May 3, 2023 - The Truth Central - Dr. Jerome Corsi
35:36
The Push for Net-Zero Emissions is Not Based in Reality; Regional Banks' Stocks Falling
Despite the Green Agenda's increasing damage to the US economy (as well as that of the EU), the Climate Change fanatics in power continue to spend increasing amounts of money on their goal to achieve "Net-Zero Emissions" as an energy production standard. Dr. Jerome Corsi explains why this is a fantasy and will continue to sink the nation's finances and create a true dependency on the Chinese Communist Party. Is that, however, the true goal?Meantime, not long after J.P. Morgan Chase CEO Jamie Dimon, without evidence, proclaimed the bank crisis is over, regional banks stocks have fallen hard. What happens next? The Federal Reserve's decisions this week become more crucial than it had been in years. Dr. Jerome Corsi breaks it all down and analyzes what's happening non The Truth CentralVisit Dr. Corsi's The Truth Central website: https://www.TheTruthCentral.com'Follow Dr. Corsi on Twitter: @corsijerome1MyVitalC: https://www.thetruthcentral.com/myvitalc-ess60-in-organic-olive-oil/Swiss America: https://www.swissamerica.com/offer/CorsiRMP.phpPro Rapid Review: https://prorrt.com/thetruthcentralmembers/elBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-truth-central-with-dr-jerome-corsi--5810661/support.
This is Jerome Corsi and today is Wednesday, May 3rd, 2023.
Thank you for joining us again at TheTruthCentral.com.
This is Jerome Corse and today is Wednesday, May 3rd, 2023.
Thank you for joining us again at the truth central dot com.
We're broadcasting a podcast every weekday.
Let's get immediately into the first story today.
Again, we've got a lot to cover.
The Federal Reserve Open Market Committee is meeting today.
That's the committee that sets rates.
They basically are, I think, going to do another increase, 25 basis points, which is a quarter of 1%.
That'll put interest rates up to 5.25%.
Which is, again, the highest they've been in years.
And the inflation is really not stopping.
If you take a look at the inflation, it had been relatively stable through much of the past few years.
I mean, we had very stable inflation through the Trump administration.
It basically stayed in the range of 2%.
But then under the Biden administration, it started to accelerate.
It reached its highest point of about 8% about mid-year 2022.
about mid-year 2022, and right now it's down to about 5 or 6 percent. But again, food, services,
goods, and energy has been down a little bit because of the depressed economy globally, less demand.
The interesting thing about this inflationary period is it's driven not by demand.
In other words, usually when you get an inflationary period, it's because the economy is heating up.
There's so much economic activity that, in fact, the economy's heating up.
But that's not the case here.
I follow a couple of newsletters.
Followed John Williams for years on ShadowStats.com.
He's an economist.
We've gotten to know each other over the years and he's reporting essentially that this is a recession that is entirely driven by the fact that we have printed so much money.
He says, essentially, the U.S.
economy is already in an intensifying recession, which I agree with, where current inflationary pressures appear to be tied to excessive monetary stimulus out of the Fed, not an overheating society.
So, he's saying higher interest rates now will do little to contain inflation.
That's the point.
While at the same time, higher interest rates will continue to impair economic activity.
Now, one of the reasons I follow John is I think he's right most of the time, and in fact, if you take a look at this situation, it's called stagflation.
And in stagflation, you've got a stagnant economy, and at the same time, your inflationary rates are just continuing to skyrocket.
And to stop this, we had the situation last time, really, was back in the 70s and 80s after Jimmy Carter's administration.
Jimmy Carter, 1973, had the OPEC oil embargo, so it started out as an energy crisis.
And then basically it escalated into stagflation.
We had inflation with energy prices going very high and a stagnant economy because energy prices were dragging down economic activity.
And it took Paul Volcker coming in to raise interest rates ultimately to 20% in the early 1980s.
And that pushed joblessness above 10%.
You see, when you have a stagnant economy, people are going to lose jobs.
And across the, it's extremely easy to see if just go and, you know, take a search engine and go for job layoffs.
I mean, you can do it right now and see exactly how many job layoffs are being, Projected in 2023.
Just quickly take a look.
I mean, just even random searches.
Bay Area Tech is laying off layoffs in 2023 are already top of the total for all of 2022.
So the tech industry is really laying off.
And by the way, I saw Nordstrom's is closing its two San Francisco downtown stores.
Now, that's a big deal.
Nordstrom started on the West Coast, Portland, Oregon, Seattle, that area.
San Francisco Nordstrom had a couple of big flagship stores.
And they're closing them, and largely because the downtowns are not safe, because you're finding that the people are just not shopping in the downtowns, people aren't coming to the downtowns, you've got too much homelessness, they are filthy, etc.
2023 media layoffs, vice media is cutting jobs, it just goes on and on, 2023 layoffs, basically Meta, Amazon, Twitter, there are thousands of workers who are hit by a new round of layoffs, 4,000 jobs, Amazon to lay off 9,000 more workers in addition to earlier cuts.
We are already in a recession and it's going to be a global recession.
And with the Fed going to likely raise rates again today, it's only going to deepen the economic problems.
And I've been warning about this now for months and it's happening, and I'm going to get into what the consequences are going to be for all of you listening.
The next story I want to cover is the idea that these bank closures and problems are over, which is what Jamie Dimon, who is the head of JP Morgan Chase said yesterday after they acquired the First Republic, basically saying, well, the problem's over.
Well, yesterday in the stock market, you had PacWest, Western Alliance, they led a sell-off of these regional bank stocks of more than 20%.
So, all the investors in these banks lost money.
And that means the banks are in trouble.
The banks do not have the asset base because of a couple of things.
One is the slowdown in the housing market with higher interest rates, with lower expectations of future economic activity with people getting laid off.
So prices of houses are coming down and fewer houses are being bought and sold because mortgages are so high at five or 6% interest.
So, with these regional banks, our smaller banks, they support community activity a lot more aggressively than JPMorgan Chase, but what's going on is we're getting a forced consolidation, again, of the U.S.
banking industry, so that there'll be a few of these giants left.
Like JPMorgan Chase or PNC or Bank of America, and they will gobble up all the smaller banks, which will go out of business.
We've already had more banking failures in terms of assets that have failed this year than in 2008, and we're only here now in May.
A lot more this year to go and there's going to be a lot more rough times.
PacWest, Los Angeles-based PacWest, lost 27% of its stock yesterday value.
Ranked 53rd among U.S.
lenders with $41.2 billion in assets at the end of last year.
Phoenix-based Western Alliance, the number 40 bank with $68 billion in assets, lost 15%.
Cleveland, Ohio, Key Corp., the 20th largest bank, fell 9%.
Comerica, a Dallas, Texas bank, ranked 37th among lenders, $86 billion in assets, fell 12% of stock yesterday.
Columbus, Georgia-based Synovus Financial Corp.
$60 billion in assets, 42nd largest bank, lost 7%.
These are big banks.
And when their stock is going down, it's the prelude to them declaring that they don't have sufficient asset strength to continue in operations.
And that's a prelude to either a run on the banks, although it seems that Janet Yellen is saying that even uninsured deposits are going to be protected.
We'll see how long that lasts.
In other words, over $250,000 in a bank.
I believe that's the current FDIC limit of protection.
At any rate, this is a contraction.
I compare it to a controlled explosion.
You know, when they blow up a building and you see the floors collapsing one after the other.
Well, this is going to be a controlled collapse of the banking industry and it's going to be very painful.
What does it mean?
It means this is going to be another factor contributing to the recession, which is just getting going.
And we're doing this, this recession is almost suicidal.
It's again a combination now of an energy crisis because of going to this green route.
And I'm gonna cover this a little bit later.
I wrote an article on this yesterday, which we're gonna cover.
But the idea of going to wind and solar to power the U.S.
economy means we're going to have less economic activity.
Because wind and solar are more expensive.
They're not as powerful.
And our economy has depended upon having cheap, available, abundant oil, natural gas, hydrocarbon fuels.
If we're not going to use those fuels and say we're going to force ourselves into green energy just by spending billions or trillions of dollars on solar and wind plants, it's been tried before.
Obama tried it.
We had failures of these plants because they don't work on large scales.
It was Solyndra, if you remember the big Solyndra failure.
And again, we are not in a strong position to switch the entire 85 or 90% of our economy
which runs on basically hydrocarbon fuels, when solar amount to about 12 or 15%
of our total energy supply in the United States.
And being realistic about it, we're not going to switch overnight to 60 or 70% wind and solar.
It's just not feasible.
It's not going to happen.
And it's going to be very painful making the transition.
So these are the first two stories I wanted to cover.
Chris, my producer, do you have any comments about these two as we get into it today?
Absolutely.
And I put this one up earlier because you were talking about it.
I wanted to kind of preview this third story about how we're going to need to be dependent on China moving forward and other areas.
In fact, just yesterday, they've been doing this for a while, but just yesterday there was a House committee hearing on the needs to a mine for rare earth materials or as they call it critical
minerals now and that's another new word for another term for it the idea is china is trying to
control that market right they moved into it they were moving into afghanistan after we left
they have their own issues they want i want africa i mean they're china yes china and russia are
both in expansionist mode right now and uh let's cover the story
I mean, thank you.
What the story is about is that the House passed a bipartisan bill to impose tariffs on Chinese solar panels.
See, the way the solar industry works, and one of the reasons Solyndra went bankrupt We thought under the Obama administration, we're going to have a huge windfall making all these wind turbines and solar panels.
And a lot of companies were saying, well, we'll get in that business.
By the way, about 80%, I think it was maybe even higher than that, Peter Schweitzer and the Government Accountability Institute in Washington did a study of Obama's Energy programs and found that a huge percentage of the money went to Obama's 2008 campaign committee fundraisers and so therefore it was a payback.
Nobody went to jail when those companies went bankrupt.
Now what happened was that China decided to start making solar panels and China today controls the market For solar panels, because they can make them so cheaply.
China controls 80% of the world's solar panel production.
A figure that hasn't waned as Biden spends billions of dollars, hundreds of billions of dollars on green energy subsidies intended to give the United States the ability to compete with China.
Instead, US solar companies have been flooded with increased demand and have turned to China to satisfy it.
I'm just reading basically the news today.
A re-imposition of China's solar tariffs would cost U.S.
developers at least a billion in retroactive fees, prompting solar executives and trade groups to publicly stress their need to maintain a free flow of cheap Chinese goods.
See, the reality is the solar industry can't function if it doesn't have cheap solar panels.
And China can make them cheaper than anybody in the world.
So you've got now trade associations like the Solar Energy Industries Association, which on Friday issued a statement that the United States cannot produce enough solar panels and cells to meet the demand.
Well, we could, but it would be at a very high price.
The American Council on Renewable Energy, which is again a green organization, I said that Chinese tariffs would have a devastating impact on the U.S.
solar deployment.
Thousands of people given hundreds of millions of dollars in projects at this company, they're talking about SOLV Energy.
Basically, these companies that are in China producing these goods are necessary for the solar industry to function.
At a competitive price.
If solar energy has to depend on US-made solar panels, it's going to cost billions of dollars to get those panels produced, they're going to be more expensive, and solar energy is going to be more costly.
Storing the solar and the wind power, which takes batteries, is one of the major defects of renewable energy.
And without a solution to that problem, the cost of storage and the rare minerals,
whatever we want to call them, that have to be mined, we are going to be in a situation where
this economic transition, the energy transition as they want to call it, to green and solar
wind, it's just not going to happen easy and it's going to be very expensive and it's going to cause
more economic turmoil because we are repeating what happened under Jimmy Carter.
We've got an energy crisis going on, and at the same time, Russia's cutting off natural gas To Europe and the EU in response to their imposing sanctions for Ukraine, the Ukraine war, trying to cut Russia off from banking access in the West.
Russia, of course, retaliated by strengthening the ruble, backing it essentially with gold and demanding that its oil be bought or natural gas be bought in rubles, their currency, not dollars.
So again, this is a cascading compounding crisis, which is 1973 plus 2008-2009, which was caused by the crash in the subprime real estate market.
Now we've got a crash going on in the housing market and in commercial real estate.
A lot of the commercial real estate in the major cities are 40-50% vacant.
That means the buildings are overvalued.
Their loans are going to come due.
Refinancing those loans is going to be very difficult.
And if the buildings go bankrupt, the banks have, again, bad loans, which they can't get service because the building owners don't have the revenue to pay, again, the debt service on the mortgages, as it were, taken out to finance those commercial buildings.
This cascading economic impact is going to mean a lot of people are going to lose their jobs.
And it's increasing the urge to work from home and be independent, to find ways to generate income independently.
But with the banking system collapsing, we're also gonna be pushed into digital currency, central bank digital currency, and again, it's another engineered crisis, as it were, which is gonna result in losses of freedom, because with digital currency, the federal government will be able to manage every penny you spend, and monitor it, and cut you off if they don't like what you're doing.
So we're basically in a period of time that's going to be extremely stressful, and my first recommendation is to pay off debt.
My second, which we're going to talk about in a minute here, is to get tangible value.
I think gold is going to be, and silver are both going to appreciate substantially.
Chris, you want to put up the Swiss American?
I'd like to let you comment.
Swiss America is one of our sponsors.
They've been with me for over 20 years.
And they have this Walking Liberty half-dollar offer, which is a very good offer.
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Click the Swiss America and fill out the form.
If you do that, Swiss America will contact you.
You'll have the ability as a first-time customer to buy up to 250 of these half dollars, which are not minted any longer.
They're about 90% silver.
And I think silver, about $30 an ounce right now, should double faster than gold, which is about $22,000 an ounce.
Silver is going to be a very good asset to own, and it's a lot cheaper.
With Swiss America, if you want to own coins, or if you want to own gold or silver bars, or however you want to own it, you'll get actual tangible value.
What can you do with it?
If the dollar depreciates, well, then your gold and silver will be worth more dollars.
That's why it's going to double in price.
If you have gold and silver, you'll be able to survive and it's a store of preserving your current purchasing power so that in the future, if the dollar weakens, you're not caught with having a weaker dollar, having to pay two or three times the number of dollars for what you're currently paying less for.
When that involves food, when it involves basic living services, food, housing, etc., which is all going to get more expensive.
Might be a good idea to have some tangible value.
Chris, any comments?
If you look at the charts here on the Swiss America page, you'll find that gold has been jumping around a little bit recently, but definitely peaking very high.
Keep an eye on what it's been doing recent days.
And same thing with silver.
You're noticing these things.
As the banks collapse and the bank problems, the inflation issues persist, We can see precious metals, things you can hold on to physically, do much better.
That's what's going to happen.
And it's in the process of happening right now.
I mean, I think you're going to see, it's not necessarily that gold is going to take off and skyrocket.
I mean, it's going to take again a little while for this to develop.
It did in both of the 1973 and 2008, but gold did double and
silver did double each of those crises.
The gold will benefit. Unfortunately, when we go through an economic period of crisis,
the people who will benefit are those who have tangible gold and silver value,
and it'd be a good idea for everybody to think about that now.
If we, you know, just follow the economic news today, and it's pretty depressing.
I mean, it's not necessary that we go through this.
Gold is, by the way, trading right now at about $2,020, so it's broken through some of its resistance levels in technical charting, which means that likely gold is going to continue to rise as it breaks through these resistance levels.
Resistance levels establish a trading range for a stock.
And when it breaks through either high or low, it's going to a new range of resistance levels.
It's kind of a technical analysis of stock trading, which has been in vogue for a long time, over 100 years, 150 maybe.
Okay, let's continue with this because I want to cover a couple more stories very quickly.
I wrote an article on American Thinker.
And the article has to do with the, again, green energy.
But the point I'm making is that in this article, if you take a look at the real purpose of the green movement, the real purpose of the green movement is to depress economic activity.
It is a Marxist movement.
It's been taken over by the Marxists.
Now, we covered in previous podcasts this Mark Mills, who was a senior fellow at Manhattan Institute, and he published a report about the energy transition delusion.
And that report said that if we're going to really try to get to net zero emissions, it's going to mean a reduced standard of living for the world.
He put it in some very simple terms.
He did a video in which he showed just how Electric vehicles use up a lot of hydrocarbon fuels.
They just transfer that away from the car itself to the production of the batteries and the energy needed to produce the electricity.
So producing the batteries takes an enormous amount of these rare earth minerals, and they take tons and tons of it to be mined, which involve a lot of hydrocarbon fuels.
Same with generating the electricity.
The electricity is still very dependent on hydrocarbon fuels to be generated.
So you're really not saving anything with these cars because if you take a look at the net emissions of the entire production process, you have a very intensive hydrocarbon expenditure of energy to produce these electric vehicles and keep them running.
But this article I wrote is making the point That the Green Movement understands this, at least those in the leadership of it.
I think even the United Nations Intergovernmental Panel on Climate Change realizes it.
They just want to control the science debate.
So when they say carbon dioxide has to be eliminated, we have to eliminate hydrocarbon fuels, they don't want that issue debated.
That's supposed to just be truth, even if it's not true.
It's what they, in their utopian visions, they want it to be true.
It's like John Lennon, why can't we imagine a world without God?
Well, you can imagine it if you want, but this world has God in it.
We human beings are wired to anticipate a religious experience, and it's a reality.
And so therefore, These imaginings are delusions, and the idea that we can simply transition is a delusion.
It's called Marx in the Anthropocene.
The Anthropocene is what these radical environmentalists call our current age.
In other words, we're anthro from the ancient Greek word for human, basically.
We are the own cause of our destruction.
We're going to bring about our own extinction because we're burning hydrocarbon fuels.
The argument does not make sense scientifically.
That's where I wrote the book, The Truth About Energy, Global Warming, and Climate Change.
In this book, it's written by a young professor in the University of Tokyo.
His name is Kohei Saito.
And he went through the writings of the young Marx.
Everybody's always trying to go through the young Marx.
These Marxists are revising Marx.
And so the young Marx really was a degrowth ecological communist.
And he is arguing that eco-socialism will produce de-growth, which he thinks is necessary in order to save the earth and eliminate capitalism.
He even argues with the socialists who think we can have sustainable growth.
Under green energy.
He doesn't believe that.
He accepts that green energy is going to mean degrowth, but he embraces it because he's being honest as a Marxist and says this is really our true point.
So, in the last paragraph I write, after years of the radical eco-left preaching the evil of hydrocarbon fuels, we have higher energy costs caused by the systematic implementation of this solar wind battery technology, which Mark Mills proved makes no sense, given the rigors of economic activity, energy dynamics, or climate science.
Global warming climate change ideologues preach green energy, not because the neo-Marxist left knew we had to achieve net zero emissions to save the planet.
Today's green revolutionaries embrace net zero emissions because they know that capitalism will fail.
Not because the world's workers are going to unite, but because advanced industrial societies will collapse without abundant, cheap hydrocarbon fuels.
And that's what we're seeing happening right now today.
The last article I want to cover is what's going on in Ukraine, and I'm cautioning everybody that just like the economics are pretty frightening right now, and not going to get better, certainly not any time quick, you're going to see the same kinds of problems with Ukraine, Russia's going to continue the war, and this article, and also China, China will eventually attack Taiwan.
Now what's going on right now is that the, we're sending $300 million more to supply military equipment to Ukraine.
I'm not sure how much of that will get stolen, but it will.
And we are fighting a proxy war.
The Ukrainians are fighting it, but they're using our weapons, our military backup, our money.
And it's essentially we're fighting Russia and Russia knows it.
Now, what's going on in the war is that Russia's been launching a series of missile attacks and drone attacks.
The drones are made by Iran.
Iran is now in a partnership with Russia and China.
The BRICS nations are getting together.
Brazil, Russia, India, China, South America.
Nineteen countries want to join them.
They're going to de-dollarize.
They're going to not use the dollar as a reserve currency.
Over the weekend and continuing to today, Russia's just launched a whole series of missile and drone strikes.
Evidently, the Ukrainians are retaliating with some drone strikes.
There was a huge oil depot in Crimea, which is down by Sevastopol, on the Black Sea in Ukraine.
Russia needs that port in order to have access to the Atlantic through the Mediterranean Sea.
And this oil fire, now they're attacking, Russia's been attacking the energy.
Uh, resources of Ukraine.
There was also been bombing the cities.
Russia has been devastating these cities, making them uninhabitable.
Now, now Russia is also doing even drone attacks and some missile attacks on Kiev.
When Russia goes after Kiev, this war will, uh, come to an end.
I believe because when Russia takes Kiev, that's going to probably be the end of the Ukrainian government.
And it's constantly risking going to a nuclear confrontation.
Russia is mobilizing additional conscripts, and the war is escalating, and we'll continue to follow it.
Now, I want to end with, Christopher, you'll show our second major sponsor.
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Chris, any final comments before we wrap up?
I do like the expression he used when you talked about how the $300 million in aid going to Ukraine and supplies, how much is going to get stolen.
You mean falling off the back of the truck, that sort of thing?
Oh, yeah.
Right.
It's astounding to see how much money is going to Ukraine.
There's a mentality going around now though amongst people in the elite circles and of course in social media circles wanting to be on something called the right side of history.
So the idea is it doesn't matter what we do.
Print money up, destroy the banks, throw Throw money in several different directions as long as it's perceived by the public or at least the powerfully voiced public, your super mega movie stars, that sort of thing, or people who are called influencers these days.
As long as they see it as something they can spread around as something good, then Spending all that money would put the administration and those who push the same ideals on the quote-unquote right side of history.
Worrying about that and not making tough decisions has destroyed societies in the past, and it's going to destroy this one.
Well, these problems can't be solved with money.
And these are problems that have to do with values and how society is structured for freedom, whether there's individual freedom, which is necessary to promote economic activity and capitalism, or whether we are living in a totalitarian world where everyone feels fear.
So I'm going to conclude this by, as I always say, in the end, God always wins.
God will win here too.
This is Dr. Jerome Corsi, The Truth Central.
We're trying to bring you the truth every day of the weekdays to discuss the news and let you know what's going on for the truth.
And God will win here.
It's going to be difficult times, but I think we will get through them with the help of God.
