David Rutherford Show: #1 Economist Warns - The Fed Turned 66% of Gen Z Socialist
The Clay Travis and Buck Sexton Show
iHeartPodcasts
4.5 • 11.4K Ratings
🗓️ 20 May 2026
⏱️ 53 minutes
🧾️ Download transcript
Summary
68 cents of every dollar in your wallet were printed in the last 18 years. The other 32 cents took 200 years to create. That's what the Federal Reserve actually did to your money.
Brian Wesbury is the Chief Economist at First Trust Advisors, former Chief Economist for the Joint Economic Committee of the U.S. Congress, and ranked the #1 economic forecaster in America by The Wall Street Journal. He's been warning about this for decades.
David and Brian break down how quantitative easing tripled the money supply, why that created the biggest generational wealth gap in American history (boomers won, Gen Z got crushed), how Jerome Powell's Fed enabled a government spending addiction at artificially cheap rates — and what the new Fed chair Kevin Warsh inherits now that the bill is coming due.
They also dig into the Iran conflict's impact on oil and inflation, why two-thirds of Americans under 30 now believe socialism is a better system, and what Brian would tell every young person about building wealth in this economy.
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Timestamps
00:00 — How the Fed Tripled the Money Supply in 18 Years
09:42 — Why Two-Thirds of Gen Z Now Believe in Socialism
12:19 — Jerome Powell Created This Mess
15:14 — Warsh vs. Powell: The Fed's Civil War
27:25 — The Fed Caused the Great Depression, the '70s, and Covid Inflation
31:41 — Iran, AI, Tariffs, and the Most Complicated Economy in History
33:55 — Building Wealth, College Is Overrated & The Soul of Americans
44:09 — Brian's Message to Every Young Person: Be Who You Are
Follow Clay & Buck on YouTube: https://www.youtube.com/c/clayandbuck
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Transcript
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| 0:00.0 | This is an IHeart podcast. |
| 0:02.3 | Guaranteed Human. |
| 0:04.4 | Almost two thirds of people under 30 in the United States think socialism is better. |
| 0:12.8 | What's the argument against capitalism? |
| 0:15.4 | The people think it creates inequality. |
| 0:18.2 | The inequality that the Federal Reserve just created, it has nothing to do with |
| 0:23.1 | capitalism. If you have a $100 bill in your wallet, 68 of those dollars were printed in just |
| 0:30.0 | the last 18 years. The other 32 were printed in the previous 200 years. And when you print this much money, you get inflation. |
| 0:39.9 | Then we have this divide. |
| 0:42.0 | And then you will end up electing a mayor in New York City who is an avowed socialist. |
| 0:48.3 | And it's the youth that elected him. |
| 0:51.1 | Genzi doesn't like baby boomers. |
| 0:53.0 | And they think the world's gameed against them and for the baby boomers. There's a little truth to that. But |
| 0:58.8 | what the Fed of Reserve did, it made this problem way worse. |
| 1:18.7 | Today on the show, I have senior economist Brian Westbury from First Trust Portfolios. |
| 1:24.8 | Brian is notoriously correct as he forecast future markets. |
| 1:46.3 | And I wanted them to bring them on today to talk about the Fed and what's happening. We got a new chair and what his predictions are over the next six months to a year within the markets itself. So Brian, welcome to the show, buddy. Hey, David, great to be with you. I've been looking forward to this day for a while. |
| 1:52.6 | So thanks for having me on. It's good to be with you, my friend. It's good to see you again, too. And I just had to wait for the perfect time. And I knew there was going to be a new Fed chair eventually. |
| 2:00.1 | And I was just like, I wanted to introduce my audience to you with that because you are a Fed expert. |
| 2:05.9 | So give us a rundown. |
| 2:07.7 | What's going on and what do you think? |
| 2:10.4 | Because the Fed's books have, from the first time we ever chatted a few years ago to now, you've helped me understand that the Fed's books |
... |
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