Wall Street soaring while millions lose their jobs!
Germany saving jobs during the pandemic!
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
So we're here would Dylan Radegund. We have our favorite financial expert that selling New York Times author warmer host of his own show an MSNBC award, winning Bloomberg journalists and he's now on the weekly podcast for tasty trade called truth or scepticism of Tom Simonov, its Dylan Radegund High Dylan. How are you on very good of you ever thought about a music of some kind, like your server tonight, you'll think like open, because you get better at breakfast. We logo, when you're, trying to have that southern California. What have we got to? Let you get away with a night introducing you don't hear Gibby starting to do again, you're giving me out, you know. Like I've, been, I tried to commission summoned to write me a year. We actually have one for our podcast or audio podcast, there's Conover for lack of a better term groovy to somebody made for us, and we put here and we put it on their. Maybe we should bring it over to the lead. We should bring it over to the need to show you right. That's a good idea. We gotta! Why, and how do I know what you shall that's right, big big, big, called the Jimmy Door show looked, pretty glamorous looks pretty exciting, so our friend, like my tips and put together a couple of graphics for this segment, the corona money he put with funding one together for you, but when they have not using it, because you said you want to go with that man again with radical, but it was funny it was I'll. Send you saved, it was a little video he put together. It was really funny, actually really
I'll send body argue, might be like over a year a wet, honourable saw, might be able to exploit by refusal to go in front of cameras to put all sorts of images up in my yeah, so really you could have used the situation I like the idea of some theme. Music. I get it hey. Did you hear Joe Rogan is going to Spotify, pretty big, pretty big, pretty exciting, I mean listen, he's established, obviously, an incredible platform and an incredible audience, but I price. I think, what's good for Joe Rogan is good for Jimmy Door. Last, I checked in the sense that as the market matures, I think it's good for everybody as the people that are in the situation, urine yeah so he was getting somewhere like a couple hundred million downloads between You two been Itunes and whatever a month amazing
That's amazing, that's bigger than Johnny Carson I'll tell you that much yeah, oh yeah, its bits way bigger. He does mention my name and I get five thousand subscribers might be bigger than the Beatles yeah, Yes, oh yeah, these core ease up. There is getting up there. I beam eventually may be in you. No one when I started in comedy in the forties, if you If you got on the tonight Show- and you we're playing a club that week they gave you an extra five thousand dollars, tat his name, your pleasure, your played a club in Hollywood. yet let let's say on sand and you're gonna get you gotta, give you got it you get us out of the ten I'd show that worthwhile cheese extra? Yes, so let's let sampling the. Comedy CAFE in Milwaukee and and on that Wednesday, I'm on tonight tonight that they would give me five thousand extra. When I went to their club, Why do you think you're working there
is that for every booking there, after or just the first booking their app just the first one, the one they mentioned on the show. So if Johnny Carson, you can see on this, you can see them this week at giggles and since they would say or at the go Bananas in Cincinnati? You can see them this week and then they would give you five grand that ended. That club gets the plug. Give pays the fee, that's right. Yeah. They stop doing that. So that's how you doin network television style lost its that's lustre. It didn't have any more punch, and so now went to point all Skype now. It's all Yes, yes, While the ultimate irony is our good friend, don't you spent twenty million dollars getting his Tv studio, tv studio, stand, broadcast quality standards, quality standards and now have already got a guy. Every put he's out there. I read I laughed and because it is I'm not enjoying that his, but that's a tough break, that's a tough!
Break editor be like this for two goddamn years: people, if it could repeat if it's kind of funny So let's get into it. The chairman of the FED is a guy named Powell right he's a new one. and here's Chairman Powell to you Chairman Powell to me yes, I have entermy into all of us, yes sure and and I'll. He embraces his grey right, which gives you a lot more confidence in what he has to say. I'm I'm embracing my grade so here s what he had to say. I hope you can hear it and then we'll talk about it he's he had some big stuff to say House federal reserve, can only lend money that must be paid back Congress he believes should spend money. I'll hang on that. I get the wrong here. This is the wrong clip hold on. That sounds like a voiceover. No, that was, got Pelee so here So, like an authoritative, CBS journalist, saying important things, then
strong, Jawed Scott Pelee of Sixty minutes, he went to the strong George Annual with O Donnell hang on The FED is the source of all US currency and it regulates the economy by setting interest rates in depression. It was given vast power to lend money in an emergency. It use that authority for the first time in the two thousand eight collapse and for the second time nine weeks ago. Has the FED done all it can do. Well, there's a lot more. We can do we're not out of ammunition by a long shot. Now, there's really no limit to what we can do with these lending programs that we have So that was big news, apparently right Dylan. That was very big news Bobby yes it now. I think that what was most interesting about chairman vows comments was there that there that there are a lot of folks, in the the media world and in the investment community. So if you look at the tasty
trade side of my life in the investment side of my life and then the the median politics side of my life with you, There is a sense of that: isn't it a sort of business, the obfuscation or they're just sort of secrecy about what the fat doesn't I'd do it? How can I just make infinite money, as I think it's a little bit? Disarmed for people just to hear the chairman say yeah there. Is no limit to the amount of money we can create and to say in a very almost a very bad, her back It's obviously something that I've been saying for a long time, and something that read Bobbio been observing with great outrage. It's it's a it's a mathematical. You know that that can produce as much currency as it wants into the tens of trillions, as we witnessed. and and
so I just want you to be the real had a real the real headline from that POW interview. However, in my opinion, was not to be the validation of the sure the fact can create as much money as they want. But the chairman power, really came out and said that the theirs they can only be given it. When an infinite amount of money they are not providing few people By law being forced to stay home for me, who by law, have been forced to close the most vulnerable small businesses in the country and every state in America and their not being given act. The healthcare and cheer Powell was very blunt about it. back that he believed the Congress should be doing more directly elected through human beings, because the fetters it is not capable of doing that name, and this is not a financial crisis. This is a biological crisis. There is
economic crisis for people- and that is not the FED spent that is Congress, healthcare systems specialty. We would hope, even though we repatriated as much I don't get it. We are not or is there and then economic issue and so whether it's on the health care on the economic side Congress is built, trafficking in a way that will permanently change this country forever. For for the worse, as we describe how I know it be people ever worth waiting for the fair Germans. Just saying it is you know it's it's it's the boiling really because you realise that, even when it said by the most simple and your people in our society it still completely ignored by the policy trump access. Evil. So so let got so that's zombie go. I wasn't gonna play, but let me play what he said. You do. You just described what he said I'll play it, and then
and then we'll come back again March. As the DOW collapsed. Eight thousand points and credit markets began to freeze Powell called an emergency meeting on a Sunday He cut interest rates to near zero and in partnership with the Treasury. The federal reserve offered more than three trillion dollars and lending to banks, businesses, cities and states with that assurance the credit markets essential to daily business, began to function again, Fair to say, you simply flooded the system with money. Yes, did that's another way to think about it. We did Where does it come from? Do you just printed. Reprinted digitally. So we know we as a central bank, we have the ability to create money, digitally and we do that by buying Treasury bills or bonds, or other government guaranteed securities and act that actually increases the money supply
we also print actual currency and redistribute that through the Federal Reserve banks. By law, chairman pals Federal Reserve, can only lend money that must be paid back, Congress. He believes, should spend money to expand its historic bail out. After all, he says this emergency is nothing like two thousand eight. This is not because there was some inherent problem, a housing bubble or something like that or the financial system in trouble. Nothing like that economy was fine of an inch system was fine, we're doing this to protect ourselves from the virus, and that means that when the virus outbreak is behind us the economy should be able to recover substantial, and what sort of support? In your view, do you think the Congress to couldn't? Let me to stop at their. Do you think Dylan that they're gonna me will recover substantially after this corona virus proper is over, obviously not by that's a function of it there?
explicit policies have been written by the policy trouble axis of evil, to ensure that maximum economic damage is done. Yes, that's what I thought it better policy to say yes to to To do this, so that's so is he. Just being like you like a cheer leader for the economy when he says that already really think that that we need is easy, knows what's coming right. yeah. I don't think he's saying that the economy will recover. He was saying the economy should recover. There's no reason an appropriate policy response, biological crisis. There is no these are no reason for the response to the biological crisis, to create a permanent economic catastrophe right right of decision turn, the biological crisis into a extended or permanent economic collapse. to be a policy decision made by me
Trump Pelosi, access of evil right right, and so now he now here he gets to the part where he says what caught hairs: thou. What one of the posted form guys around power. guys around here's. What he says Congress should be doing turns out. It's the same thing that me, and you have been saying they should be doing here. We go want to consider. I don't give them advice on particular policies, but I would say if I may, that policies, that help businesses avoid avoidable, insolvencies and do the same for individuals keep workers in their homes, keep them paying their bills. Keep families solvent among the options so
here there is a guy saying, hey, make sure everybody has a money to pay their bills and make sure all the companies have enough money until this is over. So we could start our economy again. They are not doing that at all right, Dylan Fabric. There gave use this as an opportunity to destroy business and consolidate. Well, I mean they do the opposite, exploited it for you, structured and consolidation, so no wise in the office it that this out my pointed they did. They brought such as if they failed to support people and that, as is the exploited, the biological crisis as an opportunity to destroy and consolidate yeah ass. So now, why isn't guys like him. Like chairman power of the FED, who he knows what needs to be done in Congress. So why their guys like him or big bankers or people who have could have a platform and have gravitas. Why Are they saying things in a more forceful way? I mean did
just go on sixty minutes, one see happening, give him credit for that too. He is not a politician and he doesn't represent the people he has. He represents the interests of state stabilizing the financial system, which he has done to the great benefit of the super wealthy and in a way that has avoided further economic pain from creating adding up Unanswerably Maria for potential Grey, these three under way right right by larger great, we know economic crisis, we know social crisis, percolating financial crisis avoided right. Does it or categories of crises that have been brought to either its interpreted reality and the. On crisis that he is in in a position to mitigate the financial crisis, but the issue It is entirely right
entirely resides with the policy decisions made by the policy trump apparatus. Got it so and ecological about her apparatus has made conscious decisions to explicitly seek, They destroy business, to take leave targeting small business and the most vulnerable, while while rating assets as quickly as possible, for the super wealthy I mean it is literally not I'm, like, I can't think of a bad enough metaphor. I come up with terrorism, but it now there will be effective enough. I mean your neighbor's house is on fire. You run inside and steal everything, an enemy The better they got it right I mean they, they took a. Biological crisis, as an opportunity to read,
the country on behalf of this debate, the wealthiest in this country as a decision not as. accident and not as a result of anybody doing anything wrong, nobody's fault in this country? This virus keep do exist, but it is the fault of the government that when the virus came to exist, they use its existence as an opportunity to destroying consolidate. yeah I mean that's exactly it's so why? Well, I guess I Andras. I guess I already understand I'm uh. You know why I was going to ask you a question about so why is it just people? still still the people in progressive media I dont think still have understates bit. No, in fact, I know for a fact: they don't know what's coming or what has been done and there still treating like that for
stimulus. The cares act, they're still treating that and somehow just like another bad vote instead of the kind of thing that could should tarnish your political career s forever, they don't mark the historic market, historic intersection in the history of America. Yes, that made permanently and any semblance of middle class or even democracy, and so what do you say to the people You hear a lot of knuckleheads out there who don't really understand how things work and are just kind of feckless lefties who, say things like more. What was a Bernie supposed to do? You tell them what Bernie, because I told them now. Can you tell them what Bernie was supposed to do? Remember you said about. He was most, why anyone hold the vote anyway, you can but a hold on a boat, etc can put a hold on about her and then and then, if you are as good as speakers.
Bernie Sanders is and you're a smart is Bernie Sanders. Is you hold the vote and you go to the floor and you give the biggest barn burner of a speech that you've ever given in your life. It goes viral and you consolidate support for so here's what you have to understand, Like just as obvious, obviously Chairman MAO, just as it was obvious to suggested Trudeau, just as its obvious to the private Germany for gambling Of all these countries. As sure as if you walk into a house. And in your light. Bulbs are out and it's the middle of the night, and you want to read a book. Well then, You have to turn the lights on or replace the light Baltic, not a political decision, you would like to have liked to read when the biological crisis happened, we turn the light out on the economy, the the only response to that is immediate, short term,
you be a you, be I. an immediate access to healthcare. This is not a poem medical decision. This is your car has run out of gas. You want Keep your car moving is no shortage of resources, as power has pointed out and everybody else is reinforced. You simply put the gas in the car, because it's much cheaper to put the gas in the car. to replace door to turn on the lights, then it is to leave it riding on the side of the road so that when you, finally try to restart the car or to leave the house overrun with mold and decay. It's much cheaper to simply put the fuel in the car or put the lights on the house that is to have to repair, the trotted the rotted non functioning car after it left it for months or house destroyed house yeah.
Yeah but I have, but I think what we get lost if you like, I will Jimmy door this and Jimmy Door that they pay people they pick out. The identity of the the conversation. Is it it's an expression of an opinion. And there are locked to think that we all have opinions on. It is not a matter of opinion that the approach red thing when you shut down an economy or a biological crisis, is too then put that the economy on life, support in a way that much cheaper but by putting in the be I in the access to healthcare like it, it's just. If there's a reason, every other country in the world did it it's not because their level or conservative conservatives, because they're not. vicious murderous beasts. I don't know I I.
I don't know, I don't even know what to say to me. I mean I know I know what I'm beside beside myself to and you know it. I watch other lefty new shows and they they really have a very unsophisticated view of what's happening right now. They don't really understand. What's coming and they and their natural reflexes to protect politicians, which is such a childish thing What do you say about? Having the do you notice that you noticed people still? I dont know how closely monitor the news these days, but our That either the personalities but the You find it strange I've I've course I'd. I knew the debt corporate news wooden, give the correct breakdown of what's happening, which is why we do is show, but I'm still surprise to find people.
defending politicians like a fan club instead of understanding the situation, so Bernie should have definitely put a hold on their bill just to go abroad or type there. It's it's! Not a! U Rubik's! Q Bernie that, as you said, on the show before, what's the point of having the power to shut down a bill and put a hold on it. If you dont use it right. If you're going to use it once in your life after, we learned in two thousand and eight. And when the obvious answer is you behind healthcare? First, at last, first. The first thing you need to do. Is you need to make sure that there's you behind healthcare and then the next and in parallel, you have to immediately flood the system with money in order to prevent a financial crisis. You live another right, compound crisis right. So what so? Powell Powell? excuse me did what he had to do because, again it's not it's. Not so
How, like a bit late, you're in an airplane and like these fighter Jetson, then it's gonna blow up and you push the button. Do a jack because the planes can explode like this, that's out of political decision, right yeah. I know I got it, so you think power wants to deal with all the controversy as you have broken trillions around, to keep us system liquid. Surely he does not right right, but in the situation through the switch right, you think the politician want to deal with, throwing money, a Ubi and health care, and all this, whether it's in Germany, Or Canada or Australia or go down the list or not it's what you have to do. If you break your arm, do you want to get a cast. Reset your arm. Now by Emma, make you just run around with a broken arm. Never take you to the doktor mean it's pretty preposterous.
but we should definitely give our politicians a pass for that cares, act right Definitely I mean what were they supposed to? Do I mean Mcconnell the most powerful the world? What are they supposed to do? They're not going, Our politicians, I have chosen a policy path of destruction consolidation is, it gets a decision and and not only did no one shared Brown Elizabeth Warren Not only did no one stop that bill, they voted for it. So they voted for they. They only only did they did not stop it to get a coalition of politicians to stop it, try to make the people in America Wearable was actually happening. They didn't do that either. What of they they did nothing, they did absolutely not
they provided they bade banana growing, get nothing, but they proactively provided coverage for it, for even that's what I was just about to say even worse than doing nothing, they actually went over the line and we're actually our enemies, because they then provided cover for this horrible bill? Exactly like you said so that Donald Trump can go hey it pass. Ninety six, the nuthin: what do you mean Bernie Sanders Elizabeth, more ensured brown? They all voted for it. What are you talking about so that's when they actually went from jail. being regular cowards to actually being nefarious evil actors which, with that too much hyperbole. I don't think so. I mean evil is in the eye of the beholder I mean. If Europe a fishery of destruction and consolidation. You might think that's a good thing, but I think you do understand that destruction and consolidated decision, which is you
Nick we American in the world, is a concrete deliberately consider yes and decisive policy decision made by the: U S, government yeah, it's it's worse than yeah. So it's worse than a cowardly act. This is an over Rapacious, screwing and. corruption of american culture society economy on purpose and then they get skies like Bernie Sanders, Elizabeth Warrant. Sure Brown then give cover for by vote report without putting hold whole doubted, stopping it. It is It is so and in anybody who doesn't share our outrage is either. doesn't understand what exactly is going on. I was put it that way. They dont understand. What's going on and an immensely almost can't, you know be angry at them. because they're just happily ego
What they watch MSNBC and CNN, and that's what they think is happening and they don't know any better it's a bait, so that's something that wasn't even the people that work there. Going back to your earlier question, I mean my experience working inside, of both the financial media and the political media, or I guess twenty years give or take There is a remarkably unsophisticated were openly ignorant understanding of any of the thing that we are talking about at a level that is profoundly disturbing witches, largely a function of the fact that most of the people that are in the business are in the business because they thought it would be fun to be a coward. Vision and they were good at the horse race, whether it's the horse race of which stock is her down or which see always up or down in the financial world or which politics
action is up or down in the political world or which identity, group or sort of offensive coalition he's doing something horrible, and so there all generation of journalists who are extremely skilled at young prosecutes. Why republicans are terrible or defending the righteous nests of some kind see or another in terms of that type of advocacy or celebrating the ceo of of whatever company or vilifying the ceo of whatever company. But it's really all soap. Opera not a bit it. It's all just emotional hyperbole, whether you know Jack Basis, is the great Ceo that ever lived or Mark Zuckerberg's the most evil ceo that ever lived or you know Bernie Sanders with the greatest leader of our generation or Donald Trump, is the word store. Debt Bernie Sanders of the worse and down drop is the best or whatever it is all that is really just soap opera, and so you have a campaign, population of producers?
writers and broadcasters who do not comply hand in any way, shape or form the economy and almost none of them. If not none of them have ever had to depend on the operation of a small business Right Or even a medium sized business for them, security. They dont understand they ve, always like corporate healthcare, that's very good at all, understand the actual cost of healthcare, invisible to them credit embedded in their top packages, and they don't understand the consequences of forcing And imagine if there was one of the consequences of the corona virus was, if you watched, Television news you at your your eyes would fall out so now it's illegal for them to have customers. I bet you some writers, there's a fundamental there's: a complete and total absence of comprehension
what's happening, and when people don't comprehend something there first instinct is to dismiss it as those who are trying to bring it up, which has a matter who's, try to bring it up, as either you know, marginal crackpots whatever's, whatever the mechanism of dismissive nets, is because their primary interest, although I think frequently, not conscious, is simply self preservation of their own identity and relevance as powerful actors in society, which is really where their social identity lives at all costs. whether it's a politician or a prominent journalists, kind of all the same sickness, yeah, okay, That's great analysis. I appreciate it idle to. Let's move on to exactly what the german Paul was talking about. So what
he was talking about is that the Congress exactly what what we ve been talking about since this crisis first started in early, Marge. Is that you need W B, I and you need to give people money you need to make business is stable and you need to give people healthcare will get what they're doing to Germany? This is how Germany is saving jobs during the pandemic turns out there not having an unemployment spike like we are having in the United States and let's find out, why unemployment in the United States, is now almost fifteen percent, it's probably much higher than that. the highest since the end of the great depression but in Western Europe. Things have worked out very differently during this pandemic. What you mean they have better politicians than we do. Please don't don't criticise our politicians that hurts my. Feelings. I've daddy is used tens of millions of people started, it stopped working, but they do I didn't lose their jobs ha
ass, the continent employees have taken advantage of various short term leave schemes in which the government pays their salaries until activity can resume in most countries in most countries. The problem rams already existed, that's how for thinking these. People are b For the arrival of Covid nineteen in place in place to allow employers to ten temporarily reduce output in a downturn without firing workers, but they have been radically expanded to deal with the virus for it. France, Germany, ITALY, Spain and the United Kingdom, it was estimated recently that over twenty percent of the workforce was on one of these plans.
governments are spending a lot of their own money in order to keep unemployment down, make sure that paychecks continued to arrive, even if workers often don't get the hundred percent of their normal wages and they ensure that companies can just pick up where they left off ass. Stay at home measures end. the difference in numbers is striking, mean at unemployment numbers into the United States, and and everyone else in the world, the IMF expects german unemployment for two and twenty two hit around four percent. And the more volatile in the. U K the Bank of England recently warned that unemployment may double to nine percent. These schemes have done a lot to keep unemployment down, says Jessica, hands and economists that capital Economics in London and the workers are getting paid. That me
That that consumer spending should recover more quickly, but there are also other benefits for the, not not just the workers, since they retain the same staff with the same set. Workers don't have to deal with uncertainty and the larger economy doesn't have to incur all the efficiency losses that could be associated with a lot of firing and rehiring rehiring. Most famous famous the running of all these european programmes, is the german german kerabit. I don't know if that's how you pronounce it bit, it's a short work scheme. It dates back to the early 20th century- and it is credited with being one of the reasons Germany recovered so quickly from the two thousand and eight slash two thousand and nine recession, and
Here's can respond to short term reductions in demand by simply notifying the government which gives firms the money they need to pay most of the difference. Since the financial crisis, many other large european countries have copied the programme or, spanish their own versions, they were designed for normal economic downturns, but they have been perfectly suited the pandemic so moved by chair up now, ok, so how we do not good so Dillon. It seems, like there's a template for how to deal with this. Germany has four percent implore unemployment. We have currently fifteen and climbing. What's so. Why as the United States not learn from this, because the United States culture really and politically has no interest in learning from this, unlike those
if the United States led by policy in Trump saw this? opportunity to exploit, destroy and consolidate social. They considered what most of the world did in this situation and instead of doing at bay you It is an opportunity to perpetrate a mole. be trillion dollar economic uclaf. Targeted population in this country to try to destroy them forever, while consolidating well a policy. It is therefore we just talked about this yeah. I got it In other words, when I came back I, but I'm a break, I landed from Europe literally the day Trump closely. With that speech we retire. all in those days and we're goin going on- and it was the whole thing and immediately we were like- and I said, you have. What are we I admire? Reflectively, you be I'd healthcare right night. Today I adopts you got a pleasant. I made it works at the Stockholm summit
Sort of a super genius- okay, like this is a template for a when you have a financial crisis to chairman powers, point that is totally totally totally different animal and just because you may have some of similar symptoms with job losses and disruption. The symptoms are not the point. The cause is the entire thing, I understand the car, you can't solve the problem and because this is there, because There is a template for it and because I am a human being with open eyes and ears who sees things. when this happened, it was obvious because it's obvious If your car is out of gas that you wanna put gas in the car. So the person who suggest you put gas in the car, Genius they're, just somebody who knows there's a gas tank in the car, that's empty. That needs to be filled and that's what
The other country in the world has done because it's much Cheaper by the way you spend far less money, I mean there's much less loss of life, it's vastly less expensive in the short term, it is Profoundly less expensive in the long term, it doesn't create a massive to pull medical consolidation, super wealthy. It does not destroy the middle class. Doesn't it doesn't? It doesn't? Have to want to do it and because nodded American politicians want it to provide that the port in any way shape or form, and because american politicians explicit we saw this as an opportunity to destroying consolidate bay, they took it. I mean that it made they saw. The car was out a gas and they ran on the car ripped the tires off ripped out, the Interior grab the radio and little on fire I know that a gap and
like man, it's going to cost a lot of money to put this car back together and they've Voted fortnight were gathered. The Tec just done that instead, they wreck the country on purpose. and then they got every every progressive to go along with it every at every one in the abbey and then and then they spend all their time blaming the other side for who wreck the conqueror yeah. I started from false report allowing everybody's yeah. Oh Donald Trump is the most dangerous president in the history of Bah blah blah blah. Meanwhile, Nancy Pelosi is screwing the country for decades, along with Donald Trump and Mitch Mcconnell, but it goes both. ways Gretna Republicans like ours, Pelosi, polos Rosy, like a worse the knife cuts, both But the reality is that that that's, why happen people discover don't, but that is exactly why a hundred million that we are not stupid, that's Zactly right, and so now the Republicans are making fun of this latest stimulus. The heroes act. Because of
all the identity, politics stuff they put in it, and so now they get red meat to give to their base. And it's it's again, it's exactly what you said so this Two party system, which really is, is professional wrestling cause they all work for the same guy and and then the conclusion, the conclusion is already set just like professional rustling. They know it's gonna win before it starts. Safety. With politics, Nancy Pelosi rip up Donald Trump speech as she's passing is legislative agenda. I get emails from Bernie Sanders telling me all the great should he got in that bill, even though I know it's screwed me hard and he gave covered to those people, and it goes for read this nobody's without. I am, I hope, Ernie to a higher standard because he actually has a big movement behind him and he said he wanted to be organised in chief. And he's the one who suppress the start of a third party for the last four years, and he did it on purpose.
And then he, sheep dog, bunch progressives into this corporate party that screwing them even Now I mean again this moment perfectly made for people like Bernie Sanders can't meet the moment. Can't do it because he doesn't want to be Ralph Nader it is. The most pathetic end to a political career that I can ever imagine and You are going to have people and to find out what hat what they did and what they did, it do if not the results of this pretty so we know, I know because I know you so I know what's actually coming, but other people don't and still in the progressive new where they have. No, they don't have any idea, because if they did like you said earlier a couple weeks ago, they would be screaming like us, the fact, they aren't tells us that they don't really know what's coming and but they will and amused, sticking my chin out at the show and getting it right. So we'll do it again. It is
So do you think when do you think deal in the rest of the country will catch onto what actually happened? The Do you think the news media will ever report it and do you think the country will ever catch on I think it's unlikely honestly. I think it's unlikely that most of the country ever understand and I think it highly unlikely and thereby be some interesting doc. Humanity. Films may write ever after the financial crisis. There are a couple, a good document. Are you a big assuredly did a good job. I mean yeah when the big shore kind of was more missed. A really. Miss Jimmy was a great movie, but it didn't really used it. We got was caught up in the mechanics Ok, we're who's get Charles, something or other. I forget his name, who did another doc on it anyway? My point is, I dont believe anybody, a good. My joy at the country will never understand because majority carry over. You believe it was Republicans ball. Audibly over the Democrats, ball
and the entire apparatus is invested in ensuring that somebody blamed so whether it's the unemployment, whether it's the homelessness, whether it's a lack lack of care whatever the symptom. As this slow rolling crisis plays out over the next few years. That symptoms will entirely be exploited and leveraged and blamed on the other side, so to speak, and the media will play along, so I suspect it will likely- I mean, maybe in fifty years so you'll be like man that was great country until all that all that stuff happened- and why did I mean the think about word, work. Think about the people. Don't to this day. How many people really understand the economic dynamic in Germany in the night came thirties, where every
entire thing was, whose fault art is that you cannot are the economic problems in Germany, that's right and the city, people versus the farmer, people and that, ultimately, Jews were identified as the problem culprit as to the reason why- and we all know the story there so just, but was it the Jews Fault that there was economic problems in Germany, obviously not right, and so Where did any one populations fault that there are those issues in Germany? Obviously not we're a bunch of decisions made by all the countries after World WAR, one regarding economic, penalties for Germany after that war, that ensure Germany's impoverishment, none that's right, crashing and other there's all these macro factors.
And so you know. I think that dumb there's so much so much intelligence. money, resources and so much so much money in it in time, money, time and talent both on the media apparatus side, then the political apparatus side to focus on who is to be within the sort of identity pools the Republicans, the Democrats, the men, the women, the old, the young, split and slice them in days, whatever you want and there's such ease and fluidity and the currency of that blame and there's so much again. Money and talent invested in sure during that, the the end and if Pelosi's fault or if it's Donald, Trump's fault or if it's a republic, If I can sleep with that, I can understand that I can organise round that. I can vote against that right if the entire government was faced with the most obvious response, which is simply you be ironed out here.
And allow an ambitious make policy. The meetings such as Germany, aggravating I said to you, Watching all these policies roll out, I will, I think it was not the Netherlands, they were immediately said. Listen we're going to shut everything down we're going to do all these things. We got to do, but it's a Everybody understand it's a policy that any business or purse whatever. ever economic condition, a person or business was in before this virus arrived. It is the obligation of the government in the banking system to ensure that every single one of those businesses around of those individuals is in the same economic condition when this is over. that's not a moral position that is, may be best and most efficient economic like if you want to be a ruthless right- economic planner, the cheapest and efficient way out of the system for out of it? situation. Excuse me with the crisis is that, but if you are looking to create
for an opportunity to do what to raid and rob a country there is greater opportunity to rate and rob a country than the situation like this, which is what the american politicians did collectively collectively yeah, I know it's so so yeah I saw people work, but then what are you going to do with that right? Once you get to the cognitive dissonance of sort of lets, you accept the Jimmy Dor, the Jimmy and Dylan Story, or reporting and it's more more than a story. Fax, facts right at once. I allowed myself to internalize that those facts. What I am forced to re, evaluate my relationship with whoever my guy or as we never saw you haven't, I loved ethical, So Bernie Sanders, I love Donald Trump, Whoever you are. You love bright borders, you to out. out of love or feel the portrayal that is hard to deal with, and I understand of that
and then, once you come on side of the betrayal there incredible sense of disempowerment, because now. What are you left with what What can you do? You thought your vote battered you thought voting was important. all these things, And now you're really left with nothing, and so there is a strong psychological incentive not to hear what we're saying yes and understandable. Said it said it's hard, it's hard to grasp betrayal, of the of the american people by its government, you know I grew up as a Democrat. So I we thought that it was just half the government that was evil. But of course, now I'm a little bit more of a grown up, and I stand that it's actually one party rule some professional wrestling and they all work, and so, when you see the EP so it is why again ranked choice voting
There's something as simple as rang: choice, voting, which is catastrophic for both parties yes catastrophe. It doesn't have to be armed insurrection right literally something as simple as ranked choice. Voting is profound. It's like Zob the ground underneath them without ever lifting a glove. So do you know anything about? Ok, so, let's let's move, let's move on, let me I mean you question about them. You mean about the donor theory, in the the four points but system. I e the donut theory in the Netherlands do anything about that. I've. No, I don't wanna tell me, I don't know anything about it either. Don't appear at every heard, leaving fucking know why bring it,
Happy birthday heard something that it involve or is it a metaphor? Can someone Doria thought they do french rising, hang on waffles in the Netherlands. Someone sent me an email about about it. I read it and I forgotten what it was and I'm looking for what I'm you look for. The email hang on. Okay, that's not it! I'm! Looking for the email, I don't know where it is: God damn it what was the do. You have any idea what nervous what the relevant now? Let's, no, I don't I can't find the goddamn email poker she has ever greater for donuts. You ever go to some good on shops out in California So there's they might that there's I love doughnuts, but and you know what I was I review. I was just thinking summer was saying to me the other day, think that, muffins our sources. Why not just have a donut muffins? Have this idea that they're somehow good for you, because they don't taste as good as a donut but they're actually
just as bad for you as a donor, so what it does have a donor. So once you The reservation have a good time. Yeah I mean come on a muffin just because it doesn't taste as good as a donut doesn't mean it's better if you're Going if you're gonna have a muffin you, you might well just eat some tofu I not a not guy either either anyway, so, let's get to this Washington Post article, says triple whammy of good news catapults to do more than nine hundred points Beware me it says right here is a triple whammy of good NEWS, led by promising results from a corona virus vaccine trial, Boyd. Investors Monday powering Wall Street to strong across the board gains. For one here's. This is the first triple whammy. This is the first whammy
as a palpable relief that the majority of the states are reopening their economies, including seventy five percent of California SEC and there is growing hope that a vaccine is coming our way sooner rather than later and lastly, the third whammy is: at the FED chairman Jay Powell told investors over the weekend, The central bank's checkbook remains wide open. strongly hinting, that more monetary policy stimulus is on its way. The economic collapse has taken a dangerous turn were now it consumer prices that are being pull down into an abyss, as consumers sitting at home have postponed. their purchases, the danger is consumers will see that prices are falling and actually stopped buying goods and services to wait for even cheaper prices and a better deal which will only serve to prolong the recession and real
forced the economy's downward spiral into the unknown. That put investors and selling frame of mind with the DOW ending the week two point: six percent lower the S p five hundred fell two point: two percent and the NASDAQ shed one point: two percent over the five day run, but Monday's good new saw investors leave safe havens for riskier ground. So tell me: What the hell so. So this whammy is that really. Is that really good news that the DOW went up nine hundred points on this triple whammy? I'm not now I mean it. I mean it like a big. It's a sugar high from a donor aid, as it is good, is the feeling for the twenty minutes after eight adona. How can you need it? let me make it all pocus poker. This is all bologna, Bulgaria, if you don't open up they who knows from the vaccine them it is, as you know, the marketing
is a frazzle drug addict, looking for a hit one way or the other, it is really to be ignored the reality is because the stock market is the only thing that can drive real political action, and so when the stock market goes into, those big crossing free falls like it did. In a eight nine and, like I did in March of this year, ass, the sort of thing that can create significant structural political change. With just why they figured out that they just jam it with the Federal Reserve. Put the narcotics in the system more give a stock market morphine everything else happening inside of the economic system is much less apparent, much less mentally, like there's no mental. Next to it, could it so slow and diamond in and dispersed in over their small size? Is that's my business people don't like to talk about their financial.
because it's associated with shame so there's all this sort of, whereas when the stock market just goes down percent you know, there's a forces activity the tree. You know it unfortunate that they figured out how really to get it to give it the narcotic that they do. Because it allowed them to get basely allowed him to cover up everything else. We I would work the triple whammy up: it's nonsense. I'm in the stock markets out of its mind in the sense that it's not. A person on morphine is not a healthy, coherent person and a stock market on trillion and FED stimulus is not a healthy stock. mark and it has no association with a value. I start a stock market at its best as it is in principle, represents the sum estimation, of the economic value of the enterprises in businesses and companies in an economy. I that's what it is and.
the! U S stock market is did. Does it reflect that reflects suitably these sentiment. Analysis of. some of the businesses- are really there's only four or five businesses that control the entire stock market. Now because we are going to destroy the hyper consolidated Martin nobly architecture as a matter of policy in this country, but is in it. and everybody knows that it supported by chairman cowl and his ten trillion dollar plan. Make any yes, yes, yes, it's all making every I get everything you're, saying, they're, doing a great job breaking down, everything's is overwhelming Ryan trying to break it down No, I know that's where you end up end up with, but again it's like all day the crucible of all the pressure of all his horse. Information. You d, like all my god- is horrible ranchers vote, just just
Taking every election, whether it's city election, state, election, county election, presidential election primary center, just ranked choice, voting just ranked choice, voting ranked one thing I'm not gonna make it. Imagine. Instead of going into the battle you to dissolve the floor underneath them and they all fall through. It You a remedy, the binary bow and you eliminate the entire basis of their monopoly. Will Yes, that's exactly right, which is why I will never happen which is well, and that is don't ya. it may maybe in the eddies day with a referendum, can get it done some like thirty seven states, I mean I don't mean to go optimist you, but it can be done. It has been done. It is being done. More should be done
Am a baby by if I was the wizard of OZ and could inspire any set of activity. I would strongly Advocate these sort of super surge protests is pulsing recurring pulsing. And I would demand health care and I would demand ranked choice. Voting and- and I add I Wouldn'T- stop the pulsing protests until those things happen. Reg choice voting it You think it's that powerful of a tool that it can actually change things again. I'm not suggesting that just about one thing, the next day, everything's gonna be back to grin re worry right, but that saying that it's as if it takes away a huge, huge factor in the entire power base of the two parties, because the two parties function on a political system that entirely based,
destroying your opponent. Didn't no one's running for anything all the money billion dollars on this side. The billion dollars on that side is that today, straw, your opponent Doesn't matter how much you hate Donald Trump right, yeah, aided Hillary Clinton, more right, doesn't matter how much you hate Hillary Clinton, you hated Donald Trump, more right. You think that people are gonna art. Do you think the the Biden people are in love with Joe Biden a senile I mean it's a man who daisy being abused by the fate of the people around him. As far as I can tell to be forced into this situation, and as it is beating me all, this is it's that people like listen. People here doubt rumble NATO by and we can spend a lot of money making people hate diagram, one age or by, but that in time
dynamic of lesser of two evils. Voting in the entire campaign apparatus campaign industry of research, the entire industry is based. on monetizing and advancing power through lesser of two evils and character assassination. It's what the american political system is. I rang choice, voting or any I'm sure you're going to have some viewers, or they would all rank transporting the sum you know with instant run off their different sort of identification and optimization of this method. Inside I don't want to get into the weeds of which one is the fast version of this. But when you allow a priority, they should have a selection of choices. You end up with forcing the candidates to run for things, because, yes, you why,
to be even if I'm, not even if its Jimmy Mice, Dylan and staff running and. I want to get as many numbers. If I'm not going to be the number one, I want to get as many number two votes as possible and the problem with the left with the care. us ass. A nation is the port, the assassin, the poorest the throwing the mud, themselves deeply unpopular for the character trade of being a much thrower, which makes it really hard to get the number two position. Even if he can if a number one anyway, I'm goin on allowed no note bended rank first. Voting is appealing because it whipped the incentive to run for things as opposed to the incentive is simply the annihilation of the opponent
So that would be really a huge sea change in our politics of people actually could run for something, and then people got to vote for something instead of voting against someone else, which is what the situation we ve been in my entire life, and so that's why? That's that's why I bring up the concept and the reality his voting? It's why if we limit the Republican Party and the Democratic Party in the state of main have never agreed on anything ever in the history of that state or the first time in the hips about, but there they mandatory arrangements voting as a referendum, the referendum passed so all the people, and we prefer to vote through rank was voting just because we're the people- and this is a democracy, and so we've all sort of thought about this and debated this and. we would like to have more choices. In our selection process and a more rational interpretation of our sentiment, which is what are you war, not cool. You hate more right right
the current body being issued, IE, eight march and integrated Republican Party for the first time in the history of the state, got together to go to the Supreme Court, I declare rank towards voting unconstitutional the person ever agreed. Yet That was amazing And they did didn't, didn't they get a cord to actually overturn it or something and then maybe has been going back in or they at they want about, they win and then a video there very it's gone on for years. Yet, but the point is, you know much, better to create a referendum and get right choice. Voting on the ballot. Then, to both for Joe Biden over the battle for down from and hope for the best Well, we have. We have a referendum ballot initiatives here in California, hey I found out what this, not theory is we're gonna talk about it will top. Are we talking on our next corona talk but
It seems pretty interesting at its as ever, ram is trying to get ahead of the problem with the recovery plan it released, In early April, titled Amsterdam circular strategy its a bit different from what one might expect from a post pandemic recovery plan, its main goals, aren't about growing the economy or increasing the gross domestic product. Rather it's about making to see the better for people and the planet. What we are looking at is how you can become a healthy and resilient city. Again we're going to look at how we are going to make sure that people actually have a job again in the cities plan focuses on ensuring affordable housing and jobs, revamping recycling programs and cutting food waste. Its overarching goals are to slash the use of raw materials in half by two
than thirty and phase them out completely by two thousand and fifty. So that's just the teas of what we're going to cover next time on Corona Money talks with Dylan Radigan, and that seems like pretty interesting. What they're doing it seems like it seems like it might. Parallel with that New Michael, more movie the planet earth where it talks about. We need to reduce our consumption and just transitioning from fossil fuels to renewables, isn't gonna, do it that we actually need to reduce our consumption. Something like what's happening right now during this corona virus. I kind of jokingly said it. So it's kind of funny that this virus is actually curing the worlds of climate change, but it don't do it for too long, so that so does that interest you to talk about that donor theory and work out the ordinary next time? A lot to be said on that, and I think that you know I don't know, we agree with all the conclusions, but I should Most assuredly agree with the premise which is this is the single greatest fortunately, the world would ever have
wore a shift, a fundamental shift in the basics of our interests. structure and resource system. How we use our cities all the things that we can talk, bout and sort of how to do that, which in some countries are going to seize that opportunity, I can assure you the United States will will not, because we have a media bought by the people whose interested in not having that conversation I mean I I, I don't want to know America, the policy against that he had. He has yes Dylan, it's always job. I know I know people don't understand that their government is actually.
Their enemy working against them, they're, not there to help make their problems better their their days. As you said, your car ran out of gas were going to come, steal the tires and rip the radio out of it. That's what the government does to the United States, that's what they're doing right now, that's what Bernie Sanders and every progressive in Congress signed onto its it and remarkable and they gave away all their leverage. So now, when they're going back to do this Heroes act, they have absolutely no leverage which I predicted, you predict, everybody knew they would have no leverage and they did it anyway and by the way they didn't even stand up to Nancy Pelosi over this last heroes. Act they all fuck, except for to leave think she voted against or per MIL j upon. Maybe only one of them voted against that there's. A bunch of centrist vote voted against just there. There it's just not going to happen! Electoral early, there's just not going to have a change that happens, electoral leap and if you
think I mean when, when you get somebody like, I said before, what is the point of voting for people who don't take corporate money if they genuflect and do the beating of the people who do anyway and what they're doing it for I have no idea for community assignments, because I don't want to become Ralph Nature. I have no idea what they get out of bed training their base, but they do it every day. But if the baby, it again, I think guess you and I know we got a wrap this up. I take issue with the identification of their base and, if you look at even the most basic recent pooling pulling for pulling. more than seventy percent of republican than eighty percent of democratic. I believe that you be, I and health care is appropriate during the crisis. That's not your base right, That's right country, that's the country yeah they just. there again. It's like we have a high
still, foreign government occupying our country that, but it's not now you're talkin right, and you know. At best we have. We have the Vishy Democrats to fight. Instead, there they're, not oh my God, anyway, alright, well anything again I buy, but we talked about the pulse protesting to be super effective and then also? I think we did rank choice vote I hate to have these conversations because it can be fairly. It's like having doing some heavy shock therapy depending on where you're at before you get into it, if you really listen so I hate to- I know I like that. We can at least introduce some other thoughts that are constructive to the restructuring that are not based on chaos, violence or
of emulation, which I think are all terrible choices, and so the pulse protesting and they ran choice. Voting, I think, can be verified so pulse protesting in people. People are nowhere near to to to you frankly what they did in Hong Kong, where they were able to get three million people out into the streets at the drop of a hat in a city of six million people and its key pulse pro protest and it's more of a it's more of a joyful than it is out of anger right that's how you describe Eddie Mack Lesbian? Obviously, there's plenty of investor happy little, not originally Molotov cocktails me, I got out of control, for I had you to so much anger, but yet there is, it is one people dont have to live outside for months on end they get to live in their home too it create an overwhelming presence that is imposed they want to deny- and now and again ever comes with a specific request. I e health care or range
As voting as opposed to a chaotic hundreds of requests for progressing everything. That is the end. Be an undefined rage, which is both understandable but disastrously. Counterproductive. I mean this is a bigger conversion. station, because what they did is for stage thing to build the network which we can talk about another time but yeah, that's not at it, and I would say that what they are doing in France is also falls broadcasting every Saturday, every Saturday, every Saturday, every Saturday, so there's ways that you can be done, but it's that recurring surge and then to the degree to which you have ability to have the energy skew to sort of I surges. Rageous joy. Imagine a spontaneous Coachella right again, I'm not an it. yet, but I know that there is a lot of anger and justifiable anger and their will.
Protest was gonna. Have that important? It is Unfortunately, the least productive thing, because you're dealing with a police force that is looking for an opportunity to lighten the Rockets, and so it is found be desirable to have a budget really happy people overwhelm Jameson infrastructures in favour of health care, an end more voting choice when the way that approach testers are marginalized because they destroy the small businesses and that nobody likes that in Catalonia they torched Barcelona last year and, however, justified they were for the issues that are for a projected against them from Madrid. In that, This case in Madrid is extremely abuse of Catalonia. The bar in Barcelona the whole other political story, but it also the same one as worldwide, but when you
look at the response in Catalonia, which was super destructive all of a sudden, the very protesters that they become prior in their own town, and it works in the favour of the oppressor. In this case, Madrid. Whereas. with a Hong Kong protesters, there was a conscious effort to drive to patronize small businesses that supported they support about wrangler that would ever there was a a bit violence among the protesters around, celebrating in preserving infrastructure, not destroying infrastructure, wasn't, and so anyway. I understand why the destruction happens. The level of the level of abuse is profound and it is a big ass for human beings. do not respond to that level of abuse with something that is, if a similar vibration. But that's why people, let you know like
That's why people like Nelson Mandela and Gandhi is be there, while the Trans Mew that the re, that abuse into something that is has the power of Zeus, as opposed to just an out control wildfire So we're going to power, Zeus's Zeus is absolute and it doesn't require range. It just is so. Where are we going to actually be talking more about that the pulse of. Protests in Hong Kong? Hopefully we're gonna get one of the organizers on show will see, but that's something that has to happen here in it if it doesn't it did it, did it it's again with that we don't have any option, so we get. We gotta do something like that here, we're gonna be talking more about it, going forward to try to get people's consciousness raised about how this works and what in what it can do in health.
Active. It was in Hong Kong and are its also happening around the world. Right I mean it's. Not just also will talk more about it. I've been twenty Betty's right at me last year if it wasn't for the corona virus coming into this year. Was this wave of those protesting, gibbering expert, Beirut had their version of it, there's a but there the of a huge ones, indifferent african city, in Barcelona, Paris. I was you got a tremendous number of headlines, Hong Kong kind of took over the set the world record for effectiveness. You're like holy moly, these people have the city out that momentum and misery of transition from the occupation model, which is war against everything
right? What are you? Everybody make their lives to the fifty thing that their again, nobody can take everything there again like Edward, is gonna thicker location and we're gonna stay there and we're not leave it until they fix it. Witches like it like it. It's a chap position that I wouldn't have to fight you couldn't, even if you live in this town square For a year eventually, you're going to leave. Okay, you just are, and or the number or your numbers are going to be so small that giving listen, Wanna, go jam yourself in the face with a fork. I'm not gonna stop here, but don't expect me to care, whereas with the poor, method. People are able to stay home sleep in their bed, eat food at their dog, kiss their wife, their husband, whatever.
and still participate in an actually profoundly more impact, impactful sense of peaceful social expression in Beirut. They are running full house been there. Bringing down system, it was a party man and so I bought me. This is all news to me. I did because I didn't hear anything about this in the United States. I'm sure was not covered, yeah yeah, I'm sure it was not because of the need. As you know, I've been JANET. not in this country. For the past couple of years, by came back for the I left. As you know, I was in MILAN and then I went to Barcelona and then from Barcelona came here back to New York to protect myself from the risks of the corona virus by coming back to by far the biggest global hot spot that exists. That's right So if I start raising consciousness about the pulse Tests here in the United States, how soon
Before the FBI puts kiddie porn on my thing and they say I'm running guns to terrorists. I mean I would imagine that's already in the works. I would too. Well, maybe we should stop talking about it. If we said in the region That's what they do, that's exactly what they do. They ll do it. Ok, well, this is excited. So that's interesting. We're going to talk about that. We're going to talk about the donut theory of economics. That's happening in the Netherlands got a lot. A lot of great stuff to talk about next time we talk to Daren Radigan next Tuesday, on Corona Corona Money, talk are you? Well, you know our hair Mccormick was. One of the big organizers for the rank choice, voting referendum in there are people Although this expertise that you could you could bring under this platform to help people whether temples, processing or on Rachel spoke. That's my point:
Had I been bringing on you know what I've been bringing on union organizers and protest, organised in yellow rearing at someone who can explain, reg choice, voting in their activism and yet that's that's what I'm trying to I'm trying to do. I can from my garage, if, if, if If we didn't have the corona virus, I would also be putting on a yellow, vest and going town somewhere or the federal building every Saturday to try to start something, but we have the corona virus. I can't do this and this I can do and we're doing it and you are doing a hell of a job I mean my only issue with the whole situation. Is that you're, a goddamn comedian and you're supposed to be funny and all this stuff is just really messed up: the funding US yeah, but you gotta, have you know you gotta. Have that tragedy, tragedy plus time right, so boy, there's gotta, be some great comedy. Come out this shit, you can't wait, oh my god
it's good! I was worried about. Yeah my life, my comedy central special was a big deal, but they gonna be half as funny as the next one I'll tell you that yeah, I believe it. I believe it, Sir Dylan Radigan check him out with Tom, so knocks tasty trade truth or consequences. Podcast Dylan thanks again, is in truth or consequences. Was a game show in like the fifty s. I think. Oh that's right, I said truth or on mean truth of skeptics yeah. That was as a game Joe. That's right.
Transcript generated on 2020-12-30.