Episode Transcript
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Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
God Bless Scott Descent, Treasury Secretary Scott Dessent is doing
yeomen's work and trying to hold down the fort. Again,
if you're not familiar with this guy and his past, oh,
you work for Soros.
Speaker 3 (00:35):
A lot of people work for Soros.
Speaker 2 (00:37):
And they were part of that group that, Yeah, they
cracked the Bank of England, they cracked the pound, that's
for sure, back in the day. And he understands. He
understands what could happen and how things can spiral out
of control. He gave a speech on Wednesday talking about
(00:58):
the opportunity for a big deal on trade issues between
the United States and China. This is something that you've
been listening to this program for some time. I've been
saying again and again and again again. The conventional wisdom,
the narrative that is pushed by so many out there
(01:19):
is that China wants to take over the world. They
want to, you know, invade here. Invade there. It's nonsense.
Quite frankly, in my humble opinion, you have guys like
Gordon Chan and others going on all of these shows
all the time for twenty years now talking about China
(01:42):
and what they're going to do. We have we have
ways here in this country of creating mogeymen nineteen eighties.
Nineteen eighties a great novel, turned it into a really
good movie, Rising Sun, and at the time, you know, Japan,
(02:03):
you know, value of Tokyo real estate I think was
worth more than the entire globe got completely out of control.
Member they bought Rockefeller Center. They were going to take
over the entire planet. Their way of doing things was
better until it wasn't.
Speaker 3 (02:18):
It wasn't.
Speaker 2 (02:19):
We have gone over extensively here on the program. The
fundamental problems, structural problems with the way China is doing things.
Xijenping he not not Denzil Pang, He's not Houjin Tao
definitely a throwback to some of the Mause philosophies, and
(02:41):
many of the things that he has done has really hurt.
Speaker 3 (02:46):
China.
Speaker 2 (02:46):
Their economy right now is not doing well. I know,
I know, you get the you know a lot of
the Chinese bots and propagandas putting stuff on social media.
And I'm not saying that there's not some things that
they do do well, but central planning never works. Communism
always fails not to say that they're communists their communist light,
if you want to even call it that they are
(03:06):
command and control economy. Command and control economies.
Speaker 3 (03:09):
Will screw up.
Speaker 2 (03:10):
We have also become a bit of a command and
control economy New Green Deal Chips act picking and choosing
winners and lures. Who's blowing bailing excoose me, bailing out
the automakers. I go down a list of things that
we have centrally planned here in the United States that
quite frankly no bueno.
Speaker 3 (03:31):
Nobeno. However, however, do.
Speaker 2 (03:37):
You think, I mean, honestly, I want you to take
us out. Do you think China wants to really piss
off their best customer? Did you really think that or
ruin their best customer? Why would they do that? Why
would we do that?
Speaker 3 (03:56):
Again? I want to take you back. I told you about.
Speaker 2 (04:00):
This before in two thousand and eight financial crisis. We're
getting wrecked. Okay, one issue it was with day after day.
Another issue was like again it was like whack a mole,
whack them mole. One problem pulls up, one hedge fund
blows up another one again remember starting with the two
(04:21):
bare stern edge funds that we warned everybody about. Anyway,
a litany of things that time. If you remember, the
Olympics were taking place in Beijing, and yeah, yeah, they
had a bit of a creepy opening ceremony if you
asked me. But anyway, that's just me.
Speaker 3 (04:40):
George W.
Speaker 2 (04:41):
Bush went to the opening ceremonies there and Hoosi in
town leasy said, he said, hey, Russia wanted us to
put some pressure on you guys, add some pressure and
start selling off your debt, and we chose not to
do so. And they had a conversation where you know,
(05:02):
George W. Bush, what is my biggest concern every day
is terrorism and terrorism, worry about terror, keeping people safe,
and who Jintao's was, Well, listen, I gotta every year,
I gotta constantly, you know, find jobs for millions of people.
Seems to me you can have a meeting of the mindset.
(05:22):
And again I recommend do a little homework, do a
little history of our relationship with China, even during the
Cold War, going back to Kissinger, and you know Russia
and the various different triangulation, if you want to call it,
that was taking place at that point in time. The
(05:44):
said said, if they want to rebalance, let's do it together.
This is an incredible opportunity.
Speaker 3 (05:54):
He said.
Speaker 2 (05:55):
If I think if Bridgewater founder Ray Dalia were to
write something, he could call it abutautiful rebalancing.
Speaker 3 (06:03):
I agree. I agree. There's a lot of.
Speaker 2 (06:08):
Rebalancing that needs to take place, a lot, and you
do this through negotiations. We've talked about actually must tweets
a lot about demographic issues. Some of the worst demographic
problems in the world. China's has their own, but so
does Japan. Japan is going to run out of workers.
(06:31):
It's start moving some of their manufacturing here to the
United States. China is obviously going to have its issues.
Population is going backwards, it's not going forwards. Very different, different,
different situation, uh than you see in Africa and also
India as well. Again, let's let's talk about these ultra
(06:58):
high tariffs. We're pulling them back, supposedly, God Willing again
the scent in his speech.
Speaker 3 (07:07):
You have to, you have to because it's Trump.
Speaker 2 (07:10):
He says, President Trump has taken strong action to address
these imbalances, talking around the globe and the negative impacts
they have on Americans. The status call of large and
persistent imbalances is not sustainable. It's not sustainable for the
United States, It's not sustainable for other economies. Great, okay,
(07:30):
let's work together on this. Let's work together on list
Let's let's make this a situation where everyone can benefit.
Speaker 3 (07:43):
Not to mention the fact this is the way.
Speaker 2 (07:48):
This is the way to keep people out of wars,
keep countries from killing one another, is to be you know,
have a symbiotic relationship. We're a relationship, We're both sides
can benefit from doing business.
Speaker 3 (08:09):
I am, I have to.
Speaker 2 (08:11):
I have to talk about trade and capitalism and my
belief system that you know, to me, Adam Smith, capitalism
is about two parties doing business with one another and
both walking away happy.
Speaker 3 (08:30):
I mentioned this not long ago.
Speaker 2 (08:32):
Must have done a podcast again that one day is
running into another with all of these stories in regards
to trade, tariffs and balances and a myriad of things.
The fact that you know, I don't mind. I don't
mind when I go to get my hair cut and
barber charged me forty bucks, forty bucks, none of my
(08:54):
I mean, I'm happy to haircut whatever it might be,
give a tip, I give them money, and I'm happy,
they're happy. I walk away, they walk away good. The
issue when when you get into trouble is when you
try to get over on other people. That that's that's
(09:15):
a problem. Okay, That to me is not that's not
capitalism because in the end you're going to ruin that relationship,
and h what's the point behind that A couple of
nickel and dimes at that point in time. Quite frankly,
it doesn't make any sense. China needs things from us,
(09:39):
We need things from them. Europe needs things from us.
They we need things, want things from them. You don't
think a deal can be had? Of course it can,
of course it can. I'm just not a big believer
in h nonsensical tariffs, throwing global markets into disarray, messing
(10:07):
around with our reserve currency status, throwing the yields on
our bonds to the roof when we have to refinance
nine trillion dollars this year, you know, threats to put
you know, millions of people in China out of work. Why, wow,
(10:28):
how is that going to benefit us? And I know
many people out there saying.
Speaker 3 (10:33):
Well, ewo your games, big your games.
Speaker 2 (10:40):
No, no, no, they really didn't take our jobs. And
I'll talk about manufacturing and trade and how we screwed
up royally here. I've done it in the past. And
the idea that all sorts of manufacturing is going to
magically come back here to the United States.
Speaker 3 (10:58):
It's not.
Speaker 2 (10:59):
What brings business here to the United States is our stability? Okay,
is the fact that you don't have the risk level
is down? Why would you mess with that? Over the
course of the month, and I know the White House
keeps touting, oh, this one announced an investment, and this
(11:21):
one announce yesterday. Who was it that was one of
the Swiss pharmaceutical companies. Oh, I'm going to make a
major investment in the United States right now. The checks
in the mail, that's what they're saying, checks in the mail.
Have you no one started doing anything? Yeah, no, one's
(11:43):
doing a damn thing. And let me let me be
very frank with all of you magatypes out there, and
I think that this has a b let me tell
you what's really happening behind the scenes. And again, the
scent is obviously helping out with this. Donald Trump is
not a king. And this is again, this is something
(12:05):
but I used this past month. I used I explained
to you this past month, and one of the great
things about America and our system and the fact that
we are a republic. Donald Trump is not a dictator,
nor is he a king. He may act like one,
he does, he may act like one from.
Speaker 3 (12:28):
Time to time.
Speaker 2 (12:29):
And of course the folks on MSNBC and the left
and the right, hold on.
Speaker 3 (12:35):
No, he's not.
Speaker 2 (12:37):
We told you from day one. This executive order. Liberation
Day was bullet was budget from the get go. It
was an executive order, an executive order. Congress kid get
(12:58):
rid of that today, tomorrow, next week, at any time.
If you don't think, I don't know if you're watching, okay,
I don't know if you've been watching what's been taking place.
Speaker 3 (13:13):
At town halls.
Speaker 2 (13:16):
Around the country, Republican safe districts, even here in Florida,
down there in Naples. I mean, people pissed, pissed. You
don't think that these members of Congress are picking up
the phone, getting together and saying, miss President, you got
to get your mind right but quick or or your
(13:39):
presidency will be uh you'll be a lame duck in
a matter of weeks because they can do it. Oh
and if you don't think the uh you want to
call it the donor class, you don't think the ken
lang goinges of the world. You don't think these people
(13:59):
are based saying uh, all right, enough, enough, enough enough,
we turn on you.
Speaker 3 (14:09):
You're done. You're done. And there's nothing he could do
about it. He'd be done.
Speaker 2 (14:17):
So again, you know this is you know, part of
the issue with the executive order nots And there's no
way that these tariffs would have ever gone through Congress,
no way, shape, matter or form.
Speaker 3 (14:27):
And again, this is a credit. It's a credit to uh.
Speaker 2 (14:32):
This right here, the string it's called the United States Constitution.
Speaker 3 (14:36):
It's a credit to that.
Speaker 2 (14:40):
Don't want a king, don't want addicted, we don't want
a zesion, we don't want any of that. Okay, this
is a last thing. So again, God blessed Scott Bessett
and what he's.
Speaker 3 (14:52):
Doing right now.
Speaker 2 (14:54):
God, will we continue to have this walk back from
the this. I'm curious to see how the the lying
sycophants on you know, Fox and the other networks, how
they play cya mode when it comes to this, A tear.
Speaker 3 (15:12):
Is the greatest thing ever. It's fantastics, gonna be awesome.
But he shut up. Who cares about the four O
one case? Who cares about the dollar? Cares about any
of this stuff?
Speaker 2 (15:19):
Trump?
Speaker 3 (15:19):
Tump Trump, Tom Trump morons.
Speaker 2 (15:24):
Hopefully, you know, we'll see this walk back and we
can get back to a point in time where we're
not watching the markets move in the violent nature that
we have, because that's, quite frankly, that's not good. IDEA
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