Mandeville, LA – Exclusive Transcript – Wait a minute, the last quarter of the year is supposed to be the best, isn’t it? It’s when everybody shells out all their dough on Christmas gifts. This is when everyone who is unemployed and seeking part-time employment can actually find it, isn’t it? All the things that are supposed to happen in the last quarter of the year are supposed to make it right. It’s supposed to make it gay. Songs of silver and gold come to mind. That’s not what happened. Check out today’s transcript for the rest…
Begin Mike Church Show Transcript
Mike: This year, 2013, has begun with a whimper if you’re looking for positive things and begun with a thunder if you’re looking for the negative. Buried in all the news stories that you probably have seen but have not heard this one is the news that in the last quarter of 2012, the vaunted United States, or as many of you call it American, economy contracted. They’re out there saying: Yeah, but it’s only one-tenth of one percentage point. Nothing to see here, citizen. Citizen, there’s nothing to see here, you need to move along. Get back to your work and paying your taxes. You’re not supposed to pay any attention to this. It’s just a blip. It doesn’t mean anything. Come one.
Wait a minute, the last quarter of the year is supposed to be the best, isn’t it? It’s when everybody shells out all their dough on Christmas gifts. This is when everyone who is unemployed and seeking part-time employment can actually find it, isn’t it? All the things that are supposed to happen in the last quarter of the year are supposed to make it right. It’s supposed to make it gay. Songs of silver and gold come to mind. That’s not what happened.
To add insult to injury — and few people talk about this because there are few out there of the Austrian persuasion on radio or television these days, the few that were there have been shown the door. To add insult to this, the Federal Reserve has been printing somewhere on the order of $35 to $40 billion per month in fake money. They have been pumping it into the economy in order to generate what they think is economic growth. They certainly have generated some inflation, and they certainly have generated some excess in the money supply, but it has not translated into any economic growth. As a matter of fact, there has been basically no economic growth.
Just imagine this. We are basically now, ladies and gents, in year number four of a prolonged recession. It may not be a recession in the terms that they used to measure them by and there’s a reason for that. The reason for that is because the federal government, in cahoots with the Fed, continues the process of what is known as quantitative easing. It looks like we’re selling more or it looks like there is a little bit of growth there when in fact all that is is growth in money supply. That is only growth in paper. There’s no real economic growth out there.
You can look at the unemployment numbers and see this. They’re flat. They remain stubbornly stuck, and this is by the government’s own rigged estimate. The unemployment numbers remain stuck. We seem to have now grown accustomed to it. We seem to have now wrapped our hands around it. Okay, having 25 percent unemployment we’ll get used to that. Having real 15 percent adult unemployment, we’ll get used to that. As long as they’re paying the benefits, what difference does it make?
There is a slide that is occurring right underneath our noses. As I speak, the sled is going down the hill. That little downtick in the GDP was but the first acknowledgment of it. The political class already knows about this and they know that doom is right around the corner. You know how we know this? They’re starting to blame one another. When they start to blame one another, you can bet your bottom booty that they know something that you don’t.
What’s going on out there? Isn’t it obvious that with four years under their belt, hell, you could say the entire last decade, that it is impossible for designing men, in any long-term sense of the word, fix an economic state of affairs? This is the principle I would like to convey to you: they can certainly screw it up. They’re masters at that. They can certainly get in your way. They can certainly make it more difficult. But can they actually repair anything? I think the answer to the question is obvious. No, they can’t, but they can cause great damage.
Just imagine what happens here. I don’t want to scare anybody, but just imagine what happens when that interest rate that we always talk about that is the most dangerous thing out there if you’re following this debt and deficit nightmare, when that interest rate begins to ever so slightly tick up and then the payments that must be made, just to pay the interest on all the debts that have been run up, that we’re told don’t matter — remember, debt and deficits don’t matter. When you’ve got to start paying interest on it, it will matter. What happens when that gets unleashed?
For all of you out there that have been saving boxes of rice, buying bags of oats, stockpiling ammunition and what have you, I don’t want to say that the feral zombie future is upon us, but there is a correction that is coming our way. It’s only a matter of time. It may have begun. Maybe we can counterfeit another couple trillion dollars and hold it off for another year or so. Who knows? Just a little warning sign out there that the bottom may have begun to fall out. Here’s the story from Fox News: “Republicans rip White House over finger pointing in wake of dismal GDP report.” AG, do you remember back in the day when we used to do the how many consecutive weeks it was that economists had blown the jobless report numbers?
AG: Something surprising came down that shifted them one way or the other.
Mike: It was every Thursday. Sometime around 7:30 this morning, you’ll get the weekly unemployment numbers. Usually contained in the first paragraph of the rundown or the summary is that economists were surprised at the results. They’re always surprised. No one ever predicts it. Even though they can predict all of our futures and they can micromanage all of our financial affairs, they never seem to get those darn unemployment numbers. They also blew the GDP numbers.
Remember, all the president’s horses and all the president’s men, at the start of last year that was 2012, before the campaign began, we were told that our vaunted economy was going to grow somewhere on the order of 2.5 percent annualized. We started the year off at 2.5, 2.6 percent. By the time we got to the second quarter, they had downgraded that to 2.1. By the time we got to the third, they had downgraded that to 1.7 or so. Then in the last quarter, they didn’t downgrade it because we were in the middle of an election and no one wants to say that, unless it was the Romney campaign, so we didn’t hear much about it. Then we learned that it actually did contract.
How is that possible? We have the brightest minds on earth. We have the brightest, most erudite, most informed, most talented, most skilled minds on the planet putting all of their energies into this, yet they cannot seem to put Humpty Dumpty back together again, now can they?
End Mike Church Show Transcript