, that's that that

721
00:37:11,239 --> 00:37:13,519
that is the that is the fiber of the United States,

722
00:37:13,760 --> 00:37:16,679
and it's one of our largest advantages going forward. But

723
00:37:16,800 --> 00:37:19,440
we're not we're that's not what we're doing, right, In

724
00:37:19,480 --> 00:37:22,960
my opinion, this is not a push for better immigration.

725
00:37:23,440 --> 00:37:25,599
Speaker 4: This is the dissolution of sovereign borters.

726
00:37:26,559 --> 00:37:27,840
Speaker 2: It's but it's something else.

727
00:37:27,880 --> 00:37:30,119
Speaker 1: And and that's such an interesting point that this has

728
00:37:30,199 --> 00:37:33,760
come along in an economic discussion, and I want to

729
00:37:33,760 --> 00:37:36,320
get to this so so remind me to get back

730
00:37:36,360 --> 00:37:42,119
on that exact point about immigration and mass immigration and

731
00:37:42,159 --> 00:37:45,360
something else, because it should be that immigration should be

732
00:37:45,400 --> 00:37:49,119
a supplying demand topic. It should be a supplying demand topic,

733
00:37:49,159 --> 00:37:51,440
but it's not. There's something else going on. We'll talk

734
00:37:51,440 --> 00:37:53,719
about this with Zach Abraham as we're talking about the

735
00:37:53,719 --> 00:37:56,079
economy and we're talking about how rigged it is or isn't,

736
00:37:56,280 --> 00:37:59,519
and it is, it's clearly rigged. You can continue to

737
00:37:59,519 --> 00:38:02,159
do a lot of business with people who rigged the

738
00:38:02,199 --> 00:38:06,320
economy or not, particularly just in a staple item soap.

739
00:38:06,559 --> 00:38:08,360
Speaker 2: Take that for instance, just for instance.

740
00:38:08,360 --> 00:38:09,639
Speaker 1: I mean it's not like I have a soap company

741
00:38:09,639 --> 00:38:12,840
to talk about, but just take for instance, soap. You're

742
00:38:12,880 --> 00:38:13,960
going to buy it for the rest of your life,

743
00:38:13,960 --> 00:38:15,119
and you want to be unless you want to be

744
00:38:15,119 --> 00:38:19,760
a stinking, disgusting, filthy hippie who walks into video studio.

745
00:38:19,760 --> 00:38:21,599
He doesn't stand there with his arms crossed like he's

746
00:38:21,639 --> 00:38:24,280
a boss. Actually, we should put this guy in camera,

747
00:38:24,679 --> 00:38:27,440
really should see if you'll come over a camera, or

748
00:38:27,480 --> 00:38:29,840
you can go to Alan Soaps. Alan Soaps is all

749
00:38:29,920 --> 00:38:33,880
natural soap made in America. It's created by family with

750
00:38:35,159 --> 00:38:39,039
three generations of soap making expertise, and the soap is extraordinary.

751
00:38:39,039 --> 00:38:41,119
It's invented by a young guy named Alan who is

752
00:38:41,239 --> 00:38:45,679
nonverbal essentially because of autism, has all these structural health concerns.

753
00:38:46,079 --> 00:38:47,639
I kid you not when I tell you that the

754
00:38:47,679 --> 00:38:52,119
doctors looked at Alan as a little tiny fetus in

755
00:38:52,239 --> 00:38:55,719
mom's belly and said, what don't we and his parents

756
00:38:55,719 --> 00:38:59,320
said no, no, So the soap company exists to give

757
00:38:59,360 --> 00:39:01,960
Alan a job. Now, his brother Ian works there. He's

758
00:39:02,119 --> 00:39:05,519
also got autism. And another young lady imagine a heartbreaking

759
00:39:05,519 --> 00:39:10,639
this is she was neurotypical and then got autism late

760
00:39:10,679 --> 00:39:13,360
in life. Man, it's so frustrating. She works there, she thrives.

761
00:39:13,800 --> 00:39:16,639
So it's far bigger than the soap. So make the decision.

762
00:39:16,679 --> 00:39:19,000
Be a stink and hippie, drop the soap altogether, in

763
00:39:19,000 --> 00:39:20,719
which case you're an outcast and we don't love you.

764
00:39:21,159 --> 00:39:23,599
We still love you, but you stink. Or go with

765
00:39:23,639 --> 00:39:25,199
the corporate dedentities that don't care about you.

766
00:39:25,280 --> 00:39:25,760
Speaker 4: Or just do this.

767
00:39:25,760 --> 00:39:28,519
Speaker 1: Go to alinsoaps dot com, slash Todd, get ten percent

768
00:39:28,559 --> 00:39:30,400
off all their products there, and just make a commitment. Man,

769
00:39:30,440 --> 00:39:32,760
I'm not going to deal with these rigged economies. Zach

770
00:39:32,760 --> 00:39:35,760
Abram's with US Chief Investment offs for Capital Management. So Zach,

771
00:39:36,400 --> 00:39:38,400
we were talking about immigration. You made the great points

772
00:39:38,440 --> 00:39:41,639
that you're not making an argument against immigration. But let

773
00:39:41,639 --> 00:39:44,719
me say this, it's not just the dissolution of our borders.

774
00:39:44,760 --> 00:39:46,920
It's the dissolution of our electoral college. We got that.

775
00:39:46,960 --> 00:39:49,280
People all understand that now and to say otherwise is

776
00:39:49,280 --> 00:39:53,559
a ridiculous claim. But it's also the importing of ideas

777
00:39:53,960 --> 00:39:57,360
and attitudes and behaviors. And it used to be by

778
00:39:57,480 --> 00:39:59,559
virtue of people going, man, I want to get to America.

779
00:39:59,679 --> 00:40:02,320
Why right, Because man, I want to compete to get

780
00:40:02,320 --> 00:40:04,440
in America because there can start a business. Derek can

781
00:40:04,480 --> 00:40:07,280
have religious freedom, liberty there. It can pursue life, liberty

782
00:40:07,280 --> 00:40:10,440
and happiness there. That's guaranteed by the constitution. It's unalienable.

783
00:40:10,440 --> 00:40:13,000
They recognize it. Got credit, Man I want to rush

784
00:40:13,000 --> 00:40:15,239
into it with this competition to get to America. So

785
00:40:15,320 --> 00:40:17,400
what did we get? We got to sit back and

786
00:40:17,440 --> 00:40:20,679
go like an elite college. Right, And the elite college

787
00:40:20,719 --> 00:40:22,840
just used to care about your behaviors and your attitudes.

788
00:40:23,000 --> 00:40:25,440
Now they only care about that if you're white. Well,

789
00:40:25,480 --> 00:40:27,559
this wasn't really a four point zero I mean it

790
00:40:27,599 --> 00:40:29,920
was a four point zero zero zero zero zero one

791
00:40:30,599 --> 00:40:31,039
or three.

792
00:40:30,920 --> 00:40:32,360
Speaker 2: Point nine nine nine nine nine.

793
00:40:32,800 --> 00:40:36,000
Speaker 1: This is to keep the white people out we in

794
00:40:36,039 --> 00:40:38,159
our country no longer have this competition to get in,

795
00:40:38,800 --> 00:40:41,239
so yeah, it should be a supplying demand.

796
00:40:41,800 --> 00:40:44,719
Speaker 5: Yeah. And to argue this may not be the best analogy,

797
00:40:44,760 --> 00:40:48,119
but to argue the opposite to me is it is

798
00:40:48,199 --> 00:40:52,559
to make the argument that, and it's not crude, but

799
00:40:53,039 --> 00:40:55,760
bear with me for a second. It would be not

800
00:40:55,960 --> 00:40:59,440
admitting that and not acknowledging that that relationship would be

801
00:40:59,559 --> 00:41:04,559
like saying, you know, hey, I want to gir, I

802
00:41:04,599 --> 00:41:05,079
want a wife.

803
00:41:05,280 --> 00:41:07,239
Speaker 4: I want to try to find somebody i'm gonna marry.

804
00:41:07,280 --> 00:41:09,599
Speaker 5: Right, So somebody looks at you and goes, well, you

805
00:41:09,639 --> 00:41:12,239
need to get around big groups of people, and you're like, okay,

806
00:41:12,239 --> 00:41:14,280
well I was invited to a church, but I was

807
00:41:14,280 --> 00:41:16,039
also invited to a swinger convention.

808
00:41:16,400 --> 00:41:18,679
Speaker 4: Both both are going to be good, look good to

809
00:41:18,679 --> 00:41:19,400
look for wives.

810
00:41:19,480 --> 00:41:23,480
Speaker 5: Right, They're like, well, look, both places will have people

811
00:41:23,519 --> 00:41:27,760
there looking for other people, but for completely different reasons, right.

812
00:41:28,079 --> 00:41:29,840
And I feel like that's one of the things that's

813
00:41:29,840 --> 00:41:33,840
gotten lost in the immigration debate is that, first of all,

814
00:41:33,840 --> 00:41:35,239
there's a lot of people on either sides of the

815
00:41:35,280 --> 00:41:40,559
debate to say really stupid things, but the intention, right,

816
00:41:40,880 --> 00:41:43,480
what are they showing up because they want to be

817
00:41:44,280 --> 00:41:46,119
at a swinger convention orre they showing up because they

818
00:41:46,119 --> 00:41:48,360
want to find a spouse. And in the past, the

819
00:41:48,360 --> 00:41:52,320
way our country was set up with Look, and I'm

820
00:41:52,360 --> 00:41:54,840
not saying there shouldn't be social safety nets. I think

821
00:41:54,880 --> 00:41:57,480
there should be. I think that we use them incorrectly.

822
00:41:57,960 --> 00:42:01,480
But when people were immigrating here from Ireland, you know,

823
00:42:01,599 --> 00:42:04,559
at the beginning of the or right before the twentieth century,

824
00:42:04,559 --> 00:42:06,880
at the beginning of the twentieth century, they weren't coming

825
00:42:06,920 --> 00:42:09,480
here to get an ATM, a free cell phone and

826
00:42:09,480 --> 00:42:10,519
a guaranteed job.

827
00:42:10,599 --> 00:42:11,880
Speaker 4: Okay, that's not why they were coming here.

828
00:42:12,000 --> 00:42:15,079
Speaker 5: They were coming here because they wanted the freedom to

829
00:42:15,159 --> 00:42:18,079
be what they could be, right, right, So that was

830
00:42:18,119 --> 00:42:19,880
like the equivalent of going to the church to look

831
00:42:19,920 --> 00:42:22,719
for the spouse, you know. So now we're saying, hey,

832
00:42:22,719 --> 00:42:24,679
it's a swinger's convention, and we're shocked that a bunch

833
00:42:24,719 --> 00:42:27,000
of people that have no interest in adding to the

834
00:42:27,039 --> 00:42:28,679
productivity of the country is showing.

835
00:42:28,519 --> 00:42:32,559
Speaker 4: Up, right, right, And that's now is that rit large?

836
00:42:32,599 --> 00:42:33,119
Of course not.

837
00:42:33,440 --> 00:42:36,199
Speaker 5: But what I'm saying is you've perverted the incentives. Once

838
00:42:36,239 --> 00:42:39,400
you pervert the incentives, you should not be surprised.

839
00:42:39,599 --> 00:42:42,639
Speaker 4: But you sapse. Yeah, and when and when Trump makes

840
00:42:42,679 --> 00:42:47,039
his outrageous or seemingly outrageous comments about you know, it's

841
00:42:47,079 --> 00:42:47,800
the worst of people.

842
00:42:47,840 --> 00:42:50,960
Speaker 5: Got he's correct, like, that's not the summation of people

843
00:42:50,960 --> 00:42:54,159
coming in. But you have a much higher percentage of

844
00:42:54,199 --> 00:42:57,719
those people immigrating to the United States than would have

845
00:42:57,719 --> 00:43:01,079
in the past, particularly differential statement.

846
00:43:01,199 --> 00:43:03,440
Speaker 1: No, the incentives are wait, I get ten thousand dollars

847
00:43:03,519 --> 00:43:05,239
free cash, twenty two hundred bucks a month.

848
00:43:06,360 --> 00:43:08,519
Speaker 4: What if you made that same offer to every American?

849
00:43:08,719 --> 00:43:10,920
Speaker 5: You know how tourism in New York State would go

850
00:43:11,000 --> 00:43:13,039
up and go through the roof, right, right, So of

851
00:43:13,079 --> 00:43:16,079
course you're gonna get You're not gonna get the same

852
00:43:16,199 --> 00:43:18,840
quality of people with the same aims coming through the border.

853
00:43:18,880 --> 00:43:19,280
Speaker 4: You're just not.

854
00:43:19,840 --> 00:43:23,679
Speaker 1: Yeah, And it's not racism to say that. It's human nature.

855
00:43:23,920 --> 00:43:26,320
It's human nature, that's the human condition.

856
00:43:26,400 --> 00:43:28,559
Speaker 4: It's has nothing to do with race or where you're from.

857
00:43:28,800 --> 00:43:30,599
Speaker 1: So we're gonna go rapid fire through some of the

858
00:43:30,599 --> 00:43:33,079
things you tweeted, as hard as that's gonna be. But

859
00:43:33,440 --> 00:43:36,119
you can be professor Zach, but in truncated form, because

860
00:43:36,159 --> 00:43:38,360
some of this stuff is intense and interesting. It's all

861
00:43:38,400 --> 00:43:41,400
interesting but we'll go rapid fire through this, and you

862
00:43:41,920 --> 00:43:44,719
like me, can use bone frog coffee for rapid fire,

863
00:43:44,760 --> 00:43:47,480
but not bone frog wine because when you get the

864
00:43:47,480 --> 00:43:49,679
bone frog wine, you get the Biden bright. Now, don't

865
00:43:49,679 --> 00:43:52,039
go get drunk in the wine. Tim did not create.

866
00:43:52,159 --> 00:43:54,519
Don't And by the way, he does not sell wine bogs.

867
00:43:55,800 --> 00:43:56,800
Did you you know?

868
00:43:56,840 --> 00:43:58,320
Speaker 4: I doubt what one guy?

869
00:43:58,760 --> 00:44:01,440
Speaker 2: Okay, did you you need bone frog sellers?

870
00:44:01,559 --> 00:44:03,079
Speaker 4: I gotta do. I got to get some bone frog.

871
00:44:03,119 --> 00:44:05,239
Speaker 2: You get good bone fog shows. Did you ever beer

872
00:44:05,239 --> 00:44:05,800
bong wine?

873
00:44:07,519 --> 00:44:09,320
Speaker 4: No? I beer bonged a lot of beer.

874
00:44:09,519 --> 00:44:12,119
Speaker 1: Okay. So I got the idea one night when I

875
00:44:12,199 --> 00:44:15,760
was not at but hanging out at North Idaho College.

876
00:44:15,760 --> 00:44:17,119
I thought it would be a good idea to beer

877
00:44:17,119 --> 00:44:18,480
bong a bottle of cabernet.

878
00:44:19,960 --> 00:44:22,400
Speaker 5: Now I would have probably told when I was the

879
00:44:22,440 --> 00:44:24,519
same age you were when you did that, I probably

880
00:44:24,559 --> 00:44:25,119
would have agreed.

881
00:44:26,719 --> 00:44:29,599
Speaker 1: You know what, I've never been more sick. I've never

882
00:44:29,639 --> 00:44:33,000
been more sick. And I'm talking about well, no, that's

883
00:44:33,039 --> 00:44:36,719
not true. The thirty nine comic cazes in an hour

884
00:44:36,719 --> 00:44:39,760
and a half in Seattle, Sweet Moses.

885
00:44:39,840 --> 00:44:41,559
Speaker 2: Yeah, that was the stomach pumping.

886
00:44:42,880 --> 00:44:44,440
Speaker 1: That was the thing where it seemed like a good

887
00:44:44,440 --> 00:44:46,639
idea to us, this guy and I who took this stuff,

888
00:44:46,639 --> 00:44:48,559
and we ended up fighting later. He and I had

889
00:44:48,559 --> 00:44:51,199
wrestled against each other in high school and we both

890
00:44:51,239 --> 00:44:54,679
wighed about two twenty at that time, so we fought

891
00:44:55,039 --> 00:44:57,719
wrestling and turning to fight upstairs in the frat house.

892
00:44:57,760 --> 00:45:01,800
Frat houses are so disgusting, and I we broke the walls.

893
00:45:02,559 --> 00:45:05,679
Oh yeah, we just like destroyed the hallway. They kicked

894
00:45:05,760 --> 00:45:08,639
us out, and this guy's name was Eric, and he

895
00:45:08,679 --> 00:45:10,599
and I decided it would be a good idea. After

896
00:45:10,599 --> 00:45:13,039
having been kicked out of their frat house. We walked

897
00:45:13,079 --> 00:45:14,800
along and there was a dance going out at another

898
00:45:14,840 --> 00:45:16,880
frat so we thought it'd be a good idea to

899
00:45:16,880 --> 00:45:19,480
sneak in, being that it was a private dance between

900
00:45:19,519 --> 00:45:20,800
a sorority and a frat.

901
00:45:21,440 --> 00:45:23,760
Speaker 4: Again, I would have agreed with that being at.

902
00:45:24,639 --> 00:45:29,800
Speaker 1: And then we climbed the water pipes and got onto

903
00:45:29,800 --> 00:45:32,199
the third floor. Was the first open window we could find,

904
00:45:32,199 --> 00:45:35,440
So we're hanging off the water pipes. We sneak in

905
00:45:36,239 --> 00:45:39,519
and then we go downstairs because who's gonna notice out

906
00:45:39,559 --> 00:45:42,800
of private dance, which which by the way, a formal dance.

907
00:45:43,480 --> 00:45:47,159
And here we are in torn sweatpants, and then we

908
00:45:47,320 --> 00:45:50,000
further thought it was a good idea to accept the

909
00:45:50,039 --> 00:45:52,440
offer from the brothers in that fraternity. You guys can

910
00:45:52,519 --> 00:45:57,000
leave or will help you out try it. Oh yeah,

911
00:45:57,280 --> 00:46:00,960
So when I woke up in the hospital and there's

912
00:46:01,000 --> 00:46:05,800
black stuff on my chest and with the thing in

913
00:46:05,840 --> 00:46:09,599
my mouth that I try to talk and they eventually

914
00:46:09,639 --> 00:46:12,559
had they had to put charcoal activated charcolate. So now

915
00:46:13,039 --> 00:46:14,880
that's a good time to talk about bone fog sellars.

916
00:46:15,599 --> 00:46:18,760
Speaker 4: Yeah, I mean as good as time as anything, because.

917
00:46:18,559 --> 00:46:21,000
Speaker 1: We're adult, even bigs. I don't drink wine, but you

918
00:46:21,159 --> 00:46:23,599
like it. A lot of my dear friends love wine.

919
00:46:24,000 --> 00:46:26,480
So Tim, just like with the coffee, he consulted wine

920
00:46:26,519 --> 00:46:28,920
experts to teach him how to make the wine. There

921
00:46:29,000 --> 00:46:31,320
was the twenty fifteen vintage we had at our house,

922
00:46:31,840 --> 00:46:35,119
and friends of mine who absolutely love wine absolutely loved

923
00:46:35,119 --> 00:46:35,840
this wine.

924
00:46:36,000 --> 00:46:38,400
Speaker 2: My friends who are casual drinkers of wine loved it.

925
00:46:38,400 --> 00:46:40,400
Speaker 1: My daughter who's very brand new to wine because she's

926
00:46:40,440 --> 00:46:42,400
not legally allowed to have it, she thought it was

927
00:46:42,400 --> 00:46:44,480
delicious as well. So you can go and she had

928
00:46:44,559 --> 00:46:47,920
a half a glass. She can wine bong in her

929
00:46:47,920 --> 00:46:51,480
own time. Pray to God she doesn't go to Bonefrogsellars

930
00:46:51,519 --> 00:46:54,199
dot com. Slash Todd bonefog Sellers dot com. Slash Todd

931
00:46:54,440 --> 00:46:56,840
get ten percent off their wines there, and yes, of course,

932
00:46:56,880 --> 00:46:59,559
ten percent to proceeds goes to the Navy c Foundation

933
00:46:59,639 --> 00:47:03,000
to help the alies of fallen Navy seals. Zach, let's

934
00:47:03,039 --> 00:47:06,320
go through some of these tweets real quickly, rapid fire style.

935
00:47:07,320 --> 00:47:10,840
You retreated something from Anthony pomp Leano. Man, I wish

936
00:47:10,880 --> 00:47:13,639
I had that name. I'd love to walk around people said, which,

937
00:47:13,679 --> 00:47:14,119
my name.

938
00:47:14,039 --> 00:47:15,239
Speaker 2: Is Anthony pamp Leano.

939
00:47:15,800 --> 00:47:18,719
Speaker 4: You can call me pomp. Here's my buddy's circumstance.

940
00:47:19,880 --> 00:47:23,000
Speaker 1: Unrealized losses that US banks are seven times higher than

941
00:47:23,079 --> 00:47:26,400
during the two thousand and eight financial crisis. And this

942
00:47:26,480 --> 00:47:29,280
is from coin Telegraph. Insane and I forgot to grab

943
00:47:29,320 --> 00:47:32,639
your response to this. But okay, unrealized gains loss that's

944
00:47:32,639 --> 00:47:36,119
such a weird thing. Unrealized gains meaning losses on investment

945
00:47:36,159 --> 00:47:38,760
securities seven times highed during than during the two thousand

946
00:47:38,800 --> 00:47:39,719
and eight financial crisis.

947
00:47:39,719 --> 00:47:41,880
Speaker 2: Okay, unpack that for us in like three minutes.

948
00:47:43,199 --> 00:47:48,639
Speaker 5: So I don't agree with the guys conclusion to what

949
00:47:48,679 --> 00:47:51,480
he does with that. But that's that just has to

950
00:47:51,480 --> 00:47:53,360
do with the collateral and the bank's balance sheets. They

951
00:47:53,360 --> 00:47:56,199
own tons of treasuries and bonds. Interest rates and went up. Yep,

952
00:47:56,800 --> 00:47:59,840
you know, whether we're talking about commercial real estate papers

953
00:48:00,079 --> 00:48:04,559
and hammered so banks are sitting on really beat up paper.

954
00:48:06,400 --> 00:48:11,519
Speaker 4: But remember if that, Yeah, so the Feds washing it

955
00:48:11,559 --> 00:48:11,840
for them.

956
00:48:11,840 --> 00:48:14,320
Speaker 5: But yeah, I mean it's yeah, there's there's a lot

957
00:48:14,360 --> 00:48:17,119
of stuff that's underwater on paying balance sheets because rates

958
00:48:17,119 --> 00:48:17,639
have gone.

959
00:48:17,519 --> 00:48:19,840
Speaker 4: Up, and yeah, got it.

960
00:48:19,880 --> 00:48:22,760
Speaker 1: Okay, So then there's this this is from Bravos Research

961
00:48:22,800 --> 00:48:25,920
warning banks are still tightening credit conditions. Such conditions have

962
00:48:25,960 --> 00:48:28,840
preceded recession since nineteen ninety. This time is no different.

963
00:48:29,079 --> 00:48:31,119
And you wrote back, what we're lacking in credit creations

964
00:48:31,159 --> 00:48:33,400
being more than accounted for with the seven percent deficits.

965
00:48:33,400 --> 00:48:36,239
That's what you just explained, right, yep, just explain that

966
00:48:36,280 --> 00:48:38,760
the deficit spending is a it's a plus to economy

967
00:48:38,760 --> 00:48:40,559
because hey, look economic activity.

968
00:48:40,719 --> 00:48:41,840
Speaker 4: Well, yeah, one percent.

969
00:48:41,880 --> 00:48:44,360
Speaker 5: And then you look at the way they define a recession, right,

970
00:48:44,400 --> 00:48:47,920
A recession is two consecutive quarters of declining GDP. And

971
00:48:47,960 --> 00:48:50,559
so what our argument has been when you're running deficits,

972
00:48:50,559 --> 00:48:56,119
this high. You could absolutely be in a quote unquote recession, okay,

973
00:48:56,159 --> 00:48:58,960
where the purchasing power of people's well, in a recession,

974
00:48:59,000 --> 00:49:02,440
technically the purchasing power of your money goes up because

975
00:49:02,480 --> 00:49:06,599
asset prices fall. But you could have a recessionary type impact,

976
00:49:06,599 --> 00:49:10,239
a recessionary type feel economically in this country and yet

977
00:49:10,320 --> 00:49:12,119
still be showing GDP levels that are going.

978
00:49:12,079 --> 00:49:12,599
Speaker 3: Up every year.

979
00:49:13,119 --> 00:49:15,760
Speaker 1: Got it, okay? And then last thing is actually good

980
00:49:15,760 --> 00:49:18,320
news as I see it, the kobyc letter.

981
00:49:19,360 --> 00:49:20,039
Speaker 2: I didn't say that.

982
00:49:20,079 --> 00:49:23,079
Speaker 1: I think kobusi Cobyci letter. The US dollars share of

983
00:49:23,079 --> 00:49:25,639
global payments hit forty nine percent, the most in twelve years.

984
00:49:25,679 --> 00:49:28,440
According to Swift data. Over the last two years, US

985
00:49:28,440 --> 00:49:30,920
dollar usage and international payment transactions has sho up by

986
00:49:31,000 --> 00:49:32,000
nine percentage points.

987
00:49:32,000 --> 00:49:32,480
Speaker 2: And you're right.

988
00:49:33,360 --> 00:49:35,840
Speaker 1: Appears as though the inevitable collapse of king dollar is

989
00:49:35,920 --> 00:49:36,360
upon us.

990
00:49:37,320 --> 00:49:40,079
Speaker 2: Lol. And I get that. That's pretty easy to parse.

991
00:49:40,920 --> 00:49:43,320
Speaker 1: But the rest of the world knows that our books

992
00:49:43,320 --> 00:49:46,840
are cooked. Yeah it's or there's okay, got it? So

993
00:49:46,920 --> 00:49:48,320
we just we cook a better book.

994
00:49:49,199 --> 00:49:51,679
Speaker 5: Yeah, well no, I mean, we just have a more dynamic,

995
00:49:51,719 --> 00:49:54,480
more complete economy, right, So we And this is the

996
00:49:54,480 --> 00:49:57,079
point I've been trying to make to people, and people

997
00:49:57,199 --> 00:49:59,760
always take it the wrong way. They think that I

998
00:49:59,760 --> 00:50:02,800
don't don't understand the debt situation, that I'm not disgusted

999
00:50:02,800 --> 00:50:04,719
by it, like I'm sitting here saying no big deal.

1000
00:50:05,039 --> 00:50:07,440
I'm not at all saying that. One of the jokes

1001
00:50:07,480 --> 00:50:08,960
I've got with a good buddy of mine that runs

1002
00:50:08,960 --> 00:50:13,440
a fund is our joke is the ultimate form. So

1003
00:50:13,519 --> 00:50:18,320
if we take if we take inflationary or not liking

1004
00:50:18,320 --> 00:50:21,960
the dollar, or an anti dollar position, if we take

1005
00:50:22,000 --> 00:50:24,679
it to its ultimate extreme, if we go far enough

1006
00:50:24,679 --> 00:50:27,000
out of that curve, you end up thinking the dollar

1007
00:50:27,079 --> 00:50:27,679
is going to go up?

1008
00:50:28,280 --> 00:50:28,599
Speaker 4: Okay.

1009
00:50:28,639 --> 00:50:32,320
Speaker 5: And the reason why is you start to understand when

1010
00:50:32,320 --> 00:50:35,039
we talk about currencies going up or down, we're talking

1011
00:50:35,079 --> 00:50:38,800
about them in relationship to other currencies. And so a

1012
00:50:38,880 --> 00:50:41,519
really quick litmus test on this is you look at

1013
00:50:41,519 --> 00:50:43,320
somebody and you go, okay, you think the dollar is

1014
00:50:43,320 --> 00:50:46,880
going to imminently collapse. What other currency are you going

1015
00:50:46,960 --> 00:50:47,760
to put your money into?

1016
00:50:48,440 --> 00:50:48,719
Speaker 4: Okay?

1017
00:50:49,000 --> 00:50:52,000
Speaker 5: And nobody has an answer why, because those play whatever

1018
00:50:52,039 --> 00:50:54,960
we're saying about the US economy. Let's go look at

1019
00:50:55,119 --> 00:50:57,880
Japanese books, Let's go look at Chinese books, let's go

1020
00:50:57,920 --> 00:51:00,400
look at Eurozone books. Let's take into fact that the

1021
00:51:00,519 --> 00:51:03,320
US economy or the United States, is the only country

1022
00:51:03,320 --> 00:51:05,920
in the world that are net exporters of food and fuel. Right,

1023
00:51:05,960 --> 00:51:07,840
and you're sitting there saying, yes, I think what we're

1024
00:51:07,840 --> 00:51:10,480
doing is insanity. I think what we're doing is going

1025
00:51:10,559 --> 00:51:13,360
to lead to the eventual loss of the dollar as

1026
00:51:13,400 --> 00:51:16,559
the world reserve currency. But it's not going to lead

1027
00:51:16,599 --> 00:51:19,480
to a collapse of the dollar against other currencies because

1028
00:51:19,519 --> 00:51:21,800
it is still the cleanest dirty shirt and.

1029
00:51:21,800 --> 00:51:24,119
Speaker 2: It just is Yep, yep, yep.

1030
00:51:24,199 --> 00:51:25,159
Speaker 4: Oh got it.

1031
00:51:25,199 --> 00:51:26,920
Speaker 5: And that's and we've been making that argument for a

1032
00:51:26,920 --> 00:51:29,280
long time. And here we go, more proof of it. Right,

1033
00:51:29,320 --> 00:51:31,599
all the dollars in a minute collapse. Well go look

1034
00:51:31,920 --> 00:51:36,440
dollar transactions as which means more people are more people

1035
00:51:36,519 --> 00:51:39,599
are trusting the dollar in financial transactions today than they

1036
00:51:39,599 --> 00:51:40,639
were even four years ago.

1037
00:51:41,199 --> 00:51:43,159
Speaker 2: Yep, yep, well said, got it.

1038
00:51:43,159 --> 00:51:45,920
Speaker 1: Thank you, Zach, chief investment officer for Bulwark Capital Management,

1039
00:51:45,920 --> 00:51:47,239
Say hi to your beautiful family.

1040
00:51:47,480 --> 00:51:49,079
Speaker 2: We missed you in the high Mountains of Free America.

1041
00:51:49,079 --> 00:51:51,440
Speaker 1: If you buy some of that wine, don't bong it,

1042
00:51:51,960 --> 00:51:53,320
but let me know what you're thinking that.

1043
00:51:54,000 --> 00:51:56,159
Speaker 4: Yeah, no, we'll be sipping.

1044
00:51:56,719 --> 00:51:59,599
Speaker 1: I'm sure Tim Obeber leieved to hear that. Lord, thank

1045
00:51:59,599 --> 00:52:02,639
you for providing us dear friends, particularly Zat Abraham, chief

1046
00:52:02,679 --> 00:52:04,480
investment Officer, boat Cup for management. Think I said that

1047
00:52:04,480 --> 00:52:07,840
twice in about six seconds. Lord Jesus, thank you for

1048
00:52:07,880 --> 00:52:11,800
reminding us about wise counsel, but using simple things to

1049
00:52:11,800 --> 00:52:13,639
shame the wise. This is the Todd Hermershew. Please go,

1050
00:52:13,760 --> 00:52:16,000
be well, be strong, be kind. Please make every effort

1051
00:52:16,079 --> 00:52:19,440
to walk as Alex ever so gently racist in music,

1052
00:52:20,000 --> 00:52:21,280
to walk in the light of Christ.