The Jonathan Kogan Show

Jonathan Kogan:
What's up everybody? Welcome to The Jonathan Kogan Show. I'm your host, Johnny K. Do you know what today is? Do you know what today is? Take a guess. Today is... Be the best day of your life! Woo! The best day of your life, baby! That's what it is! You better get with the program! Oh my God, can you feel the energy? It's the best day of your life and we are surely proud to have you at The Jonathan Kogan Show. Let's get this party started. We're talking about the economy today. The economy, you got big names all over the place talking about the economy. Stan Druckenmiller, one of the best macro investors of all time, Hugh Hendry, who made like 30 plus percent in 2008, they're all going vocal. They're saying words like depression. And they're saying things that you have to know. And obviously the word is not getting out. So first things first though, at the same time, when we talk about economy, you have this guy, all right, this, this guy named Jared Bernstein. All right. Jared Bernstein was just nominated by the Biden administration. Okay. To be the chair of the council of economic advisors. Who is this guy? Why is it important? Take a listen to this question in Congress from it looks like Mr. Timmons asks Gary Gensler. Okay. Gary Gensler looks like the bottom of my shoe, but anyways, asks him about this guy who's being promoted to be the lead economic guy for Biden about his article that you wrote in 2014, which we're going to get into about this, about how all he wants is the end of the U S dollar. He just, he doesn't want the U S dollar to be the world reserve currency. Listen to him ask this question. I listened closely. All right. Tough to hear. I'll talk about it afterwards. Take a listen. So long story short, this guy who is being promoted as an economic advisor, literally wrote an op-ed talking about how the government should actively dethrone the US dollar. I have it on my screen. If you're only listening, this is from Jared Bernstein. This is New York Times called Dethrone King Dollar. I won't read it all, but just to give you an idea, he wants the government to actively destroy the dollars, the world's currency. And obviously- When the world is upside down, when left is right, red is blue, up is down, down is up and everything's opposite day, you promote this guy to the highest rankings in the political sphere of economic influence. That sounded really smart. Okay, here we go. I'm going to read from the article now, just a little bit. There are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world's reserve currency. It's a core principle of American economic policy. After all, who wouldn't want their currency to be the one that foreign banks and governments want to hold in reserve? But new research reveals that what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits, and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar's reserve currency status. And then he talks about why that is so good for the peasants. OK, it ain't good. If you talk to any other smart person, if they don't need to hold US dollars and we print all this money and nobody wants those dollars and more, they go whoosh and they come right up to shore and then boom, hyperinflation potentially. All right. This guy is just nominated. This gentleman, Jared Bernstein. So he is being promoted. I just can't even believe this is unbelievable. Here he is. He was born in 1955. If you can't see his face, he looks like a schmuck. He's a senior fellow at the Center on Budget and Policy Priorities from 2009 to 2011. He was the chief economist and economic advisor of Vice President Joe Biden in the Obama administration. And now he is the nominee to be the chair of Council of Economic Advisors, which is a United States agency within the executive office of the president established in 1946. which advises the president of the United States on economic policy. The CEA provides much of the empirical research for the white house and prepares the publicly available annual economic report of the president. Okay. So I just want to get that out of the way. So now we're going to talk to people who really know what they're talking about. Okay. In, in politics, everything's opposite day. Okay. In the real world, things function as they are, not what you want them to do, what they are. So. First things first, couple clips we got here. I mean, this is going to be big stuff. All right. These are really, really good talks. So Stan Druckenmiller, one of the best macro investors of all time, multi billionaire, uh, gave a talk at USC just this, this month, May, 2023, talking about how young people need to be a little bit more active if they care about the future of their families, of themselves and of the country in general, because on the path we're going, he's been shouting for like 15 years that the that the period of 2025 to 2035 could be catastrophic if things don't change because of demographics And I've said this on this podcast so many times you've got to go listen to other episodes how important demographics is demographics is destiny and People do not understand how the aging populations of Europe and other places in the world where the US actually is much better We're in a much better place because we have Millennials Millennials don't exist in Europe. They're just old But we're still going to have boomers and there's more boomers than there are, um, millennials and there's going to be more older people than there are younger people to be productive in society, to pay the benefits to the older people. Listen to Stan talk about it. Okay. He's the expert. He's one of the most respected investors of all time. Talking to USC, MBA students. There's nothing to see if you're watching it. It's just audio, but, uh, take a listen. This is, uh, why young people should care and get a little more active. So what he's saying is, is that we are running out of money. We're talking about, we got the debt ceiling coming up, right? That's one thing, all right? And then we got 32 trillion, if we don't print any more money. And in 25 years, 70% of all tax revenue has to go to supporting seniors. That's with no money being invested in younger people, in social programs, in helping people, none of it. It's just for the elders. I mean, this is a major, major problem. And now you're having mainstream publications like Axios come out and talk about this stuff. But there is one more, he talks about the mathematics behind it, uh, the arithmetic. And I do want him to break that down for you and then we can cover it on the other side. Uh, so we're all on the same page here. So listen to this real quick from the same talk a little bit ahead. So just take a listen. So then he talks about France as being more responsible than the US. So is this government going to cut spending? No, they have to spend more and more. It's a debt based monetary system. We have to, we have to take more money from the future into the now. We need to spend, spend, spend, spend on more things. Okay. So not only that, they're not going to cut programs. They're not going to cut any spending, but then to get us to pay our debt back and not default, we need to raise taxes to a degree where everybody's just going to move. People with money who can move are going to move. No one's going to stay in California paying 80% tax if they can go to Florida and not pay state taxes. I mean, what do you think is going to happen? This is insanity. And because of what's going on with the debt ceiling and, you know, we're approaching a recession, are we not? Hugh Hendry, who called the 2008 crisis made like more money than anybody that year, actually went on Bloomberg radio saying that he can conceive of a federal or treasury rule coming in saying that for the next 180 days. You can't pull your money out of the banking sector. He thinks just like goal was confiscated in the 1930s, they might put controls in place, not to confiscate your money necessarily, but that you can't move your money out of the banks because otherwise the whole system will fail. I clipped this out. It was a good interview. We had just take a listen. This is 45 seconds talking about a scary scenario that we might be on the brink of right now. This is what. And there was an article, by the way, in the daily B saying, Oh, forget Reagan economics, Biden economics is amazing. You were being gaslit to no return. This is unbelievable. There's people literally writing articles, how Biden, Biden economics, binomics is amazing, how the economy's never been strong. The president's saying it's stronger than hell. Everything's great. Oh my God. Everything's fantastic. Then you have some of the best investors saying things like this. I mean, it's possible. Biology is saying, he had a great talk recently, saying that the losses, the unrealized losses for these banks in the system might be north of $18 trillion. $18 trillion. They're saying it's $650 billion plus. He has Stanford saying it's $2 trillion. He's saying it could be up to $18 trillion. OK? People are holding these securities. They jacked up the rates. Boom, there's massive losses. Things are gonna get dicey and spicy, okay? Is it still the best day of your life? Yes, it's still the best day of your life. If you lost everything, would it still be the best day of your life? Of course it would be. And that's why we're in this together. This is a team effort. This is a, every human that's on Team Peasant working together. to build alternative systems, to come together, to help your neighbor, to love people with different political opinions, to accept people that are apolitical, and to understand that we all are cut from the same cloth, and we all came from generally the same space, meaning the cosmos, and that we need to reproduce, meaning we need to make more humans to be productive, and we need to help one another and not be divided. If you stay divided, you're playing right into the elite's hand. If you realize that the divisiveness is pure propaganda, you can come together and love each other because love is what takes us out of this. Plus a little bit of help, you know, maybe like financially stuff like that economically and whatnot. But we need to realize that the time is now we're running out. It's May, the whole debt ceiling fiasco is about to take off. You've got the best investors of all time telling you that we're in fact, I even have a clip here. I'll end it with this of Hugh saying how we've only had four depressions and this is one of them. This is just a little clip saying, listen, you better take this seriously and educate yourself. All right. This is with Keith McCollough of a headgeye. Take a listen. So he's saying that this is a depression. He's saying that, and listen, I've been saying on this podcast, I thought I figured out a little while ago that all this cast was happening last three years for a coverup for the end of the monetary system. It's an absolute economic collapse. The U S dollar might lose reserve currency status. Biology puts the odds. He says 10% chance it happens in months. 89% that it happens in years and 1% or something like that. That happens in decades. or in a century, something like that. But there is a significant chance this happens in years and even months. Pay attention. I'm going to keep getting to the truth and not about the truth. Please subscribe to The Jonathan Kogan Show wherever you get your podcasts. Subscribe to the YouTube channel. Subscribe to the Rumble channel. And listen, we're going to have more coming at you like hot fire and spice. I'll see you later. Bye. Oh, I didn't even cover that. Well, you should read the Axios article about how we're going to have a permanent decline in working age individuals because all the baby boomers are retiring. It just came out today. So that's also amazing. It's called why labor shortages are here to stay.