♪.
LARRY: WELL, SENATOR RAND PAUL
WRITES FOR FOX BUSINESS THAT
INFLATION IS A DIRECT RESULT OF
OVERBEARING, CLUMSY,
DYSFUNCTIONAL GOVERNMENT
POLICIES.
COULDN’T DISAGREE WITH THAT.
HE JOINS ME NOW TO TALK ABOUT
IT.
WE WELCOME BACK SENATOR
RAND PAUL, RANKING MEMBER ON THE
SENATE SMALL BUSINESS COMMITTEE
AND OTHER AREAS.
SENATOR PAUL, THANK YOU, SIR.
YOU KNOW, JAY POWELL TOLD
REPORTERS YESTERDAY AFTER HE MET
WITH THE WASHINGTON BUSINESS
ECONOMISTS THAT IT WILL TAKE
THREE YEARS TO GET CLOSE, BACK
CLOSE TO A 2% INFLATION RATE.
THE THOUGHT OCCURS TO ME,
SENATOR, THAT THAT IS GOING TO
BE THREE YEARS OF BLOODY HELL.
>> THE FIRST THOUGHT OCCURS TO
ME IS, I THOUGHT IT WAS
TRANSITORY?
LARRY: YES I KNOW.
>> THREE YEARS OF INFLATION IS
TRANSITORY, BOY, THAT IS A NEW
DEFINITION OF TRANSITORY BUT THE
OTHER THING HE NEEDS TO EXPLAIN,
ALL THE DEMOCRATS NEED TO
EXPLAIN IS THEY’RE SPENDING
SPREE, THE DEBT CAUSED THIS, THE
FED MONETIZING THE DEBT, CAUSES
INFLATION BUT INFLATION HURTS
THE VERY PEOPLE THEY SAY THEY
WANT TO HELP.
POOR PEOPLE, PEOPLE ON FIXED
INCOMES, PEOPLE ON THE LOWER
PART OF THE SOCIOECONOMIC LEVEL.
PEOPLE WHO HISTORICALLY HAVE
BEEN DISCRIMINATED AGAINST.
ALL OF THESE PEOPLE ARE HURT
WORSE BY INFLATION.
BUT THE INFLATION COMES FROM THE
BAIT AND SWITCH.
THE DEMOCRATS SAY WE’LL GIVE YOU
SOMETHING FOR FREE AND IT WON’T
COST YOU ANYTHING.
BUT FREE STUFF HAS TO BE PAID
FOR SOMEHOW.
THE WAY IT IS PAID FOR THROUGH
INFLATION.
SO THIS IS AN INFLATION TAX ON
THE POOR AND ON THE RETIRED AND
DEMOCRATS SHOULD HAVE TO EXPLAIN
WHY THAT’S WHAT THEY’RE FOR, AND
WHY THEIR POLICIES HAVE CAUSED
THIS.
INSTEAD THE DEMOCRATS SAY OH,
IT’S GREED, SOMEHOW PEOPLE GOT
GREEDY THIS YEAR AND GREED
CAUSES INFLATION.
THAT IS RIDICULOUS AND SHOULDN’T
BEAR ANY KIND OF CONSIDERATION
BY RATIONAL INDIVIDUALS.
LARRY: YOU KNOW, SENATOR, LOOK,
I EXPECTED BIDEN, I MEAN HE HAS
GONE WAY TO THE LEFT, SO THEY
DID TWO TRILLION, A YEAR AGO
ACTUALLY.
THEN THEY WANTED TO DO ANOTHER
FIVE TRILLION BUT THEY WERE
STOPPED.
WE SAVED AMERICA, KILLED THE
BILL AT LEAST FOR THE MOMENT,
ALTHOUGH, YOU JUST VOTED NOT YOU
PERSONALLY, BUT 1 1/2 TRILLION
WAS JUST SPENT ON THIS SO-CALLED
OMNIBUS BILL.
BUT YOU KNOW, SIR, JAY POWELL
CHEERED THEM ON.
THAT WAS, I FIND SO ANNOYING.
YOU GO BACK IN TIME.
PAUL VOLCKER WAS SO STINGY, USED
TO GO UP ON THE HILL AND TALK
ABOUT THE EVILS OF DEFICITS AND
DEFICIT SPENDING AND FOR MOST OF
HIS TERM GREEN NEW DEAL DID
LIKEWISE AND HERE’S POWELL WHO
WAS CHEER LEADING A YEAR AGO FOR
THAT BILL.
NEVER REALLY SAID A THING ABOUT
THE "BUILD BACK BETTER" WHICH IS
AS I SAY COULD HAVE BEEN AS MUCH
AS FIVE TRILLION.
THAT IS VERY DISAPPOINTING TO
ME.
>> THE DANGERS OF THIS ARE,
PEOPLE THINK INFLATION IS ALWAYS
VERY PREDICTABLE AND
CONTROLLABLE.
SOMETIMES INFLATION STARTS OUT
GRADUALLY AND THEN SOMETIMES IT
BECOMES EXPONENTIAL.
THERE HAVE BEEN COUNTRIES IN
HISTORY, VENEZUELA MOST RECENTLY
BUT ZIMBABWE, GERMANY AFTER WAR
ONE WHERE HYPERINFLATION TAKES
OFF AND CAN OCCUR IN A MATTER OF
WEEKS.
I’M NOT SAYING THAT IS GOING TO
HAPPEN IN OUR COUNTRY.
WE HAVE SEVERAL ADVANTAGES BEING
THE WORLD’S RESERVE CURRENCY BUT
ADDING $6 TRILLION OF DEBT WHICH
IS WHAT CONGRESS DID, FRANKLY
REPUBLICANS DESERVE SOME OF THE
BLAME.
THE FIRST YEAR OR SO WAS UNDER
REPUBLICANS, THE SECOND YEAR
UNDER DEMOCRATS.
$6 TRILLION WORTH OF DEBT IS
CAUSING INFLATION.
IT IS OFFERING PEOPLE FREE MONEY
AND FREE MONEY IS NEVER REALLY
FREE.
THERE IS NO FREE LUNCH.
LARRY: YOU KNOW, SIR, A FEW
YEARS BACK ON ANOTHER SHOW ON
ANOTHER NETWORK I USED TO HAVE
SOME TERRIFIC INTERVIEWS WITH
YOUR DAD ABOUT THE IMPORTANCE OF
THE VALUE OF THE DOLLAR IN
RELATION TO GOLD, IN RELATION TO
COMMODITY INDEXES.
I MEAN YOUR DAD UNDERSTOOD THAT
SO WELL AND LONG, LONG TIME AGO
I WORKED FOR A GUY NAMED
PAUL VOLCKER AND VOLCKER WAS A
GUY WHO USED TO WATCH GOLD AND
COMMODITIES.
THIS CROWD, NO ONE EVEN LOOKS AT
IT.
THEY’RE WORRIED ABOUT CLIMATE
CHANGE AND WOKE SOCIAL POLICIES
STUFF LIKE THAT.
>> EVEN GREENSPAN WAS SAID TO
WATCH THE GOLD PRICE TO KEEP THE
DOLLAR WITHIN A CERTAIN RANGE OF
NOMINAL GOLD DOLLARS.
LARRY: YEAH.
>> IT HAS BEEN IMPORTANT AND FOR
PEOPLE WHO SEE A COMPLETE SEVEN
REMEMBER VERYING THAT THE DOLLAR
NO LINK TO COMMODITIES OR GOLD
OR ANYTHING, I THINK IT’S A
FOOLISH NOTION AND WE SHOULD BE
PREPARED FOR DISASTER IF THIS
GETS OUT OF HAND.
THEY’RE STILL DOING MORE.
NOBODY UNDERSTANDS, AT LEAST
DEMOCRATS DON’T SEEM TO
UNDERSTAND THE RELATIONSHIP
BETWEEN DEBT, THE FEDERAL
RESERVE MONETIZING IT AND
INFLATION.
THEY’RE EITHER DISHONEST PEOPLE
OR REALLY TRULY BELIEVE SOMEHOW
GREED CAME FORWARD IN THE LAST
YEAR AND GREED CAUSES INFLATION.
THAT IS SUCH A RIDICULOUSLY
JUVENILE ARGUMENTS THEY SHOULD
BE LAUGHED OUT OF ANY POLITE
SOCIETY.
LARRY: SIR, ONE OF THE THINGS I
LIKE ABOUT YOUR ARTICLE ON FOX
BUSINESS YOUR EMPHASIS ON
DEREGULATION.
ROLLING BACK OVERREGULATION AND
ROLLING BACK VARIOUS KINDS OF
MANDATES.
YOU KNOW THIS ADMINISTRATION HAS
REALLY RIPPED INTO THE SUPPLY
SIDE OF THE ECONOMY.
>> YEAH.
WHEN YOU LOOK AT IT, YOU TALK TO
BUSINESS PEOPLE, OFTEN THEY WILL
MENTION REGULATIONS BEFORE THEY
MENTION TAXES.
BUT WHEN YOU LOOK AT WHAT IS
GOING ON, IT IS ALL ADDITIVE.
IT IS ALMOST ALWAYS GOVERNMENTS
FAULT.
EVEN THE SUPPLY CHAIN, WHEN YOU
SAY SHORTAGE OF TRUCKERS, WE
WERE GRADUALLY SHIFTED MORE
WHERE WE ORDERED STUFF FROM
STORES.
AMAZON, ONLINE RETAILERS AS
OPPOSED TO STORE.
THEN ABRUPTLY GOT ABOUT 10 TIMES
WORSE AS WE CLOSED ALL THE
RETAIL STORES DOWN, BECAUSE OF
RIDICULOUS GOVERNMENT LOCKDOWN
POLICY.
SO WE HAD A PENDING SORT OF
SHORTAGE IN TRUCKERS.
WE HAD TOO MANY GOVERNMENT RULES
WHO COULD BE A TRUCKER.
WHAT RULES FOR THEIR TRUCKS,
ET CETERA.
RULES AGAINST INDEPENDENT
TRUCKERS.
BUT THEN ALL OF A SUDDEN
GOVERNMENT ADDED IN A LOCKDOWN
AND MADE THAT TRUCKING SHORTAGE
PROFOUND AND THAT HAS BEEN ALL
OF SUDDEN WE SEE THE SHIPS OFF
THE COAST IN CALIFORNIA.
WE SAY, OH, WHAT IS THAT, A
DYSFUNCTION OF THE MARKETPLACE.
NO, IT IS GOVERNMENT BE.
IT IS GOVERNMENT SCREWING UP
WHAT CAPITALISM NEVER WOULD LET
HAPPEN.
LARRY: SENATOR RAND PAUL, I
COULDN’T SAY IT BETTER MYSELF.
I HAVE SAID IT, BUT I DON’T
THINK I SAID IT AS WELL AS YOU