Scott

Because we take the stability that we have here for granted. We take the fact that our markets are free and fair. Around the world, it's not like that. Argentina...

that i just visited three weeks ago has a very dynamic president you know you may have seen him president the malay and he is having to save his country but argentina 100 years ago was the ninth richest country in the world now i think it's something like 120th so um Everyone, people like Argentinians want to put their money here. And then why is it important to be the reserve currency?

that i just visited three weeks ago has a very dynamic president you know you may have seen him president the malay and he is having to save his country but argentina 100 years ago was the ninth richest country in the world now i think it's something like 120th so um Everyone, people like Argentinians want to put their money here. And then why is it important to be the reserve currency?

Because it gives us low-cost borrowing, gives us the authority over the rest of the world in terms of issuing debt, in terms of the world is priced in dollars. So it gives U.S. companies an advantage, gives the U.S. government an an advantage for borrowing, and really helps us maintain our defense posture and our foreign presence. Everybody wants to be in the dollar.

Because it gives us low-cost borrowing, gives us the authority over the rest of the world in terms of issuing debt, in terms of the world is priced in dollars. So it gives U.S. companies an advantage, gives the U.S. government an an advantage for borrowing, and really helps us maintain our defense posture and our foreign presence. Everybody wants to be in the dollar.

Commodities are priced in dollars. Oil is the most important commodity in the world. It's priced in dollars. So We got to work hard to maintain our reserve currency status. I'm sure that we are going to do it. And President Trump did an incredible job in his first term. There was some bad behavior by the U.S. government in terms of fundamentals. And now we're going to be back on a good track.

Commodities are priced in dollars. Oil is the most important commodity in the world. It's priced in dollars. So We got to work hard to maintain our reserve currency status. I'm sure that we are going to do it. And President Trump did an incredible job in his first term. There was some bad behavior by the U.S. government in terms of fundamentals. And now we're going to be back on a good track.

And I can tell you, everybody in the world wants to come here now.

And I can tell you, everybody in the world wants to come here now.

Yeah. So the tariffs, we'll see where the negotiations come out. Tariffs are more like a one-time price change. So we could see a price adjustment over the coming months. But at the same time, we're seeing rents go down. We're seeing energy prices go down. My cousin from Daytona Beach, Florida said, If you could believe it, gas in Daytona Beach is $1.92 a gallon.

Yeah. So the tariffs, we'll see where the negotiations come out. Tariffs are more like a one-time price change. So we could see a price adjustment over the coming months. But at the same time, we're seeing rents go down. We're seeing energy prices go down. My cousin from Daytona Beach, Florida said, If you could believe it, gas in Daytona Beach is $1.92 a gallon.

So we've seen about a 20% decrease in energy prices. And President Trump is committed to lowering taxes. So the way to think about it, the price on the shelf may go up slightly, but your take-home pay will go up. the sort of what we would call the after tax earnings for whether you're single or for a household will go up. And then the other big tax that is really an invisible tax is regulation.

So we've seen about a 20% decrease in energy prices. And President Trump is committed to lowering taxes. So the way to think about it, the price on the shelf may go up slightly, but your take-home pay will go up. the sort of what we would call the after tax earnings for whether you're single or for a household will go up. And then the other big tax that is really an invisible tax is regulation.

So the average household in America, the average, cost of regulation increased by about $3,000 per year under President Biden. And we are working on cutting that back. So you should be able to see a substantial decrease in regulatory burden.

So the average household in America, the average, cost of regulation increased by about $3,000 per year under President Biden. And we are working on cutting that back. So you should be able to see a substantial decrease in regulatory burden.

The very nuanced and important question. Prices can go up over the short term during periods of shortages, but they want to come right back down. What happened was this terrible combination of what the Biden administration did, and it was exactly the opposite of what President Trump did under his first administration. So he cut taxes. And deregulated.

The very nuanced and important question. Prices can go up over the short term during periods of shortages, but they want to come right back down. What happened was this terrible combination of what the Biden administration did, and it was exactly the opposite of what President Trump did under his first administration. So he cut taxes. And deregulated.

So when you deregulate, there's more supply of something. There's more supply of energy. There's more supply of housing. There's more supply of goods and services. So there was a demand shock. for goods because people had more disposable income.

So when you deregulate, there's more supply of something. There's more supply of energy. There's more supply of housing. There's more supply of goods and services. So there was a demand shock. for goods because people had more disposable income.

At the same time, there was a supply response, so there was a greater supply of everything, and there was very low inflation, about 2%, which is the long-term average. Under the Biden administration, they were playing with fire anyway, and there were the COVID shortages, but they had a federal spending shock That was, as Charlie said, debt financed. And then they put in more regulations.