OPINION: This article may contain commentary which reflects the author's opinion.
Fox News host Tucker Carlson blasted President Joe Biden on Friday over his various economic and spending policies, which he said have collectively become “the most damaging thing any American president has ever done to this country and to the world.”
As he began his monologue, Carlson noted that without congressional approval or national discussion, the Biden administration assumed emergency powers following Russia’s invasion of Ukraine and began imposing a series of financial policies that the White House claimed were designed to hurt Russian President Vladimir Putin, but instead have directly harmed American consumers.
In addition, he noted that the imposition of a ban on Russian oil immediately escalated global oil prices, which came on top of an existing world supply chain crisis that Carlson said has only been made worse by Biden administration ineptitude.
At the same time, he argued, thanks to years of mismanagement by the Federal Reserve, problems that were exacerbated by a year’s worth of shutdowns due to the pandemic since coupled with the injection of trillions of newly printed dollars has created an inflationary cycle the Fed can no longer control.
In the end, Carlson reasoned, a major global economic shift is likely coming — that is, a move away from the U.S. dollar as the world’s reserve currency — which will have devastating economic effects on most Americans, all of which is being hastened by Biden’s policies.
Here’s a partial transcript of Carlson’s monologue, with a video at the end:
You wonder if looking backward many years from right now, historians will notice the remarkable coincidence in timing. Have you noticed? Here it is. At exactly the moment when the emergency powers they awarded to themselves to fight COVID started to wane, our leaders began pushing for conflict with Russia, and then, on the basis of that conflict, they assumed historic war powers.
Without even pausing, the Biden administration declared total economic war on a sovereign country. No American had been killed. The United States had not been invaded or attacked and yet, with no meaningful public debate or congressional authorization, the Biden administration destroyed that country’s currency, then removed it from the international banking system that impoverished its population.
Then the administration began seizing the property of people affiliated with that country without a trial or due process of any kind, without even bothering to explain exactly what crime they had committed. No American government had ever done anything like that before. …
The morning that Russia invaded Ukraine, you may have been talking about a lot of different things — COVID, or crime, or the southern border. Not anymore. Much to relief for the White House, all of those topics have been forgotten, maybe forever. No population has ever been more skillfully manipulated than our population is being manipulated right now, but even with the tech monopolies on the case full-time, there are limits, some topics cannot be hidden, and inflation is one of them. …
In fact, inflation is so high right now that even affluent people are worried about it, and not worried in some abstract sense, like about the long-term health of the country. Though, that too. People who make 250 grand a year are worried they will not be able to continue living as they do now. You may or may not feel sorry for them, but let’s put it in perspective. Imagine if you made 50 grand a year or 30 grand a year, as many Americans do, you would be terrified in the face of this inflation, and maybe you are.
So, what’s causing it? What is the root of the inflation? If you want to know the answer to that question, the fastest way to get it is to check to see what politicians are denying. Whatever they claim is not the cause of inflation almost certainly is the cause of inflation, and with that in mind, here’s Joe Biden telling you that government spending has nothing to do with it. …
In the months after the 2008 financial crisis, the Federal Reserve assumed emergency powers to respond to the financial collapse. Now, if you’re noticing a theme here, the people in charge giving themselves emergency powers in the face of a crisis they created, you may be on to something. But in any case, after 2008, the Fed dropped interest rates to near-zero and then began printing money. This was supposed to save our economy, and maybe it would have saved the economy if it had ended at some point, but it did not end. It went on to the present day. That’s nearly 14 years and in the process, what was designed to save our economy destroyed our economy.
Several times over the years, wiser heads at the Fed talked about dropping the emergency measures and reintroducing reality into the American economy, reintroducing market forces. Remember those? But each time they contemplated this, Wall Street revolted in very public ways. Wage growth and the productive economy had stalled, but the market for private jets was booming. So, asset inflation became the basis of wealth for many people at the top end. Buy things, then sell them for more. Make nothing.
Now, no society can continue like that for very long because it’s not inherently productive. It’s a shell game, but ours did for more than 14 years, and in the process, this country became more lopsided economically than it’s ever been. Fewer people owning more of everything. The Fed was fully aware of this. They’re not stupid. They knew they were causing these trends and that most of these trends were dangerous and bad for America, but the truth is, nobody could stop it. …
Thanks to the Biden administration’s mismanagement, commodities across the board are up dramatically — potash, fertilizers, wheat — huge. Nickel went up 250 percent in two days. Who’s going to pay for all this? You are. This is the biggest tax increase of your life, and, by the way, it could very easily get worse. Why? Because oil is traded in U.S. dollars. Ever hear the term petrodollars?
Why would the rest of the world continue to trade oil in U.S. dollars, a fact that greatly benefits us, when there’s uncertainty imposed by political forces on oil markets? There would be a huge incentive to trade oil in another currency. Maybe the Chinese currency? Maybe the euro? Maybe crypto? Who knows? But there will be new and competing markets in which oil is traded in something other than U.S. dollars, and that’s a massive loss for us. …
Here’s the bigger truth: Our global financial systems benefit us. That may not be fair, but it’s true, and they’re the basis of our wealth. So, if you destroy them in an effort to get Putin, who are you really destroying? You’re destroying the United States, and that’s exactly what they’ve done. When you attack and destabilize the global financial systems, to restate, you are attacking and destabilizing the United States, not Putin.
You can’t see this right now, because there’s so much hysteria being ginned up by the media, particularly on social media, but when that hysteria lifts, when the cloud finally evaporates, it will be obvious that the Biden administration’s response to the invasion of Ukraine is the single-most damaging thing any American president has ever done to this country and to the world — not to Putin — to us and to a lot of small countries that didn’t deserve it.
It’s hard to see that now. All you’re seeing are Ukrainian flag emojis on Twitter, but someday we will assess this moment with clear heads, and when we do, we will be horrified.