Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Liz Pig joins us Fox News Columns frequent guest. I
enjoy your appearances quite frequently, Liz on Fox Business. Glad
to have you on our program this morning.
Speaker 2 (00:08):
Thank you, delighted to join you.
Speaker 1 (00:10):
So what is China up to now?
Speaker 2 (00:13):
Well, I think China is trying to undermine the United States.
Of course, that's their long term goal. In the short term,
one of their ways they're trying to do that is
not just stealing our technology or trying to push us
out of important markets like the electric vehicle market, but
also to undermine the dollar. And the way they're going
about that is that they are buying gold and divesting
(00:39):
dollars in their central bank. And it's working. I mean,
goal prices are through the roof. And by the way,
they're not the only country where the central bank is
making this kind of move. There's a coalition of brick
nations which are very eager to dump the dollar as
the world's reserve currency. But China as the leading light here,
(01:02):
if you will, and they are definitely on the hunt.
And that's one of the reasons that the dollar in
the first six months of the year had the biggest
decline in value versus other global currencies that we've seen
in fifty years. I mean, that's a pretty dramatic statistic,
but it's true. And at the same time, gold prices
(01:23):
are up over forty five percent they're over the course
of the past year, so it's really quite a dramatic realignment.
The numbers in terms of the amount of their central
bank reserves that are going into gold versus dollars are minor,
are small, but it's small percentages of very big numbers.
So it's having quite an impact on the market. And
(01:45):
you know, a lot of investment these days is momentum trading.
People see that gold is going up, so they assume
that gold will continue to go up, and so there's
sort of a follow up effect and it's been very,
very powerful.
Speaker 1 (02:00):
So how do we fight back against this?
Speaker 2 (02:03):
Well, honestly, the best way to fight back against this
is to get our fiscal house in order so that
there is absolutely no question that the dollar is the currency,
the reserve currency of the world's strongest economy. We are
that we are much bigger than China, we have by
far the biggest consumer, and frankly, what President Trump is
(02:26):
doing with tariffs as controversial as they were in the beginning.
The reality is he's bringing in hundreds of billions of
dollars of revenues, and even the most left wing analysts
now are kind of looking at that and saying, well, yes,
you know, this will offset some of the tax breaks
and the big beautiful bill. This does improve our fiscal
(02:46):
long term outlook. If the court, the Supreme Court, decides
that these tariffs are illegal, then we're back to first
base and not to figure out a different way to
engineer a tariff regiment. I think they will, but right
now that is serving our country very well.
Speaker 1 (03:02):
Well, even moorseless would be if somehow it was ordered
that we pay back the terrfs that have already been
already been given to us. What would that do to
us fiscally.
Speaker 2 (03:12):
Well, it's going to be kind of a mess, for sure.
You know. Let's wait and see, because I'm sure whatever
decision the Supreme Court makes, we're not going to have
immediately implemented. My guess is such an event would take
place over time, and I think the administration is preparing.
According to Treasury Secretary Besson, they are preparing backup measures
(03:34):
and alternative routes to continue to apply the tariff. So
let's suppose for a moment that they have some other
authority under which they can levy these tariffs. Then I
suspect that that also could be done retroactively, in which
case there would be no payback. I'm hoping that that's
the resolution.
Speaker 1 (03:52):
I hope so too, Liz. Thanks for joining us Pleasure
Liz Peak, Fox News, Callariss, and a freakly guest on
Fox Business
Liz Pig joins us Fox News Columns frequent guest. I
enjoy your appearances quite frequently, Liz on Fox Business. Glad
to have you on our program this morning.
Speaker 2 (00:08):
Thank you, delighted to join you.
Speaker 1 (00:10):
So what is China up to now?
Speaker 2 (00:13):
Well, I think China is trying to undermine the United States.
Of course, that's their long term goal. In the short term,
one of their ways they're trying to do that is
not just stealing our technology or trying to push us
out of important markets like the electric vehicle market, but
also to undermine the dollar. And the way they're going
about that is that they are buying gold and divesting
(00:39):
dollars in their central bank. And it's working. I mean,
goal prices are through the roof. And by the way,
they're not the only country where the central bank is
making this kind of move. There's a coalition of brick
nations which are very eager to dump the dollar as
the world's reserve currency. But China as the leading light here,
(01:02):
if you will, and they are definitely on the hunt.
And that's one of the reasons that the dollar in
the first six months of the year had the biggest
decline in value versus other global currencies that we've seen
in fifty years. I mean, that's a pretty dramatic statistic,
but it's true. And at the same time, gold prices
(01:23):
are up over forty five percent they're over the course
of the past year, so it's really quite a dramatic realignment.
The numbers in terms of the amount of their central
bank reserves that are going into gold versus dollars are minor,
are small, but it's small percentages of very big numbers.
So it's having quite an impact on the market. And
(01:45):
you know, a lot of investment these days is momentum trading.
People see that gold is going up, so they assume
that gold will continue to go up, and so there's
sort of a follow up effect and it's been very,
very powerful.
Speaker 1 (02:00):
So how do we fight back against this?
Speaker 2 (02:03):
Well, honestly, the best way to fight back against this
is to get our fiscal house in order so that
there is absolutely no question that the dollar is the currency,
the reserve currency of the world's strongest economy. We are
that we are much bigger than China, we have by
far the biggest consumer, and frankly, what President Trump is
(02:26):
doing with tariffs as controversial as they were in the beginning.
The reality is he's bringing in hundreds of billions of
dollars of revenues, and even the most left wing analysts
now are kind of looking at that and saying, well, yes,
you know, this will offset some of the tax breaks
and the big beautiful bill. This does improve our fiscal
(02:46):
long term outlook. If the court, the Supreme Court, decides
that these tariffs are illegal, then we're back to first
base and not to figure out a different way to
engineer a tariff regiment. I think they will, but right
now that is serving our country very well.
Speaker 1 (03:02):
Well, even moorseless would be if somehow it was ordered
that we pay back the terrfs that have already been
already been given to us. What would that do to
us fiscally.
Speaker 2 (03:12):
Well, it's going to be kind of a mess, for sure.
You know. Let's wait and see, because I'm sure whatever
decision the Supreme Court makes, we're not going to have
immediately implemented. My guess is such an event would take
place over time, and I think the administration is preparing.
According to Treasury Secretary Besson, they are preparing backup measures
(03:34):
and alternative routes to continue to apply the tariff. So
let's suppose for a moment that they have some other
authority under which they can levy these tariffs. Then I
suspect that that also could be done retroactively, in which
case there would be no payback. I'm hoping that that's
the resolution.
Speaker 1 (03:52):
I hope so too, Liz. Thanks for joining us Pleasure
Liz Peak, Fox News, Callariss, and a freakly guest on
Fox Business
Popular Podcasts
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
The Clay Travis and Buck Sexton Show
The Clay Travis and Buck Sexton Show. Clay Travis and Buck Sexton tackle the biggest stories in news, politics and current events with intelligence and humor. From the border crisis, to the madness of cancel culture and far-left missteps, Clay and Buck guide listeners through the latest headlines and hot topics with fun and entertaining conversations and opinions.