what for a year and also your morning your your call letter and stuff like that and I got over 50% return in one day not counting everything else but I just want to thank you Tom's not perfect but he tells you how to put your stops in and keeps your losses small you can take your small losses but then all sudden you'll be like a brute and you'll pay the whole month I mean a big home run yeah and put the money in your pocket okay brother you're awesome and thank you now Tom O'Brien there we go ready ready welcome folks this is Tom and Tommy O'Brien we appreciate your growling and prowling with us always remember folks what if you think about you bring about whatever you focus on grows so everyone's having a great day safe day it's a TGIF and let's make it a great weekend folks now we're gonna we this is what you read the floor agreements okay to master love you have to practice love the out of relationship is a whole mastery the only way to reach masteries of practice to master relationship is therefore about action not about attaining knowledge that's right market wise let's take a look at it out here we have the now industry's up 740 that's right I love it good boy now they got 153 S&Ps up 68 gold gold contract down to $28.70 at 1966 an ounce we have silver down 45 cents of 27 cents you are doing the show at $23.71 light sweet crude light sweet a buck 58 71 dollars 68 cents a barrel notes and bonds that's right notes and bonds the 10-year note down 28 ticks at 113 27 the 30 of 29 at 127 30 and King dollar King dollar right now is trading good boy up a full 46 we got a tiger here folks at 104 066 the year is that 107 the yen is that a price point of 139 the British pound is at 124 to 1 US dollar awful numbers 877 9276 648 give us Carl folks one know what's going on in your world and the world of the S&Ps let's take a look at it you wouldn't believe it folks it's so cool so picture Tommy Tommy brings Tommy into the office and he knows that we have a couple floors here we actually have three floors but anyway he brings him in and he says okay let's get out we got to do the show literally okay so it's so cool it's amazing that's right we do a growl for them do a growl for them wow another one another one oh that's a little one big one wow good boy okay so S&Ps I mean you know you talk about Tim wood you know we're doing the workshop next week folks I mean this is about this is a total break topside I mean this is like you know we were talking about the swing point yesterday but we have six and a half dollars in one day it's pretty amazing and you know now you're the right next to the swing the swing we're talking about is at 431 and you know yesterday it seemed like a long way off well guess what you're six and a half dollars right now you're right next to it so this is going to coincide with the end of window dressing so we'll see where that shakes out now what it's also going to do is that this is where we broke downtown so this is going to be a crucial area gonna be a crucial area Tom to get through what will happen which is under the tunnel okay ready good oh good boy so we take a look at the door oh you did that good shut the door okay it shut so when we take a look at the cues the cues there they they're at their 371 that they would look at that and you know yes it's that seems like a far away today but guess what all's it's going to take is a good boy a couple good days and then good boy and then you're going to see that 371 area gold gold contract we take a look at the gold car no we can't do that one time oh look at that that's a good shot you gosh that's a good shot okay let's take a look at the gold contract so we take a look at the gold contract so this is down in volume today and you know it's an ABC down folks okay 1903 is the number and you know bottom line is that you can see you know yesterday you go up with 177,000 contracts today you're down with 198,000 and this wants to get back to its strength just one second pal sorry and the strength that we're talking about inside this contract is right where it took off from the beginning that that's where this sets up in fact it's you know this is pretty cool watch this it actually sets off sets up at the top of the strength you know so I expect we're gonna get there now good old the King Dala you know King Dala yeah you are on the show yeah hey I think you're on the Tom O'Brien show I think your name's Tom O'Brien too you can see what King Dala did King Dala bottom line is rejected lower price today at 103 382 and wants higher price you know so volume wise out here let's see we're gonna do we're gonna come in with on the indices right now this is big volume folks okay well it's not that big actually 532 million on the NYSE and if we take a look at the composite okay there we go how about that good okay here we go oh good boy I want to yeah see this composite well we're not gonna we're not gonna that will probably do about 4 billion shares that's what probably do hey can you can you can you tell the audience I want to show them how you can count 2 4 6 8 10 no 11 21 yeah what's after 22 25 27 28 30 31 33 34 no you get us through the next one good boy 36 38 40 what's after 40 body one body one how's that folks yet you got 24 what he's 27 months old he can I'm not sure what do you think out of this movie 60 I think he can out of the 60 folks stay right there folks who come right back we have the down and he needs to say you know it's so funny folks pitch this his ABCs in school one of the targets of that his ABCs are gonna be a to b equal c to d we'll cover it back we have exciting news Tigers this June Tim ord of the oracle will be hosting two webinars providing insight into his renowned market timing methodologies on June 8th Tim will delve into the S&P 500 teaching sentiment indicators identifying market bottoms and divergence and so much more on June 15th Tim pivots to the gold market taking a look at cycle analysis ratio studies advanced decline indicators and other important tools for analyzing this sector sign up today on tfnn.com tfnn educating investors currencies commodities and bond markets are as important as ever right now with how they're driving the volatility in equity markets across the globe which is why it's a great time to try out Teddy keg stats tiger forex report Teddy keg stat breaks down the forex markets every Monday using his 30 plus years of experience as a trading veteran of futures forex stocks and options Teddy releases his weekly tiger forex report every Monday morning with coverage of all the major currency pairs including the dollar index the euro dollar pound dollar dollar Swiss dollar yen as well as many more and he also has weekly coverage of the crude oil market and the 30-year t-bonds as they both influence forex markets tremendously when you sign up for the tiger forex report you also gain instant access to Teddy 60-minute webinar archive he just hosted forex strategies and fundamentals what is behind the tiger forex report for all the details and to start your 30-day tiger forex report subscription today visit the front page of tfnn.com tfnn educating investors are you looking for a way to consistently add winning trades to your portfolio Tom O'Brien is here to help Tom O'Brien has been successfully trading markets for over 30 years a frequent contributor to TD Ameritrade Network and CNBC Tom O'Brien founded tfnn over 20 years ago to help educate investors just like you Tom's daily market newsletter market insights is published every morning when the markets open to give you the competitive informational edge you need to succeed these newsletters are packed full of Tom's advanced technical analysis in our gear to deliver comprehensive strategies for a successful portfolio get Tom O'Brien's newsletter market insights today and try all of our products and newsletters 30 days risk-free with our money back guarantee at tfnn.com tfnn educating 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at<PHONE_NUMBER> welcome back folks to doubt Dow industry was right now up 731 that as except 150 S&Ps are up 67 and listen there's no doubt this is quite a rally man and you know I I think what it's really well here let's look at IWM first the IWM I mean this is the late bloomer but the bottom line is that it just took out the whole consolidation the last one to do it but as you're taking it out on volume you can see that 37 million shares traded today that's on the daily and you go to the weekly not bad nothing heavy really it's the weekly bill a little less but it took out that consolidation that's a long consolidation so you got one two three four yeah you almost got a three month consolidation so let's say that's also going to go to the next swing point now the real kicker here which is going to get interesting is that is this about you know the aspect of that inflation is heat well we know inflation has been here for our folks right so I'm trying to figure out right now has the market since first that yes that the rate basically value topped out in the rates and we're just getting numbers that are inflated because that's what ends up happening in inflation you know you know you can you can get higher numbers but you can't buy as much okay and the way this market's moving that's kind of like where my head's going with this okay because this is a this is a powerful rally there's no two ways about it ma'am you know so we'll see if that's how this thing shakes out but I think that's how I think the market is the first one that's indicating that guess what you know inflation is still going to be here they're going to back down on the rates a bit and if you go back even you know eight months a year I was talking about this before because I was used to this before even in the real estate market and this is where this gets really intriguing because normally it takes about you know a year kind of will we're at this work a year and a half into this but folks they really understand that yes we're going to be we are at a higher level so even though it smooths out you're at a higher level and what ends up happening is that everything does cost more so what happens in the real estate market is soon as you back off half a percent a percent it just explodes again that's exactly what happened in the 70s but I went through it you before it means it exploded okay it exploded because of the fact that everyone start realizing it took people so long to realize that you can't replace nevermind about selling nevermind about how many mortgages are out there that people don't want to sell the house because they're you know they have mortgages from three to four percent the realization comes that you can't replace the house period because of the cost of materials plus the cost of labor so we'll see where it shakes out inside the Dow Industries today we take a look at it now this is this is how convoluted the market is you got Caterpillar putting 120 points in but it's about 3m 3m's putting 53 points in I'll go over this in a second but fifth Caterpillar's a leader 120 points 3m 53 Home Depot 46 United Health 46 the only one that is and the negative is Verizon putting take eight eight points and Salesforce and the reason I was just saying this about 3m is that 3m at least this is believe the market always loves it when they know you know what the number is and it looks like 3m they struck a tentative agreement for their forever chemicals and it's gonna be ten billion dollars and I guess you know ten billion you know bottom line is that yeah this is out of this is out of South Carolina and Charleston both yeah Charleston South Carolina that's where the suit is and let's see ten billion is probably nothing to them and that's what they love that's the markets look yeah so well ten billion is a lot of money not real not really ten they they take in 32 billion a year they make 858 a year let me see eight dollars and 58 cents and they have 558 51 million shares so yeah that ten billion is not the end of the world but that's what that's where you're seeing 3m in that context of you know talk about coming off the low look at that look at how that baby come off the low that's actually that's that's pretty incredible yeah it's a pocket ticket one of our targets and ten billion is a pocket ticket it probably is that's that's pretty amazing actually let's go take a look at some of the higher volume equities that we have out here but let's go inside the NDX first and see what's still driving the NDX up here so inside the NDX Lululemon Z Scala Lululemon 8 up 12 percent Lululemon Z Scala 5 percent Datadog 4.3 and Airbnb 4.6 taken away from a T-Mobile 7.5 CrowdStrike 4.2 Serious Satellite 3.1 and Marvell Technology we take a look at the highest volume equities out here and Tesla Tesla's on the move that that's you know now Elon Musk is the richest man in the world again that's up another seven dollars we have a Sentinel-1 is down seven yeah the let's see this you got and video is up off four T-Mobiles down ten look at these these phone companies are getting killed up I mean I know you've heard this a million times out here today on TFNN are you gonna hear it on every place because it looks like the aspect that Amazon wants to get in that phone business and you can imagine you know if in fact that happens for the prime members they're talking about a phone service at ten bucks for prime members and there's no doubt that what ends up happening in the phone business which is pretty wild is that you get the aspect of the amount of information that the company gets is astronomical now if you look at now this is where it's gonna get interesting to watch this because if you look at Marvell Marvell you know I'd let it test these lows first but it looks to me last time we're down there you had 339 million shares we just rejected lower price in a week we all know hold it it's a you we got to remember this week folks okay so when you're doing the volumes for the week I gotta remember this is a holiday week as it's a four-day week so the bottom line is you're gonna add one day of trading and the way that I do it I just take the four days divided by four add you know whatever that one day is to the to the total and that's gonna get you what the totals actually are and so if we did this one 50 it's still gonna be it's still gonna be shot by like a 50 million you know so these things might be coming into a into a low you know we'll see how that shakes out but they very well might be silver let's go take a look at the silver market out here because when it happened you know gold wasn't that is in that confirmed ABC structure down with silver's a different different animal you know so silver couldn't hold price today you know that's saying this wants to go lower too this is gonna be so intriguing in the metals market in general you know because you can see that the equities market is not stopping the equities market this dollar it doesn't it doesn't seem like we're here and where the dollar goes at this particular point now that one just shows right now up 712 there's like a 141 S&P's up 64 stay right there folks come right back the gold report as a precious metal gold is still king it continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market the US futures market and the Shanghai Gold Exchange the gold report Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU, HUI, GDX, the dollar, bonds, the South African Rand as well as 25 different mining equities with specific buy-sell recommendations the gold report new subscribers get a 30-day money back guarantee so you have nothing to risk subscribe to Tom O'Brien's gold report newsletter now at TFNN.com sharpening your skills as an investor is like getting better at playing a musical instrument you have to 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Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be TFNN educating investors TFNN has just launched their new trading room the Tiger's Zen hosted at Discord TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours and now they are expanding their reach with the Tiger's Den available to all Tigers and Tigresses for just $1 for the year. There's no cash or added costs when you join our community of traders in the Tiger's Den. You can look over the shoulders of Tom O'Brien and the other TFNN hosts while they analyze charts during their live Tiger TV programs and join an interactive trading community with hundreds of members exchanging ideas interact with other Tigers and Tigresses as they share trading ideas news analysis and discuss the market action all trading day even at night and on the weekends the Tigers Den at Discord is accessible on mobile or tablets as well so it's always at your reach to sign up today become a part of this educational community of traders just visit the front page of TFNN.com this segment is brought to you by think or swim for more information just click the think or swim banner on the front page of TFNN.com Welcome back folks. The Dow industry was right now up 701 you get the NASDAQ 136 SAPs are up 63 so check this out folks okay this is pretty wild actually this is a trot of the CBOE okay and you can see bottom line this thing is almost at all-time highs right you know if we take a look at it you're gonna see that the the high is 140 the low is 106 you're at 136 okay revenue take a look at the revenue here you're gonna see bottom lines that you've jumped from 1.7 last year to 1.9 and they look at a 2 billion next year now you can see the option revenue over here they do you know they're in Europe but the bottom line is option revenue 983 million well what this is all about this is all about zero to expiration options folks okay now I want to show you something else so that's the CBOE now let's go to the CME now the CBOE was much smaller than the CME and they they still are I believe that five billion but they don't the CME as a different chart doesn't have the growth aspects as as a CBOE because of these zero-day options now this is what's going on so check this out this is gonna be amazing now this is gonna shake out what's gonna happen is that let me get this story here well you're gonna be trading the euro here we go okay so trading stock options that expire within 24 hours has taken the U.S. by storm that's for sure exchange operated Eurex is introducing the euro 50 contracts that can expire any weekday so what you're gonna see there is that this is gonna start in Europe and Europe folks has always been huge amount of futures traders this is gonna explode in the market and you know this whole deal I'm not sure what happens over in Europe but in the United States this is you know amongst the deal it's gonna keep getting bigger you know the reason being so you get two different things that has have happened in the option market you still pay 65 cents a contract okay but that's all you pay and that's why the CBOE shot is at highs okay because the amount of contracts the the amount of contracts inside the S&P and the options that expire the same day and now 40% for zero of all derivatives that are traded and you know if you haven't traded them I'm not you know just don't go out and trade them we're gonna be talking a little more about this because I'm thinking I'm actually between me and Tommy we're gonna do a workshop on this because if you trade these are pretty cool to trade they're particularly cool if you really understand the option market you're trading spreads so you're still not buying a put and selling a call if you're trading spreads it's a whole different ballgame and then you would you want to understand is that 10 S&P points at this particular point equals one point the spy there's a few things that you really want to understand how these work and in the context of you know when you're coming into the close how much you actually have in your account so that they don't basically sell you out there's a few different things in there but they're great to trade that's the way I'll bottom on let's go take a look at Peloton for a couple of the Tigers out here so we take a look at Peloton Peloton the lowest 662 the high 1783 next time they come out with earnings is on the in August so now the real question is is that is it off the bottom right that's what I think we're probably talking about here yeah I mean I wouldn't be buying Peloton you know you get something like this you need a real sign of strength I mean I'd want to see Peloton really over the 17 dollar level you know I mean I can understand why I try to get in it you know oh if you did get in it that can it kind of trade to you know this could be a good trade it could go to 12 the first place is 12 you know from where we are right now and what you just have to make sure of is that before your earnings are coming in earnings are coming in on the 25th that's where you you know you want to make sure that okay man you don't want to be in that when earnings come in that's for sure let's go to Mike and an agri-fall say Mike what's going on hi thanks for taking my call I will look at Uber okay let's take a look at what you look at the Bloomberg terminal look at the earnings profile their their forecast for the next four quarters so I think that this company may be turning around it may be maturing into a profitable company yeah let's take a look so it it's a little bit low for the year is 19 the highs 40 if we take a look at the revenue and earnings per share yeah they plan on coming in yeah they're taking in look at this this is this is pretty amazing right now folks are going to take in 37.6 billion this year and they plan on losing 110 no one 100th of a penny how's that how do you how do you even project that doesn't even funny yes Mike next year they plan on making money 89 cents and next year they plan on taking money look at that okay slowly okay so you're for what's their forecast there show me 2023 yeah it's going to grow yeah it's growing by leaps and bounds I mean it's you know it's still you got a you're growing by 10% a year and the United States you're growing by 13% a year in other countries mobile is still 14 billion deliveries 10 billion freight I don't even freight business I guess that's 6 billion so where would you where would you enter this here I mean obviously on a pullback all right so it's overvalued right now but where would you look to and or scale in oh so this ain't bad okay so let's take a look so yeah see this is coming up to ice I mean so you have had one to this is this is a good looking shot man yes you have three step ups if you have any type of pullback Mike that you can get anywhere close that's only a couple dollars lower and I'd go man this is saying this thing wants to go really yeah you have any projections just looking at the chart not really because what what happens is this this is coming it's at a place right now like well it's actually over it yeah I mean this is saying that you know well it's only four points higher but 43 is game 43 gets you in the next trading range that's how this works here let me put this on a monthly one second so in a monthly it has volume to let's see this six six okay hold it this is an ABC up this is a yeah 37 23 so you're 14 that's 43 yeah we're almost there so you can wait for a pullback the ABC up is 43 that's a confirmed ABC up on a monthly which is always nice do you know me and down so would you look 24 no it's not going to go there no 14 no I don't I don't think there's gonna the way this market is in the way that you got a confirmed ABC up in a monthly I don't I don't see that happening I just don't see it this any panic selling you jump in huh with both hands so you don't have to jump in with both hands but yes it's a it's an equity that wants four points higher or it is now so if it pulls back three then you get seven points and then that would be saying you got a 10% move on you know a $35 stock cookin have a great one man have a safe one down down industries are up 709 that's except 140 SAPs up 64 stay right there folks you come right back if you're looking for potential trading setups in the stock market then rocket equities and options report is a newsletter you should try Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals sign up for rocket equities and options report today with a 30 day money back guarantee so you have nothing to risk for all the details and to start your subscription today visit the front page of TFNN.com TFNN educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at TFNN.com the opening call newsletter is written by Basel Chapman creator of the trading methodology known as the Chapman wave the Chapman wave up down sequence gives you an edge in identifying price turns finding the peaks and valleys and stock prices get the opening call newsletter by Basel Chapman in your inbox every day first time subscribers also get a 30-day money back guarantee if you're not satisfied let us know and you'll get a full refund within 30 days of signing up TFNN.com educating investors biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade LA BU or LA BD directions daily S&P biotech three times bull and bear ETFs visit direction investments dot com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at<PHONE_NUMBER> the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principal the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor foresight fund services LLC we have exciting news Tigers this June Tim or of the oracle will be hosting two webinars providing insight into his renowned market timing methodologies on June 8th Tim will delve into the S&P 500 teaching sentiment indicators identifying market bottoms and divergence and so much more on June 15th Tim pivots to the gold market taking a look at cycle analysis ratio studies advanced decline indicators and other important tools for analyzing this sector sign up today on TFNN dot com TFNN educating investors this program is brought to you by Vista gold traded on the NYSE American and TSX under the symbol VGZ welcome back folks to doubt now investors up 714 as except 146 S&P's are up 65 and I'm gonna go back to the small caps for a second because what happens folks is that the small caps for the lost to get going in the last rally we have it looks like they're gonna be the last once again to get going into this rally and you know when you when you set this up I mean what ends up happening is that technically what you can do is this you know you can take the highs of the consolidation this the IWM you can take the highs of the consolidation which is that one let's say 80 179 and take the lows approximately 170 so that's 10 bucks so you're talking about what I say 180 so 190 where's 190 yeah 190 here check it out 190 is the next swing up here now that's gets intriguing because yes it's the same setup it's the same setup actually where the S&P's want to go but let me look at this for a second I put this on a larger one yeah see on a larger one was gonna happen then it comes up to that next level but that's saying that it wants to go and let's just go to the banking sector for a second take a look at it because the banking sector is what took that south in a monster way and even the banking sectors today look at this okay okay every oh my god that's taking a swing out on volume you're at 42 38 4209 was the swing you needed 30 million shares and right now we get 29 million so that baby is also doing the same thing that's saying that's gonna basically take that out and get to higher price we go to let's see what Microsoft is doing it seems that there's no doubt that you have this situation Microsoft's up 280 and let's go to Amazon because Amazon Amazon's doing two different things in the last week what they did is that they cut approximately 25 projects that they were working on so that means that their expenses are gonna go down and then of course the rumor is out there and by the way Amazon denied this left and right folks okay you know that they're basically looking to get in the phone business their statement is that nope this is that isn't happening you know the head of the that department said nope it's not happening but you know I wouldn't believe that for a second they just want to make sure that if something gets done okay they you know they get it done before the fact if we take a look at Amazon on the monthly yeah it's still still this is really still a dead cat bounce that's that's how this is set up the next thing we're gonna hear about once again and this is they get intriguing because the next thing you're gonna hear about shipment wise folks is on the West Coast again let me see this here the West Coast they are having some problems at the ports and I'm not sure whether it's the the Long Sherman or just just congestion there's no doubt that the the shipping rate has gone down dramatically bring the Baltic index up right now what do you see this so we bring this over where'd you go there it is so what do you see this trot look at this trot so let me just explain something all right up here at that very top versus right here where we are right now this just this yeah they put this here so you can see the amount of money okay that green line right at the top of this line to get a container from Shanghai to doesn't matter LA well specifically to get a container from Shanghai to Tampa 14,500 right here Shanghai to Tampa 2250 exact same container that's that's the difference in rates right now and it doesn't look like it's gonna stop I mean we might go all the way back down here the least expensive I've ever seen them I think we're about 995 believe that I know isn't that that that sounds the same right but that's that's what's going on that would that mean specifically is that there's still less goods that are coming out and coming to the United States you know is Lulu them and when they come out their numbers this morning now this is intriguing because they were talking about the even their air freight has gone down dramatically and they were talking about that inside of their gains that was one of the main reasons why they basically made so much money and look at this thing man I mean you talk about gap and hire that's up 38 bucks and I mean they have a niche that's unbelievable and you know it doesn't look like to me it's going away if you go you know into any major city it seems like you know every woman in the world is wearing you know black Lulu women with black tops that's you know and they have more than that but that those two of the iconic you know hundred and sixteen dollars a piece set up you know the bottoms of 116 117 and everyone wants them and I bet they cost them like ten bucks I mean it's insane it's unbelievable okay so let's get into this gold market and see where we're at we get the gdx that gives it up now it's going to happen here on a weekly that's not bad looking actually it's not that bad looking on the weekly when the weekly is saying yeah it didn't hold price but it's some volume there you can see what was holding it up was that price point of 3102 and we hit the 3016 that's not that bad looking actually the GLD so let's say and that you know they really not dumping those gold stocks at this particular point the GLD that's seven million on the way down that has volume coming out of it today there's no doubt about that Newmont you know Newmont is taking over Newcrest this this equity you know had a huge problem was really weak then what ended up happening is that it got strong and then all of a sudden it just gave it up in spades man which is unbelievable you know because Newmont right now is that the you know this is the pandemic lows in Newmont is 33 we're at 4190 so this is pretty dangerous man and this is no doubt the largest gold company in the world right now so we go to let's go take a look at they asked the barracks the same way man but the barracks looks better than Newmont there's no doubt about that but this is this is serious business yeah this looks a lot better than what actually and then AEM and eco eagle same thing that's just that's a retracement but that that an eco eagle has high volume lows they're gonna get retested at the 4988 you want to keep an eye on these because my take folks is that we're gonna do yes we're gonna back down a little bit more but this is gonna be one of these big buys that are really gonna be able to make you some real bread dial up 683 nazik up 137 s&p's up 61 stay right there folks you come right back are you looking for a way to consistently add winning trades your portfolio Tom O'Brien is here to help Tom O'Brien has been successfully trading markets for over 30 years a frequent contributor to TD Ameritrade Network and CNBC Tom O'Brien founded TFNN over 20 years ago to help educate investors just like you Tom's daily market newsletter market insights is published every morning when the markets open to give you the competitive informational edge you need to succeed these newsletters are packed full of Tom's advanced technical analysis in our gear to deliver comprehensive strategies for a successful portfolio get Tom O'Brien's newsletter market insights today and try all of our products and newsletters 30 days risk-free with our money back guarantee at TFNN dot com TFNN educating investors you might think that if you want to be successful at trading in the stock market you're going to need a crystal ball after all it's impossible to predict the future right like any endeavor in life before you decide it's impossible get some advice from the experts you might find that it's not so impossible after all for daily market overviews that give you direction on the key indices selective stocks and commodities subscribe to the opening call newsletter at TFNN dot com the opening call newsletter is written by Basil Chapman creator of the trading methodology known as the Chapman wave the 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boy and what other that's a triceratops isn't that cool there he is right there is he good how's that huh yeah I know so Tommy where's where's where's the where's the monkey gonna go to the moon does the monkey go to the moon that means we're getting a pullback folks is the monkey gonna go to the moon I could go to the moon monkey going to the moon I'm telling you I know exactly so folks let's go look at this again so they're going after the highs and isn't it swing by swing and don't forget folks Tim would you know I mean nailed this thing he's gonna be want to understand what he's looking at and what he looks at in the marketplace get over to our website at TF and it's gonna be phenomenal workshop and you know you can see these you know on the on the S&P the bottom line is that as I said it looked like that 431 was a long way off well guess what right now it's only three points off and you know it's going for it man and the NDX 100 same setup the end the NDX and you know we'll see you know the IWM that that took off that okay now we in the show right always remember folks the big and claw your heart out the bull can run you over and thank God there's always another trade health habits and prosperity have a great weekend have a safe weekend and watch this come back and visit Tommy Monday morning kicks us off 9 a.m. great show say bye say bye to everyone say bye wave wave wave to


The topic here is the origins of the corrupt origins of central banking in America. And I'm going to talk about some research I've done on this and some publications. And it's similar to research I did many years ago, back in the 1980s, when I was just two years old, on the origins of antitrust regulations. Because it was one of my fields, I've been publishing a lot in that area. And the whole area of scholarship and antitrust was all about attempts to tweak or revise or improve the enforcement of antitrust because of the fundamental belief that, yes, for the past 100 years they would say, it has done much more harm than good. It's been badly enforced or counterproductive. It has done the opposite of what it's supposed to do, but it's because of bad enforcement. And the people who are enforcing it are lawyers and they don't know enough economics. If only we get economists trained at the University of Chicago to be in charge, then antitrust will be wonderful. And even some of the books from the University of Chicago on the subject talked about a golden age of antitrust. Richard Posner, who is now a judge, had a well-known book on antitrust law and economics back in those days, and he said that. But none of this made sense to me. How could it be that the government passes a law and scholars of all persuasions admit that for 100 years it's been a bad law, it's had bad effects. Counterproductive very often done the opposite of what it's supposed to do. It has quelled competition, caused prices to go up. Maybe that was the intent all along to have this law. It wasn't really true that there was a golden age of antitrust. And I found out that the answer is no, there wasn't a golden age. The original laws were always intended to be protectionist laws to deter competition. And so I've done something similar with central banking. When I was in your shoes as an economic student, I learned all about all the debates between the monetarists and the Keynesians. The Austrians were rarely ever mentioned when I was in school. But the gist of these debates was that monetary policy, has more often than not screwed up. It's made the economy more unstable, it's created inflation. And my old friend George Selgen has an article published. I think the title is something like 100 years of failure about the Fed. It was published in the Journal of Macroeconomics. And he's given presentations about it at the Mises Institute conferences. So if you go online on Mises.org and type in George Selgen, you can find a video of his really outstanding presentation on the Fed's performance over the past 100 years. But with most scholars, they have the same attitude. They'll say, well, even if we agree with George Selgen, that the Fed in general has caused more economic instability, has caused more price inflation, has caused boom and bust, and has made unemployment higher than it otherwise would have been. Even if we disagree with that, the answer is smarter economists or policymakers that pay more attention to economists, do what the economists say. And so again, I've questioned this whole way of thinking about things. By asking the question, well, was this really intended, central banking, to correct some sort of market failure? That's the standard story of antitrust. Supposedly it came along in the late 19th century to compensate for a supposed market failure. So did the Fed, the story of the Fed and all central banks. We had central banks in the United States long before the Fed. And I really go down to the roots. I really go to the beginning. I go right shortly after the American Revolution when the Bank of North America was actually the first central bank that the United States had in my research. And so that's what I did in this research. I looked at the very origins of central banking and found that the purpose never was to improve economic performance, to improve the credit worthiness of the U.S. government as the worshipers of Alexander Hamilton still to this day will tell us. It was always corruption, political corruption, in the service of big government. And I'm going to explain to you why I think I've proven that pretty clearly in this paper. And so as I said, the first bank was called the Bank of North America. And this was driven through Congress by some wealthy businessmen led by Robert Morris from Philadelphia businessman. He was also a defense contractor. He's known in the history books as a financier of the American Revolution. But he was more of a defense contractor who made a boatload of money on the American Revolution. And so there was this group of powerful businessmen in American politics at the very beginning of the founding who wanted a bank run by government, modeled after the Bank of New England. And Murray Rothbard explained why they wanted this in his book, The Mystery of Banking. This is what he said. Rothbard said this on page 192. He said, Morris and his compatriots, I wanted to reimpose in the new United States a system of mercantilism and big government similar to that in Great Britain against which the colonists had rebelled. The object was to have a strong central government, particularly a strong president or king as chief executive built up by high taxes and heavy public debt. A strong government was to impose high tariffs to subsidize domestic manufacturers, develop a big Navy to open up and subsidize foreign markets for American exports, and launch a massive system of internal public works. In short, the United States was to have a British system without Great Britain, and then an important part of what Rothbard called the Morris Scheme. He says was, quote, to organize and head a central bank to provide cheap credit and expanded money for himself and his allies, the Bank of North America was deliberately modeled after the Bank of England. And so as soon as the American Revolution was over, the Americans had fought a revolution against a war of secession from the corrupt British mercantilist system. And then after the revolution, there were two different camps, political camps, the Jeffersonians who were more or less free market, free trade, personal liberty oriented, and the federalists or the nationalists who wanted to adopt the same rotten corrupt British system in America as long as they could be in charge of it. They understood that if you're on the, the paying end of a rotten corrupt mercantilist system, that's a bad thing, even worth fighting a revolution over. But if you're on the receiving end, the money collecting end, it's good to be the king, you know, it's good. And they literally wanted a king. Alexander Hamilton proposed at the Constitutional Convention a king. He didn't call him a king. He called him a permanent president. But what is that, a permanent president? He's a dictator. Okay, so anyway, we did get the Bank of North America and it did what all central banks do. It debased its own currency so quickly that within two years it was privatized because no one had any confidence whatsoever in that currency. And that was the end of that. But the statists never give up. They never ever give up. I just read an article on the web yesterday about how 130 environmentalist groups have called for an end to capitalism. So they never give up, you know. I call them watermelons. The green on the outside, red on the inside. Environmentalists. So I blogged on Lou Rockwell, something like Watermelon News Update. And I put a link to this article there. So they never give up. And so the early statists in America didn't give up either. And Robert Morris chose a young, brilliant Alexander Hamilton as his political water carrier. And Hamilton had been George Washington's adjutant general in the Army. And at the very end of the Revolution, when it was apparent it was over, the war was over, Hamilton, who was a young man, he was barely 20. How does the young man barely 20 get to be the chief aide to the commanding general of the Army? He had certain political skills, I guess. They got him there. But he was a smart guy, hard-working, but still 20 years old, 21 years old. Anyway, he writes a big letter to Robert Morris. He's working for the most powerful man, George Washington. And he decides, what am I going to do after I get out of the Army? Well, I'll write a letter to the wealthiest man in the country and see if he has any suggestions. And so at the time, Hamilton knew nothing at all about economics and finance, despite what any of you may have read in school, those who have read American history about what a genius Alexander Hamilton was. He had no real special education. His defenders, when they're confronted with this, as I have done in debates and things, will say, but he worked for merchants in the West Indies as a young man. That's where he learned all about economics. That's like saying your child is an economic genius because he works at McDonald's, making change for hamburger purchasers. But Hamilton was clever enough to write this big, long article to Robert Morris pretty much saying, I agree with everything you say, Mr. Morris. So I guess that's the kind of skill he had that got him in dear to George Washington so much. And so he wrote this article, and here's how Hamilton's biographer Ron Cherno puts it. This was the Pulitzer Prize-winning biographer Ron Cherno on Hamilton about this episode. He said, Hamilton brushed up on money matters because he didn't know anything about money matters. He had a Colonel Timothy Pickering. Pickering was known as being very knowledgeable about finance. He was George Washington's Secretary of State after the Revolution. So he had Colonel Timothy Pickering send him some primers and books, David Hume's political discourses, tracks written by the English clergyman and polemicist Richard Price, and his all-purpose crib, Postal Weights Universal Dictionary of Trade and Commerce. So he read a dictionary. Then Hamilton sent a marathon letter to Morris that set forth a full-fledged system for shoring up American credit and creating a national bank. So in this letter, it's online. It's April 30th, 1781, a letter from Alexander Hamilton to Robert Morris. If you typed it in on Google, it would pop right up. And in this letter, he said, here's what Hamilton advocated and said in a letter that I agree with you, Mr. Morris, this is what we need to do after the Revolution. High protectionist tariffs, a central bank run by politicians, heavy taxes on land, poll taxes, and a large public debt. How's that for a good economic agenda? And so, and then Hamilton became kind of famous later for saying this, a national debt, if not excessive, will be to us a national blessing. It will be a powerful cement of our union. And so he and Morris advocated a large national debt, not to finance a war or not to purchase infrastructure, roads, and canals, but just to have a large national debt because the owners of the debt of the government bonds would be primarily the wealthier people of the country. And so Hamilton's idea was the wealthier people of the country will then always be behind us politically for our agenda of higher taxes and bigger government because they will want to make sure there's enough money in the Treasury to pay off the principal and interest on their bonds. So it's a very Machiavellian scheme on his part, unlike today when the U.S. government wants to attach low-income people with welfare to the government to keep the system going. In those days, Hamilton wanted to attach the wealthier people to the government primarily. Of course, we do that too with corporate welfare now, but we seem to use the opposite. And so the objective was to create a mercantilist empire, and an essential bank was the keystone of all of this. The central bank was the keystone of all of this. And so I'm going to talk about corruption in a minute, but that's why the original proponents of a central bank in America wanted a central bank. It was to finance, help finance crony capitalism and the system of mercantilism, basically the system that the American Revolution was fought against. And some other things that Hamilton said about this, you know, why Americans supposedly needed a bank run by politicians. He said this, Great Britain is indebted for the immense efforts she has been able to make in so many illustrious and successful wars because of the existence of a Bank of England. So if we only have a bank that can print money like this, you know, war is galore and wouldn't that be wonderful? And he said the tendency of a national bank is to increase public and private credit. And he said the former gives power to the state for the protection of its rights and interests. And so it was never to stabilize the economy to fight inflation, anything like that. It was imperialism. It was a financial tool of imperialism was the purpose of why there was a central bank and why they needed to be a central bank in the words of the original proponents of a central bank in America. And so to understand the corruption part of this story, you have to understand what happened just prior to the adoption of what eventually did replace the Bank of North America, was the Bank of the United States, First Bank of the United States, BUS. But before that, Hamilton himself was the Treasury Secretary. And here's how a historian named Douglas Adair, who was one of the editors of the Federalist Papers. The Federalist Papers were a series of essays written by James Madison, Alexander Hamilton, and John Jay to defend or promote the idea of a constitution, the U.S. Constitution.  And here's what he said in the introduction to the Federalist Papers about Hamilton. He said, with devious brilliance, Hamilton set out by a program of class legislation to unite the property interests of the Eastern Seaboard into a cohesive administration party while at the same time he attempted to make the executive dominant over Congress by a lavish use of the spoil system that is handing out government jobs and so forth to political supporters. In carrying out his scheme, Hamilton transformed every financial transaction of the Treasury Department into an orgy of speculation and graft in which selected senators, congressmen, and certain of their richer constituents throughout the nation participated. And so, Douglas Adair recognized that everything Hamilton was doing when he was George Washington's Treasury Secretary. And by the way, he got that job because Robert Morris wrote George Washington and said, I think you should put Alexander Hamilton in the job of Treasury Secretary. After Hamilton wrote him that letter saying, I agree with everything you're proposing, protectionism, high taxes, public debt and all that, that's what happened. And George Washington, when he got this letter from Robert Morris, he turned to Hamilton and said, I didn't know you knew anything about finance. We never talked about it. But if Robert Morris wants you to be the U.S. Treasury Secretary, we'll do it. It's pretty much the same now, isn't it? When have you ever heard of a Treasury Secretary who was not the former head of Goldman Sachs? So this would be Robert Morris would have been the Goldman Sachs guy, but he just sent an emissary, Alexander Hamilton, from that version, early version of Goldman Sachs to be the Treasury Secretary to make sure that the government would be for the plunderers, for the most part. One of my favorite slogans that I take credit for is that the purpose of government is for those who run it to plunder those who do not. And all of the stories you've heard this week, I think, demonstrate that. And so one of the things Hamilton did though when he was a Treasury Secretary is he orchestrated the nationalization of the war debt from the Revolutionary War. The states, the individual states had all issued debt. They borrowed money, mostly from Europeans and a lot of Americans who bought bonds, war bonds, to finance the war. And back in those days in the United States, Alabama was a state in the same sense that Great Britain and Spain were states. And that's how the American founding generation understood it. It was 13 individual sovereign states. If you read the last couple of paragraphs of the American Declaration of Independence, they refer to free and independent states. And then it says, well, free and independent to do what? And it says to raise taxes, to wage war and do all things that other states do. So that's how they thought of themselves. And that's why when the American Revolution was over, the King of Great Britain signed a peace treaty with all the individual states, naming them by name. There was no such thing as the United States government that was involved in the American Revolution. It was all the states, Virginia, Massachusetts, New York, and so forth, the colonies. So anyway, these individual sovereign states had all financed the war. And so this was the first big push toward nationalization and consolidation to consolidate and mobilize the war debt. And so Hamilton and his party got Congress to go along with passing a law that would do this. But only the insiders in the nation's capital knew that this debt would be bought up at face value at a certain date, like two months hence. And this was for the young students in the class, this was before the internet. And so it was hard to find these things out that the government was about to buy up this debt. And at the time, a lot of this old debt, which was in the hands of war veterans who had been paid in part by but with bonds because they had no money to pay them, it was trading between two and 10% of par value. And so what happened was there was a mad rush, all the insiders, the big businessmen and members of Congress, Hamilton himself, Robert Morris, they hired people to scour the eastern seaboard in carriages, boats, ships, horseback, whatever it took to find and seek out those war veterans and anybody else who held any of these bonds and buy them from them. If they're selling a 2% par value, I'll buy it at 4%. There's a historian named Claude Bowers. He was a well-known historian in the 1930s. And he wrote one of the classic biographies of Hamilton and Jefferson. And in this book, he wrote this, this is a description of what was happening. He said, expresses with very large sums of money were on their way to North Carolina for purposes of speculation and certificates splashed and bumped over wretched winter roads, two fast-selling vessels chartered by a member of Congress who had been an officer in the war were plowing the waters southward on a similar mission. And then among the men who became instantly wealthy through this arbitrage scheme were, quote, leading members of Congress who knew that provision for the redemption of the paper at full-phase value had been made. New York newspapers speculated that Hamilton's political benefactor, Robert Morris, made at least $18 million in the deal. This is in the 1780s. Governor George Clinton of New York made $5 million and Hamilton himself purchased some of the bonds through buying agents in Philadelphia and New York. And so the insiders, members of Congress, Hamilton himself, Robert Morris, just made a killing, tens of millions of dollars in their pockets through this political insider trading. Talk about insider trading. This is political insider trading. And old Thomas Jefferson understood what was going on here and he understood the connection between this sort of thing, which is just, I've just described to you just one incident where Hamilton used his power as Treasury Secretary to enrich the wealthy and powerful in the country, especially in the business community, and members of Congress, because he wanted those members of Congress to always vote for his agenda. His agenda was the high protectionist tariffs of central bank and corporate welfare, internal improvement subsidies. Okay? Jefferson smoked it all out though in an essay that he wrote on February 4th, 1818. He said he refers to Hamilton's financial system. He said it had two objects, first as a puzzle to exclude popular understanding and inquiry. Now, Hamilton had written several big reports, one on the constitutionality of a national bank given to George Washington and the Congress, one on his report on manufacturers and one on the public debt. And Jefferson is saying this doesn't make, this stuff is just gobbledygook. No one can understand it, but that's the purpose. It's sort of like reading Keynesian economics.  But, and Jefferson thought it was purposely confusing and convoluted. And Jefferson knew what he was talking about. He translated Terjeu's economics writings into English.  So he was a physiocrat, an early precursor of the Austrian School of Economics. So Jefferson was well read in Adam Smith and the other economists, you know, of his day and before his day and the French free market physiocrat school as well. And so he understood nonsense when he read it, when he was reading an economic track by a guy who educated himself with cliff notes in a dictionary, Alexander Hamilton. And so here's Jefferson's assessment of this. He said, he said of Hamilton, you know, first as a puzzle, it wanted to be confusing. And secondly, as a machine for the corruption of the legislature. Okay, that was his purpose here with the bank and everything else. He said, Hamilton avowed the opinion that man could be governed by one of two motives only, force or interest, either just bold-faced force or self-interest. Force he observed in this country was out of the question. And the interest therefore of the members, that is members of Congress, must be laid hold of to keep the legislature in unison with the executive, that is to get Congress to go along with what Hamilton called the American system, which was really the British system of mercantilism. And with grief and shame, it must be acknowledged that this machine of Hamilton's was not without effect. So he sort of bemoans the fact that it has been succeeding. And so Jefferson really put his finger on what was going on here when he said this, men thus enriched by the dexterity of a leader, Hamilton, would follow, of course, the chief who was leading them to fortune and thus become the zealous instruments of all his political enterprises. So he understood that the purpose of the arbitrage scheme and the agitation for a central bank was to be able to continue this, to be able to buy off members of Congress for the purpose, though, the ultimate purpose of the so-called American system, protectionist tariffs, big public debt, corporate welfare, and a central bank. But the problem, Thomas Jefferson said, big problem here is that this arbitrage scheme was a one-time thing. And these members of Congress who were enriched by this, they're going to retire or die off eventually. And so then where will the Federalist Party be then when these people are gone? And so what he said next, this is Jefferson speaking, he said, quote, some engine of influence more permanent must be contrived, something more permanent than just the law that nationalized the war debt. And what would that permanent engine of corruption be? It would be, of course, a central bank. Once you put a central bank in place, then you have a permanent engine of corruption that could be used to buy off anybody. Well, look at the Fed today. What does the Fed do today? It finances the welfare and the warfare state, and it hides the cost of the welfare and warfare state through money printing. The welfare and warfare state would not be quite as big and expansive if the government had to charge explicit taxes for everything. As Ludwig von Mises once said, if that was the case in war finance, wars would be much shorter and much less frequent if we had to pay tax for them. For example, George W. Bush alone would have had to say to each tax-paying family, here's your bill for $20,000 for the Iraq war. Are you in favor of it? How many people do you think would have said, fine, go have at it, George, if you're presented with a bill for 20 grand or more, as far as that goes. In this same essay, Thomas Jefferson talks about a dinner he had. It's kind of neat to imagine this for those of us who study American history anyway. It was Hamilton, Jefferson, Secretary of War Henry Knox, President John Adams, and the U.S. Attorney General Edmund Randolph. Jefferson says, for the truth of which I attest the God who made me, swear in a stack of Bibles what I'm about to say is true. He said the dinner-time conversation was as follows. John Adams, the President, who preceded Jefferson as President, he said that the British Constitution is the most perfect constitution in the world. If they could only rid the British government of corruption, it would be absolutely perfect. He was a big admirer of the British system of government. Of course, the British Constitution is unwritten. It's not like the U.S., but it's through basically common law. But that's what he said. And Hamilton interjected at this dinner and said, oh, no, it's the corruption that makes the whole thing work. That's the whole keystone, though it's the glue that keeps the whole thing together. And here's what he said. He said, Hamilton said, purge it of its corruption and give to its popular branch that is legislature, equality of representation, and it would become an impracticable government. As it stands at present with all its supposed defects, it is the most perfect government which ever existed. So he was saying, no, it's the corruption that holds this thing together because after all, he was a monarchist. And he was praising the fact that the monarchy was able to corrupt the British Parliament through bribery. And the Bank of England was a financial instrument of a lot of this bribery, as he was saying. And so Jefferson said, Hamilton was so bewitched and perverted by the British example as to be under thorough conviction that corruption was an essential to the government of a nation. And that's why he wanted a central bank to corrupt politics. And it's interesting the story of how we actually got it. George Washington asked Jefferson, Hamilton, and the Attorney General of the United States all to give him their opinions of the constitutionality of a national bank run by politicians. And the American Constitutional Convention had discussed this and explicitly rejected it at the Constitutional Convention. And these men all knew this. And they pretty solid evidence that it's not constitutional. It's not mentioned. It's not part of the delegated powers in Article 1, Section 8. And it was discussed at the convention. And they said, no, it sounds too much like the Bank of England. Didn't we just fight a revolution against the Bank of England in this whole system? Yes, we did. And so the nationalists lost that argument at the Constitutional Convention, which is why, by the way, Alexander Hamilton himself stormed out in a huff after a couple of days. And then when they did pass the Constitution, Hamilton condemned it as a frail and worthless fabric because it restricted government too much. It didn't allow for unlimited government, which is what he always wanted. And so he wrote this big, long report on the constitutionality of the Bank of the United States. Hamilton did. And Jefferson wrote something similar. And Jefferson made the obvious point that there's nothing in the delegated powers of the Constitution to the government to do this. And Hamilton came back and essentially said, well, you need to read between the lines of the Constitution. And Jefferson's response, and I'm not saying, this is not his exact words. But if you read these reports, he's, in essence, saying, I've read between the lines and there's just blank space there. There's nothing there. And this is where Hamilton invented the idea of implied powers of the Constitution. So if you ever heard this lingo about the living Constitution, this is where it got started, the great debate over the constitutionality of a national bank between Jefferson and Hamilton. And these are both online, by the way, if anyone's interested in doing further research on this. And you just type in the titles and you'll find them. And so what Hamilton's argument came down to was the necessary and proper clause of the Constitution, where it says that the government has the power to do whatever is necessary and proper to carry out the delegated powers. There are 16 delegated powers in Article I, Section 8. Some of you listened to Judge Napolitano the other on Sunday. Even if you haven't taken his other classes, you probably have heard about these, if not here, somewhere else. And so Hamilton essentially made the argument that a national bank is necessary to carry out the delegated powers. So he used the necessary and proper clause. Jefferson once again came back and said, no, it's not necessary. We have banks. You know, we have banks. You can put the U.S. Treasury, the money, the tax dollars right now today are deposited in private banks. We don't need a government bank. We have banks. And so, and Jefferson said it would be, maybe it would be convenient for the politicians, but it's not necessary. We're back and forth like this. And then, but we didn't, we did get it. We did get the first bank in the United States, but not because Hamilton's argument won the day. It was a corrupt political deal between George Washington and the Nationalist Party, his own party, basically the Federalist. At the time, they were moving the nation's capital from New York to Virginia to create Washington, D.C. with a stopover in Philadelphia in between. And George Washington said this to the Federalist Party leaders, who wanted the bank? These are the people who are Robert Morris' water carriers and politics. He said, I'll sign the bill for National Bank if you expand the boundary of the District of Columbia by three miles so that it is adjacent to my property at Mount Vernon. And it would greatly enhance the value of his property in Mount Vernon, and so they did. They redrew the map of Washington, D.C. so that it would be adjacent to George Washington's property at Mount Vernon and enhance the value of his real estate, and he signed the bill. And that's how we got the first bank in the United States. And here's what Rothbard said about the first bank in the United States. The first bank in the United States promptly fulfilled its inflationary potential by issuing millions of dollars in paper money and demand deposits. The result of the outpouring of credit in paper money by the new bank of the United States was an increase in prices of 72% from 1791 to 1796. So it immediately created 72% inflation in the first five years. And the bank of the United States did exactly what Jefferson and the opponents of it said it would do. It did create price inflation. It did create boom and bust cycles. And it did corrupt politics. The money-cheap credit was offered to political supporters of the Federalist regime at the expense of everybody else. And it created so much instability and corruption that the same Congress that had voted it into existence in 1791 did not recharter it 20 years later. It was given a 20-year charter. And so they did not recharter the bank of the United States because it had done exactly what it was expected to do by Jefferson and the others. It also did exactly what it was expected to do by Hamilton and his followers, corrupt politics. That's what they said was the purpose of this bank. But in those days, you had someone like Andrew Jackson who came along later. It was sort of serendipitous that the second bank of the United States came along to help finance the war debt of the War of 1812. And so in 1811, the Congress votes to bring back the bank after all. After it had voted to not recharter this bank, it brought it back to help finance the war debt from the War of 1812. And so, not in 1811, it went out of business. But then by January of 1817, the Bank of the United States was back in business. And then two years later, it was the great panic of 1819. And that's the subject of Murray Rothbard's doctoral dissertation at Columbia, which is for sale downstairs. And you can read it online too. So the news, our second bank of the United States quickly created the first really big depression in the United States. These were called panics at the time. Does anybody know who's responsible for the word depression? Anybody hear that? It was Herbert Hoover. He thought panic was a little too scary. Depression would be a better word. Let's call them depressions. But they called them panics up until then. And it was the first time in American history where there was large-scale unemployment in the cities. Rothbard quotes, I think, Philadelphia, where he got statistics on manufacturing jobs in Philadelphia. And I think they went from 9,500 manufacturing jobs to 2,500 in a year because of the depression of 1819. And so we did get that bank, and it did what the first bank of the United States did. There were... It was even... By the time you get to the 1830s, Henry Clay, the politician Henry Clay, had become the successor of Hamilton in terms of the promotion of central banking. Hamilton died in 1804 in a duel with Aaron Burr. And our friend Gary North once told me that he started up an Aaron Burr society once. And their logo was Not Soon Enough. He shot Hamilton dead in a duel. Those of you who don't remember that part of history, that would be kind of a nice ball cap or something to have. T-shirt, Not Soon Enough. Maybe with a bullet in the head or something. But anyway, the second bank of the United States, Henry Clay, to show how the corruption was there, he was Secretary of War, and he stepped down. He resigned as Secretary of War to take on the job as General Counsel for the Bank of the United States because he had run up $45,000 in gambling debt in Washington. He was a big gambler and partier. This is in the early 1830s, 1820s actually. $40,000 in gambling debt. And so if you read the biography of Henry Clay by Maurice Baxter, he says, in just two years, he was happy with his remuneration and he paid off all his debts. He was paid in cash and in land by the Bank of the United States. So the Bank of the United States was spending huge amounts of money on its supporters in Congress. In one of my books, I even quote Daniel Webster, who wrote a letter to Nicholas Biddle, the head of the Bank of the United States, saying, I need to receive my retainer if you expect me to continue my support in the Senate for the Bank of the United States. And so members of Congress were literally extorting money from the head of the Bank of the United States in return for votes. They weren't waiting to be bribed. They were taking the initiative there. And so they would publish the political pamphleteering of proponents of the mercantilist system. If you were a protectionist, if you were certainly a supporter of the central bank, if you're a supporter of corporate welfare, they would support your political campaign for Congress. If not, of course not. And so much so that Andrew Jackson, when he became president, he vetoed the rechartering. This was a 20-year charter again. And so he vetoed the rechartering of the Bank of the United States and it eventually went out of business. And here's what Jackson said. And Jackson, he was one of Rothbard's favorite politicians. If there is such a thing as a Rothbardian favorite politician. But Murray was not a perfectionist. In fact, he was very annoyed at these libertarian perfectionists who would say, if Murray would advocate something, there would be a gigantic advance in a direction of freedom. But it was not absolutely 100% pristine and perfect. He would get all this mail from these perfectionists who had claimed to be more holier than thou, more Rothbardian than Rothbard. And he always thought that these people were jerks. And they were, and are. And so he kind of liked Jackson because he wasn't... He did some good things. He did some evil things too. He was the mass murderer of Indians in Florida as a young man in the army. And so Murray never, for goodness sake, would never have condoned that. But defunding the Bank of the United States was a pretty good thing. Okay. And so here's what he said in his opinion, vetoing the recharter of the Bank of the United States. He said, he condemned the Bank of the United States as, quote, subversive of the rights of the states and dangerous to the liberties of the people. He said, every monopoly and all exclusive privileges are granted at the expense of the public and that many millions, which this act, that is a rechartering of the Bank of the United States, proposes to bestow on the stockholders of the existing bank must come directly or indirectly out of the earnings of the American people. These stockholders are profiting from their connection with the government and not from any productive efforts on their part. And it was funded about 20% government funding and 80% stockholders. And so it was just the ownership of the bank was a way of subsidizing the politically connected people, let alone the functioning of the bank and the extending of cheap loans and that sort of thing to politically favored businesses. And so that's my story and I'm sticking to it that the original purpose of central banking in America always was to corrupt the political system and economic instability be damned. But it took many years after. You know, there really wasn't an economics profession until really the late 19th, early 20th century in America. There's an economist who's long dead now. His name was A.W. Coates, C-O-A-T-S. He wrote an article in the American Economic Review around 1960. It was called the American Economics Club. It was about the early days of the American Economic Association in the late 19th, early 20th century where there were about 20 members. And so there weren't that many people who made a living as an economist. Adam Smith wasn't an economist. He's a moral philosopher. And so, but as soon as we, you know, it was once we got, you know, a much bigger economics profession, that's where all the rationales for central banking, the market failure rationales came from, especially from people like Irving Fisher, who was one of the big proponents of a central bank and of the Fed in particular in his day. And so, but if you look at the actual history, there were no arguments being made that this will create economic stability or hold down prices or anything like that. That all came much, much later once we had the economics profession. And, you know, the American Economic Association was founded in, I think, 1888. Richard T. Ely and John Bates Clark were the co-founders. And the founding principle was that laissez-faire capitalism is unsafe in practice and unsound in morals. That's the original, the actual charter. And that's why Ludwig von Mises always refused to join the American Economic Association. And he would look at the charter, are you want me to join this?  Why would I join this, this organization? And so he didn't, but then all these rationales about the wonderment of central banking came much later. But the truth is much dirtier and much more corrupt. And I think that's about all I'm going to have to say for now. I'd be glad to take questions, comments, brilliant orations from the floor or if you want to take a nap before the next session, that's okay too. It's about this time of week when the students just start getting a little bit tired. We have 15 minutes left and I was just giving this book here that's written in Portuguese. Maybe I'll just start reading it on page one and fill up the last 15 minutes. What's that? Yeah, yeah, I can do that. Okay, well if there are no questions, we'll call that a day then. Oh, there is a question, okay. Yes, yes, yes. David Gordon, there's, you know, we have a book reassessing the presidency for sale downstairs if it's not free. They've been given away, they printed way too many of them and they've been given away for free for years. I don't know if they're not, it's very cheap. But there's a chapter on George Washington by David Gordon in that book. And so if you want to read something less than, you know, wishy-washy idolization about George Washington, read that one, read that essay. But yeah, he was a federalist. George Washington was a businessman and a pretty good businessman and became very wealthy, a big landowner. And you know, one of the episodes, one of the things that really convinced me of what a rotten scoundrel Alexander Hamilton was, was the whiskey rebellion in Pennsylvania during his day when he was Treasury Secretary. The farmers in Western Pennsylvania had decided that growing wheat and other grains and transporting them clear to Philadelphia or wherever the bigger markets were, was too expensive. So they turned the grain into whiskey and it was more profitable for them to turn the grain into whiskey than to sell the grain. And so there was a special whiskey tax and they opposed that. They had a big tax revolt because they said, well, why is there not a special tax on tobacco and cotton and all these other things? Why is there a special discriminatory tax on us? And besides that, the Constitution, the original Constitution prohibited discriminatory taxation. So there was a big tax revolt in Western Pennsylvania and it was Hamilton who convinced George Washington to raise an army of conscripts. They got governors of the states on the eastern seaboard to conscript men into a 15,000-man army to drive up into northern Pennsylvania to put down the tax rebellion. And all they were doing was things like when the federal tax collector would show up, they would tar and feather him, things like that. And they weren't paying the tax. And so Hamilton saw this as we need to teach all Americans a lesson that we are going to collect the taxes. So he goes up there and takes over. And George Washington went up there because he owned land in Pennsylvania. And so if you read about this, it seems like he was looking at it as sort of a real estate showing. He was trying to sell the officers in this army were bondholders from the eastern seaboard. The soldiers who were supposed to do whatever fighting that was going to be done, they were the conscripts. So the bondholders were the officers ordering the conscripts around saying, let's go do away with these tax protesters because if they succeed, I'm not going to get my bond. My bond is not going to be paid back. We can't have that. And so that's what was going on. And I think George Washington wanted to sell some of these guys, some of his property holdings in Pennsylvania. So that's why he went up there. And then he left after he did his real estate showing, see, this is, you know, I own this much of Washington County and it's named after me. You know, after it was Washington County, Pennsylvania, where this took place. And so he left Hamilton in charge. So they ended up getting about two dozen of these tax protesters. They marched them clear across from Pittsburgh to Philadelphia in the winter months with chains and manacles on them. And they put them on trial in front of Hamilton, the judge. He made himself the judge. He wanted to hang them, but George Washington pardoned them all. And so that's just one you asked me about George Washington. So that's one good thing Washington did. He pardoned them all, but Hamilton wanted to hang the tax protesters to teach all Americans, not just Pennsylvanians, but all Americans a lesson about not paying taxes.  That's the big complaint about how he has housed soldiers in our houses in the Declaration of Independence. That's what Hamilton wanted. And so he got his army of tax collectors to go to Pennsylvania. And that's sort of what we have now. It's called the IRS. No, that's Abraham Lincoln is the worst figure. Who was a Hamiltonian through and through, by the way?  The latest death toll of the American Civil War is as much as 850,000 with more than double that number maimed for life. And so Hamilton, Hamilton never did anything like that. He was never able, he did not shut down the presses. He did not shut in prison tens of thousands of political dissenters like Lincoln did. So Hamilton, Hamilton was a nobody compared to people like Lincoln or Wilson, Roosevelt. My favorite president is William Henry Harrison. He died one month after taking office. He caught pneumonia on inaugural day and kicked the bucket a month later. So he's my favorite. He could not have done much damage. It's also Lou Rockwell's favorite. Yes, sir. Thank you, Adrian. What was the... Oh, the Louisiana Purchase. You know, like I said, if you can praise Jefferson for doing one thing without everything, like Rothbard, as I mentioned, he would praise Jackson for defunding the bank, but that doesn't mean he would praise him for everything. Jefferson's, one of his biographers on the Louisiana Purchase explained that he thought America could become an empire of liberty. So he thought the purpose of the Louisiana Purchase was once we had this system of limited constitutional government in place, let all the immigrants from Europe who want to come here, come here, and populate the land of the Louisiana Purchase, and he called it an empire of liberty rather than an aggressive empire. That was his argument for why he thought it was constitutional to have the Louisiana Purchase. But also at the same time, you have to understand that when a philosopher becomes a politician, he acts like a politician, which means he may or may not pay attention to the constitution or the rules if he can get away with it. And I don't see it, in fact, Adam Smith himself, Adam Smith, after he left the university world, became a customs agent in England. He was a tariff collector at the end of his life because he needed the money, he needed a job. Even the person who's probably most famous in all of history as an advocate of free trade became a tariff collector when he got a job in government. And the same is true with a lot of politicians that you might admire. Herbert Hoover made some nice speeches after he became president. But as president, he was horrific. He was just horrible, absolutely horrible. He created the Great Depression with his interventionism, turned a stock market crash into a Great Depression, and his successor doubled up on all his same policies and made it orders and magnitudes worse. But if you read some of his speeches in later life, they sound great. Martin Van Buren, he was a pretty good president. Martin Van Buren, when he was faced with a depression, panic, he made a speech about why we need to cut taxes, cut spending and encourage free trade, get rid of tariffs and things like that. And so he's credited with being the founder of the Democratic Party and the Democratic Party of the 19th century was the party of Jefferson, Jeffersonian philosophy of free trade and so forth. So at least in America, to the extent that any political party had members that were close to what people in this room would think is agreeable, it was the mid-late 19th century Democratic Party. But then it all imploded in 1896 and became a gang of socialists. Essentially, the progressives took over the Democratic Party. What's that? Watermelons. Yeah, they eventually became watermelons. It's an appendage of them. I don't think they were... I guess Teddy Roosevelt was probably the first watermelon. He's like the Godfather watermelon. Any other questions, comments, brilliant pronouncements? Well, that's all we'll do for today then.


Hello and welcome to another episode of Frightfully Forgotten Horror Movies, and happy thanks again! Crashing treasure! Ugh! So why does Bloodsport have, uh, okay, so why has Bloodsport had such, has, has had? Why is Bloodsport, why has had such a, why does Bloodsport have, okay? Most people would recognize him from being the lead singer of the Canadian metal band, Thor! Ha ha ha ha ha ha ha!  Ha ha ha! I didn't actually! Ha ha ha ha! You're Canadian! Whatever! Ha ha ha ha ha! Rock and Roll Nightmare starts off with his family in his farmhouse and mom's making supper, or breakfast? Breakfast!  I'm not with it today. He hears his wife scream in the kitchen and he runs down and the kitchen's empty. Oh fuck! Ugh! Okay. Eventually this van shows up at this farmhouse and van opens up and all these band members start... Oh fuck! Ha ha ha ha! Ugh! The door opens and all these band members start piling up, piling out! Oh yeah! Pile in, you don't pile out! All right! Ha ha ha ha! I guess whatever! Ha ha ha ha! Okay. Oh that was rough. Ha ha ha ha! Man! What a nightmare! Ha ha ha ha! That's it! All right. Is it recording? What a nightmare! Hey buddy. Ha ha ha! Okay wait, what's that guy's name again for the request? Uh, Dave Vanderhoff. Dave Vanderhoff, okay. What a nightmare! Hey buddy. What a nightmare! Shit, do it again, sorry. Whoa, what a nightmare! Hey buddy. We got another film request. Dave Vanderhoff. Ha ha ha ha!  Okay, ready? Yeah. So this fuck... Oh, it's the new carpet. Yeah, yeah. Yeah. Ha ha ha!   Can I tell you about that guy? No! Oh, that guy was so grossly out of shape. Ha ha ha! They all sent him by himself, like he had no partner or anything, right? And he was, oh... He was carrying these big rolls of carpet in here, just hoffing and hoffing. Ha ha ha! When I could hear him from upstairs. Oh! Like a job like that. Oh, Jesus. The guy was like, do you get too old for this? He kept saying, I'm like, no, you're just grossly out of shape. Ha ha ha! Maybe if you weren't obese, he wouldn't be too old for this job. Ha ha ha! Hello and welcome to today's edition of Frightfully Forgotten Horror Movies. But before we get started, what are we drinking? Well, we're drinking Channel Marker Lager. Yeah, Lightwarp. Channel Marker Lager. It's a lager from one of our local breweries in town here. Even though it's not local, it's actually from the next province over.  Whatever. Let's do it from the beginning. That had no flow.  Excuse me, flow? Ha ha ha! Basket case on VHS that one time? Yeah! Oh. Okay. What did I write down for myself to say? I got jumped at that flea market. Yeah, yeah, I got jumped coming back from the flea market. Okay. Okay. Didn't you used to have basket case? All right. Okay. Didn't you used to have basket... I don't know why that's so funny. Didn't you used to have basket case? It's not even funny. Didn't you used to have basket case at that flea market? Didn't you used to have basket at that flea market? Not bad for whatever it... 20 bucks I paid for it. Didn't you used to have basket case? Yeah. Didn't you used to have basket case on VHS? Yeah, if I wanted that...  Do it again. Okay. Didn't you used to have basket case on... Joe... There's some of these... Actually, Joe used like home movies and stuff. And one of them she just like... Mom, I'm like, why? He's like, do I think her fit? It's my mom's friend's funeral or something.   Yeah, I really want to go back and re-watch that. Yeah, yeah, that sounds like... Re-watch a funeral. Didn't you used to have basket case on VHS? Yeah, but I was jumped for it the day I bought it from the... Fuck. Hello and welcome to another edition of... Right Freak... Then maybe we'll actually take a sip and fall back. Okay. And then we'll cut to me kind of catching you and that you're kind of like... Helping you out. Okay. That's good. Yeah. Okay. It's kind of weird. We'll move this so you don't trip over it. One more time? Yeah. Listen, your liver is dislocated. We've got to stop this thing. Right, Coach? No, I said... I just said... Shit, Adam Poppins. I think that's the one right there. Put your liver somewhere else. Let your liver go. There is... No liver. I wasn't just going to smile at that. Hello and welcome to another episode of... Right Freak Forgotten Horror Movies. But before we get started, what are we drinking? Well, we are drinking some local beer. Yeah. Uh, fuck, I feel what this is. Barnhammer? Yours is barnhammer. Okay. Yeah, mine's the barnhammer. We heavy. I'll go get them. I don't want to lie.  Is that from Devil May Care? Oh, that's the brewing. That's the brewing. Alright. Vernal Fusion Machine. Can you do that again? Yeah. Alright. Hello and welcome to another episode of... Right Freak Forgotten Horror Movies. But before we get started, what are we drinking? Today we are drinking...   Is consistent throughout the movie. What's happening? What's going on? And, uh, where's it going then? Fuck. Today we're going to be talking about in 2004's Dawn of the Dead remake. Yeah. A lot of people really seem to like. Yeah, even more so than the movie that we previously did. This batch is actually pretty good. I should have drank it quicker.  I should have just drank it all. Try to drink all these bubbles down.  Messiah of Evil was directed by Willard... Oh. Oh, Hayek? You want to say? Okay. Or Huik? Huik, sure. Maybe Huik. Okay, here, let's fill up. Reload. Didn't even see that. Neither did I. Rested it on one. No way. Okay. This movie does a brilliant, absolute brilliant job of building... I'll say that again. This movie does an absolute brilliant job of building suspension. It's probably one of the greatest... Suspension? Suspension. Okay, I'll say that again. They don't define who these people are, right? We both have to wash our clothes after I'm spilling. What is that? What? Two megabytes. It just made me waste two megabytes. Just trying to make it fun. I can't do it again. This is gonna... The outtakes and all that is gonna actually be like Buffalo 66. Okay. I gotta hold this up, though, too. Okay, let's do it from the beginning.  We can do it. All right. Okay. Touch me. I'll give you one take. Yeah. It was going pretty good until then. Yes. Oh, fuck. What is that? What? Two megabytes. You made me waste two megabytes.  I was making it fun. Yeah. Okay. Come on, what is that? What? Two megabytes I just wasted. I was just trying to make it fun. You're missing the point. No, you have to tell me to sit down.   All right. Don't touch me. What? Fuck. Fuck. What do you mean? Christ almighty. So close.  Oh, yeah, they're tough. Okay. Just trying to make it look good. We review movies together as friends, but we don't touch each other, all right? Okay, let's change the background now. Let's try something different. Let's try the VHS, okay? This is the VHS period. That is so good.  And I keep losing these push pins. Where are they going? Oh, right. Here's one right here. Okay, let me go take a leak.