♪.
LARRY: SO I GOT TO TELL YOU, ALL
OF THESE BUSINESS LEFTIES,
BUSINESS REPORTER LEFTIES AND
SOME DAY TRADERS, THEY ARE
BLAMING LIZ TRUSS’S, SHE IS THE
NEW BRITISH PRIME MINISTER,
THEY’RE BLAMING HER SUPPLY SIDE
TAX CUTTING AND ENDING THE BAN
ON FRACKING AND DEREGULATING ALL
POSITIVE GROWTH, THEY’RE BLAMING
THE FALL OF THE BRITISH POUND ON
LIZ TRUSS’ SUPPLY SIDE AGENDA.
I WILL SAY, NONSENSE, ABSOLUTE
NONSENSE.
THE PROBLEM HERE IS THE BANK OF
ENGLAND IS NOT FIGHTING
INFLATION AND THE POUND STARTED
COLLAPSING AND THEY LOST CONTROL
OF THE POUND AND THEY LOST
CONTROL OF THE BRITISH TREASURY
MARKET CALLED THE GUILT MARKET
LAST THURSDAY WHEN THEY ONLY
RAISED RATES 50 BASIS POINTS.
THE FEDERAL RESERVE RAISED RATES
75 BASIS POINTS THE DAY BEFORE,
THE BANG OF ENGLAND LAST TWO
RAISES 50, THE FED 75.
THERE IS THE PROBLEM WITH A 8.6%
INFLATION RATE IN BRITAIN, THEY
ARE WUSSING OUT EVEN WHILE OUR
FRIEND JAY POWELL IS GROWING
SOME HAIR ON HIS CHEST, ALL
RIGHT?
THAT IS MY QUICK LITTLE
EDITORIAL HERE.
JOINING ME NOW MY PAL STEVE
MOORE, COMMITTEE TO UNLEASH PROSPERITY, FREEDOM WORKS,
PROSPERITY, FREEDOM WORKS,
AUTHOR OF GOFF SILL LA.
THEY ONLY WENT 50 LAST WEEK.
THE FED WENT 75.
TODAY AT THE END THEY STARTED
SABRE-RATTLING THEY WILL BE
TOUGHER AND TOUGHER THE POUND
WENT UP A TINY BIT.
THAT IS THE PROBLEM, SINCE WHEN
IS LOWER TAX RATES BAD FOR A
CURRENCY AND AN ECONOMY?
THAT IS THE PART I DON’T GET.
>> LOOK, LARRY, LIZ TRUSS IS
TURNING INTO A HERO.
I HAD SOME DOUBTS ABOUT HER WHEN
SHE WAS FIRST NOMINATED.
SHE HAS BEEN A SUPERSTAR.
HARD TO NOT FIND ANYTHING NOT TO
LIKE WHAT SHE HAS DONE SO FAR.
YOU MENTIONED THE TAX CUTS.
BY THE WAY SHE WANTS TO TAKE THE
TOP TAX RATE FROM 45 DOWN TO
40%.
PRETTY MUCH WHAT YOU DID IN THE
TRUMP ADMINISTRATION LOWERING
OUR TAXES, CARED A ECONOMIC BOOM
AND MORE TAX REVENUE THIS IS A
VERY SOUND POLICY.
BRITAIN WILL GO FROM ONE OF THE
HIGHEST TAX RATES DOWN TO THE
MIDDLE.
THAT WILL ATTRACT CAPITAL.
SHE IS CUTTING 1% OFF INCOME TAX
OAF ALL WORKERS HAPPEN.
IS FANTASTIC.
THAT IS REWARDING WORK.
LIKE YOUR PREVIOUS DISCUSSION
WITH KEVIN McCARTHY, REWARD
PEOPLE FOR GETTING BACK IN THE
WORKFORCE.
SHE IS PRO-FRACKING, LARRY, DID
YOU KNOW THAT?
LARRY: YES.
>> SHE IS PRO-FRACKING.
BRITAIN HAS A LOT OF ENERGY, A
LOT OF OIL AND GAS THEY SHOULD
BE USING AND SHE IS IN FAVOR OF
THAT.
SHE IS IN FAVOR AFTER HIRING
FREEZE BY GOVERNMENT.
GREAT IDEA.
I CALL THIS, LARRY, BIDEN-NOMICS
IN REVERSE.
IT IS FANTASTIC.
THE PEOPLE IN HER CAMP LOOKING
WHAT IS HAPPENING IN THE UNITED
STATES, THE DISASTER THAT
HAPPENED UNDER JOE BIDEN, THE,
DOWN 25% IN REAL TERMS OR
SOMETHING LIKE THAT WITH RESPECT
TO THE STOCK MARKET.
SO I DON’T HAVE A GOOD
EXPLANATION FOR WHY THE MARKET
HAS FALLEN THERE IN BRITAIN BUT
I TELL YOU THIS, IF SHE CAN GET
THIS ALL DONE, SHE WILL BE THE
NEXT MARGARET THATCHER.
LARRY: I’M SAYING THE LATEST
DROP IN THE BRITISH POUND, THE
BRITISH POUND HAS BEEN FALLING A
LONG TIME BECAUSE BORIS JOHNSON
WAS RUNNING JOE BIDEN
PROGRESSIVE BIG SPENDING
POLICIES.
>> THAT IS EXACTLY RIGHT.
LARRY: BORIS, NICE PERSON, KNOW
HIM WELL, SO FORTH, DOWN THROUGH
THE YEARS, BUT HE WAS RUNNING AN
ANTI-FOSSIL FUEL POLICY.
SO JUST TO SUM IT UP, ART LAFFER
SENT AROUND, I’M SURE YOU SAW
IT, THIS IDEA THAT LOWER TAX
RATES, THIS IS NOT LIKE A
TEMPORARY REBATE.
THESE ARE LOWER TAX RATES AND
LAST TIME BRITAIN RAISED TAXES
UNDER GORDON REVENUES FELL.
>> THAT’S RIGHT.
LARRY: THEY FELL.
>> YES.
LARRY: THIS WAS A STUDY BY THE
UK TREASURY.
SO DON’T TELL ME THAT THE
POUND’S FALLING BECAUSE THESE
TAX CUTS ARE GOING TO BE BAD FOR
THE BUDGET.
THEY WILL BE GREAT FOR THE
BUDGET.
IN FACT, ANY DYNAMIC ANALYSIS.
THAT IS THE PART THAT ANNOYS ME.
YOU GET ALL THESE LEFT -- SO
FUNNY, THE BUSINESS MEDIA, WITH
THIS NETWORK EXCEPTED, I WILL BE
HONEST WITH YOU, THE BUSINESS
MEDIA IS VERY SUSPECT.
THEY LEAN LEFT.
I MEAN I READ AN ARTICLE ON
ANOTHER NETWORK’S WEBSITE THAT
SAID THE REASON THE BRITISH
POUND WAS FALLLING IS BECAUSE
LIZ TRUSS’S TAX CUTS WILL HELP
THE WEALTHY.
REALLY?
THEY WILL HELP -- OF COURSE THEY
MIGHT HELP EVERYBODY INCLUDING
LARGE AND SMALL BUSINESSES.
IT WILL HELP THE WEALTHY SO
THEREFORE THE POUND IS GOING
DOWN.
THAT IS SUCH A BUNCH OF HUEY.
IF THE BANK OF AMERICA HAD HAIR
ON ITS CHEST IT WOULD BE
NIGHTING INFLATION.
THAT DID, I WANT TO MAKE THIS
POINT, SUPPLY SIDE WILL BE GREAT
FOR THE BRITISH POUND.
YOU SAID SHE IS REVERSING
JOE BIDEN.
SHE IS REVERSING BORIS.
REAGANOMICS IS COMING TO THE UK.
>> RIGHT.
LARRY: RIGHT?
IN A MOVIE THEATER NEAR YOU.
>> AND BY THE WAY, PAY ATTENTION
TO WHAT HAPPENED IN ITALY AS
WELL.
MALONEY I THINK IS HER NAME.
SHE WILL WIN IN ITALY.
SHE IS VERY MUCH IN FAVOR OF TAX
CUTS TOO.
WHAT IS GOING ON HERE?
EUROPEANS ARE STARTING TO MAYBE
GET IT, THAT THESE WOKE
LEFT-WING BIG GOVERNMENT
POLICIES ARE NOT WORKING.
YET ON THIS SIDE OF THE POND OUR
OWN LEADERS DON’T SEEM TO GET IT
ALTHOUGH KEVIN McCARTHY DOES.
I THINK AN EXCITING NEW
DEVELOPMENT.
FIRST THING I CAN SEE IN LAST
COUPLE MONTHS, THIS IS
PRO-GROWTH, THIS IS BULLISH, IF
YOU’RE RIGHT, LARRY, I THINK YOU
ARE, THIS IS A TIME TO BUY INTO
THE UK STOCK MARKET.
LARRY: AH.
YOU KNOW, YOU HAVE TWO WOMEN ON
THE SUPPLY SIDE IN BRITAIN AND
ITALY.
I CAN JUST SEE THE LEADERS OF
THE EUROPEAN UNION, THEIR HAIR
IS ON FIRE.
THEIR BRAINS ARE EXPLODING.
HOW IS THIS POSSIBLE?
THE BIG GOVERNMENT MODEL IS
GOING DOWN IN BRITAIN AND NOW
ITALY?
I LOVE THE ITALY THING YOU KNOW,
IN TERMS OF THE ITALIAN
GOVERNMENT, NOBODY LISTENS TO
THE ITALIAN GOVERNMENT, BUT IF
THEY WILL CUT TAX RATES,
WHATEVER.
IT IS FABULOUS.
>> BY THE WAY, LARRY, YOU KNOW
WHAT THEY’RE CALLING THEM?
THEY’RE CALLING THEM NEOFASCIST,
WHICH IS EXACTLY THE OPPOSITE OF
FASCISM IS.
FASCISM IS BIG GOVERNMENT.
THESE TWO LEADERS WANT TO GET
THE GOVERNMENT OUT OF THE WAY TO
LET BUSINESSES WORK TO EMPLOY
MORE PEOPLE AND GROW THE
ECONOMY.
LARRY: LISTEN THE CAVALRY IS