October 17, 2024 • 21 mins
This episode was released on October 10, 2024.
In this episode of The Strang Report, host Stephen Strang interviews economic expert Marc Nuttle on the critical financial challenges facing the U.S. as we approach the 2024 election. With over four decades of experience advising global leaders and working on pivotal economic projects, Nuttle warns of an impending economic storm driven by unsustainable national debt, deficits, and a looming global financial reset. He discusses the U.S.’s debt-to-GDP crisis, the dangerous "Catch-22" scenario of needing growth but being unable to afford it, and the potential consequences if these issues aren't addressed.
Nuttle also sheds light on the importance of maintaining local financial control and the risks posed by federal overreach and progressive policies. This conversation is essential viewing for anyone concerned about the future of the economy, government policy, and how these issues will impact your wallet in the years ahead. Tune in to gain insights that mainstream news outlets won’t cover—and learn how to prepare for what’s coming.
https://www.marcnuttle.com/in-trust-network/
🔔 Don’t forget to subscribe and hit the notification bell to stay updated on future episodes!
#Economy2024 #NationalDebt #FinancialReset #2024Election #StrangReport #MarcNuttle
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
There are many issues that are important in the upcoming election.
(00:04):
One of them is economic policy.
Now, for most of us, that makes our eyes glaze over.
But I want you to listen to the Strang Report today because my guest is one of the smartest
guys I know.
His name is Mark Nuttall.
He's from Oklahoma.
He's an attorney.
In fact, right after he got out of law school, he was an advisor to senators and congressmen
(00:25):
in Washington back in the 70s.
Over the years, he's worked with Milton Freeman, who is a respected economist.
George H.W. Bush actually sent him to China to represent the United States government
as they were establishing their stock exchange.
He worked in the Ukraine to help them get established after the fall of communism.
(00:48):
He represented Boris Yeltsin in Russia.
His resume is too long for me to even go into.
I've known him since 2008.
We both were supporters back then of Governor Mike Huckabee.
We've continued a friendship.
And recently, I found out that he's starting a website and he is speaking up about these
(01:11):
issues and I invited him to be on the Strang Report because I feel that it's important
that we deal with some of these issues and that you get to know some of the people that
I've had the opportunity to get to know and trust.
So I think you'll find my interview with Mark Nuttall very interesting.
Stay tuned today to the Strang Report.
I'm Stephen Strang.
(01:42):
Welcome back and welcome to you, Mark Nuttall.
Thank you for fitting in this podcast.
You're one of the smartest guys I know when it comes to economics and government and of
course with the election coming up, one of the important things is when we elect a president,
that determines a lot of the direction of our country in terms of economic policy.
(02:03):
And of course, economic policy affects all of us.
It affects the economy, inflation, employment, but most Americans don't know about economic
policy.
So what do you think are the issues that Kamala Harris and Donald Trump needs to be facing
(02:24):
and what do you think is going to happen after the election?
Are we going to have a downturn?
Well, Steve, it's great to be with you as always and thanks for having me.
There is a pending economic storm that I, as I describe it, that isn't being addressed
by any politician because it's not comfortable for them to do it.
(02:47):
And neither presidential candidate seems to have, or appears to not have a solution or
a platform to address it.
It's called the national debt and ongoing deficits.
We are now at well over 100% debt to GDP.
We are somewhere around, I just pulled some recent numbers.
(03:09):
Yeah, we're about...
Okay, so let me interrupt you long enough to ask so that my viewers understand.
So I understand when you say debt to GDP, that's gross domestic product.
Gross domestic products, the measure of all goods and services produced by the United
States.
So if a person was going to have maybe 50,000 or let's say 100,000 a year in salary, that'd
(03:37):
be like their debt would be 100,000, am I understanding that right?
Well, yes, they could have assets.
But let's say, basically it's this, if someone's making $100,000 a year, they're spending $125,000.
Actually, they're spending, I'm sorry, $225,000.
(03:59):
They're spending 100% plus additional debt that they're accumulating on and they have
debt that is greater than their income.
So a better way to look at it is that you borrow $1,000 and you are spending, deficit
(04:20):
spending $1,000 plus the interest and you go back and try to borrow the interest.
The bank won't let you do that because you can accumulate the debt to the point your
debt gets greater than all of your assets.
It's not just your income, it is all of your assets.
So it would be like you're making $100,000, you've got $100,000 in debt and you're spending
(04:47):
$100,000 over your income.
So the average person couldn't keep that up indefinitely.
I mean, you have a few credit cards and you might have a rich relative, but you can't
keep it up indefinitely and neither can the government.
No bank would allow you to borrow interest on your debt and accumulate further debt on
(05:10):
the loan.
Any average person, average citizen knows that.
Your credit cards have a limit, your bank loans have a limit, and it's based upon your
income and your ability to pay it back over a period of time.
You can't continue to go further and further in debt and borrow the interest on your debt
at the same time.
(05:30):
So let's talk about how that affects America.
We don't have a lot of time and I want to find out and give my viewers an opportunity
to get to know you and your vast experience, especially with China and the Ukraine, because
most of us never have an opportunity to talk or listen to an expert like you.
(05:51):
So get back to finish the previous thing we were talking about, what's going to happen
after the election with a downturn, which is what I understood you to say, and also
what should be the things that we're looking for with this election coming up?
Well, quickly, let me summarize this, Steve.
It's what I call a catch-22.
(06:11):
A catch-22 is where for a country that you can't have economic growth without cost of
capital, in other words, interest on your money, you have to pay for your investment.
And at the same time, you can't afford a higher interest rate because your debt is so high.
In other words, right now, the United States government owes about $35 trillion on a GDP
(06:39):
of around $27 trillion.
So we're somewhere around 125% debt, cash flow debt, to our gross domestic product.
That's how a nation state measures its wealth.
And as interest rates rise, we just passed a point this year where the government now
is paying $1.2 trillion in interest on the debt and it's climbing.
(07:05):
And so if you borrow interest and it adds to your debt, your interest rate, the amount
of money you're paying on the interest continues to get bigger and bigger and bigger until
it turns your ship upside down.
And that's where we are.
So we can't afford growth because growth means there's a cost and your economy grows and
a healthy interest rate somewhere between 4% and 5%.
And we can't afford that as our debt gets bigger and bigger as we're borrowing the interest.
(07:29):
And it's at a point now where the United States is borrowing about $1 trillion every 88 days.
So we're now approaching a deficit of $4 trillion.
So deficit is about 2.3, 2.5.
But still, that would be, putting it in individual terms, you're spending more money than you
make, adding it to your debt and your cost of your debt goes up.
(07:52):
There's a point, it's just mathematical equation.
It's not the Republican, Democratic, conservative or liberal.
It's just the way it is.
And the answer is to balance the budget.
That's why no one wants to talk about it.
No one wants to tell 40% of the American public that some services need to be restricted to
get this back in balance.
Here's the problem, Steve.
(08:13):
Again, as economists know, it's mathematical.
The budget will be balanced one way or another.
You'll either do it practically, prudently, work with the American people and what that
policy is, or the debt will increase to the point that you can't afford it, you go bankrupt
and it will balance itself.
Now, the good news is the United States is still the strongest country in the world.
(08:37):
I want your listeners to know that.
But the whole world is in this problem.
This is why it's becoming a catch-22.
There's about $114 trillion in GDP in the world and the world owes about $120 trillion
in debt.
Every country in the world is in a debt of over 100% of its GDP, except possibly for
Switzerland.
(08:57):
And we are the world's currency.
And so when we borrow money like we are and we just put it into the system, it's inflationary
against other countries, and not to get into currency management and how that impacts other
countries.
We are coming to a point within the next 18 months that countries will not be able to
afford to loan us the money.
Individuals won't be able to afford to loan us the money.
(09:19):
And we're not going to be able to afford higher interest rates to get the money to pay down
the debt.
And when that happens, it's called a reset.
A world reset will occur in the world's banking system.
And it's unavoidable because we're at points now that are so far above any model that the
world has ever seen since World War II that something has to be done, not just here, but
(09:41):
worldwide.
And it will.
It will occur.
Okay, now what's the likely outcome?
The likely outcome is that if we don't handle this and get in front of it, then critical
government services, even Social Security and other things, will have to be managed
in extent and rationed.
And we don't want to get to that point.
So the only outcomes are one, you nationalize the banks, you ration currency like a socialist
(10:09):
government or even worse, a communist government.
And there are progressives inside the Democratic Party talking about that.
However, you let it go and let the system cure itself, particularly at the local level.
This is what I want to encourage people to think about in this election cycle.
One of the uniqueness or unique economic advantages of the United States that doesn't occur to
(10:32):
this extent anywhere else in the world is local authority over finances.
So let me give you an example.
We just take this for granted, but most states, most cities want to build a high school.
You don't go to the federal government to get the money or the permission.
You don't even go to the state.
You go to a local school board.
They design the particulars for the new high school based upon their entire educational
(10:56):
system.
The superintendents of the school systems are involved to the point you issue a bond
issue, a school bond issue.
It's usually an avalarum tax, and you finance it yourself.
The local community votes school district by school district when they want a new high
school.
The same for hospitals, same for roads and infrastructure at the local level.
Every other country, can you imagine in Orlando that you wanted to add a high school because
(11:21):
your population is growing and you need it to keep the classroom sizes in check and to
provide a quality education, but you had to go to the federal government and lobby them
for the money and they were trying to decide whether Louisville, Kentucky or Spokane, Washington
or somebody else got the next high school.
Can you imagine what the gridlock would be in the educational system?
Well, that's the way it is in a lot of places around the world, including G7 countries.
(11:46):
Because we have that local authority, we need to maximize leverage it, take control of these
finances ourselves at the local level and make sure that the next government doesn't
infringe upon that local authority because to nationalize the banks or to take control
of capital and ration it as some one standard fits all and the federal government decides
(12:09):
where the money goes will not allow us to get ahead of the debt problem to the point
that we will become a socialistic government because then that ration of goods and services
will extend to everything.
Well, I've had the privilege of knowing you for a number of years and I'm always impressed
when you talk about how you've worked with governments all over the world and just preparing
(12:32):
for this podcast, you sent me all this material to read.
But I understand that you're setting up a website that people can go to to educate themselves
to find out more about some of the things you're talking about because it would take
us hours.
It would be a college course or more to delve into all of this and to glean the information
(12:57):
that you've gained.
So tell us about your website and then before we wrap up this short podcast, tell us at
least one or two anecdotes about working in Ukraine and China because I think people would
find that interesting.
Okay.
Well, the website is called ntrustnetwork.com and then trust is two words.
(13:19):
It is a website is free.
It has information and news.
It discusses the Catch-22, some of the other things that we've talked about here today.
It talks about a reset.
What is it?
Why it's inevitable?
What are the possible outcomes and what should you do about it?
And what can you do?
Join with other leaders in your city, primarily through your churches, determine how you're
(13:44):
going to manage the resources of critical needs based upon this reset that's coming
in, but that will require the federal government to balance its budget.
I believe that turning to yourself, those states that do that will lead those states
that don't into a new system that the United States to them will lead the rest of the world.
(14:05):
Now, how do you do it?
Go there.
You can either be a son of as an individual, a church, an elected official, a law enforcement,
and most importantly, a small business, family-owned businesses.
There are 10 million Christian family-owned businesses in the United States.
There are another 10 million family businesses and then 10 million corporate small businesses.
(14:27):
30 million small businesses is what the IRS tells us is the number.
That's what COVID relief funds were based upon.
It is unique to the world.
Small business, Steve, employs 50% of the non-farmers workforce in the United States
and produces half of the gross domestic product.
What is a small business?
(14:48):
25 employees or less.
But the interesting thing is that the central core employee base of most businesses, at
least 20 million of them, are families and related individuals.
Nowhere else in the world does that exist at that level, that percent of small business.
(15:10):
Go there.
Sign up.
There'll be discussion platforms, ongoing information.
Hopefully we'll get it down to a point that the communication is easy to understand.
We'll get your feedback.
We'll start talking to each other over the next months because this is coming after the
election.
It will face, and by the way, it's just not me saying this.
(15:30):
Jerome Powell said it in March.
Jamie Dimon, Chairman of the Board of the Largest Bank in the United States is saying
it.
The Director of the Congressional Budget Office, all saying the deficits must be addressed
because the point of the debt is getting to the point of what I described as a catch-22.
We can't have growth because we can't afford the debt.
(15:50):
If we don't have growth, then the debt will grow through services of the deficit spending
it.
The deficits have to be addressed.
Okay.
Unfortunately, in this election, we're not hearing a lot about this in the debates or
in the interviews or even in the Trump rallies.
But basically, the Democrats, of course, headed by Kamala Harris, are going to be going toward
(16:17):
more and more big government, more and more socialism, more and more control.
Trump, even though he's really not an economist himself, he's going to let the economy be
more free.
And of course, he's a businessman, a very successful businessman, so he sort of gets
it.
(16:37):
Am I summarizing it correctly?
Yes, you are.
And considering this election cycle, it's my opinion that Donald Trump, he may not have
a program for it, but he'll let it go.
I mean, he'll let the banks restructure the way they see fit.
He'll let first cities decide how they want to restructure and then states.
And that's most important.
(16:57):
Let's just cut to the chase.
Red states will turn to themselves.
Blue states will turn to the federal government.
And when blue states turn to the federal government for answers, they won't be there.
I don't think the government will balance this budget without going kicking and screaming.
And when it does, it will turn to the red states for answers.
How did you do that?
And then we'll turn back to a free enterprise, free choice economic system.
(17:21):
That's what made this country great.
It's the idea that local authority or finances deciding for yourselves what kind of a city
you want, what services you'll provide, and the critical services of education, health
care, transportation, sporting events, other things are done through bond issues at the
local level.
And that's the way it should be.
If we can get back to that, then we can lead the rest of the world into that same system.
(17:45):
But Donald Trump will just turn it loose.
And then what I'm saying is that the unique structure of the United States will take care
of itself.
And what I mean by structure, there's this ability for banks to restructure, cities to
restructure as they see fit through local authority.
The progressives, and I'll just go ahead and use the word.
(18:05):
I don't want to be too critical here.
But Elizabeth Warren is one of the economic advisors of the Democratic Party.
And she has said she wants fewer banks.
She wants to roll up community banks into regional banks because they're easier to manage,
which takes away the choices of the local community.
Those who want to nationalize the banking system do not understand how small businesses
(18:27):
are financed and how family businesses, which are the backbone of the United States, are
structured economically.
Yet they say, well, it's, you know, collateral damage, if you will.
May Hiller-Crenton actually said that once.
I don't know about those exact words, I'm paraphrasing, but she said she couldn't be
held accountable for all undercapitalized small businesses.
Well, good grief, Steve.
(18:50):
We could talk for a lot of time, a lot more time, and we're basically out of time.
But I hope that you've piqued people's interest.
These are very important.
They can go to your website.
We'll put it in the notes.
Find out more about, you've written several books, and I think people need to realize
(19:12):
that there are some big issues beyond the talking points that you get on cable news.
And I thank you for sharing your thoughts with us today.
I'll come back with a few comments at the end and encourage people to get more involved.
But let me just say that people need to vote.
(19:32):
There are big issues, and we need to get the right people into power.
And while there's personalities involved in everything else, basically, we need conservative
people who will balance the budget.
And one of the things that I found interesting in this election campaign is how Elon Musk,
(19:53):
the richest man in the world, has come out so strong for Trump.
And Trump is apparently going to help him, or he says he's going to make some kind of
task force for government efficiency, which is going to go a long way to balancing the
budget.
And I'll give you the last word.
Well, at least making everybody aware that you can't print and borrow forever.
(20:20):
Just think about that.
It is inevitable that sooner or later, if you believed that you could print and borrow
forever, then you don't need God, because you can print and just get government, but
just be, what do you want today?
Here's your money, as long as it was for a legal reason.
It doesn't work that way.
It's accountable to your own efforts and talents in a diverse community.
(20:44):
We know that.
And so the task force is one thing, electing officials with the will to course correct
is another.
Take time to share this podcast with others.
Put it on social media.
I believe that there are people who will benefit from what Mark Nuttall has to say about his
new website called InTrust Network.
(21:05):
Thank you for watching today and be sure to tune in again for another edition of the Strang
Report.
And if you haven't already done it, be sure to hit the subscribe button and the little
bell to let you know when we're on live.
Thank you for watching.
God bless you.
There are many issues that are important in the upcoming election.
(00:04):
One of them is economic policy.
Now, for most of us, that makes our eyes glaze over.
But I want you to listen to the Strang Report today because my guest is one of the smartest
guys I know.
His name is Mark Nuttall.
He's from Oklahoma.
He's an attorney.
In fact, right after he got out of law school, he was an advisor to senators and congressmen
(00:25):
in Washington back in the 70s.
Over the years, he's worked with Milton Freeman, who is a respected economist.
George H.W. Bush actually sent him to China to represent the United States government
as they were establishing their stock exchange.
He worked in the Ukraine to help them get established after the fall of communism.
(00:48):
He represented Boris Yeltsin in Russia.
His resume is too long for me to even go into.
I've known him since 2008.
We both were supporters back then of Governor Mike Huckabee.
We've continued a friendship.
And recently, I found out that he's starting a website and he is speaking up about these
(01:11):
issues and I invited him to be on the Strang Report because I feel that it's important
that we deal with some of these issues and that you get to know some of the people that
I've had the opportunity to get to know and trust.
So I think you'll find my interview with Mark Nuttall very interesting.
Stay tuned today to the Strang Report.
I'm Stephen Strang.
(01:42):
Welcome back and welcome to you, Mark Nuttall.
Thank you for fitting in this podcast.
You're one of the smartest guys I know when it comes to economics and government and of
course with the election coming up, one of the important things is when we elect a president,
that determines a lot of the direction of our country in terms of economic policy.
(02:03):
And of course, economic policy affects all of us.
It affects the economy, inflation, employment, but most Americans don't know about economic
policy.
So what do you think are the issues that Kamala Harris and Donald Trump needs to be facing
(02:24):
and what do you think is going to happen after the election?
Are we going to have a downturn?
Well, Steve, it's great to be with you as always and thanks for having me.
There is a pending economic storm that I, as I describe it, that isn't being addressed
by any politician because it's not comfortable for them to do it.
(02:47):
And neither presidential candidate seems to have, or appears to not have a solution or
a platform to address it.
It's called the national debt and ongoing deficits.
We are now at well over 100% debt to GDP.
We are somewhere around, I just pulled some recent numbers.
(03:09):
Yeah, we're about...
Okay, so let me interrupt you long enough to ask so that my viewers understand.
So I understand when you say debt to GDP, that's gross domestic product.
Gross domestic products, the measure of all goods and services produced by the United
States.
So if a person was going to have maybe 50,000 or let's say 100,000 a year in salary, that'd
(03:37):
be like their debt would be 100,000, am I understanding that right?
Well, yes, they could have assets.
But let's say, basically it's this, if someone's making $100,000 a year, they're spending $125,000.
Actually, they're spending, I'm sorry, $225,000.
(03:59):
They're spending 100% plus additional debt that they're accumulating on and they have
debt that is greater than their income.
So a better way to look at it is that you borrow $1,000 and you are spending, deficit
(04:20):
spending $1,000 plus the interest and you go back and try to borrow the interest.
The bank won't let you do that because you can accumulate the debt to the point your
debt gets greater than all of your assets.
It's not just your income, it is all of your assets.
So it would be like you're making $100,000, you've got $100,000 in debt and you're spending
(04:47):
$100,000 over your income.
So the average person couldn't keep that up indefinitely.
I mean, you have a few credit cards and you might have a rich relative, but you can't
keep it up indefinitely and neither can the government.
No bank would allow you to borrow interest on your debt and accumulate further debt on
(05:10):
the loan.
Any average person, average citizen knows that.
Your credit cards have a limit, your bank loans have a limit, and it's based upon your
income and your ability to pay it back over a period of time.
You can't continue to go further and further in debt and borrow the interest on your debt
at the same time.
(05:30):
So let's talk about how that affects America.
We don't have a lot of time and I want to find out and give my viewers an opportunity
to get to know you and your vast experience, especially with China and the Ukraine, because
most of us never have an opportunity to talk or listen to an expert like you.
(05:51):
So get back to finish the previous thing we were talking about, what's going to happen
after the election with a downturn, which is what I understood you to say, and also
what should be the things that we're looking for with this election coming up?
Well, quickly, let me summarize this, Steve.
It's what I call a catch-22.
(06:11):
A catch-22 is where for a country that you can't have economic growth without cost of
capital, in other words, interest on your money, you have to pay for your investment.
And at the same time, you can't afford a higher interest rate because your debt is so high.
In other words, right now, the United States government owes about $35 trillion on a GDP
(06:39):
of around $27 trillion.
So we're somewhere around 125% debt, cash flow debt, to our gross domestic product.
That's how a nation state measures its wealth.
And as interest rates rise, we just passed a point this year where the government now
is paying $1.2 trillion in interest on the debt and it's climbing.
(07:05):
And so if you borrow interest and it adds to your debt, your interest rate, the amount
of money you're paying on the interest continues to get bigger and bigger and bigger until
it turns your ship upside down.
And that's where we are.
So we can't afford growth because growth means there's a cost and your economy grows and
a healthy interest rate somewhere between 4% and 5%.
And we can't afford that as our debt gets bigger and bigger as we're borrowing the interest.
(07:29):
And it's at a point now where the United States is borrowing about $1 trillion every 88 days.
So we're now approaching a deficit of $4 trillion.
So deficit is about 2.3, 2.5.
But still, that would be, putting it in individual terms, you're spending more money than you
make, adding it to your debt and your cost of your debt goes up.
(07:52):
There's a point, it's just mathematical equation.
It's not the Republican, Democratic, conservative or liberal.
It's just the way it is.
And the answer is to balance the budget.
That's why no one wants to talk about it.
No one wants to tell 40% of the American public that some services need to be restricted to
get this back in balance.
Here's the problem, Steve.
(08:13):
Again, as economists know, it's mathematical.
The budget will be balanced one way or another.
You'll either do it practically, prudently, work with the American people and what that
policy is, or the debt will increase to the point that you can't afford it, you go bankrupt
and it will balance itself.
Now, the good news is the United States is still the strongest country in the world.
(08:37):
I want your listeners to know that.
But the whole world is in this problem.
This is why it's becoming a catch-22.
There's about $114 trillion in GDP in the world and the world owes about $120 trillion
in debt.
Every country in the world is in a debt of over 100% of its GDP, except possibly for
Switzerland.
(08:57):
And we are the world's currency.
And so when we borrow money like we are and we just put it into the system, it's inflationary
against other countries, and not to get into currency management and how that impacts other
countries.
We are coming to a point within the next 18 months that countries will not be able to
afford to loan us the money.
Individuals won't be able to afford to loan us the money.
(09:19):
And we're not going to be able to afford higher interest rates to get the money to pay down
the debt.
And when that happens, it's called a reset.
A world reset will occur in the world's banking system.
And it's unavoidable because we're at points now that are so far above any model that the
world has ever seen since World War II that something has to be done, not just here, but
(09:41):
worldwide.
And it will.
It will occur.
Okay, now what's the likely outcome?
The likely outcome is that if we don't handle this and get in front of it, then critical
government services, even Social Security and other things, will have to be managed
in extent and rationed.
And we don't want to get to that point.
So the only outcomes are one, you nationalize the banks, you ration currency like a socialist
(10:09):
government or even worse, a communist government.
And there are progressives inside the Democratic Party talking about that.
However, you let it go and let the system cure itself, particularly at the local level.
This is what I want to encourage people to think about in this election cycle.
One of the uniqueness or unique economic advantages of the United States that doesn't occur to
(10:32):
this extent anywhere else in the world is local authority over finances.
So let me give you an example.
We just take this for granted, but most states, most cities want to build a high school.
You don't go to the federal government to get the money or the permission.
You don't even go to the state.
You go to a local school board.
They design the particulars for the new high school based upon their entire educational
(10:56):
system.
The superintendents of the school systems are involved to the point you issue a bond
issue, a school bond issue.
It's usually an avalarum tax, and you finance it yourself.
The local community votes school district by school district when they want a new high
school.
The same for hospitals, same for roads and infrastructure at the local level.
Every other country, can you imagine in Orlando that you wanted to add a high school because
(11:21):
your population is growing and you need it to keep the classroom sizes in check and to
provide a quality education, but you had to go to the federal government and lobby them
for the money and they were trying to decide whether Louisville, Kentucky or Spokane, Washington
or somebody else got the next high school.
Can you imagine what the gridlock would be in the educational system?
Well, that's the way it is in a lot of places around the world, including G7 countries.
(11:46):
Because we have that local authority, we need to maximize leverage it, take control of these
finances ourselves at the local level and make sure that the next government doesn't
infringe upon that local authority because to nationalize the banks or to take control
of capital and ration it as some one standard fits all and the federal government decides
(12:09):
where the money goes will not allow us to get ahead of the debt problem to the point
that we will become a socialistic government because then that ration of goods and services
will extend to everything.
Well, I've had the privilege of knowing you for a number of years and I'm always impressed
when you talk about how you've worked with governments all over the world and just preparing
(12:32):
for this podcast, you sent me all this material to read.
But I understand that you're setting up a website that people can go to to educate themselves
to find out more about some of the things you're talking about because it would take
us hours.
It would be a college course or more to delve into all of this and to glean the information
(12:57):
that you've gained.
So tell us about your website and then before we wrap up this short podcast, tell us at
least one or two anecdotes about working in Ukraine and China because I think people would
find that interesting.
Okay.
Well, the website is called ntrustnetwork.com and then trust is two words.
(13:19):
It is a website is free.
It has information and news.
It discusses the Catch-22, some of the other things that we've talked about here today.
It talks about a reset.
What is it?
Why it's inevitable?
What are the possible outcomes and what should you do about it?
And what can you do?
Join with other leaders in your city, primarily through your churches, determine how you're
(13:44):
going to manage the resources of critical needs based upon this reset that's coming
in, but that will require the federal government to balance its budget.
I believe that turning to yourself, those states that do that will lead those states
that don't into a new system that the United States to them will lead the rest of the world.
(14:05):
Now, how do you do it?
Go there.
You can either be a son of as an individual, a church, an elected official, a law enforcement,
and most importantly, a small business, family-owned businesses.
There are 10 million Christian family-owned businesses in the United States.
There are another 10 million family businesses and then 10 million corporate small businesses.
(14:27):
30 million small businesses is what the IRS tells us is the number.
That's what COVID relief funds were based upon.
It is unique to the world.
Small business, Steve, employs 50% of the non-farmers workforce in the United States
and produces half of the gross domestic product.
What is a small business?
(14:48):
25 employees or less.
But the interesting thing is that the central core employee base of most businesses, at
least 20 million of them, are families and related individuals.
Nowhere else in the world does that exist at that level, that percent of small business.
(15:10):
Go there.
Sign up.
There'll be discussion platforms, ongoing information.
Hopefully we'll get it down to a point that the communication is easy to understand.
We'll get your feedback.
We'll start talking to each other over the next months because this is coming after the
election.
It will face, and by the way, it's just not me saying this.
(15:30):
Jerome Powell said it in March.
Jamie Dimon, Chairman of the Board of the Largest Bank in the United States is saying
it.
The Director of the Congressional Budget Office, all saying the deficits must be addressed
because the point of the debt is getting to the point of what I described as a catch-22.
We can't have growth because we can't afford the debt.
(15:50):
If we don't have growth, then the debt will grow through services of the deficit spending
it.
The deficits have to be addressed.
Okay.
Unfortunately, in this election, we're not hearing a lot about this in the debates or
in the interviews or even in the Trump rallies.
But basically, the Democrats, of course, headed by Kamala Harris, are going to be going toward
(16:17):
more and more big government, more and more socialism, more and more control.
Trump, even though he's really not an economist himself, he's going to let the economy be
more free.
And of course, he's a businessman, a very successful businessman, so he sort of gets
it.
(16:37):
Am I summarizing it correctly?
Yes, you are.
And considering this election cycle, it's my opinion that Donald Trump, he may not have
a program for it, but he'll let it go.
I mean, he'll let the banks restructure the way they see fit.
He'll let first cities decide how they want to restructure and then states.
And that's most important.
(16:57):
Let's just cut to the chase.
Red states will turn to themselves.
Blue states will turn to the federal government.
And when blue states turn to the federal government for answers, they won't be there.
I don't think the government will balance this budget without going kicking and screaming.
And when it does, it will turn to the red states for answers.
How did you do that?
And then we'll turn back to a free enterprise, free choice economic system.
(17:21):
That's what made this country great.
It's the idea that local authority or finances deciding for yourselves what kind of a city
you want, what services you'll provide, and the critical services of education, health
care, transportation, sporting events, other things are done through bond issues at the
local level.
And that's the way it should be.
If we can get back to that, then we can lead the rest of the world into that same system.
(17:45):
But Donald Trump will just turn it loose.
And then what I'm saying is that the unique structure of the United States will take care
of itself.
And what I mean by structure, there's this ability for banks to restructure, cities to
restructure as they see fit through local authority.
The progressives, and I'll just go ahead and use the word.
(18:05):
I don't want to be too critical here.
But Elizabeth Warren is one of the economic advisors of the Democratic Party.
And she has said she wants fewer banks.
She wants to roll up community banks into regional banks because they're easier to manage,
which takes away the choices of the local community.
Those who want to nationalize the banking system do not understand how small businesses
(18:27):
are financed and how family businesses, which are the backbone of the United States, are
structured economically.
Yet they say, well, it's, you know, collateral damage, if you will.
May Hiller-Crenton actually said that once.
I don't know about those exact words, I'm paraphrasing, but she said she couldn't be
held accountable for all undercapitalized small businesses.
Well, good grief, Steve.
(18:50):
We could talk for a lot of time, a lot more time, and we're basically out of time.
But I hope that you've piqued people's interest.
These are very important.
They can go to your website.
We'll put it in the notes.
Find out more about, you've written several books, and I think people need to realize
(19:12):
that there are some big issues beyond the talking points that you get on cable news.
And I thank you for sharing your thoughts with us today.
I'll come back with a few comments at the end and encourage people to get more involved.
But let me just say that people need to vote.
(19:32):
There are big issues, and we need to get the right people into power.
And while there's personalities involved in everything else, basically, we need conservative
people who will balance the budget.
And one of the things that I found interesting in this election campaign is how Elon Musk,
(19:53):
the richest man in the world, has come out so strong for Trump.
And Trump is apparently going to help him, or he says he's going to make some kind of
task force for government efficiency, which is going to go a long way to balancing the
budget.
And I'll give you the last word.
Well, at least making everybody aware that you can't print and borrow forever.
(20:20):
Just think about that.
It is inevitable that sooner or later, if you believed that you could print and borrow
forever, then you don't need God, because you can print and just get government, but
just be, what do you want today?
Here's your money, as long as it was for a legal reason.
It doesn't work that way.
It's accountable to your own efforts and talents in a diverse community.
(20:44):
We know that.
And so the task force is one thing, electing officials with the will to course correct
is another.
Take time to share this podcast with others.
Put it on social media.
I believe that there are people who will benefit from what Mark Nuttall has to say about his
new website called InTrust Network.
(21:05):
Thank you for watching today and be sure to tune in again for another edition of the Strang
Report.
And if you haven't already done it, be sure to hit the subscribe button and the little
bell to let you know when we're on live.
Thank you for watching.
God bless you.
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