Welcome to the Eric Erickson Show podcast, Hour One.

Well, hello there. It is Eric Erickson here. The Eric Erickson Show across the nation.

The phone number 8779773-725. We have some breaking news.

The Dow Industrial Average, the Dow Jones is down 454 points right now. The NASDAQ is down 248,

S&P down 67, Russell 2000 down 30.

Everything is crashing right now.

The reason it's going down is we've had a pretty good summer rally, but they're worried about the Federal Reserve raising interest rates even higher.

One of the reasons is because the British are now speculating

their interest or their inflation could get up to 18%. It does not appear that American inflation

is going to be contained. Likewise, the Chinese markets are beginning to melt down because the

Chinese economy is dipping into a recession.

The Chinese are actually cutting interest rates despite high inflation in China.

The Chinese are cutting interest rates to stimulate loans there, which is destabilizing further because of the inflation.

European markets also are worried about higher inflation and interest rates. So the whole of the inflation. European markets also are worried about higher inflation and interest rates.

So the whole of the stock market is collapsing around the world right now in the end of summer

panic as we head towards September. On top of that, there's additional breaking news. Dr. Fauci

has announced his retirement.

He's 81 years old.

He has been in government for 50 years.

He started at the National Institutes of Health at 1968, 27 years old.

He's been there the whole time.

And he intends to leave in December, which is good.

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