HR3 Anton Chaitkin Against Empire and Lies, Scott Garliss: EU Trade Deal 7-30-25 by John Rush
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SPEAKER 17 :
And we are back. Hour number three, Rush to Reason, Denver’s Afternoon Rush, KLZ 560. Anton Chaitkin here with us against empire and lies, rediscovering America’s divine mission through science, sovereignty, and truth. Welcome, Anton. How are you? Hi. Good to be with you. Glad to have you with us. So I always ask this, why the book? Why write the book in the first place?
SPEAKER 12 :
Well, several decades ago, what I would call the Anglo-American establishment changed the policies and the outlook of our country after the Kennedys were killed and after the They were taking down our industry and shifted us from the path of development of industry, manufacturing, to a more imperial path with the British on the model of the British Empire, which is our traditional opponent throughout our country’s history. And so I wanted to see, especially as we got into these wars and especially – when people seem to have forgotten about industry altogether. You have that in Colorado quite a bit. Right. A lot of green agenda. That’s right. What was the value of America’s progress of mastery over nature? And what was the identity of Americans when we did things that raised our living standards? And I found that in writing these, doing the research over many years, and doing the specific research for the two volumes just so far published of who we are, the Americans who built the industries, the steel industry and the railroads and the electrical industry, were not Wall Street and London financiers. They were nationalists who were promoting high tariffs. They were promoting national projects of infrastructure. And they also promoted the growth and prosperity of other large countries like Germany, Japan, and Russia in opposition to the British Empire and to the free trade ideology. We thought that self-government and sovereignty, which includes strong borders, but it also includes building up your own industry, protecting high wages with tariffs. But that that’s something that every country and every people could use to rise. Now, we’ve shifted over, away from that, until the challenge that came from Donald Trump came. We’ve shifted over to the British point of view, the Anglo-American elites that have done this, to say that it’s a threat to us if poor countries rise to power and to have modern science and capabilities. They may threaten us. They may take away limited resources in the world that we need. Baloney! There is no such thing as limited resources. God gives an infinite array of resources, and you always substitute new things with your science advancing. That’s right. Oil and coal and uranium have been in the earth since the dawn of the earth.
SPEAKER 17 :
That’s right.
SPEAKER 12 :
They only became resources like water to make electricity.
SPEAKER 17 :
Right. Great point.
SPEAKER 12 :
Everybody knows about water, but did we make electricity out of it with a dam? No. This depends on a greater population, it depends on the growth of civilization, and it also depends on cooperation among nations, which is not globalism. Globalism says that everyone has to obey rules set by an elite that hates the idea of America’s influence in the world, and that influence is not
SPEAKER 17 :
sanctions and war our influence came from being this problem solvers that’s right yeah being the the problem solvers the innovators you know the things that we have done i talk about that a lot anton in the fact that you know our our society our capitalistic society the reward system we have encourages development innovation and things like that and we have done that for the world
SPEAKER 12 :
So now, if you look at where we went off the rails, go back to Teddy Roosevelt, who got us into the war against Spain and said that we need to be with the British in a great war. And the British had an objective of crushing both Germany and Russia. As a result of this, you got the First World War and the destruction of Russia and the Bolshevik Revolution. Then you have the Hitler Project with some of these same Anglo-American elites, the British and their friends in New York and Boston, sponsoring Hitler. My father sued a lot of these characters on Wall Street back in the early 30s who were combining their banks with the Hitler government to run these companies that were sponsoring Hitler. So the problem right now, is that we are threatened with an escalation of war in three different places. And this Anglo-American gang of globalists thinks that chaos and a threat of getting to the brink of nuclear war or even beyond with regard to Russia, Iran, and China, all of those places would be a great idea. And that is not… That has nothing to do with American interests. What it has to do with is their desire to take down industrial civilization of the last, really, not just industry, but going back 600 years. to a time when there was a smaller population and people were peasants.
SPEAKER 17 :
You’re right. No, you are spot on.
SPEAKER 12 :
Spot on.
SPEAKER 17 :
You talk about a lot of the things that we cover on this program, Anton, on a literally daily-slash-weekly basis. I want to plug the book as well for everybody listening so you can go buy the book, Who We Are, America’s Fight for Universal Progress from Franklin. to Kennedy, Volume 2, this is the 1830s to the 1890s. And what you just said, Anton, a minute ago, you literally, you know, taking the words out of my mouth, that is the goal of those that are in, you know, opposition, if you would. They want to basically take everybody back to the Dark Ages.
SPEAKER 12 :
That’s right. So, you know, there was a fellow in Chapter 10 of my book, Who We Are, Volume 2, It’s about Colorado. And one of my heroes is a man named William J. Palmer, who founded Colorado Springs, built the industries and railroads of Colorado, and also built the National Railways of Mexico. And he was trying to establish a common rise between the USA and Mexico, not imperialism, not looting Mexico like some people wanted to do. And so this guy… thought that the West should be thickly developed. That is, with family farms, manufacturing steel mills, and a large population. He wanted to have cities, beautiful cities, in a beautiful setting, and to have people be educated and high-wage. Not absentee landlords, on the one hand, and barons who own mining and live in Europe or something. And not the government just taking land and putting it out of circulation altogether. And also not massive cattle ranches. You want to be able to have irrigation. You could bring rivers down from where they are in the north. You could irrigate in many different ways. You also can set up cities, you know, in the mountains and near that. We never developed the West thanks to… Teddy Roosevelt and the Eastern financier establishment allied to London that feared that the United States was going to have a whole Pacific alliance across the Pacific. When we got out to Seattle and the West coast, we would have develop our West together with Canada, maybe even have Canada join us. And we would have friends, friends, in China, Russia, Japan, and India, and the British Empire would just be down. What happened to that was that we were stopped by this eastern establishment. The West was not developed. We also did the wrong thing with the Indians. We never offered them the hand of friendship. There was a massacre at Sand Creek. Remember this thing near Denver. And instead of, yes, we took away their way of life by building the railroads and decimating the buffalo herds. But that’s not the evil. The real evil was when we would attack or settlers would attack or some crazed military group would attack a settled Indian community, an agriculture community. like happened in that massacre. We didn’t need to do that to build the West. There’s plenty of land for everybody. What we didn’t do was offer the hand of friendship to the Indians to say, look, here’s the capital, here’s the resources, here’s the title to resources that’s on the land that you need to thrive after we have taken away your other way of life, for you to join us. our more advanced technological civilization. We did not do that. And right now, we are, you know, we’re doing sanctions against countries. Like, we have various countries in Africa that have no electricity. A combination of imperialism and the green agenda says that they should never have electricity, and then they blame dictators in Africa instead of the attitude of of these Anglo-Americans and European Union and people like that who say that it’s natural for people to live in squalor and poverty. And if somebody wants to build a dam or to have a nationalization of their oil or something like that, that’s their right. It’s their property. It’s their country. And we should be happy about that. like John Kennedy was when he worked with the president of Ghana, but building a big dam there in Ghana. Or even Franklin Roosevelt, who supported the Mexican president when he confiscated the oil in Mexico away from British Shell and Standard Oil. The fact is that people are entitled to use the resources in their own country to develop their country. We don’t need to spend taxpayer money to help them do it. Let them use their own resources.
SPEAKER 17 :
Great point.
SPEAKER 12 :
No.
SPEAKER 17 :
And again, I’m sorry, I’m up against a break, Anton, but it’s Anton Shaitkin, and it’s C-H-A-I-T-K-I-N, the book, Who We Are, America’s Fight for Universal Progress from Franklin to Kennedy, Volume 2. Anton, where do folks buy the book?
SPEAKER 12 :
You can get it at Amazon in the paperback or Kindle electronic version. It’s Volumes 1 and Volume 2. Volume 2 is… 600 pages, 440 pages of pictures. And this is the only fully documented account of how the United States industries and technology and advanced living standards were actually built. By whom? What projects? What was the Pennsylvania Railroad? Who were the people putting through the tariffs? What was Lincoln’s role? The whole story of how America was really built up, not what the establishment tells you about it.
SPEAKER 17 :
Very cool. Very cool. Anton, thank you so much. Like I said, I’m up against a break, but I really appreciate your time today. Thank you. Thank you.
SPEAKER 12 :
Thank you, John.
SPEAKER 17 :
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This is Rush to Reason on KLZ 560.
SPEAKER 17 :
All right, we are back. Rush to Reason, Denver’s Afternoon Rush. Scott Garlis will be joining us here at the 5.30 mark. This was an article that Charlie had sent me. It’s out of Fortune magazine, which I don’t read all of or can’t read all of, I should say, because of the paywalls and so on. I don’t have a subscription. But it’s a… Notice, I guess you could say, or an announcement that was put out by the Bank of America, not just a cyclical recovery, but a boom. Bank of America says a key tail risk is that the Trump economy will actually start to take off. And by the way, Bank of America and their strategists and analyzers and so on are very, very left leaning. In fact, they are the left. So for them to actually come out and talk about the economy under Trump and say these things is actually pretty surprising because most of the left is not in favor of what’s going on with Donald Trump and the economy anymore. and are pretty much always out there bashing him on almost a daily basis. So to have the Bank of America come out and basically say that, yeah, we’re not just in a recovery and it’s not cyclical, it’s going to be a boom. And I’ll talk to Scott about this in a moment. The only thing, and Andy and I talk about this a lot, the only thing keeping us from being in a stronger economy right now is the Federal Reserve themselves. We’ll get into that with Scott because of the announcements in the talk today. And I’ve said it numerous times. You guys just you have to put up with me on this because Jerome Powell is a total moron, has no idea what he’s doing, what he’s talking about. He he is literally playing politics with Donald Trump on the backs of Americans. That’s what Jerome Powell is doing. He doesn’t care. You’re not going to convince him otherwise. He doesn’t live on Main Street. He lives on – I don’t even know if he lives on Wall Street. He lives in his own ivory glass tower. He does things his own way, doesn’t really care what’s happening to the American populace at the end of the day. But this was an article, again, that was in Fortune magazine. Fortune.com, talking about Bank of America, and it starts out and says, in a market landscape still fixated on fears of stagflation and modern recoveries, or modest recoveries, Bank of America is sounding a contrarian and deceitfully bullish note. According to the new note from Bank of America Research and Analysis, The next phase for the U.S. economy and equities might not be a routine recovery but an outright boom. Today, in a confluence of factors, argue that the key tail risk that may not be priced in is not just a cyclical recovery but a boom. And I’ll give you five reasons. I can’t read all five because, again, I can’t get behind the – The paywall, I think what they would tell you, though, is part of this recovery is going to be – and I’m guessing, I don’t know what all five reasons are, but some of these trade deals that have been made, what’s happening in the tariff end of things, consumer confidence, job – You know, job, not joblessness, but jobs and the fact that in a lot of cases, employers can’t find enough people to work on and on we go. I mean, the reality is those things typically don’t happen when the economy is bad. They happen when the economy is good. As an employer myself, I will tell you that I typically know what the economy is doing based upon applicants being received. applications it’s pretty simple the more applications the more people are looking for jobs the less applications the less people looking for jobs i mean i can almost tell you what things are going on in the economy just on on that level alone for me personally as opposed to what any of these quote-unquote experts are saying john and cheyenne what’s going on yeah i got a question about the new deal deal with europe and i voted for trump three times i’m behind him 100 most of the time
SPEAKER 03 :
But I’m a little confused because we were charging $1.5 before this deal. Now we’re going to be charging 15% of anything coming from Europe.
SPEAKER 18 :
Correct.
SPEAKER 03 :
Which I agree we need to cut the things they’re charging us and make it fair. But it seems like this…
SPEAKER 17 :
15 is just going to be a tax to the regular joe like me to buy things so the money’s going to the great question no that by the way john great question andy and i talked about this a little bit yesterday you may have missed that but the reality is and this is my belief i don’t think i’m wrong because so far this has turned out to be fairly true with the rest of the country or the rest of the countries that we’ve made deals with now when it comes to the eu And the majority of products that we receive, keep in mind that most of what we get from the EU, not all, but most of our imports from the EU are luxury goods. So first of all, for the average Joe out there, no effect whatsoever because most people aren’t buying Mercedes, BMW, Porsches, and so on, not buying champagne and Louis Vuitton bags, and on and on we go. So most people are not buying those goods, John. Now, some of the goods that we get from the EU that everybody does use, which there’s going to be zero tariff on, are pharmaceutical so there’s been an exception for some of the things that you and i would use on a daily basis so all in all average americans aren’t going to feel much of a impact at all when it comes to luxury goods we get out of europe on top of that john i feel like so that they can still stay competitive And keep in mind that a lot of these companies that are shipping goods to the U.S. have worked off of a much higher profit margin than probably a lot of their counterparts, meaning that you may very well, even on foreign or even on European cars, for example, you may very well see not much of an increase at all because they’ll be able to suck that up on their side.
SPEAKER 03 :
Okay. Yeah, I do buy some things from Europe, from Amazon, like specialty tools and some movies.
SPEAKER 17 :
And I buy some tools as well. I don’t think, John, in that case, again, if you look at what I feel is some of their markup that they have and meaning that they’re going to still have to be competitive, because even some of their tools, like you and I buy, I can buy that same tool somewhere else. I don’t have to buy it there. And if the price gets too high, we won’t.
SPEAKER 03 :
Okay. I’ll call you years from now and see if this turns out to be a boom thing where they’re making tax money hand over fist on the average Joe by charging all these things to us.
SPEAKER 17 :
Well, and here’s the other thing that’s good for us as Americans. So far, the revenues that have been coming in off of current tariffs, not even counting this 15% deal that we’re getting from the EU, but our current tariff – income, John, as a country, has far surpassed what any analyst ever thought it would be on the front side. We’re running a surplus on that end of things because of that. And these sort of deals that we keep making, Japan, EU now, we’ve got others to go, keep in mind that all of that helps offset things on our end. as well. And we’ve got huge debt, as you know, that we need to pay, which again, the more of that debt we get paid and the less we’re having to carry as Americans, the better it helps us as the economy goes. But I’m pretty convinced, John, that even some of the things you’re talking about, and I do as well, I buy some tools and some things like that through sources like Amazon that come from those countries. I firmly believe you’re not going to see much of an increase at all because they’re going to have to stay competitive because if not, somebody else will make it and sell it instead.
SPEAKER 03 :
Yeah, I’m all for reciprocal, as Trump says, but this doesn’t seem reciprocal.
SPEAKER 17 :
Well, ours going back over is going to be zero. Now, keep in mind, the other thing that he put together with the EU is they’re investing $600 billion in development in our country for certain things that need to be done. I do believe also, John, that they’ll move some of their manufacturing for some reason. vehicles even, you’ll end up with plants here in America when it’s all said and done. On top of that, Trump put a deal together that over the next three years, they have agreed to buy $750 billion worth of our liquefied natural gas, which for those of us in Colorado, Wyoming, and so on, that benefits us because that’s where a lot of it comes from.
SPEAKER 03 :
Yeah, a lot of that is really good deals.
SPEAKER 17 :
So those are the good things out of the deal. I personally, John, at the end of the day, don’t think most people are going to see much of an increase, if any. Even those luxury goods, I don’t think you’re going to see much of an increase.
SPEAKER 03 :
Yes, sir. I’ll have to wait and see. We’ll see what happens. Yes, sir.
SPEAKER 17 :
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SPEAKER 17 :
All right, we are back. We’ll get Scott going here in just one moment. And several of you texting in about lots of topics today, which, by the way, I appreciate greatly. And some of you still talking about some of the genes and who actually owns American Eagle, which I guess is a old tradition. Jewish family. So to say that there’s any kind of anti-Semitism from that family, again, the whole thing is just absolute utter nonsense. By the way, thank you for that information. I was not aware of that. I don’t study those things and don’t know who owns what, and I didn’t go out and seek that. Frankly, didn’t care because the ad didn’t really do anything to upset me whatsoever. Of course, it has the left because they’re a bunch of crazy nut jobs what what else can i say thank you though for that information that even puts more light onto the topic and makes a lot of what we said i think even more more uh accurate more appropriate so at the end of the day yeah it’s just a jeans ad folks that’s all it is at the end of the day scott garless joining us now scott how are you sir hey john i’m well how are you this evening doing very well uh what happened with the fed today was nothing that i didn’t expect yeah pretty much um
SPEAKER 05 :
You know, the interesting part about it to me is what I don’t think a lot of people picked up on was Powell actually struck a bit more of a dovish tone than he has been. And he said the next move from the Fed is going to be the cut rates. Now, he said this in Fed speak. He said the next move is going to be the next thing we do is going to be a move toward neutral rates. which is where interest rates and inflation are kind of on the same page in layman’s speak. So he hasn’t said anything like that in a while. And what he expressed concern about is the job market. He basically said the job market’s slowing and risk to the job market are to the downside. And what he’s recognizing is that what we’ve been talking about is that interest rates staying too high for too long is a bad thing for hiring.
SPEAKER 17 :
Right. Because the business owners, as we talked about last week, business owners that rely on capital to grow their business and keep things moving and so on, when that cost continues to get high and stay high like it is right now, they’ll pull back in other areas.
SPEAKER 05 :
Correct. And he even said, if you look at the employment numbers based on some of the Census Bureau equivalent data, you might start seeing a situation where we’re not seeing any job growth at all. That would be terrible. And the reason that would be terrible, and he knows this, is that if you have to start cutting because the job market is imploding, you have a way worse situation on your hands than if you’re proactive and get ahead of it.
SPEAKER 17 :
So all that being said, I mean, again, I just don’t understand the guy. With all that being said, why not even at least a quarter point today? A quarter point’s not going to change anything. You and I have talked about that many times in the past. A quarter point, other than a signal, isn’t going to really change anything at all today. at the end of the day. So why not throw a quarter point out, Scott?
SPEAKER 05 :
It’s a great question, and I don’t have a good answer for you. I think that would have been the right move, and that’s what Christopher Waller and Michelle Bowman are complaining about. And even Mary Daly, who is the head of the San Francisco Federal Reserve… She said this recently, too. She’s like, you know, I’m starting to get concerned because rates have remained so high for so long that that’s going to cause a problem with the labor market.
SPEAKER 17 :
And we’re now going to be two months away from any kind of an adjustment because there’s no meeting in August, meaning that right now we’re, I don’t know when, is the September meeting middle or end? I don’t remember.
SPEAKER 05 :
It’s usually about the middle.
SPEAKER 17 :
Middle. So we’re a solid 45 days at least away from a rate cut. Yeah, yeah, that’s right. Which, again, knowing that, knowing the time of the year it is, and knowing the school sessions going back in and all of that, I mean, I just kept to shake my head at Jerome Powell, and it’s like, did you not live on the same planet the rest of us do?
SPEAKER 05 :
Yeah, I mean, look, his job at the end of the day is to be a good sort of the economy. And, yeah, I think the best move by a good sort of the economy would have been to have cut rates. Again… Look, you know, who cares what the media says? The media is like you’re caving to President Trump, whatever. Who cares? You’re supposed to be bigger and better than that. Right.
SPEAKER 17 :
You’re the Fed chair. That’s right. And I think the other thing, too, Scott, just… My take on things, and if I had been advising Jerome Powell and had sat in a meeting with him for any length of time at all or not, I would have suggested, listen, you know what? One of the best ways to get Donald Trump and all of this fighting that’s going on through the media and so on, one of the best ways, yeah, you might feel like you’re caving, but you’re really not because at the end of the day, you’re still helping out Americans when it’s all said and done. You’re still watching out for their best interests. Throw a quarter point cut out there and get Donald Trump off your back. Completely. I mean, to me, Scott, that would have been the easiest answer today.
SPEAKER 05 :
Far and away. And again, why he didn’t do this, I don’t know. I guess he got his back up and threw a line in his hand. That’s it.
SPEAKER 17 :
I am convinced that the only reason why he hasn’t done a quarter to a half point cut by now is simply he’s going to outlast Trump, quote unquote. That’s his thought process. And by the way, he’s doing it on the backs of Americans.
SPEAKER 05 :
That’s correct.
SPEAKER 17 :
And to me, and I could be wrong, I watched a video last night on somebody I follow that does a lot of different instructional things on how Wall Street works, what’s a short, what’s a long, blah, blah, blah, and really good instructional videos, and kind of got off track last night a little bit on what should Jerome Powell do. And this particular person, which I thought was interesting, I want to talk to you about this today, this particular person thought the best way for Jerome Powell to save face and go down without a bunch of black marks on his record, and actually come out ahead, would be to resign.
SPEAKER 05 :
Yeah, look, I don’t think he’s going to get fired.
SPEAKER 17 :
He’s not going to get fired, no. I don’t think he’s going to resign either, though.
SPEAKER 05 :
No, I don’t think he’s going to resign either, but I think being proactive. I mean, the flip side of all this, if he doesn’t do something, and let’s say that the labor market really starts to cave, That’s going to be on Jerome Powell. That’s going to be his legacy. Yes, it’s going to be his legacy is going to be like you didn’t do anything in the front end. You let inflation run away and then you had to raise rates like crazy because you screwed up on that side. Right. And now you run the risk of killing the labor market, which, you know, look, he would argue, well, gee, we had a three percent GDP number today.
SPEAKER 17 :
Yeah, but we’ll get into that in a moment. That’s a whole different story if you ask me.
SPEAKER 05 :
I agree. It’s because of what we saw a quarter ago with the rush of imports, and now imports are slowing down a bit. And that inflated the numbers more than they should have been. But the problem for Jerome Powell, again, is if you wait too long, he even said this. He even said if you wait too long, you’re going to cause unnecessary damage to And that just doesn’t make any sense.
SPEAKER 17 :
And we’re heading into the season whereby, you know, a lot of kids are going to be going back to school. The job market itself will start to make some shifts and adjustments like it does every fall before you head back into winter. And now, as far as I’m concerned, now he’s behind the curve.
SPEAKER 05 :
This is the we’re coming up on the weakest part of the year for hiring is right.
SPEAKER 17 :
Yep. If he wanted to do anything to to energize that, he would have been best off to have cut today. But he didn’t again. And I just Scott, I don’t know. I don’t know whether people advise him and he’s just dead set on doing it his own way where that advice doesn’t make any difference. My gut feeling is that’s the case.
SPEAKER 05 :
Yeah, I think so. And again, I feel like this guy’s gotten his back up and he’s like, I’m not going to have anybody tell me what to do and blah, blah, blah. You’re making a huge mistake.
SPEAKER 17 :
Okay, so talk to me about what the Treasury is doing. You know, Besant, he is a buyback expansion. It’s not panic, it’s precision. There was a post made on X Today about that. The Treasury’s $10 billion move stabilizes markets by absorbing excess supply, countering volatility from tariff uncertainty and the Fed inertia. In other words, the Trump administration and Besant are working around the Fed. Explain how this works.
SPEAKER 05 :
Yeah, so look, they have basically been trying to, originally when they got into office, you know, the Fed had got it for four rate cuts in 2025. All of a sudden, you know, they’re like, well, not so fast. We don’t know that we’re going to do four rate cuts. And they’ve dialed it back to maybe two. So what they’ve had to do is pull other levers to try to get borrowing costs down. And they know that, you know, we’ve talked about this a bunch of times, but the primary benchmark for a lot of loans out there is a 10-year yield. So what they’re trying to do is they show there’s something called the quarterly refunding announcement. It obviously happens once a quarter. The details came out. They came out Monday, and then the press conference was today, and they released all the real nuts and bolts details about what’s going on. But what Besant said is the Treasury is going to start increasing buybacks from two times a quarter to four times a quarter. And they also upped the amount of Treasuries they would buy back. So essentially what they’re going to try to do is they’re going to try to retire longer-term debt, which usually requires higher yields. And then they’ll probably issue shorter term debt, which usually requires lower yields. So what they’re doing in the process is they’re more or less, you know, they’re dropping. You can think about it for a company to be like boosting margin. But for the federal government, he’s doing everything he can to drop borrowing costs or interest payments. for the federal government. And by doing that, he can drop longer-term borrowing costs in the process. Does that make sense?
SPEAKER 17 :
Yeah. He’s basically, to your point, he’s working around the Fed.
SPEAKER 05 :
He’s exactly what he’s doing. Now, the Fed could spare him a lot of this by cutting interest rates, because that would typically bring borrowing costs down. But because they’re not doing that, again, he’s trying to pull every lever that he possibly can to get the 10-year yield down, because That’s what’s going to help households and businesses the most.
SPEAKER 17 :
How quickly does the markets react to what’s going on with percent? Is it daily, weekly, monthly? How long does it take to take effect?
SPEAKER 05 :
You know, so they’ll initially react daily, but, yeah, it usually takes a little bit of time. but it’ll start to show up in a regular process. I mean, the other big thing that the Treasury’s doing is, again, they’re trying to issue more short-term debt right now to keep rates down instead of locking in higher rates longer term.
SPEAKER 17 :
What’s the downside as the country itself is concerned in doing that, or is there?
SPEAKER 05 :
I don’t think there’s any downside at all. I think that’s the right move. So what I think The brilliance of Besant is, Besant is coming at this as a former hedge fund manager. His job was to make people money. And if he wasn’t making people money, he wouldn’t be in business because nobody would put money with him. They’d all yank it. So he’s taking the same approach with the U.S. government, and he’s trying to spare us costs wherever he can. And longer term, that’s exactly what we want because… If we can get costs down, then when we have to go out and borrow in the open market, treasury sale, the rates we pay to get people to lend us money are going to be lower. And that’s what we want.
SPEAKER 17 :
All right, let’s talk about the EU deal. That’s something I’ve talked about a little bit through today. I actually had a caller calling in right before you talking about the EU deal and really worried about the cost of goods of European imports really going up. And the way I explained it, Scott, is outside of pharmaceuticals, which they’re their own tariff anyways, they’re exempt. outside of pharmaceuticals, a lot of what we get from the EU, not everything, but a lot of what we get are luxury goods, meaning that even if there is a price increase, most of those people can afford it. But I’m one to say, I don’t think you’re going to see much of an increase because reality is they still have to compete in the marketplace. If they get too high, they won’t be able to. In other words, they’ll eat some of that.
SPEAKER 05 :
That is correct. Yes, they will, because they still want to sell those goods. And, you know, end of the day, think about companies like Moet Hennessy. I mean, champagne isn’t on everybody’s buying list every single day, right?
SPEAKER 17 :
And neither is a Mercedes or a BMW, for that matter.
SPEAKER 05 :
No, and they’re great cars, but yeah, I mean, not everybody’s running out to buy that stuff. So, you know, the people that really are spending money on that stuff, let’s be honest, they can probably suck it up a lot more than everyday Americans. And Champagne costing more money, I’m going to say that’s not a problem for most Americans. So that’s why I don’t think they’re really worried about it. Now, look, the rate that they agreed to is far better than what was initially proposed on April 2nd.
SPEAKER 18 :
True.
SPEAKER 05 :
And that’s why the market’s reacting positively to this.
SPEAKER 17 :
Yeah, and then on top of that, I’m sure the markets are thrilled at the fact that Trump put a deal together to where over the next three years they’re buying $750 billion worth of our liquefied natural gas and going to make another $600 billion investment in the U.S.
SPEAKER 05 :
Correct, and then you throw that on top of the deal he struck with Japan, I believe it was like $550 billion? Yeah, yeah. So what he’s really trying to do is drive more business and manufacturing here, which is good for everyday Americans because that’s jobs.
SPEAKER 17 :
It’s jobs with a multiplier. And I think this is something we need to remind everybody of, Scott, that when those things happen – I wish we did a better job on – on our side of communicating this, when you do something like that where it’s actually a physical investment, physical plant, physical asset of some kind, the ancillary, the multiplier is so much larger than somebody just saying, okay, we’re going to come over here and put $500 billion into banks. I mean, no offense, nothing against the bankers out there, but that multiplier is not the same.
SPEAKER 05 :
Yeah, I would agree. And along those lines, too, with what the Fed’s doing, a lot of the Europeans, a lot of European financial institutions have been sticking their money over here in the overnight markets, collecting interest from the U.S., and then taking it back to Europe. Right. That’s not really helping everyday Americans. That’s helping everyday Europeans.
SPEAKER 17 :
It’s not helping us at all. So, again, that’s a whole – We could talk about that ship all day long. We’re not going to ride it. That’s something that Jerome Powell has to do at the end of the day, and if he’s not careful, and I’ve said this before, if he’s not careful, he’s going to go down as one of the worst Fed chairs ever, and he’s right on the cusp of that right now, if you ask me. Correct. So anyways, that doesn’t matter. At the end of the day, though, the EU deal is a good deal. It helps out America. And the other thing, too, Scott, that it does, and I want to get your opinion on this, is it still sets the stage for other deals, meaning that if you’re Taiwan, if you’re, you know, who’s left? Brazil still has to make a deal. You know, there’s others out there that still haven’t made deals. This sets the stage for them.
SPEAKER 05 :
Yeah, I would agree, and the one I really think about is Canada and Carney, because I think we’ve talked about this in the last couple weeks, is Carney was telling everybody, I’m going to unite the rest of the world against the U.S., and I’m going to make it so nobody’s going to strike a deal unless it’s on our terms. All these guys that Carney was going to rally, they seem to be striking deals with the U.S., and he’s not.
SPEAKER 17 :
Nope. The only buddy that he’s got in his camp—this is what’s funny, not to really get completely off topic, and I haven’t had a chance to ask you this yet, but this deal where Mexico and Canada have put this deal together where they’re somehow going to have this other trade route, land and sea, which, by the way, I don’t know how the land thing is going to work because all of the land between Mexico and Canada is ours, so I don’t know at the end of the day— how they’re possibly going to make that work. But these two countries, which haven’t made deals yet, they think somehow or another they’re going to circumvent the U.S. and somehow poke Donald Trump in the eye. Scott, I’m going to tell you, it’s going to end badly for both of them if they don’t get deals put together.
SPEAKER 05 :
Couldn’t agree with you more. I think it’s going to end very badly. They need the U.S. consumer to buy their goods.
SPEAKER 17 :
I mean, those two countries combined, they can’t cut it. I’m sorry, Scott, but there’s not enough going back and forth for them to make this work, I’m sorry to say. I don’t care who you are.
SPEAKER 05 :
Agreed. And then I think the other interesting part of this all, too, is the Trump administration is really sort of – they seem to be turning the page on China lately, and they seem to be a lot more constructive on the dialogue they’re having there and the headway they’re making, and they’re pretty – positive on the trade deal. They want to work out some other things. But, you know, Besant has made some really constructive comments of late. So, you know, what’s even more interesting is if we wind up striking a deal with China, the EU, and Japan, you know, man, Mexico and Canada could really be left out in the cold.
SPEAKER 17 :
I think they’re very close to that right now. All right, Scott, in closing, how do folks find you?
SPEAKER 05 :
Yeah, sure. LinkedIn, Twitter, or Substack, C. Scott Garlis.
SPEAKER 17 :
All right. Scott, as always, I appreciate you very much.
SPEAKER 05 :
Man, John, thanks so much for your time.
SPEAKER 17 :
You bet. Have a great night. Up next, Golden Eagle Financial, where if you need help when it comes to financial things along these lines, what to invest in, how to get to retirement and stay, talk to Al Smith today. Find him at klzradio.com.
SPEAKER 07 :
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SPEAKER 17 :
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SPEAKER 17 :
All right, and Veteran Windows and Doors, as I keep saying, there may be an Energy Star rating change come first of the year. We’re not sure exactly how all that’s going to work out, but that could affect the type of window or your ability even to buy the right window for your home at this elevation at that time. So talk to Dave Bancroft at Veteran Windows and Doors today. Find him again at klzradio.com.
SPEAKER 04 :
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SPEAKER 11 :
This isn’t rage radio. This is real, relatable radio. Back to Rush to Reason.
SPEAKER 17 :
All right, once again, thanks for all the text messages today. I appreciate it greatly. Somebody asked, a couple of you actually asked, well, where do I shop for the things that we need as a family? And do we go to the mall and things like that? I rarely, if ever, go to the mall. I don’t like it. I don’t know why. I used to enjoy it more. I think the people alone at most malls anymore, they’re just, I don’t know, just skews me out. I’m sorry, I don’t know how else to say it. I don’t enjoy it like I used to, so I just don’t go anywhere. So, in turn, I do the majority of my shopping and what I need, and even the things that I would buy for my wife, I do online. I’ve pretty much learned the sources and where I want certain things and so on. About the only exception to online… is probably shoes shoes are one of those things where you just tend to have to be able to try them on to see how they fit and so on and other than shoes most of the time I buy everything you know online and then I’m one of those guys where if I find a pair of shoes I really like and I know the size I’ll go online and find a sale or do whatever and buy a couple of extra pairs just so I’ve got inventory on them yes I know it’s the fear of running out that Charlie knows I have so All right, with that, guys, have a great rest of your evening. This is Rush to Reason, Denver’s Afternoon Rush, KLZ 560.
