Disaster. How do you prep your portfolio . We have folks to help with you that. Can nvidia pick up this market . Throughout the hour were examining selfdestruction and creative destruction. We know a lot about the latter term but what is the role of self destruction in all of that. The role of the on nip poe tent Federal Reserve which is too powerful and Impotent Congress wont do its job. Social security, happy 88th, here is the thing, the gift you may be receiving, 17,500dollar pay cut. Thats right, a cut in Social Security. This truth never shows up on wall street spreadsheets but it is real life for far too many americans. All that and much more on making money. Charles outside of retail, we have wrapped up earning, right . All these Financial Reports are in. Also weve seen the nations credit rating. That has got a downgrade. Were watching all the cold war salvos between washington and beijing. That is intensifying. It recalls paradoxical firm coined by joseph shumpeter, you know it, creative destruction. We know it all the time. It is part of the central thesis with capitalism the perennial gail of creative destruction. When capitalism is done right things get broken, new mousetraps push out old mousetraps. Over the years more and more i thought about that concept. There is another element though to it i think really plays a major role and thats selfdestruction, right . The selfdestruction is sort of the concept, it is old as humanity. This is the way Sigmund Freud sort of put it to us. We all have these instincts, he broke it down into life drives and death drives. Here is the thing, death drives, individuals have this, societies organizations and of course country. I think well try to delve into that over and over into the she because i feel like our nation, particularly the government has delved that this sort of death drive and it is hurting us badly. Think about it, massive debt, even more so to finance the government, the fight to quell inflation, probably ends up annihilating the economy. The surge in crude prices and gasoline prices, there is a reason for all of this, folks. I will bring in Bianco Research president jim bianco. Before i ask you about some of the topics of the day, your talk about selfdestruction and creative destruction, seems like they go hand in hand to me . They do. Creative destruction, joseph shumpeters greatest line is the most important thing in capitalism. It allows us to change. We allow it to change. When you stop doing that your economy runs into trouble. Look no further than china. Their economy is suffering right now and one of the biggest reasons it is suffering they wont allow it to change. Change is difficult. Change is hard. Change leads to uncertainty they dont want to see that. You become left behind. That is the risk. Charles controlled economies always run into that same problem over and over again. Let me ask you about the spike in bond yields, all right . Were here, back to 2008, this is key significant number, we get to 4. 2 or 4. 3 or higher. What is it selling you . What is the message of the bond market to you. Inflation is behind us. We have more worries about inflation, not 9 or 8 inflation but maybe three or 4 inflation. What might behind that the talk the fed is done and the fed will cutrates in 2024. The bond market might be hearing that the fed is no longer interested in fighting inflation. , if you are not interested in fighting inflation i dont want to hold your long term bonds and to that point bonds are heading higher. Charles this is gaming for the Federal Reserve. The next meeting, 90 chance they will hike, keep rates there. Then in march, the first rate cut. By the way Goldman Sachs says they see a rate cut in march. Jpmorgan sees one in the second half of the year. Of course a series are of rate cuts throughout next year. But you think this is actually making, so odd perverse way is lifting rates to a point but what im worried about is the 10year yield and 30 yearyearold continuing to take off, just getting, going parabolic from where they are now. Yeah. No, you should be worried about it because look what it is doing to Mortgage Rates. The Mortgage Rates the National Average for a 30year fixed rate mortgage, 7 1 2 . 7 1 2 just in last week. That is 22year high. Mortgage refinancing are at generational low. Because rates are so high nobody will refinance if your rate will be 7 1 2 . That is having a profound impact on the housing market. One of the big things were seeing with housing is, the number of sales is way down because people have, are what upside down world in youre locked into a 3, 4 mortgage. You dont want to give it up buy a new house to have a 7, 8 mortgage. Charles it is nuts. Refis have died. Before i let you go, another area i see our government selfdestructing the last major oil refinery in this country was built in 1977. All of sudden oil rigs, Oil Rig Count late last week, it is 525. Down significantly. It is down 14 of the last 15 weeks. By the way i will note they say well drill for record amount of cubic oil this year but when you start to see this, you wonder, golly, looks like were setup for a major spike in crude oil but that could be avoided, couldnt it . Of course it could be avoided. That always has been the problem is throughout the history of us trying to control the oil industry we wont build refineries here but we will build them in the caribbean where theyre building it. Well tanker the gasoline up to the United States. Well in the caribbean their environment at rules are nothing likes our environmental rules. If we built them here, they would be the cleanest, most efficient refineries. Instead we build them in other countries and we dont have any say over their environmental rules. We wind up making the whole situation worse. Yeah, what is resolves itself in is more expensive gasoline, more expensive crude oil and that seems to be where were going. Price of crude oil is up 25 in the last six weeks. Charles it is so crazy. It is avoidable, thats the tough part. Jim love these conversations, my man. Thank you very much. Appreciate it. Thank you. Charles folks later on in the show i will give you my take on Oliver Anthonys new song, i think wall street needs to listen to because what he is singing about never seems to show up on their spreadsheets. Lets bring in kaltbaum Capital Management president gary kaltbaum. Gary in recent weeks youre becoming more cautious particularrably with the tech names. Start with the nasdaq 100, it is breaking down, under the 50day moving average. Today it is trying to get back above there. It feels like if it doesnt find a way to reignite itself it might come down a lot. Where are you right now with respect to maybe these megacap names running out of steam . Well a few weeks ago i said i thought we had a five or 10 er coming. Were 6 right now. I think this probably a little bit more but you never know. Somebody came out and said best idea in history is nvidia and its up really nice today and getting the semis going so who knows. I think there is probably a little bit more to go. Just so you know it is normal to have 10 corrections especially for the nasdaq in bullish phases. What it does it wipes the smiles off the faces of the bulls, gets the bears ault excited again and turns up and gets going again. That is my hope. I have yet to buy back in at this juncture but i have a list of names and basically theyre the ones with greatest reaction to earnings and accelerating earnings and seals Growth Holding up next. I sit back and im patient here and i see what comes of this. Charles i will get to the list later. Nvidia, show you the chart, it is absolutely phenomenal. It has been sideways, down 8 last week, down 15 july. Talking about a 10 move, already made a 15 move again at that 50day moving average. Where woe you buy it . Youre not the type of guy who would pick a bottom, right . If you go down looks like 380 bucks from here if it were to really break down. Would you wait for it to turn and before and find a place to chase it or a place on the downside where you say it is obviously oversold . I definitely need to know something is back in an uptrend and one day doesnt do it. Now really what you have to wait for is earnings i believe in nine or 10 days. I never try to jump in front of earnings because you never know when you get gapped to the downside. I dont believe playing that game. Charles right. Leave no doubt its a stock that challenges Market Forces following it and thats what i think you got going today. So good news for the day, and hopefully it follows up to the upside. We do know one thing, they have gargantuan sales growth yearoveryear and a major acceleration and if they can announce continue ages of that i suspect it will have a really good reaction to earnings but thats all conjecture at this point. Charles right. You have to believe it will retest the high at some point. I have to go. See a word, a term not often associated with gary k, low beta. First explain to the folks at home what low beta is. Beta is the rip of the stock mark other instrument to the market. Low beta that the stock trades less volatile than the overall market. Mature Stable Companies particularly health care, utilities but these names have got necessarily done well at all. Health care showing life last couple weeks. Youre buying some of these names . I can tell you im watching United Health in the dow. It is like six points from breaking above another range. So yeah, there are a few things. Caterpillar and deere act well so yeah but on the other hend im watching amazon and google and a great reactions from earnings. Theyre sitting back to wait for the clouds career from this nasdaq correction and they go hire. Im pretty much in the big names. Im not in the small names. If these things break out i will jump all over them. Charles all right, gary, appreciate it. Thank you, charles. Folks, coming up retirees may be facing get this, brace for this how about a 17,000dollar cut in their Social Security benefits within the next 10 years . Rebecca walser has been warning us whats happening with our money. Also, were going to talk first though about playing it safe in this market which you know, policen, safety hasnt worked. There is some time or someplace you want to put that in your portfolio particularly as the market becomes more vulnerable. Callie cox has that strategy as we enter that period. Shes next. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Your record label is taking off. But so is your sound engineer. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire charles we all listen, flash back to december, right, the conservative approach, right . Highly advocated by everyone on wall street. It hasnt necessarily worked out. In some ways it has been a disaster. For instance, stocks with highest dividend yields this year, down on average 3 1 2 . Listen, they give dividends so that might offset this to a degree but consider the overall s p is up almost 10 . This will make you upset, stocks that dont pay any dividend up 20 . You cant make that up with a dividend, right . The reason im bringing this up, were entering a period right now where seasonally it gets a lot more choppy. The volatility should start to pick up. You see how it really pick buildings up from here. You hear a lot of people say you want to hide out through the volatility. Go book to safety. Golly, thats what you told me in january. Fool me once . I dont know. Lets bring in etoro u. S. Investment analyst callie cox who is in studio. Great having you come up. First let me ask you about this. A lot of people bought dividends at the beginning of the year. Youre saying be patient, dividends is not supposed to be a trade. What is the answer for folks who might have done this strategy feeling like golly, im missing out . I think you just said it, charles, dividend stocks are not a trade. To be fair this is a sector story. A lot of highest dividendpaying stocks have sat in sectors doing poorly. Energy, consumer staples, health care. Charles utilities. Utilities another good one. When yields are high, the economy is in kind of doubt at the moment but prices are moving higher it is not a Good Environment for dividendpaying stocks but if you hold them youre probably not a trader to be fair. Charles thats true. You didnt buy them for the First Six Months of the year. Right. Charles although some people might have in their minds been pitched that way. If were right, volatility may go up. The vix already down. Volatility moves up and down a little more. Get more 1 sessions either side of the trade do you start to do anything different . Im sticking we had a pretty good year to be fair, been good on quality risk but not giving away risk at this moment. Where we are, i think investors are recalibrating their portfolios. Economy is stronger than expected. We dont know how long that will go. Were in favor holding on to quality risk. Looking for cheaper charles come to your strategy in a second. Let me show, this is one of my favorite charts. You poeted this a week ago, i love it, first year of a bull market since 1950. What do we see here . Obviously there is bull market. Every full market had its point was tested. 1957 was the weakest test, down 5. 6 . There have been times, 14 , down 14 . For me i look at this, im saying if this is the first year of a rally and these rallies are usually multiyear i hung on for the 14 dips. Looks so obvious when you see it on a chart but in reality when things feel in doubt the first year of a bull market it is not easy to hold on when prices start selling off, you fear the worst. Charles right. You have to remember how history works. Charles at least it is good to know, right . Back of your mind, may not be the end of the world. Got a minute to go. I know that is not a lot of time but your portfolio strategy, respectable, what does that mean . Dont try to guess a top here . Respect the bull, dont s p 500 rises average of 43 in first year of bulls since 1950. On the a sector level look at cheap cyclicals. Interest rates are high, people are looking for value. Twoways to make money, charles. Finding growth, finding value. People are looking for value. Hold onto the quality risk this is bull market goes back to respect the bull. If prices move higher, economy continues surprising us, you want to hold on the quality risk and be prepared charles do you invest evenly across the spectrum or cheat one way or the other . I feel i would be overweight the bull right now. Right. Concept allly yes. Look more toward the first and third buckets. Charles okay. Maybe dip your toes in the cheaper cyclical sectors because these are longer term stories. Charles there are more insurance type stocks in this environment, would you consider that . Energy, financials, stocks tend to do well when the economy is really burning. Charles theyre starting to show some life. It is. Charles callie, thank you so much, appreciate it. Thanks for having me. Charles lets get to some money mail, weve been hit with a lot. I love it. Calling for the Financial Media to stop dissing Retail Investors hyping folks like adam neumann. Stephanie tweeting, thanks for fighting for all Retail Investors. That was awesome. One viewer asking for a name change. Charles, lets call us household investors now, instead of retail. Callie, i hope you wrote that down. Folks anymore comments about the show, questions, suggestions like that, fantastic remember always tweet me cvpayne. A new book shining a harsh light how private equity plundered Everyday Americans to fatten their own profits. I will have one of the authors next. Social security, folks, 88 years old but the gift you may be giving, lets say a 1thousand dollar cut, a cut shocking details on this and the new warnings when we come back. Dad, we got this. We got this. We got this. We got this. We got this. Yay we got this. We got this life is for living. We got this lets partner for all of it. 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The problem the development has implications that would roil the stat discuss quote across economic and political lines. Governments across the loan including the u. S. Of a, find ways to scramble, derail or she down the impact of crypto. Check out this incredible chart from the American Action forum. Theyre showing us here wideranging areas of impact of regulation. Okay. Lets look at all the agencies, 54 agencies regulating crypto. Congress has 27 congressional committees, 13 states taking a look at it, internationally 12 governments there. You see theyre looking at crime, theyre looking at mining, theyre looking at absolutely everything. It is kind of amazing how much regulation is going on. In the u. S. Members of congress are fixated on the american tradition of innovation and freedom whereas many believe the administration is focused on protecting the fiat system and the status quo. Meanwhile governments around the world are trying to usurp the excitement behind crypto by introducing their own versions. Take a look at this. So in march 2022 President Biden signed an executive order to oversee the development of Digital Assets pointing to the size of crypto and noting other countries working on cbd. Theyre looking at a three trillion dollar market cap. Investors 40 million. The numbers here are huge. 100 governments. A few months later a Federal Reserve official, guess what . Admitted the fed has been working on its own cbdc. Since then, let me show you here, the Federal Reserve has stepped one efforts to place limitations on activities including novel banking activities such as crypto asset related activities. This brings us to a Significant Development last week in the world of novel banking. Check this out. Weve got paypal here developing their own stablecoin. The news was greeted with this statement from House Financial ServicesCommittee Chairman patrick mchenry. He said this, quote, this announcement is a clear signal that stable coins if issued under a clear Regulatory Framework hold promise as a pillar of our 21st century payment system. Then the next day the fed struck back. So look, charles, were seeing the Federal Reserve get involved and guess what . Its sort of unimaginable that the federal government would get involved in this business but that looks exactly like where were going. Back to you. Charles no doubt about it, thank you so much, gerri. I want to bring in Josh Rosner Graham Fisher coauthor of these are the plunderers, how private equity runs and wrecks america. Josh, i cant wait to talk about your book. Lets pick up what gerri was showing us. The battle lines have been drawn. We understand why governments want to protect fiat currency. By same token we understand why consumers like the these are used in china not only as transactions to watch, punish citizens. Paypal news, major step in direction maybe no one in authority wants us to go. Remember, stable coins unlike crypto are backed one for one with dollars. Charles right. So they really are a digital representation of the dollar in your pocket backed charles not a new version of currency though because some governments hey, youre this is like when states used to issue their own script. It is not that at all, actually. Youre right a false talking point being thrown around by people in washington it creates new money. If it is not leveraged, one for one, it is actually a digital representation of dollar in your pocket, fully banking remote, reserved in depositories and held in cash and tbills. So it is not new currency unlike banks who take a dollar of deposits, lend 15, 20 against it thereby creating new money. What paypal is doing theyre starting to open up the u. S. To have payments enabled through stablecoins. Charles right. I love the idea but it is roiling, paypal is roiling everyone. You can see the next day the Federal Reserve had to comment on it. Absolutely. Charles i have to talk about your book. Yeah. Charles because i saw an interview with your coauthor and, you know, its, i just, the way im reading it focuses mostly on the small cohort of private equity the big leveraged buyers. Apollo, leon black. Explain to the audience though how they are plundering the middle class and poor. Sure. So they take over a company, today, we can go back to talk about the development of the industry, it wasnt always this way. They take over a company, put very little equity in, raise a ton of debt to take it over. They quickly extract the equity through the companys balance sheet. Leaving the company with the debt and carcass, if it works, great, if not we go into bankruptcy. We lay off the employees. We try to efficiencies to maximize returns. At the same time the efficiencies end up higher costs to taxpayers. Shifting burdens from companies to utilities, to the taxpayers, School Districts the. Charles amazes me private equity we can take over any company any industry run it better than the people in the industry. Right. Charles two things, regulators, why havent they cracked down on it and why do Pension Funds for instance, like state pension fund why would they invest money in private equity knowing they may be against the interest of their pensioners . Not only against the interest, as we show in the book the returns that private equity generates today are not really different than an index fund. So the answer of your question is, because most of the Pension Managers get paid on nev. And since this is not marktomarket business, they can sort of market however they want. So theyre incentives are to be able to mismark to be paid off. Charles that is a damn shame especially if youre running a pension fund. It is a damn shame, look at most Pension Funds, over 50 of the largest pen shun funds are in illiquid assets. There reason for that. Charles and the regulators . You dont regulate your donors . We dont regulate the donors and over 50 of our Emergency Rooms in this country owned by private equity. You wonder why service is declined. Charles a shame. Theyre buying everything. Buying everything. Charles mobile homes, housing market. It is a shame. Great book, great book. Thank you very much. Charles thank you for coming on to talk about the thank you, josh. Folks i want to bring in rebecca walser. Let me pick up on the crypto steer. I know you have thoughts on a lot of things. Earlier in the year ted cruz said he wanted to ban cdccs. Maybe if this up and up, it would be fine. No one, i dont care what side of political aisle youre on, no one believes government will use the things to facilitate commerce. We see how china uses it. By the way essence of crypto we dont want government at all yeah. Exactly. When was going through 100 countries we have 80 countries supposed to bring cbcd forward. United states being one of throws with digital dollar, fed platform launched last month, that is the crypto platform, Blockchain Platform i should call it for the digital dollar when it is ready. Central banks and governments of the world cannot allow cryptocurrencies to become a really independent, viable payment stream because that will bypass them completely and fiat system and that will be the end of the fiat system as we eventually know it. That is why youre seeing so much regulation, so many clients last three years what about bitcoin what about crypto and i always said, love it, love it, love it until we get foolproof of concept without regulation from governments that will interfere we cant rely on it as value proof of concept for longterm investing. You have warnerred for a long time about the direction of this country and the notion that we cant keep it going. So there is a new report out that retirees will face a 17,500 cut, cut in Social Security benefits at 10 years at the rate were going right now. Shouldnt people be up in arms . This is not the first time weve heard that, but it feels like it is getting closer and closer. Praise god, charles. This is finally making it through to the main of america. I wrote a book in 2018 and explained that 3 trillion that have been collected since Social Security started in 1935 that has been spent in something called stns, special treasury notes. This article in bloomberg well be out of reserves by 2033 years, 10 years, what that is saying all of that three trillion been collected not paid out in Social Security benefits will have to be covered by the federal government and tax revenue. Then the shortages is on top of that. I dont think people understand how desperate Social Security is so underfunded because the 3 trillion has been spent and so it is time to wake up and realize we cannot pay people. This was supposed to be pay people for less than five years before they reached mortality age. Now everyone is getting 20 plus years of benefits. It is mathematically unsustainable from the beginning if we understand the actuality mortality numbers. Charles by the way even before we get there, right now you should see where our tax receipts are absolutely plunging. I dont know how they make up for that. Rebecca, always appreciate it, thank you very much. Thank you, charles. Charles folks, coming up brics, brazil, russia, india, china, south africa, they are really feeling stronger than ever right now and theyre meeting. Their main plan, first plan get rid of the u. S. Dollar, kick it to the curb. Lisa daftari is here to explain how. First if you invested 100 in these assets in 1928, tweet me at cvpayne, match up the returns. Those returns are not right. Match up the return with the asset, remember since 1928. Cant wait for your guesses. I will give you the answer when we come back. Er, but you can invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. man what if my type 2 diabetes takes over . woman what if all i do isnt enough . Or what if i can do diabetes differently . avo now you can with onceweekly mounjaro. Mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7 . Plus people taking mounjaro lost up to 25 pounds. Mounjaro is not for people with type 1 diabetes or children. Dont take mounjaro, if youre allergic to it, you or your family have medullary thyroid cancer, or multiple endocrine neoplasia syndrome type 2. 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Let Innovation Refunds help you get started on your erc tax refund. Stop waiting. Go to innovationrefunds. Com you really got the brows. Charles before we went to break i asked 100 bucks invested in a certain assets in 1928, what woe they have been worth at the end of last year . Here are the correct answers. Research by by darren at the sterns school of business at nyu. Three month tbills, 2700. That is hard to believe, right . Middling b, double a Corporate Bonds 46,000. Real estate, 5000. That is u. Almighty gold 8,000. By far the stock market absolutely crushing it. Adjusted for inflation, that 100 bucks will be 112. Theyre all beating it but some more than others. I want to bring in our good friend phil blancato. The work was out about three weeks ago. I just found out about it this weekend. I think what do you make of it particularly in an era we hear that bonds, these kind of things are so safe and reliable but the returns have not been that great . 8th wonder of the world compound interest. When you make the money 8 rates of return, be honest, rile estate on average, just would have inflation. Gold same thing. Bonds four versus eight. That is why you win. Stock market is greatest wealth creation. Exempt you need time. More risk you take, more time you need. That is how you make money. Charles more recently weve been told, even, not maybe overweight bonds but you shifted to bonds early this year. Obviously the big spike in bond yield. Yep. Charles is that sort of, let me just go here to bring up the bond yields and everything. So, for the most part Money Management 101 says you want Income Portfolio mostly be bonds. If you want a balanced portfolio we talked 60 40 portfolio. What environment are we in . Has it changed . Im concerned about the 60 40 portfolio. This is my favorite portfolio. The reason why you have a fair trade. 40 earns you 5 . If Interest Rates rise 1 here you. If Interest Rates go down 1 which expect you will make a 11 on that piece. So youre guaranteed to get 5 yield right now which allows to you take risk on equity side. That is the best pair trade weve had in 20 years. Charles so i like it . I like it a lot. Charles it has been great for 40 years, but i feel like the time has run out. Talk about where bonds go. You talked about that. Typically this is where inflation is. Bonds usually follow. This is inflation expectations. Where are you right now in terms of inflation . Is the inflation story over or will there be another leg to inflation . Its completely over except for one little problem, if Oil Spikes Back above 100 a barrel, game over, different ballgame. If oil does not especially with china demand being low, Interest Rates down 1 , Interest Rates go lower, inflation goes lower, win on bonds not only on price but yield you earn. Charles i tell i think oil keeps going higher and higher. 30year mortgage, keeping roiling. Highest level in 23 years. So much of the American Dream is based on this. Will it change anytime soon. Its not. Take 24 months for that to happening. People 25 to 54, had highest Participation Rate since anytime since the 80s. Theyre trying to make up paying that mortgage. Greatest refinancing. That is tough market. You see housing stuck. Not pushing a lot higher or a lot lower, because theyre stuck. Charles lock in 3 not for new house. No supply. Charles what are you doing at this moment . Back to bonds. Think about if youre a person who makes call it couple hundred grand a year, muni market gives you 4 to 5 pretax yield. After tax that is worth seven. My gosh, take advantage of it. Put bonds in portfolio. Takes you allow risk in small caps, next place i want to go. Why . Small caps are first class to rally coming out of rao session. Were not out of recession. Were looking recessionary. Market is expensive no matter where you look except for value names. Batten down the hatches, buy the bond support foal. If you want to pair trade with a bond, thats a good idea. Charles thanks a lot, phil. Coming up the bric nations how much of a threat are they, do they pose . We heard they were not that big anymore . How about 74 nations are down there meeting because they want a different role now. W next ur Car Insurance so you only pay for what you need. Check it out, you could save 700 dollars just by switching. Ooooh, ill look into that. Let me put a reminder on my phone. Save 700 dollars. Pick up dad from airport . Ohhhhhh. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. This isnt just freight. These arent just shipments. Theyre promises. Big promises. Small promises. Cuddly shaped promises. Each with a time and a place theyve been promised to be. And the people of old dominion never turn away a promise. Or over promise. Or make an empty promise. We keep them. A promise is everything to old dominion, because it means everything to you. Thats why comcast business de is launching theal. Mobile made free event. With our business internet, new and existing customers can get one year of unlimited mobile for free. Its our best internet. Powered by the next generation 10g network and with 99. 9 reliability. Plus one line of free mobile for an entire year. Its the mobile made free eventhappening now. Get started for just 39 a month. Plus, ask how to get one free line of unlimited mobile. Comcast business, powering possibilities. Charles dominance of the u. S. Dollar has been questioned for a long time, a lot more recently in bric nations. Theyre sensing their chance to finally make their move. I want to bring in the foreign desk editorinchief lisa daftari. Lisa, lot of folks, older school folks on wall street, dont worry about it. Look how much the dollar is in global transactions, yadi yada. We know every major dominant society in history of mankind had its certain period of time. At one point the pound was World Reserve currency, portugal had it, spain had it, austria had it. This is where the bric nations meet on the 22nd will be focused. Absolutely this is meetings of the up and coming disenchant the nations of the world, never wanted this more than ever, spearheaded by china and russia who want to stick it to the United States. They go after the dollar, the prestige, the presence, the fact they need the dollar, they want to away with that. This is the first time that the United States should absolutely be worried about this. This is the 15th brics meeting but now more than ever these disenchanted nations have a chance, because the United States has become so irrelevant on the global stage in many ways and obviously china and russia leading that way. Charles you know even more so i think than the United States is these european nations. I watched what is happening in niger, i saw an interview from the president of ghana, he said straight to macrons face, listen our time of trying to appease you for your crumbs as you take away our wealth in the ground is over. There is a legitimate pushback out there and i guess just about the timing. Meantime, we are intricately connected to china, right . Tesla this morning they announced major discounts on their cars. We see article in the journal about chinas worsening economy having an impact to corporate america. So this link we already have particularly with china how does that work if theyre successful . Were looking at the bricks nations, not just china, i will talk about china in a moment. Were talking about 40 of the worlds population, 26 of the global economy. What theyre looking at is 85 of the world uses the dollar but if they can switch this narrative already is very much moving in that direction then you know, they will have the upper hand. The only part where we can rest assured china in particular needs its dollars to get back into the global game, right . So they can do whatever, lets call it the bricks currency, they use that to trade with their partner nations but then they have to have the dollar nation to get back into trading with the rest of the world. The other thing that this will do is create a ripple effect. We already know that 44 other nations expressed interest in joining brics. 22 submitted applications. Saudis, argentina, u. A. E. Are the frontrunner in joining brics. This will create a situation because each one of the bric nations again china, russia, they are the big hitters in their region. Charles right. So the countries neighboring them will want to join. This will have huge effect on u. S. China trade in particular. Also looking charles 30 seconds, you mentioned saudi arabia, u. A. E. There has been talk about really trading you know crude oil and yuan, renminbi and other currencies. How much of a blow would that be . This, you know what . Its a huge blow to al. Obviously were looking at the fact that these nations have the confidence to go forward. Iran, russia, have claimed to have the highest oil sales they have had in years, breaking records, guess what . Theyre underu. S. Sanctions. It shows how irrelevant u. S. Sanctions are and will continue to become more relevant if this new currency comes into play. Charles wow, were watching it. Lisa, thank you very much. Really appreciate it. My pleasure. Charles folks, well be right im so glad we did this. Back. Im so glad we did this. Im so. Glad we did this. [kid plays drums] life is for living. Lets partner for all of it. Im so glad we did this. Edward jones after advil dual action back pain. Yo uh ha ha [dog bark] what . My back feels better. Before advil. New advil dual action back pain fights back pain two ways. For 8 hours of relief. A charles earlier today bank of america released a series of slides how strong the consumer is in there like nothing to worry about, bank of america always thinks that we are strong everybody has money in their savings account and money in their checking account, real wages are up, they were negative for more than two years, then they were saying homeowners with fixed rates and mortgages, dont fret about the 8 , theres a lot of people that like to buy the house, you have to ask yourself things are so great why are more americans dipping into the 401k. If things are so great, why did the Federal Reserve serve four out of ten americans to cover 400 emergency. A very large chunk of irish society. In a sense, a large portion of this portfolio is used to feed the economic machine. They work and they spend and they work and they spend and they work and they spend. For the wealthy they see these folks is readily available to supply heavy demand make a bunch of stuff and sell it to the folks. Ive been here long time many, many years, when i talk like that it puts me at odds like being capitalism, im not a capitalist. Only puts me in odds with the establishment that is willing to keep things and people the way that they are they love the status quo because it only serves them. Thats why think all of our anthony orth of richmond has taken a large swath to this nation by a large storm the powerful washington, d. C. Who live north of richmond take a look at the lyrics. Ive been selling my soul, working all day, over time our pay so i can sit out here and waste my life away, drive back home and drown my troubles away. Brutally honest stuff. If your 5foot 3 inches and 300 pounds and taxes are not paid for your bags and fund rounds, young men are putting themselves 6 feet in the ground because all this damn country does this keep kicking them down. Hes talking about rings like obesity, hopelessness, poorly educated, thats a formula, that your formula for human fodder. Thank you oliver anthony. Maybe wall street will wake up, do the rich people have excess savings, the fact of the matter, there is a lot of tears to this nation. I dont if we do a good job of covering on the Financial Media im glad that song is often and im glad they lifted that out this establishment want you to be fodder forever. All handed over to Ashley Webster, he is in for liz claman. Over to you. Thank you, how did the men north of richmond get so rich. I guess that is a story for another day but your point is very well taken. Charles try taxes. Very good. Charles pingree stuff, good afternoon i am Ashley Webster and for liz claman. We begin with the fox market alert you can look ath