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Data Not Seen Since The Great Depression? · Conversations: Special Guests with Preston Scott

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  We're back, and he's back. It's the third hour of the Morning Show
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  with Preston Scott. This week, all technology is working and so we are
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  pleased to have back with us. Justin Haskins, director of the Socialism Research
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  Center with the Heartland Institute, prolific writer, co author of books with Glenn
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  Beck, but most importantly sitting atop the resume is Friend of the Morning Show
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  with Preston Scott. Alone. My good, sir. That's right, Preston,
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  that's right, number one on top of the list. You how do
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  you sound so awake when I know it's five am? Where you are?
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  You know? I'm good the first half hour that I wake up. It's
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  all downhill after that, though, So you got the best thirty minutes of
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  me, for sure. I came across a piece that you have written,
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  A new data reveals crash not seen since Great Depression. Give us the news.
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  Yeah, so this is a really disturbing story, and I just want
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  to make it clear right up front, what we're seeing in the data doesn't
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  necessarily mean you're going to get a Great depression like crash, but it's not
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  a good sign when you start to see something like this happen. Essentially what's
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  going on with the money supply, So the amount of cash, the amount
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  of money that actually is counted out throughout the economy, and people's bank accounts
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  and savings accounts, and the estimates for what they have in their wallets and
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  all of that. If you just add all that money up and you look
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  at the growth rate for that money over time, it's almost always positive.
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  You almost always have a positive growth rate because the economy is constantly creating money,
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  and there's a bunch of ways that money is created, including money printing
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  from the government. Now, during COVID, we had the greatest increase in
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  money printing that we've ever had in the entire history of the United States because
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  the government was just printing trillions and trillions and trillions of dollars because they closed
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  the economy down and then they had to figure out a way to keep everything
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  afloat. And since then the Biden administration that's he's come into office has continued
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  printing lots of money. So the money supplied growth rate stayed relatively high compared
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  to historical averages. Well once the Federal Reserve because of all the inflation that
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  was happening tons of historic inflation that we haven't seen in forty years because the
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  government's been printing massive amounts of money. Once that started happening, the Fed
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  increased interest rates. That's what's causing the prices of houses to start to go
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  down. That's what's making it so expensive to get a mortgage. That's what
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  makes it so expensive to get a car. That's why debt, all kinds
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  of debt is now much more expensive because interest rates are going up, and
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  that has now gone up at a faster rate than we've seen in many years.
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  Interest rates from the Fed are now higher than they've been in over twenty
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  years. You have to go back to two thousand and one to find interest
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  rates as high. So what's happening to the money supply is the interest rates
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  going up sucks money out of the economy, sucks lots of money out of
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  the economy, and the money supply is now crashing. It's negative the annual
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  growth rates. So we're not seeing any growth, and we haven't seen any
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  growth of the supply for several quarters in a row. And it's to the
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  extent that it's to a level that we haven't seen since the nineteen thirties when
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  we had the Great Depression, except it's even worse than what happened in the
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  Great Depression because normally, in a normal functioning monetary system, when the money
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  supply goes plummets like this, the inflation also goes down. You end up
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  getting deflation. Prices collapse with it because there's less money, so prices go
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  down. But in our distorted, broken economy, because our government keeps printing
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  money despite the fact that we're having high interest rates, what we're seeing is
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  the money supply is crashing, but prices are still going up, so we
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  still have inflation even though there's less money out there. That is creating conditions
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  that literally we haven't seen in the record in at least one hundred years.
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  This is really really bad news for people, and it's the reason why so
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  many people feel it in their bank accounts and surveys from the Federal Reserve and
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  from other government bodies show that Americans now have less money in the bank when
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  you account for inflation, less money in the bank than they had when the
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  pandemic started. During the pandemic, they had more money in the bank because
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  no one was going out and doing anything and the government was printing lots of
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  money. So things are getting really, really bad for regular, everyday people,
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  and that is a terrible sign for the economy going forward. You are
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  listening to the Mad Radio Network, where you're challenged to make a difference each
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  and every day. Good morning, and welcome to the Morning Show with Preston
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  Scott. He is a prolific writer, researcher, commentator, and our friend
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  here on the radio program. Justin Haskins of the Heartland Institute. Justin one
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  of the big stories this morning that I think, I think may connect to
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  some of what we were just talking about, the Biden administration threatening lending institutions
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  through the Department of Justice and Consumer Financial Protection Bureau, telling them that if
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  you refuse a loan application or application for credit and deny somebody because solely of
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  their status as an illegal immigrant, that they're going to take action against you.
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  That's just horrifying to me, and I believe it's going to make a
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  bad situation worse. Yeah. I mean what the Biden administration is doing because
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  has no real economic plan other than to just try to get as much money
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  moving through the economy as fast as possible. I mean that's all. That's
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  all they can do is print money and move money through the They are creating
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  all kinds of distortions throughout the economy, especially in banking. And that's something
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  that's been going on for a long time on the left and to some extent
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  on the right, but especially on the left, with banking institutions forcing banking
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  institutions and other financial institutions to make money more available to people, whether they're
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  qualified or not qualified. And I think that this is just another example of
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  that. It's probably happening in a hundred other ways. At the same time.
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  I can't think of a of a of a greater reason to say,
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  notice somebody other than the fact that they violated law and are in this country
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  illegally, Why should why should they get credit? It's very bizarre. I'm
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  not sure how. I'm really not sure how that would even work. How
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  would you do a proper a background check on a person in that situation.
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  I'm not even really sure I understand how that a banking institution could do that.
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  And surely all these banks have policies in place that say that they don't
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  do this sort of thing exactly because of that reason. And you don't remember.
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  The banking institution is built on the idea that if if they give people
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  money, or they give people access to banking accounts and things like that,
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  that if those people act irresponsibly, there's some way to make sure that they
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  get restitution. Right, they can get the money back somehow. But I
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  don't know how someone who isn't here legally could guarantee that that's going to happen.
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  How do you know they'll even stay in the country, right, do
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  you know? I mean, it's totally absurd. Let me get your thoughts
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  on the importance of today's vote to get Jim Jordan in a Speaker of the
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  House. I'm one of those guys that while I initially thought the timing was
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  bad, I've come to the conclusion that what Matt Gage did is he did
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  a giant favor to a lot of Republicans out there that will never ever admit
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  it that they had to change how they were doing business, and moving Kevin
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  McCarthy out was important. I think Jim Jordan's a much better choice to speaker,
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  But how important is it to the overall welfare of our nation right now
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  to get him in particular in his speaker. Yeah, so I have a
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  very I have a very low view of politicians at the federal level, especially
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  as you know, so to be totally honest to you, I don't know
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  that it matters all that much keep going on in Washington, DC. I
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  just don't know that it matters. So with that said, the Speaker of
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  the House is really important for Republicans because that role is predominantly a role that
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  I think personally is meant to be sort of the ideological face of the Republican
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  Party, especially as it comes to battles with the White House and other Democrat
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  leaders. Right, so this is you're picking a spokesperson, and I think
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  if you think of it more like that, then you can see how important
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  it would be to make sure you have a spokesperson at all times, and
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  that it's a really good spokesperson. And I think that Kevin McCarthy was a
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  average spokesperson, but probably better than some of the others that we've had in
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  the past, you know, probably better than like a John Bayner, for
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  example, and that's a little harder than a Paul Ryan or someone like that.
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  Right now, I think Jim Jordan's going to be incredible as a spokesperson
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  if they can actually get him through. But if he gets through and he's
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  now speaker, can you expect all of these amazing bills to suddenly get passed.
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  Absolutely not, because the system is designed to make sure that it's really
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  hard to get legislations passed. So I don't want people to get their hopes
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  too high. We need to win more elections before anything like that happens.
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  On your phone with the iHeart radio app and on hundreds of devices like Google
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  Home, Xbox ensos in Ihearts radio station. As we discussed in the break
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  the existential meaning of the Wars of the Roses, we now turned back to
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  more mundane issues. Justin haskins with us this morning. Is that what we
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  talked about? No? Maybe that was what were talking about. No,
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  not at all, but I just thought it sounded funny anyway, Justin joins
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  us from the Heartland Institute. Justin, it looks to me, based on
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  the subtle shift in commercials on television, that the electric car industry is blowing
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  up before our eyes. And I thought it would take another five years when
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  batteries started dying for it to really happen. Are we seeing the end of
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  the ev push or not. Well. I think if we lived in a
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  world where companies were respond to supply to demand from consumers, I would say
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  that this thing never would have gotten started in the first place, or barely
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  at all, and I think it would be the end of it. I
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  think the Biden administration and Democrats generally are doing everything they can to force people
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  to do this, and the primary way that they're forcing people to move in
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  this direction is by putting rules in place on these auto manufacturers fuel economy standards
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  to essentially say, you've got to keep increasing your fuel economy standards for your
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  fleet, meaning the miles per gallon on average that your fleet is getting.
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  Okay, that you're selling cars to people, right, So these are rules
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  for manufacturers. So what they're doing is they're increasing them so high, and
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  they're doing it over time, but they're increasing them so high that really there
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  is no way that these manufacturers can do this. For example, by twenty
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  thirty two, I think the rule is going to be fifty eight miles per
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  gallon on the average. So what they're trying, there's no way for them
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  to do gasoline powered cars, just normal gasoline powered cars that are gonna get
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  fifty eight miles to the gallon for a whole flee of vehicles. So they're
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  trying to force everybody to move in that direction, even though electric cars are
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  not as reliable, even though you can't drive them as far, even though
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  in the cold, really cold weather, they don't work as well, even
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  though the range on them is pathetic. In a lot of cases, they're
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  going to try to force everybody to get one. I keep warning people that
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  if they buy it, they're going to have the biggest case of buyer's remorse
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  in ten years they've ever had in their life. I mean, look,
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  an electric vehicle works for SIRT for in very limited situations until you have to
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  until you have to sell it near where you work, really close. It's
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  not that bad of a situation, depending on the cost of power in your
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  area. But for most other people it doesn't make any sense at all.
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  But only until you sell it, because the cost of staring those batteries in
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  the face is in front of the new buyer and they know it, and
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  oh yeah, no, you have to have a lot of money too.
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  Yeah, that's the other thing. No doubt about it, No doubt about
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  it. It doesn't make sense economically at all for people to get. It's
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  just something that some people like the idea of. Basically, there's really no
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  reason to use it over other things. It just isn't you touched on the
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  Department of Transportation and what they're doing. And of course all of this is
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  couched in the environmental crisis that they allege is happening, which we know better.
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  You wrote a piece as well, dealing with the wildfires of Canada and
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  so forth, and of course everything is blamed on climate change. The struggles
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  of my Green Bay packers blamed on climate change. I mean, you name
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  it, it's all climate change. You you went in a little bit of
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  a different route in that story. Yeah, I mean, look, what's
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  really incredible about all of the data about whether it's wildfires or hurricanes or tornadoes
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  or anything that you want to look at. If you look at the data
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  over a long enough period of time, and the same is absolutely true with
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  wildfires, what you see is that there is literally nothing that is happening today
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  that hasn't happened before and that hasn't been worse before, just within the past
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  twe hundred to one hundred and twenty or thirty years, which is about as
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  far back as our accurate records go. We don't have records much older than
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  that for most things, and wildfires is no different. In the nineteen thirties,
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  heat waves and wildfires were substantially worse, and then there have been periods
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  of time since the nineteen thirties where for a few years they skyrocket because of
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  various weather conditions changing. You might have a really hot, dry summer,
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  and in the western part of the United States especially, you get a lot
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  of wildfires. This is something that has happened over a long, long period
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  of time. The reason that all of these people get out there and say,
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  well, this is the worst we've seen it in a long you know,
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  in history, is because they start counting history as usually since the nineteen
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  sixties or seventy's or something like that. They picked that to early time.
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  They pick a time period that is recent when these numbers were low, and
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  then they use that as their starting point because of the way that temperature records
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  are kept in other things, but that's the reason they're cherry picking the data.
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  You go far enough back, you'll see that the data does not show
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  that we're in any kind of a climate crisis, and even some of the
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  people who are climate alarmists historically will acknowledge that, yes, actually these things
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  are not historically bad, but they will get historically bad, That's what they'll
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  say. But that seems lost on major newspapers ABC, NBC, CBS,
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  Washington Post, New York Times and all these other people that are pushing this
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  narrative because they have an ideological and political agenda. Justin I've maintained for years
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  that the overwhelming majority of people are duped into this because they don't know the
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  difference between carbon dioxide and carbon monoxide could very well be the cave away.
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  Thanks for the time, Thanks Preston, I appreciate it. Sir Justin Haskins
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  with us once a month talk about things he's written, things he's studying,
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  researching, and things in the news. Here on The Morning Show with Preston Scott