Hi, everybody! It’s Stefan Molyneux from Freedomain
Radio. Please buckle yourselves in if you’d be so very kind, and I hope that you will
make it through this presentation. This is very, very important stuff to know. This is
the world that you’re living in, the world that you’re going to grow older in, and the
world that your children are going to grow up in. This is the end of America. So let’s have a look at some basic facts about
where we are. Now, this pertains mostly to America at the moment. But Europe is a little
further ahead. Some other countries are a little further behind. We’re all on the same
path in the West. It’s the end of the West as we know it which has challenges but also
great opportunities as well. We’re generally told that that was a terrible
recession, that was the greatest recession since the Great Depression of the 1930s but,
boy, now recovery in under way and everything is looking better. This unfortunately is not
true. This is not the same as it was before; kind of fundamentally we know that, right? This is Congress’ approval rating since 1974
and it’s now down at around 5%; 5% percent approval rating for Congress. This is not
a country with great faith in its leadership and with good reason. These are things that
Americans, in general, like better than their lawmaking body. They like the TSA better than
Congress. They like people who hate the Olympics better than Congress. They like the most disliked
company in America more than they like Congress. They like abortion more than Congress, Nixon
more than Congress, banks and financial institutions more than Congress, Paris Hilton more than
Congress. And if that’s not a sign of the apocalypse, I don’t know what is. And they
like socialism more than Congress. Well, that’s a two-for-one because Congress is basically
socialist. What is going on with the American economy
as a whole? Let’s look at some information to give you the big picture, more specific
details. And again, I really do thank you for your patience but this is a very important
stuff. This is civilian employment to population
ratio. This is the percentage of working-age people who are employed. You can see in the
1950s, it was 56%, 57%, 58%. Why? Well, because the majority of women were not in the workforce.
This is prior to the Feminist Revolution getting women into the workforce and so on. And then
that labor force participation begins to really rise. And now, despite the fact that most
women are in the workforce, it’s crashed down to 58%. 58%, this is astonishing! It means
less than 60% of working-age Americans actually have a job. This counts people who are in
the public sector versus just the private sector. The public sector requires the private
sector to generate income, to have an income. So it’s kind of parasitical at least ideology
aside, economically it is parasitical. And so this is really pretty terrible and as you
can see it’s not getting better after the recession. Wages as a percent of the economy as you can
see from 1950, 50%, 52%, 54% and so on. Now, they’re down to 44%. They’ve really crashed
and they’re not recovering. This is significant because this means that a significant amount
of economic activity is not wage based which means that it’s less consumer demand, less
consumer confidence and so on. We’ll get into that as we go forward. So what has basically happened? Well, really
since the 1980s, there has been a massive explosion in borrowing. This is true of corporations
and households and governments and so on. There’s lots of different reasons for this.
Certainly, computers have greatly enhanced our capacity to make up magic monopoly fiat
currency and pretend all of this future stuff is going on but also because wages have stagnated
or declined particularly for the poorest. They’ve turned to credit to maintain their
lifestyle. So household debt as you can see here from ’87 and these are all in constant
dollars unless otherwise notified and the sources for all of this will be in the notes
of the video of the podcast. So you can see here household debt, just going up and up
and up from 1977 onwards from $750 billion to $2.3 trillion. Corporations, corporate debt. So you can see
here starting in the 1980s, it has just spiked like crazy. It went down a little bit during
the recession. Now it’s climbing back up. And, of course, governments. This is federal
government debt, total public debt as you can see again starting in 1980, in 1990 and
so on particularly after Y2K, it’s just gone through the roof. This is not the result of savings. So if you
have a whole bunch of savings, then you can lend out more money. You can use that as collateral
to borrow even more but, of course, savings rights have declined. The US government is
purposefully crushing and controlling interest rates down to the lowest conceivable level
because otherwise they have to pay more than a trillion dollars a year just to service
their debt. As interest rates decline, savings rates decline as well because you’re just
not getting money back by putting it at the bank and so on. This is all coming from the
magic land of type whatever you want into your own computer to tell you how wealthy
you are which never lasts. So here’s some examples of what happened in
the early 1980s. So income growth and gains between 1917 and 2008. So as you can see the
richest people are gaining enormously, but the poorest, bottom 90%, it’s really stagnant.
When you create fiat currency, when you create money which the government does perpetually
and horrendously, the money that you create doesn’t get dropped in helicopter bags over
poor neighborhoods. The money that you create goes to those closest connected to the government
first, and they get to spend it at the existing rate of dollar value. As the money that they
spend spreads throughout the economy, then what happens is inflation hits because there’s
too many dollars chasing too few goods and services. And so the poorest get the hardest
hit from inflation and the richest get the most benefit by getting their grubby hands
first on the monopoly money that’s created by the state. This is one of the reasons. There’s many other
reasons but as you can see, this hasn’t achieved the goal. The whole welfare state that started
in the ’60s, Lyndon Johnson’s “Great Society” and so on and social security which started
in the ’30s, all of this was designed to close income disparities. But, fundamentally, you
have to recognize that whatever the government does is coercive in nature. At a personal level, at a private level, we
all understand that violence will get you the opposite of what you want. If you stalk
someone, well, she ain’t going to love you. If you kidnap some guy’s kids to get a job,
you’re not going to be a model employee; you’re certainly not going to get employee of the
month. Whatever you use violence to achieve, you will end up achieving the opposite. And
we’ve used the power of the state, the violence of the state, the violence of monopoly counterfeiting
powers that the Federal Reserve has. We’ve used the violence of the state to attempt
to address complex social issues. And since violence always produces the opposite of what
we claim we want, how has the war on drugs gone? How has the war in illiteracy? How was
the war on poverty? Poverty was being solved in the 1950s. About a percentage point a year
was being reduced. The government intervened and decided to help people. So violence will
always achieve the opposite of what we want. That’s the fundamental issue that we’re facing
now is you plant a demon seed you raise a flower of fire as the song goes and that’s
really what we’ve done. So average hourly earnings, do you ever get
that feeling that you’re just not getting any richer? Look at this. This is from 1964
to 2008, 1964 the average hourly income in 2008 dollars is $17.54. In 2008, it was $18.52.
It’s really been pretty stagnant for what? 45, 46 years. And that’s pretty tragic. That
is pretty tragic. This, of course, is all propped up by debt. Everything that we’re
looking up here is propped up by debt. So if this was your income but you were also
now $200,000 in debt with no assets to show for it. You were in debt to a loan shark,
to some mafia boss, to a casino, to a Visa, then you’d say — well, actually, your average
hourly earnings are way down because these are all propped up by debt. This is really,
really important to understand. If you put debt into the equation, this stuff looks ridiculously
worse. So remember, in the 1960s, 1970s, all these
government programs went in designed to close the income gap to make a more egalitarian
society and, of course, look what’s happened. In 2011, the richest 5% share of income in
the US has increased almost 30% since 1967. The bottom 20% share of income has declined
20% since 1967. So you see, whatever you try to achieve with violence, you will achieve
the opposite of. This was supposed to close the gap. Violence was used. It’s made it wider. What’s happened, of course, since the 1960s
is social programs, so Medicare, Medicaid and so on basically transfers. You steal from
one section of the population at gun point through taxation or you steal from the unborn
through debt or you steal from the poor through inflation, through printing of money, through
creation of money. And you take from one section of the population, you keep a massive overhead
for yourself. In welfare programs, it’s 60%, 70%, 80% of the money is kept by the government.
So you steal from one person. You keep 60 cents of every dollar and then you give 40
cents or 30 cents or 20 cents to the poor. Of course, the people who are bureaucrats
love this kind of stuff. But here you can see this incredible rise in social programs
and this is fundamentally what’s driving the deficit of the debt. Social programs as a percent of the economy
in 1960, 4% or 5%. Now they are 16% of the GDP, our social programs. You understand,
this is not wealth. This is just wealth transferred. I mean, the thief gets wealthier if he lifts
your wallet, but he’s not exactly adding to the wealth of society as a whole. Social programs now are consuming the most
federal tax revenues. It’s the single biggest item. So as you can see here, this graph,
the blue is the receipts of tax revenues and they’ve remained relatively constant since
the 1950s. It seems like government has grown a lot but as a percentage of the economy,
they have not. Although the percentage of the economy is really tricky to measure because
there’s been such an expansion in government and government programs a lot of which are
counted as a measure of the economy that this graph would look a little bit different if
we merely look at the private sector which we’ll get to. But as you can see, the social programs are
just eating everything up. Eating everything up and what’s the result of this? Well, this
cuts into everything else. Things like infrastructure –roads, bridges, maintenance. I mean the
backlog of decrepitude in the public sector is just crippling. So here you can see, you
increase your social program spending and everything else turns to crap. Transfer payments,
as mentioned, have now arisen and you can see here them rising, transfer payments are
rising. They now consume 16% of GDP — monstrous, monstrous item. And what does this turn into? So the total
welfare spending that the government is lavishing upon the poor is $168 per day for every household
in poverty, right? Now, this is 20% more than the median income for the entire United States.
In other words, we are spending more per household; 20% more than they would earn if they were
middle class income earners. You understand this is completely unsustainable. It traps
the poor into a near permanent underclass, and social mobility has vastly declined since
the introduction of the welfare state. It really traps them because they have this
huge chasm to leap over. They got to leap over watch the work and education and experience
it takes to get to more than 20% of the income. Of course, the poor aren’t actually getting
all of this money. They get all this trickled down. It comes in food stamps. It comes in
“free medical services and subsidized housing,” and so on. This doesn’t even count public
schools which is another form of welfare because it’s services for the poor which have more
children than the rich which are paid for by the rich or the middle class. So this is
not sustainable at all and incomplete and catastrophic for the poor. Federal net outlays are 18 times — 18 times
what they were in 1970. And again, you can see here just this massive, massive rise.
A lot of this, I mean, women go into the workforce. Women need a government subsidized daycare.
Women go into the workforce, and they pay more in taxes which allows the government
to use that as collateral to borrow more and print more. Welfare program traps people in
the permanent underclass. And, of course, when the government starts paying bills, the
price cap of consumer resistance goes off completely. And so you can have all of this
ridiculous overhead that goes into healthcare system and there’s less pressure because the
government is now paying more than 50 cents on the dollar for healthcare. So in the 1950s, 85% of all working-age men
had a job and it’s now below 65%. The other thing, of course, with the collapse of the
family and the catastrophic rise in divorce in the 1970s and the 1980s, one of the things
that made men grow up and get jobs was being a father and a head of household, but that’s
not the case anymore. So since the government stepped in to take the place of fathers and
providers, male ambition has been blunted somewhat. And this is just one of six million
different reasons but this is off the top of my head. So in the 1950s, 85% of all working-age men
had a job. This is now below 65% and as you can see, it dropped enormously in the last
recession. It’s not really climbing back up. This is with the public sector, the massive
growth of the public sector swallowing up all of these people. Again, if you only look
at the private sector and if you excluded the areas of the private sector which service
the public sector, these numbers would look enormously different. So this is employment
population ratio again. As you could see, it rises up; it goes down. It is now pretty
low. That’s just some graphs hopefully to get your
attention. Let’s have a look at some facts. So we’re told that we’re in a recovery because
the numbers, of course, are being manipulated. This is Standard Statism 101. It’s just you
lie and manipulate the numbers. They reclassify unemployed people as no longer unemployed.
If you give up trying to get a job and you just leave the workplace, you’re no longer
accounted as unemployed because you have to be actively looking for work. I mean, I guess
if you die, you’re no longer sick but it does sure as hell doesn’t mean that you’re healthy. There’s a failure to distinguish between the
public and the private sector. So if the public sector goes on a hiring binge, then this is
counted as a reduction in unemployment even though it adds to the deficit, adds to the
debt and removes people from the workforce who might otherwise be actually producing
things of value in the private sector. If you think that the public sector is the same
as the private sector, then basically — well, I won’t give you the metaphor but it’s not
a good way to look at it. Of course, if you ignore debt, then the numbers look a whole
lot better than they actually are. Let’s have a look at some of the ways in which
the unemployed are reclassified. According to the US Department of Labor, 163,000 new
jobs were created in July 2012. Just pick a month. The reality is that the US lost over
1.2 million jobs that month. Now, in the five months since June, 847,000 jobs were created.
But 73% of those jobs were government jobs and remember there are 150,000 people in the
US entering the workforce in any given month. They’re just graduating and whatever it is,
turning that age. So if you take that out of the equation, the government jobs — I
mean the government was working fine, it’s not like they need all these new people. Lord
knows they have enough people already. If you don’t count the government jobs, there’s
been a half million deficit of jobs. Since January of 2009, the labor force in
the United States has increased by 827,000 but those not in the labor force has increased
by 8.2 million, you understand? People who are of working age who used to be in the labor
force who are no longer in the labor force, they’ve gone off. They vanished, 8.2 million.
If you would have put those numbers back in, well… So Barack Obama has been president for I guess
a little over four years now. The number of Americans not in the workforce has increased
by nearly 8.5 million. They just vanished and they’re no longer counted as unemployed.
But they were employed and there’s still at legal age to work or age to work. And so the
jobs gap is not closing. That’s all smoke and mirrors. The US lost 9 million private
sector jobs during the great recession. Since job growth has resumed, 5 million private
sector jobs have been created. Now, some of those, of course, are there to service the
increase in the public sector; but the level of private sector jobs remains 13 million
below the pre-crisis trend. 150,000 jobs need to be created a month to keep up with the
population growth. Since the recession began, 30 million jobs have been lost, let alone
the ones that needed to be created just to keep pace with the population growth. Here’s how it looks. This is a graph which
has the trend going on in sort of private sector payrolls. And you can see here the
black line that it’s really gone down and, of course, it’s starting to go back up when
the government hires a whole bunch of people that stimulates private sector activity. So
the government opens up the new department of bombs, let’s get everyone under 12 a Mohawk
department of whatever, then they need to buildings, they need computers, they need
training, they need office equipment, they need furniture, they need — all of this stuff
to stimulate but it’s all nonsense. It’s all smoke and mirrors and it also drives up the
price for everyone else. All this stuff that’s being supplied to the new made-up government
workers is driving up the price for everyone else because it raises demand in an artificial
way. So it harms the private sector in a huge way. So unemployment since the recession has only
tended to drop because people are leaving the workforce, not exactly what we want. Almost
550,000 Americans leave the labor force in any given month. Here’s some more numbers,
of course, since January 2009; 194,000 new jobs have been created. At that time, almost
15 million people have been added to the food stamp rolls. When Barack Obama first took
office, long-term unemployed workers in the US, 2.6 million. They were long-term unemployed,
2.6 million. Now, that number sitting at 5.6 million. There are, it depends on the numbers,
you go 88, I’ve seen 102, 88 million working-age Americans that are not employed and not looking
for employment. Just sit on that number for a second. I know it’s staggering. I’ve double
checked it. There are about 88 million working-age Americans not employed and not looking for
employment. So the percentage of working-age Americans with a job has been under 59% for
39 months in a row. Now, since the recession and certainly since
2000, there’s a rise of manufacturing capacity and free trade in two areas, China and India.
This has been massively positive. China has experienced high single, double digit growth
rates; and in India, tens of thousands of people every month are being raised out of
poverty as a result of free markets and free trade. But because America and Europe have
very restrictive policies on manufacturing, lots of pseudo-environmental concerns, lots
of legalese, lots of legislation to control for health and safety stuff which is really
not necessary, lots of things at unions and benefits and subsidies and all of that, pensions,
a lot of manufacturing has fled. In 2000, about 20% of all jobs in America
were manufacturing jobs. Now, that’s down to 5%. Manufacturing was the root out of the
lower class to the middle class. You get here, you’re broke, you get a job in a factory,
you work there for 40 years, your kids go to college, bingo bango bongo, you’re in the
middle class. That avenue has dropped off catastrophically and it continues to do so.
So 60% of the jobs last year in the last recession were mid-wage jobs, medium wage jobs. 58%
of the jobs created since then are low wage jobs. So they’re taking away your cell line
and giving you a half frozen vegetable patty. What’s replacing what has been lost is not
a one-to-one. What’s replacing quality jobs is crack jobs, service sector jobs and so
on. The US economy lost almost a quarter million small businesses during the recent recession,
220,000. In 2010, the number of jobs created at new businesses in the US was less than
half of what it was in 2000, and this is before ObamaCare comes in or I guess has come in.
America is losing half a million jobs to China every single year. Now, of course, normally, what would happen
is if China was competing with you, people would get paid less in order to compete with
China or you’d find some other ways to innovate. But you’re just losing job because it’s illegal
to pay less in many areas in the United States and, of course, the regulatory overhead is
insane. So this is truly astounding. I mean just mull
this stuff over, particularly look at it from the standpoint of the hardworking poor or
the wannabe hardworking poor. The US has lost an average of approximately 50,000 manufacturing
jobs every single month since China joined the World Trade Organization in 2001 — lost
50,000 manufacturing jobs. I actually went to China in 2000 for a business for about
a month and I could see all of these activities start a gap and I was like, “Ooh, I don’t
know that manufacturing is going to be a great place to be in North America anymore.” I made
my career adjustments accordingly. More than 56,000 manufacturing facilities
in the US have been shut down since 2001. So a 40-year-old or 50-year-old factory worker,
what are you going to do? What are you going to do? This is catastrophic. This is all the
result of the free market. This is the result of the statist policies which erased a protectionist
wall around US manufacturing to the point where it cannot compete. We can always compete
with lower wage people. I mean, you can always compete with lower wage people because it’s
not like in India, the workers get 12 years full-time education paid for by the states
for everyone who is in manufacturing there. They have massive amounts of undereducation
in India. So why can’t you compete? You can; it’s just the government doesn’t allow you
to because there are too many restrictions on opening and running manufacturing facilities. About 20% of all US adults are currently working
jobs that pay poverty level wages. I mean they’re functional serfs in the economy and
it’s completely tragic. More than 40% of Americans who actually are employed are now working
in service jobs which are often very low paying. Again, really tragic. Less than 25% of all
jobs in the US are good jobs and that number continues to shrink. And this includes government
jobs. Again, take that out of the equation, I mean it’s just catastrophic. More than half
of all small business owners in America say they would not start a business today given
what they know now and in the current environment. Talk to doctors too. Oh, my God! So we really are facing the involuntary end
of employment for massive sections of the population against their will. I mean just
look at — you ask for 300 jobs, you say, “300 jobs are opening here,” you’ll get like
30,000 applications. People want to work; they’re just not allowed to by force. In the
US more than 41% of all working-age Americans are not working. How sustainable is this?
If you gather together all of the workers that are officially unemployed in the US into
one nation, they would be the 68th largest country in the entire world. So the public sector has grown enormously
and the public sector — I mean let’s just take the classic state model. I’m not a statist,
but let’s take the classic state model that a certain amount of the public sector is necessary
for the economy to function. Let’s say that roads need to be done by the state and other
kind of things, infrastructure and so on. So let’s say that. Of course, the government
is way, way, way beyond where it used to be in terms of — it’s at least 50 to 75 times
what it was to provide those services in the past. So a growth in the public sector comes at
the huge expense of the private sector and that expense shows up in many ways. Clearly,
the private sector has to pay more taxes so there’s more debt or more inflation to pay
for the public sector. You have transferred people from being productive in the private
sector to being parasitical in the public sector. You’ve driven up prices into private
sector for all the resources devoted to the public sector. I mean the list just goes on
and on. And, of course, you’re training people in skills for the public sector which if and
when they lose their skills — they lose their jobs in the public sector they have to be
retrained. It’s a whole mess. So total compensation cost for management
professional and related occupations. Half of all state and local governments employed
averaged over $50 per hour worked and we used the word work here in the loosest possible
sense. State and local government employees spend an average of $41.56 per hour work for
employee compensation in September 2012. Totally employer compensation cost for private industry
workers, instead of being $41.56 or $50.43 were $28.95, September 2012. In the US, the average federal worker work
an hour 60% more than the average worker in the private sector. And again, being a libertarian
means always being sorry that you’re right. It’s like being a doctor and telling some
guy, “Stop smoking, stop smoking, stop smoking. Oh, shit, you have lung cancer. I’m sorry
that I was right. I know I was going to be right. I’m sorry that I’m right.” This is
clear. There’s no limit fundamentally to rising prices in the public sector. I mean there’s
no competition. There’s no investors who can take their money elsewhere. There’s no going
out of business. So of course, they’re going to earn a whole bunch more. That’s how you
buy votes. This is the foundation of the Democratic Party. In 2006, only 12% of all federal workers made
a hundred grand or more per year. Now, 22% of all federal workers do. US public pensions
are $4.6 trillion short to the amount of assets needed to cover projected liabilities. So
they got a whole bunch of money and they’re supposed to invest that money and they’re
supposed to pay their retirees out of that money and their way underfunded. Of course,
they lost a lot of money in the recession and they’re allowed to do these crazy calculations
where they’re allowed to say, “Ooh, I’m going to get an 8% return on investment,” which
hasn’t been seen for decades and they are just vastly underfunded. This is, of course,
back to go and pillage the last kidney out of the last taxpayer to pay for all this nonsense
because pensions are a way of buying peace with public sector unions and private sector
unions at the expense of the unborn who have no say in the matter, can’t vote and don’t
even exist yet because you’re kicking the can down the road when you give people pensions
instead of wage increases, as is debt fundamentally. So private sector, job losses, dwarf government
gains. Since the start of the recession, the government has added 590,000 jobs and the
private sector has lost almost 8 million jobs. Since the Recovery Act, the government has
added 400,000 jobs. The private sector has lost 2.65 million jobs. So the private sector
is where you really need to look for the economic recovery. You cannot get economic recovery
coming from the public sector. That’s like replacing your heart with a cancer. What is
the payroll change since January of 2008? Private sector has gone down minus 4%. The
whole government has gone down minus 2%. Federal government excluding the post offices has
gone up almost 12%. This is just all the manipulation. They’re going to hire like crazy so they can
bring their numbers down and everyone at The Huffington Post can pretend that socialism
works. The US share of global GDP has fallen from
31.8% in 2001 to 21.6% in 2011. You understand this is a complete catastrophe. It’s gone
down nearly a third in only ten years. This is an utter collapse of the economy. Sixty-one
percent of all Americans were middle income back in 1971. Today, only 51% of all Americans
are. Again, this includes the public sector. As we mentioned in 1950, 80% of all men in
the US had jobs. Now, less than 65% of them have jobs. One out of every four American
workers makes $10 an hour or less — $10 an hour or less. This is after the robot revolution,
this is after the computer revolution, this is after the internet revolution, this is
after the most massive potential gains in productivity that has ever occurred in the
history of the world, in the history of any kind of economics whatsoever. And all of this
has been diverted in a mad violent plunge to attempt to redress social problems with
the infinite brutal unsubtle club of government force. This is the result. This is not what
was planned, but this was what was predicted by anybody who had any sense of ethics property
in the free market. Payroll change. This is from July 2012.Payroll
change since January 2008, minus 5 million. In the private sector, minus 4.61 million.
So total payroll change has been minus 5 million. In the private sector, it’s been the vast
majority of that. 4.6 of that five million is in the private sector. The government has
gone down, 400,000 didn’t change. The federal government, as we mentioned, has gone up to
225,000 people. So this is startup jobs created per 1,000
Americans broken down by president, Bush Sr., Clinton, Bush Jr., and Obama. So let’s look
at how these numbers break down. Bush Sr., 11.3; Clinton, 11.2; Bush Jr., 10.8; Obama,
7.8. And this is not to pick on Obama. I mean in a sense he was promoted captain of the
Titanic when it was three inches above the water, but you can see that these are really
catastrophic numbers. Seventy-seven percent of Americans are living
paycheck to paycheck at least some of the time. This is not how it was supposed to be.
Medium household income in America has fallen for four consecutive years. Overall, it has
declined by almost over $4,000 over the last four years, completely catastrophic. And this
is the time of increased debt. Thirty-six percent of Americans say that they don’t contribute
to anything to retirement savings. (a) They don’t have the money; and (b) they still believe
in the mirage of social security. Twenty-four percent of Americans workers say they have
postponed their planned retirement age in the past year, the ancients in a new world.
Forty-three percent of Americans have less than $10,000 saved up for retirement which
isn’t going to do any good to you at all. Twenty-eight percent of all Americans do not
have a single penny saved for emergencies, and this means that they’re hanging by a thread
above the chasm of falling out of even the lower classes into the dependent classes. So 40, 50 years ago, America like most of
the West launched a massive program to accelerate the end of poverty. Poverty was already being
solved in the post-war period. This was to accelerate the end of poverty. Now, violence
achieves the opposite of what you wanted to achieve and what has been the result of the
war on poverty? Well, in the US today, around 100 million Americans are considered to be
the poor or near poor. Back in 2007, 19.2% of all American families had a net worth of
zero or less than zero. By 2010, that figure had soared to 32.5%. Forty percent of all
Americans have $500 or less in savings. You grow the economy primarily through putting
money in the bank which then gets lent to entrepreneurs who start new businesses, who
provide new services, who invest in capital improvements to become more productive, who
invest in education for their workers — whatever it is. You ain’t saving, you ain’t growing.
And you ain’t saving. About 10 million household in the US don’t
even have a single bank account, kind of off the grid and not because they’re super wealthy.
The US has a higher percentage of workers doing low wage work than any other major industrialized
nation. In 2010, 2.6 million more Americans fell into poverty, largest increase ever since
the US government began keeping statistics on this back in 1959. Violence achieves the
opposite. You made your war on poverty, you will swell poverty. This has huge results. I mean these kinds
of catastrophic wealth losses and losses of opportunity have huge results on things as
fundamental as marriage. There are now 20.2 million Americans that spend more than half
of their income on housing. That’s a 46% increase from 2001. Only 51% of all Americans that
are at least 18 years old are currently married. Back in 1960, this was 72%. And marriage,
of course, is the foundation for the mental, physical, social, emotional health of your
children and this is really — but it’s just producing people who are going to have much
higher risk to be criminals, drug addicts, abusers, and problematic bullies and you name
it. In 1984, the median net worth of households
led by someone 65 or older was 10 times larger than the median net worth of households led
by someone 35 or younger. So the gap between those who’d accumulate resources over the
course of their life and those who are kind of just starting out or in the process of
starting out was about tenfold. Now, the median net worth of households led by someone 65
or older is 47 times larger than the median net worth of households led by someone 35
or younger. This is why I say social security is a complete boondoggle because there’s no
money saved for it. It’s basically just a dusty bunch of “I owe you’s” that have to
be taken out of the kidneys of the young. So people who are much poor relative to the
baby boomer retiree population which is the wealthiest population of the world has ever
seen, the young are being taxed who have much less money to pay for the retirements of the
old who have way more money as a group. I mean this isn’t a completely regressive tax. So debt, we had a look at this earlier. Let’s
break this down a little bit more. Total consumer debt in the US has risen by 1700% since 1971.
In 1983 the bottom 95% of all income earners had 62 cents of debt for every dollar that
they earned. You want something, you pay for it. Credit is the devil’s handshake. At least
that’s how it was when I was growing up. So in 1983, bottom 95% of all income earners
had 62 cents of debt for every dollar that they earned. By 2007, that figure had soared
to $1.48 of debt for every dollar that you earn. One third of all Americans are currently
not paying their bills on time. Forty-three percent of all American families spend more
than they earn each year. These are just household debt, not corporate debt, not government debt. After adjusting for inflation, US college
students are borrowing about twice as much money as they did a decade ago. College debt
outstanding is at around a trillion dollars. Again, it’s not that they have a failure to
launch. There’s just no place for them to land when they get out of college, 85% as
we’ll see of college students move back in with their parents. Forty-six percent of all
Americans carry a credit card balance from month to month, the infinite payment of compound
interest. Of the US households that do have credit card debt, the average amount of credit
card debt is a truly shocking $15,799 at interest rates ranging from 13% to 18% to higher percentage.
That’s astonishing and astounding and incredibly hard to pay off. Americans are carrying a grand total of $798
billion in credit card debt. So if you were alive when Jesus was born, you spent a million
dollars every single day. Since then you still would not have spent $798 billion by now.
It’s a lot of money. Forty-five percent of all auto lends are made to subprime borrowers.
Ooh, that worked well with the housing market, didn’t it? The ratio of household debt to
personal income in the US is now 154%. If that doesn’t make your jaw drop and you had
to reach your bar of gold, read it again. Cancer of inequality is growing enormously.
We have become a Morlock kind of society. Eighty-three percent of all US stocks are
in the hands of 1% of the people. Sixty-six percent of the income growth between 2001
and 2007 went to the top 1% of all Americans. Only the top 5% of US households have earned
enough additional income to match the rising housing cost since 1975. For the first time
in US history, banks own the greatest of residential housing net worth in the US than all individual
Americans put together. The bottom 50% of income earners in the US now collectively
own less than 1% of the national wealth. You cannot build a society on this kind of
inequality. It will fall over and it will fall on the poor as it always does. And this
is people who focus on the free market really the only people who care about the poor. Not
in appeasing the poor, not in giving the poor stuff, not in dragging the poor with free
stuff, but in actually creating conditions wherein the poor can help themselves. Stop
giving them fish. Give them the lake and the capacity to fish, they’ll be fine. But this
idea that we’re going to use government power to help the poor is just created a situation
of imminent catastrophe for the lower classes. In the United States today, corporate profits
are in all time high. The percentage of Americans that are living in extreme poverty is also
at an all time high. And corporations are making and sitting on a hell of a lot of money,
and one of the reasons they’re not spending that money is something called regime uncertainty
which is what the hell is going to happen next from the legal system, from the law system,
from the regulatory system, from the tax system, from you name it? They don’t know so they’re
waiting, and there’s not that much demand because there’s so little money sitting out
there among the people. More than 100 million Americans are enrolled
in at least one welfare program run by the federal government not even counting social
security and Medicare. Back in the 1970s, about one out of every 50 Americans was on
food stamps. Today, about one out of every 6.5 Americans is on food stamps. I mean this
is late Roman Empire bread and circuses crap. It’s just astounding. One fourth of all children
in the United States are enrolled in the food stamp program. Hey, didn’t get rid of daddy’s
just do wonderful things for the family? Twenty-one percent of all children in the US are living
below the poverty line in 2010, the highest rate in 20 years. This is after a 40-year
war on poverty. Median household income for families with
children dropped by $6,300 between 2001 and 2011, and this counts public sector workers
who’ve had massive increases. Half of all American children will be on food stamps at
least once before they turn 18. The number of Americans living in poverty has increased
by about 6 million over the past four years. As we mentioned, one of every four workers
in the US brings home wages that are at or below the federal poverty level. Almost 60% of all children in the US are living
in homes that are either considered to be low income or impoverished. The number of
children living in poverty in the state of California, for instance, has increased by
30% since 2007. In the city of Detroit today, the smoking crater center of experiments in
central planning and endless socialist tinkering, in the city of Detroit today more than 50%
of all children are living in poverty and close to 50% of all adults are functionally
illiterate. They can still vote, you see? But they’re functionally illiterate which
is why you have to give them phones I guess. Forty-nine percent of all Americans live in
a home where at least one person receives financial assistance from the federal government.
This is why you can’t cut these programs. I mean the programs will be cut. Mathematics
will do a fine job of cutting the programs, but you can’t cut them politically unless
you actually have a bold face, reality-based conversation with the American voter. But,
unfortunately, the American voter has been trained by the government to believe in the
government for 12 years. So you would first have to dismantle the propaganda and that
takes a huge amount of work certainly longer than your average election cycle. But unless
you are willing to have an absolutely frank discussion with the neediness, dependence,
and ignorance of the American voter, it’s not going to change. And what politician is
going to want to do that? So in 1983, it was less than 30% of Americans
lived in a home with one person receiving financial assistance. Now, it’s almost 50%.
Number of Americans living in poverty rose to a new all-time record of almost 50 million.
During 2011, 53% of all Americans with a bachelor’s degree under the age of 25 were either unemployed
or underemployed. And again, this counts those who got jobs from the public sector. Eighty-five
percent of all college seniors plan on moving back in with their parents after graduation.
Yay! Life never starts. Now, the real inflation rates had been estimated
at 10% per year. So not only is there a lot less money but the money is worth a lot less
in and of itself. So if you have a 10% inflation rate per year, the value of your money gets
cut in half in only seven years. It is catastrophic. So in average you could buy about ten gallons
of gas for an hour of work back in the mid ’90s. Now, the average hour for work will
get you less than six gallons of gas. To get the same purchasing power that you got out
of $20 back in 1970, you have to have more than $116 today. Do you see how much the value
of money has gone down because of all of this printing and all of this debt? And all of
this debt and all of this printing accumulates value with the upper classes at the expense
of the lower classes and the unborn, the two most vulnerable sectors of society. The state
is an illusion and a lion that lies to you and preys on the weakest. It says it’s only
cares about the weakest. People end up preying on the weakest. This, of course, is the central reason as
I mentioned before why savings are so low. Government debts, i.e., your children’s debt.
During 2012, the US government had to roll over nearly 3 trillion dollars of all debt.
The US national debt is now more than 22 times larger than it was when Jimmy Carter became
president where it was relatively peanuts. During the Obama administration, the US government
has accumulated more debt than it did from the time that George Washington took office
to the time that Bill Clinton took office. And please, let’s not hear anything about
how Bill Clinton’s administration produced a surplus. That was all nonsense. That surplus
was financial scum jiggery and also because there was a huge tech boom, taxes went up
but it was all a bubble, so I hope I won’t get too much nonsense about that. If the federal government began right now
to repay the US national debt, not even counting interest at a rate of $1 per second, it would
take over 440,000 years to pay off the national debt; in other words, three showings of The
Hobbit. If Bill Gates gave away every single penny of his fortune to the US government,
it would only cover the US budget deficit, not the debt or the operating expenses, the
budget deficit for about 15 days. It’s never going to be repaid, people. The US national
debt is increasing by about $150 million every single hour. So I better hurry up or I’m going
to be $160 million worth of podcasting. During fiscal year 2012, 62% of the federal budget
was spent on entitlements – entitlements. You can’t cut the government without cutting
entitlements. And this whole republican plan of, well, if you don’t increase taxes, you
will cut government spending; it’s all nonsense. In 1965, only about one of every 50 Americans
was on Medicaid. Today, one out of every six Americans is on Medicaid. Can you believe
it the government program grew and went overbudget? First time for everything I guess. So this
is the Greatest Depression. The condition of the US economy today mirrors the economic
situation prior to the Great Depression. So there’s slow economic growth, massive deficits,
high unemployment and foreclosures and a shaky banking system. Real unemployment, not the magic monkey numbering
that goes from the government statisticians, real unemployment is at the same level it
was during the Great Depression which is at about 25%. But now, the drop in house prices
and sales is actually worse than it was during the Great Depression, and the stock market
has been dropping and stocks are currently overvalued as much as 50%. And youth unemployment,
of course, in the US is now at the highest level that we’ve seen since World War II.
Ah, but it’s even worse in some ways because the Great Depression in the 1930s didn’t have
any of the structural economic and social problems nor the massive unfunded liabilities
and obligations. In 1929, just prior to the Great Depression
manufactured by the Federal Reserve, America was not $16 trillion in debt. It was not facing
over $100 trillion in unfunded liabilities. The amount of money that the government is
committed to pay that it can’t pay is $360,000 per citizen, not per household, not per conjoined
twins — per citizen. In 1929, most of the states were not bankrupt, insolvent and dependent
on government handouts to survive. One county, Cook County which includes Chicago,
Illinois now owes over $108 billion in debt, the biggest part of it in unfunded government
employee pensions. That bowl is still — that’s that ball still rolling down towards Indiana
Jones. His unfunded liability to the future is far worse than our existing problems. In
1929, there were not 21 million government employees with bloated salaries, obscene pensions
and free healthcare for life. As I mentioned before, one out of five federal employees
earn over $100,000. In 1929, there was no such thing as Social
Security or Medicare or Medicaid. The Federal Government did not have these obligations
written into law that threatened to consume the entire federal budget within a few years.
So not only are we in the same place as right before the Great Depression of the 1930s,
but we are in a far worse place because of all of the unfunded liabilities and social
programs. While Barack Obama has been president, the
US government has spent about $11 for every $7 of revenue that it has actually brought
in. Over the past four years, welfare spending has increased by 32%. In inflation adjusted
dollars, in real dollars, spending on welfare programs has risen by almost 400% over the
past 30 years. How is poverty doing? Well, it’s increasing. It’s one of these weird things. I remember a long time ago I had a conversation
with a friend of mine. He said, they said, “There are far few agricultural subsidies
in country x rather than here.” And he’s like, “Well, here of course because of the agricultural
subsidies, our food is cheaper,” because that’s what seems to make sense. Well, we’re spending
more money on the poor; therefore, we should be solving the problem of poverty. I mean
that’s how it works. When I go to buy bananas, if I spend more money in bananas, I get more
bananas. But that’s the free market. In the government, everything is reverse.
When you put violence into the mix — coercion, monopoly powers — everything you spend produces
the opposite effect. It’s a weird backwards, upside down universe. The moment you stop
punching your friends, they ain’t so friendly, right? The moment you lock someone in the
basement, they kind of want to get out. Whatever you do using violence produces the opposite. And so, this has been predicted for many years
by people far smarter than I. And so as you increase government spending on poverty, you
will expect a concomitant increase in the amount of poverty. When you spend government
money fighting drugs, you will expect an increase in the amount of drugs being bought and sold.
When you spend government money to reduce the price of healthcare, you will expect the
price of healthcare to rise. Violence produces the opposite. If the federal government used GAAP accounting
standards like publicly traded corporations are forced to do by the government, right?
Remember, the government is all about setting up rules that exclude you. The real federal
budget deficit for 2011 would have been $5 trillion instead of $1.3 trillion. Don’t believe
anything that they’re telling you. Don’t believe anything that they’re telling you. It is far
worse. But, of course, those who were in the upper classes and the middle classes and the
political classes, they need you to pretend that there’s a recovery; that the green shoots
are not the fingers of zombies coming up to strangle you. They need you to believe this
stuff so that you won’t to panic, to prop up the stock prices, to keep them going for
another year or two in office. It is the captain of the Titanic telling everyone at a 30-degree
angle everything is fine. Don’t worry about it. It’s because he wants to get to the lifeboat.
Don’t believe anything that they’re telling you. The United States already has more government
debt per capita than Greece, Portugal, Italy, Ireland or Spain, the PIGS of Europe. The
US government is responsible for more than one third of all the government debt in the
entire world, 5% of the population. The amount of US government debt held by foreigners is
about five times larger than it was a decade ago. And they’re only holding on to that debt.
They’re only holding on to these bonds because the moment they start selling it, they’ll
have to record the resulting last in value in their books and they’ll go into heavy deficits
or even worse deficits. Between 2007 and 2010, US GDP grew by 4.26%
but the US national debt soared by 61%. And again, that GDP includes crap-like healthcare.
Healthcare is a cost. It’s not wealth and it includes government spending and government
employees and so on which is — anyway, I think I’ve made that point. So let’s start summing up. The national debt
is now more than 37 times larger than it was when Richard Nixon took the US off the gold
standard. Funny, when you can print whatever money you want, you tend to print more money.
The national debt is now more than 5,000 times larger than it was when the Federal Reserve
was first created. Federal Reserve, I know everyone keeps emailing me, is it a private
institution? It is not a private institution. It is not a private institution because it
has monopoly powers granted to it by the state. The national debt jumped more in the very
first day of fiscal year 2013 than it did from 1776 to 1941 combined. Let me say that
again. It’s really, really important to understand this. The national debt jumped more than the
very first day of fiscal year 2013, first day, than it did from 1776 to 1941 combined.
What with a Civil War and World War I and the Great Depression and World War II, one
day. These are end times. My own calendar should have had an American flag on it. Historically, the interest rate on ten-year
US treasury just averaged 6.68%. If the average interest rate on the government debt rose
to that level today, the government would have to spend more than a trillion dollars
a year just on interest on the national debt. You don’t have a free market when two fundamental
things are controlled by the government. You have a fascist system. If the government controls
interest rates, you don’t have a free market. If the government controls money, you don’t
have a free market because money and interest are the two foundations, the two signals,
the two most important elements of stability and predictability that are needed to have
a free market. So once the government has those things, you know. A guy’s heart beats
for a second or two after his head gets cut off, but it doesn’t mean he can win a marathon
anytime soon. Boston University economist Laurence Kotlikoff
is warning that the US government is facing a gigantic tsunami of unfunded liabilities
in the coming years; that we are counting on our children and our grandchildren to pay.
No, no, no, they won’t be able to because they can’t get jobs. They’re living with their
parents and they have a trillion dollars of student debt to pay off. Kotlikoff speaks
of a fiscal gap which he defines as the present value difference between projected future
spending and revenue. His calculations have led him to the conclusion that the federal
government is facing a fiscal gap — drum roll please, drum roll of death — of $222
trillion in the years ahead. The US Tax Code is now more than 3.8 million
words long. William Shakespeare’s works are about 900,000 words long. The value of the
US dollar has declined by more than 96% since the Federal Reserve was first created. The
money, of course, the difference goes into the pockets of the wealthy. Corporate profits
as a percentage of GDP are at an all-time high. Wages as a percentage of GDP are near
an all-time low. Of course, with government debt, with government manipulation of interest
rates, with government printing of fiat currency, you get this whole humoresque government facing
financial sector which is completely catastrophic for the economy as a whole. So you can just go screw around with the financial
sector to get profits in the short run rather than investing in labor, capital and so on.
The fact that corporate profits are going up and wages are going down is entirely the
results of this fascistic control of the economy. You see this all the time when fascism takes
over. Wealthiest 1% of all Americans own more wealth than the bottom 95% combined. This
is aristocracy and serfdom right back to the Middle Ages but with an iPad. The wealthiest
400 families in the US have about as much wealth as the bottom 50% of all Americans
combined. The six heirs of Walmart founder Sam Walton have a net worth that is roughly
equal to the bottom 30% of all Americans combined. So how are the American people doing? Well,
despite the gossamer delusion rainbow webs that the media is consistently trying to spin
over your rational eyeballs, the people that are seeing through the smoke and mirrors which
is why I say, we know all this. We know all this deep down. I did a video years ago called
There Will Be No Economic Recovery. And again, being a libertarian, being an anarchist means
always heading to be right but knowing that you’re going to be right. More people now feel that the US is in a recession
than they did in October of 2008. Almost 70% of Americans think we are in a serious or
moderate recession. Well, 13% still believe it’s a mild one but they all have government
jobs, I’m sure. Seventy-one percent of all small business owners believe that the US
economy is still in a recession. Almost half of Americans believe that another Great Depression
is likely within the next 12 months. A lot of the economic “growth” that we see is just
being propped up by wild and massive government self-financing through the Fed buying up a
whole bunch of treasuries, and I mean it’s crazy. The government through trillions of
the giant banks, including foreign banks, the big banks used a lot of that money to
speculating commodities including food and other items which is now driving up the price
of consumer necessities. So the government gives all this money to
the banks. The banks then use that money to speculate. They’re certainly not going to
lend it out to businesses who don’t want to grow because of regime uncertainty. The banks
will end up speculating commodities just driving up those prices and so you pay for the money
or your children pay for it. It goes to the banks and then you also pay for the increased
prices in whatever you buy because the banks are using your tax money to speculate in the
market. But there are some indications that we are
hitting bottom and that’s good. This is such a terrible addiction, to state power and coercion
and lies and propaganda and manipulation and fantasy. But eventually, all addicts if they
don’t die, which is not going to happen, they hit bottom, right? They wake up with hooker’s
panties next to the body of a wolf in a ditch. In Vegas, they’re like, “Whoa! Maybe I should
cut back on the blow.” So only 23% of all Americans believe that
the government is the solution to the problem and again, most of those have government jobs,
I’m sure. Sixty-four percent of all Americans believe that the government is the problem.
So we’re in the beginning stages of actually admitting that there is a problem and having
some sense of what the problem is. Fantastic! Congress, as we mentioned, has a 5% approval
rating so that’s good. I know this has been a hopefully not too tough
presentation to watch but this is all very, very important to know, to understand and
to accept and to appreciate. These are the realities you need to take care. You need
to take care to know what the truth is about the world that you’re living in. You need
to take care to protect yourself from what is coming as best as you can. Get some gold,
get some food, get friendly with your neighbors, build up a community. I think one of the major
reasons that the Americans, the government wants to drive gun control is because they
know that there’s going to be a lot of problems when the money runs out and the money is going
to run out. There is no way about it. There is no way to stop it politically. It is too
close, too big, and the population is still too fantastical and unreal in their thinking
to be able to reason with. So this is going to have to be one of those times where it
is a hard bounce to a more real and more virtuous place. So thank you so much for watching and listening.
If you would like to check out more of this show and the winner of the 2012 Liberty Inspiration
Award ahead of Ron Paul, Tom Woods and Antonio Buehler. Thank you everyone who wrote in for
that. Freedomain Radio, it’s my show and my listeners’ show, the largest most popular
philosophy show on the web. Almost 50 million downloads, I guess with you watching this
that’s 50 million and one. Freedomainradio.com, if you would like to check it out. Lots of
free books, free materials. It’s a donation based thing so it would be really helpful
if you could help pay for some of the resources that the show requires. Mostly, it’s a bowling
ball polish for my forehead but there are a few other costs as well. Of course, thank you so much for watching
and listening. You can go to fdrurl.com/endus if you would like to get the sources for this
presentation. And I look forward to talking to you again soon. Thank you so much for your
time and attention.

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100 thoughts on “There Will Be No Economic Recovery. Prepare Yourself Accordingly.”

  1. What the hell you mean "permanent underclass". What the hell are common people working for? The rich don't get it no easier either. Far as billionaires and people that run the world ALL OF US are underclass. It's time to go the hell off. Being poor is no fun but being rich isn't the answer either. You can't enjoy life on this earth the way it's been set up and fame is not it either

  2. The poor live better in America than any where in the world. This is why all the poor, uneducated, unskilled dead beats want to move to America, for the free stuff. The poor live better here than anywhere in the world. Globalism, technology, immigration, and counterfeit currency have progressed EXACTLY as planned by the global elites. Exactly. Trump is a monkey wrench in the elite plan for global communism and quotas. I hope Trump can right the ship but only if he can bankrupt and renegotiate the debts. Let's do it.

  3. Very interesting and sound (worrying!) facts, which doubtlessly still hold true now in 2017. Do you see any chance of Trump changing anything for the better in America? The way I see it, China is pretty well in the driving seat, and America is close to the abyss: hopefully, Europe does not get dragged down in the process.

  4. This wealth transfer from whites to the world is right on schedule. The parasites are feeding on the whites and white nations. Whites are being ethnically cleansed to transfer their wealth to welfare people like Zionists in Israel. It's all going right on schedule. Planned by elite liberals to tear down all borders to create modern global communism 2.0.

  5. Stefan, we are all debt slaves. The currency is worth nothing. The currency is electrons in computers, which is debt slavery. We are now debt slaves, working for electrons. A $100 bill costs 5 cents to print, hiring an American for five to ten cents a day. Slavery. When paid with automatic deposits it's free slavery, free slaves. Everything is free if I can print electrons and get prostitutes to have sex with me for free. We are all prostitutes working for free. This is child abuse. This is fraud. This is evil. It can not continue and won't.

  6. now 2017,,,,the biggest problem is the world stuck frozen with political correctness..and Islamic appeasement… and people saying the sky is falling

  7. College education was actually getting cheaper, then the do-gooders and socialists set out to 'fix' the problem by taking money from the taxpayers, churning it through government and handing it over to ever expanding faculties.

  8. Remember Believers, GOD still promises to supply your every NEED. That means we don't
    have to Worry about anything. GOD is still in charge of everything & He Loves Us.
    Coffee Jim

  9. Watch explanation of Mark Blythe. It was working until 80's and then US completely change from goal of full employment to promote investment and this is how we end up here.

  10. @Stephan i understand you think public scools are just for the poor. But dont you believe (in an ideal education system) all ppl of all classes should be able to learn to think for themselves? Wouldnt that lift humans as a whole? in stead of only giving the middle class and rich ppl the ability to do that?

  11. Here's liberal logic : "Hey I don't want that poor guy at a US manufacturing plant only making $7/hour. That's an insult. We'll pass a minimum wage law INSISTING he get paid $15/hr.". Next, that guy's job gets shipped to China. Now he's making $0 /hr. Liberal : "Well at least he doesn't have to take that insulting $7/hr job". Pats himself on the back, smokes a cigar and congratulates himself on his humanitarianism. "Ah, hell get buy, retool, reeducate whatever."

  12. Great video Stefan. Your right on target. However Americans don't understand how our govt is not what they think it is. The house and senate stealing the wealth of America year after year. Traitors every last one of them are all millionaires somebody needs to nuke DC I before those cowards head to their posh bunkers to hide

  13. All these facts, reason and evidence and yet Stefan still believes supporting trump will make a difference? He's abandoned his principles

  14. Retirement has gone extinct.
    I'm a gen X libertarian entrepreneur.
    It's the only way to surpass the rat mass. Real simple.
    You work for what you want until the day you die…

  15. Well. Here we are – 5 years later. What is the conclusion? Maybe we can not make conclusions from simple chart shapes?

  16. This presentation remind me prediction the death of all cities from horse 💩 100 years ago. I bet all analytical charts looked very convinced back than too.

  17. "prepare ourselves accordingly" ?

    This sounds sensible advice, until you look at the actual scenario you're 'preparing' for from a practical historical perspective.
    How should a Roman citizen of the 4th Century have 'prepared' for the Germanic Volkswanderung and the financial/social and military collapse of the Roman World Order ?
    Seems to me that when faced with a disaster of such magnitude, a few/lone individuals can do very little to improve their situation; but consider the alternatives listed below:-
    Dump 'paper' assets and transform any personal wealth into gold/silver ?
    Seems sensible as paper assets will be worthless, BUT amidst anarchy/lawlessness, any sizable sum of gold/silver would likely draw unwelcome attention down upon the bearer ?
    Flee the conflict zone for 'safer' regions ?
    Seems sensible, but on 'home turf' most of us tend to have a safe place to sleep and a reasonably trustworthy circle of friends/acquaintances; is that true at the new location ?
    Stock up on weaponry, survival equipment and basic agricultural necessaries ?
    This also seems sensible, but (in UK/Europe at least) prior to Social collapse, possession of any useful weaponry would merely earn you a serious jail sentence, whilst following the Social collapse a sturdy refuge/thriving allotment would act rather like a magnet to any mobs of starving refuge/looters who happened to be passing.

    Historical hindsight tells us that rather than waiting until the barbarians are within the gates and looting/massacring the Empire's citizenry; that citizenry should have risen en mass to depose their inept/deluded leadership and reverse their suicidal policies BEFORE the collapse occurred.
    Unfortunately those same 'inept/deluded leaders' tend to employ serious numbers of heavily armed muscle which (although unable/unwilling to confront the barbarians) tends to be very good at bullying/taxing and terrorising their legally disarmed fellow citizens.

  18. Single payer health care is "stealing from one to give to another"? You are against that? You're against taxing the rich to pay for healthcare? Am I reading this incorrectly?

  19. The public sector doesnt manufacture anything. Municipalities provide services and run cheaper than services farmed out to the private sector. Ive been there. That is just another scam.

  20. I live in a National Monument. There are more gov employees here than doans has pills and they all think they're cops…oh!…and there's a lot of COPS here now too. …"a half uh frozen vegetable patty"…lmao.

  21. This is what happens when you let a rothschild central bank into youre country. Every single time. Its like a math equation.

  22. Listen up everybody, I can tell you exactly what is about to happen. The economy will get so bad that no one will be able to solve the dilemma. Gold and silver will be cast into the streets as worthless. You will work all day long just for the price of one meal. There will be one world government and only one currency. You will not be able to buy or sell but that everything is tracked and monitored. You will be required to get a mark on your hand or head in order to transact any business whatever. One man will rise that demonstrates an uncanny ability to solve the problems of the world and who restores peace. He will take up a residence in Israel with his chair in the Holy of Holy's, he will mock God Almighty and force the entire world to worship him. His name will be a number and the number shall be his name and that number will be 666. This is not my own prophecy, this is God's prophecy that I have paraphrased the best I can. So save it, heed it and watch because the only thing you will ever be able to do to save yourself and extradite yourself from destruction is to refuse the mark on your hand or head and solely trust in the Lord Jesus Christ for your salvation, repent of your sins and give your life and heart to Jesus the Blessed Redeemer. Don't believe it, just watch and remember this prediction as it is all about to happen. How do I know this you ask? Because God also predicted that the generation that witnessed Israel reborn as a nation would not pass until all the prophecies of the Bible are fulfilled. The Bible says that the Jews from every corner of the world would become despised and rejected and will return to their native land Israel by the millions from every nation. This has been in progress since the later 1940 's when Israel was returned to the Jews by Britain following WW II. Check it out and you will discover that presently there are more than 100 languages and dialects spoken in Israel as I write this message to you. Beware, get right with God or pay the price!

  23. When the shit hit the fan it will be a start of correction process of evolutionary mistake that resulted in development of so called Homo Sapiens. Large proportion of world population will die of starvation, mobile phone depravation, internet withdrawal etc. The remnants will die in a war for what is left of this shitty civilisation. Finally the cockroaches will have their chance.

  24. There will be no recovery as long as big business isn't forced to pay their taxes. All these tax cuts for business fall back on the citizens. The wages don't change thus as a regular citizen you're receiving a decade(s) long anal rim job.

  25. Thank you! When my husband gets home he will watch this with me! He has a BS in Biology and concentrations in Mathematics and Anthropology. When he graduated he couldn't find a job in our state. He finally took a job driving semi. He makes more doing this than he would if he worked in a lab!!

  26. And yet everyone can afford masters degrees in Lesbian Inuit suffering, and drive $27,000 cars? let me know when people are actually poor in practice and not just on paper, and i'll pay attention.

  27. Everyone has a copy of the block chain and they all know what USI tech did to me. So why do they think they can continue to act. The block chain will expose there wickedness. The block chain will punish them because the block chain is righteous.

  28. I have no clue on what to do. Im 28 and still stuck at home. Ive been working in the maintenance department of a florida school county for 5 years now. I only get paid 12 dollars an hour. The benefits are great. My health insurance is top rate cost 50 dollars a month with a 600 dollar deductible. I guess I'm lucky there. Ive just been saving little at a time and have a car paid off. I have like 20k in my savings now but i don't make nearly enough to get my own place. Im hoping to meet the right girl and use my money to put a down payment on a home. There are not many jobs in florida that really pay more than 12 dollars an hour.

  29. We have to learn how to be poor in a new/old way. I'm a minimalist so converting a cargo trailer to a little home is ideal for me, no plans on ever having a family. I have many friends with land so it's easy to garden as much food as I'm willing to put the work in for. Even a garden made from buckets and foraged soil (or making a composting operation, there's free biomass EVERYWHERE, including coming out of your ass) would be able to grow a lot of nutritious food. The internet is freely available in most of this country in libraries, so the information needed to do all this isn't hard to find, though you need basic computer literacy first. I feel fortunate to have been educated in many things that I didn't appreciate at the time. Because of that I have been able to continue educating myself without any trouble. The system is failing, so let's go back to connecting with the soil, water, and sunlight. They are the foundation of true value, can't eat money, and the stuff you can buy with it in the store is likely bad for you in some way, including the produce with all the chemicals used all over the world

  30. I’m still waiting from 5yrs ago of your stupid crash bullshit.

    I sold everything and moved? U idiot. It’s 2018 and the stock market is booming and people r doing great! WTF. Are u part of the fake news Bull?

    Can someone ban this idiot

  31. Perhaps you were not counting on the entire Global Trade system and all the major world powers pumping their currency, debt, and economy up up and away. A rising tide floats all ships; at least until a rogue wave smashes them all to bits

  32. Hahaha. Looks like you were way off on that one. Had killary been elected you would most likely have been correct since she was the way obummer would have got a 3rd term.

  33. Great presentation. Amazing some of these stats barely see the light of day. Makes you wonder if the market is mostly currency devaluation and hidden inflation. What's still holding it up in 2018 like it's defying gravity?

  34. The employment graph suggests to me that regardless of gender, about 50% of the population cant be in the market, most of em are women but saying that therefore women should stay in the house is a bit extremist so i think that the standard should become again the 1 income household regardless of who works, (the man or the woman), granted most of the women will choose to stay home but some men will also do this and some women will preferred to work.

  35. all the debt graphs should be adjusted for inflation. You state that inflation is theft from people who save. it is. But its also theft from people who lent money to the state and so a pretty good way of getting rid of debt (until the economy collapses)

  36. Why do you single out social programs as being "not wealth"? Isn't ALL government spending "wealth transfer" by means of "violence"? What does it matter in your ideology is one segment is 3% or 16%?
    Also, this figure almost certainly fails to include unauthorized spending, such as the $21 trillion (with a t) in unaccounted, unallocated military spending. During the same time, the value of the stock market has gone up by a bit over $30 trillion. Hmm…. I wonder how the rich got richer?
    Programs designed to fail, fail. Straight up kleptocracy works. Doesn't an hour of intellectual dissection to explain (or counter) that.

  37. Economics relies on value for money. Inviting millions of people that can not read or write, is economics downfall.
    It's the rise of aggressive socialism.
    Essentially Europe now represents the soviet union, with Germany, the worlds largest war criminal at the helm.
    Not only do Germany owe billions in 2nd world war reparations to Poland and UK, they're demanding money from us for our own downfall.
    Canada is the desperate party guest that wants to be seen as all inclusive with its foreighn chums.

  38. Everything you have said is 100% true. But I am not sure where the tipping point is? As an individual I am tired of never getting ahead. But, maybe I am not working hard enough.

  39. Now that Trump is in I am curious how things have improved. I would love a government that actually wanted to help with freedom and less government control and dependence.

  40. Very informative, although a few years older now. I think this video is still bang on the money….. they keep propping it up, but the fall will come. And when it does it'll be worse.

  41. Listen: They wealthy are kicking ass at making money in America, don't expect anything to change…America is about "every man for himself" and this economy is a result of that thinking…there are Human Farmers and there are the humans that are farmed. Alpha will always farm the beta.

  42. I'm sure the caliphate will come any second now……any second, just let me ready my clock…..any second……almost there……just a couple more days/ years give or take…any second….

  43. If I had it my way, my baby boomer/bachelor self would have been allowed to die of natural causes at the age of 48 instead of my near dead body self being taken to hospital. I followed procedures and advice by the educated people before then. I am permanently damaged in some areas that forced me to leave that field. I had more money to give to nearest relatives. Education is just another business. Personally, I had disruptions, but I have advanced education. If I could go back in time to whenever was my last best day to walk, I would go for a long walk to the woods, and let nature take its course.

  44. this video was published 5 years ago and the predictions did not come true.. There was no "end" and there was indeed a very good recovery…

  45. If there is one thing you should take from this, it's that the government and fed reserve are in the business of continuously creating the illusion that things are better than they are, and to ensure nothing is done to reduce to accumulation of wealth and power of the 1%, whom they actually work for.

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