RUSH: We’ve gotta guy coming up who thinks that this election is not about left and right, it’s not about particularly Republican versus Democrat or conservative versus liberal, but rather something else, nationalist versus globalist, populist versus globalist, and I think that’s right, in many ways.  I think there’s still ideological components to this race, particularly in the area of Trump’s outreach to African-Americans. 

Now, clearly, if you want to do that and do it right, there has to be an ideological component to it.  And there’s some other things in the campaign that are that way, but Trump is not one of those people.  Trump is not an ideological person, per se.  I mean, that’s not how he defines himself or other people.  Whereas you and I might look at Teddy Kennedy and say, “This is a far fringe leftist extremist.” Trump doesn’t see him that way.  He sees him as something else, maybe not complimentary, but he doesn’t see him in terms of liberal versus conservative.  That’s just who Trump is. 

And the Trump support, therefore, is really not a left versus right thing.  But for me it’s an opportunity. I always believe that there’s not been enough focus on that in terms of educating people just what liberalism is.  One of the reasons why people, for example, are so fed up with globalism is that it’s liberalism that has given us this.  You know, I have to laugh at people who want to try to define the nation’s founding as something other than what it was. 

What is the Constitution?  The Constitution is a document, the first of its kind in the history of the world, outside of Magna Carta, which limited government.  Right there you have a conservative document, by definition.  Now, classic intellectuals, they’ll call that classic liberalism.  Don’t be confused by it. Whenever you see the word “liberal” and somebody the trying to make you think the old liberalism is actually conservatism, it’s just gonna confuse you and don’t fall for it. 

Some of the conservative eggheads like to call conservatism classic liberalism, and it means something way, way back before the communists and the socialists got hold of it.  But, anyway, the left comes along, and the left wants to tear it up. The left wants to avoid it. They want to run around it because they believe in something other than limiting government. They want just the exact opposite. 

So the Constitution is a target for the Democrats. It’s a target for the left, and I don’t think there’s been enough education.  But that’s just me.  We’ve done what we can on this program trying to inform as many people as we can what liberalism is, because this whole globalist versus nationalist debate has resulted from liberalism triumphing all over the world. People are fed up with it. They don’t want it anymore and it’s a shame they don’t know that what they oppose is liberalism.

But it is liberalism and the belief in expanding government, global government, one world government, whatever, all of that is found on the left side of the spectrum, and that spectrum is now housed in the Democrat Party.  So all of these people who don’t — you know, they claim not to like politics, “Ah, I don’t care about politics.  Politics is argumentative.”  They don’t understand that liberalism is quintessential politics, and liberalism is what has given us this globalism that they all despise.

That’s why some people are trying to say that populism is the new conservatism, and some conservatives just blanch at that, and they don’t want anything to do with it.  The classic conservative, the true blue conservative doesn’t want anything to do with nationalism.  They think nationalism doesn’t get close to describing conservatism.  There’s very little in common between the two.  But regardless, there is ground to be gained, I think, in explaining why globalists are globalists.  You know, what’s made them globalists? I mean, to be a globalist you have to care less and less about your own country. 

I have a story here that will give you an idea of why Europe did Brexit, why Europe is fed up, why the people of Europe are fed up, particularly with the European Union, and it is similar to what happened here with quantitative easing, but this is even worse. 

Now, this is really in the weeds, so I’m just gonna read a couple paragraphs from the story and I’m gonna tell you what this means.  It’s the Wall Street Journal.  “Seller’s Paradise: Companies Build Bonds for European Central Bank to Buy.”

Now, that’s not how things work.  That’s the exact opposite of how this particular financial transaction takes place.  But here are the details.  “Two European firms have sold debt directly to the ECB through private placements, a startling example of how the market is adapting to extremes of monetary policy. The European Central Bank’s corporate-bond-buying program has stirred so much action in credit markets that some investment banks and companies are creating new debt especially for the central bank to buy.

“In two instances, the ECB has bought bonds directly from European companies through so-called private placements, in which debt is sold to a tight circle of buyers without the formality of a wider auction,” and without competition driving the prices up.  This is insiderism like you haven’t seen it.  Now, this is exactly why the Trump phenomenon exists. 

Here’s the scam of this.  Connected companies, take your pick, it doesn’t matter who they are in this instance.  We’re talking about in Europe right now with their version of Federal Reserve.  Connected companies are now designing securities, i.e., investment opportunities for the central bank to buy.  It’s normally the other way around; the central bank is who prints, distributes, and finances and arranges the sale of these securities.  In this case, it is companies that are designing their own securities for the central bank to buy from them, and it’s all imaginary money. 

The central bank prints and then buys whatever these securities are, bonds from these companies, and as always happens in these scams, the guys at the front, the people that are first in on this are the ones who are gonna get rich because for them it is a huge credit on the balance sheet.  But for the rest of the economy, especially people who were taught that it was responsible to save money — what is happening here is business and the central bank are reversing roles. 

In other words, businesses are telling the central bank how they are gonna operate, and the central bank is saying, okay, fine, we’ll finance it for you, we’ll buy your instruments.  These companies are not innovating.  They’re not selling anything more to customers.  They are not expanding or growing.  They’re not hiring employees.  They’re simply gaming the system whereby they and the investors who get first crack at this are the ones who are gonna get rich off of it, while everybody else doesn’t even know it’s going on and by the time they catch up with it and understand, it’s too late. 

What I think this actually means is that the people in Europe where this is happening understand that nothing is real, that everything’s being propped up, everything is happening via cronyism. There isn’t any real innovation. There isn’t any real economic growth. There isn’t really any real business growth.  But they all want to try to make money anyway, so they found a way to do it by conniving with the central bank, the European Central Bank.  And what’s gonna happen is, my take on this is these people understand we are in a bubble right now where nothing is real. 

The economic numbers in this country are not, the unemployment numbers are not real, the economic growth numbers.  I mean, I doubt that we’re in even positive growth.  The number is, you know, 1%, one and a half percent, even if that’s right, it’s pathetic, it is anemic, and the government is growing larger and larger, meaning it’s getting harder and harder for the private sector economy to grow, and the private sector economy is where jobs are, it’s where the American dream is, it’s where the opportunity to acquire wealth is, it’s shrinking. 

The number of people isn’t shrinking, the number of people is growing, or at least staying level, according to population replacement figures.  However, more and more of them are going on welfare, staying on the welfare state, putting more pressure on government. They’ve gotta come up with the money somewhere, and so they’re looking at all of these oddball ways of financing growth without having to grow. 

It’s almost as though they understand that all this is gonna blow up at some point down the line, and they are taking care of themselves now before it happens.  And it’s a series of crony relationships between powerful elites at the European Central Bank and these select companies not named that are engaging in this new technique here.  And let me tell you the difference.  Quantitative easing, because when I first read this I said, “This sounds like quantitative easing” when the fed printed a bunch of money and gave it Wall Street people to buy stocks and securities and so forth. 

But quantitative easing phase one was central banks buying up government debt that is printing money — printing money is buying up debt — so that they could allow connected banks and companies to buy and lend at artificially low rates.  That was phase one of quantitative easing, by virtue of printing money you are buying up government debt and then selling it to connected banks and companies at a very low interest rate so that they could then use that money to make money for themselves, to sell, to invest in the market so that the market could continue to grow no matter what happened to the general economy. 

Now, in this phase that I just described in the Wall Street Journal story, the European Central Bank, what’s happening is the central banks are basically printing money directly for the connected businesses.  So instead of government issuing the bonds where anybody can have a chance to buy them and thereby create competition for prices, the corporations are doing it themselves.  They are issuing the bonds.  The government isn’t.  The central banks are buying the bonds, not issuing them.  And the central banks are buying them as if they were guaranteed U.S. government bonds. 

The rich are getting richer here, the elites are taking care of themselves, is what this adds up to. And this is what Europeans, whether they know and can explain it, this is what they felt, they can sense it, they know things are not right.  Their economies are not growing.  Nothing makes any sense.  Nothing is making economic sense to the common-sensical eye.  And the same thing is happening here. 

So it’s little things like this. Well, these are not little; these are big things.  But it’s things like this which are creating this dynamic in this campaign of nationalism versus globalism because in this description both of quantitative easing and what is going on in Europe with the ECB and these participating companies, national identity is irrelevant.  What nation these people happen to be from is irrelevant.  They don’t see themselves as citizens of Denmark or of the United Kingdom or France or what have you, not in these transactions.  And that’s what’s wrong with globalism. 

Globalism, by definition, erases borders and replaces the whole idea of the nation state to be replaced by government functioning or globally functioning institutions, including government.  And people don’t want any part of it.  We’ll find out how many ’cause that’s what this election really is all about, as opposed to this left-right dynamic.  But the left-right dynamic is still there in the individual issues, such as Trump’s outreach to African-Americans or tax policy or economic policy, the left-right dynamic is still there, if it can be properly explained. 

But the upshot of all of this is that there is now this great divide, whereby the well-to-do, the elites, the ruling class, whatever you want to call them, in the old days they’ve always existed, but they were Americans, too.  They did things not only to help themselves, but to help their country, because their companies were largely a function of the success of their countries, but now that doesn’t seem to be as important as other considerations are. 

And that’s what Trump’s tapped into, that’s what all this talk about free trade. That’s what people mean when they talk about free trade. They’re talking about the unfairness, the imbalance, the lack of patriotism, the lack of concern for national concerns, about the American people and so forth. We will find out just how many Americans are up to speed on this and are upset by it. 

You remember Robert Costa, the Washington Post, two weeks ago now, three weeks ago, in talking about the seeming Hillary landslide, said hold on just a second. There’s a bunch of people in this country that do not vote ’cause they’re fed up, and they don’t vote regularly, and it may be half the country or more that doesn’t vote, even in presidential races.  Will they show up? 

They’re not being polled.  Polls are of registered voters, likely voters, they’re not being polled.  What are they gonna do on Election Day?  Are they already up to speed? Is Trump resonating with them and nobody’s catching them?  And there are a lot of people worried about it.  

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RUSH:  Now, if you read this Wall Street Journal story, it’s gonna be gobbledygook to you unless you have a grounded understanding of high finance and definitions in high finance.  But the upshot of this, one of the things that I want to try to take away from this for you, “The European Central Bank’s corporate-bond-buying program has stirred so much action in credit markets that some investment banks and companies are creating new debt especially for the central bank to buy.”  That’s called creating new placements.  It’s 180 degrees out of phase. 

The companies are creating debt for the central bank to buy, eliminating competition, eliminating auctions for these bonds and these instruments, which is how prices are kept low.  The people doing this, the banks, the institutions, the companies that are doing this are the same people who have already donated majestically to the Clinton Foundation. 

These globalist types, out for themselves, hedging everything to be protected against any kind of economic calamity, which is what this really is, people getting theirs before the bottom falls out — if you want to know what this really is, that’s what it is — and the people running this show, some of the people in this operation are the same people, same institutions, same companies, same governments who have sent massive donations to the Clinton Foundation, meaning people who already invested in the Hillary presidency. 

They have already bought Hillary Clinton and her administration on policy preferences.  And that’s how all of this works and all of these people in the elite circles and the establishment work together. They are tied together, they look out for each other, they take care of each other, and whenever there’s an economic collapse, they don’t lose their second or third or fourth home, do they?  They don’t lose anything.  And they then are the ones who end up getting bailed out, because they end up being too big to fail. 

So globalism versus nationalism.  What I’ve just described to you is globalism on steroids, and they are constantly reworking the rules and redefining them all for their own self-protection and self-interest because they have the money and the power to do it.  This is artificial. There’s no real economic growth that is propping up the prices of these instruments, so at some point the bottom has to fall out.  Whether it’s big or small, you don’t know ’til it happens, but they are protected when it does, is one of the many aspects of this.  And they’ve already bought Hillary.

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RUSH: Now, back to this whole business of the European Central Bank, quantitative easing.  The key, folks, the thing that really is the easiest to understand about this is that there isn’t any real money.  The money is printed.  In the case of the European Central Banks, they are printing money that does not exist, obviously.  They are printing money and then buying these placements, these newly issued investment opportunities from these banks.  They’re printing the money.  The money isn’t real.  And this is having already negative economic impacts. 

This story points out that because the money isn’t real, the currency in the European Union is being devalued at a rate of about $90 billion a month in Europe, if I’m reading this story right.  They’re flooding the market with euros.  They’re printing money and giving it to corporations under the guise of investing in them. 

But they’re not taking money from stocks elsewhere.  They’re not taking money that already exists and then that money is being invested in things which will cause growth.  They’re printing money.  That’s what quantitative easing was.  They’re printing money to buy these securities.  So it isn’t real. 

Okay so the phones we go.  People have been patiently waiting, and particularly Terry in Metairie, Louisiana, I want to get your take on this because you also think this is a globalist versus nationalist, yeah, so what’s your take on it?

CALLER:  Absolutely, Rush, absolutely.  And I’m glad that you touched on everything on that aspect, but I think that you’re missing a key component to it. The corporatists are always gonna end up being okay. They’re almost gonna end up like the lords of the old day.  I think that what you’re missing here, and you put all of it together very well, and I think it needed to be told more and more, but I think what you’re missing is the disciples of Saul Alinsky, Cloward and Piven when they attempted to take down New York. They’re trying to do this on a world level, okay?  And I do believe that our administration is complicit with this along with the other globalists.

RUSH:  Well, let me explain what that is because this is a tough sell.  I’ve tried it this.  I’ve tried explaining Cloward-Piven to people.  I know what it is.  I can explain it to a T.  I can of course explain Alinsky to a T because there’s nobody better at deconstructing these destructive leftist ideas than I am.  Nobody better at it than me. 

Cloward-Piven, Frances Piven and Richard Cloward or whatever the hell their names are, just hate the United States.  They want the United States brought down, and their way of doing it is to flood the welfare system beyond the point of viability.  They want as many people on the public dole, demanding more as possible.  They want to destroy as much employment as they can.  They want to destroy all income producing opportunity.  They want to get rid of however people legitimately earn a living.  

They want to destroy businesses. They want to destroy nations. They want to destroy economic systems, really, and create this massive welfare state that cannot be supported, either.  Because when you create this massive welfare state that can’t be supported, then you have a total government implosion, which is what they want.  Because Cloward-Piven and the Alinskys and the others who think this way think they really can’t get where they want unless the existing capitalist structures of the world are destroyed. 

They don’t believe they can be modified. They don’t believe they can be moderately overtaken and changed. They don’t think they can be transformed.  It all has to be blown up and rebuilt, and when you rebuild it, the Constitution gets ripped up and flushed down the toilet.  And you start day one building your utopia. 

Now, that’s exactly what they want to do, and they’re very open about it, and they’re professed way of accomplishing this is simply flooding the welfare system to the point that it can’t be supported.  So there is mass hunger.  I mean the Depression would look like a weekend at the beach compared to what they want. 

Okay, so that’s what they want.  That’s their theory.  That’s their philosophy.  So you go out and tell people, “Yep, that’s what we’re in the middle of happening.”  You cannot make them believe that anybody would want to do that.  You can’t make them believe that anybody would think that’s good.  You can’t make them believe that anybody would think that something good can come from all of that.  It’s a really tough sell. 

Meanwhile, there are people attempting to make it happen.  That’s what the people who believe this, that’s what illegal immigration is, that’s part of the flooding of the welfare system.  It’s the overwhelming, all the refugees coming in, the lack of concern over real jobs, income and career type producing jobs, all of this, 94 million Americans not working and growing. 

But to try to convince people that this is being done on purpose, that it is somebody’s policy, and then you have to name the person. “Well, who’s doing it?” You tell a skeptic this is what Obama wants. “Come on, come on,” and Hillary, “Oh, come on, can you get serious?  There’s no way, Rush.”  You’re not gonna convince anybody that Obama wants the country to be destroyed or that Hillary wants it to implode.  So nobody’s gonna believe it.  Therefore, it’s not the way to go about it. 

I circle back to okay, so then how do you explain what’s happening?  There are reasons.  This is my single greatest source of frustration is that there are explainable, easily explainable reasons for everything. I don’t care who, if it’s a Millennial, if it’s a seasoned citizen, if it’s an illegal immigrant, if it is an immigrant, there are legitimate, explainable reasons for everything that people think is going wrong. 

There’s a reason why 94 million Americans are not working.  There’s a reason why your health care prices are through the roof and you can’t afford it.  There’s a reason why prescription drug prices are through the roof and you can’t afford it.  There’s a reason why your wages haven’t gone up in 15 years.  There is a reason why, whatever it is that you think needs to be fixed, whatever’s going wrong, there is an explainable reason for it that is directly traceable to policy. 

None of this is accidental. None of it evolutionary. None of it is just happening. None of it is cyclical. This is all happening as the result of implemented policies.  And if you have their interest at that point, then you can start getting into detailed explanations.  But at some point you’re not gonna be able to avoid ideological terminology such as liberal, conservative, socialist, free market, you name it. 

And if people lose you when you start using the labels, then your problems of persuasion compound.  Which again is why I have lamented the fact that we have done a very inept job of explaining what liberalism really is, because we are living it.  Liberalism explains this globalist elite.  Liberalism explains the plummeting economy, the plummeting job circumstance.  Liberalism explains why health care and health insurance are such a mess and why you can’t afford either.  Liberalism explains it.  

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RUSH:  By the way, the details of what’s happening with the European Central Bank is exactly what happened with solar and wind in this country.  It’s exactly, except the players were different.  Instead of the European Central Bank we have the Obama administration.  Instead of corporations that were issuing investment vehicles with printed money, we have Obama donors.

So we have people that donated to Obama and his presidential campaign. We have Obama who’d campaigned on getting rid of fossil fuels and coal and replace them with clean energy. We’re gonna save the world from climate change. We’re gonna save our planet. We’re gonna save the sea levels. We’re gonna save the temperature, save everything.  And part of this is getting rid of coal and oil and we’re gonna have clean, renewable energy. 

So a bunch of people donate to Obama and after he gets elected we get a company created called Solyndra and they are operating with money that the United States government gives them, grants them under the pretext that they need subsidies in order to get these new businesses going because they’re brand-new out of the box, and the market’s not there yet for ’em, so we need these subsidies. 

What happens?  Have you heard of Solyndra?  It’s shut down, and all these other solar and wind entities that came into existence shortly after Obama was inaugurated, we heard all about them, they’re not in existence anymore. And solar and wind are no further along than they were when Obama was immaculated, but the people who started those companies are sitting fat, dumb, and happy somewhere. They got paid back for their donations to Obama and then some.  They got government in the form of subsidies to start their businesses and the businesses were not real. 

When you get right down to it, they weren’t real.  Solyndra is the biggest name of all of them, but there were a slew of these.  And it wasn’t just in this area, but the area of clean or renewable energy, and it had the support of the public because the public had bought into the idea that if we didn’t do this we’re not gonna have a habitable planet in 20 years.  They were scared to death into believing that this is the end was us if we don’t do something. So the people applauded the investments, quote, unquote, in these new startups in wind and solar.  But they didn’t last long.  They were filing bankruptcy not long after people first heard of them. 

It was a scam from the beginning, the entire idea.  And the objective was never to save the planet. The objective was never to set up a functioning business with renewable energy that would grow and grow and save the imminent.  It wasn’t about that at all.  It was about people who had spent money to get Obama elected getting some back, and maybe then some.  And getting a lot of cache in the process.  Except Obama didn’t give back the money they gave him.  The money they gave him he used for whatever elective purposes he wanted.  The money they got was from the United States government, from you, the taxpayers, from the United States Treasury. 

The same thing is gonna happen with Hillary Clinton.  What do you think roads and bridges and all this infrastructure is about?  Obama already did it, right, back in 2009.  And here’s Hillary doing it again.  Well, we’re gonna need companies, we’re gonna need construction companies and techniques and new ideas and modernizing these roads and bridges. And I guarantee you that miraculous new ways of shoring up a bridge are gonna be found or some such company is going to miraculously appear that’s got some technique to do it.  They’ll be given a government grant because Hillary Clinton’s assured us we’re gonna rebuild the country. But it’s just the same old recycling of money, some of it printed so the elites stay elite.

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RUSH:  Thirty-six of the green companies Obama funded have shut down.  More than 112 solar companies have closed their doors in seven years, since 2009.  And that’s the future, solar and wind, that’s gonna save us, supposedly, and all of these businesses are gone.  But not the people who started them.  They’re doing fine.