ah ah ah, russia rings in the new year, 2022. moscow is the scene of the country's most notable display with the capitals landmarks and red square spectacularly illuminated by fireworks. while much of the rest of the world is already brought in in 2022 with the bag. it's more of a puzzle in germany where the public are banned from buying fireworks for a 2nd street year. the very warm greeting from the international space station as astronaut to celebrate new year 16 times as the orbit here was. yeah. hi. dear friends from the entrance you a new year. 2022 of good health strength, prosperity and new achievements. happy new year. quite

a bit of that for me in the headlines with our i'll be back in just under an hour's time with another look, stay with us. it's our international happening here. ah, unemployment is the lowest. it has been since the pandemic began that help wanted sign is everywhere. so why are we getting choosy about where we work on this week? show the great resignation, but 1st, re do your personal budget for 2022. why and how? i'm holland cook in washington. this is the big picture on our t america. ah, there's a saying about history. there are a decades when nothing happens and weeks when decades happen. and after the last 2

years, it's clear that anything can happen at any moment. as 2021 stumbles in 2022. how are the dollars and cents of your everyday life changing? let's asked john quote, dean of the university of miami, herbert business school and peter, chef of euro pacific capital painter. and that i 150 is when i was just a child life in the post war, coal de sac seemed more constant. the grand fatherly president, our and our black and white tv said by a 2nd car, take a sunday drive. and he built us an interstate highway system to drive it on the future. was bright. peter, is that just our gauzy, wistful, not style, joe, or have americans prospects for prosperity become less likely? no, i think they have diminished diminished dramatically. and i think it's going to get

even worse as this decade progresses. you know, back then we still have a lot more economic freedom than we do now. we had a much smaller government. we were still closer to the heyday of capitalism in the latter part of the 1900 century, the early 20th century. the federal reserve had not been around nearly as long. so it hadn't done nearly as much damage to the underlying structure of the economy. we were a huge industrial productive nation. we had big trade surpluses. we were a large creditor nation, much sound or economy. we had a lot of savings where the mirror image of that now are the world's biggest, better worlds, biggest, better nation record trade data sets. we've got no savings. we have a complete bubble economy based on artificially low interest rates, access consumption, financed by debt, money printing. and we're about to pay the piper for that. we're seeing now the chip of inflationary iceberg. there's a lot more beneath the surface. how despite pulling back a little bit,

is still pursuing a highly accommodated monetary policy. he is throwing more gasoline on the inflationary fire that the fed lit. i. so americans, i think, are going to be dealing with a dramatically diminished standard of living as this decade unfolds. i think the dollar goes down a lot. the cost of living goes up dramatically. it's not going to be easy. unfortunately, for the u. s. a measure of li though, i am lots better off than my parents were in technology of all sorts has helped. yet the popular pessimists mantra is that our grandchildren are going to be in trouble. john, will they be i'm certainly more optimistic than peter. and one reason i'm optimistic is because the u. s. economy has an incredible tradition of innovation and a tremendous tradition of consumer willingness to adopt new innovation faster than consumers in other countries in the world. i also believe

that the competition with china is going to be good for us consumers. it's gotta be good for all consumers around the world because competition is a good thing. and all of the applications of new technologies, such as a i machine, learning, bio, etc. all of that is going to benefit the world and also sold some of the problems that look at the moment as if they are intractable. so i know i may be appearing to be perhaps overly enthusiastic, but the u. s. as always done a tremendous job of innovating itself out of difficulty and driving growth like can overcome many of the issues that peta rightly flags. well, the world has become a smaller place for better and for worse,

when the panoramic struck, the economy was still strong. there was virtually no consumer price inflation in america, but then, as peter said, uncle sam started the printing press a trillion $1.12 zeros in just 2 days in march. and now those relief payments and eviction moratoriums of ended home sale prices and rents are through the roof. there's pain at the pump, and food and commodities are more expensive. the federal reserve calls this inflation transitory. peter, what do you call it? oh no. it's intractable, in fact, as i said, it's just getting started. 2022 will be worse than 20. 212023 will be worse than 20. 22. no, this is going to be a highly inflation or decade. the economy was not in good shape before the pandemic . it was in a bubble. that was the problem. we really couldn't arrive economic downturn, so the fed bell this out with more money printing. you know,

we haven't been innovating our way out of crisis is we've been printing our way out, but we've printed our way into an even bigger crisis, because now we're paying the piper because this inflation acts as a lag. in fact, i think we're still dealing with the inflation that was created before the 10 demik . i mean, way that we catch up to the even greater inflation that we created after. because inflation is the expansion of the money supply. prices going up are merely a result of inflation. now, what happened prior to the pandemic is a lot of the inflation was manifesting itself in financial assets. so we saw real estate prices, stock prices bond, price is going up, consumer price has been go up as much now they went up more than the government admitted because the cpr is a highly rigged index that understates the degree to which prices are rising. i think right now prices are rising at a faster rate than at any year during the 19 seventy's. but instead of being on the verge of doing something that contain inflation,

we're just getting ready to make it worse. because we don't have the tools that we had back then, or if we have them, we can't use them because of the level of debt that we have in the economy. and you know, you're talking about the consumer. the real problem is the producer. you can't consume, unless you produce our productivity is collapsing, and america is more reliant now than ever before on the productivity of foreign countries. because our trade depths are exploding, wait until the dollar implodes, because the only thing that's been keeping a lid on inflation is been a relatively strong or, well, i think the dollar is going to roll over and fall dramatically over the next several years. and that's going to cause this inflation problem to be much, much worse, because it's going to really push up the price of all of our imports. john, which is worse, inflation or deflation. well, i think both a terrible if they're in the extreme i think at the margin though,

the inflation that has been spoken of here. certain proportion of that is definitely due to supply chain disruptions that have occurred during the coven era, with either manufacturing plants or ports being unable to operate a full efficiency. and we've all seen the pictures of the, the, the ships outside of l. a. unable to unload, so i think that perhaps around about i would put it at about 30 to 40 percent of the current inflation that we're seeing as due to supply chain disruptions rather than 2 underlying ongoing forces. it's interesting that chairman powell actually use the word transitory. your temporary originally to describe unacceptably, low inflation in the pre coven period, where it was running below 2 percent on

a consistent basis. then of course he switched to use the word transitory and temporary to describe the covert inflation that we've seen the following, the supply chain disruptions. i think that was a mistake. i think he e, long jaded, the use of the word transitory. scratch that if you well to a point where it no longer had credibility. and finally, of course have to publicly drop the use of the word. that is definitely underlying inflation. and obviously prices and wages, as people say, go up in the elevator but come down in the stairs. and so it's very difficult one, the once these price and wage increases of baked in. so unraveled on later. so there's definitely underlying inflation that is of concern. but a big part of it is supply chain related,

and that's temporary on acceptably low inflation. that recently we're speaking with john quell from the university of miami and peter schiff, euro pacific capital. and while many are just scraping by the stock market as storing as this crypto currency, stupid money is changing and f, p 's, non fungible tokens ownership rates, the digital things accessible to anyone on line 1000000000 years or joy writing and space. and now the wall street journal reports that wealthy people are paying hundreds of thousands of dollars to transport huge old trees, so called trophy trees to their estates. reportedly michael jordan, the last a bidding war on an oak tree that went for over $100000.00. history does not recommend a widening gulf between the haves and have nots. john is stuff like this, tempting societal trouble. you know, i said, i think it,

i'm not sure about tempting suicidal travel, but let's put it this way. social media has definitely magnified ah ostentatious behavior on the part of the wealthy and brought that full frontal in front of you know, people who are in many cases that are at risk because they have been either furloughed or laid off during the cobit period. ah, or otherwise have challenges that do not enable them to participate in this a flurry of wealth creation, however, bubble related, it may be at the upper end of the pyramid. so when this arises, frankly, there's always social discontent as always, social unrest. it's a reason why we see so much pressure from the liberal wing of the democratic party on the president to put through social reforms and new programs of

will redistribute wealth. ah, but at the same time, ah, history teaches us that in a u. s. capitalist system, it's very difficult to actually put a, put a, get a grip on this kind of behavior. and as i say, the social media just magnified crypto currency is, are real rollercoaster ride. but the peter with inflation is cash a bad place to be now. well, absolutely, because inflation is a tax on cash. it's your cash being inflated away, your losing value. but now i want to just make one point about inflation because this idea that it's the supply chain that's responsible. this is just not true. i mean, sure, when you shut down an economy, it's obvious that you're going to have less supply. you're producing last,

you're working less, but what should have happen is demand should have gone down to. but unfortunately, the fed did not allow a healthy decline and demand to meet up with the decline and supply. the fed made the mistake of showering the economy with the money, the worst monetary policy probably in history, when people were not at work and home. the fed was printing money so the government could mail them checks so they can go out and buy stuff even though they weren't working to help produce stuff. and so that is the problem. it is all a demand problem created by the fed created by money printing and the money that the fed is printing is going to continue to lose value. and that's going to be reflected in rising prices. so you don't want to hold cash. you want to get out of cash, but i don't think you want any u. s. financial assets at all. even stocks are real estate because i believe that in real terms, they're going to lose a lot of value as america becomes a much poor nation. so you want to invest internationally, you want to buy foreign assets, foreign stocks, foreign property,

you want to own foreign currencies instead of the us dollar, you want to own real money by gold, the silver, but you don't want that fools. gold. busy don't finding bitcoin or other crypto currencies, there are just part of the bubble that the federal reserve inflated and the air is going to come out of that bubble, probably faster than it comes out of a lot of the other models. peter shift, john welch, thank you both for stepping into the big picture and happy holidays. coming up. employment is down 70 percent since president biden took office. there are more jobs, more people working, more people in the labor force, fewer unemployed wages are up, unemployment, the lower it's been since the pandemic began yet that help wanted sign is still everywhere. why? and how can you benefit? this is the big picture on our t america. ah .

oh, driven by dreamer shapes bankers and those with theirs sinks. we dare to ask for with 2021 rapidly coming to an end to this time for some reflection. what will we remember about this year? how did our lives change? also? we look forward to the new year. what does 2020 to have in store for us?

will we be living an interesting times with the school list a child beginning one or is it with me about the way it was just my with water with junior was, wasn't that the appointment for that? if you can squeeze you machine that i did with no, i mean logical put that amount with power storage with

ah, oh, unemployment is down. 77. 0 percent since president biden took office lois since the pen to make it there are more jobs, more people in the labor for us wages are up yet. not only is the help wanted find everywhere we are witnessing what some call the great resignation. why is that? let's ask hillary ford was president of straw mark business development consultants . hillary, welcome back. pleasure. always how long? h r consulting firm line made emphasizes quote, the employee experience to transform work into a source of positivity, energy, humanity, and purpose. and per their recent research for in 10 who quit say they're burned

out, nearly $3.10 left without another job lined up for in 10 stay because they can work remotely. and most of them like how doing so doesn't require them to complete work . during traditional work hours, over a 5th of those who took new jobs, say they feel cared for as an individual by their new employer. and they feel more comfortable about disclosing mental health issues than they did in their previous work situation. hillary, any surprises? they're not really actually, everything you've mentioned is supported by lots of data. not the fields are awesome. things that are raw. the interesting one of them is actually called boom, ranking and linked 10 has said that in 2021, 4.5 percent of people went back to the organizations that they had been previously versus a general percentages about 3 percent of people were ton. so i, what i like to say is the grass is greener, people who are returning to bosses,

organizations that treated them well. a 2nd thing that it's actually somewhat surprising because it's never occurred ever in terms of such as nor on amazon, nor anywhere for this holiday season. ready? the gift. so the quarters. yeah. the whole they give go to quarter in your family, or your friends of the court to give the court to give. so things like hoodies instead of suits and slippers instead of shoes. so the critic guess what is interesting, what is surprising. you asked about what surprises me. one data point surprised me was the, the industry that come 2nd in tons of those that are working remotely. first is not a surprise, which is telecommunications and technology. we will expect that they'll easily be able to work at home. but the real estate industry, i would have thought many a few of us probably think, what do you think in real estate you'd want people to come back to the office to prove that we need this office space? i need you think that, but i maybe it's just, the statistic is including residential real estate. but the real estate industry and even residential real estate,

they should have to be there in the office to be showing people hosting people to show them properties. so that is a surprise to me, real estate being the 2nd to be at home, i'm working remotely. every realtor i know their office seems to be their car, but you've done it again. every time hillary is with us, she bestows a new buzzword that i will regurgitate nonchalantly. a fellow nerds and a cocktail party and that we have boomerang you settling things. it's just a 4.5 percent. yeah, i don't often get the quote national hog farm or dot com, but they point to the limitations of the zoom style workflow that so many employees . now favor noting that pin production however, is not as flexible processing pigs is not something we can do remotely. hillary, which are the hardest hit industries in the seller's market for a char. yes, i'm the hardest to industries. all hospital health care 1st. and actually,

let's just give a shout out to all those incredible people who, through this pandemic, i mean, have done an outstanding job is not surprising. there's an immense amount of chun and health care, but also food and restaurant industries and hospitality industries. why? because you know, food and historically been a low paid industry, a lot of those people realize, wow, i don't have to work, you know, family on friendly hours a night and mealtimes. i can be home with my family. i can retrain. i can work in the high tech industry, interesting and also the churn is different in different parts of the country. there's a lot of churn in the south and the southwest, florida, texas a very hard hit by the chun. why? because their economy, the booming, is a lot of opportunities in those states and some of the other states where there are just many opportunities. obviously, they're not experiencing the same kind of turn in the atlantic. derek thompson, surmises that his words, the increasing quits, is mostly about low wage workers. yeah. switching to better jobs and industries

that are raising wages to grab new employees as fast as possible. and he says, from the quitters perspective, that's a job hop. the low wage service sector economy is experiencing the equivalent of free agency in the professional sports league. and that makes it more like the big switch than the big quest where you think about it was during cove, it a lot of people have been home. a lot of people had time to, to reevaluate their values and say, like i like being home with my family. i want to be home for dinner and i want to be home with my family. and so i want a job that is regular work house. i don't want to be serving meals every single month. i mean, not. so i think what's happened in the food industry, that's the trend thing for an article on this. you're seeing across the entire entertainment industry, over and etc, and shop a fi and amazon, another dig economy platforms inside hustles, have many working steps going entrepreneurial. how big is that? a factor in the great resignation? and how many arch actually changing occupations to work at home,

the greatest number of people since the 2nd world war. and actually the greatest number of people have to job since the 2nd world war. why is that? because a lot of people and actually this is a very interesting fact, i think is they're taking to job, but they're actually even saying that they're to each company think that they're working uniquely and exclusively for them. because of course, if you're working at home, who's that a check that you're not doing this for one company and that for another company that has never happened to work history because people have been historically in that office. this variance that's making the rounds now has tightened up protocols mandates in a lot of situations, vaccinations and boosters have ramped up since omicron surface to what extent is cov id wariness a factor in the great resignation? well, i think it depends on the organization what the factor is in terms of people's concern is that they want a healthy environment. they want the environment that is protected. so i think the organizations also where you've seen,

they've taken the steps to protect their employees. they're having, you know, vaccination cause they're having stipulations where the child come out with policies saying you will be safe, those organizations on having the same shown as those that haven't. that's the difference between the talk yet. i mean, look at the nfl teams we've seen recently those nfl teams that couldn't field players because they tested positive even if they've been vaccinated. so almost it doesn't seem to matter what you do. you're still going to have those concerns. we are talking the great resignation with hillary ford, which from my straw mark, business development consultants, hillary. so much for all the pre pandemic demands to raise the minimum wage. what other advice do you offer employers and the companies you're working with? who are watching or hearing this as a podcast? well, actually i'm get some advice that came from the wall street journal and i see a lot of companies i work with, which is bosses need to become more like coaches. why? because employees all the statistics pointing to the fact that employees want to be

cared about. actually capitalists came out with a statistic which said, 62 percent of women actually white women and for some reason 73 percent of also people of color. they want to know that their bosses all coaching them, helping them empathetic with them concern for them. so i think it's all about actually the bosses, the organizations that see the least amount of sean are those where they have bosses who are what are they calling the better boss? so be the better boss. and actually that actually links right back into the beginning of this conversation, we talked about the boomerang effect, but you like that term. people are going back to those good bosses people on returning to companies where they had a gossley boss or a bad boss. so retrain your executives retrain, train all of the leadership in the management in your company to be better bosses a more like coaches. and that's what people want. they want an empathetic carrying coach coach versus a boss telling them what to do. help me show me what to do and be empathetic to me . those organization see less strong. that's what your company should be doing. so long ago, long time bosses who have the warmest place in my heart are those who did that. you

remember them who are about about to helping make me better make your we're going to make you the best you could be. i've always thought, actually one of the ad that's gone off the air. maybe i'm dating myself here by showing how old i am. but the only used to have that slogan and it was b you, i'm not going to try and sing it, but it was be on, you can be up to this revolving music. and that's what i think nobody needs to try and change holland to be somebody different on me to be someone different. don't try to change your employees to be something they're not coach them to be all they can be. yep. and they'll stay with you. what am entre ladies and gentlemen, hillary, for which straw mark business development consultants happy new year? happy new year for stepping back into the big picture. and thank you for watching the big picture back. same time, next week. if you're watching real time otherwise portable dot tv on any connected device, you can download the app in the app store or google play. we have a live stream and youtube dot com slash r t. america. and all of the shows i've done here for 4 plus years or,

and youtube dot com slash the big picture, our team. i'm holland cook in washington and at holland cook on twitter. where if you follow me, i'll follow you question more. ah ah ah, welcome to max hazard, financial survival guide. looking forward to year ago. yeah . this is what happens dimensions in britain, dela, this happens, you watch kaiser report. oh, became kind of

a test bed for medical and then later recreational marijuana and it started with some things. so in a saying, i was wanting to socialize, everybody, does it so i can i and then it just keeps going and going and going. i'm just going to do it was yeah, and then it's, i'm just going to try this one and then you never do it again because they want my phone with them on and i'm right on inside. ok. and you surround yourself with people who are encouraging you to do it not to stop or it's all my life is over. jumped office about the balcony and she knew the just comes with things that have happened in the world were being done by people who had a great vision of how society could be better. but that great vision is typically

the less time to see a representation is not real. it doesn't take into account any of the complexity of reality. the subtlety of various and complex people, i put them into categories as this love is bad, we'll get rid of them. you know and change is an organic process. change is an evolution, and the opposition is not between the status and everything must stay the same. and everything must be ready, key change, a radical change is not the way that that kill hello welcome to so because visionaries me, so the shadow not say she climbed mount kilimanjaro in short, rather half marathon.