Latest / Financial Survival Network / Exposing Inflation Myths and Realities - Tom DiLorenzo #6221

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Exposing Inflation Myths and Realities - Tom DiLorenzo #6221 · Financial Survival Network

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Speaker 1: There's a study of the FED recently by the Independent
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Speaker 1: Institute at Oakland, California, and the Board of Governors of
0:06
Speaker 1: the FED. I think they're I'm of a staff staffers.
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Speaker 1: I think it was ninety seven Democrats and three Republicans. Okay,
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Speaker 1: So now that Trump is going to be president, that's
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Speaker 1: going to turn around. I think they're going to be
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Speaker 1: more realistic and inflation. They're going to report higher inflation
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Speaker 1: numbers and the higher unemployment members, which really existed during
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Speaker 1: the Biden administration, but they lied about that because they're Democrats.
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Speaker 2: You're listening to Carrie Letz's Financial Survival Network where you
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Speaker 2: Network now more than ever.
0:56
Speaker 3: And welcome you are listening to and watching the Financial
0:59
Speaker 3: Survivor Network. I'm your host, Carrie Letz got an amazing
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Speaker 3: guest for you today. It is a site that I
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Speaker 3: follow virtually daily, certainly every week, several times mesis dot
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Speaker 3: org and there you can find the.
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Speaker 4: Teachings and the expansion of Ludwig.
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Speaker 3: Von Mesis's theories, not just theories, but observations and proof
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Speaker 3: that free markets work best and truly, the government that
1:30
Speaker 3: governs best is that which governs least. Tom de Lorenzo,
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Speaker 3: you are president of MESIS, and you know, I'm amazed,
1:39
Speaker 3: like how relevant and how many young people have kind
1:45
Speaker 3: of come over to the site and the libertarian mindset,
1:49
Speaker 3: and you know, in the current political environment, it seems
1:52
Speaker 3: like more and more people are gravitating towards it.
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Speaker 4: They get it.
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Speaker 1: Yeah, we have more than three million readers a year
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Speaker 1: of our web site mesas dot org. And the free
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Speaker 1: books we have that can be downloaded, like Human Action
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Speaker 1: by von Mesas and Man Economy and State by Murray
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Speaker 1: Rothbard are downloaded thirty or forty thousand times a month,
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Speaker 1: every month, all year long, year in and year out.
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Speaker 1: And we have some videos that have nearly two million
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Speaker 1: views of video of this speech is giving in some
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Speaker 1: of some of our conferences. And you might remember Carrie
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Speaker 1: Ron Paul, who's been on our board forty years, was
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Speaker 1: running for the Republican nomination. He went to Michigan State
2:36
Speaker 1: University to give a talk and he thought it was
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Speaker 1: going to be all very antagonistic, and the students started
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Speaker 1: spontaneously chanting and the fed because they'd heard Braun say that,
2:48
Speaker 1: and they had read up on it, probably on our website,
2:50
Speaker 1: because he talks about our website all the time, and
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Speaker 1: he's a good friend of ours. He was just here
2:56
Speaker 1: several months ago given a talk. And so, yeah, a
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Speaker 1: lot of young people, and we have a big network
3:02
Speaker 1: of professors all over the world who turn their students
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Speaker 1: onto our writings and our programs and uh, and so we're, uh,
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Speaker 1: we're sort of missionaries in that regard and uh, and
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Speaker 1: we love it when we discover smart young people who
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Speaker 1: are interested in our ideas.
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Speaker 3: So to sum up Austrian school of economics, uh, for
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Speaker 3: those of you out there who aren't familiar with it,
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Speaker 3: just give us a brief encapsulation of the most important
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Speaker 3: points of it.
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Speaker 1: Well, it uses the economic theory and to to understand
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Speaker 1: human behavior in general. We call it human action in general.
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Speaker 1: And we study markets, and we we we teach and
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Speaker 1: we do research on how markets actually work and how
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Speaker 1: they work much better than government. And we have a
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Speaker 1: lot of literature on why government seems to fail and
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Speaker 1: everything it does. I used to have a bumper a
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Speaker 1: sticker on my office door that I clipped out of
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Speaker 1: a newspaper by Ringos Are of all people and said
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Speaker 1: everything government touches turns to crap. And that's that's sort
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Speaker 1: of one of the themes of the Austrian School. But
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Speaker 1: it's based on one hundred and fifty years of research
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Speaker 1: by some pretty serious scholars. But you know, in Layman's term,
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Speaker 1: that's pretty much it.
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Speaker 3: Well, I would I would just add to Ringo star
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Speaker 3: as you know, wisdom and say, if it doesn't turn
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Speaker 3: to crap, but then it goes up in flames.
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Speaker 1: Yeah, yeah, that would be especially appropriate today, wouldn't it
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Speaker 1: for Californians?
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Speaker 4: So perfect example.
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Speaker 3: Just wasn't really on our list of things to talk about,
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Speaker 3: but it really is dominating the news cycle now, perfect
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Speaker 3: example of governmental failure every single level.
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Speaker 4: The fire is going on in California now right, Yeah. Yeah.
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Speaker 1: I published an article on Lou Rockwell dot com was
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Speaker 1: I'm a columnist for Lou Lou was the founder of
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Speaker 1: the Mesas Institute, and entitled California Bad Dreaming. And one
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Speaker 1: of the points I made is that quoted former New
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Speaker 1: York mayor Ed Koch, who once said it's hard to
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Speaker 1: hold a ribbon cutting ceremony for a new sewer line.
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Speaker 1: And the point he was making is that people were complaining,
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Speaker 1: why is the infrastructure crumbling in New York City? Well,
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Speaker 1: there's not much political hay to be made by opening
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Speaker 1: up a new sewer line or a new water line,
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Speaker 1: or making sure the water hydrants work for fires, because
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Speaker 1: there are so many other opportunities to spend tax dollars
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Speaker 1: that will win more votes and more campaign contributions in
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Speaker 1: other ways and doing the fundamental things that governments are
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Speaker 1: supposed to do. But keeping the infrastructure for firefighting intact
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Speaker 1: is not politically profitable compared to other things. So that's
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Speaker 1: why this happened. I don't think it's unique at all
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Speaker 1: to Los Angeles. I think every city has the same problem,
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Speaker 1: and they deal with it, and some deal with it
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Speaker 1: better than others. But the wacky politicians in call Off,
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Speaker 1: California are among the worst and the stupidest, and so
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Speaker 1: look what happened. I used to live in Maryland that
6:01
Speaker 1: I always told people the Maryland left is probably the
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Speaker 1: dumbest of all leftists politician anywhere in America. That's saying
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Speaker 1: I'm gonna lose yet, but I'm gonna have to change
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Speaker 1: change that to California after.
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Speaker 4: This, Hey, and look like good.
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Speaker 3: We could argue anarcho capitalism and you know, limited government,
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Speaker 3: but the states that don't have income taxes by definition
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Speaker 3: are more limited in their scope than the states that do.
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Speaker 3: And the states that don't have income taxes, like Florida, Texas,
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Speaker 3: you know, the nine states that are out there.
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Speaker 4: Have all grown much faster.
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Speaker 3: And yet, like when there's a hurricane in Florida, whether
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Speaker 3: you think the government should be addressing it or not,
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Speaker 3: that's what happens.
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Speaker 4: DeSantis and his.
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Speaker 3: Predecessor Rick Scott and his predecessor Jeff Bush.
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Speaker 4: That was when they were at their best in a disaster.
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Speaker 4: They were at their best.
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Speaker 3: They weren't like rebuilding the bridges themselves, but they were
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Speaker 3: there making sure that the people who they appointed to
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Speaker 3: get this stuff done, we're getting it done. Newsome, he's
7:16
Speaker 3: like out there, like in the wild. You know, you
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Speaker 3: get no confidence from the guy. He looks completely lost.
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Speaker 3: I mean he makes a deer in headlights. Look look confident.
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Speaker 1: Yeah, Well, with the income with a state income tax,
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Speaker 1: the politicians can play Santa Claus they have so much
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Speaker 1: money that they're Santa Claus. They can become popular. And
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Speaker 1: that's why news was popular. He has so much money.
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Speaker 1: You know, they even like the mayor of Los Angeles
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Speaker 1: was spending They had a transgender cafe. There's things like that.
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Speaker 1: You know, any special interest group with any who wants
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Speaker 1: anything at all if you have income tax revenue problem.
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Speaker 1: But if you're restricted like Florida, if you want to
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Speaker 1: succeed as a governor or or in general as a politician,
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Speaker 1: you darn well beetter. Make sure you're prepared for hurricanes
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Speaker 1: and Florida because that's the one thing that's going to
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Speaker 1: get you kicked out of office. But in California, they
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Speaker 1: have so much money they just enjoy playing Santa Claus.
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Speaker 1: And like Mel Gibson said when he was interviewed after
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Speaker 1: he lost his home, Lori Ingram asked him if he
8:30
Speaker 1: had anything he let to say to Governor Newsom, and
8:32
Speaker 1: he said, yeah, use less hair.
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Speaker 4: Gel had for him.
8:39
Speaker 3: Talk about the blow dried politician. So this brings us
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Speaker 3: to now many of you out there, You and I
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Speaker 3: Tom believe that the economy is in far worse condition
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Speaker 3: than we've been. A gas lit to believe, I mean
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Speaker 3: literally the past four years and politicians in general, it's
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Speaker 3: all about gas It's all about making you believe a
9:03
Speaker 3: reality that doesn't exist, that is more favorable to them
9:07
Speaker 3: to believe in. And I would go back to Trump's
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Speaker 3: first term. You know, the Democrats don't have a monopoly
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Speaker 3: on gas lighting. But the reality is inflation's way worse,
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Speaker 3: employment is way worse. All the metrics they use are distorted.
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Speaker 3: I mean, Murray Rothbordos used to say they shouldn't bother government,
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Speaker 3: shouldn't bother with statistics because they just use it as
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Speaker 3: an excuse to meddle in the economy.
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Speaker 1: That's right, that's right. I've actually in my younger days,
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Speaker 1: when I was early in my career and I was
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Speaker 1: at George Mason University outside of DC, I was asked
9:45
Speaker 1: to testify congressional hearings once in a while by the
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Speaker 1: Heritage Foundation back in the day. And yeah, they all
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Speaker 1: want a statistic of some kind. I was impressed, and
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Speaker 1: they all wanted us to get them some kind of
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Speaker 1: number that they would they would think it would make
10:00
Speaker 1: them be authoritative and whatever they wanted to do. And
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Speaker 1: that's that's the racket of the statistics, and they keep
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Speaker 1: you know, when the statistics turn bad from their perspective,
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Speaker 1: they change the definition, Like they change the definition of inflation.
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Speaker 1: You know, they don't count gas proxies and food. You know,
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Speaker 1: you know who cares about that?
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Speaker 4: Who you have?
10:20
Speaker 1: How much money do you spend on food? Anyway, it's irrelevant.
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Speaker 1: And so shadowstats dot com computes the inflation of the
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Speaker 1: way they did in the nineteen eighties, and inflation is
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Speaker 1: probably three or four or five times more than what
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Speaker 1: the government today says it is. And then all of
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Speaker 1: these jobs that they brag about, you know, a big chucklimber.
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Speaker 1: Governments make work jobs, so they're not real private sector
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Speaker 1: productive jobs. So they lie about unemployment also. But I
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Speaker 1: think that's going to turn around because these these agencies,
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Speaker 1: like the Department of Labor and the Department of Commerce,
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Speaker 1: they're all they're all like ninety ninety five percent ninety
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Speaker 1: nine percent Democrats who work there. There's a study of
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Speaker 1: the FED recently by the Independent Institute at Oakland, California,
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Speaker 1: and like the Board of Governors of the FED, I
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Speaker 1: think there I'm of a staff staffers. I think it
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Speaker 1: was ninety seven Democrats and three Republicans. Okay, so now
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Speaker 1: that Trump is going to be president, that's going to
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Speaker 1: turn around. I think they're going to be more realistic
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Speaker 1: and then fleation. They're going to report higher inflation numbers
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Speaker 1: and the higher unemployment members which really existed during the
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Speaker 1: Biden administration, but they lied about that because they're Democrats
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Speaker 1: and then Biden was their guy. And that's what I
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Speaker 1: think is going to happen.
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Speaker 4: So now it looks like, you know, the most amazing thing.
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Speaker 3: Trump gets elected, first first president to serve non consecutive
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Speaker 3: terms since Grover Cleveland, and since they don't study history anymore,
11:51
Speaker 3: nobody really sees the parallels to Cleveland's second term.
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Speaker 4: But there's an opportunity here with Doge.
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Speaker 3: Between Elon Musk and Vivek Ramaswami and all these things
12:05
Speaker 3: to rethink and redefine government. Now, the last time we
12:10
Speaker 3: really had this situation was when Reagan was elected, and
12:15
Speaker 3: all he wound up doing was maybe slowing down the
12:18
Speaker 3: growth of government a little bit. He was never really
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Speaker 3: successful in cutting spending and really limiting government to the
12:27
Speaker 3: areas where it should be, where it's necessary. And by
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Speaker 3: the way, could you just tell us, Tom, what are
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Speaker 3: the major functions that a government should be performing, according
12:41
Speaker 3: to Mesus Well.
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Speaker 1: Mesa's was not an anarchist. He believed in limited constitutional government.
12:47
Speaker 1: He was a fan of the US Constitution, and the
12:51
Speaker 1: protection of life, liberty, and property is what government. If
12:54
Speaker 1: you're going to have government, that's what should be done.
12:58
Speaker 1: There's a famous old book called The Law by Friedrich Bastiato,
13:01
Speaker 1: I'm sure you're you're familiar with, and he has one
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Speaker 1: statement in there, the law perverted. And how is it perverted? Well,
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Speaker 1: if it gets away from protecting life, liberty, and property
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Speaker 1: and it starts taxing one one group in order to
13:15
Speaker 1: buy votes from another group, well that's the perversion of
13:19
Speaker 1: the law. And so as a start, if you want
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Speaker 1: to know what the legitimate functions of the government are
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Speaker 1: in our system, it's Article one, Section eight of the Constitution.
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Speaker 1: The lists what are known as the delegated powers, and
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Speaker 1: they're mostly having to do with foreign policy and war
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Speaker 1: and things like that, coining money, not printing money, but
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Speaker 1: coining money, deciding who's to be a citizen, things like that,
13:45
Speaker 1: punishing pirates on the high seats actually in their counterfeiting.
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Speaker 4: And that's about it.
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Speaker 1: And you know, the judicial system in that and then
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Speaker 1: that and also it did not provide for a standing army.
14:00
Speaker 1: The army was to be funded for two years at
14:03
Speaker 1: a time under the original constitution. And so of course
14:07
Speaker 1: that that was the whittled away at the beginning in
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Speaker 1: George Washington's day as far as that goes, and it's
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Speaker 1: been need a largely destroyed since then. But that's what
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Speaker 1: what Mesius would would say is a function of government.
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Speaker 3: And then it's just because that gets back to Ringo
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Speaker 3: Star again, it's that everything that the government touches turns to crap.
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Speaker 3: Now people will point at the railroads, you know, and
14:34
Speaker 3: the highway system and all that is the need for government.
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Speaker 4: There is a need. I mean, the interstate highway system.
14:42
Speaker 3: How did it had been built without the government involvement?
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Speaker 1: Well, you know, they made They've all been making that
14:51
Speaker 1: argument for two hundred years. And Alexander Hamilton made the
14:56
Speaker 1: argument that we needed government spending for what they called
14:59
Speaker 1: internal improve movements, and his day was roads and canals.
15:02
Speaker 1: And then now when Thomas Jefferson became president, uh his
15:07
Speaker 1: Treasury secretary made the same argument. We it was basically
15:10
Speaker 1: a free rider argument that you know, you need to
15:13
Speaker 1: force people through taxes to pay for this. But then
15:16
Speaker 1: at the same time, beginning and before the nineteenth century began,
15:21
Speaker 1: there were private there were one thousands of miles of
15:24
Speaker 1: private road building. They were called turnpikes, and then they're
15:28
Speaker 1: they're financed by investors, and people had an incentive in
15:33
Speaker 1: the towns in America to connect their town to the
15:37
Speaker 1: next town because they would It would enrich everybody. If
15:40
Speaker 1: you're a merchant, it would increase the size of your
15:42
Speaker 1: market if you made it easy to do there. And
15:45
Speaker 1: so while these people were complaining that there's a free
15:48
Speaker 1: rider problem. You people will not voluntarily pay to build roads.
15:52
Speaker 1: People were were volunteer people in the towns were investing there,
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Speaker 1: buying stock in these turnpike companies. So historic speaking, that's
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Speaker 1: the way it actually happened, that we've we've forgotten our history.
16:05
Speaker 1: Like you said, no one studies history anymore. And the
16:08
Speaker 1: interstate system is not an unequivocal blessing anyway. There are
16:14
Speaker 1: a lot of people who think they'd rather have their
16:18
Speaker 1: privacy and that not rather have you know, crowds from
16:22
Speaker 1: all over the planet driving through their cities and urban
16:25
Speaker 1: sprawl and all that that people complain about so there
16:28
Speaker 1: are people who complain about about that eminent domain. They've
16:31
Speaker 1: stolen property from so many people to build all these roads,
16:35
Speaker 1: and so there is a case for private, private road building.
16:39
Speaker 1: And you do see some people now privatizing some roads
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Speaker 1: and turning them into toll roads in Los Angeles and
16:46
Speaker 1: places like that. But so, yeah, you could have certain
16:51
Speaker 1: things like that. You can make an argument that that's
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Speaker 1: a function of government, but that's it. You can't make
16:57
Speaker 1: an argument that transvestite cafe is is a constitutional functional
17:02
Speaker 1: government that tatty Bear should be forced to pay for.
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Speaker 4: Wasn't there an amendment about that recently?
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Speaker 1: I fought probably in the California Constitution that probably was.
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Speaker 4: Yeah, I wouldn't doubt it.
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Speaker 3: So doge imagine, you know, we have like eight hundred
17:19
Speaker 3: agencies and they bring it down to one hundred agencies.
17:22
Speaker 3: We still got all the debt. There's not much they
17:25
Speaker 3: can do about that other than Martin Armstrong had the
17:29
Speaker 3: best solution that I've heard, which is due a debt
17:31
Speaker 3: to equity swap, where you just say, here's here's a coupon.
17:36
Speaker 3: You could buy stocks with it, and that's all. You
17:38
Speaker 3: could do nothing else. Yeah, and because otherwise the choice
17:44
Speaker 3: is to default, and you know, all sorts of bad
17:48
Speaker 3: things happen then, even though inflation is a form of
17:51
Speaker 3: defaulting on your obligations.
17:54
Speaker 1: Yes, yeah, I'm optimistic about Elon Musk and Vivek and
17:59
Speaker 1: the doge things because, like Robert Kennedy Junior also said,
18:03
Speaker 1: if he gets in, he wouldn't have the authority to
18:06
Speaker 1: abolish the FDA, but there are a lot of subdivisions
18:09
Speaker 1: at the FDA that he thinks have been harmful to
18:12
Speaker 1: Americans for decades, and he could abolish them without the
18:16
Speaker 1: whole agency. And every American business spends a significant part
18:21
Speaker 1: of their day complying with regulations instead of producing things.
18:27
Speaker 1: And if there could be just a ten percent cut,
18:30
Speaker 1: or look at the other way, ten percent increase in
18:33
Speaker 1: the time American business has spent actually being productive. That's
18:37
Speaker 1: a huge increase in productivity just ten percent and twenty
18:41
Speaker 1: percent would be a boom. And you're increasing what could
18:44
Speaker 1: do you know what else in the world. The invention
18:47
Speaker 1: of the personal computer might be a comparison to what
18:51
Speaker 1: you know what would boost productivity. And you know, on
18:54
Speaker 1: the same level of a twenty percent cutting in wasted
18:58
Speaker 1: time col telling to faceless bureaucrats one thousand miles away.
19:03
Speaker 1: And so that's I'm optimistic about that.
19:07
Speaker 3: Yeah, and combine that with AI, which is really having
19:12
Speaker 3: a profound impact. I mean, just little things that I do,
19:16
Speaker 3: like show notes for like this interview will be AI
19:19
Speaker 3: generated in part.
19:20
Speaker 4: You still got to have.
19:21
Speaker 3: Some involvement and and just running a lot of the
19:26
Speaker 3: government on AI. You wouldn't know the difference, right, I figure,
19:32
Speaker 3: how much worse can AI be than in the bureaucracy.
19:36
Speaker 1: Yeah, then the government. There's so many bureaucrats in the government.
19:39
Speaker 1: It says though government it still runs like a nineteenth
19:42
Speaker 1: century woolen coat factory where it had a lot of people,
19:47
Speaker 1: you know, sewing the buttons on everything that we wouldn't
19:49
Speaker 1: close without technology, before technology came along and eliminated the
19:54
Speaker 1: need for all these people to do all these things.
19:57
Speaker 1: And on technology to the government is so bad on technolo.
20:00
Speaker 1: We talked earlier about the incentive to not spend that
20:04
Speaker 1: much money, enough money on infrastructure like fire fire prevention. Well,
20:09
Speaker 1: here's a fact for you. It was only twenty nineteen
20:15
Speaker 1: that the government, the US government quit using eight inch
20:20
Speaker 1: floppy discs in the nineteen seventies for its nuclear arsenal,
20:25
Speaker 1: nuclear power.
20:26
Speaker 4: That's rud bombs. I did read that, how I go.
20:30
Speaker 1: Yeah, And that's not just an isolated example. It's the
20:34
Speaker 1: same phenomenon that was more politically profitable for the politicians
20:39
Speaker 1: to spend money on other things than things that actually
20:43
Speaker 1: help us.
20:44
Speaker 3: You know, like my kids don't even know what a
20:47
Speaker 3: floppy disc is. Sure, yeah, never, it's the choice. I
20:52
Speaker 3: having a spack of the things, and you'd load your
20:55
Speaker 3: programs in and you know, I go back to the
20:58
Speaker 3: early days the PC and yeah, pretty amazing. So we're
21:04
Speaker 3: at a unique time and the fact is the change
21:10
Speaker 3: has to come. Either the change is going to happen
21:13
Speaker 3: on its own and could be totally unmanageable, or we
21:19
Speaker 3: we basically open things up and we embrace the change.
21:23
Speaker 3: I hate to use cliches like that. The only constant
21:27
Speaker 3: in life is change, right, But we have to do
21:31
Speaker 3: something here because we're failing.
21:32
Speaker 4: Right.
21:33
Speaker 1: Yeah, well freed with Hayak One said in one of
21:36
Speaker 1: his books, Excuse Me, Law, Legislation, and Liberty that the
21:40
Speaker 1: thing about economic growth is that when your time comes
21:45
Speaker 1: to change, say that, you know, those may a product
21:48
Speaker 1: that your work for a company, The product has become outdated.
21:52
Speaker 1: If you want of a prosperous society, you have to
21:55
Speaker 1: accept that and adapt. If you don't want to accept
21:58
Speaker 1: that and adapt, then you're going to give up prosperity.
22:01
Speaker 1: And Americans need to be taught that so that they
22:04
Speaker 1: realize that there's a benefit to adapting. That you have
22:08
Speaker 1: a more prosperous life and a better life, and your
22:10
Speaker 1: children and grandchildren will have a better life if you
22:13
Speaker 1: if you adapt to these changes. And because it's going
22:17
Speaker 1: to be for the better, and and so I'm a
22:19
Speaker 1: bit optimistic the fact that the the left is becoming
22:23
Speaker 1: more and more hysterical and they seem so defeated, and
22:27
Speaker 1: the wokism is sort of fading. It'll it'll go back
22:30
Speaker 1: to the universities where it came from for now. But
22:33
Speaker 1: it's like a cancer. It'll be it'll be. It'll be
22:36
Speaker 1: at the university. It's going to still be growing there
22:40
Speaker 1: and we'll see what will happen in the next twenty years.
22:42
Speaker 1: Maybe I won't to see what happened in the next
22:44
Speaker 1: twenty years. If somebody will, that's the way it's going
22:47
Speaker 1: to go.
22:47
Speaker 4: Yeah, it's on the way. And then they call it
22:50
Speaker 4: the woke mind. Virus. And you know it's interesting Tom.
22:55
Speaker 3: Anyone whose job or business or livelihood is threatened, you know,
23:00
Speaker 3: quickly becomes a luddite, right yeah, oh sure, yeah. I
23:04
Speaker 3: guess my business, my industry, my job is valuable. People
23:08
Speaker 3: need it. They just don't know how much we need it.
23:11
Speaker 3: But that force of creative destruction is key to moving forward.
23:18
Speaker 3: You know, we look at where self driving vehicles will
23:21
Speaker 3: just kind of cut it off at this, but you know,
23:24
Speaker 3: ten million people, it's the largest job category in the
23:27
Speaker 3: United States driver and I'm telling you from my latest
23:31
Speaker 3: experiences driving test LISK, it's not going to be long
23:34
Speaker 3: before those people are surplus. Oh yeah, they're not going
23:38
Speaker 3: to be needed. It's certainly a large number of them.
23:41
Speaker 3: There might be instances where you want the car not
23:45
Speaker 3: driving itself, but we're almost there, and we'll see how
23:50
Speaker 3: quickly society adapts to this, because this is major. And
23:55
Speaker 3: that's just one small example or one large example of
23:59
Speaker 3: the chain that's that's coming towards us. Factory work robotics
24:04
Speaker 3: another one that's going to be and it's going to
24:07
Speaker 3: happen so fast. It's happening now so quickly that most
24:13
Speaker 3: of you out there don't even know it's happening.
24:16
Speaker 1: Yeah, well, we adapted pretty well when we went from
24:18
Speaker 1: horses to automobiles, and hopefully we'll do the same thing.
24:22
Speaker 1: And they've been using robotics for decades now, you know,
24:25
Speaker 1: the car car companies. You know, back in the old days,
24:28
Speaker 1: people had to stick their arms in the into a
24:31
Speaker 1: moving assembly line with sharp pieces of the metal going
24:34
Speaker 1: past and uh, and then these robotic arms to do
24:37
Speaker 1: all that now, so that's really nothing new. I've been
24:40
Speaker 1: doing that for a long time, and it's it's historically
24:43
Speaker 1: what always happens with technology like that is that new
24:47
Speaker 1: types of jobs are created. When when they got rid
24:51
Speaker 1: of operators. I'm old enough to remember a lot of
24:53
Speaker 1: listens telephone service. You had to call and you talk
24:56
Speaker 1: to somebody, and AT and T hired millions of call
25:00
Speaker 1: them operators and they would connect you to your long
25:03
Speaker 1: distance call. And the AT and T unions thought this
25:07
Speaker 1: would be a disaster. Direct dialing telephone wuld be a disaster,
25:10
Speaker 1: but they'd expanded the telephone business so much that they
25:13
Speaker 1: ended up having more union members and not fewer union
25:16
Speaker 1: members after direct dialing for long distance. And that's always
25:20
Speaker 1: been the history of technological advance, but people need to
25:25
Speaker 1: understand that and they need to adapt. And the sooner
25:28
Speaker 1: you adapt, the better, of course.
25:30
Speaker 3: Yeah, can you actually dial zero and get an operator? Now,
25:35
Speaker 3: I don't think you can do it. I don't think so.
25:37
Speaker 3: I don't think you can. And that was everybody did
25:40
Speaker 3: that and then collect calls and information, so information's gone.
25:46
Speaker 4: I don't know.
25:46
Speaker 3: Can you call for one one? And actually I think
25:50
Speaker 3: it's all I think it's all robotic anyway up to
25:56
Speaker 3: someone from Pakistan if you do that. I have an
26:00
Speaker 3: older relative. She's she's passed away now, but she was
26:04
Speaker 3: an operator and I've I've been to her workplace when
26:07
Speaker 3: I was young, and they had all these women. There's
26:10
Speaker 3: like hundreds of them all, you know, like a telemarketing place.
26:14
Speaker 4: But it was at and t Oh.
26:16
Speaker 3: Yeah, it's a huge well we call them now call
26:19
Speaker 3: centers and and things like the typing pool. Remember like
26:24
Speaker 3: companies would have like one hundred ellis and settlers on. Yeah,
26:28
Speaker 3: and Wall Street's back office like they used to manually
26:33
Speaker 3: figure out, manually handle share transfers, accrued interest to crewed
26:38
Speaker 3: dividends actually on adding machines. Up until the early sixties
26:43
Speaker 3: when the calculator came out. That was a big innovation.
26:48
Speaker 3: And now basically there is no back office of Wall Street.
26:52
Speaker 3: It's all the big boxes computers.
26:55
Speaker 1: Sure, yeah, yeah, we have We could probably cite a
26:59
Speaker 1: thousand exams like that. But people need to know these
27:02
Speaker 1: things that we you know, we've been pretty good at
27:05
Speaker 1: adapting these over the years. We still have an economy,
27:08
Speaker 1: we still have the problem prospects for prosperity. But you
27:12
Speaker 1: need to learn that lesson. And there are a lot
27:14
Speaker 1: of people who just think, oh, I'll never get another
27:17
Speaker 1: job for the rest of my life. I grew up
27:19
Speaker 1: in western Pennsylvania during the steel era in the sixties
27:22
Speaker 1: and seventies and when the steel mills all disappeared. But
27:25
Speaker 1: Pittsburgh today is a very very different place than The
27:29
Speaker 1: types of businesses are totally different, and they succeeded. It
27:34
Speaker 1: took me, It was painful at the beginning, but it
27:36
Speaker 1: didn't take Pittsburgh very long to shift to the new economy.
27:41
Speaker 4: Hey, well, we go back to the Luddites.
27:44
Speaker 3: Really, they were the first, the first recorded instance of
27:47
Speaker 3: anti tech, anti progress, if you will, and they were
27:53
Speaker 3: smashing the looms because it automated a drudgery of making,
27:59
Speaker 3: you know, conn wool and uh, it was a big
28:03
Speaker 3: movement in the nineteenth century and you know now that's
28:09
Speaker 3: all automated.
28:10
Speaker 1: So yeah, the dock workers today are complaining about automation
28:15
Speaker 1: because there's a lot of automation coming along with the
28:18
Speaker 1: taking stuff off of the ships. Dock workers and Trump
28:22
Speaker 1: seems to be sympathetic to them, but that's their luodites basically, Yeah,
28:26
Speaker 1: they don't They don't want to see the automation of
28:30
Speaker 1: some of the some of their work either.
28:32
Speaker 3: Ye, it's pretty the container totally revolutionized that industry, but
28:38
Speaker 3: there's still is the long Charman. Well, Tom, really appreciate
28:42
Speaker 3: you coming back on. You know, like I said, I
28:44
Speaker 3: can't say enough good things about.
28:47
Speaker 4: Mesas dot Org.
28:48
Speaker 3: I have referred countless people to the site to try
28:53
Speaker 3: to get them to open up, to get you to
28:56
Speaker 3: open up, to understand the way the economy really works,
28:59
Speaker 3: which is, like you said, it comes down to human action.
29:02
Speaker 3: People acting in their own self interest, whatever that might be,
29:07
Speaker 3: hopefully within the conflin confines of the law, to further
29:11
Speaker 3: their economic and their family's economic position. It's really that
29:17
Speaker 3: simple when you get down to it is. But when
29:20
Speaker 3: it's billions of people doing it all at the same time.
29:23
Speaker 3: It gets very complicated very quickly. And you know, the
29:28
Speaker 3: greatest force for change is unleashing the human mind and
29:33
Speaker 3: allowing people allowing you to pursue your best interests. So
29:37
Speaker 3: mesas dot org link is in the show notes this
29:40
Speaker 3: interview on Financial Survival Network dot com.
29:44
Speaker 4: Appreciate it.
29:45
Speaker 3: Welcome here anytime and we will talk to you again soon.
29:48
Speaker 1: Okay, kerriy I have a great day.
29:50
Speaker 2: Thanks for listening to carry lets this Financial survival Network
29:54
Speaker 2: your solution to today's trying times. For the latest go
29:58
Speaker 2: to Financial Survival Network dot com. Financial Survival Network now
30:04
Speaker 2: more than ever,