DOING THAT.
STUART: OKAY, STEVE FORBES COME
ON IN, PLEASE, THE VOICE OF
REASON.
I THINK WE’RE IN AN INFLATIONARY
SPIRAL, AND THAT’S WHAT HAS ME
WORRIED, BECAUSE PRICES ARE
CHANGING, GOING UP SO FAST THAT
WE FEEL ANXIOUS ABOUT IT.
I THINK IT’S REAL DANGEROUS.
WHAT ABOUT YOU?
>> IT IS AND THIS GETS TO
SOMETHING WE ALL KNOW ENERGY
PRICES ARE GOING UP, BUT WHAT’S
NOT FULLY REALIZED ESPECIALLY
WITH THIS ADMINISTRATION IS
THERES GOING TO BE A SHORTAGE OF
ENERGY.
OPEC DOES NOT HAVE MUCH SPARE
CAPACITY LEFT.
THEY’RE ALMOST AT THE END OF
THEIR CAPACITY, SO THEY’RE NOT
GOING TO COME TO THE RESCUE, AND
CAPEX IN THIS COUNTRY IS ONLY
TWO-THIRDS OF WHAT IT WAS IN THE
OIL FIELDS, IN 2019.
THAT TAKES MONTHS, IF NOT A YEAR
OR TWO, TO GET BACKUP TO SPEED,
SO IN THE MEANTIME, WITH CHINA
COMING HAVING THEIR ECONOMY COME
BACK, WE FACE REAL SHORTAGES
WHICH MEANS HIGHER PRICES, WHICH
MEANS A SLOW OR RECESSED
ECONOMY.
I DON’T THINK THIS
ADMINISTRATION FULLY GRASPS
JUST HOW DIRE THE ENERGY SUPPLY
SITUATION REALLY IS.
IN EUROPE, STUART, NATURAL GAS
IS NOW OVER $30 VERSUS $9 IN THE
U.S..
STUART: CAN YOU IMAGINE WHAT
WILL HAPPEN IN AMERICA IF WE GET
ANYWHERE NEAR THAT?
AT THE MOMENT, IT’S $9 PER
MILLION BRITISH THERMAL UNITS
FOR NAT GAS IN AMERICA.
IT’S 30 IN GERMANY.
I UNDERSTAND THAT.
JUST IMAGINE WHAT HAPPENS IF WE
SPIRAL UP, KEEP SPIRALING UP
WITH GAS AND DIESEL AND NAT GAS.
I DON’T KNOW WHAT PEOPLE ARE
GOING TO DO, QUITE FRANKLY.
>> WELL YOU’RE GOING TO HAVE
HUGE PRESSURES TO HAVE MORE
SO-CALLED STIMULUS OR BAILOUT
PACKAGES FOR CONSUMERS
WHICH MEANS THE FEDERAL RESERVE
’S ANTI-INFLATION FIGHT
IS GOING TO GO RIGHT OUT THE
WINDOW WHICH IS GOING TO
UNDERMINE CONFIDENCE.
YOU CAN SEE HOW THIS THING CAN
SPIN-OUT OF CONTROL AND THAT’S
WHY THIS ADMINISTRATION SHOULD
START REALIZING THAT EVEN
MEASURES NOW THAT MAY NOT TAKE
EFFECT FOR A WHILE WOULD HAVE A
GOOD CALMING INFLUENCE STARTING
BY TAKING THAT XL PIPELINE, THE
KEYSTONE XL PIPELINE THEY
CANCELED AND ANNOUNCING IT’S
GOING FORWARD WHICH WILL
EVENTUALLY BRING 800,000-BARRELS
OF OIL FROM OUR FRIENDS IN
CANADA.
STUART: IT’LL NEVER HAPPEN
THOUGH WILL IT?
THEY’RE NOT GOING TO DO THAT?
>> NOT UNTIL THE ELECTION WHEN
SUDDENLY, THEY’RE GOING TO
REALIZE THEY HAVE TO PURSUE
OTHER ECONOMIC OPPORTUNITIES IN
2024.
THAT’LL GET THEIR ATTENTION,
NOTHING ELSE WILL.
STUART: I MEAN IT REALLY LOOKS
BAD FOR THE DEMOCRATS IN THESE
MID-TERMS, BECAUSE WE’VE GOT
THESE POLLS SHOWING THAT THE KEY
ISSUES ARE INFLATION, GAS PRICES
, AND THE ECONOMY AND
THEY’RE FAILING ON EVERY COUNT.
>> AND WORSE, THEY’RE SEEN AS
OUT OF TOUCH WITH WHAT
REALITY IS.
WHAT THE PRESIDENT SAID ON
FRIDAY, OH, HAPPY DAYS ARE HERE
AGAIN.
YOU MAY NOT KNOW IT BUT YOU’RE
REALLY WELL-OFF.
WELL, EVERY TIME YOU GO SHOPPING
PEOPLE KNOW THAT.
THIS LEADS TO A DEADLY SITUATION
, POLITICALLY DEADLY,
WHERE PEOPLE DON’T BELIEVE, THEY
DON’T HAVE TRUST, AND THAT UNDER
MINES, THAT’S BAD FOR A LOT
OF REASONS AND WITHOUT LACK OF
TRUST, IF DEMOCRATS ARE GOING TO
TAKE A SHELLACKING AND THEY
DESERVE IT.
THEY HAVEN’T BEEN TRUTHFUL TO
THE AMERICAN PEOPLE.
STUART: WHO WOULD HAVE THOUGHT
THEY WOULD GO DOWN HILL SO FAST.
18 MONTHS AGO HE WALKS INTO THE
WHITE HOUSE AND 18 MONTHS
LATER, HE’S IN REAL POLITICAL
TROUBLE.
WHO WOULD HAVE THOUGHT THAT?
I DIDN’T SEE THAT COMING, DID
YOU?
>> NOT ON THAT SCALE THAT THEY
WOULD SO BE OBLIVIOUS TO OTHER
THAN THE EXTREME LEFT OF THEIR
PARTY THEY BE OBLIVIOUS TO THE
REST OF THE COUNTRY AND THE
CONSEQUENCES OF THEIR
POLICIES.
THEY COULD KNOW HOW TO THEIR
POLITICIANS AROUND WHO CAN SAY
THE RIGHT WORDS, BUT PURSUE
POLICIES THAT DON’T END UP, UP
ENDING THE ECONOMY, SO INSTEAD
THEY UPEND THE ECONOMY AND THEN
THEY TELL US, OH, IT REALLY IS
IN GOOD SHAPE.
IT ISN’T.
STUART: THE ONLY GOOD THING
ABOUT THE LAST INFLATIONARY
SPIRAL THAT WE WENT THROUGH IS
THAT IT ENDED WITH A RONALD
REGAN LANDSLIDE WIN.
THAT’S THE BEST I CAN SAY ABOUT
THE INFLATION IN THE 70S, WHO
KNOWS WHAT MIGHT HAPPEN.
>> THAT’S ABOUT AMERICA.
WE ALWAYS COME BACK.
ONE WAY OR THE OTHER, MAY TAKE
A WHILE BUT WE’RE GOING TO COME
BACK AND GET POLICIES LIKE IN
THE 80S WHERE AMERICA AGAIN IS
SEEING AS THAT SHINING CITY ON
THE HILL.
STUART: WOULDN’T THAT BE NICE.
STEVE FORBES, THANKS FOR BEING