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Dec. 13, 2015 - Jim Bakker Show
06:56
We're In A Global Recession
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Time Text
Global Recession Hits 00:05:38
We've plunged into a global recession.
And it's not just me saying it.
In fact, the biggest bank in the entire Western world, HSBC, it's actually a little bit bigger than J.P. Morgan Chase here in the United States, but it's in the U.K.
The largest bank in the entire Western world.
They came out and they say we have entered a global recession.
Now, if you take all global economic activity, which they did, and convert it into U.S. dollars, well, the global GDP on a dollarized basis is down 3.4% compared to last year.
So less global economic activity.
Global GDP on a dollarized basis is going down.
So not just Michael Snyder from the Economic Collapse blog is saying this, but this is the biggest bank in the Western world.
They say we're already in a global recession.
Not one is coming.
We're already.
Now they also say that global trade, I'm talking about the real economy, not the fake stuff on Wall Street, but in terms of products and services being traded around the world.
It's basic economics.
When you have more products and services going around the world, people are buying and selling.
That means the economy is getting larger.
It's increasing.
When there's less of that activity, then the economy is getting smaller globally.
Now, normally, if a recession hits, we see it, you know, it really start to decline significantly.
So according to the same bank, HSBC, they say that global trade is down 8.4% according to last year.
Now, we never see a decline of that magnitude without a recession.
And now when you break it out by country, it's the same thing.
You look at China.
China is actually the engine of global trade.
China accounts for more global trade than anyone else on the planet.
And for years, China, they've been exporting, they've been importing tremendous growth.
Well, the most recent numbers show that Chinese trade is contracting.
In September, the last month, full month we have numbers for, Chinese exports were down 3.7%.
Chinese imports for the month were down a whopping 20.4%.
That's absolutely catastrophic.
More numbers from China.
Demand for Chinese steel is down 8.9% compared to a year ago.
Chinese rail freight volume is down 10.1% compared to last year.
And they've got this measurement called the Chinese Containerized Freight Index.
You know, they send all these containers across the ocean to us and around the world.
You know, China is a great exporter.
Well, the Chinese containerized freight index has dropped to the lowest level ever measured, even lower than at any point during the last recession.
So at this time of the year, you'd think they're sending all kinds of stuff to fill up our dollar stores.
Walmart, you go in there, it seems like everything's made from China.
Well, their exports are absolutely collapsing.
But it's not just China.
South Korea, South Korea, their exports in October were down 15.8% from a year ago.
Germany, German export orders were down 18% in September from a year ago.
And then U.S. exports, too.
Barack Obama, he promised us he was going to increase exports, put more Americans to work, all these promises, which of course none of his promises ever come true.
But Barack Obama promised this would happen.
U.S. exports are down about 10% through the year so far.
So our exports are shrinking too.
This is happening all over the world.
Global trade is shrinking.
This never happens outside of a recession.
And most shows on news and stock market reports, you don't hear this kind of information.
Oh, it's true.
Or you even look at...
They're saying, oh, it's going to be better.
Just go buy, you know, invest, invest, and make it more stocks, you know.
Yeah, you even look inside the United States.
The Cas Shipping Index measures all the stuff being shipped by air, by rail, by freight.
It's been dropping on a month over year-over-year basis, month after month since March, March, April, May.
Every single month it's been dropping since March.
It's been falling.
But it's Christmas.
I know, but it's dropping.
That's crazy.
It is.
This is where the biggest percentage of all the sales of retail takes place.
I mean, like 25% or something just in the Christmas period, I think it is, something like that.
Yeah, well, Walmart even came out recently and said their revenues are expected to drop.
Their profits are expected to drop in their next fiscal year.
They're projecting hard times.
Wholesale sales in the United States, sales of wholesalers to retailers, and they should be getting ready for a great holiday season.
Well, they've fallen to the lowest level since the last recession.
We've also got the inventory to sales ratio.
That's risen higher.
Now, why that's bad is because you don't want a lot of inventory sitting around.
It's already a huge problem all over the nation.
It's the highest level since the last recession.
Retailers have all this inventory sitting around.
It's not selling.
Another thing that's not selling is homes.
Sales of previously owned homes were down 2.3% in September.
And sales of new homes were down more than that.
New home sales were down a whopping 11.5% in September.
So I just threw out a whole bunch of numbers at you, but they're all screaming recession here in the United States and all over the world.
In fact, globally, a lot of areas around the world, they're already in a much worse shape than we are.
So we've got problems.
The things I warned about before when I was here, all these numbers I've come across since I was here last time, it's getting worse, but you're not hearing about it on the news.
102 Million Unemployed 00:01:32
Instead, you're hearing everything's wonderful.
There was a headline today: unemployment rate supposedly goes down.
It's crazy.
What is the real unemployment?
Come on.
This is the biggest farce in the world is when they say, oh, we only have a few percentage in unemployment, but yet they tell me they drop people that once they stop looking for a job, they don't even count them as unemployed anymore.
You're a dead person.
You're a dead man walking.
You know what I mean?
Yeah.
It's all determined by how they define the people that don't have jobs.
We all know people that are struggling for work, that can't find a job.
But these latest numbers, they just came out today.
And so there are 7.9 million Americans that are officially unemployed.
They count toward the number.
But then there's another 94.2 million Americans that are considered to be not in the labor force.
So when you add 7.9 million officially unemployed to the 94.2 million Americans that are not in the labor force, you get more than 102 million Americans that do working age Americans that do not have a job right now.
Now that's insane.
It's shocking because mainstream media does not.
How many people are there in the world?
In the United States.
In the United States, it's over 300 million, right around 330 million.
Well, they're talking about over a fourth of the population.
And this is just the working age population.
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