Carol Roth joins Tom Needham on The Sounds of Film to discuss her provocative book, You Will Own Nothing, which exposes a coordinated global push by governments, powerful tech companies, financial institutions, and elites to gain control of finite resources and restrict public access to them. The book acts as a vital guide for individuals seeking to protect their family’s financial independence and personal freedom.
Roth brings a diverse background to the conversation. A former investment banker turned entrepreneur, she is also a well-known television personality, speaker, and economic commentator. She is a New York Times bestselling author and has made frequent appearances on major television networks such as CNN, CNBC, Fox Business, HBO, and MSNBC.
In addition to her media presence, Roth has contributed to several finance-focused documentaries, including one on the automotive bailouts. She earned her B.S. from the Wharton School of Business at the University of Pennsylvania, graduating magna cum laude. To complement her media work, she also completed improv and media training at The Second City, America’s premier improvisational comedy institution.
The Sounds of Film is the nation’s longest-running film and music-themed show. For over 35 years, the show has entertained audiences across Long Island and parts of Connecticut, while also streaming live online. Host Tom Needham has featured an array of influential guests, including Hal Hartley, Whit Stillman, Michael Moore, Ernest Dickerson, Mike Leigh, Alexander Payne, Carter Burwell, Cliff Martinez, Marco Beltrami, Barbara Kopple, and Thora Birch.
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Episode Transcript
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(00:01):
Hi, this is Tom Needham, and you're listening to the sounds
of film, and I'm very excited tobe speaking with Carol Roth
today on the program. She's the author of You Will Own
Nothing. And this book Roth reveals how
world governments, globalist organizations, big Tech, Wall
Street and other powerful elitesare proactively trying to
control every finite resource and determining who has access
(00:23):
to such resources. The book is an essential guide
to stopping the elites agenda and taking control to preserve
you're in your families wealth freedom.
Carol Roth is a recovering investment banker.
She's an entrepreneur, TV punditand host, speaker, economic
business and financial commentator and content
developer. She's also a New York Times
(00:44):
bestselling author. She's been seen weekly on a
variety of national television outlets over the years,
including Fox Business, CNNCNBCHBO, Fox News and MSNBC.
Carol, thank you so much for joining us today on Sounds of
Film to talk about You Will Own Nothing.
Thanks so much for having me Tom, looking forward to this.
(01:04):
Oh yeah, me too. You know, some people are very
familiar with this phrase. You will own nothing and love
it, and some people are not at all.
For those people that are not, can you explain the origin of
the phrase exactly what it means?
So the first time I encountered the the extended phrase, which
(01:24):
is you'll own nothing and you'llbe happy, was floating around
social media several years ago. And as so often happens on
social media, you look at something, you go that was
probably taken out of context orthere's no way that was that was
being said. And, you know, from my
perspective, it was being said ostensibly by the World Economic
(01:46):
Forum, which is an organization that is littered with the
business and politics elite. So I'm like, yeah, I don't
really think that this group is,is predicting the end of private
property, you know, by the by the year 2030.
But in for this particular case,it took me very little research
to track it down. And in fact, it's still on their
Twitter or I guess we're now calling it x.com site and feed.
(02:10):
And it's a video with their top 8 predictions for 20-30.
It's from their global future councils.
And it says #1 you'll own nothing and you'll be happy.
And as somebody who has stood for wealth creation
opportunities and been an advocate for that for more than
1/4 of a century, it was really concerning to me because I know
(02:34):
that wealth comes from ownership.
You have to own assets. You have to own assets in
particular that store their value or hopefully appreciate in
value. So the idea that they're trying
to sell you on this concept of owning nothing and then
pretending you're going to be happy from it definitely raised
a red flag. Well, as we mentioned before,
(02:55):
you have a long history of discussing business ideas on
mainstream media. When one starts discussing
global elites and their plan fora new financial world order, you
start to go into territory that some people will label
conspiratorial. Were you afraid at all of
delving into this material and that some people might label you
a conspiracy theorist? Yeah, I actually leaned into
(03:19):
that because I wanted to take the conspiracy element out of
this everywhere I could. And there are more than 600
sources, most of the mainstream media, the book or from the the,
the proverbial horse's mouth. You know, I, I let those people
do that the talking for themselves.
And actually my book trailer basically says conspiracy now
(03:42):
has now become reality. And I take the, these ideas that
are supposedly conspiratorial, and then I, I show you the news
headlines, you know, from 60 minutes from The New York Times,
from Wall Street Journal, where they're repeating these things.
So if you take something like the, the new world order, the
new financial world order, I mean, boy, that does sound like
(04:03):
a conspiracy theory. But if you want to go on the
White House's website, you can look at the speech that
President Biden gave to the Business Roundtable, which if
you're not familiar with that, is the the CEO's of the largest
companies in the United States, most of the publicly traded
companies and so on and so forth.
March 21st, 2022. He explains this all very
(04:26):
clearly. He says that, you know, every 3
or 4 generations there is a shift in the global financial
order. And we are 80 years into, you
know, us being at the the centerof the global financial
universe, holding the global reserve currency.
But before us, it was Britain. And before the Britain was was
the Dutch. And then he goes on to say
there's going to be a new world order out there and we've got to
(04:47):
lead it. So, you know, if you're going to
call me a conspiracy theorist, then you have to call the
president of the United States aconspiracy theorist.
And all of these other country leaders and folks around the
world who are talking about these things that really are
just history rhyming and don't have any conspiratorial element
to it whatsoever. So I, I relish what anybody
(05:11):
wants to talk about the conspiracy.
And then I can point them to theactual facts and where
everything came from and say, OK, what, what part of this do
you find conspiratorial? And that usually makes for a
spirited conversation. You know, it's, it's funny, this
show has been on the air for a very long time.
And, and through the years, manyof our listeners, I found out,
(05:31):
were collectors of things like Blu-ray movies and DVDs and
books, CDs, vinyl, you name it. But in recent years, through
discussions, I've been finding that's becoming less and less
common. And people are telling me that
they're streaming their music through Spotify or now they
stopped buying DVDs and they're watching Netflix or, you know,
(05:55):
one of the streaming channels. Same thing, same thing even with
books. I used to love going into
people's houses and they would have all their books on display.
And now you go in someone's house, there's no books, there's
no CDs there, there's nothing like that.
There's no material objects. And this is one of the, I guess,
lesser points that that you're making in the book, but but it's
(06:16):
a real life example that I thinka lot of people will relate to
that they they're really starting to not own a lot of
things, not even the big things,but even the little things.
Yeah, I mean, I think that that's how it starts, right?
It's a slow creep. You sort of train people on,
well, you don't need all of thisclutter.
And, you know, in the case of, you know, these pieces of art,
I'll make a, an argument in a moment that you you probably
(06:40):
would want to have some of those.
But you know, it's not the same as an investment that retains
its value. But I do think that that sort of
the gateway is when you give up on ownership of those things.
And you're used to having your entire life rented to you as a
subscription or a service. When they come in and they want
(07:01):
to do it for the seats in your car or eventually your home,
it's not as much of A leap for you to make because you've been
sort of quote, UN quote, decluttering your life, not
realizing what you give up in the process.
You know, for something like these works of art, whether it's
books or, or films or whatnot, Ithink the big concern is over
(07:23):
artistic and integrity is that, you know, I know what I put in
this particular copy of the book.
I have flipped through the hard copy.
It is in agreement with the things that I wrote.
But as we know, they have been rewriting all kinds of books and
you're just taking things out offilms and and editing them.
(07:43):
And so the, you know, kind of original vision, the
authenticity of that art, the way the artist intended it
really is in jeopardy. And the only way to preserve
that is by people having those, you know, copies the way they
were done originally in their collections.
So, you know, I think that's something important to think
(08:05):
about. Obviously, when you get to the
point of, you know, taking that from, you know, a book or a film
to to homeownership, it has, youknow, lots of implications.
One, on the wealth side in termsof removing the biggest asset on
on people's balance sheets across the United States and the
wealth creation opportunities, but also the personal
(08:27):
sovereignty. You know, if you start to live
with somebody else as the landlord, then they get to
dictate the rules for you. And so you don't have as much
agency or freedom or that personal sovereignty if you are
in somebody else's house. Yeah, that's a really good
point. And I was wondering if you could
speak to that just a little bit more.
(08:48):
You said that in the book that the American Dream is under
attack and that you mentioned home ownership.
We talk about companies like Black Rock that are literally
going around and, and they're buying up homes.
Some, some people know about this, a lot of people don't.
They're actually accounting for a huge percentage of all home
(09:08):
sport, but and, and they're turning them into rental
properties. And if this kind of action
continues, we might reach a point like you were kind of
hinting at, where people won't own homes anymore.
Yeah, the housing situation in the US, particularly for young
home buyers and first time home buyers, but really anybody who's
(09:31):
looking even to get out of a home and and and make a trade is
very dire right now. And a lot of that has been done
by policy out of the Great Recession, financial crisis
after they bailed out Wall Street.
But for almost 6,000,000 individuals to sell their homes,
you know, whether that was foreclosure or short sale, give
(09:52):
them up and give up that equity.You know, there was, you know,
not only widely different outcomes, but the policy that
followed that enabled a bunch ofcheap capital which primarily
benefited Wall Street. And what the the folks on Wall
Street did with that is they bitup every asset class that you
(10:12):
can think of. And so you had a bubble in on
all different kinds of assets inthe market.
And then they ended up turning their attention to single family
homes. And this is one of the probably
most staggering pieces of research that I noted when I was
doing the book. And I say this as a financial
commentator, you know, who was talking about these things as
they happen. But I didn't really appreciate
(10:34):
that prior to 2010, there was noinstitutional corporate Wall
Street capital in a meaningful way in the single family home
market. Now as of the end of 22, Core
Logic said it was more than one in every 5 homes that were sold
was sold to a corporate buyer. At the end of June, it was 26%
(10:59):
of all homes that were sold weresold to corporate buyers.
And again, these are not folks who are looking to fix them up
and make them nice so that you and family are living in a
better place and then can hopefully watch those appreciate
or at least store value and and have that legacy wealth.
They want to take that home, take it out of the supply, take
(11:22):
that that money that a family would make and you know, from an
individual standpoint and then alegacy standpoint and transfer
that wealth from Main Street to Wall Street.
And, you know, there are all kinds of companies that are
doing this directly. Blackstone, which is a private
equity firm, does do this directly.
BlackRock does it indirectly. So they invest in companies that
(11:47):
do this. So they're one level removed,
whether it's American Homes for Rent or you're one of those
other, you know, big names. But whether it's Vanguard or
State Street or BlackRock, all the big asset managers have a
stake in at least one or more ofcompanies who, you know, one of
their primary goals is basicallythis, this renting the American
(12:08):
dream. So they will argue with you and
say, well, we're not actually buying homes.
OK, but you're, you're finding the people who are.
And you know, that's kind of a, a pretty small difference in my,
from my perspective. So we'll, we'll just clarify
that so that they can't come back at us and say that we gave
out any misinformation. You know, I guess it's kind of
(12:29):
obvious, but can you just reinforce why less and less
people owning their homes? Why is that one of the most
devastating things to occur in terms of wealth?
Absolutely. So when I say the phrase
(12:52):
American dream to almost anyone on the street and say, what do
you think of the first thing outof their mouth is going to be a
home. So that has been sort of the
illustrative picture, the thing that people associate with the
American dream. And as I noted there, there's a
reason for that. This this is the largest asset
(13:12):
on household balance sheets across the United States.
So this is, you know, kind of across households.
This is one of the biggest ways that families derive their
wealth. And part of the reason, Tom, if
you think about it, when you're in the stock market and there's
this sort of emotional roller coaster and things go down, you
see a lot of individuals who panic and they sell and then the
(13:35):
stocks go up and they go, I wishI didn't do that.
And so they're kind of in and out of, of stocks and they don't
necessarily have that benefit ofthe duration of, of that long
term view, which is really how you get your, the, the
compounding returns. When you have a house, you're
consuming it. You may have kids who are, you
(13:56):
know, in, you know, in school ina certain district.
Like this is not something whereevery week, you know, you're
going on Zillow and you're going, oh man, my house is down
$100,000 on the estimate. I better sell it and get me new
one. I guess it's not how that works,
right? So you get the benefit of the
duration because you're not emotionally charged and selling
in and out of your home home like so many people do with
(14:19):
stocks and other investments. And that ends of being, you
know, one of the, the key reasons, in my opinion, why it,
it has become such a, a big driver of wealth.
Plus, you know, it's something that you have to do anyway.
Like you're either going to givethat money to somebody else in
terms of rent or you're going toto store it in the value of your
home. And so it's kind of a a force
(14:42):
behavior because it is a consumable.
It's something that you need to do as part of your life.
So this is very meaningful from a wealth creation opportunity
because then that means that money that you're spending just
goes to someone else. It's a wealth transfer and that
somebody else's is Wall Street. And you know, obviously I worked
(15:03):
on Wall Street so that it's not all bad and there are people
invested in Wall Street, but it's just a different dynamic,
right? And then obviously as we talked
about the the personal sovereignty issues.
It's funny, it's, it reminds me of a movie that comes up every
year on this show and around thecountry.
And that's It's a Wonderful Life, which features so
(15:24):
prominently like in terms of therole that housing plays in, in
people's lives and that, that ability to, to own a little home
and not have Mr. Potter buy it all up and rent it to you.
So it this is like a a topic that's been around forever, but
it just sounds from your book anyhow that things are getting
worse and worse. Yeah, and let and let me also
(15:47):
like just double down on that because you get the media for
now starting. They're really unbelievable that
they're starting to say, oh, youknow, the high housing ownership
is holding back the economy and it's making it hard for the
Federal Reserve instead of saying, oh, the Federal Reserve
provided cheap capital to Wall Street.
And the government has all of these rules and regulations that
(16:08):
not only add to the cost, but mean that we can't build.
And they disrupted the labor market.
So we don't have enough people to work on new no housing.
So they don't want to talk aboutany of that.
They don't want to talk about, you know, those costs that have
the increased the price of the housing, you know, including
Wall Street participating. And then they also don't want to
talk about the fact that people's personal balance sheets
(16:30):
have been destroyed. So, you know, the inflation is
eating into the the income that average Americans have to the
tune of pretty close to $10,000 per year for a family.
You you obviously for anybody who has that that is especially
if it's floating rate does now at a higher rate in young people
(16:52):
or have been destroyed by these college loans for degrees that
often don't pay an ROI. So even if the the price of the
houses had an increase, the personal balance sheets have
been wrecked. And then you got the interest
rates through the roof as well, which is also hurting the
supply. Because if you're somebody who
(17:13):
has a a 3.5% mortgage and you want to sell your house, you
know that the trade off is goingto be your next one is going to
be a 7 plus percent in terms of the mortgage.
So you're not going to be makingthat financial trade either.
So they really have gotten the average American coming and
going when it comes to the housing market.
(17:35):
We're speaking with Carol Roth. She's the author of You Will Own
Nothing. You're listening to the sounds
of film and Carol, there's so many valuable insights in this
book. One of the things that most
alarms me, though, is you start writing about social credit
scores and how they factor into the new financial world order.
Can you explain to our listenersa little bit about what you've
(17:56):
learned about social credit scores?
Yeah. So I think that the best place
to start with that is probably to look at China, where they
have a much more formalized state level social credit that's
very easy to understand. You know, well, it's not easy to
understand from a why are they doing this standpoint, but it's
easy to get your head wrapped around the mechanism.
(18:18):
So basically, if you do things that the government that the
Communist Party there deems as good things, you get plus
points. And if you do bad things, you
get negative points. And it's could be anything from
your giving blood gives you a plus point to saying nice things
about the government gives you aplus point.
But if you say bad things about the government, it gives you a
negative point. And one of the stories in the
(18:40):
book that came from NPR is this,this poor guy named Lao Juan,
who was a coal intermediary. And his fortunes changed
overnight when the government changed their policy on coal and
it bankrupted him. And because of that, you know,
he has bad debts. He now had to go on on the
blacklist and they went into some town.
(19:03):
He looks up at this billboard and his picture is on the
Billboard with a like a digital billboard that changes.
And it had his personal identification number and his
name. And it says this person is
untrustworthy. And so it really, you know, kind
of evokes this Big Brother comesto life kind of scenario.
And so you might go, well, you know that that's, you know, bad,
(19:25):
but that's China. I would argue that we're in a
sort of informal social credit scenario here.
And I think what people don't understand about social credit
is it's not just about your speech, but it's about your
financial opportunities. Because usually it attacks your
social standing, which is, you know, how you get opportunities
(19:47):
that can attack your job, which is your source of income.
And then in some cases that attacks your assets.
So, yeah, we had that situation here during COVID where, you
know, people were told, hey, youknow, you can't go celebrate
Thanksgiving or you can't celebrate Christmas if you
haven't taken a a vaccine or youcan't go into a restaurant once
(20:09):
they allow those to be opened. If you had don't have your
vaccine passport and if maybe you weren't wearing a mask,
someone might take a video of you and try to shame you on
social media. So we we had sort of this
informal social. Credit from that standpoint, we
know that by mandate there were a lot of people who lost their
(20:29):
jobs because they were unwillingto to take a vaccine.
And then we know that obviously they closed down many businesses
by mandate. And if you happen to live in
Canada and you were part of the Freedom Convoy of truckers that
they actually shut down your bank account.
And in some cases there was a, there was a GoFundMe that was
(20:52):
kind of a fun razor that was puttogether here in the United
States. And the company who was AUS
technology company worked with the Canadian government, not
just the US government, but the Canadian government to shut that
down and ensure that they did not receive access to those
funds. And then when a second one came
(21:13):
up, it was hacked and all of thepeople who were donated had
donated, their names were put upagain to attack them from a
social credit standpoint. So you have of that and then
post COVID, we've seen the government work with Twitter and
and Facebook. I guess those are the new names
X and and Meta that, you know, in order to deep platform people
(21:38):
who were saying things that weresort of against the narrative.
So it's not formalized like it is in China where there's a
point system. But if you're not on the side of
whatever the narrative is, you are getting penalized from that
social credit. And that's something that
technology enables, excuse me, but it also is enabled by people
(21:59):
being willing to go along with it.
Well, I was kind of struck when you you mentioned that that
situation in Canada with the truckers and they shut down
their banking for a while. I thought, well, this is it.
Finally people are going to be like, that's, that's too much.
But I guess the norm now is justpeople here that the victims are
(22:21):
on one side politically or the other.
And it seems, just seems like half the population just doesn't
care if if if the victims are onthe side that they don't
associate with. And then all of a sudden, just
this past week, we don't have toget into all the details, but
Glenn Greenwald was doing a story about how some
left-leaning political site was doing some anti war stories.
(22:44):
And they had their GoFundMe or what?
I don't know what their financial PayPal or whatever it
is, whatever their, you know, form they use for collecting
money from their readers. So it's happening on both sides.
But it seems for for a while anyhow, that people would just,
you know, take a political side,not really care about it.
(23:05):
But the way you describe it in the book, I I think it sounds a
little scary that people could have all their financial assets
frozen depending on what their views are on any topic, whether
it's health related or politically or whatever it might
be. Yeah, I mean, this is yeah, the
the situation we're in and this country, which is very
unfortunate, is that people are willing to see their principles
(23:27):
because they don't think it's going to happen to them.
They're trying to gain a the political point.
And then when it comes back and it's it's thrown in their face
and they're the ones that are onthe other side of it.
Oh, well, I didn't mean it for me.
And so it's like you have to either believe in the principle
for everybody or you don't believe in it at all.
And then it's the Wild West thatour that our natural rights
(23:48):
aren't being protected, which isthe whole point of of the
government here in the United States anyway.
So it is a very scary situation.And if the population didn't
stand for it, it couldn't be done.
If they have certainly they've had the technology to gather
this information and analyze it at scale for a very long time.
(24:08):
But, you know, it wasn't until they tested out, you know, would
would your aunt or your colleague or your friend turn
you in for wrong thing. And then I thought, Oh, yeah,
they'd be happy to do that, thatthey went, OK, well, that really
works out well for us. And there's sort of no limits.
And then, you know, you think about things that are on the
(24:29):
horizon, things they're testing like central bank digital
currencies, which would be a currency that would be fully
transparent and controllable andprogrammable by the Fed and the
government. You know, then you say, you
know, it's not just act. They don't have to get the bank
on board. They could just literally say
you can't use that particular dollar.
(24:50):
And that could be for anything. It could be for their own policy
or trying to kill inflation. It could be because you ate too
many burgers that month and theydon't think that burgers are
good for climate change. Could be because you said
something that they didn't like.And it it really is, you know,
in stark contrast for rights andwould be the ultimate and
(25:10):
financial and tyranny. Otherwise, So what what do you
feel are the chances that we're moving towards a central digital
currency? Well, we're definitely moving
towards one. The question is will it be
enacted? And if it is enacted, will it be
accepted? And then if it is accepted, you
know, will it be kind of forced upon us and, and how?
(25:34):
And so I think they have run. The New York Fed has already run
a pilot program with 12 major financial institutions.
They published the results abouta month or so ago.
And this was at the wholesale level, not the retail facing
level, meaning bank to bank, notto the individual consumer.
But once you open that door, it just paves the path.
(25:54):
And, and that that pilot summarywas, oh, this was great.
This is amazing. And so you know, that's
happening. We know that the Bank for
International Settlements, whichis the global central bank for
all the central banks, has been running these tests on different
transactional settlements. And the US is involved in one of
(26:17):
those, but China's also involvedin another one that's that's
very, very advanced, which couldbe that, hey, you know, we don't
want to be behind China sort of excuse for it.
And then the G7 just over a yearago maybe actually it might be
coming up on two years now, theyput out their principles on a
collective basis for retail facing, so consumer level
(26:40):
CBDC's. So you don't do these actions,
you don't put out principles andrun pilot programs if this is
something that you're not considering at all.
So it is something thing that weneed to remain very concerned
about. If certain states are trying to
take action, certain individualsare trying to take action, but
it would require Congress to vote on it in order for it to be
(27:04):
passed. So this is something where
people really need to pay attention if they try to sneak
it in somewhere. Make sure that your, your
representatives are voting no. And you know, do everything you
can to try to keep some level of, of freedom in our currency
because it would just be a really bad situation.
I can't, can't emphasize that enough for everybody.
(27:27):
If if we we move in that direction and that becomes an
official scenario. This does sound very alarming to
me. However, there there are some in
the population, a lot of young people, other people as well,
who are persuaded that cutting back on the ownership of cars
and houses, it's the right way to go, better for the
(27:50):
environment, it's going to make the world more equitable.
What do you say to these people?And say that you are giving up
your wealth creation opportunities and your freedom.
The cars are a little bit different.
It's, you know, unless you have a collectible car as a
depreciating asset. So, you know, it depends where
you live. If you live in New York City may
(28:12):
not make any sense for you. But if you live in a rural area
or a suburb, it may. And you have to do again, kind
of say you're, you're trading freedom, you know, for not
having this. So you have to decide if that
makes sense for you. Home ownership is very
different. So I think that that's one where
(28:33):
you really want to change your mind.
And, you know, the, the situation right now is a bit
dire, but maybe that means that you were looking to work in a
different door and live in a different area for some time so
that you can have something thatis yours, that is your, your own
domain and, and where you can besovereign and you can start
taking the money that you would be giving to someone else and
(28:56):
investing in yourself. And if we, you continue the
trajectory we are on and given the, the level of debt and
deficits that we have at the, you know, at the United States,
you know, inflation and the debasement of the currency
shouldn't be going anywhere anytime in the foreseeable
future. So that means that assets for
(29:17):
time are likely to continue to rise in value and you don't want
to be priced out of housing all together.
So it's something you should definitely seriously consider.
And if you're thinking of lightening up in other areas,
just understand what it is that you're trading off.
OK, one last question. One of the things I love about
(29:39):
this book is the way you connectthe dots and we and we've talked
about a lot of different things.Can you just one more time, I,
I, I know you understand it, butjust for our listeners, can you
connect the dots between why us not owning anything, why us
renting everything, as well as things like moving to a digital
(30:00):
currency, having social credit scores are all part of the same
plan and what it's all leading to?
Yeah. So it's basically it's giving up
control. You know, we've lived through
this incredible period of prosperity that came on the back
of property rights, came on the back of technologies and
(30:21):
innovation. If you think back to feudal
societies, the only people who owned things were those in the
the upper elite, the kings and the Queens and everybody, and
then that kind of elite society.And then they passed that down
to their heirs. And those were the only people
who had ownership. And those were the only people
who really had freedom. And everybody else, you know, it
(30:43):
was a feudal society. They were at the behest of, you
know, those people and the nobility.
The incredible thing about property rights and about this
innovation is it allowed for people to be able to have things
of their own that were a value, trade freely with other people,
and then take wealth that was normally distributed from your
(31:05):
father to son and allowed it to spread from person to person.
This is a very unique new concept that, you know, if
you're a young person, you don'trealize how unique and how dear
this is. And so we've been through this
period where people have understood good that you could
own things. And by making those investments
(31:26):
and putting some skin in the game, we have had incredible
prosperity, not just for ourselves, but for people around
the world. It's been a just an incredible,
incredible time. If you give that up, we are now
moving in the other direction. You are now becoming an
indentured servant again to somebody else who has the
(31:47):
ownership. And so you have to play by their
rules. And you also don't get those
wealth creation opportunities. And so it really is about taking
our society as a whole, but moreimportantly, because I'm an
individual as your individual life backward, not forward.
And it sounds really cool and futuristic, but there's never
(32:11):
been a time in history where people who didn't own property
weren't unfree, unhappy, in manycases, starving to death and and
you know, sometimes even dying. So it it's not usually a good
outcome. If you look back at at all of
time that the people didn't haveownership, things didn't work
(32:33):
out so well for them. And you know, it's unfortunate.
You know, if you think about thethe phrase you'll own nothing
and you'll be happy. Note that they didn't say we'll
own nothing. People who are making this
prediction are planning to give it up for themselves.
And if you watch their behavior,that's that's happening and they
want you to buy into it. They want you to think you're
(32:55):
going to be happy, but history dictates that you won't.
This is such an important book. Everyone you have to check out,
you will own nothing. We've been speaking with Carol
Roth. Carol, where can people go
online to find more information about this book and all your
other work? So the books are available
wherever books are sold, you know, wherever you like to buy
(33:15):
your book, you can support your small business.
booksellerbookshop.org fulfills from small business booksellers.
If you want to go to Amazon, youcan also do that for
convenience. Just again, do this with
intention. I'm available on the platform
formerly known as Twitter, but generally out all through social
media. It's Carol JS Roth and I have a
(33:39):
website at carolroth.com. And I have to ask you, Tom, cuz
I know this is about film and everything.
Do I get to share like a favorite film or do we get to
have like a film? Question here.
I had some. I didn't know if your time was
used up, but I'd love to hear what your favorite film is.
All right, so my, my favorite film of all time is The
(33:59):
Godfather. So, and I know you're going to
say one or two just because it'sthe OG, we have to go with one.
But the one that I'm probably most amused by and that I quote
very often is Trading Places. And in fact, I have changed my
LinkedIn profile to say that I work at Duke and Duke
(34:19):
Commodities Brokers which is thebrokerage firm of Randolph and
Mortimer Duke, the 2 cranky old greedy men in in trading places.
And my entire profile are littlekind of snippets about the movie
well. If we ever get to speak again,
I'd love to ask you some more about your film favourites as
(34:43):
well as I have the sense that you're someone who is very
interested in show business and I know you've done a lot of
different things throughout yourlife, so it comes through in
your personality and it was really a pleasure speaking with
you. Carol, I want to thank you so
much. I'd love to get into The
Godfather. I think there's a lot of themes
in that movie that kind of relate to some of the stuff that
we're talking about, if you think about it.
(35:03):
But this is some book. I'm an advocate for small and
family businesses, so it's very contested there.
There you go. All right, Carol Roth,
everybody, you will own nothing.Great, great book.
And Carol, thank you again so much for coming on the program.
I really appreciate it. Thanks so much for having me
take. It easy bye bye.
Hi, this is Tom Needham, and you're listening to the sounds
of film, and I'm very excited tobe speaking with Carol Roth
today on the program. She's the author of You Will Own
Nothing. And this book Roth reveals how
world governments, globalist organizations, big Tech, Wall
Street and other powerful elitesare proactively trying to
control every finite resource and determining who has access
(00:23):
to such resources. The book is an essential guide
to stopping the elites agenda and taking control to preserve
you're in your families wealth freedom.
Carol Roth is a recovering investment banker.
She's an entrepreneur, TV punditand host, speaker, economic
business and financial commentator and content
developer. She's also a New York Times
(00:44):
bestselling author. She's been seen weekly on a
variety of national television outlets over the years,
including Fox Business, CNNCNBCHBO, Fox News and MSNBC.
Carol, thank you so much for joining us today on Sounds of
Film to talk about You Will Own Nothing.
Thanks so much for having me Tom, looking forward to this.
(01:04):
Oh yeah, me too. You know, some people are very
familiar with this phrase. You will own nothing and love
it, and some people are not at all.
For those people that are not, can you explain the origin of
the phrase exactly what it means?
So the first time I encountered the the extended phrase, which
(01:24):
is you'll own nothing and you'llbe happy, was floating around
social media several years ago. And as so often happens on
social media, you look at something, you go that was
probably taken out of context orthere's no way that was that was
being said. And, you know, from my
perspective, it was being said ostensibly by the World Economic
(01:46):
Forum, which is an organization that is littered with the
business and politics elite. So I'm like, yeah, I don't
really think that this group is,is predicting the end of private
property, you know, by the by the year 2030.
But in for this particular case,it took me very little research
to track it down. And in fact, it's still on their
Twitter or I guess we're now calling it x.com site and feed.
(02:10):
And it's a video with their top 8 predictions for 20-30.
It's from their global future councils.
And it says #1 you'll own nothing and you'll be happy.
And as somebody who has stood for wealth creation
opportunities and been an advocate for that for more than
1/4 of a century, it was really concerning to me because I know
(02:34):
that wealth comes from ownership.
You have to own assets. You have to own assets in
particular that store their value or hopefully appreciate in
value. So the idea that they're trying
to sell you on this concept of owning nothing and then
pretending you're going to be happy from it definitely raised
a red flag. Well, as we mentioned before,
(02:55):
you have a long history of discussing business ideas on
mainstream media. When one starts discussing
global elites and their plan fora new financial world order, you
start to go into territory that some people will label
conspiratorial. Were you afraid at all of
delving into this material and that some people might label you
a conspiracy theorist? Yeah, I actually leaned into
(03:19):
that because I wanted to take the conspiracy element out of
this everywhere I could. And there are more than 600
sources, most of the mainstream media, the book or from the the,
the proverbial horse's mouth. You know, I, I let those people
do that the talking for themselves.
And actually my book trailer basically says conspiracy now
(03:42):
has now become reality. And I take the, these ideas that
are supposedly conspiratorial, and then I, I show you the news
headlines, you know, from 60 minutes from The New York Times,
from Wall Street Journal, where they're repeating these things.
So if you take something like the, the new world order, the
new financial world order, I mean, boy, that does sound like
(04:03):
a conspiracy theory. But if you want to go on the
White House's website, you can look at the speech that
President Biden gave to the Business Roundtable, which if
you're not familiar with that, is the the CEO's of the largest
companies in the United States, most of the publicly traded
companies and so on and so forth.
March 21st, 2022. He explains this all very
(04:26):
clearly. He says that, you know, every 3
or 4 generations there is a shift in the global financial
order. And we are 80 years into, you
know, us being at the the centerof the global financial
universe, holding the global reserve currency.
But before us, it was Britain. And before the Britain was was
the Dutch. And then he goes on to say
there's going to be a new world order out there and we've got to
(04:47):
lead it. So, you know, if you're going to
call me a conspiracy theorist, then you have to call the
president of the United States aconspiracy theorist.
And all of these other country leaders and folks around the
world who are talking about these things that really are
just history rhyming and don't have any conspiratorial element
to it whatsoever. So I, I relish what anybody
(05:11):
wants to talk about the conspiracy.
And then I can point them to theactual facts and where
everything came from and say, OK, what, what part of this do
you find conspiratorial? And that usually makes for a
spirited conversation. You know, it's, it's funny, this
show has been on the air for a very long time.
And, and through the years, manyof our listeners, I found out,
(05:31):
were collectors of things like Blu-ray movies and DVDs and
books, CDs, vinyl, you name it. But in recent years, through
discussions, I've been finding that's becoming less and less
common. And people are telling me that
they're streaming their music through Spotify or now they
stopped buying DVDs and they're watching Netflix or, you know,
(05:55):
one of the streaming channels. Same thing, same thing even with
books. I used to love going into
people's houses and they would have all their books on display.
And now you go in someone's house, there's no books, there's
no CDs there, there's nothing like that.
There's no material objects. And this is one of the, I guess,
lesser points that that you're making in the book, but but it's
(06:16):
a real life example that I thinka lot of people will relate to
that they they're really starting to not own a lot of
things, not even the big things,but even the little things.
Yeah, I mean, I think that that's how it starts, right?
It's a slow creep. You sort of train people on,
well, you don't need all of thisclutter.
And, you know, in the case of, you know, these pieces of art,
I'll make a, an argument in a moment that you you probably
(06:40):
would want to have some of those.
But you know, it's not the same as an investment that retains
its value. But I do think that that sort of
the gateway is when you give up on ownership of those things.
And you're used to having your entire life rented to you as a
subscription or a service. When they come in and they want
(07:01):
to do it for the seats in your car or eventually your home,
it's not as much of A leap for you to make because you've been
sort of quote, UN quote, decluttering your life, not
realizing what you give up in the process.
You know, for something like these works of art, whether it's
books or, or films or whatnot, Ithink the big concern is over
(07:23):
artistic and integrity is that, you know, I know what I put in
this particular copy of the book.
I have flipped through the hard copy.
It is in agreement with the things that I wrote.
But as we know, they have been rewriting all kinds of books and
you're just taking things out offilms and and editing them.
(07:43):
And so the, you know, kind of original vision, the
authenticity of that art, the way the artist intended it
really is in jeopardy. And the only way to preserve
that is by people having those, you know, copies the way they
were done originally in their collections.
So, you know, I think that's something important to think
(08:05):
about. Obviously, when you get to the
point of, you know, taking that from, you know, a book or a film
to to homeownership, it has, youknow, lots of implications.
One, on the wealth side in termsof removing the biggest asset on
on people's balance sheets across the United States and the
wealth creation opportunities, but also the personal
(08:27):
sovereignty. You know, if you start to live
with somebody else as the landlord, then they get to
dictate the rules for you. And so you don't have as much
agency or freedom or that personal sovereignty if you are
in somebody else's house. Yeah, that's a really good
point. And I was wondering if you could
speak to that just a little bit more.
(08:48):
You said that in the book that the American Dream is under
attack and that you mentioned home ownership.
We talk about companies like Black Rock that are literally
going around and, and they're buying up homes.
Some, some people know about this, a lot of people don't.
They're actually accounting for a huge percentage of all home
(09:08):
sport, but and, and they're turning them into rental
properties. And if this kind of action
continues, we might reach a point like you were kind of
hinting at, where people won't own homes anymore.
Yeah, the housing situation in the US, particularly for young
home buyers and first time home buyers, but really anybody who's
(09:31):
looking even to get out of a home and and and make a trade is
very dire right now. And a lot of that has been done
by policy out of the Great Recession, financial crisis
after they bailed out Wall Street.
But for almost 6,000,000 individuals to sell their homes,
you know, whether that was foreclosure or short sale, give
(09:52):
them up and give up that equity.You know, there was, you know,
not only widely different outcomes, but the policy that
followed that enabled a bunch ofcheap capital which primarily
benefited Wall Street. And what the the folks on Wall
Street did with that is they bitup every asset class that you
(10:12):
can think of. And so you had a bubble in on
all different kinds of assets inthe market.
And then they ended up turning their attention to single family
homes. And this is one of the probably
most staggering pieces of research that I noted when I was
doing the book. And I say this as a financial
commentator, you know, who was talking about these things as
they happen. But I didn't really appreciate
(10:34):
that prior to 2010, there was noinstitutional corporate Wall
Street capital in a meaningful way in the single family home
market. Now as of the end of 22, Core
Logic said it was more than one in every 5 homes that were sold
was sold to a corporate buyer. At the end of June, it was 26%
(10:59):
of all homes that were sold weresold to corporate buyers.
And again, these are not folks who are looking to fix them up
and make them nice so that you and family are living in a
better place and then can hopefully watch those appreciate
or at least store value and and have that legacy wealth.
They want to take that home, take it out of the supply, take
(11:22):
that that money that a family would make and you know, from an
individual standpoint and then alegacy standpoint and transfer
that wealth from Main Street to Wall Street.
And, you know, there are all kinds of companies that are
doing this directly. Blackstone, which is a private
equity firm, does do this directly.
BlackRock does it indirectly. So they invest in companies that
(11:47):
do this. So they're one level removed,
whether it's American Homes for Rent or you're one of those
other, you know, big names. But whether it's Vanguard or
State Street or BlackRock, all the big asset managers have a
stake in at least one or more ofcompanies who, you know, one of
their primary goals is basicallythis, this renting the American
(12:08):
dream. So they will argue with you and
say, well, we're not actually buying homes.
OK, but you're, you're finding the people who are.
And you know, that's kind of a, a pretty small difference in my,
from my perspective. So we'll, we'll just clarify
that so that they can't come back at us and say that we gave
out any misinformation. You know, I guess it's kind of
(12:29):
obvious, but can you just reinforce why less and less
people owning their homes? Why is that one of the most
devastating things to occur in terms of wealth?
Absolutely. So when I say the phrase
(12:52):
American dream to almost anyone on the street and say, what do
you think of the first thing outof their mouth is going to be a
home. So that has been sort of the
illustrative picture, the thing that people associate with the
American dream. And as I noted there, there's a
reason for that. This this is the largest asset
(13:12):
on household balance sheets across the United States.
So this is, you know, kind of across households.
This is one of the biggest ways that families derive their
wealth. And part of the reason, Tom, if
you think about it, when you're in the stock market and there's
this sort of emotional roller coaster and things go down, you
see a lot of individuals who panic and they sell and then the
(13:35):
stocks go up and they go, I wishI didn't do that.
And so they're kind of in and out of, of stocks and they don't
necessarily have that benefit ofthe duration of, of that long
term view, which is really how you get your, the, the
compounding returns. When you have a house, you're
consuming it. You may have kids who are, you
(13:56):
know, in, you know, in school ina certain district.
Like this is not something whereevery week, you know, you're
going on Zillow and you're going, oh man, my house is down
$100,000 on the estimate. I better sell it and get me new
one. I guess it's not how that works,
right? So you get the benefit of the
duration because you're not emotionally charged and selling
in and out of your home home like so many people do with
(14:19):
stocks and other investments. And that ends of being, you
know, one of the, the key reasons, in my opinion, why it,
it has become such a, a big driver of wealth.
Plus, you know, it's something that you have to do anyway.
Like you're either going to givethat money to somebody else in
terms of rent or you're going toto store it in the value of your
home. And so it's kind of a a force
(14:42):
behavior because it is a consumable.
It's something that you need to do as part of your life.
So this is very meaningful from a wealth creation opportunity
because then that means that money that you're spending just
goes to someone else. It's a wealth transfer and that
somebody else's is Wall Street. And you know, obviously I worked
(15:03):
on Wall Street so that it's not all bad and there are people
invested in Wall Street, but it's just a different dynamic,
right? And then obviously as we talked
about the the personal sovereignty issues.
It's funny, it's, it reminds me of a movie that comes up every
year on this show and around thecountry.
And that's It's a Wonderful Life, which features so
(15:24):
prominently like in terms of therole that housing plays in, in
people's lives and that, that ability to, to own a little home
and not have Mr. Potter buy it all up and rent it to you.
So it this is like a a topic that's been around forever, but
it just sounds from your book anyhow that things are getting
worse and worse. Yeah, and let and let me also
(15:47):
like just double down on that because you get the media for
now starting. They're really unbelievable that
they're starting to say, oh, youknow, the high housing ownership
is holding back the economy and it's making it hard for the
Federal Reserve instead of saying, oh, the Federal Reserve
provided cheap capital to Wall Street.
And the government has all of these rules and regulations that
(16:08):
not only add to the cost, but mean that we can't build.
And they disrupted the labor market.
So we don't have enough people to work on new no housing.
So they don't want to talk aboutany of that.
They don't want to talk about, you know, those costs that have
the increased the price of the housing, you know, including
Wall Street participating. And then they also don't want to
talk about the fact that people's personal balance sheets
(16:30):
have been destroyed. So, you know, the inflation is
eating into the the income that average Americans have to the
tune of pretty close to $10,000 per year for a family.
You you obviously for anybody who has that that is especially
if it's floating rate does now at a higher rate in young people
(16:52):
or have been destroyed by these college loans for degrees that
often don't pay an ROI. So even if the the price of the
houses had an increase, the personal balance sheets have
been wrecked. And then you got the interest
rates through the roof as well, which is also hurting the
supply. Because if you're somebody who
(17:13):
has a a 3.5% mortgage and you want to sell your house, you
know that the trade off is goingto be your next one is going to
be a 7 plus percent in terms of the mortgage.
So you're not going to be makingthat financial trade either.
So they really have gotten the average American coming and
going when it comes to the housing market.
(17:35):
We're speaking with Carol Roth. She's the author of You Will Own
Nothing. You're listening to the sounds
of film and Carol, there's so many valuable insights in this
book. One of the things that most
alarms me, though, is you start writing about social credit
scores and how they factor into the new financial world order.
Can you explain to our listenersa little bit about what you've
(17:56):
learned about social credit scores?
Yeah. So I think that the best place
to start with that is probably to look at China, where they
have a much more formalized state level social credit that's
very easy to understand. You know, well, it's not easy to
understand from a why are they doing this standpoint, but it's
easy to get your head wrapped around the mechanism.
(18:18):
So basically, if you do things that the government that the
Communist Party there deems as good things, you get plus
points. And if you do bad things, you
get negative points. And it's could be anything from
your giving blood gives you a plus point to saying nice things
about the government gives you aplus point.
But if you say bad things about the government, it gives you a
negative point. And one of the stories in the
(18:40):
book that came from NPR is this,this poor guy named Lao Juan,
who was a coal intermediary. And his fortunes changed
overnight when the government changed their policy on coal and
it bankrupted him. And because of that, you know,
he has bad debts. He now had to go on on the
blacklist and they went into some town.
(19:03):
He looks up at this billboard and his picture is on the
Billboard with a like a digital billboard that changes.
And it had his personal identification number and his
name. And it says this person is
untrustworthy. And so it really, you know, kind
of evokes this Big Brother comesto life kind of scenario.
And so you might go, well, you know that that's, you know, bad,
(19:25):
but that's China. I would argue that we're in a
sort of informal social credit scenario here.
And I think what people don't understand about social credit
is it's not just about your speech, but it's about your
financial opportunities. Because usually it attacks your
social standing, which is, you know, how you get opportunities
(19:47):
that can attack your job, which is your source of income.
And then in some cases that attacks your assets.
So, yeah, we had that situation here during COVID where, you
know, people were told, hey, youknow, you can't go celebrate
Thanksgiving or you can't celebrate Christmas if you
haven't taken a a vaccine or youcan't go into a restaurant once
(20:09):
they allow those to be opened. If you had don't have your
vaccine passport and if maybe you weren't wearing a mask,
someone might take a video of you and try to shame you on
social media. So we we had sort of this
informal social. Credit from that standpoint, we
know that by mandate there were a lot of people who lost their
(20:29):
jobs because they were unwillingto to take a vaccine.
And then we know that obviously they closed down many businesses
by mandate. And if you happen to live in
Canada and you were part of the Freedom Convoy of truckers that
they actually shut down your bank account.
And in some cases there was a, there was a GoFundMe that was
(20:52):
kind of a fun razor that was puttogether here in the United
States. And the company who was AUS
technology company worked with the Canadian government, not
just the US government, but the Canadian government to shut that
down and ensure that they did not receive access to those
funds. And then when a second one came
(21:13):
up, it was hacked and all of thepeople who were donated had
donated, their names were put upagain to attack them from a
social credit standpoint. So you have of that and then
post COVID, we've seen the government work with Twitter and
and Facebook. I guess those are the new names
X and and Meta that, you know, in order to deep platform people
(21:38):
who were saying things that weresort of against the narrative.
So it's not formalized like it is in China where there's a
point system. But if you're not on the side of
whatever the narrative is, you are getting penalized from that
social credit. And that's something that
technology enables, excuse me, but it also is enabled by people
(21:59):
being willing to go along with it.
Well, I was kind of struck when you you mentioned that that
situation in Canada with the truckers and they shut down
their banking for a while. I thought, well, this is it.
Finally people are going to be like, that's, that's too much.
But I guess the norm now is justpeople here that the victims are
(22:21):
on one side politically or the other.
And it seems, just seems like half the population just doesn't
care if if if the victims are onthe side that they don't
associate with. And then all of a sudden, just
this past week, we don't have toget into all the details, but
Glenn Greenwald was doing a story about how some
left-leaning political site was doing some anti war stories.
(22:44):
And they had their GoFundMe or what?
I don't know what their financial PayPal or whatever it
is, whatever their, you know, form they use for collecting
money from their readers. So it's happening on both sides.
But it seems for for a while anyhow, that people would just,
you know, take a political side,not really care about it.
(23:05):
But the way you describe it in the book, I I think it sounds a
little scary that people could have all their financial assets
frozen depending on what their views are on any topic, whether
it's health related or politically or whatever it might
be. Yeah, I mean, this is yeah, the
the situation we're in and this country, which is very
unfortunate, is that people are willing to see their principles
(23:27):
because they don't think it's going to happen to them.
They're trying to gain a the political point.
And then when it comes back and it's it's thrown in their face
and they're the ones that are onthe other side of it.
Oh, well, I didn't mean it for me.
And so it's like you have to either believe in the principle
for everybody or you don't believe in it at all.
And then it's the Wild West thatour that our natural rights
(23:48):
aren't being protected, which isthe whole point of of the
government here in the United States anyway.
So it is a very scary situation.And if the population didn't
stand for it, it couldn't be done.
If they have certainly they've had the technology to gather
this information and analyze it at scale for a very long time.
(24:08):
But, you know, it wasn't until they tested out, you know, would
would your aunt or your colleague or your friend turn
you in for wrong thing. And then I thought, Oh, yeah,
they'd be happy to do that, thatthey went, OK, well, that really
works out well for us. And there's sort of no limits.
And then, you know, you think about things that are on the
(24:29):
horizon, things they're testing like central bank digital
currencies, which would be a currency that would be fully
transparent and controllable andprogrammable by the Fed and the
government. You know, then you say, you
know, it's not just act. They don't have to get the bank
on board. They could just literally say
you can't use that particular dollar.
(24:50):
And that could be for anything. It could be for their own policy
or trying to kill inflation. It could be because you ate too
many burgers that month and theydon't think that burgers are
good for climate change. Could be because you said
something that they didn't like.And it it really is, you know,
in stark contrast for rights andwould be the ultimate and
(25:10):
financial and tyranny. Otherwise, So what what do you
feel are the chances that we're moving towards a central digital
currency? Well, we're definitely moving
towards one. The question is will it be
enacted? And if it is enacted, will it be
accepted? And then if it is accepted, you
know, will it be kind of forced upon us and, and how?
(25:34):
And so I think they have run. The New York Fed has already run
a pilot program with 12 major financial institutions.
They published the results abouta month or so ago.
And this was at the wholesale level, not the retail facing
level, meaning bank to bank, notto the individual consumer.
But once you open that door, it just paves the path.
(25:54):
And, and that that pilot summarywas, oh, this was great.
This is amazing. And so you know, that's
happening. We know that the Bank for
International Settlements, whichis the global central bank for
all the central banks, has been running these tests on different
transactional settlements. And the US is involved in one of
(26:17):
those, but China's also involvedin another one that's that's
very, very advanced, which couldbe that, hey, you know, we don't
want to be behind China sort of excuse for it.
And then the G7 just over a yearago maybe actually it might be
coming up on two years now, theyput out their principles on a
collective basis for retail facing, so consumer level
(26:40):
CBDC's. So you don't do these actions,
you don't put out principles andrun pilot programs if this is
something that you're not considering at all.
So it is something thing that weneed to remain very concerned
about. If certain states are trying to
take action, certain individualsare trying to take action, but
it would require Congress to vote on it in order for it to be
(27:04):
passed. So this is something where
people really need to pay attention if they try to sneak
it in somewhere. Make sure that your, your
representatives are voting no. And you know, do everything you
can to try to keep some level of, of freedom in our currency
because it would just be a really bad situation.
I can't, can't emphasize that enough for everybody.
(27:27):
If if we we move in that direction and that becomes an
official scenario. This does sound very alarming to
me. However, there there are some in
the population, a lot of young people, other people as well,
who are persuaded that cutting back on the ownership of cars
and houses, it's the right way to go, better for the
(27:50):
environment, it's going to make the world more equitable.
What do you say to these people?And say that you are giving up
your wealth creation opportunities and your freedom.
The cars are a little bit different.
It's, you know, unless you have a collectible car as a
depreciating asset. So, you know, it depends where
you live. If you live in New York City may
(28:12):
not make any sense for you. But if you live in a rural area
or a suburb, it may. And you have to do again, kind
of say you're, you're trading freedom, you know, for not
having this. So you have to decide if that
makes sense for you. Home ownership is very
different. So I think that that's one where
(28:33):
you really want to change your mind.
And, you know, the, the situation right now is a bit
dire, but maybe that means that you were looking to work in a
different door and live in a different area for some time so
that you can have something thatis yours, that is your, your own
domain and, and where you can besovereign and you can start
taking the money that you would be giving to someone else and
(28:56):
investing in yourself. And if we, you continue the
trajectory we are on and given the, the level of debt and
deficits that we have at the, you know, at the United States,
you know, inflation and the debasement of the currency
shouldn't be going anywhere anytime in the foreseeable
future. So that means that assets for
(29:17):
time are likely to continue to rise in value and you don't want
to be priced out of housing all together.
So it's something you should definitely seriously consider.
And if you're thinking of lightening up in other areas,
just understand what it is that you're trading off.
OK, one last question. One of the things I love about
(29:39):
this book is the way you connectthe dots and we and we've talked
about a lot of different things.Can you just one more time, I,
I, I know you understand it, butjust for our listeners, can you
connect the dots between why us not owning anything, why us
renting everything, as well as things like moving to a digital
(30:00):
currency, having social credit scores are all part of the same
plan and what it's all leading to?
Yeah. So it's basically it's giving up
control. You know, we've lived through
this incredible period of prosperity that came on the back
of property rights, came on the back of technologies and
(30:21):
innovation. If you think back to feudal
societies, the only people who owned things were those in the
the upper elite, the kings and the Queens and everybody, and
then that kind of elite society.And then they passed that down
to their heirs. And those were the only people
who had ownership. And those were the only people
who really had freedom. And everybody else, you know, it
(30:43):
was a feudal society. They were at the behest of, you
know, those people and the nobility.
The incredible thing about property rights and about this
innovation is it allowed for people to be able to have things
of their own that were a value, trade freely with other people,
and then take wealth that was normally distributed from your
(31:05):
father to son and allowed it to spread from person to person.
This is a very unique new concept that, you know, if
you're a young person, you don'trealize how unique and how dear
this is. And so we've been through this
period where people have understood good that you could
own things. And by making those investments
(31:26):
and putting some skin in the game, we have had incredible
prosperity, not just for ourselves, but for people around
the world. It's been a just an incredible,
incredible time. If you give that up, we are now
moving in the other direction. You are now becoming an
indentured servant again to somebody else who has the
(31:47):
ownership. And so you have to play by their
rules. And you also don't get those
wealth creation opportunities. And so it really is about taking
our society as a whole, but moreimportantly, because I'm an
individual as your individual life backward, not forward.
And it sounds really cool and futuristic, but there's never
(32:11):
been a time in history where people who didn't own property
weren't unfree, unhappy, in manycases, starving to death and and
you know, sometimes even dying. So it it's not usually a good
outcome. If you look back at at all of
time that the people didn't haveownership, things didn't work
(32:33):
out so well for them. And you know, it's unfortunate.
You know, if you think about thethe phrase you'll own nothing
and you'll be happy. Note that they didn't say we'll
own nothing. People who are making this
prediction are planning to give it up for themselves.
And if you watch their behavior,that's that's happening and they
want you to buy into it. They want you to think you're
(32:55):
going to be happy, but history dictates that you won't.
This is such an important book. Everyone you have to check out,
you will own nothing. We've been speaking with Carol
Roth. Carol, where can people go
online to find more information about this book and all your
other work? So the books are available
wherever books are sold, you know, wherever you like to buy
(33:15):
your book, you can support your small business.
booksellerbookshop.org fulfills from small business booksellers.
If you want to go to Amazon, youcan also do that for
convenience. Just again, do this with
intention. I'm available on the platform
formerly known as Twitter, but generally out all through social
media. It's Carol JS Roth and I have a
(33:39):
website at carolroth.com. And I have to ask you, Tom, cuz
I know this is about film and everything.
Do I get to share like a favorite film or do we get to
have like a film? Question here.
I had some. I didn't know if your time was
used up, but I'd love to hear what your favorite film is.
All right, so my, my favorite film of all time is The
(33:59):
Godfather. So, and I know you're going to
say one or two just because it'sthe OG, we have to go with one.
But the one that I'm probably most amused by and that I quote
very often is Trading Places. And in fact, I have changed my
LinkedIn profile to say that I work at Duke and Duke
(34:19):
Commodities Brokers which is thebrokerage firm of Randolph and
Mortimer Duke, the 2 cranky old greedy men in in trading places.
And my entire profile are littlekind of snippets about the movie
well. If we ever get to speak again,
I'd love to ask you some more about your film favourites as
(34:43):
well as I have the sense that you're someone who is very
interested in show business and I know you've done a lot of
different things throughout yourlife, so it comes through in
your personality and it was really a pleasure speaking with
you. Carol, I want to thank you so
much. I'd love to get into The
Godfather. I think there's a lot of themes
in that movie that kind of relate to some of the stuff that
we're talking about, if you think about it.
(35:03):
But this is some book. I'm an advocate for small and
family businesses, so it's very contested there.
There you go. All right, Carol Roth,
everybody, you will own nothing.Great, great book.
And Carol, thank you again so much for coming on the program.
I really appreciate it. Thanks so much for having me
take. It easy bye bye.
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