July 13, 2023 - The Truth Central - Dr. Jerome Corsi
43:04
Bidenomics Equals Stagflation; UN Sustainability Agenda: Destroy the Middle Class
While President Joe Biden brags about his Bidenomics, the real effects of his policies have hurt American working families hard starting with piloting inflationary policies on forward. Economics analysts say the next phase is Stagflation -- all while food and fuel prices are still very high in comparison to when the Biden took office. In the meantime, the United Nations continues to push what it calls a "Sustainability Agenda," but when we peel off the marketed veneer, we see demands from this unelected body of bureaucrats designed to destroy the Middle Class in developed countries. We could say these policies are myopic, but that would be untrue as this is the UN's ultimate goal. Dr. Jerome Corsi breaks down what's happening, why and what needs to be done to stop this on today's The Truth Central.Also:Commercial Real Estate woes get worse in US citiesEV dealers waiting for non-existent buyers as stockpiles increaseAuto insurers are hit with the worst crisis in 30 years - how it affects you.Get Dr. Corsi's new book with Swiss America CEO Dean Heskin, How the Coming Global Crash Will Create a Historic Gold Rush: https://www.thetruthcentral.com/how-the-coming-global-crash-will-create-a-historic-gold-rush/Follow Dr. Jerome Corsi on Twitter: @corsijerome1Our website: https://www.thetruthcentral.comOur link to where to get the Marco Polo 650-Page Book on the Hunter Biden laptop & Biden family crimes free online: https://www.thetruthcentral.com/marco-polo-publishes-650-page-book-on-hunter-biden-laptop-biden-family-crimes-available-free-online/Our Sponsors:MyVitalC: https://www.thetruthcentral.com/myvitalc-ess60-in-organic-olive-oil/Swiss America: https://www.swissamerica.com/offer/CorsiRMP.phpThe MacMillan Agency: https://www.thetruthcentral.com/the-macmillan-agency/Pro Rapid Review: https://prorrt.com/thetruthcentralmembers/RITA: https://members.sayrita.com/truthcentralreaders/Become a supporter of this podcast: https://www.spreaker.com/podcast/the-truth-central-with-dr-jerome-corsi--5810661/support.
This is Dr. Jerome Corsi, and today is Thursday, July 13, 2023.
Thank you for joining us here on TheTruthCentral.com.
This is Dr. Jerome Corsey and today is Thursday, July 13, 2023.
Thank you for joining us here on the truth central dot com.
We're broadcasting every weekday.
I want to cover a lot of the economics today because I think we're at some critical points.
The Consumer Price Index came out yesterday, and the Biden administration attempted to say they've got inflation under control.
Largely, it's because of the drop in energy prices, given the economic slowdown that's going on globally.
It's nothing really the Biden administration did.
It's a reflection of the global recession starting.
And the housing prices are stagnant right now and going to soon be dropping because, again, with interest rates for 30-year mortgages at 7%, it's harder to buy a house.
And the market is going to suffer and prices are going to come down.
The food prices remain stubbornly high and the middle class is getting squeezed.
Now, the first story I want to cover is that this auto insurance is hit by the worst crisis in 30 years.
Essentially, the dream of owning a car for the middle class, I think, is beginning to evaporate.
So, on the inflation front, as we look at this, the used car prices are dropping a little bit.
But the problem is, Allstate, for instance, has jacked up car insurance premiums by 40% in Georgia.
Nationwide mutual insurance increased rates by 32% in California.
State Farm has bumped up rates in New York by 11%.
And the reason is that these insurers are beginning to experience significant losses over the last several years.
Rates need to rise probably five to 10% in each of the next couple of years because the loss trends have been up so much.
That's what the industry is saying.
Now, what accounts for the, it accounts for several different things.
Number one is you've got soaring repair bills.
Cars are more expensive to repair, they're more complicated, especially electric vehicles.
Larger medical bills coming from car accidents.
Higher litigation costs.
America's largest insurer, State Farm, Lost $0.28 for every premium dollar written last year.
It posted a $13 billion underwriting loss for its auto arm.
Now, these are pretty staggering issues.
And even though the car prices are coming off their top, the cost of operating a vehicle remains very high, especially if that's, you know, filling it up with gas, paying for insurance and repair costs.
So again, the middle class is getting strained in this way as well.
And some insurers are beginning to pull out of states.
I noticed that there's a major pullout in Florida.
One of the top insurers has pulled out.
I'm trying to remember which one it was.
Let me just see if I can quickly pick it up.
I know the Epoch Times is covering it today.
That there is a major insurer that has pulled out.
I'll find it here in a second.
Here we go.
Major insurance company pulls out of Florida.
Farmers Insurance said it will stop offering its policies in Florida, including for home and car insurance, which is a change that will force tens of thousands of people to switch to a new insurance company.
It says it's got to manage the risk exposure nationally.
It's going to pull out of Florida altogether.
It was a business decision that 70% of policies currently enforced with customers in the state, such policies will continue to be available to serve the needs.
But again, affected customers are going to receive notifications that their coverage is going to end and advised as options for replacing it.
So the costs of insurance are going up across the boards.
And the states with hurricanes and other natural disasters are going to face more costs.
And we're going to hear more about climate change causing all these disasters.
Now, I want to point out a new book that's come out.
And again, I encourage everybody to start reading.
I think this book is extremely important.
What I'm maintaining is that we're in an agenda where what we're seeing is a forced Reduction of the middle class by this neo-Marxist agenda that is really opposing capitalism and sees an opportunity to go to a global structure which would be neo-Marxist and cultural revolution.
That's cultural Maoism.
This is the book.
Okay, now it's called Climate Uncertainty and Risk.
And the subtitle of it is Rethinking Our Response.
The woman who wrote it, you can see her name up there, is Judith Curry, C-U-R-R-Y.
Okay, now Judith Curry gave up an academic position, she's heading a risk management organization, and she has been a climate scientist for a long time.
She started out being one of the global warming true believers, and And academics realized over time that that was basically a bankrupt position.
Now, she comes at it in very much the same way I do in my book, which amazes me, because I'm not trained as a climate scientist, but again, I've been spending years working on this thing, and I'm gonna get in touch with Judith Curry, because she says, as I do, that the climate models Don't work.
Why?
Because of the mathematics.
The climate basically has a structure of chaos theory, which means it's nonlinear equations.
Nonlinear equations don't produce predictable results.
Variables interact in a way that the outcomes can change dramatically.
There's also a chaos theory problem, which is the very small differences in measurement Inaccuracies or just simply an irrational number where you can't end the decimal places.
The number pi is not a rational number because it's not evenly divisible.
So therefore, the climate models have these built-in biases and they run hot intentionally because the biases are the biases of the people constructing the climate models.
And they're actually very, very poorly built.
Now, what her point is, and I'm actually going to try to get in touch with her, I'm going to try to get her on the program, is that there have been geologic epochs where we've had much colder and much hotter environments.
The 1930s were hotter than today.
And it's a function of the sun.
There's so many variables in the climate model that her whole point is uncertainty.
That there is no climate model, and probably never going to be one, that's going to predict the future weather with precision.
Because it's not predictable.
It's got too much of an element of probability in it, and the probabilities are too varied.
You can rank various outcomes of probabilities and try to score them, but you're guessing.
There's no way to know the exact way the variables are gonna interact.
And the forces are way beyond human control.
The force of the sun is massive.
We're going to hear a lot about this El Niño and La Niña, these water currents in the Pacific.
These are naturally occurring.
We have no ability to stop or change these.
The forces are massive and human beings are insignificant when it comes to doing anything about changing the Earth's temperature.
We have been, and she goes through this, for instance, she has here, just picking a paragraph, There's a substantial time lag between the emission of greenhouse gases and the related impacts, and the link to many of these impacts is not fully understood.
Science is unable to predict long-term impacts accurately enough to provide a strong signpost for action.
There is a large heterogeneity in historical, current, and expected future emissions among countries and sectors, and there is no single culprit.
In other words, China's not stopping its emulsion.
China's gung-ho on hydrocarbon fuels.
Variance and heterogeneity of climate-related hazards and benefits are large, and winners and losers change over time.
What she's meaning by heterogeneity is that there are simply different variables, different functions, it's not constant.
So, you say we're having too many carbon dioxide emissions.
Well, that's not across the board.
Cities have more carbon dioxide emission than rural areas.
And yet we're doing policy decisions where we're saying people have to quit eating meat, we have to have electric vehicles, we have to have all these decreases in lifestyle, and that's what it's really about.
It's a hoax climate science, and legitimate climate scientists like Judith Curry, who's running an institute right now where she's got to deal with predicting what the weather's gonna be for companies that have to have risk factor analysis for insurance, for instance, Gotta give them real advice.
Well, when you can't, when weather prediction, you know, when the weather forecasters that are on television or radio or in the newspapers, when they can't tell you what the weather's gonna do accurately tomorrow, how are you gonna predict the next hundred years?
How are you gonna predict the next thousand years?
You can't.
Volcanoes, for instance, aren't even included in these climate models because they're unpredictable.
Well, that's the point.
And I think finally we're getting some scientists who are recognizing the inherent fallacy in what has become a political argument on climate change.
Now let's go to the second article here, which I think is beginning to build the case.
This is the finally beginning to be reported that there are huge numbers of electric vehicles in the second quarter.
The number of unsold EVs tripled compared to the past year, signaling a weakening demand for electric vehicles.
This is a report by a auto dealer data company which is Cox Automotive.
The second quarter of 2023, January, February, March is the first quarter, April, May, June
is the second quarter, the average inventory for electric vehicles topped more than 92,000
units on the ground at dealer lots, according to this 2023 Cox Automotive Mid-Year Review
presentation.
That's up 342% compared to the second quarter of 2022.
During this period, the new EV days supply, which refers to the average number of days a warehouse holds inventory before selling it, rose to 166% to 92 days from 38.5 days.
With the pace of electric vehicle sales is up, it's not rising as fast as inventory builds.
That's the problem.
So original equipment manufacturers who are providing all the parts, et cetera, for building these electric vehicles are in a field of dreams moment.
They built the cars, nobody's coming.
So brands like Jaguar, Infiniti, Lincoln had the highest days of supply at over 100 days.
Lowest numbers were among Toyota, Honda, Kia, and Lexus because they're cheaper vehicles.
And what you're seeing is that the dealer expectations are beginning to diverge,
but the Democrats are continuing to push EVs.
Electric vehicles are being promoted across the United States, mainly by Democrats,
who are putting in place a series of policies that provide incentives to consumers who buy such vehicles
and subsidies to companies that set up plants to manufacture them.
These programs, however, are coming under criticism in several quarters.
In July 5th video, for instance, Sean Fain, president of the United Auto Workers Union,
expressed concerns about the Biden administration's policy of handing out benefits for EV plants.
Quote, the big three auto makers, Ford, General Motors, and Stellantis, are taking billions of dollars in government subsidies to go electric, but those benefits aren't trickling down to the UAW members.
So therefore, when GM shut down its traditional vehicle plant in Ohio in 2019, workers were on track to make as much as $30 an hour.
When the company opened a new EV plant in 2022, workers were being paid just $16.50 an hour, on track to make only $20 per hour after seven years.
So again, You're finding that this EV industry, absent the government pushing it, absent the neo-Marxist desire to quit using hydrocarbon fuels, is a failure.
The electric vehicles are expensive, they're heavy, they don't work, they take a lot of energy to produce, hydrocarbon fuel energy to produce, the energy that goes into making the electricity, The batteries require the mining of rare earth minerals, which is going on in Africa, to the detriment of Africa.
These are essentially a political idea that does not work economically, and it was never meant to work economically.
It was meant to reduce the standard of living, to get people to stop using hydrocarbon fuels, and without hydrocarbon fuels, the modern industrial state collapses.
We're not going to go to this transition state we're in right now.
It's going to cost trillions of dollars, and it's going to take decades, and it may never work.
It's not being pushed by an economic idea that is successful.
If you had a battery the size of a flashlight battery, you could store solar power that would fuel a city.
You would not need a government subsidy.
Someone would produce that and make a fortune doing it.
The point is that these are not economically viable ideas.
They're being imposed politically, and they fail, but they were intended to fail, because the people behind them knew the science was fake.
They knew their purpose was, neo-Marxist, to destroy capitalism, and they don't mind that that's the dominant ideology, because they're not interested in fact-based.
They're interested in ideological What they view as ideological reality, and their ideological reality, you can say, well, you know, the future, we have to imagine, John Lennon, let's imagine a world without police.
Well, if we just imagine it hard enough, we can create that world.
No, but again, this is a psychotic idea.
It's almost schizophrenic that you can create your own reality by imagining it.
That you can define your particular experience of reality by what you want it to be.
The fact is, reality is defined not subjectively.
Yes, there's a subjective element to it, how you interpret reality, but reality is external to your wishes.
You know, you can jump off a building thinking you're gonna fly, you're gonna fall down and commit suicide.
Gravity.
You can't fly.
Go ahead, think you can do it.
I encourage everybody out there who believes in global warming to think they can fly and jump off buildings, because it's about equivalent in terms of the logic.
Chris, do you want to comment?
Let's also add the potential of problems with the national grid, and not just in this country, but in other ones.
How protected are they?
We've seen rolling blackouts all over the place in California.
If we already know that the grid can handle electric cars, if we already know electric cars can handle severe weather, It's obvious that the powers that be, the ones that are trying to force this upon us, are hoping this would fail and, again, try to take advantage to push together another great reset.
They want to cause more problems.
That's what's going on.
They missed their chance during the pandemic.
They really did because people fought back.
But people are going to give up and get tired of it the fifth or sixth time they can't charge up their electric car.
Now, I've been predicting this global crash and talking about the need to get gold, which will maintain value and increase value in the crisis we're going into.
I'm going to do a few articles here that show you increasing evidence we're going into a very serious recession.
If you look at the TheTruthCentral.com homepage, the center of it there's a picture of the book and a toll-free number Which you can call from Dean Heskin at Swiss America, and you can get a free copy of the book.
We decided that this is an idea that has to get out there.
We want people to read this book.
So starting today at the Truth Central, there is a toll-free number.
Chris is highlighting it right now.
Call that number, talk to the Swiss America people, and you can get a free copy of the book sent to you.
And Dean and I are doing shows on this.
We're going to be in the media doing a much more aggressive attempt to get people aware that this economic crisis is not going to go by quickly or easily.
Let's go on to the next side.
Please look at our sponsors.
Sponsors are extremely important.
We'll come to that at the end of the show.
The sustainability here, this next article, the United Nations has a sustainability agenda.
Now again, this is on the premise that there's too many people in the world, resources are too scarce, and we have to restrict our use of the resources.
We need to go back to a population of about 500 million.
You know, we've got billions now, but they want to reduce the population by 90%.
Or what they're saying is that we have to have a whole series of plans which are going to make life unlivable for the middle class especially, because it's not going to affect Bill Gates and his private jet, I can guarantee you.
But if you take a look here at the lower motorway speeds, you can only go 35 at an interstate.
Okay, and all of this rules which they're thinking about are designed to reduce reliance on oil, and it's a fundamental kind of ideological position that hydrocarbon fuels are evil.
Industrial state is evil, and therefore we have to destroy the industrial state.
It's suicidal.
It's Marxism.
It'll create famine.
It'll create killing millions of people, and they know it.
It's why they're doing it.
They're trying to get you to go along with their agenda, make you feel guilty about being alive and expending Earth's resources.
Earth's resources are abundant.
We're not going to exhaust them.
We use them intelligently.
We support many more people on the face of the earth.
But now they say meat is dirty.
So we've got to kill cattle.
Shouldn't be eating meat.
And cows exude methane when they fart, greenhouse gas.
They're saying, countries like Germany are saying you can have no more than 10 grams of meat per day.
They may prohibit steak.
So the financial considerations being made in order to meet idiotic green energy targets mean that all things that currently sustain life itself, energy and food, being at the top of the list, become uneconomical and are shut down.
Shutting down energy and shutting down food.
More lies regarding the green renewable energy transition.
Okay, so This is not gonna be a simple thing.
We need 330 mines in 12 years to feed the battery demands on 75% of all the automobiles being made electric.
It isn't gonna happen.
So when you realize that these are politically mandated, they're not driven by economics.
The economics would be, do you have a good dog food?
Well, do the dogs eat the food?
If the dogs don't eat the food, you're producing a product.
Now, if you want to say, well, that's what the dogs have to eat.
Well, no, eventually dogs may, at starvation, eat your lousy food.
But it's not because they want to.
It's not because it works.
Because now you push them to the point of survival, and they'll do what you want to survive, if that's all they can get.
So, by and large, the West is in our A major self-inflicted suicidal path.
So people are fat, well-fed, lazy physically and intellectually.
We're unprepared to sacrifice comforts we have today.
We want to presume everything's going to be fine and just continue along as we are.
We're not educating children.
We've abandoned God.
And the sustainability agenda Is a product of what we're going through in the West, which is moral decay, corruption, and increasing debt.
And these are inevitable consequences of abandoning God and employing this cultural revolution, culture war, like they did in China during the cultural revolution after Mao killed maybe up to a hundred million people with famine.
But they basically, if you take a look at this great reset, the World Economic Forum, the International Monetary Fund, the World Health Organization, the World Bank, Davos, the World Economic Forum, all of these have a united front on this neo-Marxist agenda, saying that it's too comfortable.
We have to reduce the middle class.
And what's underway is a systematic attack on the middle class.
Well, I'm saying it's important to think about getting some gold because if you don't, when the stock market loses 10,000 points and your retirement savings and your IRAs are in mutual funds that are investing in the stock market, you could lose dramatically and you might not have time to recover because this is going to be a very, very deep economic downturn.
But the, This article is saying basically, and I agree with it, the sociopaths at the UN and in Washington, and in Davos, and at the IMF, have no real intent for the peasants to continue with their current standard of living.
They intend for us to live in 15 minute cities, eating bogs, immersed in the metaverse, and hooked up to a never ending feed of pharmaceuticals, which we'll be forced to take, Otherwise, your universal basic income gets cut off.
It's a bleak world, and that's what we're getting into.
Now, Peter Navarro has a very good article that he is talking about stagflation.
The Washington Times, I believe, said, and Peter Navarro was one of the economic advisors to Donald Trump.
And he's saying that Bidenomics equals stagflation.
That's America's sober economic reality after more than two and a half years of the Biden presidency, pockmarked by profligate government spending, soaring interest and mortgage rates, a precipitous loss of strategic energy dominance, a southern border invasion, a new and expensive endless war in Ukraine, and a rapidly expanding trade deficit.
Stagflation is a tax crueler than inflation alone because it eats away at our purchasing power.
Because part of the stag, part of stagflation equals recession or slow economic growth.
And so therefore you can have energy prices going down because the world economy is basically cooling off.
China is on the brink of a major economic downturn.
Germany is de-industrializing, shutting down its nuclear plants.
These are suicidal ideas.
And they are the era in which we are living, which is an era of disinformation.
So, as the 2024 election approaches, Bidenomics is conjuring up the ghost 1970s stagflation that ended in a landslide victory by Republican Ronald Reagan over Democratic Jimmy Carter in the final 1980 presidential debate.
with polls surprisingly close given the grim economy.
Reagan asked the American people, are you better off than you were four years ago? That
question and its answer is an obvious no, and it triggered a decisive break in undecided voters to
the Reagan camp.
Well, again, that question's here as well, but the, what Navarro says, of the roughly 900 days
Biden has been in the White House, real wages have fallen for almost 700 days,
about 75% of Biden's time in office.
The collective drop in real wages has been 3%, rather than the robust real wage gain workers expect and deserve to have.
Against this backdrop of real falling wages, energy prices have skyrocketed.
From truckers and Uber drivers to consumers, and flyover country ranchers and farmers, the pain of a nearly 50% rise in gasoline prices has been spread far and wide.
These are realities, and you can't get these economic realities and ignore them.
One final article I want to demonstrate for you.
These are not being widely reported.
This is on Wolf Street, which is one of the economic sites I like to follow, and Wolf Street is highlighting... I'm not sure what that is.
I'm not sure what happened there, but we got some music playing and now we got rid of that.
Yeah, I'm going to fix that, okay?
What happened with that?
Nothing.
I put up the wrong link on your site for some reason.
I downloaded a photo from one of your sites and it must have linked up something, which was really strange, so I'll fix that.
Okay, that's not a problem.
Yeah, I'm going to pull that up right now.
Yeah, let's go to that Wolf Street article.
Yeah, so I just had to pull the entire tab down.
Okay, I'll fix that.
It must have been a glitch that I had here.
Okay.
Okay, we'll go.
Okay, as soon as I pull out.
All right, well let's go to this Wolf Street article here.
I follow wolfstreet.com.
It's a goods, business, finance, and money site.
They say there's a third wave of these commercial real estate defaults has started.
It's triggered by the mortgage-backed securities, maturities, and the variable rate mortgages.
I'll explain that in a minute.
Everything basically has been set up in this commercial real estate market by creating these real estate investment trusts where various properties in commercial real estate are packaged together.
Hotels, commercial real estate buildings for office buildings, and they put them in a trust where there's a package of these different properties.
And they leverage them up with a variable rate, interest rate mortgage, especially when rates were very low.
So these are then securitized into commercial real estate-backed securities, backed by overinflated property valuations, and they're sold to institutional investors, pension funds and bond funds.
The hotels themselves are usually operated by other companies, Partnering in some way with a hotel brand like Marriott.
So you've got a independent hotel management company, they partner with Marriott, and they are creating hotel properties, which then brokers, securities firms, big securities firms, package into these real estate investment trusts, the package of these properties.
Now, this was a great business when interest rates were low and they got variable interest rate loans, which means that the interest rates would go up if the interest rates in general go up, then your interest rates on your properties go up, your mortgages go up accordingly.
But if interest rates stay low, your mortgage payments are low.
Okay, now what happened is once the Fed raised its rates, the variable rates of these mortgages Which are pegged to short-term interest rates like LIBOR, they jumped.
So the mortgage payments doubled, say, in a year, while the hotel property values plunged back to earth because of the economic slowdown, fewer people were going to hotels.
So now what's happened is that the real estate investment trusts have started just to walk away from their properties.
In other words, they're just saying, these hotels, we're just not even gonna continue the debt service on them.
We'll give them back to the banks.
They drop out of the Real Estate Investment Trust.
Now that means that the commercial mortgage-backed security holders lose.
Because if the REITs now walk away from the properties, they take a total loss on their equity.
The commercial mortgage-backed securities holders take the remaining losses when they sell the properties.
With the proceeds not anywhere enough to cover the loan balance.
The companies that operate the hotels continue to do so, and the guests might not know the difference.
The hotels remain in business, but the investors have taken a huge loss.
And now the banks own these properties.
If the Commercial Real Estate Trust walks away from continuing the debt financing, So we have a begin, what Wolf Street is saying, we have a beginning of the third wave of defaults in 15 years.
This one caused by soaring interest rates and property owners walking away instead of trying to work out a deal.
Now, it covers a lot of the, one in particular, this Ashford Trust, which is managed by Ashford Inc.
At the peak, it had a share price which has now plummeted by 94%.
The share prices.
This trust has walked away from the following properties.
There's a list of them in Columbus, Indiana, Courtyard, Scottsdale, Arizona, another Courtyard, Phoenix, a Residence Inn, Flagstaff, Arizona, Embassy Suites, Las Vegas Residency Inn, Plano, Texas, both the Courtyard and the Residence Inn, Plymouth Meeting PA, Spring Hill Suites, New Jersey and Baskin Ridge, very close to where we live, a courtyard, Bridgewater, New Jersey Marriott, Newark
Resident Inn, Newark Courtyard, the list goes on, Durham Marriott, Durham, North Carolina. So when
these real estate trusts collapse, the investors take a huge loss.
If this real estate investment trust is in your pension fund, or in some other IRA, or it's wrapped into somehow a bank near you, this could cause bank failures.
It can cause collapses in pension funds, which no longer may have the assets to meet their obligations.
And these variable rate commercial debts Now that we've got an over-leveraged corporate real estate world, overbuilt properties, which are too much leverage, there's not enough, too much of a bet that interest rates were gonna stay low, that they only had to pay a minimum to keep these properties going.
When interest rates are up, the costs are of financing these properties, paying the mortgages, Outweighs the operating profits you're getting from the hotels or the commercial real estate buildings, if people aren't using hotels or they're not in offices.
This is a collapse.
It's like the subprime mortgage collapse on a much bigger scale.
Now it won't be immediately felt, because again, it's gonna take the collapse of a number of these to pile up into bank failures.
But I suspect this is going to continue.
I don't think inflation has been controlled.
I think what's been reflected in the current drop in the consumer price index is simply a slowdown of the international economy.
And I'm warning people to get some gold because the gold intends to increase in these periods of time.
And my book points out, if you'll read it, you'll understand the economics we're dealing with.
In Jimmy Carter's era, In 1980, when Reagan did take over, gold reached a high of $843 an ounce.
It was $35 an ounce under President Nixon just a few years earlier.
In 2008 and 2009, the collapse of the subprime market into another real estate bubble, then the collapse.
We're in another real estate bubble that's collapsing now.
Gold went to $1,426 an ounce.
And COVID, shutdown of the economy, gold went to an all-time high of $2,074.60 on March 8th, 2022.
Gold will start rising again.
It could double.
Now is the time to talk to Swiss America.
We're going to, if you call the number on the homepage, you can get a free copy of the book.
We're gonna be making that available across the board.
And again, Swiss America will be happy to advise you.
And to let you know what your options are.
Chris, any concluding comments?
As far as the commercial real estate issue, we saw a lot of problems with residential real estate in recent years, too.
Keep in mind, when you're talking about urban centers, there was a time where I believe New York City was telling some residents that they didn't have to pay rent.
There was a moratorium on rent payments for a while.
Somebody had to bear the brunt of that.
That would be the landlords, and that would, of course, be other real estate holders, that sort of thing.
So the money had to come from somewhere.
And, of course, another issue is when people started having to pay back, rents were raised.
You're a business.
People aren't coming to the office, and you're thinking, hey, we have to cut some overhead.
Why not?
Why not, if we're not using this space, we're spending all this money on energy to run it and giving all this money to building managers who don't, if we're not using the building as much, let's just operate remotely or kind of downsize our headquarters.
Or move to a more affordable area.
These are other underlying issues when it comes to commercial real estate problems we're having, especially in urban areas.
Well, there's a shift going on.
There's a fundamental shift going on with the technology, and that is that people don't need to be in an office in order to do their work.
They can work from home.
You don't have to go into cities.
Cities are getting more dangerous.
Take a look at San Francisco with these problems of homelessness, which bring in psychosis.
A lot of these people are mentally ill.
A lot of these people are On drugs.
Can I throw one more wonky wrench into the whole thing?
New York City is once again mulling over that commuter tax.
They call it congestion pricing.
It's a commuter tax.
Right.
Again, it's pushing people out of the central business district.
Right.
So they're propagating it.
The policies are propagating the commercial real estate problem.
Well, that's what I want people to understand.
The policies the Democrats are implementing, the New World Order group, Which are neo-Marxists, are the exact policies you would implement if you want to destroy a functioning economy.
And they know it.
Because they are intending to depopulate.
And that's a hard idea to get your mind around.
But the United Nations, all the rest of them, are intending to depopulate.
And that's fundamental to understanding what's going on right now.
The Global Warming, that's my new book, is coming out.
I'll be advancing it.
This is the Great Awakening series.
It's the second volume in that series.
I have a third one which I'm going to try to get writing before the end of this year on transgenderism and this whole transhuman movement and artificial intelligence and all the things that we, these nutcases, think we can perfect human nature without God.
Chris Last, any final comment?
I will say I'm realizing more and more if we wind up having to leave some of these urban areas every once in a while because of all the policy issues, the crime going up and finances going down.
If you do happen to leave these things, you probably don't want to look back because there might be a pillar of salt issue we're going to be dealing with if that's the case.
Well, you've got a good point there.
Look, this is Dr. Jerome Corsi.
Today is Thursday.
It's July 13th, 2023.
In the end, God always wins.
God will win here, too.
I'm encouraging everyone, in the spirit of 2 Chronicles 7, 14, let's get down on our knees and ask God's Forgiveness that we've allowed God to be eliminated from our society through Supreme Court decisions, through this secularism which puts human beings on the throne of God and thinks we can master things.
We are not living in a world where human beings win.
We all die.
And this place is constructed in order to be a spiritual reality.
It's not designed to be necessarily successful in a physical reality.
There's no guarantee of that.
And until people come to realize that, and come to realize that, you know, sitting on a couch and eating french fries is probably not just the best strategy for survival, and going to schools where you're taught transgenderism or sending your children there, instead of fundamental skills they're going to need to live a successful adult intelligent life, I'm encouraging people to start reading, get back to God, get back to the Bible.
