July 31, 2024 • 31 mins
Newt discusses the recent shakeup in the presidential election and the state of the economy with Charles Thorngren, Founder and CEO of Legacy Precious Metals. They discuss the unpredictability of the 2024 election cycle, including Biden's disastrous debate, the assassination attempt on President Trump, and Biden's last-minute decision to drop out of the race, leading to Vice President Harris as the presumptive nominee for the Democrats. They also discuss the impact of the national debt on the economy and the potential outcomes of a Harris or Trump presidency. Charles emphasizes the importance of investing and saving, particularly in gold and silver, regardless of who is in office. He also promotes Legacy Precious Metals and their special offer for a Contract with America silver coin. This episode is sponsored by Legacy Precious Metals.
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Episode Transcript
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Speaker 1 (00:00):
Hi, this is newt You can't have a balanced portfolio
if gold and silver aren't a part of it. Gold
has broken several record highs this year as investors are
looking for a safe haven. Legacy Precious Medals is the
company I invest with, and you should give them a
call and see if a gold investment is right for you.
Legacy Precious Medals also created the official Contract with America
(00:23):
Silver coin that commemorates our historic house victory in nineteen
ninety four. It's one ounce of pure silver and a
piece of American history. Supplies are limited and this comemory
coin will sell out. You can buy this exclusive coin
by visiting Legacypminvestments dot com and you can also add
the Contract with America Coin to your IRA. Call Legacy
(00:46):
today to speak with an advisor at eight six six
four eight four four oh four three, or visit Legacy
online at Legacypminvestments dot com. Tell them I sent you
and they'll send you a free contract with America Coin
on all qualified IRA rollovers. On this episode of Newsworld,
(01:12):
we're going to discuss the recent shakeup in the presidential
election and the state of the economy, which still remains
the top issue on voters minds across the United States.
So I'm really pleased to welcome back my guest, Charles Thorngren,
Founder and CEO of Legacy Precious Metals. Charles, welcome, and
(01:32):
thank you for joining me again in news world. It's
always educational and a pleasure to talk with you. And boy,
with all the different things going on, we have a
lot to talk about. So the last couple months have
been sort of a wild roller coaster that no one
(01:55):
could have predicted. Biden's disastrous debate, the assassins, a nation
attempt on President Trump, Biden's last minute decision to drop
out of the race. Now we have Vice President Harris
as the presumptive nominee for the Democrats. Let's just start
by talking about the craziness of the twenty twenty four
election cycle. What kind of hits you.
Speaker 2 (02:17):
Charles, Thank you for having me again. And it's interesting,
and this is a little out of my normal conversation.
You know, we mainly focus on econ, but you and
I wouldn't tell you that econ runs separate than the
political world. So when I see everything that's happening, it
just really reinforces to me just how divided this country
(02:41):
is on simple things. It's a scenario to where any
assassination attempt, regardless of who it is, is wrong. But
to have someone be shot at while running for the office,
that's a scary thing for me. That to me, and
(03:02):
the investigation will shake out a lot of things. I'm
sure one of the first things is we realize that
you have to hire people in those positions based on
their merits, not in an agenda. That's the first and
foremost thing we want to look at and say, Okay,
your qualifications matter. I mean, that's something that I think
we need to get back to as a nation. Quit
(03:24):
worrying about quotas and deis and things, and let's hire
people right for the job. The fact that President Trump
wasn't assassinated and was just an attempt is the difference
of an inch, and the fact that it was something
that was pointed out ahead of time really magnifies to
(03:47):
me the importance again of doing things because they're right,
and doing things and hiring people because they are right.
Let's focus again on the qualities that matter. Let's make
sure the people are qualified to do what they're hired
to do. And that's just in this one situation we're
talking about, you know, the director of the Secret Service,
(04:09):
but we have many examples of that. The entire fiasco
of what we've seen this year, it just really brings
that even further in mind, and for me, it impresses
upon me and those that I know, we need leadership
that matters again. We need to get back to that.
We've had this farce of qualification in all aspects of
(04:33):
government recently that really needs to be brought out and fixed.
We have a vice president who's being almost to some degree,
given the title, shot given the opportunity to run for president,
And to be honest with you, nut if I were
a Democrat, I would be upset that I didn't have
(04:53):
a choice in that decision, that it wasn't done in
a manner like every other convention where we had the
most qualified people standing up and saying I'm auditioning for
this job. Here's what I stand for, here's what I
believe in, Here's why you should bring me as the
leader of your political party to the office. And we're
(05:13):
missing that. And that's a scary trend for me. That's
a scary situation. It kind of goes against what we
do here in America by voting.
Speaker 1 (05:20):
I've been surprised the number of people who've said it's
just not right. Patrick Basham did a survey at the
Democracy Institute, and sixty percent of the country said that
the way Biden was forced out was undemocratic, and about
the same percent said that the way that Kamala Harris
was forced on the ticket was also on democratic. So
(05:43):
there's a pretty big block of a country that agrees
with you. When I watched the debate between Trump and Biden,
I sort of went in thinking, you know, if Biden
made two or three mistakes, from Trump's perspective, that would
be a good night. And starting with that very first answer,
my jaw kind of dropped open because it had never
occurred to me that Biden would be as weak and
(06:08):
as confused as he was that night. And it goes
back to your point just about sure competence, that whether
you like him or you don't like him, when you
have somebody at that level who can't function, it's a
little scary.
Speaker 2 (06:23):
Definitely is, and I think it really does bring to
mind the fact that we need change, and I don't
mean just in this election. We need to really change
the way we think about the way America should be run,
the way America should hold itself, the way we should
hold the respect for people in office in mind as well,
(06:43):
because if we were truely respectful of President Biden, we
would have said there's issues his campaign should have been
addressing that long ago, and we as the American people,
should have known long ago things weren't as good as
we were told. I think that's an important part the process.
Speaker 1 (07:01):
How much does that lead you to think about sort
of a flight to safety in investing terms, just because
you're looking at a level of political and governmental turbulences
really very unusual for the US.
Speaker 2 (07:17):
We are in an unusual time. If you look at
the events over the past decade, America's has some struggle, right,
we had a pandemic, two point seven million people lost
their jobs for safety, and then we had a government
take over that the solution was to spend more money,
(07:37):
not address the real issues, get involved in things that
didn't matter. No economic principle forethought the amount of debt
we have now. So when you look at that and
say what does politics mean, what does this uncertainty mean
for the economy, it's everything, and the economy is why
we invest. If everything were perfect, we wouldn't need investments.
(08:01):
We'd be able to just save money as people and
make sure that we saved enough to retire on. But
that's not the way economies work. That's not the way
government works. You need to create an economy so that
government can collect taxes and that you hope they spend
those moneys correctly so that the country grows, and that
you grow and your investments can grow, so that you
(08:22):
can be afforded that safety that you want for retirement
and for just everyday living. So when we look now,
I think it's more important now than ever to make
sure that we fix a scenario within government, within the economy,
within businesses, but also more importantly with the way we
invest in safe That to me, is the one thing
(08:44):
we have complete control of. It's the way we invest in,
the way we save. That's the one thing that we
can do no matter who's in office. So it draws
to me the fact that it's the most important thing
that we can do for ourselves is to make sure
that we manage that correctly.
Speaker 1 (09:03):
The next Federal Reserve Board meeting is going to be
July thirtieth and thirty First, what is your gut tey you,
what do you think is going to happen?
Speaker 2 (09:10):
Then there's two trains of thought. My thought, okay, as
a person who is not in thinking of it on
the political side, is we still have inflation. Now. The
Board's job is to maintain a controllable inflation. That's their
first job. The second job is to keep the economy strong.
(09:32):
We've done neither. Okay, the Federal Reserve has done neither.
This past four years has been a debacle. Is it
all their fault? No, we did have a pandemic. We
did have this emergency situation that happened in here in
the United States. But that's done. It should have been
fixed by now. If you're speaking on a true economic principle,
inflation is still too high. The key to that is
(09:55):
to raise rates, but we don't have the political stomach
to do that right now. So I think rate cuts
are coming, it's just a matter of when. And the
issue with that is you create an opportunity for inflation
to run away on top of the fact that we
(10:17):
have a recession coming. We see that in the GDP numbers,
and you see that in business for the first time
in twenty five years now, I believe McDonald's does not
have the growth that it's used to. Something as recognizable
as McDonald's. It doesn't have growth. And that's just one
(10:37):
company of many that are out there. It's probably one
of those names that everyone knows of. Everyone's familiar with McDonald's,
and they're not in a good situation. They don't have
growth year over year, so they're hurting. But this is systemic,
and this is why this recession that comes now is
so important. We have high interest rates, so it makes
(10:59):
it hard for companies and for businesses to refinance things.
It makes it harder for them to go out and
build and create growth because the cost of money is
too expensive. But we're fighting that same principle with the
fact that we have high inflation. So it's a dilemma.
Speaker 1 (11:30):
Hi, this is newt You can't have a balanced portfolio
if gold and silver aren't a part of it. Gold
has broken several record highs this year as investors are
looking for a safe haven. Legacy Precious Metals is the
company I invest with, and you should give them a
call and see if a gold investment is right for you.
Legacy Precious Metals also created the official Contract with America
(11:53):
Silver coin that commemorates our historic House victory in nineteen
ninety four. It's one ounce of pure silver and a
peace of American history. Supplies are limited and this co
memory coin will sell out. You can buy this exclusive
coin by visiting Legacypminvestments dot com and you can also
add the contract with America Coin to your IRA. Call
(12:15):
Legacy Today to speak with an advisor at eight six
six four eight four four oh four three, or visit
Legacy online at Legacypminvestments dot com. Tell them I sent you,
and they'll send you a free contract with America Coin
on all qualified IRA rollovers. I noticed, though, that the
(12:40):
FED in the twenty twenty two to twenty twenty three
period increased rates eleven times, but then from July twenty
three on on they stopped. That they've held them steady
that around five point twenty five or five point five percent.
Do you think they're more afraid of triggering a recession?
The inflation is still well above the two percent goal.
(13:03):
I'm curious why you think they have not done anything
since July of twenty twenty three.
Speaker 2 (13:10):
I believe is that they did not want to be
the FED that raised rates fourteen times, not just eleven times.
We've talked about it in the past, and we should
have raised rates. The FED had an opportunity to really
stamp down inflation and to bring it back into its
(13:30):
own guidelines in twenty twenty three. They didn't have the courage.
Whether it was over cautiousness or we do need to
add this to the mix, whether it was political in
nature where they're being pressured to not raise again because
everyone was complaining about the cost of money and businesses
were beginning to say this will generate a recession. We're
(13:54):
feeling the effect of it. We can't get the growth
that we want because we can't afford the money at
this point. So you have a scenario where the FED
had the ability, I believe, to really take inflation down
and get it under control and meet its guidelines. It
just would have caused a little bit more pain, but
(14:16):
they chose to not do that. So now we will
feel that pain on both sides for a much longer
period of time. You have to have courage to take
that kind of maneuver, and we don't see that kind
of courage in politics nowadays, and most people you're in a.
Speaker 1 (14:32):
Situation where a lot of the economic so called economic
growth is amazing. I think the governor of New York
just said that virtually all of their recent economic growth
is actually theft from medicaid, not medicaid, theft from medicaid.
And you see these things around the country where government
has been a much bigger part of job growth, for example,
(14:54):
than I think anytime outside of wartime. I'm very curious
in that sense, when you look out over the next
six months or a year, are you confident in the
economy orre you a global worried.
Speaker 2 (15:05):
I'm very worried. I'm not even just a little worried.
There will be a recession. There has to be. We
can't float this much money into an economy. We can't
talk about raising tax rates on businesses. We can't talk
about money costing so much. The ability to generate job growth,
(15:28):
the ability to generate economic growth and business growth can't
be this expensive. One of the things we don't figure
into that calculation. Everyone talks about the interest rate. Here's
where it's even more important that most people leave out.
Your major corporations and entities. They typically have bonds to
they issue to cover debt that's how they create growth
(15:49):
through the bond market, not the equity market, but through
the bond market. For them, now you take old debt
and refund it costs so much more now that some
of them are thinking about retiring the debt and taking
cash off the books because the amount that they have
to pay now for that bond is so much more
(16:11):
that it doesn't make sense for them to create this
kind of debt over the next ten years. And this
is one of the major things that we will get
to see happen as we get closer to the end
of the year, so you will see the financing of
some major corporations really take a hit.
Speaker 1 (16:29):
In that process. The national debt has grown by a
little bit over seven trillion dollars since Biden took office.
We now have this enormous debt I think somewhere of
the thirty four trillion dollar inch. How much does that
weigh down on the economy and provide an inhibitor to
economic growth.
Speaker 2 (16:50):
There's some damage that we know. The damage that we
don't know is the psychological damage of the investor, and
not just our investors, but worldwide. When you increase your
debt that much and you get to the point where
your heyment of that debt is one hundred and twenty
six percent of your GDP. That's called bankruptcy. If the
(17:14):
United States was a corporation, it would be bankrupt. It
would maintain twenty six percent more debt per year than
what it produces. That's unsustainable. That's bad money management. And
it's not going away because we still have six more months.
(17:35):
The only thing more dangerous to me than a Democrat
is a Democrat that knows there's no repercussion. He's not
looking for office again. He can now do anything he
desires that he can get away with politically, there's no
repercussion to him. So I would imagine we'll see more
student loan forgiveness. I would imagine we'll see more money
(17:57):
going overseas whenever it's possible under executive orders, versus the
normal business that we do as a government. And this
is the scary part, because the numbers we talk about
are as of now, not what's going to be left
in six months when this damage is perpetuated.
Speaker 1 (18:14):
When you see all this and you look down the
road of what's sort of a really big split in
the road between what a Harris presidency would be like,
and what a Trump presidency like. How do you measure
those two from it purely not political, but from an
economic standpoint, looking at the fate of the economy and
the fate of inflation, and the fate of the value
(18:36):
of money.
Speaker 2 (18:37):
That's great question, and I'll tell you. Normally answer as
the economic side, I'm going to answer as the political
side now, and I'll tell you why I have to
do that. If we have a president Harris, I have
no way to judge what she will do. There is
no business education within her. There is no aspect of
(18:58):
knowing how to run a budget. There is no aspect
of her anything that deals with the economy. If Kamala
Harris wins, we know her background is in criminal in law,
nothing to do with the economy, nothing to do with
running a country. She doesn't even have experience as running
(19:21):
a business. She's never even owned her own business. This
is a person who was involved in government from the
day she graduated college. So when we say what do
we expect with a president Harris, I have a hard
time giving you that answer. The only thing that I
can assume is more of Joe Biden, because that's her
(19:42):
experience and I've never heard a point where she disagreed
with anything that President Biden has said or done. I
know the vice president's job isn't to necessarily disagree with
the president, but I've never heard any form of wavering,
just full support. So I'm left to assume it's more
(20:04):
of the same because there's nothing else to judge it on. Now.
I look at President Trump, and I'm going to say
something too. I expect more of the same from him.
I expect to see the same results that we saw
the first time he was in office, the only difference
being is a time to fix the damage that's been done,
(20:25):
and that's going to take some time. If President Trump
wins again and takes office, he's not getting the same
America that he got in twenty sixteen. It's a much
different America, with a lot more debt and a lot
more wars going on, and a lot more unrest and
a lot of ridiculousness. So I expect him to manage
(20:47):
it the way that he has in the past, but
with a bigger transition period to get things fixed. So
when I look at it from the economy wise, I
have to say we're in for a couple of rough
years now, a couple of rough years, as if President
Trump wins again, six to seven more rough years if
(21:08):
we have a president Harris win because I don't see
that there's any way or any knowledge from her or
experience from her to manage what's the most important thing
on people's minds.
Speaker 1 (21:30):
Hi, this is new gold has broken several record highs
this year, and Legacy Precious Metals, of the company I
personally invest with, together we created the official contract with
America Silver Coin that commemorates our historic house victory in
nineteen ninety four. Supplies are limited and this commemorative coin
will sell out. Go to Legacypminvestments dot com or call
them at age sixty six four eight four four oh
(21:52):
four three d eight yours today, Tell them I sent you,
and they'll send you a free contract with America Coin
on all qualified IRA rollovers. Where does investing in gold
and silver fit into an investment portfolio when the range
(22:13):
of futures is as wide open as you just described.
Speaker 2 (22:17):
I don't want to overstate this. I know this is
what I do, and I talk a lot about gold
and silver, but I talk a lot about the economy too,
And I will say that I've never seen a time
where it was more important for people to be invested
in precious metals than right now. And I don't say
that lightly. We've talked a lot, you know. I'm not
that kind of guy who's going to jump up on
(22:39):
a soapbox and scream and shout. Just not what I do.
But we have high inflation, we have massive debt, we
have a dollar that is on the brink of breaking
because of that debt. We have a recession coming, and
we have a country divided. There is no more important
(23:02):
time than right now. Even if you've never thought about
precious metals, it's the time to think about it. And
if you have precious metals, it's a time to look
at it and say, in my position correctly, because the
recession that comes will affect the equities market, and that
is the most common form of investment for Americans. There's
(23:22):
others out there, there's other alternative assets as well, but
the most prevalent is, you know, the equities market. I've
never seen a time where the risk was greater than now.
If I use this Shielder Pe ratio, we're one hundred
and ninety one percent overvalued in the equities market. I
have never seen that in my lifetime. Ever. I've been
(23:46):
through some crashes, it's never been as strong as it
is right now. So folks, even if you don't get
precious metals, find a way to protect yourself. All the
indications are there. And this is not because of just
a bad economy. This is because of bad policy. This
(24:07):
is what brings us here. So people ask me to
these their vote count I tell them this is exactly
why every vote counts.
Speaker 1 (24:15):
If somebody wants to learn more about legacy precious metals
just as an entry point, they've never done anything at all.
There are a number of companies, you see them advertised
on TV and on radio. Why should they come to
Legacy precious Metals to start learning about the whole process?
Speaker 2 (24:33):
And that's a great question. Why legacy precious medals. You know,
gold and silver should be a part of a diversified
investment portfolio. Over time, gold it holds its value versus
the stock market, which you know can be volatile and
as we talked about, will be volatile. For example, let's
say you're sixty three and you're near in retirement. Gold
(24:55):
and silver is a good investment if you don't want
that volatility of the stock market. It right now move
to gold because it removes that volatility. Gold is generally
going to hold its value. And with Legacy Precious Metals,
you're buying from a company that you can trust. Some
of the things to know about us. You get to
(25:16):
select your own investment like coins or bars, or rolling
over your existing retirement account into a precious metals IRA.
We have transparency, real time pricing on precious metals based
on the precious metals market. We have very low transaction fees.
You can contact our support team any time to answer
(25:38):
any of your questions. You can call them at eight
sixty six four eight four four zero four to three.
You can also choose whether you want metals outside of
your IRA to be delivered to you or have them stored.
So the important thing to know is that we are
here to answer your questions. So give Legacy Precious Metals
(25:58):
a call four eight four for zero four to three. Again,
that's eight sixty six four eight four for zero four
to three. So when you call, here's what you can
expect to happen. You're going to have a conversation about
your financial goals, your risk tolerance, the years you have
(26:18):
to retirement and we're going to take all of that
and then we're going to walk you through the precious
metals investment options that you have. The goal here is
for everyone on my sales team to inform you with
the information you need so that you can make the
best possible investment decision for yourself. Again, reach out to
us at eight sixty six four eight four for zero
(26:41):
four three.
Speaker 1 (26:42):
We have to say just a minute and talk about
my favorite subject in this area, which is the Contract
with America silver coin, created exclusively by Legacy Precious Metals.
And as I understand it, listeners can now order the
collectible coin on its own, but you have a new
special offer for them. Will you describe the special offer
(27:04):
for Newts World listeners solutely?
Speaker 2 (27:07):
The Contract with America Coin. It's a beautiful one out
silver coin. We have your magnificent image on its speaker.
Newt is on the front of the coin and on
the back we have the ten pillars of the contract
which you can see on the front of the coin
as well in your hands. It's a beautiful silver coin.
It's a collector's item. Anyone can order it. It's available
(27:29):
now at Legacypminvestments dot com. That's Legacy PM Investments dot com.
Where again call us at eight sixty six four eight
four for zero four to three. But as of today,
I have a new special offer for Newts World listeners.
If you call us and you decide to roll over
your qualified IRA into a Legacy Precious Metals account, We're
(27:52):
going to send you a newke Gningridge contract with America
Coin for free. And that's directly to you. So if
you're a listener of the show, call us and tell
our sales representative that you are listening to Newts World,
and when you do that qualified IRA rollover, we're going
to get that coin out to you. You'll not only
receive the tax benefits of a retirement account, but you'll
(28:14):
also receive a free contract with America Coin as part
of that IRA rollover. It's a one of a kind coin.
It goes up in value and you will gain that
value not just on the silver, but on the collectibility
of that coin. So again call us today eight sixty
six four eight four four zero four to three Again
(28:34):
eight sixty six four eight four four zero four to three.
Speaker 1 (28:38):
I'm particularly excited by the coin because the thirtieth anniversary
of the Contract with America is this September. We're very
excited about getting a whole bunch of the members who
were there when they started it and first one control
for the first time in forty years. And the coin
is just perfect as a reminder of what it is.
(29:00):
Extraordinary historic moment the Contract with America was weent four
balanced budgets, welfare reform. It was a remarkable period. So
I'm very excited about what you're doing and very grateful
for it. Charles. I want to thank you for joining
me and helping me and our listeners make sense of
the current economic environment and how we can save for
(29:20):
our retirement with a diverse portfolio that includes precious metals
at gold and silver. And I want to let our
listeners know if they want more information, they can call
Charles and his team at Legacy Precious Medals directly at
eight sixty six four eight four four oh four to three,
that's eight six six four eight four four to oh
(29:44):
four to three, or visit Legacy online at Legacypminvestments dot com.
Thank you again, Charles for joining me. I think this
has been a really good discussion of where we are
both politically and economically.
Speaker 2 (30:00):
Oh, thank you for having me, and I think so too.
I think it really portrays the importance of what's going
on politically but also economically. So again, thank you for
having me.
Speaker 1 (30:12):
Thank you to my guest, Charles Thornngren. You can learn
more about Legacy Precious Metals at Legacypminvestments dot com. Newsworld
is produced by Gainish three sixty and iHeartMedia. Our executive
producer is Guarnsey Sloan. Our researcher is Rachel Peterson. The
artwork for the show was created by Steve Fenley. Special
(30:33):
thanks to the team at ginglishree sixty. If you've been
enjoying Newtsworld, I hope you'll go to Apple Podcast and
both rate us with five stars and give us a
review so others can learn what it's all about. Right now,
listeners of Newtsworld can sign up for my three freeweekly
columns at gingridstre sixty dot com slash newsletter. I'm Newt Gingrich.
(30:56):
This is Newtsworld. This episode of Newtsworld is brought to
you by Lets Legacy Precious Medals. Hi. This is NEWT
Gold has broken several record highs this year and Legacy
Precious Medals of the company I personally invest with. Together,
(31:18):
we created the official contract with America Silver Coin that
commemorates our historic house victory in nineteen ninety four. Supplies
are limited and this commemorative coin will sell out. Go
to Legacypminvestments dot com or call them at age sixty
six four eight four four oh four three d eight
yours today. Tell them I sent you, and they'll send
you a free contract with America Coin on all qualified
(31:40):
IRA rollovers
Hi, this is newt You can't have a balanced portfolio
if gold and silver aren't a part of it. Gold
has broken several record highs this year as investors are
looking for a safe haven. Legacy Precious Medals is the
company I invest with, and you should give them a
call and see if a gold investment is right for you.
Legacy Precious Medals also created the official Contract with America
(00:23):
Silver coin that commemorates our historic house victory in nineteen
ninety four. It's one ounce of pure silver and a
piece of American history. Supplies are limited and this comemory
coin will sell out. You can buy this exclusive coin
by visiting Legacypminvestments dot com and you can also add
the Contract with America Coin to your IRA. Call Legacy
(00:46):
today to speak with an advisor at eight six six
four eight four four oh four three, or visit Legacy
online at Legacypminvestments dot com. Tell them I sent you
and they'll send you a free contract with America Coin
on all qualified IRA rollovers. On this episode of Newsworld,
(01:12):
we're going to discuss the recent shakeup in the presidential
election and the state of the economy, which still remains
the top issue on voters minds across the United States.
So I'm really pleased to welcome back my guest, Charles Thorngren,
Founder and CEO of Legacy Precious Metals. Charles, welcome, and
(01:32):
thank you for joining me again in news world. It's
always educational and a pleasure to talk with you. And boy,
with all the different things going on, we have a
lot to talk about. So the last couple months have
been sort of a wild roller coaster that no one
(01:55):
could have predicted. Biden's disastrous debate, the assassins, a nation
attempt on President Trump, Biden's last minute decision to drop
out of the race. Now we have Vice President Harris
as the presumptive nominee for the Democrats. Let's just start
by talking about the craziness of the twenty twenty four
election cycle. What kind of hits you.
Speaker 2 (02:17):
Charles, Thank you for having me again. And it's interesting,
and this is a little out of my normal conversation.
You know, we mainly focus on econ, but you and
I wouldn't tell you that econ runs separate than the
political world. So when I see everything that's happening, it
just really reinforces to me just how divided this country
(02:41):
is on simple things. It's a scenario to where any
assassination attempt, regardless of who it is, is wrong. But
to have someone be shot at while running for the office,
that's a scary thing for me. That to me, and
(03:02):
the investigation will shake out a lot of things. I'm
sure one of the first things is we realize that
you have to hire people in those positions based on
their merits, not in an agenda. That's the first and
foremost thing we want to look at and say, Okay,
your qualifications matter. I mean, that's something that I think
we need to get back to as a nation. Quit
(03:24):
worrying about quotas and deis and things, and let's hire
people right for the job. The fact that President Trump
wasn't assassinated and was just an attempt is the difference
of an inch, and the fact that it was something
that was pointed out ahead of time really magnifies to
(03:47):
me the importance again of doing things because they're right,
and doing things and hiring people because they are right.
Let's focus again on the qualities that matter. Let's make
sure the people are qualified to do what they're hired
to do. And that's just in this one situation we're
talking about, you know, the director of the Secret Service,
(04:09):
but we have many examples of that. The entire fiasco
of what we've seen this year, it just really brings
that even further in mind, and for me, it impresses
upon me and those that I know, we need leadership
that matters again. We need to get back to that.
We've had this farce of qualification in all aspects of
(04:33):
government recently that really needs to be brought out and fixed.
We have a vice president who's being almost to some degree,
given the title, shot given the opportunity to run for president,
And to be honest with you, nut if I were
a Democrat, I would be upset that I didn't have
(04:53):
a choice in that decision, that it wasn't done in
a manner like every other convention where we had the
most qualified people standing up and saying I'm auditioning for
this job. Here's what I stand for, here's what I
believe in, Here's why you should bring me as the
leader of your political party to the office. And we're
(05:13):
missing that. And that's a scary trend for me. That's
a scary situation. It kind of goes against what we
do here in America by voting.
Speaker 1 (05:20):
I've been surprised the number of people who've said it's
just not right. Patrick Basham did a survey at the
Democracy Institute, and sixty percent of the country said that
the way Biden was forced out was undemocratic, and about
the same percent said that the way that Kamala Harris
was forced on the ticket was also on democratic. So
(05:43):
there's a pretty big block of a country that agrees
with you. When I watched the debate between Trump and Biden,
I sort of went in thinking, you know, if Biden
made two or three mistakes, from Trump's perspective, that would
be a good night. And starting with that very first answer,
my jaw kind of dropped open because it had never
occurred to me that Biden would be as weak and
(06:08):
as confused as he was that night. And it goes
back to your point just about sure competence, that whether
you like him or you don't like him, when you
have somebody at that level who can't function, it's a
little scary.
Speaker 2 (06:23):
Definitely is, and I think it really does bring to
mind the fact that we need change, and I don't
mean just in this election. We need to really change
the way we think about the way America should be run,
the way America should hold itself, the way we should
hold the respect for people in office in mind as well,
(06:43):
because if we were truely respectful of President Biden, we
would have said there's issues his campaign should have been
addressing that long ago, and we as the American people,
should have known long ago things weren't as good as
we were told. I think that's an important part the process.
Speaker 1 (07:01):
How much does that lead you to think about sort
of a flight to safety in investing terms, just because
you're looking at a level of political and governmental turbulences
really very unusual for the US.
Speaker 2 (07:17):
We are in an unusual time. If you look at
the events over the past decade, America's has some struggle, right,
we had a pandemic, two point seven million people lost
their jobs for safety, and then we had a government
take over that the solution was to spend more money,
(07:37):
not address the real issues, get involved in things that
didn't matter. No economic principle forethought the amount of debt
we have now. So when you look at that and
say what does politics mean, what does this uncertainty mean
for the economy, it's everything, and the economy is why
we invest. If everything were perfect, we wouldn't need investments.
(08:01):
We'd be able to just save money as people and
make sure that we saved enough to retire on. But
that's not the way economies work. That's not the way
government works. You need to create an economy so that
government can collect taxes and that you hope they spend
those moneys correctly so that the country grows, and that
you grow and your investments can grow, so that you
(08:22):
can be afforded that safety that you want for retirement
and for just everyday living. So when we look now,
I think it's more important now than ever to make
sure that we fix a scenario within government, within the economy,
within businesses, but also more importantly with the way we
invest in safe That to me, is the one thing
(08:44):
we have complete control of. It's the way we invest in,
the way we save. That's the one thing that we
can do no matter who's in office. So it draws
to me the fact that it's the most important thing
that we can do for ourselves is to make sure
that we manage that correctly.
Speaker 1 (09:03):
The next Federal Reserve Board meeting is going to be
July thirtieth and thirty First, what is your gut tey you,
what do you think is going to happen?
Speaker 2 (09:10):
Then there's two trains of thought. My thought, okay, as
a person who is not in thinking of it on
the political side, is we still have inflation. Now. The
Board's job is to maintain a controllable inflation. That's their
first job. The second job is to keep the economy strong.
(09:32):
We've done neither. Okay, the Federal Reserve has done neither.
This past four years has been a debacle. Is it
all their fault? No, we did have a pandemic. We
did have this emergency situation that happened in here in
the United States. But that's done. It should have been
fixed by now. If you're speaking on a true economic principle,
inflation is still too high. The key to that is
(09:55):
to raise rates, but we don't have the political stomach
to do that right now. So I think rate cuts
are coming, it's just a matter of when. And the
issue with that is you create an opportunity for inflation
to run away on top of the fact that we
(10:17):
have a recession coming. We see that in the GDP numbers,
and you see that in business for the first time
in twenty five years now, I believe McDonald's does not
have the growth that it's used to. Something as recognizable
as McDonald's. It doesn't have growth. And that's just one
(10:37):
company of many that are out there. It's probably one
of those names that everyone knows of. Everyone's familiar with McDonald's,
and they're not in a good situation. They don't have
growth year over year, so they're hurting. But this is systemic,
and this is why this recession that comes now is
so important. We have high interest rates, so it makes
(10:59):
it hard for companies and for businesses to refinance things.
It makes it harder for them to go out and
build and create growth because the cost of money is
too expensive. But we're fighting that same principle with the
fact that we have high inflation. So it's a dilemma.
Speaker 1 (11:30):
Hi, this is newt You can't have a balanced portfolio
if gold and silver aren't a part of it. Gold
has broken several record highs this year as investors are
looking for a safe haven. Legacy Precious Metals is the
company I invest with, and you should give them a
call and see if a gold investment is right for you.
Legacy Precious Metals also created the official Contract with America
(11:53):
Silver coin that commemorates our historic House victory in nineteen
ninety four. It's one ounce of pure silver and a
peace of American history. Supplies are limited and this co
memory coin will sell out. You can buy this exclusive
coin by visiting Legacypminvestments dot com and you can also
add the contract with America Coin to your IRA. Call
(12:15):
Legacy Today to speak with an advisor at eight six
six four eight four four oh four three, or visit
Legacy online at Legacypminvestments dot com. Tell them I sent you,
and they'll send you a free contract with America Coin
on all qualified IRA rollovers. I noticed, though, that the
(12:40):
FED in the twenty twenty two to twenty twenty three
period increased rates eleven times, but then from July twenty
three on on they stopped. That they've held them steady
that around five point twenty five or five point five percent.
Do you think they're more afraid of triggering a recession?
The inflation is still well above the two percent goal.
(13:03):
I'm curious why you think they have not done anything
since July of twenty twenty three.
Speaker 2 (13:10):
I believe is that they did not want to be
the FED that raised rates fourteen times, not just eleven times.
We've talked about it in the past, and we should
have raised rates. The FED had an opportunity to really
stamp down inflation and to bring it back into its
(13:30):
own guidelines in twenty twenty three. They didn't have the courage.
Whether it was over cautiousness or we do need to
add this to the mix, whether it was political in
nature where they're being pressured to not raise again because
everyone was complaining about the cost of money and businesses
were beginning to say this will generate a recession. We're
(13:54):
feeling the effect of it. We can't get the growth
that we want because we can't afford the money at
this point. So you have a scenario where the FED
had the ability, I believe, to really take inflation down
and get it under control and meet its guidelines. It
just would have caused a little bit more pain, but
(14:16):
they chose to not do that. So now we will
feel that pain on both sides for a much longer
period of time. You have to have courage to take
that kind of maneuver, and we don't see that kind
of courage in politics nowadays, and most people you're in a.
Speaker 1 (14:32):
Situation where a lot of the economic so called economic
growth is amazing. I think the governor of New York
just said that virtually all of their recent economic growth
is actually theft from medicaid, not medicaid, theft from medicaid.
And you see these things around the country where government
has been a much bigger part of job growth, for example,
(14:54):
than I think anytime outside of wartime. I'm very curious
in that sense, when you look out over the next
six months or a year, are you confident in the
economy orre you a global worried.
Speaker 2 (15:05):
I'm very worried. I'm not even just a little worried.
There will be a recession. There has to be. We
can't float this much money into an economy. We can't
talk about raising tax rates on businesses. We can't talk
about money costing so much. The ability to generate job growth,
(15:28):
the ability to generate economic growth and business growth can't
be this expensive. One of the things we don't figure
into that calculation. Everyone talks about the interest rate. Here's
where it's even more important that most people leave out.
Your major corporations and entities. They typically have bonds to
they issue to cover debt that's how they create growth
(15:49):
through the bond market, not the equity market, but through
the bond market. For them, now you take old debt
and refund it costs so much more now that some
of them are thinking about retiring the debt and taking
cash off the books because the amount that they have
to pay now for that bond is so much more
(16:11):
that it doesn't make sense for them to create this
kind of debt over the next ten years. And this
is one of the major things that we will get
to see happen as we get closer to the end
of the year, so you will see the financing of
some major corporations really take a hit.
Speaker 1 (16:29):
In that process. The national debt has grown by a
little bit over seven trillion dollars since Biden took office.
We now have this enormous debt I think somewhere of
the thirty four trillion dollar inch. How much does that
weigh down on the economy and provide an inhibitor to
economic growth.
Speaker 2 (16:50):
There's some damage that we know. The damage that we
don't know is the psychological damage of the investor, and
not just our investors, but worldwide. When you increase your
debt that much and you get to the point where
your heyment of that debt is one hundred and twenty
six percent of your GDP. That's called bankruptcy. If the
(17:14):
United States was a corporation, it would be bankrupt. It
would maintain twenty six percent more debt per year than
what it produces. That's unsustainable. That's bad money management. And
it's not going away because we still have six more months.
(17:35):
The only thing more dangerous to me than a Democrat
is a Democrat that knows there's no repercussion. He's not
looking for office again. He can now do anything he
desires that he can get away with politically, there's no
repercussion to him. So I would imagine we'll see more
student loan forgiveness. I would imagine we'll see more money
(17:57):
going overseas whenever it's possible under executive orders, versus the
normal business that we do as a government. And this
is the scary part, because the numbers we talk about
are as of now, not what's going to be left
in six months when this damage is perpetuated.
Speaker 1 (18:14):
When you see all this and you look down the
road of what's sort of a really big split in
the road between what a Harris presidency would be like,
and what a Trump presidency like. How do you measure
those two from it purely not political, but from an
economic standpoint, looking at the fate of the economy and
the fate of inflation, and the fate of the value
(18:36):
of money.
Speaker 2 (18:37):
That's great question, and I'll tell you. Normally answer as
the economic side, I'm going to answer as the political
side now, and I'll tell you why I have to
do that. If we have a president Harris, I have
no way to judge what she will do. There is
no business education within her. There is no aspect of
(18:58):
knowing how to run a budget. There is no aspect
of her anything that deals with the economy. If Kamala
Harris wins, we know her background is in criminal in law,
nothing to do with the economy, nothing to do with
running a country. She doesn't even have experience as running
(19:21):
a business. She's never even owned her own business. This
is a person who was involved in government from the
day she graduated college. So when we say what do
we expect with a president Harris, I have a hard
time giving you that answer. The only thing that I
can assume is more of Joe Biden, because that's her
(19:42):
experience and I've never heard a point where she disagreed
with anything that President Biden has said or done. I
know the vice president's job isn't to necessarily disagree with
the president, but I've never heard any form of wavering,
just full support. So I'm left to assume it's more
(20:04):
of the same because there's nothing else to judge it on. Now.
I look at President Trump, and I'm going to say
something too. I expect more of the same from him.
I expect to see the same results that we saw
the first time he was in office, the only difference
being is a time to fix the damage that's been done,
(20:25):
and that's going to take some time. If President Trump
wins again and takes office, he's not getting the same
America that he got in twenty sixteen. It's a much
different America, with a lot more debt and a lot
more wars going on, and a lot more unrest and
a lot of ridiculousness. So I expect him to manage
(20:47):
it the way that he has in the past, but
with a bigger transition period to get things fixed. So
when I look at it from the economy wise, I
have to say we're in for a couple of rough
years now, a couple of rough years, as if President
Trump wins again, six to seven more rough years if
(21:08):
we have a president Harris win because I don't see
that there's any way or any knowledge from her or
experience from her to manage what's the most important thing
on people's minds.
Speaker 1 (21:30):
Hi, this is new gold has broken several record highs
this year, and Legacy Precious Metals, of the company I
personally invest with, together we created the official contract with
America Silver Coin that commemorates our historic house victory in
nineteen ninety four. Supplies are limited and this commemorative coin
will sell out. Go to Legacypminvestments dot com or call
them at age sixty six four eight four four oh
(21:52):
four three d eight yours today, Tell them I sent you,
and they'll send you a free contract with America Coin
on all qualified IRA rollovers. Where does investing in gold
and silver fit into an investment portfolio when the range
(22:13):
of futures is as wide open as you just described.
Speaker 2 (22:17):
I don't want to overstate this. I know this is
what I do, and I talk a lot about gold
and silver, but I talk a lot about the economy too,
And I will say that I've never seen a time
where it was more important for people to be invested
in precious metals than right now. And I don't say
that lightly. We've talked a lot, you know. I'm not
that kind of guy who's going to jump up on
(22:39):
a soapbox and scream and shout. Just not what I do.
But we have high inflation, we have massive debt, we
have a dollar that is on the brink of breaking
because of that debt. We have a recession coming, and
we have a country divided. There is no more important
(23:02):
time than right now. Even if you've never thought about
precious metals, it's the time to think about it. And
if you have precious metals, it's a time to look
at it and say, in my position correctly, because the
recession that comes will affect the equities market, and that
is the most common form of investment for Americans. There's
(23:22):
others out there, there's other alternative assets as well, but
the most prevalent is, you know, the equities market. I've
never seen a time where the risk was greater than now.
If I use this Shielder Pe ratio, we're one hundred
and ninety one percent overvalued in the equities market. I
have never seen that in my lifetime. Ever. I've been
(23:46):
through some crashes, it's never been as strong as it
is right now. So folks, even if you don't get
precious metals, find a way to protect yourself. All the
indications are there. And this is not because of just
a bad economy. This is because of bad policy. This
(24:07):
is what brings us here. So people ask me to
these their vote count I tell them this is exactly
why every vote counts.
Speaker 1 (24:15):
If somebody wants to learn more about legacy precious metals
just as an entry point, they've never done anything at all.
There are a number of companies, you see them advertised
on TV and on radio. Why should they come to
Legacy precious Metals to start learning about the whole process?
Speaker 2 (24:33):
And that's a great question. Why legacy precious medals. You know,
gold and silver should be a part of a diversified
investment portfolio. Over time, gold it holds its value versus
the stock market, which you know can be volatile and
as we talked about, will be volatile. For example, let's
say you're sixty three and you're near in retirement. Gold
(24:55):
and silver is a good investment if you don't want
that volatility of the stock market. It right now move
to gold because it removes that volatility. Gold is generally
going to hold its value. And with Legacy Precious Metals,
you're buying from a company that you can trust. Some
of the things to know about us. You get to
(25:16):
select your own investment like coins or bars, or rolling
over your existing retirement account into a precious metals IRA.
We have transparency, real time pricing on precious metals based
on the precious metals market. We have very low transaction fees.
You can contact our support team any time to answer
(25:38):
any of your questions. You can call them at eight
sixty six four eight four four zero four to three.
You can also choose whether you want metals outside of
your IRA to be delivered to you or have them stored.
So the important thing to know is that we are
here to answer your questions. So give Legacy Precious Metals
(25:58):
a call four eight four for zero four to three. Again,
that's eight sixty six four eight four for zero four
to three. So when you call, here's what you can
expect to happen. You're going to have a conversation about
your financial goals, your risk tolerance, the years you have
(26:18):
to retirement and we're going to take all of that
and then we're going to walk you through the precious
metals investment options that you have. The goal here is
for everyone on my sales team to inform you with
the information you need so that you can make the
best possible investment decision for yourself. Again, reach out to
us at eight sixty six four eight four for zero
(26:41):
four three.
Speaker 1 (26:42):
We have to say just a minute and talk about
my favorite subject in this area, which is the Contract
with America silver coin, created exclusively by Legacy Precious Metals.
And as I understand it, listeners can now order the
collectible coin on its own, but you have a new
special offer for them. Will you describe the special offer
(27:04):
for Newts World listeners solutely?
Speaker 2 (27:07):
The Contract with America Coin. It's a beautiful one out
silver coin. We have your magnificent image on its speaker.
Newt is on the front of the coin and on
the back we have the ten pillars of the contract
which you can see on the front of the coin
as well in your hands. It's a beautiful silver coin.
It's a collector's item. Anyone can order it. It's available
(27:29):
now at Legacypminvestments dot com. That's Legacy PM Investments dot com.
Where again call us at eight sixty six four eight
four for zero four to three. But as of today,
I have a new special offer for Newts World listeners.
If you call us and you decide to roll over
your qualified IRA into a Legacy Precious Metals account, We're
(27:52):
going to send you a newke Gningridge contract with America
Coin for free. And that's directly to you. So if
you're a listener of the show, call us and tell
our sales representative that you are listening to Newts World,
and when you do that qualified IRA rollover, we're going
to get that coin out to you. You'll not only
receive the tax benefits of a retirement account, but you'll
(28:14):
also receive a free contract with America Coin as part
of that IRA rollover. It's a one of a kind coin.
It goes up in value and you will gain that
value not just on the silver, but on the collectibility
of that coin. So again call us today eight sixty
six four eight four four zero four to three Again
(28:34):
eight sixty six four eight four four zero four to three.
Speaker 1 (28:38):
I'm particularly excited by the coin because the thirtieth anniversary
of the Contract with America is this September. We're very
excited about getting a whole bunch of the members who
were there when they started it and first one control
for the first time in forty years. And the coin
is just perfect as a reminder of what it is.
(29:00):
Extraordinary historic moment the Contract with America was weent four
balanced budgets, welfare reform. It was a remarkable period. So
I'm very excited about what you're doing and very grateful
for it. Charles. I want to thank you for joining
me and helping me and our listeners make sense of
the current economic environment and how we can save for
(29:20):
our retirement with a diverse portfolio that includes precious metals
at gold and silver. And I want to let our
listeners know if they want more information, they can call
Charles and his team at Legacy Precious Medals directly at
eight sixty six four eight four four oh four to three,
that's eight six six four eight four four to oh
(29:44):
four to three, or visit Legacy online at Legacypminvestments dot com.
Thank you again, Charles for joining me. I think this
has been a really good discussion of where we are
both politically and economically.
Speaker 2 (30:00):
Oh, thank you for having me, and I think so too.
I think it really portrays the importance of what's going
on politically but also economically. So again, thank you for
having me.
Speaker 1 (30:12):
Thank you to my guest, Charles Thornngren. You can learn
more about Legacy Precious Metals at Legacypminvestments dot com. Newsworld
is produced by Gainish three sixty and iHeartMedia. Our executive
producer is Guarnsey Sloan. Our researcher is Rachel Peterson. The
artwork for the show was created by Steve Fenley. Special
(30:33):
thanks to the team at ginglishree sixty. If you've been
enjoying Newtsworld, I hope you'll go to Apple Podcast and
both rate us with five stars and give us a
review so others can learn what it's all about. Right now,
listeners of Newtsworld can sign up for my three freeweekly
columns at gingridstre sixty dot com slash newsletter. I'm Newt Gingrich.
(30:56):
This is Newtsworld. This episode of Newtsworld is brought to
you by Lets Legacy Precious Medals. Hi. This is NEWT
Gold has broken several record highs this year and Legacy
Precious Medals of the company I personally invest with. Together,
(31:18):
we created the official contract with America Silver Coin that
commemorates our historic house victory in nineteen ninety four. Supplies
are limited and this commemorative coin will sell out. Go
to Legacypminvestments dot com or call them at age sixty
six four eight four four oh four three d eight
yours today. Tell them I sent you, and they'll send
you a free contract with America Coin on all qualified
(31:40):
IRA rollovers
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