[laughter] too much, too much. finish. dagen: when you inthc, it's a are -- ingest thc, it's very different than smoking. and everybody's reaction is different. like, look out below. >> body weight and everything, don't do it. jackie: eat or drinking anything else -- >> i never had a cigarette in my if mouth if i didn't inhale, and when bill clinton said is it, made total sense to me. in college they pass you something, you know, i didn't inhale -- jackie: you're going to the bill clinton and saying that it's possible? do you think he didn't inhale? maybe you didn't. >> >> i only know what i did or didn't do. jackie: we've gotta go. we're going to send it to our friend charles payne -- charles: you know, jeff is my man, but me thinkth thou d.o.t. proprotest too much. that's all i'm saying. [laughter] see you guys later. i'm charles payne, this is "making money.

requests -- polling -- it was always crazy to me to see how enthralled liberals and the media were with all a things on the european continent. well, they do it this way in europe anding of course, the implications were that everything they were doing was right and everything we do here is wrong. well, that that tide has tilted enough that even the european commission admits that the they are falling behind. now, of course, european if leaders could no longer hide the fact that the they are in, it's a miserable demise that they're going through right now. the numbers have gotten too large to ignore or dismiss. real gdp growth, it's gotten left in the dust, absolutely crushed. nowhere near the rest of the world. but here's the question, how to turn a ship so dedicated to social changes where all the investment went at the expense of defending itself, how do you fix that? now, the answer's been to stick their heads in the sand and sort of dig in their heels. this after a mario draghi

published an urgent report saying, hey, we feed to embrace a -- need to embrace a pro-growth agenda. the leaders looked away. but their citizens are now demanding change. the problem, of course, is the establishment. willfully ignoring now even their own citizens. so enter vice president j.d. vance who addressed the munich security conference on saturday with an in your face, honest message. the greatest threat facing the continent is from within. my next guest has been warning and pleading with our european if allies to get their act together for years. joining me now, former speaker of the house and fox news contributor newt gingrich. newt, during v.p. vance's comments, you could hear a pin drop, and afterwards all you could hear were tears. i know these are smart people, but they keep yes -- rejecting everything that seems obvious. >> sure. look, what you're seeing is the

european version of what happened in america as trump and maga gradually had to break up the old order and the old establishment. the european if elites have controlled the continent, they basically built a huge welfare state. they opened their borders to millions of immigrants who are unasimilar -- unassimilated, don't share their values. just two days before the munich conference, you had somebody drive a vehicle and kill 2 people, wounded, i think, 36. again, nobody in europe wants -- in the elites -- want to talk about. and and i think j.d. vance's speech, plus his speech in paris earlier, those two two speeches are the most important wake-up call to europe with maybe in my lifetime. because he's just telling the truth. if you don't change, if you don't modernize, if you don't become president competitive, you're gone. you will cease to exist as a civilization, and that's a fact. charles: you know, in fact, the

first sentence, the second sentence he actually talked about that attack that you reference. he talked about how horrific it is. and, of course, he's there with his family. and i think he was trying to make that connection like i'm here to help you, i'm here to help wake you up. and it's even arguable they can even turn the it aren't around at this point. and, of course, you referenced the maga movement. here in america we still have a lot of resistance. yesterday, on "face the nation," margaret brennan tried to take vance to to task. take a listen to this. >> well, he was standing many in a country where free speech was weaponized to the conduct a genocide. and he met with the head of a political party that has far-right views and some historic ties to extreme groups. the context of that was changing the tone of it. and you know that, that is a -- >> i have to disagree with you.

no, you know, i have to disagree with you. free speech was not used to conduct a genocide. the genocide was conducted by an authoritarian nazi regime that happened to be genocidal because they hated jews, minorities and those -- they had a list of people they hated, but primary ally the jews. there was no free speech in nazi germany. charles: you know, there's two things. and you know that, kamala harris a tried to do that a lot of times. i hate when they put something out as a fact that's completely ignorant and then try to force you to accept it. and you know that. many say that rubio tight easy on her. your thoughts -- took it easy on her. your thoughts. >> first of all, the american left-wing elites are utterly, totally ignorant of history. they make up fantasies, they believe in the fantasies, and then reality hits them and they're shocked. here's what's going on. what j.d. vance, and i think, president trump and, frankly, secretary hegseth in another speech, what they're trying to

do is the equivalent of having an intervention if your neighbor's a total alcoholic and you're trying to sit down and say to him, you have to change your life. we're trying to say to the european elites, you're not going to compete with artificial intelligence, you're not going to the compete if militarily, you're not going to be able toed earnize your society, you're not going to be able to compete economically unless you have profound changes. and of course, the recents are fine. they're doing great. charles: yeah. right. >> they're doing great. so they don't want to change. and they're, frankly, angry at us for telling them the truth about their problem. charles: yeah. they go around every six months to some palatial place, eat the greatest food in the world and then agree to meet again in six more months, and everyone else suffer ises. two weeks ago you wrote when you left the white house, you were as hopeful as ever. so tell us this groundswell of hope. why it's different now.

>> because you have many president trump -- in president trump is most consequential president, i think, since abraham lincoln. you have somebody who's willing to look at a the facts, offering totally new and unusual, outside-the-box solutions, be very, very practical, negotiate with everybody. and both here at home and overseas he's like a gigantic breath of fresh air. this is the closest we've come to being able to replace the 9000-year-old rooseveltian coalition, and it is the necessary intervention to help our european allies understand that they have to change. if, in fact, they're going to survive. so the level of courage that president trump, vice president vance and their entire team is showing, i think, is historic and remarkable. look, they're going to make mistakes. you can't move at this speed, decide on things this big and not have some things go wrong. but on balance, this is the most consequential presidency, i think, since lincoln.

now, they've still got to pass a giant tax bill by may or june. they've still got to win the the house elections next year. a lot of steps between here and history, but they're certainly offer in the first month to an amaze paing start. charles: they really are. and the roots of all this go deep. part of them touched you when you were speaker, so is i appreciate you, newt. thank you very much for coming on. >> thank you. charles: of course, folks, europe's demise can really be seen is everywhere. it's not just gdp which is absolutely chanced, it's not just their demographics -- collapsed -- which are really frightening. a place that is just not having children. that's why many part you have to allow people in who don't share the same values as you it's just glaring. tear place in the world has absolutely collapsed. i want to to bring in kaltbaum capital management president and fox news contributor gary kaltbaum. grey, europe has -- gary, europe has lost competitiveness.

in 1900, the end of 1887, germany was 212% of the stock market -- 12, the u.k. was 24, we were only 14%. fast forward, we're 61% -- >> amazing. charles: u.k.'s at 3%. and then the you have to the really look close for france at 2%, germany at almost 1%. they went from this great to barely hanging on. >> two words, unbridled capitalism, has been doing the job. when you have people that are -- shares at a walmart that are now running a bunch of stores and is have become millionaires because of the stock, i remember service there was a past president of the walt disney world hotel that started as a busboy at the contemporary hotel. that's type of upward mobility this country has a had. and when we look at the gdp, we're verging on $30 trillion right now, number two is china narcs under $19 trillion. who knows what their numbers are. after that you've got to go all the way down under $5 trillion for germany and japan.

so we just with have flownpast everybody else because of the ability to become bigger and better without any restrictions on us. and i think a lot of these the other countries, that's a problem. charles: yeah. you can start in the mail room and pend up being ceo. it's happened over and over and over again. ironically, the european markets are doing well. and i think part of it, we're so afraid of concentration risks, but the bigger companies in these countries with no competition get to actually stretch their lead a little bit. >> i can tell you sap in germany, stock is strong. i can tell you some japan banks right now are strong. so there's definitely -- they're starting to come on a little bit. we're weir -- really till the big cheese. why? if dependability. if i think that's so important. i've always worried about china, what are they going to say the next day. right now they're being much more friendly to companies and much more friendly to the stock market versus two years ago when they destroyed --

charles: i want to get to that in one second because one of the key figures there, but you always follow earnings very well. earnings and reaction to earnings. these are the biggest nasdaq winners of the year, and almost every single one of them had great earning. palantir's up 43% -- i'm sorry, 57. super micro up 57%. cvs, which is coming on strong, tapestry earnings, uber, meta, of course, many think they might have had the best report of them all. this earnings season has shown us some really big winners or companies that are turning it around. >> and it's the also paying a penalty for the ones that don't have good earnings, and i lo seeing that. something like a b-i-l-l -- charles: i got crushed a year ago in that in earnings -- >> the fundamental reason is growth of earnings. the stronger and longer the better. if they can accelerate those numbers, even better. and your seeing that in some of these names.

with a palantir, i don't understand the hundred times sales, but the market's still paying pup up for it. i don't understand cost doe at a 65 times earnings with 10% growth, but it's costco. charles: respect the markets, you respect the markets. >> absolutely. charles: you mentioned china again. jack ma, back in favor. he was seen as a -- at a big conference. xi saying he tried this thing, alibaba's stock is on fire, a couple of them report this week. are you buying any of them? >> pullbacks now. something like an alibaba went vertical. by the way, they hid jack ma, one of the great entrepreneurs in china -- [laughter] charles: yeah. >> nobody even knew where he was, and now they're talking big a.i., and that's what started this thing up. but also china's recognizing, hey, look at the united states, i want to keep my power, we've got to get going, so they're loosening the restrictions now, and the fxi, kweb, the etfs, are on the move. and any pullbacks look pretty

darn good. charles: year to date mid-cap growth has been a superstar, but last week we saw large cap do very well. do you sense that these large cap names -- and we just had a bunch of them on the earnings chart -- may be taking the rally baton? >> they're getting going, but careful. why? last week nvidia and apple broke above some important areas, and they are one-two in influence on the s&p and the if nasdaq 100. so if they get going, those two big indices will do well. and both on the verge of breaking out of multiweek range at this juncture. charles: i want to hair quickly some of the names on your watch list -- share quickly. all of them reported good earnings. >> great reactions to what they report. and it's also the big banks. i own goldman. that a thing's on the movement netflix if gapped up on monstrous subscribers -- charles: we talked about that on the show. >> the only one, draftkings. sales growth, good.

earnings, they've got to work on that. doordash, my 235ur7b8 keeps them in business. [laughter] expedia, the travel stocks are starting to get going and that just gapped up. if anything i can tell people about reactions to earnings, look for companies that a gap to the upside is. most people are afraid of hem. usually that's the lift areoff if you're in the right type of market, and right now the market's pretty okay. charles: it is. i'm going to circle back to what you talked about originally about america being the place to be where you can come if from nothing and be everything. people, read the story on doordash and how this guy came here with his mom. he worked in a restaurant. they had no money, but he learned the restaurant business and eventually started doordash. >> the stories of this country, unstoppable. charles: i'd like you to stay the around, we're going to talk about doge later on. >> you got it. charles: all tides really helping the stock market in many ways, but to gary's point, what i love, it's separating the winners from the losers. of adam kobeissi on what he's focused on right now, it and might surprise you. he's next.

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with a 99% cure rate. plus, there's no cutting, no surgical scarring, and no downtime. i had no pain. i have no scars. and i'm cured. amazing. to learn more, call today or go to gentlecure.com. charles: all right, so for most

of 2025, right, the focus was on the rotation trade. i talked about that a lot on the show. you can see where investors are looking for other things, and it wasn't just in the stock market. it was also hopes that that maybe bond yields would go lower. we have sort of a cyclical pump so these middle, cyclical sectors do well. but the tide is beginning to return, right? growth is starting to pick up. the nasdaq 100 coming on strong, the russell starting to fall apart. and the dollar, believe it or not, has been in a solid, stealthy 3-week slide. i want to to bring in a.m. happened amend -- adam a kobeissi. growth was underperforming bigtime, but now it's beginning to turn the up. when the year is over, when it's all a said and done, when we look back, will growth or value outperform this year? >> look, i think right now the momentum is in these growth stocks. it it kind of started to filz off as more volatilityingsing came, but now we're starting to to see it take off. it's also a interesting that a

lot of the tech stocks are being bought right now charles a charles so let me do that because, again, russell 100 -- i mean, the nasdaq 100 versus the russell 2000, the idea was small caps would be doing well. we've been rooting for them. russell 100 underperformed. what i think is really great is not only is it now outperforming, but it feels like there's other name names. it's not just the mag 7. >> right. i think it is spreading of. you see palantir and some of these them sigh names running, but it is the mag 7 still. look at nvidia, for example. nvidia was up to, like, 15 saw 0, 155, it dropped back down to 110 with deep suing. it's quietly pulling to 140. these mag 7 names, meta's up 20 the straight sessions for the first time in history -- charles: i call that the glance rally. >> it's incredible. are very, very strong behavior

in big tech still. charles: the dollar's interesting because we've heard president trump and scott bessent saying we want a strong dollar, but scott bessent has acknowledged it doesn't have to be 1.10. it doesn't have tock that strong. >> yeah. you don't want the dollar to be so polarized. somewhere in the middle is good. i think we're starting to see dxy with, they're pulling back a little. i would like to see it go back towards 100, to be honest. we're at 105, 1067, 107. i think you'll start to see a lot more favorable moves in the market if the u.s. dollar pulls back toward 100. charles: multi-nationals, for sure. earnings have been fan tsa a thetic, but revisions have gone down a lot, and some people are worried about that. this is for 2025. for 2026, it's going up. i feel like wall street can have its cake and eat it too. okay, we're not so sure about the second and third quarter, but to 2026, and this is a reason to sometimes hold stocks,

right? if you think earnings are going to be great. >> here's the thing, the same trend having happening with guidance. more company are guiding negative than positive, but this is not necessarily a call saying, yeah, we're going into recession. i actually think there's pretty much a 0% chance of recession from a gdp per peck bi, but i think they're hedgeing. this year we're not sure what's happening, but as the volatility subsides and we get more clarity on economic policy -- charles: is going to reignite. >> right. charles: tlt, you think yields going to go back up. >> i think we go towards 5. i think 4.8 is our base call right now, 4.9 -- can. charles: takes that back to -- >> back to the lows. if if you look at inflation, i'm very surprised at the dip in tlt was bought last week. if you rook at the 1-month, 3-month, 6-month if annualized inflation metrics, inflation is very had the and rate cuts are on pause at least until q -- 4

of this year. charles: i called you a couple of years ago the youngest gold bug i've met in my life. you've been right. everyone's calling it the top trump trail. ed what's intriguing is there's very little retail action in this. how much further can it go? >> we're going to see 3,000 plus is our call, and we're probably going to raise that soon. you're seeing physical demand, gold demand in all forms. think about what happens when the u.s. dollar starts to to pull back. this has been the strongest gold market in history, up 50%, while the u.s. dollar ask and 10-year note are running higher and, honestly, volatility's sub sigh -- subsided. and one last thing, gold president and the s&p 500 had a 0.8 correlation coefficient in 2024, gold is no longer just a safe haven trade, it's risky and safe haven at the same time. this is a golden setup for gold, no pun bended. charles: we're going to do a doge panel. can you come back? >> yes. charles: see you in a few. all right, folks, president

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charles: so so my next guest says trump's announcement of reciprocal tariffs provides more clarity to the market at least compared to prior once. i want to bring in lyn alden. essentially, what's the difference between what we heard from president trump last week with respect to these resip to procall tariffs as opposed to prior announcements in. >> so good afternoon. i think the main if thing is it provides clarity and a framework. so in the prior 2-3 weeks, there were kind of those big, initial tariff announcements, you know, 25 tariffs on canada and mexico, other types of tariffs. and the main question was to what extent are these focused on revenue generation versus, you know, what extent are they just used for negotiation, what are kind of the tail risks here, what will be some of the risks of, you know, retaliation on the other side. whereas the restipprocall tariffs have give us a little

bit more knowledge to work from in terms of what size could we expect from the tariffs and what kind of reciprocal actions could we see. there's still murky aspects, for example, vat a taxes and other things like that that could be debated the count as tariffs or not tariffs for the purpose of reciprocal tariffs. but at least the overall framework is more clear now, and i think that gives investors something to work with. charles: yeah. i think people would be prides over the last decade or so it's been the nontariff barrier withs that have grown precipitously as opposed to tariffs themselves which have sort of plateaued. i think on this issue part of it is president trump would like to have fair trade, but he's also a somewhat enam a mored with the mckinley era and having an external revenue service and less pressure on the citizens to be paying high taxes. >> yeah, i think you're right. and i think in trump's circle there's people of different types and and so at any given

time there might be one faction that basically, you know, the administration's trending toward. charles: right. >> and i think they have to balance that view with the fact that trump also genuinely likes well functioning markets. and is so i think the reciprocal tariff framework gives them a middle of the road option to pursue. things could change next month, the month after that. we have to see. charles: president trump has been really aggressive against dei programs both publicly and privately, in the private sector. i personally think the more economic egregious policies have been esg. i mean the banks are saying we can't give you money. maybe the tide's turning there. you talk about a move by elliott management with bp that could be turning the tide. >> yeah. we've seen activism pressure on bp from elliott management likely to defrom some of their non- divest from some of their non-core areas, historical businesses which is oil and and gas. and i think in general we've

seen a shift among american finance companies, we've seen a downplague of esg, more -- downplaying, even firms, for example, that were against bitcoin for not being, quote-unquote, like environmentally friendly have kind of shifted toward it. so i think the tide is slowly turning. it seems like europe still has a while to go, but because of some of the energy security issues they've run into in the past few year risker partially war related, partially otherwise to, i think there are more ask and more people kind of questioning that whole narrative of the past decade. charles: and i know you like bp and shell. i only have 30 seconds, you mentioned bitcoin. sort of spinning its wheels here. i know you're bullish on it, you've got a really bigtime target, but what could be the next potential catalyst to get it moving? >> i think time. my think, basically, ongoing good liquidity. bitcoin is supply capped. we still have money and credit growth throughout the world. it's an international asset. plenty of countries still have currency issues. so i think most indicators show that this cycle still has room

to run. charles: lyn, thank you so much. always a appreciate you. >> thank you. charles: so on pretty we saw retail sales post a massive miss. it missed bigtime. i know some tried to blame the weather, the fires in los angeles. it's always weird when they do that, because the folks who contributed to the consensus estimates, were they unaware of that stuff? the real tragedy is that a we are getting so much less and paying so much more in general. i want to bring in managing director michelle snyder. so inflation last week, higher than anticipated. retail sales lore than anticipated. is this sort of an anomaly, or could it be a sign of things to come? >> well, first of all, great to see you, charles. let's look at it sort of glat glass half-full, half-them i -- empty. if we go with the half-full, we can say online shopping is still robust, right? shopify if did really well. consumers are spending a lot more money on health and beauty and travel, so spending habits have shifted more towards the

vanity. the technicals, definitely if we looked at some of the stocks, paragraphty if -- particularly the xrt etf, holding major support. in spite of all the fears of inflation and tariffs, those are holding up well, that whole sector. and basically but climbing the wall of worry. so that's a good thing. charles: right. >> this week we have etsy and walmart. of that'll be interesting. the half-empty is, yeah, gdp's a concern because it's 70% in terms of the consumer. there is more fear. we're worrying about jobs that could be lost. higher food prices are certainly haunting us, and people really don't know what's going to happen with tariffs. so until we see the technicals turn negative, i'm all about a price dictating the narrative. and right noe is saying, okay, could be better, could be worse, but we're okay for now. charles: hey, let's talk about your watch list because it's somewhat eclectic, i don't know. adobe, match -- [laughter] moderna and symbiotic.

sym, because this is a relatively new name to a lot of folks, but it's got a big following on wall street. >> well, first of all, it was mn 2024, and that a didn't work out too good. luckily, the technicals really help time your way in. it went down 37%. but essentially, robotics is the hot topic right now. people keep looking at what's the big growth. and symbiotics is a warehousing system that basically speeds up the efficiency of fulfillment and also in terms of inventory, supply chain efficiency. the earnings that just came out were really bad. it's a very volatile stock. and it takes 24 months to install a symbotic system. walmart is the biggest user of it. but in the future as things get better and they work on some of this timing in terms of installation and expense, it could really be the way to go because just seconds saved in

fulfillment or supply chain can really save a company a lot of money. technically, $23 has been sort of the low recently, i like that. over 28 i might in nibble. over 33, even more. but you have to have risk parameters in this volatile one. charles: i love the fact that you know what these companies do, and you can articulate the value proposition not just for the next few weeks, but over a period of time. a lot of folks on the gold bandwagon. i think you're spying silver though. >> well, yeah. silver right now in, the ratio of gold to silver has been around 90 which means gold is 90 times higher tan silver is priced. back in the peak in 19 is 79-80, it was only 17. so we know there's a lot of room. the dollar, obviously, is an impact. supply issue for silver. if silver or starts to ping here, gets through 33-35 an ounce, even if silver -- excuse me, gold stagnateses, that still could be very bullish for silver. and right now it's trading just

like gold was. it finds a level of support, it rallies, it sells off a, finds support and does it again. we're very bullish. charles: looks like it's on the verge of another major breakout. michelle, really appreciate you. >> thank you so much. charles: everyone's talking about doge. everywhere you go, people have different opinions on it, but americans are really shocked at just how the government has ripped them off or fumbled the bag, if you will, with their money. adam kobeissi and gary kaltbaum are coming back. what it means for the economy, what it means for the stock market, what it means for you. next. ♪ and i will still be here tar gazing. ♪ i'll still look up, look up, look up for love ♪

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>> waste, fraud, abuse -- >> to waste, to fraud if can and to abuse -- >> waste, fraud and abuse -- >> waste, fraud and abuse. >> waste and fraud and abuse -- >> waste, fraud if or abuse -- >> waste, fraud and substance abuse abuse. charles: right, there you have it. all the candidates, all the presidents, everyone going to the white house all made you, america, the same pledge. but now it's happening, and politicians are going ballistic.

if. >> we're winning in court more than a dozen federal injunctions and temporary restraining orders have been issueed against everything from their illegal seizure of computer data to their illegal attempt to ban birthright citizenship. >> number one, you know the constitution. you know they can't just freeze these funds. >> this doge, i call it the department of government inefficiency, is causing a reign of terror, chaos across the federal gt. [laughter] charles: terror and chaos with. yeah, i guess so. if you've been stealing money, i'd be scared as hell too. back with us, folks, the power panel, gary kaltbaum along with kobeissi letter editor-in-chief, adam kobeissi. gary -- [laughter] let me start with you. we talk -- every presidential candidate says they're going to do what doge is doing. >> waste, fraud and abuse. [laughter] the numbers. charles: yeah. >> the year before covid to

today, the government spending's up 65%. if add that up. the government spending since the yeah 2000, it's a quadruple. a quadruple. they have abused us, they've been doing it for years with no pushback whatsoever, just some verbal talk every now and then. but nothing ever done. finally, somebody stands up and does manager about it. what logic -- manager about it? what logic? government, efficient, effective and balance the checkbooks. and they are fighting it? it's quite insane. i cannot believe that they are going to guy on this hill while elon -- die on this hill while elon miss and president donald trump is just trying the get things better and roll things back to the normal. good to see is, i'm jumping all over it on a daily basis. charles: and and, adam, you put together a thread that's so popular, even senator cruz jumped onboard, right? >> yeah. we were investigating what are the impacts on the washington,

d.c. housing market just off the initial reaction to these job cuts hard a happening. you have seen prices come down 20% since november if alone, that's $139,000 off the median-priced home in d.c. unemployment filings are skyrocketing, up over the last six weeks up 55% compared to the previous- week period. i mean, i think if you look at what's happening with doge, it really should be something everybody agrees on. of we need to reduce the deficit, and i think people would be pretty surprised how many of the problems that we face today from an economic perspective would be solved with that one thing. not even eliminating -- let's just say you reduced it by 30%. just over the last 4 months we've seen a $840 billion in 44 months. last year, 2024, it was a $1.8 trillion. the amount of debt that is flooding the bond market just to finance and continue to raise this debt and just to pay the interest expense on this debt is so large that it's the actually driving interest rates up itself.

charles: yeah. another thing that's gone up, google searches for lawyers in the d.c. area is up 400. [laughter] and i think this is one of the things. gary, i read somewhere all of this money we're talking about that that's been siphoned off, given to ngos, it doesn't even leave the area. look at the richest counties in america. louden is there, right, you've got another -- falls church or, fairfax, howard county. >> virginia, d.c. charles: yeah, yeah. but what's really scary about this is that all the money, there's no -- i don't know that there's such a thing as waste. i think it should be called theft, fraud and abuse. >> i think it's theft. look, government spending is taxpayer-funded. charles: right. >> and they decided years ago when we don't have enough, we're going the deficit spend. and they tested the waters. let's do a billion, let's do 10 billion, oh, let's do 50 billion, let's do 100 billion, and look where we are now. $37 trillion. right now we have a run rate

close to 2.5-3 trillion this year in it continues. it shows they didn't care. they were pushing the envelope and, finally, they have been found out. and that's why they're fighting it. for them, you showed some of that video of what they're saying about a -- one of the politicians said they're inefficient? [laughter] are you kidding he? charles: yeah. >> when i do my radio show, i start out with a doge moment i can't believe some of the things i'm saying as far as a list. charles: yeah. >> they just did not care. they're laughing at us. they're taking a certain finger and sticking it up in the air at the taxpayer, and they have been found out. it's good to see. charles: adam, you mentioned the economy. what about the stock market? because the stock market likes a lot of money sloshing around. the stock market doesn't have a conscience. they like this stuff. they gibing a georgia sal spent -- gazillion spent here and there. maybe that's why the elites continue to circle the wagon also, because many people only

care about the stock market. >> yeah. let me tell you what the sock the market absolutely loves, a 10-year that's half where it is the right now. when you start seeing it at a%, maybe even 6%, inflation rising, and, by the way, deficit spending does fuel inflation. all of these factors, yeah, you get rates down, the economy's going to be the stimulated in a lower environment. look what happened in 2021 and 2020 the when the fed lowered rates to 0% overnight. i think you cut the deficit, and you're going to see natural economic growth at a very robust pace. and i really think that everybody is discounting the value of that. and i think we will start to see the value -- charles: i love it. gary, adam a, thank you both very much. >> thank you. charles: speak of doge, elon musk is setting his sights on his next target, folks. the gold reserves at a fort knox, if they are there. talking about auditing fort knox, next. [laughter] measure -- ♪ they want to get my --

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mom: she's two. only pay for what you need ♪ liberty. liberty. liberty. ♪ baby: liberty. >> you're wasting my time in a positive tory. >> abductor fine. fort knox is their bank like any other but nonetheless a bank. charles: the 1964 installment the third james bond installment goldfinger you revolved around the plot to steel all the gold out of fort knox operation clan enter grand slam it almost happened like a james bond movie it was audacious plan, think about this people talk about being secure and they often say it's guarded like fort knox but now people are wondering if her social security lockbox the ball at fort knox, are they empty in the conspiracy theory is

starting to thinking about the independent reporting over the weekend that u.s. banks are flying gold in from london to new york. elon musk is asking where is the gold and senator rand paul is calling for an audit. joining me the heritage economist e.j. antoni. the story is while but it speaks to two things that we know, the government overall is mismanaged terribly and there's a complete lack of trust in the federal government. your thoughts the gold of fort knox if it's still there. >> it's a great question i want to say part of the reason why were seen the flight of gold from other places around the world to the united states might actually be that people have less confidence and those governments. in other words an old-fashioned bank run there trying to get their gold while there is gold to get. as far as fort knox, it's been something like half a century

since they had a partial audit. i think it's been more like three quarters of a century since they had a full audit. this is absolutely necessary let's not forget this is the people's money. if we remember where the gold came from, it was confiscated from the american people by the fdr administration. absolutely it is our money and we should know where it is that is if it's even there. >> speaking of which for the three or four years a lot of central banks not the fed or the ecb but a lot of the countries the central banks have loaded up on gold what are they preparing for? >> i think there preparing for essentially the end of fiat currency or the end of fiat as we know it. it's simply not a sustainable system because as you know over time it's a way for government to slowly silently essentially confiscate the earnings and the savings of their citizens and people really are not going to

stand for that forever. if we look into for periods throughout history where government transitioned away from precious metal backing like the roman empire and essentially moved more or less to what resembled a fiat system it always collapsed and sadly that's probably the direction a lot of currencies today are going. fortunately or unfortunately for the dollar we have global reserve currency status which president trump and scott bessent are hell-bent on maintaining, thank goodness but that aside the dollar will not last forever unless we can get back to being backed by gold. charles: speaking of that we have a situation where our government is essentially broke assets are 5.7 trillion in liability is a must 46 trillion we have a situation where the federal reserve has lost $200 billion they at least have

200 billion in unrealized losses even though they tell congress after self-funded. you have to wonder where is the money everyone's broke how are we keeping this lofty position as the world's reserve currency. >> we are the cleanest dirty shirt in the laundry as they say. look at it this way if the balance sheet of the federal government belonged to a private business, i assure you there will be a fire at about 3:00 a.m. on saturday morning. essentially this points to the unsustainability the untenable position that we are in. things have got to change. if you're wondering what if they don't change what if we continue on the path that we're on. i ask you to look back the last four years. inflation is a key way government continues to pay for all of the unfunded liabilities and unfunded spending. if you want us to continue down this path of spending more than were taken then expect more of the same expect more inflation.

charles: on that no less than a minute to go but higher inflation numbers last week we saw a big hit to retail sales, where you feel like the economy is going. >> definitely softening were increasingly seen when we combine the retail sales figures with the credit data that much of the last several years government and the consumer side the spending has been fueled by credit as the credit is running out as banks are unwilling to lend to consumers or consumers take on more debt, whatever the case may be that's putting the brakes on spending we will need productivity and income to catch up where we've gone to in terms of spending before we reach anything sustainable. charles: always appreciate these conversations. absolutely fantastic. taylor riggs is in for liz claman. >> i'm hoping the ad productivity will grow was way out of the debt