Crunch Time in the Economy with John Rubino

from Kerry Lutz's Financial Survival Network

In this insightful discussion, economic experts John Rubino and Kerry Lutz tackle the pressing issues at the intersection of global economic trends and domestic policies. They delve into the implications of the recent slowdown indicators and the possibility of the Federal Reserve pivoting towards an easing policy in light of interest rate dynamics. Amid growing concerns about household, student, and auto loan debts, they highlight the importance of strategic immigration policies to enhance the workforce with essential skills. Rubino and Lutz navigate through the complexities of the nursing shortage and the broader need for homegrown talent in critical sectors like engineering and medicine. They argue for a selective immigration approach aimed at bolstering society’s intellectual and professional infrastructure. The conversation also touches on the peak of interest rates and its profound consequences on the economy’s fragile state, burdened by massive debt. They reflect on the current predicaments in commercial real estate, mortgage applications plummeting to record lows since 1994, and rising credit card delinquencies, all framed against the backdrop of global conflicts and corporate bankruptcies like WeWork’s. In a pivot to the commodities space, Rubino and Lutz analyze the political risks impacting the gold mining industry and discuss the sector’s investment potential as gold miners’ valuations become increasingly attractive. Finally, they propose an innovative solution to address labor market gaps: establishing a Handyman Academy. This concept not only aims to meet the demand for skilled labor but also considers integrating English language teaching, leveraging government subsidies, and developing a novel business model predicated on training-for-equity.

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  1. It is hard to take Rubino’s analysis seriously when he doesn’t understand how money is created. He wrongly believes the “fractional reserve” and “money multiplier” theories of money creation that pretend the government creates money, which is then re-lent over-and-over by banks.

    In fact, ALL money is created by private banks! Banks create new, digital money in their computers with no need for prior reserves or deposits. The money loaned to a borrower does not exist before the borrower arrives and signs the loan contract. The entire money supply is created this way by private banks and the 12 bank-owned Federal Reserve banks.

    Proofs at:

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