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The Mike Church Show-Radio Would Have Thwarted The Trump Assassination Attempt The KingDude
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Mandeville, LA – Exclusive Transcript – That’s what’s so depressing about this. You want to look at this and believe that our almighty federal overlord magical economic masters have this under control and there’s not going to be a drop off, and that roller coaster climb will just continue ad infinitum, on into infinity, never stop. We all know where this is going to end. Check out today’s transcript for the rest…
Begin Mike Church Show Transcript
Mike: The graph of the Dow Jones looks exactly like the Millennium Force rollercoaster viewed profile. That’s what it looks like. We haven’t completed building the coaster yet because we don’t have the actual first drop. That’s coming. That’s what’s so depressing about this. You want to look at this and believe that our almighty federal overlord magical economic masters have this under control and there’s not going to be a drop off, and that roller coaster climb will just continue ad infinitum, on into infinity, never stop. We all know where this is going to end. To sit here and watch it and to think: Oh, man, here it comes again!
While the market is being built up with Bernyankme funny money — if you think about it, where’s all the quantitative easing going? There’s mild inflation that we’re all dealing with currently, and I know you’re dealing with it as am I, but where’s the rest of it going? It’s going through the market. It’s being laundered through Wall Street. Of course it is. This is going to be remembered as a time of the greatest economic swindling of the history of mankind, folks. I’m telling you, you are living it right now. Mark it down. Pass it onto your children. Keep diaries. Keep notes. Your grandkids are going to want to read about it, going to want to know why granny and grampy didn’t do something about it because now they have to live in a third-world country thanks to our inactions here.
I was reading last night about this and again this morning, about the cheerleading and all the ebullience. As a matter of fact, here’s the story at Zero Hedge: “Stocks Are Officially in a Blow Off Top.” I’m looking at this graph and it really does look like the Millennium Force roller coaster. Here’s what Phoenix Capital Research writes about this.
[reading]
This is the culmination of Bernanke’s life’s work. In his mind he has succeeded in saving capitalism by spending trillions of Dollars pushing stocks higher.
It doesn’t matter that the US hasn’t experienced 3% GDP growth a SINGLE year since he took the Fed.
It doesn’t matter that the employment ratio is at levels last seen back in the early ‘80s. [Mike: That’s right, fewer people are working now as a percent of the American population that were working in 1979.] It doesn’t matter that there are now a record number of Americans on food stamps.
All that matters is that stocks are up. That equals a recovery for the Fed.
This whole mess is sad really. Having seen two bubbles burst in the last 13 years, we all know how this ends: in disaster. And each time the disaster has been bigger. Indeed, the 2008 collapse was a far worse thing than the Tech Crash.
And what’s coming will be even worse than 2008. This time around, entire countries will go bust, not just banks.
On top of this, when this bubble bursts, interest rates will already be at zero and the Fed’s balance sheet swollen with garbage debts. The Fed and other Central Banks WON’T have the usual tools available to save the day.
[end reading]
Mike: Folks, I’m not an economist, I only play one on the radio. From what I read and from what I gather and from my continuing study of Austrian-style economics, I believe the Phoenix Capital Research folks are spot on the money on this. Many of you know this as well. This thing is going to blow and it’s going to explode. If we all know that it’s going to blow and it’s going to explode, I have a question: Why don’t the people that are participating in it seem to know? You know what’s going to happen. The moment this thing goes Mount Pinatubo, the minute this thing goes Vesuvius, the moment this thing goes Fuji, the minute that it goes, the first thing we’re going to hear is, [mocking] “We’ve got to protect the people’s assets.” Congress is going to meet. There will be hearings, people screaming and hollering. They’re going to be foretelling the end of the world. [mocking] “If we don’t act immediately, everyone’s accounts are going to be depleted.” I have news for you. All of our accounts already are depleted.
AG: What do you think about Warren Buffett this past Monday on Fox Business saying he believes the markets are set to go higher? He’s someone that’s got a ton invested in the stock market. I’ve got the audio here of him discussing it. He’s bullish on where the economy is going over the next couple months.
Mike: Buffett is also a Keynesian. Buffett also believes in the theory that public works generate all manner of economic activities after the public work has ended. I would say if you’re looking for an economic guru or someone to talk frankly about this, solicit Grant of Grant’s Interest Rate Observer. They’re saying the exact opposite of that. You can go back and find video, audio of guys like Warren Buffett, maybe even Buffett was doing it, right before the crash in 2008 predicting this thing was going to go on. There was no end in sight. Some people were saying: This is a bubble housing boom and it’s going to crash. The signs are already all around if you’re looking in the right places. You better get out now or you’re going to seriously get burned.
AG: Is it hard to have the “Oracle of Omaha” being bullish on the economy? I think he’s thought of as the foremost economic expert that’s in the private sector. If he’s bullish, it’s hard to dispute what he’s doing. Just laying out what a single furniture store in Nebraska does in one week, it’s pretty amazing the amount of spending going on.
Mike: That would be like saying that Donald Trump, because he’s successful running a casino or renovating a resort somewhere and has some business acumen, that he is able to accurately foretell the future of a $17 trillion economy. If he could do that, he wouldn’t need to be in business anymore. All he’d have to do is go: I’m gonna put my money here and here. I’m just gonna go back to the old penthouse and hang out and watch reruns of MASH all day long. Remember that Buffett also was a big proponent and is still a big supporter of President Obama and the $900 billion porkulus, succubus, stimulus bill. He’s a big proponent and supporter of TARP. He’s a big government, gets in bed with big business, Ben Bernyankme print me some more money and help me out kind of guy. I wouldn’t expect that he would be saying anything other than things are rosy and they’re going to continue on the current arc.
AG: Part of what Buffett says later on in the interview is that:
[reading]
Stock markets have flourished over the past few years as the Fed has kept interest rates low and pumped money into the economy through massive bond buying purchases. Many analysts believe the markets will take a big hit when the Fed finally reins in these easy money policies.
Buffett said those policies could one day lead to inflation, and that he’s predicted as much for a long time, but that he’s been wrong. Rather than pushing inflation higher, the Fed’s policies have recently led to lower inflation, also a concern.
Buffett advised President Obama to keep Bernanke at the helm of the Fed for another four-year term. Bernanke’s term ends on January 31, 2014.
“If I were the president I’d have him (Bernanke) keep the baton,” he said.
[end reading]
Mike: There isn’t any doubt that the stock market has risen precipitously. Because we know that the money supply and that the Federal Reserve has been instrumental in this, not economic growth — there’s no GDP growth to speak of. You don’t have to be a rocket scientist to — you don’t have to be Ludwig von Mises to figure this out or Friedrich Hayek or Murray Rothbard or Wilhelm Roepke or any of the great Austrian School thinkers to figure this out, that there are trillions of dollars of funny money here that have made their way through the economy or into the economy mostly by stock purchases. That’s where the money has gone. I’m looking at the Twitter feed here, “Thanks for ruining our day, Church. Thanks for casting a pall on the wonderful rise of the stock market. Just when I thought I could be happy.”
End Mike Church Show Transcript
Mandeville, LA – Exclusive Transcript – "Abortion, and even contraception, even in the prevention of pregnancy, is verboten in church teaching. This goes all the way back prior – this is taken directly from the gospels, directly from the Old Testament, and then passed on traditionally." Check out today’s transcript […]
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