May 4, 2023 - The Truth Central - Dr. Jerome Corsi
33:42
More Bank Trouble, Fed Rate Hike Ripple Effects and Swiss Kids Pushed to Eat Insects
Pacific West Bank saw its shares plummet 60 percent after a report its brass was seeking a "Capital Raise" (read: Bailout). This is the latest in the continued climate of bank instability, even after Federal Reserve Chairman Jerome Powell while announcing another interest rate hike proclaimed the US banking system is "sound and resilient."Meantime, the EU is trying to fend off inflation, much of which was caused by its collective policy. The Union also wants to adopt the the Netherlands' anti-farmer policies as well. Almost making it under the proverbial radar, Switzerland is backing companies pushing the consumption of insects to school children. Dr. Corsi examines what's happening on today's 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.
Thank you for joining us here at TheTruthCentral.com.
This is Dr. Jerome Corse and today is Thursday, May 4th, 2023.
Thank you for joining us here at TheTruthCentral.com.
We do podcasts every weekday.
Let's just jump right into it.
There's a lot we're going to cover today.
First of all, the Federal Reserve again yesterday raised interest rates.
They brought them up to a 16-year high.
I think the Fed is really at this point trying to cause a recession.
I think the Fed knows that the problem is not This is not a demand-caused recession.
The demand in the economy is actually weakening.
This is an inflation that's caused by printing too much money.
It's the modern monetary theory.
The left just thinks you can print money, it's fiat currency.
We can print more money to pay off the debt.
We can print more treasury bonds and have the Federal Reserve buy them and the banks buy them and everything will be fine because it's all made up anyway.
Well, that's causing inflation, and we're in a stagflation, which also has an energy component to it, because at the same time We're printing money, we're trying to shift the economic transition, energy transition.
We're going to go to solar, wind, and batteries instead of hydrocarbon fuels.
Well, all of these factors are causing a combination of inflation and a slowdown.
Right now we've got interest rates at 5.5%.
Which is extremely high, 16-year high.
And we've had, last time we had this kind of an interest rate rise, what happened is we had almost a complete breakdown of the subprime mortgage market.
2008, 2009, and what people don't remember is just prior to that, so in the period of time 2004, five, six, et cetera, in fact, I'm just looking at a chart right now that I will put up maybe tomorrow, but we had a plateau of interest rates that plateaued about, just about five, a little above 5.0%, right where it is today in 2006.
right word is today in 2006.
Well then in 2008, we had the subprime market crash.
Well, right now, today, we're back up at that 5%, up from what was a zero interest rate for the initial year of the Biden administration, when the Fed was still trying to repump up the economy.
They did raise rates during Trump, the Fed did.
And that was not enough to make an impact because the economy right now we're facing with massive inflation and the inflation is not going away.
I'll cover that in just one second, but what I'm saying is that where we are today with interest rates is the prelude to a crash in the mortgage market For homes, which are now about over 6% for financing homes.
And at the same time, we've got commercial real estate, which is largely vacant.
So the Federal Reserve, by trying to raise rates now, are fighting an inflation which is systemic, because it's impacting the services.
Essentially, people have to understand that with this inflation now, Paying more for food, paying more for transportation, paying more for clothing, paying more for all the basic healthcare, all the services that we use, that's where the inflation is.
And so, This is not going to go away because these are things that basically people have to live, can't substitute for.
You have to eat, you have to be healthy, you have to deal with clothing children, you have to get school, all the things you have to pay for.
Uh, those are increasing.
That's the, that's the big issue here on energy.
We'll start increasing again, too, especially as we get the shift into the summer travel seasons, as we get more people wanting to move around with the summer.
So the federal reserve is saying they're going to pause raising interest rates because they know if they keep doing this, the economy is going to completely tank.
And that's the next story I want to cover.
We're going to try to move through some of these stories fairly quickly today because we've got a lot to cover.
The next one I want to cover is this troubled California bank, PacWest.
I was watching it all day yesterday.
Its stock cratered 60%.
This is a bank whose stock is now trading for dollars, a couple dollars, when it used to be trading pretty high.
And in fact, PacWest shares surged, actually, went up 17%.
When the rates were stabilizing at the end of March when they thought everything was okay, Jerome Powell came out yesterday.
I thought of playing one of his clips, but I listened to it, and it was hard even for me to watch because these guys at the Fed learned to talk this Fed speak, and they say, oh, everything is okay.
Powell actually said yesterday, the U.S.
banking system is sound and resilient.
and he promised that the Fed was going to learn from these lessons so it wouldn't be repeated again.
Then he left the podium and what happened on Wall Street was PacWest shares went straight down.
And they are looking now for a buyer or a bailout. It's a Beverly Hills bank.
It's another one of these prestige banks that was in the ESG, this whole environmental movement to have investing in green companies or companies that don't produce too many emissions.
This is just the beginning.
All the deposits leave these banks, and at these interest rates, the banks have assets which are going south.
In other words, their treasury bonds that they hold in assets were purchased, many of them, in the zero interest rate environment.
They have to be marked to market.
There's beginning to be more mortgages that are failing.
We'll start seeing mortgages being delinquent.
Those numbers will go up.
And then foreclosures will start happening in the economy.
And when that happens, you're gonna have a collapse of the real estate market.
That's also been being reported very quietly You know, you have to look at some of the alternative sites to essentially see it, but the subprime auto market is down.
Okay, so subprime auto loan bonds are a huge mess.
These are things people don't look at.
The derivatives market, which is trillions of dollars, is a jeopardy of crashing.
So, you know, what essentially is going to happen is that we're into a meltdown of the economy.
And it's not gonna stop easily, because the Fed has lost control, fundamentally.
The Fed, if it raises rates more, it's gonna throw the economy into a massive recession.
If it doesn't raise rates, we're gonna have inflation, which is also ruinous to the economy.
Now, I wanna go to this Euro story, because we're finding here, again, in the Euro market, This is 20 countries that now use the Euro.
The annual rate of inflation in services rose to 5.2%.
There's another record, it goes back to 1997.
And so the services inflation is the biggie.
That's what they're writing about.
And this Wolf Richter is a very good columnist.
I follow him quite a lot.
This is at wolfstreet.com, wolfstreet.com.
He's saying basically the majority of what consumers spend their money on goes to services, is what I'm saying.
How many of you have subscriptions you don't even know about?
Take a look at your credit cards and look at all the subscriptions you've got that you're not using.
Airfares, lodging, restaurants, meals, repairs, cleaning, financial and legal services, haircuts, etc.
All these are going up.
And it's happening in Europe.
The next thing that'll happen in Europe is the banks will start failing, just like they are here.
It's what happened in the subprime market.
I remember in 2008, when the banks were closing here, that was the subprime crisis, the banks started closing.
And I was in London, and as soon as it happened in the United States, a few months later I was in London, and it was happening in London.
So this is gonna happen across the world.
So, essentially, the biggest cost component for many services are wages, which have been increasing in the Eurozone.
Service providers are now able to pass these increased costs to consumers via higher prices.
In this manner, it feeds the inflation.
Okay, now, this again is a problem that will hit Europe the same way it's hitting us.
Overall, the CPI, which is the Consumer Price Index Inflation in the Eurozone, began surging in 2021, a year before the invasion of Russia, before Russia invaded Ukraine.
In October 2021, months before Russia's invasion, the Eurozone rate surpassed prior records.
That's when it was hitting a closer to 8%.
This came after years of reckless money printing and interest rate repression, which is again what we did.
We artificially kept interest rates at zero, Obama had economic growth, and at the same time we were pumping the money supply, which was building a future problem with the money supply itself causing inflation.
And then the pandemic, large-scale government deficit spending into the consumer economy, and there you have it.
Basically, the sharp drop, the peak was 10.6% in October of the cost, consumer price index inflation in Europe.
It's coming down a bit from that.
But the problem is Europe's got the same difficulty we have here.
Which is that if the Eurozone raises interest rates, it will depress economic activity, cause a massive recession.
If it doesn't, we'll have, if it doesn't increase interest rates, we'll have inflation, which will also cause a massive recession.
And the value of your dollars are going to get less purchasing power.
This is inevitable.
This cannot be reversed.
Now, Chris, if you'll show, I want to talk about, we have a new sponsor.
I'm going to take a minute.
First of all, with Swiss America, let's do Swiss America first, the gold and silver company.
And we're going to get to the story about eating bugs in a minute.
I'm going to cover that.
But the issue here with gold and silver, you've got to have some tangible value.
This walking liberty, half dollar is a great deal.
These coins have about 90% silver in them.
Silver's going to appreciate faster than gold.
Silver's at about $30 an ounce right now.
Gold is trading over $2,000.
Gold, I think, and silver will double.
We're going into what I think we're going into.
And by the way, I'm having a new book out that I've written with Dean Heskin, who's the president of Swiss America.
We'll have it here.
I wrote this book six or seven months ago, predicting what we're going through right now today.
And the book is talking about what your solutions are, what you can do about it.
But I'm predicting that gold and silver will double.
It's not gonna happen immediately, but what we're going into is not gonna go away immediately.
This is not a short-term problem.
Your purchasing power and your salaries are not going to increase.
Purchasing power is going to deteriorate.
It would be a good idea today to take your dollars and buy some gold and silver.
If you fill out this form at the Swiss America, you can buy 250 of these coins at basically what they're worth in silver today.
And do consult with Swiss America.
They will help you figure out how you can preserve your purchasing power given what we're about to go through.
So it's basically, and the war on cash is also another issue I'm covering very strongly because again, the central banks are going to use this crisis we're going into as a way to throw everybody into digital currency.
And I think that's going to be a massive loss of freedom because the federal government will then be able to watch everything you do.
We've got to decentralize these things.
Gold and silver puts your purchasing power back in your hands.
And it's also not monitored digitally.
In terms of the central bank monitoring everything you do to spend money or earn money.
We also have a new sponsor and I want to talk about this for just a minute.
The Macmillan Agency is joining us.
I'm very close to Matt and he's a young guy We're doing annuities, and I've been in the annuity business.
I spent almost 20 years working with banks in annuities.
I had two companies that I worked with, marketing companies, that sold over a billion dollars in annuities and mutual funds a year.
I did that through the 80s and 90s.
And if you'll fill out the form in this, because if you scroll down to the bottom, there's a form.
Matt specializes in, I've worked with him extensively, I'll be involved with helping him with this, but we have top annuities.
When interest rates go up, annuities Are a good investment because you're going to get interest rates and they're deferred in terms of the tax you pay.
You don't pay income tax while the interest is compounding.
You pay that afterwards when you take the money out.
And then you take it out a little bit of time, you take it out when you're older, when you have less income, and you pay lesser tax on the interest that you've earned tax deferred.
Also, he specializes in Indexed Universal Life, which is another good product.
It's a Universal Life product that has an index, such that if an index, like a stock index, or whatever index you choose, goes up, you gain value.
If it goes down, you don't have any losses, because it's a fixed annuity.
So you have a fixed rate of return in the product regardless of what the index does.
He also does the mortgage term, so you can protect your mortgage term.
What I like about Matt is he'll work 24 hours a day if he needs to.
He has learned how to sell by telephone and the internet.
He's very savvy on this, and I really recommend people give it a try.
Just fill out this form.
Matt will help you.
Even if you've got an annuity that's not paying very much, if you have it and your surrender charges are about gone, Matt can surrender it into a new, higher-yielding annuity.
Please take advantage of these.
What we're going in an economic crisis, I think these are two sponsors I'm very, very much in favor of.
Okay, let's go back to the news.
This next story is another one that's concerning me.
I read the news today, I get up every morning to really survey the news, and it's just astounding to me what's going on.
Okay, so here we've got This war between Ukraine and Russia has now escalated into personal attacks between Putin and Zelensky, who's the president or head of Ukraine.
Basically, there was an attack, a drone attack in the Kremlin.
And Ukraine is saying, oh, that was staged.
And Putin is saying, you know, it's a false flag.
Putin did that in order to escalate the tensions with Ukraine.
That's what Zelensky is saying.
And Russia is saying, basically, if Ukraine wants to kill Putin, the consequences are going to be dire.
So now both countries, in fact, Zelensky is talking now again about having us, the United States, take steps to escalate our first strike capacity and to make it clear that we were willing to go to nuclear war, which to me is just astounding.
The amount of talk about nuclear war I have not seen since the Cuban Missile Crisis, which was 1962.
The Cold War height of concern about a nuclear war, I think, is returning to the world in a more frightening capacity.
I think today the countries are... there's a war like... Satan's in control.
Everything I look at seems to be, at the moment, completely insane.
Not by God's rules, not by morality.
Everybody is... I mean, this idea that Zelensky is going to talk to the United Nations, I believe this next week.
He's now in The Hague.
He's making his tour.
This is his publicity tour.
And he's basically saying that we need to ramp up.
We need to counter Putin's threats of nuclear war.
He's going to launch a counter-offensive in Ukraine in the spring, which is now.
I think it'll fail.
Russia's going to escalate the war because Putin's not going to lose.
And we're fighting a proxy war because we're putting another $300 million into military equipment for Ukraine, which is just insane.
And this tension is extremely serious.
We've got this tension going.
We've got it going ramping up in Israel because Russia and Iran and China are now together.
Iran is supplying many of these drones to Russia.
China's in the middle of this with Russia, and the BRICS nations are beginning to form their own coalition, which will rival, in time, the economic strength of the G7.
The BRICS nations, of course, are Brazil, Russia, India, China, and South America.
That's where the BRICS comes from.
And that's also a group that wants to de-dollarize.
So that's another threat to the United States.
Chris, do you want to comment on this so much?
I was going to give you a minute to go, but I got carried into this story right away.
Do you want to comment here?
There was a lot of talk about these drone strikes, and I do understand the point of view that it might have been a false flag.
If one thinks about it, if It wouldn't make sense to send a drone out to assassinate a leader.
What happens in the future?
That opens said leader up to assassinations in the future.
There are rules to engagement, rules of engagement, and I understand that some nations, rogue nations, do not follow them.
But if we or any nation starts assassinating presidents, basically taking the shortcut to win the chess game, if you will, There could be incredible chaos when it comes to conflicts in the future.
Well, it's happening, and I think Ukraine is going to continue to descend into madness.
Russia's destroying the cities, Russia's destroyed the infrastructure.
Of course, companies are lining up to rebuild Ukraine and make billions of dollars doing so.
But the point is, this is a destruction period of time we're in right now, and it's very frightening.
I want to move on to this next story, which is one that really, I can hardly believe this story.
I mean, this is one I've been following, and the story is about Switzerland wants children to eat insects.
Less chocolate, more insects.
I apologize for the disgusting picture we put up there, but this is really happening.
In Switzerland, children in the schools are being taught the pleasures of eating mealworms, locusts, and crickets.
So, one morning, students at a middle school outside Zurich gathered around a table laden with snacks made of insects.
And they scooped up spiced mealworms, crickets dusted with paprika, and crackers made from flour from ground up crickets.
Now, this to me is absolutely disgusting.
We used to have a lot of care to make sure that there weren't insects in our prepared food.
Insects are rodent hairs.
I mean, we try to have clean, well-processed food.
Now we're processing insects for consumption.
This is all part of the global warming movement.
Which I'm maintaining is not about energy.
Carbon dioxide is not a threat to human civilization.
It's not going to warm up the planet unduly.
If you'll just read the books I've written on this, and others that have written as well, it's increasing.
I think people are saying this climate change is garbage.
The actual climate science is much more complex.
We've had a lot more carbon dioxide in the atmosphere when we've had ice ages.
Carbon dioxide is a greenhouse gas, but it's a very minuscule part of all greenhouse gases.
70% of greenhouse gases are water vapor.
Okay, so this whole idea that we're gonna eat insects is, to me, insanity.
And it's being pushed worldwide.
So we're seeing they're going after the children because the children are more, everybody's wanting to take the children.
The left, from the 1950s, when the communists were trying to get into the United States, going back to the 1930s, they wanted to be in the schools.
They wanted to break up the families and get the schools and indoctrinate the children when they were young.
Because we've said, forget about the older people.
We can't change them.
They've already had a life of values that were formed for families and Christian beliefs.
We've got to destroy that.
And the communists set out to destroy that.
Well, again, now they're destroying our energy.
If we lack the energy to run the modern industrial state, if we have to go to wind and solar, I mean, pretty soon they're gonna say, well, even wind and solar, why doesn't everybody walk?
Well, why don't we stay in 15 minute cities and not go anywhere?
They're absolutely insane, the idea of eating insects.
We could produce all the food we need in a way that is healthy for, and we are meat eaters, we're carnivores.
We're not made to eat insects.
They say, well, insects have lots of protein.
Yeah, well, they're also disgusting.
Excuse me, but they are.
Chris, what do you think?
They always say it's high in protein.
I've heard that several times.
This has been going on for a rather long time.
I know there are other countries where snacking on a scorpion might be a delicacy, but that's because it's fun tourist food in certain areas.
OK, we get that.
Making this an actual dietary need, if you will, or a manufactured need, it's been happening for a little while.
There was a story last year in Germany, there were schools who were feeding the kids their mealworms.
Oh yes.
And they were espousing the They're spouting the virtues of mealworms, and these kids are chomping away at it.
At least that's what the news articles are talking about.
That's when they pick up.
These things taste good, I like them, and they have pictures of children munching on snacks of insects.
There's no way in schools I would be eating a bug unless somebody paid me a dollar.
That was the requirement.
Remember, hey, I'll give you a dollar if you eat a bug.
Of course, I'll take the dollar, but I'm not doing it just because some company says so.
Well, look, we're going to introduce the kindergarten children to sex, and by the way, we're going to have them eat bugs.
Give me a break.
It's better than synthetic meat.
That's another one.
Oh, synthetic meat, yes.
Bill Gates wants to do the... We're going to grow the meat in the laboratory and it'll be just fine.
Or maybe we'll make the hamburgers out of crickets.
How are we going to trust what we're eating pretty soon?
I think that's the idea.
Then you can shut down the farms.
That's the next story.
Okay, let's go right there.
The EU is backing this controversial Dutch plan to actually shut down farms.
Let's just quit farming.
You saw the riots.
You saw the protests in the Netherlands.
Well, these are people who are insane.
The government people, these bureaucrats with these ideas are insane and they are neo-Marxists.
They can only destroy.
We've got a modern industrial state that has done quite well feeding billions of people, letting them live productive lives, having families, grow old, And now we're going to take away the farms, we're going to make everybody eat crickets.
I mean, this is all because of global warming, because they say the nitrogen and the others, the animals produce methane, and so therefore we have to quit farming.
So the Dutch have roughly 1.47 billion euro, which is 1.62 billion dollars, a part of the government's plan to reduce nitrogen in nature conservation areas.
Under the 500 million LBV scheme, these have great names for these LBV schemes, which I'm not even sure what they really mean anymore, but this is a scheme to shut down production capacity definitively and irreversibly and not start the breeding activity elsewhere in the Netherlands, which is the second largest exporter in the world or anywhere else within the universe, within The European Union of the Agricultural Products.
So they're going to shut down their farming.
Well, this doesn't make any sense at all.
Pretty soon we'll be saying, well, you know, everybody's going to have electric vehicles and then we're going to have shut down the ability to travel anywhere.
They'll have 15 minute cities and you won't need a car.
You can walk 15 minutes.
And you won't be able to go out.
If you go out of that area, your technology won't work.
And since your money's all dependent upon technology, you won't be able to do anything if you go more than 15 minutes away from your home.
Now, that's the kind of world these nutcases are beginning to architect.
The other sponsor we've got, which is, we're increasing the number of sponsors, Which I'm very pleased at, thank you.
It's a good indication the show is beginning to build again an audience.
I've quit for a while there with the insanity going on.
I decided the insanity is so intense right now I'd come back, which is why we created the Truth Central.
And the other, My Vital C. Now, instead of eating crickets and shutting fires, My Vital C Is a really a miracle molecule.
It's a carbon 60, 60 carbon atoms in a cage structure, and it does promote longevity, health, energy.
It's an antioxidant.
It's an anti-inflammatory.
There are thousands of scientific studies on carbon 60.
This company, My Vital C, produces the highest quality of carbon-60 I can find anywhere in the world, actually.
The founder, co-founder of this, Chris Burris, and I have written a book,
which we'll be having out very soon, on my vital C, and it's gonna be called Live Longer Better.
These people want you to live shorter miserably.
I want you to live longer better.
If you'll just try some of this, and it's also good for dogs and cats.
I'm promoting things on this website that if you'll use them,
will help build your lives productively.
We've got to start this thinking one by one.
We've got to basically be concerned about children in the schools and how they're being indoctrinated because it's becoming an indoctrination center.
Kids don't know how to even add any longer, but they can talk to you at length about microaggressions.
Okay.
So by the way, also I see today that Biden, the New York Post has it on the front page.
Biden evidently was a vice president.
The Department of Justice had information that he was taking bribes.
I mean, it's amazing to me Biden wants to run for re-election.
This is a weekend with Bidens.
I mean, they're going to be propping this guy up pretty soon.
What was that movie, Chris?
Weekend with Bernie?
Is that what it was?
It was Weekend at Bernie's.
Yeah, it was two of those movies, too, by the way.
Yeah, they were actually kind of funny.
But this is going to be Weekend at Biden's, Weekend at Joe's.
What country would have a president, the oldest president in the history of the country, who appears to be going into dementia?
Now why would we do this?
Why wouldn't anybody vote for this guy?
Why don't we just have a president who's dead?
Then we can make him say things that he won't care about because he's dead.
Maybe we could do that.
I found a little, I found a meme that you might like.
Here it is.
Here's what you were talking about.
I'll get that for you in just a moment.
The movie itself was, they were propping up a dead guy for a long time, I guess to get some kind of promotion or some kind of, because there were young guys in the business.
Well, here is, here's what the parody you're talking about.
Let's get that up here.
Yeah, we can't hit Biden's.
Although the two guys are more like the news media, I guess, at this point.
I don't know.
I mean, it's funny, but it isn't funny.
I mean, we're contemplating talking about nuclear war, we're talking about the banks failing again, inflation going through the roof, and Biden running for re-election.
I mean, I actually think that, you know, Kennedy Jr.
running and Robert Kennedy Jr.
is going to pick up momentum.
He is a Kennedy.
He looks good.
He is still liberal, but he is not a neo-Marxist communist who is You know, this critical race theory and the critical theory of this and that, which comes out of the Frankfurt School, where a group of Marxists in pre-World War II Germany came to the United States and started writing crazy books about how we should destroy the culture of capitalism.
My next book on the truth about Neo-Marxism, it's in print.
I've got the final version to edit this weekend, but it will be going into print right now.
It'll be about the truth about Neo-Marxism, Cultural Maoism, and Anarchy.
It's my sequel to the truth about energy, global warming, and climate change.
There it is on the screen.
I'll be writing another one.
It's a trilogy.
The third one will be about transhumanism.
I really encourage you to get these books.
These, I think, are some of the best books I've written.
There's some science in them.
This new one will have political philosophy, but they're going to be worth your time to master them because you'll begin to understand how these lies are constructed and how much we've been lied to.
I want to wrap it up.
I like to stay as close to a half an hour as we can on these broadcasts.
This is Dr. Jerome Corsi, and I always say, at the end, God will always win.
God will win here, too.
God always wins in the end.
And sometimes it looks pretty dark and dim, but these are times when we're tested, and when we come out of them, we'll come out of them stronger.