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News on The 700 Club: October 9, 2018

As seen on “The 700 Club,” Oct 9.: Read Transcript


- Welcome, folks, to thisedition of The 700 Club.

It's a life-threateningmonster growing to a Category 3

heading into the Florida Panhandle.

It looks like there'll betorrential floods and storm surge,

but the flooding will probablygo into Alabama and Georgia.

It is a huge thing and theysay it's life-threatening.

And it started out as a tropical storm,

grew up to a Category 2.

They think it'll hit a Category3 before it makes landfall.

And they are talkingabout life-threatening,

devastating to the poorpeople who live in that area.

Terry?- And getting out of any part

of Florida is a bit ofa challenge, as well.

But the Category 2 now is expected

to grow stronger as itapproaches the coast

with winds that couldexceed 111 miles per hour.

Can you imagine?

As Heather Sells reports,

Florida is preparing for the worst.

- Forecasters believeMichael could intensify

before it makes landfall on Wednesday.

People in Florida andAlabama are preparing

for a potentially historic storm.

- This is a massive storm.

We've not seen anythinglike it in the Panhandle.

- [Heather] Michael's windshave risen to 90 miles an hour

as it approaches the northeast Gulf Coast.

- Michael is forecast to continue to move

to the north, northwest, then northerly,

then a turn to the northeastas it makes landfall,

probably coming in as a major hurricane,

coming in as a Category 3on the Saffir-Simpson scale,

with winds probablyaround 120 miles an hour

near that center of circulation.

- [Heather] It could dumpas much as a foot of rain

in the Panhandle as it moves inland,

and its winds couldtop 110 miles and hour.

The governor has declareda state of emergency

for 35 Florida counties, andthe entire state of Alabama

is under an emergency declaration.

Authorities have issuedmandatory evacuation orders

for low-lying coastal areas in Florida.

Those who plan to stayare filling sandbags,

boarding up windows, andstocking up on food and water.

- We weren't nervous lastnight when we went to bed,

and then we woke up this morning

and all of a sudden, well,it was first a Category 2,

and now it's looking likeit's gonna be worse than that.

So we're a little nervous.

- I'm hoping that it'snot gonna hit us directly.

- In the Gulf, cruise shipsare changing their routes.

The Air Force is moving aircraft

from its base near Panama City.

And many residents are just hoping

to fill up their vehiclesbefore Michael hits.

Michael could also impactareas outside the Gulf Coast.

Downpours are expected from the

Carolinas all the way west to Texas.

Severe storms could also hit the

Southern Plains and lower Great Plains.

Heather Sells, CBN News.

- Well, I'd like to shockyou with another one, too,

not only a bad hurricane,but in other news,

it could be the biggestthreat our country is facing.

And you aren't hearingabout it from either party.

John Jessup has more.

- Thanks, Pat.

The US economy isbooming, and unemployment

is at its lowest level in decades.

But a strong economy carriesthe risk of inflation.

The Fed's response is raisingshort-term interest rates.

And long-term interestrates are rising too,

but that means explodingpayments on the national debt.

So, what's the solution tothis series of problems?

CBN's White HouseCorrespondent Ben Kennedy

went to President Trump'seconomic advisors for answers.

- The US is on track for an annual

deficit of a trillion dollars.

Major deficits like that areexpected to drive the national

debt from 21 to 33 trillionin a matter of 10 years.

President Trump's economicadvisors tell CBN News

that lawmakers need toact now to avoid a crisis.

The US deficit soars as the economy booms.

Federal borrowing continuesto rise thanks to Congress

passing legislation tosuspend the debt ceiling.

As a result, in March,the debt hit $21 trillion.

- I fear that it might takeanother financial crisis

before Congress acts, butthen it might be too late.

- [Ben] The HeritageFoundation's Stephen Moore

says DC is in the midst ofa bipartisan spending spree.

- We've seen a rocketing of our debt,

especially in the last 10 years,

where Obama took the debtfrom 10 to 20 trillion.

- If the debt paymentscontinue to rise and rise,

do you see them getting bigger than

major programs like the military?

- Well, here's the thing.

I mean, the most important thing

in controlling the debtis to grow the economy.

That's the advice thatI gave to Donald Trump.

- [Ben] Trump's chief economic advisor,

Larry Kudlow, agrees.

What drastic actions are you recommending

to stop the rising debt thatdoesn't damage the economy

or cause interest rates to spike?

- I don't think, by the way,

there's any particular relationship

between the debt and interest rates.

But I want to reduce thedebt burden on the economy.

So, growth, you've got debtnumerator, GDP denominator.

Okay?

Get that GDP up.

(bell clanging)

- [Ben] The gross domestic product

is the value of US goods and services

used to examine the nation'soverall economic health.

Kudlow recommends growingthe economy to the max

so that the governmentbrings in more money

to make the interest payments on the debt.

- The trick is, get thatratio as low as possible.

And I don't think we're ina danger zone right now,

but I'd like to see it come down.

- And the rising interest rates

can be very expensive forWashington and taxpayers.

The government paid outmore than $450 billion

in interest payments on the national debt

in each of the last two years.

If rates rise just a half a point or so,

that could add another 70 to $100 billion

or more to those payments every year.

And Moore points out thatwill add up over time.

If the interest rate goesup a quarter of a point,

or let's say half apoint, what kind of impact

will that have on paying off the debt?

- So, every one percentage point increase

in the interest rateincreases the debt payments

over a decade by a trillion dollars.

And so we're talking aboutreally large numbers.

- [Ben] Moore recommendsone way to slow down

the skyrocketing debtis to reform programs

like Social Security and Medicare,

plus delaying the retirement age

because people are living longer.

- We've known for 30years that the Titanic

is headed to the iceberg inSocial Security and Medicare.

We know the American people are aging.

I'm a baby boomer.

There's 80 million of us.

In the next 10 or 15 years,we're gonna stop paying taxes

and we're gonna start collecting

all these government benefits.

It's not gonna work.

- Bottom line, this is a long-run problem

that neither party is addressing.

In the meantime, the government won't face

any limit on borrowing until March.

Ben Kennedy, CBN News, Washington.

- Some of those figures are astronomical.

And Pat, you've been warningabout this for some time.

- I have indeed, and I'm warning again,

ladies and gentlemen, this is going

to destroy the Western nations.

This really, this profligacy,and that's what it amounts to.

We're spending money we don't have,

and it looks like peopledon't seem to care.

The people in Congress don't seem to care.

And it's always, well yea,

cut their benefits, but don't touch mine.

But the thing is, it's got to be

shared sacrifice all theway across the board,

but particularly in the retirement age.

Let's face it, I mean, 68 is just,

I mean, it's like the new 50.

I mean, people are living a lot longer.

The healthcare is good andpeople are living longer.

And so to be paying outMedicare and Social Security

and these other things to people

at these earlier stages is a big mistake.

There was a commission.

I was very pleased with thework of that commission.

They got the thing in balanceover a period of time,

and they made reasonablecuts across the board

to these entitlements and other things.

Obama ignored all that,just kept on spending.

He had no concept of fiscalsanity, none whatsoever.

I mean, none whatsoever.

He was kind of, just keep on spending,

let's borrow another trillion dollars

and see if we can't spendit on some favored people.

And these infrastructureprojects were a joke.

The whole thing has been horrible.

But the trouble is that Trump is

a big spender, and these others are, too.

And just think about it.

One point, one pointmore in interest rates,

and you're talking about atrillion dollars over 10 years.

One point, and the intereston the national debt

will be more than we spend on military,

on social programs, andinfrastructure, et cetera.

There's almost no roomfor the government to have

any money for anything, andit's going to be monstrous.

And if the United States loses its

preferred status as a reserve currency,

then it's Katy bar the door.

And the Chinese arejust licking their chops

and looking forward to theday when America fails.

There's already an attempt to bring forth

a different currency backed by gold

and the Chinese renminbi and possibly

some other gold-backed currencies.

There's no doubt about it, the fact that

if we lose our reserve currency status,

the borrowing is goingto increase enormously.

You say, well, all we've gotto do is just print more money

and we've got more money,and that's just 'cause

we can print it and we'rethe reserve currency.

And after a while, peopleare gonna say, no way.

But ladies and gentlemen,this is going to affect us.

It might not hit this generation,

but it's sure gonna hit ourchildren and grandchildren.

And it will reduce the standardof living in this country.

As Trump said, we can be like Venezuela.

We've got a story about that later, too,

about what's going on down there.

But we don't wanna be a banana republic.

We wanna be the leader.

And you can't be a leader ifyou are profligate, and we are.

Okay, John, what you got?

- Pat, Supreme Court AssociateJustice Brett Kavanaugh

hears his first caseson the High Court today.

President Trump held theceremonial swearing-in

at the White House Monday night.

The sitting Supreme Court Justices

were all there, as well as Senate leaders

who helped secure his confirmation.

The president expressed sorrowthat the process turned ugly.

- On behalf of our nation,I want to apologize

to Brett and the entire Kavanaugh family

for the terrible pain and suffering

you have been forced to endure.

I've long been told--

- The president alsolashed out at those who

opposed his nominee, callingthe situation disgraceful.

Kavanaugh described theconfirmation process as, quote,

"contentious and emotional,"but said he has no bitterness.

Well, President Trump saidhe has no plans to fire

Attorney General Rod Rosenstein.

The two men spoke aboardAir Force One Monday.

Trump also said he hasa very good relationship

with Rosenstein, who overseesRobert Mueller's Russia probe

and came under fire last month

after news reports suggested he discussed

recording conversations with Trump

and using the 25th Amendmentto remove him from office.

Deputy Attorney General, rather,

Rod Rosenstein denied these reports.

The details of his conversation

with the president were not disclosed.

Well, North Korea is ready toallow international inspectors

to observe the dismantling ofa key nuclear testing site.

That's the word after Secretary of State

Mike Pompeo's four visit to North Korea.

But even Pompeo admitsthat ridding Pyongyang

of its nuclear weapons willbe a long, slow process.

CBN's National SecurityCorrespondent Erik Rosales reports.

Secretary Pompeo called the trip

very productive and said a second summit

between President Trump and Kim Jong-un

is very close to be coming a reality.

Still, major questions remain,

including, is North Koreaserious about change?

Or is it all just a stalling tactic?

The meeting between Pompeo andKim lasted about two hours.

Afterward, the Secretary of State tweeted,

had a good trip to Pyongyangto meet with Chairman Kim,

and added the leaderscontinue to make progress

on agreements made at Singapore Summit.

That was followed by PresidentTrump's positive note,

progress made on SingaporeSummit agreements.

I look forward to seeing Chairman Kim

again in the near future.

(cameras clicking)

But other parts of Asiastill have concerns.

Prior to the visit, Pompeoassured Japan's foreign minister

that his country's interestwould also be addressed.

- As I traveled to Pyongyang to make sure

that we're fully in sync with respect

to missile programs, the CBW programs.

We will bring up the issueof the abductees, as well.

- [Erik] State Department officials said

over the weekend the Secretary and Kim

agreed to instructtheir teams to meet soon

and that Kim invited inspectors to visit

the Punggye-ri Nuclear Test Site

to confirm it had been dismantled.

(explosion booms)

DC experts in foreign relations say

with 90% of North Korea's exports

going through China, Beijing is the one

who's really calling the shots.

China will soon face new investment

restrictions and new taxes on billions

of Chinese imports, so the pressure is on.

- China is not going to backmaximum pressure anymore.

In fact, they're gonna use it as

a bargaining chip in this whole process.

So, if President Trump is going to strike

a deal on North Korea, this is when

he's going to get the best terms.

Any time after that, it'sgoing to get a lot harder.

- [Erik] On the CBN newsprogram the Global Lane,

Harry Kazianis with the Centerfor the National Interest

told Gary Lane how China can circumvent

US economic sanctions against Kim.

- Almost all of the oil that goes

into North Korea comes from one pipeline.

It comes from China.

And that's 90% of North Korea's oil.

All that China has todo is open up the taps,

and maximum pressure is toast.

- Just last week, VicePresident Mike Pence

signaled a cold war with China,

accusing the Chinesegovernment of orchestrating

an aggressive military,economic, and political campaign

to gain more influencehere in the United States.

So experts say it'sstill a long road ahead

to get nuclear weaponsoff the Korean Peninsula.

Erik Rosales, CBN News, Washington.

- Thanks, Erik.

Pat, do you trust NorthKorea's latest moves?

- I don't trust North Korea at all.

Until they stop persecuting Christians

and open up the gulags, they have the most

repressive state in the world, probably.

The fact that they blow up a few supposed

nuclear sites or missilesites doesn't stop

what they're doing with the other people.

I think the civil rights and human rights

record has got to be under scrutiny

to get that whole thing together.

But the thing aboutChina, it's a mixed bag.

China is so big, andthey have such poverty.

The standard of living is how many

calories of food you get a day,

and it's 2,000 caloriesor something like that.

Well, that's not enough tosustain somebody very well,

but they put that as the poverty line.

And in our country, thatwould be desperately poor.

But they have millions and

millions of people that need work.

And I don't think theChinese really want a war,

but it certainly is thisone faction of their country

that keeps making bellicose moves,

and it's something we have to watch.

But I really believe that in China,

they have a huge number of Christians.

And I think the question is whether

the Christians will have,there's probably more Christians

than there are communistsin China right now,

and whether that commandeconomy is going to work.

But anyhow, I'm hopeful for China.

I really am.

And I question whether or not we want

to start World War III,whatever it is, with China.

But they certainly are,they're stealing our

intellectual property on a massive scale.

And it's got to stop.

I mean, they force every country

that does business with them to turn over

their trade secrets as aprice of doing business.

Well, we can't allow that to continue.

But I'm telling ya, it's a confrontation

that I'd just as soon avoid if I could.

Well, you remember a few years ago,

I was listening to one ofour brilliant reporters

give a report on the status of Venezuela.

And the man who was thenthe president of Venezuela

said that people were maybetrying to assassinate him.

And my thought was, well, whydon't we go ahead and do it?

Well, that made national,international headlines that,

what kind of a monster I was to suggest

anything as horrible as taking out

a leader of a South American country.

Well, I think I was right.

And if you look at what'shappening down there now,

inflation is, Venezuelais one of the largest

producers of petroleum in the world.

It has one of the largestdeposits of, it's a crude oil.

But, I mean, it's thicker.

It's not the light we've got out

of what's called BonnyLight, but it's heavy crude.

But nevertheless, they've got it.

And it's been ruined.

And a man who's a bus driver,I think, or cab driver,

whatever he was, namedMaduro has taken power,

and he has ruined the economy.

It is one of the most unbelievable

things that I have ever heard of.

And we're faced with that now.

Now, what I don't understand is why the

Organization of American States doesn't

move in and say, this is a failed state.

We've got to take over.

We've got to bolster their armed forces

and get rid of Maduro and his crew.

But if the United States comes in,

it's always, well, the Yankeeimperialists have come in.

And the South Americans get

their backs up when that happens.

But somebody's got to act on it.

And here's John with areport of the shocking

inflation going on in Venezuela.

- Thanks, Pat.

Inflation continues to sink the

Venezuelan economy in a death spiral.

Consumer prices rose nearly500,000% in the past year.

Monthly inflation rose another10% from August to September.

The International Monetary Fund predicts

prices could rise onemillion percent this year.

And Pat, this happens amida broader economic meltdown

fueled by the government'ssocialist policies.

- Well, I'm telling you,ladies and gentlemen,

I don't know why theOAS doesn't make a move.

And I think Trump's got his hands

full of everything known to man.

He's doing wonderful work,

and I salute him and congratulate him.

But I do think that something's gotta

be done with Venezuelabecause it's spilling over.

The people are suffering horribly.

Can you imagine a millionpercent inflation?

It boggles the mind.

There's no money--- It certainly does.

- No saving, and what they've

done is destroy their companies.

And they own an Americanoil company called Citgo,

and there're lawsuitsnow against Venezuela

and very possibly trying to cut off Citgo.

So they don't have much money coming in.

And Cuba used to bail 'em out,

but Cuba hasn't got much money either.

So it's gonna be a real problem,

I'm telling you, ladies and gentlemen.

But now's the time for action.

And I would like to see the OASshoulder its responsibility.

And the nations of LatinAmerica need to get together

and say, let's move and kick out Maduro

and have a regime change in that country

and stop these insanepolicies that have destroyed

what was a great, thrivingeconomy in Latin America.

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