What Will Cause The Next Recession – Joseph Stiglitz On Trump’s Protectionism


There are several problems
facing the global economy. I think it’s fairly clear that there
is going to be a gross slowdown that the economy was given what is
now generally called a sugar high by the combination of a tax reform
bill in December of 2017 and then the expenditure increases in January
2018 creating a very large increase in the deficit when the
deficit was already very large and that provided some short term
stimulus to the economy. It was not well-designed and the
money didn’t go into long term investment it went
into share buybacks. The result of all that is
it didn’t provide the foundations of sustainable growth. There are several problems
facing the global economy. Europe. remains very weak. Part of the reason has to do
with some fundamental flaws in the euro. Their political problems. Italy has not had growth and the
euro doesn’t have — give it a framework within which
to restore growth. So you’re really having
near stagnation in Europe. Meanwhile China is
also having problems. What I describe what’s going on
is that they alternate putting their foot on the accelerator and then on
the brake because the only way they goose their economy
is through debt. I don’t see the basis
of stable growth in China. The third obvious concern is
Trump’s protectionism and we’re talking about China. We’re talking about a trade
war with Europe over automobiles. We’re talking about sort of the global
rules based system which he has systematically attacked. The WTO this year will wind
up without having an effective appellate body because the United States refuses
to allow new judges to be elected. So the WTO which was the
basis of the rules based global system is is going
to be facing difficulties. So all these are significant
headwinds confronting the global economy and we’re part of
the global economy. So we will feel some of the
bumps that we ourselves have created. Many of us who were critics of
the WTO and I think correctly didn’t really appreciate the virtues of the
WTO until we actually confronted the reality of a
world without rules. You can’t imagine how any
economy American economy could operate without the rule of law it’s sort
a the foundation of our economy of our society. We talked about the
rule all the time. The same thing
actually applies internationally. You need a rule of law. It’s much more bare bones rule of
law and that’s what the WTO provided. Some of the rules
were not well designed. There were rules that were written
by the advanced countries for their corporate interests. And that’s really been my. complaint. that to to a large
extent the rules were dictated by American and European corporations. For instance access to drugs. They made it more difficult to
get access to lifesaving drugs drove the prices of drugs up and it
seemed so unfair that we had an international regime which allowed
the advanced countries to subsidize their agriculture
goods like cotton. Billions of dollars going to a
few thousand maybe twenty five thousand rich American cotton farmers
putting deeper into poverty tens of millions of people in Africa to
India and to me I found that abhorrent. And so that’s
what I criticized. Manufacturing is not going to come
back to the United States. We’re not going to recreate the golden
era of capitalism the 1950s or 60s. Even if China didn’t export
as much manufacturers goods to us we’re not going to make mostly
apparel in the United States. We’re going to be importing it from
Vietnam or Bangladesh and to the extent that manufacturing goes back
the United States would process which is called on-shoring. It’s going to be robots. It’s not going to be jobs in
the Midwest isn’t jobs in South Carolina. So in the end for all
the rhetoric Trump is not delivering . Manufacturing jobs have come back
a little bit as our economy recovers from that long
and great recession. Some of those jobs are coming back
and I think there’s more that we can do to bring them back. But the basis of that is going
to be research is going to be strengthening our universities. But these are the things that
Trump is trying to undermine. He’s trying to defund research to
defund the policies that actually bring those jobs back in a sustainable
way and make sure that the industrial jobs that are brought
back are really good jobs. What Trump did was to recognize that
we have not managed the process of structural transformation
of our economy. We were going from a manufacturing
economy into a service economy into an innovation economy and
the process of deindustrialization associated both with globalization and
with technological change is a difficult process and we left a lot
of people without help to move into the new economy. You see it in so many dimensions. We didn’t give them the education
that they needed but Trump University is not the kind
of education they need. They need real education and we’ve been
cutting back on the kinds of real education they need. So while he grass you might say
that the despair you grasp the concerns he’s a populist in the
sense there are no real solutions that he’s offering and
actually made things worse. I’m not a big UBI person. I understand that there are some
advantages to providing a single program guaranteeing a basic income to
everybody but to me the basic responsibility of our society of our
government is to make sure that there’s a job for everybody who’s
able and willing to work. And if we had a job with decent
pay for everybody able and willing to work then the concerns about
UBI wouldn’t be there. We will still need of course
to have social protection systems for the disabled for you know a whole
set of people who can’t work but that should be the core of a
program that provides a system of social protection for our society. It’s especially important for two reasons I
think and I may be a little old fashioned on this. I think there’s a certain dignity
from work younger students say oh there can be a lot of dignity
from meditation and from other ways of spending time. But I think for most people there will
be a real desire to work and this will be a
big challenge going forward. We don’t know exactly when driverless
cars and trucks are going to arrive. We know that even high
tech jobs like radiologists are not immune. Computerized radiology is actually
better than most humans. So there’s a lot of areas where
machines in one way or another will be not only stronger can do
data processing faster but actually can learn in certain limited domains and
even be creative in certain ways. So this is going to be one of
the big challenges of the next quarter century. I titled my book
people power and profits. It was trying to say the only
balance is going to be mass movements people engaged in politics because in the
end the way our economy and the way our society functions is
determined by rules that are set publicly. There is a real concern
that the problems of inequality that I’ve been so concerned with for
so long will be getting worse. And part of the reason
is the problems of unemployment that it could give rise to but also
part of it is the ability of A.I. in the new technologies to
be more efficient in exploitation. They can target prices at
exactly what each person pays. It actually undermines the basis of
a market economy as we’ve known it in the past a price
system where your standard courses in economics. It’s about how prices make
sure that the marginal benefit of a good is the
same for all individuals. The marginal cost is the same in
all uses of production but with the new technologies everybody’s paying
a different price. Every firm is paying a different
price and it actually undermines the efficiency of the market economy and
it takes we call economist called producer surplus surplus from individuals
and adds it to the profits of some of the
wealthiest people in the country. Over the last 40 years
corporate power profits have been driving the rules. We’ve become a more corrupt politics
more money driven politics and we’ve lost the balance
in our politics. Not surprising given that we’ve lost
the balance in our politics we’ve lost the balance
in our economics. There’s been an erosion or evisceration
of worker power over the last 50 years. We have to get the
rules of globalization right. They’ve contributed to the weakening
of worker bargaining power. We have problems in our corporate
governance where CEOs are taking a larger and larger share of the
corporate pie and dancing themselves at the expense of their
workers and of investment. And that’s one of the reasons why
investment rate is so low and our overall growth rate is so low. Now when it comes to
the particular problem of innovation. I think we have to realize at
the core of our innovation system is government funded basic research
and government funded education programs. And those are absolutely
essential for making a dynamic economy. The irony is that while the
basis of all the innovation our economy is government funded. too little of the proceeds
go back to the public. So there has to be a better
sharing of the proceeds of the innovation and that may be done through
taxation and may be done through adjustment of our
intellectual property regime. There are many ways to do it. It may turn out to to
vary across industry and over time. But what is very clear is there
has to be a better system of sharing of these proceeds. I’ve been a great advocate of
moving to an electronic payments mechanism. There are a
lot of efficiencies. I think we can actually have a
better regulated economy if we add all the data in real time
knowing what people are spending. It would enable the Federal Reserve
to actually set interest rates in a much more efficient way. We would have I
think better macroeconomic management. It also would curb some of
the illicit economic activities and it disturbs me a great deal. The attention that was
given to crypto currencies. because those were moving things off
of a transparent platform into a dark platform. We know about the role of
real estate and money laundering. We know from the paradise papers and
the Panama Papers the extent of this money laundering. We know from research in recent
years for instance the work of Gabriel Zucman the large percentage of
global wealth that is held in these dark havens. So if we want a more
efficient economy without these illicit activities I think we’re going to have
to move to more of an electronic payments mechanism and we will have
to figure a way out to have the transparency of electronic
payments mechanism without the dangers of the surveillance
and the surveillance state. We have a very good currency. So far the currency has been
run in a very stable way. There is no need for anybody to
go to a cryptocurrency you know in our standard courses in economics we
talk about the attributes of a good currency and the US
dollar has all those attributes. The crypto currencies do
not have those attributes. I actually think we should
shut down the crypto currencies.




Comments
  1. The globalists award their own. Then they bring them back on as if they are the final word. Stiglitz may have some good analysis but he has even more that is poor.

  2. He says the WTO is necessary for the rule of law, but then names the exact reasons why the WTO has been a disaster that should have never been.

  3. The only reason that ' Universal Basic Income ' is the only talk in town shows us that even those Elites in Political & Business Circles do not believe in their constant rhetoric about how Great the economies of the World are & the path it's headed in the future. Simple facts of Economics have been ignored by them in their pursuit of Money

  4. Economists are the extracting parasite establisment's most important clowns.

    They give themselves nobel prizes and with their retorik lend credence to and maintain the global inverted totalitarian oligarcharic looting.

    Money = YOU, and banks do not lend money.

    None of the economists ever mention the obfuscation of Money/Currency/Debt.

  5. Why can’t manufacturing come back to the US in the form of worker co ops? Richard Wolff has been talking about it and it sounds like a great idea. Some exist in the US, we just need to expand on this idea. It would create a much healthier system and would give workers some rights and a voice in the workplace along with living wages.

  6. Does he mean the reception after the one we're in now because the one we're in now it's probably going to be the last one for the u.s.

  7. Being concerned about the global economy slowing down is like worrying about the rapid replication of cancer cells slowing down!

  8. I was wondering why this guy sounded like a globalist nut. My autoplay on chromecast failed me again.

  9. Oh, World Bank, that answers everything.
    The Globalist Shitheads still paying you?
    EU is Bad for European sovereignty, by design.
    NWO NO.
    So wrong.

  10. C'mon. Everyone always pays a different price. It's called urgency. If you can't delay gratification, the seeds of greatness are not in you.

  11. Wow after reading the comment section here it’s amazing how any of you internet PHDs ever got out of your mothers basement.

  12. Yeah I had hope when I started watching this and then that diminished quite quickly. One of the things he really made a mess of was the crypto rant, the whole reason for crypto is because it takes the money out of the banks so they have no abuse and corrupt control over our hard earned financials… crypto and blockchain will be the future, yes it's unregulated but that will change when a solid system is set in place and that will definitely happen… you can kiss goodbye to traditional banks when that happens… you can then kiss goodbye to the corrupt bankers that control our world. Joseph, you said a lot of interesting things but you really need to educate yourself on crypto… you came across as an idiot when you said that. Crypto is already more important to young people than gold is. Gold is for people of your age… past it people that need to sit and relax in their retirement homes and accept that you've passed your 'sell by' date.

  13. If you predict a recession every year sooner or later it will come true I think our biggest problem is the federal reserve

  14. I haven't voted on an election of any type! I haven't even ever registered to vote! It's predetermined! Same as or similiar to #NASDAQ

  15. Trump supporter: i believe Trump over this nobel prize winner economist. And Trump University is a good University, i graduated from there and now i'm a billionaire like him. Hahahahahahahahaha

    PD. One Trump supporter is gonna answer me with "Trump 2020"

  16. Typical Jew supporting all their agenda items:
    1. Leave the Federal Reserve alone
    2. Support globalist platforms like the WTO
    3. Push for "electronic only" currencies. Next up chipping.
    ect…

  17. Look at his predictions in 2016 to know you shouldn't listen to anything this politically motivated mentally unstable person says.

  18. All the 'Nutcases', who control monetary policy, are happy to throw the value of the dollar under the bus, to preserve 'apparent prosperity', while robbing wealth from those who have saved for retirement, thereby putting more people on welfare payments, and causing foolish people to borrow to the maximum. Where will they be when the crash comes? Sipping fine wine on some exotic beach!

  19. He is smart but he just states what he feels is right and wrong with the economy and ideas on how things can be improved. He has no clue about what is going to cause the next recession and want to watch for when it arrives. He no idea what will signal the next one nor does he see what is coming.

  20. I'm glad to see all of my fellow finance people recognize that this guy is seeding a false preconception. We know this is much greater a problem than any one person can create, and it is as old as the problems that destroyed the middle class. Debt and cheap debt.

  21. it was going well till he fell into the digital ditch…wanting to shut down crypto currencies. every finance guy is soiling their pants at the faintest prospect of losing control of money supply

  22. This is a dangerous communists. He wants absolute government control of our money and of our means of production. He wants what all communist want.

  23. no jobs, student loans , mass immigration , crime , nasty politics, war budget , world hunger and information techology will cause recession. the expensive valuation of the IT sector has caused the inflation rate to rise. IT sector although provide jobs at massive levels, but they do need lots of amout of profit to run the machine.

  24. Joseph is a big-government Globalist Liberal who wants to eliminate cash, so that the Feds, Google, Microsoft, and Facebook will know where you spend every dime. He does not believe in US manufacturing but wants to spend lavishly on university bureaucracies.

  25. THIS GUY IS A CRAZY, JEW CROOK, WHO WANTS TO CONTROL EVERY DIME IN THE ECONOMY. THEY WANT ALL THE DAM MONEY AND POWER FOR THEMSELVES

  26. "What will cause the next "recession"." A: a discontinuation of the printing of money which is the currency supply which is the debt .
    Like a pump and dump but its always as the money is created thus debt is created.we wouldnt have an "economy" if not for more debts . not paying them back because it would constrict the currency supply . refusing new loans and demanding old ones back . you print debt (by loans in the banks or public spending taged onto the debt of the loans in the banks )and centralize . bloating common placed commodities those that are more easily attainable . minimising what our common budget consist of . and excluding a chance for competition in the real economy . giving tax breaks to the rich . eroding at what people need to become entrepreneurs and small buissness owners . it always rose (the debt)

  27. DEBT, DEBT, DEBT — the only way consumers have been able to consume is by borrowing because wage increases have been eaten up by inflation. Consumers are deep in debt, and so are corporations. And those nice looking P/E ratios in the stock market have been manufactured both by borrowing and by using tax cut money for that self-serving purpose instead of investing in research, new equipment, new factories, and jobs. And on top of all that there’s the daily skyrocketing of the national debt.  This is The Economy that Wears No Clothes and it’s literally living on borrowed time…you know what comes next: The CEO of one of the big Wall Street banks that caused the Great Recession which destroyed so many people’s lives, recently declared that "I don't look at a recession as a bad thing."  Sure, recessions aren’t bad for CEO’s and the other 1% because We the People have become sheep and Wall Street bankers are the shearers. We the Little People grow our wool — our assets, especially the equity in our homes — and at about 10-year intervals the Wall Street shearers trigger a recession and shear us of the assets we have worked hard to build, repossessing our homes because we can't pay the mortgage, repossessing our cars, and taking our savings that we are forced to spend to create corporate profits because we lose our jobs, And We the Sheep just start over again…and again…and again…and…

  28. NOT possible to predict when the next recession will be, OR what it's going to be like, don't care how much data they have.

  29. Brexit will push the recession over cliff! Then mayhem will be felt regardless of how low interest gets manipulated by trumty's shills!

  30. NOTICE the stock market ONLY hits NEW HIGHS (like today) and never RECORD all time LOWS. That is because the economy continues to GROW. BOOM!! Mic Drop!!!!

  31. NOTICE the stock market ONLY hits NEW HIGHS (like today) and never RECORD all time LOWS. That is because the economy continues to GROW. BOOM!! Mic Drop!!!!

  32. All the economic hardship the world is going to face is being accelerated by the US orange buffoon who lacks any knowledge of economics, his prior six bankruptcies proves his incompetence as a businessman and as a world leader.

  33. Before you write the negative comments, maybe you should looking hard and dissect, the capitalism economy model piece by piece and look at it closely,
    Maybe your future children would
    Thank you for it, this old man want to protect capitalism economy model not destroying it. Sadly socialism will evolve from capitalism mother, hehehe.

  34. Leave it to this aging psychopath to lead me right up to the garden gate… then prove what an obviously pro-Fed banking STOOGE he is when he pretends that Bitcoin is not as safe as FIAT paper currency. This guy must have gone to college to get STUPID.

  35. It's the socialisme that is destroying the country. It needs to stop and people who work can't be asked to pay for all of those who don't feel like working.

  36. He says at end we should shut down crypto currencies. If that happened we would revolt.

    It’s like if the government wanted to confiscate gold or certain stocks.

    Also the economy would suffer as cryptos would advance in other rival economies

  37. Basically what he is saying is that he is rich and you’re all his poor slaves! And if we step out of line that’s fine go craw off to your ditch and die! We rich will just replace you with another poor sole to takeover the slave wage job!
    Thanks for sharing Stiglitz this devastating news on what you and your rich buddies have in store for us poor slaves!
    🖕

  38. Laying the groundwork to blame Trump for the impending recession. They mention that he prolonged it from coming but not that it was inevitable.

  39. He says that the government should make more money from their investments. Next he'll say "All animals/people are equal. Some are just more equal than others."

  40. Notice how the powers got us used to the idea of war with Iran, inch by inch with no chance of avoiding it. When I make comments about the arrival of this war Daniel 8: 20, 23- 25 there has not been a single person who have provided an intelligent reason to show this war will not occur. And this war is also presented like 'going on a picnic' by those who can't wait to get the war started. The consequences of the events now appearing are like a horror movie; and I keep showing this with Scriptures. The destruction of the wicked found in Psalms 92: 7 is the action by Jehovah God that is needed to bring the Great tribulation to a halt. And the planning of it, and the false reasoning, the mistakes and propaganda and the sheer falsehood is now in the planning stages. Where is the opposition to this sheer folly that is being imposed upon the world? We slide downhill into the Great tribulation, and it is the worst distress mankind will ever experience; no, its not going to be 'quick and easy', its the present system over Romans 9: 28. The arrival of Christ 'in power and great glory' Matthew 24: 29, 30 is our King Revelation 12: 10 coming to create order out of chaos, and rescue those whom He has already died for. Matthew 25: 31, 34. Where are the rational voices?

    The oil and gas industry is not just disrupted during the Great tribulation, it is brought to a complete standstill due to worldwide wrath. Revelation 11: 18. All Arab states engage in war Jeremiah 25: 24 and this means the oil wells, refineries, pipelines and tankers will burn as economic wars. There are 'blood and fire and columns of smoke' Joel 2: 30, 31. At a time of worldwide anarchy; Pakistan will be burned completely, due to arson. This is also a time of burning of synagogues, temples, churches and mosques. Revelation 16: 19 "But by the same word the heavens and the earth that are now are stored up for fire and are being reserved to the day of judgement of the ungodly men." 2Peter 3: 7 These 'heavens' that are looked up to, are the political powers, and the religious leaders. The 'New Heavens' that take their places by the word of God Revelation 21: 1 consist of Christ the King Revelation 12: 10 and His heavenly brothers indicated in Revelation 5: 10. The present day political system is subject to an execution Revelation 19: 11, 19-21 because of the things we will see them do. They engage in wrath and wars Revelation 11: 18 Jeremiah 25: 24-26 and the system is subject to a catastrophic meltdown Psalms 46: 4-6 with a collapsed financial system Revelation 18: 17.
    But when Christ arrives as seen in Matthew 24: 29, 30 the 'sheep-like' faithful ones John 3: 16 are found inside God's Kingdom arrangement Matthew 25: 31, 34 where they are being protected.

  41. The Euro will collapse at the beginning of the Great tribulation, Ezekiel 7: 19 Revelation 18: 17 when 'Peace and security!' occurs in Israel, and a 'sudden destruction' appears there when Iran bombs Israel, as seen in Daniel 11: 44, 45 and 1Thessalonians 5: 2, 3. This outbreak of war occurs because the enriched uranium nuclear assets of Iran will be BOMBED; and the pilots will refuel in Saudi Arabia. This is the epicentre of worldwide wrath Revelation 11: 18 and wars Jeremiah 25: 24-26 which introduce the Great tribulation Matthew 24: 15-22. Jehovah's Day arrives, Zephaniah 2: 1-11 and the places in battle and distress named there are Gaza, Ashkelon, Ashdod and Ekron. Christ told those in Judea in our days to 'get out' Mark 13: 16. Russia will engage the financially collapsed EU in war at a time of famine. Ezekiel 7: 19-22. The 'hidden treasures' taken in this prophecy are the artefacts of the Vatican and the churches; taken to support the Russian rouble at a time of worldwide financial meltdown Psalms 46: 4-6. The 23 Arab states all engage in wrath Jeremiah 25: 24 due to the initial strike on Iran's nuclear assets, by pilots who refuelled in Saudi Arabia. This is a Sunni- vs- Shea conflict. The spreading cataclysm is brought to an end by Almighty God Jehovah when the wicked are destroyed, as seen in Psalms 92: 7. This brings the Great tribulation to an end. Christ arrives 'in power and great glory', as seen in Matthew 24: 29, 30 and when He arrives, we see in Matthew 25: 31, 34 the 'sheep-like' true Christians John 3: 16 are found in God's Kingdom arrangement, where they are under protection. Faithful meek and righteous ones are identified for survival into the Kingdom Paradise Luke 23: 43 John 3: 16 Psalms 37: 11, 29 Revelation 7: 9, 14-17.
    Will you be there? The true God in heaven CARES ABOUT YOU. That is why this prophecy exists, and the way to survive is also written. Who will seek more information?

  42. Did he say, "going to be a growth slowdown"? Going to be? Um the "slowdown" has been in effect since the 70s.

  43. Banks …. Italy, Germany , Turkey , China and a few more .. when these start to collapse the U.S.will not be far behind.

  44. The failure of capitalism to provide a living for most Americans does need to be addressed.
    I think we need to move beyond the religion of capital to a human-based economy.
    We are a nation of abundance, and that abundance needs to be shared.

  45. America is heading for a Humpty Dumpty episode. Can't wait!!!!!!!!! The greedy and wicked did this and of course there is payment coming. Merry Christmas!

  46. calls cryptocurrency dark haven and proceeds to discus how we need to move to an electronics payment network
    Me: logs out

  47. Always interested in the communist paradigm–what the bad et's and their lowly spokesmen(Stiglitz) believe. Peddle it to the NY Times–the Russian hoax place.

  48. To be honest, I think plenty of organizations (government and private) know what, when and where Americans are spending their money, on a moment-to-moment basis. So-called "free" apps on cellphones are nothing more than spyware and work especially well when GPS or Google Maps is active.

  49. This guy is wrong on so many levels. Research funding hasn't helped innovation at all. Most of the researches are completely counterproductive because that's how they get more funding. Private investment is the only driving force for innovation because it is their own money so they are held accountable. Education and retraining don't help find jobs. Trillions of tax dollars went in and people became deeply trenched in debt. All they are good for are fake counterproductive government bureacratic jobs.

  50. The EURO will collapse, leading to war between the EU and Russia
    Declare "Peace and security!" in Israel; apply maximum pressure to Iran, and watch the 'sudden destruction' Daniel 11: 44, 45 1Thessalonians 5: 2, 3. Jehovah's Day arrives 'like a thief in the night' 1Thessalonians 5: 2. Places in battle and distress at this time are: Gaza, Ashkelon, Ashdod, and Ekron. Zephaniah 2: 1-11. Christ told us to 'get out of Judea' at this time. Mark 13: 16.
    The worldwide financial meltdown Psalms 46: 4-6 Revelation 18: 17 Ezekiel 7: 19 that comes with wars Jeremiah 25: 24-26 and worldwide wrath Revelation 11: 18 also means that the time of man's rule over man is OVER Romans 9: 28. Now, CHRIST RULES Matthew 24: 29, 30 and survivors are found in God's Kingdom, when He arrives. Matthew 25: 31, 34.

  51. @time crystals located: I am still up 2 PERCENT more than just 30 days ago and UP 13 percent for the Year so far with 5 months to go. You are not invested in STOCKS, nor have you any idea about what you are trying to debate.

  52. This MF puts fear in people so the ball stays in their court and keeps on making money and the feared will pullout

  53. Legalize all the dark activities. Then no need to hide. It comes to the surface, taxed, and eventually because it is all legalized, lowers the price.

  54. More evidence of not accepting change. His comments about crypto currencies shows complete ignorance of the systems use of Blockchain Technology.
    But he also said that we would move into digital currency. We already have.

  55. The thing is cryptocurrency is so obviously, for the people by the people. So economic pros. Still not understand how useful and how much it WILL take over one day. There is no turning back, it's like Napster and the record industry DVD movies and pirate Bay.
    It will be regulated it will cut imthe Banks and it will not be corrupted. The revolution will not be televised! Becusse it's happening already. Yuan falling hard in hope of export same time you see Bitcoin gain 20% in same timespan. People as well as institutions are seeing the power of owning thier own money. Not trusting the Banks with it. Kids 10 years from now will buy and trade in crypto like they listen to Spotify and seeing Netflix today. Becusse they hold their own digital cash. End of discussion.

  56. He says "I think we should shut down the cryptocurrencies" If that's not an alarm to government overreach and untrustworthiness I don't know what is.

  57. Did Stiglitz successfully pinpointed and predicted the last recession? I have been listening to countless people saying recession coming in 2012 again, 2013 again, 2014 again, 2015 again, 2016 again, 2017 again, 2018 again, 2019 again, 2020 again, 2021 again, 2022 again, 2023 again, 2024 again, 2025 again, 2026 again, 2027 again, 2028 again, 2029 again, 2030 again, …. so sooner or later someone will "nail" the timing, right?

  58. This guy is promoting a cashless Society so that the government can control every penny that each individual spends. This guy is not for freedom nor for the success of the United States of America, he is for one world government, which is evil and will lead to destruction.

  59. The only way for the United States to overcome the enormous national debt is to grow the gdp 10% or higher. The rule of 72 shows that if we can grow the economy at 10% then we will double the taxes that the government takes in every 7.2 years. This will help the government to overcome the national deficit and, over many years and decades, the national debt. Therefore, the only way to eliminate the enormous national debt is to grow the economy at an extraordinarily high rate for the foreseeable future.

  60. So it sounds like his solution is to pour more money in to innovation and education and forget about manufacturing. Seems like I have heard that before. All 329 million people in the US can’t be inventors and engineers. There needs to be jobs for every skill/talent level. Innovation is important but it is much cheaper to steal IP, and that is why we need to keep a thumb on countries like China. For the small percentage of people that do come up with new innovations, many more are employed making it. I don’t understand why would give up on keeping those jobs here.

  61. Don't buy from this Snake Oil salesman. His crap is what ruined our Country. Get rid of the Fed and put us on Silver Notes or something. No more manipulation of the system. While the average American is at work these jerks are trying to constantly steal their savings. They're as bad as politicians.

  62. US cuts to public education to allow easy manipulation of the electorate has left us with poorly educated population to fill the jobs of the future. Look at the UN's listing of education scores across countries. (S Korea, Finland, Canada, New Zealand, Japan)
    "My Foreman says these jobs are going boys, and they ain't coming back" – Bruce Springsteen 1984 (how ironic. 1984)

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