Hello everybody and thank you for tuning into the Liberty Report.

With us today, we have Daniel McAdams, our co-host.

Daniel, good to see you today.

Happy Monday, Dr. Paul. How are you?

Doing fine. Thank you.

All right.

Better than the budget.

That is the U.S. budget.

There's a few other budgets that have skyrocketed.

And I always remind people that one of the worst things about the inflation and the debt and the spending is the maldistribution of wealth.

You have more and more now trillionaires and billionaires at the same time there's a lot of poor people who, they wonder if there's going to be a recession.

There's a significant percentage of people now who already have their recession because they can't handle the price increases.

But I maintain that one of the most important thing for people to watch will be, you know, the inflation figure, saying debt.

And debt is something that has basically gone up almost automatically.

And today there was a report that they have to do some refinancing of a trillion dollar corporate debt added

on to many other things.

Yesterday we talked about the debt that is outside the regular banking city, and almost

half of the financial instruments are done outside of regular banking, and yet they will be backed

up by the Federal Reserve eventually.

So debt is a big deal.

And you know, I remember so clearly in the 1970s because that was a big deal because they

eliminated, you know, the restraint on the Fed, which wasn wasn't working and they got rid of the

...