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It's tax day. The world is on fire. Donald Trump has not some great approval ratings now from independents. He was plus one. Now he's minus 29 on the economy with independence. What is he going to do? Well, let me first tell you. We give you some history about this. Been done before, about 50 years ago. We'll tell you about that and what he needs to do to turn the ship around. He needs to turn the pressure up on Congress to do the rest. And I explain also Bezos sending my girlfriend up into space on the giant phallic ship with the women screaming all the way. What a story that is. We share it in today's podcast. Out on the wind rustled prairies that still exist in this country, between the veins and the arteries of American cities, towns and even just some wild spots in the road, there still exists the men and women who have always made sure that America's supper was waiting for them on the table. There are farmers and our ranchers. And every day through toil and sweat, they raise the cattle and the pigs and the chickens, all of the food that we have. So you don't have to, so I don't have to. So we can go to the grocery store and fill our baskets. But every year there are fewer and fewer of them. Meat gets shipped in from overseas. Giant meat packing plants drive the small farms and the small ranches out of business. But don't worry, Bill Gates is here and Good Ranchers is here. They're working to change it. They source 100% of their meat from American farms and ranches. Just real beef, real chicken, real pork, born and raised and harvested right here in the United States. So when you subscribe to Good Ranchers, you're putting your money behind American agriculture. I want you to go to goodranchers.com subscribe and get your choice of protein for a year. Stand with American ranchers and farmers. We need these guys to survive. It's goodranchers.com it's goodranchers.com American meat delivered. Hello America. You know we've been fighting every single day. We push back against the lies, the censorship, the nonsense of the mainstream media that they're trying to feed you. We work tirelessly to bring you the unfiltered truth because you deserve it. But to keep this fight going, we need you right now. Would you take a moment and rate and review the Glenn Beck podcast? Give us five stars and leave a comment. Because every single review helps us break through Big Tech's algorithm to reach more Americans who need to hear the truth. This isn't a podcast. This is a movement. And you're part of it, a big part of it. So if you believe in what we're doing, you want more people to wake up, help us push this podcast to the top rate review. Share. Together, we'll make a difference. And thanks for standing with us. Now, let's get to work. You're listening to the best of the Glenn Beck Program. All right, let me take you on a little ride through history here, through the smoky rooms of the 1970s, actually 1971, into what we're experiencing today in the last few weeks with the markets. It is a story of money and power and an idea to pull something off rare, something audacious, to remake the global trade and financial system. That's what we're doing today. But we've done this once before because this is not a new story. It's one that we've almost forgotten. And we can't forget this one, because this is how things went wrong, how everything in America is broken. And maybe, just maybe, what we're doing now might fix it. Let me start in August. It's August 15, 1971. Did you know that France sent warships over to. We had war. French warships. When? I don't even know. I don't even know what those look like. A little tugboat with, like, a pea shooter, I'm not sure. But French warships were in the harbor of New York demanding their gold back because of what Nixon did. When he stepped to the microphone, he said, on April 15, he announced what would be known later as the Nixon Shock. No more gold backing of the $10% tariff on all imports and wage price control to tame inflation. Some call it a shock. I think it was. I think that's an insane understatement. What he did was he broke the Bretton woods system, that grand agreement that happened right after World War II, tying our dollars to gold and the stability, all nations stability to gold and the US Dollar. And that crumbled overnight. The dollar, all of a sudden was free. Free. And with it, it was free to change the World and everybody along with it. Nixon said he wanted to save jobs and fix a $2 billion trade deficit, but that's not true. What Nixon was doing was paying for war and the Great Society. Any of this sound familiar? You know, save American jobs, fix a trade deficit, make sure that we don't go into debt anymore. But what he did is unleash a storm that we're still weathering today. Uh, and now I'm not saying that everything was perfect before 1971. Life never is. But I want to. I want you to look at the numbers and tell me, was this a good shift or a bad shift? In 1971, the top 1%, they held about 8% of the nation's income. By 2010, the top 1% held 20% of the nation's income, their wealth climbing from 16% to now 23%. Last year, the middle class, the heart of America, 61% of us. In 1971, we had 61% of all of the income. By 2021, they're half the country scraping by with only 42%. And the wages, they tell another tale. From 1979 to 2024, productivity, how much we make jumped 81%. But the wages for the people who are making that barely budged now, this is the wages for the bottom 90% of our country. They didn't go up. Well, I shouldn't say that. From 1979 to today, they went up 29%. The houses that cost three times your salary in 1971 now cost six times your salary today. The debt has doubled from 60 cents per dollar to $1.20 by 2007. If you check the charts, everything, everything started to break when Nixon cut the gold cord. So what happened? Well, we birthed a new world without gold. Money supply ballooned. M1 money supply. So, you know, that's the money. That's the cash everybody has. That's liquid, that's in your checking account. That's what's in your wallet. That's what's available to you at an atmosphere. It's, it's whatever you buy pizza with. That's the M1 supply. Okay, that's not. I've got money in stock market or whatever, your available cash. The supply ballooned 9% in 1972 alone. That means printing more money. We have more money chasing few goods. That means inflation. Inflation was up by 11%. Financial Wizards cooked up futures and options and everything else. Where all the things that keep busting like 2008, all of those things that are just these, you Know, it's just alchemy. These financial wizards are like, I'm going to make gold, and it's alchemy. And they keep busting and we keep paying for it, and they get richer. Meanwhile, factories closed. Manufacturing jobs fell from 26% in 1970 to 8% by 2020. Globalization sent jobs to Japan, then China. The trade deficit swelled to $13 billion by 1980. Now, don't get me wrong. Nixon didn't mean to break us. What he was doing is he saw a world slipping. Gold reserves shrinking against $14 billion in 14 billion in foreign dollars. And he acted like a, you know, a farmer burning the crops to save his crops. The fire spread. Stagflation came about, 9% unemployment prices started to soar. The oil crisis didn't help, quadrupling gas costs. Confidence broke. The middle class started its long slide into where we are now. That's the history, raw and real, etched in the Congressional Budget Office numbers and Pew Research. Fast forward to April 2025. Now here's Donald Trump staring down a trade deficit of $971 billion, announcing tariffs 10% on everybody and 125% on China. The market does what a market does when it's spooked. S&P 500 down 5.4% in a week. Volatility, kind of like 87 or 88 treasury yields what we have to pay when we're borrowing money, we sell Treasuries. That's like going to the bank and asking for a loan. Depending on your credit, what is your interest rate? If you have bad credit, the interest rate is higher. We are having bad credit. It's up now to 4.49%. That's a 50 basis point leap. And people are starting to say, let's get out of this. China is hitting back. They are dumping our. Our T bills, our treasury bills. Taiwan stocks, wobbling consumers. People like you and me bracing for higher prices. University of Michigan survey says inflation fears are spiking. It's Nixon. This is Nixon. But take a step back. Trump's not stirring the pot. What. What Nixon did was he took us off the gold standard so we could spend more money. And to make us. This is what he promised the world, that he would make us consumers, not producers, so we would consume what everybody else was producing. So, in a way, that was his plan and he got it. But it cracked the system for, you know, the average person. Nixon's tariffs lasted four months. It didn't fix the core. Trump is going bigger and bolder. He says he's going to bring jobs home. Could it backfire? Yeah, yeah. Tariffs might add another 1 to 2% to prices, maybe 3 to 5 on your Walmart card. Because everything from Walmart's coming from China. The Peterson Institute, by the way, has run the numbers. Higher yields could strain our $2 trillion deficit, make mortgage prices higher. The retaliation from China is real and China is not blinking. And neither are we. Now do we stumble into recession stagflation like the 70s? I don't know. In the 70s, real wages fell 5% in a year. Here's the flip side. If Trump pulls this off, if we start setting things right where we mean what we say and say what we mean, we get everything under control. We're not just spending and we have no real assets that we actually are sitting on. If wages rise 1 to 2% like the IMF predicts, if supply chains come home, we could see something new. Not a return to 1971, but a system where the middle class isn't crushed, where houses don't cost your soul, and where the top 1% don't control almost everything. Even Bernie Sanders would agree with this. But no, no, no, he's not. Cause he's busy at Coachella. I'll get to that here in a second. But here's the thing. History is a very tough teacher. Nixon shock showed good intentions, can spark long fires, inequality, debt, a hollowed, hollowed out heartland. This is a very big stakes game. But what has a higher cost is not trying to fix the system. That's a slow bleed and we're almost out of blood. It's been 50 years to prove the point. This doesn't work. The system is broken, but it's not dead. Imagine a world where our children's jobs actually pay enough, where America is not just buying, but it's building. That's the gamble. And that is the next generation's new American dream. So we're at a crossroads, like we were in 1971. Hopefully we're wiser. Trump's not Nixon. He's got a history map, scars and all. Will he fix what is broke? I don't know. Things are getting a little dangerous and tough. This is where the big boys play. This is why Trump earns the big money, even though he doesn't actually take a paycheck for any of this. But this, we're playing the highest stakes of a game. Here's the latest from China. And I don't know how many people are really focusing on this, but this is the ball game. China now says that they're going to cut us off on rare earth minerals. We have plenty of rare earth minerals. There is a new space race. Do you remember when JFK said this?