[000:00:00;00] the, [000:00:00;00] the on actually understands the i'm welcome to the season finale of going underground will cause to go around the world from the you a by the end of 20 is ready for the year of nato. i'm genocide, almost half the world's population will have had a chance to vote in elections meant to signal they live in democracies, perhaps fullness or vote, as will be the economy. it may no longer be the largest economy by pvp, but crucial for the future. the world will be elections in the usa in november, home to most of the worlds 1000000000 is with over 10 percent of its population to

begin poverty. the federal reserve is insisting it's doing a good job. joining me now from the crucial electoral college, the state of florida is an economist of the heritage foundation who makes daily economy focus videos on youtube and ex professor peter st. george. professor, thank you so much for coming on. you said that those who questioned official us economic statistics a 10 years ago withdrawal, they were crazy. but after a bama, the butcher of libya and the bible and many in the us don't to believe us treasury figures have all on inflation growth jobs. and people don't think people are crazy for saying that. why yeah, things have really changed quite a bit. there was, as you say, there was a time when you were essentially crazy for doubting governments to test x. know right, thinking ph. d. whatever be caught. questioning whether these sophistic square cock

and over these past couple of years, especially during coven, i think many of us have lost faith in these institutions. of course, we had highly procedures, medical journals with 100 year histories, publishing absolute lies. and that appears to have extend it out into the economic statistics. so we look, for example of inflation. the official numbers in the us are that we've had in place around about 25 percent since the beginning of covered. but if you look at the actual prices of just about anything, they're up between 35 to 50 percent. some of them are higher. now that matters not only because, you know, it sort of influences how voters grade job. i mean, uh, but it also means that all of the other statistics for allow, right? so if you think you're inflation rate is 25 percent, then when you subtract that from g d p growth, you might be able to stay with a straight face of the economy still growing. however,

if actually the inflation rate is $35.00 or 50 percent, and it means that we're actually in a 5 year recession, we may have in being a 5 year depression at this point. so if you would be advising the labor department, they're the 1st one to manipulate would be the inflation efficient. yeah. if you're, if you're an evil economist, not a, a economist who is tried to liberate the american looking trucks in the, in the united states. right? absolutely. there are 2 numbers that you would most want to cook. one of them is the inflation rate. and the beauty the inflation rate is that then you, you kind of get a free bonus where the growth rate also looks good. you can say, look, real g d p once you control for inflation, storing districts. the other number that you would want to cook is the jobs number . and they do that quite a bit. they get to remove people from the labor for us. so for example, sort of a common sense uh,

understanding of what an of what unemployment is is people who don't have jobs, who would like to be working. but actually they have a very restrictive definition. so you must have been actively seeking work. that means that if you're living on the street strung out on fentanyl in san francisco, you are not counted is unemployed your account as effectively read higher. all right, so we have about 5000000 people who pulled out of the us labor market since cove. it started so some of the more on government benefits we had about an $800000000000.00 durable rise and government welfare per year model as people just retired early i. so if you put those together, that is why the unemployment rate looks good in the us. the meanwhile, you've just got all kinds of games that are playing so part time and full time jobs . okay. those are both counted as jobs, right, so the us economy is actually last, for example, $1600000.00, full time jobs over the last year. but we've gain $1800000.00 part time jobs,

which could be driving for over, or it can be 3 hours a week. so if you take the minus $1.00 and the plus one point a, magic jobs are growing. but of course, there is a world of difference between a full time job that can sustain a family versus driving for hoover. so really at this point when you see governments says fix, it's almost a game or us, okay, what are they lying on this week? you have to break it open and look inside and see exactly where they're cooking the numbers that you might argue that that's sort of part of the game. i mean, like, you know, if one of the most important numbers that were great in government by. okay, so let's say jobs, inflation growth. if the government is producing the numbers they're producing their own statistics, they're grading themselves what could possibly go wrong? so might argue that really what should happen is that government statistics should be completely disbelieved, right?

you should treat it like philip morris talking about smoking and cancer, just yeah, of course you guys would say that mcdonalds telling you how healthy their food is. so people should have the same skepticism towards government statistics. and then there's plenty of private sector alternatives because financial markets, you know, try to figure out what's actually happening. so you have the university of michigan survey. every major bank tries to figure out what exactly is happening. so in my perfect world, people would just laugh government statistics out of the room and don't believe anything, any democratic candidate november's election tells you about the great successful on any of your opposition. yeah. or whatever. so, and so a lot of the jobs that kind of subsidized by the us government. i mean how, how much like the u. s. a. so ha, is the usa right now? i know where i'm from in britain. one didn't really understand why the government was subsidizing huge profit,

making corporations to give low paid jobs to people who would also be eligible for government handouts on top of it. in effect, these big corporations in the united states are actually subsidized by the us state . right. and this is something that it's been going on really for about a 100 years now. ever since government started with central banks and income taxes, these were a massive power grab by governments. and what they fueled was this progressive takeover of the economy, where a larger and larger share of the economy is accounted for by government. now government of course is not efficient, it's, it doesn't create well so it is a completely parasitic organization. and unfortunately that organization across europe, across japan, across the u. s. it has taken half or more of all of the resources created by the public. so it's really sort of turning from a parasite into an outright predator. well, you could say the government's funding of education though,

is that doing innovation, which the private corporations took the money from in terms of profit, se, silicon valley? oh, absolutely right. anything the government touches will become crony, it will become corrupt. this is the nature of the beast. education is one of the most destructive industries that governments have taken over and they really taking her of a worldwide and the model for that sort of the, the that other come or other countries copied what's the pressure and model. and that was the idea that government would take over education, partly in order to train the population, you know, get them used to discipline, showing up on time lining up when they're told. so trade obedient population, but also to disseminate government propaganda. right? to convince people that you know, their government is kind in good and should be obeyed. and there was actually that, that system what it was important into the us,

the people who brought it to the us. uh they call themselves progressives at the time. that was really the beginning of the movements. and they literally said they said well, uh they were very anti catholic. they didn't like catholics because catholics have always tend to be more skeptical of governments. whereas in the u. s. there was a sort of protestant movement that solved the government as this sort of savior of society that government has to control everything in the, in order to save us for ourselves. so anyway, these early progressives, really, it boiled down to government versus the people. and they said, well, we can't force the catholics to join our big government utopia. but we have their children. they literally, that was the plan. this was not conspiracy. these are, by all accounts, the people who set up the public education system in the us has absolutely borne fruit now. right? yeah. okay. very cool. that's a few 100 years ago. good by point. just barely. it was a for all of that. and of course, the propaganda right,

system within education is working very well. indeed we might get on to that. there's no doubt that the government state funding for education in the sciences created pure science, which was then adopted by corporations like texas instruments back in the day for silicon chips. and so are sure. and it was government funding for the telephone networks and then were taken by corporations attempted to maintain that uh i, a space and so on. it was the government, the only thing is today, those corporations are now being funded by in effect sort of tax credits in the revenue system, which allows them to be subsidized. isn't that isn't? that's why the facebook sort of this world of subsidized by the time american tax by that um, that amazon is funded by the british is the american taxpayer, in effect, as they actually are. you know, there was a story a couple of years ago as a woman, she's an engineer out in silicon valley and she wanted to teach her kids about

entrepreneurship. so she sat them down and, and, and they got a piece of paper and she said ok, so write out what you want your grant to be, your government grant. okay. this is the mentality of people in silicon valley. so kind of valley is supposed to be one of the most entrepreneurial places on or so a, a silicon valley entrepreneur when they think they're going to teach their kids about entrepreneurship. the very 1st thing you do is apply for a government grant. that is absolutely how this works. that's how big business works in the us or entire industries that are almost entirely funded. certainly there are in the, by tax payers. and so, you know, this is part of the reason why big business has become so friendly towards even the left wing movements in europe in the us is because they are addicted to the money. and of course, is a separate issue that they're also threatened by a government agencies. so, you know, if they don't drink the cool aid on, let's say gender ideology, then they're going to have regulatory problems. we've seen this with,

with you on must getting threatened on things. so we've, you know, we have a word for that which is, which begins with an ass and was common in germany and 19 thirties. unfortunately, that is really where we're headed. we're large businesses have become arms up before we get to the f. so as that lead to a decrease with the amount of innovation then in american society because of these structures, i mean the basic innovations like the internet, like the silicon chip. we haven't seen every year on year or decade on decade like new innovations. right? yeah, really the golden age for the us ended when the progress is to go around 1910. and if you look back, this is also a bit of a touch a bit that sounded yeah, 90. wow. but it does not know for sure, but there's a sort of modern fetish that, you know, technology is moving so fast, it just makes your head spin. people have no idea what we've lost. we are moving

about 110th the speed that we were moving before government took it over the data. as you say, almost nothing was invented. you may have to take the internet. okay, so the internet is sort of held up as the poster child for government innovation. and that was actually invented in every component of the internet, right? the, the, the wires, the computer is the digital code. every aspect of it was invented about 30 years earlier. then it became popular, right? so the internet sort of took off in about the 19 ninety's. it was all fully developed by 1950. but the us government impose limitation so that you cannot commercialize it. so they actually slowed it down by absolute decade. they did not invent that, they slowed it down. preventative pieces they don't you,

i'll stop you that. well, from the heritage foundation economists after this break, the, you go to get to provide me the drivers why they cheap. the stores where it is understood, the care which for which you explain simple way to show you the ultimate is the fundamental stevens, that plumber to be 2 or 3 minutes or so going to conduct for the shock. you just go to my phone is not here. do they put you up with somebody who does she want? well yeah. is that audio still

the the the, the welcome back to going out the right. i'm still here with the heritage foundation to going to as professor peter say, knowledge provides that you as talking and one about how the government slows down . innovation. the old thing is of course, either place like cube or all venezuela, private entrepreneurial capitalism. because without any subsidy, you can get a license in nevada or in cuba or up to the 90s to do things. and there's no way the cuban government is going to say, oh, we're going to subsidize you to pay low wages to people and so forth. what so, where is this coming from in the united states? you're saying you just education systems, you're saying progressive, where i mean truly those on top of those in power. i see this is

a very lucrative for them. oh absolutely. it pays very, very well to partner with the government. in fact, you know, organizations like google or amazon spent significant amounts of time trying to come up with new ideas that they can get funded by government. we saw during the corporate censorship that they are very, very alert to the priorities of their handlers and governments. they have essentially become of wings of the us government, which, you know, i think this is part of the reason why in the us, for example, people been sort of traditionally, relatively pro business, certainly compared to europe. and a lot of people now are turning against big business because they are recognizing that they have just become divisions of the government imposing whatever it is. the government comes up with this week. now they're like the president come november. we'll come next year off to them is elections. donald trump is said, he doesn't favor sanctions. you're the rest of the world clearly doesn't understand

why the united states would sanction itself effectively over the war in ukraine. why would steal sovereign funds of the russian state? if it wants to dollars a gym on a power to continue, you have a very interesting explanation on this. why do you think the united states would even begin to think of stealing money from russia or other countries, freezing them? if they want the dollar to continue to be a federal reserve currency of the planet, as exactly as you say, that's been the big question is that for decades most american commentators have assume that the american government was moving heaven on earth to try to preserve the dominance of the dollar, whether it might be assassinating a foreign heads of state who promot go back currencies and so on. and it is true by the way, professor, if i know you smile, that it will. this is factual. and this is true that they did. i don't doubt it. yeah, no, i don't without it. that's why i bring it up. absolutely. and so what's been

interesting over these past decades now is that especially under bite and is that that appears to be melting away. the things they are doing. i mean, there's always a possibility is just very stupid and they don't understand that, you know, seeing a central banks dollars it that renders the us dollar and are risky. yeah. those people give that explanation on like yourself. yeah. right. yep. yeah. so uh and so right, it could be stupidity. uh the other question is that it's intentional. so it goose is the numbers domestically if you can slash the value of us dollar, then you cut our export prices in half. right? and so then us products can be much more competitive on the world market. the many countries, japan, china, they intentionally try to weaken their currencies. course the problem is that a bank sides of your people, right? because you know it, you also raise energy prices and food prices domestically. so bankruptcy, your people are rob their purchasing power. and, you know, i've advocated that

a much better way to do that is simply get rid of the regulations and the taxes that are scribbling american production instead of sort of going for the, for the cheap booze and just developing the dollar. but that then becomes a very interesting question, because if the u. s. is no longer defending the dollar, or if the us is actually encouraging a crashing dollars so that i can some cheap headlines. then that means that there is nobody opposing the breaks movement to try to de, thrown the dollars as reserve currency. not moment, i think china is relatively distractive. rough is obviously distracted. but in the long run, both of those countries and many others that have joined with them, i think are very, very interested in getting this sort of imperial united states out of the business of determining fundamental infrastructure and world trade. so for us is not guarding that door, they're gonna walk right through. someone say that no rush or in china, we're not distracted. that's what their primary purpose is to destroy the dollar.

as you money, beginning to trade, to put into your favorites, do it rupees. and the remember being traded as, as a, as major currencies. so i'm, the american people are just being kept in the dark about all of this. and what does it mean for bundle price? is that what do you advise foreign leaders who may be watching this program? who own the us government debt? if the dollar is no longer the hedge, a monic car and see how slowly must they unwind their positions before a global crash? that's always the question. if you are a country you're dealing with large numbers and if you start moving, if you start selling things, then that could the price pretty hard. course, on the other hand, china is sold off about a 3rd of its treasuries in the past 5 years. and that apparently us treasury market

much. yeah. so it's, you know, if you're in indonesia or in egypt or something man, i think it does make sense to diversify out of the dollar. really no other country on earth imposes sanctions. the way that, that the us does, and you know, it's one thing to go after rush or for invading its neighbors. mo, most countries don't do that, but they've actually been expanding that. so just last year they were threatening the binder ministration was threatening uganda because they had a law outlying homosexual activity. so that is the kind of law that i can imagine many countries of world, most countries, the world are not at all work. as you know, they're not interested in, in the, you know, the sort of active this agenda is that are popular in the us and europe. so that's the kind of law that i can very much see african countries implementing. if the bar has been lowered to that point for us sanctions, then i think it becomes imperative for countries to diversify, whether it's in the goal, whether it's into real assets, things like ports and, and uh, uh, you know, mines oil fields uh or whether assistant other currencies,

yeah, it's what device is doing and so it's nothing to do with human rights. actually, it could be the implication there. this is about a cheap way in the minds of it's sort of cheap way and the long term clearly, but in the minds of these policy makers in the treasury to show balance feed surpluses for free or something. you've also been talking about oil prices. it's how you own an election year by the way, to be doing this because as you say, for an employer to be more expensive and so forth. by the blinking, they flew to saudi arabia to beg the ccc and kingdom as id or a view to increase production. as you'd expect the us president to do it an election year. they were denied that. well, what role is the strategic petroleum is of this election in november? what role is it going to play? yeah, apparently it is being used as a political football at this point. so for anybody in the audience,

the strategic petroleum reserve, and serious this large stock pile of an oil in the us, they put it in disuse, caves. and the idea is that if we run into some kind of deal of political trouble, then you still have enough oil domestically to run the ambulances and so on. and that had been sort of a sacred cow, every president, you know, it was sort of considered outside of politics, right. this is a national security issue. you don't mess around with it. uh bible has done exactly that, so you drained it before the last election in in 2022 is running a pretty substantial i think roughly about half and it was, it was a large strain. and that's the question at this point is whether they're going to drain it again for the incoming election. i can't i mat, given how little integrity there isn't this administration, i would have to assume that they're going to drain every last drop to try to get oil prices down in it is, you know, in time for the election. now of course, once you've drained out the s p r, you know you've got nothing left, you've got no buffer left except for a sort of ongoing domestic production. so,

so that would leave america very expose, but it would definitely be on brand for this president to cell security down the river in order to get some temporary benefit. now, you know, we know, get that kind of information on the, the business television channels. even on tick tock, some of your videos, i understand they're not on take talk this. this social media side controlled by the chinese communist party, according to some people in congress. why is the media like cnn, like cnbc, like bloomberg, like all of these uh, fox business, why they upfront. i mean folks, visits occasionally allows some of the voices. i think you'd be knowing it why, why are they not allowing this kind of information to be given to the american vote here before november? yeah, fox business has been a lot better than most of them. you do have sort of republican aligned media that is talking about a lot of these things,

partly because they don't like the administration. and so they're, they're, you know, happy to report any sort of bad news. i think what's more concerning is the mainstream media in the us, which is left leaning as democrat a line. so this is bloomberg writers on your times off. it's like the cnn. and they have just really sort of thrown their journalistic integrity a way. right. and they, they were always sort of left leading, but that was heading for a long time. and really it started probably around obama. we can speculate as to why it started right around that time. them sort of just throwing off the mask and going full on to try to support the official narrative. but you know, we've seen this in the europe as well. i think where the media traditionally had some pretense of objectivity. they've thrown that away. i would guess is probably social media that did it where they realize that their audience was melting away and they had that stronger points of view. but however, we got here at this point,

the world is really in this academic of censorship. uh it granted it's, it's a lot better since you, on a bought twitter or acts, but we are still very much sort of in the trenches, fighting for our ability to speak. and as you say, you know, i've been my videos have been strangled on youtube. i believe it's always possible . they were trapped videos, but when i address certain topics, my, you know, readership drops by 2 thirds and 3 quarters which year and media, you know, that's not normal and on tick tock, my videos actually get band consistently. so i had one on the trumpet fascination that was taken down within 10 minutes for a community violation. of course i'm, i'd talk about the economics of it. i don't talk about anything gory but there it when i go, i really yeah. we were, i got a job to sorry because they're going coming to i close here. yeah. i go back and take talk about this trump as, as evasion thing,

and it has nothing to do with the conspiracy theories as they called who knows what it is and i left or right i go to the left is the right would to describe the these 5 natural channels, the left right debate, i'm not sure it's a, it's like, i don't know what state the state who knows, just finally for anyone watching i got it was your in favor of gold which is tends to be a standard one for people. i mean, how, what's this felt them when they played in gold prices, like they did hundreds of years ago when kings used to manipulate it, your goal, you're for crypto, these are, these are good things going forward in a world where they're lying about all this, it just takes a little there and you figure is all there picked profit ratios. right? yeah, i mean you can always maybe like prices, you know, this is very common on wall street. they'll try to, um, push the price off on $1.00 day and down on another. and this might be because there is an option expiration or whatever. you can try to do that. but the thing is that it will cost you a lot of money, right?

so if the true price of something is a $100.00 and you're consistently trying to keep the $88080.00, you're gonna lose money. costly doing it, right? that is in stark contrast to what happens with say, paper money, where well, the true price of the dollar is actually collapsing. it's, you know, they can just print it out well. so you're always going to have a lot more solidity with something like gold or the big coin for that matter. i'm actually found a big point because it can't be seized right. this i think is the fundamental flaw of gold. i love gold, i would need my children after gold if i could do it over again. but the problem is that when you have a goal by current, so you have to tell people where the gold is, right? you can't just tell people, i got gold, but it's a secret where it is. you gotta show them where it is. once you show them where it is, government also knows where it is. historically, governments always will capture the money. they'll go show up, visit your gold storage, and they'll tell you what they think they should you should do with it. so,

you know, as i think hard money is really the question to a hard money, i think is critically important to economic growth, to innovation, to people sort of having the correct horizons, the correct timelines to make decisions in life. they become more responsible, more prudent, but having said whether it's gold or bitcoin and i think that it's very important we get there and i think we will, prevents will be to say no and thank you. thank you. and that's it for the show. and the season will be back on the last day in august until then we'll be bringing you some of your favorite episodes. you can still keep in touch by the social media . and it's a lot sense that in your country and how do i channel going under warranty vo

normal, they'll come to us new and old episodes of going underground devices. the look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings, except we're so shorter is it conflict with the 1st law? should we live in justification? we should be very careful about visual intelligence. at the point obviously is to makes a truck rather than fit the various jobs. i mean with the artificial intelligence, we have somebody with them in the a robot must protect this phone. existence was alexis, the ukraine never transitioned out of the ninety's kind of county politics and i just